UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07651
Voya Variable Portfolios, Inc.
(Exact name of registrant as specified in charter)
| 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ | | 85258 |
| (Address of principal executive offices) | | (Zip code) |
The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21201
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1. Reports to Stockholders.
| (a) | The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1): |
Annual Report
December 31, 2023
Classes ADV, I, R6, S, S2 and T
Voya Variable Product Funds
■ Voya Balanced Portfolio
■ Voya Global High Dividend Low Volatility Portfolio
■ Voya Government Money Market Portfolio
■ Voya Growth and Income Portfolio
■ Voya Intermediate Bond Portfolio
■ Voya Small Company Portfolio
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended December 31 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.
The Voya Government Money Market Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio’s Form N-MFP is available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
Benchmark Descriptions
| Index | Description |
| Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”) | An index of publicly issued investment grade U.S. government, mortgage-backed, asset- backed and corporate debt securities. |
| iMoneyNet Government Institutional Index | The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional. |
| MSCI Europe, Australasia and Far East®(“MSCI EAFE®”) Index | An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| MSCI World Value IndexSM (“MSCI World Value”) | The index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries. |
| Russell 2000® Index | An index that measures the performance of securities of small U.S. companies. |
| Russell 3000® Index | An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| S&P 500® Index* | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
| S&P Target Risk® Growth Index | Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile. |
| * | The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index. |
| Voya Balanced Portfolio | | Portfolio Managers’ Report |
Voya Balanced Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. The Portfolio uses an asset allocation strategy (“Target Asset Allocation”) to invest in a diversified portfolio of various asset classes and investment strategies. The Portfolio is managed by Lanyon Blair, CFA, and Barbara Reinhard, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 15.92% compared to the S&P Target Risk® Growth Index, Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), MSCI EAFE® Index (“MSCI EAFE®”) and Russell 3000® Index, which returned 15.38%, 5.53%, 18.24% and 25.96%, respectively, for the same period.
Portfolio Specifics: At the beginning of the period, the Portfolio was underweight in equity and overweight to fixed income relative to its strategic allocation benchmark. Equity sub-asset class allocations were overweight to U.S. small cap equities and U.S. core fixed income and underweight in U.S. large cap and international developed equites. Within fixed income, the Portfolio was underweight in U.S. high yield and overweight to U.S. long duration government bonds.
Investment Type Allocation
as of December 31, 2023 (as a percentage of net assets) |
| | Common Stock | 36.0% | |
| | Mutual Funds | 29.6% | |
| | Corporate Bonds/Notes | 7.6% | |
| | U.S. Government Agency Obligations | 7.1% | |
| | Exchange-Traded Funds | 6.9% | |
| | U.S. Treasury Obligations | 3.8% | |
| | Collateralized Mortgage Obligations | 3.2% | |
| | Asset-Backed Securities | 2.5% | |
| | Commercial Mortgage-Backed Securities | 2.3% | |
| | Sovereign Bonds | 0.1% | |
| | Preferred Stock | 0.0% | |
| | Assets in Excess of Other Liabilities* | 0.9% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. Portfolio holdings are subject to change daily. | |
In early January, the Portfolio added to U.S. mid cap and emerging markets equity by reducing core fixed income. Risk appetite was overly depressed, which gave a contrarian signal that in our opinion equities could still rally. China’s re-opening and favorable relative valuations offered a good adding point for emerging market equities and allocating to U.S. mid caps helped diversify away from U.S. large cap technology. In early February, prior to a big run-up in yields before the emergence of banking sector stress, the Portfolio reduced duration. Inflation appeared hotter than expected at the time, yields were approaching a resistance level and a more neutral duration posture was the prudent positioning, in our view.
As part of its annual review in early April, the Portfolio’s strategic asset allocations were reset, resulting in reduced strategic allocations to stocks. Target allocations to U.S. large cap, international developed equities and core U.S. bonds were reduced, while U.S. mid cap and short-term bonds were increased. Later in the period, we cut some of the Portfolio’s underweights in international developed equities as a risk management trade, despite the region’s still unfavorable risk- reward profile. Finally, at the end of April, we reduced U.S. small cap equities and increased U.S. large cap equities. At the time, U.S. small caps remained oversold and traded at attractive relative valuations, but concerns over regional banking issues were expected to weigh on the asset class in the near-term.
There were no other fundamental asset allocation trades during the remainder of the period. The Portfolio continues to favor U.S. assets and maintain modestly defensive posture overall with a preference for U.S. large cap equities and core investment grade fixed income.
Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) |
| | Voya U.S. Stock Index Portfolio - Class I | 18.2% |
| | Voya Short Term Bond Fund - Class R6 | 7.0% |
| | Vanguard FTSE Emerging Markets ETF | 2.9% |
| | Voya Small Company Fund - Class R6 | 2.0% |
| | iShares Core U.S. Aggregate Bond ETF | 1.9% |
| | Vanguard Long-Term Treasury ETF | 1.9% |
| | Federal Home Loan Bank Discount Notes, 10.550%, 01/02/24 | 1.6% |
| | Microsoft Corp. | 1.6% |
| | Apple, Inc. | 1.6% |
| | Voya VACS Series HYB Fund | 1.4% |
| Portfolio holdings are subject to change daily. |
Overall, tactical asset allocation positioning relative to the strategic asset allocation was a challenge to performance.Holding underlying funds contributed to the Portfolio’s performance for the year. The U.S. large cap equity sleeve was the main contributor to excess returns. The U.S. core fixed income sleeve also added value.
Current Strategy and Outlook: After unexpectedly strong performance from the U.S. economy and capital markets last year, investors enter 2024 more upbeat. While we are encouraged about the progress of inflation and the resiliency of consumers and corporations, we think noticeably slower economic growth, fair to modestly extended valuations and very optimistic forecasts around U.S. Federal Reserve rate cuts could limit upside potential for stocks. We see rates markets are providing little room for yields to decline outside a meaningful slowing of economic growth. Despite high expectations, we think global stocks and bonds can produce respectable
| Portfolio Managers’ Report | | Voya Balanced Portfolio |
returns throughout the year. The current setting presents opportunities for allocators to benefit from divergences in global policy, business cycles and pricing of risk. In this macro environment, we emphasize balance in the Portfolios, but believe U.S. exceptionalism is set to persist.
The disinflationary process continues as decongested supply chain issues and slowing demand forces have accounted for most of the recent relief. We see more downside from factors such as shelter, and weaker wage growth as the lagged impact of tighter monetary policy further filters into the labor market, where there are early signs of weakness — such as declining job openings and quits. However, we do not expect significant deterioration in the labor market. We believe limited private sector overreach and rising real incomes from falling inflation should keep the growth downturn mild.
In our opinion, U.S. equities may continue to outperform other countries and regions, driven by their higher growth potential, proactive corporate rightsizing and robust earnings from unrivaled software innovation. We continue to be cautious on Europe as we believe the region’s cyclical gearing and relatively high interest rate sensitivity has made the sting from tighter policy more broadly felt. Europe is also more exposed to energy supply shocks and external demand from China, which is struggling. Exports have plunged, due in part to U.S. companies’ efforts to re-shore or move offshore manufacturing elsewhere. Furthermore, China’s real estate sector, their main growth engine, is in our opinion, in freefall. We are mindful that sentiment is beaten down and look for signs that the Chinese authorities will implement coordinated policy action before shifting stances.
* ��� Effective May 1, 2023, Lanyon Blair, CFA was added as a portfolio manager to the Portfolios and Matthew Toms, CFA was removed as a portfolio manager. In addition, effective December 31, 2023, Paul Zemsky retired from Voya Investment Management Co. LLC and is no longer a portfolio manager to the Portfolios.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Balanced Portfolio | | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| 1 Year | 5 Year | 10 Year |
| Class I | 15.92% | 7.98% | 5.84% |
| Class S | 15.71% | 7.72% | 5.58% |
| S&P Target Risk® Growth Index | 15.38% | 7.73% | 5.96% |
| Russell 3000® Index | 25.96% | 15.16% | 11.48% |
| MSCI EAFE® | 18.24% | 8.16% | 4.28% |
| Bloomberg U.S. Aggregate Bond | 5.53% | 1.10% | 1.81% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Balanced Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which
have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | | Voya Global High Dividend Low Volatility Portfolio |
Voya Global High Dividend Low Volatility Portfolio (the “Portfolio”) seeks long-term capital growth and current income. The Portfolio is managed by Steve Wetter, Kai Yee Wong, Peg DiOrio, CFA, and Vincent Costa, CFA, Portfolio Managers(1) of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 6.43% compared to the MSCI World Value IndexSM (the “Index” or “MSCI World Value”) which returned 11.51% for the same period.
Portfolio Specifics: For the reporting period, the Portfolio underperformed the Index. In terms of the Portfolio’s performance, the Portfolio’s lower beta positioning detracted, while the core model contributed.
On the regional level, stock selection was weakest in North America. On the sector level, stock selection was strong in the energy sector. At the individual stock level, not owning Exxon Mobil Corp., the underweight in Chevron Corp. and exposure to non-benchmark stock Sage Group PLC contributed.
Geographic Diversification
as of December 31, 2023 (as a percentage of net assets) |
| | United States | 67.1% | |
| | Japan | 7.0% | |
| | United Kingdom | 4.2% | |
| | Australia | 2.4% | |
| | Canada | 2.2% | |
| | France | 2.2% | |
| | Spain | 2.0% | |
| | Hong Kong | 1.7% | |
| | Netherlands | 1.7% | |
| | Switzerland | 1.4% | |
| | Countries between 0.1% - 1.2%^ | 6.7% | |
| | Assets in Excess of Other Liabilities* | 1.4% | |
| | Net Assets | 100.0% | |
| * Includes short-term investments and exchange-traded funds. ^ Includes 12 countries, which each 0.1% - 1.2% of net n assets. | |
| Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) |
| | Johnson & Johnson | 1.8% |
| | Merck & Co., Inc. | 1.6% |
| | AbbVie, Inc. | 1.5% |
| | Chevron Corp. | 1.5% |
| | PepsiCo, Inc. | 1.3% |
| | Cisco Systems, Inc. | 1.2% |
| | Procter & Gamble Co. | 1.2% |
| | Verizon Communications, Inc. | 1.1% |
| | Amgen, Inc. | 1.1% |
| | Philip Morris International, Inc. | 1.0% |
| Portfolio holdings are subject to change daily. |
By contrast, at the sector level stock selection was weakest in the information technology and financials sectors. At the individual stock level, not owning Broadcom Inc. and Intel Corporation and the overweight to Bristol-Myers Squibb Co. detracted from relative returns.
Current Strategy and Outlook: This is an actively-managed global quantitative equity strategy that seeks to generate higher dividend income and total returns, with lower volatility and better downside capture, than the Index. The investment process seeks to create a universe of sustainable dividend-paying stocks and utilizes fundamentally driven sector-specific alpha models to identify the most attractive stocks within each region- sector. The Portfolio is then optimized to achieve its dividend, alpha and volatility objectives.
(1) Effective on or about March 1, 2024, Peg DiOrio will be removed as portfolio manager for the Portfolio.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Global High Dividend Low Volatility Portfolio | | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | | | Since |
| 1 Year | 5 Year | 10 Year | Inception |
| Class ADV | 6.18% | 7.62% | 5.64% | — |
| Class I(1) | 6.74% | 8.17% | 6.14% | — |
| Class S | 6.43% | 7.89% | 5.90% | — |
| Class S2 | 6.37% | 7.75% | — | 5.44%(2) |
| Class T | 6.15% | 7.53% | — | 5.24%(2) |
| MSCI World Value | 11.51% | 8.87% | 5.89% | 6.07% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Global High Dividend Low Volatility Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| (1) | Class I incepted on March 5, 2015. The Class I shares performance shown for the period prior to their inception date is the performance of Class S shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different. |
| (2) | Class S2 and T inception date was March 5, 2015. |
| Portfolio Managers’ Report | Voya Government Money Market Portfolio |
| | |
Voya Government Money Market Portfolio* (the “Portfolio”) seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments, while maintaining a stable share price of $1.00 per share. The Portfolio is managed by David S. Yealy, Portfolio Manager of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 4.77% compared to the iMoneyNet Government Institutional Index, which returned 4.83% for the same period.
Portfolio Specifics: For the reporting period ended December 31, 2023, preservation of capital and keeping an excess liquidity cushion were our primary objectives for the Portfolio during the period. Maximizing the yield and the total return of the fund remained a secondary objective.
| Investment Type Allocation |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | U.S. Treasury Debt | 41.8% | |
| | U.S. Government Agency Debt | 32.2% | |
| | U.S. Treasury Repurchase Agreements | 21.2% | |
| | Investment Companies | 4.1% | |
| | Assets in Excess of Other Liabilities | 0.7% | |
| | Net Assets | 100.0% | |
Portfolio holdings are subject to change daily. |
2023 was a year of uncertainty, from the banking crisis early in the year to the U.S. Federal Reserve’s unexpected pivot on interest rates in December. The U.S. economy remained surprisingly resilient, driven by low unemployment, rising wages, robust consumer spending and increased investment in manufacturing. Volatility persisted in the U.S. bond market but ended the year on a strong note.
The yield on the U.S. Treasury 10-year note remained in a tight range for the first seven months of the year before spiking in August following news of a red-hot jobs market and then, ultimately falling in December to near where it began the year as inflation and employment both moderated. Credit-sensitive bond sectors, such as high yield and bank loans, provided investors with equity-like returns for the year. Emerging market debt staged a comeback from a difficult 2022 thanks to waning inflation and a weakening U.S. dollar.
The Portfolio maintained a shorter than normal weighted average maturity (“WAM”) for the majority of the reporting period. Early in the year, we anticipated further hikes after 2022’s aggressive moves. The Fed raised rates four out of its first five meetings for a total of 100 basis points, before pausing and ending the year in the range of 5.25–5.50%.
In addition to the Portfolio’s shorter WAM, it held floating rate Treasuries tied to the three-month Treasury bill, which added yield early in the year. The Portfolio then shifted to floating rate agencies tied to the secured overnight funding rate (“SOFR”). At the time, we believed the SOFR would be higher than the three-month Treasury bill as the market priced in rate cuts. This belief persists for 2024.
Outlook and Current Strategy: As the market focus shifts from inflation to growth concerns, in our view duration will become an effective offset to risky asset drawdowns. It is our opinion that rate volatility, though receding from recent peaks, will remain above pre-pandemic levels due to uncertainty about the timing of rate cuts and concerns about government debt levels. Elevated real rates will incent investors to increase allocations to fixed income, creating opportunities during bouts of volatility.
That said, we believe many corners of the market appear to be priced for a soft landing. While this has become a more likely outcome, we believe the risks to this outcome materializing are being ignored. Labor markets are coming into better balance which, while good news for inflation, could cause concern among workers that a turn in the cycle is approaching. This in turn could compel workers to boost savings rates which would limit consumption and act as a challenge to growth.
As such, we think the Fed will cut rates in 2024, although not as soon as or by as much as the market is currently pricing in. We will look for opportunities to extend WAM if the market moves in line with our view. We expect ample openings over the year to make that shift as inflation and labor data trend smoothly. Until then, we will keep a shorter WAM and continue to buy floating-rate agencies.
| Voya Government Money Market Portfolio | Portfolio Managers’ Report |
| | |
* Please see Note 5 for more information regarding the contractual waiver in place to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than 0.00%.
You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Growth and IncomE Portfolio |
| | |
Voya Growth and Income Portfolio (the “Portfolio”) seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by Vincent Costa, CFA, James Dorment, CFA, and Gregory Wachsman, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 27.39% compared to the S&P 500® Index (the “Index”), which returned 26.29% for the same period.
Portfolio Specifics: For the reporting period, the Portfolio outperformed the Index, due to strong stock selection. Stock selection within the health care, financials and consumer discretionary sectors had the greatest positive impact on performance. At the individual stock level, overweight positions in Amazon.com, Inc. and NVIDIA Corp. and an underweight position in Apple Inc. contributed the most to performance. By contrast, on the sector level, stock selection in communication services had the largest negative impact on relative performance. Key detractors included an underweight position in Meta Platforms Inc., not owning Tesla, Inc. and an overweight position in AT&T Inc.
Sector Diversification
as of December 31, 2023
(as a percentage of net assets) |
| | Information Technology | 26.4% | |
| | Health Care | 14.8% | |
| | Financials | 11.4% | |
| | Consumer Discretionary | 10.2% | |
| | Industrials | 9.0% | |
| | Communication Services | 7.5% | |
| | Consumer Staples | 6.8% | |
| | Energy | 4.7% | |
| | Materials | 3.1% | |
| | Utilities | 3.0% | |
| | Real Estate | 2.9% | |
| | Assets in Excess of Other Liabilities* | 0.2% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. | | |
Portfolio holdings are subject to change daily. |
| | Top Ten Holdings
as of December 31, 2023
(as a percentage of net assets) |
| | Microsoft Corp. | 8.9% |
| | Amazon.com, Inc. | 5.7% |
| | Meta Platforms, Inc. - Class A | 4.0% |
| | NVIDIA Corp. | 3.8% |
| | Philip Morris International, Inc. | 2.4% |
| | Bank of America Corp. | 2.2% |
| | AT&T, Inc. | 2.1% |
| | Roper Technologies, Inc. | 2.1% |
| | Micron Technology, Inc. | 2.1% |
| | Intercontinental Exchange, Inc. | 2.1% |
Portfolio holdings are subject to change daily. |
Current Strategy and Outlook: The recent “Fed Pivot” appears to be signalling that the period of interest rate increases is over and that rate cuts in 2024 will be forthcoming. We believe this will continue to drive a broadening out of the equity market. From a positioning standpoint, more economically sensitive companies and sectors should see a benefit relative to more defensive or stable growth companies and sectors, in our opinion. While we always seek to have balance in the Portfolio, we’ve increased our exposure modestly to companies that we believe are more economically sensitive given the soft-landing narrative in place currently and potentially for some time going forward.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Growth and IncomE Portfolio | Portfolio Managers’ Report |
| | |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV | 26.78% | 15.67% | 10.80% |
| Class I | 27.39% | 16.20% | 11.30% |
| Class S | 27.06% | 15.90% | 11.02% |
| Class S2 | 26.90% | 15.73% | 10.86% |
| S&P 500® Index | 26.29% | 15.69% | 12.03% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Growth and Income Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which
have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Intermediate BonD Portfolio |
| | |
Voya Intermediate Bond Portfolio (the “Portfolio”) seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. The Portfolio is managed by David Goodson, Randall Parrish, CFA, Matthew Toms, CFA, and Sean Banai, CFA, Portfolio Managers* of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 7.28% compared to the Bloomberg
U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), which returned 5.53% for the same period.
Portfolio Specifics: After experiencing the worst bout of inflation in 40 years in 2022, inflation continued to remain elevated in 2023. That said, significant progress was made over the course of the year, with core Personal Consumption Expenditures Price Index (“PCE”) ending November at 3.2%. This was accomplished in part by the U.S. Federal Reserve continuing to hike rates and reduce the size of their balance sheet. At the start of the year, many were expecting a recession however this clearly did not play out. In fact, economic data came in relatively strong, and gross domestic product (GDP) growth came in above trend.
| | Investment Type Allocation | |
| | as of December 31, 2023 | |
| | (as a percentage of net assets) | |
| | Corporate Bonds/Notes | 25.9% | |
| | U.S. Government Agency Obligations | 21.5% | |
| | Mutual Funds | 14.6% | |
| | Collateralized Mortgage Obligations | 14.1% | |
| | Asset-Backed Securities | 7.8% | |
| | U.S. Treasury Obligations | 7.8% | |
| | Commercial Mortgage-Backed Securities | 5.1% | |
| | Municipal Bonds | 0.1% | |
| | Assets in Excess of Other Liabilities* | 3.1% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. | | |
| Portfolio holdings are subject to change daily. | |
Over the course of the year, longer term rates ebbed and flowed with economic data. Overall, rates spent a majority of the year moving higher as the timeline for recession continued to get pushed out. By October, the 10-year treasury had hit 5%. Shortly thereafter, many began to speculate that the Fed was at the end of their hiking cycle due to the meaningful decline in the level of inflation. At their final meeting of the year, Jerome Powell's post meeting press conference all but confirmed this was the case. As a result, rates staged a significant rally through the end of the year, ending only marginally higher than where they started.
Credit markets broadly moved in line with rates. Spreads widened in response to better-than-expected economic data or higher than expected inflation and tightened when the reverse occurred. The key difference is that credit spreads ended of the year inside of where they started.
The Portfolio outperformed its benchmark. Sector allocation decisions contributed to relative performance. Our allocation to high yield was the top contributor, followed by non-agency residential mortgage-backed securities (“RMBS”) and credit risk transfer (“CRT”). Security selection also contributed albeit to a lesser extent. Off benchmark selections within agency mortgage-backed securities (“MBS”) and asset backed securities (“ABS”) contributed strongly, as did selections within investment grade (“IG”) corporate. Offsetting some of these results were selections within commercial mortgage- backed securities (“CMBS”), with a handful of subordinate conduit credit positions being responsible for a majority of the underperformance. Duration and yield curve positioning detracted slightly from relative performance.
| |
Top Ten Holdings |
| | as of December 31, 2023* |
| | (as a percentage of net assets) |
| | Voya VACS Series SC Fund | 5.2% |
| | Voya VACS Series EMHCD Fund | 4.1% |
| | Voya VACS Series HYB Fund | 3.1% |
| | United States Treasury Bonds, 4.750%, 11/15/43 | 2.8% |
| | Voya VACS Series EMCD Fund | 2.2% |
| | United States Treasury Notes, 4.500%, 11/15/33 | 1.9% |
| | Uniform Mortgage-Backed Securities, 5.000%, 10/01/52 | 1.4% |
| | Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.3% |
| | Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.1% |
| | Ginnie Mae, 2.500%, 05/20/52 | 0.9% |
| | * Excludes short-term investments. | |
| Portfolio holdings are subject to change daily. |
The Portfolio used derivatives such as futures, swaps options and forward contracts for hedging and overall risk management. The use of derivatives detracted from performance for the period.
Current Strategy & Outlook: Looking forward, the outlook has improved marginally, however we still expect growth to slow below trend. The increased cost of capital will likely curb consumption and investment, however ongoing government support measures at a global level are expected to partially offset these effects. In particular, China's growth focused investment and advanced economies efforts to enhance supply chain security are anticipated to bolster growth in the short term.
| Voya Intermediate BonD Portfolio | Portfolio Managers’ Report |
| | |
As the market focus shifts from inflation to growth concerns, we believe duration will become an effective offset to risky asset drawdowns. Rate volatility, though receding from recent peaks, will remain above pre-pandemic levels due to uncertainty about the timing of rate cuts and concerns about government debt levels. We believe elevated real rates will incent investors to increase allocations to fixed income, creating opportunities during bouts of volatility.
That said, many corners of the market appear to be priced for a soft landing. While this has become a more likely outcome, we believe the risks to this outcome materializing are being ignored. Labor markets are coming into better balance which, while good news for inflation, could cause concern among workers that a turn in the cycle is approaching. This in turn could compel workers to boost savings rates which would limit consumption and act as a challenge to growth.
With this dynamic in place, the Portfolio has a moderate level of risk with focus on higher quality credit , and allocations are skewed towards sectors with better relative value. For example, securitized credit markets are currently trading with wider spreads relative to comparably rated corporates bonds.
Meanwhile, the dark clouds facing the sector due to concerns over CMBS appear to be fading as lower rates make refinancing existing loans less challenging. Within corporate credit, we prefer IG, however to the extent we are willing to drift into lower quality, we prefer high yield over senior loans given the latter is most directly impacted by higher financing costs. Outside of credit, agency MBS remain attractive relative to treasuries due to historically wide spreads despite minimal prepayment risk.
* Effective May 1, 2024, Matt Toms will no longer be one of the portfolio managers to the Portfolio. Additionally, effective May 1, 2024, Eric Stein will be added as one of the portfolio managers to the Portfolio.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Intermediate BonD Portfolio |
| | |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV | 6.78% | 1.00% | 1.83% |
| Class I | 7.28% | 1.50% | 2.34% |
| Class S | 7.03% | 1.26% | 2.09% |
| Class S2 | 6.89% | 1.10% | 1.93% |
| Bloomberg U.S. Aggregate Bond | 5.53% | 1.10% | 1.81% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Intermediate Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which
have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Voya Small Company Portfolio | Portfolio Managers’ Report |
| | |
Voya Small Company Portfolio (the “Portfolio”) seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. The Portfolio is managed by Vincent Costa, CFA, Gareth Shepherd, PhD, CFA, and Russell Shtern, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 18.00% compared to the Russell 2000® Index, which returned 16.93% for the same period.
Portfolio Specifics: For the reporting period, the Portfolio outperformed its benchmark, driven by both positive stock selection and a positive allocation impact. Stock selection in the financials and real estate sectors drove performance, followed by the overweight and selection in the information technology sector. Conversely, selection in the industrials and energy sectors detracted.
| | Sector Diversification | |
| | as of December 31, 2023 | |
| | (as a percentage of net assets) | |
| | Industrials | 18.6% | |
| | Information Technology | 17.7% | |
| | Financials | 15.9% | |
| | Health Care | 13.9% | |
| | Consumer Discretionary | 7.8% | |
| | Materials | 7.2% | |
| | Real Estate | 5.5% | |
| | Energy | 4.3% | |
| | Communication Services | 2.8% | |
| | Consumer Staples | 2.4% | |
| | Exchange-Traded Funds | 1.9% | |
| | Utilities | 1.7% | |
| | Assets in Excess of Other Liabilities* | 0.3% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. | | |
| Portfolio holdings are subject to change daily. |
| | Top Ten Holdings |
| | as of December 31, 2023 |
| | (as a percentage of net assets) |
| | iShares Russell 2000 ETF | 1.9% |
| | Watts Water Technologies, Inc. - Class A | 1.4% |
| | Mueller Water Products, Inc. - Class A | 1.3% |
| | Hillenbrand, Inc. | 1.2% |
| | Element Solutions, Inc. | 1.2% |
| | Dropbox, Inc. - Class A | 1.1% |
| | AAON, Inc. | 1.1% |
| | ExlService Holdings, Inc. | 1.1% |
| | Atlantic Union Bankshares Corp. | 1.0% |
| | Excelerate Energy, Inc. - Class A | 1.0% |
| Portfolio holdings are subject to change daily. |
Individual contributors included overweight positions in ImmunoGen, Inc., Tri Pointe Homes, Inc. and Altair Engineering Inc. Key detractors from performance for the period included overweight positions in Excelerate Energy, Inc., Shyft Group, Inc. and BioCryst Pharmaceuticals, Inc.
Current Strategy and Outlook: In our view, the side effects of the pandemic shock have mostly subsided, and inflation is the final piece of the puzzle. We view the recovery not as a classic business cycle, but as an economy trying to normalize following a natural disaster. First, came the government- mandated lockdowns and the bust. Then, came the re-openings and the effects of mega-policy stimulus. Lastly, came the 180-degree reversal in monetary policy. Inflation peaked in June 2022 at 9.1%, which means that most of the disinflation we have seen since then has had little to do with Fed policy. We believe that disinflation could continue (and may intensify) over the next 18 months. Corporate earnings are accelerating as the U.S. consumer, in our view, remains healthy and in our opinion, corporate fundamental factors are sound.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Small Company Portfolio |
| | |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV | 17.37% | 9.30% | 6.49% |
| Class I | 18.00% | 9.84% | 7.02% |
| Class R6(1) | 18.05% | 9.88% | 7.46% |
| Class S | 17.68% | 9.57% | 6.75% |
| Russell 2000® Index | 16.93% | 9.97% | 7.16% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Small Company Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which
have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| (1) | Class R6 incepted on November 24, 2015. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different. |
SHAREHOLDER EXPENSE EXAMPLES (UnaUdited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Actual Portfolio Return | | Hypothetical (5% return before expenses) | |
| | | Beginning | | Ending | | | | Expenses Paid | | Beginning | | Ending | | | | Expenses Paid | |
| | | Account | | Account | | | | During the | | Account | | Account | | | | During the | |
| | | Value | | Value | | Annualized | | Period Ended | | Value | | Value | | Annualized | | Period Ended | |
| | | July 1, | | December 31, | | Expense | | December 31, | | July 1, | | December 31, | | Expense | | December 31, | |
| | | 2023 | | 2023 | | Ratio | | 2023* | | 2023 | 2023 | | Ratio | | 2023* | |
| | Voya Balanced Portfolio | | | | | | | | | | | | | | | |
| | Class I | $1,000.00 | $1,058.70 | | 0.69% | $3.58 | $1,000.00 | $1,021.73 | 0.69% | $3.52 | |
| | Class S | 1,000.00 | 1,058.20 | | 0.94 | 4.88 | 1,000.00 | 1,020.47 | 0.94 | 4.79 | |
| | ... | | | | | | | | | | | | | | | | |
| | Voya Global High Dividend Low Volatility Portfolio | | | | | | | | | | | |
| | Class ADV | $1,000.00 | $1,053.60 | | 1.10% | $5.69 | $1,000.00 | $1,019.66 | 1.10% | $5.60 | |
| | Class I | 1,000.00 | 1,056.80 | | 0.60 | 3.11 | 1,000.00 | 1,022.18 | 0.60 | 3.06 | |
| | Class S | 1,000.00 | 1,055.40 | | 0.85 | 4.40 | 1,000.00 | 1,020.92 | 0.85 | 4.33 | |
| | Class S2 | 1,000.00 | 1,055.20 | | 1.00 | 5.18 | 1,000.00 | 1,020.16 | 1.00 | 5.09 | |
| | Class T | 1,000.00 | 1,053.70 | | 1.20 | 6.21 | 1,000.00 | 1,019.16 | 1.20 | 6.11 | |
| | ... | | | | | | | | | | | | | | | | |
| | Voya Government Money Market Portfolio | | | | | | | | | | | | |
| | Class I | $1,000.00 | $1,025.30 | | 0.43% | $2.20 | $1,000.00 | $1,023.04 | 0.43% | $2.19 | |
| | Class S | 1,000.00 | 1,024.50 | | 0.58 | 2.96 | 1,000.00 | 1,022.28 | 0.58 | 2.96 | |
| | ... | | | | | | | | | | | | | | | | |
| | Voya Growth and Income Portfolio | | | | | | | | | | | | |
| | Class ADV | $1,000.00 | $1,082.20 | | 1.12% | $5.88 | $1,000.00 | $1,019.56 | 1.12% | $5.70 | |
| | Class I | 1,000.00 | 1,084.90 | | 0.67 | 3.52 | 1,000.00 | 1,021.83 | 0.67 | 3.41 | |
| | Class S | 1,000.00 | 1,083.10 | | 0.92 | 4.83 | 1,000.00 | 1,020.57 | 0.92 | 4.69 | |
| | Class S2 | 1,000.00 | 1,083.10 | | 1.07 | 5.62 | 1,000.00 | 1,019.81 | 1.07 | 5.45 | |
| | | | | | | | | | | | | | | | | | |
SHAREHOLDER EXPENSE EXAMPLES (UnaUdited) (CONTINUED)
| | | | Actual Portfolio Return | | | | Hypothetical (5% return before expenses) | |
| | | Beginning | | Ending | | | | Expenses Paid | | Beginning | | Ending | | | | Expenses Paid | |
| | | Account | | Account | | | | During the | | Account | | Account | | | | During the | |
| | | Value | | Value | | Annualized | | Period Ended | | Value | | Value | | Annualized | | Period Ended | |
| | | July 1, | | December 31, | | Expense | | December 31, | | July 1, | | December 31, | | Expense | | December 31, | |
| | | 2023 | | 2023 | | Ratio | | 2023* | | 2023 | 2023 | | Ratio | | 2023* | |
| | Voya Intermediate Bond Portfolio | | | | | | | | | | | | | |
| | Class ADV | $1,000.00 | | $1,041.80 | | 1.03% | $5.30 | $1,000.00 | $1,020.01 | 1.03% | $5.24 | |
| | Class I | 1,000.00 | | 1,045.10 | | 0.53 | 2.73 | 1,000.00 | 1,022.53 | 0.53 | 2.70 | |
| | Class S | 1,000.00 | | 1,044.00 | | 0.78 | 4.02 | 1,000.00 | 1,021.27 | 0.78 | 3.97 | |
| | Class S2 | 1,000.00 | | 1,042.30 | | 0.93 | 4.79 | 1,000.00 | 1,020.52 | 0.93 | 4.74 | |
| | ... | | | | | | | | | | | | | | | | |
| | Voya Small Company Portfolio | | | | | | | | | | | | | |
| | Class ADV | $1,000.00 | | $1,091.80 | | 1.36% | $7.17 | $1,000.00 | $1,018.35 | 1.36% | $6.92 | |
| | Class I | 1,000.00 | | 1,094.30 | | 0.86 | 4.54 | 1,000.00 | 1,020.87 | 0.86 | 4.38 | |
| | Class R6 | 1,000.00 | | 1,094.10 | | 0.80 | 4.22 | 1,000.00 | 1,021.17 | 0.80 | 4.08 | |
| | Class S | 1,000.00 | | 1,092.90 | | 1.11 | 5.86 | 1,000.00 | 1,019.61 | 1.11 | 5.65 | |
| | | | | | | | | | | | | | | | | |
| * | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio and the Boards of Directors/Trustees of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds and Voya Intermediate Bond Portfolio
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (collectively referred to as the “Portfolios”) (each a portfolio of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio and Voya Variable Portfolios, Inc., respectively (collectively referred to as the “Registrants”)), including the portfolios of investments, as of December 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for the period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Registrants’ management. Our responsibility is to express an opinion on each of the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Registrants in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Registrants’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 28, 2024
STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2023
| | | Voya | | | Voya
Global
High Dividend | | | Voya
Government
Money | |
| | | Balanced
Portfolio | | | Low Volatility
Portfolio | | | Market
Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 212,281,599 | | | $ | 483,840,327 | | | $ | – | |
| Investments in affiliates at fair value** | | | 90,118,920 | | | | – | | | | – | |
| Short-term investments at fair value† | | | 5,333,273 | | | | 4,716,913 | | | | – | |
| Short-term investments at amortized cost | | | – | | | | – | | | | 617,762,728 | |
| Repurchase agreements | | | – | | | | – | | | | 167,237,000 | |
| Cash | | | 193,404 | | | | 84,014 | | | | 30,128 | |
| Cash collateral for futures contracts | | | 340,223 | | | | – | | | | – | |
| Cash pledged for centrally cleared swaps (Note 2) | | | 300,000 | | | | – | | | | – | |
| Foreign currencies at value‡ | | | 4,900 | | | | 1,271 | | | | – | |
| Receivables: | | | | | | | | | | | | |
| Investment securities sold | | | 19,466 | | | | 4,810 | | | | – | |
| Fund shares sold | | | 10,749 | | | | 117,074 | | | | 2,186,948 | |
| Dividends | | | 135,202 | | | | 1,076,581 | | | | 6,557 | |
| Interest | | | 503,440 | | | | – | | | | 3,791,818 | |
| Foreign tax reclaims | | | 107,019 | | | | 1,234,962 | | | | – | |
| Unrealized appreciation on forward foreign currency contracts | | | 343 | | | | – | | | | – | |
| Unrealized appreciation on forward premium swaptions | | | 2,699 | | | | – | | | | – | |
| Prepaid expenses | | | 2,566 | | | | 4,391 | | | | 4,513 | |
| Reimbursement due from Investment Adviser | | | 39,116 | | | | 9,625 | | | | – | |
| Other assets | | | 43,569 | | | | 51,833 | | | | 105,180 | |
| Total assets | | | 309,436,488 | | | | 491,141,801 | | | | 791,124,872 | |
| | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | |
| Payable for investment securities purchased | | | 840,304 | | | | 4,798 | | | | – | |
| Payable for investment securities purchased on a delayed-delivery or when- issued basis | | | 1,106,994 | | | | – | | | | – | |
| Payable for fund shares redeemed | | | 165,016 | | | | 272,428 | | | | 12,410 | |
| Payable upon receipt of securities loaned | | | 1,892,414 | | | | 3,913,913 | | | | – | |
| Unrealized depreciation on forward premium swaptions | | | 680 | | | | – | | | | – | |
| Variation margin payable on centrally cleared swaps | | | 152 | | | | – | | | | – | |
| Variation margin payable on futures contracts | | | 6,831 | | | | – | | | | – | |
| Payable for investment management fees | | | 152,938 | | | | 228,041 | | | | 202,863 | |
| Payable for distribution and shareholder service fees | | | 390 | | | | 79,185 | | | | 39 | |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | | | 43,569 | | | | 51,833 | | | | 105,180 | |
| Payable for directors/ trustees fees | | | 740 | | | | 1,235 | | | | 1,540 | |
| Other accrued expenses and liabilities | | | 121,069 | | | | 107,807 | | | | 178,622 | |
| Written options, at fair value^ | | | 79,778 | | | | – | | | | – | |
| Total liabilities | | | 4,410,875 | | | | 4,659,240 | | | | 500,654 | |
| NET ASSETS | | $ | 305,025,613 | | | $ | 486,482,561 | | | $ | 790,624,218 | |
| | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 270,176,614 | | | $ | 441,763,080 | | | $ | 790,706,617 | |
| Total distributable earnings (loss) | | | 34,848,999 | | | | 44,719,481 | | | | (82,399 | ) |
| NET ASSETS | | $ | 305,025,613 | | | $ | 486,482,561 | | | $ | 790,624,218 | |
| | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | 1,819,620 | | | $ | 3,697,235 | | | $ | — | |
| * | Cost of investments in securities | | $ | 196,745,223 | | | $ | 447,191,903 | | | $ | — | |
| ** | Cost of investments in affiliates | | $ | 84,566,583 | | | $ | — | | | $ | — | |
| † | Cost of short-term investments | | $ | 5,334,659 | | | $ | 4,716,913 | | | $ | — | |
| ‡ | Cost of foreign currencies | | $ | 6,146 | | | $ | 1,238 | | | $ | — | |
| ^ | Premiums received on written options | | $ | 72,188 | | | $ | — | | | $ | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2023 (CONTINUED)
| | | | Voya
Balanced
Portfolio | | | | Voya
Global
High Dividend
Low Volatility
Portfolio | | | | Voya
Government
Money
Market
Portfolio | |
| Class ADV | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 10,354,332 | | | | n/a | |
| Shares authorized | | | n/a | | | | 100,000,000 | | | | n/a | |
| Par value | | | n/a | | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | n/a | | | | 940,232 | | | | n/a | |
| Net asset value and redemption price per share | | | n/a | | | $ | 11.01 | | | | n/a | |
| | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | |
| Net assets | | $ | 303,165,862 | | | $ | 122,201,627 | | | $ | 789,249,318 | |
| Shares authorized | | | 500,000,000 | | | | 100,000,000 | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 1.000 | |
| Shares outstanding | | | 20,497,067 | | | | 11,121,157 | | | | 789,231,704 | |
| Net asset value and redemption price per share | | $ | 14.79 | | | $ | 10.99 | | | $ | 1.00 | |
| | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | |
| Net assets | | $ | 1,859,751 | | | $ | 351,455,873 | | | $ | 1,374,900 | |
| Shares authorized | | | 500,000,000 | | | | 300,000,000 | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 1.000 | |
| Shares outstanding | | | 126,384 | | | | 31,803,743 | | | | 1,374,869 | |
| Net asset value and redemption price per share | | $ | 14.72 | | | $ | 11.05 | | | $ | 1.00 | |
| | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 229,196 | | | | n/a | |
| Shares authorized | | | n/a | | | | 100,000,000 | | | | n/a | |
| Par value | | | n/a | | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | n/a | | | | 21,054 | | | | n/a | |
| Net asset value and redemption price per share | | | n/a | | | $ | 10.89 | | | | n/a | |
| | | | | | | | | | | | | |
| Class T | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 2,241,533 | | | | n/a | |
| Shares authorized | | | n/a | | | | 100,000,000 | | | | n/a | |
| Par value | | | n/a | | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | n/a | | | | 203,249 | | | | n/a | |
| Net asset value and redemption price per share | | | n/a | | | $ | 11.03 | | | | n/a | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2023
| | | Voya
Growth and
Income
Portfolio | | | Voya
Intermediate
Bond
Portfolio | | | Voya
Small
Company
Portfolio | |
| ASSETS: | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 2,002,417,073 | | | $ | 1,905,945,121 | | | $ | 302,647,105 | |
| Investments in affiliates at fair value** | | | – | | | | 339,274,750 | | | | – | |
| Short-term investments at fair value† | | | 1,014,000 | | | | 166,097,861 | | | | 2,997,798 | |
| Cash | | | 1,126,614 | | | | 1,778,217 | | | | 72,578 | |
| Cash collateral for futures contracts | | | – | | | | 6,051,061 | | | | – | |
| Cash pledged for centrally cleared swaps (Note 2) | | | – | | | | 6,266,000 | | | | – | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | – | | | | 2,210,000 | | | | – | |
| Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) | | | – | | | | 567,000 | | | | – | |
| Receivables: | | | | | | | | | | | | |
| Investment securities sold | | | – | | | | 595,526 | | | | – | |
| Fund shares sold | | | 382,075 | | | | 1,191,384 | | | | 1,158 | |
| Dividends | | | 1,604,443 | | | | 28,875 | | | | 385,353 | |
| Interest | | | 736 | | | | 13,869,732 | | | | – | |
| Foreign tax reclaims | | | 38,637 | | | | – | | | | 10,338 | |
| Unrealized appreciation on forward foreign currency contracts | | | – | | | | 9,795 | | | | – | |
| Unrealized appreciation on forward premium swaptions | | | – | | | | 76,459 | | | | – | |
| Prepaid expenses | | | 15,666 | | | | 21,044 | | | | 2,608 | |
| Reimbursement due from Investment Adviser | | | – | | | | 390,244 | | | | 5,273 | |
| Other assets | | | 231,158 | | | | 323,773 | | | | 41,558 | |
| Total assets | | | 2,006,830,402 | | | | 2,444,696,842 | | | | 306,163,769 | |
| | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | |
| Income distribution payable | | | – | | | | 330 | | | | – | |
| Payable for investment securities purchased | | | – | | | | 16,811,561 | | | | 11,078 | |
| Payable for investment securities purchased on a delayed-delivery or when- issued basis | | | – | | | | 24,029,870 | | | | – | |
| Payable for fund shares redeemed | | | 270,606 | | | | 856,635 | | | | 146,786 | |
| Payable upon receipt of securities loaned | | | – | | | | 82,375,714 | | | | 2,052,798 | |
| Unrealized depreciation on forward premium swaptions | | | – | | | | 14,316 | | | | – | |
| Variation margin payable on centrally cleared swaps | | | – | | | | 7,178 | | | | – | |
| Variation margin payable on futures contracts | | | – | | | | 366,509 | | | | – | |
| Payable for investment management fees | | | 999,607 | | | | 967,452 | | | | 185,361 | |
| Payable for distribution and shareholder service fees | | | 37,838 | | | | 377,062 | | | | 16,762 | |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | | | 231,158 | | | | 323,773 | | | | 41,558 | |
| Payable for directors/ trustees fees | | | 4,688 | | | | 5,833 | | | | 730 | |
| Other accrued expenses and liabilities | | | 539,494 | | | | 433,361 | | | | 94,184 | |
| Written options, at fair value^ | | | – | | | | 2,329,357 | | | | – | |
| Total liabilities | | | 2,083,391 | | | | 128,898,951 | | | | 2,549,257 | |
| NET ASSETS | | $ | 2,004,747,011 | | | | $2,315,797,891 | | | $ | 303,614,512 | |
| | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 1,591,858,011 | | | $ | 2,758,195,713 | | | $ | 293,922,764 | |
| Total distributable earnings (loss) | | | 412,889,000 | | | | (442,397,822 | ) | | | 9,691,748 | |
| NET ASSETS | | $ | 2,004,747,011 | | | $ | 2,315,797,891 | | | $ | 303,614,512 | |
| | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | — | | | $ | 80,471,011 | | | $ | 1,978,440 | |
| * | Cost of investments in securities | | $ | 1,605,791,814 | | | $ | 1,972,182,146 | | | $ | 282,064,304 | |
| ** | Cost of investments in affiliates | | $ | — | | | $ | 336,366,410 | | | $ | — | |
| † | Cost of short-term investments | | $ | 1,014,000 | | | $ | 166,116,708 | | | $ | 2,997,798 | |
| ^ | Premiums received on written options | | $ | — | | | $ | 2,103,639 | | | $ | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2023 (CONTINUED)
| | | Voya
Growth and
Income
Portfolio | | | Voya
Intermediate
Bond
Portfolio | | | Voya
Small
Company
Portfolio | |
| Class ADV | | | | | | | | | | | | |
| Net assets | | $ | 83,897,303 | | | $ | 193,770,524 | | | $ | 8,712,040 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | 100,000,000 | |
| Par value | | $ | 1.000 | | | $ | 1.000 | | | $ | 0.001 | |
| Shares outstanding | | | 4,510,817 | | | | 17,905,116 | | | | 642,647 | |
| Net asset value and redemption price per share | | $ | 18.60 | | | $ | 10.82 | | | $ | 13.56 | |
| | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | |
| Net assets | | $ | 1,890,606,229 | | | $ | 712,401,923 | | | $ | 225,540,299 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | 100,000,000 | |
| Par value | | $ | 1.000 | | | $ | 1.000 | | | $ | 0.001 | |
| Shares outstanding | | | 97,226,006 | | | | 65,109,530 | | | | 14,949,888 | |
| Net asset value and redemption price per share | | $ | 19.45 | | | $ | 10.94 | | | $ | 15.09 | |
| | | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | |
| Net assets | | | n/a | | | | n/a | | | $ | 5,041,902 | |
| Shares authorized | | | n/a | | | | n/a | | | | 100,000,000 | |
| Par value | | | n/a | | | | n/a | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | n/a | | | | 333,667 | |
| Net asset value and redemption price per share | | | n/a | | | | n/a | | | $ | 15.11 | |
| | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | |
| Net assets | | $ | 29,694,662 | | | $ | 1,401,595,272 | | | $ | 64,320,271 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | 100,000,000 | |
| Par value | | $ | 1.000 | | | $ | 1.000 | | | $ | 0.001 | |
| Shares outstanding | | | 1,593,839 | | | | 128,991,523 | | | | 4,479,803 | |
| Net asset value and redemption price per share | | $ | 18.63 | | | $ | 10.87 | | | $ | 14.36 | |
| | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | |
| Net assets | | $ | 548,817 | | | $ | 8,030,172 | | | | n/a | |
| Shares authorized | | | unlimited | | | | unlimited | | | | n/a | |
| Par value | | $ | 1.000 | | | $ | 1.000 | | | | n/a | |
| Shares outstanding | | | 30,532 | | | | 741,941 | | | | n/a | |
| Net asset value and redemption price per share | | $ | 17.98 | | | $ | 10.82 | | | | n/a | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023
| | | Voya
Balanced
Portfolio | | | Voya
Global
High Dividend
Low Volatility
Portfolio | | | Voya
Government
Money
Market
Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 2,779,261 | | | $ | 17,867,099 | | | $ | 89,491 | |
| Dividends from affiliated underlying funds | | | 1,864,391 | | | | — | | | | — | |
| Interest, net of foreign taxes withheld* | | | 3,640,415 | | | | — | | | | 31,609,889 | |
| Securities lending income, net | | | 29,980 | | | | 99,394 | | | | — | |
| Other | | | 1,405 | | | | 2,363 | | | | 2,772 | |
| Total investment income | | | 8,315,452 | | | | 17,968,856 | | | | 31,702,152 | |
| EXPENSES: | | | | | | | | | | | | |
| Investment management fees | | | 1,775,867 | | | | 2,765,259 | | | | 2,156,082 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | |
| Class ADV | | | — | | | | 52,898 | | | | — | |
| Class S | | | 4,589 | | | | 899,657 | | | | 185 | |
| Class S2 | | | — | | | | 886 | | | | — | |
| Class T | | | — | | | | 17,227 | | | | — | |
| Transfer agent fees: | | | | | | | | | | | | |
| Class ADV | | | — | | | | 6,828 | | | | — | |
| Class I | | | 292,706 | | | | 78,193 | | | | 632,209 | |
| Class S | | | 1,826 | | | | 232,251 | | | | 72 | |
| Class S2 | | | — | | | | 144 | | | | — | |
| Class T | | | — | | | | 1,484 | | | | — | |
| Shareholder reporting expense | | | 27,660 | | | | 41,822 | | | | 27,689 | |
| Registration fees | | | 277 | | | | — | | | | 443 | |
| Professional fees | | | 33,025 | | | | 27,135 | | | | 40,655 | |
| Custody and accounting expense | | | 142,822 | | | | 68,492 | | | | 40,779 | |
| Directors/ trustees fees | | | 7,400 | | | | 12,354 | | | | 15,401 | |
| Licensing fee (Note 7) | | | 19,074 | | | | — | | | | — | |
| Miscellaneous expense | | | 15,490 | | | | 29,249 | | | | 18,742 | |
| Interest expense | | | 5,894 | | | | 2,527 | | | | — | |
| Total expenses | | | 2,326,630 | | | | 4,236,406 | | | | 2,932,257 | |
| Waived and reimbursed fees | | | (267,214 | ) | | | (290,548 | ) | | | (277,291 | ) |
| Net expenses | | | 2,059,416 | | | | 3,945,858 | | | | 2,654,966 | |
| Net investment income | | | 6,256,036 | | | | 14,022,998 | | | | 29,047,186 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments | | | 4,713,306 | | | | 8,329,955 | | | | 46,211 | |
| Sale of affiliated underlying funds | | | (96,411 | ) | | | — | | | | — | |
| Capital gain distributions from affiliated underlying funds | | | 5,341,904 | | | | — | | | | — | |
| Forward foreign currency contracts | | | (2,298 | ) | | | (34,828 | ) | | | — | |
| Foreign currency related transactions | | | 1,928 | | | | (33,787 | ) | | | — | |
| Futures | | | (1,735,505 | ) | | | — | | | | — | |
| Swaps | | | (517,834 | ) | | | — | | | | — | |
| Written options | | | 378,196 | | | | — | | | | — | |
| Net realized gain | | | 8,083,286 | | | | 8,261,340 | | | | 46,211 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments | | | 22,027,253 | | | | 7,741,197 | | | | — | |
| Affiliated underlying funds | | | 7,090,548 | | | | — | | | | — | |
| Forward foreign currency contracts | | | 344 | | | | — | | | | — | |
| Foreign currency related transactions | | | 4,494 | | | | 33,202 | | | | — | |
| Futures | | | 376,588 | | | | — | | | | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (CONTINUED)
| | | Voya
Balanced
Portfolio | | | Voya
Global
High Dividend
Low Volatility
Portfolio | | | Voya
Government
Money
Market Portfolio | |
| Swaps | | | 86,856 | | | | — | | | | — | |
| Written options | | | (11,486 | ) | | | — | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 29,574,597 | | | | 7,774,399 | | | | — | |
| Net realized and unrealized gain | | | 37,657,883 | | | | 16,035,739 | | | | 46,211 | |
| Increase in net assets resulting from operations | | $ | 43,913,919 | | | $ | 30,058,737 | | | $ | 29,093,397 | |
| * | Foreign taxes withheld | | $ | 66,455 | | | $ | 779,254 | | | $ | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023
| | | Voya
Growth and
Income Portfolio | | | Voya
Intermediate
Bond
Portfolio | | | Voya
Small
Company Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 32,903,447 | | | $ | 306,400 | | | $ | 4,975,373 | |
| Dividends from affiliated underlying funds | | | — | | | | 25,935,778 | | | | — | |
| Interest, net of foreign taxes withheld* | | | 19,721 | | | | 84,117,515 | | | | 2,432 | |
| Securities lending income, net | | | 86,335 | | | | 300,135 | | | | 13,363 | |
| Other | | | 8,833 | | | | 11,153 | | | | 1,395 | |
| Total investment income | | | 33,018,336 | | | | 110,670,981 | | | | 4,992,563 | |
| EXPENSES: | | | | | | | | | | | | |
| Investment management fees | | | 11,250,793 | | | | 11,665,925 | | | | 2,189,002 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | |
| Class ADV | | | 394,592 | | | | 979,231 | | | | 39,648 | |
| Class S | | | 74,682 | | | | 3,556,483 | | | | 148,403 | |
| Class S2 | | | 1,912 | | | | 30,677 | | | | — | |
| Transfer agent fees: | | | | | | | | | | | | |
| Class ADV | | | 53,389 | | | | 105,559 | | | | 11,756 | |
| Class I | | | 1,194,671 | | | | 381,089 | | | | 323,303 | |
| Class R6 | | | — | | | | — | | | | 8 | |
| Class S | | | 20,198 | | | | 766,752 | | | | 88,026 | |
| Class S2 | | | 320 | | | | 4,135 | | | | — | |
| Shareholder reporting expense | | | 76,650 | | | | 98,984 | | | | 23,348 | |
| Registration fees | | | 557 | | | | — | | | | 118 | |
| Professional fees | | | 104,755 | | | | 157,465 | | | | 23,278 | |
| Custody and accounting expense | | | 102,390 | | | | 364,593 | | | | 59,722 | |
| Directors/ trustees fees | | | 46,883 | | | | 58,335 | | | | 7,299 | |
| Miscellaneous expense | | | 69,176 | | | | 112,000 | | | | 19,523 | |
| Interest expense | | | 7,459 | | | | 350 | | | | 4,729 | |
| Total expenses | | | 13,398,427 | | | | 18,281,578 | | | | 2,938,163 | |
| Waived and reimbursed fees | | | (355,701 | ) | | | (1,279,217 | ) | | | (230,917 | ) |
| Net expenses | | | 13,042,726 | | | | 17,002,361 | | | | 2,707,246 | |
| Net investment income | | | 19,975,610 | | | | 93,668,620 | | | | 2,285,317 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments | | | 195,064,515 | | | | (62,272,543 | ) | | | 17,560,323 | |
| Sale of affiliated underlying funds | | | — | | | | (86,744,306 | ) | | | — | |
| Capital gain distributions from affiliated underlying funds | | | — | | | | 1,793,767 | | | | — | |
| Forward foreign currency contracts | | | — | | | | (8,138 | ) | | | — | |
| Foreign currency related transactions | | | — | | | | (12,694 | ) | | | — | |
| Futures | | | — | | | | (10,161,576 | ) | | | — | |
| Swaps | | | — | | | | (19,013,099 | ) | | | — | |
| Written options | | | — | | | | 8,717,517 | | | | — | |
| Net realized gain (loss) | | | 195,064,515 | | | | (167,701,072 | ) | | | 17,560,323 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments | | | 238,557,107 | | | | 116,883,344 | | | | 28,858,436 | |
| Affiliated underlying funds | | | — | | | | 105,480,702 | | | | — | |
| Forward foreign currency contracts | | | — | | | | 9,795 | | | | — | |
| Foreign currency related transactions | | | 76 | | | | (2,870 | ) | | | 109 | |
| Futures | | | — | | | | 7,541,397 | | | | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (CONTINUED)
| | | Voya
Growth and
Income
Portfolio | | | Voya
Intermediate
Bond
Portfolio | | | Voya
Small
Company
Portfolio | |
| Swaps | | | — | | | | 2,734,459 | | | | — | |
| Written options | | | — | | | | (338,834 | ) | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 238,557,183 | | | | 232,307,993 | | | | 28,858,545 | |
| Net realized and unrealized gain | | | 433,621,698 | | | | 64,606,921 | | | | 46,418,868 | |
| Increase in net assets resulting from operations | | $ | 453,597,308 | | | $ | 158,275,541 | | | $ | 48,704,185 | |
| * | Foreign taxes withheld | | $ | 54,368 | | | $ | 347 | | | $ | 23,710 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya
Balanced Portfolio | | | Voya
Global High Dividend
Low Volatility Portfolio | |
| | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 6,256,036 | | | $ | 5,389,754 | | | $ | 14,022,998 | | | $ | 14,165,252 | |
| Net realized gain | | | 8,083,286 | | | | 1,110,601 | | | | 8,261,340 | | | | 17,392,831 | |
| Net change in unrealized appreciation (depreciation) | | | 29,574,597 | | | | (71,935,681 | ) | | | 7,774,399 | | | | (65,279,322 | ) |
| Increase (decrease) in net assets resulting from operations | | | 43,913,919 | | | | (65,435,326 | ) | | | 30,058,737 | | | | (33,721,239 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | (628,649 | ) | | | (667,337 | ) |
| Class I | | | (6,549,871 | ) | | | (45,747,982 | ) | | | (7,821,746 | ) | | | (7,870,245 | ) |
| Class S | | | (34,101 | ) | | | (318,826 | ) | | | (22,181,478 | ) | | | (24,164,362 | ) |
| Class S2 | | | — | | | | — | | | | (13,371 | ) | | | (13,783 | ) |
| Class T | | | — | | | | — | | | | (132,365 | ) | | | (144,852 | ) |
| Total distributions | | | (6,583,972 | ) | | | (46,066,808 | ) | | | (30,777,609 | ) | | | (32,860,579 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 3,258,365 | | | | 2,963,207 | | | | 6,090,929 | | | | 8,589,904 | |
| Reinvestment of distributions | | | 6,583,972 | | | | 46,066,808 | | | | 30,777,609 | | | | 32,860,579 | |
| | | | 9,842,337 | | | | 49,030,015 | | | | 36,868,538 | | | | 41,450,483 | |
| Cost of shares redeemed | | | (34,104,845 | ) | | | (34,031,403 | ) | | | (82,358,673 | ) | | | (78,631,312 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (24,262,508 | ) | | | 14,998,612 | | | | (45,490,135 | ) | | | (37,180,829 | ) |
| Net increase (decrease) in net assets | | | 13,067,439 | | | | (96,503,522 | ) | | | (46,209,007 | ) | | | (103,762,647 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 291,958,174 | | | | 388,461,696 | | | | 532,691,568 | | | | 636,454,215 | |
| End of year or period | | $ | 305,025,613 | | | $ | 291,958,174 | | | $ | 486,482,561 | | | $ | 532,691,568 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya
Government Money
Market Portfolio | | | Voya Growth and
Income Portfolio | |
| | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 29,047,186 | | | $ | 7,146,622 | | | $ | 19,975,610 | | | $ | 20,783,869 | |
| Net realized gain (loss) | | | 46,211 | | | | (128,610 | ) | | | 195,064,515 | | | | 201,867,629 | |
| Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | 238,557,183 | | | | (548,775,277 | ) |
| Increase (decrease) in net assets resulting from operations | | | 29,093,397 | | | | 7,018,012 | | | | 453,597,308 | | | | (326,123,779 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | (7,985,344 | ) | | | (11,552,104 | ) |
| Class I | | | (29,043,782 | ) | | | (7,145,983 | ) | | | (180,665,369 | ) | | | (254,695,900 | ) |
| Class S | | | (3,404 | ) | | | (632 | ) | | | (2,864,812 | ) | | | (5,105,764 | ) |
| Class S2 | | | — | | | | — | | | | (54,676 | ) | | | (65,074 | ) |
| Total distributions | | | (29,047,186 | ) | | | (7,146,615 | ) | | | (191,570,201 | ) | | | (271,418,842 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 312,212,531 | | | | 129,987,093 | | | | 15,241,028 | | | | 11,156,359 | |
| Reinvestment of distributions | | | 29,047,175 | | | | 7,143,997 | | | | 191,309,903 | | | | 271,031,994 | |
| | | | 341,259,706 | | | | 137,131,090 | | | | 206,550,931 | | | | 282,188,353 | |
| Cost of shares redeemed | | | (73,858,949 | ) | | | (99,682,300 | ) | | | (215,177,355 | ) | | | (211,343,355 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 267,400,757 | | | | 37,448,790 | | | | (8,626,424 | ) | | | 70,844,998 | |
| Net increase (decrease) in net assets | | | 267,446,968 | | | | 37,320,187 | | | | 253,400,683 | | | | (526,697,623 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 523,177,250 | | | | 485,857,063 | | | | 1,751,346,328 | | | | 2,278,043,951 | |
| End of year or period | | $ | 790,624,218 | | | $ | 523,177,250 | | | $ | 2,004,747,011 | | | $ | 1,751,346,328 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Intermediate
Bond Portfolio | | | Voya Small
Company Portfolio | |
| | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 93,668,620 | | | $ | 76,695,622 | | | $ | 2,285,317 | | | $ | 1,302,102 | |
| Net realized gain (loss) | | | (167,701,072 | ) | | | (207,133,694 | ) | | | 17,560,323 | | | | (28,856,002 | ) |
| Net change in unrealized appreciation (depreciation) | | | 232,307,993 | | | | (325,576,344 | ) | | | 28,858,545 | | | | (45,708,234 | ) |
| Increase (decrease) in net assets resulting from operations | | | 158,275,541 | | | | (456,014,416 | ) | | | 48,704,185 | | | | (73,262,134 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (7,128,793 | ) | | | (5,940,318 | ) | | | (4,770 | ) | | | (2,087,689 | ) |
| Class I | | | (29,314,154 | ) | | | (25,058,778 | ) | | | (1,010,099 | ) | | | (72,381,833 | ) |
| Class R6 | | | — | | | | — | | | | (24,562 | ) | | | (2,351,076 | ) |
| Class S | | | (55,309,491 | ) | | | (46,794,345 | ) | | | (127,469 | ) | | | (17,786,935 | ) |
| Class S2 | | | (288,062 | ) | | | (275,856 | ) | | | — | | | | — | |
| Total distributions | | | (92,040,500 | ) | | | (78,069,297 | ) | | | (1,166,900 | ) | | | (94,607,533 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 55,574,940 | | | | 66,605,167 | | | | 12,322,525 | | | | 9,445,343 | |
| Reinvestment of distributions | | | 92,036,551 | | | | 78,064,594 | | | | 1,166,900 | | | | 94,607,533 | |
| | | | 147,611,491 | | | | 144,669,761 | | | | 13,489,425 | | | | 104,052,876 | |
| Cost of shares redeemed | | | (318,950,203 | ) | | | (422,234,910 | ) | | | (59,371,276 | ) | | | (82,795,189 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (171,338,712 | ) | | | (277,565,149 | ) | | | (45,881,851 | ) | | | 21,257,687 | |
| Net increase (decrease) in net assets | | | (105,103,671 | ) | | | (811,648,862 | ) | | | 1,655,434 | | | | (146,611,980 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 2,420,901,562 | | | | 3,232,550,424 | | | | 301,959,078 | | | | 448,571,058 | |
| End of year or period | | $ | 2,315,797,891 | | | $ | 2,420,901,562 | | | $ | 303,614,512 | | | $ | 301,959,078 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | Ratios to average net assets | Supplemental
Data |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000's) | | (%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Balanced Portfolio |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 13.05 | | 0.29• | | 1.76 | | 2.05 | | 0.25 | | 0.06 | | — | | 0.31 | | — | | 14.79 | | 15.92 | | 0.78 | | 0.69 | | 0.69 | | 2.12 | | 303,166 | | 136 |
| 12-31-22 | | 18.43 | | 0.24• | | (3.36) | | (3.12) | | 0.28 | | 1.98 | | — | | 2.26 | | — | | 13.05 | | (17.24) | | 0.75 | | 0.69 | | 0.69 | | 1.66 | | 289,995 | | 147 |
| 12-31-21 | | 16.43 | | 0.25• | | 2.31 | | 2.56 | | 0.29 | | 0.27 | | — | | 0.56 | | — | | 18.43 | | 15.92 | | 0.74 | | 0.69 | | 0.69 | | 1.42 | | 385,538 | | 101 |
| 12-31-20 | | 15.71 | | 0.29 | | 1.22 | | 1.51 | | 0.36 | | 0.43 | | — | | 0.79 | | — | | 16.43 | | 10.85 | | 0.76 | | 0.69 | | 0.69 | | 1.83 | | 370,828 | | 96 |
| 12-31-19 | | 14.10 | | 0.33• | | 2.26 | | 2.59 | | 0.37 | | 0.61 | | — | | 0.98 | | — | | 15.71 | | 19.11 | | 0.69 | | 0.69 | | 0.69 | | 2.23 | | 371,202 | | 113 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.97 | | 0.25• | | 1.76 | | 2.01 | | 0.20 | | 0.06 | | — | | 0.26 | | — | | 14.72 | | 15.71 | | 1.03 | | 0.94 | | 0.94 | | 1.85 | | 1,860 | | 136 |
| 12-31-22 | | 18.32 | | 0.20• | | (3.34) | | (3.14) | | 0.23 | | 1.98 | | — | | 2.21 | | — | | 12.97 | | (17.47) | | 1.00 | | 0.94 | | 0.94 | | 1.40 | | 1,963 | | 147 |
| 12-31-21 | | 16.34 | | 0.20• | | 2.31 | | 2.51 | | 0.26 | | 0.27 | | — | | 0.53 | | — | | 18.32 | | 15.62 | | 0.99 | | 0.94 | | 0.94 | | 1.16 | | 2,924 | | 101 |
| 12-31-20 | | 15.62 | | 0.23• | | 1.24 | | 1.47 | | 0.32 | | 0.43 | | — | | 0.75 | | — | | 16.34 | | 10.57 | | 1.01 | | 0.94 | | 0.94 | | 1.59 | | 2,794 | | 96 |
| 12-31-19 | | 14.02 | | 0.29• | | 2.25 | | 2.54 | | 0.33 | | 0.61 | | — | | 0.94 | | — | | 15.62 | | 18.80 | | 0.94 | | 0.94 | | 0.94 | | 1.98 | | 2,511 | | 113 |
| Voya Global High Dividend Low Volatility Portfolio |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 11.01 | | 0.27• | | 0.37 | | 0.64 | | 0.27 | | 0.37 | | — | | 0.64 | | — | | 11.01 | | 6.18 | | 1.16 | | 1.10 | | 1.10 | | 2.54 | | 10,354 | | 70 |
| 12-31-22 | | 12.32 | | 0.25• | | (0.93) | | (0.68) | | 0.24 | | 0.39 | | — | | 0.63 | | — | | 11.01 | | (5.38) | | 1.15 | | 1.10 | | 1.10 | | 2.23 | | 11,235 | | 68 |
| 12-31-21 | | 10.46 | | 0.21• | | 1.89 | | 2.10 | | 0.24 | | — | | — | | 0.24 | | — | | 12.32 | | 20.23 | | 1.16 | | 1.10 | | 1.10 | | 1.85 | | 13,886 | | 71 |
| 12-31-20 | | 10.83 | | 0.18 | | (0.35) | | (0.17) | | 0.19 | | — | | 0.01 | | 0.20 | | — | | 10.46 | | (1.27) | | 1.16 | | 1.10 | | 1.10 | | 1.86 | | 13,684 | | 72 |
| 12-31-19 | | 9.63 | | 0.25 | | 1.71 | | 1.96 | | 0.24 | | 0.52 | | — | | 0.76 | | — | | 10.83 | | 21.06 | | 1.10 | | 1.10 | | 1.10 | | 2.43 | | 15,665 | | 63 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.99 | | 0.32• | | 0.37 | | 0.69 | | 0.32 | | 0.37 | | — | | 0.69 | | — | | 10.99 | | 6.74 | | 0.66 | | 0.60 | | 0.60 | | 3.04 | | 122,202 | | 70 |
| 12-31-22 | | 12.30 | | 0.30• | | (0.92) | | (0.62) | | 0.30 | | 0.39 | | — | | 0.69 | | — | | 10.99 | | (4.90) | | 0.65 | | 0.60 | | 0.60 | | 2.73 | | 125,985 | | 68 |
| 12-31-21 | | 10.44 | | 0.27• | | 1.89 | | 2.16 | | 0.30 | | — | | — | | 0.30 | | — | | 12.30 | | 20.87 | | 0.66 | | 0.60 | | 0.60 | | 2.35 | | 144,785 | | 71 |
| 12-31-20 | | 10.82 | | 0.23 | | (0.36) | | (0.13) | | 0.24 | | — | | 0.01 | | 0.25 | | — | | 10.44 | | (0.83) | | 0.66 | | 0.60 | | 0.60 | | 2.36 | | 129,379 | | 72 |
| 12-31-19 | | 9.62 | | 0.30 | | 1.71 | | 2.01 | | 0.29 | | 0.52 | | — | | 0.81 | | — | | 10.82 | | 21.68 | | 0.60 | | 0.60 | | 0.60 | | 2.92 | | 149,439 | | 63 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 11.05 | | 0.30• | | 0.36 | | 0.66 | | 0.29 | | 0.37 | | — | | 0.66 | | — | | 11.05 | | 6.43 | | 0.91 | | 0.85 | | 0.85 | | 2.78 | | 351,456 | | 70 |
| 12-31-22 | | 12.36 | | 0.28• | | (0.93) | | (0.65) | | 0.27 | | 0.39 | | — | | 0.66 | | — | | 11.05 | | (5.11) | | 0.90 | | 0.85 | | 0.85 | | 2.48 | | 392,545 | | 68 |
| 12-31-21 | | 10.49 | | 0.24• | | 1.90 | | 2.14 | | 0.27 | | — | | — | | 0.27 | | — | | 12.36 | | 20.56 | | 0.91 | | 0.85 | | 0.85 | | 2.10 | | 474,598 | | 71 |
| 12-31-20 | | 10.87 | | 0.21 | | (0.37) | | (0.16) | | 0.21 | | — | | 0.01 | | 0.22 | | — | | 10.49 | | (1.09) | | 0.91 | | 0.85 | | 0.85 | | 2.11 | | 465,405 | | 72 |
| 12-31-19 | | 9.66 | | 0.27 | | 1.73 | | 2.00 | | 0.27 | | 0.52 | | — | | 0.79 | | — | | 10.87 | | 21.41 | | 0.85 | | 0.85 | | 0.85 | | 2.62 | | 542,303 | | 63 |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.89 | | 0.28• | | 0.37 | | 0.65 | | 0.28 | | 0.37 | | — | | 0.65 | | — | | 10.89 | | 6.37 | | 1.06 | | 1.00 | | 1.00 | | 2.64 | | 229 | | 70 |
| 12-31-22 | | 12.20 | | 0.26• | | (0.93) | | (0.67) | | 0.25 | | 0.39 | | — | | 0.64 | | — | | 10.89 | | (5.33) | | 1.05 | | 1.00 | | 1.00 | | 2.34 | | 223 | | 68 |
| 12-31-21 | | 10.35 | | 0.22• | | 1.88 | | 2.10 | | 0.25 | | — | | — | | 0.25 | | — | | 12.20 | | 20.46 | | 1.06 | | 1.00 | | 1.00 | | 1.92 | | 265 | | 71 |
| 12-31-20 | | 10.73 | | 0.19 | | (0.36) | | (0.17) | | 0.20 | | — | | 0.01 | | 0.21 | | — | | 10.35 | | (1.25) | | 1.06 | | 1.00 | | 1.00 | | 1.95 | | 354 | | 72 |
| 12-31-19 | | 9.54 | | 0.26• | | 1.70 | | 1.96 | | 0.25 | | 0.52 | | — | | 0.77 | | — | | 10.73 | | 21.26 | | 1.00 | | 1.00 | | 1.00 | | 2.59 | | 332 | | 63 |
| Class T | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 11.02 | | 0.26• | | 0.37 | | 0.63 | | 0.25 | | 0.37 | | — | | 0.62 | | — | | 11.03 | | 6.15 | | 1.41 | | 1.20 | | 1.20 | | 2.42 | | 2,242 | | 70 |
| 12-31-22 | | 12.34 | | 0.24• | | (0.94) | | (0.70) | | 0.23 | | 0.39 | | — | | 0.62 | | — | | 11.02 | | (5.54) | | 1.40 | | 1.20 | | 1.20 | | 2.14 | | 2,703 | | 68 |
| 12-31-21 | | 10.47 | | 0.20• | | 1.90 | | 2.10 | | 0.23 | | — | | — | | 0.23 | | — | | 12.34 | | 20.19 | | 1.41 | | 1.20 | | 1.20 | | 1.75 | | 2,920 | | 71 |
| 12-31-20 | | 10.85 | | 0.18 | | (0.37) | | (0.19) | | 0.18 | | — | | 0.01 | | 0.19 | | — | | 10.47 | | (1.48) | | 1.41 | | 1.20 | | 1.20 | | 1.74 | | 2,573 | | 72 |
| 12-31-19 | | 9.59 | | 0.26• | | 1.69 | | 1.95 | | 0.17 | | 0.52 | | — | | 0.69 | | — | | 10.85 | | 21.05 | | 1.35 | | 1.20 | | 1.20 | | 2.56 | | 3,232 | | 63 |
| Voya Government Money Market Portfolio |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 1.00 | | 0.05• | | — | | 0.05 | | 0.05 | | — | | — | | 0.05 | | — | | 1.00 | | 4.77 | | 0.48 | | 0.43 | | 0.43 | | 4.72 | | 789,249 | | — |
| 12-31-22 | | 1.00 | | 0.01• | | 0.00* | | 0.01 | | 0.01 | | — | | — | | 0.01 | | — | | 1.00 | | 1.39 | | 0.50 | | 0.35 | | 0.35 | | 1.43 | | 523,130 | | — |
| 12-31-21 | | 1.00 | | —• | | 0.00* | | 0.00* | | 0.00* | | 0.00* | | — | | 0.00* | | — | | 1.00 | | 0.09 | | 0.50 | | 0.05 | | 0.05 | | 0.00* | | 485,800 | | — |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | Ratios to average net assets | Supplemental
Data |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000's) | | (%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Government Money Market Portfolio (continued) |
| Class I (continued) |
| 12-31-20 | | 1.00 | | 0.00* | | 0.00* | | 0.00* | | 0.00* | | 0.00* | | — | | 0.00* | | — | | 1.00 | | 0.29 | | 0.51 | | 0.17 | | 0.17 | | 0.20 | | 569,945 | | — |
| 12-31-19 | | 1.00 | | 0.02 | | 0.00* | | 0.02 | | 0.02 | | 0.00* | | — | | 0.02 | | — | | 1.00 | | 1.96 | | 0.39 | | 0.34 | | 0.34 | | 1.86 | | 469,271 | | — |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 1.00 | | 0.05• | | — | | 0.05 | | 0.05 | | — | | — | | 0.05 | | — | | 1.00 | | 4.60 | | 0.73 | | 0.58 | | 0.58 | | 4.60 | | 1,375 | | — |
| 12-31-22 | | 1.00 | | 0.01• | | 0.00* | | 0.01 | | 0.01 | | — | | — | | 0.01 | | — | | 1.00 | | 1.31 | | 0.75 | | 0.35 | | 0.35 | | 1.28 | | 47 | | — |
| 12-31-21 | | 1.00 | | —• | | 0.00* | | 0.00* | | — | | 0.00* | | — | | 0.00* | | — | | 1.00 | | 0.09 | | 0.75 | | 0.05 | | 0.05 | | 0.00* | | 57 | | — |
| 12-31-20 | | 1.00 | | — | | 0.00* | | 0.00* | | — | | 0.00* | | — | | 0.00* | | — | | 1.00 | | 0.04 | | 0.76 | | 0.17 | | 0.17 | | 0.00* | | 51 | | — |
| 06-30-18(5) | | 1.00 | | 0.01 | | 0.00* | | 0.01 | | 0.01 | | 0.00* | | — | | 0.01 | | — | | 1.00 | | 0.57 | | 0.64 | | 0.49 | | 0.49 | | 1.14 | | 46 | | — |
| Voya Growth and Income Portfolio |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 16.21 | | 0.12• | | 4.22 | | 4.34 | | 0.13 | | 1.82 | | — | | 1.95 | | — | | 18.60 | | 26.78 | | 1.19 | | 1.12 | | 1.12 | | 0.64 | | 83,897 | | 75 |
| 12-31-22 | | 22.50 | | 0.13• | | (3.55) | | (3.42) | | 0.14 | | 2.73 | | — | | 2.87 | | — | | 16.21 | | (15.08) | | 1.18 | | 1.11 | | 1.11 | | 0.64 | | 73,784 | | 56 |
| 12-31-21 | | 29.29 | | 0.13• | | 8.14 | | 8.27 | | 0.19 | | 14.87 | | — | | 15.06 | | — | | 22.50 | | 28.41 | | 1.16 | | 1.06 | | 1.06 | | 0.39 | | 97,015 | | 65 |
| 12-31-20 | | 27.93 | | 0.26 | | 4.22 | | 4.48 | | 0.26 | | 2.86 | | — | | 3.12 | | — | | 29.29 | | 16.74 | | 1.17 | | 1.07 | | 1.07 | | 0.90 | | 903,118 | | 92 |
| 12-31-19 | | 24.42 | | 0.35 | | 6.42 | | 6.77 | | 0.35 | | 2.91 | | — | | 3.26 | | — | | 27.93 | | 28.29 | | 1.13 | | 1.03 | | 1.03 | | 1.17 | | 896,424 | | 69 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 16.88 | | 0.21• | | 4.41 | | 4.62 | | 0.23 | | 1.82 | | — | | 2.05 | | — | | 19.45 | | 27.39 | | 0.69 | | 0.67 | | 0.67 | | 1.09 | | 1,890,606 | | 75 |
| 12-31-22 | | 23.30 | | 0.22• | | (3.68) | | (3.46) | | 0.23 | | 2.73 | | — | | 2.96 | | — | | 16.88 | | (14.71) | | 0.68 | | 0.66 | | 0.66 | | 1.09 | | 1,644,921 | | 56 |
| 12-31-21 | | 29.90 | | 0.29• | | 8.33 | | 8.62 | | 0.35 | | 14.87 | | — | | 15.22 | | — | | 23.30 | | 29.00 | | 0.66 | | 0.61 | | 0.61 | | 0.85 | | 2,137,930 | | 65 |
| 12-31-20 | | 28.44 | | 0.39 | | 4.32 | | 4.71 | | 0.39 | | 2.86 | | — | | 3.25 | | — | | 29.90 | | 17.26 | | 0.67 | | 0.62 | | 0.62 | | 1.35 | | 1,845,796 | | 92 |
| 12-31-19 | | 24.81 | | 0.48 | | 6.54 | | 7.02 | | 0.48 | | 2.91 | | — | | 3.39 | | — | | 28.44 | | 28.88 | | 0.63 | | 0.58 | | 0.58 | | 1.62 | | 1,798,927 | | 69 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 16.23 | �� | 0.15• | | 4.24 | | 4.39 | | 0.17 | | 1.82 | | — | | 1.99 | | — | | 18.63 | | 27.06 | | 0.94 | | 0.92 | | 0.92 | | 0.84 | | 29,695 | | 75 |
| 12-31-22 | | 22.54 | | 0.17• | | (3.57) | | (3.40) | | 0.18 | | 2.73 | | — | | 2.91 | | — | | 16.23 | | (14.96) | | 0.93 | | 0.91 | | 0.91 | | 0.84 | | 32,229 | | 56 |
| 12-31-21 | | 29.32 | | 0.20• | | 8.16 | | 8.36 | | 0.27 | | 14.87 | | — | | 15.14 | | — | | 22.54 | | 28.72 | | 0.91 | | 0.86 | | 0.86 | | 0.59 | | 42,612 | | 65 |
| 12-31-20 | | 27.96 | | 0.32 | | 4.22 | | 4.54 | | 0.32 | | 2.86 | | — | | 3.18 | | — | | 29.32 | | 16.93 | | 0.92 | | 0.87 | | 0.87 | | 1.10 | | 482,532 | | 92 |
| 12-31-19 | | 24.44 | | 0.41 | | 6.42 | | 6.83 | | 0.40 | | 2.91 | | — | | 3.31 | | — | | 27.96 | | 28.55 | | 0.88 | | 0.83 | | 0.83 | | 1.37 | | 479,676 | | 69 |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 15.74 | | 0.12• | | 4.11 | | 4.23 | | 0.17 | | 1.82 | | — | | 1.99 | | — | | 17.98 | | 26.90 | | 1.09 | | 1.07 | | 1.07 | | 0.69 | | 549 | | 75 |
| 12-31-22 | | 21.97 | | 0.13• | | (3.47) | | (3.34) | | 0.16 | | 2.73 | | — | | 2.89 | | — | | 15.74 | | (15.08) | | 1.08 | | 1.06 | | 1.06 | | 0.69 | | 413 | | 56 |
| 12-31-21 | | 28.88 | | 0.15• | | 8.03 | | 8.18 | | 0.22 | | 14.87 | | — | | 15.09 | | — | | 21.97 | | 28.52 | | 1.06 | | 1.01 | | 1.01 | | 0.46 | | 488 | | 65 |
| 12-31-20 | | 27.59 | | 0.25• | | 4.19 | | 4.44 | | 0.29 | | 2.86 | | — | | 3.15 | | — | | 28.88 | | 16.81 | | 1.07 | | 1.02 | | 1.02 | | 0.95 | | 367 | | 92 |
| 12-31-19 | | 24.13 | | 0.47 | | 6.22 | | 6.69 | | 0.32 | | 2.91 | | — | | 3.23 | | — | | 27.59 | | 28.33 | | 1.03 | | 0.98 | | 0.98 | | 1.23 | | 294 | | 69 |
| Voya Intermediate Bond Portfolio |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.51 | | 0.39• | | 0.31 | | 0.70 | | 0.39 | | — | | — | | 0.39 | | — | | 10.82 | | 6.78 | | 1.09 | | 1.03 | | 1.03 | | 3.71 | | 193,771 | | 278 |
| 12-31-22 | | 12.68 | | 0.28• | | (2.16) | | (1.88) | | 0.29 | | — | | — | | 0.29 | | — | | 10.51 | | (14.90) | | 1.08 | | 1.03 | | 1.03 | | 2.51 | | 203,733 | | 246 |
| 12-31-21 | | 13.19 | | 0.26• | | (0.44) | | (0.18) | | 0.25 | | 0.00* | | 0.08 | | 0.33 | | — | | 12.68 | | (1.42) | | 1.07 | | 1.03 | | 1.03 | | 2.01 | | 284,547 | | 139 |
| 12-31-20 | | 12.94 | | 0.32 | | 0.61 | | 0.93 | | 0.38 | | 0.30 | | — | | 0.68 | | — | | 13.19 | | 7.32 | | 1.08 | | 1.03 | | 1.03 | | 2.40 | | 312,654 | | 99 |
| 12-31-19 | | 12.20 | | 0.37 | | 0.76 | | 1.13 | | 0.37 | | 0.02 | | — | | 0.39 | | — | | 12.94 | | 9.29 | | 1.03 | | 1.03 | | 1.03 | | 2.88 | | 291,207 | | 149 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.63 | | 0.45• | | 0.30 | | 0.75 | | 0.44 | | — | | — | | 0.44 | | — | | 10.94 | | 7.28 | | 0.59 | | 0.53 | | 0.53 | | 4.21 | | 712,402 | | 278 |
| 12-31-22 | | 12.82 | | 0.34• | | (2.18) | | (1.84) | | 0.35 | | — | | — | | 0.35 | | — | | 10.63 | | (14.44) | | 0.58 | | 0.53 | | 0.53 | | 3.02 | | 727,981 | | 246 |
| 12-31-21 | | 13.33 | | 0.33• | | (0.45) | | (0.12) | | 0.31 | | 0.00* | | 0.08 | | 0.39 | | — | | 12.82 | | (0.88) | | 0.57 | | 0.53 | | 0.53 | | 2.51 | | 976,144 | | 139 |
| 12-31-20 | | 13.08 | | 0.39 | | 0.61 | | 1.00 | | 0.45 | | 0.30 | | — | | 0.75 | | — | | 13.33 | | 7.81 | | 0.58 | | 0.53 | | 0.53 | | 2.89 | | 1,108,593 | | 99 |
| 12-31-19 | | 12.33 | | 0.44 | | 0.77 | | 1.21 | | 0.44 | | 0.02 | | — | | 0.46 | | — | | 13.08 | | 9.85 | | 0.53 | | 0.53 | | 0.53 | | 3.38 | | 1,023,645 | | 149 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.56 | | 0.42• | | 0.30 | | 0.72 | | 0.41 | | — | | — | | 0.41 | | — | | 10.87 | | 7.03 | | 0.84 | | 0.78 | | 0.78 | | 3.96 | | 1,401,595 | | 278 |
| 12-31-22 | | 12.74 | | 0.31• | | (2.17) | | (1.86) | | 0.32 | | — | | — | | 0.32 | | — | | 10.56 | | (14.68) | | 0.83 | | 0.78 | | 0.78 | | 2.77 | | 1,481,569 | | 246 |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | Ratios to average net assets | Supplemental
Data |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000's) | | (%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Intermediate Bond Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class S (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-21 | | 13.24 | | 0.29• | | (0.43) | | (0.14) | | 0.28 | | 0.00* | | 0.08 | | 0.36 | | — | | 12.74 | | (1.07) | | 0.82 | | 0.78 | | 0.78 | | 2.26 | | 1,956,289 | | 139 |
| 12-31-20 | | 12.99 | | 0.35 | | 0.62 | | 0.97 | | 0.42 | | 0.30 | | — | | 0.72 | | — | | 13.24 | | 7.57 | | 0.83 | | 0.78 | | 0.78 | | 2.6 | | 2,139,406 | | 99 |
| 12-31-19 | | 12.25 | | 0.40 | | 0.76 | | 1.16 | | 0.40 | | 0.02 | | — | | 0.42 | | — | | 12.99 | | 9.54 | | 0.78 | | 0.78 | | 0.78 | | 3.1 | | 2,198,827 | | 149 |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.51 | | 0.40• | | 0.31 | | 0.71 | | 0.40 | | — | | — | | 0.40 | | — | | 10.82 | | 6.89 | | 0.99 | | 0.93 | | 0.93 | | 3.81 | | 8,030 | | 278 |
| 12-31-22 | | 12.69 | | 0.29• | | (2.17) | | (1.88) | | 0.30 | | — | | — | | 0.30 | | — | | 10.51 | | (14.88) | | 0.98 | | 0.93 | | 0.93 | | 2.56 | | 7,618 | | 246 |
| 12-31-21 | | 13.19 | | 0.27• | | (0.43) | | (0.16) | | 0.26 | | 0.00* | | 0.08 | | 0.34 | | — | | 12.69 | | (1.24) | | 0.97 | | 0.93 | | 0.93 | | 2.11 | | 15,571 | | 139 |
| 12-31-20 | | 12.94 | | 0.33 | | 0.62 | | 0.95 | | 0.40 | | 0.30 | | — | | 0.70 | | — | | 13.19 | | 7.42 | | 0.98 | | 0.93 | | 0.93 | | 2.50 | | 21,316 | | 99 |
| 12-31-19 | | 12.20 | | 0.38 | | 0.76 | | 1.14 | | 0.38 | | 0.02 | | — | | 0.40 | | — | | 12.94 | | 9.40 | | 0.93 | | 0.93 | | 0.93 | | 2.99 | | 21,401 | | 149 |
| Voya Small Company Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 11.56 | | 0.04• | | 1.97 | | 2.01 | | 0.01 | | — | | — | | 0.01 | | — | | 13.56 | | 17.37 | | 1.45 | | 1.36 | | 1.36 | | 0.36 | | 8,712 | | 193 |
| 12-31-22 | | 19.74 | | (0.01)• | | (3.40) | | (3.41) | | — | | 4.77 | | — | | 4.77 | | — | | 11.56 | | (17.04) | | 1.46 | | 1.38 | | 1.38 | | (0.05) | | 7,493 | | 209 |
| 12-31-21 | | 17.36 | | (0.10)• | | 2.56 | | 2.46 | | — | | 0.08 | | — | | 0.08 | | — | | 19.74 | | 14.19 | | 1.49 | | 1.40 | | 1.40 | | (0.52) | | 8,826 | | 129 |
| 12-31-20 | | 15.91 | | (0.04) | | 1.77 | | 1.73 | | 0.01 | | 0.27 | | — | | 0.28 | | — | | 17.36 | | 11.73 | | 1.52 | | 1.40 | | 1.40 | | (0.31) | | 6,851 | | 134 |
| 12-31-19 | | 14.86 | | (0.01) | | 3.55 | | 3.54 | | 0.00* | | 2.49 | | — | | 2.49 | | — | | 15.91 | | 25.56 | | 1.39 | | 1.39 | | 1.39 | | (0.06) | | 7,227 | | 125 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.85 | | 0.11• | | 2.19 | | 2.30 | | 0.06 | | — | | — | | 0.06 | | — | | 15.09 | | 18.00 | | 0.95 | | 0.86 | | 0.86 | | 0.84 | | 225,540 | | 193 |
| 12-31-22 | | 21.22 | | 0.06• | | (3.66) | | (3.60) | | — | | 4.77 | | — | | 4.77 | | — | | 12.85 | | (16.68) | | 0.96 | | 0.88 | | 0.88 | | 0.42 | | 226,999 | | 209 |
| 12-31-21 | | 18.59 | | (0.01)• | | 2.75 | | 2.74 | | 0.03 | | 0.08 | | — | | 0.11 | | — | | 21.22 | | 14.76 | | 0.99 | | 0.90 | | 0.90 | | (0.03) | | 344,506 | | 129 |
| 12-31-20 | | 17.04 | | 0.05 | | 1.86 | | 1.91 | | 0.09 | | 0.27 | | — | | 0.36 | | — | | 18.59 | | 12.28 | | 1.02 | | 0.90 | | 0.90 | | 0.19 | | 347,004 | | 134 |
| 12-31-19 | | 15.75 | | 0.07• | | 3.78 | | 3.85 | | 0.07 | | 2.49 | | — | | 2.56 | | — | | 17.04 | | 26.21 | | 0.89 | | 0.89 | | 0.89 | | 0.44 | | 427,877 | | 125 |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.87 | | 0.12• | | 2.19 | | 2.31 | | 0.07 | | — | | — | | 0.07 | | — | | 15.11 | | 18.05 | | 0.80 | | 0.80 | | 0.80 | | 0.92 | | 5,042 | | 193 |
| 12-31-22 | | 21.23 | | 0.07• | | (3.66) | | (3.59) | | — | | 4.77 | | — | | 4.77 | | — | | 12.87 | | (16.62) | | 0.83 | | 0.83 | | 0.83 | | 0.45 | | 8,465 | | 209 |
| 12-31-21 | | 18.60 | | 0.00*• | | 2.74 | | 2.74 | | 0.03 | | 0.08 | | — | | 0.11 | | — | | 21.23 | | 14.77 | | 0.87 | | 0.87 | | 0.87 | | 0.00* | | 14,790 | | 129 |
| 12-31-20 | | 17.04 | | 0.03 | | 1.89 | | 1.92 | | 0.09 | | 0.27 | | — | | 0.36 | | — | | 18.60 | | 12.34 | | 0.89 | | 0.89 | | 0.89 | | 0.25 | | 11,466 | | 134 |
| 12-31-19 | | 15.75 | | 0.09• | | 3.76 | | 3.85 | | 0.07 | | 2.49 | | — | | 2.56 | | — | | 17.04 | | 26.20 | | 0.89 | | 0.89 | | 0.89 | | 0.44 | | 5,665 | | 125 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.23 | | 0.08• | | 2.08 | | 2.16 | | 0.03 | | — | | — | | 0.03 | | — | | 14.36 | | 17.68 | | 1.20 | | 1.11 | | 1.11 | | 0.60 | | 64,320 | | 193 |
| 12-31-22 | | 20.51 | | 0.03• | | (3.54) | | (3.51) | | — | | 4.77 | | — | | 4.77 | | — | | 12.23 | | (16.86) | | 1.21 | | 1.13 | | 1.13 | | 0.18 | | 59,003 | | 209 |
| 12-31-21 | | 17.99 | | (0.06)• | | 2.66 | | 2.60 | | — | | 0.08 | | — | | 0.08 | | — | | 20.51 | | 14.47 | | 1.24 | | 1.15 | | 1.15 | | (0.28) | | 80,449 | | 129 |
| 12-31-20 | | 16.48 | | 0.00* | | 1.83 | | 1.83 | | 0.05 | | 0.27 | | — | | 0.32 | | — | | 17.99 | | 12.04 | | 1.27 | | 1.15 | | 1.15 | | (0.06) | | 80,512 | | 134 |
| 12-31-19 | | 15.30 | | 0.03 | | 3.66 | | 3.69 | | 0.02 | | 2.49 | | — | | 2.51 | | — | | 16.48 | | 25.86 | | 1.14 | | 1.14 | | 1.14 | | 0.20 | | 86,035 | | 125 |
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| (5) | Unaudited. There were no shares outstanding as of December 31, 2018 and December 31, 2019. |
| * | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023
NOTE 1 — ORGANIZATION
As further detailed below, the Voya Variable Product Funds are series of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government Money Market Portfolio (collectively, the “Registrants”), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).
Voya Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio (“Balanced”). Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio (“Growth and Income”). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has eighteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio (“Global High Dividend Low Volatility”), and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio (“Government Money Market”). Each of the Voya Variable Product Funds is a “Portfolio” and collectively, they are the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are: Adviser (“Class ADV”), Class I, Class R6, Class S, Service 2 (“Class S2”) and Class T; however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately
for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub- Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio, (except Government Money Market), is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open- end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar
financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 – unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values. A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Government Money Market uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Money Market, there can be no assurance that the Portfolio’s NAV can be maintained at $1.00 per share.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates
on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio’s book, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Risk Exposures and the Use of Derivative Instruments. Certain Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non- U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a rising interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed- income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed- income markets. Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives
to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk,
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of December 31, 2023, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $6,894 and $197,219, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options, forward premium swaptions and open forward foreign currency contracts were they to be unwound as of December 31, 2023. At December 31, 2023, there was no cash collateral received by either Balanced or Intermediate Bond.
Each Portfolio has credit-related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit-related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of December 31, 2023, Balanced and Intermediate Bond had a liability position of $80,458 and $2,343,673, respectively, on forward premium swaptions and OTC
written options. If a contingent feature would have been triggered as of December 31, 2023, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2023, Intermediate Bond pledged $2,210,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2023.
E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
During the year ended December 31, 2023, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:
| | Buy | | Sell | |
| Balanced | $ | 29,754 | | $ | 51,101 | |
| Global High Dividend Low Volatility | — | | 43,214 | |
| Intermediate Bond | 858,152 | | 1,478,205 | |
The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2023.
Each Portfolio, with the exception of Government Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio’s assets are valued.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2023, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes as part of their duration management. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2023, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:
| | | Purchased | | Sold | |
| Balanced | | $ | 21,014,821 | | $ | 8,154,871 | |
| Intermediate Bond | | 153,913,694 | | 161,825,267 | |
Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2023.
F. Options Contracts. Certain Portfolios may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options
tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios’ exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.
During the year ended December 31, 2023, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $1,191,000 and $34,853,300, respectively, on purchased foreign currency options. Please refer to the tables within the Portfolio of Investments for open purchased foreign currency options at December 31, 2023.
There were no open written foreign currency options entered into by any Portfolio at December 31, 2023.
During the year ended December 31, 2023, Balanced and Intermediate Bond had purchased forward premium swaptions with an average notional value of $2,192,400 and $56,690,800, respectively, to manage its duration and
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at December 31, 2023.
During the year ended December 31, 2023, Balanced and Intermediate Bond had written forward premium swaptions with an average notional value of $28,576,720 and $590,936,706, respectively, to generate income. There were no open written forward premium swaptions at December 31, 2023.
During the year ended December 31, 2023, Balanced and Intermediate Bond had purchased interest swaptions to manage its duration strategy. Balanced and Intermediate Bond had average notional values of $2,007,000 and $57,914,300, respectively, on purchased interest swaptions. Please refer to the tables within the Portfolio of Investments for open purchased interest swaptions at December 31, 2023.
During the year ended December 31, 2023, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $20,493,000 and $597,881,380, respectively, on written interest swaptions. Please refer to the tables within the Portfolio of Investments for open written interest swaptions at December 31, 2023.
G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios distribute capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
H. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions
taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
I. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2023
K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
M. When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when- issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties
to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios’ custodian sufficient to cover the purchase price.
To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed- delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2023, Intermediate Bond pledged $567,000 in cash collateral for open when- issued or delayed-delivery transactions.
N. Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.
O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The swap agreement will specify the “notional” amount of the asset or non- asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Portfolio’s Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that
there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
For the year ended December 31, 2023, Balanced and Intermediate Bond bought credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to hedge the credit risk associated with various sectors within the credit market.
For the year ended December 31, 2023, Balanced and Intermediate Bond had an average notional amount of $2,460,000 and $68,781,034, respectively, on credit default swaps to buy protection. Please refer to the tables within the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at December 31, 2023. Balanced did not have any open credit default swaps to buy protection at December 31, 2023.
There were no credit default swaps to sell protection for any Portfolio during the year ended December 31, 2023.
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.
For the year ended December 31, 2023, Balanced and Intermediate Bond has entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. During the year ended December 31, 2023, Balanced and Intermediate Bond had average notional amounts of $6,268,639 and $181,805,496, respectively, on Long interest rate swaps.
For the year ended December 31, 2023, Balanced and Intermediate Bond has entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. During the year ended December 31, 2023, Balanced and Intermediate Bond had average notional amounts of $11,081,668 and $322,970,146, respectively, on Short interest rate swaps.
Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for open interest rate swaps at December 31, 2023.
At December 31, 2023, Balanced and Intermediate Bond had pledged $300,000 and $6,266,000, respectively, in cash collateral for open centrally cleared swaps.
P. Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants’ maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 3 — INVESTMENT TRANSACTIONS (continued)
| | Purchases | | Sales |
| Balanced | $ | 209,142,142 | | $ | 229,906,294 |
| Global High Dividend Low Volatility | 345,160,190 | | 406,374,180 |
| Growth and Income | 1,390,208,671 | | 1,569,094,296 |
| Intermediate Bond | 1,329,549,125 | | 1,415,974,491 |
| Small Company | 566,483,568 | | 610,905,054 |
U.S. government securities not included above were as follows:
| | Purchases | | Sales |
| Balanced | $ | 188,003,586 | | $ | 190,222,079 |
| Intermediate Bond | 5,438,084,579 | | 5,808,000,405 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | Fee |
| Balanced | | 0.60% |
| Global High Dividend Low Volatility | | 0.56% on the first $500 million; |
| | | 0.53% on the next $500 million; |
| | | 0.51% thereafter |
| Government Money Market(1) | | 0.35% |
| Growth and Income | | 0.600% on the first $5 billion; |
| | | 0.550% on the next $5 billion; |
| | | 0.525% thereafter |
| Intermediate Bond | | 0.50% on first $4 billion; |
| | | 0.48% on next $3 billion; |
| | | 0.46% thereafter |
| Small Company | | 0.75% |
| (1) | The Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio’s average daily net assets. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser has entered into sub-advisory agreements with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may
determine, Voya IM manages the Portfolios’ assets in accordance with each Portfolio’s investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV, Class S, Class S2 and Class T shares of the respective Portfolios are subject to a shareholder service and distribution plan or a distribution plan (each a “Plan” and collectively, the “Plans”). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios’ shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.
Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio’s average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the Portfolio’s average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class S shares. For Government Money Market, the Distributor has contractually agreed to waive 0.10% of average daily net assets attributable to distribution and/or shareholder service fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
Under the Plan for Class T shares of Global High Dividend Low Volatility, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global High Dividend Low Volatility’s average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)
assets attributable to the distribution fee paid by Class T shares of Global High Dividend Low Volatility, so that the actual fee paid by Class T shares of Global High Dividend Low Volatility is an annual rate of 0.35%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
Class T shares of Global High Dividend Low Volatility are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global High Dividend Low Volatility. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.
The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero through May 1, 2024. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the year ended December 31, 2023, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of December 31, 2023, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
| | December 31, | | |
| | 2024 | | 2025 | | 2026 | | Total |
| Government Money Market | $2,068,744 | | $499,407 | | $— | | $2,568,151 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
| Subsidiary | | Portfolio | | Percentage |
| Voya Institutional Trust Company Government | | Government Money Market | | 9.50% |
| | | Intermediate Bond | | 10.81 |
| | | Small Company | | 5.30 |
| Voya Retirement Insurance and | | | | |
| Annuity Company | | Balanced | | 86.90 |
| | | Government Money Market | | 87.84 |
| | | Growth and Income | | 87.60 |
| | | Intermediate Bond | | 25.30 |
| | | Small Company | | 68.99 |
The Investment Adviser may direct the Portfolios’ Sub- Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors/ trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors’/trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’/ trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2023, the
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio | | Amount |
| Balanced | | $294,239 |
| Global High Dividend Low Volatility | | 318,023 |
| Government Money Market | | 631,500 |
| Growth and Income | | 1,263,840 |
| Intermediate Bond | | 1,254,396 |
| Small Company | | 422,673 |
NOTE 7 — LICENSING FEE
Balanced pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its respective principal investment strategies.
NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| Portfolio | | Class
ADV | | Class
I | | Class
R6 | | Class
S | | Class
S2 | | Class
T |
| Balanced | | N/A | | 0.69% | | N/A | | 0.94% | | N/A | | N/A |
| Global High Dividend Low Volatility | | 1.34% | | 0.84% | | N/A | | 1.09% | | 1.24% | | 1.44% |
| Growth and Income | | 1.27% | | 0.67% | | N/A | | 0.92% | | 1.07% | | N/A |
| Intermediate Bond | | 1.03% | | 0.53% | | N/A | | 0.78% | | 0.93% | | N/A |
| Small Company | | 1.36% | | 0.86% | | 0.86% | | 1.11% | | N/A | | N/A |
Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.
| Portfolio | | Class
ADV | | Class
I | | Class
S | | Class
S2 | | Class
T |
| Global High Dividend Low Volatility | | 1.10% | | 0.60% | | 0.85% | | 1.00% | | 1.20% |
Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described
above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2023, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as below:
| | | December 31, | | | | |
| | | 2024 | | | 2025 | | | 2026 | | | Total | |
| Balanced | | $ | 197,485 | | | $ | 188,000 | | | $ | — | | | $ | 385,485 | |
| Growth and Income | | | — | | | | 170,094 | | | | — | | | | 170,094 | |
| Intermediate Bond | | | 1,337,760 | | | | 1,169,688 | | | | 25,754 | | | | 2,533,202 | |
| Small Company | | | 1,250 | | | | — | | | | — | | | | 1,250 | |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2023, are as follows:
| | | | December 31, | | | |
| | | 2024 | | | 2025 | | | 2026 | | | Total | |
| Balanced | | | | | | | | | | | | |
| Class I | | $ | — | | | $ | — | | | $ | 265,563 | | | $ | 265,563 | |
| Class S | | | — | | | | — | | | | 1,651 | | | | 1,651 | |
| Growth and Income |
| Class ADV | | $ | — | | | $ | — | | | $ | 13,282 | | | $ | 13,282 | |
| Class I | | | — | | | | — | | | | 297,757 | | | | 297,757 | |
| Class S | | | — | | | | — | | | | 5,126 | | | | 5,126 | |
| Class S2 | | | — | | | | — | | | | 76 | | | | 76 | |
| Intermediate Bond |
| Class ADV | | $ | — | | | $ | — | | | $ | 105,106 | | | $ | 105,106 | |
| Class I | | | — | | | | — | | | | 380,591 | | | | 380,591 | |
| Class S | | | — | | | | — | | | | 763,635 | | | | 763,635 | |
| Class S2 | | | — | | | | — | | | | 4,131 | | | | 4,131 | |
| Small Company | | | | | | | | | | | | | | | | |
| Class ADV | | $ | 7,165 | | | $ | 5,488 | | | $ | 6,421 | | | $ | 19,074 | |
| Class I | | | 316,996 | | | | 201,196 | | | | 176,387 | | | | 694,579 | |
| Class S | | | 74,415 | | | | 47,092 | | | | 48,109 | | | | 169,616 | |
The Expense Limitation Agreements are contractual through May 1, 2024 and shall renew automatically for one- year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 9 — LINE OF CREDIT (continued)
investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the year ended December 31, 2023:
| Portfolio | | Days
Utilized | | Approximate
Average
Daily Balance
For Days
Utilized | | Approximate
Weighted
Average
Interest Rate
For Days
Utilized |
| Balanced | | 22 | | $ 1,629,091 | | 5.92% |
| Global High Dividend Low Volatility | | 8 | | 2,071,625 | | 5.49 |
| Growth and Income | | 15 | | 2,882,867 | | 6.21 |
| Intermediate Bond | | 2 | | 1,088,000 | | 5.79 |
| Small Company | | 8 | | 3,523,375 | | 6.04 |
| | | Shares
sold | | Shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net
increase
(decrease)
in
shares
outstanding | | Shares
sold | | Proceeds
from
shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) |
Year or
period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | $) | | ($) | | ($) |
| Balanced | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 234,476 | | — | | 486,979 | | (2,446,889) | | — | | (1,725,434) | | 3,225,942 | | — | | 6,549,871 | | (33,696,947) | | — | | (23,921,134) |
| 12/31/2022 | | 185,296 | | — | | 3,421,689 | | (2,301,808) | | — | | 1,305,177 | | 2,819,534 | | — | | 45,747,982 | | (33,400,115) | | — | | 15,167,401 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 2,349 | | — | | 2,545 | | (29,823) | | — | | (24,929) | | 32,423 | | — | | 34,101 | | (407,898) | | — | | (341,374) |
| 12/31/2022 | | 11,412 | | — | | 23,954 | | (43,657) | | — | | (8,291) | | 143,673 | | — | | 318,826 | | (631,288) | | — | | (168,789) |
| Global High Dividend Low Volatility |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 23,211 | | — | | 59,586 | | (163,088) | | — | | (80,291) | | 250,966 | | — | | 628,649 | | (1,746,727) | | — | | (867,112) |
| 12/31/2022 | | 16,956 | | — | | 61,257 | | (184,355) | | — | | (106,142) | | 180,693 | | — | | 667,337 | | (2,066,643) | | — | | (1,218,613) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 149,704 | | — | | 742,261 | | (1,236,455) | | — | | (344,490) | | 1,608,229 | | — | | 7,821,746 | | (13,184,511) | | — | | (3,754,536) |
| 12/31/2022 | | 326,273 | | — | | 724,228 | | (1,352,821) | | — | | (302,320) | | 3,678,858 | | — | | 7,870,245 | | (15,192,450) | | — | | (3,643,347) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 385,383 | | — | | 2,093,849 | | (6,213,341) | | — | | (3,734,109) | | 4,157,960 | | — | | 22,181,478 | | (66,750,788) | | — | | (40,411,350) |
| 12/31/2022 | | 376,938 | | — | | 2,210,963 | | (5,437,256) | | — | | (2,849,355) | | 4,181,996 | | — | | 24,164,362 | | (60,741,884) | | — | | (32,395,526) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,936 | | — | | 1,282 | | (2,595) | | — | | 623 | | 20,706 | | — | | 13,371 | | (27,089) | | — | | 6,988 |
| 12/31/2022 | | 1,764 | | — | | 1,278 | | (4,318) | | — | | (1,276) | | 19,793 | | — | | 13,783 | | (46,053) | | — | | (12,477) |
| Class T | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 4,898 | | — | | 12,533 | | (59,389) | | — | | (41,958) | | 53,068 | | — | | 132,365 | | (649,558) | | — | | (464,125) |
| 12/31/2022 | | 48,107 | | — | | 13,286 | | (52,828) | | — | | 8,565 | | 528,564 | | — | | 144,852 | | (584,282) | | — | | 89,134 |
| Government Money Market |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 310,885,025 | | — | | 29,043,781 | | (73,855,561) | | — | | 266,073,245 | | 310,885,025 | | — | | 29,043,782 | | (73,855,561) | | — | | 266,073,246 |
| 12/31/2022 | | 129,987,093 | | — | | 7,143,365 | | (99,672,054) | | — | | 37,458,404 | | 129,987,093 | | — | | 7,143,365 | | (99,672,054) | | — | | 37,458,404 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,327,506 | | — | | 3,394 | | (3,388) | | — | | 1,327,512 | | 1,327,506 | | — | | 3,394 | | (3,388) | | — | | 1,327,512 |
| 12/31/2022 | | — | | — | | 632 | | (10,246) | | — | | (9,614) | | | | — | | 632 | | (10,246) | | — | | (9,614) |
| Growth and Income |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 109,448 | | — | | 429,922 | | (581,411) | | — | | (42,041) | | 2,001,286 | | — | | 7,985,344 | | (10,681,412) | | — | | (694,782) |
| 12/31/2022 | | 89,714 | | — | | 701,147 | | (549,183) | | — | | 241,678 | | 1,744,478 | | — | | 11,552,104 | | (10,786,680) | | — | | 2,509,902 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 588,250 | | — | | 9,287,892 | | (10,114,956) | | — | | (238,814) | | 10,935,237 | | — | | 180,405,071 | | (192,525,142) | | — | | (1,184,834) |
| 12/31/2022 | | 356,954 | | — | | 14,845,877 | | (9,488,760) | | — | | 5,714,071 | | 7,346,879 | | — | | 254,309,052 | | (194,304,240) | | — | | 67,351,691 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 123,432 | | — | | 153,993 | | (669,270) | | — | | (391,845) | | 2,282,418 | | — | | 2,864,812 | | (11,970,702) | | — | | (6,823,472) |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 10 — CAPITAL SHARES (continued)
| | | Shares
sold | | Shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net
increase
(decrease)
in
shares
outstanding | | Shares
sold | | Proceeds
from
shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) |
Year or
period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) |
| Growth and Income (continued) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2022 | | 101,772 | | — | | 309,290 | | (316,213) | | — | | 94,849 | | 2,046,477 | | — | | 5,105,764 | | (6,231,336) | | — | | 920,905 |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,262 | | — | | 3,045 | | (6) | | — | | 4,301 | | 22,087 | | — | | 54,676 | | (99) | | — | | 76,664 |
| 12/31/2022 | | 974 | | — | | 4,075 | | (1,018) | | — | | 4,031 | | 18,525 | | — | | 65,074 | | (21,099) | | — | | 62,500 |
| Intermediate Bond |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 567,308 | | — | | 675,456 | | (2,715,922) | | — | | (1,473,158) | | 6,026,011 | | — | | 7,128,793 | | (28,589,924) | | — | | (15,435,120) |
| 12/31/2022 | | 388,133 | | — | | 537,652 | | (3,981,195) | | — | | (3,055,410) | | 4,351,777 | | — | | 5,940,318 | | (45,010,028) | | — | | (34,717,933) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 2,955,057 | | — | | 2,746,632 | | (9,078,842) | | — | | (3,377,153) | | 31,617,109 | | — | | 29,310,205 | | (96,576,712) | | — | | (35,649,398) |
| 12/31/2022 | | 1,874,834 | | — | | 2,239,599 | | (11,745,805) | | — | | (7,631,372) | | 21,338,764 | | — | | 25,054,075 | | (134,010,620) | | — | | (87,617,781) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,526,428 | | — | | 5,219,172 | | (18,107,325) | | — | | (11,361,725) | | 16,252,928 | | — | | 55,309,491 | | (192,003,084) | | — | | (120,440,665) |
| 12/31/2022 | | 3,420,335 | | — | | 4,217,193 | | (20,892,595) | | — | | (13,255,067) | | 39,204,519 | | — | | 46,794,345 | | (235,570,847) | | — | | (149,571,983) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 157,769 | | — | | 27,298 | | (167,626) | | — | | 17,441 | | 1,678,892 | | — | | 288,062 | | (1,780,483) | | — | | 186,471 |
| 12/31/2022 | | 147,912 | | — | | 24,758 | | (675,555) | | — | | (502,885) | | 1,710,107 | | — | | 275,856 | | (7,643,415) | | — | | (5,657,452) |
| Small Company | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 82,520 | | — | | 417 | | (88,639) | | — | | (5,702) | | 1,009,532 | | — | | 4,770 | | (1,063,546) | | — | | (49,244) |
| 12/31/2022 | | 93,588 | | — | | 182,331 | | (74,703) | | — | | 201,216 | | 1,345,402 | | — | | 2,087,689 | | (1,182,348) | | — | | 2,250,743 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 232,364 | | — | | 79,598 | | (3,026,063) | | — | | (2,714,101) | | 3,214,902 | | — | | 1,010,099 | | (41,457,697) | | — | | (37,232,696) |
| 12/31/2022 | | 314,217 | | — | | 5,703,848 | | (4,592,673) | | — | | 1,425,392 | | 4,937,868 | | — | | 72,381,833 | | (65,801,276) | | — | | 11,518,425 |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 268,162 | | — | | 1,934 | | (594,078) | | — | | (323,982) | | 3,644,555 | | — | | 24,562 | | (7,892,034) | | — | | (4,222,917) |
| 12/31/2022 | | 72,530 | | — | | 184,978 | | (296,548) | | — | | (39,040) | | 966,409 | | — | | 2,351,076 | | (5,246,690) | | — | | (1,929,205) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 338,125 | | — | | 10,535 | | (693,474) | | — | | (344,814) | | 4,453,536 | | — | | 127,469 | | (8,957,999) | | — | | (4,376,994) |
| 12/31/2022 | | 155,377 | | — | | 1,469,995 | | (723,542) | | — | | 901,830 | | 2,195,664 | | — | | 17,786,935 | | (10,564,875) | | — | | 9,417,724 |
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, each Portfolio (except Government Money Market) can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase- backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 11 — SECURITIES LENDING (continued)
event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2023:
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | | Net Amount | |
| Barclays Bank PLC | | $ | 216,684 | | $ | (216,684 | ) | | $ | — | |
| Barclays Capital Inc. | | | 3,261 | | | (3,261 | ) | | | — | |
| BMO Capital Markets Corp | | | 21,214 | | | (21,214 | ) | | | — | |
| Citigroup Global Markets Limited | | | 26,764 | | | (26,764 | ) | | | — | |
| Goldman Sachs International | | | 110,651 | | | (110,651 | ) | | | — | |
| Goldman, Sachs & Co. LLC | | | 22,638 | | | (22,638 | ) | | | — | |
| HSBC Bank PLC | | | 14,015 | | | (14,015 | ) | | | — | |
| HSBC Securities (USA) Inc. | | | 68,864 | | | (68,864 | ) | | | — | |
| J.P. Morgan Securities LLC | | | 231,020 | | | (231,020 | ) | | | — | |
| JP Morgan Securities Plc. | | | 151,109 | | | (151,109 | ) | | | — | |
| Mizuho Securities USA LLC. | | | 63,779 | | | (63,779 | ) | | | — | |
| Morgan Stanley & Co. LLC | | | 69,947 | | | (69,947 | ) | | | — | |
| National Bank Financial Inc | | | 289,323 | | | (289,323 | ) | | | — | |
| National Financial Services LLC | | | 3,668 | | | (3,668 | ) | | | — | |
| Natixis Securities America LLC | | | 57,818 | | | (57,818 | ) | | | — | |
| Nomura Securities International, Inc. | | | 10,402 | | | (10,402 | ) | | | — | |
| Scotia Capital (USA) INC | | | 177,277 | | | (177,277 | ) | | | — | |
| TD Prime Services LLC | | | 182,131 | | | (182,131 | ) | | | — | |
| TD Securities (USA) Inc. | | | 72,268 | | | (72,268 | ) | | | — | |
| Truist Securities INC | | | 16,625 | | | (16,625 | ) | | | — | |
| UBS AG | | | 10,162 | | | (10,162 | ) | | | — | |
| Total | | $ | 1,819,620 | | $ | (1,819,620 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $1,892,414 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Global High Dividend Low Volatility
Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | | Net Amount | |
| Jefferies LLC | | $ | 3,501,109 | | $ | (3,501,109 | ) | | $ | — | |
| TD Prime Services LLC | | | 196,126 | | | (196,126 | ) | | | — | |
| Total | | $ | 3,697,235 | | $ | (3,697,235 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $3,913,913 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Intermediate Bond
Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | | Net Amount | |
| Barclays Capital Inc. | | $ | 45,004,834 | | $ | (45,004,834 | ) | | $ | — | |
| BMO Capital Markets Corp | | | 602,067 | | | (602,067 | ) | | | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | | 42,684 | | | (42,684 | ) | | | — | |
| BNP Paribas Securities Corp. | | | 52,633 | | | (52,633 | ) | | | — | |
| Deutsche Bank Securities Inc. | | | 1,074,833 | | | (1,074,833 | ) | | | — | |
| Goldman, Sachs & Co. LLC | | | 1,004,843 | | | (1,004,843 | ) | | | — | |
| HSBC Securities (USA) Inc. | | | 1,355,864 | | | (1,355,864 | ) | | | — | |
| J.P. Morgan Securities LLC | | | 9,819,740 | | | (9,819,740 | ) | | | — | |
| Mizuho Securities USA LLC. | | | 359,860 | | | (359,860 | ) | | | — | |
| Morgan Stanley & Co. LLC | | | 10,868,318 | | | (10,868,318 | ) | | | — | |
| National Bank Financial Inc | | | 755,719 | | | (755,719 | ) | | | — | |
| Nomura Securities International, Inc. | | | 277,296 | | | (277,296 | ) | | | — | |
| RBC Capital Markets, LLC | | | 460,077 | | | (460,077 | ) | | | — | |
| Scotia Capital (USA) INC | | | 588,684 | | | (588,684 | ) | | | — | |
| Societe Generale | | | 5,181,036 | | | (5,181,036 | ) | | | — | |
| TD Prime Services LLC | | | 3,022,523 | | | (3,022,523 | ) | | | — | |
| Total | | $ | 80,471,011 | | $ | (80,471,011 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $82,375,714 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Small Company
Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | | Net Amount | |
| BNP Paribas Prime Brokerage Intl Ltd | | $ | 360,853 | | $ | (360,853 | ) | | $ | — | |
| CIBC World Markets Corporation | | | 11,121 | | | (11,121 | ) | | | — | |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 11 — SECURITIES LENDING (continued)
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | | Net
Amount | |
| Goldman, Sachs & Co. LLC | | $ | 403,058 | | $ | (403,058 | ) | | $ | — | |
| HSBC Bank PLC | | | 624,605 | | | (624,605 | ) | | | — | |
| Morgan Stanley & Co. LLC | | | 440,981 | | | (440,981 | ) | | | — | |
| Nomura Securities International, Inc. | | | 137,822 | | | (137,822 | ) | | | — | |
| Total | | $ | 1,978,440 | | $ | (1,978,440 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $2,052,798 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals, swaps and wash sale deferrals.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | Year Ended
December 31, 2023 | | | Year Ended
December 31, 2022 | |
| | | Ordinary
Income | | | Long-term
Capital Gains | | | Ordinary
Income | | | Long-term
Capital Gains | |
| Balanced | | $ | 5,352,008 | | | $ | 1,231,964 | | | $ | 15,899,870 | | | $ | 30,166,938 | |
| Global High Dividend Low Volatility | | | 13,652,061 | | | | 17,125,548 | | | | 23,880,547 | | | | 8,980,032 | |
| Government Money Market | | | 29,047,186 | | | | — | | | | 7,146,615 | | | | — | |
| Growth and Income | | | 81,111,926 | | | | 110,458,275 | | | | 39,602,466 | | | | 231,816,376 | |
| Intermediate Bond | | | 92,040,500 | | | | — | | | | 78,069,297 | | | | — | |
| Small Company | | | 1,166,900 | | | | — | | | | 55,293,825 | | | | 39,313,708 | |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 12 — FEDERAL INCOME TAXES (continued)
| | | Undistributed Ordinary | | | Undistributed Long-term | | | Unrealized
Appreciation/ | | | Capital Loss Carryforwards | | | Total Distributable | |
| | | Income | | | Capital Gains | | | (Depreciation) | | | Amount | | Character | | | Earnings/(Loss) | |
| Balanced | | $ | 7,781,962 | | | $ | 8,253,622 | | | $ | 18,813,415 | | | $ | — | | | — | | | $ | 34,848,999 | |
| Global High Dividend Low Volatility | | | 2,422,053 | | | | 6,796,034 | | | | 35,501,394 | | | | — | | | — | | | | 44,719,481 | |
| Government Money Market | | | — | | | | — | | | | — | | | | (82,368) | | | Short-term | | | | (82,399 | ) |
| | | | | | | | | | | | | | | | (31) | | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (82,399) | | | | | | | | |
| Growth and Income | | | — | | | | 26,933,368 | | | | 385,955,632 | | | | — | | | — | | | | 412,889,000 | |
| Intermediate Bond | | | 4,056,059 | | | | — | | | | (81,416,167 | ) | | | (86,399,332) | | | Short-term | | | | (442,397,822 | ) |
| | | | | | | | | | | | | | | | (278,638,382) | | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (365,037,714) | | | | | | | | |
| Small Company | | | 11,261,178 | | | | — | | | | (1,569,430 | ) | | | — | | | — | | | | 9,691,748 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.
As of December 31, 2023, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 13 — LONDON INTERBANK OFFERED RATE (”LIBOR“)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer- term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial
contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long- term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 14 — MARKET DISRUPTION (continued)
economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond those with direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Portfolios' financial statements.
NOTE 16 — SUBSEQUENT EVENTS
Dividends: Subsequent to December 31, 2023, the following Portfolios paid dividends from net investment income of:
| | | Per Share
Amount | | Payable
Date | | Record
Date |
| Government Money Market |
| Class I | | $0.0042 | | February 1, 2024 | | Daily |
| Class S | | $0.0004 | | February 1, 2024 | | Daily |
| |
| Intermediate Bond |
| Class ADV | | $0.0363 | | February 1, 2024 | | Daily |
| Class I | | $0.0414 | | February 1, 2024 | | Daily |
| Class S | | $0.0388 | | February 1, 2024 | | Daily |
| Class S2 | | $0.0372 | | February 1, 2024 | | Daily |
Reorganization: On January 10, 2024, the Board approved a proposal to reorganize Balanced (the "Merging Portfolio") with and into Voya Balanced Income Portfolio (the "Reorganization"), not included in this report, on or about the close of business July 12, 2024.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: 36.0% | |
| | | | Communication Services: 2.3% |
| 3,355 (1) | | | Adevinta ASA | | $ | 37,066 | | | 0.0 | |
| 18,277 (1) | | | Alphabet, Inc. - Class A | | | 2,553,114 | | | 0.9 | |
| 15,027 | | | AT&T, Inc. | | | 252,153 | | | 0.1 | |
| 58 | | | Cable One, Inc. | | | 32,282 | | | 0.0 | |
| 1,014 (2) | | | Cellnex Telecom SA | | | 39,924 | | | 0.0 | |
| 118 (1) | | | Charter Communications, Inc. - Class A | | | 45,864 | | | 0.0 | |
| 15,975 | | | Comcast Corp. - Class A | | | 700,504 | | | 0.3 | |
| 377 | | | Electronic Arts, Inc. | | | 51,577 | | | 0.0 | |
| 1,135 | | | Informa PLC | | | 11,289 | | | 0.0 | |
| 5,563 | | | Iridium Communications, Inc. | | | 228,973 | | | 0.1 | |
| 1,600 | | | KDDI Corp. | | | 50,750 | | | 0.0 | |
| 4,002 (1) | | | Meta Platforms, Inc. - Class A | | | 1,416,548 | | | 0.5 | |
| 1,395 (1) | | | Netflix, Inc. | | | 679,198 | | | 0.2 | |
| 23,400 | | | Nippon Telegraph & Telephone Corp. | | | 28,573 | | | 0.0 | |
| 935 | | | Publicis Groupe SA | | | 86,872 | | | 0.0 | |
| 1,087 (2) | | | Scout24 SE | | | 76,863 | | | 0.0 | |
| 1,300 | | | SoftBank Group Corp. | | | 57,380 | | | 0.0 | |
| 1,404 (1) | | | Spotify Technology SA | | | 263,826 | | | 0.1 | |
| 3,706 | | | TEGNA, Inc. | | | 56,702 | | | 0.0 | |
| 15,218 | | | Telefonica SA | | | 59,500 | | | 0.0 | |
| 13,283 | | | Telia Co. AB | | | 33,891 | | | 0.0 | |
| 29,460 | | | Telstra Group Ltd. | | | 79,609 | | | 0.0 | |
| 262 (1) | | | Trade Desk, Inc. - Class A | | | 18,854 | | | 0.0 | |
| 759 (1) | | | TripAdvisor, Inc. | | | 16,341 | | | 0.0 | |
| 5,547 | | | Vivendi SE | | | 59,380 | | | 0.0 | |
| 107,659 | | | Vodafone Group PLC | | | 94,023 | | | 0.1 | |
| 2,658 (1) | | | ZoomInfo Technologies, Inc. | | | 49,147 | | | 0.0 | |
| | | | | | | 7,080,203 | | | 2.3 | |
| | | | Consumer Discretionary: 4.2% |
| 1,590 | | | ADT, Inc. | | | 10,844 | | | 0.0 | |
| 14,412 (1) | | | Amazon.com, Inc. | | | 2,189,759 | | | 0.7 | |
| 3,549 | | | Aristocrat Leisure Ltd. | | | 98,604 | | | 0.0 | |
| 75 (1) | | | AutoNation, Inc. | | | 11,264 | | | 0.0 | |
| 72 (1) | | | Booking Holdings, Inc. | | | 255,400 | | | 0.1 | |
| 4,511 | | | BorgWarner, Inc. | | | 161,719 | | | 0.1 | |
| 1,688 | | | Boyd Gaming Corp. | | | 105,686 | | | 0.0 | |
| 115 | | | Brunswick Corp. | | | 11,126 | | | 0.0 | |
| 2,596 | | | Burberry Group PLC | | | 46,824 | | | 0.0 | |
| 63 (1) | | | Burlington Stores, Inc. | | | 12,252 | | | 0.0 | |
| 222 (1) | | | Caesars Entertainment, Inc. | | | 10,407 | | | 0.0 | |
| 811 | | | Cie Financiere Richemont SA | | | 112,019 | | | 0.0 | |
| 16,711 (1) | | | Coupang, Inc. | | | 270,551 | | | 0.1 | |
| 802 (1) | | | Crocs, Inc. | | | 74,915 | | | 0.0 | |
| 171 (1) | | | Deckers Outdoor Corp. | | | 114,302 | | | 0.0 | |
| 778 (1)(2) | | | Delivery Hero SE | | | 21,413 | | | 0.0 | |
| 375 | | | Dick’s Sporting Goods, Inc. | | | 55,106 | | | 0.0 | |
| 3,394 | | | DR Horton, Inc. | | | 515,820 | | | 0.2 | |
| 478 (2) | | | Evolution AB | | | 56,935 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 123 | | | Ferrari NV | | $ | 41,526 | | | 0.0 | |
| 1,256 (1) | | | Five Below, Inc. | | | 267,729 | | | 0.1 | |
| 15,200 | | | Ford Motor Co. | | | 185,288 | | | 0.1 | |
| 698 (1)(3) | | | GameStop Corp. - Class A | | | 12,236 | | | 0.0 | |
| 1,465 | | | Gap, Inc. | | | 30,633 | | | 0.0 | |
| 12,267 | | | General Motors Co. | | | 440,631 | | | 0.2 | |
| 8,212 | | | Gentex Corp. | | | 268,204 | | | 0.1 | |
| 109,900 | | | Genting Singapore Ltd. | | | 83,245 | | | 0.0 | |
| 1,059 | | | Genuine Parts Co. | | | 146,672 | | | 0.1 | |
| 1,426 (1) | | | Goodyear Tire & Rubber Co. | | | 20,420 | | | 0.0 | |
| 99 | | | Graham Holdings Co. - Class B | | | 68,955 | | | 0.0 | |
| 689 (1) | | | Grand Canyon Education, Inc. | | | 90,976 | | | 0.0 | |
| 1,138 (3) | | | H & M Hennes & Mauritz AB - Class B | | | 19,961 | | | 0.0 | |
| 1,349 | | | H&R Block, Inc. | | | 65,251 | | | 0.0 | |
| 804 | | | Harley-Davidson, Inc. | | | 29,619 | | | 0.0 | |
| 9 | | | Hermes International | | | 19,130 | | | 0.0 | |
| 1,516 (1) | | | Hilton Grand Vacations, Inc. | | | 60,913 | | | 0.0 | |
| 358 | | | Home Depot, Inc. | | | 124,065 | | | 0.1 | |
| 9,100 | | | Honda Motor Co. Ltd. | | | 93,868 | | | 0.0 | |
| 334 | | | Hyatt Hotels Corp. - Class A | | | 43,557 | | | 0.0 | |
| 3,858 | | | Industria de Diseno Textil SA | | | 168,340 | | | 0.1 | |
| 1,198 | | | KB Home | | | 74,827 | | | 0.0 | |
| 2,902 | | | Kohl’s Corp. | | | 83,229 | | | 0.0 | |
| 1,700 (2) | | | La Francaise des Jeux SAEM | | | 61,752 | | | 0.0 | |
| 909 | | | Lear Corp. | | | 128,360 | | | 0.1 | |
| 384 | | | Leggett & Platt, Inc. | | | 10,049 | | | 0.0 | |
| 117 (1) | | | Light & Wonder, Inc. | | | 9,607 | | | 0.0 | |
| 155 | | | Lithia Motors, Inc. | | | 51,038 | | | 0.0 | |
| 7,530 | | | LKQ Corp. | | | 359,859 | | | 0.1 | |
| 631 (1) | | | Lululemon Athletica, Inc. | | | 322,624 | | | 0.1 | |
| 174 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 141,381 | | | 0.1 | |
| 3,700 | | | Macy’s, Inc. | | | 74,444 | | | 0.0 | |
| 1,356 (1) | | | Mattel, Inc. | | | 25,601 | | | 0.0 | |
| 2,900 | | | Mazda Motor Corp. | | | 30,998 | | | 0.0 | |
| 23 (1) | | | MercadoLibre, Inc. | | | 36,145 | | | 0.0 | |
| 9,496 | | | MGM Resorts International | | | 424,281 | | | 0.1 | |
| 237 | | | Moncler SpA | | | 14,592 | | | 0.0 | |
| 196 | | | Next PLC | | | 20,261 | | | 0.0 | |
| 3,241 | | | NIKE, Inc. - Class B | | | 351,875 | | | 0.1 | |
| 9,300 | | | Nissan Motor Co. Ltd. | | | 36,362 | | | 0.0 | |
| 9,925 (3) | | | Nordstrom, Inc. | | | 183,116 | | | 0.1 | |
| 20 (1) | | | NVR, Inc. | | | 140,009 | | | 0.1 | |
| 1,654 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 125,522 | | | 0.1 | |
| 300 | | | Open House Group Co. Ltd. | | | 8,874 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 1,500 | | | Panasonic Holdings Corp. | | $ | 14,771 | | | 0.0 | |
| 876 | | | Pandora A/S | | | 121,111 | | | 0.1 | |
| 4,637 (1) | | | Penn Entertainment, Inc. | | | 120,655 | | | 0.1 | |
| 310 (1) | | | Planet Fitness, Inc. - Class A | | | 22,630 | | | 0.0 | |
| 104 | | | Pool Corp. | | | 41,466 | | | 0.0 | |
| 1,914 | | | Prosus NV | | | 57,018 | | | 0.0 | |
| 347 | | | PVH Corp. | | | 42,376 | | | 0.0 | |
| 1,358 | | | Ralph Lauren Corp. | | | 195,824 | | | 0.1 | |
| 5,300 | | | Sekisui Chemical Co. Ltd. | | | 76,230 | | | 0.0 | |
| 4,200 | | | Sekisui House Ltd. | | | 93,098 | | | 0.0 | |
| 4,080 (1) | | | Skechers USA, Inc. - Class A | | | 254,347 | | | 0.1 | |
| 100 | | | Sony Group Corp. | | | 9,463 | | | 0.0 | |
| 1,400 | | | Stellantis NV (STLAM) | | | 32,803 | | | 0.0 | |
| 3,500 | | | Subaru Corp. | | | 63,838 | | | 0.0 | |
| 7,559 | | | Tapestry, Inc. | | | 278,247 | | | 0.1 | |
| 2,525 (1) | | | Taylor Morrison Home Corp. | | | 134,709 | | | 0.1 | |
| 4,198 (1) | | | Tesla, Inc. | | | 1,043,119 | | | 0.4 | |
| 617 (1) | | | TopBuild Corp. | | | 230,918 | | | 0.1 | |
| 5,400 | | | Toyota Motor Corp. | | | 98,948 | | | 0.0 | |
| 1,235 | | | Travel + Leisure Co. | | | 48,276 | | | 0.0 | |
| 7,021 (1) | | | Under Armour, Inc. - Class A | | | 61,715 | | | 0.0 | |
| 600 | | | USS Co. Ltd. | | | 12,046 | | | 0.0 | |
| 17,604 | | | Wendy’s Co. | | | 342,926 | | | 0.1 | |
| 1,821 | | | Whitbread PLC | | | 84,781 | | | 0.0 | |
| 565 | | | Williams-Sonoma, Inc. | | | 114,006 | | | 0.0 | |
| 123 | | | Wingstop, Inc. | | | 31,559 | | | 0.0 | |
| 1,686 | | | Wynn Resorts Ltd. | | | 153,611 | | | 0.1 | |
| | | | | | | 12,911,462 | | | 4.2 | |
| | | | Consumer Staples: 2.3% |
| 4,459 | | | Altria Group, Inc. | | | 179,876 | | | 0.1 | |
| 721 | | | Anheuser-Busch InBev SA | | | 46,539 | | | 0.0 | |
| 3,100 (3) | | | Asahi Group Holdings Ltd. | | | 115,433 | | | 0.1 | |
| 6,766 (1) | | | BellRing Brands, Inc. | | | 375,039 | | | 0.1 | |
| 812 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 54,128 | | | 0.0 | |
| 35 (1) | | | Boston Beer Co., Inc. - Class A | | | 12,096 | | | 0.0 | |
| 5,507 | | | British American Tobacco PLC | | | 161,130 | | | 0.1 | |
| 2,131 | | | Carrefour SA | | | 39,028 | | | 0.0 | |
| 38 | | | Casey’s General Stores, Inc. | | | 10,440 | | | 0.0 | |
| 561 (1) | | | Celsius Holdings, Inc. | | | 30,586 | | | 0.0 | |
| 3 | | | Chocoladefabriken Lindt & Spruengli AG - Class PC | | | 36,011 | | | 0.0 | |
| 9,512 | | | Coca-Cola Co. | | | 560,542 | | | 0.2 | |
| 378 | | | Coca-Cola Consolidated, Inc. | | | 350,935 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) |
| 1,131 | | | Coca-Cola HBC AG - Class DI | | $ | 33,209 | | | 0.0 | |
| 1,922 | | | Coles Group Ltd. | | | 21,113 | | | 0.0 | |
| 6,510 | | | Colgate-Palmolive Co. | | | 518,912 | | | 0.2 | |
| 59 | | | Costco Wholesale Corp. | | | 38,945 | | | 0.0 | |
| 1,710 (1) | | | Darling Ingredients, Inc. | | | 85,226 | | | 0.0 | |
| 2,298 | | | General Mills, Inc. | | | 149,692 | | | 0.1 | |
| 11,250 | | | Haleon PLC | | | 46,061 | | | 0.0 | |
| 1,246 | | | Heineken Holding NV | | | 105,504 | | | 0.0 | |
| 3,939 | | | Imperial Brands PLC | | | 90,706 | | | 0.0 | |
| 792 | | | Ingredion, Inc. | | | 85,956 | | | 0.0 | |
| 18,483 | | | J Sainsbury PLC | | | 71,260 | | | 0.0 | |
| 5,900 (3) | | | Japan Tobacco, Inc. | | | 152,369 | | | 0.1 | |
| 3,436 | | | Kimberly-Clark Corp. | | | 417,508 | | | 0.1 | |
| 700 (3) | | | Kirin Holdings Co. Ltd. | | | 10,248 | | | 0.0 | |
| 1,211 | | | Koninklijke Ahold Delhaize NV | | | 34,842 | | | 0.0 | |
| 108 | | | L’Oreal SA | | | 53,838 | | | 0.0 | |
| 3,008 | | | Mowi ASA | | | 53,867 | | | 0.0 | |
| 1,876 | | | Nestle SA | | | 217,466 | | | 0.1 | |
| 5,050 | | | PepsiCo, Inc. | | | 857,692 | | | 0.3 | |
| 5,989 (1) | | | Performance Food Group Co. | | | 414,139 | | | 0.1 | |
| 7,844 | | | Philip Morris International, Inc. | | | 737,964 | | | 0.3 | |
| 1,554 | | | Procter & Gamble Co. | | | 227,723 | | | 0.1 | |
| 400 | | | Shiseido Co. Ltd. | | | 12,057 | | | 0.0 | |
| 31,618 | | | Tesco PLC | | | 117,136 | | | 0.1 | |
| 5,933 | | | Treasury Wine Estates Ltd. | | | 43,652 | | | 0.0 | |
| 113 | | | Unilever PLC | | | 5,470 | | | 0.0 | |
| 446 | | | Unilever PLC - NL | | | 21,616 | | | 0.0 | |
| 7,928 (1) | | | US Foods Holding Corp. | | | 360,011 | | | 0.1 | |
| 1,900 | | | Yakult Honsha Co. Ltd. | | | 42,651 | | | 0.0 | |
| | | | | | | 6,998,616 | | | 2.3 | |
| | | | Energy: 1.6% |
| 2,384 | | | Aker BP ASA | | | 69,250 | | | 0.0 | |
| 1,397 | | | Ampol Ltd. | | | 34,429 | | | 0.0 | |
| 2,473 (1) | | | Antero Resources Corp. | | | 56,088 | | | 0.0 | |
| 14,973 | | | Baker Hughes Co. | | | 511,777 | | | 0.2 | |
| 31,781 | | | BP PLC | | | 188,400 | | | 0.1 | |
| 3,549 | | | ChampionX Corp. | | | 103,666 | | | 0.0 | |
| 2,828 | | | Chevron Corp. | | | 421,824 | | | 0.2 | |
| 352 | | | Chord Energy Corp. | | | 58,513 | | | 0.0 | |
| 1,530 (1) | | | CNX Resources Corp. | | | 30,600 | | | 0.0 | |
| 2,271 | | | ConocoPhillips | | | 263,595 | | | 0.1 | |
| 416 | | | Coterra Energy, Inc. | | | 10,616 | | | 0.0 | |
| 1,841 | | | Diamondback Energy, Inc. | | | 285,502 | | | 0.1 | |
| 2,300 | | | ENEOS Holdings, Inc. | | | 9,122 | | | 0.0 | |
| 3,644 | | | EOG Resources, Inc. | | | 440,742 | | | 0.2 | |
| 21,260 | | | Equitrans Midstream Corp. | | | 216,427 | | | 0.1 | |
| 4,780 | | | Exxon Mobil Corp. | | | 477,904 | | | 0.2 | |
| 631 | | | Halliburton Co. | | | 22,811 | | | 0.0 | |
| 1,453 | | | HF Sinclair Corp. | | | 80,743 | | | 0.0 | |
| 2,000 (3) | | | Inpex Corp. | | | 26,763 | | | 0.0 | |
| 1,891 | | | Matador Resources Co. | | | 107,522 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) |
| 2,723 | | | Murphy Oil Corp. | | $ | 116,163 | | | 0.1 | |
| 1,526 (3) | | | New Fortress Energy, Inc. | | | 57,576 | | | 0.0 | |
| 398 | | | OMV AG | | | 17,461 | | | 0.0 | |
| 898 | | | Ovintiv, Inc. | | | 39,440 | | | 0.0 | |
| 742 | | | PBF Energy, Inc. - Class A | | | 32,618 | | | 0.0 | |
| 2,325 | | | Phillips 66 | | | 309,551 | | | 0.1 | |
| 219 | | | Pioneer Natural Resources Co. | | | 49,249 | | | 0.0 | |
| 1,765 | | | Range Resources Corp. | | | 53,727 | | | 0.0 | |
| 6,092 | | | Repsol SA | | | 90,368 | | | 0.0 | |
| 5,384 | | | Shell PLC | | | 176,240 | | | 0.1 | |
| 4,716 (1) | | | Southwestern Energy Co. | | | 30,890 | | | 0.0 | |
| 655 | | | Tenaris SA | | | 11,393 | | | 0.0 | |
| 1,278 | | | TotalEnergies SE | | | 86,903 | | | 0.0 | |
| 2,303 | | | Valero Energy Corp. | | | 299,390 | | | 0.1 | |
| 113 (1) | | | Weatherford International PLC | | | 11,055 | | | 0.0 | |
| | | | | | | 4,798,318 | | | 1.6 | |
| | | | Financials: 4.7% |
| 2,859 | | | 3i Group PLC | | | 87,999 | | | 0.0 | |
| 2,898 (2) | | | ABN AMRO Bank NV | | | 43,581 | | | 0.0 | |
| 731 | | | Affiliated Managers Group, Inc. | | | 110,688 | | | 0.0 | |
| 1,187 | | | AGNC Investment Corp. | | | 11,644 | | | 0.0 | |
| 1,600 | | | AIA Group Ltd. | | | 13,925 | | | 0.0 | |
| 317 | | | Allianz SE | | | 84,715 | | | 0.0 | |
| 2,149 | | | Ally Financial, Inc. | | | 75,043 | | | 0.0 | |
| 272 | | | American Express Co. | | | 50,956 | | | 0.0 | |
| 708 | | | American Financial Group, Inc. | | | 84,174 | | | 0.0 | |
| 1,252 | | | Ameriprise Financial, Inc. | | | 475,547 | | | 0.2 | |
| 724 (2) | | | Amundi SA | | | 49,384 | | | 0.0 | |
| 2,773 | | | Annaly Capital Management, Inc. | | | 53,713 | | | 0.0 | |
| 590 | | | ANZ Group Holdings Ltd. | | | 10,424 | | | 0.0 | |
| 1,656 | | | Aon PLC - Class A | | | 481,929 | | | 0.2 | |
| 2,019 | | | Ares Management Corp. - Class A | | | 240,099 | | | 0.1 | |
| 269 | | | Assured Guaranty Ltd. | | | 20,129 | | | 0.0 | |
| 5,332 | | | AXA SA | | | 174,124 | | | 0.1 | |
| 585 | | | Axis Capital Holdings Ltd. | | | 32,391 | | | 0.0 | |
| 11,714 | | | Banco Bilbao Vizcaya Argentaria SA | | | 106,764 | | | 0.0 | |
| 5,469 | | | Bank Leumi Le-Israel BM | | | 44,014 | | | 0.0 | |
| 2,072 | | | Bank OZK | | | 103,248 | | | 0.0 | |
| 48,082 | | | Barclays PLC | | | 94,148 | | | 0.0 | |
| 2,064 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 736,146 | | | 0.3 | |
| 2,757 | | | BNP Paribas SA | | | 191,461 | | | 0.1 | |
| 3,500 | | | BOC Hong Kong Holdings Ltd. | | | 9,508 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 3,446 | | | Capital One Financial Corp. | | $ | 451,840 | | | 0.2 | |
| 3,025 | | | Charles Schwab Corp. | | | 208,120 | | | 0.1 | |
| 9,744 | | | Citigroup, Inc. | | | 501,231 | | | 0.2 | |
| 1,061 | | | Citizens Financial Group, Inc. | | | 35,162 | | | 0.0 | |
| 2,588 | | | CME Group, Inc. | | | 545,033 | | | 0.2 | |
| 6,032 | | | CNO Financial Group, Inc. | | | 168,293 | | | 0.1 | |
| 1,869 | | | Commerce Bancshares, Inc. | | | 99,823 | | | 0.0 | |
| 4,943 | | | Commerzbank AG | | | 58,751 | | | 0.0 | |
| 148 | | | Commonwealth Bank of Australia | | | 11,280 | | | 0.0 | |
| 3,400 | | | Dai-ichi Life Holdings, Inc. | | | 72,124 | | | 0.0 | |
| 3,461 | | | Danske Bank A/S | | | 92,517 | | | 0.0 | |
| 7,487 | | | Deutsche Bank AG | | | 102,206 | | | 0.0 | |
| 1,186 | | | East West Bancorp, Inc. | | | 85,333 | | | 0.0 | |
| 9,059 | | | Equitable Holdings, Inc. | | | 301,665 | | | 0.1 | |
| 131 | | | Erie Indemnity Co. - Class A | | | 43,875 | | | 0.0 | |
| 2,097 | | | Essent Group Ltd. | | | 110,596 | | | 0.0 | |
| 372 | | | Evercore, Inc. - Class A | | | 63,631 | | | 0.0 | |
| 797 | | | Everest Re Group Ltd. | | | 281,803 | | | 0.1 | |
| 195 | | | Fidelity National Financial, Inc. | | | 9,949 | | | 0.0 | |
| 1,679 | | | FinecoBank Banca Fineco SpA | | | 25,259 | | | 0.0 | |
| 1,821 | | | First American Financial Corp. | | | 117,345 | | | 0.1 | |
| 1,353 | | | First Hawaiian, Inc. | | | 30,930 | | | 0.0 | |
| 1,969 | | | Hancock Whitney Corp. | | | 95,674 | | | 0.0 | |
| 2,680 | | | Hartford Financial Services Group, Inc. | | | 215,418 | | | 0.1 | |
| 6,905 | | | HSBC Holdings PLC | | | 55,861 | | | 0.0 | |
| 3,849 | | | Industrivarden AB - Class A | | | 125,838 | | | 0.1 | |
| 3,173 | | | ING Groep NV | | | 47,578 | | | 0.0 | |
| 1,635 | | | International Bancshares Corp. | | | 88,813 | | | 0.0 | |
| 56,357 | | | Intesa Sanpaolo SpA | | | 164,923 | | | 0.1 | |
| 5,198 | | | Investor AB - Class B | | | 120,540 | | | 0.1 | |
| 1,051 | | | Jefferies Financial Group, Inc. | | | 42,471 | | | 0.0 | |
| 4,918 | | | JPMorgan Chase & Co. | | | 836,552 | | | 0.3 | |
| 971 | | | Julius Baer Group Ltd. | | | 54,471 | | | 0.0 | |
| 6,683 | | | Legal & General Group PLC | | | 21,357 | | | 0.0 | |
| 802 | | | Loews Corp. | | | 55,811 | | | 0.0 | |
| 258 | | | MarketAxess Holdings, Inc. | | | 75,555 | | | 0.0 | |
| 3,483 | | | Marsh & McLennan Cos., Inc. | | | 659,924 | | | 0.2 | |
| 18,300 | | | Medibank Pvt Ltd. | | | 44,428 | | | 0.0 | |
| 5,088 | | | MetLife, Inc. | | | 336,469 | | | 0.1 | |
| 7,725 | | | MGIC Investment Corp. | | | 149,015 | | | 0.1 | |
| 6,400 | | | Mitsubishi UFJ Financial Group, Inc. | | | 54,926 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 425 | | | National Australia Bank Ltd. | | $ | 8,883 | | | 0.0 | |
| 35,157 | | | NatWest Group PLC | | | 97,926 | | | 0.0 | |
| 2,985 | | | NN Group NV | | | 117,970 | | | 0.1 | |
| 7,263 | | | Nordea Bank Abp | | | 90,166 | | | 0.0 | |
| 2,188 | | | OneMain Holdings, Inc. | | | 107,650 | | | 0.0 | |
| 6,500 | | | ORIX Corp. | | | 122,078 | | | 0.1 | |
| 1,083 | | | Pinnacle Financial Partners, Inc. | | | 94,459 | | | 0.0 | |
| 3,965 (2) | | | Poste Italiane SpA | | | 45,069 | | | 0.0 | |
| 689 | | | Prosperity Bancshares, Inc. | | | 46,666 | | | 0.0 | |
| 9,636 | | | QBE Insurance Group Ltd. | | | 97,638 | | | 0.0 | |
| 897 | | | Reinsurance Group of America, Inc. | | | 145,117 | | | 0.1 | |
| 51 | | | RenaissanceRe Holdings Ltd. | | | 9,996 | | | 0.0 | |
| 29,613 | | | Rithm Capital Corp. | | | 316,267 | | | 0.1 | |
| 2,816 | | | SLM Corp. | | | 53,842 | | | 0.0 | |
| 2,203 | | | Standard Chartered PLC | | | 18,695 | | | 0.0 | |
| 2,905 | | | Starwood Property Trust, Inc. | | | 61,063 | | | 0.0 | |
| 2,021 | | | State Street Corp. | | | 156,547 | | | 0.1 | |
| 853 | | | Stifel Financial Corp. | | | 58,985 | | | 0.0 | |
| 3,000 | | | Sumitomo Mitsui Financial Group, Inc. | | | 145,980 | | | 0.1 | |
| 4,735 | | | Svenska Handelsbanken AB - Class A | | | 51,457 | | | 0.0 | |
| 3,803 | | | Swedbank AB - Class A | | | 76,888 | | | 0.0 | |
| 10,101 | | | Synchrony Financial | | | 385,757 | | | 0.1 | |
| 3,693 (1) | | | Toast, Inc. - Class A | | | 67,434 | | | 0.0 | |
| 6,300 | | | Tokio Marine Holdings, Inc. | | | 156,876 | | | 0.1 | |
| 2,117 | | | Tradeweb Markets, Inc. - Class A | | | 192,393 | | | 0.1 | |
| 1,873 | | | UMB Financial Corp. | | | 156,489 | | | 0.1 | |
| 4,176 | | | UniCredit SpA | | | 113,711 | | | 0.0 | |
| 6,365 | | | Unum Group | | | 287,825 | | | 0.1 | |
| 14,764 | | | Wells Fargo & Co. | | | 726,684 | | | 0.3 | |
| 37 | | | Willis Towers Watson PLC | | | 8,924 | | | 0.0 | |
| 1,337 | | | Wintrust Financial Corp. | | | 124,007 | | | 0.1 | |
| 2,371 (1) | | | Wise PLC - Class A | | | 26,369 | | | 0.0 | |
| 488 (1)(2) | | | Worldline SA/France | | | 8,486 | | | 0.0 | |
| 236 | | | Zions Bancorp NA | | | 10,353 | | | 0.0 | |
| | | | | | | 14,236,794 | | | 4.7 | |
| | | | Health Care: 4.3% |
| 1,331 | | | AbbVie, Inc. | | | 206,265 | | | 0.1 | |
| 2,968 | | | Agilent Technologies, Inc. | | | 412,641 | | | 0.1 | |
| 1,286 | | | Alcon, Inc. | | | 100,612 | | | 0.0 | |
| 300 | | | AmerisourceBergen Corp. | | | 61,614 | | | 0.0 | |
| 535 (1) | | | Arrowhead Pharmaceuticals, Inc. | | | 16,371 | | | 0.0 | |
| 8,400 | | | Astellas Pharma, Inc. | | | 99,903 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 834 | | | AstraZeneca PLC | | $ | 112,498 | | | 0.1 | |
| 9,486 | | | Bristol-Myers Squibb Co. | | | 486,727 | | | 0.2 | |
| 953 | | | Bruker Corp. | | | 70,026 | | | 0.0 | |
| 599 | | | Cardinal Health, Inc. | | | 60,379 | | | 0.0 | |
| 4,035 (1) | | | Centene Corp. | | | 299,437 | | | 0.1 | |
| 1,400 | | | Chugai Pharmaceutical Co. Ltd. | | | 52,890 | | | 0.0 | |
| 669 | | | Cigna Group | | | 200,332 | | | 0.1 | |
| 503 | | | Cochlear Ltd. | | | 102,333 | | | 0.0 | |
| 5,900 | | | CVS Health Corp. | | | 465,864 | | | 0.2 | |
| 500 | | | Daiichi Sankyo Co. Ltd. | | | 13,688 | | | 0.0 | |
| 328 | | | Danaher Corp. | | | 75,880 | | | 0.0 | |
| 566 (1) | | | Demant A/S | | | 24,825 | | | 0.0 | |
| 1,050 (1) | | | Dexcom, Inc. | | | 130,295 | | | 0.1 | |
| 2,968 (1) | | | Doximity, Inc. - Class A | | | 83,223 | | | 0.0 | |
| 4,681 (1) | | | Edwards Lifesciences Corp. | | | 356,926 | | | 0.1 | |
| 983 | | | Elevance Health, Inc. | | | 463,544 | | | 0.2 | |
| 670 | | | Eli Lilly & Co. | | | 390,556 | | | 0.1 | |
| 14,019 (1) | | | Exelixis, Inc. | | | 336,316 | | | 0.1 | |
| 826 | | | Fresenius SE & Co. KGaA | | | 25,602 | | | 0.0 | |
| 1,370 | | | GE HealthCare Technologies, Inc. | | | 105,928 | | | 0.0 | |
| 5,414 | | | Gilead Sciences, Inc. | | | 438,588 | | | 0.2 | |
| 1,299 (1) | | | Globus Medical, Inc. - Class A | | | 69,224 | | | 0.0 | |
| 3,045 | | | GSK PLC | | | 56,239 | | | 0.0 | |
| 400 (1) | | | Haemonetics Corp. | | | 34,204 | | | 0.0 | |
| 1,333 (1) | | | Halozyme Therapeutics, Inc. | | | 49,268 | | | 0.0 | |
| 446 (1) | | | HealthEquity, Inc. | | | 29,570 | | | 0.0 | |
| 3,707 | | | Hikma Pharmaceuticals PLC | | | 84,472 | | | 0.0 | |
| 1,100 | | | Hoya Corp. | | | 136,993 | | | 0.1 | |
| 601 | | | Humana, Inc. | | | 275,144 | | | 0.1 | |
| 1,720 (1) | | | Inari Medical, Inc. | | | 111,662 | | | 0.1 | |
| 4,864 (1) | | | Incyte Corp. | | | 305,411 | | | 0.1 | |
| 394 (1) | | | Inspire Medical Systems, Inc. | | | 80,151 | | | 0.0 | |
| 665 | | | Ipsen SA | | | 79,327 | | | 0.0 | |
| 536 (1) | | | Jazz Pharmaceuticals PLC | | | 65,928 | | | 0.0 | |
| 5,021 | | | Johnson & Johnson | | | 786,992 | | | 0.3 | |
| 3,294 (1) | | | Lantheus Holdings, Inc. | | | 204,228 | | | 0.1 | |
| 1,149 (1) | | | LivaNova PLC | | | 59,449 | | | 0.0 | |
| 127 | | | McKesson Corp. | | | 58,798 | | | 0.0 | |
| 3,247 | | | Medtronic PLC | | | 267,488 | | | 0.1 | |
| 8,569 | | | Merck & Co., Inc. | | | 934,192 | | | 0.3 | |
| 375 | | | Merck KGaA | | | 59,705 | | | 0.0 | |
| 9 (1) | | | Mettler-Toledo International, Inc. | | | 10,917 | | | 0.0 | |
| 586 (1) | | | Molina Healthcare, Inc. | | | 211,728 | | | 0.1 | |
| 2,399 (1) | | | Neurocrine Biosciences, Inc. | | | 316,092 | | | 0.1 | |
| 2,586 | | | Novartis AG, Reg | | | 261,213 | | | 0.1 | |
| 3,192 | | | Novo Nordisk A/S - Class B | | | 330,791 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 4,000 | | | Ono Pharmaceutical Co. Ltd. | | $ | 71,158 | | | 0.0 | |
| 600 | | | Otsuka Holdings Co. Ltd. | | | 22,438 | | | 0.0 | |
| 2,427 | | | Patterson Cos., Inc. | | | 69,048 | | | 0.0 | |
| 124 (1) | | | Penumbra, Inc. | | | 31,191 | | | 0.0 | |
| 1,441 (1) | | | Progyny, Inc. | | | 53,576 | | | 0.0 | |
| 440 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 386,448 | | | 0.1 | |
| 590 | | | Roche Holding AG | | | 171,509 | | | 0.1 | |
| 1,371 | | | Sanofi | | | 136,240 | | | 0.1 | |
| 685 (1) | | | Shockwave Medical, Inc. | | | 130,534 | | | 0.1 | |
| 279 | | | Sonova Holding AG, Reg | | | 91,246 | | | 0.0 | |
| 357 (1) | | | Swedish Orphan Biovitrum AB | | | 9,451 | | | 0.0 | |
| 4,300 | | | Takeda Pharmaceutical Co. Ltd. | | | 123,316 | | | 0.1 | |
| 213 (1) | | | Tenet Healthcare Corp. | | | 16,096 | | | 0.0 | |
| 742 | | | Thermo Fisher Scientific, Inc. | | | 393,846 | | | 0.1 | |
| 332 (1) | | | United Therapeutics Corp. | | | 73,003 | | | 0.0 | |
| 1,336 | | | UnitedHealth Group, Inc. | | | 703,364 | | | 0.2 | |
| 163 (1) | | | Veeva Systems, Inc. - Class A | | | 31,381 | | | 0.0 | |
| 1,261 (1) | | | Vertex Pharmaceuticals, Inc. | | | 513,088 | | | 0.2 | |
| | | | | | | 13,099,382 | | | 4.3 | |
| | | | Industrials: 4.3% |
| 986 | | | 3M Co. | | | 107,790 | | | 0.0 | |
| 2,288 | | | ABB Ltd., Reg | | | 101,583 | | | 0.0 | |
| 1,543 | | | Acuity Brands, Inc. | | | 316,053 | | | 0.1 | |
| 1,138 | | | Advanced Drainage Systems, Inc. | | | 160,048 | | | 0.1 | |
| 3,349 | | | AECOM | | | 309,548 | | | 0.1 | |
| 617 (2) | | | Aena SME SA | | | 111,992 | | | 0.0 | |
| 622 (1) | | | AerCap Holdings NV | | | 46,227 | | | 0.0 | |
| 1,200 (3) | | | AGC, Inc. | | | 44,477 | | | 0.0 | |
| 256 | | | AGCO Corp. | | | 31,081 | | | 0.0 | |
| 815 | | | Allison Transmission Holdings, Inc. | | | 47,392 | | | 0.0 | |
| 24,220 (1) | | | American Airlines Group, Inc. | | | 332,783 | | | 0.1 | |
| 2,713 | | | AMETEK, Inc. | | | 447,347 | | | 0.2 | |
| 20 | | | AP Moller - Maersk A/S - Class B | | | 36,000 | | | 0.0 | |
| 20,084 | | | Aurizon Holdings Ltd. | | | 51,996 | | | 0.0 | |
| 1,005 | | | Avis Budget Group, Inc. | | | 178,146 | | | 0.1 | |
| 6,229 | | | BAE Systems PLC | | | 88,171 | | | 0.0 | |
| 7,112 | | | Brambles Ltd. | | | 65,920 | | | 0.0 | |
| 583 | | | Brenntag SE | | | 53,582 | | | 0.0 | |
| 207 (1) | | | Builders FirstSource, Inc. | | | 34,557 | | | 0.0 | |
| 1,154 | | | Bunzl PLC | | | 46,893 | | | 0.0 | |
| 167 | | | Carlisle Cos., Inc. | | | 52,176 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 3,300 | | | Central Japan Railway Co. | | $ | 83,755 | | | 0.0 | |
| 2,227 | | | Cie de Saint-Gobain | | | 164,235 | | | 0.1 | |
| 977 | | | Cintas Corp. | | | 588,799 | | | 0.2 | |
| 5,000 | | | CK Hutchison Holdings Ltd. | | | 26,863 | | | 0.0 | |
| 1,121 (1)(3) | | | Clarivate PLC | | | 10,380 | | | 0.0 | |
| 652 (1) | | | Clean Harbors, Inc. | | | 113,781 | | | 0.0 | |
| 8,979 (1) | | | Copart, Inc. | | | 439,971 | | | 0.2 | |
| 11,016 (1) | | | Core & Main, Inc. - Class A | | | 445,157 | | | 0.2 | |
| 657 (1) | | | CoStar Group, Inc. | | | 57,415 | | | 0.0 | |
| 60 | | | Curtiss-Wright Corp. | | | 13,367 | | | 0.0 | |
| 2,550 (1) | | | Daimler Truck Holding AG | | | 95,788 | | | 0.0 | |
| 1,244 | | | DCC PLC | | | 91,535 | | | 0.0 | |
| 1,969 | | | Donaldson Co., Inc. | | | 128,674 | | | 0.1 | |
| 293 | | | Dover Corp. | | | 45,066 | | | 0.0 | |
| 3,837 | | | Dun & Bradstreet Holdings, Inc. | | | 44,893 | | | 0.0 | |
| 49 | | | EMCOR Group, Inc. | | | 10,556 | | | 0.0 | |
| 1,840 | | | Emerson Electric Co. | | | 179,087 | | | 0.1 | |
| 722 | | | EnerSys | | | 72,893 | | | 0.0 | |
| 427 | | | Esab Corp. | | | 36,987 | | | 0.0 | |
| 1,069 | | | Experian PLC | | | 43,610 | | | 0.0 | |
| 196 | | | Exponent, Inc. | | | 17,256 | | | 0.0 | |
| 8,253 | | | Fortive Corp. | | | 607,668 | | | 0.2 | |
| 2,672 | | | Fortune Brands Innovations, Inc. | | | 203,446 | | | 0.1 | |
| 56 (1) | | | FTI Consulting, Inc. | | | 11,152 | | | 0.0 | |
| 4,400 (1) | | | Gates Industrial Corp. PLC | | | 59,048 | | | 0.0 | |
| 1,030 | | | GEA Group AG | | | 42,821 | | | 0.0 | |
| 472 | | | General Electric Co. | | | 60,241 | | | 0.0 | |
| 2,899 | | | Genpact Ltd. | | | 100,624 | | | 0.0 | |
| 5,882 | | | Getlink SE | | | 107,728 | | | 0.0 | |
| 2,968 | | | Graco, Inc. | | | 257,504 | | | 0.1 | |
| 1,336 (1) | | | GXO Logistics, Inc. | | | 81,710 | | | 0.0 | |
| 3,255 (1)(3) | | | Hertz Global Holdings, Inc. | | | 33,819 | | | 0.0 | |
| 200 | | | Hitachi Ltd. | | | 14,386 | | | 0.0 | |
| 962 | | | ITT, Inc. | | | 114,786 | | | 0.1 | |
| 4,200 | | | Japan Airlines Co. Ltd. | | | 82,509 | | | 0.0 | |
| 1,400 | | | Jardine Cycle & Carriage Ltd. | | | 31,552 | | | 0.0 | |
| 1,800 | | | Jardine Matheson Holdings Ltd. | | | 76,500 | | | 0.0 | |
| 1,919 | | | Johnson Controls International PLC | | | 110,611 | | | 0.0 | |
| 11,800 | | | Keppel Corp. Ltd. | | | 63,140 | | | 0.0 | |
| 857 | | | Legrand SA | | | 89,245 | | | 0.0 | |
| 424 | | | Leidos Holdings, Inc. | | | 45,894 | | | 0.0 | |
| 33 | | | Lennox International, Inc. | | | 14,768 | | | 0.0 | |
| 159 | | | Lincoln Electric Holdings, Inc. | | | 34,576 | | | 0.0 | |
| 2,848 | | | Metso Oyj | | | 28,913 | | | 0.0 | |
| 1,000 | | | MISUMI Group, Inc. | | | 16,884 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 2,206 | | | MSC Industrial Direct Co., Inc. - Class A | | $ | 223,380 | | | 0.1 | |
| 2,031 | | | nVent Electric PLC | | | 120,012 | | | 0.1 | |
| 259 | | | Old Dominion Freight Line, Inc. | | | 104,980 | | | 0.0 | |
| 2,537 | | | Otis Worldwide Corp. | | | 226,985 | | | 0.1 | |
| 3,110 | | | Owens Corning | | | 460,995 | | | 0.2 | |
| 1,031 | | | Parker-Hannifin Corp. | | | 474,982 | | | 0.2 | |
| 2,582 | | | Pentair PLC | | | 187,737 | | | 0.1 | |
| 284 | | | Prysmian SpA | | | 12,946 | | | 0.0 | |
| 500 | | | Recruit Holdings Co. Ltd. | | | 20,906 | | | 0.0 | |
| 2,108 | | | Reece Ltd. | | | 32,153 | | | 0.0 | |
| 634 | | | Regal Rexnord Corp. | | | 93,845 | | | 0.0 | |
| 400 | | | RELX PLC | | | 15,870 | | | 0.0 | |
| 1,074 | | | Rockwell Automation, Inc. | | | 333,456 | | | 0.1 | |
| 2,956 | | | Rollins, Inc. | | | 129,089 | | | 0.1 | |
| 1,628 | | | Ryder System, Inc. | | | 187,318 | | | 0.1 | |
| 398 (1) | | | Saia, Inc. | | | 174,412 | | | 0.1 | |
| 1,325 | | | Sandvik AB | | | 28,786 | | | 0.0 | |
| 44 | | | Schneider Electric SE | | | 8,857 | | | 0.0 | |
| 1,226 | | | Schneider National, Inc. - Class B | | | 31,202 | | | 0.0 | |
| 700 | | | Secom Co. Ltd. | | | 50,358 | | | 0.0 | |
| 2,549 | | | Sensata Technologies Holding PLC | | | 95,766 | | | 0.0 | |
| 1,455 | | | Siemens AG, Reg | | | 272,971 | | | 0.1 | |
| 344 | | | Simpson Manufacturing Co., Inc. | | | 68,105 | | | 0.0 | |
| 3,947 | | | SKF AB - Class B | | | 79,100 | | | 0.0 | |
| 4,565 | | | Smiths Group PLC | | | 102,463 | | | 0.0 | |
| 8,746 | | | SS&C Technologies Holdings, Inc. | | | 534,468 | | | 0.2 | |
| 3,100 | | | Sumitomo Corp. | | | 67,461 | | | 0.0 | |
| 218 | | | Teleperformance | | | 31,917 | | | 0.0 | |
| 2,280 | | | Terex Corp. | | | 131,009 | | | 0.1 | |
| 1,574 | | | Timken Co. | | | 126,156 | | | 0.1 | |
| 1,600 | | | Toyota Tsusho Corp. | | | 93,892 | | | 0.0 | |
| 2,346 | | | Transurban Group | | | 21,922 | | | 0.0 | |
| 871 (1) | | | U-Haul Holding Co. | | | 62,538 | | | 0.0 | |
| 5,802 | | | Volvo AB - Class B | | | 150,968 | | | 0.1 | |
| 288 (3) | | | Watsco, Inc. | | | 123,399 | | | 0.1 | |
| 783 | | | Watts Water Technologies, Inc. - Class A | | | 163,130 | | | 0.1 | |
| 535 | | | WESCO International, Inc. | | | 93,026 | | | 0.0 | |
| 1,348 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 59,986 | | | 0.0 | |
| 1,016 | | | Wolters Kluwer NV | | | 144,546 | | | 0.1 | |
| 844 | | | Woodward, Inc. | | | 114,894 | | | 0.1 | |
| | | | | | | 13,119,341 | | | 4.3 | |
| | | | Information Technology: 8.8% |
| 1,489 (1) | | | Adobe, Inc. | | | 888,337 | | | 0.3 | |
| 1,559 (1) | | | Advanced Micro Devices, Inc. | | | 229,812 | | | 0.1 | |
| 400 | | | Advantest Corp. | | | 13,478 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 3,049 (1) | | | Akamai Technologies, Inc. | | $ | 360,849 | | | 0.1 | |
| 1,817 (1) | | | Allegro MicroSystems, Inc. | | | 55,001 | | | 0.0 | |
| 24,618 | | | Apple, Inc. | | | 4,739,704 | | | 1.6 | |
| 4,202 | | | Applied Materials, Inc. | | | 681,018 | | | 0.2 | |
| 249 (1) | | | Arrow Electronics, Inc. | | | 30,440 | | | 0.0 | |
| 464 | | | ASML Holding NV | | | 350,267 | | | 0.1 | |
| 1,212 (1) | | | Autodesk, Inc. | | | 295,098 | | | 0.1 | |
| 4,175 | | | Avnet, Inc. | | | 210,420 | | | 0.1 | |
| 300 | | | Azbil Corp. | | | 9,895 | | | 0.0 | |
| 480 | | | BE Semiconductor Industries NV | | | 72,468 | | | 0.0 | |
| 519 | | | Broadcom, Inc. | | | 579,334 | | | 0.2 | |
| 842 (1) | | | Cadence Design Systems, Inc. | | | 229,336 | | | 0.1 | |
| 2,806 (1) | | | Calix, Inc. | | | 122,594 | | | 0.0 | |
| 123 | | | Capgemini SE | | | 25,706 | | | 0.0 | |
| 459 (1) | | | Cirrus Logic, Inc. | | | 38,184 | | | 0.0 | |
| 15,391 | | | Cisco Systems, Inc. | | | 777,553 | | | 0.3 | |
| 970 (1) | | | Coherent Corp. | | | 42,224 | | | 0.0 | |
| 815 | | | Concentrix Corp. | | | 80,041 | | | 0.0 | |
| 92 (1) | | | CyberArk Software Ltd. | | | 20,153 | | | 0.0 | |
| 200 | | | Disco Corp. | | | 49,393 | | | 0.0 | |
| 1,183 (1) | | | DocuSign, Inc. | | | 70,329 | | | 0.0 | |
| 2,586 (1) | | | Dropbox, Inc. - Class A | | | 76,235 | | | 0.0 | |
| 2,644 (1) | | | Dynatrace, Inc. | | | 144,600 | | | 0.1 | |
| 1,500 (1) | | | ExlService Holdings, Inc. | | | 46,275 | | | 0.0 | |
| 1,372 (1) | | | F5, Inc. | | | 245,561 | | | 0.1 | |
| 183 (1) | | | Gartner, Inc. | | | 82,553 | | | 0.0 | |
| 945 (1) | | | GoDaddy, Inc. - Class A | | | 100,321 | | | 0.0 | |
| 300 | | | Hirose Electric Co. Ltd. | | | 33,881 | | | 0.0 | |
| 279 (1) | | | HubSpot, Inc. | | | 161,971 | | | 0.1 | |
| 2,984 | | | Infineon Technologies AG | | | 124,619 | | | 0.1 | |
| 855 | | | Intel Corp. | | | 42,964 | | | 0.0 | |
| 951 | | | Intuit, Inc. | | | 594,404 | | | 0.2 | |
| 387 | | | Jabil, Inc. | | | 49,304 | | | 0.0 | |
| 400 | | | Keyence Corp. | | | 175,743 | | | 0.1 | |
| 2,330 (1) | | | Keysight Technologies, Inc. | | | 370,680 | | | 0.1 | |
| 853 | | | KLA Corp. | | | 495,849 | | | 0.2 | |
| 360 | | | Lam Research Corp. | | | 281,974 | | | 0.1 | |
| 1,773 (1) | | | Lattice Semiconductor Corp. | | | 122,319 | | | 0.0 | |
| 453 (1) | | | Manhattan Associates, Inc. | | | 97,540 | | | 0.0 | |
| 418 | | | Mastercard, Inc. - Class A | | | 178,281 | | | 0.1 | |
| 12,740 | | | Microsoft Corp. | | | 4,790,750 | | | 1.6 | |
| 946 | | | MKS Instruments, Inc. | | | 97,315 | | | 0.0 | |
| 107 (1) | | | Monday.com Ltd. | | | 20,096 | | | 0.0 | |
| 535 | | | Monolithic Power Systems, Inc. | | | 337,467 | | | 0.1 | |
| 1,800 | | | NEC Corp. | | | 106,355 | | | 0.0 | |
| 1,809 | | | NetApp, Inc. | | | 159,481 | | | 0.1 | |
| 5,202 | | | NVIDIA Corp. | | | 2,576,134 | | | 0.9 | |
| 400 | | | Obic Co. Ltd. | | | 68,822 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 68 (1) | | | Onto Innovation, Inc. | | $ | 10,397 | | | 0.0 | |
| 532 (1) | | | Palo Alto Networks, Inc. | | | 156,876 | | | 0.1 | |
| 954 | | | Paycom Software, Inc. | | | 197,211 | | | 0.1 | |
| 1,515 (1) | | | Paylocity Holding Corp. | | | 249,748 | | | 0.1 | |
| 5,943 (1) | | | PayPal Holdings, Inc. | | | 364,960 | | | 0.1 | |
| 7,948 (1) | | | Pure Storage, Inc. - Class A | | | 283,426 | | | 0.1 | |
| 3,579 | | | Qualcomm, Inc. | | | 517,631 | | | 0.2 | |
| 1,121 (1) | | | Rambus, Inc. | | | 76,508 | | | 0.0 | |
| 1,500 (1) | | | Renesas Electronics Corp. | | | 26,821 | | | 0.0 | |
| 312 (1) | | | RingCentral, Inc. - Class A | | | 10,592 | | | 0.0 | |
| 2,557 | | | Sage Group PLC | | | 38,173 | | | 0.0 | |
| 3,031 (1) | | | Salesforce, Inc. | | | 797,577 | | | 0.3 | |
| 436 | | | SAP SE | | | 67,110 | | | 0.0 | |
| 2,500 | | | Seiko Epson Corp. | | | 37,327 | | | 0.0 | |
| 926 (1) | | | ServiceNow, Inc. | | | 654,210 | | | 0.2 | |
| 2,700 | | | Shimadzu Corp. | | | 75,284 | | | 0.0 | |
| 221 (1) | | | Silicon Laboratories, Inc. | | | 29,232 | | | 0.0 | |
| 552 (1) | | | Super Micro Computer, Inc. | | | 156,912 | | | 0.1 | |
| 921 (1) | | | Synopsys, Inc. | | | 474,232 | | | 0.2 | |
| 705 (1) | | | Teradata Corp. | | | 30,675 | | | 0.0 | |
| 673 | | | Teradyne, Inc. | | | 73,034 | | | 0.0 | |
| 1,600 | | | TIS, Inc. | | | 35,167 | | | 0.0 | |
| 200 | | | Tokyo Electron Ltd. | | | 35,548 | | | 0.0 | |
| 417 (1) | | | Trimble, Inc. | | | 22,184 | | | 0.0 | |
| 1,630 | | | Visa, Inc. - Class A | | | 424,370 | | | 0.1 | |
| 502 | | | WiseTech Global Ltd. | | | 25,730 | | | 0.0 | |
| 294 (1) | | | Wix.com Ltd. | | | 36,168 | | | 0.0 | |
| 826 (1) | | | Workday, Inc. - Class A | | | 228,026 | | | 0.1 | |
| 891 (1) | | | Xero Ltd. | | | 67,973 | | | 0.0 | |
| | | | | | | 26,756,230 | | | 8.8 | |
| | | | Materials: 1.4% |
| 232 | | | Akzo Nobel NV | | | 19,211 | | | 0.0 | |
| 1,695 | | | Alcoa Corp. | | | 57,630 | | | 0.0 | |
| 2,736 | | | Anglo American PLC | | | 68,473 | | | 0.0 | |
| 963 | | | AptarGroup, Inc. | | | 119,046 | | | 0.0 | |
| 3,633 | | | ArcelorMittal SA | | | 103,104 | | | 0.0 | |
| 501 | | | Arkema SA | | | 57,073 | | | 0.0 | |
| 527 | | | Ashland, Inc. | | | 44,431 | | | 0.0 | |
| 2,175 | | | Avient Corp. | | | 90,415 | | | 0.0 | |
| 1,762 (1) | | | Axalta Coating Systems Ltd. | | | 59,855 | | | 0.0 | |
| 2,513 | | | BASF SE | | | 135,317 | | | 0.1 | |
| 1,019 | | | Berry Global Group, Inc. | | | 68,670 | | | 0.0 | |
| 4,135 | | | BHP Group Ltd. - Class DI | | | 141,271 | | | 0.1 | |
| 2,558 | | | BlueScope Steel Ltd. | | | 40,781 | | | 0.0 | |
| 2,223 | | | Chemours Co. | | | 70,113 | | | 0.0 | |
| 3,513 (1) | | | Cleveland-Cliffs, Inc. | | | 71,735 | | | 0.0 | |
| 1,681 | | | Commercial Metals Co. | | | 84,117 | | | 0.0 | |
| 716 | | | CRH PLC | | | 49,519 | | | 0.0 | |
| 420 | | | Crown Holdings, Inc. | | | 38,678 | | | 0.0 | |
| 994 | | | Dow, Inc. | | | 54,511 | | | 0.0 | |
| 8,752 | | | Element Solutions, Inc. | | | 202,521 | | | 0.1 | |
| 1,701 | | | Evonik Industries AG | | | 34,750 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 692 | | | Fortescue Metals Group Ltd. | | $ | 13,644 | | | 0.0 | |
| 1,763 | | | Freeport-McMoRan, Inc. | | | 75,051 | | | 0.0 | |
| 31 | | | Givaudan SA, Reg | | | 128,548 | | | 0.1 | |
| 956 | | | Heidelberg Materials AG | | | 85,455 | | | 0.0 | |
| 1,885 | | | Holcim AG | | | 148,051 | | | 0.1 | |
| 273 | | | Holmen AB - Class B | | | 11,531 | | | 0.0 | |
| 600 | | | JFE Holdings, Inc. | | | 9,283 | | | 0.0 | |
| 664 | | | Linde PLC | | | 272,711 | | | 0.1 | |
| 1,700 | | | Nitto Denko Corp. | | | 126,863 | | | 0.1 | |
| 246 | | | Nucor Corp. | | | 42,814 | | | 0.0 | |
| 3,477 | | | PPG Industries, Inc. | | | 519,985 | | | 0.2 | |
| 516 | | | Reliance Steel & Aluminum Co. | | | 144,315 | | | 0.1 | |
| 1,347 | | | Rio Tinto Ltd. | | | 124,729 | | | 0.1 | |
| 368 | | | Royal Gold, Inc. | | | 44,513 | | | 0.0 | |
| 3,236 | | | RPM International, Inc. | | | 361,235 | | | 0.1 | |
| 1,411 | | | Sherwin-Williams Co. | | | 440,091 | | | 0.2 | |
| 219 | | | Sika AG, Reg | | | 71,411 | | | 0.0 | |
| 558 | | | Smurfit Kappa Group PLC | | | 22,119 | | | 0.0 | |
| 84 | | | Solvay SA | | | 2,575 | | | 0.0 | |
| 889 | | | Sonoco Products Co. | | | 49,668 | | | 0.0 | |
| 16,143 | | | South32 Ltd. - Class DI | | | 36,510 | | | 0.0 | |
| 84 (1) | | | Syensqo SA | | | 8,741 | | | 0.0 | |
| 397 | | | United States Steel Corp. | | | 19,314 | | | 0.0 | |
| 309 | | | Wacker Chemie AG | | | 38,959 | | | 0.0 | |
| 686 | | | Yara International ASA | | | 24,371 | | | 0.0 | |
| | | | | | | 4,433,708 | | | 1.4 | |
| | | | Real Estate: 1.1% |
| 1,297 | | | Agree Realty Corp. | | | 81,646 | | | 0.0 | |
| 2,402 | | | Apartment Income REIT Corp. | | | 83,421 | | | 0.0 | |
| 12,734 | | | Brixmor Property Group, Inc. | | | 296,320 | | | 0.1 | |
| 1,322 | | | CubeSmart | | | 61,275 | | | 0.0 | |
| 3,500 | | | Daiwa House Industry Co. Ltd. | | | 105,806 | | | 0.1 | |
| 5,322 | | | Dexus | | | 27,814 | | | 0.0 | |
| 1,385 | | | EastGroup Properties, Inc. | | | 254,203 | | | 0.1 | |
| 160 | | | Equity LifeStyle Properties, Inc. | | | 11,286 | | | 0.0 | |
| 6,687 | | | Equity Residential | | | 408,977 | | | 0.1 | |
| 2,507 | | | First Industrial Realty Trust, Inc. | | | 132,044 | | | 0.1 | |
| 353 | | | Gaming and Leisure Properties, Inc. | | | 17,421 | | | 0.0 | |
| 622 | | | Gecina SA | | | 75,722 | | | 0.0 | |
| 4,254 | | | GPT Group | | | 13,425 | | | 0.0 | |
| 45,000 | | | Hang Lung Properties Ltd. | | | 62,564 | | | 0.0 | |
| 2,373 | | | Invitation Homes, Inc. | | | 80,943 | | | 0.0 | |
| 657 (1) | | | Jones Lang LaSalle, Inc. | | | 124,088 | | | 0.1 | |
| 7,322 | | | Kilroy Realty Corp. | | | 291,708 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 412 | | | Kite Realty Group Trust | | $ | 9,418 | | | 0.0 | |
| 1,231 | | | Lamar Advertising Co. - Class A | | | 130,831 | | | 0.1 | |
| 4,900 | | | Link REIT | | | 27,514 | | | 0.0 | |
| 3,364 | | | National Retail Properties, Inc. | | | 144,988 | | | 0.1 | |
| 169 | | | Rexford Industrial Realty, Inc. | | | 9,481 | | | 0.0 | |
| 2,521 | | | Sabra Health Care REIT, Inc. | | | 35,975 | | | 0.0 | |
| 38,370 | | | Scentre Group | | | 78,137 | | | 0.0 | |
| 1,021 | | | Spirit Realty Capital, Inc. | | | 44,608 | | | 0.0 | |
| 294 | | | STAG Industrial, Inc. | | | 11,542 | | | 0.0 | |
| 1,500 | | | Swire Pacific Ltd. - Class A | | | 12,704 | | | 0.0 | |
| 28,000 | | | Swire Properties Ltd. | | | 56,679 | | | 0.0 | |
| 16,745 | | | VICI Properties, Inc. | | | 533,831 | | | 0.2 | |
| 351 | | | WP Carey, Inc. | | | 22,748 | | | 0.0 | |
| | | | | | | 3,247,119 | | | 1.1 | |
| | | | Utilities: 1.0% |
| 454 | | | Acciona SA | | | 66,849 | | | 0.0 | |
| 455 | | | ALLETE, Inc. | | | 27,828 | | | 0.0 | |
| 3,137 | | | American Electric Power Co., Inc. | | | 254,787 | | | 0.1 | |
| 2,440 | | | Atmos Energy Corp. | | | 282,796 | | | 0.1 | |
| 1,353 | | | Black Hills Corp. | | | 72,994 | | | 0.0 | |
| 32,657 | | | Centrica PLC | | | 58,544 | | | 0.0 | |
| 6,100 | | | Chubu Electric Power Co., Inc. | | | 78,759 | | | 0.0 | |
| 1,626 | | | DTE Energy Co. | | | 179,283 | | | 0.1 | |
| 6,545 | | | Edison International | | | 467,902 | | | 0.2 | |
| 872 | | | Evergy, Inc. | | | 45,518 | | | 0.0 | |
| 1,200 | | | Kansai Electric Power Co., Inc. | | | 15,927 | | | 0.0 | |
| 5,921 | | | National Fuel Gas Co. | | | 297,057 | | | 0.1 | |
| 1,714 | | | NorthWestern Corp. | | | 87,225 | | | 0.0 | |
| 1,432 | | | ONE Gas, Inc. | | | 91,247 | | | 0.0 | |
| 5,000 | | | Osaka Gas Co. Ltd. | | | 104,372 | | | 0.0 | |
| 10,475 | | | PG&E Corp. | | | 188,864 | | | 0.1 | |
| 19,000 | | | Power Assets Holdings Ltd. | | | 110,156 | | | 0.1 | |
| 5,386 | | | Red Electrica Corp. SA | | | 88,754 | | | 0.0 | |
| 475 | | | RWE AG | | | 21,619 | | | 0.0 | |
| 17,800 | | | Sembcorp Industries Ltd. | | | 71,547 | | | 0.0 | |
| 2,661 | | | Sempra Energy | | | 198,857 | | | 0.1 | |
| 170 | | | Southwest Gas Holdings, Inc. | | | 10,769 | | | 0.0 | |
| 1,520 | | | Terna - Rete Elettrica Nazionale | | | 12,681 | | | 0.0 | |
| 800 | | | Tokyo Gas Co. Ltd. | | | 18,351 | | | 0.0 | |
| 9,806 | | | UGI Corp. | | | 241,228 | | | 0.1 | |
| 1,119 | | | Vistra Corp. | | | 43,104 | | | 0.0 | |
| | | | | | | 3,137,018 | | | 1.0 | |
| | | | | | | | | | | |
| | | | Total Common Stock
(Cost $91,009,002) | | | 109,818,191 | | | 36.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| EXCHANGE-TRADED FUNDS: 6.9% |
| 254 | | | iShares Core S&P Mid- Cap ETF | | $ | 70,396 | | | 0.0 | |
| 58,825 | | | iShares Core U.S. Aggregate Bond ETF | | | 5,838,381 | | | 1.9 | |
| 1,506 | | | iShares MSCI EAFE ETF | | | 113,477 | | | 0.1 | |
| 677 | | | SPDR S&P 500 ETF Trust | | | 321,785 | | | 0.1 | |
| 217,863 | | | Vanguard FTSE Emerging Markets ETF | | | 8,954,169 | | | 2.9 | |
| 93,626 (3) | | | Vanguard Long-Term Treasury ETF | | | 5,760,808 | | | 1.9 | |
| | | | | | | 21,059,016 | | | 6.9 | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds
(Cost $20,943,444) | | | 21,059,016 | | | 6.9 | |
| | | | | | | | | | | |
| MUTUAL FUNDS: 29.6% |
| | | | Affiliated Investment Companies: 29.6% |
| 2,281,587 | | | Voya Short Term Bond Fund - Class R6 | | | 21,287,211 | | | 7.0 | |
| 78,678 (1) | | | Voya Small Cap Growth Fund - Class R6 | | | 3,120,362 | | | 1.0 | |
| 404,848 | | | Voya Small Company Fund - Class R6 | | | 6,080,812 | | | 2.0 | |
| 3,119,739 | | | Voya U.S. Stock Index Portfolio - Class I | | | 55,531,356 | | | 18.2 | |
| 397,979 | | | Voya VACS Series HYB Fund | | | 4,099,179 | | | 1.4 | |
| | | | | | | 90,118,920 | | | 29.6 | |
| | | | Total Mutual Funds
(Cost $84,566,583) | | | 90,118,920 | | | 29.6 | |
| | | | | | | | | | | |
| PREFERRED STOCK: 0.0% |
| | | | Consumer Discretionary: 0.0% |
| 1,431 | | | Porsche Automobil Holding SE | | | 73,127 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Total Preferred Stock
(Cost $68,726) | | | 73,127 | | | 0.0 | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: 7.6% |
| | | | Basic Materials: 0.1% |
| 10,000 (2) | | | Anglo American Capital PLC, 3.625%, 09/11/2024 | | | 9,847 | | | 0.0 | |
| 27,000 (3) | | | BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033 | | | 27,625 | | | 0.0 | |
| 34,000 | | | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | | | 35,244 | | | 0.0 | |
| 50,000 | | | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | | | 51,876 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Basic Materials: (continued) |
| 10,000 | | | BHP Billiton Finance USA Ltd., 5.500%, 09/08/2053 | | $ | 10,921 | | | 0.0 | |
| 200,000 (2) | | | CSN Resources SA, 8.875%, 12/05/2030 | | | 208,580 | | | 0.1 | |
| 15,000 | | | FMC Corp., 5.150%, 05/18/2026 | | | 14,993 | | | 0.0 | |
| 6,000 | | | Nutrien Ltd., 5.800%, 03/27/2053 | | | 6,427 | | | 0.0 | |
| 4,000 | | | Nutrien Ltd., 5.875%, 12/01/2036 | | | 4,173 | | | 0.0 | |
| 9,000 | | | Rio Tinto Finance USA PLC, 5.000%, 03/09/2033 | | | 9,353 | | | 0.0 | |
| 42,000 | | | Rio Tinto Finance USA PLC, 5.125%, 03/09/2053 | | | 43,737 | | | 0.0 | |
| 21,000 | | | Steel Dynamics, Inc., 1.650%, 10/15/2027 | | | 18,705 | | | 0.0 | |
| 15,000 | | | Steel Dynamics, Inc., 2.400%, 06/15/2025 | | | 14,381 | | | 0.0 | |
| | | | | | | 455,862 | | | 0.1 | |
| | | | Communications: 0.8% |
| 35,000 | | | Amazon.com, Inc., 2.100%, 05/12/2031 | | | 30,194 | | | 0.0 | |
| 115,000 | | | Amazon.com, Inc., 2.875%, 05/12/2041 | | | 90,458 | | | 0.1 | |
| 38,000 | | | Amazon.com, Inc., 3.150%, 08/22/2027 | | | 36,505 | | | 0.0 | |
| 16,000 | | | Amazon.com, Inc., 4.100%, 04/13/2062 | | | 14,152 | | | 0.0 | |
| 120,000 | | | AT&T, Inc., 3.500%, 06/01/2041 | | | 95,372 | | | 0.1 | |
| 26,000 | | | AT&T, Inc., 3.500%, 09/15/2053 | | | 18,890 | | | 0.0 | |
| 2,000 | | | AT&T, Inc., 3.550%, 09/15/2055 | | | 1,439 | | | 0.0 | |
| 90,000 | | | AT&T, Inc., 3.650%, 09/15/2059 | | | 64,581 | | | 0.0 | |
| 18,000 | | | AT&T, Inc., 3.800%, 12/01/2057 | | | 13,396 | | | 0.0 | |
| 4,000 | | | AT&T, Inc., 4.500%, 05/15/2035 | | | 3,792 | | | 0.0 | |
| 37,000 | | | AT&T, Inc., 4.900%, 08/15/2037 | | | 35,773 | | | 0.0 | |
| 71,000 (3) | | | Bell Telephone Co. of Canada or Bell Canada, 5.100%, 05/11/2033 | | | 72,896 | | | 0.0 | |
| 21,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | | | 18,233 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 47,000 (3) | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.650%, 02/01/2034 | | $ | 49,582 | | | 0.0 | |
| 44,000 | | | Comcast Corp., 1.950%, 01/15/2031 | | | 37,154 | | | 0.0 | |
| 35,000 | | | Comcast Corp., 2.650%, 02/01/2030 | | | 31,521 | | | 0.0 | |
| 45,000 | | | Comcast Corp., 3.200%, 07/15/2036 | | | 37,862 | | | 0.0 | |
| 47,000 | | | Comcast Corp., 3.900%, 03/01/2038 | | | 42,063 | | | 0.0 | |
| 78,000 | | | Comcast Corp., 3.950%, 10/15/2025 | | | 76,971 | | | 0.0 | |
| 20,000 | | | Comcast Corp., 5.350%, 11/15/2027 | | | 20,684 | | | 0.0 | |
| 95,000 | | | Comcast Corp., 5.500%, 05/15/2064 | | | 100,070 | | | 0.1 | |
| 73,000 | | | Fox Corp., 3.500%, 04/08/2030 | | | 67,377 | | | 0.0 | |
| 9,000 | | | Interpublic Group of Cos., Inc., 4.200%, 04/15/2024 | | | 8,951 | | | 0.0 | |
| 26,000 | | | Meta Platforms, Inc., 3.500%, 08/15/2027 | | | 25,331 | | | 0.0 | |
| 77,000 | | | Meta Platforms, Inc., 4.450%, 08/15/2052 | | | 70,803 | | | 0.0 | |
| 8,000 | | | Meta Platforms, Inc., 4.650%, 08/15/2062 | | | 7,457 | | | 0.0 | |
| 76,000 | | | Meta Platforms, Inc., 5.750%, 05/15/2063 | | | 83,296 | | | 0.1 | |
| 200,000 (2) | | | NBN Co. Ltd., 1.625%, 01/08/2027 | | | 182,613 | | | 0.1 | |
| 43,000 | | | Netflix, Inc., 5.875%, 11/15/2028 | | | 45,377 | | | 0.0 | |
| 16,000 | | | Paramount Global, 4.200%, 05/19/2032 | | | 14,293 | | | 0.0 | |
| 14,000 | | | Paramount Global, 4.375%, 03/15/2043 | | | 10,361 | | | 0.0 | |
| 20,000 (3) | | | Paramount Global, 4.950%, 01/15/2031 | | | 18,979 | | | 0.0 | |
| 26,000 | | | Paramount Global, 4.950%, 05/19/2050 | | | 21,099 | | | 0.0 | |
| 21,000 | | | Paramount Global, 5.850%, 09/01/2043 | | | 18,918 | | | 0.0 | |
| 6,000 | | | Paramount Global, 6.875%, 04/30/2036 | | | 6,095 | | | 0.0 | |
| 55,000 | | | Sprint Capital Corp., 6.875%, 11/15/2028 | | | 59,632 | | | 0.0 | |
| 85,000 | | | Sprint Capital Corp., 8.750%, 03/15/2032 | | | 105,012 | | | 0.1 | |
| 28,000 | | | Time Warner Cable LLC, 5.500%, 09/01/2041 | | | 24,260 | | | 0.0 | |
| 25,000 | | | Time Warner Cable LLC, 5.875%, 11/15/2040 | | | 22,663 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 143,000 | | | T-Mobile USA, Inc., 2.050%, 02/15/2028 | | $ | 129,104 | | | 0.1 | |
| 20,000 | | | T-Mobile USA, Inc., 2.625%, 02/15/2029 | | | 18,026 | | | 0.0 | |
| 64,000 | | | T-Mobile USA, Inc., 3.500%, 04/15/2031 | | | 58,584 | | | 0.0 | |
| 284,000 | | | T-Mobile USA, Inc., 3.875%, 04/15/2030 | | | 269,392 | | | 0.1 | |
| 2,000 | | | T-Mobile USA, Inc., 4.500%, 04/15/2050 | | | 1,769 | | | 0.0 | |
| 41,000 | | | T-Mobile USA, Inc., 5.800%, 09/15/2062 | | | 44,017 | | | 0.0 | |
| 41,000 | | | T-Mobile USA, Inc., 6.000%, 06/15/2054 | | | 45,008 | | | 0.0 | |
| 4,000 | | | Verizon Communications, Inc., 2.550%, 03/21/2031 | | | 3,450 | | | 0.0 | |
| 5,000 | | | Verizon Communications, Inc., 4.400%, 11/01/2034 | | | 4,814 | | | 0.0 | |
| 21,000 | | | Verizon Communications, Inc., 4.812%, 03/15/2039 | | | 20,324 | | | 0.0 | |
| 39,000 | | | Verizon Communications, Inc., 6.550%, 09/15/2043 | | | 44,920 | | | 0.0 | |
| 18,000 | | | Vodafone Group PLC, 5.750%, 02/10/2063 | | | 18,287 | | | 0.0 | |
| | | | | | | 2,341,800 | | | 0.8 | |
| | | | Consumer, Cyclical: 0.4% |
| 3,224 | | | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 | | | 3,020 | | | 0.0 | |
| 2,001 | | | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | | | 1,868 | | | 0.0 | |
| 51,270 | | | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | | | 46,361 | | | 0.0 | |
| 12,152 | | | American Airlines Pass Through Trust 2019-1, AA, 3.150%, 08/15/2033 | | | 10,654 | | | 0.0 | |
| 44,000 | | | American Honda Finance Corp., 4.700%, 01/12/2028 | | | 44,398 | | | 0.0 | |
| 25,000 | | | American Honda Finance Corp., 5.650%, 11/15/2028 | | | 26,186 | | | 0.0 | |
| 32,000 | | | American Honda Finance Corp., GMTN, 5.125%, 07/07/2028 | | | 32,931 | | | 0.0 | |
| 38,000 | | | American Honda Finance Corp., GMTN, 5.850%, 10/04/2030 | | | 40,521 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 15,000 | | | AutoZone, Inc., 6.250%, 11/01/2028 | | $ | 15,950 | | | 0.0 | |
| 30,000 (2)(3) | | | BMW US Capital LLC, 5.150%, 08/11/2033 | | | 30,969 | | | 0.0 | |
| 8,889 | | | Delta Air Lines Pass Through Trust 20-1, A, 2.500%, 12/10/2029 | | | 7,847 | | | 0.0 | |
| 3,268 (2) | | | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | | | 3,216 | | | 0.0 | |
| 17,000 | | | General Motors Co., 6.125%, 10/01/2025 | | | 17,233 | | | 0.0 | |
| 25,000 | | | General Motors Financial Co., Inc., 3.950%, 04/13/2024 | | | 24,856 | | | 0.0 | |
| 25,000 | | | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | | | 24,517 | | | 0.0 | |
| 33,000 | | | General Motors Financial Co., Inc., 5.800%, 01/07/2029 | | | 33,793 | | | 0.0 | |
| 22,000 | | | General Motors Financial Co., Inc., 5.850%, 04/06/2030 | | | 22,705 | | | 0.0 | |
| 36,000 | | | Home Depot, Inc., 4.900%, 04/15/2029 | | | 37,004 | | | 0.0 | |
| 33,000 (2) | | | Hyundai Capital America, 5.680%, 06/26/2028 | | | 33,660 | | | 0.0 | |
| 50,000 (2) | | | Hyundai Capital America, 6.100%, 09/21/2028 | | | 51,989 | | | 0.0 | |
| 38,000 (2) | | | Hyundai Capital America, 6.500%, 01/16/2029 | | | 40,148 | | | 0.0 | |
| 19,000 | | | Lowe’s Cos., Inc., 4.450%, 04/01/2062 | | | 16,050 | | | 0.0 | |
| 23,000 | | | Lowe’s Cos., Inc., 5.750%, 07/01/2053 | | | 24,394 | | | 0.0 | |
| 17,000 | | | Lowe’s Cos., Inc., 5.850%, 04/01/2063 | | | 17,835 | | | 0.0 | |
| 21,000 | | | McDonald’s Corp., 5.450%, 08/14/2053 | | | 22,365 | | | 0.0 | |
| 18,200 (2) | | | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | | | 18,265 | | | 0.0 | |
| 22,000 (3) | | | Target Corp., 4.800%, 01/15/2053 | | | 21,856 | | | 0.0 | |
| 46,000 | | | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | | | 48,478 | | | 0.0 | |
| 16,000 | | | Toyota Motor Credit Corp., MTN, 1.900%, 01/13/2027 | | | 14,892 | | | 0.0 | |
| 53,000 | | | Toyota Motor Credit Corp., MTN, 4.550%, 09/20/2027 | | | 53,445 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 38,172 | | | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | | $ | 38,691 | | | 0.0 | |
| 49,525 | | | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | | | 44,344 | | | 0.0 | |
| 8,355 | | | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | | | 7,627 | | | 0.0 | |
| 30,928 | | | US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026 | | | 30,941 | | | 0.0 | |
| 55,000 | | | Walmart, Inc., 4.000%, 04/15/2030 | | | 54,909 | | | 0.1 | |
| 96,000 | | | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | | | 92,020 | | | 0.1 | |
| 50,000 | | | Warnermedia Holdings, Inc., 5.050%, 03/15/2042 | | | 44,104 | | | 0.0 | |
| 66,000 | | | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | | | 56,690 | | | 0.1 | |
| 10,000 | | | Warnermedia Holdings, Inc., 5.391%, 03/15/2062 | | | 8,575 | | | 0.0 | |
| | | | | | | 1,165,307 | | | 0.4 | |
| | | | Consumer, Non-cyclical: 1.3% |
| 28,000 | | | AbbVie, Inc., 2.600%, 11/21/2024 | | | 27,367 | | | 0.0 | |
| 28,000 | | | AbbVie, Inc., 3.200%, 11/21/2029 | | | 26,187 | | | 0.0 | |
| 23,000 | | | AbbVie, Inc., 4.050%, 11/21/2039 | | | 20,780 | | | 0.0 | |
| 54,000 | | | AbbVie, Inc., 4.300%, 05/14/2036 | | | 51,771 | | | 0.0 | |
| 53,000 | | | AbbVie, Inc., 4.500%, 05/14/2035 | | | 51,870 | | | 0.0 | |
| 7,000 | | | AbbVie, Inc., 4.550%, 03/15/2035 | | | 6,868 | | | 0.0 | |
| 9,000 | | | AbbVie, Inc., 4.625%, 10/01/2042 | | | 8,529 | | | 0.0 | |
| 16,000 | | | Aetna, Inc., 6.625%, 06/15/2036 | | | 17,943 | | | 0.0 | |
| 29,000 | | | Altria Group, Inc., 6.200%, 11/01/2028 | | | 30,440 | | | 0.0 | |
| 31,000 | | | Amgen, Inc., 2.770%, 09/01/2053 | | | 19,919 | | | 0.0 | |
| 27,000 | | | Amgen, Inc., 4.400%, 02/22/2062 | | | 22,825 | | | 0.0 | |
| 25,000 | | | Amgen, Inc., 5.250%, 03/02/2033 | | | 25,640 | | | 0.0 | |
| 100,000 | | | Amgen, Inc., 5.600%, 03/02/2043 | | | 103,395 | | | 0.1 | |
| 28,000 | | | Amgen, Inc., 5.650%, 03/02/2053 | | | 29,480 | | | 0.0 | |
| 35,000 | | | Amgen, Inc., 5.750%, 03/02/2063 | | | 36,764 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 56,000 | | | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | | $ | 54,937 | | | 0.0 | |
| 15,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039 | | | 15,831 | | | 0.0 | |
| 17,000 | | | BAT Capital Corp., 3.734%, 09/25/2040 | | | 12,515 | | | 0.0 | |
| 13,000 | | | BAT Capital Corp., 4.390%, 08/15/2037 | | | 10,904 | | | 0.0 | |
| 28,000 | | | BAT Capital Corp., 6.421%, 08/02/2033 | | | 29,322 | | | 0.0 | |
| 30,000 | | | BAT Capital Corp., 7.079%, 08/02/2043 | | | 31,890 | | | 0.0 | |
| 42,000 | | | BAT Capital Corp., 7.081%, 08/02/2053 | | | 44,943 | | | 0.0 | |
| 48,000 | | | Becton Dickinson & Co., 4.693%, 02/13/2028 | | | 48,232 | | | 0.0 | |
| 13,000 | | | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | | | 11,722 | | | 0.0 | |
| 24,000 | | | Bristol-Myers Squibb Co., 6.250%, 11/15/2053 | | | 27,489 | | | 0.0 | |
| 30,000 | | | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | | | 34,792 | | | 0.0 | |
| 25,000 (2) | | | Cargill, Inc., 1.700%, 02/02/2031 | | | 20,501 | | | 0.0 | |
| 25,000 (2) | | | Cargill, Inc., 2.125%, 04/23/2030 | | | 21,753 | | | 0.0 | |
| 42,000 (2) | | | Cargill, Inc., 2.125%, 11/10/2031 | | | 35,079 | | | 0.0 | |
| 20,000 | | | Centene Corp., 2.625%, 08/01/2031 | | | 16,618 | | | 0.0 | |
| 266,000 | | | Centene Corp., 3.000%, 10/15/2030 | | | 230,703 | | | 0.1 | |
| 150,000 | | | Cigna Group, 4.375%, 10/15/2028 | | | 148,859 | | | 0.1 | |
| 17,000 (2) | | | CSL Finance PLC, 4.950%, 04/27/2062 | | | 16,032 | | | 0.0 | |
| 30,000 | | | CVS Health Corp., 2.700%, 08/21/2040 | | | 21,406 | | | 0.0 | |
| 5,000 | | | CVS Health Corp., 3.875%, 07/20/2025 | | | 4,915 | | | 0.0 | |
| 7,000 | | | CVS Health Corp., 4.125%, 04/01/2040 | | | 6,018 | | | 0.0 | |
| 5,000 | | | CVS Health Corp., 4.780%, 03/25/2038 | | | 4,740 | | | 0.0 | |
| 33,000 | | | CVS Health Corp., 5.050%, 03/25/2048 | | | 30,894 | | | 0.0 | |
| 8,000 | | | CVS Health Corp., 5.300%, 06/01/2033 | | | 8,213 | | | 0.0 | |
| 24,000 | | | CVS Health Corp., 6.000%, 06/01/2063 | | | 25,496 | | | 0.0 | |
| 20,000 | | | Elevance Health, Inc., 4.900%, 02/08/2026 | | | 19,965 | | | 0.0 | |
| 21,000 (3) | | | Estee Lauder Cos., Inc., 4.650%, 05/15/2033 | | | 21,105 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) | |
| 69,000 | | | Global Payments, Inc., 1.200%, 03/01/2026 | | $ | 63,420 | | | | 0.1 | |
| 35,000 | | | Global Payments, Inc., 5.950%, 08/15/2052 | | | 35,741 | | | | 0.0 | |
| 16,000 | | | HCA, Inc., 2.375%, 07/15/2031 | | | 13,194 | | | | 0.0 | |
| 27,000 | | | HCA, Inc., 3.125%, 03/15/2027 | | | 25,606 | | | | 0.0 | |
| 15,000 | | | HCA, Inc., 3.500%, 09/01/2030 | | | 13,602 | | | | 0.0 | |
| 52,000 | | | HCA, Inc., 4.125%, 06/15/2029 | | | 49,753 | | | | 0.0 | |
| 38,000 | | | HCA, Inc., 4.375%, 03/15/2042 | | | 32,150 | | | | 0.0 | |
| 200,000 | | | HCA, Inc., 4.500%, 02/15/2027 | | | 197,762 | | | | 0.1 | |
| 22,000 | | | HCA, Inc., 5.250%, 04/15/2025 | | | 21,990 | | | | 0.0 | |
| 18,000 (2) | | | Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025 | | | 17,097 | | | | 0.0 | |
| 24,000 | | | Humana, Inc., 5.950%, 03/15/2034 | | | 25,698 | | | | 0.0 | |
| 43,000 | | | J M Smucker Co., 6.500%, 11/15/2043 | | | 47,961 | | | | 0.0 | |
| 28,000 | | | Johnson & Johnson, 3.625%, 03/03/2037 | | | 25,780 | | | | 0.0 | |
| 56,000 | | | Kenvue, Inc., 4.900%, 03/22/2033 | | | 57,749 | | | | 0.1 | |
| 23,000 | | | Kenvue, Inc., 5.050%, 03/22/2028 | | | 23,577 | | | | 0.0 | |
| 19,000 | | | Kenvue, Inc., 5.100%, 03/22/2043 | | | 19,728 | | | | 0.0 | |
| 40,000 | | | Kenvue, Inc., 5.200%, 03/22/2063 | | | 41,868 | | | | 0.0 | |
| 75,000 (2) | | | Mars, Inc., 2.375%, 07/16/2040 | | | 53,850 | | | | 0.0 | |
| 30,000 (2) | | | Mars, Inc., 3.875%, 04/01/2039 | | | 26,369 | | | | 0.0 | |
| 36,000 | | | McKesson Corp., 5.250%, 02/15/2026 | | | 36,001 | | | | 0.0 | |
| 47,000 | | | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | | | 47,037 | | | | 0.0 | |
| 13,000 | | | Merck & Co., Inc., 4.500%, 05/17/2033 | | | 13,101 | | | | 0.0 | |
| 82,000 | | | Merck & Co., Inc., 4.900%, 05/17/2044 | | | 83,003 | | | | 0.1 | |
| 29,000 | | | Merck & Co., Inc., 5.000%, 05/17/2053 | | | 29,841 | | | | 0.0 | |
| 34,000 (3) | | | Merck & Co., Inc., 5.150%, 05/17/2063 | | | 35,491 | | | | 0.0 | |
| 200,000 (2)(3) | | | Minerva Luxembourg SA, 8.875%, 09/13/2033 | | | 212,522 | | | | 0.1 | |
| 24,000 | | | Molson Coors Beverage Co., 4.200%, 07/15/2046 | | | 20,486 | | | | 0.0 | |
| 44,000 (3) | | | PayPal Holdings, Inc., 2.300%, 06/01/2030 | | | 38,484 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) |
| 88,000 | | | PayPal Holdings, Inc., 5.250%, 06/01/2062 | | $ | 87,322 | | | | 0.1 | |
| 42,000 | | | PepsiCo, Inc., 5.125%, 11/10/2026 | | | 42,913 | | | | 0.0 | |
| 26,000 | | | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | | | 26,194 | | | | 0.0 | |
| 102,000 | | | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | | | 102,267 | | | | 0.1 | |
| 4,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043 | | | 3,988 | | | | 0.0 | |
| 44,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053 | | | 44,952 | | | | 0.0 | |
| 110,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | | | 111,147 | | | | 0.1 | |
| 16,000 | | | Philip Morris International, Inc., 5.375%, 02/15/2033 | | | 16,419 | | | | 0.0 | |
| 28,000 | | | Philip Morris International, Inc., 5.625%, 09/07/2033 | | | 29,258 | | | | 0.0 | |
| 10,000 | | | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | | | 8,721 | | | | 0.0 | |
| 10,000 | | | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | | | 8,956 | | | | 0.0 | |
| 24,000 | | | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | | | 26,628 | | | | 0.0 | |
| 32,000 | | | Reynolds American, Inc., 5.850%, 08/15/2045 | | | 30,012 | | | | 0.0 | |
| 11,000 | | | Royalty Pharma PLC, 1.200%, 09/02/2025 | | | 10,269 | | | | 0.0 | |
| 14,000 | | | Royalty Pharma PLC, 1.750%, 09/02/2027 | | | 12,561 | | | | 0.0 | |
| 45,000 | | | Royalty Pharma PLC, 3.300%, 09/02/2040 | | | 33,845 | | | | 0.0 | |
| 22,000 | | | Royalty Pharma PLC, 3.350%, 09/02/2051 | | | 14,894 | | | | 0.0 | |
| 17,000 | | | S&P Global, Inc., 1.250%, 08/15/2030 | | | 13,926 | | | | 0.0 | |
| 54,000 | | | S&P Global, Inc., 2.700%, 03/01/2029 | | | 49,974 | | | | 0.0 | |
| 38,000 | | | S&P Global, Inc., 2.900%, 03/01/2032 | | | 33,935 | | | | 0.0 | |
| 17,000 (2) | | | S&P Global, Inc., 5.250%, 09/15/2033 | | | 17,799 | | | | 0.0 | |
| 52,000 | | | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | | | 53,305 | | | | 0.0 | |
| 38,000 | | | Thermo Fisher Scientific, Inc., 5.000%, 01/31/2029 | | | 39,024 | | | | 0.0 | |
| 39,000 | | | Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033 | | | 40,668 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) | |
| 21,000 | | | Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043 | | $ | 22,233 | | | | 0.0 | |
| 120,000 (2) | | | Triton Container International Ltd., 2.050%, 04/15/2026 | | | 109,968 | | | | 0.1 | |
| 16,000 (2) | | | Triton Container International Ltd., 3.150%, 06/15/2031 | | | 12,824 | | | | 0.0 | |
| 15,000 | | | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | | | 11,367 | | | | 0.0 | |
| 4,000 | | | UnitedHealth Group, Inc., 3.050%, 05/15/2041 | | | 3,128 | | | | 0.0 | |
| 19,000 | | | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | | | 16,160 | | | | 0.0 | |
| 19,000 | | | UnitedHealth Group, Inc., 3.750%, 10/15/2047 | | | 15,672 | | | | 0.0 | |
| 24,000 | | | UnitedHealth Group, Inc., 4.200%, 05/15/2032 | | | 23,497 | | | | 0.0 | |
| 20,000 | | | UnitedHealth Group, Inc., 5.050%, 04/15/2053 | | | 20,223 | | | | 0.0 | |
| 34,000 | | | UnitedHealth Group, Inc., 5.200%, 04/15/2063 | | | 34,745 | | | | 0.0 | |
| 23,000 | | | UnitedHealth Group, Inc., 5.875%, 02/15/2053 | | | 26,070 | | | | 0.0 | |
| 70,000 | | | Viatris, Inc., 2.700%, 06/22/2030 | | | 59,298 | | | | 0.1 | |
| 67,000 | | | Viatris, Inc., 3.850%, 06/22/2040 | | | 49,896 | | | | 0.0 | |
| 29,000 | | | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | | | 29,897 | | | | 0.0 | |
| | | | | | | 4,037,468 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | Energy: 0.7% | |
| 60,000 | | | BP Capital Markets America, Inc., 2.939%, 06/04/2051 | | | 41,608 | | | | 0.0 | |
| 19,000 | | | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | | | 19,341 | | | | 0.0 | |
| 26,000 (4) | | | BP Capital Markets PLC, 4.875%, 12/31/2199 | | | 24,776 | | | | 0.0 | |
| 13,000 | | | Cenovus Energy, Inc., 5.400%, 06/15/2047 | | | 12,302 | | | | 0.0 | |
| 46,000 (2) | | | Cheniere Energy Partners L.P., 5.950%, 06/30/2033 | | | 47,288 | | | | 0.0 | |
| 16,000 (2) | | | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | | | 16,526 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | |
| 23,000 | | | ConocoPhillips Co., 5.300%, 05/15/2053 | | $ | 23,659 | | | | 0.0 | |
| 41,000 | | | ConocoPhillips Co., 5.550%, 03/15/2054 | | | 43,569 | | | | 0.0 | |
| 42,000 | | | ConocoPhillips Co., 5.700%, 09/15/2063 | | | 45,518 | | | | 0.0 | |
| 73,000 | | | Diamondback Energy, Inc., 4.250%, 03/15/2052 | | | 59,058 | | | | 0.1 | |
| 5,000 (3) | | | Diamondback Energy, Inc., 6.250%, 03/15/2033 | | | 5,345 | | | | 0.0 | |
| 200,000 | | | EIG Pearl Holdings Sarl, 3.545%, 08/31/2036 | | | 174,750 | | | | 0.1 | |
| 200,000 | | | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | | | 190,333 | | | | 0.1 | |
| 16,000 | | | Enbridge, Inc., 5.700%, 03/08/2033 | | | 16,637 | | | | 0.0 | |
| 38,000 (4) | | | Enbridge, Inc. 20-A, 5.750%, 07/15/2080 | | | 35,124 | | | | 0.0 | |
| 9,000 | | | Energy Transfer L.P., 4.250%, 04/01/2024 | | | 8,967 | | | | 0.0 | |
| 3,000 | | | Energy Transfer L.P., 4.900%, 03/15/2035 | | | 2,862 | | | | 0.0 | |
| 22,000 | | | Energy Transfer L.P., 5.000%, 05/15/2050 | | | 19,649 | | | | 0.0 | |
| 43,000 | | | Energy Transfer L.P., 5.300%, 04/01/2044 | | | 39,655 | | | | 0.0 | |
| 4,000 | | | Energy Transfer L.P., 6.000%, 06/15/2048 | | | 4,039 | | | | 0.0 | |
| 35,000 | | | Energy Transfer L.P., 6.550%, 12/01/2033 | | | 38,033 | | | | 0.0 | |
| 55,000 | | | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | | | 55,368 | | | | 0.0 | |
| 25,000 | | | Enterprise Products Operating LLC, 3.750%, 02/15/2025 | | | 24,687 | | | | 0.0 | |
| 26,000 (4) | | | Enterprise Products Operating LLC D, 8.638%, (TSFR3M + 3.248%), 08/16/2077 | | | 25,882 | | | | 0.0 | |
| 55,000 | | | Hess Corp., 4.300%, 04/01/2027 | | | 54,460 | | | | 0.0 | |
| 17,000 | | | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | | | 15,213 | | | | 0.0 | |
| 20,000 | | | Kinder Morgan, Inc., 4.800%, 02/01/2033 | | | 19,262 | | | | 0.0 | |
| 10,000 | | | Kinder Morgan, Inc., 5.050%, 02/15/2046 | | | 8,944 | | | | 0.0 | |
| 23,000 | | | Marathon Petroleum Corp., 5.125%, 12/15/2026 | | | 23,262 | | | | 0.0 | |
| 3,000 | | | Marathon Petroleum Corp., 6.500%, 03/01/2041 | | | 3,229 | | | | 0.0 | |
| 10,000 | | | MPLX L.P., 1.750%, 03/01/2026 | | | 9,357 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) | | | | | | | | |
| 55,000 | | | MPLX L.P., 4.000%, 03/15/2028 | | $ | 53,071 | | | | 0.0 | |
| 16,000 (2) | | | Northern Natural Gas Co., 3.400%, 10/16/2051 | | | 11,292 | | | | 0.0 | |
| 10,000 | | | Occidental Petroleum Corp., 6.125%, 01/01/2031 | | | 10,394 | | | | 0.0 | |
| 10,000 (3) | | | Occidental Petroleum Corp., 6.600%, 03/15/2046 | | | 10,841 | | | | 0.0 | |
| 16,000 | | | Occidental Petroleum Corp., 7.500%, 05/01/2031 | | | 17,962 | | | | 0.0 | |
| 7,000 | | | Occidental Petroleum Corp., 8.500%, 07/15/2027 | | | 7,642 | | | | 0.0 | |
| 24,000 | | | ONEOK Partners L.P., 6.200%, 09/15/2043 | | | 25,169 | | | | 0.0 | |
| 10,000 | | | ONEOK, Inc., 5.850%, 01/15/2026 | | | 10,153 | | | | 0.0 | |
| 13,000 | | | Ovintiv, Inc., 5.650%, 05/15/2028 | | | 13,274 | | | | 0.0 | |
| 17,000 | | | Ovintiv, Inc., 6.250%, 07/15/2033 | | | 17,588 | | | | 0.0 | |
| 38,000 | | | Ovintiv, Inc., 7.100%, 07/15/2053 | | | 41,856 | | | | 0.0 | |
| 200,000 (2) | | | Petroleos del Peru SA, 4.750%, 06/19/2032 | | | 142,958 | | | | 0.1 | |
| 235,000 | | | Petroleos Mexicanos, 6.700%, 02/16/2032 | | | 195,050 | | | | 0.1 | |
| 50,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | | | 49,495 | | | | 0.0 | |
| 17,000 | | | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | | | 16,659 | | | | 0.0 | |
| 16,000 | | | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | | | 16,076 | | | | 0.0 | |
| 26,000 | | | Schlumberger Investment SA, 2.650%, 06/26/2030 | | | 23,367 | | | | 0.0 | |
| 15,000 | | | Targa Resources Corp., 4.950%, 04/15/2052 | | | 13,188 | | | | 0.0 | |
| 26,000 | | | Targa Resources Corp., 6.250%, 07/01/2052 | | | 26,884 | | | | 0.0 | |
| 61,000 | | | Targa Resources Corp., 6.500%, 03/30/2034 | | | 65,944 | | | | 0.1 | |
| 78,000 | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | | | 75,871 | | | | 0.1 | |
| 30,000 | | | Williams Cos., Inc., 4.000%, 09/15/2025 | | | 29,463 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | | | | | | | | |
| 15,000 | | | Williams Cos., Inc., 5.400%, 03/04/2044 | | $ | 14,579 | | | | 0.0 | |
| | | | | | | 1,997,479 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Financial: 2.2% | | | | | | | | |
| 6,000 | | | Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052 | | | 4,390 | | | | 0.0 | |
| 5,000 (3) | | | Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053 | | | 4,831 | | | | 0.0 | |
| 44,000 | | | Alleghany Corp., 3.250%, 08/15/2051 | | | 33,348 | | | | 0.0 | |
| 21,000 | | | Alleghany Corp., 4.900%, 09/15/2044 | | | 20,367 | | | | 0.0 | |
| 16,000 (4) | | | American Express Co., 4.990%, 05/01/2026 | | | 15,959 | | | | 0.0 | |
| 69,000 (4) | | | American Express Co., 5.282%, 07/27/2029 | | | 70,464 | | | | 0.0 | |
| 118,000 | | | American Homes 4 Rent L.P., 2.375%, 07/15/2031 | | | 97,429 | | | | 0.1 | |
| 34,000 | | | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | | | 30,473 | | | | 0.0 | |
| 40,000 | | | American International Group, Inc., 3.400%, 06/30/2030 | | | 36,875 | | | | 0.0 | |
| 50,000 | | | American International Group, Inc., 4.200%, 04/01/2028 | | | 48,755 | | | | 0.0 | |
| 65,000 | | | American International Group, Inc., 5.125%, 03/27/2033 | | | 66,005 | | | | 0.0 | |
| 19,000 | | | American Tower Corp., 5.250%, 07/15/2028 | | | 19,316 | | | | 0.0 | |
| 44,000 | | | American Tower Corp., 5.550%, 07/15/2033 | | | 45,556 | | | | 0.0 | |
| 19,000 | | | American Tower Corp., 5.650%, 03/15/2033 | | | 19,758 | | | | 0.0 | |
| 28,000 | | | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | | | 29,367 | | | | 0.0 | |
| 40,000 | | | Assurant, Inc., 3.700%, 02/22/2030 | | | 36,090 | | | | 0.0 | |
| 29,000 | | | AvalonBay Communities, Inc., 5.300%, 12/07/2033 | | | 30,189 | | | | 0.0 | |
| 32,000 (2) | | | Aviation Capital Group LLC, 5.500%, 12/15/2024 | | | 31,844 | | | | 0.0 | |
| 200,000 | | | Banco Santander SA, 2.746%, 05/28/2025 | | | 193,139 | | | | 0.1 | |
| 79,000 (4) | | | Bank of America Corp., 0.976%, 04/22/2025 | | | 77,750 | | | | 0.0 | |
| 35,000 (4) | | | Bank of America Corp., 2.299%, 07/21/2032 | | | 28,592 | | | | 0.0 | |
| 28,000 (4) | | | Bank of America Corp., 2.482%, 09/21/2036 | | | 22,192 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) | | | | | | | | |
| 42,000 (4) | | | Bank of America Corp., 2.572%, 10/20/2032 | | $ | 34,838 | | | | 0.0 | |
| 135,000 (4) | | | Bank of America Corp., 2.687%, 04/22/2032 | | | 114,041 | | | | 0.1 | |
| 96,000 (4) | | | Bank of America Corp., 3.419%, 12/20/2028 | | | 90,493 | | | | 0.1 | |
| 44,000 (4) | | | Bank of America Corp., 3.846%, 03/08/2037 | | | 38,661 | | | | 0.0 | |
| 35,000 (4) | | | Bank of America Corp., 5.202%, 04/25/2029 | | | 35,239 | | | | 0.0 | |
| 40,000 (4) | | | Bank of America Corp., 5.288%, 04/25/2034 | | | 40,114 | | | | 0.0 | |
| 157,000 (4) | | | Bank of America Corp., 5.872%, 09/15/2034 | | | 164,440 | | | | 0.1 | |
| 90,000 (4) | | | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | | | 85,418 | | | | 0.1 | |
| 20,000 (4) | | | Bank of America Corp., MTN, 1.843%, 02/04/2025 | | | 19,924 | | | | 0.0 | |
| 40,000 (4) | | | Bank of America Corp., MTN, 2.087%, 06/14/2029 | | | 35,274 | | | | 0.0 | |
| 69,000 (4) | | | Bank of America Corp., MTN, 4.271%, 07/23/2029 | | | 66,673 | | | | 0.0 | |
| 30,000 (4) | | | Bank of America Corp. N, 2.651%, 03/11/2032 | | | 25,346 | | | | 0.0 | |
| 91,000 (4) | | | Bank of America Corp. RR, 4.375%, 12/31/2199 | | | 81,329 | | | | 0.1 | |
| 9,000 (4) | | | Bank of New York Mellon Corp., MTN, 6.474%, 10/25/2034 | | | 9,973 | | | | 0.0 | |
| 76,000 (4) | | | Bank of Nova Scotia, 4.588%, 05/04/2037 | | | 68,046 | | | | 0.0 | |
| 50,000 | | | Bank of Nova Scotia, 5.650%, 02/01/2034 | | | 51,875 | | | | 0.0 | |
| 15,000 (2) | | | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | | | 13,061 | | | | 0.0 | |
| 64,000 (2) | | | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | | | 50,391 | | | | 0.0 | |
| 6,000 (2) | | | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | | | 5,145 | | | | 0.0 | |
| 33,000 | | | Blue Owl Credit Income Corp., 7.750%, 09/16/2027 | | | 34,053 | | | | 0.0 | |
| 254,000 (2)(4) | | | BNP Paribas SA, 5.894%, 12/05/2034 | | | 265,561 | | | | 0.1 | |
| 45,000 | | | Brookfield Finance, Inc., 3.625%, 02/15/2052 | | | 32,144 | | | | 0.0 | |
| 35,000 | | | Camden Property Trust, 5.850%, 11/03/2026 | | | 36,072 | | | | 0.0 | |
| 37,000 | | | Canadian Imperial Bank of Commerce, 6.092%, 10/03/2033 | | | 39,507 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial: (continued) | | | | | | | | |
| 29,000 (4) | | | Capital One Financial Corp., 1.878%, 11/02/2027 | | $ | 26,100 | | | | 0.0 | |
| 41,000 (4) | | | Charles Schwab Corp., 5.643%, 05/19/2029 | | | 42,079 | | | | 0.0 | |
| 20,000 (4) | | | Charles Schwab Corp. H, 4.000%, 12/31/2199 | | | 15,821 | | | | 0.0 | |
| 19,000 | | | CI Financial Corp., 4.100%, 06/15/2051 | | | 11,174 | | | | 0.0 | |
| 49,000 | | | Citizens Financial Group, Inc., 2.500%, 02/06/2030 | | | 41,084 | | | | 0.0 | |
| 63,000 (4) | | | Citizens Financial Group, Inc., 5.641%, 05/21/2037 | | | 58,101 | | | | 0.0 | |
| 45,000 | | | Corebridge Financial, Inc., 3.850%, 04/05/2029 | | | 42,448 | | | | 0.0 | |
| 97,000 | | | Corebridge Financial, Inc., 3.900%, 04/05/2032 | | | 87,754 | | | | 0.1 | |
| 33,000 | | | Corebridge Financial, Inc., 5.750%, 01/15/2034 | | | 33,756 | | | | 0.0 | |
| 29,000 (2) | | | Corebridge Financial, Inc., 6.050%, 09/15/2033 | | | 30,240 | | | | 0.0 | |
| 64,000 (3)(4) | | | Corebridge Financial, Inc., 6.875%, 12/15/2052 | | | 63,869 | | | | 0.0 | |
| 48,000 | | | Crown Castle, Inc., 4.800%, 09/01/2028 | | | 47,411 | | | | 0.0 | |
| 12,000 (3) | | | Crown Castle, Inc., 5.100%, 05/01/2033 | | | 11,888 | | | | 0.0 | |
| 23,000 (3) | | | Crown Castle, Inc., 5.600%, 06/01/2029 | | | 23,536 | | | | 0.0 | |
| 20,000 | | | Crown Castle, Inc., 5.800%, 03/01/2034 | | | 20,714 | | | | 0.0 | |
| 30,000 | | | CubeSmart L.P., 2.250%, 12/15/2028 | | | 26,520 | | | | 0.0 | |
| 36,000 (4) | | | Discover Financial Services, 7.964%, 11/02/2034 | | | 40,064 | | | | 0.0 | |
| 18,000 | | | Extra Space Storage L.P., 4.000%, 06/15/2029 | | | 17,178 | | | | 0.0 | |
| 28,000 (4) | | | Fifth Third Bancorp, 6.339%, 07/27/2029 | | | 29,164 | | | | 0.0 | |
| 42,000 (4) | | | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | | | 44,594 | | | | 0.0 | |
| 7,000 | | | Hartford Financial Services Group, Inc., 5.950%, 10/15/2036 | | | 7,457 | | | | 0.0 | |
| 49,000 (2)(4) | | | Hartford Financial Services Group, Inc. ICON, 7.766%, (TSFR3M + 2.387%), 02/12/2067 | | | 42,103 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 44,000 | | | Healthpeak OP LLC, 5.250%, 12/15/2032 | | $ | 44,514 | | | | 0.0 | |
| 400,000 (4) | | | HSBC Holdings PLC, 2.099%, 06/04/2026 | | | 380,940 | | | | 0.1 | |
| 25,000 (4) | | | Huntington Bancshares, Inc., 2.487%, 08/15/2036 | | | 18,929 | | | | 0.0 | |
| 20,000 (4) | | | Huntington Bancshares, Inc., 6.208%, 08/21/2029 | | | 20,635 | | | | 0.0 | |
| 30,000 (2) | | | Intact Financial Corp., 5.459%, 09/22/2032 | | | 30,091 | | | | 0.0 | |
| 57,000 | | | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | | | 49,340 | | | | 0.0 | |
| 22,000 | | | Invitation Homes Operating Parternship L.P., 5.450%, 08/15/2030 | | | 22,196 | | | | 0.0 | |
| 11,000 | | | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | | | 11,026 | | | | 0.0 | |
| 70,000 | | | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | | | 62,120 | | | | 0.0 | |
| 30,000 | | | Jones Lang LaSalle, Inc., 6.875%, 12/01/2028 | | | 31,791 | | | | 0.0 | |
| 23,000 (4) | | | JPMorgan Chase & Co., 0.969%, 06/23/2025 | | | 22,466 | | | | 0.0 | |
| 137,000 (4) | | | JPMorgan Chase & Co., 1.040%, 02/04/2027 | | | 125,965 | | | | 0.1 | |
| 32,000 (4) | | | JPMorgan Chase & Co., 1.470%, 09/22/2027 | | | 29,005 | | | | 0.0 | |
| 49,000 (4) | | | JPMorgan Chase & Co., 2.069%, 06/01/2029 | | | 43,471 | | | | 0.0 | |
| 33,000 (4) | | | JPMorgan Chase & Co., 2.182%, 06/01/2028 | | | 30,198 | | | | 0.0 | |
| 57,000 (4) | | | JPMorgan Chase & Co., 2.947%, 02/24/2028 | | | 53,653 | | | | 0.0 | |
| 22,000 (4) | | | JPMorgan Chase & Co., 3.509%, 01/23/2029 | | | 20,862 | | | | 0.0 | |
| 39,000 (4) | | | JPMorgan Chase & Co., 6.254%, 10/23/2034 | | | 42,298 | | | | 0.0 | |
| 44,000 (4) | | | KeyCorp, MTN, 4.789%, 06/01/2033 | | | 40,428 | | | | 0.0 | |
| 11,000 | | | Kite Realty Group L.P., 4.000%, 10/01/2026 | | | 10,406 | | | | 0.0 | |
| 28,000 (2) | | | Liberty Mutual Group, Inc., 3.950%, 05/15/2060 | | | 20,220 | | | | 0.0 | |
| 43,000 | | | Marsh & McLennan Cos., Inc., 5.400%, 09/15/2033 | | | 45,307 | | | | 0.0 | |
| 41,000 | | | Marsh & McLennan Cos., Inc., 5.700%, 09/15/2053 | | | 44,650 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial: (continued) | | | | | | | | |
| 103,000 (4) | | | Morgan Stanley, 1.593%, 05/04/2027 | | $ | 94,943 | | | | 0.1 | |
| 234,000 (4) | | | Morgan Stanley, 2.188%, 04/28/2026 | | | 224,894 | | | | 0.1 | |
| 18,000 (4) | | | Morgan Stanley, 2.475%, 01/21/2028 | | | 16,715 | | | | 0.0 | |
| 18,000 (4) | | | Morgan Stanley, 3.591%, 07/22/2028 | | | 17,194 | | | | 0.0 | |
| 40,000 (4) | | | Morgan Stanley, 4.457%, 04/22/2039 | | | 37,051 | | | | 0.0 | |
| 37,000 (4) | | | Morgan Stanley, 5.297%, 04/20/2037 | | | 36,023 | | | | 0.0 | |
| 86,000 (4) | | | Morgan Stanley, 5.948%, 01/19/2038 | | | 87,009 | | | | 0.1 | |
| 15,000 (4) | | | Morgan Stanley, 6.296%, 10/18/2028 | | | 15,721 | | | | 0.0 | |
| 95,000 (4) | | | Morgan Stanley, 6.627%, 11/01/2034 | | | 105,231 | | | | 0.1 | |
| 35,000 (4) | | | Morgan Stanley, GMTN, 0.791%, 01/22/2025 | | | 34,898 | | | | 0.0 | |
| 54,000 (4) | | | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | | | 49,348 | | | | 0.0 | |
| 112,000 | | | Morgan Stanley, GMTN, 3.875%, 01/27/2026 | | | 109,749 | | | | 0.1 | |
| 23,000 (4) | | | Morgan Stanley, MTN, 2.720%, 07/22/2025 | | | 22,624 | | | | 0.0 | |
| 68,000 | | | Morgan Stanley, MTN, 3.125%, 07/27/2026 | | | 65,134 | | | | 0.0 | |
| 46,000 (4) | | | Morgan Stanley, MTN, 5.164%, 04/20/2029 | | | 46,290 | | | | 0.0 | |
| 43,000 (4) | | | Morgan Stanley, MTN, 5.250%, 04/21/2034 | | | 43,016 | | | | 0.0 | |
| 10,000 (4) | | | Morgan Stanley, MTN, 5.424%, 07/21/2034 | | | 10,154 | | | | 0.0 | |
| 12,000 (2) | | | New York Life Insurance Co., 3.750%, 05/15/2050 | | | 9,619 | | | | 0.0 | |
| 24,000 (4) | | | Northern Trust Corp., 3.375%, 05/08/2032 | | | 22,213 | | | | 0.0 | |
| 43,000 (2) | | | Northwestern Mutual Global Funding, 1.700%, 06/01/2028 | | | 37,796 | | | | 0.0 | |
| 10,000 (2) | | | Northwestern Mutual Life Insurance Co., 3.450%, 03/30/2051 | | | 7,482 | | | | 0.0 | |
| 113,000 (4) | | | PartnerRe Finance B LLC, 4.500%, 10/01/2050 | | | 96,491 | | | | 0.1 | |
| 15,000 | | | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | | | 10,438 | | | | 0.0 | |
| 25,000 (4) | | | PNC Financial Services Group, Inc. U, 6.000%, 12/31/2199 | | | 23,738 | | | | 0.0 | |
| 92,000 (4) | | | PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199 | | | 85,989 | | | | 0.1 | |
| 8,000 | | | Realty Income Corp., 3.950%, 08/15/2027 | | | 7,784 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) | | | | | | | | |
| 117,000 | | | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | | $ | 93,841 | | | | 0.1 | |
| 17,000 | | | Sabra Health Care L.P., 3.200%, 12/01/2031 | | | 13,922 | | | | 0.0 | |
| 25,000 | | | Sixth Street Specialty Lending, Inc., 6.950%, 08/14/2028 | | | 25,779 | | | | 0.0 | |
| 42,000 (4) | | | State Street Corp., 5.684%, 11/21/2029 | | | 43,452 | | | | 0.0 | |
| 67,000 (4) | | | State Street Corp., 6.123%, 11/21/2034 | | | 71,157 | | | | 0.0 | |
| 17,000 (2) | | | Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050 | | | 12,565 | | | | 0.0 | |
| 23,000 (2) | | | Teachers Insurance & Annuity Association of America, 4.900%, 09/15/2044 | | | 21,769 | | | | 0.0 | |
| 25,000 (4) | | | Truist Financial Corp., 6.296%, (TSFR3M + 0.912%), 03/15/2028 | | | 22,778 | | | | 0.0 | |
| 11,000 (4) | | | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | | | 10,075 | | | | 0.0 | |
| 31,000 (4) | | | Truist Financial Corp., MTN, 4.916%, 07/28/2033 | | | 28,885 | | | | 0.0 | |
| 175,000 (4) | | | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | | | 178,639 | | | | 0.1 | |
| 32,000 (4) | | | Truist Financial Corp. N, 4.800%, 12/31/2199 | | | 29,499 | | | | 0.0 | |
| 37,000 (4) | | | Truist Financial Corp. Q, 5.100%, 12/31/2199 | | | 33,715 | | | | 0.0 | |
| 250,000 (2)(4) | | | UBS Group AG, 2.193%, 06/05/2026 | | | 237,890 | | | | 0.1 | |
| 47,000 (4) | | | US Bancorp, MTN, 4.967%, 07/22/2033 | | | 44,580 | | | | 0.0 | |
| 73,000 (4) | | | Wells Fargo & Co., 5.389%, 04/24/2034 | | | 73,360 | | | | 0.0 | |
| 114,000 (4) | | | Wells Fargo & Co., 6.491%, 10/23/2034 | | | 124,085 | | | | 0.1 | |
| 18,000 (4) | | | Wells Fargo & Co., MTN, 2.164%, 02/11/2026 | | | 17,332 | | | | 0.0 | |
| 36,000 (4) | | | Wells Fargo & Co., MTN, 2.393%, 06/02/2028 | | | 32,989 | | | | 0.0 | |
| 20,000 (4) | | | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | | | 19,090 | | | | 0.0 | |
| 21,000 (4) | | | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | | | 20,789 | | | | 0.0 | |
| 15,000 | | | Weyerhaeuser Co., 4.750%, 05/15/2026 | | | 14,937 | | | | 0.0 | |
| | | | | | | 6,852,545 | | | | 2.2 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Industrial: 0.5% | | | | | | | | |
| 31,000 | | | Avnet, Inc., 5.500%, 06/01/2032 | | $ | 30,700 | | | | 0.0 | |
| 29,000 | | | Avnet, Inc., 6.250%, 03/15/2028 | | | 30,063 | | | | 0.0 | |
| 40,000 | | | Berry Global, Inc., 1.650%, 01/15/2027 | | | 36,042 | | | | 0.0 | |
| 22,000 (3) | | | Boeing Co., 3.250%, 02/01/2028 | | | 20,886 | | | | 0.0 | |
| 36,000 | | | Boeing Co., 3.250%, 02/01/2035 | | | 30,384 | | | | 0.0 | |
| 5,000 | | | Boeing Co., 3.625%, 02/01/2031 | | | 4,646 | | | | 0.0 | |
| 5,000 | | | Boeing Co., 3.850%, 11/01/2048 | | | 3,892 | | | | 0.0 | |
| 35,000 | | | Boeing Co., 4.875%, 05/01/2025 | | | 34,854 | | | | 0.0 | |
| 34,000 | | | Boeing Co., 5.150%, 05/01/2030 | | | 34,632 | | | | 0.0 | |
| 43,000 | | | Boeing Co., 5.805%, 05/01/2050 | | | 44,559 | | | | 0.0 | |
| 31,000 | | | Boeing Co., 5.930%, 05/01/2060 | | | 32,156 | | | | 0.0 | |
| 59,000 | | | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | | | 50,229 | | | | 0.0 | |
| 40,000 | | | Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054 | | | 41,678 | | | | 0.0 | |
| 21,000 | | | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | | | 18,930 | | | | 0.0 | |
| 9,000 | | | Carrier Global Corp., 2.722%, 02/15/2030 | | | 8,057 | | | | 0.0 | |
| 14,000 (2) | | | Carrier Global Corp., 5.900%, 03/15/2034 | | | 15,148 | | | | 0.0 | |
| 50,000 | | | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | | | 51,567 | | | | 0.0 | |
| 14,000 | | | FedEx Corp., 4.550%, 04/01/2046 | | | 12,560 | | | | 0.0 | |
| 23,000 | | | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | | | 24,044 | | | | 0.0 | |
| 46,000 | | | GATX Corp., 6.900%, 05/01/2034 | | | 50,673 | | | | 0.0 | |
| 18,000 | | | GE Capital Funding LLC, 4.400%, 05/15/2030 | | | 17,051 | | | | 0.0 | |
| 52,000 | | | HEICO Corp., 5.250%, 08/01/2028 | | | 53,128 | | | | 0.1 | |
| 17,000 (3) | | | Ingersoll Rand, Inc., 5.700%, 08/14/2033 | | | 17,994 | | | | 0.0 | |
| 82,000 | | | John Deere Capital Corp., MTN, 4.700%, 06/10/2030 | | | 83,376 | | | | 0.1 | |
| 40,000 (3) | | | John Deere Capital Corp., MTN, 4.750%, 01/20/2028 | | | 40,685 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: (continued) | | | | | | | | |
| 32,000 | | | Lennox International, Inc., 5.500%, 09/15/2028 | | $ | 32,884 | | | | 0.0 | |
| 16,000 (3) | | | Lockheed Martin Corp., 4.750%, 02/15/2034 | | | 16,293 | | | | 0.0 | |
| 31,000 | | | Lockheed Martin Corp., 5.200%, 02/15/2055 | | | 32,569 | | | | 0.0 | |
| 16,000 | | | Lockheed Martin Corp., 5.900%, 11/15/2063 | | | 18,706 | | | | 0.0 | |
| 20,000 (3) | | | Mohawk Industries, Inc., 5.850%, 09/18/2028 | | | 20,750 | | | | 0.0 | |
| 17,000 | | | Nordson Corp., 5.600%, 09/15/2028 | | | 17,642 | | | | 0.0 | |
| 13,000 | | | Norfolk Southern Corp., 2.550%, 11/01/2029 | | | 11,688 | | | | 0.0 | |
| 21,000 | | | Norfolk Southern Corp., 5.050%, 08/01/2030 | | | 21,519 | | | | 0.0 | |
| 17,000 | | | Norfolk Southern Corp., 5.550%, 03/15/2034 | | | 17,963 | | | | 0.0 | |
| 56,000 | | | Norfolk Southern Corp., 5.950%, 03/15/2064 | | | 62,562 | | | | 0.1 | |
| 22,000 | | | Otis Worldwide Corp., 5.250%, 08/16/2028 | | | 22,627 | | | | 0.0 | |
| 25,000 | | | Packaging Corp. of America, 5.700%, 12/01/2033 | | | 26,332 | | | | 0.0 | |
| 24,000 (2) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025 | | | 22,265 | | | | 0.0 | |
| 40,000 (2) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | | | 36,789 | | | | 0.0 | |
| 70,000 (2) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.200%, 06/15/2030 | | | 73,535 | | | | 0.1 | |
| 34,000 | | | Raytheon Technologies Corp., 4.450%, 11/16/2038 | | | 31,310 | | | | 0.0 | |
| 51,000 | | | Raytheon Technologies Corp., 4.500%, 06/01/2042 | | | 46,377 | | | | 0.0 | |
| 25,000 | | | Republic Services, Inc., 5.000%, 12/15/2033 | | | 25,535 | | | | 0.0 | |
| 24,000 | | | Ryder System, Inc., 6.300%, 12/01/2028 | | | 25,469 | | | | 0.0 | |
| 30,000 | | | Ryder System, Inc., 6.600%, 12/01/2033 | | | 33,283 | | | | 0.0 | |
| 37,000 | | | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | | | 37,515 | | | | 0.0 | |
| 30,000 (2) | | | Sealed Air Corp., 1.573%, 10/15/2026 | | | 27,035 | | | | 0.0 | |
| 3,000 | | | Union Pacific Corp., 3.550%, 05/20/2061 | | | 2,256 | | | | 0.0 | |
| 22,000 | | | Union Pacific Corp., 3.799%, 10/01/2051 | | | 18,439 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Industrial: (continued) | | | | | | | | |
| 17,000 | | | Union Pacific Corp., 3.839%, 03/20/2060 | | $ | 13,892 | | | | 0.0 | |
| 4,000 | | | Union Pacific Corp., 3.950%, 08/15/2059 | | | 3,272 | | | | 0.0 | |
| 13,000 (2) | | | Veralto Corp., 5.450%, 09/18/2033 | | | 13,474 | | | | 0.0 | |
| 10,000 | | | Waste Management, Inc., 2.000%, 06/01/2029 | | | 8,908 | | | | 0.0 | |
| 21,000 | | | Waste Management, Inc., 4.625%, 02/15/2030 | | | 21,252 | | | | 0.0 | |
| 13,000 | | | Waste Management, Inc., 4.875%, 02/15/2029 | | | 13,312 | | | | 0.0 | |
| 62,000 | | | Waste Management, Inc., 4.875%, 02/15/2034 | | | 63,276 | | | | 0.1 | |
| | | | | | | 1,606,663 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | Technology: 0.5% | | | | | | | | |
| 58,000 | | | Advanced Micro Devices, Inc., 3.924%, 06/01/2032 | | | 56,126 | | | | 0.0 | |
| 38,000 | | | Advanced Micro Devices, Inc., 4.393%, 06/01/2052 | | | 36,075 | | | | 0.0 | |
| 19,000 | | | Apple, Inc., 2.850%, 08/05/2061 | | | 13,002 | | | | 0.0 | |
| 12,000 | | | Apple, Inc., 4.100%, 08/08/2062 | | | 10,702 | | | | 0.0 | |
| 54,000 (2) | | | Broadcom, Inc., 3.187%, 11/15/2036 | | | 43,789 | | | | 0.0 | |
| 130,000 (2) | | | Broadcom, Inc., 4.926%, 05/15/2037 | | | 125,890 | | | | 0.1 | |
| 18,000 | | | Concentrix Corp., 6.600%, 08/02/2028 | | | 18,532 | | | | 0.0 | |
| 59,000 | | | Concentrix Corp., 6.850%, 08/02/2033 | | | 60,726 | | | | 0.0 | |
| 14,000 | | | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | | | 14,335 | | | | 0.0 | |
| 20,000 | | | Fiserv, Inc., 2.750%, 07/01/2024 | | | 19,707 | | | | 0.0 | |
| 42,000 | | | Fiserv, Inc., 5.625%, 08/21/2033 | | | 44,020 | | | | 0.0 | |
| 31,000 | | | HP, Inc., 2.650%, 06/17/2031 | | | 26,402 | | | | 0.0 | |
| 75,000 | | | Intel Corp., 4.600%, 03/25/2040 | | | 73,017 | | | | 0.1 | |
| 39,000 | | | Intel Corp., 5.125%, 02/10/2030 | | | 40,475 | | | | 0.0 | |
| 44,000 | | | Intel Corp., 5.700%, 02/10/2053 | | | 47,615 | | | | 0.0 | |
| 69,000 (3) | | | Intuit, Inc., 5.125%, 09/15/2028 | | | 71,364 | | | | 0.0 | |
| 58,000 | | | Intuit, Inc., 5.200%, 09/15/2033 | | | 60,750 | | | | 0.0 | |
| 73,000 | | | Intuit, Inc., 5.500%, 09/15/2053 | | | 79,907 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Technology: (continued) | | | | | | | | |
| 32,000 | | | KLA Corp., 5.250%, 07/15/2062 | | $ | 33,422 | | | | 0.0 | |
| 24,000 | | | Marvell Technology, Inc., 5.750%, 02/15/2029 | | | 24,813 | | | | 0.0 | |
| 51,000 (2) | | | Microsoft Corp., 2.500%, 09/15/2050 | | | 34,488 | | | | 0.0 | |
| 15,000 | | | Microsoft Corp., 2.525%, 06/01/2050 | | | 10,253 | | | | 0.0 | |
| 31,000 | | | NXP BV / NXP Funding LLC, 5.350%, 03/01/2026 | | | 31,224 | | | | 0.0 | |
| 16,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 05/11/2041 | | | 12,243 | | | | 0.0 | |
| 14,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030 | | | 12,877 | | | | 0.0 | |
| 100,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | | | 97,240 | | | | 0.1 | |
| 70,000 | | | Oracle Corp., 2.300%, 03/25/2028 | | | 63,825 | | | | 0.0 | |
| 74,000 | | | Oracle Corp., 3.650%, 03/25/2041 | | | 58,774 | | | | 0.0 | |
| 27,000 | | | Oracle Corp., 3.800%, 11/15/2037 | | | 22,972 | | | | 0.0 | |
| 6,000 | | | Oracle Corp., 3.850%, 07/15/2036 | | | 5,233 | | | | 0.0 | |
| 110,000 | | | Oracle Corp., 4.300%, 07/08/2034 | | | 102,816 | | | | 0.1 | |
| 34,000 | | | Oracle Corp., 6.150%, 11/09/2029 | | | 36,601 | | | | 0.0 | |
| 26,000 | | | Oracle Corp., 6.900%, 11/09/2052 | | | 30,546 | | | | 0.0 | |
| 62,000 | | | QUALCOMM, Inc., 6.000%, 05/20/2053 | | | 71,408 | | | | 0.0 | |
| 34,000 | | | Texas Instruments, Inc., 5.000%, 03/14/2053 | | | 34,850 | | | | 0.0 | |
| 51,000 | | | Texas Instruments, Inc., 5.050%, 05/18/2063 | | | 52,310 | | | | 0.0 | |
| | | | | | | 1,578,329 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | Utilities: 1.1% | | | | | | | | |
| 32,000 (2) | | | AEP Texas, Inc., 3.850%, 10/01/2025 | | | 31,104 | | | | 0.0 | |
| 21,000 | | | AES Corp., 1.375%, 01/15/2026 | | | 19,440 | | | | 0.0 | |
| 44,000 | | | AES Corp., 2.450%, 01/15/2031 | | | 36,993 | | | | 0.0 | |
| 10,000 (2) | | | AES Corp., 3.950%, 07/15/2030 | | | 9,257 | | | | 0.0 | |
| 33,000 | | | AES Corp., 5.450%, 06/01/2028 | | | 33,570 | | | | 0.0 | |
| 18,000 | | | Alabama Power Co., 5.850%, 11/15/2033 | | | 19,367 | | | | 0.0 | |
| 38,000 | | | Ameren Corp., 5.000%, 01/15/2029 | | | 38,198 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 25,000 (2) | | | American Transmission Systems, Inc., 2.650%, 01/15/2032 | | $ | 21,166 | | | | 0.0 | |
| 28,000 (2) | | | American Transmission Systems, Inc., 5.000%, 09/01/2044 | | | 26,044 | | | | 0.0 | |
| 14,000 | | | Appalachian Power Co. Y, 4.500%, 03/01/2049 | | | 11,839 | | | | 0.0 | |
| 55,000 | | | Avangrid, Inc., 3.200%, 04/15/2025 | | | 53,471 | | | | 0.0 | |
| 119,000 | | | Avangrid, Inc., 3.800%, 06/01/2029 | | | 112,287 | | | | 0.1 | |
| 9,000 | | | Black Hills Corp., 3.050%, 10/15/2029 | | | 8,096 | | | | 0.0 | |
| 39,000 (2) | | | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | | | 36,556 | | | | 0.0 | |
| 12,000 (4) | | | CMS Energy Corp., 3.750%, 12/01/2050 | | | 9,530 | | | | 0.0 | |
| 68,000 (3)(4) | | | CMS Energy Corp., 4.750%, 06/01/2050 | | | 61,578 | | | | 0.1 | |
| 17,000 | | | Consolidated Edison Co. of New York, Inc., 5.500%, 03/15/2034 | | | 17,842 | | | | 0.0 | |
| 23,000 | | | Consolidated Edison Co. of New York, Inc., 5.900%, 11/15/2053 | | | 25,347 | | | | 0.0 | |
| 12,000 | | | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | | | 12,254 | | | | 0.0 | |
| 47,000 | | | Consumers Energy Co., 4.900%, 02/15/2029 | | | 47,865 | | | | 0.0 | |
| 50,000 | | | Dominion Energy, Inc., 5.375%, 11/15/2032 | | | 51,380 | | | | 0.0 | |
| 6,000 (4) | | | Dominion Energy, Inc. C, 4.350%, 12/31/2199 | | | 5,350 | | | | 0.0 | |
| 10,000 | | | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | | | 8,684 | | | | 0.0 | |
| 6,000 | | | Duke Energy Carolinas LLC, 3.750%, 06/01/2045 | | | 4,818 | | | | 0.0 | |
| 81,000 | | | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | | | 69,594 | | | | 0.1 | |
| 42,000 | | | Duke Energy Carolinas LLC, 5.350%, 01/15/2053 | | | 43,118 | | | | 0.0 | |
| 4,000 (4) | | | Duke Energy Corp., 4.875%, 12/31/2199 | | | 3,948 | | | | 0.0 | |
| 42,000 | | | Duke Energy Florida LLC, 2.400%, 12/15/2031 | | | 35,466 | | | | 0.0 | |
| 15,000 | | | Duke Energy Florida LLC, 5.875%, 11/15/2033 | | | 16,179 | | | | 0.0 | |
| 26,000 | | | Duke Energy Florida LLC, 5.950%, 11/15/2052 | | | 28,499 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) | | | | | | | | |
| 195,000 | | | Duke Energy Indiana LLC, 2.750%, 04/01/2050 | | $ | 126,460 | | | | 0.1 | |
| 11,000 | | | Duke Energy Ohio, Inc., 2.125%, 06/01/2030 | | | 9,373 | | | | 0.0 | |
| 2,000 | | | Duke Energy Ohio, Inc., 3.700%, 06/15/2046 | | | 1,569 | | | | 0.0 | |
| 109,000 | | | Duke Energy Progress LLC, 3.700%, 10/15/2046 | | | 85,091 | | | | 0.1 | |
| 40,000 | | | Duke Energy Progress LLC, 4.100%, 05/15/2042 | | | 34,594 | | | | 0.0 | |
| 2,000 | | | Duke Energy Progress LLC, 4.200%, 08/15/2045 | | | 1,714 | | | | 0.0 | |
| 11,000 (2) | | | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | | | 9,165 | | | | 0.0 | |
| 78,000 | | | Entergy Arkansas LLC, 2.650%, 06/15/2051 | | | 49,157 | | | | 0.0 | |
| 25,000 | | | Entergy Arkansas LLC, 4.200%, 04/01/2049 | | | 21,464 | | | | 0.0 | |
| 16,000 | | | Entergy Arkansas LLC, 5.150%, 01/15/2033 | | | 16,328 | | | | 0.0 | |
| 24,000 | | | Entergy Corp., 2.400%, 06/15/2031 | | | 20,104 | | | | 0.0 | |
| 7,000 | | | Entergy Corp., 2.800%, 06/15/2030 | | | 6,165 | | | | 0.0 | |
| 9,000 | | | Entergy Louisiana LLC, 4.200%, 04/01/2050 | | | 7,623 | | | | 0.0 | |
| 32,000 | | | Entergy Mississippi LLC, 5.000%, 09/01/2033 | | | 32,255 | | | | 0.0 | |
| 33,000 | | | Entergy Texas, Inc., 4.000%, 03/30/2029 | | | 32,103 | | | | 0.0 | |
| 43,000 | | | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | | | 45,021 | | | | 0.0 | |
| 15,000 | | | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | | | 16,057 | | | | 0.0 | |
| 16,000 | | | Evergy Metro, Inc. 2020, 2.250%, 06/01/2030 | | | 13,662 | | | | 0.0 | |
| 57,000 | | | Eversource Energy, 2.900%, 03/01/2027 | | | 53,993 | | | | 0.1 | |
| 23,000 | | | Eversource Energy, 5.125%, 05/15/2033 | | | 23,135 | | | | 0.0 | |
| 34,000 | | | Eversource Energy, 5.450%, 03/01/2028 | | | 34,961 | | | | 0.0 | |
| 35,000 | | | Eversource Energy, 5.950%, 02/01/2029 | | | 36,683 | | | | 0.0 | |
| 25,000 | | | Eversource Energy U, 1.400%, 08/15/2026 | | | 22,818 | | | | 0.0 | |
| 54,000 | | | Exelon Corp., 5.150%, 03/15/2028 | | | 54,930 | | | | 0.1 | |
| 21,000 | | | Florida Power & Light Co., 4.625%, 05/15/2030 | | | 21,158 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 15,000 | | | Florida Power & Light Co., 4.800%, 05/15/2033 | | $ | 15,181 | | | | 0.0 | |
| 18,000 | | | Georgia Power Co., 4.650%, 05/16/2028 | | | 18,151 | | | | 0.0 | |
| 25,000 | | | Georgia Power Co. A, 2.200%, 09/15/2024 | | | 24,380 | | | | 0.0 | |
| 37,000 | | | Idaho Power Co., MTN, 5.800%, 04/01/2054 | | | 39,693 | | | | 0.0 | |
| 56,000 | | | Interstate Power and Light Co., 3.250%, 12/01/2024 | | | 54,895 | | | | 0.1 | |
| 6,000 | | | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | | | 5,555 | | | | 0.0 | |
| 8,000 (2) | | | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | | | 6,760 | | | | 0.0 | |
| 50,000 (2) | | | Jersey Central Power & Light Co., 4.300%, 01/15/2026 | | | 48,950 | | | | 0.0 | |
| 50,000 (2) | | | Jersey Central Power & Light Co., 4.700%, 04/01/2024 | | | 49,828 | | | | 0.0 | |
| 17,000 | | | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | | | 17,671 | | | | 0.0 | |
| 17,000 | | | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | | | 17,720 | | | | 0.0 | |
| 12,000 (2) | | | Metropolitan Edison Co., 4.000%, 04/15/2025 | | | 11,718 | | | | 0.0 | |
| 30,000 | | | Mississippi Power Co. 12-A, 4.250%, 03/15/2042 | | | 25,634 | | | | 0.0 | |
| 20,000 (2) | | | Monongahela Power Co., 3.550%, 05/15/2027 | | | 19,163 | | | | 0.0 | |
| 35,000 (2) | | | Monongahela Power Co., 5.850%, 02/15/2034 | | | 36,769 | | | | 0.0 | |
| 13,000 (2) | | | Narragansett Electric Co., 3.395%, 04/09/2030 | | | 11,847 | | | | 0.0 | |
| 41,000 | | | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | | | 35,639 | | | | 0.0 | |
| 31,000 | | | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | | | 26,140 | | | | 0.0 | |
| 8,000 | | | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | | | 7,596 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) | | | | | | | | |
| 28,000 | | | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | | $ | 29,671 | | | | 0.0 | |
| 17,000 (4) | | | National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053 | | | 17,564 | | | | 0.0 | |
| 32,000 (4) | | | National Rural Utilities Cooperative Finance Corp., 8.562%, (TSFR3M + 3.172%), 04/30/2043 | | | 31,740 | | | | 0.0 | |
| 13,000 | | | Nevada Power Co., 6.000%, 03/15/2054 | | | 14,288 | | | | 0.0 | |
| 93,000 | | | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | | | 85,582 | | | | 0.1 | |
| 45,000 (4) | | | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | | | 38,341 | | | | 0.0 | |
| 38,000 | | | NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024 | | | 37,654 | | | | 0.0 | |
| 50,000 | | | NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025 | | | 50,476 | | | | 0.0 | |
| 100,000 | | | NiSource, Inc., 0.950%, 08/15/2025 | | | 93,549 | | | | 0.1 | |
| 16,000 | | | NSTAR Electric Co., 1.950%, 08/15/2031 | | | 13,114 | | | | 0.0 | |
| 26,000 | | | ONE Gas, Inc., 1.100%, 03/11/2024 | | | 25,773 | | | | 0.0 | |
| 28,000 | | | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | | | 21,988 | | | | 0.0 | |
| 17,000 | | | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | | | 13,759 | | | | 0.0 | |
| 27,000 (2) | | | Pennsylvania Electric Co., 5.150%, 03/30/2026 | | | 26,981 | | | | 0.0 | |
| 24,000 | | | Public Service Electric and Gas Co., 5.450%, 08/01/2053 | | | 25,945 | | | | 0.0 | |
| 11,000 | | | Public Service Enterprise Group, Inc., 1.600%, 08/15/2030 | | | 9,012 | | | | 0.0 | |
| 59,000 | | | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | | | 49,668 | | | | 0.0 | |
| 70,000 | | | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | | | 72,916 | | | | 0.1 | |
| 35,000 | | | San Diego Gas & Electric Co., 4.950%, 08/15/2028 | | | 35,743 | | | | 0.0 | |
| 34,000 | | | South Jersey Industries, Inc., 5.020%, 04/15/2031 | | | 27,354 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 38,000 | | | Southern Co., 5.113%, 08/01/2027 | | $ | 38,543 | | | | 0.0 | |
| 39,000 (4) | | | Southern Co. 21-A, 3.750%, 09/15/2051 | | | 35,607 | | | | 0.0 | |
| 35,000 (4) | | | Southern Co. B, 4.000%, 01/15/2051 | | | 33,345 | | | | 0.0 | |
| 22,000 | | | Southwestern Electric Power Co., 5.300%, 04/01/2033 | | | 22,018 | | | | 0.0 | |
| 36,000 | | | Southwestern Electric Power Co. N, 1.650%, 03/15/2026 | | | 33,537 | | | | 0.0 | |
| 14,000 | | | Tampa Electric Co., 4.350%, 05/15/2044 | | | 12,042 | | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co., 5.450%, 04/01/2053 | | | 30,947 | | | | 0.0 | |
| 20,000 | | | Virginia Electric and Power Co., 5.700%, 08/15/2053 | | | 21,232 | | | | 0.0 | |
| 31,000 | | | WEC Energy Group, Inc., 1.375%, 10/15/2027 | | | 27,422 | | | | 0.0 | |
| 26,000 | | | WEC Energy Group, Inc., 2.200%, 12/15/2028 | | | 23,151 | | | | 0.0 | |
| 10,000 | | | WEC Energy Group, Inc., 5.000%, 09/27/2025 | | | 9,984 | | | | 0.0 | |
| 14,000 | | | WEC Energy Group, Inc., 5.150%, 10/01/2027 | | | 14,213 | | | | 0.0 | |
| 23,000 | | | Wisconsin Electric Power Co., 1.700%, 06/15/2028 | | | 20,467 | | | | 0.0 | |
| 26,000 | | | Wisconsin Public Service Corp., 3.671%, 12/01/2042 | | | 20,885 | | | | 0.0 | |
| | | | | | | 3,212,224 | | | | 1.1 | |
| | | | Total Corporate Bonds/Notes
(Cost $23,782,614) | | | 23,247,677 | | | | 7.6 | |
| | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.1% | | | | |
| | | | Federal Home Loan Banks: 1.6% | |
| 5,000,000 (5) | | | 10.550%, 01/02/2024 | | | 4,997,111 | | | | 1.6 | |
| | | | Federal Home Loan Mortgage Corporation: 0.1%(6) | |
| 2,893 | | | 2.500%, 05/01/2030 | | | 2,722 | | | | 0.0 | |
| 4,731 | | | 2.500%, 05/01/2030 | | | 4,448 | | | | 0.0 | |
| 6,703 | | | 2.500%, 06/01/2030 | | | 6,368 | | | | 0.0 | |
| 11,070 | | | 3.000%, 03/01/2045 | | | 10,138 | | | | 0.0 | |
| 14,582 | | | 3.000%, 03/01/2045 | | | 13,390 | | | | 0.0 | |
| 17,123 | | | 3.000%, 04/01/2045 | | | 15,682 | | | | 0.0 | |
| 26,223 | | | 3.500%, 03/01/2045 | | | 24,621 | | | | 0.0 | |
| 69,965 | | | 4.000%, 12/01/2041 | | | 67,726 | | | | 0.0 | |
| 24,727 | | | 4.000%, 12/01/2042 | | | 24,104 | | | | 0.0 | |
| 2,571 | | | 4.000%, 09/01/2045 | | | 2,478 | | | | 0.0 | |
| 3,427 | | | 4.000%, 09/01/2045 | | | 3,294 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation: (continued) | |
| 3,458 | | | 4.000%, 09/01/2045 | | $ | 3,340 | | | | 0.0 | |
| 4,409 | | | 4.000%, 09/01/2045 | | | 4,258 | | | | 0.0 | |
| 39,042 | | | 4.500%, 08/01/2041 | | | 39,034 | | | | 0.0 | |
| 153,422 | | | 4.500%, 09/01/2041 | | | 153,502 | | | | 0.1 | |
| 1,710 | | | 5.500%, 07/01/2037 | | | 1,764 | | | | 0.0 | |
| 1,346 | | | 6.500%, 12/01/2031 | | | 1,391 | | | | 0.0 | |
| | | | | | | 378,260 | | | | 0.1 | |
| | | | Federal National Mortgage Association: 0.1%(6) | |
| 316,348 | | | 4.500%, 09/01/2047 | | | 322,778 | | | | 0.1 | |
| | | | Government National Mortgage Association: 1.2% | |
| 1,081,467 | | | 2.500%, 05/20/2051 | | | 947,097 | | | | 0.3 | |
| 574,941 | | | 3.000%, 11/20/2051 | | | 521,007 | | | | 0.2 | |
| 1,713,974 | | | 3.500%, 05/20/2050 | | | 1,611,333 | | | | 0.6 | |
| 17,653 | | | 4.000%, 11/20/2040 | | | 17,310 | | | | 0.0 | |
| 36,209 | | | 4.000%, 03/20/2046 | | | 35,102 | | | | 0.0 | |
| 305,163 | | | 4.000%, 05/20/2053 | | | 291,294 | | | | 0.1 | |
| 33,278 | | | 4.500%, 08/20/2041 | | | 32,478 | | | | 0.0 | |
| 66,248 | | | 4.500%, 09/15/2047 | | | 65,216 | | | | 0.0 | |
| | | | | | | 3,520,837 | | | | 1.2 | |
| | | | Uniform Mortgage-Backed Securities: 4.1% | |
| 251,239 | | | 2.000%, 05/01/2051 | | | 205,835 | | | | 0.1 | |
| 261,954 | | | 2.000%, 10/01/2051 | | | 214,615 | | | | 0.1 | |
| 881,100 | | | 2.000%, 02/01/2052 | | | 730,722 | | | | 0.2 | |
| 967,453 | | | 2.000%, 03/01/2052 | | | 791,244 | | | | 0.3 | |
| 8,851 | | | 2.500%, 05/01/2030 | | | 8,400 | | | | 0.0 | |
| 12,345 | | | 2.500%, 06/01/2030 | | | 11,721 | | | | 0.0 | |
| 16,972 | | | 2.500%, 06/01/2030 | | | 16,101 | | | | 0.0 | |
| 6,425 | | | 2.500%, 07/01/2030 | | | 6,095 | | | | 0.0 | |
| 1,235,240 | | | 2.500%, 02/01/2051 | | | 1,055,683 | | | | 0.3 | |
| 512,927 | | | 2.500%, 06/01/2051 | | | 436,939 | | | | 0.1 | |
| 899,979 | | | 2.500%, 11/01/2051 | | | 770,977 | | | | 0.3 | |
| 296,858 | | | 2.500%, 01/01/2052 | | | 255,140 | | | | 0.1 | |
| 443,034 | | | 2.500%, 02/01/2052 | | | 379,362 | | | | 0.1 | |
| 550,698 | | | 2.500%, 02/01/2052 | | | 471,584 | | | | 0.2 | |
| 767,035 | | | 2.500%, 02/01/2052 | | | 660,448 | | | | 0.2 | |
| 808,604 | | | 2.500%, 02/01/2052 | | | 696,178 | | | | 0.2 | |
| 331,831 | | | 2.500%, 03/01/2052 | | | 285,329 | | | | 0.1 | |
| 28,061 | | | 3.000%, 09/01/2043 | | | 25,806 | | | | 0.0 | |
| 134,972 | | | 3.000%, 04/01/2045 | | | 123,442 | | | | 0.0 | |
| 91,288 | | | 3.000%, 07/01/2046 | | | 83,290 | | | | 0.0 | |
| 501,252 | | | 3.000%, 04/01/2050 | | | 447,661 | | | | 0.1 | |
| 942,963 | | | 3.000%, 02/01/2052 | | | 844,504 | | | | 0.3 | |
| 894,604 | | | 3.000%, 04/01/2052 | | | 798,087 | | | | 0.3 | |
| 732,837 | | | 3.000%, 05/01/2052 | | | 652,191 | | | | 0.2 | |
| 31,762 | | | 3.500%, 10/01/2042 | | | 29,982 | | | | 0.0 | |
| 278,349 | | | 3.500%, 08/01/2046 | | | 261,328 | | | | 0.1 | |
| 6,686 | | | 4.000%, 07/01/2042 | | | 6,507 | | | | 0.0 | |
| 68,278 | | | 4.000%, 07/01/2042 | | | 66,442 | | | | 0.0 | |
| 110,595 | | | 4.000%, 01/01/2045 | | | 107,412 | | | | 0.0 | |
| 17,933 | | | 4.000%, 06/01/2045 | | | 17,295 | | | | 0.0 | |
| 40,077 | | | 4.000%, 11/01/2052 | | | 38,522 | | | | 0.0 | |
| 12,403 | | | 4.500%, 11/01/2040 | | | 12,392 | | | | 0.0 | |
| 26,544 | | | 4.500%, 10/01/2041 | | | 26,496 | | | | 0.0 | |
| 160,771 | | | 5.000%, 05/01/2042 | | | 163,433 | | | | 0.1 | |
| 781,967 | | | 5.000%, 10/01/2052 | | | 774,924 | | | | 0.3 | |
| 43,219 | | | 5.500%, 12/01/2036 | | | 44,522 | | | | 0.0 | |
| 1,114,000 (7) | | | 5.500%, 01/01/2054 | | | 1,118,874 | | | | 0.4 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | | | |
| | | | Uniform Mortgage-Backed Securities: (continued) | |
| 123 | | | 7.000%, 10/01/2029 | | $ | 127 | | | | 0.0 | |
| 798 | | | 7.000%, 01/01/2032 | | | 824 | | | | 0.0 | |
| | | | | | | 12,640,434 | | | | 4.1 | |
| | | | | | | | | | | | |
| | | | Total U.S. Government Agency Obligations
(Cost $22,884,927) | | | 21,859,420 | | | | 7.1 | |
| | | | | |
| U.S. TREASURY OBLIGATIONS: 3.8% | | | | |
| | | | United States Treasury Bonds: 1.2% | |
| 1,000 | | | 1.250%, 05/15/2050 | | | 539 | | | | 0.0 | |
| 22,000 | | | 1.375%, 11/15/2040 | | | 14,607 | | | | 0.0 | |
| 2,200 | | | 1.625%, 11/15/2050 | | | 1,311 | | | | 0.0 | |
| 117,400 | | | 3.250%, 05/15/2042 | | | 103,055 | | | | 0.0 | |
| 459,800 | | | 4.125%, 08/15/2053 | | | 464,901 | | | | 0.2 | |
| 2,760,300 (3) | | | 4.750%, 11/15/2043 | | | 2,961,716 | | | | 1.0 | |
| | | | | | | 3,546,129 | | | | 1.2 | |
| | | | United States Treasury Notes: 2.6% | |
| 137,800 | | | 1.250%, 11/30/2026 | | | 127,416 | | | | 0.0 | |
| 219,300 | | | 1.250%, 09/30/2028 | | | 194,385 | | | | 0.1 | |
| 2,000,000 | | | 2.125%, 09/30/2024 | | | 1,959,055 | | | | 0.6 | |
| 45,400 | | | 2.750%, 08/15/2032 | | | 41,590 | | | | 0.0 | |
| 826,600 | | | 3.750%, 12/31/2028 | | | 822,919 | | | | 0.3 | |
| 1,000,300 | | | 4.250%, 12/15/2026 | | | 1,010,225 | | | | 0.3 | |
| 176,100 | | | 4.375%, 11/30/2028 | | | 180,227 | | | | 0.1 | |
| 1,518,000 | | | 4.375%, 11/30/2030 | | | 1,561,287 | | | | 0.5 | |
| 2,010,800 | | | 4.500%, 11/15/2033 | | | 2,111,654 | | | | 0.7 | |
| 34,000 | | | 4.875%, 11/30/2025 | | | 34,355 | | | | 0.0 | |
| | | | | | | 8,043,113 | | | | 2.6 | |
| | | | | | | | | | | | |
| | | | Total U.S. Treasury Obligations
(Cost $11,258,052) | | | 11,589,242 | | | | 3.8 | |
| | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 3.2% | | | | |
| 43,015 (4) | | | Alternative Loan Trust 2004-J7 M1, 4.867%, (TSFR1M + 1.134%), 10/25/2034 | | | 42,397 | | | | 0.0 | |
| 35,529 | | | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 | | | 25,188 | | | | 0.0 | |
| 68,958 (4) | | | Alternative Loan Trust 2005-J2 1A12, 5.500%, (TSFR1M + 0.514%), 04/25/2035 | | | 53,163 | | | | 0.0 | |
| 15,260 | | | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | | | 7,718 | | | | 0.0 | |
| 72,771 (4) | | | Alternative Loan Trust 2006-19CB A12, 5.870%, (TSFR1M + 0.514%), 08/25/2036 | | | 36,412 | | | | 0.0 | |
| 22,582 (4) | | | Alternative Loan Trust 2007-23CB A3, 5.970%, (TSFR1M + 0.614%), 09/25/2037 | | | 9,071 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 98,930 (4) | | | Alternative Loan Trust 2007-2CB 2A1, 5.750%, (TSFR1M + 0.714%), 03/25/2037 | | $ | 45,703 | | | | 0.0 | |
| 600,000 (2) | | | Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056 | | | 452,125 | | | | 0.2 | |
| 19,250 (4) | | | Bear Stearns ALT-A Trust 2005-7 21A1, 5.387%, 09/25/2035 | | | 15,554 | | | | 0.0 | |
| 500,000 (2)(4) | | | Bellemeade Re Ltd. 2022-1 M1C, 9.037%, (SOFR30A + 3.700%), 01/26/2032 | | | 507,362 | | | | 0.2 | |
| 48,152 (4) | | | Citigroup Mortgage Loan Trust 2006- AR2 1A1, 4.651%, 03/25/2036 | | | 37,403 | | | | 0.0 | |
| 24,582 (4) | | | Citigroup Mortgage Loan Trust 2007- 10 22AA, 4.523%, 09/25/2037 | | | 21,719 | | | | 0.0 | |
| 44,371 (2)(4) | | | Fannie Mae Connecticut Avenue Securities 2020-R01 1M2, 7.502%, (SOFR30A + 2.164%), 01/25/2040 | | | 44,979 | | | | 0.0 | |
| 100,000 (2)(4) | | | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.452%, (SOFR30A + 3.114%), 01/25/2040 | | | 100,583 | | | | 0.0 | |
| 130,558 | | | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | | | 127,366 | | | | 0.1 | |
| 116,388 (4) | | | Fannie Mae REMIC Trust 2009-50 HZ, 5.540%, 02/25/2049 | | | 119,046 | | | | 0.1 | |
| 160,020 | | | Fannie Mae REMIC Trust 2009-96 DB, 4.000%, 11/25/2029 | | | 157,168 | | | | 0.1 | |
| 48,253 | | | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | | | 48,617 | | | | 0.0 | |
| 225,321 | | | Fannie Mae REMIC Trust 2011-113 CL, 4.000%, 11/25/2041 | | | 215,328 | | | | 0.1 | |
| 107,507 | | | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | | | 106,451 | | | | 0.0 | |
| 37,987 | | | Fannie Mae REMIC Trust 2011-84 Z, 5.250%, 09/25/2041 | | | 39,355 | | | | 0.0 | |
| 82,187 | | | Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040 | | | 82,808 | | | | 0.0 | |
| 343,779 | | | Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041 | | | 338,086 | | | | 0.1 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 43,104 | | | Fannie Mae REMIC Trust 2013-16 GD, 3.000%, 03/25/2033 | | $ | 42,346 | | | | 0.0 | |
| 347,199 | | | Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047 | | | 325,938 | | | | 0.1 | |
| 35,999 | | | Fannie Mae REMIC Trust 2018-8 AB, 3.500%, 10/25/2047 | | | 33,664 | | | | 0.0 | |
| 84,177 (2)(4) | | | Flagstar Mortgage Trust 2018-1 B3, 3.940%, 03/25/2048 | | | 73,135 | | | | 0.0 | |
| 29,572 | | | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | | | 29,769 | | | | 0.0 | |
| 32,697 | | | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 | | | 33,137 | | | | 0.0 | |
| 23,775 | | | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 | | | 24,165 | | | | 0.0 | |
| 26,108 | | | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 | | | 26,258 | | | | 0.0 | |
| 81,950 | | | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 | | | 82,004 | | | | 0.0 | |
| 31,674 | | | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 | | | 32,509 | | | | 0.0 | |
| 27,121 (4)(8) | | | Freddie Mac REMIC Trust 3524 LA, 4.993%, 03/15/2033 | | | 26,170 | | | | 0.0 | |
| 30,062 | | | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 | | | 30,821 | | | | 0.0 | |
| 4,855 | | | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | | | 4,818 | | | | 0.0 | |
| 1,115,097 | | | Freddie Mac REMIC Trust 4136 ZG, 3.000%, 11/15/2042 | | | 1,001,223 | | | | 0.3 | |
| 211,582 | | | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 | | | 201,265 | | | | 0.1 | |
| 598,443 | | | Freddie Mac REMIC Trust 4335 XZ, 4.250%, 05/15/2044 | | | 574,089 | | | | 0.2 | |
| 509,801 | | | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 | | | 486,164 | | | | 0.2 | |
| 543,658 | | | Freddie Mac REMIC Trust 4372 Z, 3.000%, 08/15/2044 | | | 490,392 | | | | 0.2 | |
| 115,633 | | | Freddie Mac REMIC Trust 4495 PA, 3.500%, 09/15/2043 | | | 111,539 | | | | 0.0 | |
| 284,789 | | | Freddie Mac REMIC Trust 4634 ZM, 5.000%, 11/15/2056 | | | 275,170 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 173,785 (2)(4) | | | Freddie Mac STACR REMIC Trust 2020- DNA6 M2, 7.337%, (SOFR30A + 2.000%), 12/25/2050 | | $ | 175,241 | | | | 0.1 | |
| 156,006 (2)(4) | | | Freddie Mac STACR REMIC Trust 2021- DNA5 M2, 6.987%, (SOFR30A + 1.650%), 01/25/2034 | | | 156,716 | | | | 0.1 | |
| 600,000 (2)(4) | | | Freddie Mac STACR REMIC Trust 2021- HQA4 B1, 9.087%, (SOFR30A + 3.750%), 12/25/2041 | | | 600,540 | | | | 0.2 | |
| 26,487 | | | Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039 | | | 26,334 | | | | 0.0 | |
| 177,754 | | | Ginnie Mae 2010-164 JZ, 4.000%, 12/20/2040 | | | 172,735 | | | | 0.1 | |
| 5,024 | | | Ginnie Mae 2011- 169 BC, 7.000%, 05/16/2032 | | | 5,144 | | | | 0.0 | |
| 215,508 | | | Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042 | | | 184,844 | | | | 0.1 | |
| 1,184,026 | | | Ginnie Mae 2019-15 CZ, 3.500%, 02/20/2049 | | | 999,776 | | | | 0.3 | |
| 15,031 (4) | | | HomeBanc Mortgage Trust 2004-1 2A, 6.330%, (TSFR1M + 0.974%), 08/25/2029 | | | 14,441 | | | | 0.0 | |
| 30,023 (2)(4) | | | JP Morgan Mortgage Trust 2019-LTV3 A5, 3.479%, 03/25/2050 | | | 29,105 | | | | 0.0 | |
| 136,133 (2)(4) | | | JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050 | | | 114,694 | | | | 0.0 | |
| 200,000 (2)(4) | | | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | | | 187,486 | | | | 0.1 | |
| 7,586 | | | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | | | 6,406 | | | | 0.0 | |
| 300,000 (2)(4) | | | Triangle Re Ltd. 2021-3 M1B, 8.237%, (SOFR30A + 2.900%), 02/25/2034 | | | 301,732 | | | | 0.1 | |
| 32,371 (4) | | | WaMu Mortgage Pass- Through Certificates 2005-AR11 A1C3, 6.490%, (TSFR1M + 1.134%), 08/25/2045 | | | 30,451 | | | | 0.0 | |
| 14,056 (4) | | | WaMu Mortgage Pass- Through Certificates 2006-AR12 2A3, 3.792%, 10/25/2036 | | | 12,566 | | | | 0.0 | |
| 19,153 (4) | | | WaMu Mortgage Pass- Through Certificates 2006-AR8 1A4, 4.407%, 08/25/2046 | | | 16,986 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 93,905 (4) | | | WaMu Mortgage Pass- Through Certificates 2007-HY2 1A1, 3.918%, 12/25/2036 | | $ | 83,181 | | | | 0.0 | |
| 48,317 (4) | | | WaMu Mortgage Pass- Through Certificates 2007-HY7 2A2, 3.769%, 07/25/2037 | | | 39,395 | | | | 0.0 | |
| 16,244 (4) | | | WaMu Mortgage Pass- Through Certificates Series Trust 2005- AR13 A1C3, 6.450%, (TSFR1M + 1.094%), 10/25/2045 | | | 15,138 | | | | 0.0 | |
| 119,169 (4) | | | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.972%, (12MTA + 0.960%), 08/25/2046 | | | 65,618 | | | | 0.0 | |
| 9,559 (4) | | | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.900%, (TSFR1M + 0.544%), 06/25/2037 | | | 7,774 | | | | 0.0 | |
| 7,708 (4) | | | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 4.773%, 04/25/2036 | | | 7,247 | | | | 0.0 | |
| 12,461 (4) | | | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 5.887%, 12/28/2037 | | | 10,853 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Total Collateralized Mortgage Obligations
(Cost $10,898,648) | | | 9,802,581 | | | | 3.2 | |
| ASSET-BACKED SECURITIES: 2.5% | | | | |
| | | | Automobile Asset-Backed Securities: 0.1% | |
| 77,723 | | | Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027 | | | 76,754 | | | | 0.0 | |
| 100,000 (2) | | | Ford Credit Auto Owner Trust 2022-1 C, 4.670%, 11/15/2034 | | | 96,959 | | | | 0.0 | |
| 100,000 (2) | | | GLS Auto Receivables Issuer Trust 2021-4A C, 1.940%, 10/15/2027 | | | 96,609 | | | | 0.0 | |
| 100,000 | | | GM Financial Automobile Leasing Trust 2022-2 C, 4.330%, 05/20/2026 | | | 98,806 | | | | 0.1 | |
| | | | | | | 369,128 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Home Equity Asset-Backed Securities: 0.0% | |
| 46,904 (4) | | | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035 | | | 46,283 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Balanced Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: 2.2% | |
| 19,482 (2) | | | Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046 | | $ | 18,128 | | | | 0.0 | |
| 300,000 (2)(4) | | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 8.376%, (TSFR1M + 3.014%), 11/15/2036 | | | 288,437 | | | | 0.1 | |
| 400,000 (2)(4) | | | ARES XLIV CLO Ltd. 2017-44A A2R, 6.955%, (TSFR3M + 1.562%), 04/15/2034 | | | 394,698 | | | | 0.1 | |
| 78,333 (2) | | | Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046 | | | 69,589 | | | | 0.0 | |
| 250,000 (2)(4) | | | Benefit Street Partners CLO IV Ltd. 2014- IVA BRRR, 7.827%, (TSFR3M + 2.412%), 01/20/2032 | | | 249,554 | | | | 0.1 | |
| 500,000 (2)(4) | | | BlueMountain CLO Ltd. 2014-2A A2R2, 7.077%, (TSFR3M + 1.662%), 10/20/2030 | | | 493,344 | | | | 0.2 | |
| 250,000 (2)(4) | | | BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.655%, (TSFR3M + 2.262%), 04/15/2034 | | | 245,599 | | | | 0.1 | |
| 455,000 (2)(4) | | | BlueMountain CLO XXX Ltd. 2020-30A CR, 7.544%, (TSFR3M + 2.150%), 04/15/2035 | | | 443,997 | | | | 0.2 | |
| 98,250 (2) | | | Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050 | | | 92,111 | | | | 0.0 | |
| 250,000 (2)(4) | | | Carlyle US Clo Ltd. 2017-2A AJR, 7.077%, (TSFR3M + 1.662%), 07/20/2031 | | | 249,169 | | | | 0.1 | |
| 16,450 (4) | | | Chase Funding Trust Series 2003-5 2A2, 6.070%, (TSFR1M + 0.714%), 07/25/2033 | | | 16,001 | | | | 0.0 | |
| 66,725 (2) | | | CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045 | | | 59,696 | | | | 0.0 | |
| 83,813 (2) | | | CLI Funding VIII LLC 2022-1A A, 2.720%, 01/18/2047 | | | 74,152 | | | | 0.0 | |
| 95,000 (2) | | | Domino’s Pizza Master Issuer LLC 2018-1A A2II, 4.328%, 07/25/2048 | | | 91,756 | | | | 0.0 | |
| 192,500 (2) | | | Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | | | 176,085 | | | | 0.1 | |
| 97,500 (2) | | | Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051 | | | 83,818 | | | | 0.0 | |
Principal
Amount† | | | | | | Value | | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | | | | |
| | | | Other Asset-Backed Securities: (continued) | |
| 95,250 (2) | | | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | | $ | 92,340 | | | | 0.0 | |
| 250,000 (2)(4) | | | Eaton Vance Clo Ltd. 2015-1A A2R, 6.927%, (TSFR3M + 1.512%), 01/20/2030 | | | 247,463 | | | | 0.1 | |
| 11,023 (2) | | | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | | | 10,277 | | | | 0.0 | |
| 214,970 (2) | | | J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072 | | | 181,203 | | | | 0.1 | |
| 62,305 (2) | | | Loanpal Solar Loan Ltd. 2020-2GF A, 2.750%, 07/20/2047 | | | 49,356 | | | | 0.0 | |
| 62,485 (2) | | | Loanpal Solar Loan Ltd. 2021-1GS A, 2.290%, 01/20/2048 | | | 48,775 | | | | 0.0 | |
| 105,135 (2) | | | Loanpal Solar Loan Ltd. 2021-2GS A, 2.220%, 03/20/2048 | | | 78,543 | | | | 0.0 | |
| 250,000 (2)(4) | | | Madison Park Funding XLVIII Ltd. 2021-48A C, 7.658%, (TSFR3M + 2.262%), 04/19/2033 | | | 250,541 | | | | 0.1 | |
| 30,841 (2) | | | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | | | 28,613 | | | | 0.0 | |
| 23,658 (2) | | | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | | | 21,318 | | | | 0.0 | |
| 50,089 (2) | | | Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046 | | | 42,112 | | | | 0.0 | |
| 57,351 (2) | | | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | | | 44,751 | | | | 0.0 | |
| 250,000 (2)(4) | | | Octagon Investment Partners 32 Ltd. 2017-1A A2R, 6.855%, (TSFR3M + 1.462%), 07/15/2029 | | | 248,175 | | | | 0.1 | |
| 250,000 (2)(4) | | | OHA Credit Funding 8 Ltd. 2021-8A C, 7.557%, (TSFR3M + 2.162%), 01/18/2034 | | | 249,145 | | | | 0.1 | |
| 150,000 (2) | | | OneMain Financial Issuance Trust 2023-1A A, 5.500%, 06/14/2038 | | | 152,145 | | | | 0.1 | |
| 23,553 (2) | | | Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029 | | | 23,199 | | | | 0.0 | |
| 250,000 (2)(4) | | | Palmer Square CLO Ltd. 2021-1A B, 7.377%, (TSFR3M + 1.962%), 04/20/2034 | | | 245,785 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 250,000 (2)(4) | | | Rockland Park CLO Ltd. 2021-1A C, 7.577%, (TSFR3M + 2.162%), 04/20/2034 | | $ | 248,819 | | | | 0.1 | |
| 37,471 (2) | | | SoFi Consumer Loan Program Trust 2023-1S A, 5.810%, 05/15/2031 | | | 37,429 | | | | 0.0 | |
| 97,137 (2) | | | Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050 | | | 95,150 | | | | 0.1 | |
| 183,218 (2) | | | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | | | 149,215 | | | | 0.1 | |
| 85,676 (2) | | | Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056 | | | 70,079 | | | | 0.0 | |
| 88,154 (2) | | | Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055 | | | 77,100 | | | | 0.0 | |
| 187,500 (2) | | | Taco Bell Funding LLC 2016-1A A23, 4.970%, 05/25/2046 | | | 185,230 | | | | 0.1 | |
| 95,250 (2) | | | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 | | | 92,996 | | | | 0.0 | |
| 98,250 (2) | | | Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051 | | | 79,792 | | | | 0.0 | |
| 81,333 (2) | | | Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046 | | | 69,930 | | | | 0.0 | |
| 76,625 (2) | | | Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046 | | | 66,876 | | | | 0.0 | |
| 3,157 (2) | | | Upstart Securitization Trust 2021-4 A, 0.840%, 09/20/2031 | | | 3,147 | | | | 0.0 | |
| 93,997 (2) | | | Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | | | 87,628 | | | | 0.0 | |
| 97,500 (2) | | | Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051 | | | 81,653 | | | | 0.0 | |
| 195,500 (2) | | | Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051 | | | 170,159 | | | | 0.1 | |
| | | | | | | 6,575,078 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | Student Loan Asset-Backed Securities: 0.2% |
| 34,255 (2) | | | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 | | | 32,151 | | | | 0.0 | |
| 22,373 (2) | | | Commonbond Student Loan Trust-GS 2017-BGS A1, 2.680%, 09/25/2042 | | | 20,593 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Student Loan Asset-Backed Securities: (continued) |
| 17,603 (2) | | | Commonbond Student Loan Trust-GS 2018-AGS A1, 3.210%, 02/25/2044 | | $ | 16,326 | | | | 0.0 | |
| 29,506 (2) | | | Commonbond Student Loan Trust-GS 2020-AGS A, 1.980%, 08/25/2050 | | | 25,611 | | | | 0.0 | |
| 18,156 (2) | | | Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043 | | | 17,610 | | | | 0.0 | |
| 108,588 (2) | | | Navient Private Education Refi Loan Trust 2020-BA A2, 2.120%, 01/15/2069 | | | 100,231 | | | | 0.1 | |
| 25,713 (2) | | | Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069 | | | 23,420 | | | | 0.0 | |
| 56,344 (2) | | | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 | | | 49,685 | | | | 0.0 | |
| 48,541 (2) | | | Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069 | | | 42,259 | | | | 0.0 | |
| 100,000 (2) | | | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | | | 94,378 | | | | 0.1 | |
| 50,153 (2) | | | SMB Private Education Loan Trust-A 2020-PTA A2A, 1.600%, 09/15/2054 | | | 45,155 | | | | 0.0 | |
| 22,909 (2) | | | Sofi Professional Loan Program Trust 2018-C A2FX, 3.590%, 01/25/2048 | | | 22,248 | | | | 0.0 | |
| 22,030 (2) | | | Sofi Professional Loan Program Trust 2018-D A2FX, 3.600%, 02/25/2048 | | | 21,354 | | | | 0.0 | |
| 55,718 (2) | | | SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046 | | | 50,726 | | | | 0.0 | |
| | | | | | | 561,747 | | | | 0.2 | |
| | | | Total Asset-Backed Securities
(Cost $7,950,734) | | | 7,552,236 | | | | 2.5 | |
| | | | | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.3% |
| 500,000 (2)(4) | | | Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054 | | | 259,096 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 500,000 (2)(4) | | | AREIT Trust 2021-CRE5 D, 8.123%, (TSFR1M + 2.764%), 11/17/2038 | | $ | 470,217 | | | | 0.2 | |
| 3,000,000 (4)(8) | | | BANK 2017-BNK8 XB, 0.183%, 11/15/2050 | | | 19,749 | | | | 0.0 | |
| 947,819 (4)(8) | | | BANK 2019-BN16 XA, 0.940%, 02/15/2052 | | | 36,357 | | | | 0.0 | |
| 3,560,119 (4)(8) | | | BANK 2019-BN21 XA, 0.838%, 10/17/2052 | | | 133,038 | | | | 0.1 | |
| 2,180,000 (2)(4)(8) | | | BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033 | | | 18,197 | | | | 0.0 | |
| 950,096 (4)(8) | | | Benchmark Mortgage Trust 2019-B9 XA, 1.016%, 03/15/2052 | | | 37,567 | | | | 0.0 | |
| 650,000 (4) | | | Benchmark Mortgage Trust 2023-V3 A3, 6.363%, 07/15/2056 | | | 681,788 | | | | 0.2 | |
| 105,000 (2)(4) | | | BX Commercial Mortgage Trust 2021-21M E, 7.647%, (TSFR1M + 2.285%), 10/15/2036 | | | 100,722 | | | | 0.1 | |
| 343,000 (2)(4) | | | BX Commercial Mortgage Trust 2021-IRON E, 7.826%, (TSFR1M + 2.464%), 02/15/2038 | | | 321,867 | | | | 0.1 | |
| 642,460 (4)(8) | | | CD Mortgage Trust 2017-CD4 XA, 1.222%, 05/10/2050 | �� | | 19,575 | | | | 0.0 | |
| 400,000 | | | Citigroup Commercial Mortgage Trust 2015-GC27 AS, 3.571%, 02/10/2048 | | | 386,015 | | | | 0.1 | |
| 840,533 (4)(8) | | | Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.892%, 07/10/2049 | | | 29,493 | | | | 0.0 | |
| 1,026,041 (4)(8) | | | Citigroup Commercial Mortgage Trust 2017-C4 XA, 0.982%, 10/12/2050 | | | 29,871 | | | | 0.0 | |
| 940,111 (4)(8) | | | Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.867%, 09/15/2050 | | | 22,895 | | | | 0.0 | |
| 1,160,764 (4)(8) | | | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.666%, 06/10/2051 | | | 29,291 | | | | 0.0 | |
| 1,098,955 (4)(8) | | | Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.040%, 08/10/2056 | | | 44,713 | | | | 0.0 | |
| 60,000 | | | Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052 | | | 52,738 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 177,000 (4) | | | Comm Mortgage Trust 2013-CR13 C, 4.991%, 11/10/2046 | | $ | 160,859 | | | | 0.1 | |
| 149,261 (4)(8) | | | COMM Mortgage Trust 2012-CR4 XA, 1.144%, 10/15/2045 | | | 709 | | | | 0.0 | |
| 2,380,000 (2)(4)(8) | | | COMM Mortgage Trust 2012-CR4 XB, 0.401%, 10/15/2045 | | | 25,353 | | | | 0.0 | |
| 1,279,765 (4)(8) | | | COMM Mortgage Trust 2016-CR28 XA, 0.665%, 02/10/2049 | | | 13,593 | | | | 0.0 | |
| 680,226 (4)(8) | | | COMM Mortgage Trust 2017-COR2 XA, 1.153%, 09/10/2050 | | | 22,105 | | | | 0.0 | |
| 130,000 (2)(4) | | | DBWF Mortgage Trust 2015-LCM D, 3.421%, 06/10/2034 | | | 104,034 | | | | 0.1 | |
| 350,000 (2)(4) | | | DTP Commercial Mortgage Trust 2023-STE2 A, 6.038%, 01/15/2041 | | | 345,673 | | | | 0.1 | |
| 466,720 (2)(4) | | | Extended Stay America Trust 2021-ESH A, 6.556%, (TSFR1M + 1.194%), 07/15/2038 | | | 462,760 | | | | 0.2 | |
| 637,535 | | | Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037 | | | 82,939 | | | | 0.0 | |
| 1,636,544 (4)(8) | | | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.879%, 11/25/2030 | | | 77,507 | | | | 0.0 | |
| 782,055 (4)(8) | | | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.323%, 07/25/2035 | | | 78,004 | | | | 0.0 | |
| 1,277,436 (4)(8) | | | Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.865%, 10/25/2035 | | | 86,802 | | | | 0.1 | |
| 848,000 (8) | | | Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029 | | | 47,187 | | | | 0.0 | |
| 300,000 (2)(9) | | | GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050 | | | 216,914 | | | | 0.1 | |
| 100,000 (2)(4) | | | GS Mortgage Securities Corp. Trust 2018-RIVR F, 7.759%, (TSFR1M + 2.397%), 07/15/2035 | | | 13,728 | | | | 0.0 | |
| 939,338 (4)(8) | | | GS Mortgage Securities Trust 2014-GC22 XA, 0.929%, 06/10/2047 | | | 1,391 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,319,450 (4)(8) | | | GS Mortgage Securities Trust 2016-GS4 XA, 0.563%, 11/10/2049 | | $ | 16,334 | | | | 0.0 | |
| 816,329 (4)(8) | | | GS Mortgage Securities Trust 2017-GS6 XA, 1.010%, 05/10/2050 | | | 22,079 | | | | 0.0 | |
| 1,049,128 (4)(8) | | | GS Mortgage Securities Trust 2019-GC38 XA, 0.931%, 02/10/2052 | | | 44,491 | | | | 0.0 | |
| 2,042,834 (4)(8) | | | GS Mortgage Securities Trust 2019-GC42 XA, 0.802%, 09/10/2052 | | | 67,441 | | | | 0.0 | |
| 90,000 | | | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 | | | 80,366 | | | | 0.0 | |
| 1,296,417 (4)(8) | | | GS Mortgage Securities Trust 2020-GC47 XA, 1.127%, 05/12/2053 | | | 70,013 | | | | 0.0 | |
| 1,091,075 (4)(8) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.574%, 12/15/2049 | | | 13,817 | | | | 0.0 | |
| 148,382 (4)(8) | | | JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.559%, 04/15/2047 | | | 44 | | | | 0.0 | |
| 1,395,679 (4)(8) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 2014-C19 XA, 0.951%, 12/15/2047 | | | 4,829 | | | | 0.0 | |
| 62,000 | | | Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052 | | | 56,892 | | | | 0.0 | |
| 3,247,587 (4)(8) | | | Morgan Stanley Capital I Trust 2019-L3 XA, 0.613%, 11/15/2052 | | | 90,933 | | | | 0.1 | |
| 1,003,665 (8) | | | Morgan Stanley Capital I Trust 2021-L5 XA, 1.290%, 05/15/2054 | | | 61,350 | | | | 0.0 | |
| 650,000 (2)(4) | | | PFP Ltd. 2023-10 A, 7.723%, (TSFR1M + 2.365%), 09/16/2038 | | | 651,493 | | | | 0.2 | |
| 1,838,059 (4)(8) | | | UBS Commercial Mortgage Trust 2018-C9 XA, 0.913%, 03/15/2051 | | | 57,975 | | | | 0.0 | |
| 60,000 | | | UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052 | | | 52,687 | | | | 0.0 | |
| 400,000 | | | Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059 | | | 381,849 | | | | 0.1 | |
| 400,000 (2) | | | Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051 | | | 266,688 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,005,976 (4)(8) | | | Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.602%, 08/15/2052 | | $ | 61,194 | | | | 0.0 | |
| 500,000 (2) | | | WSTN Trust 2023-MAUI A, 6.297%, 07/05/2037 | | | 509,973 | | | | 0.2 | |
| | | | Total Commercial Mortgage-Backed Securities (Cost $7,518,311) | | | 6,943,195 | | | | 2.3 | |
| SOVEREIGN BONDS: 0.1% |
| 200,000 | | | Colombia Government International Bond, 3.125%, 04/15/2031 | | | 163,218 | | | | 0.0 | |
| 200,000 | | | Mexico Government International Bond, 3.500%, 02/12/2034 | | | 169,844 | | | | 0.1 | |
| | | | Total Sovereign Bonds
(Cost $398,546) | | | 333,062 | | | | 0.1 | |
| PURCHASED OPTIONS(10): 0.0% |
| | | | Total Purchased Options (Cost $32,219) | | | 3,852 | | | | 0.0 | |
| | | | Total Long-Term Investments
(Cost $281,311,806) | | | 302,400,519 | | | | 99.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS: 1.8% |
| | | | Commercial Paper: 1.1% |
| 850,000 | | | Duke Energy Co., 6.570%, 01/11/2024 | | | 848,320 | | | | 0.3 | |
| 2,150,000 | | | SYSCO Corp., 8.220%, 01/04/2024 | | | 2,148,064 | | | | 0.7 | |
| 250,000 | | | Volkswagen Group, 6.850%, 01/10/2024 | | | 249,531 | | | | 0.1 | |
| | | | Total Commercial Paper
(Cost $3,247,331) | | | 3,245,915 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | Repurchase Agreements: 0.6% |
| 1,000,000 (11) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $1,020,000, due 02/01/35-09/01/52) | | | 1,000,000 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 892,414 (11) | | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $892,937, collateralized by various U.S. Government Agency Obligations, 2.500%-7.000%, Market Value plus accrued interest $910,262, due 07/01/37-01/01/54) | | $ | 892,414 | | | | 0.3 | |
| | | | Total Repurchase Agreements
(Cost $1,892,414) | | | 1,892,414 | | | | 0.6 | |
| | | | U.S. Treasury Bills: 0.1% |
| 195,000 (5) | | | United States Treasury Bill, 2.650%, 01/04/2024
(Cost $194,914) | | | 194,944 | | | | 0.1 | |
| | | | Total Short-Term Investments
(Cost $5,334,659) | | | 5,333,273 | | | | 1.8 | |
| | | | Total Investments in Securities
(Cost $286,646,465) | | $ | 307,733,792 | | | | 100.9 | |
| | | | Liabilities in Excess of Other Assets | | | (2,708,179 | ) | | | (0.9) | |
| | | | Net Assets | | $ | 305,025,613 | | | | 100.0 | |
| † | 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) | Variable rate security. Rate shown is the rate in effect as of December 31, 2023. |
| (5) | Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2023. |
| (6) | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| (7) | Represents or includes a TBA transaction. |
| (8) | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| (9) | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| (10) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (11) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| | |
| Reference Rate Abbreviations: |
| |
| 12MTA | 12-month Treasury Average |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs#
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table |
| Investments, at fair value |
| Common Stock |
| Communication Services | | $ | 6,365,083 | | | $ | 715,120 | | | $ | — | | | $ | 7,080,203 | |
| Consumer Discretionary | | | 11,228,288 | | | | 1,683,174 | | | | — | | | | 12,911,462 | |
| Consumer Staples | | | 5,467,410 | | | | 1,531,206 | | | | — | | | | 6,998,616 | |
| Energy | | | 4,087,989 | | | | 710,329 | | | | — | | | | 4,798,318 | |
| Financials | | | 11,096,496 | | | | 3,140,298 | | | | — | | | | 14,236,794 | |
| Health Care | | | 10,942,384 | | | | 2,156,998 | | | | — | | | | 13,099,382 | |
| Industrials | | | 10,488,818 | | | | 2,630,523 | | | | — | | | | 13,119,341 | |
| Information Technology | | | 25,316,470 | | | | 1,439,760 | | | | — | | | | 26,756,230 | |
| Materials | | | 2,989,679 | | | | 1,444,029 | | | | — | | | | 4,433,708 | |
| Real Estate | | | 2,786,754 | | | | 460,365 | | | | — | | | | 3,247,119 | |
| Utilities | | | 2,489,459 | | | | 647,559 | | | | — | | | | 3,137,018 | |
| Total Common Stock | | | 93,258,830 | | | | 16,559,361 | | | | — | | | | 109,818,191 | |
| Asset-Backed Securities | | | — | | | | 7,552,236 | | | | — | | | | 7,552,236 | |
| Collateralized Mortgage Obligations | | | — | | | | 9,802,581 | | | | — | | | | 9,802,581 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 6,943,195 | | | | — | | | | 6,943,195 | |
| Corporate Bonds/Notes | | | — | | | | 23,247,677 | | | | — | | | | 23,247,677 | |
| Exchange-Traded Funds | | | 21,059,016 | | | | — | | | | — | | | | 21,059,016 | |
| Mutual Funds | | | 90,118,920 | | | | — | | | | — | | | | 90,118,920 | |
| Preferred Stock | | | — | | | | 73,127 | | | | — | | | | 73,127 | |
| Purchased Options | | | — | | | | 3,852 | | | | — | | | | 3,852 | |
| Short-Term Investments | | | — | | | | 5,333,273 | | | | — | | | | 5,333,273 | |
| Sovereign Bonds | | | — | | | | 333,062 | | | | — | | | | 333,062 | |
| U.S. Government Agency Obligations | | | — | | | | 21,859,420 | | | | — | | | | 21,859,420 | |
| U.S. Treasury Obligations | | | — | | | | 11,589,242 | | | | — | | | | 11,589,242 | |
| Total Investments, at fair value | | $ | 204,436,766 | | | $ | 103,297,026 | | | $ | — | | | $ | 307,733,792 | |
| Other Financial Instruments+ |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 43,345 | | | | — | | | | 43,345 | |
| Forward Foreign Currency Contracts | | | — | | | | 343 | | | | — | | | | 343 | |
| Forward Premium Swaptions | | | — | | | | 2,699 | | | | — | | | | 2,699 | |
| Futures | | | 572,930 | | | | — | | | | — | | | | 572,930 | |
| Total Assets | | $ | 205,009,696 | | | $ | 103,343,413 | | | $ | — | | | $ | 308,353,109 | |
| Liabilities Table |
| Other Financial Instruments+ |
| Centrally Cleared Interest Rate Swaps | | $ | — | | | $ | (50,401 | ) | | $ | — | | | $ | (50,401 | ) |
| Forward Premium Swaptions | | | — | | | | (680 | ) | | | — | | | | (680 | ) |
| Futures | | | (161,659 | ) | | | — | | | | — | | | | (161,659 | ) |
| Written Options | | | — | | | | (79,778 | ) | | | — | | | | (79,778 | ) |
| Total Liabilities | | $ | (161,659 | ) | | $ | (130,859 | ) | | $ | — | | | $ | (292,518 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
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 year ended December 31, 2023, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 12/31/2022 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
12/31/2023 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya High Yield Bond Fund - Class P | | $ | 3,636,470 | | | $ | 20,724 | | | $ | (4,266,957 | ) | | $ | 609,763 | | | $ | — | | | $ | 38,829 | | | $ | (571,603 | ) | | $ | — | |
| Voya Short Term Bond Fund - Class R6 | | | 11,088,112 | | | | 15,553,971 | | | | (5,728,963 | ) | | | 374,091 | | | | 21,287,211 | | | | 726,739 | | | | (221,376 | ) | | | — | |
| Voya Small Cap Growth Fund - Class R6 | | | 2,888,514 | | | | 84,515 | | | | (403,717 | ) | | | 551,050 | | | | 3,120,362 | | | | — | | | | 18,283 | | | | — | |
| Voya Small Company Fund - Class R6 | | | 5,857,662 | | | | 348,679 | | | | (1,101,845 | ) | | | 976,316 | | | | 6,080,812 | | | | 26,583 | | | | 48,155 | | | | — | |
| Voya U.S. Stock Index Portfolio - Class I | | | — | | | | 61,325,741 | | | | (10,255,021 | ) | | | 4,460,636 | | | | 55,531,356 | | | | 805,207 | | | | 630,130 | | | | 5,341,904 | |
| Voya VACS Series HYB Fund | | | — | | | | 3,980,487 | | | | — | | | | 118,692 | | | | 4,099,179 | | | | 267,033 | | | | — | | | | — | |
| | | $ | 23,470,758 | | | $ | 81,314,117 | | | $ | (21,756,503 | ) | | $ | 7,090,548 | | | $ | 90,118,920 | | | $ | 1,864,391 | | | $ | (96,411 | ) | | $ | 5,341,904 | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2023, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) | |
| EUR | | | 14,306 | | | USD | | | 15,471 | | | Morgan Stanley Capital Services LLC | | 02/02/24 | | $ | 343 | |
| | | | | | | | | | | | | | | | | $ | 343 | |
At December 31, 2023, the following futures contracts were outstanding for Voya Balanced Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| Long Contracts: |
| U.S. Treasury 5-Year Note | | 67 | | | 03/28/24 | | $ | 7,287,820 | | | $ | 156,316 | |
| U.S. Treasury 10-Year Note | | 20 | | | 03/19/24 | | | 2,257,813 | | | | 82,146 | |
| U.S. Treasury Long Bond | | 6 | | | 03/19/24 | | | 749,625 | | | | 37,139 | |
| U.S. Treasury Ultra Long Bond | | 26 | | | 03/19/24 | | | 3,473,437 | | | | 297,329 | |
| | | | | | | | $ | 13,768,695 | | | $ | 572,930 | |
| Short Contracts: |
| U.S. Treasury 2-Year Note | | (9) | | | 03/28/24 | | | (1,853,227 | ) | | | (2,828 | ) |
| U.S. Treasury Ultra 10-Year Note | | (28) | | | 03/19/24 | | | (3,304,437 | ) | | | (158,831 | ) |
| | | | | | | | $ | (5,157,664 | ) | | $ | (161,659 | ) |
At December 31, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional
Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | 9.000 | % | | Monthly | | 08/14/28 | | MXN | | 5,258,000 | | | $ | 4,633 | | | $ | 4,633 | |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | 8.860 | | | Monthly | | 08/09/28 | | MXN | | 5,298,000 | | | | 2,966 | | | | 2,966 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.537 | | | Annual | | 06/20/25 | | USD | | 1,233,000 | | | | 6,473 | | | | 6,473 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.450 | | | Annual | | 06/20/25 | | USD | | 1,832,200 | | | | 8,097 | | | | 8,097 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.903 | | | Annual | | 02/21/25 | | USD | | 1,852,200 | | | | 6,643 | | | | 6,643 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.806 | | | Annual | | 02/20/25 | | USD | | 405,000 | | | | (1,054 | ) | | | (1,054 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.876 | | | Annual | | 02/20/25 | | USD | | 550,000 | | | | (1,802 | ) | | | (1,802 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.807 | | | Annual | | 06/20/25 | | USD | | 550,000 | | | | (4,299 | ) | | | (4,299 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.778 | | | Annual | | 06/20/25 | | USD | | 637,000 | | | | (4,803 | ) | | | (4,803 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.976 | | | Annual | | 02/20/25 | | USD | | 654,000 | | | | (2,776 | ) | | | (2,776 | ) |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional
Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 5.062 | % | | Annual | | 02/20/25 | | USD | | 700,000 | | | $ | (3,551 | ) | | $ | (3,551 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.884 | | | Annual | | 02/20/25 | | USD | | 741,000 | | | | (2,488 | ) | | | (2,488 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.073 | | | Annual | | 02/20/25 | | USD | | 752,000 | | | | 3,356 | | | | 3,356 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.986 | | | Annual | | 02/20/25 | | USD | | 792,000 | | | | (3,438 | ) | | | (3,438 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.880 | | | Annual | | 06/20/25 | | USD | | 868,000 | | | | (7,383 | ) | | | (7,383 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.746 | | | Annual | | 06/20/25 | | USD | | 926,000 | | | | (6,696 | ) | | | (6,696 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 3.559 | | | Annual | | 02/20/25 | | USD | | 1,187,000 | | | | 11,177 | | | | 11,177 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.757 | | | Annual | | 02/20/25 | | USD | | 1,273,000 | | | | (2,709 | ) | | | (2,709 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.669 | | | Annual | | 06/20/25 | | USD | | 1,447,000 | | | | (9,402 | ) | | | (9,402 | ) |
| | | | | | | | | | | | | | | | | | | $ | (7,056 | ) | | $ | (7,056 | ) |
At December 31, 2023, the following OTC purchased foreign currency options were outstanding for Voya Balanced Portfolio:
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | | Notional Amount | | Cost | | | Fair Value | |
| Call JPY vs. Put USD | | BNP Paribas | | 02/27/25 | | 107.500 | | | USD | | 210,000 | | | $ | 10,416 | | | $ | 686 | |
| | | | | | | | | | | | | | | $ | 10,416 | | | $ | 686 | |
At December 31, 2023, the following OTC purchased interest rate swaptions were outstanding for Voya Balanced Portfolio:
| Description | | Counterparty | | Pay/
Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Cost | | | Fair Value | |
| Call on 10-Year Interest Rate Swap(1) | | BNP Paribas | | Receive | | 2.225% | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 1,094,700 | | | $ | 11,859 | | | $ | 1,750 | |
| Call on 10-Year Interest Rate Swap(1) | | JPMorgan Chase Bank N.A. | | Receive | | 2.213% | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 912,300 | | | | 9,944 | | | | 1,416 | |
| | | | | | | | | | | | | | | | | | $ | 21,803 | | | $ | 3,166 | |
At December 31, 2023, the following OTC written interest rate swaptions were outstanding for Voya Balanced Portfolio:
| Description | | Counterparty | | Pay/Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premiums
Received | | | Fair Value | |
| Call on 1-Year Interest Rate Swap(2) | | Morgan Stanley Capital Services LLC | | Pay | | 3.520% | | 1-day Secured Overnight Financing Rate | | 01/24/24 | | USD | | 5,788,000 | | | $ | 25,193 | | | $ | (22 | ) |
| Put on 10-Year Interest Rate Swap(1) | | BNP Paribas | | Receive | | 4.050% | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 1,094,700 | | | | 11,859 | | | | (7,100 | ) |
| Put on 10-Year Interest Rate Swap(1) | | JPMorgan Chase Bank N.A. | | Receive | | 4.050% | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 912,300 | | | | 9,944 | | | | (5,917 | ) |
| Put on 1-Year Interest Rate Swap(1) | | Morgan Stanley Capital Services LLC | | Receive | | 3.520% | | 1-day Secured Overnight Financing Rate | | 01/24/24 | | USD | | 5,788,000 | | | | 25,192 | | | | (66,739 | ) |
| | | | | | | | | | | | | | | | | | $ | 72,188 | | | $ | (79,778 | ) |
At December 31, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Balanced Portfolio:
| Description | | Counterparty | | Exercise
Rate(3) | | Pay/
Receive
Exercise
Rate | | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premium
receivable/
(payable)
at expiration(4) | | | Unrealized
Appreciation/ (Depreciation) | |
| Call on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 17.500% | | Receive | | | 1-day Secured Overnight Financing Rate | | 06/14/27 | | USD | | 439,500 | | | $ | (76,913 | ) | | $ | 1,341 | |
| Call on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 17.700% | | Receive | | | 1-day Secured Overnight Financing Rate | | 05/28/27 | | USD | | 740,000 | | | | (130,980 | ) | | | 1,358 | |
| Put on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 18.000% | | Pay | | | 1-day Secured Overnight Financing Rate | | 05/25/27 | | USD | | 925,000 | | | | (166,500 | ) | | | (680 | ) |
| | | | | | | | | | | | | | | | | | | $ | (374,393 | ) | | $ | 2,019 | |
| (1) | Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly. |
| (2) | Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. |
| (3) | Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract. |
| (4) | Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract. |
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Currency Abbreviations: |
| |
| EUR | — | EU Euro |
| MXN | — | Mexican Peso |
| USD | — | United States Dollar |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement of
Assets and Liabilities | | Fair Value | |
| Asset Derivatives |
| Foreign exchange contracts | | Investments in securities at value* | | $ | 686 | |
| Interest rate contracts | | Investments in securities at value* | | | 3,166 | |
| Foreign exchange contracts | | Unrealized appreciation on forward foreign currency contracts | | | 343 | |
| Interest rate contracts | | Unrealized appreciation on forward premium swaptions | | | 2,699 | |
| Interest rate contracts | | Variation margin receivable on futures contracts** | | | 572,930 | |
| Interest rate contracts | | Variation margin receivable on centrally cleared swaps** | | | 43,345 | |
| Total Asset Derivatives | | | | $ | 623,169 | |
| Liability Derivatives |
| Interest rate contracts | | Unrealized depreciation on forward premium swaptions | | $ | 680 | |
| Interest rate contracts | | Variation margin payable on futures contracts** | | | 161,659 | |
| Interest rate contracts | | Variation margin payable on centrally cleared swaps** | | | 50,401 | |
| Interest rate contracts | | Written options, at fair value | | | 79,778 | |
| Total Liability Derivatives | | | | $ | 292,518 | |
| * | Includes purchased options. |
| ** | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | (117,496 | ) | | $ | — | | | $ | (117,496 | ) |
| Equity contracts | | | — | | | | — | | | | (869,602 | ) | | | — | | | | — | | | | (869,602 | ) |
| Foreign exchange contracts | | | (37,684 | ) | | | (2,298 | ) | | | — | | | | — | | | | 5,980 | | | | (34,002 | ) |
| Interest rate contracts | | | 1,976 | | | | — | | | | (865,903 | ) | | | (400,338 | ) | | | 372,216 | | | | (892,049 | ) |
| Total | | $ | (35,708 | ) | | $ | (2,298 | ) | | $ | (1,735,505 | ) | | $ | (517,834 | ) | | $ | 378,196 | | | $ | (1,913,149 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
See Accompanying Notes to Financial Statements
| Voya Balanced Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 43,878 | | | $ | — | | | $ | 43,878 | |
| Equity contracts | | | — | | | | — | | | | (163,976 | ) | | | — | | | | (3,895 | ) | | | (167,871 | ) |
| Foreign exchange contracts | | | (9,730 | ) | | | 344 | | | | — | | | | — | | | | — | | | | (9,386 | ) |
| Interest rate contracts | | | (16,618 | ) | | | — | | | | 540,564 | | | | 42,978 | | | | (7,591 | ) | | | 559,333 | |
| Total | | $ | (26,348 | ) | | $ | 344 | | | $ | 376,588 | | | $ | 86,856 | | | $ | (11,486 | ) | | $ | 425,954 | |
| * | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2023:
| | | Barclays Bank
PLC | | | BNP Paribas | | | JPMorgan
Chase Bank
N.A. | | | Morgan
Stanley
Capital
Services LLC | | | Total | |
| Assets: |
| Purchased options | | $ | — | | | $ | 2,436 | | | $ | 1,416 | | | $ | — | | | $ | 3,852 | |
| Forward foreign currency contracts | | | — | | | | — | | | | — | | | | 343 | | | | 343 | |
| Forward premium swaptions | | | 2,699 | | | | — | | | | — | | | | — | | | | 2,699 | |
| Total Assets | | $ | 2,699 | | | $ | 2,436 | | | $ | 1,416 | | | $ | 343 | | | $ | 6,894 | |
| Liabilities: |
| Forward premium swaptions | | $ | 680 | | | $ | — | | | $ | — | | | $ | — | | | $ | 680 | |
| Written options | | | — | | | | 7,100 | | | | 5,917 | | | | 66,761 | | | | 79,778 | |
| Total Liabilities | | $ | 680 | | | $ | 7,100 | | | $ | 5,917 | | | $ | 66,761 | | | $ | 80,458 | |
| Net OTC derivative instruments by counterparty, at fair value | | $ | 2,019 | | | $ | (4,664 | ) | | $ | (4,501 | ) | | $ | (66,418 | ) | | $ | (73,564 | ) |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | – | |
| Net Exposure(1) | | $ | 2,019 | | | $ | (4,664 | ) | | $ | (4,501 | ) | | $ | (66,418 | ) | | $ | (73,564 | ) |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $289,254,296. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 27,289,410 | |
| Gross Unrealized Depreciation | | | (8,475,995 | ) |
| Net Unrealized Appreciation | | $ | 18,813,415 | |
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.6% | |
| | | | Australia: 2.4% | |
| 59,264 | | | Ampol Ltd. | | $ | 1,460,569 | | | | 0.3 | |
| 329,989 | | | Aurizon Holdings Ltd. | | | 854,320 | | | | 0.2 | |
| 211,355 | | | Brambles Ltd. | | | 1,959,025 | | | | 0.4 | |
| 464,241 | | | Medibank Pvt Ltd. | | | 1,127,070 | | | | 0.2 | |
| 159,603 | | | QBE Insurance Group Ltd. | | | 1,617,191 | | | | 0.3 | |
| 1,049,911 | | | Telstra Group Ltd. | | | 2,837,153 | | | | 0.6 | |
| 193,952 | | | Transurban Group | | | 1,812,360 | | | | 0.4 | |
| | | | | | 11,667,688 | | | | 2.4 | |
| | | | Bermuda: 1.0% |
| 36,012 | | | Axis Capital Holdings Ltd. | | | 1,993,984 | | | | 0.4 | |
| 7,596 | | | Everest Re Group Ltd. | | | 2,685,794 | | | | 0.6 | |
| | | | | | | 4,679,778 | | | | 1.0 | |
| | | | Brazil: 0.5% |
| 87,464 | | | XP, Inc. - Class A | | | 2,280,187 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | Canada: 2.2% |
| 42,177 | | | Cenovus Energy, Inc. | | | 702,817 | | | | 0.1 | |
| 18,829 | | | iA Financial Corp., Inc. | | | 1,283,592 | | | | 0.3 | |
| 33,458 | | | Parkland Corp. | | | 1,078,443 | | | | 0.2 | |
| 19,178 (1) | | | Pembina Pipeline Corp. | | | 660,277 | | | | 0.1 | |
| 16,952 | | | Rogers Communications, Inc. - Class B | | | 793,580 | | | | 0.2 | |
| 58,109 | | | Suncor Energy, Inc. | | | 1,861,611 | | | | 0.4 | |
| 32,512 | | | TELUS Corp. | | | 578,569 | | | | 0.1 | |
| 19,833 | | | Thomson Reuters Corp. | | | 2,899,700 | | | | 0.6 | |
| 11,362 | | | West Fraser Timber Co. Ltd. | | | 972,036 | | | | 0.2 | |
| | | | | | | 10,830,625 | | | | 2.2 | |
| | | | Denmark: 0.6% |
| 102,348 | | | Danske Bank A/S | | | 2,735,895 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | Finland: 0.5% |
| 10,301 | | | Elisa Oyj | | | 476,136 | | | | 0.1 | |
| 180,340 | | | Nordea Bank Abp | | | 2,238,889 | | | | 0.4 | |
| | | | | | 2,715,025 | | | | 0.5 | |
| | | | France: 2.2% |
| 87,424 | | | AXA SA | | | 2,854,952 | | | | 0.6 | |
| 17,522 | | | BNP Paribas SA | | | 1,216,825 | | | | 0.2 | |
| 64,226 | | | Getlink SE | | | 1,176,289 | | | | 0.2 | |
| 246,711 | | | Orange SA | | | 2,811,920 | | | | 0.6 | |
| 16,142 | | | Sanofi | | | 1,604,072 | | | | 0.3 | |
| 8,797 | | | Thales SA | | | 1,302,593 | | | | 0.3 | |
| | | | | | 10,966,651 | | | | 2.2 | |
| | | | Germany: 1.0% |
| 8,122 | | | Allianz SE | | | 2,170,529 | | | | 0.4 | |
| 34,243 (2) | | | Daimler Truck Holding AG | | | 1,286,304 | | | | 0.3 | |
| 8,068 | | | Heidelberg Materials AG | | | 721,182 | | | | 0.1 | |
| 13,729 (3) | | | Scout24 SE | | | 970,793 | | | | 0.2 | |
| | | | | | | 5,148,808 | | | | 1.0 | |
| | | | Hong Kong: 1.7% |
| 608,000 | | | BOC Hong Kong Holdings Ltd. | | | 1,651,648 | | | | 0.3 | |
| 336,500 | | | CK Hutchison Holdings Ltd. | | | 1,807,881 | | | | 0.4 | |
| 530,000 | | | Hang Lung Properties Ltd. | | | 736,865 | | | | 0.1 | |
| 23,300 | | | Jardine Matheson Holdings Ltd. | | | 990,250 | | | | 0.2 | |
| 155,100 | | | Link REIT | | | 870,895 | | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Hong Kong (continued) |
| 212,000 | | | Power Assets Holdings Ltd. | | $ | 1,229,113 | | | | 0.3 | |
| 477,000 | | | SITC International Holdings Co. Ltd. | | | 823,316 | | | | 0.2 | |
| | | | | | | 8,109,968 | | | | 1.7 | |
| | | | Israel: 0.2% |
| 111,663 | | | Bank Leumi Le-Israel BM | | | 898,645 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Italy: 1.2% |
| 885,877 | | | Intesa Sanpaolo SpA | | | 2,592,420 | | | | 0.5 | |
| 105,474 (3) | | | Poste Italiane SpA | | | 1,198,892 | | | | 0.2 | |
| 82,651 | | | UniCredit SpA | | | 2,250,557 | | | | 0.5 | |
| | | | | | | 6,041,869 | | | | 1.2 | |
| | | | Japan: 7.0% |
| 82,900 | | | Asahi Kasei Corp. | | | 611,830 | | | | 0.1 | |
| 118,400 | | | Central Japan Railway Co. | | | 3,005,026 | | | | 0.6 | |
| 73,000 | | | Chubu Electric Power Co., Inc. | | | 942,529 | | | | 0.2 | |
| 52,000 | | | Daiwa House Industry Co. Ltd. | | | 1,571,980 | | | | 0.3 | |
| 421,300 | | | ENEOS Holdings, Inc. | | | 1,670,975 | | | | 0.3 | |
| 37,000 | | | Japan Airlines Co. Ltd. | | | 726,868 | | | | 0.2 | |
| 95,700 | | | Japan Post Bank Co. Ltd. | | | 973,932 | | | | 0.2 | |
| 328,800 | | | Japan Post Holdings Co. Ltd. | | | 2,935,351 | | | | 0.6 | |
| 136,700 (1) | | | Japan Tobacco, Inc. | | | 3,530,307 | | | | 0.7 | |
| 20,200 | | | NEC Corp. | | | 1,193,541 | | | | 0.2 | |
| 1,387,500 | | | Nippon Telegraph & Telephone Corp. | | | 1,694,255 | | | | 0.4 | |
| 21,900 | | | Nitto Denko Corp. | | | 1,634,292 | | | | 0.3 | |
| 5,800 | | | Obic Co. Ltd. | | | 997,919 | | | | 0.2 | |
| 33,300 | | | ORIX Corp. | | | 625,413 | | | | 0.1 | |
| 67,200 | | | SCSK Corp. | | | 1,330,453 | | | | 0.3 | |
| 24,800 | | | Secom Co. Ltd. | | | 1,784,118 | | | | 0.4 | |
| 32,200 | | | Seiko Epson Corp. | | | 480,776 | | | | 0.1 | |
| 51,600 | | | Sekisui Chemical Co. Ltd. | | | 742,161 | | | | 0.2 | |
| 121,400 | | | Sekisui House Ltd. | | | 2,690,980 | | | | 0.6 | |
| 51,300 | | | Sumitomo Mitsui Financial Group, Inc. | | | 2,496,250 | | | | 0.5 | |
| 51,000 | | | Takeda Pharmaceutical Co. Ltd. | | | 1,462,580 | | | | 0.3 | |
| 38,800 | | | USS Co. Ltd. | | | 778,957 | | | | 0.2 | |
| | | | | | | 33,880,493 | | | | 7.0 | |
| | | | Jordan: 0.2% |
| 42,291 | | | Hikma Pharmaceuticals PLC | | | 963,688 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Netherlands: 1.7% |
| 775,029 | | | Koninklijke KPN NV | | | 2,670,069 | | | | 0.6 | |
| 65,445 | | | NN Group NV | | | 2,586,438 | | | | 0.5 | |
| 20,564 | | | Wolters Kluwer NV | | | 2,925,624 | | | | 0.6 | |
| | | | | | | 8,182,131 | | | | 1.7 | |
| | | | New Zealand: 0.1% |
| 174,887 | | | Spark New Zealand Ltd. | | | 572,675 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Norway: 0.4% |
| 60,769 | | | Aker BP ASA | | | 1,765,194 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Singapore: 0.3% | |
| 1,640,500 | | | Genting Singapore Ltd. | | $ | 1,242,608 | | | | 0.2 | |
| 49,500 | | | Oversea-Chinese Banking Corp. Ltd. | | | 487,051 | | | | 0.1 | |
| | | | | | | 1,729,659 | | | | 0.3 | |
| | | | Spain: 2.0% |
| 30,809 | | | ACS Actividades de Construccion y Servicios SA | | | 1,368,374 | | | | 0.3 | |
| 8,341 (3) | | | Aena SME SA | | | 1,513,982 | | | | 0.3 | |
| 58,439 | | | Industria de Diseno Textil SA | | | 2,549,925 | | | | 0.5 | |
| 72,507 | | | Red Electrica Corp. SA | | | 1,194,814 | | | | 0.3 | |
| 98,168 | | | Repsol SA | | | 1,456,214 | | | | 0.3 | |
| 372,386 | | | Telefonica SA | | | 1,455,980 | | | | 0.3 | |
| | | | | | | 9,539,289 | | | | 2.0 | |
| | | | Sweden: 0.7% |
| 112,960 | | | Svenska Handelsbanken AB - Class A | | | 1,227,586 | | | | 0.3 | |
| 33,323 | | | Swedbank AB - Class A | | | 673,713 | | | | 0.1 | |
| 520,753 | | | Telia Co. AB | | | 1,328,665 | | | | 0.3 | |
| | | | | | | 3,229,964 | | | | 0.7 | |
| | | | Switzerland: 1.4% |
| 39,852 | | | Holcim AG | | | 3,130,033 | | | | 0.7 | |
| 25,393 | | | Novartis AG, Reg | | | 2,564,959 | | | | 0.5 | |
| 3,672 | | | Roche Holding AG | | | 1,067,427 | | | | 0.2 | |
| | | | | | | 6,762,419 | | | | 1.4 | |
| | | | United Kingdom: 4.2% |
| 166,265 | | | Amcor PLC | | | 1,602,794 | | | | 0.3 | |
| 194,345 | | | BAE Systems PLC | | | 2,750,948 | | | | 0.6 | |
| 100,380 | | | British American Tobacco PLC | | | 2,937,034 | | | | 0.6 | |
| 423,919 | | | Centrica PLC | | | 759,960 | | | | 0.2 | |
| 34,516 | | | GSK PLC | | | 637,482 | | | | 0.1 | |
| 118,752 | | | Imperial Brands PLC | | | 2,734,594 | | | | 0.6 | |
| 174,942 | | | Sage Group PLC | | | 2,611,674 | | | | 0.5 | |
| 61,861 | | | Smiths Group PLC | | | 1,388,495 | | | | 0.3 | |
| 526,982 | | | Vodafone Group PLC | | | 460,234 | | | | 0.1 | |
| 36,169 | | | Whitbread PLC | | | 1,683,930 | | | | 0.3 | |
| 12,958 | | | Willis Towers Watson PLC | | | 3,125,470 | | | | 0.6 | |
| | | | | | | 20,692,615 | | | | 4.2 | |
| | | | United States: 67.1% |
| 48,386 | | | AbbVie, Inc. | | | 7,498,378 | | | | 1.5 | |
| 3,099 | | | Acuity Brands, Inc. | | | 634,768 | | | | 0.1 | |
| 22,215 | | | AECOM | | | 2,053,332 | | | | 0.4 | |
| 42,479 | | | Agree Realty Corp. | | | 2,674,053 | | | | 0.6 | |
| 8,897 | | | ALLETE, Inc. | | | 544,141 | | | | 0.1 | |
| 11,108 | | | Allison Transmission Holdings, Inc. | | | 645,930 | | | | 0.1 | |
| 87,982 | | | Altria Group, Inc. | | | 3,549,194 | | | | 0.7 | |
| 30,389 | | | Amdocs Ltd. | | | 2,670,889 | | | | 0.5 | |
| 41,663 | | | American Electric Power Co., Inc. | | | 3,383,869 | | | | 0.7 | |
| 1,520 | | | Ameriprise Financial, Inc. | | | 577,342 | | | | 0.1 | |
| 15,373 | | | AmerisourceBergen Corp. | | | 3,157,307 | | | | 0.6 | |
| 15,764 | | | AMETEK, Inc. | | | 2,599,326 | | | | 0.5 | |
| 18,244 | | | Amgen, Inc. | | | 5,254,637 | | | | 1.1 | |
| 7,984 | | | Aon PLC - Class A | | | 2,323,504 | | | | 0.5 | |
| 50,228 | | | Apartment Income REIT Corp. | | | 1,744,418 | | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | United States (continued) |
| 19,698 | | | AptarGroup, Inc. | | $ | 2,435,067 | | | | 0.5 | |
| 14,812 | | | Assurant, Inc. | | | 2,495,674 | | | | 0.5 | |
| 13,809 | | | Atmos Energy Corp. | | | 1,600,463 | | | | 0.3 | |
| 11,301 | | | Automatic Data Processing, Inc. | | | 2,632,794 | | | | 0.5 | |
| 4,524 | | | AvalonBay Communities, Inc. | | | 846,983 | | | | 0.2 | |
| 53,219 | | | Avnet, Inc. | | | 2,682,238 | | | | 0.6 | |
| 84,664 | | | Baker Hughes Co. | | | 2,893,816 | | | | 0.6 | |
| 85,308 | | | Bristol-Myers Squibb Co. | | | 4,377,153 | | | | 0.9 | |
| 41,758 | | | Brixmor Property Group, Inc. | | | 971,709 | | | | 0.2 | |
| 17,087 | | | Brown & Brown, Inc. | | | 1,215,057 | | | | 0.3 | |
| 27,945 | | | Cardinal Health, Inc. | | | 2,816,856 | | | | 0.6 | |
| 47,742 | | | Chevron Corp. | | | 7,121,197 | | | | 1.5 | |
| 26,846 | | | Church & Dwight Co., Inc. | | | 2,538,558 | | | | 0.5 | |
| 14,797 | | | Cigna Group | | | 4,430,962 | | | | 0.9 | |
| 3,555 | | | Cintas Corp. | | | 2,142,456 | | | | 0.4 | |
| 119,992 | | | Cisco Systems, Inc. | | | 6,061,996 | | | | 1.2 | |
| 58,526 | | | Citigroup, Inc. | | | 3,010,577 | | | | 0.6 | |
| 16,614 | | | CME Group, Inc. | | | 3,498,908 | | | | 0.7 | |
| 25,451 | | | CNO Financial Group, Inc. | | | 710,083 | | | | 0.1 | |
| 26,959 | | | Coca-Cola Co. | | | 1,588,694 | | | | 0.3 | |
| 45,867 | | | Colgate-Palmolive Co. | | | 3,656,059 | | | | 0.8 | |
| 45,261 | | | Commerce Bancshares, Inc. | | | 2,417,390 | | | | 0.5 | |
| 76,607 | | | Coterra Energy, Inc. | | | 1,955,011 | | | | 0.4 | |
| 19,701 | | | CSX Corp. | | | 683,034 | | | | 0.1 | |
| 57,161 | | | CVS Health Corp. | | | 4,513,433 | | | | 0.9 | |
| 63,959 | | | Dow, Inc. | | | 3,507,512 | | | | 0.7 | |
| 41,823 | | | DT Midstream, Inc. | | | 2,291,900 | | | | 0.5 | |
| 23,262 | | | DTE Energy Co. | | | 2,564,868 | | | | 0.5 | |
| 44,673 | | | Edison International | | | 3,193,673 | | | | 0.7 | |
| 25,536 | | | Electronic Arts, Inc. | | | 3,493,580 | | | | 0.7 | |
| 5,311 | | | Elevance Health, Inc. | | | 2,504,455 | | | | 0.5 | |
| 26,137 | | | Emerson Electric Co. | | | 2,543,914 | | | | 0.5 | |
| 13,245 | | | EOG Resources, Inc. | | | 1,601,983 | | | | 0.3 | |
| 105,086 | | | Equitrans Midstream Corp. | | | 1,069,775 | | | | 0.2 | |
| 49,871 | | | Equity Residential | | | 3,050,110 | | | | 0.6 | |
| 5,640 | | | Erie Indemnity Co. - Class A | | | 1,888,949 | | | | 0.4 | |
| 38,083 | | | Essent Group Ltd. | | | 2,008,497 | | | | 0.4 | |
| 53,771 | | | Evergy, Inc. | | | 2,806,846 | | | | 0.6 | |
| 23,262 | | | Fortive Corp. | | | 1,712,781 | | | | 0.4 | |
| 54,805 | | | Gaming and Leisure Properties, Inc. | | | 2,704,627 | | | | 0.6 | |
| 49,051 | | | General Mills, Inc. | | | 3,195,182 | | | | 0.7 | |
| 16,518 | | | General Motors Co. | | | 593,327 | | | | 0.1 | |
| 26,444 | | | Genpact Ltd. | | | 917,871 | | | | 0.2 | |
| 71,243 | | | Gentex Corp. | | | 2,326,796 | | | | 0.5 | |
| 18,263 | | | Genuine Parts Co. | | | 2,529,425 | | | | 0.5 | |
| 53,601 | | | Gilead Sciences, Inc. | | | 4,342,217 | | | | 0.9 | |
| 56,307 | | | H&R Block, Inc. | | | 2,723,570 | | | | 0.6 | |
| 41,452 | | | Hartford Financial Services Group, Inc. | | | 3,331,912 | | | | 0.7 | |
| 8,565 | | | HF Sinclair Corp. | | | 475,957 | | | | 0.1 | |
| 5,850 | | | Humana, Inc. | | | 2,678,189 | | | | 0.6 | |
| 4,415 | | | Ingredion, Inc. | | | 479,160 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | United States (continued) |
| 18,335 | | | International Bancshares Corp. | | $ | 995,957 | | | | 0.2 | |
| 22,044 | | | Iridium Communications, Inc. | | | 907,331 | | | | 0.2 | |
| 57,007 | | | Johnson & Johnson | | | 8,935,277 | | | | 1.8 | |
| 13,120 | | | JPMorgan Chase & Co. | | | 2,231,712 | | | | 0.5 | |
| 94,028 | | | Juniper Networks, Inc. | | | 2,771,945 | | | | 0.6 | |
| 26,159 | | | Kimberly-Clark Corp. | | | 3,178,580 | | | | 0.7 | |
| 29,008 | | | Leidos Holdings, Inc. | | | 3,139,826 | | | | 0.6 | |
| 23,946 | | | LKQ Corp. | | | 1,144,379 | | | | 0.2 | |
| 1,542 | | | Lockheed Martin Corp. | | | 698,896 | | | | 0.1 | |
| 41,698 | | | Loews Corp. | | | 2,901,764 | | | | 0.6 | |
| 19,234 | | | Marsh & McLennan Cos., Inc. | | | 3,644,266 | | | | 0.8 | |
| 4,545 | | | McDonald’s Corp. | | | 1,347,638 | | | | 0.3 | |
| 5,556 | | | McKesson Corp. | | | 2,572,317 | | | | 0.5 | |
| 69,582 | | | Merck & Co., Inc. | | | 7,585,830 | | | | 1.6 | |
| 38,357 | | | MetLife, Inc. | | | 2,536,548 | | | | 0.5 | |
| 146,128 | | | MGIC Investment Corp. | | | 2,818,809 | | | | 0.6 | |
| 7,072 | | | Mondelez International, Inc. - Class A | | | 512,225 | | | | 0.1 | |
| 26,867 | | | MSC Industrial Direct Co., Inc. - Class A | | | 2,720,552 | | | | 0.6 | |
| 31,266 | | | National Fuel Gas Co. | | | 1,568,615 | | | | 0.3 | |
| 66,895 | | | National Retail Properties, Inc. | | | 2,883,175 | | | | 0.6 | |
| 26,315 | | | NetApp, Inc. | | | 2,319,930 | | | | 0.5 | |
| 3,548 | | | NewMarket Corp. | | | 1,936,605 | | | | 0.4 | |
| 76,406 | | | NiSource, Inc. | | | 2,028,579 | | | | 0.4 | |
| 37,967 | | | NorthWestern Corp. | | | 1,932,141 | | | | 0.4 | |
| 3,437 | | | NVIDIA Corp. | | | 1,702,071 | | | | 0.4 | |
| 12,609 | | | ONE Gas, Inc. | | | 803,445 | | | | 0.2 | |
| 27,207 | | | OneMain Holdings, Inc. | | | 1,338,584 | | | | 0.3 | |
| 73,347 | | | Patterson Cos., Inc. | | | 2,086,722 | | | | 0.4 | |
| 37,489 | | | PepsiCo, Inc. | | | 6,367,132 | | | | 1.3 | |
| 69,949 | | | Pfizer, Inc. | | | 2,013,832 | | | | 0.4 | |
| 52,814 | | | Philip Morris International, Inc. | | | 4,968,741 | | | | 1.0 | |
| 28,435 | | | Phillips 66 | | | 3,785,836 | | | | 0.8 | |
| 30,803 | | | Pinnacle West Capital Corp. | | | 2,212,888 | | | | 0.5 | |
| 10,017 | | | PPG Industries, Inc. | | | 1,498,042 | | | | 0.3 | |
| 40,589 | | | Procter & Gamble Co. | | | 5,947,912 | | | | 1.2 | |
| 14,869 | | | Qualcomm, Inc. | | | 2,150,503 | | | | 0.4 | |
| 15,232 | | | Reinsurance Group of America, Inc. | | | 2,464,233 | | | | 0.5 | |
| 9,026 | | | Reliance Steel & Aluminum Co. | | | 2,524,392 | | | | 0.5 | |
| 182,881 | | | Rithm Capital Corp. | | | 1,953,169 | | | | 0.4 | |
| 60,252 | | | Rollins, Inc. | | | 2,631,205 | | | | 0.5 | |
| 18,005 | | | Ryder System, Inc. | | | 2,071,655 | | | | 0.4 | |
| 31,801 | | | Sempra Energy | | | 2,376,489 | | | | 0.5 | |
| 8,544 | | | Sherwin-Williams Co. | | | 2,664,874 | | | | 0.5 | |
| 10,633 | | | Snap-on, Inc. | | | 3,071,236 | | | | 0.6 | |
| 34,575 | | | Sonoco Products Co. | | | 1,931,705 | | | | 0.4 | |
| 45,207 | | | SS&C Technologies Holdings, Inc. | | | 2,762,600 | | | | 0.6 | |
| 32,625 | | | Synchrony Financial | | | 1,245,949 | | | | 0.3 | |
| 30,545 | | | TEGNA, Inc. | | | 467,338 | | | | 0.1 | |
| 25,390 | | | Texas Instruments, Inc. | | | 4,327,979 | | | | 0.9 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | United States (continued) |
| 19,250 | | | Travelers Cos., Inc. | | $ | 3,666,933 | | | | 0.8 | |
| 6,436 | | | UnitedHealth Group, Inc. | | | 3,388,361 | | | | 0.7 | |
| 60,213 | | | Unum Group | | | 2,722,832 | | | | 0.6 | |
| 26,180 | | | Valero Energy Corp. | | | 3,403,400 | | | | 0.7 | |
| 144,383 | | | Verizon Communications, Inc. | | | 5,443,239 | | | | 1.1 | |
| 101,266 | | | VICI Properties, Inc. | | | 3,228,360 | | | | 0.7 | |
| 78,356 | | | Wells Fargo & Co. | | | 3,856,682 | | | | 0.8 | |
| 128,245 | | | Wendy’s Co. | | | 2,498,213 | | | | 0.5 | |
| 7,628 | | | Xcel Energy, Inc. | | | 472,249 | | | | 0.1 | |
| | | | | | | 326,506,030 | | | | 67.1 | |
| | | | Total Common Stock
(Cost $443,437,002) | | | 479,899,296 | | | | 98.6 | |
| | | | | | | | | | | | |
| EXCHANGE-TRADED FUNDS: 0.8% |
| 21,774 | | | iShares MSCI EAFE Value ETF | | | 1,134,425 | | | | 0.2 | |
| 16,984 | | | iShares Russell 1000 Value ETF | | | 2,806,606 | | | | 0.6 | |
| | | | | | | 3,941,031 | | | | 0.8 | |
| | | | Total Exchange-Traded Funds
(Cost $3,754,901) | | | 3,941,031 | | | | 0.8 | |
| | | | Total Long-Term Investments
(Cost $447,191,903) | | | 483,840,327 | | | | 99.4 | |
| | | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.0% |
| | | | Repurchase Agreements: 0.8% |
| 1,000,000 (4) | | | Daiwa Capital Markets, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government Securities, 0.000%-5.375%, Market Value plus accrued interest $1,020,000, due 01/25/24-11/15/51) | | | 1,000,000 | | | | 0.2 | |
| 913,913 (4) | | | Deutsche Bank Securities Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $914,447, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $932,191, due 01/18/24-08/15/36) | | | 913,913 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 1,000,000 (4) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,000,585, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 12/01/29-12/01/53) | | $ | 1,000,000 | | | | 0.2 | |
| 1,000,000 (4) | | | Nomura Securities, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,000,585, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 6.000%, Market Value plus accrued interest $1,020,211, due 03/08/27-01/01/59) | | | 1,000,000 | | | | 0.2 | |
| | | | Total Repurchase Agreements
(Cost $3,913,913) | | | 3,913,913 | | | | 0.8 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.2% |
| 803,000 (5) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $803,000) | | $ | 803,000 | | | | 0.2 | |
| | | | Total Short-Term Investments
(Cost $4,716,913) | | | 4,716,913 | | | | 1.0 | |
| | | | Total Investments in Securities
(Cost $451,908,816) | | $ | 488,557,240 | | | | 100.4 | |
| | | | Liabilities in Excess of Other Assets | | | (2,074,679 | ) | | | (0.4) | |
| | | | Net Assets | | $ | 486,482,561 | | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Security, or a portion of the security, is on loan. |
| (2) | Non-income producing security. |
| (3) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (4) | 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 December 31, 2023. |
| Sector Diversification | | Percentage
of Net Assets | |
| Financials | | | 20.9 | % |
| Health Care | | | 15.7 | |
| Industrials | | | 13.2 | |
| Consumer Staples | | | 9.3 | |
| Energy | | | 7.2 | |
| Information Technology | | | 6.4 | |
| Utilities | | | 6.1 | |
| Communication Services | | | 5.5 | |
| Materials | | | 5.2 | |
| Consumer Discretionary | | | 4.7 | |
| Real Estate | | | 4.4 | |
| Exchange-Traded Funds | | | 0.8 | |
| Short-Term Investments | | | 1.0 | |
| Liabilities in Excess of Other Assets | | | (0.4 | ) |
| Net Assets | | | 100.0 | % |
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs#
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table |
| Investments, at fair value |
| Common Stock |
| Australia | | $ | — | | | $ | 11,667,688 | | | $ | — | | | $ | 11,667,688 | |
| Bermuda | | | 4,679,778 | | | | — | | | | — | | | | 4,679,778 | |
| Brazil | | | 2,280,187 | | | | — | | | | — | | | | 2,280,187 | |
| Canada | | | 10,830,625 | | | | — | | | | — | | | | 10,830,625 | |
| Denmark | | | — | | | | 2,735,895 | | | | — | | | | 2,735,895 | |
| Finland | | | 476,136 | | | | 2,238,889 | | | | — | | | | 2,715,025 | |
| France | | | — | | | | 10,966,651 | | | | — | | | | 10,966,651 | |
| Germany | | | — | | | | 5,148,808 | | | | — | | | | 5,148,808 | |
| Hong Kong | | | 990,250 | | | | 7,119,718 | | | | — | | | | 8,109,968 | |
| Israel | | | — | | | | 898,645 | | | | — | | | | 898,645 | |
| Italy | | | — | | | | 6,041,869 | | | | — | | | | 6,041,869 | |
| Japan | | | — | | | | 33,880,493 | | | | — | | | | 33,880,493 | |
| Jordan | | | — | | | | 963,688 | | | | — | | | | 963,688 | |
| Netherlands | | | — | | | | 8,182,131 | | | | — | | | | 8,182,131 | |
| New Zealand | | | 572,675 | | | | — | | | | — | | | | 572,675 | |
| Norway | | | — | | | | 1,765,194 | | | | — | | | | 1,765,194 | |
| Singapore | | | — | | | | 1,729,659 | | | | — | | | | 1,729,659 | |
| Spain | | | — | | | | 9,539,289 | | | | — | | | | 9,539,289 | |
| Sweden | | | — | | | | 3,229,964 | | | | — | | | | 3,229,964 | |
| Switzerland | | | — | | | | 6,762,419 | | | | — | | | | 6,762,419 | |
| United Kingdom | | | 7,479,212 | | | | 13,213,403 | | | | — | | | | 20,692,615 | |
| United States | | | 326,506,030 | | | | — | | | | — | | | | 326,506,030 | |
| Total Common Stock | | | 353,814,893 | | | | 126,084,403 | | | | — | | | | 479,899,296 | |
| Exchange-Traded Funds | | | 3,941,031 | | | | — | | | | — | | | | 3,941,031 | |
| Short-Term Investments | | | 803,000 | | | | 3,913,913 | | | | — | | | | 4,716,913 | |
| Total Investments, at fair value | | $ | 358,558,924 | | | $ | 129,998,316 | | | $ | — | | | $ | 488,557,240 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Forward
foreign
currency
contracts | |
| Foreign exchange contracts | | $ | (34,828 | ) |
| Total | | $ | (34,828 | ) |
See Accompanying Notes to Financial Statements
Voya Global High Dividend
Low Volatility Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $453,034,299. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 49,380,177 | |
| Gross Unrealized Depreciation | | | (13,878,783 | ) |
| Net Unrealized Appreciation | | $ | 35,501,394 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Government Money Market Portfolio | as of December 31, 2023 |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. TREASURY DEBT: 41.8% | | | | | | | | |
| 91,150,000 (1) | | | United States Treasury Bills, 5.030%, 01/16/2024 | | $ | 90,949,625 | | | | 11.5 | |
| 70,500,000 (1) | | | United States Treasury Bills, 5.200%, 02/01/2024 | | | 70,179,863 | | | | 8.9 | |
| 18,500,000 (1) | | | United States Treasury Bills, 5.340%, 03/19/2024 | | | 18,289,162 | | | | 2.3 | |
| 27,000,000 (1) | | | United States Treasury Bills, 5.360%, 03/28/2024 | | | 26,656,589 | | | | 3.4 | |
| 9,250,000 (1) | | | United States Treasury Bills, 5.370%, 06/13/2024 | | | 9,031,405 | | | | 1.1 | |
| 115,000,000 (2) | | | United States Treasury Floating Rate Notes, 5.316%, (USBMMY3M + (0.015)%), 01/31/2024 | | | 114,999,275 | | | | 14.6 | |
| | | | | | | 330,105,919 | | | | 41.8 | |
| | | | | | | | | | | | |
| | | | Total U.S. Treasury Debt
(Cost $330,105,919) | | | 330,105,919 | | | | 41.8 | |
| | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCY DEBT: 32.2% |
| 1,250,000 | | | Federal Farm Credit Banks Funding Corp., 0.370%, 03/15/2024 | | | 1,237,322 | | | | 0.2 | |
| 1,000,000 (2) | | | Federal Farm Credit Banks Funding Corp., 5.480%, (SOFRRATE + 0.080%), 11/08/2024 | | | 1,000,009 | | | | 0.1 | |
| 4,000,000 (1) | | | Federal Home Loan Bank Discount Notes, 5.440%, 05/03/2024 | | | 3,927,567 | | | | 0.5 | |
| 1,750,000 | | | Federal Home Loan Banks, 4.860%, 01/09/2024 | | | 1,749,738 | | | | 0.2 | |
| 10,950,000 | | | Federal Home Loan Banks, 5.000%, 01/19/2024 | | | 10,946,863 | | | | 1.4 | |
| 12,055,000 | | | Federal Home Loan Banks, 5.000%, 02/21/2024 | | | 12,046,416 | | | | 1.5 | |
| 1,000,000 | | | Federal Home Loan Banks, 5.000%, 02/21/2024 | | | 999,283 | | | | 0.1 | |
| 16,500,000 (2) | | | Federal Home Loan Banks, 5.430%, (SOFRRATE + 0.030%), 01/08/2024 | | | 16,500,000 | | | | 2.1 | |
| 3,000,000 (2) | | | Federal Home Loan Banks, 5.440%, (SOFRRATE + 0.040%), 02/01/2024 | | | 2,999,975 | | | | 0.4 | |
| 21,500,000 (2) | | | Federal Home Loan Banks, 5.440%, (SOFRRATE + 0.040%), 02/16/2024 | | | 21,500,000 | | | | 2.7 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY DEBT: (continued) |
| 9,000,000 | | | Federal Home Loan Banks, 5.510%, 07/12/2024 | | $ | 8,999,636 | | | | 1.1 | |
| 120,000,000 (2) | | | Federal Home Loan Banks 0001, 5.440%, (SOFRRATE + 0.040%), 01/26/2024 | | | 120,000,000 | | | | 15.2 | |
| 16,000,000 (2) | | | Federal Home Loan Banks 0001, 5.440%, (SOFRRATE + 0.040%), 02/01/2024 | | | 16,000,000 | | | | 2.0 | |
| 18,000,000 (2) | | | Federal Home Loan Banks 0002, 5.445%, (SOFRRATE + 0.045%), 02/05/2024 | | | 18,000,000 | | | | 2.3 | |
| 19,000,000 (2) | | | Federal Home Loan Banks 0003, 5.445%, (SOFRRATE + 0.045%), 02/02/2024 | | | 19,000,000 | | | | 2.4 | |
| | | | | | | 254,906,809 | | | | 32.2 | |
| | | | | | | | | | | | |
| | | | Total U.S. Government Agency Debt
(Cost $254,906,809) | | | 254,906,809 | | | | 32.2 | |
| | | | | | | | | | | | |
| U.S. TREASURY REPURCHASE AGREEMENTS: 21.2% |
| 167,237,000 | | | Deutsche Bank, Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 $167,336,041 to be received upon repurchase (Collateralized by $207,571,043, various U.S. Treasuries, 0.00- 1.875%, Market Value plus accrued interest $171,918,033 due 5/15/26-2/15/32) | | | 167,237,000 | | | | 21.2 | |
| | | | Total U.S. Treasury Repurchase Agreements
(Cost $167,237,000) | | | 167,237,000 | | | | 21.2 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Government Money Market Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| INVESTMENT COMPANIES: 4.1% | | | | | | |
| 32,750,000 (3) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%, 01/02/2024 | | $ | 32,750,000 | | | | 4.1 | |
| | | | Total Investment Companies
(Cost $32,750,000) | | | 32,750,000 | | | | 4.1 | |
| | | | Total Investments in Securities
(Cost $784,999,728) | | $ | 784,999,728 | | | | 99.3 | |
| | | | Assets in Excess of Other Liabilities | | | 5,624,490 | | | | 0.7 | |
| | | | Net Assets | | $ | 790,624,218 | | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2023. |
| (2) | Variable rate security. Rate shown is the rate in effect as of December 31, 2023. |
| (3) | Rate shown is the 7-day yield as of December 31, 2023. |
Reference Rate Abbreviations:
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| USBMMY3M | U.S. Treasury 3-month Bill Money Market Yield |
At December 31, 2023, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Investment Companies | | $ | 32,750,000 | | | $ | — | | | $ | — | | | $ | 32,750,000 | |
| U.S. Government Agency Debt | | | — | | | | 254,906,809 | | | | — | | | | 254,906,809 | |
| U.S. Treasury Debt | | | — | | | | 330,105,919 | | | | — | | | | 330,105,919 | |
| U.S. Treasury Repurchase Agreements | | | — | | | | 167,237,000 | | | | — | | | | 167,237,000 | |
| Total Investments, at fair value | | $ | 32,750,000 | | | $ | 752,249,728 | | | $ | — | | | $ | 784,999,728 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
The following table is a summary of the Fund’s treasury repurchase agreement by counterparty which is subject to offset under a MRA as of December 31, 2023:
| Counterparty | | U.S. Treasury
Repurchase
Agreements,
at fair value | | | Fair Value of
Non-Cash Collateral
Received Including
Accrued Interest(1) | | | Net Amount | |
| Deutsche Bank | | $ | 167,237,000 | | | $ | (167,237,000 | ) | | $ | — | |
| Totals | | $ | 167,237,000 | | | $ | (167,237,000 | ) | | $ | — | |
| (1) | Collateral with a fair value of $171,918,033 has been pledged in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Growth and Income Portfolio | as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.8% |
| | | | Communication Services: 7.5% | | | | | |
| 2,568,708 | | | AT&T, Inc. | | $ | 43,102,921 | | | | 2.1 | |
| 226,494 (1) | | | Meta Platforms, Inc. - Class A | | | 80,169,816 | | | | 4.0 | |
| 746,980 (1) | | | Pinterest, Inc. - Class A | | | 27,668,139 | | | | 1.4 | |
| | | | | | | 150,940,876 | | | | 7.5 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 10.2% | | | | | |
| 747,807 (1) | | | Amazon.com, Inc. | | | 113,621,796 | | | | 5.7 | |
| 586,263 | | | Las Vegas Sands Corp. | | | 28,850,002 | | | | 1.4 | |
| 105,440 | | | McDonald's Corp. | | | 31,264,014 | | | | 1.6 | |
| 61,525 (1) | | | Ulta Beauty, Inc. | | | 30,146,635 | | | | 1.5 | |
| | | | | | | 203,882,447 | | | | 10.2 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 6.8% | | | | | | | | |
| 1,321,781 | | | Kenvue, Inc. | | | 28,457,945 | | | | 1.4 | |
| 801,285 | | | Kraft Heinz Co. | | | 29,631,519 | | | | 1.5 | |
| 417,681 | | | Mondelez International, Inc. - Class A | | | 30,252,635 | | | | 1.5 | |
| 504,821 | | | Philip Morris International, Inc. | | | 47,493,560 | | | | 2.4 | |
| | | | | | | 135,835,659 | | | | 6.8 | |
| | | | | | | | | | | | |
| | | | Energy: 4.7% | | | | | | | | |
| 687,244 | | | BP PLC, ADR | | | 24,328,437 | | | | 1.2 | |
| 255,864 | | | Chesapeake Energy Corp. | | | 19,686,176 | | | | 1.0 | |
| 229,424 | | | ConocoPhillips | | | 26,629,244 | | | | 1.3 | |
| 178,929 | | | Valero Energy Corp. | | | 23,260,770 | | | | 1.2 | |
| | | | | | | 93,904,627 | | | | 4.7 | |
| | | | | | | | | | | | |
| | | | Financials: 11.4% | | | | | | | | |
| 286,558 | | | Apollo Global Management, Inc. | | | 26,704,340 | | | | 1.3 | |
| 87,939 | | | Arthur J Gallagher & Co. | | | 19,775,722 | | | | 1.0 | |
| 1,314,813 | | | Bank of America Corp. | | | 44,269,754 | | | | 2.2 | |
| 523,830 | | | Bank of New York Mellon Corp. | | | 27,265,351 | | | | 1.4 | |
| 463,465 | | | Hartford Financial Services Group, Inc. | | | 37,253,317 | | | | 1.8 | |
| 321,795 | | | Intercontinental Exchange, Inc. | | | 41,328,132 | | | | 2.1 | |
| 143,405 | | | Raymond James Financial, Inc. | | | 15,989,657 | | | | 0.8 | |
| 439,380 | | | Truist Financial Corp. | | | 16,221,910 | | | | 0.8 | |
| | | | | | | 228,808,183 | | | | 11.4 | |
| | | | | | | | | | | | |
| | | | Health Care: 14.8% | | | | | | | | |
| 288,363 | | | Abbott Laboratories | | | 31,740,115 | | | | 1.6 | |
| 228,458 | | | AbbVie, Inc. | | | 35,404,136 | | | | 1.8 | |
| 367,617 (1) | | | Boston Scientific Corp. | | | 21,251,939 | | | | 1.0 | |
| 112,315 | | | Cigna Group | | | 33,632,727 | | | | 1.7 | |
| 91,230 | | | HCA Healthcare, Inc. | | | 24,694,136 | | | | 1.2 | |
| 260,901 | | | Johnson & Johnson | | | 40,893,623 | | | | 2.0 | |
| 37,763 | | | McKesson Corp. | | | 17,483,514 | | | | 0.9 | |
| 172,749 | | | Quest Diagnostics, Inc. | | | 23,818,632 | | | | 1.2 | |
| 66,614 | | | Thermo Fisher Scientific, Inc. | | | 35,358,045 | | | | 1.8 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Health Care: (continued) | | | | | | | | |
| 79,413 (1) | | | Vertex Pharmaceuticals, Inc. | | $ | 32,312,356 | | | | 1.6 | |
| | | | | | | 296,589,223 | | | | 14.8 | |
| | | | | | | | | | | | |
| | | | Industrials: 9.0% | | | | | | | | |
| 469,950 (1) | | | Copart, Inc. | | | 23,027,550 | | | | 1.1 | |
| 357,302 | | | Emerson Electric Co. | | | 34,776,204 | | | | 1.7 | |
| 390,808 | | | Howmet Aerospace, Inc. | | | 21,150,529 | | | | 1.1 | |
| 361,251 | | | Ingersoll Rand, Inc. | | | 27,939,152 | | | | 1.4 | |
| 70,538 | | | Parker-Hannifin Corp. | | | 32,496,856 | | | | 1.6 | |
| 70,846 | | | Rockwell Automation, Inc. | | | 21,996,266 | | | | 1.1 | |
| 45,680 (1) | | | Saia, Inc. | | | 20,017,890 | | | | 1.0 | |
| | | | | | | 181,404,447 | | | | 9.0 | |
| | | | | | | | | | | | |
| | | | Information Technology: 26.4% | | | | | | | | |
| 59,293 (1) | | | Adobe, Inc. | | | 35,374,204 | | | | 1.8 | |
| 247,199 (1) | | | Advanced Micro Devices, Inc. | | | 36,439,605 | | | | 1.8 | |
| 334,163 | | | Dolby Laboratories, Inc. - Class A | | | 28,798,167 | | | | 1.4 | |
| 711,277 (1) | | | Dropbox, Inc. - Class A | | | 20,968,446 | | | | 1.0 | |
| 488,481 | | | Micron Technology, Inc. | | | 41,686,969 | | | | 2.1 | |
| 472,888 | | | Microsoft Corp. | | | 177,824,803 | | | | 8.9 | |
| 154,190 | | | NVIDIA Corp. | | | 76,357,972 | | | | 3.8 | |
| 76,502 | | | Roper Technologies, Inc. | | | 41,706,595 | | | | 2.1 | |
| 285,605 | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 29,702,920 | | | | 1.5 | |
| 156,342 | | | Visa, Inc. - Class A | | | 40,703,640 | | | | 2.0 | |
| | | | | | | 529,563,321 | | | | 26.4 | |
| | | | | | | | | | | | |
| | | | Materials: 3.1% | | | | | | | | |
| 49,836 | | | Air Products and Chemicals, Inc. | | | 13,645,097 | | | | 0.7 | |
| 575,705 | | | Alcoa Corp. | | | 19,573,970 | | | | 1.0 | |
| 192,565 | | | CF Industries Holdings, Inc. | | | 15,308,917 | | | | 0.7 | |
| 52,845 | | | Reliance Steel & Aluminum Co. | | | 14,779,690 | | | | 0.7 | |
| | | | | | | 63,307,674 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | Real Estate: 2.9% | | | | | | | | |
| 132,069 | | | Prologis, Inc. | | | 17,604,798 | | | | 0.9 | |
| 121,022 | | | Ryman Hospitality Properties, Inc. | | | 13,319,681 | | | | 0.7 | |
| 295,802 | | | Welltower, Inc. | | | 26,672,466 | | | | 1.3 | |
| | | | | | | 57,596,945 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | Utilities: 3.0% | | | | | | | | |
| 592,307 | | | NextEra Energy, Inc. | | | 35,976,727 | | | | 1.8 | |
| 402,403 | | | Public Service Enterprise Group, Inc. | | | 24,606,944 | | | | 1.2 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Growth and Income Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Utilities: (continued) | | | | | | | | |
| 10,000,000 (2)(3) | | | Southern Energy | | $ | — | | | | 0.0 | |
| | | | | | | 60,583,671 | | | | 3.0 | |
| | | | Total Common Stock
(Cost $1,605,791,814) | | | 2,002,417,073 | | | | 99.8 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.1% | | | | | | | | |
| | | | Mutual Funds: 0.1% | | | | | | | | |
| 1,014,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $1,014,000) | | $ | 1,014,000 | | | | 0.1 | |
| | | | Total Short-Term Investments
(Cost $1,014,000) | | | 1,014,000 | | | | 0.1 | |
| | | | Total Investments in Securities
(Cost $1,606,805,814) | | $ | 2,003,431,073 | | | | 99.9 | |
| | | | Assets in Excess of Other Liabilities | | | 1,315,938 | | | | 0.1 | |
| | | | Net Assets | | $ | 2,004,747,011 | | | | 100.0 | |
| ADR | American Depositary Receipt |
| (1) | Non-income producing security. |
| (2) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (3) | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2023, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (4) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Growth and Income Portfolio | as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 150,940,876 | | | $ | — | | | $ | — | | | $ | 150,940,876 | |
| Consumer Discretionary | | | 203,882,447 | | | | — | | | | — | | | | 203,882,447 | |
| Consumer Staples | | | 135,835,659 | | | | — | | | | — | | | | 135,835,659 | |
| Energy | | | 93,904,627 | | | | — | | | | — | | | | 93,904,627 | |
| Financials | | | 228,808,183 | | | | — | | | | — | | | | 228,808,183 | |
| Health Care | | | 296,589,223 | | | | — | | | | — | | | | 296,589,223 | |
| Industrials | | | 181,404,447 | | | | — | | | | — | | | | 181,404,447 | |
| Information Technology | | | 529,563,321 | | | | — | | | | — | | | | 529,563,321 | |
| Materials | | | 63,307,674 | | | | — | | | | — | | | | 63,307,674 | |
| Real Estate | | | 57,596,945 | | | | — | | | | — | | | | 57,596,945 | |
| Utilities | | | 60,583,671 | | | | — | | | | — | | | | 60,583,671 | |
| Total Common Stock | | | 2,002,417,073 | | | | — | | | | — | | | | 2,002,417,073 | |
| Short-Term Investments | | | 1,014,000 | | | | — | | | | — | | | | 1,014,000 | |
| Total Investments, at fair value | | $ | 2,003,431,073 | | | $ | — | | | $ | — | | | $ | 2,003,431,073 | |
|
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
At December 31, 2023, Voya Growth and Income Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Southern Energy | | 11/30/2005 | | $ | — | | | $ | — | |
| | | | | $ | — | | | $ | — | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $1,617,475,564. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 438,597,399 | |
| Gross Unrealized Depreciation | | | (52,641,767 | ) |
| Net Unrealized Appreciation | | $ | 385,955,632 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 25.9% |
| | | | Basic Materials: 0.4% | | | | | | | | |
| 445,000 (1) | | | Anglo American Capital PLC, 2.250%, 03/17/2028 | | $ | 395,888 | | | | 0.0 | |
| 1,250,000 (1) | | | Anglo American Capital PLC, 3.625%, 09/11/2024 | | | 1,230,869 | | | | 0.1 | |
| 343,000 (1) | | | Anglo American Capital PLC, 4.750%, 03/16/2052 | | | 298,647 | | | | 0.0 | |
| 717,000 (1)(2) | | | Anglo American Capital PLC, 5.500%, 05/02/2033 | | | 725,041 | | | | 0.0 | |
| 567,000 (2) | | | BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033 | | | 580,134 | | | | 0.0 | |
| 911,000 | | | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | | | 944,334 | | | | 0.0 | |
| 1,290,000 | | | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | | | 1,338,391 | | | | 0.1 | |
| 274,000 | | | BHP Billiton Finance USA Ltd., 5.500%, 09/08/2053 | | | 299,226 | | | | 0.0 | |
| 433,000 | | | FMC Corp., 5.150%, 05/18/2026 | | | 432,795 | | | | 0.0 | |
| 640,000 | | | Nutrien Ltd., 2.950%, 05/13/2030 | | | 578,419 | | | | 0.0 | |
| 102,000 | | | Nutrien Ltd., 5.800%, 03/27/2053 | | | 109,266 | | | | 0.0 | |
| 78,000 | | | Nutrien Ltd., 5.875%, 12/01/2036 | | | 81,365 | | | | 0.0 | |
| 77,000 | | | Nutrien Ltd., 5.950%, 11/07/2025 | | | 78,379 | | | | 0.0 | |
| 183,000 | | | Rio Tinto Finance USA PLC, 5.000%, 03/09/2033 | | | 190,173 | | | | 0.0 | |
| 968,000 | | | Rio Tinto Finance USA PLC, 5.125%, 03/09/2053 | | | 1,008,043 | | | | 0.1 | |
| 1,127,000 | | | Steel Dynamics, Inc., 1.650%, 10/15/2027 | | | 1,003,847 | | | | 0.1 | |
| | | | | | | 9,294,817 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Communications: 2.1% | | | | | | | | |
| 466,000 | | | Amazon.com, Inc., 2.100%, 05/12/2031 | | | 402,017 | | | | 0.0 | |
| 1,877,000 | | | Amazon.com, Inc., 2.875%, 05/12/2041 | | | 1,476,431 | | | | 0.1 | |
| 920,000 | | | Amazon.com, Inc., 3.150%, 08/22/2027 | | | 883,796 | | | | 0.1 | |
| 523,000 | | | Amazon.com, Inc., 4.100%, 04/13/2062 | | | 462,603 | | | | 0.0 | |
| 420,000 | | | AT&T, Inc., 3.500%, 06/01/2041 | | | 333,804 | | | | 0.0 | |
| 706,000 | | | AT&T, Inc., 3.500%, 09/15/2053 | | | 512,930 | | | | 0.0 | |
| 525,000 | | | AT&T, Inc., 3.550%, 09/15/2055 | | | 377,824 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Communications: (continued) | | | | | | | | |
| 2,636,000 | | | AT&T, Inc., 3.650%, 09/15/2059 | | $ | 1,891,506 | | | | 0.1 | |
| 742,000 | | | AT&T, Inc., 3.800%, 12/01/2057 | | | 552,198 | | | | 0.0 | |
| 1,330,000 | | | AT&T, Inc., 4.900%, 08/15/2037 | | | 1,285,898 | | | | 0.1 | |
| 1,981,000 (2) | | | Bell Telephone Co. of Canada or Bell Canada, 5.100%, 05/11/2033 | | | 2,033,889 | | | | 0.1 | |
| 751,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | | | 652,050 | | | | 0.0 | |
| 1,141,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.650%, 02/01/2034 | | | 1,203,675 | | | | 0.1 | |
| 748,000 | | | Comcast Corp., 1.950%, 01/15/2031 | | | 631,622 | | | | 0.0 | |
| 1,001,000 | | | Comcast Corp., 2.650%, 02/01/2030 | | | 901,504 | | | | 0.1 | |
| 356,000 | | | Comcast Corp., 3.200%, 07/15/2036 | | | 299,530 | | | | 0.0 | |
| 377,000 | | | Comcast Corp., 3.900%, 03/01/2038 | | | 337,398 | | | | 0.0 | |
| 625,000 | | | Comcast Corp., 5.350%, 11/15/2027 | | | 646,376 | | | | 0.0 | |
| 2,683,000 | | | Comcast Corp., 5.500%, 05/15/2064 | | | 2,826,196 | | | | 0.1 | |
| 82,000 | | | Discovery Communications LLC, 5.300%, 05/15/2049 | | | 70,516 | | | | 0.0 | |
| 598,000 | | | Meta Platforms, Inc., 3.500%, 08/15/2027 | | | 582,608 | | | | 0.0 | |
| 2,283,000 | | | Meta Platforms, Inc., 4.450%, 08/15/2052 | | | 2,099,251 | | | | 0.1 | |
| 260,000 | | | Meta Platforms, Inc., 4.650%, 08/15/2062 | | | 242,339 | | | | 0.0 | |
| 2,207,000 | | | Meta Platforms, Inc., 5.750%, 05/15/2063 | | | 2,418,868 | | | | 0.1 | |
| 1,082,000 (1) | | | NBN Co. Ltd., 1.450%, 05/05/2026 | | | 998,591 | | | | 0.1 | |
| 550,000 (1) | | | NBN Co. Ltd., 1.625%, 01/08/2027 | | | 502,186 | | | | 0.0 | |
| 1,410,000 (1)(2) | | | NBN Co. Ltd., 6.000%, 10/06/2033 | | | 1,519,987 | | | | 0.1 | |
| 1,107,000 | | | Netflix, Inc., 5.875%, 11/15/2028 | | | 1,168,198 | | | | 0.1 | |
| 135,000 | | | Orange SA, 9.000%, 03/01/2031 | | | 166,623 | | | | 0.0 | |
| 371,000 (2) | | | Paramount Global, 4.200%, 05/19/2032 | | | 331,427 | | | | 0.0 | |
| 226,000 | | | Paramount Global, 4.375%, 03/15/2043 | | | 167,249 | | | | 0.0 | |
| 474,000 (2) | | | Paramount Global, 4.950%, 01/15/2031 | | | 449,812 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | |
| | | | Communications: (continued) | | | | | | |
| 628,000 | | | Paramount Global, 4.950%, 05/19/2050 | | $ | 509,613 | | | | 0.0 | |
| 42,000 | | | Paramount Global, 5.500%, 05/15/2033 | | | 39,849 | | | | 0.0 | |
| 714,000 | | | Paramount Global, 5.850%, 09/01/2043 | | | 643,223 | | | | 0.0 | |
| 136,000 | | | Paramount Global, 6.875%, 04/30/2036 | | | 138,147 | | | | 0.0 | |
| 947,000 | | | Sprint Capital Corp., 6.875%, 11/15/2028 | | | 1,026,753 | | | | 0.1 | |
| 2,473,000 | | | Sprint Capital Corp., 8.750%, 03/15/2032 | | | 3,055,238 | | | | 0.1 | |
| 984,000 | | | Time Warner Cable LLC, 5.500%, 09/01/2041 | | | 852,555 | | | | 0.0 | |
| 1,966,000 | | | Time Warner Cable LLC, 5.875%, 11/15/2040 | | | 1,782,256 | | | | 0.1 | |
| 518,000 | | | T-Mobile USA, Inc., 2.050%, 02/15/2028 | | | 467,662 | | | | 0.0 | |
| 499,000 | | | T-Mobile USA, Inc., 2.250%, 02/15/2026 | | | 473,182 | | | | 0.0 | |
| 67,000 | | | T-Mobile USA, Inc., 2.550%, 02/15/2031 | | | 57,740 | | | | 0.0 | |
| 161,000 | | | T-Mobile USA, Inc., 2.625%, 04/15/2026 | | | 153,234 | | | | 0.0 | |
| 679,000 | | | T-Mobile USA, Inc., 2.625%, 02/15/2029 | | | 611,975 | | | | 0.0 | |
| 161,000 | | | T-Mobile USA, Inc., 2.875%, 02/15/2031 | | | 142,033 | | | | 0.0 | |
| 153,000 | | | T-Mobile USA, Inc., 3.375%, 04/15/2029 | | | 142,326 | | | | 0.0 | |
| 1,280,000 | | | T-Mobile USA, Inc., 3.500%, 04/15/2031 | | | 1,171,680 | | | | 0.1 | |
| 195,000 | | | T-Mobile USA, Inc., 3.875%, 04/15/2030 | | | 184,970 | | | | 0.0 | |
| 837,000 | | | T-Mobile USA, Inc., 4.375%, 04/15/2040 | | | 755,859 | | | | 0.0 | |
| 719,000 | | | T-Mobile USA, Inc., 4.500%, 04/15/2050 | | | 635,944 | | | | 0.0 | |
| 1,173,000 | | | T-Mobile USA, Inc., 5.800%, 09/15/2062 | | | 1,259,325 | | | | 0.1 | |
| 1,079,000 | | | T-Mobile USA, Inc., 6.000%, 06/15/2054 | | | 1,184,482 | | | | 0.1 | |
| 498,000 | | | Verizon Communications, Inc., 1.750%, 01/20/2031 | | | 409,833 | | | | 0.0 | |
| 494,000 | | | Verizon Communications, Inc., 2.550%, 03/21/2031 | | | 426,088 | | | | 0.0 | |
| 275,000 | | | Verizon Communications, Inc., 3.400%, 03/22/2041 | | | 219,063 | | | | 0.0 | |
| 772,000 | | | Verizon Communications, Inc., 4.272%, 01/15/2036 | | | 727,552 | | | | 0.0 | |
| 1,340,000 | | | Verizon Communications, Inc., 4.400%, 11/01/2034 | | | 1,290,127 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Communications: (continued) | | | | | | | | |
| 836,000 | | | Verizon Communications, Inc., 4.812%, 03/15/2039 | | $ | 809,105 | | | | 0.0 | |
| 1,036,000 | | | Verizon Communications, Inc., 6.550%, 09/15/2043 | | | 1,193,257 | | | | 0.1 | |
| 415,000 | | | Vodafone Group PLC, 5.750%, 02/10/2063 | | | 421,621 | | | | 0.0 | |
| | | | | | | 49,213,594 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 1.6% | | | | | | | | |
| 105,087 | | | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 | | | 98,467 | | | | 0.0 | |
| 32,011 | | | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | | | 29,885 | | | | 0.0 | |
| 1,539,884 | | | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 | | | 1,404,184 | | | | 0.1 | |
| 66,551 | | | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 | | | 60,150 | | | | 0.0 | |
| 1,351,278 | | | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | | | 1,221,905 | | | | 0.1 | |
| 335,399 | | | American Airlines Pass Through Trust 2019-1, AA, 3.150%, 08/15/2033 | | | 294,057 | | | | 0.0 | |
| 858,000 | | | American Honda Finance Corp., 4.700%, 01/12/2028 | | | 865,753 | | | | 0.0 | |
| 607,000 | | | American Honda Finance Corp., 5.650%, 11/15/2028 | | | 635,801 | | | | 0.0 | |
| 873,000 | | | American Honda Finance Corp., GMTN, 5.125%, 07/07/2028 | | | 898,398 | | | | 0.0 | |
| 1,054,000 | | | American Honda Finance Corp., GMTN, 5.850%, 10/04/2030 | | | 1,123,936 | | | | 0.1 | |
| 403,000 | | | AutoZone, Inc., 6.250%, 11/01/2028 | | | 428,515 | | | | 0.0 | |
| 836,000 (1)(2) | | | BMW US Capital LLC, 5.150%, 08/11/2033 | | | 863,002 | | | | 0.0 | |
| 582,550 | | | Delta Air Lines Pass Through Trust 20-1, A, 2.500%, 12/10/2029 | | | 514,294 | | | | 0.0 | |
| 173,358 (1) | | | Delta Air Lines, Inc./ SkyMiles IP Ltd., 4.750%, 10/20/2028 | | | 170,594 | | | | 0.0 | |
| 2,550,000 (2) | | | Ford Motor Credit Co. LLC, 4.000%, 11/13/2030 | | | 2,289,977 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Cyclical: (continued) | | | | | |
| 920,000 | | | General Motors Co., 6.125%, 10/01/2025 | | $ | 932,634 | | | | 0.0 | |
| 969,000 | | | General Motors Financial Co., Inc., 3.950%, 04/13/2024 | | | 963,409 | | | | 0.0 | |
| 1,861,000 | | | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | | | 1,825,027 | | | | 0.1 | |
| 929,000 | | | General Motors Financial Co., Inc., 5.800%, 01/07/2029 | | | 951,320 | | | | 0.0 | |
| 380,000 | | | General Motors Financial Co., Inc., 5.850%, 04/06/2030 | | | 392,181 | | | | 0.0 | |
| 996,000 | | | Home Depot, Inc., 4.900%, 04/15/2029 | | | 1,023,769 | | | | 0.1 | |
| 910,000 (1) | | | Hyundai Capital America, 5.680%, 06/26/2028 | | | 928,198 | | | | 0.0 | |
| 1,431,000 (1) | | | Hyundai Capital America, 6.100%, 09/21/2028 | | | 1,487,915 | | | | 0.1 | |
| 968,000 (1) | | | Hyundai Capital America, 6.500%, 01/16/2029 | | | 1,022,716 | | | | 0.1 | |
| 345,000 | | | Lowe's Cos., Inc., 4.450%, 04/01/2062 | | | 291,441 | | | | 0.0 | |
| 391,000 | | | Lowe's Cos., Inc., 5.750%, 07/01/2053 | | | 414,697 | | | | 0.0 | |
| 122,000 | | | Lowe's Cos., Inc., 5.800%, 09/15/2062 | | | 129,255 | | | | 0.0 | |
| 298,000 | | | Lowe's Cos., Inc., 5.850%, 04/01/2063 | | | 312,642 | | | | 0.0 | |
| 591,000 | | | McDonald's Corp., 5.450%, 08/14/2053 | | | 629,413 | | | | 0.0 | |
| 370,299 (1) | | | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | | | 371,621 | | | | 0.0 | |
| 534,000 (2) | | | Target Corp., 4.800%, 01/15/2053 | | | 530,497 | | | | 0.0 | |
| 1,120,000 | | | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | | | 1,180,337 | | | | 0.1 | |
| 308,000 | | | Toyota Motor Credit Corp., MTN, 1.900%, 01/13/2027 | | | 286,663 | | | | 0.0 | |
| 1,130,000 | | | Toyota Motor Credit Corp., MTN, 4.550%, 09/20/2027 | | | 1,139,486 | | | | 0.1 | |
| 683,861 | | | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | | | 693,158 | | | | 0.0 | |
| 2,051,857 | | | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | | | 1,837,181 | | | | 0.1 | |
| 274,957 | | | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | | | 251,012 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Cyclical: (continued) | | | | | |
| 133,033 | | | United Airlines Pass Through Trust 2019-1, AA, 4.150%, 02/25/2033 | | $ | 122,942 | | | | 0.0 | |
| 1,193,258 | | | US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026 | | | 1,193,780 | | | | 0.1 | |
| 1,065,000 (1) | | | Volkswagen Group of America Finance LLC, 5.900%, 09/12/2033 | | | 1,106,406 | | | | 0.1 | |
| 947,000 (2) | | | Walmart, Inc., 4.000%, 04/15/2030 | | | 945,429 | | | | 0.0 | |
| 1,869,000 | | | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | | | 1,791,512 | | | | 0.1 | |
| 1,337,000 | | | Warnermedia Holdings, Inc., 5.050%, 03/15/2042 | | | 1,179,341 | | | | 0.1 | |
| 1,774,000 | | | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | | | 1,523,770 | | | | 0.1 | |
| 427,000 | | | Warnermedia Holdings, Inc., 5.391%, 03/15/2062 | | | 366,136 | | | | 0.0 | |
| | | | | | | 36,722,806 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | Consumer, Non-cyclical: 4.5% | | | | | | | | |
| 1,636,000 | | | AbbVie, Inc., 2.600%, 11/21/2024 | | | 1,599,025 | | | | 0.1 | |
| 247,000 | | | AbbVie, Inc., 3.200%, 05/14/2026 | | | 239,492 | | | | 0.0 | |
| 726,000 | | | AbbVie, Inc., 3.200%, 11/21/2029 | | | 678,995 | | | | 0.0 | |
| 864,000 | | | AbbVie, Inc., 4.050%, 11/21/2039 | | | 780,615 | | | | 0.0 | |
| 1,236,000 | | | AbbVie, Inc., 4.300%, 05/14/2036 | | | 1,184,984 | | | | 0.1 | |
| 856,000 | | | AbbVie, Inc., 4.500%, 05/14/2035 | | | 837,747 | | | | 0.0 | |
| 288,000 | | | AbbVie, Inc., 4.550%, 03/15/2035 | | | 282,563 | | | | 0.0 | |
| 557,000 | | | AbbVie, Inc., 4.625%, 10/01/2042 | | | 527,876 | | | | 0.0 | |
| 844,000 | | | Altria Group, Inc., 6.200%, 11/01/2028 | | | 885,913 | | | | 0.1 | |
| 217,000 | | | Amgen, Inc., 2.200%, 02/21/2027 | | | 201,854 | | | | 0.0 | |
| 52,000 | | | Amgen, Inc., 2.300%, 02/25/2031 | | | 44,499 | | | | 0.0 | |
| 175,000 | | | Amgen, Inc., 2.450%, 02/21/2030 | | | 155,269 | | | | 0.0 | |
| 922,000 | | | Amgen, Inc., 2.770%, 09/01/2053 | | | 592,438 | | | | 0.0 | |
| 341,000 | | | Amgen, Inc., 3.150%, 02/21/2040 | | | 265,573 | | | | 0.0 | |
| 733,000 | | | Amgen, Inc., 4.400%, 02/22/2062 | | | 619,642 | | | | 0.0 | |
| 144,000 | | | Amgen, Inc., 5.250%, 03/02/2030 | | | 148,099 | | | | 0.0 | |
| 593,000 | | | Amgen, Inc., 5.250%, 03/02/2033 | | | 608,178 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | | | | |
| 2,495,000 | | | Amgen, Inc., 5.600%, 03/02/2043 | | $ | 2,579,714 | | | | 0.1 | |
| 961,000 | | | Amgen, Inc., 5.650%, 03/02/2053 | | | 1,011,787 | | | | 0.1 | |
| 804,000 | | | Amgen, Inc., 5.750%, 03/02/2063 | | | 844,520 | | | | 0.1 | |
| 950,000 | | | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | | | 931,967 | | | | 0.1 | |
| 1,239,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039 | | | 1,307,599 | | | | 0.1 | |
| 35,000 | | | BAT Capital Corp., 3.557%, 08/15/2027 | | | 33,425 | | | | 0.0 | |
| 852,000 | | | BAT Capital Corp., 3.734%, 09/25/2040 | | | 627,225 | | | | 0.0 | |
| 218,000 | | | BAT Capital Corp., 4.390%, 08/15/2037 | | | 182,843 | | | | 0.0 | |
| 743,000 | | | BAT Capital Corp., 6.421%, 08/02/2033 | | | 778,069 | | | | 0.0 | |
| 797,000 | | | BAT Capital Corp., 7.079%, 08/02/2043 | | | 847,201 | | | | 0.1 | |
| 1,110,000 | | | BAT Capital Corp., 7.081%, 08/02/2053 | | | 1,187,773 | | | | 0.1 | |
| 1,113,000 | | | Becton Dickinson & Co., 4.693%, 02/13/2028 | | | 1,118,386 | | | | 0.1 | |
| 173,000 | | | Bristol-Myers Squibb Co., 3.200%, 06/15/2026 | | | 167,907 | | | | 0.0 | |
| 42,000 | | | Bristol-Myers Squibb Co., 3.400%, 07/26/2029 | | | 39,858 | | | | 0.0 | |
| 744,000 | | | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | | | 670,854 | | | | 0.0 | |
| 670,000 | | | Bristol-Myers Squibb Co., 6.250%, 11/15/2053 | | | 767,405 | | | | 0.0 | |
| 848,000 | | | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | | | 983,452 | | | | 0.1 | |
| 783,000 (1) | | | Cargill, Inc., 1.700%, 02/02/2031 | | | 642,098 | | | | 0.0 | |
| 485,000 (1) | | | Cargill, Inc., 2.125%, 04/23/2030 | | | 422,015 | | | | 0.0 | |
| 992,000 (1) | | | Cargill, Inc., 2.125%, 11/10/2031 | | | 828,537 | | | | 0.0 | |
| 367,000 | | | Centene Corp., 2.450%, 07/15/2028 | | | 327,127 | | | | 0.0 | |
| 560,000 | | | Centene Corp., 2.625%, 08/01/2031 | | | 465,302 | | | | 0.0 | |
| 8,077,000 | | | Centene Corp., 3.000%, 10/15/2030 | | | 7,005,210 | | | | 0.3 | |
| 2,158,000 | | | Cigna Group, 3.250%, 04/15/2025 | | | 2,106,974 | | | | 0.1 | |
| 2,066,000 | | | Cigna Group, 4.800%, 08/15/2038 | | | 1,999,515 | | | | 0.1 | |
| 316,000 (1) | | | CSL Finance PLC, 4.950%, 04/27/2062 | | | 298,012 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | | | | |
| 936,000 | | | CVS Health Corp., 2.700%, 08/21/2040 | | $ | 667,864 | | | | 0.0 | |
| 1,057,000 | | | CVS Health Corp., 3.875%, 07/20/2025 | | | 1,039,055 | | | | 0.1 | |
| 1,854,000 | | | CVS Health Corp., 4.125%, 04/01/2040 | | | 1,593,860 | | | | 0.1 | |
| 1,966,000 | | | CVS Health Corp., 4.780%, 03/25/2038 | | | 1,863,796 | | | | 0.1 | |
| 799,000 | | | CVS Health Corp., 5.050%, 03/25/2048 | | | 748,003 | | | | 0.0 | |
| 212,000 | | | CVS Health Corp., 5.300%, 06/01/2033 | | | 217,648 | | | | 0.0 | |
| 691,000 | | | CVS Health Corp., 6.000%, 06/01/2063 | | | 734,077 | | | | 0.0 | |
| 43,040 | | | CVS Pass-Through Trust, 6.943%, 01/10/2030 | | | 43,984 | | | | 0.0 | |
| 371,000 | | | Elevance Health, Inc., 4.900%, 02/08/2026 | | | 370,345 | | | | 0.0 | |
| 602,000 (2) | | | Estee Lauder Cos., Inc., 4.650%, 05/15/2033 | | | 605,013 | | | | 0.0 | |
| 932,000 (1) | | | Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026 | | | 842,435 | | | | 0.1 | |
| 1,432,000 | | | Global Payments, Inc., 1.200%, 03/01/2026 | | | 1,316,193 | | | | 0.1 | |
| 483,000 | | | Global Payments, Inc., 4.450%, 06/01/2028 | | | 470,664 | | | | 0.0 | |
| 916,000 | | | Global Payments, Inc., 5.950%, 08/15/2052 | | | 935,397 | | | | 0.1 | |
| 339,000 | | | HCA, Inc., 2.375%, 07/15/2031 | | | 279,542 | | | | 0.0 | |
| 432,000 | | | HCA, Inc., 3.125%, 03/15/2027 | | | 409,688 | | | | 0.0 | |
| 128,000 | | | HCA, Inc., 3.375%, 03/15/2029 | | | 118,167 | | | | 0.0 | |
| 321,000 | | | HCA, Inc., 3.500%, 09/01/2030 | | | 291,081 | | | | 0.0 | |
| 659,000 | | | HCA, Inc., 4.375%, 03/15/2042 | | | 557,549 | | | | 0.0 | |
| 1,578,000 | | | HCA, Inc., 4.500%, 02/15/2027 | | | 1,560,345 | | | | 0.1 | |
| 759,000 | | | HCA, Inc., 5.250%, 04/15/2025 | | | 758,636 | | | | 0.0 | |
| 290,000 | | | HCA, Inc., 5.250%, 06/15/2049 | | | 269,951 | | | | 0.0 | |
| 699,000 | | | Humana, Inc., 5.950%, 03/15/2034 | | | 748,456 | | | | 0.0 | |
| 153,000 | | | J M Smucker Co., 2.750%, 09/15/2041 | | | 107,279 | | | | 0.0 | |
| 1,204,000 | | | J M Smucker Co., 6.500%, 11/15/2043 | | | 1,342,904 | | | | 0.1 | |
| 153,000 | | | Johnson & Johnson, 2.100%, 09/01/2040 | | | 108,957 | | | | 0.0 | |
| 603,000 | | | Johnson & Johnson, 3.625%, 03/03/2037 | | | 555,182 | | | | 0.0 | |
| 159,000 | | | Johnson & Johnson, 5.850%, 07/15/2038 | | | 181,909 | | | | 0.0 | |
| 1,304,000 | | | Kenvue, Inc., 4.900%, 03/22/2033 | | | 1,344,714 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | | | | |
| 542,000 | | | Kenvue, Inc., 5.050%, 03/22/2028 | | $ | 555,601 | | | | 0.0 | |
| 412,000 | | | Kenvue, Inc., 5.100%, 03/22/2043 | | | 427,795 | | | | 0.0 | |
| 999,000 | | | Kenvue, Inc., 5.200%, 03/22/2063 | | | 1,045,659 | | | | 0.1 | |
| 377,000 (1) | | | Mars, Inc., 2.375%, 07/16/2040 | | | 270,686 | | | | 0.0 | |
| 1,838,000 (1) | | | Mars, Inc., 3.875%, 04/01/2039 | | | 1,615,536 | | | | 0.1 | |
| 633,000 | | | McKesson Corp., 5.250%, 02/15/2026 | | | 633,025 | | | | 0.0 | |
| 1,045,000 | | | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | | | 1,045,816 | | | | 0.1 | |
| 226,000 | | | Merck & Co., Inc., 4.500%, 05/17/2033 | | | 227,755 | | | | 0.0 | |
| 617,000 | | | Merck & Co., Inc., 4.900%, 05/17/2044 | | | 624,549 | | | | 0.0 | |
| 548,000 | | | Merck & Co., Inc., 5.000%, 05/17/2053 | | | 563,900 | | | | 0.0 | |
| 569,000 (2) | | | Merck & Co., Inc., 5.150%, 05/17/2063 | | | 593,945 | | | | 0.0 | |
| 525,000 | | | Molson Coors Beverage Co., 4.200%, 07/15/2046 | | | 448,131 | | | | 0.0 | |
| 1,145,000 (1) | | | Nestle Holdings, Inc., 3.900%, 09/24/2038 | | | 1,051,198 | | | | 0.1 | |
| 1,116,000 (1) | | | Nestle Holdings, Inc., 4.125%, 10/01/2027 | | | 1,110,725 | | | | 0.1 | |
| 373,000 (2) | | | PayPal Holdings, Inc., 2.300%, 06/01/2030 | | | 326,235 | | | | 0.0 | |
| 48,000 | | | PayPal Holdings, Inc., 2.850%, 10/01/2029 | | | 43,945 | | | | 0.0 | |
| 2,206,000 | | | PayPal Holdings, Inc., 5.250%, 06/01/2062 | | | 2,189,013 | | | | 0.1 | |
| 1,021,000 | | | PepsiCo, Inc., 5.125%, 11/10/2026 | | | 1,043,199 | | | | 0.1 | |
| 707,000 | | | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | | | 712,285 | | | | 0.0 | |
| 2,990,000 | | | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | | | 2,997,812 | | | | 0.1 | |
| 87,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043 | | | 86,743 | | | | 0.0 | |
| 1,097,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053 | | | 1,120,742 | | | | 0.1 | |
| 2,877,000 | | | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | | | 2,907,001 | | | | 0.1 | |
| 424,000 | | | Philip Morris International, Inc., 5.375%, 02/15/2033 | | | 435,111 | | | | 0.0 | |
| 766,000 | | | Philip Morris International, Inc., 5.625%, 09/07/2033 | | | 800,419 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | | | | |
| 325,000 | | | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | | $ | 283,436 | | | | 0.0 | |
| 290,000 | | | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | | | 259,723 | | | | 0.0 | |
| 688,000 | | | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | | | 763,337 | | | | 0.0 | |
| 800,000 | | | Reynolds American, Inc., 5.850%, 08/15/2045 | | | 750,302 | | | | 0.0 | |
| 1,223,000 (1) | | | Roche Holdings, Inc., 5.338%, 11/13/2028 | | | 1,269,125 | | | | 0.1 | |
| 2,247,000 (1) | | | Roche Holdings, Inc., 5.489%, 11/13/2030 | | | 2,373,369 | | | | 0.1 | |
| 596,000 (1) | | | Roche Holdings, Inc., 5.593%, 11/13/2033 | | | 642,960 | | | | 0.0 | |
| 528,000 | | | Royalty Pharma PLC, 1.200%, 09/02/2025 | | | 492,901 | | | | 0.0 | |
| 1,140,000 | | | Royalty Pharma PLC, 1.750%, 09/02/2027 | | | 1,022,803 | | | | 0.1 | |
| 1,264,000 | | | Royalty Pharma PLC, 3.300%, 09/02/2040 | | | 950,668 | | | | 0.1 | |
| 591,000 | | | Royalty Pharma PLC, 3.350%, 09/02/2051 | | | 400,106 | | | | 0.0 | |
| 424,000 | | | S&P Global, Inc., 1.250%, 08/15/2030 | | | 347,318 | | | | 0.0 | |
| 1,112,000 | | | S&P Global, Inc., 2.700%, 03/01/2029 | | | 1,029,096 | | | | 0.1 | |
| 485,000 (1) | | | S&P Global, Inc., 5.250%, 09/15/2033 | | | 507,785 | | | | 0.0 | |
| 1,397,000 | | | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | | | 1,432,068 | | | | 0.1 | |
| 1,062,000 | | | Thermo Fisher Scientific, Inc., 5.000%, 01/31/2029 | | | 1,090,616 | | | | 0.1 | |
| 1,053,000 | | | Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033 | | | 1,098,046 | | | | 0.1 | |
| 561,000 | | | Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043 | | | 593,939 | | | | 0.0 | |
| 816,000 (1) | | | Triton Container International Ltd., 2.050%, 04/15/2026 | | | 747,782 | | | | 0.0 | |
| 646,000 (1) | | | Triton Container International Ltd., 3.150%, 06/15/2031 | | | 517,772 | | | | 0.0 | |
| 572,000 | | | Unilever Capital Corp., 5.000%, 12/08/2033 | | | 593,757 | | | | 0.0 | |
| 393,000 | | | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | | | 297,819 | | | | 0.0 | |
| 372,000 | | | UnitedHealth Group, Inc., 3.050%, 05/15/2041 | | | 290,899 | | | | 0.0 | |
| 590,000 | | | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | | | 501,817 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | | | | |
| 509,000 | | | UnitedHealth Group, Inc., 3.750%, 10/15/2047 | | $ | 419,838 | | | | 0.0 | |
| 611,000 | | | UnitedHealth Group, Inc., 4.200%, 05/15/2032 | | | 598,200 | | | | 0.0 | |
| 368,000 | | | UnitedHealth Group, Inc., 5.050%, 04/15/2053 | | | 372,097 | | | | 0.0 | |
| 620,000 | | | UnitedHealth Group, Inc., 5.200%, 04/15/2063 | | | 633,593 | | | | 0.0 | |
| 624,000 | | | UnitedHealth Group, Inc., 5.875%, 02/15/2053 | | | 707,303 | | | | 0.0 | |
| 544,000 | | | Viatris, Inc., 2.700%, 06/22/2030 | | | 460,832 | | | | 0.0 | |
| 1,527,000 | | | Viatris, Inc., 3.850%, 06/22/2040 | | | 1,137,179 | | | | 0.1 | |
| 795,000 | | | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | | | 819,599 | | | | 0.0 | |
| | | | | | | 104,193,142 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | | Energy: 1.9% | | | | | | | | |
| 316,000 | | | BP Capital Markets America, Inc., 2.772%, 11/10/2050 | | | 211,619 | | | | 0.0 | |
| 996,000 | | | BP Capital Markets America, Inc., 2.939%, 06/04/2051 | | | 690,700 | | | | 0.0 | |
| 174,000 | | | BP Capital Markets America, Inc., 3.000%, 02/24/2050 | | | 123,196 | | | | 0.0 | |
| 171,000 | | | BP Capital Markets America, Inc., 3.937%, 09/21/2028 | | | 167,576 | | | | 0.0 | |
| 338,000 | | | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | | | 344,066 | | | | 0.0 | |
| 223,000 | | | BP Capital Markets PLC, 3.279%, 09/19/2027 | | | 214,596 | | | | 0.0 | |
| 740,000 (3) | | | BP Capital Markets PLC, 4.875%, 12/31/2199 | | | 705,163 | | | | 0.0 | |
| 297,000 (1) | | | Cameron LNG LLC, 2.902%, 07/15/2031 | | | 260,782 | | | | 0.0 | |
| 35,000 | | | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | | | 33,080 | | | | 0.0 | |
| 1,269,000 (1) | | | Cheniere Energy Partners L.P., 5.950%, 06/30/2033 | | | 1,304,519 | | | | 0.1 | |
| 445,000 (1) | | | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | | | 459,626 | | | | 0.0 | |
| 636,000 | | | ConocoPhillips Co., 5.300%, 05/15/2053 | | | 654,220 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Energy: (continued) | | | | | | | | |
| 1,110,000 | | | ConocoPhillips Co., 5.550%, 03/15/2054 | | $ | 1,179,548 | | | | 0.1 | |
| 1,122,000 | | | ConocoPhillips Co., 5.700%, 09/15/2063 | | | 1,215,988 | | | | 0.1 | |
| 1,717,000 | | | Diamondback Energy, Inc., 4.250%, 03/15/2052 | | | 1,389,078 | | | | 0.1 | |
| 204,000 | | | Diamondback Energy, Inc., 4.400%, 03/24/2051 | | | 169,106 | | | | 0.0 | |
| 96,000 (2) | | | Diamondback Energy, Inc., 6.250%, 03/15/2033 | | | 102,630 | | | | 0.0 | |
| 398,000 | | | Enbridge, Inc., 5.700%, 03/08/2033 | | | 413,848 | | | | 0.0 | |
| 963,000 (3) | | | Enbridge, Inc. 20-A, 5.750%, 07/15/2080 | | | 890,125 | | | | 0.0 | |
| 572,000 | | | Energy Transfer L.P., 4.250%, 04/01/2024 | | | 569,921 | | | | 0.0 | |
| 152,000 | | | Energy Transfer L.P., 4.900%, 03/15/2035 | | | 145,030 | | | | 0.0 | |
| 586,000 | | | Energy Transfer L.P., 5.000%, 05/15/2050 | | | 523,390 | | | | 0.0 | |
| 1,598,000 | | | Energy Transfer L.P., 5.300%, 04/01/2044 | | | 1,473,698 | | | | 0.1 | |
| 831,000 | | | Energy Transfer L.P., 5.350%, 05/15/2045 | | | 773,591 | | | | 0.0 | |
| 166,000 | | | Energy Transfer L.P., 5.400%, 10/01/2047 | | | 155,038 | | | | 0.0 | |
| 337,000 | | | Energy Transfer L.P., 6.000%, 06/15/2048 | | | 340,304 | | | | 0.0 | |
| 948,000 | | | Energy Transfer L.P., 6.550%, 12/01/2033 | | | 1,030,139 | | | | 0.1 | |
| 392,000 | | | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | | | 394,622 | | | | 0.0 | |
| 1,362,000 | | | Enterprise Products Operating LLC, 3.750%, 02/15/2025 | | | 1,344,947 | | | | 0.1 | |
| 1,180,000 (3) | | | Enterprise Products Operating LLC D, 8.638%, (TSFR3M + 3.248%), 08/16/2077 | | | 1,174,664 | | | | 0.1 | |
| 826,000 (2) | | | Equinor ASA, 3.125%, 04/06/2030 | | | 776,014 | | | | 0.0 | |
| 93,000 | | | Exxon Mobil Corp., 2.995%, 08/16/2039 | | | 74,739 | | | | 0.0 | |
| 1,450,000 | | | Hess Corp., 4.300%, 04/01/2027 | | | 1,435,752 | | | | 0.1 | |
| 984,000 | | | Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024 | | | 975,329 | | | | 0.1 | |
| 710,000 | | | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | | | 635,354 | | | | 0.0 | |
| 905,000 | | | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044 | | | 848,773 | | | | 0.0 | |
| 539,000 | | | Kinder Morgan, Inc., 4.800%, 02/01/2033 | | | 519,109 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Energy: (continued) | | | | | | | | |
| 256,000 | | | Kinder Morgan, Inc., 5.050%, 02/15/2046 | | $ | 228,968 | | | | 0.0 | |
| 740,000 | | | Marathon Petroleum Corp., 5.125%, 12/15/2026 | | | 748,424 | | | | 0.0 | |
| 230,000 | | | Marathon Petroleum Corp., 6.500%, 03/01/2041 | | | 247,520 | | | | 0.0 | |
| 86,000 | | | MPLX L.P., 1.750%, 03/01/2026 | | | 80,474 | | | | 0.0 | |
| 1,081,000 | | | MPLX L.P., 4.000%, 03/15/2028 | | | 1,043,089 | | | | 0.1 | |
| 601,000 (1) | | | Northern Natural Gas Co., 3.400%, 10/16/2051 | | | 424,149 | | | | 0.0 | |
| 218,000 | | | Occidental Petroleum Corp., 6.125%, 01/01/2031 | | | 226,591 | | | | 0.0 | |
| 358,000 | | | Occidental Petroleum Corp., 6.600%, 03/15/2046 | | | 388,102 | | | | 0.0 | |
| 460,000 | | | Occidental Petroleum Corp., 7.500%, 05/01/2031 | | | 516,414 | | | | 0.0 | |
| 132,000 | | | Occidental Petroleum Corp., 8.500%, 07/15/2027 | | | 144,105 | | | | 0.0 | |
| 893,000 | | | ONEOK Partners L.P., 6.200%, 09/15/2043 | | | 936,482 | | | | 0.1 | |
| 753,000 | | | ONEOK, Inc., 5.850%, 01/15/2026 | | | 764,549 | | | | 0.0 | |
| 363,000 | | | Ovintiv, Inc., 5.650%, 05/15/2028 | | | 370,647 | | | | 0.0 | |
| 381,000 | | | Ovintiv, Inc., 6.250%, 07/15/2033 | | | 394,188 | | | | 0.0 | |
| 933,000 | | | Ovintiv, Inc., 7.100%, 07/15/2053 | | | 1,027,670 | | | | 0.1 | |
| 161,000 | | | Phillips 66, 0.900%, 02/15/2024 | | | 160,018 | | | | 0.0 | |
| 33,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.300%, 01/31/2043 | | | 26,311 | | | | 0.0 | |
| 1,749,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | | | 1,731,350 | | | | 0.1 | |
| 1,497,000 | | | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | | | 1,466,936 | | | | 0.1 | |
| 891,000 | | | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | | | 895,237 | | | | 0.0 | |
| 453,000 | | | Schlumberger Investment SA, 2.650%, 06/26/2030 | | | 407,116 | | | | 0.0 | |
| 102,000 | | | Shell International Finance BV, 2.875%, 11/26/2041 | | | 77,403 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Energy: (continued) | | | | | | | | |
| 167,000 | | | Shell International Finance BV, 3.000%, 11/26/2051 | | $ | 119,104 | | | | 0.0 | |
| 521,000 | | | Targa Resources Corp., 4.950%, 04/15/2052 | | | 458,051 | | | | 0.0 | |
| 529,000 | | | Targa Resources Corp., 6.250%, 07/01/2052 | | | 546,980 | | | | 0.0 | |
| 1,641,000 | | | Targa Resources Corp., 6.500%, 03/30/2034 | | | 1,773,996 | | | | 0.1 | |
| 1,223,000 | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | | | 1,189,618 | | | | 0.1 | |
| 111,000 | | | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | | | 100,665 | | | | 0.0 | |
| 3,740,000 | | | Williams Cos., Inc., 4.000%, 09/15/2025 | | | 3,673,108 | | | | 0.2 | |
| 243,000 | | | Williams Cos., Inc., 5.100%, 09/15/2045 | | | 229,411 | | | | 0.0 | |
| | | | | | | 44,116,556 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | Financial: 8.0% | | | | | | | | |
| 600,000 (1)(3) | | | ABN AMRO Bank NV, 3.324%, 03/13/2037 | | | 479,623 | | | | 0.0 | |
| 128,000 | | | Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052 | | | 93,659 | | | | 0.0 | |
| 124,000 | | | Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053 | | | 119,809 | | | | 0.0 | |
| 1,821,000 | | | Alleghany Corp., 3.250%, 08/15/2051 | | | 1,380,169 | | | | 0.1 | |
| 929,000 | | | Alleghany Corp., 4.900%, 09/15/2044 | | | 901,020 | | | | 0.0 | |
| 468,000 (3) | | | American Express Co., 4.990%, 05/01/2026 | | | 466,810 | | | | 0.0 | |
| 1,854,000 (3) | | | American Express Co., 5.282%, 07/27/2029 | | | 1,893,326 | | | | 0.1 | |
| 330,000 | | | American Homes 4 Rent L.P., 2.375%, 07/15/2031 | | | 272,471 | | | | 0.0 | |
| 296,000 | | | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | | | 265,298 | | | | 0.0 | |
| 1,131,000 | | | American International Group, Inc., 3.400%, 06/30/2030 | | | 1,042,641 | | | | 0.1 | |
| 1,414,000 | | | American International Group, Inc., 4.200%, 04/01/2028 | | | 1,378,788 | | | | 0.1 | |
| 1,789,000 | | | American International Group, Inc., 5.125%, 03/27/2033 | | | 1,816,669 | | | | 0.1 | |
| 244,000 | | | American Tower Corp., 2.700%, 04/15/2031 | | | 209,688 | | | | 0.0 | |
| 176,000 | | | American Tower Corp., 3.600%, 01/15/2028 | | | 167,831 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 528,000 | | | American Tower Corp., 3.650%, 03/15/2027 | | $ | 508,198 | | | | 0.0 | |
| 91,000 | | | American Tower Corp., 4.400%, 02/15/2026 | | | 89,903 | | | | 0.0 | |
| 543,000 | | | American Tower Corp., 5.250%, 07/15/2028 | | | 552,040 | | | | 0.0 | |
| 1,166,000 | | | American Tower Corp., 5.550%, 07/15/2033 | | | 1,207,230 | | | | 0.1 | |
| 717,000 | | | American Tower Corp., 5.650%, 03/15/2033 | | | 745,608 | | | | 0.0 | |
| 711,000 | | | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | | | 745,702 | | | | 0.0 | |
| 1,141,000 | | | Assurant, Inc., 3.700%, 02/22/2030 | | | 1,029,459 | | | | 0.1 | |
| 795,000 | | | AvalonBay Communities, Inc., 5.300%, 12/07/2033 | | | 827,601 | | | | 0.0 | |
| 849,000 (1) | | | Aviation Capital Group LLC, 5.500%, 12/15/2024 | | | 844,871 | | | | 0.0 | |
| 800,000 (3) | | | Banco Bilbao Vizcaya Argentaria SA, 7.883%, 11/15/2034 | | | 870,993 | | | | 0.0 | |
| 1,000,000 | | | Banco Santander SA, 2.746%, 05/28/2025 | | | 965,695 | | | | 0.0 | |
| 1,400,000 | | | Banco Santander SA, 6.938%, 11/07/2033 | | | 1,555,470 | | | | 0.1 | |
| 4,872,000 (3) | | | Bank of America Corp., 1.734%, 07/22/2027 | | | 4,465,292 | | | | 0.2 | |
| 343,000 (3) | | | Bank of America Corp., 2.299%, 07/21/2032 | | | 280,205 | | | | 0.0 | |
| 813,000 (3) | | | Bank of America Corp., 2.482%, 09/21/2036 | | | 644,349 | | | | 0.0 | |
| 793,000 (3) | | | Bank of America Corp., 2.572%, 10/20/2032 | | | 657,781 | | | | 0.0 | |
| 1,484,000 (3) | | | Bank of America Corp., 2.687%, 04/22/2032 | | | 1,253,611 | | | | 0.1 | |
| 3,774,000 (3) | | | Bank of America Corp., 3.419%, 12/20/2028 | | | 3,557,500 | | | | 0.2 | |
| 468,000 (3) | | | Bank of America Corp., 3.705%, 04/24/2028 | | | 447,213 | | | | 0.0 | |
| 1,054,000 (3) | | | Bank of America Corp., 3.846%, 03/08/2037 | | | 926,118 | | | | 0.0 | |
| 1,028,000 (3) | | | Bank of America Corp., 5.202%, 04/25/2029 | | | 1,035,018 | | | | 0.1 | |
| 795,000 (3) | | | Bank of America Corp., 5.288%, 04/25/2034 | | | 797,256 | | | | 0.0 | |
| 3,699,000 (3) | | | Bank of America Corp., 5.872%, 09/15/2034 | | | 3,874,280 | | | | 0.2 | |
| 1,971,000 (3) | | | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | | | 1,870,665 | | | | 0.1 | |
| 1,641,000 (3) | | | Bank of America Corp., MTN, 1.843%, 02/04/2025 | | | 1,634,731 | | | | 0.1 | |
| 466,000 (3) | | | Bank of America Corp., MTN, 1.898%, 07/23/2031 | | | 381,460 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 222,000 (3) | | | Bank of America Corp., MTN, 2.015%, 02/13/2026 | | $ | 213,384 | | | | 0.0 | |
| 1,513,000 (3) | | | Bank of America Corp., MTN, 2.087%, 06/14/2029 | | | 1,334,257 | | | | 0.1 | |
| 1,120,000 (3) | | | Bank of America Corp., MTN, 2.551%, 02/04/2028 | | | 1,038,074 | | | | 0.1 | |
| 510,000 (3) | | | Bank of America Corp., MTN, 2.972%, 02/04/2033 | | | 434,126 | | | | 0.0 | |
| 1,054,000 (3) | | | Bank of America Corp., MTN, 3.194%, 07/23/2030 | | | 956,570 | | | | 0.0 | |
| 1,114,000 (3) | | | Bank of America Corp., MTN, 4.271%, 07/23/2029 | | | 1,076,426 | | | | 0.1 | |
| 474,000 (3) | | | Bank of America Corp. N, 1.658%, 03/11/2027 | | | 438,680 | | | | 0.0 | |
| 930,000 (3) | | | Bank of America Corp. N, 2.651%, 03/11/2032 | | | 785,724 | | | | 0.0 | |
| 2,083,000 (3) | | | Bank of America Corp. RR, 4.375%, 12/31/2199 | | | 1,861,632 | | | | 0.1 | |
| 247,000 (3) | | | Bank of New York Mellon Corp., MTN, 6.474%, 10/25/2034 | | | 273,706 | | | | 0.0 | |
| 1,801,000 (3) | | | Bank of Nova Scotia, 4.588%, 05/04/2037 | | | 1,612,521 | | | | 0.1 | |
| 1,417,000 | | | Bank of Nova Scotia, 5.650%, 02/01/2034 | | | 1,470,142 | | | | 0.1 | |
| 1,396,000 (1) | | | Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026 | | | 1,391,874 | | | | 0.1 | |
| 553,000 (1) | | | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | | | 481,528 | | | | 0.0 | |
| 1,546,000 (1) | | | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | | | 1,217,270 | | | | 0.1 | |
| 231,000 (1) | | | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | | | 198,064 | | | | 0.0 | |
| 892,000 | | | Blue Owl Credit Income Corp., 7.750%, 09/16/2027 | | | 920,472 | | | | 0.0 | |
| 874,000 (1)(3) | | | BNP Paribas SA, 5.894%, 12/05/2034 | | | 913,780 | | | | 0.0 | |
| 1,229,000 | | | Brookfield Finance, Inc., 3.625%, 02/15/2052 | | | 877,894 | | | | 0.0 | |
| 1,385,000 (1)(3) | | | CaixaBank SA, 6.840%, 09/13/2034 | | | 1,463,914 | | | | 0.1 | |
| 1,002,000 | | | Camden Property Trust, 5.850%, 11/03/2026 | | | 1,032,701 | | | | 0.1 | |
| 1,042,000 | | | Canadian Imperial Bank of Commerce, 6.092%, 10/03/2033 | | | 1,112,591 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| | PORTFOLIO OF INVESTMENTS |
| Voya Intermediate Bond Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 713,000 (3) | | | Capital One Financial Corp., 1.878%, 11/02/2027 | | $ | 641,711 | | | | 0.0 | |
| 1,164,000 (3) | | | Charles Schwab Corp., 5.643%, 05/19/2029 | | | 1,194,644 | | | | 0.1 | |
| 560,000 (3) | | | Charles Schwab Corp. H, 4.000%, 12/31/2199 | | | 442,994 | | | | 0.0 | |
| 551,000 | | | CI Financial Corp., 4.100%, 06/15/2051 | | | 324,033 | | | | 0.0 | |
| 701,000 (3) | | | Citizens Bank NA/ Providence RI, 4.575%, 08/09/2028 | | | 665,917 | | | | 0.0 | |
| 1,284,000 | | | Citizens Financial Group, Inc., 2.500%, 02/06/2030 | | | 1,076,567 | | | | 0.1 | |
| 1,725,000 (3) | | | Citizens Financial Group, Inc., 5.641%, 05/21/2037 | | | 1,590,858 | | | | 0.1 | |
| 745,000 (1) | | | Commonwealth Bank of Australia, 3.743%, 09/12/2039 | | | 587,838 | | | | 0.0 | |
| 1,250,000 | | | Corebridge Financial, Inc., 3.850%, 04/05/2029 | | | 1,179,118 | | | | 0.1 | |
| 1,084,000 | | | Corebridge Financial, Inc., 3.900%, 04/05/2032 | | | 980,679 | | | | 0.0 | |
| 914,000 | | | Corebridge Financial, Inc., 5.750%, 01/15/2034 | | | 934,947 | | | | 0.0 | |
| 819,000 (1) | | | Corebridge Financial, Inc., 6.050%, 09/15/2033 | | | 854,033 | | | | 0.0 | |
| 1,754,000 (3) | | | Corebridge Financial, Inc., 6.875%, 12/15/2052 | | | 1,750,419 | | | | 0.1 | |
| 738,000 | | | Credit Suisse AG/ New York NY, 1.250%, 08/07/2026 | | | 669,783 | | | | 0.0 | |
| 1,030,000 | | | Credit Suisse AG/ New York NY, 5.000%, 07/09/2027 | | | 1,030,806 | | | | 0.1 | |
| 724,000 | | | Crown Castle, Inc., 2.100%, 04/01/2031 | | | 590,088 | | | | 0.0 | |
| 222,000 | | | Crown Castle, Inc., 2.500%, 07/15/2031 | | | 185,285 | | | | 0.0 | |
| 437,000 | | | Crown Castle, Inc., 2.900%, 03/15/2027 | | | 408,961 | | | | 0.0 | |
| 1,293,000 | | | Crown Castle, Inc., 4.800%, 09/01/2028 | | | 1,277,139 | | | | 0.1 | |
| 328,000 (2) | | | Crown Castle, Inc., 5.100%, 05/01/2033 | | | 324,947 | | | | 0.0 | |
| 647,000 | | | Crown Castle, Inc., 5.600%, 06/01/2029 | | | 662,079 | | | | 0.0 | |
| 559,000 | | | Crown Castle, Inc., 5.800%, 03/01/2034 | | | 578,950 | | | | 0.0 | |
| 747,000 | | | CubeSmart L.P., 2.250%, 12/15/2028 | | | 660,342 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 813,000 (1)(3) | | | Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199 | | $ | 636,173 | | | | 0.0 | |
| 1,050,000 (3) | | | Discover Financial Services, 7.964%, 11/02/2034 | | | 1,168,520 | | | | 0.1 | |
| 595,000 | | | Extra Space Storage L.P., 4.000%, 06/15/2029 | | | 567,844 | | | | 0.0 | |
| 749,000 (3) | | | Fifth Third Bancorp, 6.339%, 07/27/2029 | | | 780,151 | | | | 0.0 | |
| 2,891,000 | | | First Horizon Bank, 5.750%, 05/01/2030 | | | 2,728,359 | | | | 0.1 | |
| 1,056,000 (3) | | | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | | | 1,121,222 | | | | 0.1 | |
| 498,000 | | | Hartford Financial Services Group, Inc., 5.950%, 10/15/2036 | | | 530,519 | | | | 0.0 | |
| 2,091,000 (1)(3) | | | Hartford Financial Services Group, Inc. ICON, 7.766%, (TSFR3M + 2.387%), 02/12/2067 | | | 1,796,685 | | | | 0.1 | |
| 1,270,000 | | | Healthpeak OP LLC, 5.250%, 12/15/2032 | | | 1,284,832 | | | | 0.1 | |
| 1,070,000 (3) | | | HSBC Holdings PLC, 1.589%, 05/24/2027 | | | 981,856 | | | | 0.0 | |
| 1,875,000 (3) | | | HSBC Holdings PLC, 2.206%, 08/17/2029 | | | 1,637,985 | | | | 0.1 | |
| 1,331,000 (3) | | | HSBC Holdings PLC, 2.633%, 11/07/2025 | | | 1,298,133 | | | | 0.1 | |
| 1,257,000 (3) | | | HSBC Holdings PLC, 2.999%, 03/10/2026 | | | 1,219,302 | | | | 0.1 | |
| 551,000 (3) | | | Huntington Bancshares, Inc., 2.487%, 08/15/2036 | | | 417,200 | | | | 0.0 | |
| 561,000 (3) | | | Huntington Bancshares, Inc., 6.208%, 08/21/2029 | | | 578,802 | | | | 0.0 | |
| 290,000 | | | Huntington National Bank, 5.650%, 01/10/2030 | | | 292,786 | | | | 0.0 | |
| 771,000 (1) | | | Intact Financial Corp., 5.459%, 09/22/2032 | | | 773,329 | | | | 0.0 | |
| 1,398,000 | | | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | | | 1,210,129 | | | | 0.1 | |
| 600,000 | | | Invitation Homes Operating Parternship L.P., 5.450%, 08/15/2030 | | | 605,333 | | | | 0.0 | |
| 306,000 | | | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | | | 306,723 | | | | 0.0 | |
| 382,000 | | | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | | | 304,251 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 2,109,000 | | | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | | $ | 1,871,579 | | | | 0.1 | |
| 326,000 (2) | | | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | | | 299,847 | | | | 0.0 | |
| 740,000 | | | Jones Lang LaSalle, Inc., 6.875%, 12/01/2028 | | | 784,167 | | | | 0.0 | |
| 1,325,000 (3) | | | JPMorgan Chase & Co., 0.969%, 06/23/2025 | | | 1,294,264 | | | | 0.1 | |
| 1,747,000 (3) | | | JPMorgan Chase & Co., 1.040%, 02/04/2027 | | | 1,606,285 | | | | 0.1 | |
| 968,000 (3) | | | JPMorgan Chase & Co., 1.470%, 09/22/2027 | | | 877,408 | | | | 0.0 | |
| 978,000 (3) | | | JPMorgan Chase & Co., 1.578%, 04/22/2027 | | | 902,900 | | | | 0.0 | |
| 1,943,000 (3) | | | JPMorgan Chase & Co., 2.069%, 06/01/2029 | | | 1,723,739 | | | | 0.1 | |
| 524,000 (3) | | | JPMorgan Chase & Co., 2.182%, 06/01/2028 | | | 479,500 | | | | 0.0 | |
| 299,000 (3) | | | JPMorgan Chase & Co., 2.595%, 02/24/2026 | | | 289,707 | | | | 0.0 | |
| 2,796,000 (3) | | | JPMorgan Chase & Co., 2.947%, 02/24/2028 | | | 2,631,808 | | | | 0.1 | |
| 1,552,000 (3) | | | JPMorgan Chase & Co., 3.509%, 01/23/2029 | | | 1,471,723 | | | | 0.1 | |
| 451,000 (3) | | | JPMorgan Chase & Co., 4.452%, 12/05/2029 | | | 442,305 | | | | 0.0 | |
| 1,094,000 (3) | | | JPMorgan Chase & Co., 6.254%, 10/23/2034 | | | 1,186,518 | | | | 0.1 | |
| 562,000 | | | KeyBank NA/ Cleveland OH, 4.900%, 08/08/2032 | | | 496,729 | | | | 0.0 | |
| 1,192,000 (3) | | | KeyCorp, MTN, 4.789%, 06/01/2033 | | | 1,095,221 | | | | 0.1 | |
| 427,000 | | | Kite Realty Group L.P., 4.000%, 10/01/2026 | | | 403,930 | | | | 0.0 | |
| 779,000 (1) | | | Liberty Mutual Group, Inc., 3.950%, 05/15/2060 | | | 562,543 | | | | 0.0 | |
| 2,704,000 (3) | | | Lloyds Banking Group PLC, 8.000%, 12/31/2199 | | | 2,716,163 | | | | 0.1 | |
| 1,203,000 | | | Marsh & McLennan Cos., Inc., 5.400%, 09/15/2033 | | | 1,267,552 | | | | 0.1 | |
| 1,140,000 | | | Marsh & McLennan Cos., Inc., 5.700%, 09/15/2053 | | | 1,241,494 | | | | 0.1 | |
| 1,590,000 (3) | | | Morgan Stanley, 1.593%, 05/04/2027 | | | 1,465,621 | | | | 0.1 | |
| 1,056,000 (3) | | | Morgan Stanley, 2.188%, 04/28/2026 | | | 1,014,907 | | | | 0.1 | |
| 510,000 (3) | | | Morgan Stanley, 2.475%, 01/21/2028 | | | 473,587 | | | | 0.0 | |
| 1,608,000 (3) | | | Morgan Stanley, 3.591%, 07/22/2028 | | | 1,536,007 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 1,009,000 (3) | | | Morgan Stanley, 5.297%, 04/20/2037 | | $ | 982,348 | | | | 0.0 | |
| 2,183,000 (3) | | | Morgan Stanley, 5.948%, 01/19/2038 | | | 2,208,605 | | | | 0.1 | |
| 370,000 (3) | | | Morgan Stanley, 6.296%, 10/18/2028 | | | 387,791 | | | | 0.0 | |
| 2,535,000 (3) | | | Morgan Stanley, 6.627%, 11/01/2034 | | | 2,808,016 | | | | 0.1 | |
| 610,000 (3) | | | Morgan Stanley, GMTN, 0.791%, 01/22/2025 | | | 608,222 | | | | 0.0 | |
| 2,682,000 (3) | | | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | | | 2,450,961 | | | | 0.1 | |
| 529,000 | | | Morgan Stanley, GMTN, 3.875%, 01/27/2026 | | | 518,367 | | | | 0.0 | |
| 631,000 (3) | | | Morgan Stanley, MTN, 2.720%, 07/22/2025 | | | 620,671 | | | | 0.0 | |
| 2,692,000 | | | Morgan Stanley, MTN, 3.125%, 07/27/2026 | | | 2,578,546 | | | | 0.1 | |
| 1,320,000 (3) | | | Morgan Stanley, MTN, 5.164%, 04/20/2029 | | | 1,328,326 | | | | 0.1 | |
| 1,308,000 (3) | | | Morgan Stanley, MTN, 5.250%, 04/21/2034 | | | 1,308,481 | | | | 0.1 | |
| 291,000 (3) | | | Morgan Stanley, MTN, 5.424%, 07/21/2034 | | | 295,471 | | | | 0.0 | |
| 1,355,000 | | | National Bank of Canada, 5.600%, 12/18/2028 | | | 1,390,166 | | | | 0.1 | |
| 1,064,000 (3) | | | NatWest Group PLC, 5.808%, 09/13/2029 | | | 1,091,975 | | | | 0.1 | |
| 276,000 (1) | | | New York Life Insurance Co., 3.750%, 05/15/2050 | | | 221,226 | | | | 0.0 | |
| 595,000 (3) | | | Northern Trust Corp., 3.375%, 05/08/2032 | | | 550,697 | | | | 0.0 | |
| 282,000 (1) | | | Northwestern Mutual Life Insurance Co., 3.450%, 03/30/2051 | | | 210,986 | | | | 0.0 | |
| 3,894,000 (3) | | | PartnerRe Finance B LLC, 4.500%, 10/01/2050 | | | 3,325,082 | | | | 0.2 | |
| 290,000 | | | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | | | 201,797 | | | | 0.0 | |
| 529,000 (3) | | | PNC Financial Services Group, Inc. U, 6.000%, 12/31/2199 | | | 502,292 | | | | 0.0 | |
| 2,149,000 (3) | | | PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199 | | | 2,008,601 | | | | 0.1 | |
| 398,000 | | | Realty Income Corp., 3.950%, 08/15/2027 | | | 387,250 | | | | 0.0 | |
| 3,380,000 | | | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | | | 2,710,960 | | | | 0.1 | |
| 440,000 | | | Sabra Health Care L.P., 3.200%, 12/01/2031 | | | 360,336 | | | | 0.0 | |
| 640,000 (3) | | | Santander UK Group Holdings PLC, 2.469%, 01/11/2028 | | | 583,751 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 672,000 | | | Sixth Street Specialty Lending, Inc., 6.950%, 08/14/2028 | | $ | 692,938 | | | | 0.0 | |
| 1,164,000 (3) | | | State Street Corp., 5.684%, 11/21/2029 | | | 1,204,250 | | | | 0.1 | |
| 1,858,000 (3) | | | State Street Corp., 6.123%, 11/21/2034 | | | 1,973,266 | | | | 0.1 | |
| 389,000 (1) | | | Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050 | | | 287,523 | | | | 0.0 | |
| 571,000 (1) | | | Teachers Insurance & Annuity Association of America, 4.900%, 09/15/2044 | | | 540,428 | | | | 0.0 | |
| 874,000 (3) | | | Truist Financial Corp., 6.296%, (TSFR3M + 0.912%), 03/15/2028 | | | 796,327 | | | | 0.0 | |
| 459,000 (3) | | | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | | | 420,386 | | | | 0.0 | |
| 862,000 (3) | | | Truist Financial Corp., MTN, 4.916%, 07/28/2033 | | | 803,191 | | | | 0.0 | |
| 4,036,000 (3) | | | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | | | 4,119,917 | | | | 0.2 | |
| 672,000 (3) | | | Truist Financial Corp. N, 4.800%, 12/31/2199 | | | 619,479 | | | | 0.0 | |
| 773,000 (3) | | | Truist Financial Corp. Q, 5.100%, 12/31/2199 | | | 704,361 | | | | 0.0 | |
| 2,983,000 | | | UBS AG, 5.125%, 05/15/2024 | | | 2,962,092 | | | | 0.1 | |
| 750,000 (1)(3) | | | UBS Group AG, 1.364%, 01/30/2027 | | | 688,045 | | | | 0.0 | |
| 1,441,000 (1)(3) | | | UBS Group AG, 6.301%, 09/22/2034 | | | 1,526,533 | | | | 0.1 | |
| 253,000 (1)(2)(3) | | | UBS Group AG, 9.250%, 12/31/2199 | | | 281,024 | | | | 0.0 | |
| 769,000 (1)(3) | | | UBS Group AG, 9.250%, 12/31/2199 | | | 831,502 | | | | 0.0 | |
| 1,308,000 (3) | | | US Bancorp, MTN, 4.967%, 07/22/2033 | | | 1,240,655 | | | | 0.1 | |
| 1,310,000 (3) | | | Wells Fargo & Co., 5.389%, 04/24/2034 | | | 1,316,454 | | | | 0.1 | |
| 2,938,000 (3) | | | Wells Fargo & Co., 6.491%, 10/23/2034 | | | 3,197,913 | | | | 0.1 | |
| 363,000 (3) | | | Wells Fargo & Co., MTN, 2.164%, 02/11/2026 | | | 349,531 | | | | 0.0 | |
| 402,000 (3) | | | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | | | 383,705 | | | | 0.0 | |
| 430,000 (3) | | | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | | | 425,676 | | | | 0.0 | |
| 426,000 | | | Weyerhaeuser Co., 4.750%, 05/15/2026 | | | 424,210 | | | | 0.0 | |
| | | | | | | 185,779,487 | | | | 8.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: 2.1% | |
| 583,000 | | | Avnet, Inc., 5.500%, 06/01/2032 | | $ | 577,350 | | | | 0.0 | |
| 677,000 | | | Avnet, Inc., 6.250%, 03/15/2028 | | | 701,811 | | | | 0.0 | |
| 1,448,000 | | | Berry Global, Inc., 1.650%, 01/15/2027 | | | 1,304,730 | | | | 0.1 | |
| 1,555,000 (2) | | | Boeing Co., 3.250%, 02/01/2028 | | | 1,476,273 | | | | 0.1 | |
| 438,000 | | | Boeing Co., 3.250%, 02/01/2035 | | | 369,673 | | | | 0.0 | |
| 335,000 | | | Boeing Co., 3.625%, 02/01/2031 | | | 311,307 | | | | 0.0 | |
| 208,000 | | | Boeing Co., 3.850%, 11/01/2048 | | | 161,896 | | | | 0.0 | |
| 755,000 | | | Boeing Co., 4.875%, 05/01/2025 | | | 751,853 | | | | 0.0 | |
| 964,000 | | | Boeing Co., 5.150%, 05/01/2030 | | | 981,907 | | | | 0.1 | |
| 279,000 | | | Boeing Co., 5.705%, 05/01/2040 | | | 288,756 | | | | 0.0 | |
| 1,184,000 | | | Boeing Co., 5.805%, 05/01/2050 | | | 1,226,922 | | | | 0.1 | |
| 770,000 | | | Boeing Co., 5.930%, 05/01/2060 | | | 798,708 | | | | 0.0 | |
| 1,473,000 | | | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | | | 1,254,031 | | | | 0.1 | |
| 277,000 | | | Burlington Northern Santa Fe LLC, 4.400%, 03/15/2042 | | | 256,189 | | | | 0.0 | |
| 9,000 | | | Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043 | | | 8,374 | | | | 0.0 | |
| 133,000 | | | Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043 | | | 136,244 | | | | 0.0 | |
| 1,152,000 | | | Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054 | | | 1,200,331 | | | | 0.1 | |
| 571,000 | | | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | | | 514,720 | | | | 0.0 | |
| 220,000 | | | Carrier Global Corp., 2.722%, 02/15/2030 | | | 196,934 | | | | 0.0 | |
| 351,000 (1) | | | Carrier Global Corp., 5.900%, 03/15/2034 | | | 379,784 | | | | 0.0 | |
| 1,384,000 | | | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | | | 1,427,362 | | | | 0.1 | |
| 386,000 | | | FedEx Corp., 4.550%, 04/01/2046 | | | 346,290 | | | | 0.0 | |
| 635,000 | | | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | | | 663,830 | | | | 0.0 | |
| 1,320,000 | | | GATX Corp., 6.900%, 05/01/2034 | | | 1,454,081 | | | | 0.1 | |
| 1,446,000 | | | HEICO Corp., 5.250%, 08/01/2028 | | | 1,477,378 | | | | 0.1 | |
| 491,000 | | | Ingersoll Rand, Inc., 5.700%, 08/14/2033 | | | 519,713 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: (continued) |
| 2,285,000 | | | John Deere Capital Corp., MTN, 4.700%, 06/10/2030 | | $ | 2,323,354 | | | | 0.1 | |
| 752,000 (2) | | | John Deere Capital Corp., MTN, 4.750%, 01/20/2028 | | | 764,872 | | | | 0.0 | |
| 901,000 | | | Lennox International, Inc., 5.500%, 09/15/2028 | | | 925,883 | | | | 0.0 | |
| 473,000 | | | Lockheed Martin Corp., 4.750%, 02/15/2034 | | | 481,663 | | | | 0.0 | |
| 897,000 | | | Lockheed Martin Corp., 5.200%, 02/15/2055 | | | 942,407 | | | | 0.0 | |
| 286,000 | | | Lockheed Martin Corp., 5.900%, 11/15/2063 | | | 334,365 | | | | 0.0 | |
| 565,000 (2) | | | Mohawk Industries, Inc., 5.850%, 09/18/2028 | | | 586,199 | | | | 0.0 | |
| 491,000 | | | Nordson Corp., 5.600%, 09/15/2028 | | | 509,537 | | | | 0.0 | |
| 354,000 | | | Norfolk Southern Corp., 2.550%, 11/01/2029 | | | 318,267 | | | | 0.0 | |
| 585,000 | | | Norfolk Southern Corp., 5.050%, 08/01/2030 | | | 599,466 | | | | 0.0 | |
| 464,000 | | | Norfolk Southern Corp., 5.550%, 03/15/2034 | | | 490,293 | | | | 0.0 | |
| 1,583,000 | | | Norfolk Southern Corp., 5.950%, 03/15/2064 | | | 1,768,490 | | | | 0.1 | |
| 635,000 | | | Otis Worldwide Corp., 5.250%, 08/16/2028 | | | 653,105 | | | | 0.0 | |
| 658,000 | | | Packaging Corp. of America, 5.700%, 12/01/2033 | | | 693,060 | | | | 0.0 | |
| 1,273,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025 | | | 1,180,983 | | | | 0.1 | |
| 1,634,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | | | 1,502,826 | | | | 0.1 | |
| 1,987,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.200%, 06/15/2030 | | | 2,087,338 | | | | 0.1 | |
| 1,643,000 | | | Raytheon Technologies Corp., 4.450%, 11/16/2038 | | | 1,513,023 | | | | 0.1 | |
| 2,277,000 | | | Raytheon Technologies Corp., 4.500%, 06/01/2042 | | | 2,070,607 | | | | 0.1 | |
| 17,000 | | | Raytheon Technologies Corp., 4.800%, 12/15/2043 | | | 15,841 | | | | 0.0 | |
| 654,000 | | | Republic Services, Inc., 5.000%, 12/15/2033 | | | 668,002 | | | | 0.0 | |
| 688,000 | | | Ryder System, Inc., 6.300%, 12/01/2028 | | | 730,109 | | | | 0.0 | |
| 861,000 | | | Ryder System, Inc., 6.600%, 12/01/2033 | | | 955,216 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: (continued) |
| 1,055,000 | | | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | | $ | 1,069,677 | | | | 0.1 | |
| 1,052,000 (1) | | | Sealed Air Corp., 1.573%, 10/15/2026 | | | 948,038 | | | | 0.1 | |
| 2,250,000 (1) | | | TTX Co., 3.600%, 01/15/2025 | | | 2,203,608 | | | | 0.1 | |
| 26,000 | | | Union Pacific Corp., 3.550%, 05/20/2061 | | | 19,555 | | | | 0.0 | |
| 436,000 | | | Union Pacific Corp., 3.799%, 10/01/2051 | | | 365,419 | | | | 0.0 | |
| 204,000 | | | Union Pacific Corp., 3.839%, 03/20/2060 | | | 166,708 | | | | 0.0 | |
| 52,000 | | | Union Pacific Corp., 3.950%, 08/15/2059 | | | 42,533 | | | | 0.0 | |
| 347,000 (1) | | | Veralto Corp., 5.450%, 09/18/2033 | | | 359,658 | | | | 0.0 | |
| 272,000 | | | Waste Management, Inc., 2.000%, 06/01/2029 | | | 242,299 | | | | 0.0 | |
| 510,000 | | | Waste Management, Inc., 4.625%, 02/15/2030 | | | 516,117 | | | | 0.0 | |
| 349,000 | | | Waste Management, Inc., 4.875%, 02/15/2029 | | | 357,376 | | | | 0.0 | |
| 1,764,000 | | | Waste Management, Inc., 4.875%, 02/15/2034 | | | 1,800,308 | | | | 0.1 | |
| | | | | | | 48,992,649 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Technology: 1.6% |
| 1,280,000 | | | Advanced Micro Devices, Inc., 3.924%, 06/01/2032 | | | 1,238,643 | | | | 0.1 | |
| 1,460,000 | | | Advanced Micro Devices, Inc., 4.393%, 06/01/2052 | | | 1,386,059 | | | | 0.1 | |
| 242,000 | | | Apple, Inc., 2.700%, 08/05/2051 | | | 166,634 | | | | 0.0 | |
| 870,000 | | | Apple, Inc., 2.850%, 08/05/2061 | | | 595,373 | | | | 0.0 | |
| 148,000 | | | Apple, Inc., 3.850%, 08/04/2046 | | | 128,800 | | | | 0.0 | |
| 308,000 | | | Apple, Inc., 4.100%, 08/08/2062 | | | 274,686 | | | | 0.0 | |
| 64,000 | | | Apple, Inc., 4.375%, 05/13/2045 | | | 60,773 | | | | 0.0 | |
| 176,000 | | | Apple, Inc., 4.650%, 02/23/2046 | | | 173,825 | | | | 0.0 | |
| 2,188,000 (1) | | | Broadcom, Inc., 3.187%, 11/15/2036 | | | 1,774,263 | | | | 0.1 | |
| 3,705,000 (1) | | | Broadcom, Inc., 4.926%, 05/15/2037 | | | 3,587,876 | | | | 0.2 | |
| 637,000 | | | Concentrix Corp., 6.600%, 08/02/2028 | | | 655,813 | | | | 0.0 | |
| 1,578,000 | | | Concentrix Corp., 6.850%, 08/02/2033 | | | 1,624,155 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Technology: (continued) |
| 522,000 | | | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | | $ | 534,487 | | | | 0.0 | |
| 1,182,000 | | | Fiserv, Inc., 5.625%, 08/21/2033 | | | 1,238,855 | | | | 0.1 | |
| 740,000 | | | HP, Inc., 2.650%, 06/17/2031 | | | 630,234 | | | | 0.0 | |
| 464,000 | | | Intel Corp., 2.800%, 08/12/2041 | | | 347,836 | | | | 0.0 | |
| 109,000 | | | Intel Corp., 3.700%, 07/29/2025 | | | 107,310 | | | | 0.0 | |
| 41,000 (2) | | | Intel Corp., 5.200%, 02/10/2033 | | | 42,851 | | | | 0.0 | |
| 1,144,000 | | | Intel Corp., 5.700%, 02/10/2053 | | | 1,237,980 | | | | 0.1 | |
| 1,846,000 | | | International Business Machines Corp., 3.500%, 05/15/2029 | | | 1,761,321 | | | | 0.1 | |
| 132,000 | | | International Business Machines Corp., 4.150%, 07/27/2027 | | | 130,494 | | | | 0.0 | |
| 1,909,000 | | | Intuit, Inc., 5.125%, 09/15/2028 | | | 1,974,397 | | | | 0.1 | |
| 1,599,000 | | | Intuit, Inc., 5.200%, 09/15/2033 | | | 1,674,811 | | | | 0.1 | |
| 2,077,000 | | | Intuit, Inc., 5.500%, 09/15/2053 | | | 2,273,519 | | | | 0.1 | |
| 783,000 | | | KLA Corp., 5.250%, 07/15/2062 | | | 817,796 | | | | 0.0 | |
| 674,000 | | | Marvell Technology, Inc., 5.750%, 02/15/2029 | | | 696,843 | | | | 0.0 | |
| 1,342,000 (1) | | | Microsoft Corp., 2.500%, 09/15/2050 | | | 907,496 | | | | 0.0 | |
| 458,000 | | | Microsoft Corp., 2.525%, 06/01/2050 | | | 313,062 | | | | 0.0 | |
| 613,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 05/11/2041 | | | 469,068 | | | | 0.0 | |
| 141,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030 | | | 129,691 | | | | 0.0 | |
| 233,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033 | | | 233,479 | | | | 0.0 | |
| 2,227,000 | | | Oracle Corp., 2.300%, 03/25/2028 | | | 2,030,558 | | | | 0.1 | |
| 194,000 | | | Oracle Corp., 2.800%, 04/01/2027 | | | 183,086 | | | | 0.0 | |
| 167,000 | | | Oracle Corp., 2.950%, 05/15/2025 | | | 162,199 | | | | 0.0 | |
| 397,000 | | | Oracle Corp., 3.250%, 11/15/2027 | | | 377,113 | | | | 0.0 | |
| 982,000 | | | Oracle Corp., 3.650%, 03/25/2041 | | | 779,949 | | | | 0.0 | |
| 1,240,000 | | | Oracle Corp., 3.800%, 11/15/2037 | | | 1,055,010 | | | | 0.0 | |
| 146,000 | | | Oracle Corp., 3.850%, 07/15/2036 | | | 127,343 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Technology: (continued) |
| 167,000 | | | Oracle Corp., 3.850%, 04/01/2060 | | $ | 121,253 | | | | 0.0 | |
| 212,000 | | | Oracle Corp., 4.300%, 07/08/2034 | | | 198,154 | | | | 0.0 | |
| 928,000 | | | Oracle Corp., 6.900%, 11/09/2052 | | | 1,090,266 | | | | 0.1 | |
| 1,720,000 | | | QUALCOMM, Inc., 6.000%, 05/20/2053 | | | 1,980,983 | | | | 0.1 | |
| 322,000 | | | Texas Instruments, Inc., 3.875%, 03/15/2039 | | | 297,440 | | | | 0.0 | |
| 776,000 | | | Texas Instruments, Inc., 5.000%, 03/14/2053 | | | 795,391 | | | | 0.0 | |
| 1,441,000 | | | Texas Instruments, Inc., 5.050%, 05/18/2063 | | | 1,478,021 | | | | 0.1 | |
| | | | | | | 37,865,196 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | Utilities: 3.7% |
| 1,178,000 (1) | | | AEP Texas, Inc., 3.850%, 10/01/2025 | | | 1,145,018 | | | | 0.1 | |
| 1,050,000 | | | AES Corp., 1.375%, 01/15/2026 | | | 972,000 | | | | 0.1 | |
| 1,190,000 | | | AES Corp., 2.450%, 01/15/2031 | | | 1,000,505 | | | | 0.1 | |
| 866,000 (1) | | | AES Corp., 3.950%, 07/15/2030 | | | 801,692 | | | | 0.0 | |
| 936,000 | | | AES Corp., 5.450%, 06/01/2028 | | | 952,178 | | | | 0.1 | |
| 133,000 | | | Alabama Power Co., 3.750%, 03/01/2045 | | | 108,363 | | | | 0.0 | |
| 521,000 | | | Alabama Power Co., 5.850%, 11/15/2033 | | | 560,579 | | | | 0.0 | |
| 137,000 | | | Alabama Power Co. A, 4.300%, 07/15/2048 | | | 119,029 | | | | 0.0 | |
| 99,000 (1) | | | Alliant Energy Finance LLC, 3.600%, 03/01/2032 | | | 86,974 | | | | 0.0 | |
| 1,091,000 | | | Ameren Corp., 5.000%, 01/15/2029 | | | 1,096,672 | | | | 0.1 | |
| 494,000 (1) | | | American Transmission Systems, Inc., 2.650%, 01/15/2032 | | | 418,232 | | | | 0.0 | |
| 1,354,000 (1) | | | American Transmission Systems, Inc., 5.000%, 09/01/2044 | | | 1,259,395 | | | | 0.1 | |
| 181,000 | | | Appalachian Power Co., 3.400%, 06/01/2025 | | | 176,942 | | | | 0.0 | |
| 252,000 | | | Appalachian Power Co. Y, 4.500%, 03/01/2049 | | | 213,102 | | | | 0.0 | |
| 164,000 | | | Avangrid, Inc., 3.150%, 12/01/2024 | | | 160,368 | | | | 0.0 | |
| 318,000 | | | Avangrid, Inc., 3.200%, 04/15/2025 | | | 309,160 | | | | 0.0 | |
| 819,000 | | | Avangrid, Inc., 3.800%, 06/01/2029 | | | 772,802 | | | | 0.0 | |
| 573,000 | | | Black Hills Corp., 3.050%, 10/15/2029 | | | 515,429 | | | | 0.0 | |
| 528,000 (3) | | | CMS Energy Corp., 3.750%, 12/01/2050 | | | 419,319 | | | | 0.0 | |
| 1,340,000 (3) | | | CMS Energy Corp., 4.750%, 06/01/2050 | | | 1,213,445 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 154,000 | | | Commonwealth Edison Co., 5.900%, 03/15/2036 | | $ | 166,701 | | | | 0.0 | |
| 464,000 | | | Consolidated Edison Co. of New York, Inc., 5.500%, 03/15/2034 | | | 486,972 | | | | 0.0 | |
| 638,000 | | | Consolidated Edison Co. of New York, Inc., 5.900%, 11/15/2053 | | | 703,109 | | | | 0.0 | |
| 393,000 | | | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | | | 401,321 | | | | 0.0 | |
| 1,295,000 | | | Consumers Energy Co., 4.900%, 02/15/2029 | | | 1,318,842 | | | | 0.1 | |
| 77,000 (3) | | | Dominion Energy, Inc., 3.071%, 08/15/2024 | | | 75,756 | | | | 0.0 | |
| 1,144,000 | | | Dominion Energy, Inc., 5.375%, 11/15/2032 | | | 1,175,572 | | | | 0.1 | |
| 184,000 (3) | | | Dominion Energy, Inc. C, 4.350%, 12/31/2199 | | | 164,076 | | | | 0.0 | |
| 398,000 | | | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | | | 345,636 | | | | 0.0 | |
| 129,000 | | | Duke Energy Carolinas LLC, 3.750%, 06/01/2045 | | | 103,589 | | | | 0.0 | |
| 1,169,000 | | | Duke Energy Carolinas LLC, 3.875%, 03/15/2046 | | | 950,215 | | | | 0.1 | |
| 925,000 | | | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | | | 794,748 | | | | 0.0 | |
| 70,000 | | | Duke Energy Carolinas LLC, 4.250%, 12/15/2041 | | | 62,008 | | | | 0.0 | |
| 993,000 | | | Duke Energy Carolinas LLC, 5.350%, 01/15/2053 | | | 1,019,425 | | | | 0.1 | |
| 135,000 | | | Duke Energy Carolinas LLC, 6.450%, 10/15/2032 | | | 148,777 | | | | 0.0 | |
| 50,000 | | | Duke Energy Corp., 3.150%, 08/15/2027 | | | 47,286 | | | | 0.0 | |
| 360,000 (3) | | | Duke Energy Corp., 4.875%, 12/31/2199 | | | 355,351 | | | | 0.0 | |
| 915,000 | | | Duke Energy Florida LLC, 2.400%, 12/15/2031 | | | 772,656 | | | | 0.0 | |
| 418,000 | | | Duke Energy Florida LLC, 5.875%, 11/15/2033 | | | 450,844 | | | | 0.0 | |
| 572,000 | | | Duke Energy Florida LLC, 5.950%, 11/15/2052 | | | 626,980 | | | | 0.0 | |
| 227,000 | | | Duke Energy Ohio, Inc., 3.700%, 06/15/2046 | | | 178,126 | | | | 0.0 | |
| 119,000 | | | Duke Energy Ohio, Inc., 4.300%, 02/01/2049 | | | 101,636 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 471,000 | | | Duke Energy Progress LLC, 3.700%, 10/15/2046 | | $ | 367,688 | | | | 0.0 | |
| 196,000 | | | Duke Energy Progress LLC, 4.100%, 05/15/2042 | | | 169,509 | | | | 0.0 | |
| 183,000 | | | Duke Energy Progress LLC, 4.100%, 03/15/2043 | | | 156,560 | | | | 0.0 | |
| 1,227,000 | | | Duke Energy Progress LLC, 4.200%, 08/15/2045 | | | 1,051,846 | | | | 0.1 | |
| 477,000 (1) | | | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | | | 397,443 | | | | 0.0 | |
| 726,000 | | | Entergy Arkansas LLC, 2.650%, 06/15/2051 | | | 457,535 | | | | 0.0 | |
| 438,000 | | | Entergy Arkansas LLC, 4.200%, 04/01/2049 | | | 376,045 | | | | 0.0 | |
| 399,000 | | | Entergy Arkansas LLC, 5.150%, 01/15/2033 | | | 407,171 | | | | 0.0 | |
| 1,599,000 | | | Entergy Corp., 0.900%, 09/15/2025 | | | 1,487,635 | | | | 0.1 | |
| 733,000 | | | Entergy Corp., 2.400%, 06/15/2031 | | | 614,009 | | | | 0.0 | |
| 410,000 | | | Entergy Corp., 2.800%, 06/15/2030 | | | 361,069 | | | | 0.0 | |
| 925,000 | | | Entergy Mississippi LLC, 5.000%, 09/01/2033 | | | 932,372 | | | | 0.0 | |
| 1,069,000 | | | Evergy Kansas Central, Inc., 3.250%, 09/01/2049 | | | 757,081 | | | | 0.0 | |
| 1,000,000 | | | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | | | 1,046,999 | | | | 0.1 | |
| 373,000 | | | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | | | 399,280 | | | | 0.0 | |
| 1,298,000 | | | Eversource Energy, 2.900%, 03/01/2027 | | | 1,229,520 | | | | 0.1 | |
| 391,000 | | | Eversource Energy, 5.125%, 05/15/2033 | | | 393,297 | | | | 0.0 | |
| 784,000 | | | Eversource Energy, 5.450%, 03/01/2028 | | | 806,169 | | | | 0.0 | |
| 853,000 | | | Eversource Energy, 5.950%, 02/01/2029 | | | 894,021 | | | | 0.0 | |
| 1,341,000 | | | Eversource Energy U, 1.400%, 08/15/2026 | | | 1,223,969 | | | | 0.1 | |
| 351,000 | | | Exelon Corp., 4.950%, 06/15/2035 | | | 338,944 | | | | 0.0 | |
| 1,257,000 | | | Exelon Corp., 5.150%, 03/15/2028 | | | 1,278,651 | | | | 0.1 | |
| 12,000 | | | Florida Power & Light Co., 2.875%, 12/04/2051 | | | 8,333 | | | | 0.0 | |
| 601,000 | | | Florida Power & Light Co., 4.625%, 05/15/2030 | | | 605,514 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 420,000 | | | Florida Power & Light Co., 4.800%, 05/15/2033 | | $ | 425,063 | | | | 0.0 | |
| 120,000 | | | Florida Power & Light Co., 5.400%, 09/01/2035 | | | 122,291 | | | | 0.0 | |
| 73,000 | | | Florida Power & Light Co., 5.650%, 02/01/2037 | | | 77,938 | | | | 0.0 | |
| 514,000 | | | Georgia Power Co., 4.650%, 05/16/2028 | | | 518,323 | | | | 0.0 | |
| 1,480,000 | | | Georgia Power Co. A, 2.200%, 09/15/2024 | | | 1,443,278 | | | | 0.1 | |
| 119,000 | | | Iberdrola International BV, 5.810%, 03/15/2025 | | | 119,637 | | | | 0.0 | |
| 1,027,000 | | | Idaho Power Co., MTN, 5.800%, 04/01/2054 | | | 1,101,746 | | | | 0.1 | |
| 87,000 | | | Indiana Michigan Power Co., 3.850%, 05/15/2028 | | | 84,061 | | | | 0.0 | |
| 272,000 | | | Indiana Michigan Power Co., 5.625%, 04/01/2053 | | | 286,062 | | | | 0.0 | |
| 108,000 | | | Indiana Michigan Power Co., 6.050%, 03/15/2037 | | | 115,630 | | | | 0.0 | |
| 2,494,000 | | | Interstate Power and Light Co., 3.250%, 12/01/2024 | | | 2,444,770 | | | | 0.1 | |
| 230,000 | | | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | | | 212,946 | | | | 0.0 | |
| 285,000 (1) | | | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | | | 240,843 | | | | 0.0 | |
| 2,755,000 (1) | | | Jersey Central Power & Light Co., 4.300%, 01/15/2026 | | | 2,697,159 | | | | 0.1 | |
| 375,000 | | | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | | | 389,797 | | | | 0.0 | |
| 375,000 | | | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | | | 390,874 | | | | 0.0 | |
| 651,000 (1) | | | Metropolitan Edison Co., 4.000%, 04/15/2025 | | | 635,727 | | | | 0.0 | |
| 54,000 | | | MidAmerican Energy Co., 4.800%, 09/15/2043 | | | 51,041 | | | | 0.0 | |
| 315,000 | | | Mississippi Power Co., 4.750%, 10/15/2041 | | | 276,495 | | | | 0.0 | |
| 2,769,000 | | | Mississippi Power Co. 12-A, 4.250%, 03/15/2042 | | | 2,365,991 | | | | 0.1 | |
| 986,000 (1) | | | Monongahela Power Co., 3.550%, 05/15/2027 | | | 944,744 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 982,000 (1) | | | Monongahela Power Co., 5.850%, 02/15/2034 | | $ | 1,031,620 | | | | 0.1 | |
| 185,000 (1) | | | Narragansett Electric Co., 3.395%, 04/09/2030 | | | 168,591 | | | | 0.0 | |
| 1,465,000 | | | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | | | 1,273,427 | | | | 0.1 | |
| 737,000 | | | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | | | 621,449 | | | | 0.0 | |
| 124,000 | | | National Rural Utilities Cooperative Finance Corp., 3.400%, 02/07/2028 | | | 118,946 | | | | 0.0 | |
| 157,000 | | | National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032 | | | 146,619 | | | | 0.0 | |
| 271,000 | | | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | | | 257,308 | | | | 0.0 | |
| 349,000 (3) | | | National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 | | | 335,634 | | | | 0.0 | |
| 625,000 | | | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | | | 662,304 | | | | 0.0 | |
| 647,000 (3) | | | National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053 | | | 668,462 | | | | 0.0 | |
| 1,111,000 (3) | | | National Rural Utilities Cooperative Finance Corp., 8.562%, (TSFR3M + 3.172%), 04/30/2043 | | | 1,101,987 | | | | 0.1 | |
| 368,000 | | | Nevada Power Co., 6.000%, 03/15/2054 | | | 404,472 | | | | 0.0 | |
| 378,000 (1) | | | New York State Electric & Gas Corp., 3.250%, 12/01/2026 | | | 356,504 | | | | 0.0 | |
| 1,161,000 | | | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | | | 1,068,392 | | | | 0.1 | |
| 1,194,000 (3) | | | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | | | 1,017,315 | | | | 0.1 | |
| 947,000 | | | NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024 | | | 938,373 | | | | 0.1 | |
| 183,000 | | | NextEra Energy Capital Holdings, Inc., 4.450%, 06/20/2025 | | | 181,428 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 1,160,000 | | | NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025 | | $ | 1,171,055 | | | | 0.1 | |
| 517,000 | | | NSTAR Electric Co., 1.950%, 08/15/2031 | | | 423,755 | | | | 0.0 | |
| 935,000 | | | ONE Gas, Inc., 1.100%, 03/11/2024 | | | 926,835 | | | | 0.0 | |
| 122,000 | | | Pacific Gas and Electric Co., 3.250%, 06/01/2031 | | | 105,770 | | | | 0.0 | |
| 796,000 | | | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | | | 625,080 | | | | 0.0 | |
| 704,000 | | | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | | | 569,797 | | | | 0.0 | |
| 398,000 | | | PacifiCorp, 4.100%, 02/01/2042 | | | 330,592 | | | | 0.0 | |
| 133,000 | | | PECO Energy Co., 2.850%, 09/15/2051 | | | 89,924 | | | | 0.0 | |
| 474,000 (1) | | | Pennsylvania Electric Co., 5.150%, 03/30/2026 | | | 473,668 | | | | 0.0 | |
| 216,000 | | | Public Service Co. of Oklahoma J, 2.200%, 08/15/2031 | | | 179,203 | | | | 0.0 | |
| 188,000 | | | Public Service Co. of Oklahoma K, 3.150%, 08/15/2051 | | | 129,062 | | | | 0.0 | |
| 672,000 | | | Public Service Electric and Gas Co., 5.450%, 08/01/2053 | | | 726,447 | | | | 0.0 | |
| 51,000 | | | Public Service Electric and Gas Co., MTN, 3.000%, 05/15/2027 | | | 48,580 | | | | 0.0 | |
| 1,453,000 | | | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | | | 1,223,190 | | | | 0.1 | |
| 900,000 | | | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | | | 937,497 | | | | 0.0 | |
| 943,000 | | | San Diego Gas & Electric Co., 4.950%, 08/15/2028 | | | 963,013 | | | | 0.1 | |
| 1,785,000 | | | South Jersey Industries, Inc., 5.020%, 04/15/2031 | | | 1,436,068 | | | | 0.1 | |
| 767,000 | | | Southern Co., 5.113%, 08/01/2027 | | | 777,961 | | | | 0.0 | |
| 1,456,000 (3) | | | Southern Co. 21-A, 3.750%, 09/15/2051 | | | 1,329,339 | | | | 0.1 | |
| 1,714,000 (3) | | | Southern Co. B, 4.000%, 01/15/2051 | | | 1,632,941 | | | | 0.1 | |
| 374,000 | | | Southwestern Electric Power Co., 5.300%, 04/01/2033 | | | 374,311 | | | | 0.0 | |
| 1,474,000 | | | Southwestern Electric Power Co. N, 1.650%, 03/15/2026 | | | 1,373,169 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 570,000 | | | Tampa Electric Co., 4.350%, 05/15/2044 | | $ | 490,267 | | | | 0.0 | |
| 512,000 | | | Virginia Electric and Power Co., 5.450%, 04/01/2053 | | | 528,157 | | | | 0.0 | |
| 563,000 | | | Virginia Electric and Power Co., 5.700%, 08/15/2053 | | | 597,675 | | | | 0.0 | |
| 416,000 | | | Virginia Electric and Power Co. A, 3.800%, 04/01/2028 | | | 403,818 | | | | 0.0 | |
| 1,655,000 | | | WEC Energy Group, Inc., 1.375%, 10/15/2027 | | | 1,463,965 | | | | 0.1 | |
| 389,000 | | | WEC Energy Group, Inc., 2.200%, 12/15/2028 | | | 346,371 | | | | 0.0 | |
| 248,000 | | | WEC Energy Group, Inc., 5.000%, 09/27/2025 | | | 247,605 | | | | 0.0 | |
| 339,000 | | | WEC Energy Group, Inc., 5.150%, 10/01/2027 | | | 344,161 | | | | 0.0 | |
| 847,000 | | | Wisconsin Electric Power Co., 1.700%, 06/15/2028 | | | 753,718 | | | | 0.0 | |
| | | | | | | 84,831,731 | | | | 3.7 | |
| | | | Total Corporate Bonds/Notes
(Cost $604,993,352) | | | 601,009,978 | | | | 25.9 | |
| |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.5% |
| | | | Federal Home Loan Mortgage Corporation: 2.2%(4) |
| 230,318 | | | 2.500%, 05/01/2030 | | | 216,672 | | | | 0.0 | |
| 433,635 | | | 2.500%, 05/01/2030 | | | 407,736 | | | | 0.0 | |
| 570,725 | | | 2.500%, 06/01/2030 | | | 542,214 | | | | 0.0 | |
| 1,736,161 | | | 3.000%, 03/01/2045 | | | 1,590,017 | | | | 0.1 | |
| 2,289,517 | | | 3.000%, 03/01/2045 | | | 2,102,497 | | | | 0.1 | |
| 1,881,083 | | | 3.000%, 04/01/2045 | | | 1,722,744 | | | | 0.1 | |
| 1,973,586 | | | 3.000%, 04/01/2045 | | | 1,807,470 | | | | 0.1 | |
| 3,472,944 | | | 3.000%, 10/01/2046 | | | 3,162,713 | | | | 0.2 | |
| 4,453,593 | | | 3.000%, 10/01/2046 | | | 4,070,496 | | | | 0.2 | |
| 4,933,104 | | | 3.000%, 03/01/2048 | | | 4,496,170 | | | | 0.2 | |
| 672,795 | | | 3.500%, 08/01/2042 | | | 633,763 | | | | 0.0 | |
| 1,881,032 | | | 3.500%, 03/01/2045 | | | 1,766,081 | | | | 0.1 | |
| 332,532 | | | 3.500%, 04/01/2045 | | | 312,035 | | | | 0.0 | |
| 796,898 | | | 3.500%, 05/01/2045 | | | 748,552 | | | | 0.1 | |
| 346,780 | | | 3.500%, 06/01/2045 | | | 325,742 | | | | 0.0 | |
| 464,712 | | | 3.500%, 07/01/2045 | | | 435,203 | | | | 0.0 | |
| 531,197 | | | 3.500%, 07/01/2045 | | | 498,701 | | | | 0.0 | |
| 259,527 | | | 3.500%, 08/01/2045 | | | 243,782 | | | | 0.0 | |
| 388,852 | | | 3.500%, 08/01/2045 | | | 364,591 | | | | 0.0 | |
| 455,667 | | | 3.500%, 08/01/2045 | | | 428,021 | | | | 0.0 | |
| 489,147 | | | 3.500%, 08/01/2045 | | | 458,841 | | | | 0.0 | |
| 788,290 | | | 3.500%, 08/01/2045 | | | 740,317 | | | | 0.0 | |
| 523,070 | | | 3.500%, 09/01/2045 | | | 491,337 | | | | 0.0 | |
| 722,487 | | | 3.500%, 09/01/2045 | | | 677,410 | | | | 0.0 | |
| 1,003,396 | | | 3.500%, 11/01/2045 | | | 942,393 | | | | 0.1 | |
| 3,412,372 | | | 3.500%, 12/01/2046 | | | 3,190,322 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation (continued) |
| 8,858,585 | | | 3.500%, 03/01/2048 | | $ | 8,324,797 | | | | 0.4 | |
| 516,242 | | | 4.000%, 10/01/2041 | | | 499,638 | | | | 0.0 | |
| 547,673 | | | 4.000%, 12/01/2041 | | | 530,145 | | | | 0.0 | |
| 137,348 | | | 4.000%, 07/01/2045 | | | 132,651 | | | | 0.0 | |
| 77,797 | | | 4.000%, 09/01/2045 | | | 74,775 | | | | 0.0 | |
| 667,281 | | | 4.000%, 09/01/2045 | | | 643,220 | | | | 0.0 | |
| 1,125,460 | | | 4.000%, 09/01/2045 | | | 1,086,971 | | | | 0.1 | |
| 1,407,152 | | | 4.000%, 09/01/2045 | | | 1,359,029 | | | | 0.1 | |
| 617,058 | | | 4.000%, 05/01/2047 | | | 598,495 | | | | 0.0 | |
| 185,768 | | | 4.000%, 11/01/2047 | | | 178,063 | | | | 0.0 | |
| 177,241 | | | 4.000%, 03/01/2048 | | | 171,178 | | | | 0.0 | |
| 764,846 | | | 4.000%, 06/01/2048 | | | 742,467 | | | | 0.1 | |
| 3,343 | | | 4.500%, 06/01/2039 | | | 3,345 | | | | 0.0 | |
| 9,919 | | | 4.500%, 09/01/2040 | | | 9,912 | | | | 0.0 | |
| 33,980 | | | 4.500%, 03/01/2041 | | | 33,998 | | | | 0.0 | |
| 153,924 | | | 4.500%, 08/01/2041 | | | 153,894 | | | | 0.0 | |
| 269,889 | | | 4.500%, 08/01/2041 | | | 270,030 | | | | 0.0 | |
| 105,590 | | | 4.500%, 09/01/2041 | | | 105,635 | | | | 0.0 | |
| 126,829 | | | 4.500%, 09/01/2041 | | | 126,895 | | | | 0.0 | |
| 262,856 | | | 4.500%, 09/01/2041 | | | 262,994 | | | | 0.0 | |
| 683,671 | | | 4.500%, 09/01/2041 | | | 683,184 | | | | 0.0 | |
| 10,273 | | | 5.000%, 05/01/2028 | | | 10,279 | | | | 0.0 | |
| 54,586 | | | 5.000%, 05/01/2035 | | | 55,568 | | | | 0.0 | |
| 147,459 | | | 5.000%, 01/01/2041 | | | 150,017 | | | | 0.0 | |
| 83,472 | | | 5.000%, 04/01/2041 | | | 84,979 | | | | 0.0 | |
| 1,531 (3) | | | 5.250%, (H15T1Y + 2.250%), 04/01/2032 | | | 1,531 | | | | 0.0 | |
| 220,156 (3) | | | 5.491%, (RFUCCT1Y + 1.733%), 06/01/2035 | | | 225,202 | | | | 0.0 | |
| 5,617 | | | 5.500%, 03/01/2034 | | | 5,795 | | | | 0.0 | |
| 818 | | | 5.500%, 05/01/2036 | | | 838 | | | | 0.0 | |
| 39,667 | | | 5.500%, 06/01/2036 | | | 40,920 | | | | 0.0 | |
| 4,490 | | | 5.500%, 12/01/2036 | | | 4,632 | | | | 0.0 | |
| 20,667 | | | 5.500%, 03/01/2037 | | | 20,788 | | | | 0.0 | |
| 5,604 | | | 5.500%, 04/01/2037 | | | 5,782 | | | | 0.0 | |
| 33,567 | | | 5.500%, 05/01/2037 | | | 34,629 | | | | 0.0 | |
| 58,910 | | | 5.500%, 07/01/2037 | | | 60,778 | | | | 0.0 | |
| 7,031 | | | 5.500%, 09/01/2037 | | | 7,254 | | | | 0.0 | |
| 6,030 | | | 5.500%, 10/01/2037 | | | 6,222 | | | | 0.0 | |
| 20,794 | | | 5.500%, 11/01/2037 | | | 21,452 | | | | 0.0 | |
| 18,590 | | | 5.500%, 12/01/2037 | | | 19,179 | | | | 0.0 | |
| 66,250 | | | 5.500%, 12/01/2037 | | | 68,347 | | | | 0.0 | |
| 3,989 | | | 5.500%, 01/01/2038 | | | 4,115 | | | | 0.0 | |
| 4,402 | | | 5.500%, 01/01/2038 | | | 4,541 | | | | 0.0 | |
| 43,963 | | | 5.500%, 02/01/2038 | | | 45,354 | | | | 0.0 | |
| 59,963 | | | 5.500%, 02/01/2038 | | | 61,865 | | | | 0.0 | |
| 42,993 | | | 5.500%, 03/01/2038 | | | 44,354 | | | | 0.0 | |
| 52,721 | | | 5.500%, 04/01/2038 | | | 54,390 | | | | 0.0 | |
| 4,477 | | | 5.500%, 05/01/2038 | | | 4,619 | | | | 0.0 | |
| 45,110 | | | 5.500%, 05/01/2038 | | | 46,540 | | | | 0.0 | |
| 33,354 | | | 5.500%, 06/01/2038 | | | 34,240 | | | | 0.0 | |
| 114,879 | | | 5.500%, 06/01/2038 | | | 118,523 | | | | 0.0 | |
| 104,727 | | | 5.500%, 07/01/2038 | | | 108,042 | | | | 0.0 | |
| 4,758 | | | 5.500%, 08/01/2038 | | | 4,884 | | | | 0.0 | |
| 21,682 | | | 5.500%, 08/01/2038 | | | 22,369 | | | | 0.0 | |
| 24,401 | | | 5.500%, 09/01/2038 | | | 25,174 | | | | 0.0 | |
| 21,099 | | | 5.500%, 10/01/2038 | | | 21,767 | | | | 0.0 | |
| 23,548 | | | 5.500%, 10/01/2038 | | | 24,294 | | | | 0.0 | |
| 2,255 | | | 5.500%, 11/01/2038 | | | 2,326 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation (continued) |
| 80,360 | | | 5.500%, 11/01/2038 | | $ | 82,909 | | | | 0.0 | |
| 4,920 | | | 5.500%, 12/01/2038 | | | 5,076 | | | | 0.0 | |
| 8,479 | | | 5.500%, 12/01/2038 | | | 8,747 | | | | 0.0 | |
| 18,914 | | | 5.500%, 01/01/2039 | | | 19,513 | | | | 0.0 | |
| 40,537 | | | 5.500%, 03/01/2039 | | | 41,821 | | | | 0.0 | |
| 15,665 | | | 5.500%, 07/01/2039 | | | 16,161 | | | | 0.0 | |
| 10,264 | | | 5.500%, 12/01/2039 | | | 10,589 | | | | 0.0 | |
| 70,576 | �� | | 5.500%, 03/01/2040 | | | 72,811 | | | | 0.0 | |
| 23,052 | | | 5.500%, 08/01/2040 | | | 23,781 | | | | 0.0 | |
| 34,865 | | | 5.500%, 08/01/2040 | | | 35,972 | | | | 0.0 | |
| 45,341 | | | 5.500%, 08/01/2040 | | | 46,777 | | | | 0.0 | |
| 29,818 (3) | | | 5.585%, (RFUCCT1Y + 1.345%), 09/01/2035 | | | 30,174 | | | | 0.0 | |
| 144,172 | | | 6.000%, 09/01/2027 | | | 146,596 | | | | 0.0 | |
| 3,526 | | | 6.000%, 02/01/2029 | | | 3,639 | | | | 0.0 | |
| 4,208 | | | 6.000%, 05/01/2035 | | | 4,383 | | | | 0.0 | |
| 184,385 | | | 6.000%, 03/01/2037 | | | 192,951 | | | | 0.0 | |
| 1,586 | | | 6.000%, 05/01/2037 | | | 1,659 | | | | 0.0 | |
| 22,192 | | | 6.000%, 07/01/2037 | | | 23,220 | | | | 0.0 | |
| 5,702 | | | 6.000%, 08/01/2037 | | | 5,964 | | | | 0.0 | |
| 25,632 | | | 6.000%, 08/01/2037 | | | 26,820 | | | | 0.0 | |
| 137,261 | | | 6.000%, 09/01/2037 | | | 143,552 | | | | 0.0 | |
| 378 | | | 6.000%, 10/01/2037 | | | 395 | | | | 0.0 | |
| 5,819 | | | 6.000%, 11/01/2037 | | | 6,087 | | | | 0.0 | |
| 1,762 | | | 6.000%, 12/01/2037 | | | 1,831 | | | | 0.0 | |
| 5,095 | | | 6.000%, 12/01/2037 | | | 5,313 | | | | 0.0 | |
| 142,525 | | | 6.000%, 01/01/2038 | | | 148,967 | | | | 0.0 | |
| 854 | | | 6.000%, 04/01/2038 | | | 892 | | | | 0.0 | |
| 5,372 | | | 6.000%, 06/01/2038 | | | 5,587 | | | | 0.0 | |
| 312 | | | 6.000%, 07/01/2038 | | | 325 | | | | 0.0 | |
| 10,580 | | | 6.000%, 08/01/2038 | | | 11,001 | | | | 0.0 | |
| 36,770 | | | 6.000%, 11/01/2038 | | | 38,320 | | | | 0.0 | |
| 11,450 | | | 6.000%, 05/01/2039 | | | 11,836 | | | | 0.0 | |
| 6,744 | | | 6.000%, 08/01/2039 | | | 7,029 | | | | 0.0 | |
| 1,595 | | | 6.000%, 09/01/2039 | | | 1,648 | | | | 0.0 | |
| 3,716 (3) | | | 6.338%, (H15T1Y + 2.250%), 11/01/2031 | | | 3,680 | | | | 0.0 | |
| 420,857 | | | 6.500%, 09/01/2034 | | | 436,632 | | | | 0.0 | |
| 35,778 (3) | | | 6.509%, (H15T1Y + 2.436%), 01/01/2029 | | | 35,541 | | | | 0.0 | |
| | | | | | | 51,476,924 | | | | 2.2 | |
| | | | Federal National Mortgage Association: 0.0%(4) |
| 17,758 (3) | | | 4.175%, (RFUCCT1Y + 1.675%), 02/01/2035 | | | 17,695 | | | | 0.0 | |
| 42,997 (3) | | | 4.317%, (RFUCCT1Y + 1.649%), 02/01/2034 | | | 42,916 | | | | 0.0 | |
| 47,929 (3) | | | 4.357%, (RFUCCT1Y + 1.553%), 04/01/2035 | | | 47,620 | | | | 0.0 | |
| 1,232 (3) | | | 4.464%, (ECOFC + 1.257%), 05/01/2036 | | | 1,209 | | | | 0.0 | |
| 6,411 (3) | | | 4.585%, (H15T1Y + 2.210%), 04/01/2032 | | | 6,337 | | | | 0.0 | |
| 21,680 (3) | | | 4.691%, (RFUCCT6M + 1.373%), 09/01/2035 | | | 21,410 | | | | 0.0 | |
| 7,665 (3) | | | 5.003%, (ECOFC + 1.927%), 12/01/2036 | | | 7,586 | | | | 0.0 | |
| 225,173 (3) | | | 5.555%, (H15T1Y + 1.805%), 08/01/2035 | | | 223,713 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal National Mortgage Association (continued) |
| 10,606 (3) | | | 5.716%, (RFUCCT1Y + 1.467%), 08/01/2035 | | $ | 10,500 | | | | 0.0 | |
| 122,213 (3) | | | 5.908%, (RFUCCT1Y + 1.658%), 10/01/2035 | | | 121,983 | | | | 0.0 | |
| 116,829 (3) | | | 6.060%, (RFUCCT1Y + 1.810%), 09/01/2034 | | | 117,826 | | | | 0.0 | |
| 1,025 (3) | | | 6.108%, (H15T1Y + 2.215%), 09/01/2031 | | | 1,018 | | | | 0.0 | |
| 21,773 (3) | | | 6.129%, (12MTA + 1.200%), 08/01/2042 | | | 21,104 | | | | 0.0 | |
| 31,175 (3) | | | 6.129%, (12MTA + 1.200%), 08/01/2042 | | | 30,139 | | | | 0.0 | |
| 11,462 (3) | | | 6.129%, (12MTA + 1.200%), 10/01/2044 | | | 11,082 | | | | 0.0 | |
| 17,574 (3) | | | 6.129%, (12MTA + 1.200%), 10/01/2044 | | | 16,756 | | | | 0.0 | |
| 56,237 (3) | | | 6.300%, (H15T1Y + 2.175%), 10/01/2035 | | | 55,893 | | | | 0.0 | |
| 21,341 (3) | | | 6.848%, (RFUCCT1M + 1.473%), 02/01/2033 | | | 21,452 | | | | 0.0 | |
| | | | | | | 776,239 | | | | 0.0 | |
| | | | Government National Mortgage Association: 4.8% |
| 1,153,565 | | | 2.500%, 05/20/2051 | | | 1,010,237 | | | | 0.1 | |
| 3,987,427 | | | 2.500%, 08/20/2051 | | | 3,488,813 | | | | 0.2 | |
| 3,249,709 | | | 2.500%, 09/20/2051 | | | 2,843,443 | | | | 0.1 | |
| 1,675,848 | | | 2.500%, 11/20/2051 | | | 1,466,140 | | | | 0.1 | |
| 3,401,459 | | | 2.500%, 12/20/2051 | | | 2,976,037 | | | | 0.1 | |
| 5,464,081 | | | 2.500%, 03/20/2052 | | | 4,778,981 | | | | 0.2 | |
| 15,275,162 | | | 2.500%, 04/20/2052 | | | 13,359,952 | | | | 0.6 | |
| 23,311,992 | | | 2.500%, 05/20/2052 | | | 20,389,612 | | | | 0.9 | |
| 12,593,146 | | | 3.000%, 04/20/2045 | | | 11,610,933 | | | | 0.5 | |
| 903,479 | | | 3.000%, 11/20/2051 | | | 818,726 | | | | 0.0 | |
| 987,135 | | | 3.000%, 03/20/2052 | | | 890,517 | | | | 0.1 | |
| 13,265,000 (5) | | | 3.000%, 01/20/2054 | | | 12,012,046 | | | | 0.5 | |
| 1,847,770 | | | 3.500%, 07/20/2046 | | | 1,697,654 | | | | 0.1 | |
| 266,206 | | | 3.500%, 07/20/2047 | | | 251,001 | | | | 0.0 | |
| 4,299,381 | | | 3.500%, 12/20/2047 | | | 4,042,590 | | | | 0.2 | |
| 2,437,529 | | | 3.500%, 01/20/2048 | | | 2,297,089 | | | | 0.1 | |
| 5,313,321 | | | 3.500%, 05/20/2050 | | | 4,995,133 | | | | 0.2 | |
| 340,674 | | | 4.000%, 11/20/2040 | | | 334,049 | | | | 0.0 | |
| 646,127 | | | 4.000%, 03/20/2046 | | | 626,363 | | | | 0.0 | |
| 5,395,496 | | | 4.000%, 03/20/2053 | | | 5,150,291 | | | | 0.2 | |
| 13,391,500 (5) | | | 4.000%, 01/20/2054 | | | 12,786,824 | | | | 0.6 | |
| 542,984 | | | 4.500%, 08/20/2041 | | | 529,925 | | | | 0.0 | |
| 248,089 | | | 4.500%, 01/20/2047 | | | 248,311 | | | | 0.0 | |
| 1,642 | | | 5.000%, 11/15/2035 | | | 1,644 | | | | 0.0 | |
| 3,859 | | | 5.000%, 11/15/2035 | | | 3,836 | | | | 0.0 | |
| 4,235 | | | 5.000%, 11/15/2035 | | | 4,264 | | | | 0.0 | |
| 11,907 | | | 5.000%, 11/15/2035 | | | 11,835 | | | | 0.0 | |
| 13,144 | | | 5.000%, 06/15/2037 | | | 13,086 | | | | 0.0 | |
| 27,390 | | | 5.000%, 03/15/2038 | | | 27,233 | | | | 0.0 | |
| 63,679 | | | 5.000%, 03/15/2038 | | | 64,350 | | | | 0.0 | |
| 2,945 | | | 5.000%, 06/15/2038 | | | 2,932 | | | | 0.0 | |
| 818 | | | 5.000%, 09/15/2038 | | | 822 | | | | 0.0 | |
| 8,086 | | | 5.000%, 11/15/2038 | | | 8,160 | | | | 0.0 | |
| 27,611 | | | 5.000%, 11/15/2038 | | | 27,902 | | | | 0.0 | |
| 7,102 | | | 5.000%, 12/15/2038 | | | 7,177 | | | | 0.0 | |
| 41,282 | | | 5.000%, 12/15/2038 | | | 41,691 | | | | 0.0 | |
| 583,263 | | | 5.000%, 12/15/2038 | | | 589,400 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Government National Mortgage Association (continued) |
| 39,214 | | | 5.000%, 01/15/2039 | | $ | 39,627 | | | | 0.0 | |
| 68,486 | | | 5.000%, 01/15/2039 | | | 68,744 | | | | 0.0 | |
| 424,061 | | | 5.000%, 01/15/2039 | | | 427,380 | | | | 0.0 | |
| 17,336 | | | 5.000%, 02/15/2039 | | | 17,475 | | | | 0.0 | |
| 39,445 | | | 5.000%, 02/15/2039 | | | 39,861 | | | | 0.0 | |
| 59,554 | | | 5.000%, 02/15/2039 | | | 60,084 | | | | 0.0 | |
| 1,457 | | | 5.000%, 03/15/2039 | | | 1,471 | | | | 0.0 | |
| 46,045 | | | 5.000%, 03/15/2039 | | | 46,468 | | | | 0.0 | |
| 47,968 | | | 5.000%, 03/15/2039 | | | 48,409 | | | | 0.0 | |
| 77,875 | | | 5.000%, 03/15/2039 | | | 78,584 | | | | 0.0 | |
| 49,949 | | | 5.000%, 04/15/2039 | | | 50,445 | | | | 0.0 | |
| 370 | | | 5.000%, 05/15/2039 | | | 369 | | | | 0.0 | |
| 29,054 | | | 5.000%, 05/15/2039 | | | 29,321 | | | | 0.0 | |
| 64,179 | | | 5.000%, 05/15/2039 | | | 64,768 | | | | 0.0 | |
| 42,257 | | | 5.000%, 07/15/2039 | | | 42,698 | | | | 0.0 | |
| 29,983 | | | 5.000%, 09/15/2039 | | | 30,055 | | | | 0.0 | |
| 8,033 | | | 5.000%, 11/15/2039 | | | 7,967 | | | | 0.0 | |
| 1,146 | | | 5.000%, 04/15/2040 | | | 1,148 | | | | 0.0 | |
| 7,136 | | | 5.000%, 06/15/2040 | | | 7,189 | | | | 0.0 | |
| 2,624 | | | 5.000%, 09/15/2040 | | | 2,611 | | | | 0.0 | |
| 15,428 | | | 5.000%, 09/15/2040 | | | 15,589 | | | | 0.0 | |
| 31,062 | | | 5.000%, 10/15/2040 | | | 31,370 | | | | 0.0 | |
| 44,710 | | | 5.000%, 05/15/2042 | | | 44,649 | | | | 0.0 | |
| 178,230 | | | 5.000%, 02/20/2043 | | | 181,602 | | | | 0.0 | |
| | | | | | | 110,746,883 | | | | 4.8 | |
| | | | Uniform Mortgage-Backed Securities: 14.5% |
| 3,730,135 | | | 2.000%, 10/01/2050 | | | 3,070,354 | | | | 0.1 | |
| 6,520,781 | | | 2.000%, 12/01/2050 | | | 5,369,185 | | | | 0.2 | |
| 949,745 | | | 2.000%, 11/01/2051 | | | 786,948 | | | | 0.1 | |
| 2,613,369 | | | 2.000%, 11/01/2051 | | | 2,167,903 | | | | 0.1 | |
| 5,912,191 | | | 2.000%, 11/01/2051 | | | 4,842,528 | | | | 0.2 | |
| 4,720,726 | | | 2.000%, 12/01/2051 | | | 3,866,251 | | | | 0.2 | |
| 6,124,277 | | | 2.000%, 12/01/2051 | | | 5,048,694 | | | | 0.2 | |
| 1,766,625 | | | 2.000%, 02/01/2052 | | | 1,463,364 | | | | 0.1 | |
| 3,346,166 | | | 2.000%, 02/01/2052 | | | 2,779,375 | | | | 0.1 | |
| 30,377,860 | | | 2.000%, 02/01/2052 | | | 24,925,855 | | | | 1.1 | |
| 7,648,356 | | | 2.000%, 03/01/2052 | | | 6,255,307 | | | | 0.3 | |
| 796,716 | | | 2.500%, 05/01/2030 | | | 756,140 | | | | 0.0 | |
| 1,200,922 | | | 2.500%, 06/01/2030 | | | 1,140,223 | | | | 0.1 | |
| 1,599,966 | | | 2.500%, 06/01/2030 | | | 1,517,905 | | | | 0.1 | |
| 669,748 | | | 2.500%, 07/01/2030 | | | 635,395 | | | | 0.0 | |
| 5,587,430 | | | 2.500%, 07/01/2050 | | | 4,795,138 | | | | 0.2 | |
| 17,459,246 | | | 2.500%, 11/01/2050 | | | 15,120,338 | | | | 0.7 | |
| 7,556,647 | | | 2.500%, 02/01/2051 | | | 6,445,292 | | | | 0.3 | |
| 9,536,065 | | | 2.500%, 03/01/2051 | | | 8,159,618 | | | | 0.4 | |
| 4,455,223 | | | 2.500%, 04/01/2051 | | | 3,815,204 | | | | 0.2 | |
| 8,999,793 | | | 2.500%, 11/01/2051 | | | 7,709,771 | | | | 0.3 | |
| 3,442,073 | | | 2.500%, 12/01/2051 | | | 2,960,439 | | | | 0.1 | |
| 4,379,508 | | | 2.500%, 12/01/2051 | | | 3,776,675 | | | | 0.2 | |
| 4,688,296 | | | 2.500%, 01/01/2052 | | | 4,038,589 | | | | 0.2 | |
| 2,499,406 | | | 2.500%, 02/01/2052 | | | 2,163,732 | | | | 0.1 | |
| 3,898,695 | | | 2.500%, 02/01/2052 | | | 3,338,388 | | | | 0.2 | |
| 4,106,714 | | | 2.500%, 02/01/2052 | | | 3,540,050 | | | | 0.2 | |
| 4,496,020 | | | 2.500%, 02/01/2052 | | | 3,850,117 | | | | 0.2 | |
| 4,532,882 | | | 2.500%, 02/01/2052 | | | 3,860,117 | | | | 0.2 | |
| 5,901,657 | | | 2.500%, 02/01/2052 | | | 5,059,232 | | | | 0.2 | |
| 1,713,538 | | | 3.000%, 08/01/2030 | | | 1,650,593 | | | | 0.1 | |
| 845,032 | | | 3.000%, 09/01/2030 | | | 812,602 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 732,524 | | | 3.000%, 08/01/2043 | | $ | 673,597 | | | | 0.0 | |
| 1,245,525 | | | 3.000%, 09/01/2043 | | | 1,145,424 | | | | 0.1 | |
| 4,505,683 | | | 3.000%, 04/01/2045 | | | 4,120,761 | | | | 0.2 | |
| 2,811,197 | | | 3.000%, 08/01/2046 | | | 2,563,244 | | | | 0.1 | |
| 268,683 | | | 3.000%, 09/01/2046 | | | 244,556 | | | | 0.0 | |
| 5,729,935 | | | 3.000%, 11/01/2046 | | | 5,211,086 | | | | 0.2 | |
| 3,786,452 | | | 3.000%, 01/01/2047 | | | 3,435,497 | | | | 0.2 | |
| 2,354,576 | | | 3.000%, 02/01/2052 | | | 2,102,390 | | | | 0.1 | |
| 4,137,788 | | | 3.000%, 02/01/2052 | | | 3,705,735 | | | | 0.2 | |
| 5,367,622 | | | 3.000%, 04/01/2052 | | | 4,788,521 | | | | 0.2 | |
| 3,639,118 | | | 3.000%, 05/01/2052 | | | 3,246,498 | | | | 0.2 | |
| 9,160,465 | | | 3.000%, 05/01/2052 | | | 8,152,390 | | | | 0.4 | |
| 5,463,725 | | | 3.000%, 10/01/2052 | | | 4,834,693 | | | | 0.2 | |
| 404,100 | | | 3.500%, 12/01/2041 | | | 382,878 | | | | 0.0 | |
| 71,884 | | | 3.500%, 08/01/2042 | | | 67,960 | | | | 0.0 | |
| 367,577 | | | 3.500%, 08/01/2042 | | | 346,301 | | | | 0.0 | |
| 283,582 | | | 3.500%, 10/01/2042 | | | 267,575 | | | | 0.0 | |
| 480,289 | | | 3.500%, 10/01/2042 | | | 453,378 | | | | 0.0 | |
| 207,325 | | | 3.500%, 03/01/2043 | | | 195,919 | | | | 0.0 | |
| 1,772,012 | | | 3.500%, 01/01/2046 | | | 1,661,804 | | | | 0.1 | |
| 2,920,381 | | | 3.500%, 02/01/2046 | | | 2,741,807 | | | | 0.1 | |
| 2,047,558 | | | 3.500%, 08/01/2046 | | | 1,922,383 | | | | 0.1 | |
| 12,306,508 | | | 3.500%, 08/01/2046 | | | 11,553,960 | | | | 0.5 | |
| 1,925,532 | | | 3.500%, 09/01/2047 | | | 1,797,769 | | | | 0.1 | |
| 5,665,993 | | | 3.500%, 07/01/2048 | | | 5,316,624 | | | | 0.2 | |
| 2,169,872 | | | 3.500%, 02/01/2052 | | | 2,017,647 | | | | 0.1 | |
| 1,533 | | | 4.000%, 05/01/2029 | | | 1,505 | | | | 0.0 | |
| 14,210 | | | 4.000%, 11/01/2030 | | | 13,949 | | | | 0.0 | |
| 7,865 | | | 4.000%, 02/01/2031 | | | 7,715 | | | | 0.0 | |
| 4,395 | | | 4.000%, 10/01/2031 | | | 4,305 | | | | 0.0 | |
| 3,378,105 | | | 4.000%, 12/01/2039 | | | 3,295,742 | | | | 0.2 | |
| 179,661 | | | 4.000%, 07/01/2042 | | | 174,831 | | | | 0.0 | |
| 392,729 | | | 4.000%, 07/01/2042 | | | 382,254 | | | | 0.0 | |
| 1,612,708 | | | 4.000%, 07/01/2042 | | | 1,569,353 | | | | 0.1 | |
| 139,904 | | | 4.000%, 08/01/2042 | | | 136,492 | | | | 0.0 | |
| 1,180,621 | | | 4.000%, 08/01/2043 | | | 1,148,872 | | | | 0.1 | |
| 2,014,265 | | | 4.000%, 09/01/2043 | | | 1,960,101 | | | | 0.1 | |
| 67,501 | | | 4.000%, 10/01/2043 | | | 65,638 | | | | 0.0 | |
| 141,130 | | | 4.000%, 10/01/2043 | | | 136,827 | | | | 0.0 | |
| 3,645,912 | | | 4.000%, 01/01/2045 | | | 3,540,979 | | | | 0.2 | |
| 357,211 | | | 4.000%, 06/01/2045 | | | 344,512 | | | | 0.0 | |
| 688,951 | | | 4.000%, 07/01/2045 | | | 666,687 | | | | 0.0 | |
| 1,475,046 | | | 4.000%, 07/01/2045 | | | 1,427,389 | | | | 0.1 | |
| 2,782,670 | | | 4.000%, 02/01/2046 | | | 2,683,729 | | | | 0.1 | |
| 540,747 | | | 4.000%, 06/01/2047 | | | 523,456 | | | | 0.0 | |
| 87,835 | | | 4.000%, 03/01/2048 | | | 84,494 | | | | 0.0 | |
| 349,192 | | | 4.000%, 03/01/2048 | | | 336,490 | | | | 0.0 | |
| 4,750,393 | | | 4.000%, 06/01/2048 | | | 4,558,189 | | | | 0.2 | |
| 2,552,783 | | | 4.000%, 09/01/2048 | | | 2,462,152 | | | | 0.1 | |
| 4,683,880 | | | 4.000%, 05/01/2051 | | | 4,482,582 | | | | 0.2 | |
| 4,555,713 | | | 4.000%, 05/01/2052 | | | 4,328,696 | | | | 0.2 | |
| 4,637,947 | | | 4.000%, 08/01/2052 | | | 4,388,671 | | | | 0.2 | |
| 10,850,545 | | | 4.000%, 11/01/2052 | | | 10,429,429 | | | | 0.5 | |
| 7,226 | | | 4.500%, 10/01/2025 | | | 7,122 | | | | 0.0 | |
| 79,903 | | | 4.500%, 07/01/2026 | | | 79,472 | | | | 0.0 | |
| 196,141 | | | 4.500%, 04/01/2029 | | | 194,339 | | | | 0.0 | |
| 3,029 | | | 4.500%, 06/01/2029 | | | 3,004 | | | | 0.0 | |
| 36,570 | | | 4.500%, 06/01/2029 | | | 36,272 | | | | 0.0 | |
| 38,108 | | | 4.500%, 07/01/2029 | | | 37,797 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 909 | | | 4.500%, 10/01/2029 | | $ | 902 | | | | 0.0 | |
| 5,797 | | | 4.500%, 06/01/2030 | | | 5,704 | | | | 0.0 | |
| 205,955 | | | 4.500%, 10/01/2030 | | | 204,749 | | | | 0.0 | |
| 46,944 | | | 4.500%, 02/01/2031 | | | 46,505 | | | | 0.0 | |
| 30,036 | | | 4.500%, 05/01/2031 | | | 29,864 | | | | 0.0 | |
| 23,540 | | | 4.500%, 10/01/2033 | | | 23,619 | | | | 0.0 | |
| 11,734 | | | 4.500%, 01/01/2034 | | | 11,767 | | | | 0.0 | |
| 2,638 | | | 4.500%, 07/01/2034 | | | 2,645 | | | | 0.0 | |
| 3,078 | | | 4.500%, 09/01/2035 | | | 3,050 | | | | 0.0 | |
| 17,096 | | | 4.500%, 09/01/2035 | | | 17,067 | | | | 0.0 | |
| 21,967 | | | 4.500%, 11/01/2035 | | | 22,031 | | | | 0.0 | |
| 115,694 | | | 4.500%, 02/01/2036 | | | 113,880 | | | | 0.0 | |
| 43,382 | | | 4.500%, 01/01/2037 | | | 43,307 | | | | 0.0 | |
| 23,001 | | | 4.500%, 09/01/2037 | | | 23,079 | | | | 0.0 | |
| 1,479 | | | 4.500%, 02/01/2038 | | | 1,477 | | | | 0.0 | |
| 13,693 | | | 4.500%, 01/01/2039 | | | 13,680 | | | | 0.0 | |
| 20,463 | | | 4.500%, 02/01/2039 | | | 20,426 | | | | 0.0 | |
| 9,584 | | | 4.500%, 04/01/2039 | | | 9,563 | | | | 0.0 | |
| 24,993 | | | 4.500%, 04/01/2039 | | | 24,940 | | | | 0.0 | |
| 45,737 | | | 4.500%, 04/01/2039 | | | 45,250 | | | | 0.0 | |
| 308 | | | 4.500%, 05/01/2039 | | | 308 | | | | 0.0 | |
| 2,736 | | | 4.500%, 05/01/2039 | | | 2,730 | | | | 0.0 | |
| 8,966 | | | 4.500%, 05/01/2039 | | | 8,954 | | | | 0.0 | |
| 46,714 | | | 4.500%, 05/01/2039 | | | 46,634 | | | | 0.0 | |
| 48,400 | | | 4.500%, 05/01/2039 | | | 48,357 | | | | 0.0 | |
| 55,564 | | | 4.500%, 05/01/2039 | | | 55,485 | | | | 0.0 | |
| 601,851 | | | 4.500%, 05/01/2039 | | | 601,124 | | | | 0.0 | |
| 4,231 | | | 4.500%, 06/01/2039 | | | 4,227 | | | | 0.0 | |
| 74,660 | | | 4.500%, 06/01/2039 | | | 74,585 | | | | 0.0 | |
| 10,088 | | | 4.500%, 07/01/2039 | | | 10,075 | | | | 0.0 | |
| 16,212 | | | 4.500%, 07/01/2039 | | | 16,178 | | | | 0.0 | |
| 33,994 | | | 4.500%, 07/01/2039 | | | 33,922 | | | | 0.0 | |
| 35,979 | | | 4.500%, 08/01/2039 | | | 35,946 | | | | 0.0 | |
| 41,223 | | | 4.500%, 08/01/2039 | | | 40,901 | | | | 0.0 | |
| 71,701 | | | 4.500%, 08/01/2039 | | | 71,629 | | | | 0.0 | |
| 124,491 | | | 4.500%, 08/01/2039 | | | 124,379 | | | | 0.0 | |
| 138,244 | | | 4.500%, 09/01/2039 | | | 137,290 | | | | 0.0 | |
| 108,781 | | | 4.500%, 10/01/2039 | | | 108,683 | | | | 0.0 | |
| 6,644 | | | 4.500%, 11/01/2039 | | | 6,638 | | | | 0.0 | |
| 55,472 | | | 4.500%, 11/01/2039 | | | 55,422 | | | | 0.0 | |
| 3,417 | | | 4.500%, 12/01/2039 | | | 3,413 | | | | 0.0 | |
| 6,390 | | | 4.500%, 12/01/2039 | | | 6,384 | | | | 0.0 | |
| 3,245 | | | 4.500%, 01/01/2040 | | | 3,242 | | | | 0.0 | |
| 235,889 | | | 4.500%, 01/01/2040 | | | 235,234 | | | | 0.0 | |
| 56,184 | | | 4.500%, 02/01/2040 | | | 56,133 | | | | 0.0 | |
| 108,141 | | | 4.500%, 02/01/2040 | | | 108,044 | | | | 0.0 | |
| 34,542 | | | 4.500%, 04/01/2040 | | | 34,511 | | | | 0.0 | |
| 345,593 | | | 4.500%, 04/01/2040 | | | 345,282 | | | | 0.0 | |
| 32,846 | | | 4.500%, 05/01/2040 | | | 32,823 | | | | 0.0 | |
| 164,320 | | | 4.500%, 05/01/2040 | | | 163,969 | | | | 0.0 | |
| 2,471 | | | 4.500%, 06/01/2040 | | | 2,469 | | | | 0.0 | |
| 23,618 | | | 4.500%, 06/01/2040 | | | 23,597 | | | | 0.0 | |
| 40,456 | | | 4.500%, 06/01/2040 | | | 40,419 | | | | 0.0 | |
| 72,706 | | | 4.500%, 06/01/2040 | | | 72,641 | | | | 0.0 | |
| 174,570 | | | 4.500%, 06/01/2040 | | | 174,412 | | | | 0.0 | |
| 13,958 | | | 4.500%, 07/01/2040 | | | 13,945 | | | | 0.0 | |
| 51,398 | | | 4.500%, 07/01/2040 | | | 51,352 | | | | 0.0 | |
| 80,658 | | | 4.500%, 07/01/2040 | | | 80,586 | | | | 0.0 | |
| 1,363 | | | 4.500%, 08/01/2040 | | | 1,362 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 3,002 | | | 4.500%, 08/01/2040 | | $ | 3,000 | | | | 0.0 | |
| 16,766 | | | 4.500%, 08/01/2040 | | | 16,751 | | | | 0.0 | |
| 30,757 | | | 4.500%, 08/01/2040 | | | 30,730 | | | | 0.0 | |
| 44,752 | | | 4.500%, 08/01/2040 | | | 44,712 | | | | 0.0 | |
| 46,149 | | | 4.500%, 08/01/2040 | | | 46,107 | | | | 0.0 | |
| 53,886 | | | 4.500%, 08/01/2040 | | | 53,199 | | | | 0.0 | |
| 9,601 | | | 4.500%, 09/01/2040 | | | 9,593 | | | | 0.0 | |
| 11,148 | | | 4.500%, 09/01/2040 | | | 11,138 | | | | 0.0 | |
| 12,104 | | | 4.500%, 09/01/2040 | | | 11,983 | | | | 0.0 | |
| 18,227 | | | 4.500%, 09/01/2040 | | | 18,211 | | | | 0.0 | |
| 18,414 | | | 4.500%, 09/01/2040 | | | 18,398 | | | | 0.0 | |
| 72,525 | | | 4.500%, 09/01/2040 | | | 72,445 | | | | 0.0 | |
| 138,831 | | | 4.500%, 09/01/2040 | | | 138,706 | | | | 0.0 | |
| 17,208 | | | 4.500%, 10/01/2040 | | | 17,192 | | | | 0.0 | |
| 19,637 | | | 4.500%, 10/01/2040 | | | 19,620 | | | | 0.0 | |
| 54,002 | | | 4.500%, 10/01/2040 | | | 53,629 | | | | 0.0 | |
| 93,877 | | | 4.500%, 10/01/2040 | | | 93,793 | | | | 0.0 | |
| 105,883 | | | 4.500%, 10/01/2040 | | | 105,756 | | | | 0.0 | |
| 28,258 | | | 4.500%, 11/01/2040 | | | 28,233 | | | | 0.0 | |
| 33,624 | | | 4.500%, 11/01/2040 | | | 33,593 | | | | 0.0 | |
| 238,940 | | | 4.500%, 11/01/2040 | | | 238,725 | | | | 0.0 | |
| 270,161 | | | 4.500%, 11/01/2040 | | | 266,701 | | | | 0.0 | |
| 672,379 | | | 4.500%, 11/01/2040 | | | 671,774 | | | | 0.0 | |
| 1,963 | | | 4.500%, 12/01/2040 | | | 1,961 | | | | 0.0 | |
| 11,546 | | | 4.500%, 12/01/2040 | | | 11,458 | | | | 0.0 | |
| 15,447 | | | 4.500%, 12/01/2040 | | | 15,433 | | | | 0.0 | |
| 16,558 | | | 4.500%, 12/01/2040 | | | 16,543 | | | | 0.0 | |
| 23,337 | | | 4.500%, 12/01/2040 | | | 23,316 | | | | 0.0 | |
| 28,182 | | | 4.500%, 12/01/2040 | | | 28,156 | | | | 0.0 | |
| 67,271 | | | 4.500%, 12/01/2040 | | | 67,211 | | | | 0.0 | |
| 68,516 | | | 4.500%, 12/01/2040 | | | 68,433 | | | | 0.0 | |
| 136,711 | | | 4.500%, 12/01/2040 | | | 136,588 | | | | 0.0 | |
| 11,808 | | | 4.500%, 01/01/2041 | | | 11,798 | | | | 0.0 | |
| 28,464 | | | 4.500%, 01/01/2041 | | | 28,439 | | | | 0.0 | |
| 80,880 | | | 4.500%, 01/01/2041 | | | 80,807 | | | | 0.0 | |
| 145,710 | | | 4.500%, 01/01/2041 | | | 145,549 | | | | 0.0 | |
| 325,354 | | | 4.500%, 01/01/2041 | | | 325,061 | | | | 0.0 | |
| 15,097 | | | 4.500%, 02/01/2041 | | | 15,084 | | | | 0.0 | |
| 37,430 | | | 4.500%, 02/01/2041 | | | 37,397 | | | | 0.0 | |
| 49,872 | | | 4.500%, 02/01/2041 | | | 49,828 | | | | 0.0 | |
| 52,344 | | | 4.500%, 02/01/2041 | | | 52,297 | | | | 0.0 | |
| 54,564 | | | 4.500%, 02/01/2041 | | | 53,868 | | | | 0.0 | |
| 2,805 | | | 4.500%, 03/01/2041 | | | 2,803 | | | | 0.0 | |
| 10,867 | | | 4.500%, 03/01/2041 | | | 10,736 | | | | 0.0 | |
| 13,782 | | | 4.500%, 03/01/2041 | | | 13,770 | | | | 0.0 | |
| 18,807 | | | 4.500%, 03/01/2041 | | | 18,790 | | | | 0.0 | |
| 25,282 | | | 4.500%, 03/01/2041 | | | 25,228 | | | | 0.0 | |
| 33,737 | | | 4.500%, 03/01/2041 | | | 33,706 | | | | 0.0 | |
| 52,795 | | | 4.500%, 03/01/2041 | | | 52,747 | | | | 0.0 | |
| 69,142 | | | 4.500%, 03/01/2041 | | | 69,016 | | | | 0.0 | |
| 114,455 | | | 4.500%, 03/01/2041 | | | 113,335 | | | | 0.0 | |
| 3,354 | | | 4.500%, 04/01/2041 | | | 3,351 | | | | 0.0 | |
| 15,268 | | | 4.500%, 04/01/2041 | | | 15,075 | | | | 0.0 | |
| 25,948 | | | 4.500%, 04/01/2041 | | | 25,925 | | | | 0.0 | |
| 69,890 | | | 4.500%, 04/01/2041 | | | 69,184 | | | | 0.0 | |
| 146,651 | | | 4.500%, 04/01/2041 | | | 146,519 | | | | 0.0 | |
| 262,889 | | | 4.500%, 04/01/2041 | | | 262,652 | | | | 0.0 | |
| 2,381 | | | 4.500%, 05/01/2041 | | | 2,379 | | | | 0.0 | |
| 4,952 | | | 4.500%, 05/01/2041 | | | 4,947 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 10,821 | | | 4.500%, 05/01/2041 | | $ | 10,800 | | | | 0.0 | |
| 13,091 | | | 4.500%, 05/01/2041 | | | 13,079 | | | | 0.0 | |
| 17,545 | | | 4.500%, 05/01/2041 | | | 17,530 | | | | 0.0 | |
| 135,823 | | | 4.500%, 05/01/2041 | | | 135,602 | | | | 0.0 | |
| 142,392 | | | 4.500%, 05/01/2041 | | | 142,249 | | | | 0.0 | |
| 163,374 | | | 4.500%, 05/01/2041 | | | 163,227 | | | | 0.0 | |
| 284,082 | | | 4.500%, 05/01/2041 | | | 283,827 | | | | 0.0 | |
| 9,713 | | | 4.500%, 06/01/2041 | | | 9,705 | | | | 0.0 | |
| 46,015 | | | 4.500%, 06/01/2041 | | | 45,936 | | | | 0.0 | |
| 171,954 | | | 4.500%, 06/01/2041 | | | 171,658 | | | | 0.0 | |
| 1,559 | | | 4.500%, 07/01/2041 | | | 1,543 | | | | 0.0 | |
| 2,717 | | | 4.500%, 07/01/2041 | | | 2,715 | | | | 0.0 | |
| 8,463 | | | 4.500%, 07/01/2041 | | | 8,456 | | | | 0.0 | |
| 16,601 | | | 4.500%, 07/01/2041 | | | 16,590 | | | | 0.0 | |
| 31,222 | | | 4.500%, 07/01/2041 | | | 31,165 | | | | 0.0 | |
| 74,266 | | | 4.500%, 07/01/2041 | | | 74,199 | | | | 0.0 | |
| 132,508 | | | 4.500%, 07/01/2041 | | | 132,362 | | | | 0.0 | |
| 12,354 | | | 4.500%, 08/01/2041 | | | 12,343 | | | | 0.0 | |
| 20,358 | | | 4.500%, 08/01/2041 | | | 20,115 | | | | 0.0 | |
| 41,355 | | | 4.500%, 08/01/2041 | | | 41,267 | | | | 0.0 | |
| 67,034 | | | 4.500%, 08/01/2041 | | | 66,974 | | | | 0.0 | |
| 85,642 | | | 4.500%, 08/01/2041 | | | 85,565 | | | | 0.0 | |
| 111,744 | | | 4.500%, 08/01/2041 | | | 110,531 | | | | 0.0 | |
| 122,986 | | | 4.500%, 08/01/2041 | | | 121,365 | | | | 0.0 | |
| 150,668 | | | 4.500%, 08/01/2041 | | | 150,440 | | | | 0.0 | |
| 3,424 | | | 4.500%, 09/01/2041 | | | 3,421 | | | | 0.0 | |
| 8,772 | | | 4.500%, 09/01/2041 | | | 8,764 | | | | 0.0 | |
| 42,112 | | | 4.500%, 09/01/2041 | | | 42,057 | | | | 0.0 | |
| 392,876 | | | 4.500%, 09/01/2041 | | | 392,442 | | | | 0.0 | |
| 15,135 | | | 4.500%, 10/01/2041 | | | 15,121 | | | | 0.0 | |
| 23,483 | | | 4.500%, 10/01/2041 | | | 23,442 | | | | 0.0 | |
| 41,865 | | | 4.500%, 10/01/2041 | | | 41,419 | | | | 0.0 | |
| 82,080 | | | 4.500%, 10/01/2041 | | | 81,998 | | | | 0.0 | |
| 149,445 | | | 4.500%, 10/01/2041 | | | 149,203 | | | | 0.0 | |
| 188,625 | | | 4.500%, 10/01/2041 | | | 188,455 | | | | 0.0 | |
| 403,217 | | | 4.500%, 10/01/2041 | | | 402,482 | | | | 0.0 | |
| 817,046 | | | 4.500%, 10/01/2041 | | | 815,388 | | | | 0.1 | |
| 2,664 | | | 4.500%, 11/01/2041 | | | 2,662 | | | | 0.0 | |
| 208,074 | | | 4.500%, 11/01/2041 | | | 207,844 | | | | 0.0 | |
| 172,595 | | | 4.500%, 12/01/2041 | | | 171,417 | | | | 0.0 | |
| 464,625 | | | 4.500%, 12/01/2041 | | | 463,969 | | | | 0.0 | |
| 8,150 | | | 4.500%, 01/01/2042 | | | 8,143 | | | | 0.0 | |
| 11,123 | | | 4.500%, 01/01/2042 | | | 11,101 | | | | 0.0 | |
| 18,933 | | | 4.500%, 01/01/2042 | | | 18,910 | | | | 0.0 | |
| 32,097 | | | 4.500%, 03/01/2042 | | | 31,962 | | | | 0.0 | |
| 26,115 | | | 4.500%, 04/01/2042 | | | 25,667 | | | | 0.0 | |
| 10,907 | | | 4.500%, 06/01/2042 | | | 10,861 | | | | 0.0 | |
| 4,569 | | | 4.500%, 08/01/2042 | | | 4,565 | | | | 0.0 | |
| 3,944 | | | 4.500%, 09/01/2042 | | | 3,871 | | | | 0.0 | |
| 6,258 | | | 4.500%, 01/01/2043 | | | 6,157 | | | | 0.0 | |
| 4,168 | | | 4.500%, 12/01/2043 | | | 4,139 | | | | 0.0 | |
| 41,578 | | | 4.500%, 04/01/2047 | | | 41,249 | | | | 0.0 | |
| 19,989 | | | 4.500%, 05/01/2047 | | | 19,771 | | | | 0.0 | |
| 46,111 | | | 4.500%, 06/01/2047 | | | 45,608 | | | | 0.0 | |
| 67,117 | | | 4.500%, 06/01/2047 | | | 66,386 | | | | 0.0 | |
| 63,867 | | | 4.500%, 07/01/2047 | | | 63,428 | | | | 0.0 | |
| 236,152 | | | 4.500%, 07/01/2047 | | | 233,214 | | | | 0.0 | |
| 15,846 | | | 4.500%, 08/01/2047 | | | 15,638 | | | | 0.0 | |
| 5,567,118 | | | 4.500%, 10/01/2052 | | | 5,400,372 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 10,398 | | | 5.000%, 04/01/2026 | | $ | 10,297 | | | | 0.0 | |
| 13,046 | | | 5.000%, 05/01/2026 | | | 12,918 | | | | 0.0 | |
| 12,826 | | | 5.000%, 08/01/2027 | | | 12,700 | | | | 0.0 | |
| 6,630 | | | 5.000%, 04/01/2028 | | | 6,621 | | | | 0.0 | |
| 4,983,890 | | | 5.000%, 05/01/2042 | | | 5,066,417 | | | | 0.2 | |
| 633,645 | | | 5.000%, 09/01/2052 | | | 627,357 | | | | 0.0 | |
| 32,107,942 | | | 5.000%, 10/01/2052 | | | 31,818,747 | | | | 1.4 | |
| 1,574 | | | 5.500%, 07/01/2026 | | | 1,580 | | | | 0.0 | |
| 1,799 | | | 5.500%, 12/01/2027 | | | 1,807 | | | | 0.0 | |
| 8,639 | | | 5.500%, 04/01/2028 | | | 8,675 | | | | 0.0 | |
| 2,595 | | | 5.500%, 08/01/2028 | | | 2,614 | | | | 0.0 | |
| 3,655 | | | 5.500%, 01/01/2029 | | | 3,670 | | | | 0.0 | |
| 32,032 | | | 5.500%, 10/01/2029 | | | 32,450 | | | | 0.0 | |
| 31,864 | | | 5.500%, 04/01/2033 | | | 32,824 | | | | 0.0 | |
| 10,859 | | | 5.500%, 10/01/2033 | | | 11,186 | | | | 0.0 | |
| 487 | | | 5.500%, 11/01/2033 | | | 502 | | | | 0.0 | |
| 2,019 | | | 5.500%, 11/01/2033 | | | 2,059 | | | | 0.0 | |
| 3,309 | | | 5.500%, 11/01/2033 | | | 3,408 | | | | 0.0 | |
| 5,251 | | | 5.500%, 11/01/2033 | | | 5,410 | | | | 0.0 | |
| 783 | | | 5.500%, 12/01/2033 | | | 807 | | | | 0.0 | |
| 9,399 | | | 5.500%, 12/01/2033 | | | 9,682 | | | | 0.0 | |
| 24,878 | | | 5.500%, 12/01/2033 | | | 25,628 | | | | 0.0 | |
| 57,111 | | | 5.500%, 12/01/2033 | | | 58,834 | | | | 0.0 | |
| 167,917 | | | 5.500%, 12/01/2033 | | | 171,252 | | | | 0.0 | |
| 229 | | | 5.500%, 01/01/2034 | | | 233 | | | | 0.0 | |
| 6,488 | | | 5.500%, 01/01/2034 | | | 6,624 | | | | 0.0 | |
| 7,895 | | | 5.500%, 01/01/2034 | | | 8,133 | | | | 0.0 | |
| 13,562 | | | 5.500%, 01/01/2034 | | | 13,936 | | | | 0.0 | |
| 61,446 | | | 5.500%, 01/01/2034 | | | 63,300 | | | | 0.0 | |
| 2,577 | | | 5.500%, 06/01/2034 | | | 2,655 | | | | 0.0 | |
| 4,314 | | | 5.500%, 11/01/2034 | | | 4,399 | | | | 0.0 | |
| 25,891 | | | 5.500%, 11/01/2034 | | | 26,672 | | | | 0.0 | |
| 522 | | | 5.500%, 12/01/2034 | | | 538 | | | | 0.0 | |
| 7,743 | | | 5.500%, 01/01/2035 | | | 7,977 | | | | 0.0 | |
| 15,651 | | | 5.500%, 01/01/2035 | | | 16,123 | | | | 0.0 | |
| 20,494 | | | 5.500%, 01/01/2035 | | | 21,006 | | | | 0.0 | |
| 8,438 | | | 5.500%, 02/01/2035 | | | 8,692 | | | | 0.0 | |
| 734,587 | | | 5.500%, 02/01/2035 | | | 756,763 | | | | 0.0 | |
| 4,832 | | | 5.500%, 07/01/2035 | | | 4,978 | | | | 0.0 | |
| 392,810 | | | 5.500%, 08/01/2035 | | | 404,655 | | | | 0.0 | |
| 1,571 | | | 5.500%, 10/01/2035 | | | 1,646 | | | | 0.0 | |
| 295 | | | 5.500%, 11/01/2035 | | | 301 | | | | 0.0 | |
| 27,500 | | | 5.500%, 11/01/2035 | | | 28,330 | | | | 0.0 | |
| 428 | | | 5.500%, 12/01/2035 | | | 441 | | | | 0.0 | |
| 439 | | | 5.500%, 12/01/2035 | | | 450 | | | | 0.0 | |
| 6,794 | | | 5.500%, 12/01/2035 | | | 6,999 | | | | 0.0 | |
| 70,645 | | | 5.500%, 12/01/2035 | | | 72,775 | | | | 0.0 | |
| 4,932 | | | 5.500%, 01/01/2036 | | | 5,081 | | | | 0.0 | |
| 43,250 | | | 5.500%, 01/01/2036 | | | 44,557 | | | | 0.0 | |
| 386 | | | 5.500%, 02/01/2036 | | | 396 | | | | 0.0 | |
| 6,400 | | | 5.500%, 04/01/2036 | | | 6,594 | | | | 0.0 | |
| 512,243 | | | 5.500%, 07/01/2036 | | | 527,707 | | | | 0.0 | |
| 388 | | | 5.500%, 08/01/2036 | | | 400 | | | | 0.0 | |
| 25,697 | | | 5.500%, 09/01/2036 | | | 26,472 | | | | 0.0 | |
| 42,711 | | | 5.500%, 09/01/2036 | | | 43,998 | | | | 0.0 | |
| 640 | | | 5.500%, 12/01/2036 | | | 659 | | | | 0.0 | |
| 968 | | | 5.500%, 12/01/2036 | | | 997 | | | | 0.0 | |
| 67,652 | | | 5.500%, 12/01/2036 | | | 69,695 | | | | 0.0 | |
| 68,588 | | | 5.500%, 12/01/2036 | | | 70,482 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 6,735 | | | 5.500%, 01/01/2037 | | $ | 6,938 | | | | 0.0 | |
| 39,600 | | | 5.500%, 01/01/2037 | | | 40,798 | | | | 0.0 | |
| 55,817 | | | 5.500%, 02/01/2037 | | | 57,502 | | | | 0.0 | |
| 148,552 | | | 5.500%, 03/01/2037 | | | 151,904 | | | | 0.0 | |
| 6,334 | | | 5.500%, 04/01/2037 | | | 6,525 | | | | 0.0 | |
| 478 | | | 5.500%, 05/01/2037 | | | 493 | | | | 0.0 | |
| 1,237 | | | 5.500%, 05/01/2037 | | | 1,265 | | | | 0.0 | |
| 6,909 | | | 5.500%, 05/01/2037 | | | 7,118 | | | | 0.0 | |
| 14,714 | | | 5.500%, 05/01/2037 | | | 15,158 | | | | 0.0 | |
| 13,043 | | | 5.500%, 06/01/2037 | | | 13,403 | | | | 0.0 | |
| 29,424 | | | 5.500%, 06/01/2037 | | | 30,312 | | | | 0.0 | |
| 14,437 | | | 5.500%, 07/01/2037 | | | 14,724 | | | | 0.0 | |
| 8,272 | | | 5.500%, 08/01/2037 | | | 8,522 | | | | 0.0 | |
| 22,343 | | | 5.500%, 08/01/2037 | | | 23,018 | | | | 0.0 | |
| 23,451 | | | 5.500%, 08/01/2037 | | | 24,159 | | | | 0.0 | |
| 58,300 | | | 5.500%, 09/01/2037 | | | 60,062 | | | | 0.0 | |
| 388 | | | 5.500%, 11/01/2037 | | | 400 | | | | 0.0 | |
| 202,380 | | | 5.500%, 01/01/2038 | | | 208,497 | | | | 0.0 | |
| 391 | | | 5.500%, 02/01/2038 | | | 403 | | | | 0.0 | |
| 646 | | | 5.500%, 02/01/2038 | | | 666 | | | | 0.0 | |
| 3,558 | | | 5.500%, 03/01/2038 | | | 3,665 | | | | 0.0 | |
| 188,839 | | | 5.500%, 03/01/2038 | | | 194,553 | | | | 0.0 | |
| 339 | | | 5.500%, 04/01/2038 | | | 350 | | | | 0.0 | |
| 8,449 | | | 5.500%, 04/01/2038 | | | 8,661 | | | | 0.0 | |
| 27,276 | | | 5.500%, 04/01/2038 | | | 28,101 | | | | 0.0 | |
| 1,595 | | | 5.500%, 05/01/2038 | | | 1,643 | | | | 0.0 | |
| 5,086 | | | 5.500%, 05/01/2038 | | | 5,241 | | | | 0.0 | |
| 50,625 | | | 5.500%, 05/01/2038 | | | 51,894 | | | | 0.0 | |
| 11,215 | | | 5.500%, 06/01/2038 | | | 11,555 | | | | 0.0 | |
| 46,943 | | | 5.500%, 06/01/2038 | | | 48,363 | | | | 0.0 | |
| 953,709 | | | 5.500%, 06/01/2038 | | | 982,532 | | | | 0.1 | |
| 212 | | | 5.500%, 07/01/2038 | | | 218 | | | | 0.0 | |
| 21,941 | | | 5.500%, 07/01/2038 | | | 22,605 | | | | 0.0 | |
| 26,832 | | | 5.500%, 07/01/2038 | | | 27,643 | | | | 0.0 | |
| 28,096 | | | 5.500%, 07/01/2038 | | | 28,945 | | | | 0.0 | |
| 6,114 | | | 5.500%, 08/01/2038 | | | 6,299 | | | | 0.0 | |
| 12,541 | | | 5.500%, 08/01/2038 | | | 12,888 | | | | 0.0 | |
| 46,790 | | | 5.500%, 08/01/2038 | | | 48,205 | | | | 0.0 | |
| 30,169 | | | 5.500%, 11/01/2038 | | | 31,088 | | | | 0.0 | |
| 104,618 | | | 5.500%, 11/01/2038 | | | 107,783 | | | | 0.0 | |
| 109 | | | 5.500%, 12/01/2038 | | | 112 | | | | 0.0 | |
| 18,120 | | | 5.500%, 12/01/2038 | | | 18,673 | | | | 0.0 | |
| 29,009 | | | 5.500%, 01/01/2039 | | | 29,887 | | | | 0.0 | |
| 55,685 | | | 5.500%, 01/01/2039 | | | 57,367 | | | | 0.0 | |
| 190,154 | | | 5.500%, 01/01/2039 | | | 195,906 | | | | 0.0 | |
| 10,850 | | | 5.500%, 03/01/2039 | | | 11,178 | | | | 0.0 | |
| 100,344 | | | 5.500%, 06/01/2039 | | | 103,379 | | | | 0.0 | |
| 173,716 | | | 5.500%, 06/01/2039 | | | 178,968 | | | | 0.0 | |
| 9,629 | | | 5.500%, 07/01/2041 | | | 9,920 | | | | 0.0 | |
| 190,971 | | | 5.500%, 09/01/2041 | | | 196,739 | | | | 0.0 | |
| 31,923 | | | 6.000%, 11/01/2028 | | | 32,991 | | | | 0.0 | |
| 187 | | | 6.000%, 04/01/2031 | | | 193 | | | | 0.0 | |
| 203 | | | 6.000%, 01/01/2032 | | | 210 | | | | 0.0 | |
| 434 | | | 6.000%, 11/01/2032 | | | 451 | | | | 0.0 | |
| 453 | | | 6.000%, 11/01/2032 | | | 468 | | | | 0.0 | |
| 29,962 | | | 6.000%, 01/01/2033 | | | 31,146 | | | | 0.0 | |
| 1,893 | | | 6.000%, 09/01/2033 | | | 1,957 | | | | 0.0 | |
| 316 | | | 6.000%, 01/01/2034 | | | 329 | | | | 0.0 | |
| 22,103 | | | 6.000%, 06/01/2035 | | | 22,802 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 3,212 | | | | 6.000%, 07/01/2035 | | | $ | 3,328 | | | | 0.0 | |
| 4,267 | | | | 6.000%, 07/01/2035 | | | | 4,411 | | | | 0.0 | |
| 5,214 | | | | 6.000%, 07/01/2035 | | | | 5,411 | | | | 0.0 | |
| 6,596 | | | | 6.000%, 07/01/2035 | | | | 6,893 | | | | 0.0 | |
| 342 | | | | 6.000%, 10/01/2035 | | | | 352 | | | | 0.0 | |
| 925 | | | | 6.000%, 10/01/2035 | | | | 949 | | | | 0.0 | |
| 30,051 | | | | 6.000%, 11/01/2035 | | | | 31,301 | | | | 0.0 | |
| 2,058 | | | | 6.000%, 12/01/2035 | | | | 2,132 | | | | 0.0 | |
| 25,824 | | | | 6.000%, 12/01/2035 | | | | 26,985 | | | | 0.0 | |
| 179,410 | | | | 6.000%, 12/01/2035 | | | | 184,601 | | | | 0.0 | |
| 3,928 | | | | 6.000%, 01/01/2036 | | | | 4,074 | | | | 0.0 | |
| 19,283 | | | | 6.000%, 02/01/2036 | | | | 20,150 | | | | 0.0 | |
| 28,347 | | | | 6.000%, 02/01/2036 | | | | 29,622 | | | | 0.0 | |
| 14,998 | | | | 6.000%, 03/01/2036 | | | | 15,670 | | | | 0.0 | |
| 19,109 | | | | 6.000%, 03/01/2036 | | | | 20,265 | | | | 0.0 | |
| 10,357 | | | | 6.000%, 04/01/2036 | | | | 10,821 | | | | 0.0 | |
| 22,195 | | | | 6.000%, 04/01/2036 | | | | 23,190 | | | | 0.0 | |
| 7,929 | | | | 6.000%, 05/01/2036 | | | | 8,167 | | | | 0.0 | |
| 314 | | | | 6.000%, 06/01/2036 | | | | 327 | | | | 0.0 | |
| 1,694 | | | | 6.000%, 06/01/2036 | | | | 1,750 | | | | 0.0 | |
| 1,130 | | | | 6.000%, 07/01/2036 | | | | 1,173 | | | | 0.0 | |
| 2,384 | | | | 6.000%, 07/01/2036 | | | | 2,455 | | | | 0.0 | |
| 10,645 | | | | 6.000%, 07/01/2036 | | | | 11,061 | | | | 0.0 | |
| 40,590 | | | | 6.000%, 07/01/2036 | | | | 42,415 | | | | 0.0 | |
| 1,336 | | | | 6.000%, 08/01/2036 | | | | 1,376 | | | | 0.0 | |
| 2,042 | | | | 6.000%, 08/01/2036 | | | | 2,134 | | | | 0.0 | |
| 10,713 | | | | 6.000%, 08/01/2036 | | | | 11,195 | | | | 0.0 | |
| 11,611 | | | | 6.000%, 08/01/2036 | | | | 12,013 | | | | 0.0 | |
| 108,324 | | | | 6.000%, 08/01/2036 | | | | 112,554 | | | | 0.0 | |
| 299,203 | | | | 6.000%, 08/01/2036 | | | | 309,577 | | | | 0.0 | |
| 73 | | | | 6.000%, 09/01/2036 | | | | 75 | | | | 0.0 | |
| 7,911 | | | | 6.000%, 09/01/2036 | | | | 8,266 | | | | 0.0 | |
| 8,146 | | | | 6.000%, 09/01/2036 | | | | 8,413 | | | | 0.0 | |
| 11,612 | | | | 6.000%, 09/01/2036 | | | | 11,982 | | | | 0.0 | |
| 14,526 | | | | 6.000%, 09/01/2036 | | | | 15,034 | | | | 0.0 | |
| 30,303 | | | | 6.000%, 09/01/2036 | | | | 31,659 | | | | 0.0 | |
| 52,562 | | | | 6.000%, 09/01/2036 | | | | 54,426 | | | | 0.0 | |
| 2,133 | | | | 6.000%, 10/01/2036 | | | | 2,194 | | | | 0.0 | |
| 7,365 | | | | 6.000%, 10/01/2036 | | | | 7,585 | | | | 0.0 | |
| 9,688 | | | | 6.000%, 10/01/2036 | | | | 10,123 | | | | 0.0 | |
| 18,190 | | | | 6.000%, 10/01/2036 | | | | 18,981 | | | | 0.0 | |
| 22,853 | | | | 6.000%, 10/01/2036 | | | | 23,880 | | | | 0.0 | |
| 24,811 | | | | 6.000%, 10/01/2036 | | | | 25,924 | | | | 0.0 | |
| 8,532 | | | | 6.000%, 11/01/2036 | | | | 8,888 | | | | 0.0 | |
| 14,216 | | | | 6.000%, 11/01/2036 | | | | 14,603 | | | | 0.0 | |
| 21,519 | | | | 6.000%, 11/01/2036 | | | | 22,485 | | | | 0.0 | |
| 1,302 | | | | 6.000%, 12/01/2036 | | | | 1,347 | | | | 0.0 | |
| 2,092 | | | | 6.000%, 12/01/2036 | | | | 2,186 | | | | 0.0 | |
| 3,192 | | | | 6.000%, 12/01/2036 | | | | 3,317 | | | | 0.0 | |
| 18,435 | | | | 6.000%, 12/01/2036 | | | | 19,155 | | | | 0.0 | |
| 23,162 | | | | 6.000%, 12/01/2036 | | | | 24,204 | | | | 0.0 | |
| 351 | | | | 6.000%, 01/01/2037 | | | | 366 | | | | 0.0 | |
| 488 | | | | 6.000%, 01/01/2037 | | | | 509 | | | | 0.0 | |
| 6,700 | | | | 6.000%, 01/01/2037 | | | | 7,000 | | | | 0.0 | |
| 9,982 | | | | 6.000%, 01/01/2037 | | | | 10,255 | | | | 0.0 | |
| 7,197 | | | | 6.000%, 02/01/2037 | | | | 7,469 | | | | 0.0 | |
| 8,970 | | | | 6.000%, 02/01/2037 | | | | 9,373 | | | | 0.0 | |
| 48,931 | | | | 6.000%, 02/01/2037 | | | | 51,131 | | | | 0.0 | |
| 348 | | | | 6.000%, 03/01/2037 | | | | 360 | | | | 0.0 | |
| Principal Amount† | | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 4,311 | | | | 6.000%, 03/01/2037 | | | $ | 4,462 | | | | 0.0 | |
| 4,421 | | | | 6.000%, 03/01/2037 | | | | 4,619 | | | | 0.0 | |
| 6,981 | | | | 6.000%, 03/01/2037 | | | | 7,197 | | | | 0.0 | |
| 10,238 | | | | 6.000%, 03/01/2037 | | | | 10,698 | | | | 0.0 | |
| 78,452 | | | | 6.000%, 03/01/2037 | | | | 82,377 | | | | 0.0 | |
| 610 | | | | 6.000%, 04/01/2037 | | | | 631 | | | | 0.0 | |
| 695 | | | | 6.000%, 04/01/2037 | | | | 719 | | | | 0.0 | |
| 1,240 | | | | 6.000%, 04/01/2037 | | | | 1,296 | | | | 0.0 | |
| 2,037 | | | | 6.000%, 04/01/2037 | | | | 2,120 | | | | 0.0 | |
| 5,006 | | | | 6.000%, 04/01/2037 | | | | 5,231 | | | | 0.0 | |
| 9,123 | | | | 6.000%, 04/01/2037 | | | | 9,533 | | | | 0.0 | |
| 12,069 | | | | 6.000%, 04/01/2037 | | | | 12,651 | | | | 0.0 | |
| 13,330 | | | | 6.000%, 04/01/2037 | | | | 13,825 | | | | 0.0 | |
| 15,913 | | | | 6.000%, 04/01/2037 | | | | 16,628 | | | | 0.0 | |
| 19,713 | | | | 6.000%, 04/01/2037 | | | | 20,359 | | | | 0.0 | |
| 26,030 | | | | 6.000%, 04/01/2037 | | | | 26,842 | | | | 0.0 | |
| 36,931 | | | | 6.000%, 04/01/2037 | | | | 38,598 | | | | 0.0 | |
| 62,949 | | | | 6.000%, 04/01/2037 | | | | 65,763 | | | | 0.0 | |
| 547 | | | | 6.000%, 05/01/2037 | | | | 569 | | | | 0.0 | |
| 4,696 | | | | 6.000%, 05/01/2037 | | | | 4,907 | | | | 0.0 | |
| 5,274 | | | | 6.000%, 05/01/2037 | | | | 5,437 | | | | 0.0 | |
| 7,019 | | | | 6.000%, 05/01/2037 | | | | 7,220 | | | | 0.0 | |
| 10,020 | | | | 6.000%, 05/01/2037 | | | | 10,471 | | | | 0.0 | |
| 10,133 | | | | 6.000%, 05/01/2037 | | | | 10,483 | | | | 0.0 | |
| 12,327 | | | | 6.000%, 05/01/2037 | | | | 12,753 | | | | 0.0 | |
| 13,332 | | | | 6.000%, 05/01/2037 | | | | 13,731 | | | | 0.0 | |
| 19,252 | | | | 6.000%, 05/01/2037 | | | | 20,117 | | | | 0.0 | |
| 49,770 | | | | 6.000%, 05/01/2037 | | | | 52,009 | | | | 0.0 | |
| 3,334 | | | | 6.000%, 06/01/2037 | | | | 3,485 | | | | 0.0 | |
| 3,468 | | | | 6.000%, 06/01/2037 | | | | 3,596 | | | | 0.0 | |
| 3,925 | | | | 6.000%, 06/01/2037 | | | | 4,101 | | | | 0.0 | |
| 4,685 | | | | 6.000%, 06/01/2037 | | | | 4,813 | | | | 0.0 | |
| 22,585 | | | | 6.000%, 06/01/2037 | | | | 23,197 | | | | 0.0 | |
| 34,173 | | | | 6.000%, 06/01/2037 | | | | 35,711 | | | | 0.0 | |
| 2,203 | | | | 6.000%, 07/01/2037 | | | | 2,302 | | | | 0.0 | |
| 4,438 | | | | 6.000%, 07/01/2037 | | | | 4,638 | | | | 0.0 | |
| 4,694 | | | | 6.000%, 07/01/2037 | | | | 4,926 | | | | 0.0 | |
| 5,010 | | | | 6.000%, 07/01/2037 | | | | 5,144 | | | | 0.0 | |
| 5,665 | | | | 6.000%, 07/01/2037 | | | | 5,813 | | | | 0.0 | |
| 6,093 | | | | 6.000%, 07/01/2037 | | | | 6,320 | | | | 0.0 | |
| 12,254 | | | | 6.000%, 07/01/2037 | | | | 12,716 | | | | 0.0 | |
| 29,601 | | | | 6.000%, 07/01/2037 | | | | 30,707 | | | | 0.0 | |
| 32,003 | | | | 6.000%, 07/01/2037 | | | | 33,435 | | | | 0.0 | |
| 4,066 | | | | 6.000%, 08/01/2037 | | | | 4,243 | | | | 0.0 | |
| 5,515 | | | | 6.000%, 08/01/2037 | | | | 5,724 | | | | 0.0 | |
| 7,175 | | | | 6.000%, 08/01/2037 | | | | 7,384 | | | | 0.0 | |
| 8,227 | | | | 6.000%, 08/01/2037 | | | | 8,456 | | | | 0.0 | |
| 11,368 | | | | 6.000%, 08/01/2037 | | | | 11,866 | | | | 0.0 | |
| 16,054 | | | | 6.000%, 08/01/2037 | | | | 16,608 | | | | 0.0 | |
| 28,466 | | | | 6.000%, 08/01/2037 | | | | 29,747 | | | | 0.0 | |
| 33,450 | | | | 6.000%, 08/01/2037 | | | | 34,639 | | | | 0.0 | |
| 503 | | | | 6.000%, 09/01/2037 | | | | 522 | | | | 0.0 | |
| 1,350 | | | | 6.000%, 09/01/2037 | | | | 1,410 | | | | 0.0 | |
| 5,323 | | | | 6.000%, 09/01/2037 | | | | 5,509 | | | | 0.0 | |
| 9,376 | | | | 6.000%, 09/01/2037 | | | | 9,797 | | | | 0.0 | |
| 57,673 | | | | 6.000%, 09/01/2037 | | | | 60,261 | | | | 0.0 | |
| 148,496 | | | | 6.000%, 09/01/2037 | | | | 155,178 | | | | 0.0 | |
| 564 | | | | 6.000%, 10/01/2037 | | | | 583 | | | | 0.0 | |
| 20,280 | | | | 6.000%, 10/01/2037 | | | | 21,183 | | | | 0.0 | |
| | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | Uniform Mortgage-Backed Securities (continued) |
| 587 | | | 6.000%, 11/01/2037 | | $ | 613 | | | | 0.0 | |
| 21,195 | | | 6.000%, 11/01/2037 | | | 22,085 | | | | 0.0 | |
| 29,696 | | | 6.000%, 11/01/2037 | | | 30,918 | | | | 0.0 | |
| 889 | | | 6.000%, 12/01/2037 | | | 928 | | | | 0.0 | |
| 16,715 | | | 6.000%, 12/01/2037 | | | 17,452 | | | | 0.0 | |
| 33,976 | | | 6.000%, 12/01/2037 | | | 35,300 | | | | 0.0 | |
| 39,522 | | | 6.000%, 12/01/2037 | | | 41,301 | | | | 0.0 | |
| 15,526 | | | 6.000%, 02/01/2038 | | | 16,172 | | | | 0.0 | |
| 53,435 | | | 6.000%, 02/01/2038 | | | 55,155 | | | | 0.0 | |
| 76,900 | | | 6.000%, 02/01/2038 | | | 80,104 | | | | 0.0 | |
| 699 | | | 6.000%, 03/01/2038 | | | 723 | | | | 0.0 | |
| 3,650 | | | 6.000%, 03/01/2038 | | | 3,792 | | | | 0.0 | |
| 16,435 | | | 6.000%, 03/01/2038 | | | 17,147 | | | | 0.0 | |
| 2,030 | | | 6.000%, 05/01/2038 | | | 2,121 | | | | 0.0 | |
| 45,256 | | | 6.000%, 05/01/2038 | | | 47,096 | | | | 0.0 | |
| 6,768 | | | 6.000%, 06/01/2038 | | | 7,072 | | | | 0.0 | |
| 25,714 | | | 6.000%, 07/01/2038 | | | 26,838 | | | | 0.0 | |
| 75,063 | | | 6.000%, 07/01/2038 | | | 78,319 | | | | 0.0 | |
| 767 | | | 6.000%, 08/01/2038 | | | 798 | | | | 0.0 | |
| 3,115 | | | 6.000%, 09/01/2038 | | | 3,229 | | | | 0.0 | |
| 4,064 | | | 6.000%, 09/01/2038 | | | 4,247 | | | | 0.0 | |
| 13,706 | | | 6.000%, 09/01/2038 | | | 14,225 | | | | 0.0 | |
| 14,471 | | | 6.000%, 09/01/2038 | | | 15,076 | | | | 0.0 | |
| 336 | | | 6.000%, 10/01/2038 | | | 345 | | | | 0.0 | |
| 1,142 | | | 6.000%, 10/01/2038 | | | 1,189 | | | | 0.0 | |
| 7,690 | | | 6.000%, 10/01/2038 | | | 8,030 | | | | 0.0 | |
| 8,556 | | | 6.000%, 10/01/2038 | | | 8,940 | | | | 0.0 | |
| 11,067 | | | 6.000%, 10/01/2038 | | | 11,376 | | | | 0.0 | |
| 18,449 | | | 6.000%, 10/01/2038 | | | 19,261 | | | | 0.0 | |
| 418 | | | 6.000%, 11/01/2038 | | | 435 | | | | 0.0 | |
| 1,061 | | | 6.000%, 11/01/2038 | | | 1,098 | | | | 0.0 | |
| 87,366 | | | 6.000%, 11/01/2038 | | | 91,167 | | | | 0.0 | |
| 798 | | | 6.000%, 12/01/2038 | | | 828 | | | | 0.0 | |
| 11,297 | | | 6.000%, 12/01/2038 | | | 11,772 | | | | 0.0 | |
| 42,396 | | | 6.000%, 12/01/2038 | | | 44,304 | | | | 0.0 | |
| 830 | | | 6.000%, 10/01/2039 | | | 867 | | | | 0.0 | |
| 10,591 | | | 6.000%, 10/01/2039 | | | 11,061 | | | | 0.0 | |
| 248,307 | | | 6.000%, 02/01/2040 | | | 259,105 | | | | 0.0 | |
| 10,288 | | | 6.000%, 04/01/2040 | | | 10,742 | | | | 0.0 | |
| 71,155 | | | 6.000%, 09/01/2040 | | | 73,856 | | | | 0.0 | |
| 108,763 | | | 6.000%, 10/01/2040 | | | 113,616 | | | | 0.0 | |
| 158,000 | | | 6.000%, 05/01/2041 | | | 165,111 | | | | 0.0 | |
| 825 | | | 6.500%, 04/01/2027 | | | 851 | | | | 0.0 | |
| 328 | | | 6.500%, 02/01/2028 | | | 339 | | | | 0.0 | |
| 4,409 | | | 6.500%, 01/01/2032 | | | 4,608 | | | | 0.0 | |
| 4,357 | | | 6.500%, 04/01/2032 | | | 4,517 | | | | 0.0 | |
| 3,312 | | | 6.500%, 10/01/2032 | | | 3,442 | | | | 0.0 | |
| 10,691 | | | 6.500%, 10/01/2032 | | | 11,155 | | | | 0.0 | |
| 3,492 | | | 6.500%, 03/01/2038 | | | 3,699 | | | | 0.0 | |
| 92 | | | 7.000%, 08/01/2025 | | | 95 | | | | 0.0 | |
| 1,448 | | | 7.000%, 03/01/2026 | | | 1,495 | | | | 0.0 | |
| 363 | | | 7.000%, 12/01/2027 | | | 375 | | | | 0.0 | |
| 138,303 | | | 7.000%, 03/01/2038 | | | 143,243 | | | | 0.0 | |
| 396,807 | | | 7.000%, 04/01/2038 | | | 414,387 | | | | 0.0 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 4,775 | | | 7.500%, 09/01/2031 | | $ | 4,893 | | | | 0.0 | |
| | | | | | | 334,353,901 | | | | 14.5 | |
| | | | Total U.S. Government Agency Obligations (Cost $513,680,276) | | | 497,353,947 | | | | 21.5 | |
| | | | | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1% | | | | |
| 663,085 (3) | | | Alternative Loan Trust 2005-53T2 2A6, 5.970%, (TSFR1M + 0.614%), 11/25/2035 | | | 369,323 | | | | 0.0 | |
| 956,425 | | | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 | | | 678,059 | | | | 0.0 | |
| 1,116,711 | | | Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035 | | | 932,141 | | | | 0.0 | |
| 184,874 (3)(6) | | | Alternative Loan Trust 2005-J3 2A2, 10.196%, (-1.000*TSFR1M + 4.886%), 05/25/2035 | | | 8,119 | | | | 0.0 | |
| 1,114,978 | | | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | | | 563,884 | | | | 0.0 | |
| 1,489,153 (3) | | | Alternative Loan Trust 2007-23CB A3, 5.970%, (TSFR1M + 0.614%), 09/25/2037 | | | 598,168 | | | | 0.0 | |
| 68,053 | | | Banc of America Funding Trust 2007- 8 4A1, 6.000%, 08/25/2037 | | | 53,580 | | | | 0.0 | |
| 1,299,832 (1)(3) | | | Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051 | | | 1,203,392 | | | | 0.1 | |
| 288,999 (3) | | | Bear Stearns ALT-A Trust 2005-10 22A1, 5.151%, 01/25/2036 | | | 269,025 | | | | 0.0 | |
| 197,185 (3) | | | Bear Stearns ALT-A Trust 2005-4 23A1, 4.488%, 05/25/2035 | | | 186,629 | | | | 0.0 | |
| 728,956 (3) | | | Bear Stearns ALT-A Trust 2006-6 31A1, 4.228%, 11/25/2036 | | | 403,302 | | | | 0.0 | |
| 829,074 (3) | | | Bear Stearns ALT-A Trust 2006-6 32A1, 4.492%, 11/25/2036 | | | 432,544 | | | | 0.0 | |
| 1,589 (3) | | | Bear Stearns ARM Trust 2005-12 13A1, 4.803%, 02/25/2036 | | | 1,190 | | | | 0.0 | |
| 62,075 (3) | | | Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 4.805%, 01/26/2036 | | | 45,944 | | | | 0.0 | |
| 3,300,000 (1)(3) | | | Bellemeade RE Ltd. 2021-3A M1C, 6.887%, (SOFR30A + 1.550%), 09/25/2031 | | | 3,270,294 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 92,909 (3) | | | Chase Mortgage Finance Trust Series 2005-A1 1A1, 4.770%, 12/25/2035 | | $ | 85,886 | | | | 0.0 | |
| 1,108,028 (3) | | | CHL Mortgage Pass- Through Trust 2004-22 A3, 4.765%, 11/25/2034 | | | 1,004,906 | | | | 0.1 | |
| 9,245 (3) | | | CHL Mortgage Pass- Through Trust 2004- HYB9 1A1, 5.003%, 02/20/2035 | | | 9,214 | | | | 0.0 | |
| 11,139 (3) | | | CHL Mortgage Pass- Through Trust 2005-2 2A3, 6.150%, (TSFR1M + 0.794%), 03/25/2035 | | | 10,092 | | | | 0.0 | |
| 1,384,289 (1)(3) | | | CIM Trust 2020-J1 B3, 3.443%, 07/25/2050 | | | 1,136,447 | | | | 0.1 | |
| 427,985 | | | Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037 | | | 377,801 | | | | 0.0 | |
| 17,426 (3) | | | Citigroup Mortgage Loan Trust 2005- 3 2A2A, 5.322%, 08/25/2035 | | | 16,724 | | | | 0.0 | |
| 888,786 | | | Citigroup Mortgage Loan Trust 2005- 8 3A1, 5.500%, 09/25/2035 | | | 874,831 | | | | 0.0 | |
| 634,335 (3) | | | Citigroup Mortgage Loan Trust 2007- 10 22AA, 4.523%, 09/25/2037 | | | 560,466 | | | | 0.0 | |
| 549,555 (1)(3) | | | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | | | 529,229 | | | | 0.0 | |
| 168,325 | | | CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037 | | | 150,333 | | | | 0.0 | |
| 412,577 (1)(3) | | | Connecticut Avenue Securities Trust 2020- R02 2M2, 7.452%, (SOFR30A + 2.114%), 01/25/2040 | | | 415,937 | | | | 0.0 | |
| 800,000 (1)(3) | | | Connecticut Avenue Securities Trust 2020- SBT1 1M2, 9.102%, (SOFR30A + 3.764%), 02/25/2040 | | | 837,705 | | | | 0.0 | |
| 8,600,000 (1)(3) | | | Connecticut Avenue Securities Trust 2022- R01 1B1, 8.487%, (SOFR30A + 3.150%), 12/25/2041 | | | 8,677,911 | | | | 0.4 | |
| 88,662 (3) | | | DSLA Mortgage Loan Trust 2004-AR3 2A1, 6.046%, 07/19/2044 | | | 81,340 | | | | 0.0 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 68,091 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2019-R01 2M2, 7.902%, (SOFR30A + 2.564%), 07/25/2031 | | $ | 68,384 | | | | 0.0 | |
| 399,334 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2020-R01 1M2, 7.502%, (SOFR30A + 2.164%), 01/25/2040 | | | 404,808 | | | | 0.0 | |
| 2,700,000 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.452%, (SOFR30A + 3.114%), 01/25/2040 | | | 2,715,735 | | | | 0.1 | |
| 1,500,000 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 8.437%, (SOFR30A + 3.100%), 10/25/2041 | | | 1,514,810 | | | | 0.1 | |
| 1,500,000 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2021-R03 1B1, 8.087%, (SOFR30A + 2.750%), 12/25/2041 | | | 1,506,623 | | | | 0.1 | |
| 1,000,000 (1)(3) | | | Fannie Mae Connecticut Avenue Securities 2022-R08 1B1, 10.937%, (SOFR30A + 5.600%), 07/25/2042 | | | 1,085,461 | | | | 0.1 | |
| 2,439,698 (6) | | | Fannie Mae Interest Strip 409 C29, 5.000%, 04/25/2042 | | | 493,715 | | | | 0.0 | |
| 203,391 (6) | | | Fannie Mae Interest Strip 418 10, 4.000%, 08/25/2043 | | | 31,813 | | | | 0.0 | |
| 193,241 (6) | | | Fannie Mae Interest Strip 418 15, 3.500%, 08/25/2043 | | | 28,563 | | | | 0.0 | |
| 2,181,199 (6) | | | Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039 | | | 378,347 | | | | 0.0 | |
| 109 (3) | | | Fannie Mae REMIC Trust 1994-77 FB, 6.952%, (SOFR30A + 1.614%), 04/25/2024 | | | 109 | | | | 0.0 | |
| 101,777 | | | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 | | | 102,905 | | | | 0.0 | |
| 6,316 (3) | | | Fannie Mae REMIC Trust 2002-21 FC, 6.352%, (SOFR30A + 1.014%), 04/25/2032 | | | 6,357 | | | | 0.0 | |
| 417,202 (6) | | | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 | | | 75,144 | | | | 0.0 | |
| 15,656 (3) | | | Fannie Mae REMIC Trust 2004-11 A, 5.563%, (SOFR30A + 0.234%), 03/25/2034 | | | 15,622 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 201,659 | | | Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036 | | $ | 203,354 | | | | 0.0 | |
| 1,742,122 (3)(6) | | | Fannie Mae REMIC Trust 2005- 66 SY, 1.248%, (-1.000*SOFR30A + 6.586%), 07/25/2035 | | | 165,157 | | | | 0.0 | |
| 120,484 (3) | | | Fannie Mae REMIC Trust 2005- 74 DK, 2.192%, (-1.000*SOFR30A + 23.542%), 07/25/2035 | | | 122,449 | | | | 0.0 | |
| 2,001,626 (3)(6) | | | Fannie Mae REMIC Trust 2005- 92 SC, 1.228%, (-1.000*SOFR30A + 6.566%), 10/25/2035 | | | 174,106 | | | | 0.0 | |
| 102,535 | | | Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036 | | | 104,869 | | | | 0.0 | |
| 412,622 (3) | | | Fannie Mae REMIC Trust 2006- 104 ES, 6.190%, (-1.000*SOFR30A + 32.878%), 11/25/2036 | | | 547,700 | | | | 0.0 | |
| 2,016,502 (3)(6) | | | Fannie Mae REMIC Trust 2006- 12 SD, 1.298%, (-1.000*SOFR30A + 6.636%), 10/25/2035 | | | 135,265 | | | | 0.0 | |
| 2,560,216 (3)(6) | | | Fannie Mae REMIC Trust 2006- 120 QD, 9.896%, (-1.000*SOFR30A + 4.586%), 10/25/2036 | | | 54,208 | | | | 0.0 | |
| 1,147,125 (3)(6) | | | Fannie Mae REMIC Trust 2006- 123 UI, 1.288%, (-1.000*SOFR30A + 6.626%), 01/25/2037 | | | 114,315 | | | | 0.0 | |
| 1,306,950 (3)(6) | | | Fannie Mae REMIC Trust 2006- 59 XS, 1.748%, (-1.000*SOFR30A + 7.086%), 07/25/2036 | | | 121,334 | | | | 0.0 | |
| 127,416 (3)(6) | | | Fannie Mae REMIC Trust 2006- 72 HS, 1.248%, (-1.000*SOFR30A + 6.586%), 08/25/2026 | | | 2,670 | | | | 0.0 | |
| 1,459,763 (3)(6) | | | Fannie Mae REMIC Trust 2007- 53 SX, 0.648%, (-1.000*SOFR30A + 5.986%), 06/25/2037 | | | 120,128 | | | | 0.0 | |
| 332,506 (3) | | | Fannie Mae REMIC Trust 2007-73 A1, 5.692%, (SOFR30A + 0.174%), 07/25/2037 | | | 323,838 | | | | 0.0 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 189,981 (3) | | | Fannie Mae REMIC Trust 2008- 20 SP, 1.870%, (-1.000*SOFR30A + 15.214%), 03/25/2038 | | $ | 187,758 | | | | 0.0 | |
| 1,008,774 | | | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | | | 984,117 | | | | 0.1 | |
| 3,463,359 (3)(6) | | | Fannie Mae REMIC Trust 2010- 102 SB, 1.148%, (-1.000*SOFR30A + 6.486%), 09/25/2040 | | | 381,351 | | | | 0.0 | |
| 3,843,559 (6) | | | Fannie Mae REMIC Trust 2010-112 PI, 6.000%, 10/25/2040 | | | 803,345 | | | | 0.0 | |
| 1,100,463 (3)(6) | | | Fannie Mae REMIC Trust 2010- 116 SE, 1.148%, (-1.000*SOFR30A + 6.486%), 10/25/2040 | | | 102,354 | | | | 0.0 | |
| 3,022,588 (3)(6) | | | Fannie Mae REMIC Trust 2010- 123 SL, 0.618%, (-1.000*SOFR30A + 5.956%), 11/25/2040 | | | 217,837 | | | | 0.0 | |
| 8,691,379 (3)(6) | | | Fannie Mae REMIC Trust 2010- 139 SA, 0.578%, (-1.000*SOFR30A + 5.916%), 12/25/2040 | | | 786,310 | | | | 0.0 | |
| 1,688,011 (3)(6) | | | Fannie Mae REMIC Trust 2010- 55 AS, 0.968%, (-1.000*SOFR30A + 6.306%), 06/25/2040 | | | 156,330 | | | | 0.0 | |
| 3,195,892 | | | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 | | | 3,219,906 | | | | 0.1 | |
| 307,114 | | | Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040 | | | 306,654 | �� | | | 0.0 | |
| 489,420 | | | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | | | 493,111 | | | | 0.0 | |
| 45,538 | | | Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041 | | | 42,656 | | | | 0.0 | |
| 1,000,000 | | | Fannie Mae REMIC Trust 2011-128 KB, 4.500%, 12/25/2041 | | | 986,054 | | | | 0.1 | |
| 1,180,287 (3)(6) | | | Fannie Mae REMIC Trust 2011- 149 ES, 0.548%, (-1.000*SOFR30A + 5.886%), 07/25/2041 | | | 37,664 | | | | 0.0 | |
| 986,397 (6) | | | Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041 | | | 96,685 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,424,932 | | | Fannie Mae REMIC Trust 2011-84 Z, 5.250%, 09/25/2041 | | $ | 1,476,232 | | | | 0.1 | |
| 10,667,363 | | | Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041 | | | 10,490,726 | | | | 0.5 | |
| 281,253 (3)(6) | | | Fannie Mae REMIC Trust 2012- 10 US, 0.998%, (-1.000*SOFR30A + 6.336%), 02/25/2042 | | | 32,445 | | | | 0.0 | |
| 56,947 | | | Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041 | | | 55,821 | | | | 0.0 | |
| 631,724 | | | Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042 | | | 568,928 | | | | 0.0 | |
| 4,092,620 (3)(6) | | | Fannie Mae REMIC Trust 2012- 113 SG, 0.648%, (-1.000*SOFR30A + 5.986%), 10/25/2042 | | | 445,484 | | | | 0.0 | |
| 2,821,218 (3)(6) | | | Fannie Mae REMIC Trust 2012- 122 SB, 0.698%, (-1.000*SOFR30A + 6.036%), 11/25/2042 | | | 317,321 | | | | 0.0 | |
| 1,038,899 (6) | | | Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032 | | | 60,802 | | | | 0.0 | |
| 765,285 (3) | | | Fannie Mae REMIC Trust 2012-131 BS, 10.546%, (-1.000*SOFR30A + 5.263%), 12/25/2042 | | | 509,275 | | | | 0.0 | |
| 9,886,638 (3)(6) | | | Fannie Mae REMIC Trust 2012- 134 SF, 0.698%, (-1.000*SOFR30A + 6.036%), 12/25/2042 | | | 1,057,550 | | | | 0.1 | |
| 4,618,740 (3)(6) | | | Fannie Mae REMIC Trust 2012- 137 SN, 0.648%, (-1.000*SOFR30A + 5.986%), 12/25/2042 | | | 460,399 | | | | 0.0 | |
| 7,195,258 (3)(6) | | | Fannie Mae REMIC Trust 2012- 19 S, 0.498%, (-1.000*SOFR30A + 5.836%), 03/25/2042 | | | 714,247 | | | | 0.0 | |
| 3,366,181 (3)(6) | | | Fannie Mae REMIC Trust 2012- 30 TS, 0.998%, (-1.000*SOFR30A + 6.336%), 04/25/2042 | | | 398,428 | | | | 0.0 | |
| 726,668 (6) | | | Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042 | | | 99,896 | | | | 0.0 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 3,882,077 (3)(6) | | | Fannie Mae REMIC Trust 2013- 60 DS, 0.748%, (-1.000*SOFR30A + 6.086%), 06/25/2033 | | $ | 268,561 | | | | 0.0 | |
| 4,339,607 (3)(6) | | | Fannie Mae REMIC Trust 2013- 9 DS, 0.698%, (-1.000*SOFR30A + 6.036%), 02/25/2043 | | | 517,508 | | | | 0.0 | |
| 8,784,820 (3)(6) | | | Fannie Mae REMIC Trust 2013- 9 SA, 0.698%, (-1.000*SOFR30A + 6.036%), 03/25/2042 | | | 475,203 | | | | 0.0 | |
| 10,147,058 (6) | | | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 | | | 2,056,616 | | | | 0.1 | |
| 13,244,196 (6) | | | Fannie Mae REMIC Trust 2016-2 IO, 5.500%, 02/25/2046 | | | 2,069,321 | | | | 0.1 | |
| 3,445,944 (3)(6) | | | Fannie Mae REMIC Trust 2016- 54 SD, 0.548%, (-1.000*SOFR30A + 5.886%), 08/25/2046 | | | 412,912 | | | | 0.0 | |
| 5,491,442 (3)(6) | | | Fannie Mae REMIC Trust 2016- 62 SC, 0.548%, (-1.000*SOFR30A + 5.886%), 09/25/2046 | | | 642,681 | | | | 0.0 | |
| 12,638,096 (3)(6) | | | Fannie Mae REMIC Trust 2016- 82 SD, 0.598%, (-1.000*SOFR30A + 5.936%), 11/25/2046 | | | 1,109,194 | | | | 0.1 | |
| 20,872,257 (3)(6) | | | Fannie Mae REMIC Trust 2016- 88 CS, 0.598%, (-1.000*SOFR30A + 5.936%), 12/25/2046 | | | 1,797,832 | | | | 0.1 | |
| 257,258 | | | Fannie Mae REMIC Trust 2016-88 EA, 3.500%, 01/25/2045 | | | 252,905 | | | | 0.0 | |
| 5,294,921 (3)(6) | | | Fannie Mae REMIC Trust 2016- 93 SL, 1.198%, (-1.000*SOFR30A + 6.536%), 12/25/2046 | | | 412,246 | | | | 0.0 | |
| 796,568 | | | Fannie Mae REMIC Trust 2016-97 PA, 3.000%, 12/25/2044 | | | 753,348 | | | | 0.0 | |
| 7,069,838 (6) | | | Fannie Mae REMIC Trust 2017-23 IO, 6.000%, 04/25/2047 | | | 1,495,524 | | | | 0.1 | |
| 1,042,261 | | | Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047 | | | 932,223 | | | | 0.0 | |
| 3,471,991 | | | Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047 | | | 3,259,380 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 188,897 | | | Fannie Mae REMIC Trust 2018-27 EA, 3.000%, 05/25/2048 | | $ | 169,101 | | | | 0.0 | |
| 3,103,212 (3)(6) | | | Fannie Mae REMIC Trust 2018- 43 SE, 0.798%, (-1.000*SOFR30A + 6.136%), 09/25/2038 | | | 259,848 | | | | 0.0 | |
| 490,408 | | | Fannie Mae REMIC Trust 2018-64 ET, 3.000%, 09/25/2048 | | | 436,395 | | | | 0.0 | |
| 5,516,100 (3)(6) | | | Fannie Mae REMIC Trust 2019- 18 SA, 0.598%, (-1.000*SOFR30A + 5.936%), 05/25/2049 | | | 474,978 | | | | 0.0 | |
| 4,713,860 (3)(6) | | | Fannie Mae REMIC Trust 2019- 25 PS, 0.598%, (-1.000*SOFR30A + 5.936%), 06/25/2049 | | | 509,629 | | | | 0.0 | |
| 13,459,802 (3)(6) | | | Fannie Mae REMIC Trust 2019- 33 PS, 0.598%, (-1.000*SOFR30A + 5.936%), 07/25/2049 | | | 1,494,798 | | | | 0.1 | |
| 10,827,300 (6) | | | Fannie Mae REMIC Trust 2020-71 TI, 3.000%, 10/25/2050 | | | 1,824,566 | | | | 0.1 | |
| 9,171,272 (3)(6) | | | Fannie Mae REMIC Trust 2020- 94 SC, 0.498%, (-1.000*SOFR30A + 5.836%), 07/25/2050 | | | 1,026,212 | | | | 0.1 | |
| 12,260,188 (6) | | | Fannie Mae REMIC Trust 2021-13 BI, 3.000%, 02/25/2050 | | | 2,111,712 | | | | 0.1 | |
| 15,805,438 (6) | | | Fannie Mae REMIC Trust 2021-17 KI, 4.500%, 04/25/2051 | | | 3,484,261 | | | | 0.2 | |
| 17,126,317 (6) | | | Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051 | | | 3,452,236 | | | | 0.2 | |
| 189 (3) | | | FHLMC-GNMA 27 FC, 7.125%, (PRIME + (1.375)%), 03/25/2024 | | | 188 | | | | 0.0 | |
| 103,427 (3) | | | First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 5.207%, 03/25/2035 | | | 62,136 | | | | 0.0 | |
| 53,403 (3) | | | First Horizon Asset Securities, Inc. 2005- AR6 4A1, 5.445%, 02/25/2036 | | | 50,361 | | | | 0.0 | |
| 18,599 (3) | | | First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 5.464%, 08/25/2035 | | | 13,086 | | | | 0.0 | |
| 1,262,652 (1)(3) | | | Flagstar Mortgage Trust 2018-1 B1, 3.940%, 03/25/2048 | | | 1,138,431 | | | | 0.1 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,767,713 (1)(3) | | | Flagstar Mortgage Trust 2018-1 B3, 3.940%, 03/25/2048 | | $ | 1,535,832 | | | | 0.1 | |
| 1,571,984 (1)(3) | | | Flagstar Mortgage Trust 2018-2 B2, 4.009%, 04/25/2048 | | | 1,410,435 | | | | 0.1 | |
| 71,658 | | | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 | | | 72,347 | | | | 0.0 | |
| 69,757 | | | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | | | 70,222 | | | | 0.0 | |
| 41,720 (3) | | | Freddie Mac REMIC Trust 2411 FJ, 5.803%, (SOFR30A + 0.464%), 12/15/2029 | | | 41,639 | | | | 0.0 | |
| 46,907 | | | Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032 | | | 47,244 | | | | 0.0 | |
| 132,473 | | | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 | | | 134,253 | | | | 0.0 | |
| 57,108 | | | Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033 | | | 57,851 | | | | 0.0 | |
| 111,827 (6) | | | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 | | | 18,532 | | | | 0.0 | |
| 2,316,966 (3)(6) | | | Freddie Mac REMIC Trust 2815 GS, 0.547%, (-1.000*SOFR30A + 5.886%), 03/15/2034 | | | 163,025 | | | | 0.0 | |
| 172,496 | | | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 | | | 175,325 | | | | 0.0 | |
| 489,247 | | | Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034 | | | 491,614 | | | | 0.0 | |
| 360,496 | | | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 | | | 362,195 | | | | 0.0 | |
| 446,884 | | | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 | | | 449,460 | | | | 0.0 | |
| 2,685,431 (3)(6) | | | Freddie Mac REMIC Trust 3045 DI, 1.277%, (-1.000*SOFR30A + 6.616%), 10/15/2035 | | | 235,308 | | | | 0.0 | |
| 180,339 (3) | | | Freddie Mac REMIC Trust 3065 DC, 3.501%, (-1.000*SOFR30A + 19.517%), 03/15/2035 | | | 183,867 | | | | 0.0 | |
| 224,355 (3)(6) | | | Freddie Mac REMIC Trust 3102 IS, 4.573%, (-1.000*SOFR30A + 24.147%), 01/15/2036 | | | 52,078 | | | | 0.0 | |
| 1,503,211 | | | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 | | | 1,504,193 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 860,533 (3)(6) | | | Freddie Mac REMIC Trust 3170 SA, 1.147%, (-1.000*SOFR30A + 6.486%), 09/15/2033 | | $ | 68,028 | | | | 0.0 | |
| 352,603 (3)(6) | | | Freddie Mac REMIC Trust 3171 PS, 1.032%, (-1.000*SOFR30A + 6.371%), 06/15/2036 | | | 23,992 | | | | 0.0 | |
| 4,132,149 (3)(6) | | | Freddie Mac REMIC Trust 3284 CI, 0.667%, (-1.000*SOFR30A + 6.006%), 03/15/2037 | | | 359,957 | | | | 0.0 | |
| 1,808,313 (3)(6) | | | Freddie Mac REMIC Trust 3311 IC, 0.957%, (-1.000*SOFR30A + 6.296%), 05/15/2037 | | | 184,317 | | | | 0.0 | |
| 686,847 | | | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 | | | 704,972 | | | | 0.0 | |
| 3,961,090 (3)(6) | | | Freddie Mac REMIC Trust 3510 IC, 0.627%, (-1.000*SOFR30A + 5.966%), 08/15/2037 | | | 345,276 | | | | 0.0 | |
| 162,729 (3)(6) | | | Freddie Mac REMIC Trust 3524 LA, 4.993%, 03/15/2033 | | | 157,022 | | | | 0.0 | |
| 28,582 (3) | | | Freddie Mac REMIC Trust 3556 NT, 8.553%, (SOFR30A + 3.214%), 03/15/2038 | | | 29,437 | | | | 0.0 | |
| 1,970,488 (3)(6) | | | Freddie Mac REMIC Trust 3575 ST, 1.147%, (-1.000*SOFR30A + 6.486%), 04/15/2039 | | | 225,505 | | | | 0.0 | |
| 3,181,873 (3)(6) | | | Freddie Mac REMIC Trust 3589 SB, 0.747%, (-1.000*SOFR30A + 6.086%), 10/15/2039 | | | 304,736 | | | | 0.0 | |
| 338,919 (6) | | | Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040 | | | 38,242 | | | | 0.0 | |
| 3,215,641 | | | Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034 | | | 3,258,073 | | | | 0.2 | |
| 1,083,722 | | | Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036 | | | 1,118,939 | | | | 0.1 | |
| 6,212,603 (3)(6) | | | Freddie Mac REMIC Trust 3702 SB, 9.696%, (-1.000*SOFR30A + 4.386%), 08/15/2040 | | | 248,367 | | | | 0.0 | |
| 563,189 | | | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 | | | 577,400 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 634,567 | | | Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041 | | $ | 610,104 | | | | 0.0 | |
| 2,171,969 (3)(6) | | | Freddie Mac REMIC Trust 3856 KS, 1.097%, (-1.000*SOFR30A + 6.436%), 05/15/2041 | | | 229,004 | | | | 0.0 | |
| 870,898 | | | Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041 | | | 860,144 | | | | 0.0 | |
| 355,974 (3)(6) | | | Freddie Mac REMIC Trust 3925 SD, 0.597%, (-1.000*SOFR30A + 5.936%), 07/15/2040 | | | 9,704 | | | | 0.0 | |
| 1,061,083 (3)(6) | | | Freddie Mac REMIC Trust 3925 SL, 0.597%, (-1.000*SOFR30A + 5.936%), 01/15/2041 | | | 17,665 | | | | 0.0 | |
| 6,024,400 (3)(6) | | | Freddie Mac REMIC Trust 3951 SN, 1.097%, (-1.000*SOFR30A + 6.436%), 11/15/2041 | | | 715,392 | | | | 0.0 | |
| 334,978 | | | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | | | 332,426 | | | | 0.0 | |
| 875,188 | | | Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042 | | | 934,599 | | | | 0.0 | |
| 49,620 (3)(6) | | | Freddie Mac REMIC Trust 4094 YS, 1.247%, (-1.000*SOFR30A + 6.586%), 04/15/2040 | | | 74 | | | | 0.0 | |
| 3,378,057 (3)(6) | | | Freddie Mac REMIC Trust 4102 MS, 1.147%, (-1.000*SOFR30A + 6.486%), 09/15/2042 | | | 444,005 | | | | 0.0 | |
| 7,702,795 (3)(6) | | | Freddie Mac REMIC Trust 4139 CS, 0.697%, (-1.000*SOFR30A + 6.036%), 12/15/2042 | | | 914,007 | | | | 0.0 | |
| 4,306,198 (6) | | | Freddie Mac REMIC Trust 4150 IO, 3.500%, 01/15/2043 | | | 643,679 | | | | 0.0 | |
| 418,207 (6) | | | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | | | 67,243 | | | | 0.0 | |
| 3,656,550 | | | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 | | | 3,478,245 | | | | 0.2 | |
| 19,293,728 | | | Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041 | | | 18,984,924 | | | | 0.8 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 4,055,069 (3)(6) | | | Freddie Mac REMIC Trust 4313 SD, 0.697%, (-1.000*SOFR30A + 6.036%), 03/15/2044 | | $ | 334,618 | | | | 0.0 | |
| 6,197,604 (3)(6) | | | Freddie Mac REMIC Trust 4313 SE, 0.697%, (-1.000*SOFR30A + 6.036%), 03/15/2044 | | | 561,246 | | | | 0.0 | |
| 101,573 (6) | | | Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042 | | | 1,452 | | | | 0.0 | |
| 615,636 (6) | | | Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043 | | | 82,275 | | | | 0.0 | |
| 13,336,836 | | | Freddie Mac REMIC Trust 4335 XZ, 4.250%, 05/15/2044 | | | 12,794,067 | | | | 0.6 | |
| 7,352,671 | | | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 | | | 7,011,760 | | | | 0.3 | |
| 1,492,765 (3)(6) | | | Freddie Mac REMIC Trust 4346 ST, 0.747%, (-1.000*SOFR30A + 6.086%), 07/15/2039 | | | 50,581 | | | | 0.0 | |
| 7,930,448 | | | Freddie Mac REMIC Trust 4348 ZX, 4.250%, 06/15/2044 | | | 7,709,420 | | | | 0.3 | |
| 1,989,223 (3)(6) | | | Freddie Mac REMIC Trust 4386 LS, 0.647%, (-1.000*SOFR30A + 5.986%), 09/15/2044 | | | 201,895 | | | | 0.0 | |
| 1,958,458 (6) | | | Freddie Mac REMIC Trust 4465 MI, 5.000%, 03/15/2041 | | | 326,561 | | | | 0.0 | |
| 6,421,821 (3)(6) | | | Freddie Mac REMIC Trust 4675 KS, 0.547%, (-1.000*SOFR30A + 5.886%), 04/15/2047 | | | 708,503 | | | | 0.0 | |
| 3,796,096 (6) | | | Freddie Mac REMIC Trust 4717 IB, 4.000%, 09/15/2047 | | | 728,286 | | | | 0.0 | |
| 1,790,945 | | | Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047 | | | 1,430,422 | | | | 0.1 | |
| 1,671,549 | | | Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048 | | | 1,445,188 | | | | 0.1 | |
| 16,390,702 | | | Freddie Mac REMIC Trust 4771 HZ, 3.500%, 03/15/2048 | | | 14,749,889 | | | | 0.6 | |
| 734,719 | | | Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048 | | | 689,999 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 5,216,036 (3)(6) | | | Freddie Mac REMIC Trust 4892 ES, 0.698%, (-1.000*SOFR30A + 6.036%), 07/25/2045 | | $ | 565,343 | | | | 0.0 | |
| 14,951,760 (3)(6) | | | Freddie Mac REMIC Trust 4901 BS, 0.648%, (-1.000*SOFR30A + 5.986%), 07/25/2049 | | | 1,285,881 | | | | 0.1 | |
| 2,369,355 (6) | | | Freddie Mac REMIC Trust 4953 AI, 4.000%, 02/25/2050 | | | 448,653 | | | | 0.0 | |
| 5,045,205 (6) | | | Freddie Mac REMIC Trust 4988 IJ, 4.500%, 12/15/2047 | | | 937,494 | | | | 0.1 | |
| 11,655,285 (3)(6) | | | Freddie Mac REMIC Trust 4995 SB, 0.648%, (-1.000*SOFR30A + 5.986%), 07/25/2050 | | | 1,385,768 | | | | 0.1 | |
| 4,146,536 (6) | | | Freddie Mac REMIC Trust 5015 EI, 4.500%, 09/25/2050 | | | 912,694 | | | | 0.0 | |
| 51,539,462 (6) | | | Freddie Mac REMIC Trust 5050 IM, 3.500%, 10/25/2050 | | | 9,697,289 | | | | 0.4 | |
| 33,707,078 (6) | | | Freddie Mac REMIC Trust 5072 IU, 2.500%, 02/25/2051 | | | 4,888,480 | | | | 0.2 | |
| 27,414,050 (6) | | | Freddie Mac REMIC Trust 5077 LI, 3.000%, 02/25/2051 | | | 4,195,844 | | | | 0.2 | |
| 16,222,450 (6) | | | Freddie Mac REMIC Trust 5118 LI, 3.000%, 06/25/2041 | | | 1,856,061 | | | | 0.1 | |
| 12,980,652 (6) | | | Freddie Mac REMIC Trust 5124 IQ, 3.500%, 07/25/2051 | | | 2,383,365 | | | | 0.1 | |
| 22,433,350 (6) | | | Freddie Mac REMIC Trust 5171 DI, 3.000%, 12/25/2051 | | | 4,107,594 | | | | 0.2 | |
| 23,106,703 (6) | | | Freddie Mac REMIC Trust 5211 IH, 3.500%, 04/25/2052 | | | 3,673,591 | | | | 0.2 | |
| 2,000,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2021- DNA6 B1, 8.737%, (SOFR30A + 3.400%), 10/25/2041 | | | 2,035,982 | | | | 0.1 | |
| 1,000,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2021- DNA7 B1, 8.987%, (SOFR30A + 3.650%), 11/25/2041 | | | 1,020,393 | | | | 0.1 | |
| 2,550,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2021- HQA3 M2, 7.437%, (SOFR30A + 2.100%), 09/25/2041 | | | 2,520,237 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 2,400,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2021- HQA4 M2, 7.687%, (SOFR30A + 2.350%), 12/25/2041 | | $ | 2,369,797 | | | | 0.1 | |
| 2,500,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2022- DNA1 M2, 7.837%, (SOFR30A + 2.500%), 01/25/2042 | | | 2,500,299 | | | | 0.1 | |
| 1,800,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2022- HQA1 M2, 10.587%, (SOFR30A + 5.250%), 03/25/2042 | | | 1,923,302 | | | | 0.1 | |
| 2,000,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2022- HQA2 M2, 11.337%, (SOFR30A + 6.000%), 07/25/2042 | | | 2,164,531 | | | | 0.1 | |
| 1,400,000 (1)(3) | | | Freddie Mac STACR REMIC Trust 2022- HQA3 M2, 10.687%, (SOFR30A + 5.350%), 08/25/2042 | | | 1,489,098 | | | | 0.1 | |
| 4,082,025 (6) | | | Freddie Mac Strips 228 IO, 6.000%, 02/01/2035 | | | 692,855 | | | | 0.0 | |
| 4,795,454 (3)(6) | | | Freddie Mac Strips 311 S1, 0.497%, (-1.000*SOFR30A + 5.836%), 08/15/2043 | | | 547,851 | | | | 0.0 | |
| 286,558 (3)(6) | | | Freddie Mac Strips 347 118, 4.500%, 02/15/2044 | | | 51,202 | | | | 0.0 | |
| 7,923,077 (3)(6) | | | Freddie Mac Strips 347 C29, 3.000%, 01/15/2044 | | | 1,117,874 | | | | 0.1 | |
| 6,803,733 (3)(6) | | | Freddie Mac Strips 347 C30, 3.500%, 02/15/2044 | | | 1,096,060 | | | | 0.1 | |
| 2,562,671 (3)(6) | | | Freddie Mac Strips 347 C31, 4.000%, 02/15/2044 | | | 422,452 | | | | 0.0 | |
| 5,980,602 (6) | | | Freddie Mac Strips 351 C1, 2.500%, 02/15/2031 | | | 298,759 | | | | 0.0 | |
| 4,154,399 (6) | | | Freddie Mac Strips 351 C11, 3.500%, 02/15/2031 | | | 312,007 | | | | 0.0 | |
| 5,387,883 (6) | | | Freddie Mac Strips 351 C12, 4.000%, 02/15/2031 | | | 458,884 | | | | 0.0 | |
| 3,978,887 (6) | | | Freddie Mac Strips 351 C13, 3.000%, 02/15/2031 | | | 258,996 | | | | 0.0 | |
| 6,422,900 (6) | | | Freddie Mac Strips 351 C2, 3.000%, 02/15/2031 | | | 399,475 | | | | 0.0 | |
| 5,274,388 (6) | | | Freddie Mac Strips 351 C7, 3.000%, 02/15/2031 | | | 324,854 | | | | 0.0 | |
| 5,854,127 (6) | | | Freddie Mac Strips 351 C8, 3.500%, 02/15/2031 | | | 444,181 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,761,695 (1)(3) | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 7.637%, (SOFR30A + 2.300%), 08/25/2033 | | $ | 1,779,779 | | | | 0.1 | |
| 1,666,998 | | | Freddie Mac Structured Pass-Through Certificates T-54 2A, 6.500%, 02/25/2043 | | | 1,729,070 | | | | 0.1 | |
| 1,409,568 (3) | | | Freddie Mac Structured Pass-Through Certificates T-62 1A1, 6.212%, (12MTA + 1.200%), 10/25/2044 | | | 1,281,240 | | | | 0.1 | |
| 324,526 (3)(6) | | | Ginnie Mae 2005- 7 AH, 1.297%, (-1.000*TSFR1M + 6.656%), 02/16/2035 | | | 26,605 | | | | 0.0 | |
| 5,236,282 (3)(6) | | | Ginnie Mae 2007- 35 KY, 0.977%, (-1.000*TSFR1M + 6.336%), 06/16/2037 | | | 515,631 | | | | 0.0 | |
| 172,740 (3) | | | Ginnie Mae 2007- 8 SP, 4.305%, (-1.000*TSFR1M + 21.677%), 03/20/2037 | | | 206,386 | | | | 0.0 | |
| 1,062,932 (3)(6) | | | Ginnie Mae 2008- 35 SN, 0.928%, (-1.000*TSFR1M + 6.286%), 04/20/2038 | | | 87,219 | | | | 0.0 | |
| 528,061 (3)(6) | | | Ginnie Mae 2008- 40 PS, 1.027%, (-1.000*TSFR1M + 6.386%), 05/16/2038 | | | 41,457 | | | | 0.0 | |
| 4,507,498 (3)(6) | | | Ginnie Mae 2009- 106 SU, 0.728%, (-1.000*TSFR1M + 6.086%), 05/20/2037 | | | 415,139 | | | | 0.0 | |
| 1,538,930 (3)(6) | | | Ginnie Mae 2009- 25 KS, 0.728%, (-1.000*TSFR1M + 6.086%), 04/20/2039 | | | 156,673 | | | | 0.0 | |
| 745,370 | | | Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039 | | | 741,058 | | | | 0.0 | |
| 800,549 | | | Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039 | | | 794,867 | | | | 0.0 | |
| 7,878,406 | | | Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039 | | | 8,142,245 | | | | 0.4 | |
| 738,171 (6) | | | Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040 | | | 55,609 | | | | 0.0 | |
| 833,100 (3)(6) | | | Ginnie Mae 2010- 116 NS, 1.177%, (-1.000*TSFR1M + 6.536%), 09/16/2040 | | | 64,695 | | | | 0.0 | |
| 2,896,605 (3)(6) | | | Ginnie Mae 2010- 116 SK, 1.148%, (-1.000*TSFR1M + 6.506%), 08/20/2040 | | | 272,894 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 2,058,454 (3)(6) | | | Ginnie Mae 2010- 149 HS, 0.627%, (-1.000*TSFR1M + 5.986%), 05/16/2040 | | $ | 30,878 | | | | 0.0 | |
| 957,611 (3)(6) | | | Ginnie Mae 2010- 4 SP, 1.027%, (-1.000*TSFR1M + 6.386%), 01/16/2039 | | | 26,434 | | | | 0.0 | |
| 1,432,929 | | | Ginnie Mae 2010-59 ZA, 4.500%, 05/20/2040 | | | 1,425,298 | | | | 0.1 | |
| 329,698 (6) | | | Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039 | | | 15,290 | | | | 0.0 | |
| 988,270 (3)(6) | | | Ginnie Mae 2010- 68 MS, 0.378%, (-1.000*TSFR1M + 5.736%), 06/20/2040 | | | 88,436 | | | | 0.0 | |
| 2,388,605 (6) | | | Ginnie Mae 2010-9 JI, 5.000%, 01/20/2040 | | | 495,467 | | | | 0.0 | |
| 353,648 (6) | | | Ginnie Mae 2011-116 BI, 4.000%, 08/16/2026 | | | 7,364 | | | | 0.0 | |
| 12,843 | | | Ginnie Mae 2011- 169 BC, 7.000%, 05/16/2032 | | | 13,150 | | | | 0.0 | |
| 2,369,150 (3)(6) | | | Ginnie Mae 2011- 80 KS, 1.198%, (-1.000*TSFR1M + 6.556%), 06/20/2041 | | | 271,444 | | | | 0.0 | |
| 45,514 (6) | | | Ginnie Mae 2012-40 NI, 4.500%, 05/20/2040 | | | 2,830 | | | | 0.0 | |
| 4,652,663 (6) | | | Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043 | | | 712,982 | | | | 0.0 | |
| 4,524,868 (6) | | | Ginnie Mae 2013-184 JI, 5.500%, 12/16/2043 | | | 974,157 | | | | 0.1 | |
| 361,485 | | | Ginnie Mae 2013- 26 GU, 1.500%, 04/20/2042 | | | 326,433 | | | | 0.0 | |
| 359,390 | | | Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043 | | | 320,322 | | | | 0.0 | |
| 155,738 | | | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 | | | 136,316 | | | | 0.0 | |
| 115,639 | | | Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042 | | | 99,185 | | | | 0.0 | |
| 3,747,916 | | | Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043 | | | 3,495,962 | | | | 0.2 | |
| 3,972,362 (3)(6) | | | Ginnie Mae 2014- 3 SU, 0.578%, (-1.000*TSFR1M + 5.936%), 07/20/2039 | | | 360,520 | | | | 0.0 | |
| 5,033,089 (3)(6) | | | Ginnie Mae 2014- 55 MS, 0.727%, (-1.000*TSFR1M + 6.086%), 04/16/2044 | | | 479,398 | | | | 0.0 | |
| 3,693,094 (3)(6) | | | Ginnie Mae 2014- 56 SP, 0.727%, (-1.000*TSFR1M + 6.086%), 12/16/2039 | | | 271,696 | | | | 0.0 | |
| 4,589,105 (3)(6) | | | Ginnie Mae 2014- 58 CS, 0.127%, (-1.000*TSFR1M + 5.486%), 04/16/2044 | | | 265,403 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 5,856,928 (6) | | | Ginnie Mae 2014-79 BI, 6.000%, 05/16/2044 | | $ | 1,090,131 | | | | 0.1 | |
| 2,245,997 (3)(6) | | | Ginnie Mae 2014- 99 S, 0.128%, (-1.000*TSFR1M + 5.486%), 06/20/2044 | | | 203,514 | | | | 0.0 | |
| 1,094,880 | | | Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048 | | | 1,010,229 | | | | 0.1 | |
| 1,272,030 | | | Ginnie Mae 2018-126 A, 3.500%, 09/20/2048 | | | 1,178,074 | | | | 0.1 | |
| 25,192,093 (3)(6) | | | Ginnie Mae 2019- 143 SC, 0.578%, (-1.000*TSFR1M + 5.936%), 04/20/2046 | | | 2,898,534 | | | | 0.1 | |
| 25,569,402 (6) | | | Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051 | | | 3,956,384 | | | | 0.2 | |
| 11,698,710 (6) | | | Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051 | | | 1,615,337 | | | | 0.1 | |
| 160,064 (1)(3) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | | | 148,818 | | | | 0.0 | |
| 948,815 (1)(3) | | | GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054 | | | 952,470 | | | | 0.1 | |
| 1,331 | | | GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032 | | | 1,302 | | | | 0.0 | |
| 32,755 (3) | | | HarborView Mortgage Loan Trust 2005- 2 2A1A, 5.910%, (TSFR1M + 0.554%), 05/19/2035 | | | 29,719 | | | | 0.0 | |
| 73,835 (3) | | | HomeBanc Mortgage Trust 2004-1 2A, 6.330%, (TSFR1M + 0.974%), 08/25/2029 | | | 70,938 | | | | 0.0 | |
| 1,491,935 (3) | | | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.680%, (TSFR1M + 0.534%), 02/25/2046 | | | 1,059,032 | | | | 0.1 | |
| 3,531 (3) | | | JP Morgan Mortgage Trust 2005-A1 6T1, 4.263%, 02/25/2035 | | | 3,258 | | | | 0.0 | |
| 35,268 (3) | | | JP Morgan Mortgage Trust 2007-A1 5A5, 5.044%, 07/25/2035 | | | 34,595 | | | | 0.0 | |
| 929,474 (1)(3) | | | JP Morgan Mortgage Trust 2017-6 B3, 3.778%, 12/25/2048 | | | 830,283 | | | | 0.0 | |
| 1,437,955 (1)(3) | | | JP Morgan Mortgage Trust 2018-1 B1, 3.612%, 06/25/2048 | | | 1,274,075 | | | | 0.1 | |
| 1,437,886 (1)(3) | | | JP Morgan Mortgage Trust 2018-1 B2, 3.612%, 06/25/2048 | | | 1,270,565 | | | | 0.1 | |
| 1,778,146 (1)(3) | | | JP Morgan Mortgage Trust 2018-1 B3, 3.612%, 06/25/2048 | | | 1,501,622 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,832,794 (1)(3) | | | JP Morgan Mortgage Trust 2019-8 B3A, 3.386%, 03/25/2050 | | $ | 1,550,613 | | | | 0.1 | |
| 1,325,773 (1)(3) | | | JP Morgan Mortgage Trust 2020-8 B2, 3.505%, 03/25/2051 | | | 1,110,913 | | | | 0.1 | |
| 1,759,762 (1)(3) | | | JP Morgan Mortgage Trust 2020-8 B3, 3.505%, 03/25/2051 | | | 1,490,798 | | | | 0.1 | |
| 6,478,209 (3)(6) | | | Lehman Mortgage Trust 2006-9 2A5, 1.150%, (-1.000*TSFR1M + 6.506%), 01/25/2037 | | | 673,476 | | | | 0.0 | |
| 25,546 (3) | | | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 4.756%, 05/25/2033 | | | 24,455 | | | | 0.0 | |
| 10,794 (3) | | | Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 5.970%, (TSFR1M + 0.614%), 11/25/2035 | | | 10,097 | | | | 0.0 | |
| 2,000,000 (3) | | | Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 7.270%, (TSFR1M + 1.914%), 09/25/2035 | | | 1,967,226 | | | | 0.1 | |
| 1,152,158 (1)(3) | | | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 | | | 1,108,554 | | | | 0.1 | |
| 10,879 (1)(3) | | | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030 | | | 10,534 | | | | 0.0 | |
| 2,900,000 (1)(3) | | | Oaktown Re VII Ltd. 2021-2 M1C, 8.687%, (SOFR30A + 3.350%), 04/25/2034 | | | 2,929,024 | | | | 0.1 | |
| 953,497,005 (1)(6) | | | PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048 | | | 3,514,733 | | | | 0.2 | |
| 322,384 | | | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | | | 272,234 | | | | 0.0 | |
| 1,110 | | | RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032 | | | 1,086 | | | | 0.0 | |
| 1,431,203 | | | Seasoned Credit Risk Transfer Trust 2017- 4 M45T, 4.500%, 06/25/2057 | | | 1,360,539 | | | | 0.1 | |
| 621,527 | | | Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057 | | | 532,242 | | | | 0.0 | |
| 829,319 | | | Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057 | | | 705,150 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 656,251 | | | Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058 | | $ | 556,085 | | | | 0.0 | |
| 663,782 | | | Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058 | | | 566,989 | | | | 0.0 | |
| 850,943 | | | Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058 | | | 722,353 | | | | 0.0 | |
| 172,727 | | | Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058 | | | 146,991 | | | | 0.0 | |
| 21,088 (3) | | | Sequoia Mortgage Trust 2003-4 2A1, 6.172%, (TSFR1M + 0.814%), 07/20/2033 | | | 19,231 | | | | 0.0 | |
| 8,544 (3) | | | Sequoia Mortgage Trust 2005-4 2A1, 6.164%, 04/20/2035 | | | 8,447 | | | | 0.0 | |
| 565,387 (1)(3) | | | Sequoia Mortgage Trust 2015-2 B3, 3.763%, 05/25/2045 | | | 487,218 | | | | 0.0 | |
| 774,636 (1)(3) | | | Sequoia Mortgage Trust 2015-3 B3, 3.726%, 07/25/2045 | | | 564,639 | | | | 0.0 | |
| 93,941 (1)(3) | | | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | | | 86,169 | | | | 0.0 | |
| 1,924,572 (1)(3) | | | Sequoia Mortgage Trust 2020-3 B3, 3.320%, 04/25/2050 | | | 1,597,163 | | | | 0.1 | |
| 698,000 (1)(3) | | | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | | | 603,007 | | | | 0.0 | |
| 436,846 (3) | | | Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 6.064%, 04/25/2035 | | | 398,321 | | | | 0.0 | |
| 24,639 (3) | | | Structured Adjustable Rate Mortgage Loan Trust Series 2005- 17 3A1, 4.672%, 08/25/2035 | | | 21,149 | | | | 0.0 | |
| 71,705 (3) | | | Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 5.970%, (TSFR1M + 0.614%), 07/19/2035 | | | 68,613 | | | | 0.0 | |
| 47,195 (3) | | | Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 5.970%, (TSFR1M + 0.614%), 07/19/2035 | | | 42,753 | | | | 0.0 | |
| 106,667 (3) | | | Thornburg Mortgage Securities Trust 2006-5 A1, 5.080%, 10/25/2046 | | | 99,468 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 6,500,000 (1)(3) | | | Triangle Re Ltd. 2021-3 M1B, 8.237%, (SOFR30A + 2.900%), 02/25/2034 | | $ | 6,537,536 | | | | 0.3 | |
| 1,288,822 (1)(3) | | | Verus Securitization Trust 2021-4 A1, 0.938%, 07/25/2066 | | | 1,029,388 | | | | 0.1 | |
| 3,153 (3) | | | WaMu Mortgage Pass- Through Certificates 2002-AR2 A, 4.335%, (ECOFC + 1.250%), 02/27/2034 | | | 2,954 | | | | 0.0 | |
| 10,746 (3) | | | WaMu Mortgage Pass- Through Certificates 2002-AR9 1A, 6.412%, (12MTA + 1.400%), 08/25/2042 | | | 10,110 | | | | 0.0 | |
| 16,181 (3) | | | WaMu Mortgage Pass- Through Certificates 2005-AR1 A1A, 6.110%, (TSFR1M + 0.754%), 01/25/2045 | | | 15,226 | | | | 0.0 | |
| 29,266,956 (3)(6) | | | WaMu Mortgage Pass- Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | | | 28,800 | | | | 0.0 | |
| 395,505 (3) | | | WaMu Mortgage Pass- Through Certificates 2006-AR12 1A1, 4.490%, 10/25/2036 | | | 356,210 | | | | 0.0 | |
| 366,858 (3) | | | WaMu Mortgage Pass- Through Certificates 2006-AR12 2A3, 3.792%, 10/25/2036 | | | 327,964 | | | | 0.0 | |
| 676,428 (3) | | | WaMu Mortgage Pass- Through Certificates 2006-AR16 2A1, 4.339%, 12/25/2036 | | | 587,473 | | | | 0.0 | |
| 197,925 (3) | | | WaMu Mortgage Pass- Through Certificates 2006-AR7 3A, 6.060%, (12MTA + 1.048%), 07/25/2046 | | | 163,082 | | | | 0.0 | |
| 1,355,329 (3) | | | WaMu Mortgage Pass- Through Certificates 2006-AR8 1A4, 4.407%, 08/25/2046 | | | 1,202,009 | | | | 0.1 | |
| 1,194,879 (3) | | | WaMu Mortgage Pass- Through Certificates 2007-HY7 2A2, 3.769%, 07/25/2037 | | | 974,231 | | | | 0.1 | |
| 726,904 (3) | | | WaMu Mortgage Pass- Through Certificates Series Trust 2005- AR13 A1C3, 6.450%, (TSFR1M + 1.094%), 10/25/2045 | | | 677,415 | | | | 0.0 | |
| | | | | | | | | | | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |
| 1,151,914 (3) | | | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR10 A1, 5.670%, (TSFR1M + 0.314%), 12/25/2036 | | $ | 559,526 | | | | 0.0 | |
| 124,679 | | | Washington Mutual Mortgage Pass- Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | | | 110,661 | | | | 0.0 | |
| 689,972 (3) | | | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.900%, (TSFR1M + 0.544%), 06/25/2037 | | | 561,126 | | | | 0.0 | |
| 48,256 (3) | | | Wells Fargo Mortgage Backed Securities Trust 2005-AR7 1A1, 4.692%, 05/25/2035 | | | 48,980 | | | | 0.0 | |
| 136,420 (3) | | | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 4.773%, 04/25/2036 | | | 128,259 | | | | 0.0 | |
| 540,368 (1)(3) | | | WinWater Mortgage Loan Trust 2015-5 B4, 3.752%, 08/20/2045 | | | 488,479 | | | | 0.0 | |
| | | | Total Collateralized Mortgage Obligations (Cost $367,952,912) | | | 325,677,600 | | | | 14.1 | |
| | |
| ASSET-BACKED SECURITIES: 7.8% | |
| | | Automobile Asset-Backed Securities: 0.0% | |
| 350,000 (1) | | | GLS Auto Receivables Issuer Trust 2021-4A C, 1.940%, 10/15/2027 | | | 338,132 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Home Equity Asset-Backed Securities: 0.1% |
| 1,046,120 (1)(3) | | | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 | | | 825,406 | | | | 0.1 | |
| 176,390 (3) | | | Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 6.385%, (TSFR1M + 1.029%), 03/25/2035 | | | 175,808 | | | | 0.0 | |
| 42,394 (3) | | | Renaissance Home Equity Loan Trust 2003-2 A, 4.156%, (TSFR1M + 0.994%), 08/25/2033 | | | 38,690 | | | | 0.0 | |
| 609,753 (3) | | | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035 | | | 601,677 | | | | 0.0 | |
| | | | | | | 1,641,581 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | Other Asset-Backed Securities: 7.0% | |
| 2,000,000 (1)(3) | | | AGL CLO 12 Ltd. 2021-12A C, 7.527%, (TSFR3M + 2.112%), 07/20/2034 | | $ | 1,979,608 | | | | 0.1 | |
| 2,369,616 (1)(3)(6)(7) | | | American Homes 4 Rent Trust 2015- SFR1 XS, 3.232%, 04/17/2052 | | | — | | | | — | |
| 5,000,000 (1)(3) | | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.826%, (TSFR1M + 1.464%), 11/15/2036 | | | 4,978,071 | | | | 0.2 | |
| 3,470,000 (1)(3) | | | Barings CLO Ltd. 2017-1A A2, 7.007%, (TSFR3M + 1.612%), 07/18/2029 | | | 3,462,179 | | | | 0.2 | |
| 4,393,000 (1)(3) | | | Barings CLO Ltd. 2018-3A A2, 6.977%, (TSFR3M + 1.562%), 07/20/2029 | | | 4,400,688 | | | | 0.2 | |
| 744,167 (1) | | | Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046 | | | 661,091 | | | | 0.0 | |
| 373,475 (3) | | | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 5.602%, 10/25/2036 | | | 368,887 | | | | 0.0 | |
| 2,250,000 (1)(3) | | | Benefit Street Partners CLO IV Ltd. 2014- IVA BRRR, 7.827%, (TSFR3M + 2.412%), 01/20/2032 | | | 2,245,988 | | | | 0.1 | |
| 1,950,000 (1)(3) | | | Benefit Street Partners CLO XVIII Ltd. 2019- 18A A2R, 7.105%, (TSFR3M + 1.712%), 10/15/2034 | | | 1,943,132 | | | | 0.1 | |
| 1,450,000 (1)(3) | | | BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.655%, (TSFR3M + 2.262%), 04/15/2034 | | | 1,424,471 | | | | 0.1 | |
| 5,000,000 (1)(3) | | | BlueMountain CLO XXXI Ltd. 2021-31A C, 7.658%, (TSFR3M + 2.262%), 04/19/2034 | | | 4,915,080 | | | | 0.2 | |
| 2,308,875 (1) | | | Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050 | | | 2,164,604 | | | | 0.1 | |
| 3,490,000 (1)(3) | | | Broad River Bsl Funding Clo Ltd. 2020-1A AR, 6.847%, (TSFR3M + 1.432%), 07/20/2034 | | | 3,487,438 | | | | 0.2 | |
| 3,000,000 (1)(3) | | | Broad River Bsl Funding Clo Ltd. 2020-1A CR, 7.677%, (TSFR3M + 2.262%), 07/20/2034 | | | 2,945,151 | | | | 0.1 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | Other Asset-Backed Securities: (continued) | |
| 1,750,000 (1)(3) | | | California Street CLO IX L.P. 2012-9A CR3, 8.155%, (TSFR3M + 2.762%), 07/16/2032 | | $ | 1,731,972 | | | | 0.1 | |
| 2,400,000 (1)(3) | | | Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 6.794%, (TSFR3M + 1.392%), 04/17/2031 | | | 2,358,994 | | | | 0.1 | |
| 5,500,000 (1)(3) | | | Carlyle Global Market Strategies CLO Ltd. 2016-1A BR2, 7.727%, (TSFR3M + 2.312%), 04/20/2034 | | | 5,393,663 | | | | 0.2 | |
| 3,250,000 (1)(3) | | | Cedar Funding IV CLO Ltd. 2014-4A CRR, 7.674%, (TSFR3M + 2.262%), 07/23/2034 | | | 3,196,645 | | | | 0.1 | |
| 3,000,000 (1)(3) | | | Cedar Funding VIII Clo Ltd. 2017-8A A2R, 7.114%, (TSFR3M + 1.712%), 10/17/2034 | | | 3,003,903 | | | | 0.1 | |
| 33,059 (3) | | | Chase Funding Trust Series 2002-4 2A1, 6.210%, (TSFR1M + 0.854%), 10/25/2032 | | | 32,305 | | | | 0.0 | |
| 106,708 (3) | | | Chase Funding Trust Series 2003-5 2A2, 6.070%, (TSFR1M + 0.714%), 07/25/2033 | | | 103,795 | | | | 0.0 | |
| 963,853 (1) | | | CLI Funding VIII LLC 2022-1A A, 2.720%, 01/18/2047 | | | 852,749 | | | | 0.0 | |
| 909,625 (1) | | | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 | | | 879,025 | | | | 0.0 | |
| 478,750 (1) | | | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 | | | 462,488 | | | | 0.0 | |
| 288,750 (1) | | | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | | | 264,127 | | | | 0.0 | |
| 1,333,500 (1) | | | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | | | 1,292,765 | | | | 0.1 | |
| 7,500,000 (1)(3) | | | FS Rialto 2021-FL3 A, 6.723%, (TSFR1M + 1.364%), 11/16/2036 | | | 7,415,745 | | | | 0.3 | |
| 97,871 (3) | | | GSAMP Trust 2007- FM1 A2A, 5.540%, (TSFR1M + 0.184%), 12/25/2036 | | | 46,182 | | | | 0.0 | |
| 781,503 (1) | | | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | | | 728,614 | | | | 0.0 | |
| 500,000 (1)(3) | | | HGI CRE CLO Ltd. 2022-FL3 A, 7.038%, (SOFR30A + 1.700%), 04/20/2037 | | | 500,876 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | Other Asset-Backed Securities: (continued) |
| 10,000,000 (1)(3) | | | LCM 26 Ltd. 26A A2, 6.927%, (TSFR3M + 1.512%), 01/20/2031 | | $ | 9,888,460 | | | | 0.4 | |
| 2,450,000 (1)(3) | | | LCM 30 Ltd. 30A CR, 7.677%, (TSFR3M + 2.262%), 04/20/2031 | | | 2,385,702 | | | | 0.1 | |
| 58,753 (3) | | | Long Beach Mortgage Loan Trust 2004-4 1A1, 6.030%, (TSFR1M + 0.674%), 10/25/2034 | | | 56,187 | | | | 0.0 | |
| 2,090,000 (1)(3) | | | Madison Park Funding XLVIII Ltd. 2021-48A C, 7.658%, (TSFR3M + 2.262%), 04/19/2033 | | | 2,094,523 | | | | 0.1 | |
| 1,650,000 (1)(3) | | | Madison Park Funding XXI Ltd. 2016-21A ABRR, 7.055%, (TSFR3M + 1.662%), 10/15/2032 | | | 1,649,269 | | | | 0.1 | |
| 3,532,000 (1)(3) | | | MF1 Ltd. 2021-FL7 AS, 6.923%, (TSFR1M + 1.564%), 10/16/2036 | | | 3,436,661 | | | | 0.1 | |
| 2,500,000 (1)(3) | | | MF1 Ltd. 2022-FL8 A, 6.706%, (TSFR1M + 1.350%), 02/19/2037 | | | 2,470,040 | | | | 0.1 | |
| 1,156,533 (1) | | | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | | | 1,072,995 | | | | 0.0 | |
| 354,873 (1) | | | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | | | 319,775 | | | | 0.0 | |
| 1,345,426 (1) | | | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | | | 1,248,188 | | | | 0.1 | |
| 5,050,000 (1)(3) | | | OCP CLO Ltd. 2021- 21A C, 7.577%, (TSFR3M + 2.162%), 07/20/2034 | | | 4,967,629 | | | | 0.2 | |
| 4,000,000 (1)(3) | | | Octagon Investment Partners XV Ltd. 2013-1A A2R, 7.008%, (TSFR3M + 1.612%), 07/19/2030 | | | 3,936,680 | | | | 0.2 | |
| 1,500,000 (1)(3) | | | OHA Credit Funding 8 Ltd. 2021-8A C, 7.557%, (TSFR3M + 2.162%), 01/18/2034 | | | 1,494,870 | | | | 0.1 | |
| 1,800,000 (1)(3) | | | OHA Credit Funding 9 Ltd. 2021-9A C, 7.558%, (TSFR3M + 2.162%), 07/19/2035 | | | 1,794,037 | | | | 0.1 | |
| 4,000,000 (1)(3) | | | Palmer Square CLO Ltd. 2013-2A BR3, 7.514%, (TSFR3M + 2.112%), 10/17/2031 | | | 3,972,060 | | | | 0.2 | |
| 7,000,000 (1)(3) | | | Palmer Square CLO Ltd. 2021-2A C, 7.455%, (TSFR3M + 2.062%), 07/15/2034 | | | 6,912,458 | | | | 0.3 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | Other Asset-Backed Securities: (continued) |
| 2,000,000 (1)(3) | | | Palmer Square CLO Ltd. 2021-3A A2, 7.055%, (TSFR3M + 1.662%), 01/15/2035 | | $ | 2,003,430 | | | | 0.1 | |
| 152,691 (3) | | | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.526%, 01/25/2036 | | | 150,008 | | | | 0.0 | |
| 2,450,000 (1)(3) | | | Rockland Park CLO Ltd. 2021-1A C, 7.577%, (TSFR3M + 2.162%), 04/20/2034 | | | 2,438,426 | | | | 0.1 | |
| 50,251 (3) | | | Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 5.630%, (TSFR1M + 0.274%), 11/25/2036 | | | 14,377 | | | | 0.0 | |
| 1,498,333 (1) | | | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | | | 1,417,642 | | | | 0.1 | |
| 2,600,000 (1)(3) | | | Sound Point CLO XXIX Ltd. 2021-1A C1, 7.940%, (TSFR3M + 2.562%), 04/25/2034 | | | 2,538,383 | | | | 0.1 | |
| 2,800,000 (1)(3) | | | Sound Point CLO XXVI Ltd. 2020-1A C1R, 7.877%, (TSFR3M + 2.462%), 07/20/2034 | | | 2,752,506 | | | | 0.1 | |
| 1,761,563 (1) | | | Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049 | | | 1,682,061 | | | | 0.1 | |
| 8,200,000 (1)(3) | | | Symphony CLO XXV Ltd. 2021-25A C, 7.708%, (TSFR3M + 2.312%), 04/19/2034 | | | 8,069,267 | | | | 0.4 | |
| 1,714,500 (1) | | | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 | | | 1,673,930 | | | | 0.1 | |
| 6,000,000 (1)(3) | | | TCW CLO Ltd. 2020- 1A CRR, 7.727%, (TSFR3M + 2.312%), 04/20/2034 | | | 5,903,940 | | | | 0.3 | |
| 7,100,000 (1)(3) | | | TCW CLO Ltd. 2023-1A C, 8.890%, (TSFR3M + 3.500%), 04/28/2036 | | | 7,179,130 | | | | 0.3 | |
| 7,000,000 (1)(3) | | | THL Credit Wind River CLO Ltd. 2017-3A CR, 8.155%, (TSFR3M + 2.762%), 04/15/2035 | | | 6,940,745 | | | | 0.3 | |
| 7,000,000 (1)(3) | | | Trinitas Clo VII Ltd. 2017-7A A1R, 6.840%, (TSFR3M + 1.462%), 01/25/2035 | | | 7,008,477 | | | | 0.3 | |
| 1,072,750 (1) | | | Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046 | | | 936,268 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| ASSET-BACKED SECURITIES: (continued) | |
| | | Other Asset-Backed Securities: (continued) |
| 70,504 | | | United States Small Business Administration 2007-20L 1, 5.290%, 12/01/2027 | | $ | 70,122 | | | | 0.0 | |
| | | | | | | 161,718,482 | | | | 7.0 | |
| | | Student Loan Asset-Backed Securities: 0.7% |
| 411,061 (1) | | | Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045 | | | 385,806 | | | | 0.0 | |
| 340,279 (1) | | | Commonbond Student Loan Trust-GS 2017- BGS B, 3.260%, 09/25/2042 | | | 305,581 | | | | 0.0 | |
| 264,037 (1) | | | Commonbond Student Loan Trust-GS 2018- AGS A1, 3.210%, 02/25/2044 | | | 244,891 | | | | 0.0 | |
| 1,808,272 (1) | | | Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042 | | | 1,724,437 | | | | 0.1 | |
| 1,550,000 (1) | | | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | | | 1,350,931 | | | | 0.0 | |
| 1,500,000 (1) | | | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | | | 1,415,668 | | | | 0.1 | |
| 2,500,000 (1)(3) | | | Sofi Professional Loan Program LLC 2017-C B, 3.560%, 07/25/2040 | | | 2,401,362 | | | | 0.1 | |
| 2,200,000 (1) | | | Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042 | | | 2,008,785 | | | | 0.1 | |
| 2,100,000 (1) | | | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | | | 1,907,921 | | | | 0.1 | |
| 5,000,000 (1) | | | Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047 | | | 4,601,057 | | | | 0.2 | |
| 458,184 (1) | | | Sofi Professional Loan Program Trust 2018- C A2FX, 3.590%, 01/25/2048 | | | 444,969 | | | | 0.0 | |
| 1,000,000 (1) | | | Sofi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | | | 912,931 | | | | 0.0 | |
| | | | | | | 17,704,339 | | | | 0.7 | |
| | | Total Asset-Backed Securities (Cost $185,136,169) | | | 181,402,534 | | | | 7.8 | |
| U.S. TREASURY OBLIGATIONS: 7.8% | |
| | | | United States Treasury Bonds: 3.5% |
| 17,000 | | | 1.250%, 05/15/2050 | | | 9,166 | | | | 0.0 | |
| 920,000 | | | 1.375%, 11/15/2040 | | | 610,830 | | | | 0.0 | |
| 77,000 | | | 1.625%, 11/15/2050 | | | 45,899 | | | | 0.0 | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. TREASURY OBLIGATIONS: (continued) | |
| | | United States Treasury Bonds (continued) |
| 100 | | | 2.000%, 11/15/2041 | | $ | 72 | | | | 0.0 | |
| 3,046,300 | | | 2.875%, 05/15/2052 | | | 2,426,330 | | | | 0.1 | |
| 4,011,100 | | | 3.250%, 05/15/2042 | | | 3,520,994 | | | | 0.1 | |
| 10,496,400 | | | 4.125%, 08/15/2053 | | | 10,612,845 | | | | 0.5 | |
| 60,008,300 (2) | | | 4.750%, 11/15/2043 | | | 64,387,031 | | | | 2.8 | |
| | | | | | | 81,613,167 | | | | 3.5 | |
| | | | United States Treasury Notes: 4.3% |
| 4,197,000 (2) | | | 0.250%, 06/15/2024 | | | 4,105,445 | | | | 0.2 | |
| 170,000 | | | 0.875%, 06/30/2026 | | | 157,227 | | | | 0.0 | |
| 1,757,900 | | | 1.250%, 11/30/2026 | | | 1,625,439 | | | | 0.1 | |
| 8,250,800 | | | 1.250%, 09/30/2028 | | | 7,313,400 | | | | 0.3 | |
| 139,400 | | | 1.500%, 01/31/2027 | | | 129,416 | | | | 0.0 | |
| 1,600,500 | | | 1.500%, 11/30/2028 | | | 1,431,635 | | | | 0.1 | |
| 54,300 | | | 2.750%, 04/30/2027 | | | 52,239 | | | | 0.0 | |
| 1,315,300 | | | 2.750%, 08/15/2032 | | | 1,204,912 | | | | 0.1 | |
| 10,106,800 | | | 3.750%, 12/31/2028 | | | 10,061,793 | | | | 0.4 | |
| 6,702,000 | | | 4.250%, 12/31/2025 | | | 6,701,215 | | | | 0.3 | |
| 6,942,600 | | | 4.250%, 12/15/2026 | | | 7,011,484 | | | | 0.3 | |
| 2,152,800 | | | 4.375%, 11/30/2028 | | | 2,203,256 | | | | 0.1 | |
| 5,836,000 | | | 4.375%, 11/30/2030 | | | 6,002,417 | | | | 0.3 | |
| 42,398,700 | | | 4.500%, 11/15/2033 | | | 44,525,260 | | | | 1.9 | |
| 5,684,000 | | | 4.875%, 11/30/2025 | | | 5,743,282 | | | | 0.2 | |
| | | | | | | 98,268,420 | | | | 4.3 | |
| | | Total U.S. Treasury Obligations (Cost $175,980,331) | | | 179,881,587 | | | | 7.8 | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.1% | |
| 2,000,000 (1)(3) | | | AREIT LLC 2023-CRE8 A, 7.470%, (TSFR1M + 2.112%), 02/17/2028 | | | 2,002,286 | | | | 0.1 | |
| 12,135,686 (3)(6) | | | BANK 2019-BN16 XA, 0.940%, 02/15/2052 | | | 465,507 | | | | 0.0 | |
| 50,180,428 (3)(6) | | | BANK 2019-BN19 XA, 0.942%, 08/15/2061 | | | 2,045,517 | | | | 0.1 | |
| 22,800,000 (1)(3)(6) | | | BBCCRE Trust 2015- GTP XA, 0.597%, 08/10/2033 | | | 190,317 | | | | 0.0 | |
| 26,576,851 (3)(6) | | | Benchmark Mortgage Trust 2019-B12 XA, 1.024%, 08/15/2052 | | | 1,007,873 | | | | 0.0 | |
| 18,750,146 (3)(6) | | | Benchmark Mortgage Trust 2019-B9 XA, 1.016%, 03/15/2052 | | | 741,392 | | | | 0.0 | |
| 1,700,000 (1)(3) | | | BIG Commercial Mortgage Trust 2022- BIG B, 7.103%, (TSFR1M + 1.741%), 02/15/2039 | | | 1,659,136 | | | | 0.1 | |
| 3,537,000 (1)(8) | | | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | | | 2,517,852 | | | | 0.1 | |
| 1,348,000 (1) | | | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.451%, 05/25/2052 | | | 1,026,980 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,000,000 (1)(3) | | BOCA Commercial Mortgage Trust 2022- BOCA A, 7.131%, (TSFR1M + 1.770%), 05/15/2039 | | $ | 995,840 | | | | 0.0 | |
| 383,131 (1)(3) | | BX 2021-MFM1 D, 6.976%, (TSFR1M + 1.614%), 01/15/2034 | | | 374,000 | | | | 0.0 | |
| 2,940,000 (1)(3) | | BX Commercial Mortgage Trust 2021- 21M E, 7.647%, (TSFR1M + 2.285%), 10/15/2036 | | | 2,820,214 | | | | 0.1 | |
| 2,500,000 (1)(3) | | BX Trust 2019-ATL B, 6.863%, (TSFR1M + 1.501%), 10/15/2036 | | | 2,429,247 | | | | 0.1 | |
| 5,000,000 (1)(3) | | BX Trust 2021-ARIA A, 6.376%, (TSFR1M + 1.014%), 10/15/2036 | | | 4,892,923 | | | | 0.2 | |
| 1,000,000 (1)(3) | | BX Trust 2023-DELC A, 8.052%, (TSFR1M + 2.690%), 05/15/2038 | | | 1,004,367 | | | | 0.0 | |
| 16,533,795 (3)(6) | | CD Mortgage Trust 2016-CD1 XA, 1.362%, 08/10/2049 | | | 395,843 | | | | 0.0 | |
| 4,500,000 | | CD Mortgage Trust 2018-CD7 A4, 4.279%, 08/15/2051 | | | 4,237,991 | | | | 0.2 | |
| 33,843,999 (3)(6) | | Citigroup Commercial Mortgage Trust 2017- P8 XA, 0.867%, 09/15/2050 | | | 824,235 | | | | 0.0 | |
| 46,290,165 (3)(6) | | Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.666%, 06/10/2051 | | | 1,168,109 | | | | 0.1 | |
| 1,000,000 (1)(3) | | Citigroup Commercial Mortgage Trust 2023- SMRT C, 5.852%, 10/12/2040 | | | 985,091 | | | | 0.0 | |
| 131,618 (3)(6) | | COMM Mortgage Trust 2012-CR3 XA, 0.879%, 10/15/2045 | | | 610 | | | | 0.0 | |
| 65,166,000 (1)(3)(6) | | COMM Mortgage Trust 2012-CR4 XB, 0.401%, 10/15/2045 | | | 694,184 | | | | 0.0 | |
| 65,974,176 (3)(6) | | COMM Mortgage Trust 2016-CR28 XA, 0.665%, 02/10/2049 | | | 700,722 | | | | 0.0 | |
| 3,906,000 (1)(3) | | COMM Mortgage Trust 2020-CBM F, 3.633%, 02/10/2037 | | | 3,590,705 | | | | 0.2 | |
| 500,000 (3) | | CSAIL Commercial Mortgage Trust 2018- C14 B, 4.902%, 11/15/2051 | | | 434,519 | | | | 0.0 | |
| 750,000 (1) | | CSAIL Commercial Mortgage Trust 2020- C19 E, 2.500%, 03/15/2053 | | | 273,792 | | | | 0.0 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 2,736,000 (1)(3) | | CSWF 2021-SOP2 D, 7.793%, (TSFR1M + 2.431%), 06/15/2034 | | $ | 2,000,528 | | | | 0.1 | |
| 5,000,000 (1) | | DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040 | | | 5,166,111 | | | | 0.2 | |
| 2,000,000 (1)(3) | | DTP Commercial Mortgage Trust 2023- STE2 A, 6.038%, 01/15/2041 | | | 1,975,273 | | | | 0.1 | |
| 1,866,880 (1)(3) | | Extended Stay America Trust 2021-ESH A, 6.556%, (TSFR1M + 1.194%), 07/15/2038 | | | 1,851,041 | | | | 0.1 | |
| 10,238,178 | | Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037 | | | 1,331,923 | | | | 0.1 | |
| 2,300,000 (1)(8) | | FREMF Mortgage Trust 2019-KG01 C, 0.000%, 05/25/2029 | | | 1,439,075 | | | | 0.1 | |
| 66,051,875 (1)(6) | | FREMF Mortgage Trust 2019-KG01 X2A, 0.100%, 04/25/2029 | | | 183,505 | | | | 0.0 | |
| 7,380,000 (1)(6) | | FREMF Mortgage Trust 2019-KG01 X2B, 0.100%, 05/25/2029 | | | 28,723 | | | | 0.0 | |
| 1,000,000 (1)(3) | | FRR Re-REMIC Trust 2018-C1 B725, 1.908%, 02/27/2050 | | | 984,944 | | | | 0.0 | |
| 3,000,000 (1)(8) | | FRR Re-REMIC Trust 2018-C1 C725, 0.000%, 02/27/2050 | | | 2,957,937 | | | | 0.1 | |
| 4,158,000 (1)(8) | | GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050 | | | 3,128,528 | | | | 0.1 | |
| 8,097,000 (1)(8) | | GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050 | | | 5,854,510 | | | | 0.3 | |
| 3,030,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049 | | | 2,305,234 | | | | 0.1 | |
| 4,451,000 (1) | | GAM RE-REMIC Trust 2022-FRR3 BK71, 2.010%, 11/27/2050 | | | 3,560,648 | | | | 0.2 | |
| 2,598,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | | | 1,709,622 | | | | 0.1 | |
| 1,723,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050 | | | 1,606,159 | | | | 0.1 | |
| 1,756,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | | | 1,552,899 | | | | 0.1 | |
| 2,125,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 CK61, 0.000%, 11/27/2049 | | | 1,538,005 | | | | 0.1 | |
| 1,724,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050 | | | 1,586,249 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,388,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 DK41, 0.000%, 10/27/2047 | | $ | 1,287,022 | | | | 0.1 | |
| 1,755,000 (1)(8) | | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | | | 1,515,499 | | | | 0.1 | |
| 2,845,000 (1) | | GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.410%, 09/27/2051 | | | 2,155,508 | | | | 0.1 | |
| 2,164,000 (1)(8) | | GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051 | | | 1,961,709 | | | | 0.1 | |
| 2,631,000 (1)(8) | | GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051 | | | 2,361,788 | | | | 0.1 | |
| 1,140,000 (1) | | GAM RE-REMIC TRUST 2021-FRR2 CK49, 1.020%, 09/27/2051 | | | 1,008,768 | | | | 0.0 | |
| 1,817,000 (1)(8) | | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | | | 1,136,957 | | | | 0.1 | |
| 2,163,000 (1)(8) | | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | | | 1,931,321 | | | | 0.1 | |
| 2,140,000 (1)(8) | | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | | | 1,819,483 | | | | 0.1 | |
| 2,000,000 (1)(3) | | GS Mortgage Securities Corp. Trust 2021- ARDN A, 6.726%, (TSFR1M + 1.364%), 11/15/2036 | | | 1,944,958 | | | | 0.1 | |
| 37,199,099 (3)(6) | | GS Mortgage Securities Trust 2014-GC22 XA, 0.929%, 06/10/2047 | | | 55,086 | | | | 0.0 | |
| 104,662,641 (3)(6) | | GS Mortgage Securities Trust 2019-GC42 XA, 0.802%, 09/10/2052 | | | 3,455,301 | | | | 0.2 | |
| 37,095,757 (3)(6) | | JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP4 XA, 0.574%, 12/15/2049 | | | 469,783 | | | | 0.0 | |
| 1,754,909 (3)(6) | | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.915%, 10/15/2048 | | | 14,392 | | | | 0.0 | |
| 2,978,474 (1)(3) | | KIND Trust 2021-KIND A, 6.426%, (TSFR1M + 1.064%), 08/15/2038 | | | 2,865,364 | | | | 0.1 | |
| 688,079 (1)(3) | | Life Mortgage Trust 2021-BMR F, 7.826%, (TSFR1M + 2.464%), 03/15/2038 | | | 651,650 | | | | 0.0 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 5,000,000 (1)(3) | | Life Mortgage Trust 2022-BMR2 A1, 6.657%, (TSFR1M + 1.295%), 05/15/2039 | | $ | 4,895,038 | | | | 0.2 | |
| 1,377,390 (1)(3) | | Med Trust 2021-MDLN D, 7.476%, (TSFR1M + 2.114%), 11/15/2038 | | | 1,343,725 | | | | 0.1 | |
| 4,850,000 (1)(3) | | PFP Ltd. 2023-10 A, 7.723%, (TSFR1M + 2.365%), 09/16/2038 | | | 4,861,139 | | | | 0.2 | |
| 1,350,000 (1) | | RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049 | | | 1,127,297 | | | | 0.0 | |
| 1,140,000 (1)(3) | | RFM Reremic Trust 2022-FRR1 AB60, 2.420%, 11/08/2049 | | | 965,794 | | | | 0.0 | |
| 420,000 (1)(8) | | RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049 | | | 339,655 | | | | 0.0 | |
| 530,000 (1)(8) | | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | | | 402,001 | | | | 0.0 | |
| 21,321,233 (3)(6) | | Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.008%, 12/15/2047 | | | 139,226 | | | | 0.0 | |
| 24,655,864 (3)(6) | | Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.521%, 04/15/2054 | | | 1,859,835 | | | | 0.1 | |
| | | Total Commercial Mortgage-Backed Securities
(Cost $122,012,321) | | | 118,808,465 | | | | 5.1 | |
| | | | | | | | | | | |
| MUNICIPAL BONDS: 0.1% |
| | | California: 0.1% |
| 500,000 | | California State University, 6.434%, 11/01/2030 | | | 539,170 | | | | 0.1 | |
| 200,000 | | Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033 | | | 224,253 | | | | 0.0 | |
| 300,000 | | Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040 | | | 371,368 | | | | 0.0 | |
| 200,000 | | Regents of the University of California Medical Center Pooled Revenue H, 6.398%, 05/15/2031 | | | 213,925 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| MUNICIPAL BONDS: (continued) |
| | | California: (continued) |
| 300,000 | | Regents of the University of California Medical Center Pooled Revenue H, 6.548%, 05/15/2048 | | $ | 351,329 | | | | 0.0 | |
| | | | | | 1,700,045 | | | | 0.1 | |
| | | Total Municipal Bonds
(Cost $1,500,000) | | | 1,700,045 | | | | 0.1 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| MUTUAL FUNDS: 14.6% | |
| | | Affiliated Investment Companies: 14.6% |
| 5,864,608 | | Voya VACS Series EMCD Fund | | | 50,025,107 | | | | 2.2 | |
| 9,197,688 | | Voya VACS Series EMHCD Fund | | | 95,931,889 | | | | 4.1 | |
| 6,942,112 | | Voya VACS Series HYB Fund | | | 71,503,754 | | | | 3.1 | |
| 11,907,527 | | Voya VACS Series SC Fund | | | 121,814,000 | | | | 5.2 | |
| | | | | | 339,274,750 | | | | 14.6 | |
| | | Total Mutual Funds
(Cost $336,366,410) | | | 339,274,750 | | | | 14.6 | |
| PURCHASED OPTIONS(9): 0.0% | | | | | | | | |
| | | Total Purchased Options
(Cost $926,785) | | | 110,965 | | | | 0.0 | |
| | | Total Long-Term Investments
(Cost $2,308,548,556) | | | 2,245,219,871 | | | | 96.9 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 7.2% | |
| | | Commercial Paper: 1.9% |
| 2,157,000 | | American Electric Power Co., Inc., 6.240%, 01/18/2024 | | | 2,150,378 | | | | 0.1 | |
| 8,000,000 | | Dominion Energy, Inc., 6.110%, 01/23/2024 | | | 7,969,306 | | | | 0.3 | |
| 1,448,000 | | Dominion Energy, Inc., 6.250%, 01/17/2024 | | | 1,443,798 | | | | 0.1 | |
| 5,500,000 | | Duke Energy Co., 9.180%, 01/03/2024 | | | 5,495,854 | | | | 0.2 | |
| 7,000,000 | | Enbridge (US) Inc., 8.420%, 01/04/2024 | | | 6,993,550 | | | | 0.3 | |
| 15,000,000 | | Exelon Corp., 6.920%, 01/08/2024 | | | 14,977,283 | | | | 0.7 | |
| 4,000,000 | | Keurig Dr. Pepper, Inc., 6.300%, 01/16/2024 | | | 3,988,978 | | | | 0.2 | |
| | | Total Commercial Paper
(Cost $43,037,994) | | | 43,019,147 | | | | 1.9 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Time Deposits: 0.4% |
| 2,020,000 (10) | | Canadian Imperial Bank of Commerce, 5.310%, 01/02/2024 | | $ | 2,020,000 | | | | 0.1 | |
| 1,990,000 (10) | | Credit Agricole Corporate and Investment Bank, 5.300%, 01/02/2024 | | | 1,990,000 | | | | 0.0 | |
| 2,000,000 (10) | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 01/02/2024 | | | 2,000,000 | | | | 0.1 | |
| 1,990,000 (10) | | Mizuho Bank Ltd., 5.320%, 01/02/2024 | | | 1,990,000 | | | | 0.1 | |
| 1,990,000 (10) | | Royal Bank of Canada, 5.320%, 01/02/2024 | | | 1,990,000 | | | | 0.1 | |
| | | Total Time Deposits
(Cost $9,990,000) | | | 9,990,000 | | | | 0.4 | |
| | | | | | | | | | | |
| | | Repurchase Agreements: 3.1% |
| 6,379,239 (10) | | Bethesda Securities LLC, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $6,383,063, collateralized by various U.S. Government Agency Obligations, 2.000%-5.881%, Market Value plus accrued interest $6,506,824, due 10/01/27-01/01/57) | | | 6,379,239 | | | | 0.3 | |
| 15,382,771 (10) | | Cantor Fitzgerald, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $15,391,992, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.613%, Market Value plus accrued interest $15,690,426, due 08/01/25-09/20/73) | | | 15,382,771 | | | | 0.7 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Repurchase Agreements (continued) |
| 8,277,418 (10) | | Citadel Securities LLC, Repurchase Agreement dated 12/29/2023, 5.480%, due 01/02/2024 (Repurchase Amount $8,282,389, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $8,448,107, due 01/23/24-11/15/53) | | $ | 8,277,418 | | | | 0.4 | |
| 7,425,303 (10) | | Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/29/2023, 5.500%, due 01/02/2024 (Repurchase Amount $7,429,779, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.000%, Market Value plus accrued interest $7,578,438, due 02/02/24-04/20/71) | | | 7,425,303 | | | | 0.3 | |
| 5,462,061 (10) | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $5,465,263, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $5,571,302, due 02/01/35-09/01/52) | | | 5,462,061 | | | | 0.2 | |
| 15,000,000 (10) | | National Bank Financial, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $15,008,778, collateralized by various U.S. Government Securities, 0.125%- 4.375%, Market Value plus accrued interest $15,300,034, due 01/02/24-09/09/49) | | | 15,000,000 | | | | 0.6 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Repurchase Agreements (continued) |
| 14,458,922 (10) | | State of Wisconsin Investment Board, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $14,467,589, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $14,737,485, due 04/15/25-02/15/53) | | $ | 14,458,922 | | | | 0.6 | |
| | | Total Repurchase Agreements
(Cost $72,385,714) | | | 72,385,714 | | | | 3.1 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| | | Mutual Funds: 1.8% | | | | | | | |
| 40,703,000 (11) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $40,703,000) | | $ | 40,703,000 | | | | 1.8 | |
| | | | | | | | | | | |
| | | Total Short-Term Investments
(Cost $166,116,708) | | | 166,097,861 | | | | 7.2 | |
| | | Total Investments in Securities
(Cost $2,474,665,264) | | $ | 2,411,317,732 | | | | 104.1 | |
| | | Liabilities in Excess of Other Assets | | | (95,519,841 | ) | | | (4.1) | |
| | | Net Assets | | $ | 2,315,797,891 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | 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. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of December 31, 2023. |
| (4) | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| (5) | Represents or includes a TBA transaction. |
| (6) | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| (7) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (8) | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| (9) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (10) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (11) | Rate shown is the 7-day yield as of December 31, 2023. |
| Reference Rate Abbreviations: |
| |
| 12MTA | 12-month Treasury Average |
| H15T1Y | U.S. Treasury 1-Year Constant Maturity |
| PRIME | Federal Reserve Bank Prime Loan Rate |
| RFUCCT1M | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| RFUCCT1Y | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table |
| Investments, at fair value |
| Corporate Bonds/Notes | | $ | — | | | $ | 601,009,978 | | | $ | — | | | $ | 601,009,978 | |
| U.S. Government Agency Obligations | | | — | | | | 497,353,947 | | | | — | | | | 497,353,947 | |
| Mutual Funds | | | 339,274,750 | | | | — | | | | — | | | | 339,274,750 | |
| Collateralized Mortgage Obligations | | | — | | | | 325,677,600 | | | | — | | | | 325,677,600 | |
| Asset-Backed Securities | | | — | | | | 181,402,534 | | | | — | | | | 181,402,534 | |
| U.S. Treasury Obligations | | | — | | | | 179,881,587 | | | | — | | | | 179,881,587 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 118,808,465 | | | | — | | | | 118,808,465 | |
| Municipal Bonds | | | — | | | | 1,700,045 | | | | — | | | | 1,700,045 | |
| Purchased Options | | | — | | | | 110,965 | | | | — | | | | 110,965 | |
| Short-Term Investments | | | 40,703,000 | | | | 125,394,861 | | | | — | | | | 166,097,861 | |
| Total Investments, at fair value | | $ | 379,977,750 | | | $ | 2,031,339,982 | | | $ | — | | | $ | 2,411,317,732 | |
| Other Financial Instruments+ |
| Centrally Cleared Credit Default Swaps | | | — | | | | 1,225,206 | | | | — | | | | 1,225,206 | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 1,249,221 | | | | — | | | | 1,249,221 | |
| Forward Foreign Currency Contracts | | | — | | | | 9,795 | | | | — | | | | 9,795 | |
| Forward Premium Swaptions | | | — | | | | 76,459 | | | | — | | | | 76,459 | |
| Futures | | | 12,544,349 | | | | — | | | | — | | | | 12,544,349 | |
| Total Assets | | $ | 392,522,099 | | | $ | 2,033,900,663 | | | $ | — | | | $ | 2,426,422,762 | |
| Liabilities Table |
| Other Financial Instruments+ |
| Centrally Cleared Credit Default Swaps | | $ | — | | | $ | (1,379,955 | ) | | $ | — | | | $ | (1,379,955 | ) |
| Centrally Cleared Interest Rate Swaps | | | — | | | | (1,474,942 | ) | | | — | | | | (1,474,942 | ) |
| Forward Premium Swaptions | | | — | | | | (14,316 | ) | | | — | | | | (14,316 | ) |
| Futures | | | (5,038,079 | ) | | | — | | | | — | | | | (5,038,079 | ) |
| Written Options | | | — | | | | (2,329,357 | ) | | | — | | | | (2,329,357 | ) |
| Total Liabilities | | $ | (5,038,079 | ) | | $ | (5,198,570 | ) | | $ | — | | | $ | (10,236,649 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | 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. |
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 year ended December 31, 2023, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 12/31/2022 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
12/31/2023 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya Emerging Markets Hard Currency Debt Fund - Class P | | $ | 116,943,433 | | | $ | 565,769 | | | $ | (153,639,286 | ) | | $ | 36,130,084 | | | $ | — | | | $ | 911,117 | | | $ | (36,275,139 | ) | | $ | — | |
| Voya High Yield Bond Fund - Class P | | | 71,064,002 | | | | 405,008 | | | | (83,494,647 | ) | | | 12,025,637 | | | | — | | | | 758,782 | | | | (11,359,283 | ) | | | — | |
| Voya Investment Grade Credit Fund - Class P | | | 149,477,522 | | | | 1,112,689 | | | | (180,280,913 | ) | | | 29,690,702 | | | | — | | | | 1,517,391 | | | | (25,836,683 | ) | | | — | |
| Voya Securitized Credit Fund - Class P | | | 122,428,596 | | | | — | | | | (129,927,575 | ) | | | 7,498,979 | | | | — | | | | 991,842 | | | | (6,049,374 | ) | | | — | |
| Voya VACS Series EMCD Fund | | | 86,773,176 | | | | 5,081,872 | | | | (53,231,455 | ) | | | 11,401,514 | | | | 50,025,107 | | | | 5,050,139 | | | | (8,406,205 | ) | | | — | |
| Voya VACS Series EMHCD Fund | | | — | | | | 125,887,680 | | | | (33,881,898 | ) | | | 3,926,107 | | | | 95,931,889 | | | | 6,789,769 | | | | 1,118,103 | | | | 978,101 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Issuer | | Beginning
Fair Value
at 12/31/2022 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
12/31/2023 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya VACS Series HYB Fund | | $ | — | | | $ | 77,445,786 | | | $ | (8,010,980 | ) | | $ | 2,068,948 | | | $ | 71,503,754 | | | $ | 4,877,341 | | | $ | (1,007 | ) | | $ | — | |
| Voya VACS Series SC Fund | | | — | | | | 125,009,985 | | | | (5,934,716 | ) | | | 2,738,731 | | | | 121,814,000 | | | | 5,039,397 | | | | 65,282 | | | | 815,666 | |
| | | $ | 546,686,729 | | | $ | 335,508,789 | | | $ | (648,401,470 | ) | | $ | 105,480,702 | | | $ | 339,274,750 | | | $ | 25,935,778 | | | $ | (86,744,306 | ) | | $ | 1,793,767 | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2023, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) | |
| EUR | | | 408,371 | | | USD | | | 441,625 | | | Morgan Stanley Capital Services LLC | | 02/02/24 | | $ | 9,795 | |
| | | | | | | | | | | | | | | | | $ | 9,795 | |
At December 31, 2023, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| Long Contracts: |
| U.S. Treasury 5-Year Note | | | 891 | | | 03/28/24 | | $ | 96,917,133 | | | $ | 1,714,993 | |
| U.S. Treasury 10-Year Note | | | 471 | | | 03/19/24 | | | 53,171,484 | | | | 1,027,588 | |
| U.S. Treasury Long Bond | | | 221 | | | 03/19/24 | | | 27,611,187 | | | | 2,032,542 | |
| U.S. Treasury Ultra Long Bond | | | 693 | | | 03/19/24 | | | 92,580,469 | | | | 7,769,226 | |
| | | | | | | | | $ | 270,280,273 | | | $ | 12,544,349 | |
| Short Contracts: |
| U.S. Treasury 2-Year Note | | | (979) | | | 03/28/24 | | | (201,589,867 | ) | | | (649,052 | ) |
| U.S. Treasury Ultra 10-Year Note | | | (762) | | | 03/19/24 | | | (89,927,906 | ) | | | (4,389,027 | ) |
| | | | | | | | | $ | (291,517,773 | ) | | $ | (5,038,079 | ) |
At December 31, 2023, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection(1)
| Reference Entity/Obligation | | Buy/Sell Protection | | (Pay)/ Receive Financing Rate (%)(2) | | Termination Date | | Notional
Amount(3) | | | Fair
Value(4) | | | Unrealized Appreciation/ (Depreciation) | |
| CDX North American High Yield Index Series 33, Version 14 | | Buy | | (5.000) | | 12/20/24 | | USD | | | 27,668,610 | | | $ | (946,272 | ) | | $ | 1,225,206 | |
| CDX North American High Yield Index Series 40, Version 2 | | Buy | | (5.000) | | 06/20/28 | | USD | | | 45,540,000 | | | | (2,792,196 | ) | | | (1,379,955 | ) |
| | | | | | | | | | | | | | | $ | (3,738,468 | ) | | $ | (154,749 | ) |
| (1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Payments made quarterly. |
| (3) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
| (4) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
At December 31, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional
Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | 9.000% | | | Monthly | | 08/14/28 | | MXN | | 144,762,000 | | | $ | 127,552 | | | $ | 127,552 | |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | 8.860 | | | Monthly | | 08/09/28 | | MXN | | 146,106,000 | | | | 81,806 | | | | 81,806 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.537 | | | Annual | | 06/20/25 | | USD | | 36,079,000 | | | | 189,418 | | | | 189,418 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.450 | | | Annual | | 06/20/25 | | USD | | 52,231,800 | | | | 230,823 | | | | 230,823 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.903 | | | Annual | | 02/21/25 | | USD | | 54,202,900 | | | | 194,403 | | | | 194,403 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.806 | | | Annual | | 02/20/25 | | USD | | 11,857,000 | | | | (30,844 | ) | | | (30,844 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.876 | | | Annual | | 02/20/25 | | USD | | 16,091,000 | | | | (52,721 | ) | | | (52,721 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.807 | | | Annual | | 06/20/25 | | USD | | 16,091,000 | | | | (125,776 | ) | | | (125,776 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.778 | | | Annual | | 06/20/25 | | USD | | 18,632,000 | | | | (140,490 | ) | | | (140,490 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.976 | | | Annual | | 02/20/25 | | USD | | 19,140,000 | | | | (81,229 | ) | | | (81,229 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 5.062 | | | Annual | | 02/20/25 | | USD | | 20,495,000 | | | | (103,968 | ) | | | (103,968 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.884 | | | Annual | | 02/20/25 | | USD | | 21,681,000 | | | | (72,792 | ) | | | (72,792 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.073 | | | Annual | | 02/20/25 | | USD | | 22,020,000 | | | | 98,267 | | | | 98,267 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.986 | | | Annual | | 02/20/25 | | USD | | 23,172,000 | | | | (100,593 | ) | | | (100,593 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.880 | | | Annual | | 06/20/25 | | USD | | 25,407,000 | | | | (216,120 | ) | | | (216,120 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.746 | | | Annual | | 06/20/25 | | USD | | 27,101,000 | | | | (195,965 | ) | | | (195,965 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 3.559 | | | Annual | | 02/20/25 | | USD | | 34,724,000 | | | | 326,952 | | | | 326,952 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.757 | | | Annual | | 02/20/25 | | USD | | 37,264,000 | | | | (79,306 | ) | | | (79,306 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.669 | | | Annual | | 06/20/25 | | USD | | 42,346,000 | | | | (275,138 | ) | | | (275,138 | ) |
| | | | | | | | | | | | | | | | | | | $ | (225,721 | ) | | $ | (225,721 | ) |
At December 31, 2023, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | | Notional Amount | | Cost | | | Fair Value | |
| Call JPY vs. Put USD | | BNP Paribas | | 02/27/25 | | 107.500 | | | USD | | 6,000,500 | | | $ | 297,625 | | | $ | 19,612 | |
| | | | | | | | | | | | | | | $ | 297,625 | | | $ | 19,612 | |
At December 31, 2023, the following OTC purchased interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:
| Description | | Counterparty | | Pay/ Receive
Exercise
Rate | | Exercise
Rate | | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Cost | | | Fair Value | |
| Call on 10-Year Interest Rate Swap(1) | | BNP Paribas | | Receive | | 2.225% | | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 31,589,600 | | | $ | 342,221 | | | $ | 50,498 | |
| Call on 10-Year Interest Rate Swap(1) | | JPMorgan Chase Bank N.A. | | Receive | | 2.213% | | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 26,324,700 | | | | 286,939 | | | | 40,855 | |
| | | | | | | | | | | | | | | | | | | $ | 629,160 | | | $ | 91,353 | |
At December 31, 2023, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:
| Description | | Counterparty | | Pay/Receive
Exercise
Rate | | | Exercise
Rate | | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premiums
Received | | | Fair Value | |
| Call on 1-Year Interest Rate Swap(2) | | Morgan Stanley Capital Services LLC | | Pay | | | 3.520% | | | 1-day Secured Overnight Financing Rate | | 01/24/24 | | USD | | 169,383,000 | | | $ | 737,239 | | | $ | (642 | ) |
| Put on 10-Year Interest Rate Swap(1) | | BNP Paribas | | Receive | | | 4.050% | | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 31,589,600 | | | | 342,221 | | | | (204,884 | ) |
| Put on 10-Year Interest Rate Swap(1) | | JPMorgan Chase Bank N.A. | | Receive | | | 4.050% | | | 1-day Secured Overnight Financing Rate | | 05/16/24 | | USD | | 26,324,700 | | | | 286,939 | | | | (170,737 | ) |
| Put on 1-Year Interest Rate Swap(1) | | Morgan Stanley Capital Services LLC | | Receive | | | 3.520% | | | 1-day Secured Overnight Financing Rate | | 01/24/24 | | USD | | 169,383,000 | | | | 737,240 | | | | (1,953,094 | ) |
| | | | | | | | | | | | | | | | | | | | $ | 2,103,639 | | | $ | (2,329,357 | ) |
At December 31, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:
| Description | | Counterparty | | Exercise
Rate(3) | | | Pay/
Receive
Exercise
Rate | | | Floating
Rate
Index | | Expiration
Date | | Notional Amount | | Premium
receivable/
(payable) at
expiration(4) | | | Unrealized
Appreciation/ (Depreciation) | |
| Call on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 17.500% | | | Receive | | | 1-day Secured Overnight Financing Rate | | 06/14/27 | | USD | | 12,484,500 | | | $ | (2,184,788 | ) | | $ | 38,090 | |
| Call on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 17.700% | | | Receive | | | 1-day Secured Overnight Financing Rate | | 05/28/27 | | USD | | 20,904,800 | | | | (3,700,150 | ) | | | 38,369 | |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Description | | Counterparty | | Exercise
Rate(3) | | | Pay/
Receive
Exercise
Rate | | | Floating
Rate
Index | | Expiration
Date | | Notional Amount | | Premium
receivable/
(payable)
at expiration(4) | | | Unrealized
Appreciation/ (Depreciation) | |
| Put on 30-Year Interest Rate Swap | | Barclays Bank PLC | | 18.000 | % | | Pay | | | 1-day Secured Overnight Financing Rate | | 05/25/27 | | USD | | 19,473,000 | | | $ | (3,505,140 | ) | | $ | (14,316 | ) |
| | | | | | | | | | | | | | | | | | | | $ | (9,390,078 | ) | | $ | 62,143 | |
| (1) | Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly. |
| (2) | Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. |
| (3) | Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract. |
| (4) | Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract. |
| Currency Abbreviations: |
| |
| EUR | — | EU Euro |
| MXN | — | Mexican Peso |
| USD | — | United States Dollar |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives |
| Foreign exchange contracts | | Investments in securities at value* | | $ | 19,612 | |
| Interest rate contracts | | Investments in securities at value* | | | 91,353 | |
| Foreign exchange contracts | | Unrealized appreciation on forward foreign currency contracts | | | 9,795 | |
| Interest rate contracts | | Unrealized appreciation on forward premium swaptions | | | 76,459 | |
| Interest rate contracts | | Variation margin receivable on futures contracts** | | | 12,544,349 | |
| Credit contracts | | Variation margin receivable on centrally cleared swaps** | | | 1,225,206 | |
| Interest rate contracts | | Variation margin receivable on centrally cleared swaps** | | | 1,249,221 | |
| Total Asset Derivatives | | | | $ | 15,215,995 | |
| | | | | | | |
| Liability Derivatives |
| Interest rate contracts | | Unrealized depreciation on forward premium swaptions | | $ | 14,316 | |
| Interest rate contracts | | Variation margin payable on futures contracts** | | | 5,038,079 | |
| Credit contracts | | Variation margin payable on centrally cleared swaps** | | | 1,379,955 | |
| Interest rate contracts | | Variation margin payable on centrally cleared swaps** | | | 1,474,942 | |
| Interest rate contracts | | Written options, at fair value | | | 2,329,357 | |
| Total Liability Derivatives | | | | $ | 10,236,649 | |
| * | Includes purchased options. |
| ** | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | (8,568,918 | ) | | $ | — | | | $ | (8,568,918 | ) |
See Accompanying Notes to Financial Statements
| Voya Intermediate Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Equity contracts | | | — | | | | — | | | | (143,402 | ) | | | — | | | | — | | | | (143,402 | ) |
| Foreign exchange contracts | | | (1,107,349 | ) | | | (8,138 | ) | | | — | | | | — | | | | 175,510 | | | | (939,977 | ) |
| Interest rate contracts | | | 84,772 | | | | — | | | | (10,018,174 | ) | | | (10,444,181 | ) | | | 8,542,007 | | | | (11,835,576 | ) |
| Total | | $ | (1,022,577 | ) | | $ | (8,138 | ) | | $ | (10,161,576 | ) | | $ | (19,013,099 | ) | | $ | 8,717,517 | | | $ | (21,487,873 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 1,503,209 | | | $ | — | | | $ | 1,503,209 | |
| Foreign exchange contracts | | | 288,681 | | | | 9,795 | | | | — | | | | — | | | | — | | | | 298,476 | |
| Interest rate contracts | | | (275,835 | ) | | | — | | | | 7,541,397 | | | | 1,231,250 | | | | (338,834 | ) | | | 8,157,978 | |
| Total | | $ | 12,846 | | | $ | 9,795 | | | $ | 7,541,397 | | | $ | 2,734,459 | | | $ | (338,834 | ) | | $ | 9,959,663 | |
| * | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2023:
| | | Barclays Bank
PLC | | | BNP Paribas | | | JPMorgan
Chase Bank
N.A. | | | Morgan
Stanley
Capital
Services LLC | | | Total | |
| Assets: |
| Purchased options | | $ | — | | | $ | 70,110 | | | $ | 40,855 | | | $ | — | | | $ | 110,965 | |
| Forward foreign currency contracts | | | — | | | | — | | | | — | | | | 9,795 | | | | 9,795 | |
| Forward premium swaptions | | | 76,459 | | | | — | | | | — | | | | — | | | | 76,459 | |
| Total Assets | | $ | 76,459 | | | $ | 70,110 | | | $ | 40,855 | | | $ | 9,795 | | | $ | 197,219 | |
| Liabilities: |
| Forward premium swaptions | | $ | 14,316 | | | $ | — | | | $ | — | | | $ | — | | | $ | 14,316 | |
| Written options | | | — | | | | 204,884 | | | | 170,737 | | | | 1,953,736 | | | | 2,329,357 | |
| Total Liabilities | | $ | 14,316 | | | $ | 204,884 | | | $ | 170,737 | | | $ | 1,953,736 | | | $ | 2,343,673 | |
| Net OTC derivative instruments by counterparty, at fair value | | $ | 62,143 | | | $ | (134,774 | ) | | $ | (129,882 | ) | | $ | (1,943,941 | ) | | $ | (2,146,454 | ) |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | $ | — | | | $ | 134,774 | | | $ | 129,882 | | | $ | 1,850,000 | | | $ | 2,114,656 | |
| Net Exposure(1)(2) | | $ | 62,143 | | | $ | — | | | $ | — | | | $ | (93,941 | ) | | $ | (31,798 | ) |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
| (2) | At December 31, 2023, the Portfolio had pledged $170,000 and $190,000, respectively, in cash collateral to BNP Paribas and JPMorgan Chase Bank N.A, respectively. Excess cash collateral is not shown for financial reporting purposes. |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $2,497,599,408. |
| Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 34,528,383 | |
| Gross Unrealized Depreciation | | | (115,944,550 | ) |
| Net Unrealized Depreciation | | $ | (81,416,167 | ) |
See Accompanying Notes to Financial Statements
| Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 97.8% | |
| | | | Communication Services: 2.8% |
| 445,110 (1) | | | Globalstar, Inc. | | $ | 863,513 | | | | 0.3 | |
| 43,163 (1) | | | IMAX Corp. | | | 648,308 | | | | 0.2 | |
| 59,546 (1) | | | Integral Ad Science Holding Corp. | | | 856,867 | | | | 0.3 | |
| 132,405 (1) | | | Magnite, Inc. | | | 1,236,663 | | | | 0.4 | |
| 99,879 (1) | | | Playtika Holding Corp. | | | 870,945 | | | | 0.3 | |
| 432,859 (1) | | | Vimeo, Inc. | | | 1,696,807 | | | | 0.6 | |
| 10,667 (1) | | | Ziff Davis, Inc. | | | 716,716 | | | | 0.2 | |
| 109,022 (1) | | | ZipRecruiter, Inc. - Class A | | | 1,515,406 | | | | 0.5 | |
| | | | | | | 8,405,225 | | | | 2.8 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 7.8% |
| 39,838 | | | Acushnet Holdings Corp. | | | 2,516,566 | | | | 0.8 | |
| 130,088 | | | Arko Corp. | | | 1,073,226 | | | | 0.4 | |
| 68,501 | | | Gentex Corp. | | | 2,237,243 | | | | 0.7 | |
| 348,958 (1) | | | GrowGeneration Corp. | | | 875,885 | | | | 0.3 | |
| 61,860 | | | International Game Technology PLC | | | 1,695,583 | | | | 0.6 | |
| 34,378 | | | KB Home | | | 2,147,250 | | | | 0.7 | |
| 98,257 (1) | | | Lindblad Expeditions Holdings, Inc. | | | 1,107,356 | | | | 0.4 | |
| 22,331 | | | MDC Holdings, Inc. | | | 1,233,788 | | | | 0.4 | |
| 195,027 (1) | | | Peloton Interactive, Inc. - Class A | | | 1,187,714 | | | | 0.4 | |
| 33,310 | | | Red Rock Resorts, Inc. - Class A | | | 1,776,422 | | | | 0.6 | |
| 67,029 | | | Steven Madden Ltd. | | | 2,815,218 | | | | 0.9 | |
| 19,067 (1) | | | Taylor Morrison Home Corp. | | | 1,017,224 | | | | 0.3 | |
| 81,215 (1) | | | Tri Pointe Homes, Inc. | | | 2,875,011 | | | | 1.0 | |
| 71,471 (1) | | | Udemy, Inc. | | | 1,052,768 | | | | 0.3 | |
| | | | | | | 23,611,254 | | | | 7.8 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 2.4% |
| 43,555 (1) | | | BellRing Brands, Inc. | | | 2,414,254 | | | | 0.8 | |
| 110,400 | | | Dole PLC | | | 1,356,816 | | | | 0.4 | |
| 14,532 (1) | | | National Beverage Corp. | | | 722,531 | | | | 0.2 | |
| 193,661 | | | Primo Water Corp. | | | 2,914,598 | | | | 1.0 | |
| | | | | | | 7,408,199 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | Energy: 4.3% |
| 660,958 (1) | | | Clean Energy Fuels Corp. | | | 2,531,469 | | | | 0.8 | |
| 196,470 | | | Excelerate Energy, Inc. - Class A | | | 3,037,426 | | | | 1.0 | |
| 68,296 (2) | | | HighPeak Energy, Inc. | | | 972,535 | | | | 0.3 | |
| 158,592 (1) | | | Kosmos Energy Ltd. | | | 1,064,152 | | | | 0.4 | |
| 63,655 | | | Murphy Oil Corp. | | | 2,715,522 | | | | 0.9 | |
| 77,867 | | | Permian Resources Corp. | | | 1,058,991 | | | | 0.4 | |
| 146,480 | | | SFL Corp. Ltd. | | | 1,652,295 | | | | 0.5 | |
| | | | | | | 13,032,390 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | | Financials: 15.9% |
| 167,854 (2) | | | AGNC Investment Corp. | | | 1,646,648 | | | | 0.5 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 55,734 (1) | | | Ambac Financial Group, Inc. | | $ | 918,496 | | | | 0.3 | |
| 52,949 | | | Arrow Financial Corp. | | | 1,479,395 | | | | 0.5 | |
| 100,624 | | | Associated Banc-Corp. | | | 2,152,347 | | | | 0.7 | |
| 84,731 | | | Atlantic Union Bankshares Corp. | | | 3,096,071 | | | | 1.0 | |
| 30,179 | | | BankUnited, Inc. | | | 978,705 | | | | 0.3 | |
| 89,169 | | | BCB Bancorp, Inc. | | | 1,145,822 | | | | 0.4 | |
| 55,057 | | | Berkshire Hills Bancorp, Inc. | | | 1,367,065 | | | | 0.5 | |
| 216,833 | | | BGC Group, Inc. - Class A | | | 1,565,534 | | | | 0.5 | |
| 63,697 | | | ConnectOne Bancorp, Inc. | | | 1,459,298 | | | | 0.5 | |
| 137,802 | | | Eastern Bankshares, Inc. | | | 1,956,788 | | | | 0.7 | |
| 71,719 | | | Farmers National Banc Corp. | | | 1,036,340 | | | | 0.3 | |
| 143,191 | | | First BanCorp/Puerto Rico | | | 2,355,492 | | | | 0.8 | |
| 221,287 (1) | | | Genworth Financial, Inc. - Class A | | | 1,478,197 | | | | 0.5 | |
| 60,538 | | | Hilltop Holdings, Inc. | | | 2,131,543 | | | | 0.7 | |
| 15,059 | | | International Bancshares Corp. | | | 818,005 | | | | 0.3 | |
| 167,567 | | | KKR Real Estate Finance Trust, Inc. | | | 2,216,911 | | | | 0.7 | |
| 136,482 | | | Ladder Capital Corp. | | | 1,570,908 | | | | 0.5 | |
| 127,185 | | | MFA Financial, Inc. | | | 1,433,375 | | | | 0.5 | |
| 48,967 | | | NBT Bancorp, Inc. | | | 2,052,207 | | | | 0.7 | |
| 31,685 | | | Origin Bancorp, Inc. | | | 1,127,036 | | | | 0.4 | |
| 41,720 | | | Pacific Premier Bancorp, Inc. | | | 1,214,469 | | | | 0.4 | |
| 114,692 (1) | | | Pagseguro Digital Ltd. - Class A | | | 1,430,209 | | | | 0.5 | |
| 81,619 | | | ProAssurance Corp. | | | 1,125,526 | | | | 0.4 | |
| 53,943 | | | Provident Financial Services, Inc. | | | 972,592 | | | | 0.3 | |
| 247,473 | | | Redwood Trust, Inc. | | | 1,833,775 | | | | 0.6 | |
| 82,732 | | | Simmons First National Corp. - Class A | | | 1,641,403 | | | | 0.5 | |
| 32,848 | | | United Community Banks, Inc. | | | 961,133 | | | | 0.3 | |
| 16,322 | | | Unum Group | | | 738,081 | | | | 0.2 | |
| 183,551 | | | Valley National Bancorp | | | 1,993,364 | | | | 0.7 | |
| 47,253 | | | Victory Capital Holdings, Inc. - Class A | | | 1,627,393 | | | | 0.5 | |
| 106,693 | | | WisdomTree, Inc. | | | 739,383 | | | | 0.2 | |
| | | | | | | 48,263,511 | | | | 15.9 | |
| | | | | | | | | | | | |
| | | | Health Care: 13.9% |
| 2,327,693 (1) | | | 23andMe Holding Co. - Class A | | | 2,126,348 | | | | 0.7 | |
| 119,704 (1) | | | Alignment Healthcare, Inc. | | | 1,030,651 | | | | 0.3 | |
| 92,222 (1) | | | Allscripts Healthcare Solutions, Inc. | | | 967,409 | | | | 0.3 | |
| 195,696 (1) | | | Amicus Therapeutics, Inc. | | | 2,776,926 | | | | 0.9 | |
See Accompanying Notes to Financial Statements
| Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 35,371 (1) | | | Amphastar Pharmaceuticals, Inc. | | $ | 2,187,696 | | | | 0.7 | |
| 54,237 (1) | | | Avanos Medical, Inc. | | | 1,216,536 | | | | 0.4 | |
| 255,582 (1) | | | BioCryst Pharmaceuticals, Inc. | | | 1,530,936 | | | | 0.5 | |
| 26,518 | | | Bio-Techne Corp. | | | 2,046,129 | | | | 0.7 | |
| 34,336 | | | Bruker Corp. | | | 2,523,009 | | | | 0.8 | |
| 1,084,005 (1) | | | Cerus Corp. | | | 2,341,451 | | | | 0.8 | |
| 360,110 (1) | | | Community Health Systems, Inc. | | | 1,127,144 | | | | 0.4 | |
| 33,629 (1) | | | Cymabay Therapeutics, Inc. | | | 794,317 | | | | 0.3 | |
| 23,293 | | | DENTSPLY SIRONA, Inc. | | | 828,998 | | | | 0.3 | |
| 14,389 (1) | | | Haemonetics Corp. | | | 1,230,403 | | | | 0.4 | |
| 17,086 (1) | | | HealthEquity, Inc. | | | 1,132,802 | | | | 0.4 | |
| 109,712 (1) | | | Hims & Hers Health, Inc. | | | 976,437 | | | | 0.3 | |
| 62,375 (1) | | | Insmed, Inc. | | | 1,933,001 | | | | 0.6 | |
| 24,655 (1) | | | Lantheus Holdings, Inc. | | | 1,528,610 | | | | 0.5 | |
| 451,279 (1) | | | MannKind Corp. | | | 1,642,656 | | | | 0.5 | |
| 26,392 (1) | | | Merit Medical Systems, Inc. | | | 2,004,736 | | | | 0.7 | |
| 679,265 (1) | | | OPKO Health, Inc. | | | 1,025,690 | | | | 0.3 | |
| 23,252 (1) | | | Option Care Health, Inc. | | | 783,360 | | | | 0.3 | |
| 85,939 (1) | | | Orthofix Medical, Inc. | | | 1,158,458 | | | | 0.4 | |
| 101,630 | | | Patterson Cos., Inc. | | | 2,891,373 | | | | 0.9 | |
| 34,904 (1) | | | QIAGEN NV | | | 1,515,881 | | | | 0.5 | |
| 871,076 (1) | | | Rigel Pharmaceuticals, Inc. | | | 1,263,060 | | | | 0.4 | |
| 33,413 | | | Select Medical Holdings Corp. | | | 785,206 | | | | 0.3 | |
| 32,625 (1) | | | Supernus Pharmaceuticals, Inc. | | | 944,168 | | | | 0.3 | |
| | | | | | | 42,313,391 | | | | 13.9 | |
| | | | | | | | | | | | |
| | | | Industrials: 18.6% |
| 45,729 | | | AAON, Inc. | | | 3,378,001 | | | | 1.1 | |
| 52,933 | | | ABM Industries, Inc. | | | 2,372,986 | | | | 0.8 | |
| 40,524 | | | Allison Transmission Holdings, Inc. | | | 2,356,471 | | | | 0.8 | |
| 25,437 | | | Apogee Enterprises, Inc. | | | 1,358,590 | | | | 0.4 | |
| 27,802 | | | Barnes Group, Inc. | | | 907,179 | | | | 0.3 | |
| 149,427 (1) | | | CoreCivic, Inc. | | | 2,171,174 | | | | 0.7 | |
| 25,774 | | | Crane Holdings Co. | | | 1,465,767 | | | | 0.5 | |
| 44,137 | | | First Advantage Corp. | | | 731,350 | | | | 0.2 | |
| 24,078 | | | Franklin Electric Co., Inc. | | | 2,327,139 | | | | 0.8 | |
| 76,126 | | | Hillenbrand, Inc. | | | 3,642,629 | | | | 1.2 | |
| 18,151 | | | Insperity, Inc. | | | 2,127,660 | | | | 0.7 | |
| 31,394 | | | Kennametal, Inc. | | | 809,651 | | | | 0.3 | |
| 145,829 (1) | | | Legalzoom.com, Inc. | | | 1,647,868 | | | | 0.5 | |
| 58,164 (1) | | | Leonardo DRS, Inc. | | | 1,165,606 | | | | 0.4 | |
| 127,594 (1) | | | Manitowoc Co., Inc. | | | 2,129,544 | | | | 0.7 | |
| 63,472 | | | Marten Transport Ltd. | | | 1,331,643 | | | | 0.4 | |
| 263,229 | | | Mueller Water Products, Inc. - Class A | | | 3,790,498 | | | | 1.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 35,460 (1) | | | NEXTracker, Inc. - Class A | | $ | 1,661,301 | | | | 0.5 | |
| 161,054 (1) | | | NOW, Inc. | | | 1,823,131 | | | | 0.6 | |
| 29,164 | | | nVent Electric PLC | | | 1,723,301 | | | | 0.6 | |
| 28,978 | | | Pentair PLC | | | 2,106,990 | | | | 0.7 | |
| 842,100 (1) | | | Planet Labs PBC | | | 2,079,987 | | | | 0.7 | |
| 106,166 (1) | | | Resideo Technologies, Inc. | | | 1,998,044 | | | | 0.7 | |
| 141,490 | | | Shyft Group, Inc. | | | 1,729,008 | | | | 0.6 | |
| 28,933 | | | Timken Co. | | | 2,318,980 | | | | 0.8 | |
| 33,837 (1) | | | Titan Machinery, Inc. | | | 977,213 | | | | 0.3 | |
| 73,224 | | | Wabash National Corp. | | | 1,875,999 | | | | 0.6 | |
| 20,752 | | | Watts Water Technologies, Inc. - Class A | | | 4,323,472 | | | | 1.4 | |
| | | | | | | 56,331,182 | | | | 18.6 | |
| | | | | | | | | | | | |
| | | | Information Technology: 17.7% |
| 477,727 (1) | | | 8x8, Inc. | | | 1,805,808 | | | | 0.6 | |
| 189,412 | | | A10 Networks, Inc. | | | 2,494,556 | | | | 0.8 | |
| 88,602 (1) | | | ACI Worldwide, Inc. | | | 2,711,221 | | | | 0.9 | |
| 27,337 (1) | | | Altair Engineering, Inc. - Class A | | | 2,300,409 | | | | 0.8 | |
| 82,642 (1) | | | Box, Inc. - Class A | | | 2,116,462 | | | | 0.7 | |
| 43,308 | | | Clear Secure, Inc. - Class A | | | 894,310 | | | | 0.3 | |
| 31,003 | | | Cognex Corp. | | | 1,294,065 | | | | 0.4 | |
| 41,691 | | | CSG Systems International, Inc. | | | 2,218,378 | | | | 0.7 | |
| 24,625 | | | CTS Corp. | | | 1,077,098 | | | | 0.4 | |
| 115,213 (1) | | | Dropbox, Inc. - Class A | | | 3,396,479 | | | | 1.1 | |
| 55,259 | | | EVERTEC, Inc. | | | 2,262,304 | | | | 0.8 | |
| 107,458 (1) | | | ExlService Holdings, Inc. | | | 3,315,079 | | | | 1.1 | |
| 118,988 (1) | | | Freshworks, Inc. - Class A | | | 2,795,028 | | | | 0.9 | |
| 70,501 | | | Gen Digital, Inc. | | | 1,608,833 | | | | 0.5 | |
| 93,413 (1) | | | Knowles Corp. | | | 1,673,027 | | | | 0.6 | |
| 2,945 | | | Littelfuse, Inc. | | | 787,964 | | | | 0.3 | |
| 58,992 (1) | | | N-able, Inc. | | | 781,644 | | | | 0.3 | |
| 33,341 (1) | | | Nutanix, Inc. - Class A | | | 1,590,032 | | | | 0.5 | |
| 50,245 (1) | | | PowerSchool Holdings, Inc. - Class A | | | 1,183,772 | | | | 0.4 | |
| 26,903 (1) | | | Procore Technologies, Inc. | | | 1,862,226 | | | | 0.6 | |
| 27,435 (1)(2) | | | Riot Platforms, Inc. | | | 424,419 | | | | 0.1 | |
| 342,985 (1) | | | Sabre Corp. | | | 1,509,134 | | | | 0.5 | |
| 29,292 | | | Sapiens International Corp. NV | | | 847,711 | | | | 0.3 | |
| 107,300 (1) | | | Sprinklr, Inc. - Class A | | | 1,291,892 | | | | 0.4 | |
| 31,022 (1) | | | Squarespace, Inc. - Class A | | | 1,024,036 | | | | 0.3 | |
| 1,975 (1) | | | Super Micro Computer, Inc. | | | 561,414 | | | | 0.2 | |
| 14,734 (1) | | | Teradata Corp. | | | 641,076 | | | | 0.2 | |
| 261,772 (1) | | | Viavi Solutions, Inc. | | | 2,636,044 | | | | 0.9 | |
| 20,476 | | | Vontier Corp. | | | 707,446 | | | | 0.2 | |
| 12,170 (1) | | | Workiva, Inc. | | | 1,235,620 | | | | 0.4 | |
| 172,269 (1) | | | Yext, Inc. | | | 1,014,664 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 139,998 (1) | | | Zeta Global Holdings Corp. - Class A | | $ | 1,234,782 | | | | 0.4 | |
| 256,722 (1) | | | Zuora, Inc. - Class A | | | 2,413,187 | | | | 0.8 | |
| | | | | | | 53,710,120 | | | | 17.7 | |
| | | | | | | | | | | | |
| | | | Materials: 7.2% |
| 14,747 | | | Ashland, Inc. | | | 1,243,320 | | | | 0.4 | |
| 52,955 | | | Avient Corp. | | | 2,201,339 | | | | 0.7 | |
| 13,849 | | | Balchem Corp. | | | 2,060,039 | | | | 0.7 | |
| 38,052 (1) | | | Cleveland-Cliffs, Inc. | | | 777,022 | | | | 0.3 | |
| 39,840 (1) | | | Constellium SE | | | 795,206 | | | | 0.3 | |
| 154,996 | | | Element Solutions, Inc. | | | 3,586,608 | | | | 1.2 | |
| 399,314 (1) | | | Glatfelter Corp. | | | 774,669 | | | | 0.3 | |
| 341,239 | | | Hecla Mining Co. | | | 1,641,360 | | | | 0.5 | |
| 36,311 | | | Minerals Technologies, Inc. | | | 2,589,337 | | | | 0.8 | |
| 114,914 (1) | | | O-I Glass, Inc. | | | 1,882,291 | | | | 0.6 | |
| 544,784 (1) | | | Rayonier Advanced Materials, Inc. | | | 2,206,375 | | | | 0.7 | |
| 33,191 | | | Sensient Technologies Corp. | | | 2,190,606 | | | | 0.7 | |
| | | | | | | 21,948,172 | | | | 7.2 | |
| | | | | | | | | | | | |
| | | | Real Estate: 5.5% |
| 82,949 | | | Acadia Realty Trust | | | 1,409,303 | | | | 0.5 | |
| 225,814 (1) | | | Anywhere Real Estate, Inc. | | | 1,831,352 | | | | 0.6 | |
| 216,782 (1) | | | Apartment Investment and Management Co. - Class A | | | 1,697,403 | | | | 0.6 | |
| 45,510 | | | Broadstone Net Lease, Inc. | | | 783,682 | | | | 0.2 | |
| 117,326 | | | Empire State Realty Trust, Inc. - Class A | | | 1,136,889 | | | | 0.4 | |
| 87,565 | | | Essential Properties Realty Trust, Inc. | | | 2,238,161 | | | | 0.7 | |
| 47,797 | | | Gladstone Land Corp. | | | 690,667 | | | | 0.2 | |
| 86,372 (2) | | | Global Net Lease, Inc. | | | 859,401 | | | | 0.3 | |
| 46,118 | | | Peakstone Realty Trust | | | 919,132 | | | | 0.3 | |
| 43,938 | | | Plymouth Industrial REIT, Inc. | | | 1,057,588 | | | | 0.3 | |
| 99,292 | | | Retail Opportunity Investments Corp. | | | 1,393,067 | | | | 0.5 | |
| 228,955 | | | Summit Hotel Properties, Inc. | | | 1,538,578 | | | | 0.5 | |
| 222,112 | | | Uniti Group, Inc. | | | 1,283,807 | | | | 0.4 | |
| | | | | | | 16,839,030 | | | | 5.5 | |
| | | | | | | | | | | | |
| | | | Utilities: 1.7% |
| 28,925 | | | ALLETE, Inc. | | | 1,769,053 | | | | 0.6 | |
| 70,537 | | | Avista Corp. | | | 2,520,992 | | | | 0.8 | |
| 18,066 | | | Portland General Electric Co. | | | 782,981 | | | | 0.3 | |
| | | | | | | 5,073,026 | | | | 1.7 | |
| | | | Total Common Stock (Cost $276,794,990) | | | 296,935,500 | | | | 97.8 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| EXCHANGE-TRADED FUNDS: 1.9% |
| 28,457 | | | iShares Russell 2000 ETF | | $ | 5,711,605 | | | | 1.9 | |
| | | | Total Exchange-Traded Funds (Cost $5,269,314) | | | 5,711,605 | | | | 1.9 | |
| | | | Total Long-Term Investments (Cost $282,064,304) | | | 302,647,105 | | | | 99.7 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.0% |
| | | Repurchase Agreements: 0.7% |
| 52,798 (3) | | Deutsche Bank Securities Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $52,829, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $53,854, due 01/18/24-08/15/36) | | | 52,798 | | | | 0.0 | |
| 1,000,000 (3) | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,000,585, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 12/01/29-12/01/53) | | | 1,000,000 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Repurchase Agreements (continued) |
| 1,000,000 (3) | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government Agency Obligations, 2.000%- 4.500%, Market Value plus accrued interest $1,020,000, due 02/01/35-09/01/52) | | $ | 1,000,000 | | | | 0.3 | |
| | | Total Repurchase Agreements
(Cost $2,052,798) | | | 2,052,798 | | | | 0.7 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Mutual Funds: 0.3% |
| 945,000 (4) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $945,000) | | $ | 945,000 | | | | 0.3 | |
| | | Total Short-Term Investments
(Cost $2,997,798) | | | 2,997,798 | | | | 1.0 | |
| | | Total Investments in Securities
(Cost $285,062,102) | | $ | 305,644,903 | | | | 100.7 | |
| | | Liabilities in Excess of Other Assets | | | (2,030,391 | ) | | | (0.7) | |
| | | Net Assets | | $ | 303,614,512 | | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Small Company Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs#
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table |
| Investments, at fair value |
| Common Stock* | | $ | 296,935,500 | | | $ | — | | | $ | — | | | $ | 296,935,500 | |
| Exchange-Traded Funds | | | 5,711,605 | | | | — | | | | — | | | | 5,711,605 | |
| Short-Term Investments | | | 945,000 | | | | 2,052,798 | | | | — | | | | 2,997,798 | |
| Total Investments, at fair value | | $ | 303,592,105 | | | $ | 2,052,798 | | | $ | — | | | $ | 305,644,903 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $307,214,074. |
| Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 30,010,610 | |
| Gross Unrealized Depreciation | | | (31,580,040 | ) |
| Net Unrealized Depreciation | | $ | (1,569,430 | ) |
See Accompanying Notes to Financial Statements
TAX INFORMATION (Unaudited)
Dividends and distributions paid during the year ended December 31, 2023 were as follows:
Portfolio Name | Type | Per Share Amount | Portfolio Name | Type | Per Share Amount |
| Voya Balanced Portfolio | | | Voya Growth and Income Portfolio | | |
| Class I | NII | $0.2492 | Class ADV | NII | $0.1266 |
| Class S | NII | $0.2043 | Class I | NII | $0.2279 |
| All Classes | LTCG | $0.0573 | Class S | NII | $0.1670 |
| | | | Class S2 | NII | $0.1678 |
| | | | All Classes | STCG | $0.6565 |
| | | | All Classes | LTCG | $1.1652 |
| Voya Global High Dividend Low Volatility Portfolio | | Voya Intermediate Bond Portfolio | | |
| Class ADV | NII | $0.2653 | Class ADV | NII | $0.3860 |
| Class I | NII | $0.3204 | Class I | NII | $0.4435 |
| Class S | NII | $0.2927 | Class S | NII | $0.4139 |
| Class S2 | NII | $0.2776 | Class S2 | NII | $0.3965 |
| Class T | NII | $0.2536 | | | |
| All Classes | LTCG | $0.3749 | | | |
| Voya Government Money Market Portfolio | | | Voya Small Company Portfolio | | |
| Class I | NII | $0.0467 | Class ADV | NII | $0.0071 |
| Class S | NII | $0.0450 | Class I | NII | $0.0615 |
| | | | Class R6 | NII | $0.0700 |
| | | Class S | NII | $0.0274 |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
Of the ordinary distributions made during the year ended December 31, 2023, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
| Voya Balanced Portfolio | 8.17% |
| Voya Global High Dividend Low Volatility Portfolio | 57.87% |
| Voya Growth and Income Portfolio | 35.66% |
| Voya Small Company Portfolio | 99.97% |
For the year ended December 31, 2023, 37.86% of ordinary income dividends paid by Voya Growth and Income Portfolio are designated as qualified dividend income (QDI) subject to reduced income tax rates for individuals.
The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):
| Voya Balanced Portfolio | $ | 1,231,964 |
| Voya Global High Dividend Low Volatility Portfolio | $ | 17,125,548 |
| Voya Growth and Income Portfolio | $ | 110,458,275 |
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Company/Trust are managed under the direction of the Board. A Director/Trustee, who is not an interested person of the Company/Trust, as defined in the 1940 Act, is an independent director/trustee (“Independent Directors/Trustee”). The Directors/Trustees and Officers of the Company/Trust are listed below. The Statement of Additional Information includes additional information about Directors/Trustees of the Company/Trust and is available, without charge, upon request at (800) 992-0180.
Name, Address and Age | | Position(s)
Held with the
Company/
Trust | | Term of Office and
Length of Time
Served(1) | | Principal Occupation(s) – During the Past 5 Years | | Number of
funds in
Fund
Complex
Overseen
by
Director/
Trustee(2) | | Other Board Positions Held by Director/Trustee |
| | | | | | | | | | | |
| Independent Directors/Trustees(3): |
| |
Colleen D. Baldwin
(1960) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Chairperson
Director/Trustee | | January 2020 – Present
May 2013 –Present | | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | 138 | | Stanley Global Engineering (2020 – Present) |
| | | | | | | | | | | |
John V. Boyer
(1953) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director/Trustee | | May 2013 – Present | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | 138 | | None. |
| | | | | | | | | | | |
Martin J. Gavin
(1950) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director/Trustee | | August 2015 – Present | | Retired. | | 138 | | None. |
| | | | | | | | | | | |
Joseph E. Obermeyer
(1957) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director/Trustee | | January 2003 – Present | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | 138 | | None. |
| | | | | | | | | | | |
Sheryl K. Pressler
(1950) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director/Trustee | | May 2013 – Present | | Consultant (May 2001 – Present). | | 138 | | Centerra Gold Inc. (May 2008 – Present); |
| | | | | | | | | | | |
Christopher P. Sullivan
(1954) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director/Trustee | | October 2015 – Present | | Retired. | | 138 | | None. |
| (1) | Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director/Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director/Trustee shall retire from and cease to be a member of the Board of Directors/Trustees at the close of business on December 31 of the calendar year in which the Independent Director/Trustee attains the age of 75. A majority vote of the Board’s other Independent Directors/Trustees may extend the retirement date of an Independent Director/Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Company/Trust under applicable law, whether for the purposes of appointing a successor to the Independent Director/Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors/Trustees). |
| | |
| (2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Inves- tors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2024.
| (3) | Effective December 31, 2023, Patricia W. Chadwick retired as a Director/Trustee of the Board. |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) –
During the Past 5 Years |
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | President and Chief Executive Officer | | January 2023−Present | | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 2023− Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020−Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019−January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015−March 2019). |
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Jonathan Nash
(1967) 230 Park Avenue New York, New York 10169 | | Executive Vice President and Chief Investment Risk Officer | | March 2020 – Present | | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020). |
| | | | | | | |
James M. Fink
(1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | Executive Vice President and Chief Investment Risk Officer | | March 2018 – Present | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). |
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Steven Hartstein (1963) 230 Park Avenue New York, New York 10169 | | Chief Compliance Officer | | December 2022 – Present | | Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022). |
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Todd Modic
(1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President, Chief/ Principal Financial Officer and Assistant Secretary | | March 2005 – Present | | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present); Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022). |
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Kimberly A. Anderson
(1964) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | December 2003 – Present | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
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Sara M. Donaldson
(1959) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). |
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Jason Kadavy
(1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | September 2023 – Present | | Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (September 2023 – Present); Formerly, Vice President, Voya Investments, LLC (October 2015 - September 2023); Vice President, Voya Funds Services, LLC (July 2007 – September 2023). |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) – During the Past 5 Years |
Andrew K. Schlueter
(1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022). |
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Joanne F. Osberg
(1982) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President Secretary | | March 2023 – Present September 2020 – Present | | Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 - March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
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Robert Terris
(1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | Senior Vice President | | June 2006 – Present | | Senior Vice President, Head of Future State Operating Model Design, Voya Investment Management (April 2023 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). |
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Fred Bedoya
(1973) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Vice President Principal Accounting Officer and Treasurer | | September 2012 – Present | | Vice President, Voya Investments, LLC (October 2015 – Present);, Vice President, Voya Funds Services, LLC (July 2012 – Present). |
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Robyn L. Ichilov
(1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Vice President | | March 2002 −Present | | Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
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Erica McKenna
(1972) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Vice President | | June 2022 – Present | | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
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Craig Wheeler
(1969) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Vice President | | May 2013 – Present | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
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Nicholas C.D. Ward
(1993) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) – During the Past 5 Years |
Gizachew Wubishet
(1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019). |
| | | | | | | |
Monia Piacenti
(1976) One Orange Way Windsor, Connecticut 06095 | | Anti-Money Laundering Officer | | June 2018 – Present | | Compliance Manager, Voya Financial, Inc. (March 2023 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Compliance Consultant, Voya Financial, Inc. (January 2019 – February 2023). |
| (1) | The Officers hold office until the next annual meeting of the Board of Directors/Trustees and until their successors shall have been elected and qualified. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB- ADVISORY CONTRACTS
At a meeting held on November 16, 2023, the Board of Directors/Trustees (“Board”) of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (collectively, the “Registrants”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, and Voya Small Company Portfolio, each a series of the Registrants (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors/Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Registrants, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Directors/Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors/Trustees as
members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/ Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Directors/Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (Continued)
in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Registrants’ Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and Sub-Adviser, and whether those resources are sufficient to provide high- quality services to the Portfolios.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Portfolio Performance
In assessing the investment management and sub-advisory
relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Registrants’ Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, the Portfolios may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (Continued)
to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub- Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub- Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya- affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the
potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager’s and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
Voya Balanced Portfolio
In considering whether to approve the renewal of the Contracts for Voya Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and three-year periods, the third quintile for the ten-year period, and the fourth quintile for the one-year and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; and (2) the recent changes to the Portfolio’s portfolio management team.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2)
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (Continued)
the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Global High Dividend Low Volatility Portfolio
In considering whether to approve the renewal of the Contracts for Voya Global High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the fourth quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one- year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; and (2) its confidence in the Sub-Adviser’s ability to achieve the Portfolio’s investment objective over a long-term period.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Government Money Market Portfolio
In considering whether to approve the renewal of the Contracts for Voya Government Money Market Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio outperformed its Morningstar category average for all
periods presented; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
Voya Growth and Income Portfolio
In considering whether to approve the renewal of the Contracts for Voya Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year- to-date, three-year and five-year periods, and the second quintile for the one-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (Continued)
Voya Intermediate Bond Portfolio
In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the year-to-date and five-year periods, and the fourth quintile for the one-year and three-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; and (2) the impact of security selection, sector allocation and the interest rate environment on the Portfolio’s performance.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Small Company Portfolio
In considering whether to approve the renewal of the Contracts for Voya Small Company Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period, the third quintile for the one-year period, the fourth quintile for the three-year and ten-year periods, and the fifth quintile for the five-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; and (2) the changes to the Portfolio’s investment strategy and portfolio management team,
effective June 1, 2022, as well as the Portfolio’s improved performance for the more recent periods.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2024.
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| Investment Adviser | | Independent Registered Public Accounting Firm |
Voya Investments, LLC 7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | | Ernst & Young LLP
200 Clarendon Street Boston, Massachusetts 02116 |
| | | |
| Distributor | | Custodian |
Voya Investments Distributor, LLC 7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | | The Bank of New York Mellon
225 Liberty Street New York, New York 10286 |
| | | |
| Transfer Agent | | Legal Counsel |
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway Wilmington, Delaware 19809 | | Ropes & Gray LLP
Prudential Tower
800 Boylston Street Boston, Massachusetts 02199 |
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
| RETIREMENT | INVESTMENTS | INSURANCE |  |
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| voyainvestments.com | VPAR-CAPAPALL (1223) |
Annual Report
December 31, 2023
Classes ADV, I and S
Domestic Equity Index Portfolios
◼ Voya Index Plus LargeCap Portfolio
◼ Voya Index Plus MidCap Portfolio
◼ Voya Index Plus SmallCap Portfolio
| Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
| This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
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INVESTMENT MANAGEMENT
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www. voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
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Benchmark Descriptions
| Index | Description |
| S&P 500® Index* | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
| S&P MidCap 400® Index* | An index that measures the performance of the mid-size company segment of the U.S. market. |
| S&P SmallCap 600® Index* | An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million. |
_________
| * | The S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index. |
| Voya Index Plus LargeCap Portfolio | Portfolio Managers’ Report |
Voya Index Plus LargeCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P 500® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio(1), CFA, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 26.07% compared to the S&P 500® Index, which returned 26.29% for the same period.
Portfolio Specifics: For the reporting year, the Portfolio underperformed the S&P 500® Index. The core model, with four of the five pillars contributed to performance. The operations, management and valuation indicators contributed and our underweight in small size detracted the most.
| Sector Diversification |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Information Technology | 31.2% |
| | Health Care | 12.7% |
| | Consumer Discretionary | 10.9% |
| | Financials | 10.8% |
| | Industrials | 8.4% |
| | Communication Services | 8.1% |
| | Consumer Staples | 6.2% |
| | Energy | 4.2% |
| | Utilities | 2.5% |
| | Materials | 2.3% |
| | Real Estate | 1.8% |
| | Assets in Excess of Other Liabilities* | 0.9% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023* |
| (as a percentage of net assets) |
| | Microsoft Corp. | 6.4% |
| | Apple, Inc. | 6.3% |
| | NVIDIA Corp. | 3.4% |
| | Alphabet, Inc. - Class A | 3.4% |
| | Amazon.com, Inc. | 2.9% |
| | Meta Platforms, Inc. - Class A | 1.9% |
| | Tesla, Inc. | 1.4% |
| | Merck & Co., Inc. | 1.2% |
| | Adobe, Inc. | 1.2% |
| | PepsiCo, Inc. | 1.1% |
Portfolio holdings are subject to change daily. |
On the sector level, stock selection within the industrials, consumer staples and energy sectors contributed the most value. Among the key contributors for the period were overweight positions in NVIDIA Corp. and Adobe Inc. and our underweight position in NextEra Energy, Inc. Conversely, stock selection in the consumer discretionary and health care sectors detracted the most. Key individual detractors for the period included our underweight positions in Meta Platforms Inc. and Broadcom Inc. and our overweight position in Bristol-Myers Squibb Co.
Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, what we refer to as “quantamental.” Our proprietary quantitative model seeks to emphasize high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research to create higher conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models results in diversified excess returns.
(1) Effective on or about March 1, 2024, Peg DiOrio will be removed as portfolio manager for the Portfolio.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Index Plus LargeCap Portfolio |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV(1) | 25.42% | 14.17% | 10.78% |
| Class I | 26.07% | 14.74% | 11.33% |
| Class S | 25.71% | 14.45% | 11.05% |
| S&P 500® Index | 26.29% | 15.69% | 12.03% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Plus LargeCap Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
________
| (1(1) | | Class ADV incepted on August 24, 2018. The Class ADV shares performance shown for the period prior to their inception date is the performance of Class I shares with adjustment for any differences in the expenses between the two classes. |
| Voya Index Plus MIDCap Portfolio | Portfolio Managers’ Report |
Voya Index Plus MidCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P MidCap 400® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio(1), CFA, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 17.52% compared to the S&P MidCap 400® Index, which returned 16.44% for the same period.
Portfolio Specifics: For the reporting year, the Portfolio outperformed its benchmark. The primary driver of outperformance came from the core model, with four out of five pillars contributing. The valuation, management and operations indicators contributed the most.
Selection within the financials, information technology and consumer staples sectors contributed the most. Key contributors for the period included not owning First Horizon Corp. as well as overweight positions in Saia, Inc. and Owens Corning.
| Sector Diversification |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Industrials | 21.1% |
| | Consumer Discretionary | 15.8% |
| | Financials | 15.7% |
| | Information Technology | 10.3% |
| | Health Care | 7.9% |
| | Real Estate | 7.4% |
| | Materials | 6.4% |
| | Energy | 5.1% |
| | Consumer Staples | 4.3% |
| | Utilities | 3.2% |
| | Communication Services | 1.6% |
| | Assets in Excess of Other Liabilities* | 1.2% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023* |
| (as a percentage of net assets) |
| | Owens Corning | 1.0% |
| | AECOM | 1.0% |
| | TopBuild Corp. | 0.9% |
| | Saia, Inc. | 0.9% |
| | Graco, Inc. | 0.9% |
| | RPM International, Inc. | 0.9% |
| | Neurocrine Biosciences, Inc. | 0.9% |
| | Performance Food Group Co. | 0.8% |
| | Gentex Corp. | 0.8% |
| | Five Below, Inc. | 0.8% |
| | * Excludes short-term investments. | |
| Portfolio holdings are subject to change daily. |
Conversely, stock selection in materials, health care and industrials sectors detracted from returns. Among the key detractors were not owning XPO, Inc. and Toll Brothers, Inc. as well as our underweight position in Lennox International Inc.
Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, what we refer to as “quantamental.” Our proprietary quantitative model seeks high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research to create higher conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models results in diversified excess returns.
(1) Effective on or about March 1, 2024, Peg DiOrio will be removed as portfolio manager for the Portfolio.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Index Plus MIdCap Portfolio |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class I | 17.52% | 12.10% | 8.15% |
| Class S | 17.20% | 11.82% | 7.88% |
| S&P MidCap 400® Index | 16.44% | 12.62% | 9.27% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Plus MidCap Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Voya Index Plus SmallCap Portfolio | Portfolio Managers’ Report |
Voya Index Plus SmallCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P SmallCap 600® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio(1), CFA, and Steve Wetter, Portfolio Managers, of Voya Investment Management Co. LLC— the Sub-Adviser.
Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 18.21% compared to the S&P SmallCap 600® Index, which returned 16.05% for the same period.
Portfolio Specifics: For the reporting year, the Portfolio outperformed due to strong performance in core model. Four of the five pillars contributed. The valuation and management indicators were the strongest.
On the sector level, stock selection within the industrials, information technology and consumer discretionary sectors added the most value. Key contributors for the period included overweight positions in Hudson Pacific Properties, Inc. and Installed Building Products, Inc. and an underweight position in Telephone and Data Systems Inc. In contrast, stock selection within the health care sector detracted the most. Among the key detractors for the period were an underweight position in Cytokinetics, Inc., an overweight position in OUTFRONT Media Inc. and a non-benchmark position in Cara Therapeutics Inc.
| Sector Diversification |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Financials | 19.5% |
| | Industrials | 16.7% |
| | Consumer Discretionary | 15.0% |
| | Information Technology | 11.9% |
| | Health Care | 9.9% |
| | Real Estate | 6.1% |
| | Materials | 5.9% |
| | Consumer Staples | 4.6% |
| | Energy | 4.3% |
| | Communication Services | 2.4% |
| | Utilities | 1.5% |
| | Assets in Excess of Other Liabilities* | 2.2% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023* |
| (as a percentage of net assets) |
| | Applied Industrial Technologies, Inc. | 0.9% |
| | Boise Cascade Co. | 0.9% |
| | Installed Building Products, Inc. | 0.8% |
| | elf Beauty, Inc. | 0.8% |
| | Essential Properties Realty Trust, Inc. | 0.8% |
| | Assured Guaranty Ltd. | 0.7% |
| | GMS, Inc. | 0.7% |
| | Abercrombie & Fitch Co. - Class A | 0.7% |
| | SM Energy Co. | 0.7% |
| | ATI, Inc. | 0.7% |
| | * Excludes short-term investments. | |
| Portfolio holdings are subject to change daily. |
Current Outlook and Strategy: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, an approach which we refer to as “quantamental.” Our proprietary quantitative model seeks to emphasize high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research, seeking to create higher conviction added value (“alpha”) that is uncorrelated to our quantitative models. In our view, this unique approach of combining existing fundamental alpha sources with in-house quantitative models could result in diversified excess returns.
(1) Effective on or about March 1, 2024, Peg DiOrio will be removed as portfolio manager for the Portfolio.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya Index Plus SmallCap Portfolio |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class I | 18.21% | 10.88% | 7.69% |
| Class S | 17.89% | 10.61% | 7.42% |
| S&P SmallCap 600® Index | 16.05% | 11.03% | 8.66% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Plus SmallCap Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or a variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The Performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Actual Portfolio Return | | Hypothetical (5% return before expenses) |
| | Beginning
Account
Value
July 1,
2023 | | Ending
Account
Value
December 31,
2023 | | Annualized
Expense
Ratio | | Expenses Paid
During the
Period Ended
December 31,
2023* | | Beginning
Account
Value
July 1,
2023 | | Ending
Account
Value
December 31,
2023 | | Annualized
Expense
Ratio | | Expenses Paid
During the
Period Ended
December 31,
2023* |
| | | | | | | | | | | | | | | | |
| Voya Index Plus LargeCap Portfolio | | | | | | | | | | |
| Class ADV | $1,000.00 | | $1,077.30 | | 1.05% | | $5.50 | | $1,000.00 | | $1,019.91 | | 1.05% | | $5.35 |
| Class I | 1,000.00 | | 1,079.90 | | 0.55 | | 2.88 | | 1,000.00 | | 1,022.43 | | 0.55 | | 2.80 |
| Class S | 1,000.00 | | 1,078.30 | | 0.80 | | 4.19 | | 1,000.00 | | 1,021.17 | | 0.80 | | 4.08 |
Voya Index Plus MidCap Portfolio |
| Class I | $1,000.00 | | $1,074.70 | | 0.60% | | $3.14 | | $1,000.00 | | $1,022.18 | | 0.60% | | $3.06 |
| Class S | 1,000.00 | | 1,072.90 | | 0.85 | | 4.44 | | 1,000.00 | | 1,020.92 | | 0.85 | | 4.33 |
| Voya Index Plus SmallCap Portfolio |
| Class I | $1,000.00 | | $1,101.90 | | 0.60% | | $3.18 | | $1,000.00 | | $1,022.18 | | 0.60% | | $3.06 |
| Class S | 1,000.00 | | 1,100.30 | | 0.85 | | 4.50 | | 1,000.00 | | 1,020.92 | | 0.85 | | 4.33 |
| * | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio and Voya Index Plus SmallCap Portfolio and the Board of Directors of Voya Variable Portfolios, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio and Voya Index Plus SmallCap Portfolio (collectively referred to as the “Portfolios”) (three of the portfolios constituting Voya Variable Portfolios, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (three of the portfolios constituting Voya Variable Portfolios, Inc.) at December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for the period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 13, 2020, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 19, 2024
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | Voya Index Plus
LargeCap Portfolio | | | Voya Index Plus
MidCap Portfolio | | | Voya Index Plus
SmallCap Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 799,842,459 | | | $ | 480,765,805 | | | $ | 229,557,120 | |
| Short-term investments at fair value† | | | 7,511,662 | | | | 9,299,903 | | | | 10,176,507 | |
| Cash | | | 114,781 | | | | 156,757 | | | | 27,999 | |
| Cash collateral for futures contracts | | | 389,400 | | | | 286,900 | | | | 305,500 | |
| Receivables: | | | | | | | | | | | | |
| Fund shares sold | | | 4,349 | | | | 5,196 | | | | 41,070 | |
| Dividends | | | 994,760 | | | | 538,012 | | | | 302,862 | |
| Interest | | | 118 | | | | 106 | | | | 135 | |
| Foreign tax reclaims | | | 348 | | | | 492 | | | | – | |
| Prepaid expenses | | | 6,321 | | | | 4,004 | | | | 1,935 | |
| Reimbursement due from Investment Adviser | | | 372 | | | | 85,354 | | | | 19,434 | |
| Other assets | | | 74,973 | | | | 47,211 | | | | 22,925 | |
| Total assets | | | 808,939,543 | | | | 491,189,740 | | | | 240,455,487 | |
| LIABILITIES: | | | | | | | | | | | | |
| Payable for fund shares redeemed | | | 338,080 | | | | 115,688 | | | | 36,251 | |
| Payable upon receipt of securities loaned | | | 482,662 | | | | 3,652,903 | | | | 5,215,507 | |
| Variation margin payable on futures contracts | | | 20,213 | | | | 49,780 | | | | 74,260 | |
| Payable for investment management fees | | | 303,524 | | | | 201,479 | | | | 95,746 | |
| Payable for distribution and shareholder service fees | | | 21,215 | | | | 10,293 | | | | 7,534 | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | 74,973 | | | | 47,211 | | | | 22,924 | |
| Payable for trustee fees | | | 1,889 | | | | 1,155 | | | | 550 | |
| Other accrued expenses and liabilities | | | 290,000 | | | | 241,753 | | | | 115,969 | |
| Total liabilities | | | 1,532,556 | | | | 4,320,262 | | | | 5,568,741 | |
| NET ASSETS | | $ | 807,406,987 | | | $ | 486,869,478 | | | $ | 234,886,746 | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 566,134,186 | | | $ | 401,807,040 | | | $ | 190,468,273 | |
| Total distributable earnings | | | 241,272,801 | | | | 85,062,438 | | | | 44,418,473 | |
| NET ASSETS | | $ | 807,406,987 | | | $ | 486,869,478 | | | $ | 234,886,746 | |
| + Including securities loaned at value | | $ | 466,870 | | | $ | 3,530,154 | | | $ | 5,050,313 | |
| * Cost of investments in securities | | $ | 603,693,569 | | | $ | 415,874,152 | | | $ | 195,326,429 | |
| † Cost of short-term investments | | $ | 7,511,662 | | | $ | 9,299,903 | | | $ | 10,176,507 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023 (continued)
| | | Voya Index Plus
LargeCap Portfolio | | | Voya Index Plus
MidCap Portfolio | | | Voya Index Plus
SmallCap Portfolio | |
| Class ADV | | | | | | | | | | | | |
| Net assets | | $ | 1,313,757 | | | | n/a | | | | n/a | |
| Shares authorized | | | 100,000,000 | | | | n/a | | | | n/a | |
| Par value | | $ | 0.001 | | | | n/a | | | | n/a | |
| Shares outstanding | | | 52,361 | | | | n/a | | | | n/a | |
| Net asset value and redemption price per share | | $ | 25.09 | | | | n/a | | | | n/a | |
| Class I | | | | | | | | | | | | |
| Net assets | | $ | 707,742,966 | | | $ | 437,514,451 | | | $ | 198,371,383 | |
| Shares authorized | | | 200,000,000 | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 27,688,058 | | | | 22,678,285 | | | | 9,037,895 | |
| Net asset value and redemption price per share | | $ | 25.56 | | | $ | 19.29 | | | $ | 21.95 | |
| Class S | | | | | | | | | | | | |
| Net assets | | $ | 98,350,264 | | | $ | 49,355,027 | | | $ | 36,515,363 | |
| Shares authorized | | | 100,000,000 | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 3,900,617 | | | | 2,617,618 | | | | 1,688,881 | |
| Net asset value and redemption price per share | | $ | 25.21 | | | $ | 18.85 | | | $ | 21.62 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2023
| | | Voya Index Plus
LargeCap Portfolio | | | Voya Index Plus
MidCap Portfolio | | | Voya Index Plus
SmallCap Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 11,609,750 | | | $ | 7,960,518 | | | $ | 4,085,375 | |
| Interest | | | 18,031 | | | | 18,238 | | | | 12,258 | |
| Securities lending income, net | | | 4,502 | | | | 31,192 | | | | 23,304 | |
| Other | | | 3,560 | | | | 2,194 | | | | 1,046 | |
| Total investment income | | | 11,635,843 | | | | 8,012,142 | | | | 4,121,983 | |
| EXPENSES: | | | | | | | | | | | | |
| Investment management fees | | | 3,399,421 | | | | 2,309,876 | | | | 1,098,754 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | |
| Class ADV | | | 6,137 | | | | — | | | | — | |
| Class S | | | 235,353 | | | | 122,941 | | | | 90,035 | |
| Transfer agent fees: | | | | | | | | | | | | |
| Class ADV | | | 898 | | | | — | | | | — | |
| Class I | | | 468,677 | | | | 545,137 | | | | 268,484 | |
| Class S | | | 68,844 | | | | 66,816 | | | | 53,399 | |
| Shareholder reporting expense | | | 31,285 | | | | 36,500 | | | | 21,900 | |
| Registration fees | | | 514 | | | | 162 | | | | 86 | |
| Professional fees | | | 76,575 | | | | 38,025 | | | | 21,005 | |
| Custody and accounting expense | | | 53,000 | | | | 33,932 | | | | 18,907 | |
| Trustee fees | | | 18,889 | | | | 11,553 | | | | 5,495 | |
| Licensing fee (Note 7) | | | 151,073 | | | | 92,388 | | | | 43,947 | |
| Miscellaneous expense | | | 26,046 | | | | 20,339 | | | | 11,065 | |
| Interest expense | | | 987 | | | | — | | | | — | |
| Total expenses | | | 4,537,699 | | | | 3,277,669 | | | | 1,633,077 | |
| Waived and reimbursed fees | | | (123,749 | ) | | | (371,249 | ) | | | (218,064 | ) |
| Net expenses | | | 4,413,950 | | | | 2,906,420 | | | | 1,415,013 | |
| Net investment income | | | 7,221,893 | | | | 5,105,722 | | | | 2,706,970 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments | | | 38,450,150 | | | | 15,854,320 | | | | 7,310,306 | |
| Futures | | | 301,694 | | | | 250,572 | | | | (241,901 | ) |
| Net realized gain | | | 38,751,844 | | | | 16,104,892 | | | | 7,068,405 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments | | | 128,339,310 | | | | 53,409,012 | | | | 26,748,679 | |
| Futures | | | 329,367 | | | | 280,901 | | | | 409,333 | |
| Net change in unrealized appreciation (depreciation) | | | 128,668,677 | | | | 53,689,913 | | | | 27,158,012 | |
| Net realized and unrealized gain | | | 167,420,521 | | | | 69,794,805 | | | | 34,226,417 | |
| Increase in net assets resulting from operations | | $ | 174,642,414 | | | $ | 74,900,527 | | | $ | 36,933,387 | |
| | | | | | | | | | | | | |
| * Foreign taxes withheld | | $ | 1,673 | | | $ | 2,416 | | | $ | 9,324 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Index Plus LargeCap Portfolio | | | Voya Index Plus MidCap Portfolio | |
| | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | | | Year Ended
December 31,
2023 | | | Year Ended
December 31,
2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 7,221,893 | | | $ | 6,918,986 | | | $ | 5,105,722 | | | $ | 4,894,439 | |
| Net realized gain | | | 38,751,844 | | | | 17,290,712 | | | | 16,104,892 | | | | 17,264,345 | |
| Net change in unrealized appreciation (depreciation) | | | 128,668,677 | | | | (203,347,791 | ) | | | 53,689,913 | | | | (104,879,973 | ) |
| Increase (decrease) in net assets resulting from operations | | | 174,642,414 | | | | (179,138,093 | ) | | | 74,900,527 | | | | (82,721,189 | ) |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (33,272 | ) | | | (320,725 | ) | | | — | | | | — | |
| Class I | | | (20,879,022 | ) | | | (173,274,010 | ) | | | (20,399,404 | ) | | | (96,265,200 | ) |
| Class S | | | (2,774,726 | ) | | | (26,643,719 | ) | | | (2,391,148 | ) | | | (12,607,249 | ) |
| Total distributions | | | (23,687,020 | ) | | | (200,238,454 | ) | | | (22,790,552 | ) | | | (108,872,449 | ) |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 11,503,866 | | | | 6,170,556 | | | | 3,507,036 | | | | 4,810,346 | |
| Reinvestment of distributions | | | 23,687,020 | | | | 200,238,454 | | | | 22,790,552 | | | | 108,872,449 | |
| | | | 35,190,886 | | | | 206,409,010 | | | | 26,297,588 | | | | 113,682,795 | |
| Cost of shares redeemed | | | (87,517,670 | ) | | | (81,119,037 | ) | | | (45,306,653 | ) | | | (56,032,542 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (52,326,784 | ) | | | 125,289,973 | | | | (19,009,065 | ) | | | 57,650,253 | |
| Net increase (decrease) in net assets | | | 98,628,610 | | | | (254,086,574 | ) | | | 33,100,910 | | | | (133,943,385 | ) |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 708,778,377 | | | | 962,864,951 | | | | 453,768,568 | | | | 587,711,953 | |
| End of year or period | | $ | 807,406,987 | | | $ | 708,778,377 | | | $ | 486,869,478 | | | $ | 453,768,568 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Index Plus SmallCap Portfolio | |
| | | Year Ended
December 31, 2023 | | | Year Ended
December 31, 2022 | |
| FROM OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 2,706,970 | | | $ | 2,002,361 | |
| Net realized gain | | | 7,068,405 | | | | 8,043,314 | |
| Net change in unrealized appreciation (depreciation) | | | 27,158,012 | | | | (48,356,106 | ) |
| Increase (decrease) in net assets resulting from operations | | | 36,933,387 | | | | (38,310,431 | ) |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | |
| Class I | | | (8,355,877 | ) | | | (31,425,093 | ) |
| Class S | | | (1,587,373 | ) | | | (6,872,575 | ) |
| Total distributions | | | (9,943,250 | ) | | | (38,297,668 | ) |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sale of shares | | | 3,550,958 | | | | 4,709,670 | |
| Reinvestment of distributions | | | 9,943,250 | | | | 38,297,668 | |
| | | | 13,494,208 | | | | 43,007,338 | |
| Cost of shares redeemed | | | (25,080,698 | ) | | | (26,093,422 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (11,586,490 | ) | | | 16,913,916 | |
| Net increase (decrease) in net assets | | | 15,403,647 | | | | (59,694,183 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year or period | | | 219,483,099 | | | | 279,177,282 | |
| End of year or period | | $ | 234,886,746 | | | $ | 219,483,099 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | Ratios to average net assets | | Supplemental
Data |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Index Plus LargeCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 20.58 | | 0.11● | | 5.02 | | 5.13 | | 0.10 | | 0.51 | | — | | 0.61 | | — | | 25.09 | | 25.42 | | 1.07 | | 1.05 | | 1.05 | | 0.49 | | 1,314 | | 59 |
| 12-31-22 | | 34.59 | | 0.10● | | (6.73) | | (6.63) | | 0.09 | | 7.29 | | — | | 7.38 | | — | | 20.58 | | (19.44) | | 1.07 | | 1.05 | | 1.05 | | 0.40 | | 1,098 | | 57 |
| 12-31-21 | | 29.04 | | 0.08● | | 7.82 | | 7.90 | | 0.21 | | 2.14 | | — | | 2.35 | | — | | 34.59 | | 28.62 | | 1.07 | | 1.05 | | 1.05 | | 0.26 | | 1,564 | | 60 |
| 12-31-20 | | 28.37 | | 0.17● | | 3.30 | | 3.47 | | 0.28 | | 2.52 | | — | | 2.80 | | — | | 29.04 | | 15.37 | | 1.08 | | 1.05 | | 1.05 | | 0.67 | | 1,188 | | 52 |
| 12-31-19 | | 24.41 | | 0.25 | | 6.52 | | 6.77 | | 0.40 | | 2.41 | | — | | 2.81 | | — | | 28.37 | | 29.40 | | 1.00 | | 1.00 | | 1.00 | | 0.95 | | 1,247 | | 45 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 20.96 | | 0.23● | | 5.11 | | 5.34 | | 0.22 | | 0.51 | | — | | 0.73 | | — | | 25.56 | | 26.07 | | 0.57 | | 0.55 | | 0.55 | | 0.99 | | 707,743 | | 59 |
| 12-31-22 | | 35.11 | | 0.22● | | (6.83) | | (6.61) | | 0.25 | | 7.29 | | — | | 7.54 | | — | | 20.96 | | (19.04) | | 0.57 | | 0.55 | | 0.55 | | 0.91 | | 617,825 | | 57 |
| 12-31-21 | | 29.43 | | 0.24● | | 7.92 | | 8.16 | | 0.34 | | 2.14 | | — | | 2.48 | | — | | 35.11 | | 29.25 | | 0.57 | | 0.55 | | 0.55 | | 0.76 | | 829,418 | | 60 |
| 12-31-20 | | 28.77 | | 0.30● | | 3.33 | | 3.63 | | 0.45 | | 2.52 | | — | | 2.97 | | — | | 29.43 | | 15.91 | | 0.58 | | 0.55 | | 0.55 | | 1.16 | | 755,544 | | 52 |
| 12-31-19 | | 24.64 | | 0.39● | | 6.59 | | 6.98 | | 0.44 | | 2.41 | | — | | 2.85 | | — | | 28.77 | | 30.05 | | 0.50 | | 0.50 | | 0.50 | | 1.44 | | 788,581 | | 45 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 20.68 | | 0.17● | | 5.03 | | 5.20 | | 0.16 | | 0.51 | | — | | 0.67 | | — | | 25.21 | | 25.71 | | 0.82 | | 0.80 | | 0.80 | | 0.74 | | 98,350 | | 59 |
| 12-31-22 | | 34.72 | | 0.16● | | (6.75) | | (6.59) | | 0.16 | | 7.29 | | — | | 7.45 | | — | | 20.68 | | (19.23) | | 0.82 | | 0.80 | | 0.80 | | 0.65 | | 89,855 | | 57 |
| 12-31-21 | | 29.13 | | 0.16● | | 7.84 | | 8.00 | | 0.27 | | 2.14 | | — | | 2.41 | | — | | 34.72 | | 28.94 | | 0.82 | | 0.80 | | 0.80 | | 0.51 | | 131,883 | | 60 |
| 12-31-20 | | 28.49 | | 0.27 | | 3.26 | | 3.53 | | 0.37 | | 2.52 | | — | | 2.89 | | — | | 29.13 | | 15.62 | | 0.83 | | 0.80 | | 0.80 | | 0.91 | | 123,319 | | 52 |
| 12-31-19 | | 24.43 | | 0.32● | | 6.53 | | 6.85 | | 0.38 | | 2.41 | | — | | 2.79 | | — | | 28.49 | | 29.73 | | 0.75 | | 0.75 | | 0.75 | | 1.19 | | 126,416 | | 45 |
| Voya Index Plus MidCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 17.31 | | 0.20● | | 2.68 | | 2.88 | | 0.20 | | 0.70 | | — | | 0.90 | | — | | 19.29 | | 17.52 | | 0.68 | | 0.60 | | 0.60 | | 1.13 | | 437,514 | | 58 |
| 12-31-22 | | 26.18 | | 0.20● | | (4.04) | | (3.84) | | 0.21 | | 4.82 | | — | | 5.03 | | — | | 17.31 | | (14.29) | | 0.68 | | 0.60 | | 0.60 | | 1.02 | | 403,373 | | 58 |
| 12-31-21 | | 20.75 | | 0.20● | | 5.52 | | 5.72 | | 0.21 | | 0.08 | | — | | 0.29 | | — | | 26.18 | | 27.74 | | 0.68 | | 0.60 | | 0.60 | | 0.81 | | 517,075 | | 63 |
| 12-31-20 | | 19.50 | | 0.20 | | 1.30 | | 1.50 | | 0.25 | | — | | — | | 0.25 | | — | | 20.75 | | 8.25 | | 0.74 | | 0.60 | | 0.60 | | 1.03 | | 442,016 | | 53 |
| 12-31-19 | | 17.22 | | 0.23● | | 4.18 | | 4.41 | | 0.26 | | 1.87 | | — | | 2.14 | | — | | 19.50 | | 27.08 | | 0.55 | | 0.55 | | 0.55 | | 1.26 | | 468,981 | | 38 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 16.93 | | 0.15● | | 2.62 | | 2.77 | | 0.15 | | 0.70 | | — | | 0.85 | | — | | 18.85 | | 17.20 | | 0.93 | | 0.85 | | 0.85 | | 0.88 | | 49,355 | | 58 |
| 12-31-22 | | 25.71 | | 0.15● | | (3.98) | | (3.83) | | 0.13 | | 4.82 | | — | | 4.95 | | — | | 16.93 | | (14.51) | | 0.93 | | 0.85 | | 0.85 | | 0.77 | | 50,396 | | 58 |
| 12-31-21 | | 20.38 | | 0.13● | | 5.44 | | 5.57 | | 0.16 | | 0.08 | | — | | 0.24 | | — | | 25.71 | | 27.49 | | 0.93 | | 0.85 | | 0.85 | | 0.56 | | 70,637 | | 63 |
| 12-31-20 | | 19.14 | | 0.16 | | 1.28 | | 1.44 | | 0.20 | | — | | — | | 0.20 | | — | | 20.38 | | 7.98 | | 0.99 | | 0.85 | | 0.85 | | 0.78 | | 65,246 | | 53 |
| 12-31-19 | | 16.93 | | 0.18● | | 4.11 | | 4.29 | | 0.21 | | 1.87 | | — | | 2.08 | | — | | 19.14 | | 26.74 | | 0.80 | | 0.80 | | 0.80 | | 1.01 | | 70,770 | | 38 |
| Voya Index Plus SmallCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 19.52 | | 0.25● | | 3.10 | | 3.35 | | 0.22 | | 0.71 | | — | | 0.93 | | — | | 21.95 | | 18.21 | | 0.70 | | 0.60 | | 0.60 | | 1.27 | | 198,371 | | 57 |
| 12-31-22 | | 27.28 | | 0.19● | | (4.07) | | (3.88) | | 0.22 | | 3.66 | | — | | 3.88 | | — | | 19.52 | | (14.00) | | 0.69 | | 0.60 | | 0.60 | | 0.89 | | 181,927 | | 57 |
| 12-31-21 | | 21.39 | | 0.23● | | 5.84 | | 6.07 | | 0.18 | | — | | — | | 0.18 | | — | | 27.28 | | 28.45 | | 0.69 | | 0.60 | | 0.60 | | 0.91 | | 227,944 | | 63 |
| 12-31-20 | | 20.91 | | 0.17● | | 0.74 | | 0.91 | | 0.21 | | 0.22 | | — | | 0.43 | | — | | 21.39 | | 5.38 | | 0.73 | | 0.60 | | 0.60 | | 0.97 | | 188,149 | | 54 |
| 12-31-19 | | 20.36 | | 0.21 | | 3.86 | | 4.07 | | 0.23 | | 3.29 | | — | | 3.53 | | — | | 20.91 | | 21.81 | | 0.57 | | 0.57 | | 0.57 | | 0.98 | | 199,122 | | 43 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 19.23 | | 0.20● | | 3.05 | | 3.25 | | 0.16 | | 0.71 | | — | | 0.87 | | — | | 21.62 | | 17.89 | | 0.95 | | 0.85 | | 0.85 | | 1.01 | | 36,515 | | 57 |
| 12-31-22 | | 26.91 | | 0.14● | | (4.01) | | (3.87) | | 0.15 | | 3.66 | | — | | 3.81 | | — | | 19.23 | | (14.20) | | 0.94 | | 0.85 | | 0.85 | | 0.64 | | 37,556 | | 57 |
| 12-31-21 | | 21.11 | | 0.16● | | 5.77 | | 5.93 | | 0.13 | | — | | — | | 0.13 | | — | | 26.91 | | 28.13 | | 0.94 | | 0.85 | | 0.85 | | 0.65 | | 51,234 | | 63 |
| 12-31-20 | | 20.62 | | 0.14 | | 0.72 | | 0.86 | | 0.15 | | 0.22 | | — | | 0.37 | | — | | 21.11 | | 5.11 | | 0.98 | | 0.85 | | 0.85 | | 0.71 | | 47,970 | | 54 |
| 12-31-19 | | 20.10 | | 0.16 | | 3.82 | | 3.98 | | 0.17 | | 3.29 | | — | | 3.46 | | — | | 20.62 | | 21.55 | | 0.82 | | 0.82 | | 0.82 | | 0.73 | | 52,956 | | 43 |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| ● | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
NOTE 1 — ORGANIZATION
Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The three series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya Index Plus LargeCap Portfolio (“Index Plus LargeCap”), Voya Index Plus MidCap Portfolio (“Index Plus MidCap”), and Voya Index Plus SmallCap Portfolio (“Index Plus SmallCap”), each a diversified series of the Company. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are: Adviser (“Class ADV”), Class I and Class S. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of each Portfolio’s assets attributable to that class, subtracting each Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input
levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio’s book, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually by the Portfolios. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Portfolios’ tax positions
taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”), with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
H. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.
Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2023, each Portfolio had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the year ended December 31, 2023, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $5,615,485, $5,428,570, and $4,195,443, respectively. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at December 31, 2023.
I. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.
Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at December 31, 2023.
J. Securities Lending. Each Portfolio may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
K. Restricted Securities. Each Portfolio may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are
fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
L. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2023, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:
| | | Purchases | | | Sales | |
| Index Plus LargeCap | | $ | 442,889,736 | | | $ | 514,619,270 | |
| Index Plus MidCap | | | 266,678,174 | | | | 298,945,651 | |
| Index Plus SmallCap | | | 123,218,566 | | | | 143,634,396 | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | Fee |
| Index Plus LargeCap | | 0.45% |
| Index Plus MidCap | | 0.50% |
| Index Plus SmallCap | | 0.50% |
The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each respective Portfolio’s Class ADV and Class S shares. Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio’s Class ADV and Class S shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.
Under the Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares. Under the Plan for Class S shares, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio’s Class S shares.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
| Subsidiary | | Portfolio | | Percentage |
| Voya Retirement Insurance and | | Index Plus | | |
| | | LargeCap | | 73.46% |
| Annuity Company | | Index Plus MidCap | | 83.04 |
| | | Index Plus | | |
| | | SamllCap | | 75.56 |
The Investment Adviser may direct the Portfolios’ Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2023, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio | | Amount | |
| Index Plus LargeCap | | | $537,461 | |
| Index Plus MidCap | | | 611,506 | |
| Index Plus SmallCap | | | 321,594 | |
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 7 — LICENSING FEE
The Portfolios pay an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve their respective principal investment strategies.
NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| | | Class | | Class | | Class |
| Portfolio | | ADV | | I | | S |
| Index Plus LargeCap | | 1.05% | | 0.55% | | 0.80% |
| Index Plus MidCap | | N/A | | 0.60% | | 0.85% |
| Index Plus SmallCap | | N/A | | 0.60% | | 0.85% |
The Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2023, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows:
| | | | December 31, | | | | | |
| | | 2024 | | | 2025 | | | 2026 | | | Total | |
| Index Plus LargeCap | | $ | 118,253 | | | $ | 110,973 | | | $ | — | | | $ | 229,226 | |
| Index Plus MidCap | | | 424,748 | | | | 370,571 | | | | — | | | | 795,319 | |
| Index Plus SmallCap | | | 242,769 | | | | 205,169 | | | | — | | | | 447,938 | |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2023, are as follows:
| | | | December 31, | | | | | |
| | | | 2024 | | | | 2025 | | | | 2026 | | | | Total | |
| Index Plus LargeCap | | | | | | | | | | | | | | | | |
| Class ADV | | $ | — | | | $ | — | | | $ | 221 | | | $ | 221 | |
| Class I | | | — | | | | — | | | | 106,337 | | | | 106,337 | |
| Class S | | | — | | | | — | | | | 17,191 | | | | 17,191 | |
| Index Plus MidCap | | | | | | | | | | | | | | | | |
| Class I | | $ | — | | | $ | — | | | $ | 329,963 | | | $ | 329,963 | |
| Class S | | | — | | | | — | | | | 41,286 | | | | 41,286 | |
| Index Plus SmallCap | | | | | | | | | | | | | | | | |
| Class I | | $ | — | | | $ | — | | | $ | 181,687 | | | $ | 181,687 | |
| Class S | | | — | | | | — | | | | 36,377 | | | | 36,377 | |
The Expense Limitation Agreement is contractual through March 1, 2024, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolio utilized the line of credit during the year ended December 31, 2023:
| | | | | | | Approximate |
| | | | | Approximate | | Weighted |
| | | | | Average | | Average |
| | | | | Daily Balance | | Interest Rate |
| | | Days | | For Days | | For Days |
| Portfolio | | Utilized | | Utilized | | Utilized |
| Index Plus LargeCap | | 2 | | $ | 2,926,500 | | 6.07% |
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows
| | | | | | | | | | | | | Net | | | | | | | | | | | | | |
| | | | | | | | | | | | | increase | | | | Proceeds | | | | | | | | | |
| | | | | | | | | | | | | (decrease) | | | | from | | | | | | | | | |
| | | | | Shares | | Reinvestment | | | | | | in | | | | shares | | Reinvestment | | | | | | | |
| | | Shares | | issued in | | of | | Shares | | Shares | | shares | | Shares | | issued in | | of | | Shares | | Shares | | Net increase | |
| | | sold | | merger | | distributions | | redeemed | | converted | | outstanding | | sold | | merger | | distributions | | redeemed | | converted | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Index Plus LargeCap | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 15,176 | | — | | 1,553 | | (17,736 | ) | — | | (1,007 | ) | 353,051 | | — | | 33,272 | | (401,749 | ) | — | | (15,426 | ) |
| 12/31/2022 | | 7,814 | | — | | 15,375 | | (15,045 | ) | — | | 8,144 | | 246,957 | | — | | 320,725 | | (412,089 | ) | — | | 155,593 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 418,392 | | — | | 959,514 | | (3,161,163 | ) | — | | (1,783,257 | ) | 9,774,522 | | — | | 20,879,022 | | (72,650,947 | ) | — | | (41,997,403 | ) |
| 12/31/2022 | | 201,027 | | — | | 8,181,020 | | (2,535,979 | ) | — | | 5,846,068 | | 5,300,686 | | — | | 173,274,010 | | (62,286,498 | ) | — | | 116,288,198 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 59,846 | | — | | 129,057 | | (633,500 | ) | — | | (444,597 | ) | 1,376,293 | | — | | 2,774,726 | | (14,464,974 | ) | — | | (10,313,955 | ) |
| 12/31/2022 | | 25,924 | | — | | 1,272,992 | | (752,679 | ) | — | | 546,237 | | 622,913 | | — | | 26,643,719 | | (18,420,450 | ) | — | | 8,846,182 | |
| Index Plus MidCap | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 180,701 | | — | | 1,238,579 | | (2,039,255 | ) | — | | (619,975 | ) | 3,271,858 | | — | | 20,399,404 | | (36,244,534 | ) | — | | (12,573,272 | ) |
| 12/31/2022 | | 223,684 | | — | | 5,676,014 | | (2,351,065 | ) | — | | 3,548,633 | | 4,602,669 | | — | | 96,265,200 | | (45,432,782 | ) | — | | 55,435,087 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 13,497 | | — | | 148,334 | | (520,588 | ) | — | | (358,757 | ) | 235,178 | | — | | 2,391,148 | | (9,062,119 | ) | — | | (6,435,793 | ) |
| 12/31/2022 | | 10,941 | | — | | 759,016 | | (541,510 | ) | — | | 228,447 | | 207,677 | | — | | 12,607,249 | | (10,599,760 | ) | — | | 2,215,166 | |
| Index Plus SmallCap | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 163,698 | | — | | 463,958 | | (908,218 | ) | — | | (280,562 | ) | 3,302,165 | | — | | 8,355,877 | | (17,897,979 | ) | — | | (6,239,937 | ) |
| 12/31/2022 | | 219,365 | | — | | 1,635,020 | | (891,885 | ) | — | | 962,500 | | 4,580,425 | | — | | 31,425,093 | | (19,309,098 | ) | — | | 16,696,420 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 12,797 | | — | | 89,329 | | (365,995 | ) | — | | (263,869 | ) | 248,793 | | — | | 1,587,373 | | (7,182,719 | ) | — | | (5,346,553 | ) |
| 12/31/2022 | | 6,178 | | — | | 362,477 | | (319,611 | ) | — | | 49,044 | | 129,245 | | — | | 6,872,575 | | (6,784,324 | ) | — | | 217,496 | |
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have
a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the Portfolios.
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 11 — SECURITIES LENDING (continued)
which are subject to offset under the Agreement as of December 31, 2023:
| Index Plus LargeCap | | | | | | | | | |
| | | Securities | | | Cash Collateral | | | Net | |
| Counterparty | | Loaned at Value | | | Received(1) | | | Amount | |
| Natixis Securities | | | | | | | | | | | | |
| America LLC | | $ | 466,870 | | | $ | (466,870 | ) | | $ | — | |
| Total | | $ | 466,870 | | | $ | (466,870 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $482,662 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Index Plus MidCap
| | | Securities | | | Cash Collateral | | | Net | |
| Counterparty | | Loaned at Value | | | Received(1) | | | Amount | |
| BMO Capital Markets | | | | | | | | | | | | |
| Corp | | $ | 264,404 | | | $ | (264,404 | ) | | $ | — | |
| National Financial | | | | | | | | | | | | |
| Services LLC | | | 322,947 | | | | (322,947 | ) | | | — | |
| Natixis Securities | | | | | | | | | | | | |
| America LLC | | | 373,557 | | | | (373,557 | ) | | | — | |
| Scotia Capital (USA) | | | | | | | | | | | | |
| INC | | | 1,454,786 | | | | (1,454,786 | ) | | | — | |
| State Street Bank and | | | | | | | | | | | | |
| Trust Company | | | 1,114,460 | | | | (1,114,460 | ) | | | — | |
| Total | | $ | 3,530,154 | | | $ | (3,530,154 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $3,652,903 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Index Plus SmallCap
| | | Securities | | | Cash Collateral | | | Net | |
| Counterparty | | Loaned at Value | | | Received(1) | | | Amount | |
| Barclays Capital Inc. | | $ | 60,611 | | | $ | (60,611 | ) | | $ | — | |
| BNP Paribas Prime | | | | | | | | | | | | |
| Brokerage Intl Ltd | | | 77,420 | | | | (77,420 | ) | | | — | |
| BofA Securities Inc | | | 445,844 | | | | (445,844 | ) | | | — | |
| Citadel Clearing LLC | | | 747,652 | | | | (747,652 | ) | | | — | |
| Citigroup Global | | | | | | | | | | | | |
| Markets Inc. | | | 110,392 | | | | (110,392 | ) | | | — | |
| HSBC Bank PLC | | | 75,048 | | | | (75,048 | ) | | | — | |
| Janney Montgomery | | | | | | | | | | | | |
| Scott LLC | | | 237,407 | | | | (237,407 | ) | | | — | |
| Jefferies LLC | | | 152,152 | | | | (152,152 | ) | | | — | |
| Morgan Stanley & Co. | | | | | | | | | | | | |
| LLC | | | 399,645 | | | | (399,645 | ) | | | — | |
| National Bank Of | | | | | | | | | | | | |
| Canada Financial Inc | | | 415,586 | | | | (415,586 | ) | | | — | |
| National Financial | | | | | | | | | | | | |
| Services LLC | | | 597,322 | | | | (597,322 | ) | | | — | |
| Scotia Capital (USA) | | | | | | | | | | | | |
| INC | | | 803,429 | | | | (803,429 | ) | | | — | |
| State Street Bank and | | | | | | | | | | | | |
| Trust Company | | | 627,625 | | | | (627,625 | ) | | | — | |
| Wells Fargo Bank NA | | | 31,900 | | | | (31,900 | ) | | | — | |
| Wells Fargo | | | | | | | | | | | | |
| Securities LLC | | | 268,280 | | | | (268,280 | ) | | | — | |
| Total | | $ | 5,050,313 | | | $ | (5,050,313 | ) | | $ | — | |
| (1) | Cash collateral with a fair value of $5,215,507 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts and wash sale deferrals.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | | Year Ended | | | | Year Ended | |
| | | | December 31, 2023 | | | | December 31, 2022 | |
| | | Ordinary | | | Long-term | | | Ordinary | | | Long-term | |
| | | Income | | | Capital Gains | | | Income | | | Capital Gains | |
| Index Plus LargeCap | | $ | 6,956,198 | | | $ | 16,730,822 | | | $ | 49,460,015 | | | $ | 150,778,439 | |
| Index Plus MidCap | | | 4,939,460 | | | | 17,851,092 | | | | 39,289,969 | | | | 69,582,480 | |
| Index Plus SmallCap | | | 2,239,612 | | | | 7,703,638 | | | | 16,616,198 | | | | 21,681,470 | |
The tax-basis components of distributable earnings as of December 31, 2023 were:
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 12 — FEDERAL INCOME TAXES (continued)
| | | Undistributed
Ordinary
Income
| | | Undistributed Long-term
Capital Gains | | | Unrealized Appreciation/
(Depreciation) | | | Total Distributable
Earnings/(Loss) | |
| Index Plus LargeCap | | $ | 8,843,246 | | | $ | 38,658,399 | | | $ | 193,771,156 | | | $ | 241,272,801 | |
| Index Plus MidCap | | | 5,874,571 | | | | 15,415,940 | | | | 63,771,927 | | | | 85,062,438 | |
| Index Plus SmallCap | | | 3,586,687 | | | | 6,805,110 | | | | 34,026,676 | | | | 44,418,473 | |
At December 31, 2023, the Portfolios did not have any capital loss carryforwards for U.S. federal income tax purposes.
The Portfolios’ major tax jurisdictions are U.S. federal and Arizona state.
As of December 31, 2023, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer- term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may
be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond those with direct exposure to Russian issuers or nearby geographic regions.
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED)
NOTE 14 — MARKET DISRUPTION (continued)
The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic,
social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTE 15 — SUBSEQUENT EVENTS
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: 99.1% | | | | | | | |
| | | | Communication Services: 8.1% | | | | | | | |
| 197,774 (1) | | | Alphabet, Inc. - Class A | | $ | 27,627,050 | | | 3.4 | |
| 162,599 | | | AT&T, Inc. | | | 2,728,411 | | | 0.3 | |
| 1,273 (1) | | | Charter Communications, Inc. - Class A | | | 494,789 | | | 0.1 | |
| 172,862 | | | Comcast Corp. - Class A | | | 7,579,999 | | | 0.9 | |
| 4,080 | | | Electronic Arts, Inc. | | | 558,185 | | | 0.1 | |
| 38,325 | | | Iridium Communications, Inc. | | | 1,577,457 | | | 0.2 | |
| 43,302 (1) | | | Meta Platforms, Inc. - Class A | | | 15,327,176 | | | 1.9 | |
| 15,094 (1) | | | Netflix, Inc. | | | 7,348,967 | | | 0.9 | |
| 12,889 (1) | | | Spotify Technology SA | | | 2,421,972 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 10.9% | | | | | | | |
| 155,950 (1) | | | Amazon.com, Inc. | | | 23,695,043 | | | 2.9 | |
| 780 (1) | | | Booking Holdings, Inc. | | | 2,766,832 | | | 0.3 | |
| 35,608 | | | BorgWarner, Inc. | | | 1,276,547 | | | 0.2 | |
| 153,125 (1) | | | Coupang, Inc. | | | 2,479,094 | | | 0.3 | |
| 32,127 | | | DR Horton, Inc. | | | 4,882,661 | | | 0.6 | |
| 6,091 (1) | | | Five Below, Inc. | | | 1,298,357 | | | 0.2 | |
| 164,480 | | | Ford Motor Co. | | | 2,005,011 | | | 0.2 | |
| 132,737 | | | General Motors Co. | | | 4,767,913 | | | 0.6 | |
| 39,083 | | | Gentex Corp. | | | 1,276,451 | | | 0.1 | |
| 9,973 | | | Genuine Parts Co. | | | 1,381,260 | | | 0.2 | |
| 3,875 | | | Home Depot, Inc. | | | 1,342,881 | | | 0.2 | |
| 18,520 | | | Kohl’s Corp. | | | 531,154 | | | 0.1 | |
| 69,987 | | | LKQ Corp. | | | 3,344,679 | | | 0.4 | |
| 6,833 (1) | | | Lululemon Athletica, Inc. | | | 3,493,644 | | | 0.4 | |
| 241 (1) | | | MercadoLibre, Inc. | | | 378,741 | | | 0.0 | |
| 87,060 | | | MGM Resorts International | | | 3,889,841 | | | 0.5 | |
| 35,072 | | | NIKE, Inc. - Class B | | | 3,807,767 | | | 0.5 | |
| 65,553 | | | Nordstrom, Inc. | | | 1,209,453 | | | 0.1 | |
| 201 (1) | | | NVR, Inc. | | | 1,407,090 | | | 0.2 | |
| 7,069 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 536,466 | | | 0.1 | |
| 18,676 (1) | | | Penn Entertainment, Inc. | | | 485,949 | | | 0.1 | |
| 1,110 | | | Pool Corp. | | | 442,568 | | | 0.0 | |
| 11,308 | | | Ralph Lauren Corp. | | | 1,630,614 | | | 0.2 | |
| 23,596 (1) | | | Skechers USA, Inc. - Class A | | | 1,470,975 | | | 0.2 | |
| 67,344 | | | Tapestry, Inc. | | | 2,478,933 | | | 0.3 | |
| 45,431 (1) | | | Tesla, Inc. | | | 11,288,695 | | | 1.4 | |
| 1,497 (1) | | | TopBuild Corp. | | | 560,267 | | | 0.1 | |
| 136,735 | | | Wendy’s Co. | | | 2,663,598 | | | 0.3 | |
| 14,787 | | | Wynn Resorts Ltd. | | | 1,347,244 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 6.2% | | | | | | | |
| 48,248 | | | Altria Group, Inc. | | | 1,946,324 | | | 0.2 | |
| 45,860 (1) | | | BellRing Brands, Inc. | | | 2,542,020 | | | 0.3 | |
| 102,926 | | | Coca-Cola Co. | | | 6,065,429 | | | 0.8 | |
| 2,869 | | | Coca-Cola Consolidated, Inc. | | | 2,663,580 | | | 0.3 | |
| 70,442 | | | Colgate-Palmolive Co. | | | 5,614,932 | | | 0.7 | |
| 634 | | | Costco Wholesale Corp. | | | 418,491 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Consumer Staples: (continued) | | | | | | | |
| 24,869 | | | General Mills, Inc. | | $ | 1,619,967 | | | 0.2 | |
| 37,176 | | | Kimberly-Clark Corp. | | | 4,517,256 | | | 0.6 | |
| 54,647 | | | PepsiCo, Inc. | | | 9,281,246 | | | 1.1 | |
| 39,476 (1) | | | Performance Food Group Co. | | | 2,729,765 | | | 0.3 | |
| 84,877 | | | Philip Morris International, Inc. | | | 7,985,228 | | | 1.0 | |
| 16,814 | | | Procter & Gamble Co. | | | 2,463,923 | | | 0.3 | |
| 51,776 (1) | | | US Foods Holding Corp. | | | 2,351,148 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Energy: 4.2% | | | | | | | |
| 141,265 | | | Baker Hughes Co. | | | 4,828,438 | | | 0.6 | |
| 30,605 | | | Chevron Corp. | | | 4,565,042 | | | 0.6 | |
| 24,573 | | | ConocoPhillips | | | 2,852,188 | | | 0.3 | |
| 17,089 | | | Diamondback Energy, Inc. | | | 2,650,162 | | | 0.3 | |
| 39,436 | | | EOG Resources, Inc. | | | 4,769,784 | | | 0.6 | |
| 130,302 | | | Equitrans Midstream Corp. | | | 1,326,474 | | | 0.2 | |
| 51,723 | | | Exxon Mobil Corp. | | | 5,171,266 | | | 0.6 | |
| 12,317 (2) | | | New Fortress Energy, Inc. | | | 464,720 | | | 0.1 | |
| 25,163 | | | Phillips 66 | | | 3,350,202 | | | 0.4 | |
| 2,368 | | | Pioneer Natural Resources Co. | | | 532,516 | | | 0.1 | |
| 24,915 | | | Valero Energy Corp. | | | 3,238,950 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Financials: 10.8% | | | | | | | |
| 2,946 | | | American Express Co. | | | 551,904 | | | 0.1 | |
| 11,927 | | | Ameriprise Financial, Inc. | | | 4,530,232 | | | 0.6 | |
| 17,923 | | | Aon PLC - Class A | | | 5,215,951 | | | 0.6 | |
| 17,888 | | | Ares Management Corp. - Class A | | | 2,127,241 | | | 0.3 | |
| 22,329 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 7,963,861 | | | 1.0 | |
| 37,288 | | | Capital One Financial Corp. | | | 4,889,203 | | | 0.6 | |
| 32,729 | | | Charles Schwab Corp. | | | 2,251,755 | | | 0.3 | |
| 105,442 | | | Citigroup, Inc. | | | 5,423,936 | | | 0.7 | |
| 28,000 | | | CME Group, Inc. | | | 5,896,800 | | | 0.7 | |
| 27,994 | | | CNO Financial Group, Inc. | | | 781,033 | | | 0.1 | |
| 50,213 | | | Equitable Holdings, Inc. | | | 1,672,093 | | | 0.2 | |
| 7,374 | | | Everest Re Group Ltd. | | | 2,607,299 | | | 0.3 | |
| 25,977 | | | Hartford Financial Services Group, Inc. | | | 2,088,031 | | | 0.3 | |
| 53,217 | | | JPMorgan Chase & Co. | | | 9,052,212 | | | 1.1 | |
| 1,480 | | | MarketAxess Holdings, Inc. | | | 433,418 | | | 0.0 | |
| 37,692 | | | Marsh & McLennan Cos., Inc. | | | 7,141,503 | | | 0.9 | |
| 55,061 | | | MetLife, Inc. | | | 3,641,184 | | | 0.4 | |
| 21,313 | | | MGIC Investment Corp. | | | 411,128 | | | 0.0 | |
| 12,391 | | | OneMain Holdings, Inc. | | | 609,637 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | |
| | | | Financials: (continued) | | | | | | |
| 264,910 | | | Rithm Capital Corp. | | $ | 2,829,239 | | | 0.3 | |
| 19,096 | | | State Street Corp. | | | 1,479,176 | | | 0.2 | |
| 92,291 | | | Synchrony Financial | | | 3,524,593 | | | 0.4 | |
| 26,975 (1) | | | Toast, Inc. - Class A | | | 492,564 | | | 0.1 | |
| 19,205 | | | Tradeweb Markets, Inc. - Class A | | | 1,745,350 | | | 0.2 | |
| 6,842 | | | UMB Financial Corp. | | | 571,649 | | | 0.1 | |
| 36,636 | | | Unum Group | | | 1,656,680 | | | 0.2 | |
| 159,757 | | | Wells Fargo & Co. | | | 7,863,240 | | | 1.0 | |
| | | | | | | | | | | |
| | | | Health Care: 12.7% | | | | | | | |
| 14,399 | | | AbbVie, Inc. | | | 2,231,413 | | | 0.3 | |
| 28,306 | | | Agilent Technologies, Inc. | | | 3,935,383 | | | 0.5 | |
| 1,913 | | | AmerisourceBergen Corp. | | | 392,892 | | | 0.0 | |
| 102,650 | | | Bristol-Myers Squibb Co. | | | 5,266,972 | | | 0.7 | |
| 3,616 | | | Cardinal Health, Inc. | | | 364,493 | | | 0.0 | |
| 43,663 (1) | | | Centene Corp. | | | 3,240,231 | | | 0.4 | |
| 7,235 | | | Cigna Group | | | 2,166,521 | | | 0.3 | |
| 63,840 | | | CVS Health Corp. | | | 5,040,806 | | | 0.6 | |
| 3,545 | | | Danaher Corp. | | | 820,100 | | | 0.1 | |
| 11,358 (1) | | | Dexcom, Inc. | | | 1,409,414 | | | 0.2 | |
| 50,656 (1) | | | Edwards Lifesciences Corp. | | | 3,862,520 | | | 0.5 | |
| 10,637 | | | Elevance Health, Inc. | | | 5,015,984 | | | 0.6 | |
| 7,249 | | | Eli Lilly & Co. | | | 4,225,587 | | | 0.5 | |
| 99,585 (1) | | | Exelixis, Inc. | | | 2,389,044 | | | 0.3 | |
| 14,825 | | | GE HealthCare Technologies, Inc. | | | 1,146,269 | | | 0.1 | |
| 58,589 | | | Gilead Sciences, Inc. | | | 4,746,295 | | | 0.6 | |
| 6,508 | | | Humana, Inc. | | | 2,979,428 | | | 0.4 | |
| 8,725 (1) | | | Inari Medical, Inc. | | | 566,427 | | | 0.1 | |
| 45,030 (1) | | | Incyte Corp. | | | 2,827,434 | | | 0.3 | |
| 3,023 (1) | | | Inspire Medical Systems, Inc. | | | 614,969 | | | 0.1 | |
| 54,333 | | | Johnson & Johnson | | | 8,516,154 | | | 1.1 | |
| 22,680 (1) | | | Lantheus Holdings, Inc. | | | 1,406,160 | | | 0.2 | |
| 1,373 | | | McKesson Corp. | | | 635,672 | | | 0.1 | |
| 35,135 | | | Medtronic PLC | | | 2,894,421 | | | 0.4 | |
| 92,719 | | | Merck & Co., Inc. | | | 10,108,225 | | | 1.2 | |
| 4,048 (1) | | | Molina Healthcare, Inc. | | | 1,462,583 | | | 0.2 | |
| 12,486 (1) | | | Neurocrine Biosciences, Inc. | | | 1,645,155 | | | 0.2 | |
| 4,764 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 4,184,174 | | | 0.5 | |
| 2,640 (1) | | | Shockwave Medical, Inc. | | | 503,078 | | | 0.1 | |
| 8,029 | | | Thermo Fisher Scientific, Inc. | | | 4,261,713 | | | 0.5 | |
| 14,461 | | | UnitedHealth Group, Inc. | | | 7,613,283 | | | 0.9 | |
| 13,646 (1) | | | Vertex Pharmaceuticals, Inc. | | | 5,552,421 | | | 0.7 | |
| | | | | | | | | | | |
| | | | Industrials: 8.4% | | | | | | | |
| 10,672 | | | 3M Co. | | | 1,166,663 | | | 0.1 | |
| 9,714 | | | Acuity Brands, Inc. | | | 1,989,719 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | |
| | | | Industrials: (continued) | | | | | | |
| 3,637 | | | Advanced Drainage Systems, Inc. | | $ | 511,508 | | | 0.1 | |
| 14,304 | | | AECOM | | | 1,322,119 | | | 0.2 | |
| 6,977 | | | Allison Transmission Holdings, Inc. | | | 405,713 | | | 0.0 | |
| 226,164 (1) | | | American Airlines Group, Inc. | | | 3,107,493 | | | 0.4 | |
| 28,297 | | | AMETEK, Inc. | | | 4,665,892 | | | 0.6 | |
| 6,540 | | | Avis Budget Group, Inc. | | | 1,159,280 | | | 0.1 | |
| 9,255 | | | Cintas Corp. | | | 5,577,618 | | | 0.7 | |
| 78,184 (1) | | | Copart, Inc. | | | 3,831,016 | | | 0.5 | |
| 90,677 (1) | | | Core & Main, Inc. - Class A | | | 3,664,258 | | | 0.5 | |
| 5,119 (1) | | | CoStar Group, Inc. | | | 447,349 | | | 0.1 | |
| 3,169 | | | Dover Corp. | | | 487,424 | | | 0.1 | |
| 19,914 | | | Emerson Electric Co. | | | 1,938,230 | | | 0.2 | |
| 79,394 | | | Fortive Corp. | | | 5,845,780 | | | 0.7 | |
| 9,451 | | | Fortune Brands Innovations, Inc. | | | 719,599 | | | 0.1 | |
| 38,442 (1) | | | Gates Industrial Corp. PLC | | | 515,892 | | | 0.1 | |
| 5,108 | | | General Electric Co. | | | 651,934 | | | 0.1 | |
| 10,537 | | | Graco, Inc. | | | 914,190 | | | 0.1 | |
| 20,768 | | | Johnson Controls International PLC | | | 1,197,067 | | | 0.1 | |
| 13,425 | | | MSC Industrial Direct Co., Inc. - Class A | | | 1,359,415 | | | 0.2 | |
| 2,805 | | | Old Dominion Freight Line, Inc. | | | 1,136,951 | | | 0.1 | |
| 27,449 | | | Otis Worldwide Corp. | | | 2,455,862 | | | 0.3 | |
| 19,267 | | | Owens Corning | | | 2,855,947 | | | 0.3 | |
| 11,158 | | | Parker-Hannifin Corp. | | | 5,140,491 | | | 0.6 | |
| 20,569 | | | Pentair PLC | | | 1,495,572 | | | 0.2 | |
| 10,905 | | | Rockwell Automation, Inc. | | | 3,385,784 | | | 0.4 | |
| 22,419 | | | Rollins, Inc. | | | 979,038 | | | 0.1 | |
| 8,577 | | | Ryder System, Inc. | | | 986,870 | | | 0.1 | |
| 11,812 | | | Sensata Technologies Holding PLC | | | 443,777 | | | 0.1 | |
| 81,633 | | | SS&C Technologies Holdings, Inc. | | | 4,988,593 | | | 0.6 | |
| 8,962 | | | Terex Corp. | | | 514,957 | | | 0.1 | |
| 9,428 (1) | | | U-Haul Holding Co. | | | 676,930 | | | 0.1 | |
| 2,471 | | | Watts Water Technologies, Inc. - Class A | | | 514,808 | | | 0.1 | |
| 11,549 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 513,930 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Information Technology: 31.2% | | | | | | | |
| 16,116 (1) | | | Adobe, Inc. | | | 9,614,806 | | | 1.2 | |
| 16,869 (1) | | | Advanced Micro Devices, Inc. | | | 2,486,659 | | | 0.3 | |
| 29,458 (1) | | | Akamai Technologies, Inc. | | | 3,486,354 | | | 0.4 | |
| 266,392 | | | Apple, Inc. | | | 51,288,452 | | | 6.3 | |
| 45,464 | | | Applied Materials, Inc. | | | 7,368,350 | | | 0.9 | |
| 13,119 (1) | | | Autodesk, Inc. | | | 3,194,214 | | | 0.4 | |
| 20,529 | | | Avnet, Inc. | | | 1,034,662 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) |
| 5,618 | | | Broadcom, Inc. | | $ | 6,271,092 | | | 0.8 | |
| 9,108 (1) | | | Cadence Design Systems, Inc. | | | 2,480,746 | | | 0.3 | |
| 11,279 (1) | | | Calix, Inc. | | | 492,780 | | | 0.1 | |
| 166,538 | | | Cisco Systems, Inc. | | | 8,413,500 | | | 1.0 | |
| 9,041 (1) | | | DocuSign, Inc. | | | 537,487 | | | 0.1 | |
| 11,529 (1) | | | F5, Inc. | | | 2,063,460 | | | 0.3 | |
| 1,976 (1) | | | Gartner, Inc. | | | 891,393 | | | 0.1 | |
| 2,248 (1) | | | HubSpot, Inc. | | | 1,305,054 | | | 0.2 | |
| 9,248 | | | Intel Corp. | | | 464,712 | | | 0.1 | |
| 10,294 | | | Intuit, Inc. | | | 6,434,059 | | | 0.8 | |
| 21,977 (1) | | | Keysight Technologies, Inc. | | | 3,496,321 | | | 0.4 | |
| 9,226 | | | KLA Corp. | | | 5,363,074 | | | 0.7 | |
| 3,891 | | | Lam Research Corp. | | | 3,047,665 | | | 0.4 | |
| 4,528 | | | Mastercard, Inc. - Class A | | | 1,931,237 | | | 0.2 | |
| 137,860 | | | Microsoft Corp. | | | 51,840,874 | | | 6.4 | |
| 4,878 | | | Monolithic Power Systems, Inc. | | | 3,076,945 | | | 0.4 | |
| 15,476 | | | NetApp, Inc. | | | 1,364,364 | | | 0.2 | |
| 56,289 | | | NVIDIA Corp. | | | 27,875,439 | | | 3.4 | |
| 5,760 (1) | | | Palo Alto Networks, Inc. | | | 1,698,509 | | | 0.2 | |
| 8,478 | | | Paycom Software, Inc. | | | 1,752,572 | | | 0.2 | |
| 9,276 (1) | | | Paylocity Holding Corp. | | | 1,529,149 | | | 0.2 | |
| 64,311 (1) | | | PayPal Holdings, Inc. | | | 3,949,339 | | | 0.5 | |
| 70,542 (1) | | | Pure Storage, Inc. - Class A | | | 2,515,528 | | | 0.3 | |
| 38,726 | | | Qualcomm, Inc. | | | 5,600,941 | | | 0.7 | |
| 32,800 (1) | | | Salesforce, Inc. | | | 8,630,992 | | | 1.1 | |
| 10,017 (1) | | | ServiceNow, Inc. | | | 7,076,910 | | | 0.9 | |
| 1,495 (1) | | | Super Micro Computer, Inc. | | | 424,969 | | | 0.0 | |
| 9,967 (1) | | | Synopsys, Inc. | | | 5,132,108 | | | 0.6 | |
| 4,606 | | | Teradyne, Inc. | | | 499,843 | | | 0.1 | |
| 17,633 | | | Visa, Inc. - Class A | | | 4,590,752 | | | 0.6 | |
| 8,939 (1) | | | Workday, Inc. - Class A | | | 2,467,700 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Materials: 2.3% | | | | | | | |
| 10,754 | | | Dow, Inc. | | | 589,749 | | | 0.1 | |
| 73,184 | | | Element Solutions, Inc. | | | 1,693,478 | | | 0.2 | |
| 19,080 | | | Freeport-McMoRan, Inc. | | | 812,236 | | | 0.1 | |
| 7,184 | | | Linde PLC | | | 2,950,541 | | | 0.4 | |
| 2,658 | | | Nucor Corp. | | | 462,598 | | | 0.1 | |
| 33,659 | | | PPG Industries, Inc. | | | 5,033,704 | | | 0.6 | |
| 18,567 | | | RPM International, Inc. | | | 2,072,634 | | | 0.2 | |
| 15,267 | | | Sherwin-Williams Co. | | | 4,761,777 | | | 0.6 | |
| | | | | | | | | | | |
| | | | Real Estate: 1.8% | | | | | | | |
| 76,112 | | | Brixmor Property Group, Inc. | | | 1,771,126 | | | 0.2 | |
| 6,757 | | | EastGroup Properties, Inc. | | | 1,240,180 | | | 0.2 | |
| 62,147 | | | Equity Residential | | | 3,800,911 | | | 0.5 | |
| 25,677 | | | Invitation Homes, Inc. | | | 875,842 | | | 0.1 | |
| 49,426 | | | Kilroy Realty Corp. | | | 1,969,132 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | |
| | | | Real Estate: (continued) | | | | | | |
| 159,914 | | | VICI Properties, Inc. | | $ | 5,098,058 | | | 0.6 | | |
| | | | | | | | | | | |
| | | | Utilities: 2.5% | | | | | | | |
| 33,948 | | | American Electric Power Co., Inc. | | | 2,757,256 | | | 0.3 | | |
| 24,853 | | | Atmos Energy Corp. | | | 2,880,463 | | | 0.3 | | |
| 16,393 | | | DTE Energy Co. | | | 1,807,492 | | | 0.2 | | |
| 63,855 | | | Edison International | | | 4,564,994 | | | 0.6 | | |
| 9,439 | | | Evergy, Inc. | | | 492,716 | | | 0.1 | | |
| 41,555 | | | National Fuel Gas Co. | | | 2,084,814 | | | 0.3 | | |
| 107,458 | | | PG&E Corp. | | | 1,937,468 | | | 0.2 | | |
| 28,789 | | | Sempra Energy | | | 2,151,402 | | | 0.3 | | |
| 62,776 | | | UGI Corp. | | | 1,544,290 | | | 0.2 | | |
| | | | Total Common Stock
(Cost $603,693,569) | | | 799,842,459 | | | 99.1 | | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 0.9% | | | | | | | |
| | | | Repurchase Agreements: 0.0% | | | | | | | |
| 482,662 (3) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $482,944, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $492,315, due 12/01/29-12/01/53) | | | 482,662 | | | 0.0 | | |
| | | | Total Repurchase Agreements
(Cost $482,662) | | | 482,662 | | | 0.0 | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| | | | Mutual Funds: 0.9% | | | | | | | |
| 7,029,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $7,029,000) | | $ | 7,029,000 | | | 0.9 | | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $7,511,662) | | | 7,511,662 | | | 0.9 | | |
See Accompanying Notes to Financial Statements
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| | | | Mutual Funds (continued) | | | | | | | |
| | | | | | | | | | | |
| | | | Total Investments in Securities (Cost $611,205,231) | | $ | 807,354,121 | | | 100.0 | | |
| | | | Assets in Excess of Other Liabilities | | | 52,866 | | | 0.0 | | |
| | | | Net Assets | | $ | 807,406,987 | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 799,842,459 | | | $ | — | | | $ | — | | | $ | 799,842,459 | |
| Short-Term Investments | | | 7,029,000 | | | | 482,662 | | | | — | | | | 7,511,662 | |
| Total Investments, at fair value | | $ | 806,871,459 | | | $ | 482,662 | | | $ | — | | | $ | 807,354,121 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 236,956 | | | | — | | | | — | | | | 236,956 | |
| Total Assets | | $ | 807,108,415 | | | $ | 482,662 | | | $ | — | | | $ | 807,591,077 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| S&P 500 E-Mini | | 33 | | | 03/15/24 | | | $ | 7,953,000 | | | $ | 236,956 | |
| | | | | | | | | $ | 7,953,000 | | | $ | 236,956 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | | | | |
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 236,956 | |
| Total Asset Derivatives | | | | $ | 236,956 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 301,694 | |
| Total | | $ | 301,694 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus LargeCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 329,367 | |
| Total | | $ | 329,367 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $613,819,922. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 204,860,296 | |
| Gross Unrealized Depreciation | | | (11,089,140 | ) |
| Net Unrealized Appreciation | | $ | 193,771,156 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
COMMON STOCK: 98.8% | | | | | |
| | | | Communication Services: 1.6% | | | | | | | |
| 1,462 | | | Cable One, Inc. | | $ | 813,735 | | | 0.2 | |
| 51,337 | | | Iridium Communications, Inc. | | | 2,113,031 | | | 0.4 | |
| 5,408 (1) | | | Spotify Technology SA | | | 1,016,217 | | | 0.2 | |
| 94,128 | | | TEGNA, Inc. | | | 1,440,159 | | | 0.3 | |
| 6,648 (1) | | | Trade Desk, Inc. - Class A | | | 478,390 | | | 0.1 | |
| 19,278 (1) | | | TripAdvisor, Inc. | | | 415,055 | | | 0.1 | |
| 67,525 (1) | | | ZoomInfo Technologies, Inc. | | | 1,248,537 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 15.8% | | | | | | | |
| 40,375 | | | ADT, Inc. | | | 275,358 | | | 0.1 | |
| 1,901 (1) | | | AutoNation, Inc. | | | 285,492 | | | 0.1 | |
| 30,988 | | | BorgWarner, Inc. | | | 1,110,920 | | | 0.2 | |
| 42,879 | | | Boyd Gaming Corp. | | | 2,684,654 | | | 0.5 | |
| 2,913 | | | Brunswick Corp. | | | 281,833 | | | 0.1 | |
| 1,611 (1) | | | Burlington Stores, Inc. | | | 313,307 | | | 0.1 | |
| 5,629 (1) | | | Caesars Entertainment, Inc. | | | 263,888 | | | 0.0 | |
| 65,034 (1) | | | Coupang, Inc. | | | 1,052,900 | | | 0.2 | |
| 20,360 (1) | | | Crocs, Inc. | | | 1,901,828 | | | 0.4 | |
| 4,341 (1) | | | Deckers Outdoor Corp. | | | 2,901,655 | | | 0.6 | |
| 9,531 | | | Dick’s Sporting Goods, Inc. | | | 1,400,580 | | | 0.3 | |
| 10,785 | | | DR Horton, Inc. | | | 1,639,104 | | | 0.3 | |
| 17,592 (1) | | | Five Below, Inc. | | | 3,749,911 | | | 0.8 | |
| 18,053 (1)(2) | | | GameStop Corp. - Class A | | | 316,469 | | | 0.1 | |
| 37,108 | | | Gap, Inc. | | | 775,928 | | | 0.2 | |
| 116,842 | | | Gentex Corp. | | | 3,816,060 | | | 0.8 | |
| 3,481 | | | Genuine Parts Co. | | | 482,119 | | | 0.1 | |
| 36,222 (1) | | | Goodyear Tire & Rubber Co. | | | 518,699 | | | 0.1 | |
| 2,515 | | | Graham Holdings Co. - Class B | | | 1,751,748 | | | 0.4 | |
| 17,495 (1) | | | Grand Canyon Education, Inc. | | | 2,310,040 | | | 0.5 | |
| 34,257 | | | H&R Block, Inc. | | | 1,657,011 | | | 0.3 | |
| 20,426 | | | Harley-Davidson, Inc. | | | 752,494 | | | 0.2 | |
| 38,501 (1) | | | Hilton Grand Vacations, Inc. | | | 1,546,970 | | | 0.3 | |
| 8,489 | | | Hyatt Hotels Corp. - Class A | | | 1,107,051 | | | 0.2 | |
| 30,422 | | | KB Home | | | 1,900,158 | | | 0.4 | |
| 29,580 | | | Kohl’s Corp. | | | 848,354 | | | 0.2 | |
| 23,099 | | | Lear Corp. | | | 3,261,810 | | | 0.7 | |
| 9,925 | | | Leggett & Platt, Inc. | | | 259,737 | | | 0.0 | |
| 3,027 (1) | | | Light & Wonder, Inc. | | | 248,547 | | | 0.0 | |
| 3,929 | | | Lithia Motors, Inc. | | | 1,293,741 | | | 0.3 | |
| 26,968 | | | LKQ Corp. | | | 1,288,801 | | | 0.3 | |
| 93,974 | | | Macy’s, Inc. | | | 1,890,757 | | | 0.4 | |
| 34,456 (1) | | | Mattel, Inc. | | | 650,529 | | | 0.1 | |
| 36,828 | | | MGM Resorts International | | | 1,645,475 | | | 0.3 | |
| 98,224 | | | Nordstrom, Inc. | | | 1,812,233 | | | 0.4 | |
| 44 (1) | | | NVR, Inc. | | | 308,020 | | | 0.1 | |
| 25,171 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 1,910,227 | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 73,933 (1) | | | Penn Entertainment, Inc. | | $ | 1,923,737 | | | 0.4 | |
| 7,865 (1) | | | Planet Fitness, Inc. - Class A | | | 574,145 | | | 0.1 | |
| 8,812 | | | PVH Corp. | | | 1,076,121 | | | 0.2 | |
| 7,943 | | | Ralph Lauren Corp. | | | 1,145,381 | | | 0.2 | |
| 48,242 (1) | | | Skechers USA, Inc. - Class A | | | 3,007,406 | | | 0.6 | |
| 33,909 | | | Tapestry, Inc. | | | 1,248,190 | | | 0.3 | |
| 64,124 (1) | | | Taylor Morrison Home Corp. | | | 3,421,015 | | | 0.7 | |
| 12,123 (1) | | | TopBuild Corp. | | | 4,537,154 | | | 0.9 | |
| 31,375 | | | Travel + Leisure Co. | | | 1,226,449 | | | 0.2 | |
| 178,309 (1) | | | Under Armour, Inc. - Class A | | | 1,567,336 | | | 0.3 | |
| 126,169 | | | Wendy’s Co. | | | 2,457,772 | | | 0.5 | |
| 14,358 | | | Williams-Sonoma, Inc. | | | 2,897,157 | | | 0.6 | |
| 3,121 | | | Wingstop, Inc. | | | 800,786 | | | 0.2 | |
| 8,104 | | | Wynn Resorts Ltd. | | | 738,355 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 4.3% | | | | | | | |
| 64,210 (1) | | | BellRing Brands, Inc. | | | 3,559,160 | | | 0.7 | |
| 20,630 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 1,375,196 | | | 0.3 | |
| 883 (1) | | | Boston Beer Co., Inc. - Class A | | | 305,156 | | | 0.1 | |
| 958 | | | Casey’s General Stores, Inc. | | | 263,201 | | | 0.1 | |
| 14,245 (1) | | | Celsius Holdings, Inc. | | | 776,638 | | | 0.2 | |
| 2,866 | | | Coca-Cola Consolidated, Inc. | | | 2,660,794 | | | 0.5 | |
| 43,437 (1) | | | Darling Ingredients, Inc. | | | 2,164,900 | | | 0.4 | |
| 20,115 | | | Ingredion, Inc. | | | 2,183,081 | | | 0.5 | |
| 59,454 (1) | | | Performance Food Group Co. | | | 4,111,244 | | | 0.8 | |
| 79,829 (1) | | | US Foods Holding Corp. | | | 3,625,035 | | | 0.7 | |
| | | | | | | | | | | |
| | | | Energy: 5.1% | | | | | | | |
| 62,826 (1) | | | Antero Resources Corp. | | | 1,424,894 | | | 0.3 | |
| 48,727 | | | Baker Hughes Co. | | | 1,665,489 | | | 0.3 | |
| 90,131 | | | ChampionX Corp. | | | 2,632,727 | | | 0.5 | |
| 8,948 | | | Chord Energy Corp. | | | 1,487,426 | | | 0.3 | |
| 38,872 (1) | | | CNX Resources Corp. | | | 777,440 | | | 0.2 | |
| 10,568 | | | Coterra Energy, Inc. | | | 269,695 | | | 0.0 | |
| 6,652 | | | Diamondback Energy, Inc. | | | 1,031,592 | | | 0.2 | |
| 234,119 | | | Equitrans Midstream Corp. | | | 2,383,332 | | | 0.5 | |
| 16,028 | | | Halliburton Co. | | | 579,412 | | | 0.1 | |
| 36,917 | | | HF Sinclair Corp. | | | 2,051,478 | | | 0.4 | |
| 48,033 | | | Matador Resources Co. | | | 2,731,156 | | | 0.6 | |
| 69,174 | | | Murphy Oil Corp. | | | 2,950,963 | | | 0.6 | |
| 9,855 (2) | | | New Fortress Energy, Inc. | | | 371,829 | | | 0.1 | |
| 22,813 | | | Ovintiv, Inc. | | | 1,001,947 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Energy: (continued) | | | | | | | |
| 18,841 | | | PBF Energy, Inc. - Class A | | $ | 828,250 | | | 0.2 | |
| 44,827 | | | Range Resources Corp. | | | 1,364,534 | | | 0.3 | |
| 119,788 (1) | | | Southwestern Energy Co. | | | 784,611 | | | 0.2 | |
| 2,869 (1) | | | Weatherford International PLC | | | 280,674 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Financials: 15.7% | | | | | | | |
| 18,567 | | | Affiliated Managers Group, Inc. | | | 2,811,415 | | | 0.6 | |
| 30,162 | | | AGNC Investment Corp. | | | 295,889 | | | 0.1 | |
| 54,580 | | | Ally Financial, Inc. | | | 1,905,934 | | | 0.4 | |
| 17,981 | | | American Financial Group, Inc. | | | 2,137,761 | | | 0.4 | |
| 3,801 | | | Ameriprise Financial, Inc. | | | 1,443,734 | | | 0.3 | |
| 70,442 | | | Annaly Capital Management, Inc. | | | 1,364,462 | | | 0.3 | |
| 9,299 | | | Ares Management Corp. -Class A | | | 1,105,837 | | | 0.2 | |
| 6,828 | | | Assured Guaranty Ltd. | | | 510,939 | | | 0.1 | |
| 14,863 | | | Axis Capital Holdings Ltd. | | | 822,964 | | | 0.2 | |
| 52,615 | | | Bank OZK | | | 2,621,805 | | | 0.5 | |
| 26,942 | | | Citizens Financial Group, Inc. | | | 892,858 | | | 0.2 | |
| 87,496 | | | CNO Financial Group, Inc. | | | 2,441,138 | | | 0.5 | |
| 47,476 | | | Commerce Bancshares, Inc. | | | 2,535,693 | | | 0.5 | |
| 30,118 | | | East West Bancorp, Inc. | | | 2,166,990 | | | 0.4 | |
| 112,245 | | | Equitable Holdings, Inc. | | | 3,737,759 | | | 0.8 | |
| 3,334 | | | Erie Indemnity Co. - Class A | | | 1,116,623 | | | 0.2 | |
| 53,266 | | | Essent Group Ltd. | | | 2,809,249 | | | 0.6 | |
| 9,436 | | | Evercore, Inc. - Class A | | | 1,614,028 | | | 0.3 | |
| 2,959 | | | Everest Re Group Ltd. | | | 1,046,243 | | | 0.2 | |
| 4,941 | | | Fidelity National Financial, Inc. | | | 252,090 | | | 0.0 | |
| 46,240 | | | First American Financial Corp. | | | 2,979,706 | | | 0.6 | |
| 34,357 | | | First Hawaiian, Inc. | | | 785,401 | | | 0.2 | |
| 50,028 | | | Hancock Whitney Corp. | | | 2,430,861 | | | 0.5 | |
| 7,074 | | | Hartford Financial Services Group, Inc. | | | 568,608 | | | 0.1 | |
| 41,541 | | | International Bancshares Corp. | | | 2,256,507 | | | 0.5 | |
| 26,683 | | | Jefferies Financial Group, Inc. | | | 1,078,260 | | | 0.2 | |
| 20,371 | | | Loews Corp. | | | 1,417,618 | | | 0.3 | |
| 3,086 | | | MarketAxess Holdings, Inc. | | | 903,735 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Financials: (continued) | | | | | | | |
| 146,174 | | | MGIC Investment Corp. | | $ | 2,819,696 | | | 0.6 | |
| 26,501 | | | OneMain Holdings, Inc. | | | 1,303,849 | | | 0.3 | |
| 27,502 | | | Pinnacle Financial Partners, Inc. | | | 2,398,724 | | | 0.5 | |
| 17,505 | | | Prosperity Bancshares, Inc. | | | 1,185,614 | | | 0.2 | |
| 22,778 | | | Reinsurance Group of America, Inc. | | | 3,685,025 | | | 0.8 | |
| 1,289 | | | RenaissanceRe Holdings Ltd. | | | 252,644 | | | 0.1 | |
| 130,329 | | | Rithm Capital Corp. | | | 1,391,914 | | | 0.3 | |
| 71,526 | | | SLM Corp. | | | 1,367,577 | | | 0.3 | |
| 73,806 (2) | | | Starwood Property Trust, Inc. | | | 1,551,402 | | | 0.3 | |
| 6,506 | | | State Street Corp. | | | 503,955 | | | 0.1 | |
| 21,659 | | | Stifel Financial Corp. | | | 1,497,720 | | | 0.3 | |
| 39,945 | | | Synchrony Financial | | | 1,525,500 | | | 0.3 | |
| 30,475 (1) | | | Toast, Inc. - Class A | | | 556,474 | | | 0.1 | |
| 8,692 | | | Tradeweb Markets, Inc. - Class A | | | 789,929 | | | 0.2 | |
| 31,522 | | | UMB Financial Corp. | | | 2,633,663 | | | 0.5 | |
| 75,663 | | | Unum Group | | | 3,421,481 | | | 0.7 | |
| 929 | | | Willis Towers Watson PLC | | | 224,075 | | | 0.0 | |
| 33,963 | | | Wintrust Financial Corp. | | | 3,150,068 | | | 0.6 | |
| 6,004 | | | Zions Bancorp NA | | | 263,395 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Health Care: 7.9% | | | | | | | |
| 8,952 | | | Agilent Technologies, Inc. | | | 1,244,597 | | | 0.3 | |
| 3,077 | | | AmerisourceBergen Corp. | | | 631,954 | | | 0.1 | |
| 13,839 (1) | | | Arrowhead Pharmaceuticals, Inc. | | | 423,473 | | | 0.1 | |
| 24,200 | | | Bruker Corp. | | | 1,778,216 | | | 0.4 | |
| 6,644 | | | Cardinal Health, Inc. | | | 669,715 | | | 0.1 | |
| 75,382 (1) | | | Doximity, Inc. - Class A | | | 2,113,711 | | | 0.4 | |
| 122,322 (1) | | | Exelixis, Inc. | | | 2,934,505 | | | 0.6 | |
| 32,995 (1) | | | Globus Medical, Inc. - Class A | | | 1,758,304 | | | 0.4 | |
| 10,164 (1) | | | Haemonetics Corp. | | | 869,124 | | | 0.2 | |
| 33,848 (1) | | | Halozyme Therapeutics, Inc. | | | 1,251,022 | | | 0.3 | |
| 11,321 (1) | | | HealthEquity, Inc. | | | 750,582 | | | 0.1 | |
| 23,212 (1) | | | Inari Medical, Inc. | | | 1,506,923 | | | 0.3 | |
| 17,860 (1) | | | Incyte Corp. | | | 1,121,429 | | | 0.2 | |
| 2,925 (1) | | | Inspire Medical Systems, Inc. | | | 595,033 | | | 0.1 | |
| 13,614 (1) | | | Jazz Pharmaceuticals PLC | | | 1,674,522 | | | 0.3 | |
| 30,422 (1) | | | Lantheus Holdings, Inc. | | | 1,886,164 | | | 0.4 | |
| 29,174 (1) | | | LivaNova PLC | | | 1,509,463 | | | 0.3 | |
| 215 (1) | | | Mettler-Toledo International, Inc. | | | 260,786 | | | 0.0 | |
| 5,394 (1) | | | Molina Healthcare, Inc. | | | 1,948,906 | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 31,622 (1) | | | Neurocrine Biosciences, Inc. | | $ | 4,166,515 | | | 0.9 | |
| 61,640 | | | Patterson Cos., Inc. | | | 1,753,658 | | | 0.4 | |
| 3,144 (1) | | | Penumbra, Inc. | | | 790,842 | | | 0.2 | |
| 36,592 (1) | | | Progyny, Inc. | | | 1,360,491 | | | 0.3 | |
| 11,199 (1) | | | Shockwave Medical, Inc. | | | 2,134,081 | | | 0.4 | |
| 5,500 (1) | | | Tenet Healthcare Corp. | | | 415,635 | | | 0.1 | |
| 8,429 (1) | | | United Therapeutics Corp. | | | 1,853,453 | | | 0.4 | |
| 4,148 (1) | | | Veeva Systems, Inc. - Class A | | | 798,573 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Industrials: 21.1% | | | | | | | |
| 16,385 | | | Acuity Brands, Inc. | | | 3,356,140 | | | 0.7 | |
| 20,366 | | | Advanced Drainage Systems, Inc. | | | 2,864,274 | | | 0.6 | |
| 51,494 | | | AECOM | | | 4,759,590 | | | 1.0 | |
| 6,504 | | | AGCO Corp. | | | 789,651 | | | 0.2 | |
| 4,093 | | | Allison Transmission Holdings, Inc. | | | 238,008 | | | 0.0 | |
| 84,302 (1) | | | American Airlines Group, Inc. | | | 1,158,309 | | | 0.2 | |
| 2,482 | | | AMETEK, Inc. | | | 409,257 | | | 0.1 | |
| 10,190 | | | Avis Budget Group, Inc. | | | 1,806,279 | | | 0.4 | |
| 5,264 (1) | | | Builders FirstSource, Inc. | | | 878,772 | | | 0.2 | |
| 4,234 | | | Carlisle Cos., Inc. | | | 1,322,829 | | | 0.3 | |
| 3,109 | | | Cintas Corp. | | | 1,873,670 | | | 0.4 | |
| 28,473 (1)(2) | | | Clarivate PLC | | | 263,660 | | | 0.0 | |
| 16,553 (1) | | | Clean Harbors, Inc. | | | 2,888,664 | | | 0.6 | |
| 44,560 (1) | | | Copart, Inc. | | | 2,183,440 | | | 0.4 | |
| 66,965 (1) | | | Core & Main, Inc. - Class A | | | 2,706,056 | | | 0.6 | |
| 4,673 (1) | | | CoStar Group, Inc. | | | 408,373 | | | 0.1 | |
| 1,517 | | | Curtiss-Wright Corp. | | | 337,972 | | | 0.1 | |
| 50,019 | | | Donaldson Co., Inc. | | | 3,268,742 | | | 0.7 | |
| 97,477 | | | Dun & Bradstreet Holdings, Inc. | | | 1,140,481 | | | 0.2 | |
| 1,250 | | | EMCOR Group, Inc. | | | 269,288 | | | 0.0 | |
| 18,335 | | | EnerSys | | | 1,851,102 | | | 0.4 | |
| 10,856 | | | Esab Corp. | | | 940,347 | | | 0.2 | |
| 4,981 | | | Exponent, Inc. | | | 438,527 | | | 0.1 | |
| 23,256 | | | Fortive Corp. | | | 1,712,339 | | | 0.3 | |
| 45,691 | | | Fortune Brands Innovations, Inc. | | | 3,478,913 | | | 0.7 | |
| 1,413 (1) | | | FTI Consulting, Inc. | | | 281,399 | | | 0.1 | |
| 21,510 (1) | | | Gates Industrial Corp. PLC | | | 288,664 | | | 0.1 | |
| 73,638 | | | Genpact Ltd. | | | 2,555,975 | | | 0.5 | |
| 50,658 | | | Graco, Inc. | | | 4,395,088 | | | 0.9 | |
| 33,945 (1) | | | GXO Logistics, Inc. | | | 2,076,076 | | | 0.4 | |
| 82,682 (1)(2) | | | Hertz Global Holdings, Inc. | | | 859,066 | | | 0.2 | |
| 24,447 | | | ITT, Inc. | | | 2,917,016 | | | 0.6 | |
| 10,761 | | | Leidos Holdings, Inc. | | | 1,164,771 | | | 0.2 | |
| 837 | | | Lennox International, Inc. | | | 374,574 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 4,036 | | | Lincoln Electric Holdings, Inc. | | $ | 877,669 | | | 0.2 | |
| 24,511 | | | MSC Industrial Direct Co., Inc. - Class A | | | 2,481,984 | | | 0.5 | |
| 51,597 | | | nVent Electric PLC | | | 3,048,867 | | | 0.6 | |
| 33,762 | | | Owens Corning | | | 5,004,541 | | | 1.0 | |
| 17,285 | | | Pentair PLC | | | 1,256,792 | | | 0.3 | |
| 16,103 | | | Regal Rexnord Corp. | | | 2,383,566 | | | 0.5 | |
| 1,688 | | | Rockwell Automation, Inc. | | | 524,090 | | | 0.1 | |
| 22,463 | | | Rollins, Inc. | | | 980,959 | | | 0.2 | |
| 21,218 | | | Ryder System, Inc. | | | 2,441,343 | | | 0.5 | |
| 10,104 (1) | | | Saia, Inc. | | | 4,427,775 | | | 0.9 | |
| 31,137 | | | Schneider National, Inc. - Class B | | | 792,437 | | | 0.2 | |
| 37,012 | | | Sensata Technologies Holding PLC | | | 1,390,541 | | | 0.3 | |
| 8,733 | | | Simpson Manufacturing Co., Inc. | | | 1,728,959 | | | 0.3 | |
| 30,532 | | | SS&C Technologies Holdings, Inc. | | | 1,865,811 | | | 0.4 | |
| 36,870 | | | Terex Corp. | | | 2,118,550 | | | 0.4 | |
| 39,974 | | | Timken Co. | | | 3,203,916 | | | 0.7 | |
| 7,310 (2) | | | Watsco, Inc. | | | 3,132,116 | | | 0.6 | |
| 14,104 | | | Watts Water Technologies, Inc. - Class A | | | 2,938,427 | | | 0.6 | |
| 13,585 | | | WESCO International, Inc. | | | 2,362,160 | | | 0.5 | |
| 7,147 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 318,041 | | | 0.1 | |
| 21,447 | | | Woodward, Inc. | | | 2,919,580 | | | 0.6 | |
| | | | | | | | | | | |
| | | | Information Technology: 10.3% | | | | | | | |
| 8,299 (1) | | | Akamai Technologies, Inc. | | | 982,187 | | | 0.2 | |
| 46,149 (1) | | | Allegro MicroSystems, Inc. | | | 1,396,930 | | | 0.3 | |
| 6,316 (1) | | | Arrow Electronics, Inc. | | | 772,131 | | | 0.2 | |
| 57,857 | | | Avnet, Inc. | | | 2,915,993 | | | 0.6 | |
| 44,807 (1) | | | Calix, Inc. | | | 1,957,618 | | | 0.4 | |
| 11,656 (1) | | | Cirrus Logic, Inc. | | | 969,663 | | | 0.2 | |
| 24,645 (1) | | | Coherent Corp. | | | 1,072,797 | | | 0.2 | |
| 20,692 | | | Concentrix Corp. | | | 2,032,161 | | | 0.4 | |
| 8,810 (1) | | | DocuSign, Inc. | | | 523,754 | | | 0.1 | |
| 65,689 (1) | | | Dropbox, Inc. - Class A | | | 1,936,512 | | | 0.4 | |
| 67,148 (1) | | | Dynatrace, Inc. | | | 3,672,324 | | | 0.8 | |
| 38,111 (1) | | | ExlService Holdings, Inc. | | | 1,175,724 | | | 0.2 | |
| 7,798 (1) | | | F5, Inc. | | | 1,395,686 | | | 0.3 | |
| 24,001 (1) | | | GoDaddy, Inc. - Class A | | | 2,547,946 | | | 0.5 | |
| 1,804 (1) | | | HubSpot, Inc. | | | 1,047,294 | | | 0.2 | |
| 9,841 | | | Jabil, Inc. | | | 1,253,743 | | | 0.3 | |
| 7,591 (1) | | | Keysight Technologies, Inc. | | | 1,207,652 | | | 0.2 | |
| 45,036 (1) | | | Lattice Semiconductor Corp. | | | 3,107,034 | | | 0.6 | |
| 11,513 (1) | | | Manhattan Associates, Inc. | | | 2,478,979 | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | | Information Technology: (continued) |
| 24,031 | | | MKS Instruments, Inc. | | $ | 2,472,069 | | | 0.5 | |
| 2,124 | | | Monolithic Power Systems, Inc. | | | 1,339,777 | | | 0.3 | |
| 9,625 | | | NetApp, Inc. | | | 848,540 | | | 0.2 | |
| 1,726 (1) | | | Onto Innovation, Inc. | | | 263,905 | | | 0.0 | |
| 4,355 | | | Paycom Software, Inc. | | | 900,266 | | | 0.2 | |
| 16,706 (1) | | | Paylocity Holding Corp. | | | 2,753,984 | | | 0.6 | |
| 36,310 (1) | | | Pure Storage, Inc. - Class A | | | 1,294,815 | | | 0.3 | |
| 28,467 (1) | | | Rambus, Inc. | | | 1,942,873 | | | 0.4 | |
| 8,068 (1) | | | RingCentral, Inc. - Class A | | | 273,909 | | | 0.1 | |
| 5,604 (1) | | | Silicon Laboratories, Inc. | | | 741,241 | | | 0.1 | |
| 10,517 (1) | | | Super Micro Computer, Inc. | | | 2,989,562 | | | 0.6 | |
| 17,906 (1) | | | Teradata Corp. | | | 779,090 | | | 0.2 | |
| 6,271 | | | Teradyne, Inc. | | | 680,529 | | | 0.1 | |
| 10,601 (1) | | | Trimble, Inc. | | | 563,973 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Materials: 6.4% | | | | | | | |
| 43,049 | | | Alcoa Corp. | | | 1,463,666 | | | 0.3 | |
| 24,470 | | | AptarGroup, Inc. | | | 3,024,981 | | | 0.6 | |
| 13,389 | | | Ashland, Inc. | | | 1,128,827 | | | 0.2 | |
| 55,253 | | | Avient Corp. | | | 2,296,867 | | | 0.5 | |
| 44,763 (1) | | | Axalta Coating Systems Ltd. | | | 1,520,599 | | | 0.3 | |
| 25,884 | | | Berry Global Group, Inc. | | | 1,744,323 | | | 0.4 | |
| 56,461 | | | Chemours Co. | | | 1,780,780 | | | 0.4 | |
| 89,240 (1) | | | Cleveland-Cliffs, Inc. | | | 1,822,281 | | | 0.4 | |
| 42,702 | | | Commercial Metals Co. | | | 2,136,808 | | | 0.4 | |
| 10,669 | | | Crown Holdings, Inc. | | | 982,508 | | | 0.2 | |
| 50,531 | | | Element Solutions, Inc. | | | 1,169,287 | | | 0.2 | |
| 9,304 | | | PPG Industries, Inc. | | | 1,391,413 | | | 0.3 | |
| 13,116 | | | Reliance Steel & Aluminum Co. | | | 3,668,283 | | | 0.7 | |
| 9,355 | | | Royal Gold, Inc. | | | 1,131,581 | | | 0.2 | |
| 38,607 | | | RPM International, Inc. | | | 4,309,699 | | | 0.9 | |
| 22,581 | | | Sonoco Products Co. | | | 1,261,601 | | | 0.3 | |
| 10,090 | | | United States Steel Corp. | | | 490,879 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Real Estate: 7.4% | | | | | | | |
| 32,948 | | | Agree Realty Corp. | | | 2,074,077 | | | 0.4 | |
| 61,013 | | | Apartment Income REIT Corp. | | | 2,118,981 | | | 0.4 | |
| 144,792 | | | Brixmor Property Group, Inc. | | | 3,369,310 | | | 0.7 | |
| 33,590 | | | CubeSmart | | | 1,556,896 | | | 0.3 | |
| 19,320 | | | EastGroup Properties, Inc. | | | 3,545,993 | | | 0.7 | |
| 4,072 | | | Equity LifeStyle Properties, Inc. | | | 287,239 | | | 0.1 | |
| 23,992 | | | Equity Residential | | | 1,467,351 | | | 0.3 | |
| 63,678 | | | First Industrial Realty | | | | | | | |
| | | | Trust, Inc. | | | 3,353,920 | | | 0.7 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 8,955 | | | Gaming and Leisure Properties, Inc. | | $ | 441,929 | | | 0.1 | | |
| 16,679 (1) | | | Jones Lang LaSalle, Inc. | | | 3,150,163 | | | 0.6 | | |
| 69,952 | | | Kilroy Realty Corp. | | | 2,786,888 | | | 0.6 | | |
| 10,473 | | | Kite Realty Group Trust | | | 239,413 | | | 0.0 | | |
| 31,261 | | | Lamar Advertising Co. - Class A | | | 3,322,419 | | | 0.7 | | |
| 85,454 | | | National Retail Properties, Inc. | | | 3,683,067 | | | 0.8 | | |
| 4,293 | | | Rexford Industrial Realty, Inc. | | | 240,837 | | | 0.1 | | |
| 64,037 | | | Sabra Health Care REIT, Inc. | | | 913,808 | | | 0.2 | | |
| 25,938 | | | Spirit Realty Capital, Inc. | | | 1,133,231 | | | 0.2 | | |
| 7,456 | | | STAG Industrial, Inc. | | | 292,723 | | | 0.1 | | |
| 49,977 | | | VICI Properties, Inc. | | | 1,593,267 | | | 0.3 | | |
| 8,925 | | | WP Carey, Inc. | | | 578,429 | | | 0.1 | | |
| | | | | | | | | | | |
| | | | Utilities: 3.2% | | | | | | | |
| 11,569 | | | ALLETE, Inc. | | | 707,560 | | | 0.1 | | |
| 3,623 | | | Atmos Energy Corp. | | | 419,906 | | | 0.1 | | |
| 34,375 | | | Black Hills Corp. | | | 1,854,531 | | | 0.4 | | |
| 2,815 | | | DTE Energy Co. | | | 310,382 | | | 0.1 | | |
| 16,346 | | | Edison International | | | 1,168,575 | | | 0.2 | | |
| 52,847 | | | National Fuel Gas Co. | | | 2,651,334 | | | 0.5 | | |
| 43,523 | | | NorthWestern Corp. | | | 2,214,885 | | | 0.5 | | |
| 36,362 | | | ONE Gas, Inc. | | | 2,316,987 | | | 0.5 | | |
| 13,806 | | | PG&E Corp. | | | 248,922 | | | 0.0 | | |
| 4,314 | | | Southwest Gas Holdings, Inc. | | | 273,292 | | | 0.1 | | |
| 101,742 | | | UGI Corp. | | | 2,502,853 | | | 0.5 | | |
| 28,434 | | | Vistra Corp. | | | 1,095,278 | | | 0.2 | | |
| | | | | | | | | | | |
| | | | Total Common Stock | | | | | | | |
| | | | (Cost $415,874,152) | | | 480,765,805 | | | 98.8 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.9% | | | | | | |
| | | | Repurchase Agreements: 0.7% | | | | | | | |
| 1,000,000 (3) | | | BNP Paribas S.A., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 08/15/27-10/20/53) | | | 1,000,000 | | | 0.2 | | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | | Repurchase Agreements (continued) |
| 652,903 (3) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $653,285, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $665,961, due 12/01/29-12/01/53) | | $ | 652,903 | | | 0.1 | |
| 1,000,000 (3) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $1,020,000, due 02/01/35-09/01/52) | | | 1,000,000 | | | 0.2 | |
| 1,000,000 (3) | | | Nomura Securities, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,000,585, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.000%, Market Value plus accrued interest $1,020,211, due 03/08/27-01/01/59) | | | 1,000,000 | | | 0.2 | |
| | | | Total Repurchase Agreements | | | | | | | |
| | | | (Cost $3,652,903) | | | 3,652,903 | | | 0.7 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 1.2% | | | | | | | |
| 5,647,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% | | | | | | | |
| | | | (Cost $5,647,000) | | $ | 5,647,000 | | | 1.2 | | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments | | | | | | | |
| | | | (Cost $9,299,903) | | $ | 9,299,903 | | | 1.9 | | |
| | | | Total Investments in Securities | | | | | | | |
| | | | (Cost $425,174,055) | | $ | 490,065,708 | | | 100.7 | | |
| | | | Liabilities in Excess of Other Assets | | | (3,196,230) | | | (0.7) | | |
| | | | Net Assets | | $ | 486,869,478 | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 480,765,805 | | | $ | — | | | $ | — | | | $ | 480,765,805 | |
| Short-Term Investments | | | 5,647,000 | | | | 3,652,903 | | | | — | | | | 9,299,903 | |
| Total Investments, at fair value | | $ | 486,412,805 | | | $ | 3,652,903 | | | $ | — | | | $ | 490,065,708 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 310,631 | | | | — | | | | — | | | | 310,631 | |
| Total Assets | | $ | 486,723,436 | | | $ | 3,652,903 | | | $ | — | | | $ | 490,376,339 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:
Description | | Number
of Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| S&P Mid 400 E-Mini Index | | 19 | | | 03/15/24 | | | $ | 5,338,050 | | | $ | 310,631 | |
| | | | | | | | | $ | 5,338,050 | | | $ | 310,631 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
Derivatives not accounted for as hedging instruments | | Location on Statement of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 310,631 | |
| Total Asset Derivatives | | | | $ | 310,631 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 250,572 | |
| Total | | $ | 250,572 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus MidCap Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 280,901 | |
| Total | | $ | 280,901 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $426,604,412. |
| Net unrealized appreciation consisted of: | | | | |
| Gross Unrealized Appreciation | | $ | 79,113,402 | |
| Gross Unrealized Depreciation | | | (15,341,475 | ) |
| Net Unrealized Appreciation | | $ | 63,771,927 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 97.7% | | | | | | | |
| | | | Communication Services: 2.4% | | | | | | | |
| 49,122 (1)(2) | | | Advantage Solutions, Inc. | | $ | 177,822 | | | 0.1 | |
| 29,690 (1) | | | AMC Networks, Inc. - Class A | | | 557,875 | | | 0.2 | |
| 7,288 | | | ATN International, Inc. | | | 284,013 | | | 0.1 | |
| 20,612 (1) | | | Bandwidth, Inc. - Class A | | | 298,256 | | | 0.1 | |
| 29,836 (1)(2) | | | Cinemark Holdings, Inc. | | | 420,389 | | | 0.2 | |
| 13,123 (1) | | | EchoStar Corp. - Class A | | | 217,448 | | | 0.1 | |
| 54,853 | | | Entravision Communications Corp. - Class A | | | 228,737 | | | 0.1 | |
| 18,616 (1) | | | EW Scripps Co. - Class A | | | 148,742 | | | 0.1 | |
| 7,417 (1) | | | IMAX Corp. | | | 111,403 | | | 0.0 | |
| 20,075 (1) | | | Integral Ad Science Holding Corp. | | | 288,879 | | | 0.1 | |
| 9,795 | | | Iridium Communications, Inc. | | | 403,162 | | | 0.2 | |
| 18,191 (1) | | | Liberty Latin America Ltd. - Class C | | | 133,522 | | | 0.1 | |
| 20,289 (1) | | | Ooma, Inc. | | | 217,701 | | | 0.1 | |
| 3,651 | | | Shutterstock, Inc. | | | 176,270 | | | 0.1 | |
| 6,590 | | | Telephone and Data Systems, Inc. | | | 120,927 | | | 0.0 | |
| 11,650 (1) | | | Thryv Holdings, Inc. | | | 237,078 | | | 0.1 | |
| 13,203 (1) | | | TripAdvisor, Inc. | | | 284,261 | | | 0.1 | |
| 29,818 (1) | | | Yelp, Inc. | | | 1,411,584 | | | 0.6 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 15.0% | | | | | | | |
| 24,936 | | | Aaron’s Co., Inc. | | | 271,304 | | | 0.1 | |
| 18,589 (1) | | | Abercrombie & Fitch Co. - Class A | | | 1,639,922 | | | 0.7 | |
| 10,903 | | | Academy Sports & Outdoors, Inc. | | | 719,598 | | | 0.3 | |
| 2,144 | | | Advance Auto Parts, Inc. | | | 130,848 | | | 0.1 | |
| 68,026 (1) | | | American Axle & Manufacturing Holdings, Inc. | | | 599,309 | | | 0.3 | |
| 5,452 | | | American Eagle Outfitters, Inc. | | | 115,364 | | | 0.0 | |
| 6,333 (1) | | | Asbury Automotive Group, Inc. | | | 1,424,735 | | | 0.6 | |
| 162,986 (1) | | | BARK, Inc. | | | 131,285 | | | 0.1 | |
| 5,624 (1) | | | Beazer Homes USA, Inc. | | | 190,035 | | | 0.1 | |
| 20,289 | | | Bloomin’ Brands, Inc. | | | 571,135 | | | 0.2 | |
| 11,086 (1) | | | Boot Barn Holdings, Inc. | | | 850,961 | | | 0.4 | |
| 10,909 (1) | | | Brinker International, Inc. | | | 471,051 | | | 0.2 | |
| 24,246 | | | Buckle, Inc. | | | 1,152,170 | | | 0.5 | |
| 6,941 | | | Build-A-Bear Workshop, Inc. | | | 159,574 | | | 0.1 | |
| 71,305 (1) | | | CarParts.com, Inc. | | | 225,324 | | | 0.1 | |
| 651 (1) | | | Cavco Industries, Inc. | | | 225,650 | | | 0.1 | |
| 30,662 (1) | | | Century Casinos, Inc. | | | 149,631 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | | Consumer Discretionary: (continued) |
| 19,239 | | | Cheesecake Factory, Inc. | | $ | 673,557 | | | 0.3 | |
| 23,580 (1) | | | Chico’s FAS, Inc. | | | 178,736 | | | 0.1 | |
| 11,805 (1) | | | Coursera, Inc. | | | 228,663 | | | 0.1 | |
| 1,162 (1) | | | Crocs, Inc. | | | 108,542 | | | 0.0 | |
| 67,721 | | | Dana, Inc. | | | 989,404 | | | 0.4 | |
| 6,983 (1) | | | Dave & Buster’s Entertainment, Inc. | | | 376,035 | | | 0.2 | |
| 14,285 (1) | | | European Wax Center, Inc. - Class A | | | 194,133 | | | 0.1 | |
| 30,209 (1) | | | Everi Holdings, Inc. | | | 340,455 | | | 0.1 | |
| 13,924 (1) | | | Garrett Motion, Inc. | | | 134,645 | | | 0.1 | |
| 11,990 | | | Gentex Corp. | | | 391,593 | | | 0.2 | |
| 5,923 (1) | | | G-III Apparel Group Ltd. | | | 201,264 | | | 0.1 | |
| 13,025 | | | Golden Entertainment, Inc. | | | 520,088 | | | 0.2 | |
| 4,606 (1) | | | Green Brick Partners, Inc. | | | 239,236 | | | 0.1 | |
| 1,292 | | | Group 1 Automotive, Inc. | | | 393,724 | | | 0.2 | |
| 23,772 | | | Guess?, Inc. | | | 548,182 | | | 0.2 | |
| 12,660 | | | Haverty Furniture Cos., Inc. | | | 449,430 | | | 0.2 | |
| 2,300 (1) | | | Hovnanian Enterprises, Inc. - Class A | | | 357,926 | | | 0.1 | |
| 15,569 (1) | | | Inspired Entertainment, Inc. | | | 153,822 | | | 0.1 | |
| 10,400 | | | Installed Building Products, Inc. | | | 1,901,328 | | | 0.8 | |
| 7,156 | | | Jack in the Box, Inc. | | | 584,144 | | | 0.2 | |
| 39,155 | | | Kohl’s Corp. | | | 1,122,965 | | | 0.5 | |
| 11,070 (1) | | | M/I Homes, Inc. | | | 1,524,782 | | | 0.6 | |
| 25,047 | | | MDC Holdings, Inc. | | | 1,383,847 | | | 0.6 | |
| 8,051 | | | Meritage Homes Corp. | | | 1,402,484 | | | 0.6 | |
| 8,628 | | | Monarch Casino & Resort, Inc. | | | 596,626 | | | 0.2 | |
| 24,365 | | | Movado Group, Inc. | | | 734,605 | | | 0.3 | |
| 14,236 | | | Newell Brands, Inc. | | | 123,569 | | | 0.0 | |
| 21,622 | | | Nordstrom, Inc. | | | 398,926 | | | 0.2 | |
| 8,345 | | | Oxford Industries, Inc. | | | 834,500 | | | 0.4 | |
| 1,892 | | | Patrick Industries, Inc. | | | 189,862 | | | 0.1 | |
| 32,906 | | | Perdoceo Education Corp. | | | 577,829 | | | 0.2 | |
| 13,184 | | | Phinia, Inc. | | | 399,343 | | | 0.2 | |
| 14,032 (1) | | | PlayAGS, Inc. | | | 118,290 | | | 0.0 | |
| 934 | | | Ralph Lauren Corp. | | | 134,683 | | | 0.1 | |
| 15,482 (1) | | | Shake Shack, Inc. - Class A | | | 1,147,526 | | | 0.5 | |
| 12,431 | | | Signet Jewelers Ltd. | | | 1,333,349 | | | 0.6 | |
| 5,834 | | | Sonic Automotive, Inc. - Class A | | | 327,929 | | | 0.1 | |
| 17,823 | | | Standard Motor Products, Inc. | | | 709,534 | | | 0.3 | |
| 4,563 (1) | | | Stride, Inc. | | | 270,905 | | | 0.1 | |
| 8,074 | | | Tapestry, Inc. | | | 297,204 | | | 0.1 | |
| 38,214 (1) | | | Tri Pointe Homes, Inc. | | | 1,352,776 | | | 0.6 | |
| 26,592 (1) | | | Urban Outfitters, Inc. | | | 949,068 | | | 0.4 | |
| 25,869 (1) | | | Vista Outdoor, Inc. | | | 764,946 | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | | Consumer Discretionary: (continued) |
| 22,343 | | | Wendy’s Co. | | $ | 435,242 | | | 0.2 | |
| 3,823 | | | Weyco Group, Inc. | | | 119,889 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 4.6% | | | | | | | |
| 16,407 | | | Andersons, Inc. | | | 944,059 | | | 0.4 | |
| 4,818 (1) | | | BellRing Brands, Inc. | | | 267,062 | | | 0.1 | |
| 10,999 (1) | | | Central Garden & Pet Co. | | | 551,160 | | | 0.2 | |
| 317 | | | Coca-Cola Consolidated, Inc. | | | 294,303 | | | 0.1 | |
| 12,958 (1) | | | elf Beauty, Inc. | | | 1,870,358 | | | 0.8 | |
| 25,060 | | | Fresh Del Monte Produce, Inc. | | | 657,825 | | | 0.3 | |
| 7,070 | | | Medifast, Inc. | | | 475,245 | | | 0.2 | |
| 5,071 | | | MGP Ingredients, Inc. | | | 499,595 | | | 0.2 | |
| 9,086 (1) | | | National Beverage Corp. | | | 451,756 | | | 0.2 | |
| 10,850 (1) | | | Nature’s Sunshine Products, Inc. | | | 187,597 | | | 0.1 | |
| 2,188 (1) | | | Performance Food Group Co. | | | 151,300 | | | 0.1 | |
| 3,455 | | | PriceSmart, Inc. | | | 261,820 | | | 0.1 | |
| 29,922 (1) | | | Simply Good Foods Co. | | | 1,184,911 | | | 0.5 | |
| 25,220 | | | SpartanNash Co. | | | 578,799 | | | 0.2 | |
| 13,339 | | | Turning Point Brands, Inc. | | | 351,082 | | | 0.2 | |
| 6,597 | | | Universal Corp. | | | 444,110 | | | 0.2 | |
| 6,358 (1) | | | USANA Health Sciences, Inc. | | | 340,789 | | | 0.1 | |
| 99,883 | | | Vector Group Ltd. | | | 1,126,680 | | | 0.5 | |
| 8,215 (1) | | | Vital Farms, Inc. | | | 128,893 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Energy: 4.2% | | | | | | | |
| 17,898 | | | California Resources Corp. | | | 978,663 | | | 0.4 | |
| 1,354 | | | CONSOL Energy, Inc. | | | 136,118 | | | 0.0 | |
| 7,633 (1) | | | DMC Global, Inc. | | | 143,653 | | | 0.1 | |
| 14,565 | | | Equitrans Midstream Corp. | | | 148,272 | | | 0.1 | |
| 8,625 (1) | | | Forum Energy Technologies, Inc. | | | 191,216 | | | 0.1 | |
| 26,300 (1) | | | Green Plains, Inc. | | | 663,286 | | | 0.3 | |
| 19,973 | | | Helmerich & Payne, Inc. | | | 723,422 | | | 0.3 | |
| 6,004 (2) | | | Hess Midstream L.P. - Class A | | | 189,906 | | | 0.1 | |
| 1,630 (1) | | | Nabors Industries Ltd. | | | 133,057 | | | 0.0 | |
| 24,128 | | | Northern Oil and Gas, Inc. | | | 894,425 | | | 0.4 | |
| 47,830 (1) | | | Oceaneering International, Inc. | | | 1,017,822 | | | 0.4 | |
| 91,090 (1) | | | Oil States International, Inc. | | | 618,501 | | | 0.3 | |
| 40,497 | | | Patterson-UTI Energy, Inc. | | | 437,368 | | | 0.2 | |
| 4,623 | | | Riley Exploration Permian, Inc. | | | 125,930 | | | 0.0 | |
| 11,003 | | | SandRidge Energy, Inc. | | | 150,411 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Energy: (continued) | | | | | | | |
| 42,150 | | | SM Energy Co. | | $ | 1,632,048 | | | 0.7 | |
| 45,621 (1) | | | US Silica Holdings, Inc. | | | 515,973 | | | 0.2 | |
| 3,826 (1) | | | Vital Energy, Inc. | | | 174,045 | | | 0.1 | |
| 40,150 | | | W&T Offshore, Inc. | | | 130,889 | | | 0.0 | |
| 40,306 | | | World Fuel Services Corp. | | | 918,171 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Financials: 19.5% | | | | | | | |
| 9,784 | | | Amalgamated Financial Corp. | | | 263,581 | | | 0.1 | |
| 4,645 (2) | | | A-Mark Precious Metals, Inc. | | | 140,511 | | | 0.1 | |
| 17,972 (1) | | | Ambac Financial Group, Inc. | | | 296,179 | | | 0.1 | |
| 57,041 (2) | | | Arbor Realty Trust, Inc. | | | 865,882 | | | 0.4 | |
| 20,815 | | | Artisan Partners Asset Management, Inc. - Class A | | | 919,607 | | | 0.4 | |
| 23,493 | | | Assured Guaranty Ltd. | | | 1,757,981 | | | 0.7 | |
| 10,414 | | | Bank of NT Butterfield & Son Ltd. | | | 333,352 | | | 0.1 | |
| 23,039 | | | Banner Corp. | | | 1,233,969 | | | 0.5 | |
| 42,516 | | | Berkshire Hills Bancorp, Inc. | | | 1,055,672 | | | 0.4 | |
| 25,260 (2) | | | Blackstone Mortgage Trust, Inc. - Class A | | | 537,280 | | | 0.2 | |
| 13,917 | | | Bread Financial Holdings, Inc. | | | 458,426 | | | 0.2 | |
| 29,879 | | | BrightSpire Capital, Inc. | | | 222,300 | | | 0.1 | |
| 64,588 | | | Brookline Bancorp, Inc. | | | 704,655 | | | 0.3 | |
| 46,503 | | | Central Pacific Financial Corp. | | | 915,179 | | | 0.4 | |
| 7,640 | | | CNO Financial Group, Inc. | | | 213,156 | | | 0.1 | |
| 15,354 (1)(2) | | | Consumer Portfolio Services, Inc. | | | 143,867 | | | 0.1 | |
| 14,624 (1) | | | Customers Bancorp, Inc. | | | 842,635 | | | 0.4 | |
| 7,975 | | | CVB Financial Corp. | | | 161,015 | | | 0.1 | |
| 4,302 | | | Eagle Bancorp, Inc. | | | 129,662 | | | 0.0 | |
| 63,657 | | | Ellington Financial, Inc. | | | 809,080 | | | 0.3 | |
| 10,580 (1) | | | Encore Capital Group, Inc. | | | 536,935 | | | 0.2 | |
| 21,498 (1) | | | Enova International, Inc. | | | 1,190,129 | | | 0.5 | |
| 6,442 | | | Esquire Financial Holdings, Inc. | | | 321,842 | | | 0.1 | |
| 66,981 (1) | | | EZCORP, Inc. - Class A | | | 585,414 | | | 0.2 | |
| 942 | | | Federal Agricultural Mortgage Corp. - Class C | | | 180,129 | | | 0.1 | |
| 68,838 | | | First BanCorp/Puerto Rico | | | 1,132,385 | | | 0.5 | |
| 10,364 | | | First Commonwealth Financial Corp. | | | 160,020 | | | 0.1 | |
| 51,036 | | | First Financial Bancorp | | | 1,212,105 | | | 0.5 | |
| 61,535 | | | First Hawaiian, Inc. | | | 1,406,690 | | | 0.6 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Financials: (continued) | | | | | | | |
| 35,497 | | | Franklin BSP Realty Trust, Inc. | | $ | 479,564 | | | 0.2 | |
| 208,185 (1) | | | Genworth Financial, Inc. - Class A | | | 1,390,676 | | | 0.6 | |
| 8,223 (1) | | | Goosehead Insurance, Inc. - Class A | | | 623,303 | | | 0.3 | |
| 27,987 | | | Granite Point Mortgage Trust, Inc. | | | 166,243 | | | 0.1 | |
| 45,439 (1) | | | Green Dot Corp. - Class A | | | 449,846 | | | 0.2 | |
| 1,412 | | | Hamilton Lane, Inc. - Class A | | | 160,177 | | | 0.1 | |
| 37,791 | | | Hanmi Financial Corp. | | | 733,145 | | | 0.3 | |
| 14,070 (2) | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 388,051 | | | 0.2 | |
| 6,708 | | | Heritage Financial Corp. | | | 143,484 | | | 0.1 | |
| 3,994 | | | Home Bancorp, Inc. | | | 167,788 | | | 0.1 | |
| 15,341 | | | HomeStreet, Inc. | | | 158,012 | | | 0.1 | |
| 11,397 | | | HomeTrust Bancshares, Inc. | | | 306,807 | | | 0.1 | |
| 19,625 | | | Independent Bank Corp. Michigan | | | 510,643 | | | 0.2 | |
| 1,353 | | | Investors Title Co. | | | 219,375 | | | 0.1 | |
| 27,705 | | | James River Group Holdings Ltd. | | | 255,994 | | | 0.1 | |
| 56,746 | | | KKR Real Estate Finance Trust, Inc. | | | 750,750 | | | 0.3 | |
| 32,058 | | | Ladder Capital Corp. | | | 368,988 | | | 0.2 | |
| 7,515 (1) | | | LendingTree, Inc. | | | 227,855 | | | 0.1 | |
| 4,447 | | | Lincoln National Corp. | | | 119,936 | | | 0.0 | |
| 20,523 | | | Macatawa Bank Corp. | | | 231,499 | | | 0.1 | |
| 3,961 | | | Mercantile Bank Corp. | | | 159,945 | | | 0.1 | |
| 18,395 | | | Mercury General Corp. | | | 686,317 | | | 0.3 | |
| 22,443 | | | MFA Financial, Inc. | | | 252,933 | | | 0.1 | |
| 15,768 | | | Moelis & Co. - Class A | | | 885,058 | | | 0.4 | |
| 23,783 (1) | | | Mr Cooper Group, Inc. | | | 1,548,749 | | | 0.7 | |
| 27,737 | | | Navient Corp. | | | 516,463 | | | 0.2 | |
| 30,633 (1) | | | NMI Holdings, Inc. - Class A | | | 909,187 | | | 0.4 | |
| 8,786 | | | OceanFirst Financial Corp. | | | 152,525 | | | 0.1 | |
| 34,562 | | | OFG Bancorp | | | 1,295,384 | | | 0.5 | |
| 5,897 | | | OneMain Holdings, Inc. | | | 290,132 | | | 0.1 | |
| 139,394 (1) | | | Payoneer Global, Inc. | | | 726,243 | | | 0.3 | |
| 50,408 | | | PennyMac Mortgage Investment Trust | | | 753,600 | | | 0.3 | |
| 772 | | | Piper Sandler Cos. | | | 135,000 | | | 0.1 | |
| 17,589 (1) | | | PROG Holdings, Inc. | | | 543,676 | | | 0.2 | |
| 19,177 | | | Radian Group, Inc. | | | 547,503 | | | 0.2 | |
| 2,825 | | | Red River Bancshares, Inc. | | | 158,511 | | | 0.1 | |
| 39,380 | | | Redwood Trust, Inc. | | | 291,806 | | | 0.1 | |
| 7,414 | | | Regional Management Corp. | | | 185,943 | | | 0.1 | |
| 49,594 | | | Rithm Capital Corp. | | | 529,664 | | | 0.2 | |
| 29,793 | | | S&T Bancorp, Inc. | | | 995,682 | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Financials: (continued) | | | | | | | |
| 5,612 | | | Sierra Bancorp | | $ | 126,551 | | | 0.0 | |
| 16,413 (1) | | | SiriusPoint Ltd. | | | 190,391 | | | 0.1 | |
| 30,040 | | | Southside Bancshares, Inc. | | | 940,853 | | | 0.4 | |
| 19,800 | | | TrustCo Bank Corp. NY | | | 614,790 | | | 0.3 | |
| 33,088 | | | Two Harbors Investment Corp. | | | 460,916 | | | 0.2 | |
| 7,521 | | | UMB Financial Corp. | | | 628,380 | | | 0.3 | |
| 5,223 | | | Unity Bancorp, Inc. | | | 154,549 | | | 0.1 | |
| 22,609 | | | Universal Insurance Holdings, Inc. | | | 361,292 | | | 0.1 | |
| 8,101 | | | Unum Group | | | 366,327 | | | 0.2 | |
| 3,807 | | | Virtus Investment Partners, Inc. | | | 920,380 | | | 0.4 | |
| 16,343 | | | Westamerica BanCorp | | | 921,909 | | | 0.4 | |
| 2,715 | | | Wintrust Financial Corp. | | | 251,816 | | | 0.1 | |
| 127,619 | | | WisdomTree, Inc. | | | 884,400 | | | 0.4 | |
| 15,958 | | | WSFS Financial Corp. | | | 732,951 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Health Care: 9.9% | | | | | | | |
| 41,422 (1)(2) | | | 2seventy bio, Inc. | | | 176,872 | | | 0.1 | |
| 15,591 (1) | | | ACADIA Pharmaceuticals, Inc. | | | 488,154 | | | 0.2 | |
| 7,546 (1) | | | Addus HomeCare Corp. | | | 700,646 | | | 0.3 | |
| 140,992 (1) | | | Agenus, Inc. | | | 116,727 | | | 0.0 | |
| 41,834 (1) | | | Alkermes PLC | | | 1,160,475 | | | 0.5 | |
| 10,818 (1) | | | Amicus Therapeutics, Inc. | | | 153,507 | | | 0.1 | |
| 11,161 (1) | | | AMN Healthcare Services, Inc. | | | 835,736 | | | 0.3 | |
| 4,722 (1) | | | Amphastar Pharmaceuticals, Inc. | | | 292,056 | | | 0.1 | |
| 10,336 (1) | | | Arcus Biosciences, Inc. | | | 197,418 | | | 0.1 | |
| 60,386 (1) | | | Arcutis Biotherapeutics, Inc. | | | 195,047 | | | 0.1 | |
| 18,585 (1) | | | Avanos Medical, Inc. | | | 416,862 | | | 0.2 | |
| 3,728 (1) | | | Axonics, Inc. | | | 231,993 | | | 0.1 | |
| 131,502 (1) | | | Cara Therapeutics, Inc. | | | 97,706 | | | 0.0 | |
| 17,368 (1) | | | Certara, Inc. | | | 305,503 | | | 0.1 | |
| 132,388 (1) | | | Clover Health Investments Corp. | | | 126,047 | | | 0.0 | |
| 57,784 (1) | | | Coherus Biosciences, Inc. | | | 192,421 | | | 0.1 | |
| 8,246 | | | CONMED Corp. | | | 903,020 | | | 0.4 | |
| 22,165 (1) | | | Cross Country Healthcare, Inc. | | | 501,816 | | | 0.2 | |
| 5,223 (1) | | | Cytokinetics, Inc. | | | 436,068 | | | 0.2 | |
| 9,526 (1) | | | Doximity, Inc. - Class A | | | 267,109 | | | 0.1 | |
| 9,752 | | | Embecta Corp. | | | 184,605 | | | 0.1 | |
| 14,205 (1) | | | Enanta Pharmaceuticals, Inc. | | | 133,669 | | | 0.0 | |
| 4,652 | | | Ensign Group, Inc. | | | 522,001 | | | 0.2 | |
| 17,695 (1) | | | Exelixis, Inc. | | | 424,503 | | | 0.2 | |
| 59,772 (1) | | | Fate Therapeutics, Inc. | | | 223,547 | | | 0.1 | |
| 203,661 (1) | | | FibroGen, Inc. | | | 180,505 | | | 0.1 | |
| 6,025 (1) | | | Fortrea Holdings, Inc. | | | 210,273 | | | 0.1 | |
| 1,790 (1) | | | Glaukos Corp. | | | 142,287 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 12,064 (1) | | | Harmony Biosciences Holdings, Inc. | | $ | 389,667 | | | 0.2 | |
| 21,961 (1) | | | Hims & Hers Health, Inc. | | | 195,453 | | | 0.1 | |
| 2,724 (1) | | | Inari Medical, Inc. | | | 176,842 | | | 0.1 | |
| 7,499 (1) | | | Innoviva, Inc. | | | 120,284 | | | 0.0 | |
| 962 (1) | | | Inspire Medical Systems, Inc. | | | 195,700 | | | 0.1 | |
| 2,935 | | | iRadimed Corp. | | | 139,324 | | | 0.1 | |
| 60,322 (1) | | | Ironwood Pharmaceuticals, Inc. | | | 690,084 | | | 0.3 | |
| 11,740 (1) | | | iTeos Therapeutics, Inc. | | | 128,553 | | | 0.0 | |
| 4,625 (1) | | | Lantheus Holdings, Inc. | | | 286,750 | | | 0.1 | |
| 5,510 | | | LeMaitre Vascular, Inc. | | | 312,748 | | | 0.1 | |
| 14,307 (1) | | | MacroGenics, Inc. | | | 137,633 | | | 0.1 | |
| 17,914 (1) | | | Merit Medical Systems, Inc. | | | 1,360,747 | | | 0.6 | |
| 14,246 (1) | | | Myriad Genetics, Inc. | | | 272,668 | | | 0.1 | |
| 10,785 (1) | | | NeoGenomics, Inc. | | | 174,501 | | | 0.1 | |
| 18,968 (1) | | | Nurix Therapeutics, Inc. | | | 195,750 | | | 0.1 | |
| 3,113 (1) | | | Omnicell, Inc. | | | 117,142 | | | 0.0 | |
| 26,740 (1) | | | OraSure Technologies, Inc. | | | 219,268 | | | 0.1 | |
| 31,542 (1) | | | Owens & Minor, Inc. | | | 607,814 | | | 0.3 | |
| 15,674 (1) | | | Pacira BioSciences, Inc. | | | 528,841 | | | 0.2 | |
| 8,201 | | | Patterson Cos., Inc. | | | 233,318 | | | 0.1 | |
| 8,878 (1) | | | PetIQ, Inc. | | | 175,341 | | | 0.1 | |
| 13,784 | | | Phibro Animal Health Corp. - Class A | | | 159,619 | | | 0.1 | |
| 42,769 (1) | | | Poseida Therapeutics, Inc. | | | 143,704 | | | 0.1 | |
| 20,456 (1) | | | Prestige Consumer Healthcare, Inc. | | | 1,252,316 | | | 0.5 | |
| 39,202 (1) | | | Privia Health Group, Inc. | | | 902,822 | | | 0.4 | |
| 29,032 (1) | | | REGENXBIO, Inc. | | | 521,124 | | | 0.2 | |
| 6,412 (1) | | | Schrodinger, Inc./United States | | | 229,550 | | | 0.1 | |
| 11,406 | | | Select Medical Holdings Corp. | | | 268,041 | | | 0.1 | |
| 4,725 (1) | | | Semler Scientific, Inc. | | | 209,270 | | | 0.1 | |
| 647 (1) | | | Shockwave Medical, Inc. | | | 123,292 | | | 0.0 | |
| 36,001 (1)(2) | | | Sight Sciences, Inc. | | | 185,765 | | | 0.1 | |
| 13,681 (1) | | | STAAR Surgical Co. | | | 426,984 | | | 0.2 | |
| 26,951 (1) | | | Supernus Pharmaceuticals, Inc. | | | 779,962 | | | 0.3 | |
| 14,480 (1) | | | Tactile Systems Technology, Inc. | | | 207,064 | | | 0.1 | |
| 8,740 (1) | | | Tandem Diabetes Care, Inc. | | | 258,529 | | | 0.1 | |
| 1,647 | | | Utah Medical Products, Inc. | | | 138,710 | | | 0.1 | |
| 28,199 (1) | | | Varex Imaging Corp. | | | 578,080 | | | 0.2 | |
| 7,164 (1) | | | Xencor, Inc. | | | 152,092 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 21,292 (1) | | | Zynex, Inc. | | $ | 231,870 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Industrials: 16.7% | | | | | | | |
| 2,074 | | | AAON, Inc. | | | 153,206 | | | 0.1 | |
| 1,899 | | | Acuity Brands, Inc. | | | 388,972 | | | 0.2 | |
| 10,279 (1) | | | ACV Auctions, Inc. - Class A | | | 155,727 | | | 0.1 | |
| 1,749 (1) | | | AeroVironment, Inc. | | | 220,444 | | | 0.1 | |
| 727 | | | Alamo Group, Inc. | | | 152,808 | | | 0.1 | |
| 14,427 (1) | | | Alaska Air Group, Inc. | | | 563,663 | | | 0.2 | |
| 14,721 (1) | | | Alight, Inc. - Class A | | | 125,570 | | | 0.1 | |
| 25,489 (1) | | | American Airlines Group, Inc. | | | 350,219 | | | 0.1 | |
| 6,929 (1) | | | American Woodmark Corp. | | | 643,358 | | | 0.3 | |
| 21,443 | | | Apogee Enterprises, Inc. | | | 1,145,271 | | | 0.5 | |
| 12,844 | | | Applied Industrial Technologies, Inc. | | | 2,218,030 | | | 0.9 | |
| 5,252 | | | ArcBest Corp. | | | 631,343 | | | 0.3 | |
| 1,365 | | | Arcosa, Inc. | | | 112,804 | | | 0.0 | |
| 29,123 | | | Aris Water Solutions, Inc. - Class A | | | 244,342 | | | 0.1 | |
| 1,131 | | | Armstrong World Industries, Inc. | | | 111,200 | | | 0.0 | |
| 11,100 (1) | | | Array Technologies, Inc. | | | 186,480 | | | 0.1 | |
| 1,595 | | | Avis Budget Group, Inc. | | | 282,730 | | | 0.1 | |
| 14,482 | | | Barnes Group, Inc. | | | 472,548 | | | 0.2 | |
| 2,206 (1) | | | Beacon Roofing Supply, Inc. | | | 191,966 | | | 0.1 | |
| 3,655 (1) | | | BlueLinx Holdings, Inc. | | | 414,148 | | | 0.2 | |
| 15,842 | | | Boise Cascade Co. | | | 2,049,321 | | | 0.9 | |
| 22,864 | | | Brady Corp. - Class A | | | 1,341,888 | | | 0.6 | |
| 4,676 | | | Columbus McKinnon Corp. | | | 182,458 | | | 0.1 | |
| 13,095 (1) | | | Core & Main, Inc. - Class A | | | 529,169 | | | 0.2 | |
| 38,387 | | | Costamare, Inc. | | | 399,609 | | | 0.2 | |
| 16,746 | | | Deluxe Corp. | | | 359,202 | | | 0.2 | |
| 21,285 | | | Dun & Bradstreet Holdings, Inc. | | | 249,035 | | | 0.1 | |
| 17,402 (1) | | | DXP Enterprises, Inc. | | | 586,447 | | | 0.2 | |
| 3,062 | | | Encore Wire Corp. | | | 654,043 | | | 0.3 | |
| 21,041 | | | Enerpac Tool Group Corp. | | | 654,165 | | | 0.3 | |
| 9,164 | | | EnPro Industries, Inc. | | | 1,436,365 | | | 0.6 | |
| 30,952 (1) | | | Enviri Corp. | | | 278,568 | | | 0.1 | |
| 2,003 | | | Federal Signal Corp. | | | 153,710 | | | 0.1 | |
| 3,530 | | | Forward Air Corp. | | | 221,931 | | | 0.1 | |
| 16,179 | | | Franklin Electric Co., Inc. | | | 1,563,700 | | | 0.7 | |
| 3,807 (1) | | | Gibraltar Industries, Inc. | | | 300,677 | | | 0.1 | |
| 19,913 (1) | | | GMS, Inc. | | | 1,641,429 | | | 0.7 | |
| 4,229 | | | Griffon Corp. | | | 257,758 | | | 0.1 | |
| 11,031 (1) | | | Hudson Technologies, Inc. | | | 148,808 | | | 0.1 | |
| 5,941 (1) | | | IBEX Holdings Ltd. | | | 112,938 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 60,940 | | | Interface, Inc. | | $ | 769,063 | | | 0.3 | |
| 27,084 (1) | | | Janus International Group, Inc. | | | 353,446 | | | 0.2 | |
| 14,021 | | | Kaman Corp. | | | 335,803 | | | 0.1 | |
| 29,669 | | | Kelly Services, Inc. - Class A | | | 641,444 | | | 0.3 | |
| 18,911 | | | Kennametal, Inc. | | | 487,715 | | | 0.2 | |
| 8,687 | | | Korn Ferry | | | 515,573 | | | 0.2 | |
| 8,330 (1) | | | Limbach Holdings, Inc. | | | 378,765 | | | 0.2 | |
| 19,356 (1) | | | Liquidity Services, Inc. | | | 333,117 | | | 0.1 | |
| 30,655 | | | Marten Transport Ltd. | | | 643,142 | | | 0.3 | |
| 1,284 | | | Matson, Inc. | | | 140,726 | | | 0.1 | |
| 3,098 | | | Matthews International Corp. - Class A | | | 113,542 | | | 0.0 | |
| 771 | | | Moog, Inc. - Class A | | | 111,625 | | | 0.0 | |
| 27,024 | | | Mueller Industries, Inc. | | | 1,274,182 | | | 0.5 | |
| 56,114 (1) | | | NOW, Inc. | | | 635,211 | | | 0.3 | |
| 7,382 (1) | | | NV5 Global, Inc. | | | 820,288 | | | 0.3 | |
| 11,428 (1) | | | PGT Innovations, Inc. | | | 465,120 | | | 0.2 | |
| 77,830 | | | Pitney Bowes, Inc. | | | 342,452 | | | 0.1 | |
| 4,253 | | | Powell Industries, Inc. | | | 375,965 | | | 0.2 | |
| 14,250 (1) | | | Proto Labs, Inc. | | | 555,180 | | | 0.2 | |
| 7,404 | | | Quanex Building Products Corp. | | | 226,340 | | | 0.1 | |
| 30,827 (1) | | | Resideo Technologies, Inc. | | | 580,164 | | | 0.2 | |
| 28,471 | | | Resources Connection, Inc. | | | 403,434 | | | 0.2 | |
| 6,881 (1) | | | RXO, Inc. | | | 160,052 | | | 0.1 | |
| 1,001 | | | Ryder System, Inc. | | | 115,175 | | | 0.0 | |
| 63,220 | | | Safe Bulkers, Inc. | | | 248,455 | | | 0.1 | |
| 4,481 (1) | | | SkyWest, Inc. | | | 233,908 | | | 0.1 | |
| 7,517 (1) | | | SPX Technologies, Inc. | | | 759,292 | | | 0.3 | |
| 5,622 | | | Standex International Corp. | | | 890,412 | | | 0.4 | |
| 37,793 (1)(2) | | | Stem, Inc. | | | 146,637 | | | 0.1 | |
| 40,985 (1) | | | Sun Country Airlines Holdings, Inc. | | | 644,694 | | | 0.3 | |
| 10,861 (1) | | | TaskUS, Inc. - Class A | | | 141,953 | | | 0.1 | |
| 10,524 | | | Tennant Co. | | | 975,470 | | | 0.4 | |
| 9,313 (1) | | | Thermon Group Holdings, Inc. | | | 303,324 | | | 0.1 | |
| 15,897 (1) | | | Titan International, Inc. | | | 236,547 | | | 0.1 | |
| 29,416 (1) | | | Triumph Group, Inc. | | | 487,717 | | | 0.2 | |
| 12,080 (1) | | | TrueBlue, Inc. | | | 185,307 | | | 0.1 | |
| 117,510 (1) | | | TuSimple Holdings, Inc. - Class A | | | 103,150 | | | 0.0 | |
| 8,683 (1) | | | Upwork, Inc. | | | 129,116 | | | 0.1 | |
| 14,264 | | | Vestis Corp. | | | 301,541 | | | 0.1 | |
| 5,184 (1) | | | Vicor Corp. | | | 232,969 | | | 0.1 | |
| 1,198 | | | Watts Water Technologies, Inc. - Class A | | | 249,591 | | | 0.1 | |
| 5,782 | | | Zurn Elkay Water Solutions Corp. | | | 170,049 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Information Technology: 11.9% | | | | | | | |
| 81,768 (1) | | | 8x8, Inc. | | | 309,083 | | | 0.1 | |
| 24,141 | | | A10 Networks, Inc. | | | 317,937 | | | 0.1 | |
| 13,391 (1) | | | ACI Worldwide, Inc. | | | 409,765 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) |
| 14,077 | | | Advanced Energy Industries, Inc. | | $ | 1,533,267 | | | 0.6 | |
| 2,652 (1) | | | Agilysys, Inc. | | | 224,943 | | | 0.1 | |
| 14,824 (1) | | | Alarm.com Holdings, Inc. | | | 957,927 | | | 0.4 | |
| 5,081 (1) | | | Alpha & Omega Semiconductor Ltd. | | | 132,411 | | | 0.1 | |
| 10,191 (1) | | | Amplitude, Inc. - Class A | | | 129,630 | | | 0.1 | |
| 54,590 (1) | | | Arlo Technologies, Inc. | | | 519,697 | | | 0.2 | |
| 4,769 (1) | | | Aviat Networks, Inc. | | | 155,756 | | | 0.1 | |
| 4,743 | | | Avnet, Inc. | | | 239,047 | | | 0.1 | |
| 9,226 (1) | | | Axcelis Technologies, Inc. | | | 1,196,520 | | | 0.5 | |
| 3,218 | | | Badger Meter, Inc. | | | 496,763 | | | 0.2 | |
| 5,870 | | | Benchmark Electronics, Inc. | | | 162,247 | | | 0.1 | |
| 8,845 (1) | | | Box, Inc. - Class A | | | 226,520 | | | 0.1 | |
| 4,469 (1) | | | Calix, Inc. | | | 195,251 | | | 0.1 | |
| 28,516 (1) | | | CEVA, Inc. | | | 647,598 | | | 0.3 | |
| 9,733 | | | Clear Secure, Inc. - Class A | | | 200,986 | | | 0.1 | |
| 32,875 (1) | | | Cohu, Inc. | | | 1,163,446 | | | 0.5 | |
| 22,689 | | | CSG Systems International, Inc. | | | 1,207,282 | | | 0.5 | |
| 13,754 (1) | | | Digi International, Inc. | | | 357,604 | | | 0.1 | |
| 9,754 (1) | | | Diodes, Inc. | | | 785,392 | | | 0.3 | |
| 3,303 (1) | | | DoubleVerify Holdings, Inc. | | | 121,484 | | | 0.0 | |
| 8,527 (1) | | | DXC Technology Co. | | | 195,012 | | | 0.1 | |
| 17,899 (1) | | | ePlus, Inc. | | | 1,429,056 | | | 0.6 | |
| 6,414 (1) | | | Everbridge, Inc. | | | 155,924 | | | 0.1 | |
| 57,042 (1) | | | Extreme Networks, Inc. | | | 1,006,221 | | | 0.4 | |
| 2,756 (1) | | | Fannie Mae | | | 524,549 | | | 0.2 | |
| 19,485 (1) | | | Harmonic, Inc. | | | 254,084 | | | 0.1 | |
| 66,682 (1)(2) | | | Infinera Corp. | | | 316,739 | | | 0.1 | |
| 1,520 (1) | | | Insight Enterprises, Inc. | | | 269,329 | | | 0.1 | |
| 4,208 | | | InterDigital, Inc. | | | 456,736 | | | 0.2 | |
| 6,864 (1) | | | Itron, Inc. | | | 518,301 | | | 0.2 | |
| 23,812 (1) | | | LiveRamp Holdings, Inc. | | | 901,999 | | | 0.4 | |
| 33,284 (1) | | | MaxLinear, Inc. | | | 791,161 | | | 0.3 | |
| 5,848 (1) | | | Model N, Inc. | | | 157,487 | | | 0.1 | |
| 9,314 | | | PC Connection, Inc. | | | 625,994 | | | 0.3 | |
| 14,197 (1) | | | PDF Solutions, Inc. | | | 456,292 | | | 0.2 | |
| 39,132 (1) | | | Photronics, Inc. | | | 1,227,571 | | | 0.5 | |
| 6,083 | | | Progress Software Corp. | | | 330,307 | | | 0.1 | |
| 13,632 (1) | | | Pure Storage, Inc. - Class A | | | 486,117 | | | 0.2 | |
| 8,196 (1) | | | Rambus, Inc. | | | 559,377 | | | 0.2 | |
| 111,470 (1) | | | Ribbon Communications, Inc. | | | 323,263 | | | 0.1 | |
| 9,414 | | | Richardson Electronics Ltd./United States | | | 125,677 | | | 0.1 | |
| 63,911 (1) | | | Sabre Corp. | | | 281,208 | | | 0.1 | |
| 2,791 (1) | | | Sanmina Corp. | | | 143,374 | | | 0.1 | |
| 27,707 (1) | | | ScanSource, Inc. | | | 1,097,474 | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 4,896 (1)(2) | | | SolarEdge Technologies, Inc. | | $ | 458,266 | | | 0.2 | |
| 20,542 (1) | | | Sprinklr, Inc. - Class A | | | 247,326 | | | 0.1 | |
| 6,828 (1) | | | SPS Commerce, Inc. | | | 1,323,539 | | | 0.6 | |
| 2,805 (1) | | | Tenable Holdings, Inc. | | | 129,198 | | | 0.1 | |
| 9,973 (1) | | | Veeco Instruments, Inc. | | | 309,462 | | | 0.1 | |
| 5,236 (1)(2) | | | Viasat, Inc. | | | 146,346 | | | 0.1 | |
| 15,479 (1) | | | Weave Communications, Inc. | | | 177,544 | | | 0.1 | |
| 45,454 (1) | | | Xperi, Inc. | | | 500,903 | | | 0.2 | |
| 21,661 (1) | | | Yext, Inc. | | | 127,583 | | | 0.1 | |
| 20,230 (1) | | | Zuora, Inc. - Class A | | | 190,162 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Materials: 5.9% | | | | | | | |
| 34,795 (1) | | | ATI, Inc. | | | 1,582,129 | | | 0.7 | |
| 907 | | | Balchem Corp. | | | 134,916 | | | 0.1 | |
| 9,288 | | | Carpenter Technology Corp. | | | 657,590 | | | 0.3 | |
| 11,130 | | | Element Solutions, Inc. | | | 257,548 | | | 0.1 | |
| 17,433 | | | HB Fuller Co. | | | 1,419,221 | | | 0.6 | |
| 9,133 (1) | | | Ingevity Corp. | | | 431,260 | | | 0.2 | |
| 7,462 | | | Innospec, Inc. | | | 919,617 | | | 0.4 | |
| 7,503 | | | Kaiser Aluminum Corp. | | | 534,139 | | | 0.2 | |
| 34,846 (1)(2) | | | Livent Corp. | | | 626,531 | | | 0.3 | |
| 3,800 | | | Materion Corp. | | | 494,494 | | | 0.2 | |
| 15,969 | | | Minerals Technologies, Inc. | | | 1,138,749 | | | 0.5 | |
| 17,385 | | | Myers Industries, Inc. | | | 339,877 | | | 0.1 | |
| 44,208 (1) | | | O-I Glass, Inc. | | | 724,127 | | | 0.3 | |
| 3,276 | | | Olympic Steel, Inc. | | | 218,509 | | | 0.1 | |
| 7,401 | | | Orion SA | | | 205,230 | | | 0.1 | |
| 5,744 | | | Quaker Chemical Corp. | | | 1,225,885 | | | 0.5 | |
| 26,784 | | | Sealed Air Corp. | | | 978,152 | | | 0.4 | |
| 87,618 | | | SunCoke Energy, Inc. | | | 941,017 | | | 0.4 | |
| 36,171 (1) | | | TimkenSteel Corp. | | | 848,210 | | | 0.4 | |
| 24,028 | | | Tredegar Corp. | | | 129,991 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Real Estate: 6.1% | | | | | | | |
| 68,142 | | | Acadia Realty Trust | | | 1,157,733 | | | 0.5 | |
| 79,442 | | | Apple Hospitality REIT, Inc. | | | 1,319,532 | | | 0.6 | |
| 91,312 | | | Brandywine Realty Trust | | | 493,085 | | | 0.2 | |
| 9,113 | | | Brixmor Property Group, Inc. | | | 212,059 | | | 0.1 | |
| 38,776 | | | CareTrust REIT, Inc. | | | 867,807 | | | 0.4 | |
| 26,508 | | | Chatham Lodging Trust | | | 284,166 | | | 0.1 | |
| 47,865 (1) | | | Compass, Inc. - Class A | | | 179,972 | | | 0.1 | |
| 54,343 (1) | | | Cushman & Wakefield PLC | | | 586,904 | | | 0.2 | |
| 8,667 | | | DigitalBridge Group, Inc. | | | 152,019 | | | 0.1 | |
| 627 | | | EastGroup Properties, Inc. | | | 115,080 | | | 0.0 | |
| 69,595 | | | Essential Properties Realty Trust, Inc. | | | 1,778,848 | | | 0.8 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 11,000 (1) | | | Forestar Group, Inc. | | $ | 363,770 | | | 0.1 | | |
| 9,341 | | | Four Corners Property Trust, Inc. | | | 236,327 | | | 0.1 | | |
| 5,303 | | | Getty Realty Corp. | | | 154,954 | | | 0.1 | | |
| 114,825 | | | Hudson Pacific Properties, Inc. | | | 1,069,021 | | | 0.4 | | |
| 844 (1) | | | Jones Lang LaSalle, Inc. | | | 159,406 | | | 0.1 | | |
| 14,863 | | | Kilroy Realty Corp. | | | 592,142 | | | 0.2 | | |
| 8,436 | | | National Retail Properties, Inc. | | | 363,592 | | | 0.1 | | |
| 3,616 | | | Phillips Edison & Co., Inc. | | | 131,912 | | | 0.1 | | |
| 20,379 | | | RE/MAX Holdings, Inc. - Class A | | | 271,652 | | | 0.1 | | |
| 17,511 | | | RMR Group, Inc. - Class A | | | 494,335 | | | 0.2 | | |
| 6,149 (1)(2) | | | Safehold, Inc. | | | 143,887 | | | 0.1 | | |
| 9,427 | | | Saul Centers, Inc. | | | 370,198 | | | 0.2 | | |
| 79,595 | | | Service Properties Trust | | | 679,741 | | | 0.3 | | |
| 103,341 | | | Uniti Group, Inc. | | | 597,311 | | | 0.2 | | |
| 37,891 | | | Urban Edge Properties | | | 693,405 | | | 0.3 | | |
| 74,154 | | | Whitestone REIT | | | 911,353 | | | 0.4 | | |
| | | | | | | | | | | |
| | | | Utilities: 1.5% | | | | | | | |
| 33,094 | | | Avista Corp. | | | 1,182,780 | | | 0.5 | | |
| 8,446 | | | Chesapeake Utilities Corp. | | | 892,151 | | | 0.4 | | |
| 7,314 | | | National Fuel Gas Co. | | | 366,943 | | | 0.1 | | |
| 9,907 | | | UGI Corp. | | | 243,712 | | | 0.1 | | |
| 17,677 | | | Unitil Corp. | | | 929,280 | | | 0.4 | | |
| | | | | | | | | | | |
| | | | Total Common Stock | | | | | | | |
| | | | (Cost $195,288,640) | | | 229,437,578 | | | 97.7 | | |
| | | | | | | | | | | |
| RIGHTS: —% |
| | | | Health Care: —% | | | | | | | |
| 7,651 (3)(4) | | | Aduro Biotech - CVR | | | — | | | — | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | Total Rights | | | | | | | |
| | | | (Cost $—) | | | — | | | — | | |
| | | | | | | | | | | |
| WARRANTS: 0.1% |
| | | | Energy: 0.1% | | | | | | | |
| 1,219 (1) | | | Chord Energy Corp. | | | 112,770 | | | 0.1 | | |
| 645 (1) | | | Nabors Industries Ltd. | | | 6,772 | | | 0.0 | | |
| | | | | | | | | | | |
| | | | Total Warrants | | | | | | | |
| | | | (Cost $37,789) | | | 119,542 | | | 0.1 | | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments | | | | | | | |
| | | | (Cost $195,326,429) | | | 229,557,120 | | | 97.8 | | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 4.3% | | |
| | | | Repurchase Agreements: 2.2% |
| 1,246,506 (5) | | | BNP Paribas S.A., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,247,237, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,271,436, due 08/15/27-10/20/53) | | $ | 1,246,506 | | | 0.5 | |
| 229,483 (5) | | | Daiwa Capital Markets, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $229,618, collateralized by various U.S. Government Securities, 0.000%-5.375%, Market Value plus accrued interest $234,073, due 01/25/24-11/15/51) | | | 229,483 | | | 0.1 | |
| 1,246,506 (5) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,247,235, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,271,436, due 12/01/29-12/01/53) | | | 1,246,506 | | | 0.6 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | |
| | | | Repurchase Agreements (continued) |
| 1,246,506 (5) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,247,237, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $1,271,436, due 02/01/35-09/01/52) | | $ | 1,246,506 | | | 0.5 | |
| 1,246,506 (5) | | | Nomura Securities, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,247,235, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.000%, Market Value plus accrued interest $1,271,699, due 03/08/27-01/01/59) | | | 1,246,506 | | | 0.5 | |
| | | | Total Repurchase Agreements
(Cost $5,215,507) | | | 5,215,507 | | | 2.2 | |
| | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net Assets | |
| | | | Mutual Funds: 2.1% | | | | | | | |
| 4,961,000 (6) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $4,961,000) | | $ | 4,961,000 | | | 2.1 | | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments | | | | | | | |
| | | | (Cost $10,176,507) | | | 10,176,507 | | | 4.3 | | |
| | | | Total Investments in Securities | | | | | | | |
| | | | (Cost $205,502,936) | | $ | 239,733,627 | | | 102.1 | | |
| | | | Liabilities in Excess of Other Assets | | | (4,846,881) | | | (2.1) | | |
| | | | Net Assets | | $ | 234,886,746 | | | 100.0 | | |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (4) | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2023, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 229,437,578 | | | $ | — | | | $ | — | | | $ | 229,437,578 | |
| Warrants | | | 119,542 | | | | — | | | | — | | | | 119,542 | |
| Short-Term Investments | | | 4,961,000 | | | | 5,215,507 | | | | — | | | | 10,176,507 | |
| Total Investments, at fair value | | $ | 234,518,120 | | | $ | 5,215,507 | | | $ | — | | | $ | 239,733,627 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 310,306 | | | | — | | | | — | | | | 310,306 | |
| Total Assets | | $ | 234,828,426 | | | $ | 5,215,507 | | | $ | — | | | $ | 240,043,933 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, Voya Index Plus SmallCap Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Aduro Biotech - CVR | | 10/6/2020 | | $ | — | | | $ | — | |
| | | | | $ | — | | | $ | — | |
At December 31, 2023, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:
| Description | | Number of Contracts | | | Expiration Date | | Notional Amount | | | Unrealized Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| E-mini Russell 2000 Index | | 47 | | | 03/15/24 | | $ | 4,812,095 | | | $ | 310,306 | |
| | | | | | | | $ | 4,812,095 | | | $ | 310,306 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 310,306 | |
| Total Asset Derivatives | | | | $ | 310,306 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
See Accompanying Notes to Financial Statements
| Voya Index Plus SmallCap Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | (241,901 | ) |
| Total | | $ | (241,901 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 409,333 | |
| Total | | $ | 409,333 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $206,017,257. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 45,842,829 | |
| Gross Unrealized Depreciation | | | (11,816,153 | ) |
| Net Unrealized Appreciation | | $ | 34,026,676 | |
See Accompanying Notes to Financial Statements
TAX INFORMATION (UNAUDITED)
Dividends and distributions paid during the year ended December 31, 2023 were as follows:
| Portfolio Name | Type | Per Share Amount |
| Voya Index Plus LargeCap Portfolio | | |
| Class ADV | NII | $0.1033 |
| Class I | NII | $0.2218 |
| Class S | NII | $0.1579 |
| All Classes | STCG | $ - |
| All Classes | LTCG | $0.5135 |
| Voya Index Plus MidCap Portfolio | | |
| Class I | NII | $0.1992 |
| Class S | NII | $0.1486 |
| All Classes | STCG | $ - |
| All Classes | LTCG | $0.6997 |
| Voya Index Plus SmallCap Portfolio | | |
| Class I | NII | $0.2153 |
| Class S | NII | $0.1569 |
| All Classes | STCG | $ - |
| All Classes | LTCG | $0.7067 |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
Of the ordinary distributions made during the year ended December 31, 2023, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
| Voya Index Plus LargeCap Portfolio | | 100.00% |
| Voya Index Plus MidCap Portfolio | | 100.00% |
| Voya Index Plus SmallCap Portfolio | | 100.00% |
The Portfolio designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):
| Voya Index Plus LargeCap Portfolio | | $16,730,822 |
| Voya Index Plus MidCap Portfolio | | $17,851,092 |
| Voya Index Plus SmallCap Portfolio | | $ 7,703,638 |
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
DIRECTOR AND OFFICER INFORMATION (UnaUdited)
The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 992-0180.
| Name, Address and Age | | Position(s)
Held with the
Company | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) –
During the Past 5 Years | | Number of
funds in
Fund
Complex
Overseen
by
Director(2) | | Other Board Positions
Held by Director |
| Independent Directors(3): | | | | | | | | | | |
Colleen D. Baldwin
(1960)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Chairperson
Director | | January 2020 – Present May 2013 –Present | | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | 138 | | Stanley Global Engineering (2020 – Present). |
John V. Boyer
(1953)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director | | May 2013 – Present | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | 138 | | None. |
Martin J. Gavin
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director | | August 2015 – Present | | Retired. | | 138 | | None. |
Joseph E. Obermeyer
(1957)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director | | January 2003 – Present | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | 138 | | None. |
Sheryl K. Pressler
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director | | May 2013 – Present | | Consultant (May 2001 – Present). | | 138 | | Centerra Gold Inc. (May 2008 – Present. |
Christopher P. Sullivan
(1954)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director | | October 2015 – Present | | Retired. | | 138 | | None. |
| (1) | Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Directors attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Directors if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors). |
| (2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable |
DIRECTOR AND OFFICER INFORMATION (UnaUdited) (continued)
| | Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2024. |
| (3) | Effective December 31, 2023, Patricia W. Chadwick retired as a Director of the Board. |
DIRECTOR AND OFFICER INFORMATION (UnaUdited) (continued)
| Name, Address and Age | | Position(s)
Held with the
Company | | Term of Office and
Length of Time
Served(1) | | Principal Occupation(s) – During the Past 5 Years |
Andy Simonoff
(1973)
5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | President and Chief Executive Officer | | January 2023 – Present | | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019). |
Jonathan Nash
(1967)
230 Park Avenue
New York, New York 10169 | | Executive Vice President and Chief Investment Risk Officer | | March 2020 – Present | | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020. |
James M. Fink
(1958)
5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | Executive Vice President | | March 2018 – Present | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). |
Steven Hartstein
(1963)
230 Park Avenue
New York, New York 10169 | | Chief Compliance Officer | | December 2022 – Present | | Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022). |
Todd Modic
(1967)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | | March 2005 – Present | | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022). |
Kimberly A. Anderson
(1964)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | December 2003 – Present | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
Sara M. Donaldson
(1959)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). |
Jason Kadavy
(1976)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | September 2023 – Present | | Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (September 2023 – Present); Formerly, Vice President, Voya Investments, LLC (October 2015 - September 2023); Vice President, Voya Funds Services, LLC (July 2007 – September 2023). |
DIRECTOR AND OFFICER INFORMATION (UnaUdited) (continued)
| Name, Address and Age | | Position(s)
Held with the
Company | | Term of Office and
Length of Time
Served(1) | | Principal Occupation(s) – During the Past 5 Years |
Andrew K. Schlueter
(1976)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022). |
Joanne F. Osberg
(1982)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President Secretary | | March 2023 – Present September 2020 – Present | | Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 - March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
Robert Terris
(1970)
5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | Senior Vice President | | June 2006 – Present | | Senior Vice President, Head of Future State Operating Model Design, Voya Investment Management (April 2023 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). |
Fred Bedoya
(1973)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Vice President
Principal Accounting Officer and Treasurer | | September 2012 – Present | | Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present). |
Robyn L. Ichilov
(1967)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Vice President | | March 2002 – Present | | Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
Erica McKenna
(1972)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Vice President | | June 2022 – Present | | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
Craig Wheeler
(1969)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Vice President | | May 2013 – Present | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
Nicholas C.D. Ward
(1993)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |
DIRECTOR AND OFFICER INFORMATION (UnaUdited) (continued)
| Name, Address and Age | | Position(s)
Held with the
Company | | Term of Office and
Length of Time
Served(1) | | Principal Occupation(s) – During the Past 5 Years |
Gizachew Wubishet
(1976)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019). |
Monia Piacenti
(1976)
One Orange Way
Windsor, Connecticut 06095 | | Anti-Money Laundering Officer | | June 2018 – Present | | Compliance Manager, Voya Financial, Inc. (March 2023 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Compliance Consultant, Voya Financial, Inc. (January 2019 – February 2023). |
| (1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS
At a meeting held on November 16, 2023, the Board of Directors (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight
regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Company’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Portfolio Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a
separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Company’s Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in
addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
Voya Index Plus LargeCap Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Plus LargeCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, three-year and ten-year periods, and the third quintile for the one-year and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Index Plus MidCap Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Plus MidCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the year-to-date and
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
one-year periods, and the fourth quintile for the five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Index Plus SmallCap Portfolio
In considering whether to approve the renewal of the Contracts for Voya Index Plus SmallCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s performance
during certain periods.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2024.
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| Investment Adviser | Independent Registered Public Accounting Firm |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| | |
| Distributor | Custodian |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| | |
| Transfer Agent | Legal Counsel |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 301 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
| | Boston, Massachusetts 02199 |
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
| RETIREMENT | INVESTMENTS | INSURANCE |  |
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| voyainvestments.com | VPAR-AIP (1223) |
Annual Report
December 31, 2023
Classes ADV, I, S and S2
Voya Variable Product Index Funds
| ◼ | Voya Emerging Markets Index Portfolio | ◼ | Voya Russell™ Mid Cap Growth Index Portfolio |
| ◼ | Voya International Index Portfolio | ◼ | Voya Russell™ Mid Cap Index Portfolio |
| ◼ | Voya Russell™ Large Cap Growth Index Portfolio | ◼ | Voya Russell™ Small Cap Index Portfolio |
| ◼ | Voya Russell™ Large Cap Index Portfolio | ◼ | Voya U.S. Bond Index Portfolio |
| ◼ | Voya Russell™ Large Cap Value Index Portfolio | | |
| Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
| |
| This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
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INVESTMENT MANAGEMENT voyainvestments.com |  |
TABLE OF CONTENTS
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Sign up now for on-line prospectuses, fund reports, and proxy statements. Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. You will be notified by e-mail when these communications become available on the internet. |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www. voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
Benchmark Descriptions
| Index | Description |
| Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”) | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| MSCI Europe, Australasia and Far East®(“MSCI EAFE®”) Index | An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”) | An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| Russell 2000® Index | An index that measures the performance of securities of small U.S. companies. |
| Russell Midcap® Growth Index | An index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values. |
| Russell Midcap® Index | An index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index. |
| Russell Top 200® Growth Index | Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. It includes Russell Top 200® Index companies with higher price-to-book ratios and higher forecasted growth values. |
| Russell Top 200® Index | An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million. |
| Russell Top 200® Value Index | Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values. |
| Portfolio Managers’ Report | | Voya Emerging Markets Index Portfolio |
Voya Emerging Markets Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 9.06% compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned 9.83% for the same period.
| | Geographic Diversification
as of December 31, 2023 (as a percentage of net assets) | |
| | China | 23.4% | |
| | India | 16.5% | |
| | Taiwan | 15.6% | |
| | South Korea | 12.7% | |
| | Brazil | 5.7% | |
| | Saudi Arabia | 4.1% | |
| | South Africa | 2.8% | |
| | Mexico | 2.7% | |
| | Indonesia | 1.9% | |
| | Thailand | 1.8% | |
| | Countries between 0.0% - 1.3%^ | 11.2% | |
| | Assets in Excess of Other Liabilities* | 1.6% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. ^ Includes 22 countries, which each 0.0% - 1.3% of net assets. Portfolio holdings are subject to change daily. | |
| | Top Ten Holdings
as of December 31, 2023
(as a percentage of net assets) |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 6.6% |
| | Samsung Electronics Co. Ltd. | 4.0% |
| | Tencent Holdings Ltd. | 3.5% |
| | Alibaba Group Holding Ltd. | 2.2% |
| | Reliance Industries Ltd. | 1.3% |
| | PDD Holdings, Inc. | 1.2% |
| | ICICI Bank Ltd. | 0.9% |
| | Infosys Ltd. | 0.9% |
| | SK Hynix, Inc. | 0.8% |
| | HDFC Bank Ltd. | 0.8% |
| | Portfolio holdings are subject to change daily. |
| | | |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM. The Portfolio attempts to track the MSCI EM IndexSM by investing in most of the stocks that make up the MSCI EM IndexSM. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EM IndexSM. This approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EM IndexSM. The Portfolio may not always hold all of the same securities as the MSCI EM IndexSM.
While all regions generated positive returns for the reporting period, absolute performance was strongest in Latin America and Europe and weakest in Africa/Mideast.
Current Strategy and Outlook: The Portfolio invests principally in equity securities and employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM.
| * | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio's Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change— because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Emerging Markets Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class I | 9.46% | 2.91% | 1.94% |
| Class S | 9.06% | 2.66% | 1.74% |
| MSCI EM IndexSM | 9.83% | 3.68% | 2.66% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Emerging Markets Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy.
The performance shown indicates past performance and is not a projection or prediction of future results. Actual Investment returns and principal value will fluctuate so that shares and/or units, at a redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | | Voya International Index Portfolio |
Voya International Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 17.54% compared to the MSCI EAFE® Index (“MSCI EAFE®), which returned 18.24% for the same period.
| | Geographic Diversification
as of December 31, 2023 (as a percentage of net assets) | |
| | Japan | 22.1% | |
| | United Kingdom | 14.2% | |
| | France | 11.8% | |
| | Switzerland | 10.4% | |
| | Germany | 8.4% | |
| | Australia | 6.5% | |
| | Netherlands | 4.9% | |
| | Denmark | 3.3% | |
| | Sweden | 3.2% | |
| | Spain | 2.7% | |
| | Countries between 0.0% - 2.3%^ | 11.4% | |
| | Assets in Excess of Other Liabilities* | 1.6% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. ^ Includes 16 countries, which each 0.0% - 2.3% of net assets. Portfolio holdings are subject to change daily. | |
| | Top Ten Holdings
as of December 31, 2023
(as a percentage of net assets) |
| | Novo Nordisk A/S - Class B | 2.1% |
| | Nestle SA | 1.9% |
| | ASML Holding NV | 1.9% |
| | LVMH Moet Hennessy Louis Vuitton SE | 1.4% |
| | Shell PLC | 1.3% |
| | AstraZeneca PLC | 1.3% |
| | Novartis AG | 1.3% |
| | Roche Holding AG | 1.3% |
| | Toyota Motor Corp. | 1.2% |
| | BHP Group Ltd. - Class DI | 1.1% |
| | Portfolio holdings are subject to change daily. |
| | | |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE®. The Portfolio attempts to track the MSCI EAFE® by investing in most of the stocks which make up the MSCI EAFE®. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EAFE®. The approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EAFE®. The Portfolio may not always hold all of the same securities as the MSCI EAFE®.
While all sectors posted positive returns for the reporting period, absolute performance was strongest within information technology, industrials and consumer discretionary. By contrast, consumer staples was the bottom absolute performing sector for the period.
Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index.
| * | The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio's Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya International Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV | 17.10% | 7.33% | 3.48% |
| Class I | 17.74% | 7.88% | 3.99% |
| Class S | 17.54% | 7.59% | 3.74% |
| Class S2 | 17.30% | 7.43% | 3.58% |
| MSCI EAFE® Index | 18.24% | 8.16% | 4.28% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya International Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Russell™ Large Cap Growth Index Portfolio |
Voya Russell™ Large Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 45.65% compared to the Russell Top 200® Growth Index, which returned 46.62% for the same period.
| | Sector Diversification
as of December 31, 2023 (as a percentage of net assets) | |
| | Information Technology | 50.0% |
| | Consumer Discretionary | 16.5% |
| | Communication Services | 12.3% |
| | Health Care | 9.3% |
| | Consumer Staples | 3.8% |
| | Industrials | 3.8% |
| | Financials | 1.8% |
| | Exchange-Traded Funds | 0.8% |
| | Real Estate | 0.8% |
| | Materials | 0.6% |
| | Assets in Excess of Other Liabilities* | 0.3% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. Portfolio holdings are subject to change daily. |
| | Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) | |
| | Apple, Inc. | 13.6% |
| | Microsoft Corp. | 13.4% |
| | Amazon.com, Inc. | 6.6% |
| | NVIDIA Corp. | 5.6% |
| | Alphabet, Inc. - Class A | 4.0% |
| | Meta Platforms, Inc. - Class A | 3.7% |
| | Alphabet, Inc. - Class C | 3.4% |
| | Tesla, Inc. | 3.3% |
| | Eli Lilly & Co. | 2.4% |
| | Broadcom, Inc. | 2.3% |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index. The Portfolio attempts to track the Russell Top 200® Growth Index by principally investing stocks that make up the Russell Top 200® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Growth Index.
For the reporting period, absolute performance was strongest within communication services and information technology. By contrast, energy was the bottom performing sector on an absolute basis for the reporting period and only sector posting negative returns.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index.
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Large Cap Growth Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | | | | Since |
| | 1 Year | 5 Year | 10 Year | Inception |
| Class ADV | 45.29% | 19.62% | — | 15.46%(1) |
| Class I | 45.99% | 20.21% | 15.52% | — |
| Class S | 45.65% | 19.92% | 15.23% | — |
| Russell Top 200® Growth Index | 46.62% | 20.79% | 16.06% | 16.57% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
(1) Class ADV inception date was July 13, 2015.
| Portfolio Managers’ Report | Voya Russell™ Large Cap Index Portfolio |
Voya Russell™ Large Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 29.08% compared to the Russell Top 200® Index, which returned 29.85% for the same period.
| | Sector Diversification
as of December 31, 2023 (as a percentage of net assets) |
| | Information Technology | 34.7% |
| | Health Care | 13.1% |
| | Consumer Discretionary | 11.2% |
| | Financials | 10.3% |
| | Communication Services | 9.8% |
| | Industrials | 6.4% |
| | Consumer Staples | 6.3% |
| | Energy | 3.5% |
| | Materials | 1.6% |
| | Utilities | 1.3% |
| | Real Estate | 1.2% |
| | Exchange-Traded Funds | 0.4% |
| | Assets in Excess of Other Liabilities* | 0.2% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. Portfolio holdings are subject to change daily. |
| | Top Ten Holdings | |
as of December 31, 2023 (as a percentage of net assets) |
| | Apple, Inc. | 8.5% |
| | Microsoft Corp. | 8.4% |
| | Amazon.com, Inc. | 4.1% |
| | NVIDIA Corp. | 3.5% |
| | Alphabet, Inc. - Class A | 2.5% |
| | Meta Platforms, Inc. - Class A | 2.3% |
| | Alphabet, Inc. - Class C | 2.1% |
| | Tesla, Inc. | 2.0% |
| | Berkshire Hathaway, Inc. - Class B | 2.0% |
| | Eli Lilly & Co. | 1.5% |
| Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index. The Portfolio attempts to track the Russell Top 200® Index by principally investing in stocks that make up the Russell Top 200® Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Index.
For the reporting period, absolute performance was strongest within information technology, communication services and consumer discretionary. By contrast, utilities and energy were the bottom performing sectors on an absolute basis for the reporting period.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index.
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Large Cap Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class ADV | 28.76% | 15.51% | 11.74% |
| Class I | 29.41% | 16.10% | 12.31% |
| Class S | 29.08% | 15.81% | 12.03% |
| Class S2 | 28.89% | 15.63% | 11.86% |
| Russell Top 200® Index | 29.85% | 16.53% | 12.70% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Russell™ Large Cap Value Index Portfolio |
Voya Russell™ Large Cap Value Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 9.99% compared to the Russell Top 200® Value Index, which returned 10.64% for the same period.
| | Sector Diversification as of December 31, 2023 (as a percentage of net assets) |
| | Financials | 24.2% |
| | Health Care | 19.1% |
| | Industrials | 10.7% |
| | Consumer Staples | 10.3% |
| | Information Technology | 9.6% |
| | Energy | 9.2% |
| | Communication Services | 5.5% |
| | Utilities | 3.4% |
| | Materials | 3.2% |
| | Consumer Discretionary | 2.6% |
| | Real Estate | 1.8% |
| | Exchange-Traded Funds | 0.1% |
| | Assets in Excess of Other Liabilities* | 0.3% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. Portfolio holdings are subject to change daily. |
| | Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) |
| | Berkshire Hathaway, Inc. - Class B | 5.1% |
| | JPMorgan Chase & Co. | 3.9% |
| | Exxon Mobil Corp. | 3.2% |
| | Johnson & Johnson | 3.0% |
| | Procter & Gamble Co. | 2.2% |
| | Chevron Corp. | 2.0% |
| | Bank of America Corp. | 1.8% |
| | Merck & Co., Inc. | 1.8% |
| | Walmart, Inc. | 1.8% |
| | Intel Corp. | 1.7% |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index. The Portfolio attempts to track the Russell Top 200® Value Index by principally investing in stocks that make up the Russell Top 200® Value Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Value Index.
Absolute performance was strongest within communication services, information technology and real estate. By contrast, utilities, healthcare and energy were the bottom performing sectors on an absolute basis for the reporting period.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index.
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Large Cap Value Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | | | | Since |
| | 1 Year | 5 Year | 10 Year | Inception |
| Class ADV | 9.68% | 9.83% | — | 7.57%(1) |
| Class I | 10.27% | 10.37% | 8.09% | — |
| Class S | 9.99% | 10.10% | 7.82% | — |
| Russell Top 200® Value Index | 10.64% | 10.73% | 8.46% | 8.48% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Large Cap Value Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
(1) Class ADV inception date was July 13, 2015.
| Portfolio Managers’ Report | Voya Russell™ Mid Cap Growth Index Portfolio |
Voya Russell™ Mid Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 25.02% compared to the Russell Midcap® Growth Index, which returned 25.87% for the same period.
| | Sector Diversification as of December 31, 2023 (as a percentage of net assets) |
| | Information Technology | 26.6% |
| | Health Care | 18.4% |
| | Industrials | 17.4% |
| | Consumer Discretionary | 13.1% |
| | Financials | 9.5% |
| | Communication Services | 4.2% |
| | Energy | 3.8% |
| | Consumer Staples | 2.7% |
| | Materials | 1.3% |
| | Real Estate | 1.2% |
| | Exchange-Traded Funds | 1.2% |
| | Utilities | 0.4% |
| | Assets in Excess of Other Liabilities* | 0.2% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. Portfolio holdings are subject to change daily. |
| | Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) |
| | Crowdstrike Holdings, Inc. - Class A | 1.7% |
| | Apollo Global Management, Inc. | 1.6% |
| | Dexcom, Inc. | 1.5% |
| | Cintas Corp. | 1.5% |
| | IDEXX Laboratories, Inc. | 1.5% |
| | Ross Stores, Inc. | 1.4% |
| | Copart, Inc. | 1.3% |
| | Cheniere Energy, Inc. | 1.3% |
| | IQVIA Holdings, Inc. | 1.2% |
| | Ameriprise Financial, Inc. | 1.2% |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index. The Portfolio attempts to track the Russell Midcap® Growth Index by principally investing in stocks that make up the Russell Midcap® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Growth Index.
While all sectors generated positive returns for the reporting period, absolute performance was strongest within information technology and communication services. By contrast, utilities and health care were the bottom absolute performing sectors.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index.
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Mid Cap Growth Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year |
| Class I | 25.34% | 13.33% | 10.12% |
| Class S | 25.02% | 13.05% | 9.85% |
| Class S2 | 24.84% | 12.88% | 9.68% |
| Russell Midcap® Growth Index | 25.87% | 13.81% | 10.57% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Growth Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Russell™ Mid Cap Index Portfolio |
Voya Russell™ Mid Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 16.51% compared to the Russell Midcap® Index, which returned 17.23% for the same period.
| Sector Diversification |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Industrials | 18.6% |
| | Financials | 15.0% |
| | Information Technology | 14.7% |
| | Consumer Discretionary | 10.8% |
| | Health Care | 10.2% |
| | Real Estate | 7.6% |
| | Materials | 5.8% |
| | Utilities | 5.2% |
| | Energy | 4.9% |
| | Communication Services | 3.5% |
| | Consumer Staples | 3.2% |
| | Exchange-Traded Funds | 0.2% |
| | Assets in Excess of Other Liabilities* | 0.3% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Phillips 66 | 0.6% |
| | Parker-Hannifin Corp. | 0.5% |
| | Amphenol Corp. - Class A | 0.5% |
| | Trane Technologies PLC | 0.5% |
| | KKR & Co., Inc. | 0.5% |
| | Crowdstrike Holdings, Inc. - Class A | 0.5% |
| | TransDigm Group, Inc. | 0.5% |
| | Cintas Corp. | 0.5% |
| | Marvell Technology, Inc. | 0.5% |
| | PACCAR, Inc. | 0.5% |
| Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index. The Portfolio attempts to track the Russell Midcap® Index by principally investing in stocks that make up the Russell Midcap® Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Index.
For the reporting period, absolute performance was strongest within information technology, industrials and consumer discretionary. By contrast, utilities was the bottom absolute performing sector posting negative returns for the reporting period.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index.
| * | Returns presented for the Portfolio are net of expenses. |
| | |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward- looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Mid Cap Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year | |
| Class ADV | 16.31% | 11.69% | 8.46% | |
| Class I | 16.83% | 12.26% | 9.01% | |
| Class S | 16.51% | 11.98% | 8.74% | |
| Class S2 | 16.36% | 11.82% | 8.57% | |
| Russell Midcap® Index | 17.23% | 12.68% | 9.42% | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Mid Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya Russell™ Small Cap Index Portfolio |
Voya Russell™ Small Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub- Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 16.35% compared to the Russell 2000® Index, which returned 16.93% for the same period.
| Sector Diversification |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | Financials | 16.6% |
| | Industrials | 16.4% |
| | Health Care | 15.2% |
| | Information Technology | 14.0% |
| | Consumer Discretionary | 10.7% |
| | Energy | 6.8% |
| | Real Estate | 6.1% |
| | Materials | 4.5% |
| | Consumer Staples | 3.3% |
| | Utilities | 2.7% |
| | Communication Services | 2.3% |
| | Consumer, Non-cyclical | 0.0% |
| | Assets in Excess of Other Liabilities* | 1.4% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023* |
| (as a percentage of net assets) |
| | Super Micro Computer, Inc. | 0.5% |
| | Simpson Manufacturing Co., Inc. | 0.3% |
| | Cytokinetics, Inc. | 0.3% |
| | elf Beauty, Inc. | 0.3% |
| | MicroStrategy, Inc. - Class A | 0.3% |
| | Onto Innovation, Inc. | 0.3% |
| | Light & Wonder, Inc. | 0.3% |
| | Rambus, Inc. | 0.3% |
| | UFP Industries, Inc. | 0.3% |
| | BellRing Brands, Inc. | 0.3% |
| | * Excludes short-term investments. | |
| Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by principally investing in most of the stocks that make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.
For the reporting period, absolute performance was strongest within industrials, consumer discretionary, and information technology sectors. By contrast, utilities was the bottom absolute performing sector posting negative returns for the reporting period.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index.
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya Russell™ Small Cap Index Portfolio | Portfolio Managers’ Report |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year | |
| Class ADV | 15.94% | 9.08% | 6.36% | |
| Class I | 16.68% | 9.63% | 6.89% | |
| Class S | 16.35% | 9.34% | 6.62% | |
| Class S2 | 16.21% | 9.19% | 6.47% | |
| Russell 2000® Index | 16.93% | 9.97% | 7.16% | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Russell™ Small Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| Portfolio Managers’ Report | Voya U.S. Bond Index Portfolio |
Voya U.S. Bond Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg U.S. Aggregate Bond Index. The Portfolio is managed by Matthew Toms, CFA, and Paul Buren, CFA, Portfolio Managers(1) of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 5.03% compared to the Bloomberg U.S. Aggregate Bond Index (the “Index” or “Bloomberg U.S. Aggregate Bond”), which returned 5.53% for the same period.
| Investment Type Allocation |
| as of December 31, 2023 |
| (as a percentage of net assets) |
| | U.S. Treasury Obligations | 33.3% |
| | U.S. Government Agency Obligations | 28.6% |
| | Corporate Bonds/Notes | 26.9% |
| | Commercial Mortgage-Backed Securities | 1.7% |
| | Sovereign Bonds | 1.6% |
| | Municipal Bonds | 0.9% |
| | Collateralized Mortgage Obligations | 0.6% |
| | Asset-Backed Securities | 0.2% |
| | Assets in Excess of Other Liabilities* | 6.2% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| Portfolio holdings are subject to change daily. |
| Top Ten Holdings |
| as of December 31, 2023* |
| (as a percentage of net assets) |
| | United States Treasury Notes, 3.750%, 12/31/28 | 6.5% |
| | United States Treasury Notes, 4.250%, 12/31/25 | 4.6% |
| | United States Treasury Notes, 4.250%, 12/15/26 | 4.4% |
| | United States Treasury Bonds, 4.125%, 08/15/53 | 3.0% |
| | United States Treasury Notes, 4.500%, 11/15/33 | 2.8% |
| | United States Treasury Notes, 4.375%, 11/30/30 | 2.5% |
| | Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.1% |
| | United States Treasury Notes, 1.500%, 01/31/27 | 1.9% |
| | United States Treasury Notes, 4.375%, 11/30/28 | 1.4% |
| | Uniform Mortgage-Backed Securities, 2.000%, 01/01/52 | 1.4% |
| | * Excludes short-term investments. | |
| Portfolio holdings are subject to change daily. |
Portfolio Specifics**: 2023 was a year of uncertainty, from the banking crisis early in the year to the U.S. Federal Reserve’s unexpected pivot on interest rates in December. The U.S. economy remained surprisingly resilient, driven by low unemployment, rising wages, robust consumer spending and increased investment in manufacturing.
Volatility persisted in the U.S. bond market but ended the year on a strong note. The yield on the U.S. Treasury 10-year note remained in a tight range for the first seven months of the year before spiking in August following news of a red-hot jobs market and then ultimately falling in December to near where it began the year as inflation and employment both moderated. Credit-sensitive bond sectors, such as high yield and bank loans, provided investors with equity-like returns for the year. Emerging market debt staged a comeback from a difficult 2022 thanks to waning inflation and a weakening U.S. dollar
The Portfolio is designed to replicate the risk and return drivers of the index. Security selection — particularly in U.S. Treasuries and investment grade credit — hurt and was somewhat offset by asset allocation to those same assets. Duration and curve position throughout the investment period positively impacted relative returns over the period.
Current Strategy and Outlook: Looking forward, the outlook has improved marginally, though we still expect growth to slow below trend. The increased cost of capital will likely curb consumption and investment, however ongoing government support measures at a global level are expected to partially offset these effects. In particular, China's growth focused investment and advanced economies efforts to enhance supply chain security are anticipated to bolster growth in the short term.
As the market focus shifts from inflation to growth concerns, duration will become an effective offset to risky asset drawdowns. Rate volatility, though receding from recent peaks, in our opinion, will remain above pre-pandemic levels due to uncertainty about the timing of rate cuts and concerns about government debt levels. Elevated real rates could incent investors to increase allocations to fixed income, creating opportunities during bouts of volatility.
That said, many corners of the market, in our view, appear to be priced for a soft landing. While this has become a more likely outcome, we believe the risks to this outcome materializing are being ignored. Labor markets are coming into better balance which, while good news for inflation, could cause concern among workers that a turn in the cycle is approaching. This in turn could compel workers to boost savings rates which would limit consumption and act as a headwind to growth.
| Voya U.S. Bond Index Portfolio | Portfolio Managers’ Report |
| (1) | Effective May 1, 2023, Paul Buren, CFA was added as a portfolio manager to the Portfolio. In addition, effective December 31, 2023, Bob Kase, CFA, retired from Voya Investment Management Co. LLC and is no longer a portfolio manager to the Portfolio |
| * | Returns presented for the Portfolio are net of expenses. |
| ** | Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark. |
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward- looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Portfolio Managers’ Report | Voya U.S. Bond Index Portfolio |
| Average Annual Total Returns for the Periods Ended December 31, 2023 |
| | 1 Year | 5 Year | 10 Year | |
| Class ADV | 4.51% | 0.27% | 0.98% | |
| Class I | 5.03% | 0.78% | 1.49% | |
| Class S | 4.77% | 0.53% | 1.24% | |
| Class S2 | 4.62% | 0.38% | 1.08% | |
| Bloomberg U.S. Aggregate Bond | 5.53% | 1.10% | 1.81% | |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya U.S. Bond Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as, redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Actual Portfolio Return | | Hypothetical (5% return before expenses) |
| | | Beginning | | Ending | | | | Expenses Paid | | Beginning | | Ending | | | | Expenses Paid |
| | | Account | | Account | | | | During the | | Account | | Account | | | | During the |
| | | Value | | Value | | Annualized | | Period Ended | | Value | | Value | | Annualized | | Period Ended |
| | | July 1, | | December 31, | | Expense | | December 31, | | July 1, | | December 31, | | Expense | | December 31, |
| | | 2023 | | 2023 | | Ratio | | 2023* | | 2023 | | 2023 | | Ratio | | 2023* |
| | | | | | | | | | | | | | | | | |
| Voya Emerging Markets Index Portfolio | | | | | | | | | | | | |
| Class I | | $1,000.00 | | $1,045.50 | | 0.55% | | $2.84 | | $1,000.00 | | $1,022.43 | | 0.55% | | $2.80 |
| Class S | | 1,000.00 | | 1,042.80 | | 0.80 | | 4.12 | | 1,000.00 | | 1,021.17 | | 0.80 | | 4.08 |
| | | | | | | | | | | | | | | | | |
| Voya International Index Portfolio | | | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,050.30 | | 0.95% | | $4.91 | | $1,000.00 | | $1,020.42 | | 0.95% | | $4.84 |
| Class I | | 1,000.00 | | 1,053.10 | | 0.46 | | 2.38 | | 1,000.00 | | 1,022.89 | | 0.46 | | 2.35 |
| Class S | | 1,000.00 | | 1,051.60 | | 0.71 | | 3.67 | | 1,000.00 | | 1,021.63 | | 0.71 | | 3.62 |
| Class S2 | | 1,000.00 | | 1,050.70 | | 0.86 | | 4.45 | | 1,000.00 | | 1,020.87 | | 0.86 | | 4.38 |
| ... | | | | | | | | | | | | | | | | |
| Voya Russell™ Large Cap Growth Index Portfolio | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,104.60 | | 0.93% | | $4.93 | | $1,000.00 | | $1,020.52 | | 0.93% | | $4.74 |
| Class I | | 1,000.00 | | 1,107.20 | | 0.43 | | 2.28 | | 1,000.00 | | 1,023.04 | | 0.43 | | 2.19 |
| Class S | | 1,000.00 | | 1,105.80 | | 0.68 | | 3.61 | | 1,000.00 | | 1,021.78 | | 0.68 | | 3.47 |
| | | | | | | | | | | | | | | | | |
| Voya Russell™ Large Cap Index Portfolio | | | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,082.70 | | 0.86% | | $4.51 | | $1,000.00 | | $1,020.87 | | 0.86% | | $4.38 |
| Class I | | 1,000.00 | | 1,085.90 | | 0.36 | | 1.89 | | 1,000.00 | | 1,023.39 | | 0.36 | | 1.84 |
| Class S | | 1,000.00 | | 1,084.60 | | 0.61 | | 3.21 | | 1,000.00 | | 1,022.13 | | 0.61 | | 3.11 |
| Class S2 | | 1,000.00 | | 1,083.60 | | 0.76 | | 3.99 | | 1,000.00 | | 1,021.37 | | 0.76 | | 3.87 |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
| | | Actual Portfolio Return | | Hypothetical (5% return before expenses) |
| | | Beginning | | Ending | | | | Expenses Paid | | Beginning | | Ending | | | | Expenses Paid |
| | | Account | | Account | | | | During the | | Account | | Account | | | | During the |
| | | Value | | Value | | Annualized | | Period Ended | | Value | | Value | | Annualized | | Period Ended |
| | | July 1, | | December 31, | | Expense | | December 31, | | July 1, | | December 31, | | Expense | | December 31, |
| | | 2023 | | 2023 | | Ratio | | 2023* | | 2023 | | 2023 | | Ratio | | 2023* |
| | | | | | | | | | | | | | | | | |
| Voya Russell™ Large Cap Value Index Portfolio | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,049.20 | | 0.84% | | $4.34 | | $1,000.00 | | $1,020.97 | | 0.84% | | $4.28 |
| Class I | | 1,000.00 | | 1,052.10 | | 0.34 | | 1.76 | | 1,000.00 | | 1,023.49 | | 0.34 | | 1.73 |
| Class S | | 1,000.00 | | 1,050.70 | | 0.59 | | 3.05 | | 1,000.00 | | 1,022.23 | | 0.59 | | 3.01 |
| | | | | | | | | | | | | | | | | |
| Voya Russell™ Mid Cap Growth Index Portfolio | | | | | | | | | | |
| Class I | | $1,000.00 | | $1,083.70 | | 0.40% | | $2.10 | | $1,000.00 | | $1,023.19 | | 0.40% | | $2.04 |
| Class S | | 1,000.00 | | 1,082.20 | | 0.65 | | 3.41 | | 1,000.00 | | 1,021.93 | | 0.65 | | 3.31 |
| Class S2 | | 1,000.00 | | 1,081.30 | | 0.80 | | 4.20 | | 1,000.00 | | 1,021.17 | | 0.80 | | 4.08 |
| | | | | | | | | | | | | | | | | |
| Voya Russell™ Mid Cap Index Portfolio | | | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,071.10 | | 0.90% | | $4.70 | | $1,000.00 | | $1,020.67 | | 0.90% | | $4.58 |
| Class I | | 1,000.00 | | 1,073.30 | | 0.40 | | 2.09 | | 1,000.00 | | 1,023.19 | | 0.40 | | 2.04 |
| Class S | | 1,000.00 | | 1,072.90 | | 0.65 | | 3.40 | | 1,000.00 | | 1,021.93 | | 0.65 | | 3.31 |
| Class S2 | | 1,000.00 | | 1,071.80 | | 0.80 | | 4.18 | | 1,000.00 | | 1,021.17 | | 0.80 | | 4.08 |
| | | | | | | | | | | | | | | | | |
| Voya Russell™ Small Cap Index Portfolio | | | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,077.10 | | 0.95% | | $4.97 | | $1,000.00 | | $1,020.42 | | 0.95% | | $4.84 |
| Class I | | 1,000.00 | | 1,080.70 | | 0.45 | | 2.36 | | 1,000.00 | | 1,022.94 | | 0.45 | | 2.29 |
| Class S | | 1,000.00 | | 1,079.20 | | 0.70 | | 3.67 | | 1,000.00 | | 1,021.68 | | 0.70 | | 3.57 |
| Class S2 | | 1,000.00 | | 1,078.70 | | 0.85 | | 4.45 | | 1,000.00 | | 1,020.92 | | 0.85 | | 4.33 |
| | | | | | | | | | | | | | | | | |
| Voya U.S. Bond Index Portfolio | | | | | | | | | | | | |
| Class ADV | | $1,000.00 | | $1,028.00 | | 0.86% | | $4.40 | | $1,000.00 | | $1,020.87 | | 0.86% | | $4.38 |
| Class I | | 1,000.00 | | 1,030.60 | | 0.36 | | 1.84 | | 1,000.00 | | 1,023.39 | | 0.36 | | 1.84 |
| Class S | | 1,000.00 | | 1,029.30 | | 0.61 | | 3.12 | | 1,000.00 | | 1,022.13 | | 0.61 | | 3.11 |
| Class S2 | | 1,000.00 | | 1,027.40 | | 0.76 | | 3.88 | | 1,000.00 | | 1,021.37 | | 0.76 | | 3.87 |
| * | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya RussellTM Large Cap Growth Index Portfolio, Voya RussellTM Large Cap Index Portfolio, Voya RussellTM Large Cap Value Index Portfolio, Voya RussellTM Mid Cap Growth Index Portfolio, Voya RussellTM Mid Cap Index Portfolio, Voya RussellTM Small Cap Index Portfolio and Voya U.S. Bond Index Portfolio and the Board of Directors of Voya Variable Portfolios, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya RussellTM Large Cap Growth Index Portfolio, Voya RussellTM Large Cap Index Portfolio, Voya RussellTM Large Cap Value Index Portfolio, Voya RussellTM Mid Cap Growth Index Portfolio, Voya RussellTM Mid Cap Index Portfolio, Voya RussellTM Small Cap Index Portfolio and Voya U.S. Bond Index Portfolio (collectively referred to as the “Portfolios”) (nine of the portfolios constituting Voya Variable Portfolios, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (nine of the portfolios constituting Voya Variable Portfolios, Inc.) at December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for the period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on each of the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 19, 2024
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | | | | Voya | | | Voya Russell™ | | | | |
| | | Voya Emerging | | | International | | | Large Cap | | | Voya Russell™ | |
| | | Market Index | | | Index | | | Growth Index | | | Large Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| ASSETS: | | | | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 93,839,595 | | | $ | 1,126,257,830 | | | $ | 1,583,496,979 | | | $ | 2,193,259,861 | |
| Short-term investments at fair value† | | | 4,247,475 | | | | 60,533,840 | | | | 2,981,000 | | | | 3,158,000 | |
| Cash | | | – | | | | 183,873 | | | | 660,282 | | | | 857,014 | |
| Cash collateral for futures contracts | | | 50,041 | | | | 517,771 | | | | 224,200 | | | | 318,600 | |
| Foreign currencies at value‡ | | | 233,926 | | | | 265,107 | | | | – | | | | – | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities and currencies sold | | | 72,515 | | | | 196,596 | | | | 911,228 | | | | 1,562,732 | |
| Fund shares sold | | | 553 | | | | 278,667 | | | | 87,651 | | | | 279,122 | |
| Dividends | | | 230,828 | | | | 935,280 | | | | 898,647 | | | | 1,746,211 | |
| Interest | | | 128 | | | | 55 | | | | 219 | | | | 412 | |
| Foreign tax reclaims | | | 22,104 | | | | 7,922,669 | | | | – | | | | – | |
| Variation margin on futures contracts | | | 1,753 | | | | 8,986 | | | | – | | | | – | |
| Prepaid expenses | | | 12,998 | | | | 9,688 | | | | 11,294 | | | | 16,961 | |
| Reimbursement due from Investment Adviser | | | 216,120 | | | | 120,717 | | | | – | | | | 35,242 | |
| Other assets | | | 19,459 | | | | 86,177 | | | | 28,459 | | | | 85,057 | |
| Total assets | | | 98,947,495 | | | | 1,197,317,256 | | | | 1,589,299,959 | | | | 2,201,319,212 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Payable for investment securities and currencies | | | | | | | | | | | | | | | | |
| purchased | | | 72,326 | | | | – | | | | – | | | | – | |
| Payable for fund shares redeemed | | | 31,890 | | | | 339,274 | | | | 578,749 | | | | 1,008,596 | |
| Payable upon receipt of securities loaned | | | 723,475 | | | | 56,708,840 | | | | – | | | | – | |
| Variation margin payable on futures contracts | | | – | | | | – | | | | 11,637 | | | | 16,537 | |
| Payable for investment management fees | | | 23,713 | | | | 429,601 | | | | 503,586 | | | | 620,000 | |
| Payable for distribution and shareholder service fees | | | 1 | | | | 189,757 | | | | 169,664 | | | | 386,616 | |
| Payable to custodian due to bank overdraft | | | 1,978,254 | | | | – | | | | – | | | | – | |
| Payable to directors under the deferred compensation plan (Note 6) | | | 19,459 | | | | 86,177 | | | | 28,459 | | | | 85,057 | |
| Payable for directors fees | | | 1,462 | | | | 4,151 | | | | 3,476 | | | | 5,141 | |
| Payable for foreign capital gains tax | | | 461,327 | | | | – | | | | – | | | | – | |
| Other accrued expenses and liabilities | | | 323,668 | | | | 706,221 | | | | 529,245 | | | | 542,810 | |
| Total liabilities | | | 3,635,575 | | | | 58,464,021 | | | | 1,824,816 | | | | 2,664,757 | |
| NET ASSETS | | $ | 95,311,920 | | | $ | 1,138,853,235 | | | $ | 1,587,475,143 | | | $ | 2,198,654,455 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 226,057,566 | | | $ | 858,357,569 | | | $ | 392,037,403 | | | $ | 1,098,338,884 | |
| Total distributable earnings (loss) | | | (130,745,646 | ) | | | 280,495,666 | | | | 1,195,437,740 | | | | 1,100,315,571 | |
| NET ASSETS | | $ | 95,311,920 | | | $ | 1,138,853,235 | | | $ | 1,587,475,143 | | | $ | 2,198,654,455 | |
| | | | | | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | 675,958 | | | $ | 53,421,362 | | | $ | — | | | $ | — | |
| * | Cost of investments in securities | | $ | 116,995,150 | | | $ | 625,385,178 | | | $ | 456,478,100 | | | $ | 1,053,353,733 | |
| † | Cost of short-term investments | | $ | 4,247,475 | | | $ | 60,533,840 | | | $ | 2,981,000 | | | $ | 3,158,000 | |
| ‡ | Cost of foreign currencies | | $ | 230,483 | | | $ | 262,633 | | | $ | — | | | $ | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023 (continued)
| | | | | | Voya | | | Voya Russell™ | | | | |
| | | Voya Emerging | | | International | | | Large Cap | | | Voya Russell™ | |
| | | Market Index | | | Index | | | Growth Index | | | Large Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 402,013,456 | | | $ | 10,270 | | | $ | 171,834,665 | |
| Shares authorized | | | n/a | | | | 250,000,000 | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | | n/a | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 37,004,012 | | | | 164 | | | | 5,272,105 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 10.86 | | | $ | 62.71 | | | $ | 32.59 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Net assets | | $ | 95,308,923 | | | $ | 609,509,940 | | | $ | 775,807,471 | | | $ | 519,420,714 | |
| Shares authorized | | | 100,000,000 | | | | 200,000,000 | | | | 100,000,000 | | | | 400,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 9,647,503 | | | | 54,917,259 | | | | 12,195,752 | | | | 15,496,052 | |
| Net asset value and redemption price per share | | $ | 9.88 | | | $ | 11.10 | | | $ | 63.61 | | | $ | 33.52 | |
| | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | |
| Net assets | | $ | 2,997 | | | $ | 125,542,788 | | | $ | 811,657,402 | | | $ | 1,507,251,964 | |
| Shares authorized | | | 100,000,000 | | | | 100,000,000 | | | | 100,000,000 | | | | 200,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 300 | | | | 11,405,139 | | | | 12,860,866 | | | | 45,376,567 | |
| Net asset value and redemption price per share | | $ | 9.99 | | | $ | 11.01 | | | $ | 63.11 | | | $ | 33.22 | |
| | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 1,787,051 | | | | n/a | | | $ | 147,112 | |
| Shares authorized | | | n/a | | | | 100,000,000 | | | | n/a | | | | 100,000,000 | |
| Par value | | | n/a | | | $ | 0.001 | | | | n/a | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 162,617 | | | | n/a | | | | 4,280 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 10.99 | | | | n/a | | | $ | 34.37 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | Voya Russell™ | | | Voya Russell™ | | | | | | | |
| | | Large Cap | | | Mid Cap | | | Voya Russell™ | | | Voya Russell™ | |
| | | Value Index | | | Growth Index | | | Mid Cap Index | | | Small Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| ASSETS: | | | | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 1,281,564,015 | | | $ | 984,393,119 | | | $ | 965,586,368 | | | $ | 607,587,906 | |
| Investments in affiliates at fair value** | | | – | | | | – | | | | 648,468 | | | | – | |
| Short-term investments at fair value† | | | 1,364,000 | | | | 4,886,047 | | | | 9,149,750 | | | | 30,590,927 | |
| Cash | | | 577,203 | | | | 324,305 | | | | 460,857 | | | | 218,105 | |
| Cash collateral for futures contracts | | | 236,000 | | | | 135,900 | | | | 181,200 | | | | 624,000 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | 1,984,777 | | | | 430,205 | | | | 129,582 | | | | 267,373 | |
| Fund shares sold | | | 195,233 | | | | 13,728 | | | | 864,810 | | | | 61,955 | |
| Dividends | | | 1,498,797 | | | | 271,686 | | | | 1,296,257 | | | | 697,280 | |
| Interest | | | 319 | | | | 752 | | | | 354 | | | | – | |
| Foreign tax reclaims | | | 576 | | | | 1,959 | | | | 1,961 | | | | 11,194 | |
| Prepaid expenses | | | 10,736 | | | | 8,371 | | | | 8,279 | | | | 5,305 | |
| Reimbursement due from Investment Adviser | | | – | | | | 24,313 | | | | 134,331 | | | | 70,181 | |
| Other assets | | | 23,593 | | | | 21,897 | | | | 71,229 | | | | 41,113 | |
| Total assets | | | 1,287,455,249 | | | | 990,512,282 | | | | 978,533,446 | | | | 640,175,339 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | – | | | | – | | | | 796,646 | | | | 351,118 | |
| Payable for fund shares redeemed | | | 1,128,725 | | | | 912,825 | | | | 723,437 | | | | 679,271 | |
| Payable upon receipt of securities loaned | | | – | | | | 2,597,047 | | | | 6,000,750 | | | | 22,016,927 | |
| Variation margin payable on futures contracts | | | 12,250 | | | | 23,580 | | | | 31,440 | | | | 154,312 | |
| Payable for investment management fees | | | 311,101 | | | | 348,752 | | | | 325,012 | | | | 212,024 | |
| Payable for distribution and shareholder service fees | | | 234,407 | | | | 200,233 | | | | 114,563 | | | | 102,465 | |
| Payable to directors under the deferred compensation plan | | | | | | | | | | | | | | | | |
| (Note 6) | | | 23,593 | | | | 21,897 | | | | 71,230 | | | | 41,113 | |
| Payable for directors fees | | | 3,167 | | | | 2,389 | | | | 2,714 | | | | 1,689 | |
| Other accrued expenses and liabilities | | | 499,921 | | | | 256,627 | | | | 531,302 | | | | 353,851 | |
| Total liabilities | | | 2,213,164 | | | | 4,363,350 | | | | 8,597,094 | | | | 23,912,770 | |
| NET ASSETS | | $ | 1,285,242,085 | | | $ | 986,148,932 | | | $ | 969,936,352 | | | $ | 616,262,569 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 977,465,407 | | | $ | 906,093,459 | | | $ | 390,620,054 | | | $ | 324,895,481 | |
| Total distributable earnings | | | 307,776,678 | | | | 80,055,473 | | | | 579,316,298 | | | | 291,367,088 | |
| NET ASSETS | | $ | 1,285,242,085 | | | $ | 986,148,932 | | | $ | 969,936,352 | | | $ | 616,262,569 | |
| | | | | | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | — | | | $ | 2,512,550 | | | $ | 5,793,597 | | | $ | 21,223,506 | |
| * | Cost of investments in securities | | $ | 1,005,541,300 | | | $ | 771,169,637 | | | $ | 471,366,934 | | | $ | 352,222,270 | |
| ** | Cost of investments in affiliates | | $ | — | | | $ | — | | | $ | 238,579 | | | $ | — | |
| † | Cost of short-term investments | | $ | 1,364,000 | | | $ | 4,886,047 | | | $ | 9,149,750 | | | $ | 30,590,927 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023 (continued)
| | | Voya Russell™ | | | Voya Russell™ | | | | | | | |
| | | Large Cap | | | Mid Cap | | | Voya Russell™ | | | Voya Russell™ | |
| | | Value Index | | | Growth Index | | | Mid Cap Index | | | Small Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | |
| Net assets | | $ | 5,619 | | | | n/a | | | $ | 177,936,419 | | | $ | 109,838,563 | |
| Shares authorized | | | 100,000,000 | | | | n/a | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | $ | 0.001 | | | | n/a | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 200 | | | | n/a | | | | 17,129,832 | | | | 8,356,705 | |
| Net asset value and redemption price per share | | $ | 28.14 | | | | n/a | | | $ | 10.39 | | | $ | 13.14 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Net assets | | $ | 161,507,070 | | | $ | 19,262,188 | | | $ | 598,352,214 | | | $ | 228,924,076 | |
| Shares authorized | | | 100,000,000 | | | | 100,000,000 | | | | 300,000,000 | | | | 100,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 5,672,194 | | | | 490,910 | | | | 53,776,259 | | | | 16,605,276 | |
| Net asset value and redemption price per share | | $ | 28.47 | | | $ | 39.24 | | | $ | 11.13 | | | $ | 13.79 | |
| | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | |
| Net assets | | $ | 1,123,729,396 | | | $ | 964,889,093 | | | $ | 186,152,625 | | | $ | 272,262,529 | |
| Shares authorized | | | 200,000,000 | | | | 100,000,000 | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 39,870,430 | | | | 24,771,394 | | | | 17,098,244 | | | | 19,990,591 | |
| Net asset value and redemption price per share | | $ | 28.18 | | | $ | 38.95 | | | $ | 10.89 | | | $ | 13.62 | |
| | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 1,997,651 | | | $ | 7,495,094 | | | $ | 5,237,401 | |
| Shares authorized | | | n/a | | | | 100,000,000 | | | | 100,000,000 | | | | 100,000,000 | |
| Par value | | | n/a | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 51,591 | | | | 707,213 | | | | 393,887 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 38.72 | | | $ | 10.60 | | | $ | 13.30 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | Voya U.S. Bond | |
| | | Index Portfolio | |
| ASSETS: | | | | |
| Investments in securities at fair value+* | | $ | 1,498,542,183 | |
| Short-term investments at fair value† | | | 275,976,528 | |
| Cash | | | 104 | |
| Cash collateral for futures contracts | | | 1,959,789 | |
| Cash pledged for centrally cleared swaps (Note 2) | | | 600,000 | |
| Receivables: | | | | |
| Investment securities sold | | | 7,751 | |
| Fund shares sold | | | 1,406,770 | |
| Dividends | | | 36,946 | |
| Interest | | | 8,487,306 | |
| Variation margin on centrally cleared swaps | | | 9,226 | |
| Prepaid expenses | | | 15,412 | |
| Reimbursement due from Investment Adviser | | | 236,923 | |
| Other assets | | | 148,990 | |
| Total assets | | | 1,787,427,928 | |
| | | | | |
| LIABILITIES: | | | | |
| Payable for investment securities purchased | | | 176,457,052 | |
| Payable for fund shares redeemed | | | 727,681 | |
| Payable upon receipt of securities loaned | | | 11,170,841 | |
| Variation margin payable on futures contracts | | | 63,482 | |
| Payable for investment management fees | | | 480,768 | |
| Payable for distribution and shareholder service fees | | | 36,152 | |
| Payable to directors under the deferred compensation plan (Note 6) | | | 148,990 | |
| Payable for directors fees | | | 5,625 | |
| Other accrued expenses and liabilities | | | 235,641 | |
| Total liabilities | | | 189,326,232 | |
| NET ASSETS | | $ | 1,598,101,696 | |
| | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | |
| Paid-in capital | | $ | 1,926,865,812 | |
| Total distributable loss | | | (328,764,116 | ) |
| NET ASSETS | | $ | 1,598,101,696 | |
| | | | | |
| + | Including securities loaned at value | | $ | 10,832,842 | |
| * | Cost of investments in securities | | $ | 1,577,462,086 | |
| † | Cost of short-term investments | | $ | 276,032,738 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023 (continued)
| | | Voya U.S. Bond | |
| | | Index Portfolio | |
| Class ADV | | | | |
| Net assets | | $ | 20,489,533 | |
| Shares authorized | | | 100,000,000 | |
| Par value | | $ | 0.001 | |
| Shares outstanding | | | 2,229,636 | |
| Net asset value and redemption price per share | | $ | 9.19 | |
| | | | | |
| Class I | | | | |
| Net assets | | $ | 1,445,259,414 | |
| Shares authorized | | | 700,000,000 | |
| Par value | | $ | 0.001 | |
| Shares outstanding | | | 156,644,936 | |
| Net asset value and redemption price per share | | $ | 9.23 | |
| | | | | |
| Class S | | | | |
| Net assets | | $ | 131,424,455 | |
| Shares authorized | | | 100,000,000 | |
| Par value | | $ | 0.001 | |
| Shares outstanding | | | 14,284,538 | |
| Net asset value and redemption price per share | | $ | 9.20 | |
| | | | | |
| Class S2 | | | | |
| Net assets | | $ | 928,294 | |
| Shares authorized | | | 100,000,000 | |
| Par value | | $ | 0.001 | |
| Shares outstanding | | | 100,868 | |
| Net asset value and redemption price per share | | $ | 9.20 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2023
| | | | | | Voya | | | Voya Russell™ | | | | |
| | | Voya Emerging | | | International | | | Large Cap | | | Voya Russell™ | |
| | | Market Index | | | Index | | | Growth Index | | | Large Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 6,111,851 | | | $ | 33,578,841 | | | $ | 13,354,950 | | | $ | 32,786,735 | |
| Interest | | | 14,078 | | | | 51,618 | | | | 23,177 | | | | 37,423 | |
| Securities lending income, net | | | 47,960 | | | | 319,420 | | | | — | | | | 30,302 | |
| Other | | | 1,620 | | | | 5,747 | | | | 6,455 | | | | 9,674 | |
| Total investment income | | | 6,175,509 | | | | 33,955,626 | | | | 13,384,582 | | | | 32,864,134 | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Investment management fees | | | 1,130,783 | | | | 5,527,804 | | | | 6,695,317 | | | | 6,971,778 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | 1,985,316 | | | | 44 | | | | 736,427 | |
| Class S | | | 11 | | | | 312,173 | | | | 1,789,142 | | | | 3,602,421 | |
| Class S2 | | | — | | | | 6,356 | | | | — | | | | 535 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | 130,314 | | | | 4 | | | | 39,610 | |
| Class I | | | 791 | | | | 194,421 | | | | 256,024 | | | | 124,989 | |
| Class P2(1) | | | 269 | | | | 227 | | | | — | | | | — | |
| Class S | | | — | | | | 43,542 | | | | 271,626 | | | | 385,012 | |
| Class S2 | | | — | | | | 648 | | | | — | | | | 35 | |
| Shareholder reporting expense | | | 3,650 | | | | 44,850 | | | | 48,256 | | | | 52,925 | |
| Registration fees | | | — | | | | 358 | | | | 81 | | | | — | |
| Professional fees | | | 45,225 | | | | 117,600 | | | | 82,219 | | | | 146,800 | |
| Custody and accounting expense | | | 842,070 | | | | 475,715 | | | | 104,373 | | | | 151,643 | |
| Directors fees | | | 14,617 | | | | 41,504 | | | | 34,762 | | | | 51,407 | |
| Licensing fee (Note 7) | | | 89,270 | | | | 375,272 | | | | 117,116 | | | | 243,805 | |
| Miscellaneous expense | | | 31,290 | | | | 90,946 | | | | 57,091 | | | | 86,475 | |
| Interest expense | | | 12,827 | | | | 11,828 | | | | 859 | | | | 12,903 | |
| Total expenses | | | 2,170,803 | | | | 9,358,874 | | | | 9,456,914 | | | | 12,606,765 | |
| Waived and reimbursed fees | | | (1,094,948 | ) | | | (1,914,532 | ) | | | (1,653,559 | ) | | | (895,633 | ) |
| Net expenses | | | 1,075,855 | | | | 7,444,342 | | | | 7,803,355 | | | | 11,711,132 | |
| Net investment income | | | 5,099,654 | | | | 26,511,284 | | | | 5,581,227 | | | | 21,153,002 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes withheld^) | | | (74,999,961 | ) | | | 180,880,039 | | | | 63,117,367 | | | | (22,659,108 | ) |
| Forward foreign currency contracts | | | 128,276 | | | | — | | | | — | | | | — | |
| Foreign currency related transactions | | | (585,789 | ) | | | (214,481 | ) | | | — | | | | — | |
| Futures | | | 234,531 | | | | 2,631,863 | | | | 446,237 | | | | 735,536 | |
| Net realized gain (loss) | | | (75,222,943 | ) | | | 183,297,421 | | | | 63,563,604 | | | | (21,923,572 | ) |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes accrued#) | | | 92,711,535 | | | | 39,121,975 | | | | 452,197,070 | | | | 524,987,244 | |
| Foreign currency related transactions | | | (141,000 | ) | | | 289,569 | | | | — | | | | — | |
| Futures | | | 263,931 | | | | 1,435,835 | | | | 252,537 | | | | 421,673 | |
| Net change in unrealized appreciation (depreciation) | | | 92,834,466 | | | | 40,847,379 | | | | 452,449,607 | | | | 525,408,917 | |
| Net realized and unrealized gain | | | 17,611,523 | | | | 224,144,800 | | | | 516,013,211 | | | | 503,485,345 | |
| Increase in net assets resulting from operations | | $ | 22,711,177 | | | $ | 250,656,084 | | | $ | 521,594,438 | | | $ | 524,638,347 | |
| | | | | | | | | | | | | | | | | |
| * | Foreign taxes withheld | | $ | 761,842 | | | $ | 3,333,475 | | | $ | — | | | $ | 207 | |
| ^ | Foreign capital gains taxes withheld | | $ | 1,722,420 | | | $ | — | | | $ | — | | | $ | — | |
| # | Change in foreign capital gains taxes accrued | | $ | 1,605,361 | | | $ | — | | | $ | — | | | $ | — | |
| (1) | Class P2 of Emerging Markets Index Portfolio and International Index Portfolio were fully redeemed on close of business March 30, 2023 and February 3, 2023, respectively. |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2023
| | | Voya Russell™ | | | Voya Russell™ | | | | | | | |
| | | Large Cap | | | Mid Cap | | | Voya Russell™ | | | Voya Russell™ | |
| | | Value Index | | | Growth Index | | | Mid Cap Index | | | Small Cap Index | |
| | | Portfolio | | | Portfolio | | | Portfolio | | | Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 31,542,860 | | | $ | 7,687,814 | | | $ | 15,759,484 | | | $ | 9,300,618 | |
| Dividends from affiliates | | | — | | | | — | | | | 11,031 | | | | — | |
| Interest | | | 26,207 | | | | 9,953 | | | | 20,917 | | | | 37,097 | |
| Securities lending income, net | | | 9,089 | | | | 161,713 | | | | 416,284 | | | | 705,854 | |
| Other | | | 6,020 | | | | 4,551 | | | | 4,592 | | | | 2,908 | |
| Total investment income | | | 31,584,176 | | | | 7,864,031 | | | | 16,212,308 | | | | 10,046,477 | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Investment management fees | | | 4,933,192 | | | | 4,685,135 | | | | 3,930,585 | | | | 2,604,023 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | 28 | | | | — | | | | 849,860 | | | | 509,927 | |
| Class S | | | 2,854,009 | | | | 2,338,956 | | | | 451,884 | | | | 662,762 | |
| Class S2 | | | — | | | | 7,198 | | | | 27,098 | | | | 19,400 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | 152,091 | | | | 106,218 | |
| Class I | | | 24,214 | | | | 1,140 | | | | 516,620 | | | | 218,964 | |
| Class P2(1) | | | — | | | | — | | | | 38 | | | | 31 | |
| Class S | | | 180,536 | | | | 59,592 | | | | 161,725 | | | | 283,348 | |
| Class S2 | | | — | | | | 114 | | | | 6,061 | | | | 5,105 | |
| Shareholder reporting expense | | | 18,875 | | | | 18,531 | | | | 34,675 | | | | 27,375 | |
| Registration fees | | | — | | | | — | | | | — | | | | 16 | |
| Professional fees | | | 66,250 | | | | 45,774 | | | | 62,050 | | | | 49,640 | |
| Custody and accounting expense | | | 91,305 | | | | 78,395 | | | | 104,495 | | | | 79,711 | |
| Directors fees | | | 31,669 | | | | 23,890 | | | | 27,138 | | | | 16,887 | |
| Licensing fee (Note 7) | | | 154,857 | | | | 69,613 | | | | 124,059 | | | | 88,746 | |
| Miscellaneous expense | | | 38,979 | | | | 46,777 | | | | 70,398 | | | | 57,901 | |
| Interest expense | | | 1,824 | | | | 1,764 | | | | 8,704 | | | | — | |
| Total expenses | | | 8,395,738 | | | | 7,376,879 | | | | 6,527,481 | | | | 4,730,054 | |
| Waived and reimbursed fees | | | (1,266,618 | ) | | | (1,169,527 | ) | | | (1,390,500 | ) | | | (844,875 | ) |
| Net expenses | | | 7,129,120 | | | | 6,207,352 | | | | 5,136,981 | | | | 3,885,179 | |
| Net investment income | | | 24,455,056 | | | | 1,656,679 | | | | 11,075,327 | | | | 6,161,298 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | 19,261,488 | | | | 1,322,885 | | | | 207,876,967 | | | | 64,209,729 | |
| Sale of investments in affiliates | | | — | | | | — | | | | 159,119 | | | | — | |
| Foreign currency related transactions | | | — | | | | — | | | | — | | | | (4 | ) |
| Futures | | | 500,673 | | | | 85,737 | | | | 130,756 | | | | 1,813,273 | |
| Net realized gain | | | 19,762,161 | | | | 1,408,622 | | | | 208,166,842 | | | | 66,022,998 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 76,100,707 | | | | 210,053,693 | | | | (52,722,949 | ) | | | 35,683,311 | |
| Sale of investments in affiliates | | | — | | | | — | | | | (23,572 | ) | | | — | |
| Futures | | | 311,512 | | | | 202,824 | | | | 292,483 | | | | 1,281,345 | |
| Net change in unrealized appreciation (depreciation) | | | 76,412,219 | | | | 210,256,517 | | | | (52,454,038 | ) | | | 36,964,656 | |
| Net realized and unrealized gain | | | 96,174,380 | | | | 211,665,139 | | | | 155,712,804 | | | | 102,987,654 | |
| Increase in net assets resulting from operations | | $ | 120,629,436 | | | $ | 213,321,818 | | | $ | 166,788,131 | | | $ | 109,148,952 | |
| | | | | | | | | | | | | | | | | |
| * | Foreign taxes withheld | | $ | — | | | $ | 3,490 | | | $ | 5,898 | | | $ | 8,401 | |
| (1) | Class P2 of Russell Mid Cap Index Portfolio and Russell Small Cap Index Portfolio were fully redeemed on close of business January 27, 2023 and January 20, 2023, respectively. |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the year ended December 31, 2023
| | | Voya U.S. Bond | |
| | | Index Portfolio | |
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 619,945 | |
| Interest | | | 65,370,601 | |
| Securities lending income, net | | | 371,475 | |
| Other | | | 8,491 | |
| Total investment income | | | 66,370,512 | |
| EXPENSES: | | | | |
| Investment management fees | | | 6,391,008 | |
| Distribution and shareholder service fees: | | | | |
| Class ADV | | | 97,604 | |
| Class S | | | 326,807 | |
| Class S2 | | | 3,801 | |
| Transfer agent fees: | | | | |
| Class ADV | | | 1,134 | |
| Class I | | | 84,837 | |
| Class P2(1) | | | 184 | |
| Class S | | | 7,595 | |
| Class S2 | | | 119 | |
| Shareholder reporting expense | | | 20,628 | |
| Professional fees | | | 115,059 | |
| Custody and accounting expense | | | 360,102 | |
| Directors fees | | | 56,256 | |
| Miscellaneous expense | | | 95,348 | |
| Total expenses | | | 7,560,482 | |
| Waived and reimbursed fees | | | (1,078,150 | ) |
| Net expenses | | | 6,482,332 | |
| Net investment income | | | 59,888,180 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | |
| Net realized gain (loss) on: | | | | |
| Investments | | | (76,934,297 | ) |
| Futures | | | (5,228,529 | ) |
| Swaps | | | (710,310 | ) |
| Net realized loss | | | (82,873,136 | ) |
| Net change in unrealized appreciation (depreciation) on: | | | | |
| Investments | | | 127,652,569 | |
| Futures | | | 2,803,911 | |
| Swaps | | | (237,731 | ) |
| Net change in unrealized appreciation (depreciation) | | | 130,218,749 | |
| Net realized and unrealized gain | | | 47,345,613 | |
| Increase in net assets resulting from operations | | $ | 107,233,793 | |
| (1) | Class P2 of U.S. Bond Index Portfolio was fully redeemed on close of business February 14, 2023. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Emerging | | | Voya International | |
| | | Market Index Portfolio | | | Index Portfolio | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | December 31, | | | December 31, | | | December 31, | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 5,099,654 | | | $ | 20,277,746 | | | $ | 26,511,284 | | | $ | 59,437,017 | |
| Net realized gain (loss) | | | (75,222,943 | ) | | | (16,811,839 | ) | | | 183,297,421 | | | | (81,497,210 | ) |
| Net change in unrealized appreciation (depreciation) | | | 92,834,466 | | | | (197,897,801 | ) | | | 40,847,379 | | | | (331,748,439 | ) |
| Increase (decrease) in net assets resulting from operations | | | 22,711,177 | | | | (194,431,894 | ) | | | 250,656,084 | | | | (353,808,632 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | (18,227,601 | ) | | | (11,994,066 | ) |
| Class I | | | (20,977,589 | ) | | | (12,544,359 | ) | | | (28,769,025 | ) | | | (16,731,055 | ) |
| Class P2(1) | | | — | | | | (31,943,320 | ) | | | — | | | | (40,212,938 | ) |
| Class S | | | (216 | ) | | | (539 | ) | | | (6,128,825 | ) | | | (2,292,745 | ) |
| Class S2 | | | — | | | | — | | | | (75,800 | ) | | | (40,311 | ) |
| Total distributions | | | (20,977,805 | ) | | | (44,488,218 | ) | | | (53,201,251 | ) | | | (71,271,115 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 593,808,199 | | | | 345,128,712 | | | | 136,117,468 | | | | 446,718,218 | |
| Proceeds from shares issued in merger (Note 15) | | | — | | | | — | | | | — | | | | 150,216,244 | |
| Reinvestment of distributions | | | 20,977,589 | | | | 44,488,037 | | | | 53,201,251 | | | | 71,271,115 | |
| | | | 614,785,788 | | | | 389,616,749 | | | | 189,318,719 | | | | 668,205,577 | |
| Cost of shares redeemed | | | (1,171,628,550 | ) | | | (313,782,822 | ) | | | (1,234,773,692 | ) | | | (602,711,147 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (556,842,762 | ) | | | 75,833,927 | | | | (1,045,454,973 | ) | | | 65,494,430 | |
| Net decrease in net assets | | | (555,109,390 | ) | | | (163,086,185 | ) | | | (848,000,140 | ) | | | (359,585,317 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 650,421,310 | | | | 813,507,495 | | | | 1,986,853,375 | | | | 2,346,438,692 | |
| End of year or period | | $ | 95,311,920 | | | $ | 650,421,310 | | | $ | 1,138,853,235 | | | $ | 1,986,853,375 | |
| (1) | Class P2 of Emerging Markets Index Portfolio and International Index Portfolio were fully redeemed on close of business March 30, 2023 and February 3, 2023, respectively. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Russell™ Large Cap | | | Voya Russell™ | |
| | | Growth Index Portfolio | | | Large Cap Index Portfolio | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | December 31, | | | December 31, | | | December 31, | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 5,581,227 | | | $ | 5,399,313 | | | $ | 21,153,002 | | | $ | 22,428,255 | |
| Net realized gain (loss) | | | 63,563,604 | | | | 64,079,267 | | | | (21,923,572 | ) | | | (36,569,764 | ) |
| Net change in unrealized appreciation (depreciation) | | | 452,449,607 | | | | (561,502,377 | ) | | | 525,408,917 | | | | (522,489,430 | ) |
| Increase (decrease) in net assets resulting from operations | | | 521,594,438 | | | | (492,023,797 | ) | | | 524,638,347 | | | | (536,630,939 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (414 | ) | | | (695 | ) | | | (1,187,571 | ) | | | (5,899,456 | ) |
| Class I | | | (34,357,077 | ) | | | (49,628,386 | ) | | | (5,823,303 | ) | | | (21,862,968 | ) |
| Class S | | | (35,414,778 | ) | | | (63,384,350 | ) | | | (14,827,158 | ) | | | (71,354,687 | ) |
| Class S2 | | | — | | | | — | | | | (1,156 | ) | | | (5,730 | ) |
| Total distributions | | | (69,772,269 | ) | | | (113,013,431 | ) | | | (21,839,188 | ) | | | (99,122,841 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 357,039,371 | | | | 46,793,952 | | | | 70,950,422 | | | | 60,864,125 | |
| Reinvestment of distributions | | | 69,772,269 | | | | 113,013,431 | | | | 21,839,188 | | | | 99,122,841 | |
| | | | 426,811,640 | | | | 159,807,383 | | | | 92,789,610 | | | | 159,986,966 | |
| Cost of shares redeemed | | | (367,578,053 | ) | | | (177,136,347 | ) | | | (361,484,576 | ) | | | (294,710,745 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 59,233,587 | | | | (17,328,964 | ) | | | (268,694,966 | ) | | | (134,723,779 | ) |
| Net increase (decrease) in net assets | | | 511,055,756 | | | | (622,366,192 | ) | | | 234,104,193 | | | | (770,477,559 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 1,076,419,387 | | | | 1,698,785,579 | | | | 1,964,550,262 | | | | 2,735,027,821 | |
| End of year or period | | $ | 1,587,475,143 | | | $ | 1,076,419,387 | | | $ | 2,198,654,455 | | | $ | 1,964,550,262 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Russell™ Large Cap | | | Voya Russell™ Mid Cap | |
| | | Value Index Portfolio | | | Growth Index Portfolio | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | December 31, | | | December 31, | | | December 31, | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 24,455,056 | | | $ | 23,834,720 | | | $ | 1,656,679 | | | $ | 1,926,362 | |
| Net realized gain (loss) | | | 19,762,161 | | | | (4,493,643 | ) | | | 1,408,622 | | | | (131,845,696 | ) |
| Net change in unrealized appreciation (depreciation) | | | 76,412,219 | | | | (107,925,314 | ) | | | 210,256,517 | | | | (263,313,800 | ) |
| Increase (decrease) in net assets resulting from operations | | | 120,629,436 | | | | (88,584,237 | ) | | | 213,321,818 | | | | (393,233,134 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (87 | ) | | | (44 | ) | | | — | | | | — | |
| Class I | | | (1,825,432 | ) | | | (1,211,722 | ) | | | (84,691 | ) | | | (1,757,478 | ) |
| Class S | | | (21,663,685 | ) | | | (15,328,430 | ) | | | (1,911,922 | ) | | | (107,754,474 | ) |
| Class S2 | | | — | | | | — | | | | (1,342 | ) | | | (182,723 | ) |
| Total distributions | | | (23,489,204 | ) | | | (16,540,196 | ) | | | (1,997,955 | ) | | | (109,694,675 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 92,059,500 | | | | 23,486,977 | | | | 7,054,070 | | | | 11,496,327 | |
| Reinvestment of distributions | | | 23,489,204 | | | | 16,540,196 | | | | 1,997,955 | | | | 109,694,675 | |
| | | | 115,548,704 | | | | 40,027,173 | | | | 9,052,025 | | | | 121,191,002 | |
| Cost of shares redeemed | | | (224,250,916 | ) | | | (194,213,079 | ) | | | (168,159,679 | ) | | | (175,213,454 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (108,702,212 | ) | | | (154,185,906 | ) | | | (159,107,654 | ) | | | (54,022,452 | ) |
| Net increase (decrease) in net assets | | | (11,561,980 | ) | | | (259,310,339 | ) | | | 52,216,209 | | | | (556,950,261 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 1,296,804,065 | | | | 1,556,114,404 | | | | 933,932,723 | | | | 1,490,882,984 | |
| End of year or period | | $ | 1,285,242,085 | | | $ | 1,296,804,065 | | | $ | 986,148,932 | | | $ | 933,932,723 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Russell™ | | | Voya Russell™ | |
| | | Mid Cap Index Portfolio | | | Small Cap Index Portfolio | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | December 31, | | | December 31, | | | December 31, | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 11,075,327 | | | $ | 15,363,766 | | | $ | 6,161,298 | | | $ | 9,740,118 | |
| Net realized gain | | | 208,166,842 | | | | 89,542,702 | | | | 66,022,998 | | | | 28,336,757 | |
| Net change in unrealized appreciation (depreciation) | | | (52,454,038 | ) | | | (394,707,989 | ) | | | 36,964,656 | | | | (278,406,331 | ) |
| Increase (decrease) in net assets resulting from operations | | | 166,788,131 | | | | (289,801,521 | ) | | | 109,148,952 | | | | (240,329,456 | ) |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (20,148,595 | ) | | | (16,553,124 | ) | | | (5,847,205 | ) | | | (9,998,701 | ) |
| Class I | | | (67,327,051 | ) | | | (64,413,331 | ) | | | (12,780,079 | ) | | | (22,345,692 | ) |
| Class P2(1) | | | — | | | | (24,217,584 | ) | | | — | | | | (29,585,736 | ) |
| Class S | | | (20,885,480 | ) | | | (18,168,027 | ) | | | (15,431,789 | ) | | | (28,658,419 | ) |
| Class S2 | | | (754,069 | ) | | | (767,708 | ) | | | (277,086 | ) | | | (486,190 | ) |
| Total distributions | | | (109,115,195 | ) | | | (124,119,774 | ) | | | (34,336,159 | ) | | | (91,074,738 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 98,821,299 | | | | 108,037,275 | | | | 39,940,881 | | | | 143,134,459 | |
| Reinvestment of distributions | | | 109,115,195 | | | | 124,119,774 | | | | 34,336,159 | | | | 91,074,738 | |
| | | | 207,936,494 | | | | 232,157,049 | | | | 74,277,040 | | | | 234,209,197 | |
| Cost of shares redeemed | | | (510,544,960 | ) | | | (253,079,281 | ) | | | (432,218,483 | ) | | | (156,044,694 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (302,608,466 | ) | | | (20,922,232 | ) | | | (357,941,443 | ) | | | 78,164,503 | |
| Net decrease in net assets | | | (244,935,530 | ) | | | (434,843,527 | ) | | | (283,128,650 | ) | | | (253,239,691 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 1,214,871,882 | | | | 1,649,715,409 | | | | 899,391,219 | | | | 1,152,630,910 | |
| End of year or period | | $ | 969,936,352 | | | $ | 1,214,871,882 | | | $ | 616,262,569 | | | $ | 899,391,219 | |
| (1) | Class P2 of Russell Mid Cap Index Portfolio and Russell Small Cap Index Portfolio were fully redeemed on close of business January 27, 2023 and January 20, 2023, respectively. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya U.S. Bond Index Portfolio | |
| | | Year Ended | | | Year Ended | |
| | | December 31, | | | December 31, | |
| | | 2023 | | | 2022 | |
| FROM OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 59,888,180 | | | $ | 78,032,566 | |
| Net realized loss | | | (82,873,136 | ) | | | (194,481,686 | ) |
| Net change in unrealized appreciation (depreciation) | | | 130,218,749 | | | | (324,258,546 | ) |
| Increase (decrease) in net assets resulting from operations | | | 107,233,793 | | | | (440,707,666 | ) |
| | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | |
| Class ADV | | | (648,196 | ) | | | (382,044 | ) |
| Class I | | | (55,524,810 | ) | | | (32,112,300 | ) |
| Class P2(1) | | | (5,277,270 | ) | | | (34,041,368 | ) |
| Class S | | | (4,664,310 | ) | | | (2,949,162 | ) |
| Class S2 | | | (32,549 | ) | | | (17,187 | ) |
| Total distributions | | | (66,147,135 | ) | | | (69,502,061 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sale of shares | | | 768,750,533 | | | | 871,998,669 | |
| Reinvestment of distributions | | | 65,022,666 | | | | 69,493,092 | |
| | | | 833,773,199 | | | | 941,491,761 | |
| Cost of shares redeemed | | | (2,087,655,835 | ) | | | (916,578,826 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (1,253,882,636 | ) | | | 24,912,935 | |
| Net decrease in net assets | | | (1,212,795,978 | ) | | | (485,296,792 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| Beginning of year or period | | | 2,810,897,674 | | | | 3,296,194,466 | |
| End of year or period | | $ | 1,598,101,696 | | | $ | 2,810,897,674 | |
| (1) | Class P2 of U.S. Bond Index Portfolio was fully redeemed on close of business February 14, 2023. |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Emerging Markets Index Portfolio | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.81 | | 0.17• | | 0.71 | | 0.88 | | 0.81 | | — | | — | | 0.81 | | — | | 9.88 | | 9.46 | | 0.87 | | 0.55 | | 0.55 | | 1.69 | | 95,309 | | 29 | |
| 12-31-22 | | 13.18 | | 0.26• | | (3.01) | | (2.75) | | 0.23 | | 0.39 | | — | | 0.62 | | — | | 9.81 | | (20.90) | | 0.84 | | 0.57 | | 0.57 | | 2.38 | | 126,040 | | 33 | |
| 12-31-21 | | 13.81 | | 0.23• | | (0.73) | | (0.50) | | 0.13 | | — | | — | | 0.13 | | — | | 13.18 | | (3.65) | | 0.78 | | 0.51 | | 0.51 | | 1.66 | | 256,340 | | 21 | |
| 12-31-20 | | 12.24 | | 0.18• | | 1.79 | | 1.97 | | 0.40 | | — | | — | | 0.40 | | — | | 13.81 | | 17.58 | | 0.80 | | 0.53 | | 0.53 | | 1.56 | | 250,721 | | 27 | |
| 12-31-19 | | 10.66 | | 0.21• | | 1.65 | | 1.86 | | 0.28 | | — | | — | | 0.28 | | — | | 12.24 | | 17.76 | | 0.87 | | 0.60 | | 0.60 | | 1.88 | | 321,682 | | 20 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.86 | | 0.13• | | 0.72 | | 0.85 | | 0.72 | | — | | — | | 0.72 | | — | | 9.99 | | 9.06 | | 1.12 | | 0.80 | | 0.80 | | 1.28 | | 3 | | 29 | |
| 12-31-22 | | 13.24 | | 0.23• | | (3.01) | | (2.78) | | 0.21 | | 0.39 | | — | | 0.60 | | — | | 9.86 | | (21.07) | | 1.09 | | 0.82 | | 0.82 | | 2.16 | | 10 | | 33 | |
| 12-31-21 | | 13.90 | | 0.22• | | (0.76) | | (0.54) | | 0.12 | | — | | — | | 0.12 | | — | | 13.24 | | (3.91) | | 1.03 | | 0.76 | | 0.76 | | 1.55 | | 12 | | 21 | |
| 12-31-20 | | 12.31 | | 0.15• | | 1.81 | | 1.96 | | 0.37 | | — | | — | | 0.37 | | — | | 13.90 | | 17.27 | | 1.05 | | 0.78 | | 0.78 | | 1.30 | | 4 | | 27 | |
| 12-31-19 | | 10.71 | | 0.21 | | 1.64 | | 1.85 | | 0.25 | | — | | — | | 0.25 | | — | | 12.31 | | 17.55 | | 1.12 | | 0.85 | | 0.85 | | 1.83 | | 4 | | 20 | |
| Voya International Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.71 | | 0.22• | | 1.41 | | 1.63 | | 0.48 | | — | | — | | 0.48 | | — | | 10.86 | | 17.10 | | 1.10 | | 0.95 | | 0.95 | | 2.11 | | 402,013 | | 9 | |
| 12-31-22 | | 11.79 | | 0.22• | | (2.00) | | (1.78) | | 0.30 | | — | | — | | 0.30 | | — | | 9.71 | | (15.03) | | 1.05 | | 0.94 | | 0.94 | | 2.27 | | 390,657 | | 17 | |
| 12-31-21 | | 10.86 | | 0.19• | | 0.93 | | 1.12 | | 0.19 | | — | | — | | 0.19 | | — | | 11.79 | | 10.41 | | 1.04 | | 0.94 | | 0.94 | | 1.63 | | 490,645 | | 4 | |
| 12-31-20 | | 10.39 | | 0.16 | | 0.53 | | 0.69 | | 0.22 | | — | | — | | 0.22 | | — | | 10.86 | | 7.28 | | 1.04 | | 0.95 | | 0.95 | | 1.43 | | 508,888 | | 12 | |
| 12-31-19 | | 8.83 | | 0.23• | | 1.58 | | 1.81 | | 0.25 | | — | | — | | 0.25 | | — | | 10.39 | | 20.86 | | 1.03 | | 0.94 | | 0.94 | | 2.39 | | 542,257 | | 15 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.91 | | 0.27• | | 1.45 | | 1.72 | | 0.53 | | — | | — | | 0.53 | | — | | 11.10 | | 17.74 | | 0.60 | | 0.46 | | 0.46 | | 2.57 | | 609,510 | | 9 | |
| 12-31-22 | | 12.04 | | 0.27• | | (2.04) | | (1.77) | | 0.36 | | — | | — | | 0.36 | | — | | 9.91 | | (14.59) | | 0.55 | | 0.45 | | 0.45 | | 2.70 | | 530,382 | | 17 | |
| 12-31-21 | | 11.09 | | 0.25• | | 0.94 | | 1.19 | | 0.24 | | — | | — | | 0.24 | | — | | 12.04 | | 10.86 | | 0.54 | | 0.45 | | 0.45 | | 2.11 | | 564,827 | | 4 | |
| 12-31-20 | | 10.61 | | 0.21 | | 0.54 | | 0.75 | | 0.27 | | — | | — | | 0.27 | | — | | 11.09 | | 7.90 | | 0.54 | | 0.46 | | 0.46 | | 1.98 | | 580,413 | | 12 | |
| 12-31-19 | | 9.02 | | 0.24• | | 1.66 | | 1.90 | | 0.31 | | — | | — | | 0.31 | | — | | 10.61 | | 21.44 | | 0.53 | | 0.45 | | 0.45 | | 2.38 | | 700,568 | | 15 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.83 | | 0.25• | | 1.44 | | 1.69 | | 0.51 | | — | | — | | 0.51 | | — | | 11.01 | | 17.54 | | 0.85 | | 0.71 | | 0.71 | | 2.37 | | 125,543 | | 9 | |
| 12-31-22 | | 11.95 | | 0.22• | | (2.01) | | (1.79) | | 0.33 | | — | | — | | 0.33 | | — | | 9.83 | | (14.87) | | 0.80 | | 0.70 | | 0.70 | | 2.26 | | 123,750 | | 17 | |
| 12-31-21 | | 11.01 | | 0.22• | | 0.94 | | 1.16 | | 0.22 | | — | | — | | 0.22 | | — | | 11.95 | | 10.62 | | 0.79 | | 0.70 | | 0.70 | | 1.87 | | 79,437 | | 4 | |
| 12-31-20 | | 10.53 | | 0.18 | | 0.54 | | 0.72 | | 0.24 | | — | | — | | 0.24 | | — | | 11.01 | | 7.62 | | 0.79 | | 0.71 | | 0.71 | | 1.66 | | 75,948 | | 12 | |
| 12-31-19 | | 8.96 | | 0.27 | | 1.58 | | 1.85 | | 0.28 | | — | | — | | 0.28 | | — | | 10.53 | | 21.04 | | 0.78 | | 0.70 | | 0.70 | | 2.60 | | 77,950 | | 15 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.82 | | 0.22• | | 1.45 | | 1.67 | | 0.50 | | — | | — | | 0.50 | | — | | 10.99 | | 17.30 | | 1.00 | | 0.86 | | 0.86 | | 2.16 | | 1,787 | | 9 | |
| 12-31-22 | | 11.94 | | 0.24• | | (2.04) | | (1.80) | | 0.32 | | — | | — | | 0.32 | | — | | 9.82 | | (14.98) | | 0.95 | | 0.85 | | 0.85 | | 2.40 | | 1,400 | | 17 | |
| 12-31-21 | | 11.00 | | 0.20• | | 0.94 | | 1.14 | | 0.20 | | — | | — | | 0.20 | | — | | 11.94 | | 10.49 | | 0.94 | | 0.85 | | 0.85 | | 1.72 | | 1,290 | | 4 | |
| 12-31-20 | | 10.51 | | 0.15 | | 0.56 | | 0.71 | | 0.22 | | — | | — | | 0.22 | | — | | 11.00 | | 7.40 | | 0.94 | | 0.86 | | 0.86 | | 1.49 | | 1,209 | | 12 | |
| 12-31-19 | | 8.94 | | 0.25• | | 1.59 | | 1.84 | | 0.27 | | — | | — | | 0.27 | | — | | 10.51 | | 20.93 | | 0.93 | | 0.85 | | 0.85 | | 2.57 | | 1,136 | | 15 | |
| Voya Russell™ Large Cap Growth Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 45.41 | | 0.02• | | 19.94 | | 19.96 | | 0.02 | | 2.64 | | — | | 2.66 | | — | | 62.71 | | 45.29 | | 1.05 | | 0.93 | | 0.93 | | 0.03 | | 10 | | 36 | |
| 12-31-22 | | 71.86 | | 0.04• | | (21.57) | | (21.53) | | — | | 4.92 | | — | | 4.92 | | — | | 45.41 | | (30.40) | | 1.05 | | 0.93 | | 0.93 | | 0.07 | | 7 | | 21 | |
| 12-31-21 | | 55.65 | | (0.08)• | | 16.67 | | 16.59 | | 0.10 | | 0.28 | | — | | 0.38 | | — | | 71.86 | | 29.98 | | 1.04 | | 0.93 | | 0.93 | | (0.14) | | 10 | | 22 | |
| 12-31-20 | | 42.54 | | 0.06 | | 15.22 | | 15.28 | | 0.10 | | 2.07 | | — | | 2.17 | | — | | 55.65 | | 37.80 | | 1.05 | | 0.93 | | 0.93 | | 0.15 | | 8 | | 13 | |
| 12-31-19 | | 33.18 | | 0.17• | | 11.14 | | 11.31 | | 0.20 | | 1.75 | | — | | 1.95 | | — | | 42.54 | | 35.19 | | 1.04 | | 0.93 | | 0.93 | | 0.45 | | 6 | | 19 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 46.04 | | 0.29• | | 20.21 | | 20.50 | | 0.28 | | 2.64 | | — | | 2.92 | | — | | 63.61 | | 45.99 | | 0.55 | | 0.43 | | 0.43 | | 0.52 | | 775,807 | | 36 | |
| 12-31-22 | | 72.73 | | 0.31• | | (21.83) | | (21.52) | | 0.25 | | 4.92 | | — | | 5.17 | | — | | 46.04 | | (30.03) | | 0.55 | | 0.43 | | 0.43 | | 0.56 | | 472,316 | | 21 | |
| 12-31-21 | | 56.25 | | 0.23• | | 16.85 | | 17.08 | | 0.32 | | 0.28 | | — | | 0.60 | | — | | 72.73 | | 30.67 | | 0.54 | | 0.43 | | 0.43 | | 0.36 | | 722,412 | | 22 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Russell™ Large Cap Growth Index Portfolio (continued) | |
| Class I (continued) | |
| 12-31-20 | | 42.96 | | 0.31 | | 15.33 | | 15.64 | | 0.28 | | 2.07 | | — | | 2.35 | | — | | 56.25 | | 38.47 | | 0.55 | | 0.43 | | 0.43 | | 0.65 | | 590,681 | | 13 | |
| 12-31-19 | | 33.49 | | 0.36 | | 11.24 | | 11.60 | | 0.38 | | 1.75 | | — | | 2.13 | | — | | 42.96 | | 35.84 | | 0.54 | | 0.43 | | 0.43 | | 0.96 | | 446,528 | | 19 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 45.68 | | 0.16• | | 20.05 | | 20.21 | | 0.14 | | 2.64 | | — | | 2.78 | | — | | 63.11 | | 45.65 | | 0.80 | | 0.68 | | 0.68 | | 0.29 | | 811,657 | | 36 | |
| 12-31-22 | | 72.15 | | 0.17• | | (21.65) | | (21.48) | | 0.07 | | 4.92 | | — | | 4.99 | | — | | 45.68 | | (30.21) | | 0.80 | | 0.68 | | 0.68 | | 0.31 | | 604,096 | | 21 | |
| 12-31-21 | | 55.81 | | 0.07• | | 16.75 | | 16.82 | | 0.20 | | 0.28 | | — | | 0.48 | | — | | 72.15 | | 30.36 | | 0.79 | | 0.68 | | 0.68 | | 0.11 | | 976,363 | | 22 | |
| 12-31-20 | | 42.68 | | 0.21 | | 15.21 | | 15.42 | | 0.22 | | 2.07 | | — | | 2.29 | | — | | 55.81 | | 38.13 | | 0.80 | | 0.68 | | 0.68 | | 0.40 | | 876,025 | | 13 | |
| 12-31-19 | | 33.29 | | 0.26• | | 11.16 | | 11.42 | | 0.28 | | 1.75 | | — | | 2.03 | | — | | 42.68 | | 35.47 | | 0.79 | | 0.68 | | 0.68 | | 0.69 | | 700,395 | | 19 | |
| Voya Russell™ Large Cap Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 25.53 | | 0.21• | | 7.09 | | 7.30 | | 0.24 | | — | | — | | 0.24 | | — | | 32.59 | | 28.76 | | 0.90 | | 0.86 | | 0.86 | | 0.74 | | 171,835 | | 11 | |
| 12-31-22 | | 33.57 | | 0.20• | | (7.04) | | (6.84) | | 0.07 | | 1.13 | | — | | 1.20 | | — | | 25.53 | | (20.48) | | 0.89 | | 0.86 | | 0.86 | | 0.72 | | 127,078 | | 13 | |
| 12-31-21 | | 27.91 | | 0.16• | | 7.04 | | 7.20 | | 0.25 | | 1.29 | | — | | 1.54 | | — | | 33.57 | | 26.81 | | 0.92 | | 0.86 | | 0.86 | | 0.53 | | 163,976 | | 23 | |
| 12-31-20 | | 24.38 | | 0.22• | | 4.56 | | 4.78 | | 0.29 | | 0.96 | | — | | 1.25 | | — | | 27.91 | | 21.24 | | 0.94 | | 0.86 | | 0.86 | | 0.90 | | 105,733 | | 6 | |
| 12-31-19 | | 19.55 | | 0.26• | | 5.57 | | 5.83 | | 0.30 | | 0.70 | | — | | 1.00 | | — | | 24.38 | | 30.66 | | 0.89 | | 0.86 | | 0.86 | | 1.16 | | 78,254 | | 5 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.25 | | 0.37• | | 7.28 | | 7.65 | | 0.38 | | — | | — | | 0.38 | | — | | 33.52 | | 29.41 | | 0.40 | | 0.36 | | 0.36 | | 1.24 | | 519,421 | | 11 | |
| 12-31-22 | | 34.46 | | 0.35• | | (7.23) | | (6.88) | | 0.20 | | 1.13 | | — | | 1.33 | | — | | 26.25 | | (20.07) | | 0.39 | | 0.36 | | 0.36 | | 1.22 | | 448,139 | | 13 | |
| 12-31-21 | | 28.58 | | 0.32• | | 7.21 | | 7.53 | | 0.36 | | 1.29 | | — | | 1.65 | | — | | 34.46 | | 27.41 | | 0.42 | | 0.36 | | 0.36 | | 1.03 | | 565,026 | | 23 | |
| 12-31-20 | | 24.92 | | 0.34• | | 4.67 | | 5.01 | | 0.39 | | 0.96 | | — | | 1.35 | | — | | 28.58 | | 21.86 | | 0.44 | | 0.36 | | 0.36 | | 1.39 | | 457,743 | | 6 | |
| 12-31-19 | | 19.94 | | 0.36 | | 5.70 | | 6.06 | | 0.38 | | 0.70 | | — | | 1.08 | | — | | 24.92 | | 31.34 | | 0.39 | | 0.36 | | 0.36 | | 1.66 | | 347,630 | | 5 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.01 | | 0.29• | | 7.22 | | 7.51 | | 0.30 | | — | | — | | 0.30 | | — | | 33.22 | | 29.08 | | 0.65 | | 0.61 | | 0.61 | | 0.99 | | 1,507,252 | | 11 | |
| 12-31-22 | | 34.20 | | 0.28• | | (7.18) | | (6.90) | | 0.16 | | 1.13 | | — | | 1.29 | | — | | 26.01 | | (20.26) | | 0.64 | | 0.61 | | 0.61 | | 0.97 | | 1,389,220 | | 13 | |
| 12-31-21 | | 28.37 | | 0.24• | | 7.17 | | 7.41 | | 0.29 | | 1.29 | | — | | 1.58 | | — | | 34.20 | | 27.13 | | 0.67 | | 0.61 | | 0.61 | | 0.78 | | 2,005,750 | | 23 | |
| 12-31-20 | | 24.73 | | 0.28• | | 4.64 | | 4.92 | | 0.32 | | 0.96 | | — | | 1.28 | | — | | 28.37 | | 21.58 | | 0.69 | | 0.61 | | 0.61 | | 1.16 | | 596,783 | | 6 | |
| 12-31-19 | | 19.80 | | 0.32• | | 5.63 | | 5.95 | | 0.32 | | 0.70 | | — | | 1.02 | | — | | 24.73 | | 30.96 | | 0.64 | | 0.61 | | 0.61 | | 1.42 | | 592,415 | | 5 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.90 | | 0.26• | | 7.47 | | 7.73 | | 0.26 | | — | | — | | 0.26 | | — | | 34.37 | | 28.89 | | 0.80 | | 0.76 | | 0.76 | | 0.84 | | 147 | | 11 | |
| 12-31-22 | | 35.29 | | 0.24• | | (7.41) | | (7.17) | | 0.09 | | 1.13 | | — | | 1.22 | | — | | 26.90 | | (20.40) | | 0.79 | | 0.76 | | 0.76 | | 0.79 | | 114 | | 13 | |
| 12-31-21 | | 29.26 | | 0.21• | | 7.38 | | 7.59 | | 0.27 | | 1.29 | | — | | 1.56 | | — | | 35.29 | | 26.92 | | 0.82 | | 0.76 | | 0.76 | | 0.66 | | 276 | | 23 | |
| 12-31-20 | | 25.47 | | 0.25• | | 4.79 | | 5.04 | | 0.29 | | 0.96 | | — | | 1.25 | | — | | 29.26 | | 21.37 | | 0.84 | | 0.76 | | 0.76 | | 0.99 | | 1,107 | | 6 | |
| 12-31-19 | | 20.35 | | 0.29• | | 5.81 | | 6.10 | | 0.28 | | 0.70 | | — | | 0.98 | | — | | 25.47 | | 30.80 | | 0.79 | | 0.76 | | 0.76 | | 1.26 | | 1,012 | | 5 | |
| Voya Russell™ Large Cap Value Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.10 | | 0.44• | | 2.04 | | 2.48 | | 0.44 | | — | | — | | 0.44 | | — | | 28.14 | | 9.68 | | 0.94 | | 0.84 | | 0.84 | | 1.65 | | 6 | | 33 | |
| 12-31-22 | | 28.00 | | 0.38• | | (2.05) | | (1.67) | | 0.23 | | — | | — | | 0.23 | | — | | 26.10 | | (5.96) | | 0.95 | | 0.85 | | 0.85 | | 1.47 | | 5 | | 26 | |
| 12-31-21 | | 23.26 | | 0.35• | | 4.83 | | 5.18 | | 0.44 | | — | | — | | 0.44 | | — | | 28.00 | | 22.44 | | 0.95 | | 0.85 | | 0.85 | | 1.34 | | 5 | | 39 | |
| 12-31-20 | | 23.99 | | 0.39• | | (0.35) | | 0.04 | | 0.12 | | 0.65 | | — | | 0.77 | | — | | 23.26 | | 1.00 | | 0.95 | | 0.85 | | 0.85 | | 1.87 | | 4 | | 19 | |
| 12-31-19 | | 20.34 | | 0.40 | | 4.57 | | 4.97 | | 0.45 | | 0.87 | | — | | 1.32 | | — | | 23.99 | | 25.30 | | 1.01 | | 0.91 | | 0.91 | | 1.87 | | 4 | | 24 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.39 | | 0.58• | | 2.07 | | 2.65 | | 0.57 | | — | | — | | 0.57 | | — | | 28.47 | | 10.27 | | 0.44 | | 0.34 | | 0.34 | | 2.18 | | 161,507 | | 33 | |
| 12-31-22 | | 28.31 | | 0.52• | | (2.08) | | (1.56) | | 0.36 | | — | | — | | 0.36 | | — | | 26.39 | | (5.48) | | 0.45 | | 0.35 | | 0.35 | | 1.97 | | 86,683 | | 26 | |
| 12-31-21 | | 23.50 | | 0.48• | | 4.88 | | 5.36 | | 0.55 | | — | | — | | 0.55 | | — | | 28.31 | | 22.99 | | 0.45 | | 0.35 | | 0.35 | | 1.83 | | 99,157 | | 39 | |
| 12-31-20 | | 24.26 | | 0.50• | | (0.37) | | 0.13 | | 0.24 | | 0.65 | | — | | 0.89 | | — | | 23.50 | | 1.48 | | 0.45 | | 0.35 | | 0.35 | | 2.37 | | 88,235 | | 19 | |
| 12-31-19 | | 20.57 | | 0.53• | | 4.60 | | 5.13 | | 0.57 | | 0.87 | | — | | 1.44 | | — | | 24.26 | | 25.92 | | 0.51 | | 0.41 | | 0.41 | | 2.38 | | 97,086 | | 24 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 26.12 | | 0.51• | | 2.05 | | 2.56 | | 0.50 | | — | | — | | 0.50 | | — | | 28.18 | | 9.99 | | 0.69 | | 0.59 | | 0.59 | | 1.90 | | 1,123,729 | | 33 | |
| 12-31-22 | | 28.04 | | 0.45• | | (2.06) | | (1.61) | | 0.31 | | — | | — | | 0.31 | | — | | 26.12 | | (5.71) | | 0.70 | | 0.60 | | 0.60 | | 1.72 | | 1,210,116 | | 26 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Russell™ Large Cap Value Index Portfolio (continued) | |
| Class S (continued) | |
| 12-31-21 | | 23.28 | | 0.41• | | 4.84 | | 5.25 | | 0.49 | | — | | — | | 0.49 | | — | | 28.04 | | 22.72 | | 0.70 | | 0.60 | | 0.60 | | 1.58 | | 1,456,592 | | 39 | |
| 12-31-20 | | 24.08 | | 0.45• | | (0.38) | | 0.07 | | 0.22 | | 0.65 | | — | | 0.87 | | — | | 23.28 | | 1.20 | | 0.70 | | 0.60 | | 0.60 | | 2.13 | | 777,063 | | 19 | |
| 12-31-19 | | 20.42 | | 0.46• | | 4.58 | | 5.04 | | 0.51 | | 0.87 | | — | | 1.38 | | — | | 24.08 | | 25.61 | | 0.76 | | 0.66 | | 0.66 | | 2.05 | | 894,317 | | 24 | |
| Voya Russell™ Mid Cap Growth Index Portfolio | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 31.46 | | 0.15• | | 7.79 | | 7.94 | | 0.16 | | — | | — | | 0.16 | | — | | 39.24 | | 25.34 | | 0.53 | | 0.40 | | 0.40 | | 0.42 | | 19,262 | | 49 | |
| 12-31-22 | | 48.49 | | 0.15• | | (13.40) | | (13.25) | | — | | 3.78 | | — | | 3.78 | | — | | 31.46 | | (26.97) | | 0.53 | | 0.40 | | 0.40 | | 0.43 | | 16,213 | | 38 | |
| 12-31-21 | | 44.95 | | 0.04• | | 5.22 | | 5.26 | | 0.11 | | 1.61 | | — | | 1.72 | | — | | 48.49 | | 12.29 | | 0.54 | | 0.40 | | 0.40 | | 0.09 | | 24,089 | | 63 | |
| 12-31-20 | | 35.97 | | 0.10 | | 11.35 | | 11.45 | | 0.11 | | 2.36 | | — | | 2.47 | | — | | 44.95 | | 34.83 | | 0.55 | | 0.40 | | 0.40 | | 0.26 | | 32,555 | | 35 | |
| 12-31-19 | | 29.71 | | 0.18• | | 9.69 | | 9.87 | | 0.29 | | 3.32 | | — | | 3.61 | | — | | 35.97 | | 34.87 | | 0.54 | | 0.40 | | 0.40 | | 0.52 | | 22,121 | | 38 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 31.22 | | 0.06• | | 7.74 | | 7.80 | | 0.07 | | — | | — | | 0.07 | | — | | 38.95 | | 25.02 | | 0.78 | | 0.65 | | 0.65 | | 0.17 | | 964,889 | | 49 | |
| 12-31-22 | | 48.28 | | 0.06• | | (13.34) | | (13.28) | | — | | 3.78 | | — | | 3.78 | | — | | 31.22 | | (27.16) | | 0.78 | | 0.65 | | 0.65 | | 0.18 | | 916,043 | | 38 | |
| 12-31-21 | | 44.76 | | (0.05)• | | 5.19 | | 5.14 | | 0.01 | | 1.61 | | — | | 1.62 | | — | | 48.28 | | 12.03 | | 0.79 | | 0.65 | | 0.65 | | (0.11) | | 1,464,517 | | 63 | |
| 12-31-20 | | 35.86 | | 0.01 | | 11.31 | | 11.32 | | 0.06 | | 2.36 | | — | | 2.42 | | — | | 44.76 | | 34.52 | | 0.80 | | 0.65 | | 0.65 | | 0.01 | | 655,413 | | 35 | |
| 12-31-19 | | 29.62 | | 0.10• | | 9.65 | | 9.75 | | 0.19 | | 3.32 | | — | | 3.51 | | — | | 35.86 | | 34.53 | | 0.79 | | 0.65 | | 0.65 | | 0.31 | | 586,966 | | 38 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 31.04 | | 0.01• | | 7.70 | | 7.71 | | 0.03 | | — | | — | | 0.03 | | — | | 38.72 | | 24.84 | | 0.93 | | 0.80 | | 0.80 | | 0.02 | | 1,998 | | 49 | |
| 12-31-22 | | 48.10 | | 0.01• | | (13.29) | | (13.28) | | — | | 3.78 | | — | | 3.78 | | — | | 31.04 | | (27.27) | | 0.93 | | 0.80 | | 0.80 | | 0.03 | | 1,676 | | 38 | |
| 12-31-21 | | 44.66 | | (0.14)• | | 5.19 | | 5.05 | | — | | 1.61 | | — | | 1.61 | | — | | 48.10 | | 11.84 | | 0.94 | | 0.80 | | 0.80 | | (0.30) | | 2,277 | | 63 | |
| 12-31-20 | | 35.77 | | (0.05) | | 11.30 | | 11.25 | | — | | 2.36 | | — | | 2.36 | | — | | 44.66 | | 34.31 | | 0.95 | | 0.80 | | 0.80 | | (0.14) | | 2,327 | | 35 | |
| 12-31-19 | | 29.55 | | 0.04 | | 9.65 | | 9.69 | | 0.15 | | 3.32 | | — | | 3.47 | | — | | 35.77 | | 34.36 | | 0.94 | | 0.80 | | 0.80 | | 0.13 | | 1,859 | | 38 | |
| Voya Russell™ Mid Cap Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.17 | | 0.08• | | 1.39 | | 1.47 | | 0.15 | | 1.10 | | — | | 1.25 | | — | | 10.39 | | 16.31 | | 1.04 | | 0.90 | | 0.90 | | 0.82 | | 177,936 | | 22 | |
| 12-31-22 | | 13.70 | | 0.08• | | (2.56) | | (2.48) | | 0.06 | | 0.99 | | — | | 1.05 | | — | | 10.17 | | (18.07) | | 1.03 | | 0.90 | | 0.90 | | 0.69 | | 167,537 | | 18 | |
| 12-31-21 | | 12.59 | | 0.05• | | 2.51 | | 2.56 | | 0.09 | | 1.36 | | — | | 1.45 | | — | | 13.70 | | 21.60 | | 1.02 | | 0.90 | | 0.90 | | 0.39 | | 219,999 | | 33 | |
| 12-31-20 | | 13.08 | | 0.09 | | 1.24 | | 1.33 | | 0.12 | | 1.70 | | — | | 1.82 | | — | | 12.59 | | 16.01 | | 1.05 | | 0.90 | | 0.90 | | 0.81 | | 188,952 | | 16 | |
| 12-31-19 | | 12.51 | | 0.10 | | 3.23 | | 3.33 | | 0.16 | | 2.60 | | — | | 2.76 | | — | | 13.08 | | 29.32 | | 0.95 | | 0.90 | | 0.90 | | 0.86 | | 189,561 | | 8 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.82 | | 0.14• | | 1.48 | | 1.62 | | 0.21 | | 1.10 | | — | | 1.31 | | — | | 11.13 | | 16.83 | | 0.54 | | 0.40 | | 0.40 | | 1.32 | | 598,352 | | 22 | |
| 12-31-22 | | 14.50 | | 0.14• | | (2.70) | | (2.56) | | 0.13 | | 0.99 | | — | | 1.12 | | — | | 10.82 | | (17.61) | | 0.53 | | 0.40 | | 0.40 | | 1.19 | | 591,369 | | 18 | |
| 12-31-21 | | 13.24 | | 0.13• | | 2.63 | | 2.76 | | 0.14 | | 1.36 | | — | | 1.50 | | — | | 14.50 | | 22.17 | | 0.52 | | 0.40 | | 0.40 | | 0.89 | | 857,792 | | 33 | |
| 12-31-20 | | 13.65 | | 0.16 | | 1.31 | | 1.47 | | 0.18 | | 1.70 | | — | | 1.88 | | — | | 13.24 | | 16.67 | | 0.55 | | 0.40 | | 0.40 | | 1.31 | | 726,726 | | 16 | |
| 12-31-19 | | 12.96 | | 0.18• | | 3.34 | | 3.52 | | 0.23 | | 2.60 | | — | | 2.83 | | — | | 13.65 | | 29.95 | | 0.45 | | 0.40 | | 0.40 | | 1.35 | | 754,716 | | 8 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.61 | | 0.11• | | 1.45 | | 1.56 | | 0.17 | | 1.10 | | — | | 1.27 | | — | | 10.89 | | 16.51 | | 0.79 | | 0.65 | | 0.65 | | 1.07 | | 186,153 | | 22 | |
| 12-31-22 | | 14.22 | | 0.11• | | (2.64) | | (2.53) | | 0.09 | | 0.99 | | — | | 1.08 | | — | | 10.61 | | (17.77) | | 0.78 | | 0.65 | | 0.65 | | 0.94 | | 184,295 | | 18 | |
| 12-31-21 | | 13.02 | | 0.09• | | 2.58 | | 2.67 | | 0.11 | | 1.36 | | — | | 1.47 | | — | | 14.22 | | 21.80 | | 0.77 | | 0.65 | | 0.65 | | 0.64 | | 254,761 | | 33 | |
| 12-31-20 | | 13.45 | | 0.15 | | 1.27 | | 1.42 | | 0.15 | | 1.70 | | — | | 1.85 | | — | | 13.02 | | 16.32 | | 0.80 | | 0.65 | | 0.65 | | 1.06 | | 240,792 | | 16 | |
| 12-31-19 | | 12.79 | | 0.16 | | 3.29 | | 3.45 | | 0.19 | | 2.60 | | — | | 2.79 | | — | | 13.45 | | 29.74 | | 0.70 | | 0.65 | | 0.65 | | 1.10 | | 275,980 | | 8 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 10.35 | | 0.09• | | 1.42 | | 1.51 | | 0.15 | | 1.10 | | — | | 1.25 | | — | | 10.60 | | 16.36 | | 0.94 | | 0.80 | | 0.80 | | 0.92 | | 7,495 | | 22 | |
| 12-31-22 | | 13.90 | | 0.09• | | (2.59) | | (2.50) | | 0.06 | | 0.99 | | — | | 1.05 | | — | | 10.35 | | (17.91) | | 0.93 | | 0.80 | | 0.80 | | 0.78 | | 7,155 | | 18 | |
| 12-31-21 | | 12.74 | | 0.06• | | 2.54 | | 2.60 | | 0.08 | | 1.36 | | — | | 1.44 | | — | | 13.90 | | 21.68 | | 0.92 | | 0.80 | | 0.80 | | 0.48 | | 10,244 | | 33 | |
| 12-31-20 | | 13.21 | | 0.13 | | 1.23 | | 1.36 | | 0.13 | | 1.70 | | — | | 1.83 | | — | | 12.74 | | 16.11 | | 0.95 | | 0.80 | | 0.80 | | 0.91 | | 12,343 | | 16 | |
| 12-31-19 | | 12.60 | | 0.12 | | 3.26 | | 3.38 | | 0.17 | | 2.60 | | — | | 2.77 | | — | | 13.21 | | 29.56 | | 0.85 | | 0.80 | | 0.80 | | 0.96 | | 14,835 | | 8 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Russell™ Small Cap Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.06 | | 0.09• | | 1.71 | | 1.80 | | 0.19 | | 0.53 | | — | | 0.72 | | — | | 13.14 | | 15.94 | | 1.09 | | 0.95 | | 0.95 | | 0.73 | | 109,839 | | 9 | |
| 12-31-22 | | 16.95 | | 0.07• | | (3.66) | | (3.59) | | 0.04 | | 1.26 | | — | | 1.30 | | — | | 12.06 | | (21.02) | | 1.07 | | 0.95 | | 0.95 | | 0.53 | | 98,127 | | 14 | |
| 12-31-21 | | 14.94 | | 0.02• | | 2.04 | | 2.06 | | 0.05 | | — | | — | | 0.05 | | — | | 16.95 | | 13.81 | | 1.04 | | 0.95 | | 0.95 | | 0.14 | | 131,976 | | 36 | |
| 12-31-20 | | 13.75 | | 0.06 | | 2.04 | | 2.10 | | 0.08 | | 0.83 | | — | | 0.91 | | — | | 14.94 | | 18.93 | | 1.05 | | 0.95 | | 0.95 | | 0.46 | | 113,940 | | 41 | |
| 12-31-19 | | 12.53 | | 0.07 | | 2.84 | | 2.91 | | 0.09 | | 1.60 | | — | | 1.69 | | — | | 13.75 | | 24.57 | | 0.98 | | 0.95 | | 0.95 | | 0.54 | | 111,010 | | 22 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.61 | | 0.16• | | 1.81 | | 1.97 | | 0.25 | | 0.53 | | — | | 0.78 | | — | | 13.79 | | 16.68 | | 0.59 | | 0.45 | | 0.45 | | 1.23 | | 228,924 | | 9 | |
| 12-31-22 | | 17.69 | | 0.14• | | (3.83) | | (3.69) | | 0.13 | | 1.26 | | — | | 1.39 | | — | | 12.61 | | (20.69) | | 0.57 | | 0.45 | | 0.45 | | 1.04 | | 217,487 | | 14 | |
| 12-31-21 | | 15.57 | | 0.11• | | 2.12 | | 2.23 | | 0.11 | | — | | — | | 0.11 | | — | | 17.69 | | 14.34 | | 0.54 | | 0.45 | | 0.45 | | 0.64 | | 274,932 | | 36 | |
| 12-31-20 | | 14.30 | | 0.13 | | 2.12 | | 2.25 | | 0.15 | | 0.83 | | — | | 0.98 | | — | | 15.57 | | 19.56 | | 0.55 | | 0.45 | | 0.45 | | 0.97 | | 252,530 | | 41 | |
| 12-31-19 | | 12.98 | | 0.14• | | 2.95 | | (1.60) | | 0.17 | | 1.60 | | — | | 1.77 | | — | | 14.30 | | 25.17 | | 0.48 | | 0.45 | | 0.45 | | 1.04 | | 390,842 | | 22 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.46 | | 0.12• | | 1.79 | | 1.91 | | 0.22 | | 0.53 | | — | | 0.75 | | — | | 13.62 | | 16.35 | | 0.84 | | 0.70 | | 0.70 | | 0.97 | | 272,263 | | 9 | |
| 12-31-22 | | 17.47 | | 0.11• | | (3.79) | | (3.68) | | 0.07 | | 1.26 | | — | | 1.33 | | — | | 12.46 | | (20.89) | | 0.82 | | 0.70 | | 0.70 | | 0.77 | | 271,895 | | 14 | |
| 12-31-21 | | 15.39 | | 0.07• | | 2.09 | | 2.16 | | 0.08 | | — | | — | | 0.08 | | — | | 17.47 | | 14.04 | | 0.79 | | 0.70 | | 0.70 | | 0.37 | | 398,676 | | 36 | |
| 12-31-20 | | 14.15 | | 0.10 | | 2.10 | | 2.20 | | 0.13 | | 0.83 | | — | | 0.96 | | — | | 15.39 | | 19.34 | | 0.80 | | 0.70 | | 0.70 | | 0.71 | | 420,955 | | 41 | |
| 12-31-19 | | 12.86 | | 0.11• | | 2.90 | | 3.01 | | 0.12 | | 1.60 | | — | | 1.72 | | — | | 14.15 | | 24.77 | | 0.73 | | 0.70 | | 0.70 | | 0.84 | | 429,300 | | 22 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 12.18 | | 0.10• | | 1.75 | | 1.85 | | 0.20 | | 0.53 | | — | | 0.73 | | — | | 13.30 | | 16.21 | | 0.99 | | 0.85 | | 0.85 | | 0.82 | | 5,237 | | 9 | |
| 12-31-22 | | 17.11 | | 0.08• | | (3.70) | | (3.62) | | 0.05 | | 1.26 | | — | | 1.31 | | — | | 12.18 | | (21.01) | | 0.97 | | 0.85 | | 0.85 | | 0.63 | | 4,945 | | 14 | |
| 12-31-21 | | 15.07 | | 0.04• | | 2.06 | | 2.10 | | 0.06 | | — | | — | | 0.06 | | — | | 17.11 | | 13.95 | | 0.94 | | 0.85 | | 0.85 | | 0.23 | | 6,614 | | 36 | |
| 12-31-20 | | 13.86 | | 0.09 | | 2.04 | | 2.13 | | 0.09 | | 0.83 | | — | | 0.92 | | — | | 15.07 | | 19.03 | | 0.95 | | 0.85 | | 0.85 | | 0.56 | | 6,495 | | 41 | |
| 12-31-19 | | 12.62 | | 0.09 | | 2.86 | | 2.95 | | 0.11 | | 1.60 | | — | | 1.71 | | — | | 13.86 | | 24.07 | | 0.88 | | 0.85 | | 0.85 | | 0.64 | | 7,379 | | 22 | |
| Voya U.S. Bond Index Portfolio | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.09 | | 0.27• | | 0.13 | | 0.40 | | 0.30 | | — | | — | | 0.30 | | — | | 9.19 | | 4.51 | | 0.91 | | 0.86 | | 0.86 | | 2.95 | | 20,490 | | 312 | |
| 12-31-22 | | 10.71 | | 0.20• | | (1.65) | | (1.45) | | 0.17 | | — | | — | | 0.17 | | — | | 9.09 | | (13.60) | | 0.88 | | 0.86 | | 0.86 | | 2.05 | | 19,965 | | 464 | |
| 12-31-21 | | 11.27 | | 0.10• | | (0.35) | | (0.25) | | 0.12 | | 0.19 | | — | | 0.30 | | — | | 10.71 | | (2.29) | | 0.89 | | 0.88 | | 0.88 | | 0.91 | | 25,037 | | 488 | |
| 12-31-20 | | 10.85 | | 0.13 | | 0.59 | | 0.72 | | 0.23 | | 0.07 | | — | | 0.30 | | — | | 11.27 | | 6.69 | | 0.88 | | 0.88 | | 0.88 | | 1.23 | | 30,573 | | 377 | |
| 12-31-19 | | 10.27 | | 0.21 | | 0.58 | | 0.79 | | 0.21 | | — | | — | | 0.21 | | — | | 10.85 | | 7.69 | | 0.88 | | 0.88 | | 0.88 | | 1.97 | | 26,983 | | 222 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.13 | | 0.31• | | 0.14 | | 0.45 | | 0.35 | | — | | — | | 0.35 | | — | | 9.23 | | 5.03 | | 0.41 | | 0.36 | | 0.36 | | 3.45 | | 1,445,259 | | 312 | |
| 12-31-22 | | 10.75 | | 0.25• | | (1.65) | | (1.40) | | 0.22 | | — | | — | | 0.22 | | — | | 9.13 | | (13.10) | | 0.38 | | 0.36 | | 0.36 | | 2.54 | | 1,300,764 | | 464 | |
| 12-31-21 | | 11.32 | | 0.15• | | (0.36) | | (0.21) | | 0.17 | | 0.19 | | — | | 0.36 | | — | | 10.75 | | (1.87) | | 0.39 | | 0.38 | | 0.38 | | 1.42 | | 1,682,328 | | 488 | |
| 12-31-20 | | 10.90 | | 0.20 | | 0.58 | | 0.78 | | 0.29 | | 0.07 | | — | | 0.36 | | — | | 11.32 | | 7.20 | | 0.38 | | 0.38 | | 0.38 | | 1.73 | | 1,811,026 | | 377 | |
| 12-31-19 | | 10.31 | | 0.27 | | 0.58 | | 0.85 | | 0.26 | | — | | — | | 0.26 | | — | | 10.90 | | 8.30 | | 0.38 | | 0.38 | | 0.38 | | 2.48 | | 1,808,834 | | 222 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.10 | | 0.29• | | 0.13 | | 0.42 | | 0.32 | | — | | — | | 0.32 | | — | | 9.20 | | 4.77 | | 0.66 | | 0.61 | | 0.61 | | 3.20 | | 131,424 | | 312 | |
| 12-31-22 | | 10.72 | | 0.22• | | (1.65) | | (1.43) | | 0.19 | | — | | — | | 0.19 | | — | | 9.10 | | (13.37) | | 0.63 | | 0.61 | | 0.61 | | 2.29 | | 136,210 | | 464 | |
| 12-31-21 | | 11.29 | | 0.13• | | (0.37) | | (0.24) | | 0.14 | | 0.19 | | — | | 0.33 | | — | | 10.72 | | (2.13) | | 0.64 | | 0.63 | | 0.63 | | 1.16 | | 174,357 | | 488 | |
| 12-31-20 | | 10.86 | | 0.16 | | 0.60 | | 0.76 | | 0.26 | | 0.07 | | — | | 0.33 | | — | | 11.29 | | 7.05 | | 0.63 | | 0.63 | | 0.63 | | 1.47 | | 205,870 | | 377 | |
| 12-31-19 | | 10.28 | | 0.24 | | 0.57 | | 0.81 | | 0.23 | | — | | — | | 0.23 | | — | | 10.86 | | 7.95 | | 0.63 | | 0.63 | | 0.63 | | 2.22 | | 177,236 | | 222 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-23 | | 9.10 | | 0.28• | | 0.13 | | 0.41 | | 0.31 | | — | | — | | 0.31 | | — | | 9.20 | | 4.62 | | 0.81 | | 0.76 | | 0.76 | | 3.06 | | 928 | | 312 | |
| 12-31-22 | | 10.72 | | 0.21• | | (1.65) | | (1.44) | | 0.18 | | — | | — | | 0.18 | | — | | 9.10 | | (13.50) | | 0.78 | | 0.76 | | 0.76 | | 2.12 | | 910 | | 464 | |
| 12-31-21 | | 11.29 | | 0.11• | | (0.36) | | (0.25) | | 0.13 | | 0.19 | �� | — | | 0.31 | | — | | 10.72 | | (2.27) | | 0.79 | | 0.78 | | 0.78 | | 1.02 | | 1,356 | | 488 | |
| 12-31-20 | | 10.87 | | 0.15• | | 0.58 | | 0.73 | | 0.24 | | 0.07 | | — | | 0.31 | | — | | 11.29 | | 6.79 | | 0.78 | | 0.78 | | 0.78 | | 1.33 | | 1,370 | | 377 | |
| 12-31-19 | | 10.28 | | 0.21 | | 0.60 | | 0.81 | | 0.22 | | — | | — | | 0.22 | | — | | 10.87 | | 7.89 | | 0.78 | | 0.78 | | 0.78 | | 2.07 | | 1,462 | | 222 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023
NOTE 1 — ORGANIZATION
Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The nine series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya International Index Portfolio (“International Index”), Voya Russell™ Large Cap Growth Index Portfolio (“Russell™ Large Cap Growth Index”), Voya Russell™ Large Cap Index Portfolio (“Russell™ Large Cap Index”), Voya Russell™ Large Cap Value Index Portfolio (“Russell™ Large Cap Value Index”), Voya Russell™ Mid Cap Growth Index Portfolio (“Russell™ Mid Cap Growth Index”), Voya Russell™ Mid Cap Index Portfolio (“Russell™ Mid Cap Index”), Voya Russell™ Small Cap Index Portfolio (“Russell™ Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified. However, in seeking to track the performance of an index, a Portfolio may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of an index. As a result, whether at any time a Portfolio will be considered diversified or non-diversified will depend largely on the make-up of an index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
Russia’s large-scale invasion of Ukraine on February 24, 2022 created circumstances that significantly impacted Emerging Markets Index’s operations. The combination of market closures, Western sanctions, retaliatory Russian sanctions, and capital controls as a result of Russia’s invasion have rendered Emerging Markets Index’s investments in Russian securities, including depository receipts, illiquid. In addition, U.S. and non-U.S. exchanges have halted trading in certain ADRs and GDRs of Russian companies. Consequently, the Russian equity market has become largely restricted and it is uncertain when these restrictions on trading Russian securities will be relieved. As a result, Russian securities held by Emerging Markets Index were fair valued at $0. (see Note 2.A for additional information on security valuation procedures) Subsequent to February 24, 2022, certain Russian securities held by Emerging Markets Index had declared dividends, however there is no assurance these dividends can be collected by Emerging Markets Index. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2023. Any currency denominated in Rubles cannot be repatriated and such currency is valued at $0 as of December 31, 2023.
The classes of shares included in this report are: Adviser (“Class ADV”), Class I, Class S, and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”),
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of each Portfolio’s assets attributable to that class, subtracting each Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or
accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 – unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current
market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign
(non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a rising interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty.
The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of December 31, 2023, there were no open OTC derivatives.
H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.
For the year ended December 31, 2023, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.
During the year ended December 31, 2023, Emerging Markets Index had average contract amounts on forward foreign currency contracts to sell of $79,124. There were no open forward foreign currency contracts as of December 31, 2023.
I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolios’ assets are valued.
Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2023, with the exception of U.S. Bond Index, the below Portfolios had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. U.S. Bond Index purchased and sold futures contracts as part of its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the year ended December 31, 2023, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.
| | | Purchased | | | Sold |
| Emerging Markets Index | $ | 9,150,149 | | $ | — |
| International Index | | 27,780,628 | | | — |
| Russell™ Large Cap Growth Index | | 3,825,970 | | | — |
| Russell™ Large Cap Index | | 6,046,370 | | | — |
| Russell™ Large Cap Value Index | | 4,274,205 | | | — |
| Russell™ Mid Cap Growth Index | | 2,482,662 | | | — |
| Russell™ Mid Cap Index | | 3,349,816 | | | — |
| Russell™ Small Cap Index | | 12,473,159 | | | — |
| U.S. Bond Index | | 84,059,608 | | | 28,903,598 |
Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of December 31, 2023.
J. Swap Agreements. The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).
The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and a Portfolio’s counterparty on the swap agreement becomes the CCP. A Portfolio is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable
changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed following the Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
For the year ended December 31, 2023, U.S. Bond Index had bought credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. U.S. Bond Index used CDX swaps to hedge the credit risk associated with various sectors within the credit market.
For the year ended December 31, 2023, U.S. Bond Index had bought credit protection with an average notional amount of $45,000,000 on credit default swaps. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at December 31, 2023.
At December 31, 2023, U.S. Bond Index had pledged $600,000 in cash collateral for open centrally cleared credit default swaps.
K. Securities Lending. Each Portfolio may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
M. Delayed-Delivery or When-Issued Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio’s Portfolio of Investments. Losses may
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.
To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).
At December 31, 2023, there was no collateral pledged or received for open delayed-delivery or when-issued transactions.
N. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities were as follows:
| | | Purchases | | | Sales |
| Emerging Markets Index | $ | 85,427,500 | | $ | 643,494,239 |
| International Index | | 114,726,466 | | | 1,157,316,774 |
| Russell™ Large Cap Growth Index | | 499,659,630 | | | 504,506,271 |
| Russell™ Large Cap Index | | 229,730,550 | | | 498,341,608 |
| Russell™ Large Cap Value Index | | 422,066,367 | | | 528,783,181 |
| Russell™ Mid Cap Growth Index | | 465,118,583 | | | 623,601,419 |
| Russell™ Mid Cap Index | | 212,462,411 | | | 611,136,962 |
| Russell™ Small Cap Index | | 54,899,945 | | | 423,976,215 |
| U.S. Bond Index | | 44,362,684 | | | 391,161,158 |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales |
| U.S. Bond Index | $ | 5,499,680,814 | | $ | 6,472,057,089 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Emerging Markets Index | 0.38% |
| International Index | 0.48% on the first $500 million; |
| | 0.46% on the next $500 million; |
| | 0.44% on the next $500 million; |
| | 0.42% on the next $500 million; |
| | and 0.40% thereafter |
| Russell™ Large Cap Growth Index(1) | 0.50% on the first $500 million;
0.48% on the next $500 million; |
| | and 0.46% thereafter |
| Russell™ Large Cap Index | 0.35% on the first $1 billion; |
| | 0.33% on the next $1 billion; |
| | and 0.31% thereafter |
| Russell™ Large Cap Value Index(1) | 0.50% on the first $250 million;
0.40% on the next $250 million; |
| | and 0.35% thereafter |
| Russell™ Mid Cap Growth Index(1) | 0.50% on the first $500 million;
0.48% on the next $500 million; |
| | and 0.46% thereafter |
| Russell™ Mid Cap Index | 0.41% on the first $2 billion; |
| | 0.34% on the next $2 billion; |
| | and 0.28% thereafter |
| Russell™ Small Cap Index | 0.43% on the first $1 billion; |
| | 0.41% on the next $1 billion; |
| | and 0.39% thereafter |
| U.S. Bond Index | 0.39% on the first $500 million; |
| | 0.37% on the next $500 million; |
| | 0.35% on the next $1 billion; |
| | 0.33% on the next $2 billion; |
| | 0.31% on the next $2 billion; |
| | and 0.29% thereafter |
| (1) | Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S2 shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans”). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
Class S shares of the Portfolios have a shareholder services and distribution plan (the “Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:
Subsidiary/Affiliated
Investment Company | | Portfolio | | Percentage |
| ReliaStar Life Insurance Company | | Russell™ Large Cap | | |
| | | Growth Index | | 17.52% |
| | | | | |
| Voya Index Solution 2035 Portfolio | | U.S. Bond Index | | 5.10 |
| | | | | |
| Voya Institutional Trust Company | | Russell™ Large Cap | | |
| | | Growth Index | | 17.66 |
| | | Russell™ Large Cap | | |
| | | Index | | 10.44 |
| | | Russell™ Large Cap | | |
| | | Value Index | | 5.25 |
| | | Russell™ Mid Cap | | |
| | | Index | | 23.16 |
| | | Russell™ Small Cap | | |
| | | Index | | 20.84 |
| | | | | |
| Voya Retirement Conservative Portfolio | | U.S. Bond Index | | 9.84 |
| | | | | |
| Voya Retirement Growth Portfolio | | Emerging Markets | | |
| | | Index | | 55.79 |
| | | International Index | | 17.42 |
| | | Russell™ Mid Cap | | |
| | | Index | | 15.41 |
| | | Russell™ Small Cap | | |
| | | Index | | 6.05 |
| | | U.S. Bond Index | | 15.60 |
| | | | | |
| Voya Retirement Insurance and Annuity Company | | International Index | | 10.97 |
| | | Russell™ Large Cap | | |
| | | Growth Index | | 18.68 |
| | | Russell™ Large Cap | | |
| | | Index | | 20.48 |
| | | Russell™ Mid Cap | | |
| | | Index | | 35.57 |
| | | Russell™ Small Cap | | |
| | | Index | | 30.41 |
| Voya Retirement Moderate Growth Portfolio | | Emerging Markets | | |
| | | Index | | 25.73 |
| | | International Index | | 7.65 |
| | | Russell™ Mid Cap | | |
| | | Index | | 6.65 |
| | | U.S. Bond Index | | 23.07 |
| | | | | |
| Voya Retirement Moderate Portfolio | | Emerging Markets | | |
| | | Index | | 14.51 |
| | | U.S. Bond Index | | 19.01 |
The Investment Adviser may direct the Portfolios’ Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2023, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio | | Amount |
| Emerging Markets Index | $335 |
| International Index | 365,635 |
| Russell™ Large Cap Growth Index | 525,189 |
| Russell™ Large Cap Index | 546,719 |
| Russell™ Large Cap Value Index | 201,767 |
| Russell™ Mid Cap Growth Index | 59,187 |
| Russell™ Mid Cap Index | 832,544 |
| Russell™ Small Cap Index | 612,652 |
| U.S. Bond Index | 91,158 |
The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the year ended December 31, 2023, International Index, Russell™ Mid Cap Index, Russell™ Small Cap Index, and U.S. Bond Index engaged in such transactions amounting to $970,848,267, $324,959,617, $323,491,160, and $1,017,546,900 of in-kind sales, resulting in a net realized gain/(loss) of $167,789,057, $122,093,502, $27,291,872, and $(47,492,187), respectively.
NOTE 7 — LICENSING FEE
The following Portfolios pay an annual licensing fee to the licensor listed below in order to obtain data and permissions necessary to achieve its principal investment strategy:
| Portfolio | | Licensor |
| Emerging Markets Index | | MSCI Inc. |
| International Index | | MSCI Inc. |
| RussellTM Large Cap Growth Index, | | Frank Russell Company |
| RussellTM Large Cap Value Index, | | |
| RussellTM Mid Cap Growth Index, RussellTM | | |
| Mid Cap Index, and RussellTM Small Cap Index | | |
NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each of the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| | | Class | | Class | | Class | | Class |
| Portfolio | | ADV | | I | | S | | S2 |
| Emerging Markets Index | | N/A | | 0.55% | | 0.80% | | N/A |
| International Index(1) | | 1.00% | | 0.50% | | 0.75% | | 0.90% |
| Russell™ Large Cap Growth Index(2) | | N/A | | N/A | | N/A | | N/A |
| Russell™ Large Cap Index(3) | | 0.87% | | 0.37% | | 0.62% | | 0.77% |
| Russell™ Large Cap Value Index(2) | | N/A | | N/A | | N/A | | N/A |
| Russell™ Mid Cap Growth Index(4) | | N/A | | 0.43% | | 0.68% | | 0.83% |
| Russell™ Mid Cap Index(5) | | 0.93% | | 0.43% | | 0.68% | | 0.83% |
| Russell™ Small Cap Index | | 0.95% | | 0.45% | | 0.70% | | 0.85% |
| U.S. Bond Index(6) | | 0.88% | | 0.38% | | 0.63% | | 0.78% |
| (1) | Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board. |
| (2) | Pursuant to a side letter agreement, through May 1, 2024, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
| (3) | Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for Russell™ Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
| (4) | Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
| (5) | Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
| (6) | Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for U.S Bond Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)
Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of December 31, 2023, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser and the related expiration dates are as follows:
| | | December 31, | | | |
| | 2024 | | 2025 | | 2026 | | Total |
| Emerging Markets Index | $ | — | | $ | — | | $ | 494,748 | | $ | 494,748 |
| International Index | | 956,405 | | | 1,007,590 | | | 1,153,098 | | | 3,117,093 |
| Russell™ Small Cap Index | | 729,163 | | | 782,014 | | | 169,065 | | | 1,680,242 |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2023, are as follows:
| | | December 31, | | | |
| | 2024 | | 2025 | | 2026 | | Total |
| Emerging Markets Index | | | | | | | | | | | |
| Class I | $ | — | | $ | — | | $ | 466 | | $ | 466 |
| International Index | | | | | | | | | | | |
| Class ADV | $ | — | | $ | — | | $ | 120,833 | | $ | 120,833 |
| Class I | | — | | | — | | | 199,256 | | | 199,256 |
| Class S | | — | | | — | | | 43,963 | | | 43,963 |
| Class S2 | | — | | | — | | | 645 | | | 645 |
| Russell™ Small Cap Index | | | | | | | | | | | |
| Class ADV | $ | — | | $ | — | | $ | 105,685 | | $ | 105,685 |
| Class I | | — | | | — | | | 218,798 | | | 218,798 |
| Class S | | — | | | — | | | 283,141 | | | 283,141 |
| Class S2 | | — | | | — | | | 5,100 | | | 5,100 |
The Expense Limitation Agreement is contractual through May 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the year ended December 31, 2023:
| | | | | | | | Approximate |
| | | | | | Approximate | | Weighted |
| | | | | | Average | | Average |
| | | | | | Daily Balance | | Interest Rate |
| | | Days | | | For Days | | For Days |
| Portfolio | | Utilized | | | Utilized | | Utilized |
| Emerging Markets Index | | 9 | | $ | 8,667,222 | | 5.92% |
| International Index | | 19 | | | 3,918,105 | | 5.72 |
| Russell™ Large Cap Growth Index | | 1 | | | 5,084,000 | | 6.08 |
| Russell™ Large Cap Index | | 10 | | | 8,250,500 | | 5.63 |
| Russell™ Large Cap Value Index | | 2 | | | 6,136,000 | | 5.35 |
| Russell™ Mid Cap Growth Index | | 3 | | | 3,409,000 | | 6.21 |
| Russell™ Mid Cap Index | | 6 | | | 9,178,667 | | 5.69 |
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 10 — CAPITAL SHARES
| | | Shares
sold | | Shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) in
shares
outstanding | | Shares
sold | | Proceeds
from
shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) |
Year or
period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Emerging Markets Index | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 49,125,185 | | — | | 2,255,655 | | (54,575,412) | | — | | (3,194,572) | | 500,786,925 | | — | | 20,977,589 | | (538,228,035) | | — | | (16,463,521) |
| 12/31/2022 | | 3,759,310 | | — | | 1,253,183 | | (11,618,211) | | — | | (6,605,718) | | 40,351,161 | | — | | 12,544,359 | | (121,445,600) | | — | | (68,550,080) |
| Class P2(1) | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 8,661,688 | | — | | — | | (60,744,013) | | — | | (52,082,325) | | 93,021,053 | | — | | — | | (633,392,670) | | — | | (540,371,617) |
| 12/31/2022 | | 26,546,192 | | — | | 3,122,514 | | (19,026,883) | | — | | 10,641,823 | | 304,775,574 | | — | | 31,943,320 | | (192,336,599) | | — | | 144,382,295 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | �� | |
| 12/31/2023 | | 21 | | — | | — | | (776) | | — | | (755) | | 221 | | — | | — | | (7,845) | | — | | (7,624) |
| 12/31/2022 | | 184 | | — | | 36 | | (51) | | — | | 169 | | 1,977 | | — | | 358 | | (623) | | — | | 1,712 |
| International Index | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,371,025 | | — | | 1,774,839 | | (6,384,342) | | — | | (3,238,478) | | 14,108,947 | | — | | 18,227,601 | | (65,227,589) | | — | | (32,891,041) |
| 12/31/2022 | | 1,048,324 | | 2,145,246 | | 1,274,608 | | (5,832,649) | | — | | (1,364,471) | | 10,639,388 | | 19,687,882 | | 11,994,066 | | (57,669,096) | | — | | (15,347,760) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 10,029,389 | | — | | 2,750,385 | | (11,402,494) | | — | | 1,377,280 | | 107,710,452 | | — | | 28,769,025 | | (119,200,808) | | — | | 17,278,669 |
| 12/31/2022 | | 11,015,910 | | 3,791,158 | | 1,748,282 | | (9,912,449) | | — | | 6,642,901 | | 107,536,002 | | 35,422,761 | | 16,731,055 | | (99,723,144) | | — | | 59,966,674 |
| Class P2(2) | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 724,773 | | — | | — | | (94,018,251) | | — | | (93,293,478) | | 7,841,722 | | — | | — | | (1,025,583,895) | | — | | (1,017,742,173) |
| 12/31/2022 | | 29,812,328 | | — | | 4,137,134 | | (39,716,019) | | — | | (5,766,557) | | 317,688,782 | | — | | 40,212,938 | | (393,078,941) | | — | | (35,177,221) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 582,781 | | — | | 589,877 | | (2,351,390) | | — | | (1,178,732) | | 5,982,619 | | — | | 6,128,825 | | (24,427,783) | | — | | (12,316,339) |
| 12/31/2022 | | 966,580 | | 10,241,142 | | 240,835 | | (5,509,921) | | — | | 5,938,636 | | 10,281,159 | | 95,105,601 | | 2,292,745 | | (51,996,929) | | — | | 55,682,576 |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 45,076 | | — | | 7,303 | | (32,312) | | — | | 20,067 | | 473,728 | | — | | 75,800 | | (333,617) | | — | | 215,911 |
| 12/31/2022 | | 54,076 | | — | | 4,239 | | (23,762) | | — | | 34,553 | | 572,887 | | — | | 40,311 | | (243,037) | | — | | 370,161 |
| Russell™ Large Cap Growth Index | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | — | | — | | 8 | | — | | — | | 8 | | — | | — | | 414 | | — | | — | | 414 |
| 12/31/2022 | | — | | — | | 14 | | — | | — | | 14 | | — | | — | | 695 | | — | | — | | 695 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 6,279,842 | | — | | 665,061 | | (5,008,179) | | — | | 1,936,724 | | 311,582,771 | | — | | 34,357,077 | | (265,166,715) | | — | | 80,773,133 |
| 12/31/2022 | | 394,143 | | — | | 1,012,618 | | (1,080,241) | | — | | 326,520 | | 21,591,497 | | — | | 49,628,386 | | (60,309,933) | | — | | 10,909,950 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 819,867 | | — | | 689,943 | | (1,872,541) | | — | | (362,731) | | 45,456,600 | | — | | 35,414,778 | | (102,411,338) | | — | | (21,539,960) |
| 12/31/2022 | | 495,429 | | — | | 1,301,260 | | (2,105,086) | | — | | (308,397) | | 25,202,455 | | — | | 63,384,350 | | (116,826,414) | | — | | (28,239,609) |
| Russell™ Large Cap Index | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 653,739 | | — | | 42,734 | | (401,362) | | — | | 295,111 | | 19,226,833 | | — | | 1,187,571 | | (11,508,276) | | — | | 8,906,128 |
| 12/31/2022 | | 412,747 | | — | | 225,342 | | (546,195) | | — | | 91,894 | | 11,922,035 | | — | | 5,899,456 | | (14,887,360) | | — | | 2,934,131 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,443,765 | | — | | 204,398 | | (3,222,942) | | — | | (1,574,779) | | 43,579,091 | | — | | 5,823,303 | | (92,256,203) | | — | | (42,853,809) |
| 12/31/2022 | | 1,336,149 | | — | | 814,870 | | (1,475,917) | | — | | 675,102 | | 39,739,873 | | — | | 21,862,968 | | (42,633,608) | | — | | 18,969,233 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 272,565 | | — | | 524,298 | | (8,835,248) | | — | | (8,038,385) | | 8,134,368 | | — | | 14,827,158 | | (257,709,157) | | — | | (234,747,631) |
| 12/31/2022 | | 327,091 | | — | | 2,679,485 | | (8,241,789) | | — | | (5,235,213) | | 9,183,412 | | — | | 71,354,687 | | (237,049,151) | | — | | (156,511,052) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 350 | | — | | 39 | | (341) | | — | | 48 | | 10,130 | | — | | 1,156 | | (10,940) | | — | | 346 |
| 12/31/2022 | | 617 | | — | | 208 | | (4,401) | | — | | (3,576) | | 18,805 | | — | | 5,730 | | (140,626) | | — | | (116,091) |
| Russell™ Large Cap Value Index | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | — | | — | | 3 | | — | | — | | 3 | | — | | — | | 87 | | — | | — | | 87 |
| 12/31/2022 | | — | | — | | 2 | | — | | — | | 2 | | — | | — | | 44 | | — | | — | | 44 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 3,006,704 | | — | | 70,534 | | (689,985) | | — | | 2,387,253 | | 80,202,185 | | — | | 1,825,432 | | (18,578,275) | | — | | 63,449,342 |
| 12/31/2022 | | 206,566 | | — | | 47,130 | | (483,801) | | — | | (230,105) | | 5,604,830 | | — | | 1,211,722 | | (12,941,612) | | — | | (6,125,060) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 448,053 | | — | | 844,259 | | (7,756,514) | | — | | (6,464,202) | | 11,857,315 | | — | | 21,663,685 | | (205,672,641) | | — | | (172,151,641) |
| 12/31/2022 | | 686,850 | | — | | 601,351 | | (6,894,299) | | — | | (5,606,098) | | 17,882,147 | | — | | 15,328,430 | | (181,271,467) | | — | | (148,060,890) |
| Russell™ Mid Cap Growth Index | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 50,447 | | — | | 2,536 | | (77,519) | | — | | (24,536) | | 1,738,028 | | — | | 84,691 | | (2,777,483) | | — | | (954,764) |
| 12/31/2022 | | 38,341 | | — | | 58,369 | | (78,012) | | — | | 18,698 | | 1,389,338 | | — | | 1,757,478 | | (2,976,834) | | — | | 169,982 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 154,100 | | — | | 57,588 | | (4,785,356) | | — | | (4,573,668) | | 5,187,584 | | — | | 1,911,922 | | (165,169,463) | | — | | (158,069,957) |
| 12/31/2022 | | 298,613 | | — | | 3,600,216 | | (4,889,581) | | — | | (990,752) | | 10,001,948 | | — | | 107,754,474 | | (172,158,397) | | — | | (54,401,975) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 3,625 | | — | | 41 | | (6,086) | | — | | (2,420) | | 128,458 | | — | | 1,342 | | (212,733) | | — | | (82,933) |
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 10 — CAPITAL SHARES (continued)
| | | Shares
sold | | Shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) in
shares
outstanding | | Shares
sold | | Proceeds
from
shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares converted | | Net increase
(decrease) |
Year or
period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Russell™ Mid Cap Growth Index (continued) | | | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2022 | | 2,878 | | — | | 6,136 | | (2,349) | | — | | 6,665 | | 105,041 | | — | | 182,723 | | (78,223) | | — | | 209,541 |
| Russell™ Mid Cap Index | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 718,173 | | — | | 2,226,364 | | (2,280,538) | | — | | 663,999 | | 7,163,955 | | — | | 20,148,595 | | (22,487,981) | | — | | 4,824,569 |
| 12/31/2022 | | 758,414 | | — | | 1,632,458 | | (1,983,185) | | — | | 407,687 | | 8,557,197 | | — | | 16,553,124 | | (21,880,304) | | — | | 3,230,017 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 3,627,469 | | — | | 6,969,674 | | (11,484,815) | | — | | (887,672) | | 38,476,184 | | — | | 67,327,051 | | (122,589,446) | | — | | (16,786,211) |
| 12/31/2022 | | 2,582,756 | | — | | 5,991,938 | | (13,078,724) | | — | | (4,504,030) | | 31,162,835 | | — | | 64,413,331 | | (146,065,828) | | — | | (50,489,662) |
| Class P2(3) | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 3,641,280 | | — | | — | | (27,629,002) | | — | | (23,987,722) | | 41,935,455 | | — | | — | | (327,659,621) | | — | | (285,724,166) |
| 12/31/2022 | | 4,382,183 | | — | | 2,213,673 | | (3,442,854) | | — | | 3,153,002 | | 52,987,497 | | — | | 24,217,584 | | (41,594,409) | | — | | 35,610,672 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,005,143 | | — | | 2,205,436 | | (3,488,392) | | — | | (277,813) | | 10,308,000 | | — | | 20,885,480 | | (36,115,728) | | — | | (4,922,248) |
| 12/31/2022 | | 1,244,453 | | — | | 1,720,457 | | (3,498,425) | | — | | (533,515) | | 14,371,440 | | — | | 18,168,027 | | (41,259,190) | | — | | (8,719,723) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 92,180 | | — | | 81,698 | | (158,038) | | — | | 15,840 | | 937,705 | | — | | 754,069 | | (1,692,184) | | — | | (410) |
| 12/31/2022 | | 82,861 | | — | | 74,462 | | (202,700) | | — | | (45,377) | | 958,306 | | — | | 767,708 | | (2,279,550) | | — | | (553,536) |
| Russell™ Small Cap Index | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 547,538 | | — | | 520,214 | | (850,895) | | — | | 216,857 | | 6,698,872 | | — | | 5,847,205 | | (10,312,603) | | — | | 2,233,474 |
| 12/31/2022 | | 452,793 | | — | | 844,485 | | (943,790) | | — | | 353,488 | | 6,154,322 | | — | | 9,998,701 | | (12,578,925) | | — | | 3,574,098 |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,231,274 | | — | | 1,086,741 | | (2,953,226) | | — | | (635,211) | | 15,686,661 | | — | | 12,780,079 | | (38,174,409) | | — | | (9,707,669) |
| 12/31/2022 | | 2,108,572 | | — | | 1,809,368 | | (2,221,769) | | — | | 1,696,171 | | 30,918,654 | | — | | 22,345,692 | | (30,641,106) | | — | | 22,623,240 |
| Class P2(4) | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 679,695 | | — | | — | | (24,614,360) | | — | | (23,934,665) | | 8,805,325 | | — | | — | | (334,890,783) | | — | | (326,085,458) |
| 12/31/2022 | | 6,627,273 | | — | | 2,361,192 | | (4,053,890) | | — | | 4,934,575 | | 97,972,485 | | — | | 29,585,736 | | (57,667,417) | | — | | 69,890,804 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 633,121 | | — | | 1,326,895 | | (3,782,610) | | — | | (1,822,594) | | 7,981,857 | | — | | 15,431,789 | | (47,613,323) | | — | | (24,199,677) |
| 12/31/2022 | | 523,560 | | — | | 2,345,206 | | (3,878,990) | | — | | (1,010,224) | | 7,191,669 | | — | | 28,658,419 | | (53,944,064) | | — | | (18,093,976) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 61,487 | | — | | 24,370 | | (97,816) | | — | | (11,959) | | 768,166 | | — | | 277,086 | | (1,227,365) | | — | | (182,113) |
| 12/31/2022 | | 67,359 | | — | | 40,651 | | (88,767) | | — | | 19,243 | | 897,329 | | — | | 486,190 | | (1,213,182) | | — | | 170,337 |
| U.S. Bond Index | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 295,110 | | — | | 71,704 | | (333,795) | | — | | 33,019 | | 2,666,582 | | — | | 648,196 | | (3,014,875) | | — | | 299,903 |
| 12/31/2022 | | 200,618 | | — | | 40,422 | | (382,636) | | — | | (141,596) | | 1,965,521 | | — | | 382,044 | | (3,658,362) | | — | | (1,310,797) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 79,783,782 | | — | | 6,098,654 | | (71,775,807) | | — | | 14,106,629 | | 732,145,241 | | — | | 55,363,942 | | (649,640,093) | | — | | 137,869,090 |
| 12/31/2022 | | 17,914,766 | | — | | 3,370,548 | | (35,225,085) | | — | | (13,939,771) | | 173,025,688 | | — | | 32,110,883 | | (340,741,060) | | — | | (135,604,489) |
| Class P2(5) | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 2,453,186 | | — | | 459,879 | | (151,294,908) | | — | | (148,381,843) | | 22,848,463 | | — | | 4,313,669 | | (1,412,970,915) | | — | | (1,385,808,783) |
| 12/31/2022 | | 69,189,017 | | — | | 3,572,730 | | (55,860,599) | | — | | 16,901,148 | | 683,941,743 | | — | | 34,033,816 | | (543,218,481) | | — | | 174,757,078 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 1,211,352 | | — | | 515,318 | | (2,411,167) | | — | | (684,497) | | 10,964,793 | | — | | 4,664,310 | | (21,878,713) | | — | | (6,249,610) |
| 12/31/2022 | | 1,302,204 | | — | | 310,960 | | (2,908,472) | | — | | (1,295,308) | | 12,716,359 | | — | | 2,949,162 | | (28,317,628) | | — | | (12,652,107) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 13,800 | | — | | 3,596 | | (16,510) | | — | | 886 | | 125,454 | | — | | 32,549 | | (151,239) | | — | | 6,764 |
| 12/31/2022 | | 36,247 | | — | | 1,813 | | (64,514) | | — | | (26,454) | | 349,358 | | — | | 17,187 | | (643,295) | | — | | (276,750) |
| (1) | Class P2 was fully redeemed on close of business on March 30, 2023 |
| (2) | Class P2 was fully redeemed on close of business on February 3, 2023 |
| (3) | Class P2 was fully redeemed on close of business on January 27, 2023 |
| (4) | Class P2 was fully redeemed on close of business on January 20, 2023 |
| (5) | Class P2 was fully redeemed on close of business on February 14, 2023 |
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned.
The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 11 — SECURITIES LENDING (continued)
with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
The following tables represent a summary of the respective Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2023:
Emerging Markets Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Barclays Capital Inc. | | $ | 174,192 | | $ | (174,192) | | $ | — |
| Barclays Capital Securities Ltd. | | 11,961 | | (11,961) | | — |
| BMO Capital Markets Corp | | 16,185 | | (16,185) | | — |
| Citigroup Global Markets Limited | | 142,207 | | (142,207) | | — |
| J.P. Morgan Securities LLC | | 38,139 | | (38,139) | | — |
| JP Morgan Securities Plc. | | 118,333 | | (118,333) | | — |
| Merrill Lynch International | | 26,627 | | (26,627) | | — |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Morgan Stanley & Co. LLC | | $ | 96,115 | | $ | (96,115) | | $ | — | |
| State Street Bank and | | | | | | | |
| Trust Company | | 52,199 | | (52,199) | | — | |
| Total | | $ | 675,958 | | $ | (675,958) | | $ | — | |
| (1) | Cash collateral with a fair value of $723,475 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
International Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BMO Capital Markets Corp | | $ | 669,090 | | $ | (669,090) | | $ | — |
| BofA Securities Inc | | 12,016 | | (12,016) | | — |
| Citigroup Global Markets Inc. | | 22,015 | | (22,015) | | — |
| Citigroup Global Markets Limited | | 4,912,143 | | (4,912,143) | | — |
| Goldman Sachs International | | 2,773,209 | | (2,773,209) | | — |
| HSBC Bank PLC | | 4,573,104 | | (4,573,104) | | — |
| J.P. Morgan Securities LLC | | 679,331 | | (679,331) | | — |
| Jefferies LLC | | 422,910 | | (422,910) | | — |
| JP Morgan Securities Plc. | | 11,011,121 | | (11,011,121) | | — |
| Macquarie Bank Limited | | 297,682 | | (297,682) | | — |
| Merrill Lynch International | | 1,939,506 | | (1,939,506) | | — |
| Morgan Stanley & Co. International PLC | | 5,431,610 | | (5,431,610) | | — |
| Morgan Stanley & Co. LLC | | 1,997,406 | | (1,997,406) | | — |
| Societe Generale | | 34,825 | | (34,825) | | — |
| State Street Bank and Trust Company | | 17,947,157 | | (17,947,157) | | — |
| TD Prime Services LLC | | 648,261 | | (648,261) | | — |
| UBS AG | | 49,976 | | (49,976) | | — |
| Total | | $ | 53,421,362 | | $ | (53,421,362) | | $ | — |
| (1) | Cash collateral with a fair value of $56,708,840 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Russell™ Mid Cap Growth Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BofA Securities Inc | | $ | 6,440 | | $ | (6,440) | | $ | — |
| Citigroup Global Markets Inc. | | 490,580 | | (490,580) | | — |
| J.P. Morgan Securities LLC | | 187,192 | | (187,192) | | — |
| Morgan Stanley & Co. LLC | | 1,061,160 | | (1,061,160) | | — |
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 11 — SECURITIES LENDING (continued)
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Natixis Securities America LLC | | $ | 767,178 | | $ | (767,178) | | $ | — | |
| Total | | $ | 2,512,550 | | $ | (2,512,550) | | $ | — | |
| (1) | Cash collateral with a fair value of $2,597,047 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Russell™ Mid Cap Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BMO Capital Markets Corp | | $ | 396,493 | | $ | (396,493) | | $ | — | |
| BofA Securities Inc | | 245,650 | | (245,650) | | — | |
| Citadel Clearing LLC | | 42,036 | | (42,036) | | — | |
| Citigroup Global Markets Inc. | | 1,023,818 | | (1,023,818) | | — | |
| Goldman Sachs & Co. LLC | | 175,214 | | (175,214) | | — | |
| J.P. Morgan Securities LLC | | 375,465 | | (375,465) | | — | |
| Jefferies LLC | | 1,004,058 | | (1,004,058) | | — | |
| Morgan Stanley & Co. LLC | | 1,217,499 | | (1,217,499) | | — | |
| National Financial Services LLC | | 350,522 | | (350,522) | | — | |
| Natixis Securities America LLC | | 192,599 | | (192,599) | | — | |
| Scotia Capital (USA) INC | | 127,596 | | (127,596) | | — | |
| State Street Bank and Trust Company | | 564,212 | | (564,212) | | — | |
| UBS AG | | 57,742 | | (57,742) | | — | |
| Wells Fargo Bank NA | | 20,693 | | (20,693) | | — | |
| Total | | $ | 5,793,597 | | $ | (5,793,597) | | $ | — | |
| (1) | Cash collateral with a fair value of $6,000,750 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Russell™ Small Cap Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Barclays Capital Inc. | | $ | 342,696 | | $ | (342,696) | | $ | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | 2,040,187 | | (2,040,187) | | — | |
| BNP Paribas Securities Corp. | | 556,970 | | (556,970) | | — | |
| BofA Securities Inc | | 1,608,982 | | (1,608,982) | | — | |
| Cantor Fitzgerald & Co | | 11,877 | | (11,877) | | — | |
| Citadel Clearing LLC | | 331,259 | | (331,259) | | — | |
| Citadel Securities LLC | | 54,174 | | (54,174) | | — | |
| Citigroup Global Markets Inc. | | 874,515 | | (874,515) | | — | |
| Cowen Excecution Services LLC | | 9,817 | | (9,817) | | — | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Credit Suisse Securities (USA) LLC | | $ | 20,291 | | $ | (20,291) | | $ | — | |
| Goldman Sachs & Co. LLC | | 1,992,142 | | (1,992,142) | | — | |
| HSBC Bank PLC | | 441,865 | | (441,865) | | — | |
| J.P. Morgan Securities LLC | | 406,671 | | (406,671) | | — | |
| Janney Montgomery Scott LLC | | 233,868 | | (233,868) | | — | |
| Jefferies LLC | | 218,547 | | (218,547) | | — | |
| Mizuho Securities USA LLC. | | 281,738 | | (281,738) | | — | |
| Morgan Stanley & Co. LLC | | 3,572,241 | | (3,572,241) | | — | |
| National Bank of Canada Financial Inc | | 428,110 | | (428,110) | | — | |
| National Financial Services LLC | | 2,563,029 | | (2,563,029) | | — | |
| Natixis Securities America LLC | | 661,358 | | (661,358) | | — | |
| Scotia Capital (USA) INC | | 809,773 | | (809,773) | | — | |
| SG Americas Securities, LLC | | 14,022 | | (14,022) | | — | |
| State Street Bank and Trust Company | | 1,625,521 | | (1,625,521) | | — | |
| TD Prime Services LLC | | 30,705 | | (30,705) | | — | |
| UBS AG | | 248,301 | | (248,301) | | — | |
| Wells Fargo Bank NA | | 1,449,503 | | (1,449,503) | | — | |
| Wells Fargo Securities LLC | | 395,344 | | (395,344) | | — | |
| Total | | $ | 21,223,506 | | $ | (21,223,506) | | $ | — | |
| (1) | Cash collateral with a fair value of $22,016,927 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
U.S. Bond Index
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Barclays Bank PLC | | $ | 815,640 | | $ | (815,640) | | $ | — | |
| Barclays Capital Inc. | | 99,265 | | (99,265) | | — | |
| BMO Capital Markets Corp | | 92,898 | | (92,898) | | — | |
| BNP Paribas | | 424,872 | | (424,872) | | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | 292,759 | | (292,759) | | — | |
| BofA Securities Inc | | 1,211,819 | | (1,211,819) | | — | |
| Citigroup Global Markets Inc. | | 269,880 | | (269,880) | | — | |
| Deutsche Bank Securities Inc. | | 307,608 | | (307,608) | | — | |
| Goldman Sachs & Co. LLC | | 1,427,676 | | (1,427,676) | | — | |
| Morgan Stanley & Co. LLC | | 19,017 | | (19,017) | | — | |
| MUFG Securities Americas Inc. | | 996,715 | | (996,715) | | — | |
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 11 — SECURITIES LENDING (continued)
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| National Bank Financial Inc. | | $ | 307,065 | | $ | (307,065) | | $ | — | |
| NatWest Markets Securities Inc. | | 142,469 | | (142,469) | | — | |
| Nomura Securities International, Inc. | | 748,206 | | (748,206) | | — | |
| Scotia Capital (USA) INC | | 115,575 | | (115,575) | | — | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| TD Securities (USA) Inc. | | $ | 1,738,963 | | $ | (1,738,963) | | $ | — | |
| TD Securities INC | | 250,720 | | (250,720) | | — | |
| US Bancorp Investments | | 511,535 | | (511,535) | | — | |
| Wells Fargo Securities LLC | | 1,060,160 | | (1,060,160) | | — | |
| Total | | $ | 10,832,842 | | $ | (10,832,842) | | $ | — | |
| (1) | Cash collateral with a fair value of $11,170,841 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydown gains and wash sale deferrals.
The following permanent tax differences have been reclassified as of December 31, 2023:
| | Paid-in | | Distributable |
| | Capital(1) | | Earnings |
| International Index | $142,537,659 | | $(142,537,659) |
| Russell™ Mid Cap Index | 121,123,982 | | (121,123,982) |
| Russell™ Small Cap Index | 25,268,277 | | (25,268,277) |
| U.S. Bond Index | (49,848,381) | | 49,848,381 |
| (1) | Amounts relate to in-kind sales. |
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | Year Ended
December 31, 2023 | | Year Ended
December 31, 2022 |
| | | Ordinary
Income | | Long-term
Capital Gains | | Ordinary
Income | | Long-term
Capital Gains |
| Emerging Markets Index | | $ | 20,977,805 | | $ | — | | $ | 16,630,440 | | $ | 27,857,778 |
| International Index | | 53,201,251 | | — | | 71,271,115 | | — |
| Russell™ Large Cap Growth Index | | 5,069,874 | | 64,702,395 | | 26,042,952 | | 86,970,479 |
| Russell™ Large Cap Index | | 21,839,188 | | — | | 18,588,313 | | 80,534,528 |
| Russell™ Large Cap Value Index | | 23,489,204 | | — | | 16,540,196 | | — |
| Russell™ Mid Cap Growth Index | | 1,997,955 | | — | | 28,307,742 | | 81,386,933 |
| Russell™ Mid Cap Index | | 15,923,688 | | 93,191,507 | | 33,408,161 | | 90,711,613 |
| Russell™ Small Cap Index | | 10,163,345 | | 24,172,814 | | 21,255,020 | | 69,819,718 |
| U.S. Bond Index | | 66,147,135 | | — | | 69,502,061 | | — |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 12 — FEDERAL INCOME TAXES (continued)
| | | Undistributed
Ordinary | | Undistributed
Long-term | | Unrealized
Appreciation/ | | Capital Loss Carryforwards | | | | Total
Distributable |
| | | Income | | Capital Gains | | (Depreciation) | | Amount | | Character | | Other | | Earnings/(Loss) |
| Emerging Markets Index | | $ | 5,805,610 | | $ | — | | $ | (27,613,592) | | $ | (9,624,246) | | Short-term | | $ | (461,327) | | $ | (130,745,646) |
| | | | | | | | | (98,852,091) | | Long-term | | | | |
| | | | | | | | | $ | (108,476,337) | | | | | | |
| International Index | | 31,957,032 | | — | | 445,188,139 | | (23,134,555) | | Short-term | | — | | 280,495,666 |
| | | | | | | | | (173,514,950) | | Long-term | | | | |
| | | | | | | | | $ | (196,649,505) | | | | | | |
| Russell™ Large Cap Growth Index | | 33,194,684 | | 35,795,186 | | 1,126,447,870 | | — | | — | | — | | 1,195,437,740 |
| Russell™ Large Cap Index | | 20,988,135 | | — | | 1,130,851,619 | | (27,059,128) | | Short-term | | — | | 1,100,315,571 |
| | | | | | | | | (24,465,055) | | Long-term | | | | |
| | | | | | | | | $ | (51,524,183) | | | | | | |
| Russell™ Large Cap Value Index | | 45,711,674 | | — | | 262,065,004 | | — | | — | | — | | 307,776,678 |
| Russell™ Mid Cap Growth Index | | 1,724,788 | | — | | 194,902,050 | | (116,571,365) | | Short-term | | — | | 80,055,473 |
| Russell™ Mid Cap Index | | 11,883,638 | | 85,649,553 | | 481,783,107 | | — | | — | | — | | 579,316,298 |
| Russell™ Small Cap Index | | 6,590,991 | | 37,370,401 | | 247,405,696 | | — | | — | | — | | 291,367,088 |
| U.S. Bond Index | | 4,263,463 | | — | | (85,571,460) | | (29,391,129) | | Short-term | | — | | (328,764,116) |
| | | | | | | | | (218,064,990) | | Long-term | | | | |
| | | | | | | | | $ | (247,456,119) | | | | | | |
The Portfolios’ major tax jurisdictions are U.S. federal and Arizona state.
As of December 31, 2023, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)
entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond those with direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor
sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTE 15 — REORGANIZATIONS
On July 8, 2022, International Index (“Acquiring Portfolio”) acquired all of the assets and assumed all liabilities of VY® T. Rowe Price International Stock Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on January 1, 2022, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2022, are as follows (Unaudited):
| Net investment income | $ | 60,591,192 |
| Net realized and unrealized loss on investments | $ | (450,244,237) |
| Net decrease in net assets resulting from operations | $ | (389,653,045) |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since July 8, 2022. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Total Net | | Total Net | | Acquired | | Acquired | | |
| Assets of | | Assets of | | Portfolio’s | | Portfolio’s | | |
| Acquired | | Acquiring | | Capital Loss | | Unrealized | | Portfolios’ |
| Portfolio | | Portfolio | | Carryforwards | | Appreciation | | Conversion |
| (000s) | | (000s) | | (000s) | | (000s) | | Ratio |
| $150,216 | $1,995,297 | | $— | $2,320 | 1.2903 |
The net assets of the Acquiring Portfolio after the acquisition of the Acquired Portfolio were $2,145,513,244.
NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement
| NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 (CONTINUED) |
NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)
(Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Portfolios' financial statements.
NOTE 17 — SUBSEQUENT EVENTS
Dividends: Subsequent to December 31, 2023, the following Portfolio declared dividends from net investment income of:
| | | Per Share | | Payable | | Record |
| | | Amount | | Date | | Date |
| U.S. Bond Index | | | | | | |
| Class ADV | | $0.0281 | | February 1, 2024 | | Daily |
| Class I | | $0.0321 | | February 1, 2024 | | Daily |
| Class S | | $0.0301 | | February 1, 2024 | | Daily |
| Class S2 | | $0.0290 | | February 1, 2024 | | Daily |
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: 96.0% | |
| | | | Brazil: 4.1% | |
| 63,492 | | | Ambev SA | | $ | 179,460 | | | 0.2 | |
| 7,392 | | | Atacadao SA | | | 18,946 | | | 0.0 | |
| 77,933 | | | B3 SA - Brasil Bolsa Balcao | | | 233,433 | | | 0.2 | |
| 18,774 | | | Banco Bradesco SA | | | 59,055 | | | 0.1 | |
| 15,529 | | | Banco BTG Pactual SA | | | 120,233 | | | 0.1 | |
| 11,498 | | | Banco do Brasil SA | | | 131,109 | | | 0.1 | |
| 4,597 | | | Banco Santander Brasil SA | | | 30,567 | | | 0.0 | |
| 9,072 | | | BB Seguridade Participacoes SA | | | 62,844 | | | 0.1 | |
| 13,823 | | | CCR SA | | | 40,351 | | | 0.0 | |
| 16,172 | | | Centrais Eletricas Brasileiras SA | | | 141,259 | | | 0.1 | |
| 4,632 | | | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | | 71,870 | | | 0.1 | |
| 8,499 | | | Cia Siderurgica Nacional SA | | | 34,398 | | | 0.0 | |
| 16,090 | | | Cosan SA | | | 64,127 | | | 0.1 | |
| 2,698 | | | CPFL Energia SA | | | 21,389 | | | 0.0 | |
| 2,691 | | | Energisa S/A | | | 29,821 | | | 0.0 | |
| 11,523 (1) | | | Eneva SA | | | 32,285 | | | 0.0 | |
| 2,490 | | | Engie Brasil Energia SA | | | 23,236 | | | 0.0 | |
| 13,740 | | | Equatorial Energia SA | | | 101,036 | | | 0.1 | |
| 70,060 (1)(2) | | | Hapvida Participacoes e Investimentos S/A | | | 64,181 | | | 0.1 | |
| 4,572 | | | Hypera SA | | | 33,648 | | | 0.0 | |
| 10,107 | | | JBS S/A | | | 51,829 | | | 0.1 | |
| 10,493 | | | Klabin SA | | | 47,998 | | | 0.1 | |
| 12,375 | | | Localiza Rent a Car SA | | | 162,025 | | | 0.2 | |
| 12,859 | | | Lojas Renner SA | | | 46,114 | | | 0.1 | |
| 39,061 (1) | | | Magazine Luiza SA | | | 17,369 | | | 0.0 | |
| 11,604 (1) | | | Natura & Co. Holding SA | | | 40,347 | | | 0.0 | |
| 50,213 | | | Petroleo Brasileiro SA | | | 402,936 | | | 0.4 | |
| 10,566 | | | PRIO SA/Brazil | | | 100,166 | | | 0.1 | |
| 17,302 | | | Raia Drogasil SA | | | 104,718 | | | 0.1 | |
| 7,424 (2) | | | Rede D'Or Sao Luiz SA | | | 43,955 | | | 0.0 | |
| 17,706 | | | Rumo SA | | | 83,653 | | | 0.1 | |
| 17,767 | | | Sendas Distribuidora S/A | | | 49,487 | | | 0.1 | |
| 10,880 | | | Suzano SA | | | 124,600 | | | 0.1 | |
| 5,463 | | | Telefonica Brasil SA | | | 60,100 | | | 0.1 | |
| 11,337 | | | TIM SA/Brazil | | | 41,846 | | | 0.0 | |
| 6,973 | | | TOTVS SA | | | 48,361 | | | 0.1 | |
| 9,680 | | | Ultrapar Participacoes SA | | | 52,828 | | | 0.1 | |
| 45,317 | | | Vale SA - Foreign | | | 720,206 | | | 0.8 | |
| 15,568 | | | Vibra Energia SA | | | 72,943 | | | 0.1 | |
| 22,705 | | | WEG SA | | | 172,522 | | | 0.2 | |
| | | | | | 3,937,251 | | | 4.1 | |
| | | | Chile: 0.4% | | | | | | |
| 612,296 | | | Banco de Chile | | | 71,925 | | | 0.1 | |
| 959 | | | Banco de Credito e Inversiones SA | | | 25,961 | | | 0.0 | |
| 896,623 | | | Banco Santander Chile | | | 43,762 | | | 0.1 | |
| 17,771 | | | Cencosud SA | | | 33,383 | | | 0.1 | |
| 192,347 | | | Cia Sud Americana de Vapores SA | | | 11,811 | | | 0.0 | |
| 15,218 | | | Empresas CMPC SA | | | 29,365 | | | 0.0 | |
| 5,271 | | | Empresas Copec SA | | | 38,350 | | | 0.1 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Chile (continued) |
| 285,668 (1) | | | Enel Americas SA | | $ | 31,614 | | | 0.0 | |
| 350,033 | | | Enel Chile SA | | | 22,643 | | | 0.0 | |
| 10,584 (1) | | | Falabella SA | | | 26,430 | | | 0.0 | |
| 2,276,091 (1) | | | Latam Airlines Group SA | | | 24,673 | | | 0.0 | |
| | | | | | 359,917 | | | 0.4 | |
| | | | China: 23.4% |
| 6,300 (1) | | | 360 Security Technology, Inc. - Class A | | | 7,998 | | | 0.0 | |
| 2,500 | | | 37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | | | 6,633 | | | 0.0 | |
| 25,500 (2) | | | 3SBio, Inc. | | | 24,590 | | | 0.0 | |
| 10,000 | | | AAC Technologies Holdings, Inc. | | | 29,718 | | | 0.1 | |
| 497 | | | Advanced Micro-Fabrication Equipment, Inc. China - Class A | | | 10,759 | | | 0.0 | |
| 2,600 | | | AECC Aviation Power Co. Ltd. - Class A | | | 13,698 | | | 0.0 | |
| 75,600 | | | Agricultural Bank of China Ltd. - Class A | | | 38,801 | | | 0.1 | |
| 362,000 | | | Agricultural Bank of China Ltd. - Class H | | | 139,637 | | | 0.2 | |
| 7,996 | | | Aier Eye Hospital Group Co. Ltd. - Class A | | | 17,852 | | | 0.0 | |
| 9,600 (1) | | | Air China Ltd. - Class A | | | 9,935 | | | 0.0 | |
| 30,000 (1) | | | Air China Ltd. - Class H | | | 18,991 | | | 0.0 | |
| 7,000 (1)(2) | | | Akeso, Inc. | | | 41,622 | | | 0.1 | |
| 216,700 | | | Alibaba Group Holding Ltd. | | | 2,087,372 | | | 2.2 | |
| 16,700 | | | Aluminum Corp. of China Ltd. - Class A | | | 13,282 | | | 0.0 | |
| 48,000 | | | Aluminum Corp. of China Ltd. - Class H | | | 23,997 | | | 0.0 | |
| 1,000 | | | Angel Yeast Co. Ltd. - Class A | | | 4,962 | | | 0.0 | |
| 4,600 | | | Anhui Conch Cement Co. Ltd. - Class A | | | 14,633 | | | 0.0 | |
| 15,000 | | | Anhui Conch Cement Co. Ltd. - Class H | | | 34,637 | | | 0.1 | |
| 400 | | | Anhui Gujing Distillery Co. Ltd. - Class A | | | 13,137 | | | 0.0 | |
| 1,600 | | | Anhui Gujing Distillery Co. Ltd. - Class B | | | 24,362 | | | 0.0 | |
| 3,700 (1) | | | Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | | | 8,425 | | | 0.0 | |
| 800 | | | Anhui Kouzi Distillery Co. Ltd. - Class A | | | 5,110 | | | 0.0 | |
| 800 | | | Anhui Yingjia Distillery Co. Ltd. - Class A | | | 7,479 | | | 0.0 | |
| 300 | | | Anjoy Foods Group Co. Ltd. - Class A | | | 4,424 | | | 0.0 | |
| 17,000 | | | ANTA Sports Products Ltd. | | | 165,228 | | | 0.2 | |
| 380 | | | Asymchem Laboratories Tianjin Co. Ltd. - Class A | | | 6,217 | | | 0.0 | |
| 914 | | | Autohome, Inc., ADR | | | 25,647 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 2,000 | | | Avary Holding Shenzhen Co. Ltd. - Class A | | $ | 6,292 | | | 0.0 | |
| 9,600 | | | AVIC Industry-Finance Holdings Co. Ltd. - Class A | | | 4,211 | | | 0.0 | |
| 33,000 | | | AviChina Industry & Technology Co. Ltd. - Class H | | | 14,148 | | | 0.0 | |
| 30,500 (1) | | | Baidu, Inc. - Class A | | | 454,020 | | | 0.5 | |
| 20,900 | | | Bank of Beijing Co. Ltd. - Class A | | | 13,348 | | | 0.0 | |
| 4,300 | | | Bank of Chengdu Co. Ltd. - Class A | | | 6,827 | | | 0.0 | |
| 30,100 | | | Bank of China Ltd. - Class A | | | 16,934 | | | 0.0 | |
| 1,071,000 | | | Bank of China Ltd. - Class H | | | 406,961 | | | 0.4 | |
| 35,300 | | | Bank of Communications Co. Ltd. - Class A | | | 28,577 | | | 0.1 | |
| 111,000 | | | Bank of Communications Co. Ltd. - Class H | | | 69,289 | | | 0.1 | |
| 6,326 | | | Bank of Hangzhou Co. Ltd. - Class A | | | 8,928 | | | 0.0 | |
| 14,270 | | | Bank of Jiangsu Co. Ltd. - Class A | | | 13,461 | | | 0.0 | |
| 10,357 | | | Bank of Nanjing Co. Ltd. - Class A | | | 10,777 | | | 0.0 | |
| 5,500 | | | Bank of Ningbo Co. Ltd. - Class A | | | 15,608 | | | 0.0 | |
| 14,900 | | | Bank of Shanghai Co. Ltd. - Class A | | | 12,542 | | | 0.0 | |
| 21,800 | | | Baoshan Iron & Steel Co. Ltd. - Class A | | | 18,233 | | | 0.0 | |
| 366 | | | Beijing Kingsoft Office Software, Inc. - Class A | | | 16,304 | | | 0.0 | |
| 2,000 | | | Beijing New Building Materials PLC - Class A | | | 6,590 | | | 0.0 | |
| 2,200 | | | Beijing Tiantan Biological Products Corp. Ltd. - Class A | | | 9,594 | | | 0.0 | |
| 1,400 | | | Beijing Tongrentang Co. Ltd. - Class A | | | 10,599 | | | 0.0 | |
| 913 | | | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. - Class A | | | 9,667 | | | 0.0 | |
| 31,100 | | | Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | | | 21,571 | | | 0.0 | |
| 2,600 (1) | | | Bilibili, Inc. - Class Z | | | 31,577 | | | 0.1 | |
| 601 | | | Bloomage Biotechnology Corp. Ltd. - Class A | | | 5,672 | | | 0.0 | |
| 37,100 | | | BOE Technology Group Co. Ltd. - Class A | | | 20,402 | | | 0.0 | |
| 1,736 | | | BYD Co. Ltd. - Class A | | | 48,471 | | | 0.1 | |
| 13,500 | | | BYD Co. Ltd. - Class H | | | 372,393 | | | 0.4 | |
| 10,500 | | | BYD Electronic International Co. Ltd. | | | 49,232 | | | 0.1 | |
| 1,900 | | | By-health Co. Ltd. - Class A | | | 4,561 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | |
| 5,820 | | | Caitong Securities Co. Ltd. - Class A | | $ | 6,367 | | | 0.0 | |
| 340 (1) | | | Cambricon Technologies Corp. Ltd. - Class A | | | 6,452 | | | 0.0 | |
| 149,000 (2) | | | CGN Power Co. Ltd. - Class H | | | 38,943 | | | 0.1 | |
| 400 | | | Changchun High & New Technology Industry Group, Inc. - Class A | | | 8,220 | | | 0.0 | |
| 6,800 | | | Changjiang Securities Co. Ltd. - Class A | | | 5,159 | | | 0.0 | |
| 2,200 | | | Chaozhou Three-Circle Group Co. Ltd. - Class A | | | 9,131 | | | 0.0 | |
| 120,000 | | | China Cinda Asset Management Co. Ltd. - Class H | | | 11,989 | | | 0.0 | |
| 120,000 | | | China CITIC Bank Corp. Ltd. - Class H | | | 56,595 | | | 0.1 | |
| 27,000 | | | China Coal Energy Co. Ltd. - Class H | | | 24,576 | | | 0.0 | |
| 32,000 | | | China Communications Services Corp. Ltd. - Class H | | | 13,270 | | | 0.0 | |
| 12,300 | | | China Construction Bank Corp. - Class A | | | 11,294 | | | 0.0 | |
| 1,274,000 | | | China Construction Bank Corp. - Class H | | | 757,840 | | | 0.8 | |
| 4,000 | | | China CSSC Holdings Ltd. - Class A | | | 16,606 | | | 0.0 | |
| 11,700 (1) | | | China Eastern Airlines Corp. Ltd. - Class A | | | 6,402 | | | 0.0 | |
| 33,800 | | | China Energy Engineering Corp. Ltd. - Class A | | | 10,009 | | | 0.0 | |
| 44,000 | | | China Everbright Bank Co. Ltd. - Class A | | | 17,994 | | | 0.0 | |
| 31,000 | | | China Everbright Bank Co. Ltd. - Class H | | | 9,212 | | | 0.0 | |
| 50,000 (2) | | | China Feihe Ltd. | | | 27,357 | | | 0.0 | |
| 55,500 | | | China Galaxy Securities Co. Ltd. - Class H | | | 29,361 | | | 0.1 | |
| 3,500 | | | China Greatwall Technology Group Co. Ltd. - Class A | | | 4,991 | | | 0.0 | |
| 32,000 | | | China Hongqiao Group Ltd. | | | 26,202 | | | 0.0 | |
| 1,800 | | | China International Capital Corp. Ltd. - Class A | | | 9,658 | | | 0.0 | |
| 19,200 (2) | | | China International Capital Corp. Ltd. - Class H | | | 28,210 | | | 0.1 | |
| 4,803 | | | China Jushi Co. Ltd. - Class A | | | 6,657 | | | 0.0 | |
| 2,500 | | | China Life Insurance Co. Ltd. - Class A | | | 10,002 | | | 0.0 | |
| 99,000 | | | China Life Insurance Co. Ltd. - Class H | | | 128,566 | | | 0.2 | |
| 5,600 (1)(2) | | | China Literature Ltd. | | | 20,883 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | |
| 45,000 | | | China Longyuan Power Group Corp. Ltd. - Class H | | $ | 34,172 | | | 0.1 | |
| 43,000 | | | China Mengniu Dairy Co. Ltd. | | | 115,838 | | | 0.1 | |
| 18,000 | | | China Merchants Bank Co. Ltd. - Class A | | | 70,630 | | | 0.1 | |
| 52,380 | | | China Merchants Bank Co. Ltd. - Class H | | | 182,205 | | | 0.2 | |
| 8,700 | | | China Merchants Energy Shipping Co. Ltd. - Class A | | | 7,213 | | | 0.0 | |
| 7,570 | | | China Merchants Securities Co. Ltd. - Class A | | | 14,563 | | | 0.0 | |
| 7,200 | | | China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A | | | 9,687 | | | 0.0 | |
| 33,280 | | | China Minsheng Banking Corp. Ltd. - Class A | | | 17,548 | | | 0.0 | |
| 82,100 | | | China Minsheng Banking Corp. Ltd. - Class H | | | 27,872 | | | 0.1 | |
| 54,000 | | | China National Building Material Co. Ltd. - Class H | | | 23,125 | | | 0.0 | |
| 6,100 | | | China National Chemical Engineering Co. Ltd. - Class A | | | 5,471 | | | 0.0 | |
| 18,600 | | | China National Nuclear Power Co. Ltd. - Class A | | | 19,669 | | | 0.0 | |
| 970 | | | China National Software & Service Co. Ltd. - Class A | | | 4,956 | | | 0.0 | |
| 4,000 | | | China Northern Rare Earth Group High-Tech Co. Ltd. - Class A | | | 10,902 | | | 0.0 | |
| 24,000 | | | China Oilfield Services Ltd. - Class H | | | 24,530 | | | 0.0 | |
| 6,003 | | | China Pacific Insurance Group Co. Ltd. - Class A | | | 20,157 | | | 0.0 | |
| 34,400 | | | China Pacific Insurance Group Co. Ltd. - Class H | | | 69,588 | | | 0.1 | |
| 28,252 | | | China Petroleum & Chemical Corp. - Class A | | | 22,226 | | | 0.0 | |
| 333,600 | | | China Petroleum & Chemical Corp. - Class H | | | 174,824 | | | 0.2 | |
| 19,300 | | | China Railway Group Ltd. - Class A | | | 15,464 | | | 0.0 | |
| 53,000 | | | China Railway Group Ltd. - Class H | | | 23,632 | | | 0.0 | |
| 1,100 | | | China Rare Earth Resources And Technology Co. Ltd. - Class A | | | 4,290 | | | 0.0 | |
| 1,324 | | | China Resources Microelectronics Ltd. - Class A | | | 8,340 | | | 0.0 | |
| 9,400 (2) | | | China Resources Mixc Lifestyle Services Ltd. | | | 33,527 | | | 0.1 | |
| | | | | | | | | | | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | |
| 20,500 (2) | | | China Resources Pharmaceutical Group Ltd. | | $ | 13,476 | | | 0.0 | |
| 1,000 | | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - Class A | | | 7,014 | | | 0.0 | |
| 5,870 | | | China Shenhua Energy Co. Ltd. - Class A | | | 25,964 | | | 0.0 | |
| 45,500 | | | China Shenhua Energy Co. Ltd. - Class H | | | 156,039 | | | 0.2 | |
| 14,100 (1) | | | China Southern Airlines Co. Ltd. - Class A | | | 11,454 | | | 0.0 | |
| 20,000 (1) | | | China Southern Airlines Co. Ltd. - Class H | | | 8,482 | | | 0.0 | |
| 36,940 | | | China State Construction Engineering Corp. Ltd. - Class A | | | 25,062 | | | 0.0 | |
| 26,700 | | | China Three Gorges Renewables Group Co. Ltd. - Class A | | | 16,452 | | | 0.0 | |
| 1,703 | | | China Tourism Group Duty Free Corp. Ltd. - Class A | | | 20,102 | | | 0.0 | |
| 1,000 (2)(3) | | | China Tourism Group Duty Free Corp. Ltd. - Class H | | | 9,831 | | | 0.0 | |
| 606,000 (2) | | | China Tower Corp. Ltd. - Class H | | | 63,695 | | | 0.1 | |
| 27,600 | | | China United Network Communications Ltd. - Class A | | | 17,039 | | | 0.0 | |
| 9,500 | | | China Vanke Co. Ltd. - Class A | | | 14,026 | | | 0.0 | |
| 28,100 | | | China Vanke Co. Ltd. - Class H | | | 26,007 | | | 0.0 | |
| 21,300 | | | China Yangtze Power Co. Ltd. - Class A | | | 70,103 | | | 0.1 | |
| 600 | | | China Zhenhua Group Science & Technology Co. Ltd. - Class A | | | 4,976 | | | 0.0 | |
| 36,000 | | | Chinasoft International Ltd. | | | 27,633 | | | 0.1 | |
| 500 | | | Chongqing Brewery Co. Ltd. - Class A | | | 4,684 | | | 0.0 | |
| 8,260 | | | Chongqing Changan Automobile Co. Ltd. - Class A | | | 19,604 | | | 0.0 | |
| 2,200 | | | Chongqing Zhifei Biological Products Co. Ltd. - Class A | | | 18,950 | | | 0.0 | |
| 78,000 | | | CITIC Ltd. | | | 77,989 | | | 0.1 | |
| 11,660 | | | CITIC Securities Co. Ltd. - Class A | | | 33,508 | | | 0.1 | |
| 21,825 | | | CITIC Securities Co. Ltd. - Class H | | | 44,591 | | | 0.1 | |
| 21,200 | | | CMOC Group Ltd. - Class A | | | 15,536 | | | 0.0 | |
| 45,000 | | | CMOC Group Ltd. - Class H | | | 24,619 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | |
| 3,753 | | | Contemporary Amperex Technology Co. Ltd. - Class A | | $ | 86,396 | | | 0.1 | |
| 3,800 | | | COSCO SHIPPING Energy Transportation Co. Ltd. - Class A | | | 6,558 | | | 0.0 | |
| 16,000 | | | COSCO SHIPPING Energy Transportation Co. Ltd. - Class H | | | 15,097 | | | 0.0 | |
| 13,060 | | | COSCO SHIPPING Holdings Co. Ltd. - Class A | | | 17,641 | | | 0.0 | |
| 39,150 | | | COSCO SHIPPING Holdings Co. Ltd. - Class H | | | 39,364 | | | 0.1 | |
| 162,133 (1)(3) | | | Country Garden Holdings Co. Ltd. | | | 16,227 | | | 0.0 | |
| 29,000 (3) | | | Country Garden Services Holdings Co. Ltd. | | | 25,113 | | | 0.0 | |
| 23,900 | | | CRRC Corp. Ltd. - Class A | | | 17,720 | | | 0.0 | |
| 58,000 | | | CRRC Corp. Ltd. - Class H | | | 25,568 | | | 0.0 | |
| 4,100 | | | CSC Financial Co. Ltd. - Class A | | | 13,678 | | | 0.0 | |
| 1,800 | | | CSPC Innovation Pharmaceutical Co. Ltd. - Class A | | | 9,294 | | | 0.0 | |
| 119,360 | | | CSPC Pharmaceutical Group Ltd. | | | 111,091 | | | 0.1 | |
| 13,900 | | | Daqin Railway Co. Ltd. - Class A | | | 14,131 | | | 0.0 | |
| 743 (1) | | | Daqo New Energy Corp., ADR | | | 19,764 | | | 0.0 | |
| 3,200 | | | Dongfang Electric Corp. Ltd. - Class A | | | 6,594 | | | 0.0 | |
| 36,000 | | | Dongfeng Motor Group Co. Ltd. - Class H | | | 17,940 | | | 0.0 | |
| 5,500 (1)(2)(3) | | | East Buy Holding Ltd. | | | 19,596 | | | 0.0 | |
| 13,943 | | | East Money Information Co. Ltd. - Class A | | | 27,627 | | | 0.1 | |
| 700 | | | Ecovacs Robotics Co. Ltd. - Class A | | | 4,089 | | | 0.0 | |
| 10,700 | | | ENN Energy Holdings Ltd. | | | 79,014 | | | 0.1 | |
| 3,200 | | | ENN Natural Gas Co. Ltd. - Class A | | | 7,588 | | | 0.0 | |
| 1,745 | | | Eve Energy Co. Ltd. - Class A | | | 10,389 | | | 0.0 | |
| 4,200 | | | Everbright Securities Co. Ltd. - Class A | | | 9,130 | | | 0.0 | |
| 2,100 | | | Flat Glass Group Co. Ltd. - Class A | | | 7,901 | | | 0.0 | |
| 5,000 (3) | | | Flat Glass Group Co. Ltd. - Class H | | | 8,440 | | | 0.0 | |
| 14,100 | | | Focus Media Information Technology Co. Ltd. - Class A | | | 12,575 | | | 0.0 | |
| 4,069 | | | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | | | 21,780 | | | 0.0 | |
| 32,968 | | | Fosun International Ltd. | | | 19,381 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 8,800 | | | Founder Securities Co. Ltd. - Class A | | $ | 9,995 | | | 0.0 | |
| 8,500 | | | Foxconn Industrial Internet Co. Ltd. - Class A | | | 18,108 | | | 0.0 | |
| 2,700 | | | Fuyao Glass Industry Group Co. Ltd. - Class A | | | 14,231 | | | 0.0 | |
| 8,000 (2) | | | Fuyao Glass Industry Group Co. Ltd. - Class H | | | 38,956 | | | 0.1 | |
| 1,780 | | | Ganfeng Lithium Group Co. Ltd. - Class A | | | 10,740 | | | 0.0 | |
| 5,040 (2) | | | Ganfeng Lithium Group Co. Ltd. - Class H | | | 19,041 | | | 0.0 | |
| 18,100 | | | GD Power Development Co. Ltd. - Class A | | | 10,615 | | | 0.0 | |
| 12,700 (1) | | | GDS Holdings Ltd. - Class A | | | 14,372 | | | 0.0 | |
| 16,000 (1) | | | Genscript Biotech Corp. | | | 40,721 | | | 0.1 | |
| 7,400 | | | GF Securities Co. Ltd. - Class A | | | 14,913 | | | 0.0 | |
| 11,000 | | | GF Securities Co. Ltd. - Class H | | | 13,172 | | | 0.0 | |
| 560 | | | GigaDevice Semiconductor, Inc. - Class A | | | 7,290 | | | 0.0 | |
| 3,500 | | | GoerTek, Inc. - Class A | | | 10,362 | | | 0.0 | |
| 4,300 | | | Goldwind Science & Technology Co. Ltd. - Class A | | | 4,848 | | | 0.0 | |
| 1,900 (1) | | | Gotion High-tech Co. Ltd. - Class A | | | 5,756 | | | 0.0 | |
| 2,900 | | | Great Wall Motor Co. Ltd. - Class A | | | 10,316 | | | 0.0 | |
| 29,000 | | | Great Wall Motor Co. Ltd. - Class H | | | 37,698 | | | 0.1 | |
| 2,700 | | | Gree Electric Appliances, Inc. of Zhuhai - Class A | | | 12,256 | | | 0.0 | |
| 12,500 | | | Greentown China Holdings Ltd. | | | 12,747 | | | 0.0 | |
| 1,700 | | | Guangdong Haid Group Co. Ltd. - Class A | | | 10,765 | | | 0.0 | |
| 7,200 | | | Guanghui Energy Co. Ltd. - Class A | | | 7,245 | | | 0.0 | |
| 6,300 | | | Guangzhou Automobile Group Co. Ltd. - Class A | | | 7,772 | | | 0.0 | |
| 39,200 | | | Guangzhou Automobile Group Co. Ltd. - Class H | | | 18,228 | | | 0.0 | |
| 1,700 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - Class A | | | 6,854 | | | 0.0 | |
| 500 | | | Guangzhou Kingmed Diagnostics Group Co. Ltd. - Class A | | | 4,412 | | | 0.0 | |
| 800 | | | Guangzhou Shiyuan Electronic Technology Co. Ltd. - Class A | | | 5,161 | | | 0.0 | |
| 1,840 | | | Guangzhou Tinci Materials Technology Co. Ltd. - Class A | | | 6,504 | | | 0.0 | |
| 6,600 | | | Guosen Securities Co. Ltd. - Class A | | | 7,949 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 7,700 | | | Guotai Junan Securities Co. Ltd. - Class A | | $ | 16,158 | | | 0.0 | |
| 2,761 | | | H World Group Ltd., ADR | | | 92,328 | | | 0.1 | |
| 23,000 (2) | | | Haidilao International Holding Ltd. | | | 42,906 | | | 0.1 | |
| 6,100 | | | Haier Smart Home Co. Ltd. - Class A | | | 18,072 | | | 0.0 | |
| 32,000 | | | Haier Smart Home Co. Ltd. - Class H | | | 90,388 | | | 0.1 | |
| 51,400 (1) | | | Hainan Airlines Holding Co. Ltd. - Class A | | | 9,928 | | | 0.0 | |
| 15,100 (1) | | | Hainan Airport Infrastructure Co. Ltd. - Class A | | | 7,878 | | | 0.0 | |
| 8,000 | | | Haitian International Holdings Ltd. | | | 19,803 | | | 0.0 | |
| 11,000 | | | Haitong Securities Co. Ltd. - Class A | | | 14,535 | | | 0.0 | |
| 32,400 | | | Haitong Securities Co. Ltd. - Class H | | | 17,309 | | | 0.0 | |
| 1,940 | | | Hangzhou First Applied Material Co. Ltd. - Class A | | | 6,642 | | | 0.0 | |
| 1,500 | | | Hangzhou Silan Microelectronics Co. Ltd. - Class A | | | 4,827 | | | 0.0 | |
| 500 | | | Hangzhou Tigermed Consulting Co. Ltd. - Class A | | | 3,872 | | | 0.0 | |
| 16,000 (2) | | | Hansoh Pharmaceutical Group Co. Ltd. | | | 32,337 | | | 0.1 | |
| 2,900 | | | Henan Shenhuo Coal & Power Co. Ltd. - Class A | | | 6,874 | | | 0.0 | |
| 3,600 | | | Henan Shuanghui Investment & Development Co. Ltd. - Class A | | | 13,566 | | | 0.0 | |
| 9,000 | | | Hengan International Group Co. Ltd. | | | 33,502 | | | 0.1 | |
| 6,420 (1) | | | Hengli Petrochemical Co. Ltd. - Class A | | | 11,916 | | | 0.0 | |
| 400 | | | Hithink RoyalFlush Information Network Co. Ltd. - Class A | | | 8,855 | | | 0.0 | |
| 666 (1) | | | Horizon Construction Development Ltd. | | | 392 | | | 0.0 | |
| 900 | | | Hoshine Silicon Industry Co. Ltd. - Class A | | | 6,474 | | | 0.0 | |
| 8,000 (1)(2) | | | Hua Hong Semiconductor Ltd. | | | 19,333 | | | 0.0 | |
| 8,100 | | | Huadian Power International Corp. Ltd. - Class A | | | 5,872 | | | 0.0 | |
| 1,740 | | | Huadong Medicine Co. Ltd. - Class A | | | 10,178 | | | 0.0 | |
| 6,400 | | | Huafon Chemical Co. Ltd. - Class A | | | 6,054 | | | 0.0 | |
| 2,130 | | | Hualan Biological Engineering, Inc. - Class A | | | 6,645 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 9,500 (1) | | | Huaneng Power International, Inc. - Class A | | $ | 10,313 | | | 0.0 | |
| 54,000 (1) | | | Huaneng Power International, Inc. - Class H | | | 28,646 | | | 0.1 | |
| 8,000 | | | Huatai Securities Co. Ltd. - Class A | | | 15,743 | | | 0.0 | |
| 13,400 (2) | | | Huatai Securities Co. Ltd. - Class H | | | 16,932 | | | 0.0 | |
| 12,900 | | | Huaxia Bank Co. Ltd. - Class A | | | 10,221 | | | 0.0 | |
| 3,600 | | | Huayu Automotive Systems Co. Ltd. - Class A | | | 8,262 | | | 0.0 | |
| 500 | | | Huizhou Desay Sv Automotive Co. Ltd. - Class A | | | 9,130 | | | 0.0 | |
| 1,700 | | | Humanwell Healthcare Group Co. Ltd. - Class A | | | 5,957 | | | 0.0 | |
| 1,863 | | | Hundsun Technologies, Inc. - Class A | | | 7,551 | | | 0.0 | |
| 4,800 (2)(3) | | | Hygeia Healthcare Holdings Co. Ltd. | | | 21,729 | | | 0.0 | |
| 1,654 | | | Hygon Information Technology Co. Ltd. - Class A | | | 16,533 | | | 0.0 | |
| 1,468 | | | IEIT Systems Co. Ltd. - Class A | | | 6,872 | | | 0.0 | |
| 1,900 | | | Iflytek Co. Ltd. - Class A | | | 12,408 | | | 0.0 | |
| 227 | | | Imeik Technology Development Co. Ltd. - Class A | | | 9,412 | | | 0.0 | |
| 56,000 | | | Industrial & Commercial Bank of China Ltd. - Class A | | | 37,741 | | | 0.1 | |
| 871,000 | | | Industrial & Commercial Bank of China Ltd. - Class H | | | 424,476 | | | 0.5 | |
| 18,500 | | | Industrial Bank Co. Ltd. - Class A | | | 42,288 | | | 0.1 | |
| 9,820 | | | Industrial Securities Co. Ltd. - Class A | | | 8,129 | | | 0.0 | |
| 500 | | | Ingenic Semiconductor Co. Ltd. - Class A | | | 4,555 | | | 0.0 | |
| 49,400 (1) | | | Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A | | | 10,166 | | | 0.0 | |
| 10,800 | | | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. - Class A | | | 5,694 | | | 0.0 | |
| 5,800 | | | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | | | 21,885 | | | 0.0 | |
| 15,200 (1) | | | Inner Mongolia Yitai Coal Co. Ltd. - Class B | | | 23,419 | | | 0.0 | |
| 15,500 (1)(2) | | | Innovent Biologics, Inc. | | | 84,885 | | | 0.1 | |
| 5,838 (1) | | | iQIYI, Inc., ADR | | | 28,489 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 2,724 | | | JA Solar Technology Co. Ltd. - Class A | | $ | 7,962 | | | 0.0 | |
| 1,900 | | | JCET Group Co. Ltd. - Class A | | | 7,994 | | | 0.0 | |
| 14,950 (1)(2) | | | JD Health International, Inc. | | | 75,045 | | | 0.1 | |
| 27,800 (1)(2) | | | JD Logistics, Inc. | | | 34,861 | | | 0.1 | |
| 31,709 | | | JD.com, Inc. - Class A | | | 457,976 | | | 0.5 | |
| 5,200 | | | Jiangsu Eastern Shenghong Co. Ltd. - Class A | | | 7,036 | | | 0.0 | |
| 14,000 | | | Jiangsu Expressway Co. Ltd. - Class H | | | 12,597 | | | 0.0 | |
| 1,320 | | | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | | | 10,180 | | | 0.0 | |
| 5,677 | | | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | | | 36,227 | | | 0.1 | |
| 1,300 | | | Jiangsu King's Luck Brewery JSC Ltd. - Class A | | | 8,940 | | | 0.0 | |
| 400 | | | Jiangsu Pacific Quartz Co. Ltd. - Class A | | | 4,902 | | | 0.0 | |
| 1,276 | | | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | | | 19,793 | | | 0.0 | |
| 1,200 | | | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. - Class A | | | 5,853 | | | 0.0 | |
| 3,500 | | | Jiangsu Zhongtian Technology Co. Ltd. - Class A | | | 6,161 | | | 0.0 | |
| 17,000 | | | Jiangxi Copper Co. Ltd. - Class H | | | 24,047 | | | 0.0 | |
| 6,150 | | | Jinko Solar Co. Ltd. - Class A | | | 7,678 | | | 0.0 | |
| 400 | | | JiuGui Liquor Co. Ltd. - Class A | | | 4,131 | | | 0.0 | |
| 2,699 | | | Kanzhun Ltd., ADR | | | 44,830 | | | 0.1 | |
| 8,918 | | | KE Holdings, Inc., ADR | | | 144,561 | | | 0.2 | |
| 37,000 (1) | | | Kingdee International Software Group Co. Ltd. | | | 54,013 | | | 0.1 | |
| 12,800 | | | Kingsoft Corp. Ltd. | | | 39,570 | | | 0.1 | |
| 31,600 (1)(2) | | | Kuaishou Technology | | | 215,014 | | | 0.2 | |
| 2,600 | | | Kuang-Chi Technologies Co. Ltd. - Class A | | | 5,421 | | | 0.0 | |
| 1,300 (1) | | | Kunlun Tech Co. Ltd. - Class A | | | 6,854 | | | 0.0 | |
| 1,000 | | | Kweichow Moutai Co. Ltd. - Class A | | | 243,422 | | | 0.3 | |
| 2,900 | | | LB Group Co. Ltd. - Class A | | | 7,009 | | | 0.0 | |
| 98,000 | | | Lenovo Group Ltd. | | | 137,145 | | | 0.2 | |
| 5,000 | | | Lens Technology Co. Ltd. - Class A | | | 9,300 | | | 0.0 | |
| 2,100 | | | Lepu Medical Technology Beijing Co. Ltd. - Class A | | | 4,786 | | | 0.0 | |
| 15,300 (1) | | | Li Auto, Inc. - Class A | | | 286,663 | | | 0.3 | |
| 32,000 | | | Li Ning Co. Ltd. | | | 85,876 | | | 0.1 | |
| | | | | | | | | | | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 8,200 | | | Lingyi iTech Guangdong Co. - Class A | | $ | 7,805 | | | 0.0 | |
| 25,000 (2) | | | Longfor Group Holdings Ltd. | | | 40,122 | | | 0.1 | |
| 6,444 | | | LONGi Green Energy Technology Co. Ltd. - Class A | | | 20,804 | | | 0.0 | |
| 2,226 | | | Lufax Holding Ltd., ADR | | | 6,834 | | | 0.0 | |
| 6,166 | | | Luxshare Precision Industry Co. Ltd. - Class A | | | 29,942 | | | 0.1 | |
| 1,300 | | | Luzhou Laojiao Co. Ltd. - Class A | | | 32,951 | | | 0.1 | |
| 1,790 | | | Mango Excellent Media Co. Ltd. - Class A | | | 6,362 | | | 0.0 | |
| 536 | | | Maxscend Microelectronics Co. Ltd. - Class A | | | 10,648 | | | 0.0 | |
| 67,540 (1)(2) | | | Meituan - Class B | | | 709,088 | | | 0.8 | |
| 17,300 | | | Metallurgical Corp. of China Ltd. - Class A | | | 7,463 | | | 0.0 | |
| 11,400 (1)(3) | | | Microport Scientific Corp. | | | 12,298 | | | 0.0 | |
| 3,200 | | | Ming Yang Smart Energy Group Ltd. - Class A | | | 5,655 | | | 0.0 | |
| 5,000 | | | MINISO Group Holding Ltd. | | | 25,547 | | | 0.0 | |
| 10,000 | | | Minth Group Ltd. | | | 20,226 | | | 0.0 | |
| 986 | | | Montage Technology Co. Ltd. - Class A | | | 8,156 | | | 0.0 | |
| 4,712 | | | Muyuan Foods Co. Ltd. - Class A | | | 27,376 | | | 0.0 | |
| 7,661 | | | NARI Technology Co. Ltd. - Class A | | | 24,103 | | | 0.0 | |
| 3,000 (1) | | | National Silicon Industry Group Co. Ltd. - Class A | | | 7,325 | | | 0.0 | |
| 500 | | | NAURA Technology Group Co. Ltd. - Class A | | | 17,313 | | | 0.0 | |
| 25,800 | | | NetEase, Inc. | | | 465,473 | | | 0.5 | |
| 2,300 | | | New China Life Insurance Co. Ltd. - Class A | | | 10,103 | | | 0.0 | |
| 9,900 | | | New China Life Insurance Co. Ltd. - Class H | | | 19,315 | | | 0.0 | |
| 5,000 (1) | | | New Hope Liuhe Co. Ltd. - Class A | | | 6,574 | | | 0.0 | |
| 20,200 (1) | | | New Oriental Education & Technology Group, Inc. | | | 147,251 | | | 0.2 | |
| 1,500 | | | Ninestar Corp. - Class A | | | 4,786 | | | 0.0 | |
| 2,793 | | | Ningbo Shanshan Co. Ltd. - Class A | | | 5,362 | | | 0.0 | |
| 1,100 | | | Ningbo Tuopu Group Co. Ltd. - Class A | | | 11,378 | | | 0.0 | |
| 7,800 | | | Ningxia Baofeng Energy Group Co. Ltd. - Class A | | | 16,246 | | | 0.0 | |
| 18,659 (1)(3) | | | NIO, Inc., ADR | | | 169,237 | | | 0.2 | |
| 25,600 (2) | | | Nongfu Spring Co. Ltd. - Class H | | | 148,135 | | | 0.2 | |
| 420 | | | Oppein Home Group, Inc. - Class A | | | 4,122 | | | 0.0 | |
| 7,420 | | | Orient Securities Co. Ltd./China - Class A | | | 9,103 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 10,400 (1) | | | Pangang Group Vanadium Titanium & Resources Co. Ltd. - Class A | | $ | 4,810 | | | 0.0 | |
| 2,000 | | | People.cn Co. Ltd. - Class A | | | 7,879 | | | 0.0 | |
| 129,000 | | | People's Insurance Co. Group of China Ltd. - Class H | | | 39,679 | | | 0.1 | |
| 18,600 | | | PetroChina Co. Ltd. - Class A | | | 18,510 | | | 0.0 | |
| 286,000 | | | PetroChina Co. Ltd. - Class H | | | 188,986 | | | 0.2 | |
| 1,825 | | | Pharmaron Beijing Co. Ltd. - Class A | | | 7,450 | | | 0.0 | |
| 91,244 | | | PICC Property & Casualty Co. Ltd. - Class H | | | 108,582 | | | 0.1 | |
| 17,000 | | | Ping An Bank Co. Ltd. - Class A | | | 22,510 | | | 0.0 | |
| 6,900 (1)(2)(3) | | | Ping An Healthcare and Technology Co. Ltd. | | | 15,724 | | | 0.0 | |
| 9,600 | | | Ping An Insurance Group Co. of China Ltd. - Class A | | | 54,615 | | | 0.1 | |
| 90,000 | | | Ping An Insurance Group Co. of China Ltd. - Class H | | | 407,457 | | | 0.4 | |
| 282 | | | Piotech, Inc. - Class A | | | 9,193 | | | 0.0 | |
| 10,200 | | | Poly Developments and Holdings Group Co. Ltd. - Class A | | | 14,249 | | | 0.0 | |
| 6,400 (2) | | | Pop Mart International Group Ltd. | | | 16,606 | | | 0.0 | |
| 25,400 | | | Postal Savings Bank of China Co. Ltd. - Class A | | | 15,584 | | | 0.0 | |
| 103,000 (2) | | | Postal Savings Bank of China Co. Ltd. - Class H | | | 49,247 | | | 0.1 | |
| 15,900 | | | Power Construction Corp. of China Ltd. - Class A | | | 10,962 | | | 0.0 | |
| 1,456 | | | Qifu Technology, Inc., ADR | | | 23,034 | | | 0.0 | |
| 5,526 (1) | | | Qinghai Salt Lake Industry Co. Ltd. - Class A | | | 12,429 | | | 0.0 | |
| 9,250 | | | Rongsheng Petrochemical Co. Ltd. - Class A | | | 13,501 | | | 0.0 | |
| 7,700 | | | SAIC Motor Corp. Ltd. - Class A | | | 14,690 | | | 0.0 | |
| 5,000 | | | Sanan Optoelectronics Co. Ltd. - Class A | | | 9,761 | | | 0.0 | |
| 15,000 | | | Sany Heavy Equipment International Holdings Co. Ltd. | | | 14,518 | | | 0.0 | |
| 7,900 | | | Sany Heavy Industry Co. Ltd. - Class A | | | 15,340 | | | 0.0 | |
| 3,955 (1) | | | Satellite Chemical Co. Ltd. - Class A | | | 8,230 | | | 0.0 | |
| 9,400 | | | SDIC Power Holdings Co. Ltd. - Class A | | | 17,469 | | | 0.0 | |
| 2,700 (1) | | | Seazen Holdings Co. Ltd. - Class A | | | 4,350 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | | |
| 1,400 (1) | | | Seres Group Co. Ltd. - Class A | | $ | 15,038 | | | 0.0 | |
| 4,400 | | | SF Holding Co. Ltd. - Class A | | | 25,093 | | | 0.0 | |
| 420 | | | SG Micro Corp. - Class A | | | 5,268 | | | 0.0 | |
| 8,300 | | | Shaanxi Coal Industry Co. Ltd. - Class A | | | 24,458 | | | 0.0 | |
| 4,364 | | | Shandong Gold Mining Co. Ltd. - Class A | | | 14,058 | | | 0.0 | |
| 8,000 (2) | | | Shandong Gold Mining Co. Ltd. - Class H | | | 15,179 | | | 0.0 | |
| 2,210 | | | Shandong Hualu Hengsheng Chemical Co. Ltd. - Class A | | | 8,597 | | | 0.0 | |
| 14,830 | | | Shandong Nanshan Aluminum Co. Ltd. - Class A | | | 6,145 | | | 0.0 | |
| 34,400 | | | Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | | | 33,526 | | | 0.1 | |
| 2,100 | | | Shanghai Aiko Solar Energy Co. Ltd. - Class A | | | 5,222 | | | 0.0 | |
| 1,776 | | | Shanghai Baosight Software Co. Ltd. - Class A | | | 12,218 | | | 0.0 | |
| 9,016 | | | Shanghai Baosight Software Co. Ltd. - Class B | | | 19,116 | | | 0.0 | |
| 15,100 (1) | | | Shanghai Electric Group Co. Ltd. - Class A | | | 8,878 | | | 0.0 | |
| 2,900 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class A | | | 10,234 | | | 0.0 | |
| 5,500 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class H | | | 11,979 | | | 0.0 | |
| 1,200 (1) | | | Shanghai International Airport Co. Ltd. - Class A | | | 5,546 | | | 0.0 | |
| 8,100 | | | Shanghai International Port Group Co. Ltd. - Class A | | | 5,596 | | | 0.0 | |
| 1,000 | | | Shanghai Jinjiang International Hotels Co. Ltd. - Class A | | | 4,217 | | | 0.0 | |
| 1,000 | | | Shanghai M&G Stationery, Inc. - Class A | | | 5,294 | | | 0.0 | |
| 11,900 | | | Shanghai Pharmaceuticals Holding Co. Ltd. - Class H | | | 17,410 | | | 0.0 | |
| 25,700 | | | Shanghai Pudong Development Bank Co. Ltd. - Class A | | | 23,996 | | | 0.0 | |
| 2,126 | | | Shanghai Putailai New Energy Technology Co. Ltd. - Class A | | | 6,270 | | | 0.0 | |
| 7,400 | | | Shanghai RAAS Blood Products Co. Ltd. - Class A | | | 8,346 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 768 | | | Shanghai United Imaging Healthcare Co. Ltd. - Class A | | $ | 14,836 | | | 0.0 | |
| 5,100 | | | Shanxi Coking Coal Energy Group Co. Ltd. - Class A | | | 7,104 | | | 0.0 | |
| 3,150 | | | Shanxi Lu'an Environmental Energy Development Co. Ltd. - Class A | | | 9,731 | | | 0.0 | |
| 5,600 (1) | | | Shanxi Meijin Energy Co. Ltd. - Class A | | | 5,256 | | | 0.0 | |
| 880 | | | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | | | 28,644 | | | 0.1 | |
| 400 | | | Shede Spirits Co. Ltd. - Class A | | | 5,457 | | | 0.0 | |
| 2,900 | | | Shengyi Technology Co. Ltd. - Class A | | | 7,489 | | | 0.0 | |
| 620 | | | Shennan Circuits Co. Ltd. - Class A | | | 6,206 | | | 0.0 | |
| 22,800 | | | Shenwan Hongyuan Group Co. Ltd. - Class A | | | 14,278 | | | 0.0 | |
| 1,800 | | | Shenzhen Inovance Technology Co. Ltd. - Class A | | | 16,033 | | | 0.0 | |
| 1,100 | | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | | | 45,105 | | | 0.1 | |
| 880 | | | Shenzhen New Industries Biomedical Engineering Co. Ltd. - Class A | | | 9,703 | | | 0.0 | |
| 9,800 (1) | | | Shenzhen Overseas Chinese Town Co. Ltd. - Class A | | | 4,303 | | | 0.0 | |
| 618 | | | Shenzhen Transsion Holdings Co. Ltd. - Class A | | | 12,055 | | | 0.0 | |
| 11,100 | | | Shenzhou International Group Holdings Ltd. | | | 113,873 | | | 0.1 | |
| 1,760 | | | Shijiazhuang Yiling Pharmaceutical Co. Ltd. - Class A | | | 5,724 | | | 0.0 | |
| 4,500 | | | Sichuan Chuantou Energy Co. Ltd. - Class A | | | 9,594 | | | 0.0 | |
| 1,700 | | | Sichuan Kelun Pharmaceutical Co. Ltd. - Class A | | | 6,964 | | | 0.0 | |
| 6,920 | | | Sichuan Road and Bridge Group Co. Ltd. - Class A | | | 7,310 | | | 0.0 | |
| 1,500 | | | Sieyuan Electric Co. Ltd. - Class A | | | 11,005 | | | 0.0 | |
| 4,000 | | | Silergy Corp. | | | 64,924 | | | 0.1 | |
| 18,000 | | | Sinopharm Group Co. Ltd. - Class H | | | 47,174 | | | 0.1 | |
| 8,500 | | | Sinotruk Hong Kong Ltd. | | | 16,686 | | | 0.0 | |
| 579 (1) | | | Skshu Paint Co. Ltd. - Class A | | | 3,887 | | | 0.0 | |
| 25,000 (2)(3) | | | Smoore International Holdings Ltd. | | | 20,836 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 3,140 | | | Songcheng Performance Development Co. Ltd. - Class A | | $ | 4,370 | | | 0.0 | |
| 1,300 (1) | | | Spring Airlines Co. Ltd. - Class A | | | 9,201 | | | 0.0 | |
| 200 | | | StarPower Semiconductor Ltd. - Class A | | | 5,102 | | | 0.0 | |
| 1,200 | | | Sungrow Power Supply Co. Ltd. - Class A | | | 14,816 | | | 0.0 | |
| 9,500 | | | Sunny Optical Technology Group Co. Ltd. | | | 86,363 | | | 0.1 | |
| 870 | | | SUPCON Technology Co. Ltd. - Class A | | | 5,561 | | | 0.0 | |
| 1,800 | | | Suzhou Dongshan Precision Manufacturing Co. Ltd. - Class A | | | 4,610 | | | 0.0 | |
| 348 | | | Suzhou Maxwell Technologies Co. Ltd. - Class A | | | 6,355 | | | 0.0 | |
| 5,981 (1) | | | TAL Education Group, ADR | | | 75,540 | | | 0.1 | |
| 5,350 | | | TBEA Co. Ltd. - Class A | | | 10,408 | | | 0.0 | |
| 19,520 (1) | | | TCL Technology Group Corp. - Class A | | | 11,833 | | | 0.0 | |
| 3,525 | | | TCL Zhonghuan Renewable Energy Technology Co. Ltd. - Class A | | | 7,769 | | | 0.0 | |
| 88,800 | | | Tencent Holdings Ltd. | | | 3,352,633 | | | 3.5 | |
| 10,011 (1) | | | Tencent Music Entertainment Group, ADR | | | 90,199 | | | 0.1 | |
| 500 | | | Thunder Software Technology Co. Ltd. - Class A | | | 5,638 | | | 0.0 | |
| 1,400 | | | Tianqi Lithium Corp. - Class A | | | 11,010 | | | 0.0 | |
| 26,000 | | | Tingyi Cayman Islands Holding Corp. | | | 31,709 | | | 0.1 | |
| 16,800 (1) | | | Tongcheng Travel Holdings Ltd. | | | 31,114 | | | 0.1 | |
| 13,800 | | | Tongling Nonferrous Metals Group Co. Ltd. - Class A | | | 6,381 | | | 0.0 | |
| 3,900 | | | Tongwei Co. Ltd. - Class A | | | 13,759 | | | 0.0 | |
| 500 (1) | | | Topchoice Medical Corp. - Class A | | | 5,388 | | | 0.0 | |
| 25,000 (2) | | | Topsports International Holdings Ltd. | | | 19,495 | | | 0.0 | |
| 12,000 | | | TravelSky Technology Ltd. - Class H | | | 20,750 | | | 0.0 | |
| 1,954 | | | Trina Solar Co. Ltd. - Class A | | | 7,863 | | | 0.0 | |
| 7,500 (1) | | | Trip.com Group Ltd. | | | 269,236 | | | 0.3 | |
| 800 | | | Tsingtao Brewery Co. Ltd. - Class A | | | 8,432 | | | 0.0 | |
| 8,000 | | | Tsingtao Brewery Co. Ltd. - Class H | | | 53,755 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 859 (1) | | | Unigroup Guoxin Microelectronics Co. Ltd. - Class A | | $ | 8,165 | | | 0.0 | |
| 17,000 | | | Uni-President China Holdings Ltd. | | | 12,096 | | | 0.0 | |
| 2,600 (1) | | | Unisplendour Corp. Ltd. - Class A | | | 7,089 | | | 0.0 | |
| 600 (1) | | | Verisilicon Microelectronics Shanghai Co. Ltd. - Class A | | | 4,223 | | | 0.0 | |
| 4,560 (1) | | | Vipshop Holdings Ltd., ADR | | | 80,986 | | | 0.1 | |
| 1,840 | | | Walvax Biotechnology Co. Ltd. - Class A | | | 6,097 | | | 0.0 | |
| 2,900 | | | Wanhua Chemical Group Co. Ltd. - Class A | | | 31,434 | | | 0.1 | |
| 1,003 | | | Weibo Corp., ADR | | | 10,983 | | | 0.0 | |
| 8,700 | | | Weichai Power Co. Ltd. - Class A | | | 16,732 | | | 0.0 | |
| 25,000 | | | Weichai Power Co. Ltd. - Class H | | | 41,766 | | | 0.1 | |
| 5,820 | | | Wens Foodstuffs Group Co. Ltd. - Class A | | | 16,462 | | | 0.0 | |
| 5,800 | | | Western Securities Co. Ltd. - Class A | | | 5,211 | | | 0.0 | |
| 761 | | | Western Superconducting Technologies Co. Ltd. - Class A | | | 5,712 | | | 0.0 | |
| 1,160 | | | Will Semiconductor Co. Ltd. Shanghai - Class A | | | 17,452 | | | 0.0 | |
| 1,200 (1) | | | Wingtech Technology Co. Ltd. - Class A | | | 7,158 | | | 0.0 | |
| 5,238 | | | Wuhan Guide Infrared Co. Ltd. - Class A | | | 5,390 | | | 0.0 | |
| 3,400 | | | Wuliangye Yibin Co. Ltd. - Class A | | | 67,304 | | | 0.1 | |
| 2,130 | | | WUS Printed Circuit Kunshan Co. Ltd. - Class A | | | 6,637 | | | 0.0 | |
| 2,376 | | | WuXi AppTec Co. Ltd. - Class A | | | 24,383 | | | 0.0 | |
| 4,641 (2)(3) | | | WuXi AppTec Co. Ltd. - Class H | | | 47,283 | | | 0.1 | |
| 52,000 (1)(2) | | | Wuxi Biologics Cayman, Inc. | | | 196,677 | | | 0.2 | |
| 12,500 | | | XCMG Construction Machinery Co. Ltd. - Class A | | | 9,624 | | | 0.0 | |
| 3,500 | | | Xiamen C & D, Inc. - Class A | | | 4,757 | | | 0.0 | |
| 208,000 (1)(2) | | | Xiaomi Corp. - Class B | | | 416,509 | | | 0.5 | |
| 1,800 | | | Xinjiang Daqo New Energy Co. Ltd. - Class A | | | 7,505 | | | 0.0 | |
| 64,000 | | | Xinyi Solar Holdings Ltd. | | | 37,417 | | | 0.1 | |
| 14,300 (1)(3) | | | XPeng, Inc. - Class A | | | 104,168 | | | 0.1 | |
| 18,000 | | | Xtep International Holdings Ltd. | | | 10,175 | | | 0.0 | |
| 16,000 (2) | | | Yadea Group Holdings Ltd. | | | 28,182 | | | 0.1 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 4,050 | | | Yankuang Energy Group Co. Ltd. - Class A | | $ | 11,312 | | | 0.0 | |
| 29,000 | | | Yankuang Energy Group Co. Ltd. - Class H | | | 55,160 | | | 0.1 | |
| 1,300 | | | Yealink Network Technology Corp. Ltd. - Class A | | | 5,415 | | | 0.0 | |
| 1,060 | | | Yifeng Pharmacy Chain Co. Ltd. - Class A | | | 5,985 | | | 0.0 | |
| 1,500 | | | Yihai Kerry Arawana Holdings Co. Ltd. - Class A | | | 7,063 | | | 0.0 | |
| 5,100 | | | Yintai Gold Co. Ltd. - Class A | | | 10,759 | | | 0.0 | |
| 3,318 | | | Yonyou Network Technology Co. Ltd. - Class A | | | 8,319 | | | 0.0 | |
| 3,700 | | | YTO Express Group Co. Ltd. - Class A | | | 6,412 | | | 0.0 | |
| 5,655 | | | Yum China Holdings, Inc. | | | 239,942 | | | 0.3 | |
| 4,100 | | | Yunnan Aluminium Co. Ltd. - Class A | | | 7,065 | | | 0.0 | |
| 2,000 | | | Yunnan Baiyao Group Co. Ltd. - Class A | | | 13,863 | | | 0.0 | |
| 600 | | | Yunnan Botanee Bio- Technology Group Co. Ltd. - Class A | | | 5,768 | | | 0.0 | |
| 900 | | | Yunnan Energy New Material Co. Ltd. - Class A | | | 7,208 | | | 0.0 | |
| 12,500 (1) | | | Zai Lab Ltd. | | | 33,836 | | | 0.1 | |
| 2,000 | | | Zangge Mining Co. Ltd. - Class A | | | 7,146 | | | 0.0 | |
| 600 | | | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A | | | 20,465 | | | 0.0 | |
| 17,000 | | | Zhaojin Mining Industry Co. Ltd. - Class H | | | 21,120 | | | 0.0 | |
| 7,280 (1) | | | Zhejiang Century Huatong Group Co. Ltd. - Class A | | | 5,297 | | | 0.0 | |
| 6,900 | | | Zhejiang China Commodities City Group Co. Ltd. - Class A | | | 7,121 | | | 0.0 | |
| 2,400 | | | Zhejiang Chint Electrics Co. Ltd. - Class A | | | 7,279 | | | 0.0 | |
| 3,400 | | | Zhejiang Dahua Technology Co. Ltd. - Class A | | | 8,844 | | | 0.0 | |
| 22,080 | | | Zhejiang Expressway Co. Ltd. - Class H | | | 14,740 | | | 0.0 | |
| 1,620 | | | Zhejiang Huayou Cobalt Co. Ltd. - Class A | | | 7,520 | | | 0.0 | |
| 1,200 | | | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. - Class A | | | 7,459 | | | 0.0 | |
| 3,280 | | | Zhejiang Juhua Co. Ltd. - Class A | | | 7,627 | | | 0.0 | |
| 6,600 (1)(2) | | | Zhejiang Leapmotor Technology Co. Ltd. | | | 30,206 | | | 0.1 | |
| 3,712 | | | Zhejiang NHU Co. Ltd. - Class A | | | 8,877 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) |
| 2,300 | | | Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class A | | $ | 9,533 | | | 0.0 | |
| 15,000 (1) | | | Zhejiang Zheneng Electric Power Co. Ltd. - Class A | | | 9,750 | | | 0.0 | |
| 4,700 | | | Zheshang Securities Co. Ltd. - Class A | | | 6,912 | | | 0.0 | |
| 9,400 (1)(2) | | | ZhongAn Online P&C Insurance Co. Ltd. - Class H | | | 21,540 | | | 0.0 | |
| 700 | | | Zhongji Innolight Co. Ltd. - Class A | | | 11,112 | | | 0.0 | |
| 6,900 | | | Zhongjin Gold Corp. Ltd. - Class A | | | 9,680 | | | 0.0 | |
| 10,500 | | | Zhongsheng Group Holdings Ltd. | | | 25,150 | | | 0.0 | |
| 7,400 | | | Zhongtai Securities Co. Ltd. - Class A | | | 7,158 | | | 0.0 | |
| 7,800 | | | Zhuzhou CRRC Times Electric Co. Ltd. - Class H | | | 22,280 | | | 0.0 | |
| 19,900 | | | Zijin Mining Group Co. Ltd. - Class A | | | 34,930 | | | 0.1 | |
| 70,000 | | | Zijin Mining Group Co. Ltd. - Class H | | | 114,112 | | | 0.1 | |
| 8,300 | | | Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class A | | | 7,643 | | | 0.0 | |
| 3,900 | | | ZTE Corp. - Class A | | | 14,556 | | | 0.0 | |
| 9,440 | | | ZTE Corp. - Class H | | | 21,097 | | | 0.0 | |
| 5,831 | | | ZTO Express Cayman, Inc., ADR | | | 124,084 | | | 0.2 | |
| | | | | | | 22,316,327 | | | 23.4 | |
| | | | Colombia: 0.1% |
| 3,186 | | | Bancolombia SA - Preference Shares | | | 27,294 | | | 0.1 | |
| 5,678 | | | Interconexion Electrica SA ESP | | | 22,681 | | | 0.0 | |
| | | | | | | 49,975 | | | 0.1 | |
| | | | Czechia: 0.1% |
| 2,105 | | | CEZ AS | | | 90,219 | | | 0.1 | |
| 1,038 | | | Komercni Banka AS | | | 33,613 | | | 0.0 | |
| 4,265 (2) | | | Moneta Money Bank AS | | | 17,845 | | | 0.0 | |
| | | | | | | 141,677 | | | 0.1 | |
| | | | Egypt: 0.1% |
| 34,452 | | | Commercial International Bank Egypt SAE | | | 81,271 | | | 0.1 | |
| 15,838 | | | Eastern Co. SAE | | | 14,376 | | | 0.0 | |
| 16,729 (1) | | | EFG Holding S.A.E. | | | 9,018 | | | 0.0 | |
| | | | | | | 104,665 | | | 0.1 | |
| | | | Greece: 0.5% |
| 30,356 (1) | | | Alpha Services and Holdings SA | | | 51,564 | | | 0.1 | |
| 34,557 (1) | | | Eurobank Ergasias Services and Holdings SA | | | 61,398 | | | 0.1 | |
| 4,349 (1)(4) | | | FF Group | | | — | | | — | |
| 2,170 | | | Hellenic Telecommunications Organization SA | | | 30,911 | | | 0.0 | |
| 1,623 | | | Jumbo SA | | | 45,008 | | | 0.1 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Greece (continued) |
| 819 | | | Motor Oil Hellas Corinth Refineries SA | | $ | 21,482 | | | 0.0 | |
| 1,486 | | | Mytilineos SA | | | 60,205 | | | 0.1 | |
| 10,417 (1) | | | National Bank of Greece SA | | | 72,375 | | | 0.1 | |
| 2,497 | | | OPAP SA | | | 42,368 | | | 0.0 | |
| 8,448 (1) | | | Piraeus Financial Holdings SA | | | 29,853 | | | 0.0 | |
| 2,857 (1) | | | Public Power Corp. SA | | | 35,203 | | | 0.0 | |
| | | | | | | 450,367 | | | 0.5 | |
| | | | Hong Kong: 1.3% |
| 70,000 (1) | | | Alibaba Health Information Technology Ltd. | | | 38,061 | | | 0.1 | |
| 7,000 | | | Beijing Enterprises Holdings Ltd. | | | 24,343 | | | 0.0 | |
| 54,000 | | | Beijing Enterprises Water Group Ltd. | | | 12,036 | | | 0.0 | |
| 52,000 | | | Bosideng International Holdings Ltd. | | | 23,391 | | | 0.0 | |
| 38,000 | | | Brilliance China Automotive Holdings Ltd. | | | 21,166 | | | 0.0 | |
| 9,000 | | | C&D International Investment Group Ltd. | | | 19,137 | | | 0.0 | |
| 48,000 | | | China Everbright Environment Group Ltd. | | | 15,625 | | | 0.0 | |
| 36,800 | | | China Gas Holdings Ltd. | | | 36,359 | | | 0.0 | |
| 19,000 | | | China Medical System Holdings Ltd. | | | 33,671 | | | 0.0 | |
| 19,338 | | | China Merchants Port Holdings Co. Ltd. | | | 26,353 | | | 0.0 | |
| 51,000 | | | China Overseas Land & Investment Ltd. | | | 89,978 | | | 0.1 | |
| 20,000 | | | China Overseas Property Holdings Ltd. | | | 15,009 | | | 0.0 | |
| 67,000 | | | China Power International Development Ltd. | | | 24,645 | | | 0.0 | |
| 22,000 | | | China Resources Beer Holdings Co. Ltd. | | | 96,535 | | | 0.1 | |
| 12,600 | | | China Resources Gas Group Ltd. | | | 41,355 | | | 0.1 | |
| 42,444 | | | China Resources Land Ltd. | | | 152,290 | | | 0.2 | |
| 26,000 | | | China Resources Power Holdings Co. Ltd. | | | 52,100 | | | 0.1 | |
| 76,000 (1)(3) | | | China Ruyi Holdings Ltd. | | | 16,853 | | | 0.0 | |
| 28,000 | | | China State Construction International Holdings Ltd. | | | 32,402 | | | 0.0 | |
| 18,428 | | | China Taiping Insurance Holdings Co. Ltd. | | | 15,891 | | | 0.0 | |
| 38,000 | | | China Traditional Chinese Medicine Holdings Co. Ltd. | | | 19,120 | | | 0.0 | |
| 27,200 | | | Chow Tai Fook Jewellery Group Ltd. | | | 40,523 | | | 0.1 | |
| 12,000 | | | COSCO SHIPPING Ports Ltd. | | | 8,675 | | | 0.0 | |
| 18,000 | | | Far East Horizon Ltd. | | | 14,167 | | | 0.0 | |
| 266,000 | | | GCL Technology Holdings Ltd. | | | 42,241 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Hong Kong (continued) |
| 80,000 | | | Geely Automobile Holdings Ltd. | | $ | 88,129 | | | 0.1 | |
| 42,000 | | | Guangdong Investment Ltd. | | | 30,570 | | | 0.0 | |
| 9,000 | | | Kingboard Holdings Ltd. | | | 21,524 | | | 0.0 | |
| 13,000 | | | Kingboard Laminates Holdings Ltd. | | | 11,189 | | | 0.0 | |
| 52,000 | | | Kunlun Energy Co. Ltd. | | | 46,928 | | | 0.1 | |
| 23,000 (1) | | | Nine Dragons Paper Holdings Ltd. | | | 11,332 | | | 0.0 | |
| 1,500 | | | Orient Overseas International Ltd. | | | 20,949 | | | 0.0 | |
| 143,250 | | | Sino Biopharmaceutical Ltd. | | | 63,724 | | | 0.1 | |
| 5,000 | | | Vinda International Holdings Ltd. | | | 14,579 | | | 0.0 | |
| 65,000 | | | Want Want China Holdings Ltd. | | | 39,291 | | | 0.1 | |
| 19,760 | | | Yuexiu Property Co. Ltd. | | | 16,113 | | | 0.0 | |
| | | | | | | 1,276,254 | | | 1.3 | |
| | | | Hungary: 0.3% |
| 6,157 | | | MOL Hungarian Oil & Gas PLC | | | 50,156 | | | 0.1 | |
| 3,286 | | | OTP Bank Nyrt | | | 149,685 | | | 0.2 | |
| 1,638 | | | Richter Gedeon Nyrt | | | 41,314 | | | 0.0 | |
| | | | | | | 241,155 | | | 0.3 | |
| | | | India: 16.5% |
| 734 | | | ABB India Ltd. | | | 41,222 | | | 0.0 | |
| 2,347 | | | Adani Enterprises Ltd. | | | 80,257 | | | 0.1 | |
| 4,227 (1) | | | Adani Green Energy Ltd. | | | 81,127 | | | 0.1 | |
| 7,109 | | | Adani Ports & Special Economic Zone Ltd. | | | 87,395 | | | 0.1 | |
| 10,193 (1) | | | Adani Power Ltd. | | | 64,327 | | | 0.1 | |
| 8,055 | | | Ambuja Cements Ltd. | | | 50,374 | | | 0.1 | |
| 2,061 | | | APL Apollo Tubes Ltd. | | | 38,039 | | | 0.0 | |
| 1,350 | | | Apollo Hospitals Enterprise Ltd. | | | 92,481 | | | 0.1 | |
| 16,521 | | | Ashok Leyland Ltd. | | | 36,019 | | | 0.0 | |
| 5,196 | | | Asian Paints Ltd. | | | 212,343 | | | 0.2 | |
| 1,396 | | | Astral Ltd. | | | 31,983 | | | 0.0 | |
| 2,124 (2) | | | AU Small Finance Bank Ltd. | | | 20,080 | | | 0.0 | |
| 3,550 | | | Aurobindo Pharma Ltd. | | | 46,225 | | | 0.1 | |
| 2,178 (1)(2) | | | Avenue Supermarts Ltd. | | | 106,820 | | | 0.1 | |
| 30,891 | | | Axis Bank Ltd. | | | 408,823 | | | 0.4 | |
| 929 | | | Bajaj Auto Ltd. | | | 75,862 | | | 0.1 | |
| 3,672 | | | Bajaj Finance Ltd. | | | 323,104 | | | 0.3 | |
| 5,023 | | | Bajaj Finserv Ltd. | | | 101,685 | | | 0.1 | |
| 339 | | | Bajaj Holdings & Investment Ltd. | | | 31,252 | | | 0.0 | |
| 1,038 | | | Balkrishna Industries Ltd. | | | 32,025 | | | 0.0 | |
| 9,569 (2) | | | Bandhan Bank Ltd. | | | 27,730 | | | 0.0 | |
| 13,608 | | | Bank of Baroda | | | 37,757 | | | 0.0 | |
| 4,031 | | | Berger Paints India Ltd. | | | 29,290 | | | 0.0 | |
| 50,099 | | | Bharat Electronics Ltd. | | | 110,832 | | | 0.1 | |
| 3,481 | | | Bharat Forge Ltd. | | | 51,771 | | | 0.1 | |
| 10,093 | | | Bharat Petroleum Corp. Ltd. | | | 54,660 | | | 0.1 | |
| 30,034 | | | Bharti Airtel Ltd. | | | 372,334 | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) |
| 1,451 | | | Britannia Industries Ltd. | | $ | 93,059 | | | 0.1 | |
| 8,421 | | | CG Power & Industrial Solutions Ltd. | | | 45,967 | | | 0.1 | |
| 5,403 | | | Cholamandalam Investment and Finance Co. Ltd. | | | 81,723 | | | 0.1 | |
| 7,051 | | | Cipla Ltd./India | | | 105,560 | | | 0.1 | |
| 20,597 | | | Coal India Ltd. | | | 93,008 | | | 0.1 | |
| 1,648 | | | Colgate-Palmolive India Ltd. | | | 50,078 | | | 0.1 | |
| 3,706 | | | Container Corp. Of India Ltd. | | | 38,252 | | | 0.0 | |
| 1,607 | | | Cummins India Ltd. | | | 37,906 | | | 0.0 | |
| 7,366 | | | Dabur India Ltd. | | | 49,304 | | | 0.1 | |
| 1,613 | | | Divi’s Laboratories Ltd. | | | 75,626 | | | 0.1 | |
| 8,268 | | | DLF Ltd. | | | 72,104 | | | 0.1 | |
| 1,452 | | | Dr Reddy’s Laboratories Ltd. | | | 101,201 | | | 0.1 | |
| 1,859 | | | Eicher Motors Ltd. | | | 92,523 | | | 0.1 | |
| 30,913 | | | GAIL India Ltd. | | | 60,184 | | | 0.1 | |
| 5,394 | | | Godrej Consumer Products Ltd. | | | 73,298 | | | 0.1 | |
| 1,672 (1) | | | Godrej Properties Ltd. | | | 40,416 | | | 0.0 | |
| 3,587 | | | Grasim Industries Ltd. | | | 91,964 | | | 0.1 | |
| 3,517 | | | Havells India Ltd. | | | 57,786 | | | 0.1 | |
| 12,789 | | | HCL Technologies Ltd. | | | 225,071 | | | 0.2 | |
| 979 (2) | | | HDFC Asset Management Co. Ltd. | | | 37,690 | | | 0.0 | |
| 37,648 | | | HDFC Bank Ltd. | | | 770,881 | | | 0.8 | |
| 12,873 (2) | | | HDFC Life Insurance Co. Ltd. | | | 100,025 | | | 0.1 | |
| 1,516 | | | Hero MotoCorp Ltd. | | | 75,357 | | | 0.1 | |
| 16,443 | | | Hindalco Industries Ltd. | | | 121,284 | | | 0.1 | |
| 2,291 | | | Hindustan Aeronautics Ltd. | | | 77,172 | | | 0.1 | |
| 7,589 (1) | | | Hindustan Petroleum Corp. Ltd. | | | 36,380 | | | 0.0 | |
| 11,119 | | | Hindustan Unilever Ltd. | | | 355,778 | | | 0.4 | |
| 69,740 | | | ICICI Bank Ltd. | | | 833,379 | | | 0.9 | |
| 3,168 (2) | | | ICICI Lombard General Insurance Co. Ltd. | | | 54,034 | | | 0.1 | |
| 4,618 (2) | | | ICICI Prudential Life Insurance Co. Ltd. | | | 29,654 | | | 0.0 | |
| 46,339 (1) | | | IDFC First Bank Ltd. | | | 49,450 | | | 0.1 | |
| 11,312 | | | Indian Hotels Co. Ltd. | | | 59,558 | | | 0.1 | |
| 37,521 | | | Indian Oil Corp. Ltd. | | | 58,519 | | | 0.1 | |
| 3,202 | | | Indian Railway Catering & Tourism Corp. Ltd. | | | 34,129 | | | 0.0 | |
| 4,185 | | | Indraprastha Gas Ltd. | | | 21,021 | | | 0.0 | |
| 3,106 | | | IndusInd Bank Ltd. | | | 59,620 | | | 0.1 | |
| 950 | | | Info Edge India Ltd. | | | 58,636 | | | 0.1 | |
| 44,167 | | | Infosys Ltd. | | | 817,553 | | | 0.9 | |
| 1,805 (1)(2) | | | InterGlobe Aviation Ltd. | | | 64,305 | | | 0.1 | |
| 40,721 | | | ITC Ltd. | | | 226,032 | | | 0.2 | |
| 4,808 | | | Jindal Steel & Power Ltd. | | | 43,170 | | | 0.0 | |
| 7,740 | | | JSW Steel Ltd. | | | 81,797 | | | 0.1 | |
| 5,280 | | | Jubilant Foodworks Ltd. | | | 35,833 | | | 0.0 | |
| 14,864 | | | Kotak Mahindra Bank Ltd. | | | 340,572 | | | 0.4 | |
| 9,037 | | | Larsen & Toubro Ltd. | | | 382,698 | | | 0.4 | |
| 1,192 (2) | | | LTIMindtree Ltd. | | | 90,073 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) |
| 2,758 | | | Lupin Ltd. | | $ | 43,824 | | | 0.0 | |
| 2,969 (2) | | | Macrotech Developers Ltd. | | | 36,474 | | | 0.0 | |
| 12,703 | | | Mahindra & Mahindra Ltd. | | | 263,823 | | | 0.3 | |
| 6,998 | | | Marico Ltd. | | | 46,111 | | | 0.1 | |
| 1,850 | | | Maruti Suzuki India Ltd. | | | 228,901 | | | 0.2 | |
| 10,431 | | | Max Healthcare Institute Ltd. | | | 86,023 | | | 0.1 | |
| 1,027 | | | Mphasis Ltd. | | | 33,769 | | | 0.0 | |
| 26 | | | MRF Ltd. | | | 40,473 | | | 0.0 | |
| 1,493 | | | Muthoot Finance Ltd. | | | 26,472 | | | 0.0 | |
| 443 | | | Nestle India Ltd. | | | 141,437 | | | 0.2 | |
| 58,972 | | | NTPC Ltd. | | | 220,322 | | | 0.2 | |
| 42,123 | | | Oil & Natural Gas Corp. Ltd. | | | 103,708 | | | 0.1 | |
| 2,728 (1) | | | One 97 Communications Ltd. | | | 20,807 | | | 0.0 | |
| 82 | | | Page Industries Ltd. | | | 37,932 | | | 0.0 | |
| 577 | | | Persistent Systems Ltd. | | | 51,180 | | | 0.1 | |
| 10,191 | | | Petronet LNG Ltd. | | | 27,251 | | | 0.0 | |
| 1,100 | | | PI Industries Ltd. | | | 46,460 | | | 0.1 | |
| 1,907 | | | Pidilite Industries Ltd. | | | 62,187 | | | 0.1 | |
| 502 | | | Polycab India Ltd. | | | 33,070 | | | 0.0 | |
| 19,002 | | | Power Finance Corp. Ltd. | | | 87,309 | | | 0.1 | |
| 63,111 | | | Power Grid Corp. of India Ltd. | | | 179,762 | | | 0.2 | |
| 17,261 | | | REC Ltd. | | | 85,571 | | | 0.1 | |
| 40,539 | | | Reliance Industries Ltd. | | | 1,258,247 | | | 1.3 | |
| 40,477 (1) | | | Reliance Strategic Investments Ltd. | | | 113,164 | | | 0.1 | |
| 31,742 | | | Samvardhana Motherson International Ltd. | | | 38,864 | | | 0.0 | |
| 3,617 | | | SBI Cards & Payment Services Ltd. | | | 33,004 | | | 0.0 | |
| 5,960 (2) | | | SBI Life Insurance Co. Ltd. | | | 102,570 | | | 0.1 | |
| 123 | | | Shree Cement Ltd. | | | 42,337 | | | 0.0 | |
| 3,691 | | | Shriram Finance Ltd. | | | 91,049 | | | 0.1 | |
| 1,221 | | | Siemens Ltd. | | | 59,020 | | | 0.1 | |
| 5,513 (2) | | | Sona Blw Precision Forgings Ltd. | | | 42,668 | | | 0.0 | |
| 2,042 | | | SRF Ltd. | | | 60,798 | | | 0.1 | |
| 24,127 | | | State Bank of India | | | 185,987 | | | 0.2 | |
| 12,788 | | | Sun Pharmaceutical Industries Ltd. | | | 193,455 | | | 0.2 | |
| 810 | | | Supreme Industries Ltd. | | | 44,201 | | | 0.1 | |
| 115,392 (1) | | | Suzlon Energy Ltd. | | | 52,927 | | | 0.1 | |
| 1,185 | | | Tata Communications Ltd. | | | 25,198 | | | 0.0 | |
| 12,347 | | | Tata Consultancy Services Ltd. | | | 562,331 | | | 0.6 | |
| 7,497 | | | Tata Consumer Products Ltd. | | | 97,864 | | | 0.1 | |
| 458 | | | Tata Elxsi Ltd. | | | 48,151 | | | 0.1 | |
| 22,508 | | | Tata Motors Ltd. | | | 210,869 | | | 0.2 | |
| 3,356 | | | Tata Motors Ltd. - DVR Shares | | | 20,923 | | | 0.0 | |
| 19,262 | | | Tata Power Co. Ltd. | | | 76,807 | | | 0.1 | |
| 98,529 | | | Tata Steel Ltd. | | | 165,148 | | | 0.2 | |
| 7,231 | | | Tech Mahindra Ltd. | | | 110,461 | | | 0.1 | |
| 4,767 | | | Titan Co. Ltd. | | | 210,401 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) |
| 1,355 | | | Torrent Pharmaceuticals Ltd. | | $ | 37,521 | | | 0.0 | |
| 2,434 | | | Trent Ltd. | | | 89,309 | | | 0.1 | |
| 1,411 | | | Tube Investments of India Ltd. | | | 60,027 | | | 0.1 | |
| 3,217 | | | TVS Motor Co. Ltd. | | | 78,279 | | | 0.1 | |
| 1,563 | | | UltraTech Cement Ltd. | | | 197,174 | | | 0.2 | |
| 3,875 | | | United Spirits Ltd. | | | 52,011 | | | 0.1 | |
| 5,551 | | | UPL Ltd. | | | 39,150 | | | 0.0 | |
| 6,105 | | | Varun Beverages Ltd. | | | 90,692 | | | 0.1 | |
| 9,823 | | | Vedanta Ltd. | | | 30,497 | | | 0.0 | |
| 16,483 | | | Wipro Ltd. | | | 93,500 | | | 0.1 | |
| 171,086 (1) | | | Yes Bank Ltd. | | | 44,073 | | | 0.1 | |
| 66,850 (1) | | | Zomato Ltd. | | | 99,224 | | | 0.1 | |
| | | | | | | 15,706,214 | | | 16.5 | |
| | | | Indonesia: 1.9% |
| 197,600 | | | Adaro Energy Indonesia Tbk PT | | | 30,519 | | | 0.0 | |
| 82,600 (1) | | | Amman Mineral Internasional PT | | | 35,149 | | | 0.1 | |
| 114,900 | | | Aneka Tambang Tbk | | | 12,724 | | | 0.0 | |
| 275,900 | | | Astra International Tbk PT | | | 101,178 | | | 0.1 | |
| 723,600 | | | Bank Central Asia Tbk PT | | | 441,902 | | | 0.5 | |
| 507,400 | | | Bank Mandiri Persero Tbk PT | | | 199,326 | | | 0.2 | |
| 207,100 | | | Bank Negara Indonesia Persero Tbk PT | | | 72,265 | | | 0.1 | |
| 892,238 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 331,616 | | | 0.4 | |
| 379,796 | | | Barito Pacific Tbk PT | | | 32,788 | | | 0.0 | |
| 101,800 | | | Charoen Pokphand Indonesia Tbk PT | | | 33,224 | | | 0.1 | |
| 11,332,400 (1) | | | GoTo Gojek Tokopedia Tbk PT | | | 63,176 | | | 0.1 | |
| 35,200 | | | Indah Kiat Pulp & Paper Tbk PT | | | 19,025 | | | 0.0 | |
| 29,000 | | | Indofood CBP Sukses Makmur Tbk PT | | | 19,895 | | | 0.0 | |
| 58,500 | | | Indofood Sukses Makmur Tbk PT | | | 24,508 | | | 0.0 | |
| 294,100 | | | Kalbe Farma Tbk PT | | | 30,764 | | | 0.0 | |
| 164,956 (1) | | | Merdeka Copper Gold Tbk PT | | | 28,917 | | | 0.0 | |
| 257,100 | | | Sarana Menara Nusantara Tbk PT | | | 16,512 | | | 0.0 | |
| 45,087 | | | Semen Indonesia Persero Tbk PT | | | 18,738 | | | 0.0 | |
| 228,800 | | | Sumber Alfaria Trijaya Tbk PT | | | 43,540 | | | 0.1 | |
| 662,400 | | | Telkom Indonesia Persero Tbk PT | | | 169,936 | | | 0.2 | |
| 103,000 | | | Unilever Indonesia Tbk PT | | | 23,614 | | | 0.0 | |
| 20,700 | | | United Tractors Tbk PT | | | 30,416 | | | 0.0 | |
| | | | | | | 1,779,732 | | | 1.9 | |
| | | | Ireland: 1.2% |
| 7,940 (1) | | | PDD Holdings, Inc., ADR | | | 1,161,701 | | | 1.2 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Kuwait: 0.8% | |
| 21,769 (1) | | | Agility Public Warehousing Co. KSC | | $ | 36,034 | | | 0.0 | |
| 19,268 | | | Boubyan Bank KSCP | | | 37,618 | | | 0.1 | |
| 28,274 | | | Gulf Bank KSCP | | | 25,848 | | | 0.0 | |
| 108,565 | | | Kuwait Finance House KSCP | | | 256,394 | | | 0.3 | |
| 8,368 | | | Mabanee Co. KPSC | | | 22,948 | | | 0.0 | |
| 28,302 | | | Mobile Telecommunications Co. KSCP | | | 46,701 | | | 0.1 | |
| 99,879 | | | National Bank of Kuwait SAKP | | | 290,571 | | | 0.3 | |
| | | | | | | 716,114 | | | 0.8 | |
| | | | Luxembourg: 0.0% |
| 1,835 | | | Reinet Investments SCA | | | 46,768 | | | 0.0 | |
| | | | |
| | | | Malaysia: 1.3% |
| 21,900 | | | AMMB Holdings Bhd | | | 19,102 | | | 0.0 | |
| 36,300 | | | Axiata Group Bhd | | | 18,792 | | | 0.0 | |
| 49,500 | | | CELCOMDIGI BHD | | | 43,905 | | | 0.1 | |
| 87,300 | | | CIMB Group Holdings Bhd | | | 111,149 | | | 0.1 | |
| 48,042 | | | Dialog Group Bhd | | | 21,641 | | | 0.0 | |
| 24,500 | | | Gamuda Bhd | | | 24,473 | | | 0.0 | |
| 28,400 | | | Genting Bhd | | | 28,545 | | | 0.0 | |
| 38,800 | | | Genting Malaysia Bhd | | | 22,704 | | | 0.0 | |
| 8,972 | | | Hong Leong Bank Bhd | | | 36,896 | | | 0.1 | |
| 30,700 | | | IHH Healthcare Bhd | | | 40,296 | | | 0.1 | |
| 34,200 | | | Inari Amertron Bhd | | | 22,376 | | | 0.0 | |
| 34,100 | | | IOI Corp. Bhd | | | 29,163 | | | 0.0 | |
| 6,300 | | | Kuala Lumpur Kepong Bhd | | | 29,899 | | | 0.1 | |
| 73,800 | | | Malayan Banking Bhd | | | 142,748 | | | 0.2 | |
| 8,500 | | | Malaysia Airports Holdings Bhd | | | 13,616 | | | 0.0 | |
| 32,000 | | | Maxis Bhd | | | 26,812 | | | 0.0 | |
| 18,500 | | | MISC Bhd | | | 29,340 | | | 0.0 | |
| 23,300 (2) | | | MR DIY Group M Bhd | | | 7,353 | | | 0.0 | |
| 900 | | | Nestle Malaysia Bhd | | | 23,034 | | | 0.0 | |
| 38,900 | | | Petronas Chemicals Group Bhd | | | 60,598 | | | 0.1 | |
| 3,900 | | | Petronas Dagangan Bhd | | | 18,537 | | | 0.0 | |
| 8,700 | | | Petronas Gas Bhd | | | 32,945 | | | 0.1 | |
| 8,580 | | | PPB Group Bhd | | | 27,038 | | | 0.0 | |
| 50,600 | | | Press Metal Aluminium Holdings Bhd | | | 52,942 | | | 0.1 | |
| 196,100 | | | Public Bank Bhd | | | 183,017 | | | 0.2 | |
| 13,100 | | | QL Resources Bhd | | | 16,279 | | | 0.0 | |
| 19,476 | | | RHB Bank Bhd | | | 23,095 | | | 0.0 | |
| 33,700 | | | Sime Darby Bhd | | | 17,232 | | | 0.0 | |
| 27,800 | | | Sime Darby Plantation Bhd | | | 26,950 | | | 0.0 | |
| 15,000 | | | Telekom Malaysia Bhd | | | 18,109 | | | 0.0 | |
| 33,500 | | | Tenaga Nasional Bhd | | | 73,189 | | | 0.1 | |
| | | | | | | 1,241,775 | | | 1.3 | |
| | | | Mexico: 2.7% |
| 40,792 | | | Alfa SAB de CV - Class A | | | 32,646 | | | 0.0 | |
| 253,793 (1) | | | America Movil SAB de CV | | | 235,245 | | | 0.2 | |
| 6,574 | | | Arca Continental SAB de CV | | | 71,884 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Mexico (continued) |
| 10,422 (2) | | | Banco del Bajio SA | | $ | 34,898 | | | 0.0 | |
| 205,427 (1) | | | Cemex SAB de CV | | | 159,807 | | | 0.2 | |
| 6,492 | | | Coca-Cola Femsa SAB de CV | | | 61,640 | | | 0.1 | |
| 39,560 | | | Fibra Uno Administracion SA de CV | | | 71,055 | | | 0.1 | |
| 26,430 | | | Fomento Economico Mexicano SAB de CV | | | 344,690 | | | 0.4 | |
| 2,527 | | | Gruma SAB de CV - Class B | | | 46,244 | | | 0.1 | |
| 3,400 | | | Grupo Aeroportuario del Centro Norte SAB de CV | | | 35,958 | | | 0.0 | |
| 5,296 | | | Grupo Aeroportuario del Pacifico SAB de CV - Class B | | | 92,893 | | | 0.1 | |
| 2,441 | | | Grupo Aeroportuario del Sureste SAB de CV - Class B | | | 71,729 | | | 0.1 | |
| 17,729 | | | Grupo Bimbo SAB de CV | | | 89,642 | | | 0.1 | |
| 7,659 | | | Grupo Carso SAB de CV | | | 85,345 | | | 0.1 | |
| 34,308 | | | Grupo Financiero Banorte SAB de CV - Class O | | | 345,686 | | | 0.4 | |
| 23,688 (1) | | | Grupo Financiero Inbursa SAB de CV - Class O | | | 64,880 | | | 0.1 | |
| 42,302 | | | Grupo Mexico SAB de CV | | | 235,114 | | | 0.2 | |
| 2,593 (1) | | | Industrias Penoles SAB de CV | | | 37,825 | | | 0.0 | |
| 21,251 | | | Kimberly-Clark de Mexico SAB de CV - Class A | | | 47,618 | | | 0.1 | |
| 16,838 | | | Operadora De Sites Mexicanos SAB de CV - Class 1 | | | 23,609 | | | 0.0 | |
| 14,182 | | | Orbia Advance Corp. SAB de CV | | | 31,394 | | | 0.0 | |
| 8,000 (3) | | | Prologis Property Mexico SA de CV | | | 37,925 | | | 0.0 | |
| 2,770 | | | Promotora y Operadora de Infraestructura SAB de CV | | | 29,894 | | | 0.0 | |
| 68,921 | | | Wal-Mart de Mexico SAB de CV | | | 289,752 | | | 0.3 | |
| | | | | | | 2,577,373 | | | 2.7 | |
| | | | Netherlands: 0.0% |
| 6,550 | | | NEPI Rockcastle NV | | | 45,253 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Peru: 0.2% |
| 2,871 | | | Cia de Minas Buenaventura SAA, ADR | | | 43,754 | | | 0.1 | |
| 926 | | | Credicorp Ltd. | | | 138,835 | | | 0.1 | |
| | | | | | | 182,589 | | | 0.2 | |
| | | | Philippines: 0.6% |
| 22,070 | | | Aboitiz Equity Ventures, Inc. | | | 17,771 | | | 0.0 | |
| 3,115 | | | Ayala Corp. | | | 38,301 | | | 0.0 | |
| 91,390 | | | Ayala Land, Inc. | | | 56,809 | | | 0.1 | |
| 24,918 | | | Bank of the Philippine Islands | | | 46,683 | | | 0.1 | |
| 32,039 | | | BDO Unibank, Inc. | | | 75,481 | | | 0.1 | |
| 14,090 | | | International Container Terminal Services, Inc. | | | 62,803 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Philippines (continued) |
| 37,579 | | | JG Summit Holdings, Inc. | | $ | 25,890 | | | 0.0 | |
| 5,870 | | | Jollibee Foods Corp. | | | 26,639 | | | 0.0 | |
| 3,720 | | | Manila Electric Co. | | | 26,795 | | | 0.0 | |
| 23,012 | | | Metropolitan Bank & Trust Co. | | | 21,315 | | | 0.0 | |
| 1,085 | | | PLDT, Inc. | | | 25,056 | | | 0.0 | |
| 3,482 | | | SM Investments Corp. | | | 54,808 | | | 0.1 | |
| 128,500 | | | SM Prime Holdings, Inc. | | | 76,346 | | | 0.1 | |
| 11,750 | | | Universal Robina Corp. | | | 25,059 | | | 0.0 | |
| | | | | | | 579,756 | | | 0.6 | |
| | | | Poland: 0.9% |
| 6,416 (1)(2)(3) | | | Allegro.eu SA | | | 54,306 | | | 0.1 | |
| 2,494 | | | Bank Polska Kasa Opieki SA | | | 96,426 | | | 0.1 | |
| 151 | | | Budimex SA | | | 24,026 | | | 0.0 | |
| 873 | | | CD Projekt SA | | | 25,523 | | | 0.0 | |
| 3,232 (1) | | | Cyfrowy Polsat SA | | | 10,129 | | | 0.0 | |
| 669 (1)(2) | | | Dino Polska SA | | | 78,330 | | | 0.1 | |
| 1,717 | | | KGHM Polska Miedz SA | | | 53,560 | | | 0.0 | |
| 15 | | | L.P. SA | | | 61,719 | | | 0.1 | |
| 180 (1) | | | mBank SA | | | 24,475 | | | 0.0 | |
| 11,681 (1) | | | PGE Polska Grupa Energetyczna SA | | | 25,769 | | | 0.0 | |
| 7,778 | | | Polski Koncern Naftowy ORLEN SA | | | 129,504 | | | 0.1 | |
| 11,881 (1) | | | Powszechna Kasa Oszczednosci Bank Polski SA | | | 152,004 | | | 0.2 | |
| 8,172 | | | Powszechny Zaklad Ubezpieczen SA | | | 98,160 | | | 0.1 | |
| 489 | | | Santander Bank Polska SA | | | 60,894 | | | 0.1 | |
| | | | | | | 894,825 | | | 0.9 | |
| | | | Qatar: 0.9% |
| 27,094 | | | Barwa Real Estate Co. | | | 21,420 | | | 0.0 | |
| 42,667 | | | Commercial Bank PSQC | | | 69,725 | | | 0.1 | |
| 24,799 | | | Dukhan Bank | | | 27,208 | | | 0.0 | |
| 19,117 | | | Industries Qatar QSC | | | 67,632 | | | 0.1 | |
| 74,383 | | | Masraf Al Rayan QSC | | | 52,953 | | | 0.1 | |
| 62,056 | | | Mesaieed Petrochemical Holding Co. | | | 30,167 | | | 0.0 | |
| 10,813 | | | Ooredoo QPSC | | | 32,371 | | | 0.0 | |
| 5,808 | | | Qatar Electricity & Water Co. QSC | | | 28,849 | | | 0.0 | |
| 8,238 | | | Qatar Fuel QSC | | | 36,956 | | | 0.1 | |
| 33,716 | | | Qatar Gas Transport Co. Ltd. | | | 32,028 | | | 0.0 | |
| 13,444 | | | Qatar International Islamic Bank QSC | | | 38,918 | | | 0.1 | |
| 21,914 | | | Qatar Islamic Bank SAQ | | | 125,790 | | | 0.1 | |
| 61,868 | | | Qatar National Bank QPSC | | | 272,597 | | | 0.3 | |
| | | | | | | 836,614 | | | 0.9 | |
| | | | Russia: 0.0% |
| 292,495 (4) | | | Alrosa PJSC | | | — | | | — | |
| 1,334,323 (1)(4) | | | Gazprom PJSC | | | — | | | — | |
| 4,339,761 (4) | | | Inter RAO UES PJSC | | | — | | | — | |
| 46,982 (4) | | | Lukoil PJSC | | | — | | | — | |
| 7,931 (4) | | | Magnit PJSC | | | — | | | — | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Russia (continued) |
| 7,016 (4) | | | MMC Norilsk Nickel PJSC | | $ | — | | | — | |
| 98,282 (4) | | | Mobile TeleSystems PJSC | | | — | | | — | |
| 170,929 (4) | | | Moscow Exchange MICEX-RTS PJSC | | | — | | | — | |
| 101,990 (4) | | | Novatek PJSC | | | — | | | — | |
| 166,658 (1)(4) | | | Novolipetsk Steel PJSC | | | — | | | — | |
| 5,981 (1)(4) | | | Ozon Holdings PLC, ADR | | | — | | | — | |
| 5,194 (4) | | | PhosAgro PJSC | | | — | | | — | |
| 100 (4) | | | PhosAgro PJSC NPV GDR | | | — | | | — | |
| 40,645 (1)(4) | | | Polymetal International PLC | | | — | | | — | |
| 3,794 (1)(4) | | | Polyus PJSC | | | — | | | — | |
| 126,916 (4) | | | Rosneft Oil Co. PJSC | | | — | | | — | |
| 1,201,542 (4) | | | Sberbank of Russia PJSC | | | — | | | — | |
| 23,691 (1)(4) | | | Severstal PAO | | | — | | | — | |
| 770,779 (4) | | | Surgutneftegas PJSC | | | — | | | — | |
| 160,492 (4) | | | Tatneft PJSC | | | — | | | — | |
| 344,289 (1)(4) | | | United Co. RUSAL International PJSC | | | — | | | — | |
| 13,851 (1)(4) | | | VK Co. Ltd., GDR | | | 36,417 | | | 0.0 | |
| 377,182,805 (1)(4) | | | VTB Bank PJSC | | | — | | | — | |
| 34,476 (1)(4) | | | Yandex NV - Class A | | | — | | | — | |
| | | | | | | 36,417 | | | 0.0 | |
| | | | Saudi Arabia: 4.1% |
| 1,152 | | | ACWA Power Co. | | | 78,953 | | | 0.1 | |
| 1,704 | | | Advanced Petrochemical Co. | | | 17,914 | | | 0.0 | |
| 25,956 | | | Al Rajhi Bank | | | 601,816 | | | 0.6 | |
| 13,180 | | | Alinma Bank | | | 136,100 | | | 0.2 | |
| 3,339 | | | Almarai Co. JSC | | | 50,041 | | | 0.1 | |
| 9,013 | | | Arab National Bank | | | 60,928 | | | 0.1 | |
| 319 | | | Arabian Internet & Communications Services Co. | | | 29,433 | | | 0.0 | |
| 6,547 | | | Bank AlBilad | | | 78,385 | | | 0.1 | |
| 5,369 (1) | | | Bank Al-Jazira | | | 26,757 | | | 0.0 | |
| 7,877 | | | Banque Saudi Fransi | | | 83,986 | | | 0.1 | |
| 992 | | | Bupa Arabia for Cooperative Insurance Co. | | | 56,399 | | | 0.1 | |
| 928 | | | Co. for Cooperative Insurance | | | 32,270 | | | 0.0 | |
| 443 | | | Dallah Healthcare Co. | | | 20,272 | | | 0.0 | |
| 7,107 (1) | | | Dar Al Arkan Real Estate Development Co. | | | 26,362 | | | 0.0 | |
| 1,168 | | | Dr Sulaiman Al Habib Medical Services Group Co. | | | 88,400 | | | 0.1 | |
| 324 | | | Elm Co. | | | 70,384 | | | 0.1 | |
| 5,133 | | | Etihad Etisalat Co. | | | 67,619 | | | 0.1 | |
| 8,172 | | | Jarir Marketing Co. | | | 34,077 | | | 0.0 | |
| 5,854 | | | Mobile Telecommunications Co. Saudi Arabia | | | 22,042 | | | 0.0 | |
| 1,318 | | | Mouwasat Medical Services Co. | | | 39,273 | | | 0.1 | |
| 503 | | | Nahdi Medical Co. | | | 18,366 | | | 0.0 | |
| 4,395 (1) | | | National Industrialization Co. | | | 14,410 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Saudi Arabia (continued) |
| 821 | | | Power & Water Utility Co. for Jubail & Yanbu | | $ | 13,717 | | | 0.0 | |
| 5,493 (1) | | | Rabigh Refining & Petrochemical Co. | | | 15,252 | | | 0.0 | |
| 19,792 | | | Riyad Bank | | | 150,588 | | | 0.2 | |
| 3,161 | | | SABIC Agri-Nutrients Co. | | | 116,428 | | | 0.1 | |
| 4,990 | | | Sahara International Petrochemical Co. | | | 45,261 | | | 0.1 | |
| 17,513 (1) | | | Saudi Arabian Mining Co. | | | 205,723 | | | 0.2 | |
| 34,376 (2) | | | Saudi Arabian Oil Co. | | | 302,652 | | | 0.3 | |
| 735 | | | Saudi Aramco Base Oil Co. | | | 27,716 | | | 0.0 | |
| 13,547 | | | Saudi Awwal Bank | | | 135,747 | | | 0.2 | |
| 12,055 | | | Saudi Basic Industries Corp. | | | 267,602 | | | 0.3 | |
| 10,130 | | | Saudi Electricity Co. | | | 51,205 | | | 0.1 | |
| 5,198 | | | Saudi Industrial Investment Group | | | 30,738 | | | 0.0 | |
| 6,487 | | | Saudi Investment Bank | | | 27,492 | | | 0.0 | |
| 10,355 (1) | | | Saudi Kayan Petrochemical Co. | | | 29,973 | | | 0.0 | |
| 38,857 | | | Saudi National Bank | | | 400,740 | | | 0.4 | |
| 479 (1) | | | Saudi Research & Media Group | | | 21,821 | | | 0.0 | |
| 627 | | | Saudi Tadawul Group Holding Co. | | | 30,688 | | | 0.0 | |
| 26,821 | | | Saudi Telecom Co. | | | 289,511 | | | 0.3 | |
| 3,530 | | | Savola Group | | | 35,159 | | | 0.1 | |
| 3,267 | | | Yanbu National Petrochemical Co. | | | 33,077 | | | 0.0 | |
| | | | | | | 3,885,277 | | | 4.1 | |
| | | | Singapore: 0.0% |
| 2,700 (2) | | | BOC Aviation Ltd. | | | 20,666 | | | 0.0 | |
| | | | |
| | | | South Africa: 2.8% |
| 11,358 | | | Absa Group Ltd. | | | 101,366 | | | 0.1 | |
| 863 | | | Anglo American Platinum Ltd. | | | 45,297 | | | 0.0 | |
| 5,101 | | | Aspen Pharmacare Holdings Ltd. | | | 56,903 | | | 0.1 | |
| 4,522 | | | Bid Corp. Ltd. | | | 105,470 | | | 0.1 | |
| 4,106 | | | Bidvest Group Ltd. | | | 56,630 | | | 0.1 | |
| 1,175 | | | Capitec Bank Holdings Ltd. | | | 131,101 | | | 0.1 | |
| 2,815 | | | Clicks Group Ltd. | | | 50,123 | | | 0.1 | |
| 7,208 | | | Discovery Ltd. | | | 56,616 | | | 0.1 | |
| 3,292 | | | Exxaro Resources Ltd. | | | 36,959 | | | 0.0 | |
| 67,350 | | | FirstRand Ltd. | | | 270,207 | | | 0.3 | |
| 12,129 | | | Gold Fields Ltd. | | | 184,051 | | | 0.2 | |
| 7,336 | | | Harmony Gold Mining Co. Ltd. | | | 47,782 | | | 0.0 | |
| 11,431 | | | Impala Platinum Holdings Ltd. | | | 56,766 | | | 0.1 | |
| 607 | | | JOYY, Inc., ADR | | | 24,098 | | | 0.0 | |
| 833 | | | Kumba Iron Ore Ltd. | | | 27,921 | | | 0.0 | |
| 22,831 | | | MTN Group Ltd. | | | 144,156 | | | 0.2 | |
| 2,484 | | | Naspers Ltd. - Class N | | | 425,186 | | | 0.4 | |
| 5,622 | | | Nedbank Group Ltd. | | | 66,365 | | | 0.1 | |
| 4,684 | | | Northam Platinum Holdings Ltd. | | | 35,959 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Africa (continued) |
| 61,875 | | | Old Mutual Ltd. | | $ | 44,176 | | | 0.0 | |
| 10,217 | | | OUTsurance Group Ltd. | | | 23,433 | | | 0.0 | |
| 26,386 (2) | | | Pepkor Holdings Ltd. | | | 28,315 | | | 0.0 | |
| 7,228 | | | Remgro Ltd. | | | 64,202 | | | 0.1 | |
| 22,716 | | | Sanlam Ltd. | | | 90,405 | | | 0.1 | |
| 7,747 | | | Sasol Ltd. | | | 78,072 | | | 0.1 | |
| 6,522 | | | Shoprite Holdings Ltd. | | | 98,066 | | | 0.1 | |
| 37,873 (3) | | | Sibanye Stillwater Ltd. | | | 50,777 | | | 0.1 | |
| 18,134 | | | Standard Bank Group Ltd. | | | 206,297 | | | 0.2 | |
| 7,280 | | | Vodacom Group Ltd. | | | 42,186 | | | 0.0 | |
| 13,092 | | | Woolworths Holdings Ltd./South Africa | | | 51,674 | | | 0.1 | |
| | | | | | | 2,700,559 | | | 2.8 | |
| | | | South Korea: 12.1% |
| 389 | | | Amorepacific Corp. | | | 43,638 | | | 0.1 | |
| 1,445 | | | Celltrion Healthcare Co. Ltd. | | | 101,577 | | | 0.1 | |
| 248 (1) | | | Celltrion Pharm, Inc. | | | 17,680 | | | 0.0 | |
| 1,478 | | | Celltrion, Inc. | | | 230,801 | | | 0.3 | |
| 110 | | | CJ CheilJedang Corp. | | | 27,608 | | | 0.0 | |
| 339 (1) | | | CosmoAM&T Co. Ltd. | | | 38,441 | | | 0.0 | |
| 754 | | | Coway Co. Ltd. | | | 33,349 | | | 0.0 | |
| 606 | | | DB Insurance Co. Ltd. | | | 39,246 | | | 0.1 | |
| 692 | | | Doosan Bobcat, Inc. | | | 26,956 | | | 0.0 | |
| 6,132 (1) | | | Doosan Enerbility Co. Ltd. | | | 75,339 | | | 0.1 | |
| 666 | | | Ecopro BM Co. Ltd. | | | 147,706 | | | 0.2 | |
| 268 | | | Ecopro Co. Ltd. | | | 133,538 | | | 0.1 | |
| 225 | | | F&F Co. Ltd. | | | 15,531 | | | 0.0 | |
| 558 (1) | | | GS Holdings Corp. | | | 17,666 | | | 0.0 | |
| 4,006 | | | Hana Financial Group, Inc. | | | 134,380 | | | 0.2 | |
| 995 | | | Hankook Tire & Technology Co. Ltd. | | | 34,971 | | | 0.0 | |
| 93 (1) | | | Hanmi Pharm Co. Ltd. | | | 25,372 | | | 0.0 | |
| 570 | | | Hanmi Semiconductor Co. Ltd. | | | 27,084 | | | 0.0 | |
| 2,317 | | | Hanon Systems | | | 13,052 | | | 0.0 | |
| 488 | | | Hanwha Aerospace Co. Ltd. | | | 47,078 | | | 0.1 | |
| 756 (1) | | | Hanwha Ocean Co. Ltd. | | | 14,671 | | | 0.0 | |
| 1,373 (1) | | | Hanwha Solutions Corp. | | | 41,731 | | | 0.1 | |
| 591 | | | HD Hyundai Co. Ltd. | | | 28,968 | | | 0.0 | |
| 307 (1) | | | HD Hyundai Heavy Industries Co. Ltd. | | | 30,625 | | | 0.0 | |
| 589 (1) | | | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | | | 55,089 | | | 0.1 | |
| 1,571 (1) | | | HLB, Inc. | | | 61,549 | | | 0.1 | |
| 3,283 | | | HMM Co. Ltd. | | | 49,807 | | | 0.1 | |
| 436 | | | Hotel Shilla Co. Ltd. | | | 22,062 | | | 0.0 | |
| 279 (1) | | | HYBE Co. Ltd. | | | 50,379 | | | 0.1 | |
| 1,071 | | | Hyundai Engineering & Construction Co. Ltd. | | | 28,910 | | | 0.0 | |
| 260 | | | Hyundai Glovis Co. Ltd. | | | 38,525 | | | 0.0 | |
| 315 (1) | | | Hyundai Mipo Dockyard Co. Ltd. | | | 20,670 | | | 0.0 | |
| 829 | | | Hyundai Mobis Co. Ltd. | | | 151,884 | | | 0.2 | |
| 1,858 | | | Hyundai Motor Co. | | | 292,273 | | | 0.3 | |
| 1,170 | | | Hyundai Steel Co. | | | 32,973 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Korea (continued) |
| 3,423 | | | Industrial Bank of Korea | | $ | 31,463 | | | 0.0 | |
| 367 | | | JYP Entertainment Corp. | | | 28,742 | | | 0.0 | |
| 4,215 | | | Kakao Corp. | | | 176,818 | | | 0.2 | |
| 2,201 | | | KakaoBank Corp. | | | 48,465 | | | 0.1 | |
| 346 (1) | | | Kakaopay Corp. | | | 13,155 | | | 0.0 | |
| 1,171 | | | Kangwon Land, Inc. | | | 14,511 | | | 0.0 | |
| 5,124 | | | KB Financial Group, Inc. | | | 213,782 | | | 0.2 | |
| 3,435 | | | Kia Corp. | | | 265,640 | | | 0.3 | |
| 1,025 | | | Korea Aerospace Industries Ltd. | | | 39,680 | | | 0.1 | |
| 3,407 (1) | | | Korea Electric Power Corp. | | | 49,909 | | | 0.1 | |
| 518 | | | Korea Investment Holdings Co. Ltd. | | | 24,534 | | | 0.0 | |
| 100 | | | Korea Zinc Co. Ltd. | | | 38,493 | | | 0.0 | |
| 2,524 | | | Korean Air Lines Co. Ltd. | | | 46,631 | | | 0.1 | |
| 389 (1) | | | Krafton, Inc. | | | 58,271 | | | 0.1 | |
| 909 (1) | | | KT Corp. | | | 24,237 | | | 0.0 | |
| 1,344 | | | KT&G Corp. | | | 90,543 | | | 0.1 | |
| 422 (1) | | | Kum Yang Co. Ltd. | | | 35,397 | | | 0.0 | |
| 240 | | | Kumho Petrochemical Co. Ltd. | | | 24,646 | | | 0.0 | |
| 337 | | | L&F Co. Ltd. | | | 52,897 | | | 0.1 | |
| 669 | | | LG Chem Ltd. | | | 257,313 | | | 0.3 | |
| 1,213 | | | LG Corp. | | | 80,609 | | | 0.1 | |
| 3,209 (1) | | | LG Display Co. Ltd. | | | 31,595 | | | 0.0 | |
| 1,426 (1) | | | LG Electronics, Inc. | | | 112,138 | | | 0.1 | |
| 632 (1) | | | LG Energy Solution Ltd. | | | 208,570 | | | 0.2 | |
| 124 | | | LG H&H Co. Ltd. | | | 34,061 | | | 0.0 | |
| 195 | | | LG Innotek Co. Ltd. | | | 36,118 | | | 0.0 | |
| 2,831 | | | LG Uplus Corp. | | | 22,452 | | | 0.0 | |
| 262 | | | Lotte Chemical Corp. | | | 31,042 | | | 0.0 | |
| 1,380 | | | Meritz Financial Group, Inc. | | | 63,137 | | | 0.1 | |
| 3,115 | | | Mirae Asset Securities Co. Ltd. | | | 18,395 | | | 0.0 | |
| 1,734 (1) | | | NAVER Corp. | | | 300,017 | | | 0.3 | |
| 168 | | | NCSoft Corp. | | | 31,247 | | | 0.0 | |
| 289 (1)(2) | | | Netmarble Corp. | | | 12,968 | | | 0.0 | |
| 1,694 | | | NH Investment & Securities Co. Ltd. | | | 13,549 | | | 0.0 | |
| 323 | | | Orion Corp./Republic of Korea | | | 28,986 | | | 0.0 | |
| 380 (1) | | | Pearl Abyss Corp. | | | 11,376 | | | 0.0 | |
| 697 | | | Posco DX Co. Ltd. | | | 39,851 | | | 0.1 | |
| 424 | | | POSCO Future M Co. Ltd. | | | 117,099 | | | 0.1 | |
| 948 | | | POSCO Holdings, Inc. | | | 364,497 | | | 0.4 | |
| 715 | | | Posco International Corp. | | | 34,372 | | | 0.0 | |
| 236 (1)(2) | | | Samsung Biologics Co. Ltd. | | | 138,834 | | | 0.2 | |
| 1,061 | | | Samsung C&T Corp. | | | 106,427 | | | 0.1 | |
| 760 | | | Samsung Electro-Mechanics Co. Ltd. | | | 90,042 | | | 0.1 | |
| 63,448 | | | Samsung Electronics Co. Ltd. | | | 3,851,093 | | | 4.0 | |
| 2,150 (1) | | | Samsung Engineering Co. Ltd. | | | 48,163 | | | 0.1 | |
| 413 | | | Samsung Fire & Marine Insurance Co. Ltd. | | | 84,143 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Korea (continued) |
| 8,960 (1) | | | Samsung Heavy Industries Co. Ltd. | | $ | 53,709 | | | 0.1 | |
| 1,046 (1) | | | Samsung Life Insurance Co. Ltd. | | | 55,960 | | | 0.1 | |
| 747 (1) | | | Samsung SDI Co. Ltd. | | | 271,976 | | | 0.3 | |
| 484 | | | Samsung SDS Co. Ltd. | | | 63,650 | | | 0.1 | |
| 774 (1) | | | Samsung Securities Co. Ltd. | | | 23,058 | | | 0.0 | |
| 5,874 | | | Shinhan Financial Group Co. Ltd. | | | 182,115 | | | 0.2 | |
| 419 (1) | | | SK Biopharmaceuticals Co. Ltd. | | | 32,536 | | | 0.0 | |
| 321 (1) | | | SK Bioscience Co. Ltd. | | | 17,882 | | | 0.0 | |
| 7,253 | | | SK Hynix, Inc. | | | 791,578 | | | 0.8 | |
| 335 (1)(2) | | | SK IE Technology Co. Ltd. | | | 20,383 | | | 0.0 | |
| 808 (1) | | | SK Innovation Co. Ltd. | | | 87,440 | | | 0.1 | |
| 1,354 (1) | | | SK Square Co. Ltd. | | | 55,027 | | | 0.1 | |
| 363 | | | SK Telecom Co. Ltd. | | | 14,102 | | | 0.0 | |
| 432 | | | SK, Inc. | | | 59,464 | | | 0.1 | |
| 268 | | | SKC Co. Ltd. | | | 18,740 | | | 0.0 | |
| 613 | | | S-Oil Corp. | | | 33,009 | | | 0.0 | |
| 8,094 | | | Woori Financial Group, Inc. | | | 81,466 | | | 0.1 | |
| 768 | | | Yuhan Corp. | | | 40,947 | | | 0.1 | |
| | | | | | | 11,500,079 | | | 12.1 | |
| | | | Taiwan: 15.6% |
| 7,000 | | | Accton Technology Corp. | | | 118,978 | | | 0.1 | |
| 40,462 | | | Acer, Inc. | | | 70,799 | | | 0.1 | |
| 6,324 | | | Advantech Co. Ltd. | | | 76,529 | | | 0.1 | |
| 1,603 | | | Airtac International Group | | | 52,672 | | | 0.1 | |
| 1,000 | | | Alchip Technologies Ltd. | | | 106,258 | | | 0.1 | |
| 41,243 | | | ASE Technology Holding Co. Ltd. | | | 180,737 | | | 0.2 | |
| 33,356 | | | Asia Cement Corp. | | | 45,046 | | | 0.1 | |
| 9,000 | | | Asustek Computer, Inc. | | | 143,237 | | | 0.2 | |
| 90,400 | | | AUO Corp. | | | 53,383 | | | 0.1 | |
| 7,000 | | | Catcher Technology Co. Ltd. | | | 44,201 | | | 0.0 | |
| 121,545 | | | Cathay Financial Holding Co. Ltd. | | | 181,079 | | | 0.2 | |
| 20,332 | | | Chailease Holding Co. Ltd. | | | 127,761 | | | 0.1 | |
| 70,008 | | | Chang Hwa Commercial Bank Ltd. | | | 40,809 | | | 0.0 | |
| 25,650 | | | Cheng Shin Rubber Industry Co. Ltd. | | | 37,484 | | | 0.0 | |
| 40,000 | | | China Airlines Ltd. | | | 28,164 | | | 0.0 | |
| 214,100 (1) | | | China Development Financial Holding Corp. | | | 87,497 | | | 0.1 | |
| 159,535 | | | China Steel Corp. | | | 140,295 | | | 0.2 | |
| 51,000 | | | Chunghwa Telecom Co. Ltd. | | | 199,536 | | | 0.2 | |
| 58,000 | | | Compal Electronics, Inc. | | | 75,128 | | | 0.1 | |
| 239,170 | | | CTBC Financial Holding Co. Ltd. | | | 220,707 | | | 0.2 | |
| 25,703 | | | Delta Electronics, Inc. | | | 262,130 | | | 0.3 | |
| 11,000 | | | E Ink Holdings, Inc. | | | 70,433 | | | 0.1 | |
| 178,792 | | | E.Sun Financial Holding Co. Ltd. | | | 150,208 | | | 0.2 | |
| 2,386 | | | Eclat Textile Co. Ltd. | | | 43,604 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Taiwan (continued) |
| 1,000 | | | eMemory Technology, Inc. | | $ | 79,514 | | | 0.1 | |
| 36,000 | | | Eva Airways Corp. | | | 36,841 | | | 0.0 | |
| 13,656 | | | Evergreen Marine Corp. Taiwan Ltd. | | | 63,751 | | | 0.1 | |
| 42,685 | | | Far Eastern New Century Corp. | | | 43,373 | | | 0.0 | |
| 22,000 | | | Far EasTone Telecommunications Co. Ltd. | | | 57,211 | | | 0.1 | |
| 6,597 | | | Feng TAY Enterprise Co. Ltd. | | | 37,580 | | | 0.0 | |
| 135,964 | | | First Financial Holding Co. Ltd. | | | 121,319 | | | 0.1 | |
| 45,600 | | | Formosa Chemicals & Fibre Corp. | | | 92,517 | | | 0.1 | |
| 15,000 | | | Formosa Petrochemical Corp. | | | 39,420 | | | 0.0 | |
| 52,600 | | | Formosa Plastics Corp. | | | 135,680 | | | 0.1 | |
| 104,598 | | | Fubon Financial Holding Co. Ltd. | | | 220,657 | | | 0.2 | |
| 7,000 | | | Gigabyte Technology Co. Ltd. | | | 60,386 | | | 0.1 | |
| 1,000 | | | Global Unichip Corp. | | | 56,524 | | | 0.1 | |
| 3,000 | | | Globalwafers Co. Ltd. | | | 57,252 | | | 0.1 | |
| 164,170 | | | Hon Hai Precision Industry Co. Ltd. | | | 558,545 | | | 0.6 | |
| 4,080 | | | Hotai Motor Co. Ltd. | | | 94,132 | | | 0.1 | |
| 121,320 | | | Hua Nan Financial Holdings Co. Ltd. | | | 88,289 | | | 0.1 | |
| 119,163 | | | Innolux Corp. | | | 55,414 | | | 0.1 | |
| 36,000 | | | Inventec Corp. | | | 61,648 | | | 0.1 | |
| 1,000 | | | Largan Precision Co. Ltd. | | | 93,403 | | | 0.1 | |
| 27,538 | | | Lite-On Technology Corp. | | | 104,567 | | | 0.1 | |
| 19,820 | | | MediaTek, Inc. | | | 654,455 | | | 0.7 | |
| 152,192 | | | Mega Financial Holding Co. Ltd. | | | 194,197 | | | 0.2 | |
| 10,000 | | | Micro-Star International Co. Ltd. | | | 66,354 | | | 0.1 | |
| 1,100 | | | momo.com, Inc. | | | 18,213 | | | 0.0 | |
| 64,890 | | | Nan Ya Plastics Corp. | | | 140,516 | | | 0.2 | |
| 3,000 | | | Nan Ya Printed Circuit Board Corp. | | | 24,532 | | | 0.0 | |
| 17,000 | | | Nanya Technology Corp. | | | 43,144 | | | 0.0 | |
| 2,000 | | | Nien Made Enterprise Co. Ltd. | | | 22,981 | | | 0.0 | |
| 8,000 | | | Novatek Microelectronics Corp. | | | 134,554 | | | 0.1 | |
| 28,000 | | | Pegatron Corp. | | | 79,560 | | | 0.1 | |
| 3,000 (1) | | | PharmaEssentia Corp. | | | 33,782 | | | 0.0 | |
| 29,000 | | | Pou Chen Corp. | | | 29,182 | | | 0.0 | |
| 42,000 | | | Powerchip Semiconductor Manufacturing Corp. | | | 40,241 | | | 0.0 | |
| 8,000 | | | President Chain Store Corp. | | | 70,226 | | | 0.1 | |
| 36,000 | | | Quanta Computer, Inc. | | | 262,095 | | | 0.3 | |
| 6,760 | | | Realtek Semiconductor Corp. | | | 103,664 | | | 0.1 | |
| 21,020 | | | Ruentex Development Co. Ltd. | | | 25,812 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Taiwan (continued) |
| 52,152 | | | Shanghai Commercial & Savings Bank Ltd. | | $ | 79,476 | | | 0.1 | |
| 178,529 (1) | | | Shin Kong Financial Holding Co. Ltd. | | | 51,442 | | | 0.1 | |
| 144,629 | | | SinoPac Financial Holdings Co. Ltd. | | | 92,776 | | | 0.1 | |
| 17,800 | | | Synnex Technology International Corp. | | | 40,691 | | | 0.0 | |
| 153,695 | | | Taishin Financial Holding Co. Ltd. | | | 90,569 | | | 0.1 | |
| 86,112 | | | Taiwan Business Bank | | | 38,401 | | | 0.0 | |
| 87,389 | | | Taiwan Cement Corp. | | | 99,194 | | | 0.1 | |
| 126,629 | | | Taiwan Cooperative Financial Holding Co. Ltd. | | | 110,132 | | | 0.1 | |
| 25,000 | | | Taiwan High Speed Rail Corp. | | | 24,992 | | | 0.0 | |
| 23,000 | | | Taiwan Mobile Co. Ltd. | | | 73,876 | | | 0.1 | |
| 327,000 | | | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 6,269,097 | | | 6.6 | |
| 19,000 | | | Unimicron Technology Corp. | | | 108,556 | | | 0.1 | |
| 65,209 | | | Uni-President Enterprises Corp. | | | 158,206 | | | 0.2 | |
| 152,000 | | | United Microelectronics Corp. | | | 258,982 | | | 0.3 | |
| 12,000 | | | Vanguard International Semiconductor Corp. | | | 31,809 | | | 0.0 | |
| 1,000 | | | Voltronic Power Technology Corp. | | | 55,613 | | | 0.1 | |
| 39,374 | | | Walsin Lihwa Corp. | | | 49,487 | | | 0.1 | |
| 8,645 | | | Wan Hai Lines Ltd. | | | 15,466 | | | 0.0 | |
| 41,608 | | | Winbond Electronics Corp. | | | 41,183 | | | 0.0 | |
| 35,000 | | | Wistron Corp. | | | 111,968 | | | 0.1 | |
| 1,000 | | | Wiwynn Corp. | | | 59,211 | | | 0.1 | |
| 22,280 | | | WPG Holdings Ltd. | | | 59,192 | | | 0.1 | |
| 4,856 | | | Yageo Corp. | | | 94,291 | | | 0.1 | |
| 24,000 | | | Yang Ming Marine Transport Corp. | | | 40,059 | | | 0.0 | |
| 135,201 | | | Yuanta Financial Holding Co. Ltd. | | | 121,466 | | | 0.1 | |
| 9,000 | | | Zhen Ding Technology Holding Ltd. | | | 31,906 | | | 0.0 | |
| | | | | | | 14,866,247 | | | 15.6 | |
| | | | Thailand: 1.8% |
| 300 | | | Advanced Info Service PCL | | | 1,906 | | | 0.0 | |
| 16,100 | | | Advanced Info Service PCL - Foreign Shares | | | 102,306 | | | 0.1 | |
| 56,100 | | | Airports of Thailand PCL | | | 98,125 | | | 0.1 | |
| 100,400 | | | Asset World Corp. PCL | | | 10,449 | | | 0.0 | |
| 151,500 | | | Bangkok Dusit Medical Services PCL - Foreign - Class F | | | 123,034 | | | 0.1 | |
| 103,500 | | | Bangkok Expressway & Metro PCL | | | 24,089 | | | 0.0 | |
| 110,400 | | | Banpu PCL | | | 21,945 | | | 0.0 | |
| 14,200 | | | Berli Jucker PCL | | | 10,388 | | | 0.0 | |
| 106,500 | | | BTS Group Holdings PCL | | | 22,592 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Thailand (continued) |
| 8,300 | | | Bumrungrad Hospital PCL - Foreign | | $ | 53,930 | | | 0.1 | |
| 900 | | | Central Pattana PCL | | | 1,843 | | | 0.0 | |
| 27,600 | | | Central Pattana PCL - Foreign Shares | | | 56,508 | | | 0.1 | |
| 24,800 | | | Central Retail Corp. PCL | | | 29,744 | | | 0.0 | |
| 53,300 | | | Charoen Pokphand Foods PCL - Foreign Shares | | | 30,545 | | | 0.0 | |
| 79,400 | | | CP ALL PCL - Foreign | | | 130,069 | | | 0.2 | |
| 28,800 | | | CP Axtra PCL | | | 22,759 | | | 0.0 | |
| 42,300 (3) | | | Delta Electronics Thailand PCL | | | 108,733 | | | 0.1 | |
| 24,100 | | | Energy Absolute PCL | | | 31,164 | | | 0.1 | |
| 8,800 | | | Global Power Synergy PCL - Class F | | | 12,474 | | | 0.0 | |
| 35,300 | | | Gulf Energy Development PCL | | | 45,944 | | | 0.1 | |
| 84,051 | | | Home Product Center PCL | | | 28,776 | | | 0.0 | |
| 22,700 | | | Indorama Ventures PCL | | | 18,098 | | | 0.0 | |
| 14,300 | | | Intouch Holdings PCL - Class F | | | 29,927 | | | 0.0 | |
| 8,200 | | | Kasikornbank PCL | | | 32,394 | | | 0.1 | |
| 2,000 | | | Krung Thai Bank PCL | | | 1,077 | | | 0.0 | |
| 44,500 | | | Krung Thai Bank PCL - Foreign Shares | | | 23,962 | | | 0.0 | |
| 14,700 | | | Krungthai Card PCL | | | 18,700 | | | 0.0 | |
| 115,900 | | | Land & Houses PCL - Foreign | | | 27,651 | | | 0.0 | |
| 45,200 | | | Minor International PCL | | | 39,009 | | | 0.1 | |
| 10,300 | | | Muangthai Capital PCL | | | 13,538 | | | 0.0 | |
| 18,500 | | | Osotspa PCL | | | 11,897 | | | 0.0 | |
| 18,000 | | | PTT Exploration & Production PCL - Foreign Shares | | | 78,408 | | | 0.1 | |
| 300 | | | PTT Global Chemical PCL | | | 338 | | | 0.0 | |
| 32,200 | | | PTT Global Chemical PCL - Foreign Shares | | | 36,238 | | | 0.1 | |
| 40,500 | | | PTT Oil & Retail Business PCL | | | 22,628 | | | 0.0 | |
| 135,100 | | | PTT PCL - Foreign | | | 141,237 | | | 0.2 | |
| 48,900 (4) | | | Robinson PCL | | | — | | | — | |
| 11,600 | | | SCB X PCL | | | 35,988 | | | 0.1 | |
| 17,500 | | | SCG Packaging PCL | | | 18,419 | | | 0.0 | |
| 10,600 | | | Siam Cement PCL - Foreign | | | 94,924 | | | 0.1 | |
| 16,700 | | | Thai Oil PCL - Foreign | | | 26,175 | | | 0.0 | |
| 199,600 | | | TMBThanachart Bank PCL | | | 9,756 | | | 0.0 | |
| 146,407 | | | True Corp. PCL | | | 21,627 | | | 0.0 | |
| | | | | | | 1,669,314 | | | 1.8 | |
| | | | Turkey: 0.6% |
| 41,909 | | | Akbank TAS | | | 51,831 | | | 0.1 | |
| 18,358 | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 28,021 | | | 0.0 | |
| 6,197 | | | BIM Birlesik Magazalar AS | | | 63,204 | | | 0.1 | |
| 19,572 (1) | | | Eregli Demir ve Celik Fabrikalari TAS | | | 27,208 | | | 0.0 | |
| 935 | | | Ford Otomotiv Sanayi AS | | | 23,463 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Turkey (continued) |
| 13,602 | | | Haci Omer Sabanci Holding AS | | $ | 27,845 | | | 0.0 | |
| 15,122 (1) | | | Hektas Ticaret TAS | | | 10,314 | | | 0.0 | |
| 10,309 | | | KOC Holding AS | | | 49,499 | | | 0.1 | |
| 13,920 | | | Koza Altin Isletmeleri AS | | | 9,225 | | | 0.0 | |
| 609 (1) | | | Pegasus Hava Tasimaciligi AS | | | 13,405 | | | 0.0 | |
| 14,328 (1) | | | Sasa Polyester Sanayi AS | | | 17,718 | | | 0.0 | |
| 1,769 | | | Tofas Turk Otomobil Fabrikasi AS | | | 12,592 | | | 0.0 | |
| 6,969 (1) | | | Turk Hava Yollari AO | | | 53,994 | | | 0.1 | |
| 16,466 | | | Turkcell Iletisim Hizmetleri AS | | | 31,346 | | | 0.0 | |
| 46,811 | | | Turkiye Is Bankasi AS - Class C, - Class C | | | 36,987 | | | 0.1 | |
| 12,310 | | | Turkiye Petrol Rafinerileri AS | | | 59,617 | | | 0.1 | |
| 19,220 | | | Turkiye Sise ve Cam Fabrikalari AS | | | 29,831 | | | 0.0 | |
| 45,469 | | | Yapi ve Kredi Bankasi AS | | | 30,054 | | | 0.0 | |
| | | | | | | 576,154 | | | 0.6 | |
| | | | United Arab Emirates: 1.3% |
| 39,450 | | | Abu Dhabi Commercial Bank PJSC | | | 98,605 | | | 0.1 | |
| 19,668 | | | Abu Dhabi Islamic Bank PJSC | | | 54,194 | | | 0.1 | |
| 44,240 | | | Abu Dhabi National Oil Co. for Distribution PJSC | | | 44,568 | | | 0.0 | |
| 52,309 | | | Aldar Properties PJSC | | | 76,197 | | | 0.1 | |
| 33,986 | | | Americana Restaurants International PLC | | | 28,964 | | | 0.0 | |
| 35,390 | | | Dubai Islamic Bank PJSC | | | 55,117 | | | 0.1 | |
| 90,187 | | | Emaar Properties PJSC | | | 194,490 | | | 0.2 | |
| 25,663 | | | Emirates NBD Bank PJSC | | | 120,882 | | | 0.1 | |
| 46,987 | | | Emirates Telecommunications Group Co. PJSC | | | 251,263 | | | 0.3 | |
| 59,902 | | | First Abu Dhabi Bank PJSC | | | 227,685 | | | 0.2 | |
| 53,457 (1) | | | Multiply Group PJSC | | | 46,232 | | | 0.1 | |
| | | | | | | 1,198,197 | | | 1.3 | |
| | | | United Kingdom: 0.1% |
| 5,653 | | | Anglogold Ashanti PLC | | | 108,547 | | | 0.1 | |
| 2,191 (1) | | | Pepco Group NV | | | 14,504 | | | 0.0 | |
| | | | | | | 123,051 | | | 0.1 | |
| | | | United States: 0.3% |
| 9,300 (1) | | | BeiGene Ltd. | | | 129,675 | | | 0.1 | |
| 986 (1) | | | Legend Biotech Corp., ADR | | | 59,328 | | | 0.1 | |
| 1,000 | | | Parade Technologies Ltd. | | | 38,980 | | | 0.0 | |
| 1,116 | | | Southern Copper Corp. | | | 96,054 | | | 0.1 | |
| | | | | | | 324,037 | | | 0.3 | |
| | | | Total Common Stock
(Cost $114,706,631) | | | 91,546,300 | | | 96.0 | |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 0.0% | |
| | | | India: 0.0% | |
| INR320,334 | | | Britannia Industries Ltd. N3, 5.500%, 06/03/2024 | | $ | 1,139 | | | 0.0 | |
| | | | Total Corporate Bonds/Notes
(Cost $4,402) | | | 1,139 | | | 0.0 | |
| Shares |
| PREFERRED STOCK: 2.4% |
| | | | Brazil: 1.6% |
| 73,045 | | | Banco Bradesco SA - Preference Shares | | | 256,987 | | | 0.3 | |
| 3,251 | | | Centrais Eletricas Brasileiras SA | | | 31,442 | | | 0.0 | |
| 18,644 | | | Cia Energetica de Minas Gerais | | | 44,061 | | | 0.0 | |
| 5,800 | | | Cia Paranaense de Energia | | | 12,370 | | | 0.0 | |
| 15,322 | | | Gerdau SA | | | 74,944 | | | 0.1 | |
| 65,742 | | | Itau Unibanco Holding SA | | | 459,745 | | | 0.5 | |
| 72,390 | | | Itausa SA | | | 154,538 | | | 0.2 | |
| 62,701 | | | Petroleo Brasileiro SA | | | 480,687 | | | 0.5 | |
| | | | | | | 1,514,774 | | | 1.6 | |
| | | | Chile: 0.1% |
| 1,929 | | | Sociedad Quimica y Minera de Chile SA | | | 115,279 | | | 0.1 | |
| | | | |
| | | | Colombia: 0.1% |
| 5,949 | | | Bancolombia SA | | | 45,930 | | | 0.1 | |
| | | | |
| | | | Russia: —% |
| 773,978 (4) | | | Surgutneftegas PJSC | | | — | | | — | |
| | | | |
| | | | South Korea: 0.6% |
| 264 | | | Hyundai Motor Co. | | | 23,220 | | | 0.0 | |
| 509 | | | Hyundai Motor Co. - Second Preference Shares | | | 45,068 | | | 0.0 | |
| 103 | | | LG Chem Ltd. | | | 24,719 | | | 0.0 | |
| 10,840 | | | Samsung Electronics Co. Ltd. | | | 522,342 | | | 0.6 | |
| | | | | | | 615,349 | | | 0.6 | |
| | | | Total Preferred Stock
(Cost $2,284,117) | | | 2,291,332 | | | 2.4 | |
| | | | | | | | | | | |
| RIGHTS: 0.0% |
| | | | Brazil: 0.0% |
| 44 (1) | | | Localiza Rent a Car SA | | | 181 | | | 0.0 | |
| | | | |
| | | | Taiwan: 0.0% |
| 3,169 | | | Mega Financial Holding Co. Ltd. | | | 643 | | | 0.0 | |
| | | | Total Rights
(Cost $–) | | | 824 | | | 0.0 | |
| | | | Total Long-Term Investments
(Cost $116,995,150) | | | 93,839,595 | | | 98.4 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 4.5% |
| | | Repurchase Agreements: 0.8% |
| 723,475 (5) | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $723,899, collateralized by various U.S. Government Agency Obligations, 2.500%-7.000%, Market Value plus accrued interest $737,945, due 07/01/37-01/01/54)
(Cost $723,475) | | $ | 723,475 | | | 0.8 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| | | Mutual Funds: 3.7% |
| 3,524,000 (6) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $3,524,000) | | $ | 3,524,000 | | | 3.7 | |
| | | Total Short-Term Investments
(Cost $4,247,475) | | | 4,247,475 | | | 4.5 | |
| | | Total Investments in Securities
(Cost $121,242,625) | | $ | 98,087,070 | | | 102.9 | |
| | | Liabilities in Excess of Other Assets | | | (2,775,150 | ) | | (2.9) | |
| | | Net Assets | | $ | 95,311,920 | | | 100.0 | |
| ADR | American Depositary Receipt |
| GDR | Global 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) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of December 31, 2023. |
| Currency Abbreviations: |
| |
| INR | Indian Rupee |
See Accompanying Notes to Financial Statements
| Voya Emerging Markets | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Sector Diversification | | Percentage
of Net Assets | |
| Financials | | | 22.1 | % | |
| Information Technology | | | 21.7 | | |
| Consumer Discretionary | | | 12.6 | | |
| Communication Services | | | 8.8 | | |
| Materials | | | 7.8 | | |
| Industrials | | | 6.5 | | |
| Consumer Staples | | | 5.9 | | |
| Energy | | | 5.0 | | |
| Health Care | | | 3.8 | | |
| Utilities | | | 2.6 | | |
| Real Estate | | | 1.6 | | |
| Foreign Stock | | | 0.0 | | |
| Consumer, Non-cyclical | | | 0.0 | | |
| Consumer, Cyclical | | | 0.0 | | |
| Short-Term Investments | | | 4.5 | | |
| Liabilities in Excess of Other Assets | | | (2.9 | ) | |
| Net Assets | | | 100.0 | % | |
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs# | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Brazil | | $ | 3,937,251 | | | $ | — | | | $ | — | | | $ | 3,937,251 | |
| Chile | | | 359,917 | | | | — | | | | — | | | | 359,917 | |
| China | | | 1,356,837 | | | | 20,959,490 | | | | — | | | | 22,316,327 | |
| Colombia | | | 49,975 | | | | — | | | | — | | | | 49,975 | |
| Czechia | | | 90,219 | | | | 51,458 | | | | — | | | | 141,677 | |
| Egypt | | | 23,394 | | | | 81,271 | | | | — | | | | 104,665 | |
| Greece | | | 169,063 | | | | 281,304 | | | | — | | | | 450,367 | |
| Hong Kong | | | 39,291 | | | | 1,236,963 | | | | — | | | | 1,276,254 | |
| Hungary | | | 91,470 | | | | 149,685 | | | | — | | | | 241,155 | |
| India | | | 179,640 | | | | 15,526,574 | | | | — | | | | 15,706,214 | |
| Indonesia | | | 100,378 | | | | 1,679,354 | | | | — | | | | 1,779,732 | |
| Ireland | | | 1,161,701 | | | | — | | | | — | | | | 1,161,701 | |
| Kuwait | | | — | | | | 716,114 | | | | — | | | | 716,114 | |
| Luxembourg | | | 46,768 | | | | — | | | | — | | | | 46,768 | |
| Malaysia | | | 176,471 | | | | 1,065,304 | | | | — | | | | 1,241,775 | |
| Mexico | | | 2,577,373 | | | | — | | | | — | | | | 2,577,373 | |
| Netherlands | | | 45,253 | | | | — | | | | — | | | | 45,253 | |
| Peru | | | 182,589 | | | | — | | | | — | | | | 182,589 | |
| Philippines | | | 102,236 | | | | 477,520 | | | | — | | | | 579,756 | |
| Poland | | | 61,719 | | | | 833,106 | | | | — | | | | 894,825 | |
| Qatar | | | 349,924 | | | | 486,690 | | | | — | | | | 836,614 | |
| Russia | | | — | | | | — | | | | 36,417 | | | | 36,417 | |
| Saudi Arabia | | | 344,730 | | | | 3,540,547 | | | | — | | | | 3,885,277 | |
| Singapore | | | — | | | | 20,666 | | | | — | | | | 20,666 | |
| South Africa | | | 1,098,373 | | | | 1,602,186 | | | | — | | | | 2,700,559 | |
| South Korea | | | — | | | | 11,500,079 | | | | — | | | | 11,500,079 | |
| Taiwan | | | — | | | | 14,866,247 | | | | — | | | | 14,866,247 | |
| Thailand | | | — | | | | 1,669,314 | | | | — | | | | 1,669,314 | |
| Turkey | | | 120,087 | | | | 456,067 | | | | — | | | | 576,154 | |
| United Arab Emirates | | | 957,475 | | | | 240,722 | | | | — | | | | 1,198,197 | |
| United Kingdom | | | — | | | | 123,051 | | | | — | | | | 123,051 | |
| United States | | | 155,382 | | | | 168,655 | | | | — | | | | 324,037 | |
| Total Common Stock | | | 13,777,516 | | | | 77,732,367 | | | | 36,417 | | | | 91,546,300 | |
| Corporate Bonds/Notes | | | — | | | | 1,139 | | | | — | | | | 1,139 | |
| Preferred Stock | | | 1,675,983 | | | | 615,349 | | | | — | | | | 2,291,332 | |
| Rights | | | 181 | | | | 643 | | | | — | | | | 824 | |
| Short-Term Investments | | | 3,524,000 | | | | 723,475 | | | | — | | | | 4,247,475 | |
| Total Investments, at fair value | | $ | 18,977,680 | | | $ | 79,072,973 | | | $ | 36,417 | | | $ | 98,087,070 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 79,399 | | | | — | | | | — | | | | 79,399 | |
| Total Assets | | $ | 19,057,079 | | | $ | 79,072,973 | | | $ | 36,417 | | | $ | 98,166,469 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
See Accompanying Notes to Financial Statements
Voya Emerging Markets Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
At December 31, 2023, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| MSCI Emerging Markets Index | | 35 | | | 03/15/24 | | | $ | 1,808,975 | | | $ | 79,399 | |
| | | | | | | | | $ | 1,808,975 | | | $ | 79,399 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 79,399 | |
| Total Asset Derivatives | | | | $ | 79,399 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| | | Forward | | | | | | | |
| | | foreign | | | | | | | |
| | | currency | | | | | | | |
| Derivatives not accounted for as hedging instruments | | contracts | | | Futures | | | Total | |
| Equity contracts | | $ | — | | | $ | 234,531 | | | $ | 234,531 | |
| Foreign exchange contracts | | | 128,276 | | | | — | | | | 128,276 | |
| Total | | $ | 128,276 | | | $ | 234,531 | | | $ | 362,807 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 263,931 | |
| Total | | $ | 263,931 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $125,894,540. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 11,308,396 | |
| Gross Unrealized Depreciation | | | (38,921,988 | ) |
| Net Unrealized Depreciation | | $ | (27,613,592 | ) |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.5% | | | | | | | |
| | | | Australia: 6.5% | | | | | | | |
| 16,527 | | | Ampol Ltd. | | $ | 407,310 | | | 0.0 | |
| 209,241 | | | ANZ Group Holdings Ltd. | | | 3,696,873 | | | 0.3 | |
| 89,325 | | | APA Group | | | 519,831 | | | 0.0 | |
| 40,806 | | | Aristocrat Leisure Ltd. | | | 1,133,734 | | | 0.1 | |
| 13,426 | | | ASX Ltd. | | | 576,821 | | | 0.1 | |
| 127,655 | | | Aurizon Holdings Ltd. | | | 330,490 | | | 0.0 | |
| 68,206 | | | BHP Group Ltd. - Class DI | | | 2,330,230 | | | 0.2 | |
| 31,594 | | | BlueScope Steel Ltd. | | | 503,686 | | | 0.0 | |
| 96,751 | | | Brambles Ltd. | | | 896,774 | | | 0.1 | |
| 24,931 | | | CAR Group Ltd. | | | 528,320 | | | 0.1 | |
| 4,553 | | | Cochlear Ltd. | | | 926,288 | | | 0.1 | |
| 93,185 | | | Coles Group Ltd. | | | 1,023,642 | | | 0.1 | |
| 116,702 | | | Commonwealth Bank of Australia | | | 8,894,675 | | | 0.8 | |
| 37,831 | | | Computershare Ltd. | | | 630,089 | | | 0.1 | |
| 33,633 | | | CSL Ltd. | | | 6,556,720 | | | 0.6 | |
| 74,592 | | | Dexus | | | 389,829 | | | 0.0 | |
| 10,631 | | | EBOS Group Ltd. | | | 238,424 | | | 0.0 | |
| 99,365 | | | Endeavour Group Ltd./Australia | | | 352,875 | | | 0.0 | |
| 117,904 | | | Fortescue Metals Group Ltd. | | | 2,324,752 | | | 0.2 | |
| 119,006 | | | Goodman Group | | | 2,048,908 | | | 0.2 | |
| 132,848 | | | GPT Group | | | 419,263 | | | 0.0 | |
| 18,410 | | | IDP Education Ltd. | | | 251,134 | | | 0.0 | |
| 47,266 (1) | | | IGO Ltd. | | | 291,306 | | | 0.0 | |
| 169,255 | | | Insurance Australia Group Ltd. | | | 654,233 | | | 0.1 | |
| 154,360 | | | Lottery Corp. Ltd. | | | 509,325 | | | 0.0 | |
| 25,563 | | | Macquarie Group Ltd. | | | 3,200,020 | | | 0.3 | |
| 190,994 | | | Medibank Pvt Ltd. | | | 463,689 | | | 0.0 | |
| 12,231 | | | Mineral Resources Ltd. | | | 582,606 | | | 0.1 | |
| 273,650 | | | Mirvac Group | | | 389,302 | | | 0.0 | |
| 217,851 | | | National Australia Bank Ltd. | | | 4,553,277 | | | 0.4 | |
| 79,768 | | | Northern Star Resources Ltd. | | | 740,096 | | | 0.1 | |
| 31,589 | | | Orica Ltd. | | | 343,380 | | | 0.0 | |
| 119,945 | | | Origin Energy Ltd. | | | 692,166 | | | 0.1 | |
| 199,055 (1) | | | Pilbara Minerals Ltd. | | | 534,288 | | | 0.1 | |
| 58,601 (2) | | | Qantas Airways Ltd. | | | 214,656 | | | 0.0 | |
| 104,013 | | | QBE Insurance Group Ltd. | | | 1,053,921 | | | 0.1 | |
| 12,715 | | | Ramsay Health Care Ltd. | | | 456,115 | | | 0.0 | |
| 3,665 (1) | | | REA Group Ltd. | | | 451,929 | | | 0.0 | |
| 15,687 (1) | | | Reece Ltd. | | | 239,274 | | | 0.0 | |
| 25,846 | | | Rio Tinto Ltd. | | | 2,393,282 | | | 0.2 | |
| 226,124 | | | Santos Ltd. | | | 1,175,732 | | | 0.1 | |
| 361,377 | | | Scentre Group | | | 735,911 | | | 0.1 | |
| 24,704 | | | SEEK Ltd. | | | 449,440 | | | 0.0 | |
| 31,378 | | | Sonic Healthcare Ltd. | | | 685,632 | | | 0.1 | |
| 315,230 | | | South32 Ltd. - Class DI | | | 712,937 | | | 0.1 | |
| 165,553 | | | Stockland | | | 502,061 | | | 0.0 | |
| 88,441 | | | Suncorp Group Ltd. | | | 837,480 | | | 0.1 | |
| 281,565 | | | Telstra Group Ltd. | | | 760,867 | | | 0.1 | |
| 214,986 | | | Transurban Group | | | 2,008,910 | | | 0.2 | |
| 55,577 | | | Treasury Wine Estates Ltd. | | | 408,908 | | | 0.0 | |
| 268,350 | | | Vicinity Ltd. | | | 372,768 | | | 0.0 | |
| 16,272 | | | Washington H Soul Pattinson & Co. Ltd. | | | 363,512 | | | 0.0 | |
| 78,990 | | | Wesfarmers Ltd. | | | 3,071,834 | | | 0.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Australia (continued) | | | | | | | |
| 244,317 | | | Westpac Banking Corp. | | $ | 3,811,950 | | | 0.3 | |
| 11,603 | | | WiseTech Global Ltd. | | | 594,706 | | | 0.1 | |
| 80,753 | | | Woodside Energy Group Ltd. (WDS) | | | 1,705,230 | | | 0.2 | |
| 51,446 | | | Woodside Energy Group Ltd. (WDSL) | | | 1,089,332 | | | 0.1 | |
| 85,052 | | | Woolworths Group Ltd. | | | 2,157,764 | | | 0.2 | |
| | | | | | | 74,188,507 | | | 6.5 | |
| | | | Austria: 0.2% | | | | | | | |
| 23,940 | | | Erste Group Bank AG | | | 969,686 | | | 0.1 | |
| 10,214 | | | OMV AG | | | 448,115 | | | 0.1 | |
| 4,722 | | | Verbund AG | | | 437,594 | | | 0.0 | |
| 8,049 | | | voestalpine AG | | | 253,429 | | | 0.0 | |
| | | | | | | 2,108,824 | | | 0.2 | |
| | | | Belgium: 0.8% | | | | | | | |
| 11,081 | | | Ageas SA | | | 481,696 | | | 0.0 | |
| 60,476 | | | Anheuser-Busch InBev SA | | | 3,903,603 | | | 0.4 | |
| 1,490 | | | D’ieteren Group | | | 291,462 | | | 0.0 | |
| 2,040 | | | Elia Group SA | | | 255,356 | | | 0.0 | |
| 6,128 | | | Groupe Bruxelles Lambert NV | | | 482,597 | | | 0.1 | |
| 17,427 | | | KBC Group NV | | | 1,130,998 | | | 0.1 | |
| 29 (1) | | | Lotus Bakeries NV | | | 263,479 | | | 0.0 | |
| 1,069 (1) | | | Sofina SA | | | 266,529 | | | 0.0 | |
| 5,160 (2) | | | Syensqo SA | | | 536,940 | | | 0.1 | |
| 8,803 | | | UCB SA | | | 767,370 | | | 0.1 | |
| 14,525 | | | Umicore SA | | | 399,538 | | | 0.0 | |
| 12,223 (1) | | | Warehouses De Pauw CVA | | | 384,757 | | | 0.0 | |
| | | | | | | 9,164,325 | | | 0.8 | |
| | | | Chile: 0.0% | | | | | | | |
| 27,348 | | | Antofagasta PLC | | | 584,754 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Denmark: 3.3% | | | | | | | |
| 210 | | | AP Moller - Maersk A/S - Class A | | | 373,021 | | | 0.0 | |
| 338 | | | AP Moller - Maersk A/S - Class B | | | 608,408 | | | 0.0 | |
| 6,856 | | | Carlsberg AS - Class B | | | 860,319 | | | 0.1 | |
| 7,344 | | | Chr Hansen Holding A/S | | | 615,921 | | | 0.1 | |
| 9,513 (1) | | | Coloplast A/S - Class B | | | 1,087,014 | | | 0.1 | |
| 48,023 | | | Danske Bank A/S | | | 1,283,717 | | | 0.1 | |
| 6,989 (2) | | | Demant A/S | | | 306,539 | | | 0.0 | |
| 12,961 (1) | | | DSV A/S | | | 2,277,336 | | | 0.2 | |
| 4,600 (2) | | | Genmab A/S | | | 1,466,724 | | | 0.1 | |
| 227,210 (1) | | | Novo Nordisk A/S - Class B | | | 23,546,042 | | | 2.1 | |
| 14,240 (1) | | | Novozymes A/S - Class B | | | 782,821 | | | 0.1 | |
| 13,171 (1)(3) | | | Orsted AS | | | 730,155 | | | 0.1 | |
| 5,887 | | | Pandora A/S | | | 813,908 | | | 0.1 | |
| 650 | | | Rockwool A/S - Class B | | | 190,172 | | | 0.0 | |
| 24,215 | | | Tryg A/S | | | 526,972 | | | 0.0 | |
| 70,311 (2) | | | Vestas Wind Systems A/S | | | 2,224,761 | | | 0.2 | |
| | | | | | | 37,693,830 | | | 3.3 | |
| | | | Finland: 1.1% | | | | | | | |
| 9,864 | | | Elisa Oyj | | | 455,937 | | | 0.0 | |
| 31,113 (1) | | | Fortum Oyj | | | 449,400 | | | 0.0 | |
| 18,942 | | | Kesko Oyj - Class B | | | 375,500 | | | 0.0 | |
| 23,665 | | | Kone Oyj - Class B | | | 1,183,748 | | | 0.1 | |
| 45,992 | | | Metso Oyj | | | 466,905 | | | 0.1 | |
| 29,456 | | | Neste Oyj | | | 1,047,153 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Finland (continued) | | | | | | | |
| 376,474 | | | Nokia Oyj | | $ | 1,282,243 | | | 0.1 | |
| 223,411 | | | Nordea Bank Abp | | | 2,773,513 | | | 0.3 | |
| 7,467 | | | Orion Oyj - Class B | | | 323,555 | | | 0.0 | |
| 31,431 | | | Sampo Oyj - Class A | | | 1,377,062 | | | 0.1 | |
| 40,346 (1) | | | Stora Enso Oyj - Class R | | | 559,015 | | | 0.1 | |
| 37,161 | | | UPM-Kymmene Oyj | | | 1,401,736 | | | 0.1 | |
| 32,829 | | | Wartsila Oyj Abp | | | 477,116 | | | 0.1 | |
| | | | | | | 12,172,883 | | | 1.1 | |
| | | | France: 11.8% | | | | | | | |
| 13,832 | | | Accor SA | | | 529,434 | | | 0.1 | |
| 2,412 | | | Aeroports de Paris | | | 312,969 | | | 0.0 | |
| 36,465 | | | Air Liquide SA | | | 7,099,554 | | | 0.6 | |
| 41,273 (1) | | | Airbus SE | | | 6,376,186 | | | 0.6 | |
| 20,067 (1) | | | Alstom SA | | | 270,608 | | | 0.0 | |
| 4,241 (1)(3) | | | Amundi SA | | | 289,276 | | | 0.0 | |
| 4,163 | | | Arkema SA | | | 474,239 | | | 0.0 | |
| 125,603 | | | AXA SA | | | 4,101,740 | | | 0.4 | |
| 2,873 (1) | | | BioMerieux | | | 319,648 | | | 0.0 | |
| 73,138 | | | BNP Paribas SA | | | 5,079,109 | | | 0.5 | |
| 51,167 | | | Bollore SE | | | 320,193 | | | 0.0 | |
| 13,223 (1) | | | Bouygues SA | | | 498,893 | | | 0.0 | |
| 20,454 | | | Bureau Veritas SA | | | 517,480 | | | 0.1 | |
| 10,877 | | | Capgemini SE | | | 2,273,197 | | | 0.2 | |
| 40,103 | | | Carrefour SA | | | 734,471 | | | 0.1 | |
| 31,733 | | | Cie de Saint-Gobain | | | 2,340,218 | | | 0.2 | |
| 47,234 | | | Cie Generale des Etablissements Michelin SCA | | | 1,696,951 | | | 0.2 | |
| 3,502 | | | Covivio SA/France | | | 188,440 | | | 0.0 | |
| 74,391 | | | Credit Agricole SA | | | 1,057,589 | | | 0.1 | |
| 44,830 | | | Danone SA | | | 2,908,500 | | | 0.3 | |
| 1,431 | | | Dassault Aviation SA | | | 283,524 | | | 0.0 | |
| 46,525 | | | Dassault Systemes SE | | | 2,277,269 | | | 0.2 | |
| 17,377 | | | Edenred | | | 1,039,920 | | | 0.1 | |
| 5,097 | | | Eiffage SA | | | 547,165 | | | 0.1 | |
| 127,166 | | | Engie SA | | | 2,240,190 | | | 0.2 | |
| 20,528 | | | EssilorLuxottica SA | | | 4,121,988 | | | 0.4 | |
| 3,081 | | | Eurazeo SE | | | 244,983 | | | 0.0 | |
| 3,188 | | | Gecina SA | | | 388,104 | | | 0.0 | |
| 24,793 | | | Getlink SE | | | 454,080 | | | 0.0 | |
| 2,205 | | | Hermes International | | | 4,686,752 | | | 0.4 | |
| 2,616 | | | Ipsen SA | | | 312,060 | | | 0.0 | |
| 5,183 | | | Kering SA | | | 2,295,539 | | | 0.2 | |
| 14,921 | | | Klepierre SA | | | 407,352 | | | 0.0 | |
| 7,285 (3) | | | La Francaise des Jeux SAEM | | | 264,626 | | | 0.0 | |
| 18,504 | | | Legrand SA | | | 1,926,934 | | | 0.2 | |
| 16,793 | | | L’Oreal SA | | | 8,371,306 | | | 0.7 | |
| 19,225 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 15,620,994 | | | 1.4 | |
| 129,643 | | | Orange SA | | | 1,477,622 | | | 0.1 | |
| 14,239 | | | Pernod Ricard SA | | | 2,516,337 | | | 0.2 | |
| 15,936 | | | Publicis Groupe SA | | | 1,480,640 | | | 0.1 | |
| 1,605 | | | Remy Cointreau SA | | | 204,725 | | | 0.0 | |
| 13,331 | | | Renault SA | | | 545,236 | | | 0.1 | |
| 23,798 | | | Safran SA | | | 4,195,826 | | | 0.4 | |
| 79,252 | | | Sanofi | | | 7,875,474 | | | 0.7 | |
| 1,918 | | | Sartorius Stedim Biotech | | | 508,619 | | | 0.0 | |
| 37,889 | | | Schneider Electric SE | | | 7,627,273 | | | 0.7 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | France (continued) | | | | | | | |
| 1,761 (1) | | | SEB SA | | $ | 220,522 | | | 0.0 | |
| 51,430 | | | Societe Generale SA | | | 1,368,309 | | | 0.1 | |
| 6,160 | | | Sodexo SA | | | 678,143 | | | 0.1 | |
| 47,586 | | | STMicroelectronics NV | | | 2,386,861 | | | 0.2 | |
| 4,145 | | | Teleperformance | | | 606,857 | | | 0.1 | |
| 7,318 | | | Thales SA | | | 1,083,594 | | | 0.1 | |
| 159,554 | | | TotalEnergies SE | | | 10,849,494 | | | 1.0 | |
| 8,196 (1)(2) | | | Unibail-Rodamco-Westfield | | | 606,203 | | | 0.1 | |
| 47,318 | | | Veolia Environnement SA | | | 1,495,561 | | | 0.1 | |
| 35,347 | | | Vinci SA | | | 4,448,243 | | | 0.4 | |
| 46,961 | | | Vivendi SE | | | 502,716 | | | 0.0 | |
| 16,661 (2)(3) | | | Worldline SA/France | | | 289,734 | | | 0.0 | |
| | | | | | | 133,839,470 | | | 11.8 | |
| | | | Germany: 8.0% | | | | | | | |
| 11,279 | | | adidas AG | | | 2,291,965 | | | 0.2 | |
| 28,080 | | | Allianz SE | | | 7,504,120 | | | 0.7 | |
| 62,141 | | | BASF SE | | | 3,346,104 | | | 0.3 | |
| 68,401 | | | Bayer AG | | | 2,537,940 | | | 0.2 | |
| 22,202 | | | Bayerische Motoren Werke AG | | | 2,470,448 | | | 0.2 | |
| 5,680 | | | Bechtle AG | | | 284,497 | | | 0.0 | |
| 7,018 | | | Beiersdorf AG | | | 1,050,977 | | | 0.1 | |
| 9,681 | | | Brenntag SE | | | 889,755 | | | 0.1 | |
| 2,791 | | | Carl Zeiss Meditec AG - Class BR | | | 303,812 | | | 0.0 | |
| 73,825 | | | Commerzbank AG | | | 877,467 | | | 0.1 | |
| 7,659 | | | Continental AG | | | 650,488 | | | 0.1 | |
| 13,467 (2)(3) | | | Covestro AG | | | 784,746 | | | 0.1 | |
| 37,243 (2) | | | Daimler Truck Holding AG | | | 1,398,995 | | | 0.1 | |
| 12,249 (2)(3) | | | Delivery Hero SE | | | 337,128 | | | 0.0 | |
| 134,948 | | | Deutsche Bank AG | | | 1,842,184 | | | 0.2 | |
| 13,229 | | | Deutsche Boerse AG | | | 2,724,306 | | | 0.2 | |
| 41,454 (2) | | | Deutsche Lufthansa AG | | | 368,536 | | | 0.0 | |
| 69,015 | | | Deutsche Post AG, Reg | | | 3,415,964 | | | 0.3 | |
| 225,666 | | | Deutsche Telekom AG, Reg | | | 5,425,745 | | | 0.5 | |
| 156,315 | | | E.ON SE | | | 2,100,098 | | | 0.2 | |
| 16,222 | | | Evonik Industries AG | | | 331,398 | | | 0.0 | |
| 14,300 | | | Fresenius Medical Care AG & Co. KGaA | | | 597,857 | | | 0.1 | |
| 29,411 | | | Fresenius SE & Co. KGaA | | | 911,608 | | | 0.1 | |
| 11,399 | | | GEA Group AG | | | 473,903 | | | 0.1 | |
| 4,198 | | | Hannover Rueck SE | | | 1,003,756 | | | 0.1 | |
| 9,722 | | | Heidelberg Materials AG | | | 869,030 | | | 0.1 | |
| 10,761 (2) | | | HelloFresh SE | | | 169,663 | | | 0.0 | |
| 7,207 | | | Henkel AG & Co. KGaA | | | 517,091 | | | 0.1 | |
| 90,924 | | | Infineon Technologies AG | | | 3,797,216 | | | 0.3 | |
| 5,031 | | | Knorr-Bremse AG | | | 324,929 | | | 0.0 | |
| 5,140 (2) | | | LEG Immobilien SE | | | 449,798 | | | 0.0 | |
| 55,865 | | | Mercedes-Benz Group AG | | | 3,854,557 | | | 0.3 | |
| 8,998 | | | Merck KGaA | | | 1,432,609 | | | 0.1 | |
| 3,747 | | | MTU Aero Engines AG | | | 807,273 | | | 0.1 | |
| 9,502 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 3,941,552 | | | 0.4 | |
| 4,005 | | | Nemetschek SE | | | 345,770 | | | 0.0 | |
| 7,322 | | | Puma SE | | | 407,319 | | | 0.0 | |
| 355 | | | Rational AG | | | 273,937 | | | 0.0 | |
| 3,033 | | | Rheinmetall AG | | | 961,872 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Germany (continued) | | | | | | | |
| 44,021 | | | RWE AG | | $ | 2,003,519 | | | 0.2 | |
| 72,704 | | | SAP SE | | | 11,190,693 | | | 1.0 | |
| 5,201 (1)(3) | | | Scout24 SE | | | 367,769 | | | 0.0 | |
| 52,915 | | | Siemens AG, Reg | | | 9,927,326 | | | 0.9 | |
| 36,032 (2) | | | Siemens Energy AG | | | 476,207 | | | 0.1 | |
| 19,634 (3) | | | Siemens Healthineers AG | | | 1,139,921 | | | 0.1 | |
| 9,245 | | | Symrise AG | | | 1,015,983 | | | 0.1 | |
| 4,495 | | | Talanx AG | | | 321,236 | | | 0.0 | |
| 2,046 | | | Volkswagen AG | | | 267,729 | | | 0.0 | |
| 51,047 | | | Vonovia SE | | | 1,603,981 | | | 0.1 | |
| 1,291 (1) | | | Wacker Chemie AG | | | 162,769 | | | 0.0 | |
| 15,540 (2)(3) | | | Zalando SE | | | 367,901 | | | 0.0 | |
| | | | | | | 90,921,447 | | | 8.0 | |
| | | | Hong Kong: 2.3% | | | | | | | |
| 799,299 | | | AIA Group Ltd. | | | 6,956,205 | | | 0.6 | |
| 257,417 | | | BOC Hong Kong Holdings Ltd. | | | 699,280 | | | 0.1 | |
| 119,400 (3) | | | Budweiser Brewing Co. APAC Ltd. | | | 223,839 | | | 0.0 | |
| 137,199 | | | CK Asset Holdings Ltd. | | | 688,615 | | | 0.1 | |
| 186,699 | | | CK Hutchison Holdings Ltd. | | | 1,003,060 | | | 0.1 | |
| 43,902 | | | CK Infrastructure Holdings Ltd. | | | 242,962 | | | 0.0 | |
| 114,365 | | | CLP Holdings Ltd. | | | 944,897 | | | 0.1 | |
| 151,800 (1)(3) | | | ESR Group Ltd. | | | 209,933 | | | 0.0 | |
| 3,831 (2) | | | Futu Holdings Ltd., ADR | | | 209,288 | | | 0.0 | |
| 152,159 | | | Galaxy Entertainment Group Ltd. | | | 852,222 | | | 0.1 | |
| 126,823 | | | Hang Lung Properties Ltd. | | | 176,323 | | | 0.0 | |
| 53,236 | | | Hang Seng Bank Ltd. | | | 621,554 | | | 0.1 | |
| 101,059 | | | Henderson Land Development Co. Ltd. | | | 311,205 | | | 0.0 | |
| 262,867 | | | HKT Trust & HKT Ltd. - Stapled Security | | | 313,844 | | | 0.0 | |
| 779,181 (1) | | | Hong Kong & China Gas Co. Ltd. | | | 597,463 | | | 0.1 | |
| 83,888 | | | Hong Kong Exchanges & Clearing Ltd. | | | 2,877,380 | | | 0.3 | |
| 76,833 | | | Hongkong Land Holdings Ltd. | | | 267,230 | | | 0.0 | |
| 700 | | | Jardine Matheson Holdings Ltd. | | | 29,750 | | | 0.0 | |
| 10,404 | | | Jardine Matheson Holdings Ltd. (SGX:J36) | | | 428,258 | | | 0.1 | |
| 178,332 | | | Link REIT | | | 1,001,344 | | | 0.1 | |
| 107,644 | | | MTR Corp. Ltd. | | | 417,804 | | | 0.0 | |
| 104,273 (1) | | | New World Development Co. Ltd. | | | 161,677 | | | 0.0 | |
| 96,345 | | | Power Assets Holdings Ltd. | | | 558,580 | | | 0.1 | |
| 191,691 | | | Prudential PLC | | | 2,162,788 | | | 0.2 | |
| 254,626 | | | Sino Land Co. Ltd. | | | 276,901 | | | 0.0 | |
| 95,000 | | | SITC International Holdings Co. Ltd. | | | 163,973 | | | 0.0 | |
| 100,971 | | | Sun Hung Kai Properties Ltd. | | | 1,092,645 | | | 0.1 | |
| 30,120 | | | Swire Pacific Ltd. - Class A | | | 255,106 | | | 0.0 | |
| 82,825 | | | Swire Properties Ltd. | | | 167,659 | | | 0.0 | |
| 96,000 | | | Techtronic Industries Co. Ltd. | | | 1,143,849 | | | 0.1 | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Hong Kong (continued) | | | | | | | |
| 578,500 (3) | | | WH Group Ltd. | | $ | 373,595 | | | 0.0 | |
| 74,000 | | | Wharf Holdings Ltd. | | | 238,387 | | | 0.0 | |
| 116,361 | | | Wharf Real Estate Investment Co. Ltd. | | | 393,356 | | | 0.0 | |
| 117,000 | | | Xinyi Glass Holdings Ltd. | | | 131,412 | | | 0.0 | |
| | | | | | | 26,192,384 | | | 2.3 | |
| | | | Ireland: 1.3% | | | | | | | |
| 13,940 (2) | | | AerCap Holdings NV | | | 1,036,021 | | | 0.1 | |
| 108,941 | | | AIB Group PLC | | | 466,567 | | | 0.0 | |
| 73,568 | | | Bank of Ireland Group PLC | | | 667,882 | | | 0.1 | |
| 39,030 | | | CRH PLC | | | 2,699,315 | | | 0.2 | |
| 10,231 | | | CRH PLC | | | 704,089 | | | 0.1 | |
| 6,850 | | | DCC PLC | | | 504,029 | | | 0.0 | |
| 64,040 | | | Experian PLC | | | 2,612,531 | | | 0.2 | |
| 12,301 (2) | | | Flutter Entertainment PLC - Class DI | | | 2,171,018 | | | 0.2 | |
| 30,643 (1)(2) | | | James Hardie Industries PLC | | | 1,181,468 | | | 0.1 | |
| 11,099 (1) | | | Kerry Group PLC - Class A | | | 963,384 | | | 0.1 | |
| 10,771 | | | Kingspan Group PLC | | | 930,885 | | | 0.1 | |
| 18,127 | | | Smurfit Kappa Group PLC | | | 718,562 | | | 0.1 | |
| | | | | | | 14,655,751 | | | 1.3 | |
| | | | Israel: 0.7% | | | | | | | |
| 3,001 | | | Azrieli Group Ltd. | | | 194,107 | | | 0.0 | |
| 88,451 | | | Bank Hapoalim BM | | | 794,606 | | | 0.1 | |
| 106,446 | | | Bank Leumi Le-Israel BM | | | 856,659 | | | 0.1 | |
| 6,516 (2) | | | Check Point Software Technologies Ltd. | | | 995,580 | | | 0.1 | |
| 2,908 (2) | | | CyberArk Software Ltd. | | | 636,997 | | | 0.1 | |
| 1,856 | | | Elbit Systems Ltd. | | | 393,640 | | | 0.0 | |
| 6,265 (2) | | | Global-e Online Ltd. | | | 248,282 | | | 0.0 | |
| 53,651 | | | ICL Group Ltd. | | | 269,739 | | | 0.0 | |
| 85,788 | | | Israel Discount Bank Ltd. - Class A | | | 429,534 | | | 0.0 | |
| 10,710 | | | Mizrahi Tefahot Bank Ltd. | | | 414,605 | | | 0.0 | |
| 1,849 (2) | | | Monday.com Ltd. | | | 347,261 | | | 0.0 | |
| 4,409 (2) | | | Nice Ltd. | | | 876,856 | | | 0.1 | |
| 78,040 (2) | | | Teva Pharmaceutical Industries Ltd., ADR | | | 814,738 | | | 0.1 | |
| 3,781 (2) | | | Wix.com Ltd. | | | 465,139 | | | 0.1 | |
| | | | | | | 7,737,743 | | | 0.7 | |
| | | | Italy: 2.3% | | | | | | | |
| 8,635 (1) | | | Amplifon SpA | | | 299,207 | | | 0.0 | |
| 70,567 | | | Assicurazioni Generali SpA | | | 1,490,903 | | | 0.1 | |
| 84,395 | | | Banco BPM SpA | | | 447,204 | | | 0.0 | |
| 36,251 (1) | | | Davide Campari-Milano NV | | | 409,372 | | | 0.0 | |
| 1,552 | | | DiaSorin SpA | | | 159,955 | | | 0.0 | |
| 566,279 | | | Enel SpA | | | 4,213,002 | | | 0.4 | |
| 164,533 | | | Eni SpA | | | 2,790,704 | | | 0.3 | |
| 25,448 | | | Ermenegildo Zegna NV | | | 294,433 | | | 0.0 | |
| 8,776 | | | Ferrari NV | | | 2,962,831 | | | 0.3 | |
| 42,348 | | | FinecoBank Banca Fineco SpA | | | 637,089 | | | 0.1 | |
| 23,307 (1)(3) | | | Infrastrutture Wireless Italiane SpA | | | 295,087 | | | 0.0 | |
| 1,081,990 | | | Intesa Sanpaolo SpA | | | 3,166,323 | | | 0.3 | |
| 28,177 | | | Leonardo SpA | | | 465,571 | | | 0.0 | |
| 38,283 | | | Mediobanca Banca di Credito Finanziario SpA | | | 474,393 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Italy (continued) | | | | | | | |
| 14,341 | | | Moncler SpA | | $ | 882,964 | | | 0.1 | |
| 40,956 (2)(3) | | | Nexi SpA | | | 335,552 | | | 0.0 | |
| 36,232 (1)(3) | | | Poste Italiane SpA | | | 411,839 | | | 0.0 | |
| 18,284 | | | Prysmian SpA | | | 833,476 | | | 0.1 | |
| 7,252 | | | Recordati Industria Chimica e Farmaceutica SpA | | | 391,047 | | | 0.0 | |
| 140,399 | | | Snam SpA | | | 722,340 | | | 0.1 | |
| 704,659 (1)(2) | | | Telecom Italia SpA/Milano | | | 228,860 | | | 0.0 | |
| 97,961 | | | Terna - Rete Elettrica Nazionale | | | 817,253 | | | 0.1 | |
| 111,830 | | | UniCredit SpA | | | 3,045,090 | | | 0.3 | |
| | | | | | | 25,774,495 | | | 2.3 | |
| | | | Japan: 22.1% | | | | | | | |
| 53,300 | | | Advantest Corp. | | | 1,795,973 | | | 0.2 | |
| 45,580 | | | Aeon Co. Ltd. | | | 1,017,094 | | | 0.1 | |
| 13,421 (1) | | | AGC, Inc. | | | 497,441 | | | 0.1 | |
| 10,211 | | | Aisin Corp. | | | 355,968 | | | 0.0 | |
| 30,828 | | | Ajinomoto Co., Inc. | | | 1,186,688 | | | 0.1 | |
| 11,089 (2) | | | ANA Holdings, Inc. | | | 240,249 | | | 0.0 | |
| 33,558 (1) | | | Asahi Group Holdings Ltd. | | | 1,249,579 | | | 0.1 | |
| 15,100 | | | Asahi Intecc Co. Ltd. | | | 306,211 | | | 0.0 | |
| 87,053 | | | Asahi Kasei Corp. | | | 642,481 | | | 0.1 | |
| 126,020 | | | Astellas Pharma, Inc. | | | 1,498,790 | | | 0.1 | |
| 8,000 | | | Azbil Corp. | | | 263,857 | | | 0.0 | |
| 41,779 | | | Bandai Namco Holdings, Inc. | | | 835,507 | | | 0.1 | |
| 9,200 | | | BayCurrent Consulting, Inc. | | | 322,055 | | | 0.0 | |
| 39,743 | | | Bridgestone Corp. | | | 1,641,441 | | | 0.2 | |
| 16,086 | | | Brother Industries Ltd. | | | 256,170 | | | 0.0 | |
| 69,693 (1) | | | Canon, Inc. | | | 1,787,885 | | | 0.2 | |
| 12,000 | | | Capcom Co. Ltd. | | | 387,249 | | | 0.0 | |
| 50,240 | | | Central Japan Railway Co. | | | 1,275,105 | | | 0.1 | |
| 36,766 | | | Chiba Bank Ltd. | | | 264,885 | | | 0.0 | |
| 44,842 | | | Chubu Electric Power Co., Inc. | | | 578,971 | | | 0.1 | |
| 46,718 | | | Chugai Pharmaceutical Co. Ltd. | | | 1,764,929 | | | 0.2 | |
| 73,509 | | | Concordia Financial Group Ltd. | | | 335,067 | | | 0.0 | |
| 14,274 | | | Dai Nippon Printing Co. Ltd. | | | 421,526 | | | 0.0 | |
| 21,100 (1) | | | Daifuku Co. Ltd. | | | 425,460 | | | 0.0 | |
| 65,483 | | | Dai-ichi Life Holdings, Inc. | | | 1,389,086 | | | 0.1 | |
| 128,779 | | | Daiichi Sankyo Co. Ltd. | | | 3,525,547 | | | 0.3 | |
| 18,398 | | | Daikin Industries Ltd. | | | 2,984,523 | | | 0.3 | |
| 4,381 | | | Daito Trust Construction Co. Ltd. | | | 507,085 | | | 0.1 | |
| 41,354 | | | Daiwa House Industry Co. Ltd. | | | 1,250,148 | | | 0.1 | |
| 162 | | | Daiwa House REIT Investment Corp. | | | 288,878 | | | 0.0 | |
| 92,921 | | | Daiwa Securities Group, Inc. | | | 623,703 | | | 0.1 | |
| 131,668 | | | Denso Corp. | | | 1,976,645 | | | 0.2 | |
| 14,103 (1) | | | Dentsu Group, Inc. | | | 361,085 | | | 0.0 | |
| 6,500 | | | Disco Corp. | | | 1,605,284 | | | 0.1 | |
| 21,033 | | | East Japan Railway Co. | | | 1,210,717 | | | 0.1 | |
| 17,579 | | | Eisai Co. Ltd. | | | 875,279 | | | 0.1 | |
| 200,564 | | | ENEOS Holdings, Inc. | | | 795,484 | | | 0.1 | |
| 66,365 | | | FANUC Corp. | | | 1,947,755 | | | 0.2 | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Japan (continued) | | | | | | | |
| 12,226 | | | Fast Retailing Co. Ltd. | | $ | 3,023,232 | | | 0.3 | |
| 8,823 | | | Fuji Electric Co. Ltd. | | | 378,171 | | | 0.0 | |
| 25,960 | | | FUJIFILM Holdings Corp. | | | 1,555,777 | | | 0.1 | |
| 12,313 | | | Fujitsu Ltd. | | | 1,853,029 | | | 0.2 | |
| 324 | | | GLP J-Reit | | | 322,522 | | | 0.0 | |
| 9,742 | | | Hamamatsu Photonics KK | | | 399,692 | | | 0.0 | |
| 15,957 | | | Hankyu Hanshin Holdings, Inc. | | | 507,111 | | | 0.1 | |
| 1,400 | | | Hikari Tsushin, Inc. | | | 231,377 | | | 0.0 | |
| 2,164 | | | Hirose Electric Co. Ltd. | | | 244,399 | | | 0.0 | |
| 7,410 | | | Hitachi Construction Machinery Co. Ltd. | | | 195,059 | | | 0.0 | |
| 64,591 | | | Hitachi Ltd. | | | 4,646,013 | | | 0.4 | |
| 321,626 | | | Honda Motor Co. Ltd. | | | 3,317,642 | | | 0.3 | |
| 7,500 | | | Hoshizaki Corp. | | | 273,978 | | | 0.0 | |
| 24,637 | | | Hoya Corp. | | | 3,068,273 | | | 0.3 | |
| 26,664 (1) | | | Hulic Co. Ltd. | | | 278,535 | | | 0.0 | |
| 7,800 | | | Ibiden Co. Ltd. | | | 430,293 | | | 0.0 | |
| 67,275 | | | Idemitsu Kosan Co. Ltd. | | | 365,334 | | | 0.0 | |
| 11,191 | | | Iida Group Holdings Co. Ltd. | | | 167,153 | | | 0.0 | |
| 67,616 (1) | | | Inpex Corp. | | | 904,820 | | | 0.1 | |
| 40,468 | | | Isuzu Motors Ltd. | | | 518,787 | | | 0.1 | |
| 82,716 (1) | | | ITOCHU Corp. | | | 3,369,837 | | | 0.3 | |
| 9,978 | | | Japan Airlines Co. Ltd. | | | 196,019 | | | 0.0 | |
| 34,914 | | | Japan Exchange Group, Inc. | | | 736,877 | | | 0.1 | |
| 485 | | | Japan Metropolitan Fund Invest | | | 350,074 | | | 0.0 | |
| 100,700 | | | Japan Post Bank Co. Ltd. | | | 1,024,817 | | | 0.1 | |
| 144,600 | | | Japan Post Holdings Co. Ltd. | | | 1,290,912 | | | 0.1 | |
| 13,300 | | | Japan Post Insurance Co. Ltd. | | | 236,083 | | | 0.0 | |
| 89 | | | Japan Real Estate Investment Corp. | | | 368,189 | | | 0.0 | |
| 83,502 (1) | | | Japan Tobacco, Inc. | | | 2,156,457 | | | 0.2 | |
| 40,102 | | | JFE Holdings, Inc. | | | 620,427 | | | 0.1 | |
| 12,335 | | | JSR Corp. | | | 350,984 | | | 0.0 | |
| 29,354 | | | Kajima Corp. | | | 489,454 | | | 0.1 | |
| 48,862 | | | Kansai Electric Power Co., Inc. | | | 648,501 | | | 0.1 | |
| 32,475 (1) | | | Kao Corp. | | | 1,334,905 | | | 0.1 | |
| 9,600 (1) | | | Kawasaki Kisen Kaisha Ltd. | | | 410,846 | | | 0.0 | |
| 104,201 | | | KDDI Corp. | | | 3,305,100 | | | 0.3 | |
| 8,998 | | | Keisei Electric Railway Co. Ltd. | | | 424,622 | | | 0.0 | |
| 287 | | | Kenedix Office Investment Corp. | | | 326,903 | | | 0.0 | |
| 13,588 | | | Keyence Corp. | | | 5,969,976 | | | 0.5 | |
| 9,434 | | | Kikkoman Corp. | | | 576,482 | | | 0.1 | |
| 12,597 | | | Kintetsu Group Holdings Co. Ltd. | | | 399,123 | | | 0.0 | |
| 54,056 (1) | | | Kirin Holdings Co. Ltd. | | | 791,387 | | | 0.1 | |
| 10,400 | | | Kobe Bussan Co. Ltd. | | | 307,223 | | | 0.0 | |
| 8,340 (1) | | | Koei Tecmo Holdings Co. Ltd. | | | 95,010 | | | 0.0 | |
| 13,400 | | | Koito Manufacturing Co. Ltd. | | | 208,219 | | | 0.0 | |
| 64,383 | | | Komatsu Ltd. | | | 1,675,461 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Japan (continued) | | | | | | | |
| 6,966 | | | Konami Group Corp. | | $ | 363,891 | | | 0.0 | |
| 2,300 (1) | | | Kose Corp. | | | 171,914 | | | 0.0 | |
| 70,222 (1) | | | Kubota Corp. | | | 1,053,892 | | | 0.1 | |
| 89,576 | | | Kyocera Corp. | | | 1,304,233 | | | 0.1 | |
| 18,714 (1) | | | Kyowa Kirin Co. Ltd. | | | 314,001 | | | 0.0 | |
| 5,300 | | | Lasertec Corp. | | | 1,391,391 | | | 0.1 | |
| 30,600 | | | M3, Inc. | | | 504,970 | | | 0.1 | |
| 15,508 | | | Makita Corp. | | | 426,553 | | | 0.0 | |
| 100,156 | | | Marubeni Corp. | | | 1,576,911 | | | 0.1 | |
| 23,800 | | | MatsukiyoCocokara & Co. | | | 420,640 | | | 0.0 | |
| 39,466 | | | Mazda Motor Corp. | | | 421,855 | | | 0.0 | |
| 6,000 (1) | | | McDonald’s Holdings Co. Japan Ltd. | | | 259,903 | | | 0.0 | |
| 16,276 | | | MEIJI Holdings Co. Ltd. | | | 386,614 | | | 0.0 | |
| 25,200 | | | MINEBEA MITSUMI, Inc. | | | 515,794 | | | 0.1 | |
| 19,700 | | | MISUMI Group, Inc. | | | 332,610 | | | 0.0 | |
| 89,148 | | | Mitsubishi Chemical Group Corp. | | | 544,972 | | | 0.1 | |
| 240,279 | | | Mitsubishi Corp. | | | 3,827,468 | | | 0.3 | |
| 134,561 | | | Mitsubishi Electric Corp. | | | 1,903,242 | | | 0.2 | |
| 78,327 | | | Mitsubishi Estate Co. Ltd. | | | 1,073,712 | | | 0.1 | |
| 55,976 | | | Mitsubishi HC Capital, Inc. | | | 375,028 | | | 0.0 | |
| 22,319 | | | Mitsubishi Heavy Industries Ltd. | | | 1,299,505 | | | 0.1 | |
| 795,006 | | | Mitsubishi UFJ Financial Group, Inc. | | | 6,822,850 | | | 0.6 | |
| 90,101 | | | Mitsui & Co. Ltd. | | | 3,375,540 | | | 0.3 | |
| 11,814 | | | Mitsui Chemicals, Inc. | | | 349,364 | | | 0.0 | |
| 61,919 | | | Mitsui Fudosan Co. Ltd. | | | 1,513,901 | | | 0.1 | |
| 23,900 (1) | | | Mitsui OSK Lines Ltd. | | | 764,089 | | | 0.1 | |
| 167,906 | | | Mizuho Financial Group, Inc. | | | 2,864,110 | | | 0.3 | |
| 17,400 (1) | | | MonotaRO Co. Ltd. | | | 189,334 | | | 0.0 | |
| 29,854 | | | MS&AD Insurance Group Holdings, Inc. | | | 1,173,824 | | | 0.1 | |
| 120,032 | | | Murata Manufacturing Co. Ltd. | | | 2,536,514 | | | 0.2 | |
| 17,120 | | | NEC Corp. | | | 1,011,555 | | | 0.1 | |
| 23,800 (1) | | | Nexon Co. Ltd. | | | 432,901 | | | 0.0 | |
| 29,084 | | | NIDEC Corp. | | | 1,172,293 | | | 0.1 | |
| 72,340 | | | Nintendo Co. Ltd. | | | 3,764,132 | | | 0.3 | |
| 107 (1) | | | Nippon Building Fund, Inc. | | | 463,191 | | | 0.0 | |
| 5,022 | | | Nippon Express Holdings, Inc. | | | 284,948 | | | 0.0 | |
| 65,785 | | | Nippon Paint Holdings Co. Ltd. | | | 530,644 | | | 0.1 | |
| 158 | | | Nippon Prologis REIT, Inc. | | | 303,800 | | | 0.0 | |
| 12,025 | | | Nippon Sanso Holdings Corp. | | | 321,099 | | | 0.0 | |
| 59,580 | | | Nippon Steel Corp. | | | 1,361,032 | | | 0.1 | |
| 2,080,500 | | | Nippon Telegraph & Telephone Corp. | | | 2,540,466 | | | 0.2 | |
| 33,709 (1) | | | Nippon Yusen KK | | | 1,041,052 | | | 0.1 | |
| 8,800 | | | Nissan Chemical Corp. | | | 342,660 | | | 0.0 | |
| 161,592 | | | Nissan Motor Co. Ltd. | | | 631,813 | | | 0.1 | |
| 13,851 | | | Nissin Foods Holdings Co. Ltd. | | | 483,675 | | | 0.1 | |
| 5,606 | | | Nitori Holdings Co. Ltd. | | | 752,754 | | | 0.1 | |
| 10,042 | | | Nitto Denko Corp. | | | 749,386 | | | 0.1 | |
| 209,226 | | | Nomura Holdings, Inc. | | | 942,264 | | | 0.1 | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Japan (continued) | | | | | | | |
| 7,745 | | | Nomura Real Estate Holdings, Inc. | | $ | 203,232 | | | 0.0 | |
| 294 | | | Nomura Real Estate Master Fund, Inc. | | | 343,844 | | | 0.0 | |
| 26,868 | | | Nomura Research Institute Ltd. | | | 780,320 | | | 0.1 | |
| 43,920 | | | NTT Data Group Corp. | | | 620,838 | | | 0.1 | |
| 45,015 | | | Obayashi Corp. | | | 388,858 | | | 0.0 | |
| 4,900 | | | Obic Co. Ltd. | | | 843,070 | | | 0.1 | |
| 21,727 | | | Odakyu Electric Railway Co. Ltd. | | | 330,854 | | | 0.0 | |
| 59,826 | | | Oji Holdings Corp. | | | 229,966 | | | 0.0 | |
| 83,728 | | | Olympus Corp. | | | 1,208,553 | | | 0.1 | |
| 12,223 | | | Omron Corp. | | | 568,772 | | | 0.1 | |
| 26,990 | | | Ono Pharmaceutical Co. Ltd. | | | 480,139 | | | 0.1 | |
| 5,400 | | | Open House Group Co. Ltd. | | | 159,727 | | | 0.0 | |
| 2,700 | | | Oracle Corp. Japan | | | 207,844 | | | 0.0 | |
| 76,000 | | | Oriental Land Co. Ltd./Japan | | | 2,824,791 | | | 0.3 | |
| 81,663 | | | ORIX Corp. | | | 1,533,728 | | | 0.1 | |
| 26,065 | | | Osaka Gas Co. Ltd. | | | 544,093 | | | 0.1 | |
| 7,922 | | | Otsuka Corp. | | | 326,030 | | | 0.0 | |
| 29,146 | | | Otsuka Holdings Co. Ltd. | | | 1,089,973 | | | 0.1 | |
| 26,468 | | | Pan Pacific International Holdings Corp. | | | 630,057 | | | 0.1 | |
| 153,831 | | | Panasonic Holdings Corp. | | | 1,514,863 | | | 0.1 | |
| 104,270 (1)(2) | | | Rakuten Group, Inc. | | | 464,869 | | | 0.0 | |
| 100,400 | | | Recruit Holdings Co. Ltd. | | | 4,197,838 | | | 0.4 | |
| 102,300 (2) | | | Renesas Electronics Corp. | | | 1,829,223 | | | 0.2 | |
| 148,413 | | | Resona Holdings, Inc. | | | 752,355 | | | 0.1 | |
| 38,032 | | | Ricoh Co. Ltd. | | | 291,269 | | | 0.0 | |
| 22,900 | | | Rohm Co. Ltd. | | | 437,178 | | | 0.0 | |
| 17,170 | | | SBI Holdings, Inc. | | | 385,352 | | | 0.0 | |
| 10,800 | | | SCSK Corp. | | | 213,823 | | | 0.0 | |
| 14,606 | | | Secom Co. Ltd. | | | 1,050,759 | | | 0.1 | |
| 20,016 | | | Seiko Epson Corp. | | | 298,857 | | | 0.0 | |
| 26,719 | | | Sekisui Chemical Co. Ltd. | | | 384,298 | | | 0.0 | |
| 41,585 | | | Sekisui House Ltd. | | | 921,783 | | | 0.1 | |
| 52,471 | | | Seven & i Holdings Co. Ltd. | | | 2,075,205 | | | 0.2 | |
| 22,200 | | | SG Holdings Co. Ltd. | | | 318,257 | | | 0.0 | |
| 18,000 (1)(2) | | | Sharp Corp./Japan | | | 128,115 | | | 0.0 | |
| 16,472 | | | Shimadzu Corp. | | | 459,289 | | | 0.0 | |
| 5,355 (1) | | | Shimano, Inc. | | | 824,907 | | | 0.1 | |
| 36,292 | | | Shimizu Corp. | | | 240,737 | | | 0.0 | |
| 126,845 | | | Shin-Etsu Chemical Co. Ltd. | | | 5,305,059 | | | 0.5 | |
| 18,232 | | | Shionogi & Co. Ltd. | | | 877,469 | | | 0.1 | |
| 27,862 | | | Shiseido Co. Ltd. | | | 839,827 | | | 0.1 | |
| 32,481 | | | Shizuoka Financial Group, Inc. | | | 274,659 | | | 0.0 | |
| 4,036 | | | SMC Corp. | | | 2,159,002 | | | 0.2 | |
| 200,200 | | | SoftBank Corp. | | | 2,494,839 | | | 0.2 | |
| 71,692 | | | SoftBank Group Corp. | | | 3,164,375 | | | 0.3 | |
| 20,613 | | | Sompo Holdings, Inc. | | | 1,008,561 | | | 0.1 | |
| 87,770 | | | Sony Group Corp. | | | 8,305,931 | | | 0.7 | |
| 6,000 | | | Square Enix Holdings Co. Ltd. | | | 215,100 | | | 0.0 | |
| 42,835 | | | Subaru Corp. | | | 781,285 | | | 0.1 | |
| 24,300 (1) | | | SUMCO Corp. | | | 363,508 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | Japan (continued) | | | | | | | |
| 97,571 | | Sumitomo Chemical Co. Ltd. | | $ | 237,169 | | | 0.0 | |
| 72,555 | | Sumitomo Corp. | | | 1,578,917 | | | 0.1 | |
| 49,733 | | Sumitomo Electric Industries Ltd. | | | 631,042 | | | 0.1 | |
| 17,180 | | Sumitomo Metal Mining Co. Ltd. | | | 510,209 | | | 0.1 | |
| 88,451 | | Sumitomo Mitsui Financial Group, Inc. | | | 4,304,012 | | | 0.4 | |
| 45,570 | | Sumitomo Mitsui Trust Holdings, Inc. | | | 872,751 | | | 0.1 | |
| 19,896 | | Sumitomo Realty & Development Co. Ltd. | | | 589,598 | | | 0.1 | |
| 9,634 | | Suntory Beverage & Food Ltd. | | | 316,765 | | | 0.0 | |
| 25,644 | | Suzuki Motor Corp. | | | 1,092,859 | | | 0.1 | |
| 11,738 | | Sysmex Corp. | | | 652,522 | | | 0.1 | |
| 34,711 | | T&D Holdings, Inc. | | | 551,053 | | | 0.1 | |
| 11,861 | | Taisei Corp. | | | 405,028 | | | 0.0 | |
| 110,122 | | Takeda Pharmaceutical Co. Ltd. | | | 3,158,084 | | | 0.3 | |
| 27,036 | | TDK Corp. | | | 1,282,165 | | | 0.1 | |
| 46,828 | | Terumo Corp. | | | 1,531,323 | | | 0.1 | |
| 15,300 | | TIS, Inc. | | | 336,283 | | | 0.0 | |
| 13,085 | | Tobu Railway Co. Ltd. | | | 351,062 | | | 0.0 | |
| 7,800 | | Toho Co. Ltd./Tokyo | | | 263,330 | | | 0.0 | |
| 125,464 | | Tokio Marine Holdings, Inc. | | | 3,124,178 | | | 0.3 | |
| 105,866 (2) | | Tokyo Electric Power Co. Holdings, Inc. | | | 554,010 | | | 0.1 | |
| 32,795 | | Tokyo Electron Ltd. | | | 5,828,979 | | | 0.5 | |
| 25,772 | | Tokyo Gas Co. Ltd. | | | 591,175 | | | 0.1 | |
| 34,694 | | Tokyu Corp. | | | 423,027 | | | 0.0 | |
| 17,116 | | TOPPAN Holdings, Inc. | | | 476,674 | | | 0.0 | |
| 96,203 | | Toray Industries, Inc. | | | 498,334 | | | 0.1 | |
| 18,000 | | Tosoh Corp. | | | 229,465 | | | 0.0 | |
| 9,234 | | TOTO Ltd. | | | 242,574 | | | 0.0 | |
| 10,205 | | Toyota Industries Corp. | | | 829,568 | | | 0.1 | |
| 738,390 | | Toyota Motor Corp. | | | 13,530,052 | | | 1.2 | |
| 14,754 | | Toyota Tsusho Corp. | | | 865,797 | | | 0.1 | |
| 9,353 (1)(2) | | Trend Micro, Inc./Japan | | | 499,170 | | | 0.1 | |
| 28,078 | | Unicharm Corp. | | | 1,015,507 | | | 0.1 | |
| 14,226 | | USS Co. Ltd. | | | 285,604 | | | 0.0 | |
| 15,321 | | West Japan Railway Co. | | | 638,401 | | | 0.1 | |
| 17,770 | | Yakult Honsha Co. Ltd. | | | 398,894 | | | 0.0 | |
| 9,107 | | Yamaha Corp. | | | 209,776 | | | 0.0 | |
| 62,112 (1) | | Yamaha Motor Co. Ltd. | | | 552,695 | | | 0.1 | |
| 18,401 | | Yamato Holdings Co. Ltd. | | | 339,563 | | | 0.0 | |
| 16,742 | | Yaskawa Electric Corp. | | | 696,833 | | | 0.1 | |
| 15,873 | | Yokogawa Electric Corp. | | | 301,714 | | | 0.0 | |
| 186,044 | | Z Holdings Corp. | | | 657,904 | | | 0.1 | |
| 6,500 | | Zensho Holdings Co. Ltd. | | | 340,109 | | | 0.0 | |
| 9,900 | | ZOZO, Inc. | | | 223,434 | | | 0.0 | |
| | | | | | 252,136,065 | | | 22.1 | |
| | | Jordan: 0.0% | | | | | | | |
| 11,494 | | Hikma Pharmaceuticals PLC | | | 261,915 | | | 0.0 | |
| | | | | | | | | | |
| | | Luxembourg: 0.2% | | | | | | | |
| 35,626 | | ArcelorMittal SA | | | 1,011,065 | | | 0.1 | |
| 9,360 | | Eurofins Scientific SE | | | 610,574 | | | 0.1 | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Luxembourg (continued) | | | | | | | |
| 32,749 | | | Tenaris SA | | $ | 569,608 | | | 0.0 | |
| | | | | | | 2,191,247 | | | 0.2 | |
| | | | Macao: 0.0% | | | | | | | |
| 168,402 (2) | | | Sands China Ltd. | | | 492,907 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Netherlands: 4.9% | | | | | | | |
| 33,146 (3) | | | ABN AMRO Bank NV | | | 498,465 | | | 0.0 | |
| 1,512 (2)(3) | | | Adyen NV | | | 1,951,899 | | | 0.2 | |
| 113,055 (1) | | | Aegon Ltd. | | | 657,306 | | | 0.1 | |
| 11,878 | | | Akzo Nobel NV | | | 983,577 | | | 0.1 | |
| 4,113 (1)(2) | | | Argenx SE | | | 1,564,453 | | | 0.1 | |
| 3,269 | | | ASM International, N.V. | | | 1,701,428 | | | 0.1 | |
| 28,068 (1) | | | ASML Holding NV | | | 21,188,135 | | | 1.9 | |
| 11,085 | | | ASR Nederland NV | | | 523,653 | | | 0.0 | |
| 5,367 (1) | | | BE Semiconductor Industries NV | | | 810,286 | | | 0.1 | |
| 5,942 (3) | | | Euronext NV | | | 516,398 | | | 0.0 | |
| 6,517 | | | EXOR NV | | | 652,335 | | | 0.1 | |
| 9,024 | | | Heineken Holding NV | | | 764,098 | | | 0.1 | |
| 20,052 | | | Heineken NV | | | 2,037,268 | | | 0.2 | |
| 3,968 (1) | | | IMCD NV | | | 691,080 | | | 0.1 | |
| 252,006 | | | ING Groep NV | | | 3,778,708 | | | 0.3 | |
| 6,788 (1) | | | JDE Peet’s NV | | | 182,544 | | | 0.0 | |
| 66,892 | | | Koninklijke Ahold Delhaize NV | | | 1,924,576 | | | 0.2 | |
| 233,611 | | | Koninklijke KPN NV | | | 804,818 | | | 0.1 | |
| 54,958 (2) | | | Koninklijke Philips, N.V. | | | 1,286,137 | | | 0.1 | |
| 18,851 | | | NN Group NV | | | 745,006 | | | 0.1 | |
| 7,461 | | | OCI NV | | | 216,230 | | | 0.0 | |
| 101,843 | | | Prosus NV | | | 3,033,906 | | | 0.3 | |
| 15,877 (2) | | | QIAGEN NV | | | 690,272 | | | 0.1 | |
| 7,655 (1) | | | Randstad NV | | | 480,427 | | | 0.0 | |
| 605 | | | Stellantis NV (STLAM) | | | 14,176 | | | 0.0 | |
| 153,433 | | | Stellantis NV (STLAP) | | | 3,578,058 | | | 0.3 | |
| 57,074 | | | Universal Music Group NV | | | 1,629,296 | | | 0.1 | |
| 17,303 | | | Wolters Kluwer NV | | | 2,461,684 | | | 0.2 | |
| | | | | | | 55,366,219 | | | 4.9 | |
| | | | New Zealand: 0.2% | | | | | | | |
| 92,290 | | | Auckland International Airport Ltd. | | | 513,403 | | | 0.0 | |
| 40,524 | | | Fisher & Paykel Healthcare Corp. Ltd. | | | 604,353 | | | 0.1 | |
| 49,037 | | | Mercury NZ Ltd. | | | 204,592 | | | 0.0 | |
| 89,573 | | | Meridian Energy Ltd. | | | 313,659 | | | 0.0 | |
| 127,953 | | | Spark New Zealand Ltd. | | | 418,988 | | | 0.0 | |
| 10,019 (2) | | | Xero Ltd. | | | 764,334 | | | 0.1 | |
| | | | | | | 2,819,329 | | | 0.2 | |
| | | | Norway: 0.7% | | | | | | | |
| 24,348 (2) | | | Adevinta ASA | | | 268,993 | | | 0.0 | |
| 22,002 | | | Aker BP ASA | | | 639,106 | | | 0.1 | |
| 64,442 | | | DNB Bank ASA | | | 1,370,117 | | | 0.1 | |
| 62,727 | | | Equinor ASA | | | 1,987,942 | | | 0.2 | |
| 13,870 | | | Gjensidige Forsikring ASA | | | 255,954 | | | 0.0 | |
| 6,100 | | | Kongsberg Gruppen ASA | | | 279,264 | | | 0.0 | |
| 32,403 | | | Mowi ASA | | | 580,265 | | | 0.1 | |
| 92,014 | | | Norsk Hydro ASA | | | 618,482 | | | 0.1 | |
| 48,807 | | | Orkla ASA | | | 379,023 | | | 0.0 | |
| 5,033 | | | Salmar ASA | | | 281,872 | | | 0.0 | |
| 43,846 | | | Telenor ASA | | | 503,198 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Norway (continued) | | | | | | | |
| 11,483 | | | Yara International ASA | | $ | 407,952 | | | 0.0 | |
| | | | | | | 7,572,168 | | | 0.7 | |
| | | | Portugal: 0.2% | | | | | | | |
| 218,482 | | | EDP - Energias de Portugal SA | | | 1,099,618 | | | 0.1 | |
| 31,625 | | | Galp Energia SGPS SA | | | 465,319 | | | 0.0 | |
| 19,639 | | | Jeronimo Martins SGPS SA | | | 499,822 | | | 0.1 | |
| | | | | | | 2,064,759 | | | 0.2 | |
| | | | Singapore: 1.4% | | | | | | | |
| 258,837 | | | CapitaLand Ascendas REIT | | | 593,403 | | | 0.1 | |
| 369,040 | | | CapitaLand Integrated Commercial Trust | | | 575,257 | | | 0.1 | |
| 180,396 | | | CapitaLand Investment Ltd./Singapore | | | 431,305 | | | 0.0 | |
| 35,381 | | | City Developments Ltd. | | | 178,143 | | | 0.0 | |
| 126,120 | | | DBS Group Holdings Ltd. | | | 3,189,427 | | | 0.3 | |
| 419,412 | | | Genting Singapore Ltd. | | | 317,687 | | | 0.0 | |
| 131,973 (2) | | | Grab Holdings Ltd. - Class A | | | 444,749 | | | 0.1 | |
| 6,900 | | | Jardine Cycle & Carriage Ltd. | | | 155,508 | | | 0.0 | |
| 101,004 | | | Keppel Corp. Ltd. | | | 540,453 | | | 0.1 | |
| 239,994 | | | Mapletree Logistics Trust | | | 315,999 | | | 0.0 | |
| 166,900 | | | Mapletree Pan Asia Commercial Trust | | | 198,285 | | | 0.0 | |
| 235,722 | | | Oversea-Chinese Banking Corp. Ltd. | | | 2,319,366 | | | 0.2 | |
| 25,501 (2) | | | Sea Ltd., ADR | | | 1,032,790 | | | 0.1 | |
| 3,075,998 (1)(2) | | | Seatrium Ltd. | | | 274,662 | | | 0.0 | |
| 62,000 | | | Sembcorp Industries Ltd. | | | 249,209 | | | 0.0 | |
| 103,200 (1) | | | Singapore Airlines Ltd. | | | 512,422 | | | 0.1 | |
| 59,451 | | | Singapore Exchange Ltd. | | | 442,279 | | | 0.0 | |
| 108,306 | | | Singapore Technologies Engineering Ltd. | | | 318,929 | | | 0.0 | |
| 574,950 | | | Singapore Telecommunications Ltd. | | | 1,076,309 | | | 0.1 | |
| 88,056 | | | United Overseas Bank Ltd. | | | 1,900,531 | | | 0.2 | |
| 32,900 | | | UOL Group Ltd. | | | 156,292 | | | 0.0 | |
| 133,176 | | | Wilmar International Ltd. | | | 359,759 | | | 0.0 | |
| | | | | | | 15,582,764 | | | 1.4 | |
| | | | Spain: 2.7% | | | | | | | |
| 1,712 | | | Acciona SA | | | 252,082 | | | 0.0 | |
| 14,525 | | | ACS Actividades de Construccion y Servicios SA | | | 645,124 | | | 0.1 | |
| 5,222 (3) | | | Aena SME SA | | | 947,850 | | | 0.1 | |
| 31,366 | | | Amadeus IT Group SA | | | 2,252,750 | | | 0.2 | |
| 415,342 | | | Banco Bilbao Vizcaya Argentaria SA | | | 3,785,528 | | | 0.3 | |
| 1,126,811 | | | Banco Santander SA | | | 4,713,085 | | | 0.4 | |
| 287,282 | | | CaixaBank SA | | | 1,183,122 | | | 0.1 | |
| 39,350 (3) | | | Cellnex Telecom SA | | | 1,549,324 | | | 0.1 | |
| 4,657 | | | Corp ACCIONA Energias Renovables SA | | | 144,535 | | | 0.0 | |
| 21,304 (1) | | | EDP Renovaveis SA | | | 436,120 | | | 0.1 | |
| 17,261 (1) | | | Enagas SA | | | 291,181 | | | 0.0 | |
| 22,028 (1) | | | Endesa SA | | | 449,395 | | | 0.1 | |
| 35,851 (1) | | | Ferrovial SE | | | 1,308,590 | | | 0.1 | |
| 20,687 (2) | | | Grifols SA | | | 353,900 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Spain (continued) | | | | | | | |
| 420,028 | | | Iberdrola SA | | $ | 5,509,404 | | | 0.5 | |
| 75,948 | | | Industria de Diseno Textil SA | | | 3,313,912 | | | 0.3 | |
| 8,742 (1) | | | Naturgy Energy Group SA | | | 260,749 | | | 0.0 | |
| 28,143 | | | Red Electrica Corp. SA | | | 463,757 | | | 0.1 | |
| 88,938 | | | Repsol SA | | | 1,319,297 | | | 0.1 | |
| 340,316 (1) | | | Telefonica SA | | | 1,330,590 | | | 0.1 | |
| | | | | | | 30,510,295 | | | 2.7 | |
| | | | Sweden: 3.2% | | | | | | | |
| 20,144 | | | Alfa Laval AB | | | 806,446 | | | 0.1 | |
| 69,784 (1) | | | Assa Abloy AB - Class B | | | 2,011,118 | | | 0.2 | |
| 187,015 | | | Atlas Copco AB - Class A | | | 3,222,477 | | | 0.3 | |
| 108,675 | | | Atlas Copco AB - Class B | | | 1,612,317 | | | 0.2 | |
| 26,694 (1) | | | Beijer Ref AB | | | 358,206 | | | 0.0 | |
| 18,968 | | | Boliden AB | | | 593,689 | | | 0.1 | |
| 45,883 | | | Epiroc AB - Class A | | | 923,574 | | | 0.1 | |
| 27,045 | | | Epiroc AB - Class B | | | 474,309 | | | 0.1 | |
| 24,700 (1) | | | EQT AB | | | 699,347 | | | 0.1 | |
| 42,410 | | | Essity AB - Class B | | | 1,051,012 | | | 0.1 | |
| 12,760 (3) | | | Evolution AB | | | 1,519,849 | | | 0.1 | |
| 45,215 (1)(2) | | | Fastighets AB Balder | | | 320,659 | | | 0.0 | |
| 15,863 | | | Getinge AB - Class B | | | 353,229 | | | 0.0 | |
| 44,969 (1) | | | H & M Hennes & Mauritz AB - Class B | | | 788,758 | | | 0.1 | |
| 144,553 | | | Hexagon AB - Class B | | | 1,736,270 | | | 0.2 | |
| 5,307 (1) | | | Holmen AB - Class B | | | 224,151 | | | 0.0 | |
| 24,729 (1) | | | Husqvarna AB - Class B | | | 203,978 | | | 0.0 | |
| 9,027 | | | Industrivarden AB - Class A | | | 295,127 | | | 0.0 | |
| 10,177 (1) | | | Industrivarden AB - Class C | | | 332,075 | | | 0.0 | |
| 18,950 | | | Indutrade AB | | | 493,886 | | | 0.1 | |
| 10,268 (1) | | | Investment AB Latour - Class B | | | 267,854 | | | 0.0 | |
| 120,509 | | | Investor AB - Class B | | | 2,794,570 | | | 0.3 | |
| 5,271 (1) | | | L E Lundbergforetagen AB- Class B | | | 287,042 | | | 0.0 | |
| 16,166 | | | Lifco AB - Class B | | | 396,890 | | | 0.0 | |
| 105,515 (1) | | | Nibe Industrier AB - Class B | | | 740,970 | | | 0.1 | |
| 5,553 | | | Saab AB - Class B | | | 334,644 | | | 0.0 | |
| 13,679 | | | Sagax AB - Class B | | | 376,509 | | | 0.0 | |
| 74,235 | | | Sandvik AB | | | 1,612,782 | | | 0.2 | |
| 34,108 (1) | | | Securitas AB - Class B | | | 334,395 | | | 0.0 | |
| 110,485 | | | Skandinaviska Enskilda Banken AB - Class A | | | 1,524,771 | | | 0.1 | |
| 23,595 (1) | | | Skanska AB - Class B | | | 427,484 | | | 0.0 | |
| 23,633 | | | SKF AB - Class B | | | 473,619 | | | 0.1 | |
| 42,184 (1) | | | Svenska Cellulosa AB SCA - Class B | | | 633,708 | | | 0.1 | |
| 101,553 (1) | | | Svenska Handelsbanken AB - Class A | | | 1,103,621 | | | 0.1 | |
| 59,111 | | | Swedbank AB - Class A | | | 1,195,086 | | | 0.1 | |
| 13,572 (1)(2) | | | Swedish Orphan Biovitrum AB | | | 359,281 | | | 0.0 | |
| 37,050 | | | Tele2 AB - Class B | | | 318,470 | | | 0.0 | |
| 203,879 | | | Telefonaktiebolaget LM Ericsson - Class B | | | 1,283,048 | | | 0.1 | |
| 163,618 | | | Telia Co. AB | | | 417,460 | | | 0.0 | |
| 13,887 | | | Volvo AB - Class A | | | 368,449 | | | 0.0 | |
| 105,066 | | | Volvo AB - Class B | | | 2,733,818 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Sweden (continued) | | | | | | | |
| 42,142 (1)(2) | | | Volvo Car AB - Class B | | $ | 136,674 | | | 0.0 | |
| | | | | | | 36,141,622 | | | 3.2 | |
| | | | Switzerland: 10.4% | | | | | | | |
| 111,378 (1) | | | ABB Ltd., Reg | | | 4,944,979 | | | 0.4 | |
| 11,097 | | | Adecco Group AG | | | 545,013 | | | 0.1 | |
| 34,791 | | | Alcon, Inc. | | | 2,721,910 | | | 0.2 | |
| 2,341 (1) | | | Bachem Holding AG | | | 181,290 | | | 0.0 | |
| 3,176 (1) | | | Baloise Holding AG, Reg | | | 497,960 | | | 0.1 | |
| 2,089 (1) | | | Banque Cantonale Vaudoise | | | 269,416 | | | 0.0 | |
| 248 (1) | | | Barry Callebaut AG | | | 418,668 | | | 0.0 | |
| 1,465 | | | BKW AG | | | 260,575 | | | 0.0 | |
| 8 | | | Chocoladefabriken Lindt & Spruengli AG | | | 970,549 | | | 0.1 | |
| 67 | | | Chocoladefabriken Lindt & Spruengli AG - Class PC | | | 804,243 | | | 0.1 | |
| 36,344 | | | Cie Financiere Richemont SA | | | 5,019,983 | | | 0.4 | |
| 14,963 | | | Clariant AG | | | 221,074 | | | 0.0 | |
| 15,325 | | | Coca-Cola HBC AG - Class DI | | | 449,987 | | | 0.0 | |
| 12,948 | | | DSM-Firmenich AG | | | 1,316,724 | | | 0.1 | |
| 6,812 (2) | | | Dufry AG, Reg | | | 268,196 | | | 0.0 | |
| 487 | | | EMS-Chemie Holding AG | | | 394,873 | | | 0.0 | |
| 2,328 | | | Geberit AG, Reg | | | 1,494,387 | | | 0.1 | |
| 643 (1) | | | Givaudan SA, Reg | | | 2,666,336 | | | 0.2 | |
| 730,438 | | | Glencore PLC | | | 4,390,691 | | | 0.4 | |
| 2,574 | | | Helvetia Holding AG | | | 354,921 | | | 0.0 | |
| 36,289 | | | Holcim AG | | | 2,850,190 | | | 0.3 | |
| 14,343 | | | Julius Baer Group Ltd. | | | 804,615 | | | 0.1 | |
| 3,783 | | | Kuehne + Nagel International AG | | | 1,305,502 | | | 0.1 | |
| 11,450 | | | Logitech International SA | | | 1,088,762 | | | 0.1 | |
| 5,185 | | | Lonza Group AG | | | 2,185,926 | | | 0.2 | |
| 185,897 | | | Nestle SA | | | 21,549,159 | | | 1.9 | |
| 142,711 | | | Novartis AG, Reg | | | 14,415,308 | | | 1.3 | |
| 1,580 | | | Partners Group Holding AG | | | 2,284,603 | | | 0.2 | |
| 48,916 | | | Roche Holding AG | | | 14,219,566 | | | 1.3 | |
| 2,228 | | | Roche Holding AG - Class BR | | | 692,296 | | | 0.1 | |
| 28,508 (2) | | | Sandoz Group AG | | | 917,218 | | | 0.1 | |
| 2,835 | | | Schindler Holding AG | | | 709,756 | | | 0.1 | |
| 1,628 | | | Schindler Holding AG (SCHN) | | | 386,619 | | | 0.0 | |
| 10,437 | | | SGS SA | | | 901,035 | | | 0.1 | |
| 21,209 (1) | | | SIG Group AG | | | 488,465 | | | 0.0 | |
| 10,615 | | | Sika AG, Reg | | | 3,461,299 | | | 0.3 | |
| 3,529 | | | Sonova Holding AG, Reg | | | 1,154,152 | | | 0.1 | |
| 7,771 | | | Straumann Holding AG | | | 1,255,816 | | | 0.1 | |
| 3,721 | | | Swatch Group AG | | | 195,089 | | | 0.0 | |
| 2,007 | | | Swatch Group AG - Class BR | | | 546,085 | | | 0.1 | |
| 2,055 | | | Swiss Life Holding AG | | | 1,428,129 | | | 0.1 | |
| 5,321 (1) | | | Swiss Prime Site AG | | | 568,513 | | | 0.1 | |
| 21,000 | | | Swiss Re AG | | | 2,363,140 | | | 0.2 | |
| 1,803 | | | Swisscom AG, Reg | | | 1,085,171 | | | 0.1 | |
| 4,424 | | | Temenos AG | | | 412,265 | | | 0.0 | |
| 228,993 | | | UBS Group AG | | | 7,112,885 | | | 0.6 | |
| 1,880 (1)(3) | | | VAT Group AG | | | 944,245 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Switzerland (continued) | | | | | | | |
| 10,190 | | | Zurich Insurance Group AG | | $ | 5,327,609 | | | 0.5 | |
| | | | | | | 118,845,193 | | | 10.4 | |
| | | | United Arab Emirates: —% | | | | | | | |
| 19,351 (2)(4) | | | NMC Health PLC | | | — | | | — | |
| | | | | | | | | | | |
| | | | United Kingdom: 14.2% | | | | | | | |
| 67,769 | | | 3i Group PLC | | | 2,085,895 | | | 0.2 | |
| 135,093 (1) | | | abrdn PLC | | | 307,142 | | | 0.0 | |
| 18,127 | | | Admiral Group PLC | | | 619,735 | | | 0.1 | |
| 88,472 | | | Anglo American PLC | | | 2,214,160 | | | 0.2 | |
| 30,488 | | | Ashtead Group PLC | | | 2,119,132 | | | 0.2 | |
| 24,117 | | | Associated British Foods PLC | | | 726,862 | | | 0.1 | |
| 107,911 | | | AstraZeneca PLC | | | 14,556,088 | | | 1.3 | |
| 63,708 (3) | | | Auto Trader Group PLC | | | 585,262 | | | 0.0 | |
| 190,665 | | | Aviva PLC | | | 1,055,031 | | | 0.1 | |
| 211,708 | | | BAE Systems PLC | | | 2,996,721 | | | 0.3 | |
| 1,051,753 | | | Barclays PLC | | | 2,059,401 | | | 0.2 | |
| 67,589 | | | Barratt Developments PLC | | | 484,174 | | | 0.0 | |
| 7,383 | | | Berkeley Group Holdings PLC | | | 440,773 | | | 0.0 | |
| 284,702 | | | BHP Group Ltd. - Class DI | | | 9,732,888 | | | 0.9 | |
| 1,188,239 | | | BP PLC | | | 7,043,958 | | | 0.6 | |
| 147,922 | | | British American Tobacco PLC | | | 4,328,072 | | | 0.4 | |
| 449,993 (1) | | | BT Group PLC | | | 709,002 | | | 0.1 | |
| 23,531 | | | Bunzl PLC | | | 956,193 | | | 0.1 | |
| 25,306 | | | Burberry Group PLC | | | 456,442 | | | 0.0 | |
| 385,902 | | | Centrica PLC | | | 691,807 | | | 0.1 | |
| 10,955 | | | Coca-Cola Europacific Partners PLC | | | 728,465 | | | 0.1 | |
| 3,421 | | | Coca-Cola European Partners PLC - USD | | | 228,318 | | | 0.0 | |
| 119,336 | | | Compass Group PLC | | | 3,265,427 | | | 0.3 | |
| 9,684 | | | Croda International PLC | | | 622,912 | | | 0.1 | |
| 156,512 | | | Diageo PLC | | | 5,680,624 | | | 0.5 | |
| 12,859 | | | Endeavour Mining PLC | | | 287,735 | | | 0.0 | |
| 44,296 | | | Entain PLC | | | 558,619 | | | 0.0 | |
| 285,114 | | | GSK PLC | | | 5,265,823 | | | 0.5 | |
| 385,771 | | | Haleon PLC | | | 1,579,450 | | | 0.1 | |
| 26,433 | | | Halma PLC | | | 768,563 | | | 0.1 | |
| 24,671 | | | Hargreaves Lansdown PLC | | | 230,574 | | | 0.0 | |
| 1,356,671 | | | HSBC Holdings PLC | | | 10,975,408 | | | 1.0 | |
| 59,289 | | | Imperial Brands PLC | | | 1,365,293 | | | 0.1 | |
| 97,063 | | | Informa PLC | | | 965,427 | | | 0.1 | |
| 11,511 | | | InterContinental Hotels Group PLC | | | 1,038,014 | | | 0.1 | |
| 11,193 | | | Intertek Group PLC | | | 605,950 | | | 0.0 | |
| 114,892 | | | J Sainsbury PLC | | | 442,957 | | | 0.0 | |
| 179,729 | | | JD Sports Fashion PLC | | | 379,288 | | | 0.0 | |
| 132,107 | | | Kingfisher PLC | | | 409,318 | | | 0.0 | |
| 49,266 | | | Land Securities Group PLC | | | 442,133 | | | 0.0 | |
| 416,255 | | | Legal & General Group PLC | | | 1,330,221 | | | 0.1 | |
| 4,424,374 | | | Lloyds Banking Group PLC | | | 2,683,544 | | | 0.2 | |
| 28,996 | | | London Stock Exchange Group PLC | | | 3,427,658 | | | 0.3 | |
| 155,543 | | | M&G PLC | | | 440,204 | | | 0.0 | |
| 93,727 | | | Melrose Industries PLC | | | 677,494 | | | 0.1 | |
| 33,806 | | | Mondi PLC | | | 661,404 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | United Kingdom (continued) | | | | | | | |
| 256,784 | | | National Grid PLC | | $ | 3,459,217 | | | 0.3 | |
| 403,084 | | | NatWest Group PLC | | | 1,122,751 | | | 0.1 | |
| 8,387 | | | Next PLC | | | 867,004 | | | 0.1 | |
| 40,160 (2) | | | Ocado Group PLC | | | 387,943 | | | 0.0 | |
| 44,701 | | | Pearson PLC | | | 549,059 | | | 0.0 | |
| 22,152 | | | Persimmon PLC | | | 391,562 | | | 0.0 | |
| 52,070 | | | Phoenix Group Holdings PLC | | | 354,551 | | | 0.0 | |
| 49,963 | | | Reckitt Benckiser Group PLC | | | 3,447,613 | | | 0.3 | |
| 131,547 | | | RELX PLC | | | 5,218,966 | | | 0.5 | |
| 175,630 | | | Rentokil Initial PLC | | | 989,896 | | | 0.1 | |
| 78,397 | | | Rio Tinto PLC | | | 5,831,250 | | | 0.5 | |
| 586,007 (2) | | | Rolls-Royce Holdings PLC | | | 2,235,245 | | | 0.2 | |
| 71,496 | | | Sage Group PLC | | | 1,067,349 | | | 0.1 | |
| 55,900 | | | Schroders PLC | | | 305,648 | | | 0.0 | |
| 81,197 | | | Segro PLC | | | 915,678 | | | 0.1 | |
| 18,739 | | | Severn Trent PLC | | | 616,222 | | | 0.0 | |
| 460,720 | | | Shell PLC | | | 15,081,232 | | | 1.3 | |
| 60,810 | | | Smith & Nephew PLC | | | 835,350 | | | 0.1 | |
| 24,254 | | | Smiths Group PLC | | | 544,391 | | | 0.0 | |
| 5,137 | | | Spirax-Sarco Engineering PLC | | | 687,308 | | | 0.1 | |
| 76,040 | | | SSE PLC | | | 1,794,998 | | | 0.2 | |
| 38,043 | | | St James’s Place PLC | | | 330,985 | | | 0.0 | |
| 159,560 | | | Standard Chartered PLC | | | 1,354,047 | | | 0.1 | |
| 244,961 | | | Taylor Wimpey PLC | | | 458,546 | | | 0.0 | |
| 497,141 | | | Tesco PLC | | | 1,841,769 | | | 0.2 | |
| 130,762 | | | Unilever PLC | | | 6,330,315 | | | 0.6 | |
| 43,328 | | | Unilever PLC - NL | | | 2,099,994 | | | 0.2 | |
| 47,476 | | | United Utilities Group PLC | | | 641,318 | | | 0.1 | |
| 1,602,444 | | | Vodafone Group PLC | | | 1,399,478 | | | 0.1 | |
| 13,455 | | | Whitbread PLC | | | 626,428 | | | 0.1 | |
| 42,642 (2) | | | Wise PLC - Class A | | | 474,242 | | | 0.0 | |
| 74,835 | | | WPP PLC | | | 714,815 | | | 0.1 | |
| | | | | | | 162,204,731 | | | 14.2 | |
| | | | Total Common Stock
(Cost $621,372,159) | | | 1,121,223,627 | | | 98.5 | |
| | | | | | | | | | | |
| PREFERRED STOCK: 0.4% | | | | | | | |
| | | | Germany: 0.4% | | | | | | | |
| 4,102 | | | Bayerische Motoren Werke AG | | | 408,160 | | | 0.0 | |
| 7,928 (3) | | | Dr Ing hc F Porsche AG | | | 698,274 | | | 0.1 | |
| 11,784 | | | Henkel AG & Co. KGaA | | | 947,927 | | | 0.1 | |
| 10,619 | | | Porsche Automobil Holding SE | | | 542,649 | | | 0.0 | |
| 1,818 (1) | | | Sartorius AG | | | 667,606 | | | 0.1 | |
| 14,357 | | | Volkswagen AG | | | 1,769,587 | | | 0.1 | |
| | | | | | | 5,034,203 | | | 0.4 | |
| | | | Total Preferred Stock
(Cost $4,013,019) | | | 5,034,203 | | | 0.4 | |
| | | | Total Long-Term Investments
(Cost $625,385,178) | | | 1,126,257,830 | | | 98.9 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 5.3% | | | | | | | |
| | | | Time Deposits: 0.6% | | | | | | | |
| 1,390,000 (5) | | | Canadian Imperial Bank of Commerce, 5.310%, 01/02/2024 | | $ | 1,390,000 | | | 0.2 | |
| 1,370,000 (5) | | | Credit Agricole Corporate and Investment Bank, 5.300%, 01/02/2024 | | | 1,370,000 | | | 0.1 | |
| 1,380,000 (5) | | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 01/02/2024 | | | 1,380,000 | | | 0.1 | |
| 1,370,000 (5) | | | Mizuho Bank Ltd., 5.320%, 01/02/2024 | | | 1,370,000 | | | 0.1 | |
| 1,370,000 (5) | | | Royal Bank of Canada, 5.320%, 01/02/2024 | | | 1,370,000 | | | 0.1 | |
| | | | Total Time Deposits
(Cost $6,880,000) | | | 6,880,000 | | | 0.6 | |
| | | | | | | | | | | |
| | | | Repurchase Agreements: 4.4% | | | | | | | |
| 4,409,422 (5) | | | Bethesda Securities LLC, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $4,412,065, collateralized by various U.S. Government Agency Obligations, 2.000%-5.881%, Market Value plus accrued interest $4,497,610, due 10/01/27-01/01/57) | | | 4,409,422 | | | 0.4 | |
| 10,632,794 (5) | | | Cantor Fitzgerald, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $10,639,168, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.613%, Market Value plus accrued interest $10,845,450, due 08/01/25-09/20/73) | | | 10,632,794 | | | 0.9 | |
| 5,721,413 (5) | | | Citadel Securities LLC, Repurchase Agreement dated 12/29/2023, 5.480%, due 01/02/2024 (Repurchase Amount $5,724,849, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $5,839,395, due 01/23/24-11/15/53) | | | 5,721,413 | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | | Repurchase Agreements (continued) |
| 5,132,477 (5) | | | Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/29/2023, 5.500%, due 01/02/2024 (Repurchase Amount $5,135,571, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.000%, Market Value plus accrued interest $5,238,326, due 02/02/24-04/20/71) | | $ | 5,132,477 | | | 0.5 | |
| 3,938,323 (5) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $3,940,632, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $4,017,089, due 02/01/35-09/01/52) | | | 3,938,323 | | | 0.3 | |
| 10,000,000 (5) | | | National Bank Financial, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $10,005,852, collateralized by various U.S. Government Securities, 0.125%-4.375%, Market Value plus accrued interest $10,200,023, due 01/02/24-09/09/49) | | | 10,000,000 | | | 0.9 | |
| 9,994,411 (5) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $10,000,402, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $10,186,961, due 04/15/25-02/15/53) | | | 9,994,411 | | | 0.9 | |
| | | | Total Repurchase Agreements | | | | | | | |
| | | | (Cost $49,828,840) | | | 49,828,840 | | | 4.4 | |
| Shares | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.3% | | | | | | | |
| 3,825,000 (6) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% | | | | | | | |
| | | | (Cost $3,825,000) | | $ | 3,825,000 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $60,533,840) | | $ | 60,533,840 | | | 5.3 | |
| | | | Total Investments in Securities | | | | | | | |
| | | | (Cost $685,919,018) | | $ | 1,186,791,670 | | | 104.2 | |
| | | | Liabilities in Excess of Other Assets | | | (47,938,435 | ) | | (4.2) | |
| | | | Net Assets | | $ | 1,138,853,235 | | | 100.0 | |
| ADR | American Depositary Receipt |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Security, or a portion of the security, is on loan. |
| (2) | Non-income producing security. |
| (3) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (4) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of December 31, 2023. |
| | | | |
| Sector Diversification | | Percentage
of Net Assets |
| Financials | | | 18.8 | % |
| Industrials | | | 16.2 | |
| Health Care | | | 12.6 | |
| Consumer Discretionary | | | 11.7 | |
| Consumer Staples | | | 9.2 | |
| Information Technology | | | 8.5 | |
| Materials | | | 7.8 | |
| Energy | | | 4.3 | |
| Communication Services | | | 4.0 | |
| Utilities | | | 3.4 | |
| Real Estate | | | 2.4 | |
| Short-Term Investments | | | 5.3 | |
| Liabilities in Excess of Other Assets | | | (4.2 | ) |
| Net Assets | | | 100.0 | % |
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs#
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Australia | | $ | — | | | $ | 74,188,507 | | | $ | — | | | $ | 74,188,507 | |
| Austria | | | — | | | | 2,108,824 | | | | — | | | | 2,108,824 | |
| Belgium | | | 800,419 | | | | 8,363,906 | | | | — | | | | 9,164,325 | |
| Chile | | | — | | | | 584,754 | | | | — | | | | 584,754 | |
| Denmark | | | — | | | | 37,693,830 | | | | — | | | | 37,693,830 | |
| Finland | | | 455,937 | | | | 11,716,946 | | | | — | | | | 12,172,883 | |
| France | | | — | | | | 133,839,470 | | | | — | | | | 133,839,470 | |
| Germany | | | — | | | | 90,921,447 | | | | — | | | | 90,921,447 | |
| Hong Kong | | | 239,038 | | | | 25,953,346 | | | | — | | | | 26,192,384 | |
| Ireland | | | 3,735,336 | | | | 10,920,415 | | | | — | | | | 14,655,751 | |
| Israel | | | 3,507,997 | | | | 4,229,746 | | | | — | | | | 7,737,743 | |
| Italy | | | 523,293 | | | | 25,251,202 | | | | — | | | | 25,774,495 | |
| Japan | | | — | | | | 252,136,065 | | | | — | | | | 252,136,065 | |
| Jordan | | | — | | | | 261,915 | | | | — | | | | 261,915 | |
| Luxembourg | | | — | | | | 2,191,247 | | | | — | | | | 2,191,247 | |
| Macao | | | — | | | | 492,907 | | | | — | | | | 492,907 | |
| Netherlands | | | 6,794,508 | | | | 48,571,711 | | | | — | | | | 55,366,219 | |
| New Zealand | | | 1,136,983 | | | | 1,682,346 | | | | — | | | | 2,819,329 | |
| Norway | | | 503,198 | | | | 7,068,970 | | | | — | | | | 7,572,168 | |
| Portugal | | | — | | | | 2,064,759 | | | | — | | | | 2,064,759 | |
| Singapore | | | 1,477,539 | | | | 14,105,225 | | | | — | | | | 15,582,764 | |
| Spain | | | — | | | | 30,510,295 | | | | — | | | | 30,510,295 | |
| Sweden | | | 359,281 | | | | 35,782,341 | | | | — | | | | 36,141,622 | |
| Switzerland | | | 917,218 | | | | 117,927,975 | | | | — | | | | 118,845,193 | |
| United Arab Emirates | | | — | | | | — | | | | — | | | | — | |
| United Kingdom | | | 3,225,039 | | | | 158,979,692 | | | | — | | | | 162,204,731 | |
| Total Common Stock | | | 23,675,786 | | | | 1,097,547,841 | | | | — | | | | 1,121,223,627 | |
| Preferred Stock | | | — | | | | 5,034,203 | | | | — | | | | 5,034,203 | |
| Short-Term Investments | | | 3,825,000 | | | | 56,708,840 | | | | — | | | | 60,533,840 | |
| Total Investments, at fair value | | $ | 27,500,786 | | | $ | 1,159,290,884 | | | $ | — | | | $ | 1,186,791,670 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 647,512 | | | | — | | | | — | | | | 647,512 | |
| Total Assets | | $ | 28,148,298 | | | $ | 1,159,290,884 | | | $ | — | | | $ | 1,187,439,182 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya International Index Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| MSCI EAFE Index | | 149 | | | 03/15/24 | | $ | 16,780,380 | | | $ | 647,512 | |
| | | | | | | | $ | 16,780,380 | | | $ | 647,512 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
See Accompanying Notes to Financial Statements
| Voya International Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 647,512 | |
| Total Asset Derivatives | | | | $ | 647,512 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 2,631,863 | |
| Total | | $ | 2,631,863 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 1,435,835 | |
| Total | | $ | 1,435,835 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $742,531,965. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 493,554,209 | |
| Gross Unrealized Depreciation | | | (48,366,070 | ) |
| Net Unrealized Appreciation | | $ | 445,188,139 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Growth Index Portfolio | as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.9% |
| | | | Communication Services: 12.3% |
| 452,890 (1) | | | Alphabet, Inc. - Class A | | $ | 63,264,204 | | | 4.0 | |
| 382,530 (1) | | | Alphabet, Inc. - Class C | | | 53,909,953 | | | 3.4 | |
| 7,673 (1) | | | Charter Communications, Inc. - Class A | | | 2,982,342 | | | 0.2 | |
| 168,572 (1) | | | Meta Platforms, Inc. - Class A | | | 59,667,745 | | | 3.7 | |
| 32,903 (1) | | | Netflix, Inc. | | | 16,019,812 | | | 1.0 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 16.5% |
| 30,885 (1) | | | Airbnb, Inc. - Class A | | | 4,204,684 | | | 0.3 | |
| 686,629 (1) | | | Amazon.com, Inc. | | | 104,326,410 | | | 6.6 | |
| 1,120 (1) | | | AutoZone, Inc. | | | 2,895,883 | | | 0.2 | |
| 2,719 (1) | | | Booking Holdings, Inc. | | | 9,644,891 | | | 0.6 | |
| 2,093 (1) | | | Chipotle Mexican Grill, Inc. | | | 4,786,607 | | | 0.3 | |
| 16,688 | | | Dollar General Corp. | | | 2,268,734 | | | 0.1 | |
| 76,222 | | | Home Depot, Inc. | | | 26,414,734 | | | 1.7 | |
| 26,169 | | | Las Vegas Sands Corp. | | | 1,287,776 | | | 0.1 | |
| 32,261 | | | Lowe's Cos., Inc. | | | 7,179,686 | | | 0.5 | |
| 8,476 (1) | | | Lululemon Athletica, Inc. | | | 4,333,694 | | | 0.3 | |
| 18,563 | | | Marriott International, Inc. - Class A | | | 4,186,142 | | | 0.3 | |
| 22,955 | | | McDonald's Corp. | | | 6,806,387 | | | 0.4 | |
| 48,303 | | | NIKE, Inc. - Class B | | | 5,244,257 | | | 0.3 | |
| 3,819 (1) | | | O'Reilly Automotive, Inc. | | | 3,628,356 | | | 0.2 | |
| 85,980 | | | Starbucks Corp. | | | 8,254,940 | | | 0.5 | |
| 35,050 | | | Target Corp. | | | 4,991,821 | | | 0.3 | |
| 210,278 (1) | | | Tesla, Inc. | | | 52,249,877 | | | 3.3 | |
| 87,771 | | | TJX Cos., Inc. | | | 8,233,798 | | | 0.5 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 3.8% |
| 147,223 | | | Coca-Cola Co. | | | 8,675,851 | | | 0.5 | |
| 1,222 | | | Constellation Brands, Inc. - Class A | | | 295,418 | | | 0.0 | |
| 33,765 | | | Costco Wholesale Corp. | | | 22,287,601 | | | 1.4 | |
| 5,517 | | | Estee Lauder Cos., Inc. - Class A | | | 806,861 | | | 0.0 | |
| 8,473 | | | Hershey Co. | | | 1,579,706 | | | 0.1 | |
| 44,805 | | | Kenvue, Inc. | | | 964,652 | | | 0.1 | |
| 24,152 | | | Kimberly-Clark Corp. | | | 2,934,710 | | | 0.2 | |
| 56,682 (1) | | | Monster Beverage Corp. | | | 3,265,450 | | | 0.2 | |
| 72,549 | | | PepsiCo, Inc. | | | 12,321,722 | | | 0.8 | |
| 33,731 | | | Procter & Gamble Co. | | | 4,942,941 | | | 0.3 | |
| 38,660 | | | Sysco Corp. | | | 2,827,206 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Financials: 1.8% |
| 14,500 | | | American Express Co. | | | 2,716,430 | | | 0.2 | |
| 54,303 | | | Blackstone, Inc. | | | 7,109,349 | | | 0.4 | |
| 12,483 (1) | | | Fiserv, Inc. | | | 1,658,242 | | | 0.1 | |
| 30,213 | | | Marsh & McLennan Cos., Inc. | | | 5,724,457 | | | 0.4 | |
| 11,027 | | | Moody's Corp. | | | 4,306,705 | | | 0.3 | |
| 33,358 | | | Progressive Corp. | | | 5,313,262 | | | 0.3 | |
| | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Financials: (continued) |
| 2,029 | | | S&P Global, Inc. | | $ | 893,815 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Health Care: 9.3% |
| 8,311 | | | Abbott Laboratories | | | 914,792 | | | 0.1 | |
| 134,487 | | | AbbVie, Inc. | | | 20,841,450 | | | 1.3 | |
| 27,683 | | | Amgen, Inc. | | | 7,973,258 | | | 0.5 | |
| 1,640 | | | Cigna Group | | | 491,098 | | | 0.0 | |
| 45,874 (1) | | | Edwards Lifesciences Corp. | | | 3,497,892 | | | 0.2 | |
| 2,403 | | | Elevance Health, Inc. | | | 1,133,159 | | | 0.1 | |
| 64,496 | | | Eli Lilly & Co. | | | 37,596,008 | | | 2.4 | |
| 2,249 | | | GE HealthCare Technologies, Inc. | | | 173,893 | | | 0.0 | |
| 3,137 | | | HCA Healthcare, Inc. | | | 849,123 | | | 0.1 | |
| 4,131 | | | Humana, Inc. | | | 1,891,213 | | | 0.1 | |
| 26,616 (1) | | | Intuitive Surgical, Inc. | | | 8,979,174 | | | 0.6 | |
| 3,936 | | | McKesson Corp. | | | 1,822,289 | | | 0.1 | |
| 35,619 | | | Merck & Co., Inc. | | | 3,883,183 | | | 0.2 | |
| 531 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 466,372 | | | 0.0 | |
| 6,876 | | | Stryker Corp. | | | 2,059,087 | | | 0.1 | |
| 18,111 | | | Thermo Fisher Scientific, Inc. | | | 9,613,138 | | | 0.6 | |
| 59,578 | | | UnitedHealth Group, Inc. | | | 31,366,030 | | | 2.0 | |
| 17,964 (1) | | | Vertex Pharmaceuticals, Inc. | | | 7,309,372 | | | 0.5 | |
| 35,272 | | | Zoetis, Inc. | | | 6,961,635 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Industrials: 3.8% |
| 27,042 | | | Automatic Data Processing, Inc. | | | 6,299,975 | | | 0.4 | |
| 5,779 (1) | | | Boeing Co. | | | 1,506,354 | | | 0.1 | |
| 29,163 | | | Caterpillar, Inc. | | | 8,622,624 | | | 0.5 | |
| 16,690 | | | CSX Corp. | | | 578,642 | | | 0.0 | |
| 18,886 | | | Deere & Co. | | | 7,551,945 | | | 0.5 | |
| 6,545 | | | Honeywell International, Inc. | | | 1,372,552 | | | 0.1 | |
| 18,591 | | | Illinois Tool Works, Inc. | | | 4,869,726 | | | 0.3 | |
| 16,883 | | | Lockheed Martin Corp. | | | 7,652,051 | | | 0.5 | |
| 619 | | | Northrop Grumman Corp. | | | 289,779 | | | 0.0 | |
| 149,974 (1) | | | Uber Technologies, Inc. | | | 9,233,899 | | | 0.6 | |
| 19,882 | | | Union Pacific Corp. | | | 4,883,417 | | | 0.3 | |
| 15,287 | | | United Parcel Service, Inc. - Class B | | | 2,403,575 | | | 0.2 | |
| 27,859 | | | Waste Management, Inc. | | | 4,989,547 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Information Technology: 50.0% |
| 48,154 | | | Accenture PLC - Class A | | | 16,897,720 | | | 1.1 | |
| 34,920 (1) | | | Adobe, Inc. | | | 20,833,272 | | | 1.3 | |
| 69,508 (1) | | | Advanced Micro Devices, Inc. | | | 10,246,174 | | | 0.6 | |
| 1,123,864 | | | Apple, Inc. | | | 216,377,536 | | | 13.6 | |
| 53,808 | | | Applied Materials, Inc. | | | 8,720,663 | | | 0.5 | |
| 19,104 (1) | | | Arista Networks, Inc. | | | 4,499,183 | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Growth Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 11,807 (1) | | | Atlassian Corp. - Class A | | $ | 2,808,413 | | | 0.2 | |
| 16,371 (1) | | | Autodesk, Inc. | | | 3,986,011 | | | 0.3 | |
| 32,856 | | | Broadcom, Inc. | | | 36,675,510 | | | 2.3 | |
| 20,598 (1) | | | Cadence Design Systems, Inc. | | | 5,610,277 | | | 0.4 | |
| 50,034 (1) | | | Fortinet, Inc. | | | 2,928,490 | | | 0.2 | |
| 20,819 | | | Intuit, Inc. | | | 13,012,500 | | | 0.8 | |
| 10,454 | | | KLA Corp. | | | 6,076,910 | | | 0.4 | |
| 9,498 | | | Lam Research Corp. | | | 7,439,403 | | | 0.5 | |
| 63,277 | | | Mastercard, Inc. - Class A | | | 26,988,273 | | | 1.7 | |
| 567,192 | | | Microsoft Corp. | | | 213,286,880 | | | 13.4 | |
| 11,580 | | | Motorola Solutions, Inc. | | | 3,625,582 | | | 0.2 | |
| 181,089 | | | NVIDIA Corp. | | | 89,678,895 | | | 5.6 | |
| 48,324 | | | Oracle Corp. | | | 5,094,799 | | | 0.3 | |
| 22,968 (1) | | | Palo Alto Networks, Inc. | | | 6,772,804 | | | 0.4 | |
| 75,808 (1) | | | PayPal Holdings, Inc. | | | 4,655,369 | | | 0.3 | |
| 74,139 | | | Qualcomm, Inc. | | | 10,722,724 | | | 0.7 | |
| 54,390 (1) | | | Salesforce, Inc. | | | 14,312,185 | | | 0.9 | |
| 15,516 (1) | | | ServiceNow, Inc. | | | 10,961,899 | | | 0.7 | |
| 23,951 (1) | | | Snowflake, Inc. - Class A | | | 4,766,249 | | | 0.3 | |
| 11,575 (1) | | | Synopsys, Inc. | | | 5,960,083 | | | 0.4 | |
| 28,225 | | | Texas Instruments, Inc. | | | 4,811,234 | | | 0.3 | |
| 121,568 | | | Visa, Inc. - Class A | | | 31,650,229 | | | 2.0 | |
| 15,291 (1) | | | Workday, Inc. - Class A | | | 4,221,233 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Materials: 0.6% |
| 14,726 | | | Ecolab, Inc. | | | 2,920,902 | | | 0.2 | |
| 3,472 | | | Linde PLC | | | 1,425,985 | | | 0.1 | |
| 15,097 | | | Sherwin-Williams Co. | | | 4,708,754 | | | 0.3 | |
| 6,469 | | | Southern Copper Corp. | | | 556,787 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Real Estate: 0.8% |
| 35,477 | | | American Tower Corp. | | | 7,658,775 | | | 0.5 | |
| 3,481 | | | Crown Castle, Inc. | | | 400,976 | | | 0.0 | |
| 3,571 | | | Equinix, Inc. | | | 2,876,048 | | | 0.2 | |
| 6,935 | | | Public Storage | | | 2,115,175 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Common Stock
(Cost $443,831,093) | | | 1,569,767,265 | | | 98.9 | |
| | | | | | | | | | | |
| EXCHANGE-TRADED FUNDS: 0.8% |
| 78,357 | | | iShares Russell Top 200 Growth ETF | | | 13,729,714 | | | 0.8 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds
(Cost $12,647,007) | | | 13,729,714 | | | 0.8 | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments
(Cost $456,478,100) | | | 1,583,496,979 | | | 99.7 | |
| | | | | | | | | | | |
| Shares | | | | | | Value | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.2% |
| | | | Mutual Funds: 0.2% |
| 2,981,000 (2) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $2,981,000) | | $ | 2,981,000 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $2,981,000) | | $ | 2,981,000 | | | 0.2 | |
| | | | Total Investments in Securities
(Cost $459,459,100) | | $ | 1,586,477,979 | | | 99.9 | |
| | | | Assets in Excess of Other Liabilities | | | 997,164 | | | 0.1 | |
| | | | Net Assets | | $ | 1,587,475,143 | | | 100.0 | |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Growth Index Portfolio | as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 1,569,767,265 | | | $ | — | | | $ | — | | | $ | 1,569,767,265 | |
| Exchange-Traded Funds | | | 13,729,714 | | | | — | | | | — | | | | 13,729,714 | |
| Short-Term Investments | | | 2,981,000 | | | | — | | | | — | | | | 2,981,000 | |
| Total Investments, at fair value | | $ | 1,586,477,979 | | | $ | — | | | $ | — | | | $ | 1,586,477,979 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 166,238 | | | | — | | | | — | | | | 166,238 | |
| Total Assets | | $ | 1,586,644,217 | | | $ | — | | | $ | — | | | $ | 1,586,644,217 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | | |
| S&P 500 E-Mini | | | 19 | | | 03/15/24 | | | $ | 4,579,000 | | | $ | 166,238 | |
| | | | | | | | | | $ | 4,579,000 | | | $ | 166,238 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 166,238 | |
| Total Asset Derivatives | | | | $ | 166,238 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | 446,237 | |
| Total | | $ | 446,237 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Growth Index Portfolio | as of December 31, 2023 (continued) |
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | 252,537 | |
| Total | | $ | 252,537 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $460,196,347. | | |
| Net unrealized appreciation consisted of: | | |
| Gross Unrealized Appreciation | | $ | 1,131,346,463 | |
| Gross Unrealized Depreciation | | | (4,898,593 | ) |
| Net Unrealized Appreciation | | $ | 1,126,447,870 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.4% | |
| | | | Communication Services: 9.8% | | | | | | | |
| 390,097 (1) | | | Alphabet, Inc. - Class A | | $ | 54,492,650 | | | 2.5 | |
| 329,493 (1) | | | Alphabet, Inc. - Class C | | | 46,435,449 | | | 2.1 | |
| 469,965 | | | AT&T, Inc. | | | 7,886,013 | | | 0.4 | |
| 6,609 (1) | | | Charter Communications, Inc. - Class A | | | 2,568,786 | | | 0.1 | |
| 262,066 | | | Comcast Corp. - Class A | | | 11,491,594 | | | 0.5 | |
| 145,199 (1) | | | Meta Platforms, Inc. - Class A | | | 51,394,638 | | | 2.3 | |
| 28,341 (1) | | | Netflix, Inc. | | | 13,798,666 | | | 0.6 | |
| 34,362 | | | T-Mobile US, Inc. | | | 5,509,259 | | | 0.3 | |
| 276,251 | | | Verizon Communications, Inc. | | | 10,414,663 | | | 0.5 | |
| 120,043 | | | Walt Disney Co. | | | 10,838,682 | | | 0.5 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 11.2% | | | | | | | |
| 26,603 (1) | | | Airbnb, Inc. - Class A | | | 3,621,732 | | | 0.2 | |
| 591,428 (1) | | | Amazon.com, Inc. | | | 89,861,570 | | | 4.1 | |
| 1,155 (1) | | | AutoZone, Inc. | | | 2,986,380 | | | 0.1 | |
| 2,342 (1) | | | Booking Holdings, Inc. | | | 8,307,589 | | | 0.4 | |
| 1,803 (1) | | | Chipotle Mexican Grill, Inc. | | | 4,123,389 | | | 0.2 | |
| 14,374 | | | Dollar General Corp. | | | 1,954,145 | | | 0.1 | |
| 257,523 | | | Ford Motor Co. | | | 3,139,205 | | | 0.1 | |
| 90,082 | | | General Motors Co. | | | 3,235,745 | | | 0.1 | |
| 65,654 | | | Home Depot, Inc. | | | 22,752,394 | | | 1.0 | |
| 24,185 | | | Las Vegas Sands Corp. | | | 1,190,144 | | | 0.1 | |
| 37,910 | | | Lowe's Cos., Inc. | | | 8,436,871 | | | 0.4 | |
| 7,301 (1) | | | Lululemon Athletica, Inc. | | | 3,732,928 | | | 0.2 | |
| 15,989 | | | Marriott International, Inc. - Class A | | | 3,605,679 | | | 0.2 | |
| 47,874 | | | McDonald's Corp. | | | 14,195,120 | | | 0.6 | |
| 78,059 | | | NIKE, Inc. - Class B | | | 8,474,866 | | | 0.4 | |
| 3,879 (1) | | | O'Reilly Automotive, Inc. | | | 3,685,360 | | | 0.2 | |
| 74,059 | | | Starbucks Corp. | | | 7,110,405 | | | 0.3 | |
| 30,190 | | | Target Corp. | | | 4,299,660 | | | 0.2 | |
| 181,123 (1) | | | Tesla, Inc. | | | 45,005,443 | | | 2.0 | |
| 75,602 | | | TJX Cos., Inc. | | | 7,092,224 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 6.3% | | | | | | | |
| 117,245 | | | Altria Group, Inc. | | | 4,729,663 | | | 0.2 | |
| 35,034 | | | Archer-Daniels- Midland Co. | | | 2,530,155 | | | 0.1 | |
| 255,666 | | | Coca-Cola Co. | | | 15,066,397 | | | 0.7 | |
| 53,866 | | | Colgate-Palmolive Co. | | | 4,293,659 | | | 0.2 | |
| 10,568 | | | Constellation Brands, Inc. - Class A | | | 2,554,814 | | | 0.1 | |
| 29,083 | | | Costco Wholesale Corp. | | | 19,197,107 | | | 0.9 | |
| 15,087 | | | Estee Lauder Cos., Inc. - Class A | | | 2,206,474 | | | 0.1 | |
| 38,150 | | | General Mills, Inc. | | | 2,485,091 | | | 0.1 | |
| 9,836 | | | Hershey Co. | | | 1,833,824 | | | 0.1 | |
| 113,843 | | | Kenvue, Inc. | | | 2,451,040 | | | 0.1 | |
| 62,542 | | | Keurig Dr Pepper, Inc. | | | 2,083,899 | | | 0.1 | |
| | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) | | | | | | | |
| 22,108 | | | Kimberly-Clark Corp. | | $ | 2,686,343 | | | 0.1 | |
| 52,709 | | | Kraft Heinz Co. | | | 1,949,179 | | | 0.1 | |
| 89,265 | | | Mondelez International, Inc. - Class A | | | 6,465,464 | | | 0.3 | |
| 48,823 (1) | | | Monster Beverage Corp. | | | 2,812,693 | | | 0.1 | |
| 90,434 | | | PepsiCo, Inc. | | | 15,359,310 | | | 0.7 | |
| 101,872 | | | Philip Morris International, Inc. | | | 9,584,118 | | | 0.5 | |
| 154,544 | | | Procter & Gamble Co. | | | 22,646,878 | | | 1.0 | |
| 33,299 | | | Sysco Corp. | | | 2,435,156 | | | 0.1 | |
| 93,698 | | | Walmart, Inc. | | | 14,771,490 | | | 0.7 | |
| | | | | | | | | | | |
| | | | Energy: 3.5% | | | | | | | |
| 112,953 | | | Chevron Corp. | | | 16,848,070 | | | 0.8 | |
| 78,648 | | | ConocoPhillips | | | 9,128,673 | | | 0.4 | |
| 38,575 | | | EOG Resources, Inc. | | | 4,665,646 | | | 0.2 | |
| 265,738 | | | Exxon Mobil Corp. | | | 26,568,485 | | | 1.2 | |
| 128,690 | | | Kinder Morgan, Inc. | | | 2,270,092 | | | 0.1 | |
| 24,905 | | | Marathon Petroleum Corp. | | | 3,694,906 | | | 0.2 | |
| 45,092 | | | Occidental Petroleum Corp. | | | 2,692,443 | | | 0.1 | |
| 15,275 | | | Pioneer Natural Resources Co. | | | 3,435,042 | | | 0.2 | |
| 93,515 | | | Schlumberger NV | | | 4,866,521 | | | 0.2 | |
| 22,276 | | | Valero Energy Corp. | | | 2,895,880 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Financials: 10.3% | | | | | | | |
| 38,079 | | | American Express Co. | | | 7,133,720 | | | 0.3 | |
| 46,712 | | | American International Group, Inc. | | | 3,164,738 | | | 0.1 | |
| 13,008 | | | Aon PLC - Class A | | | 3,785,588 | | | 0.2 | |
| 452,353 | | | Bank of America Corp. | | | 15,230,726 | | | 0.7 | |
| 120,207 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 42,873,029 | | | 2.0 | |
| 9,757 | | | BlackRock, Inc. | | | 7,920,733 | | | 0.4 | |
| 46,774 | | | Blackstone, Inc. | | | 6,123,652 | | | 0.3 | |
| 24,874 | | | Capital One Financial Corp. | | | 3,261,479 | | | 0.2 | |
| 97,289 | | | Charles Schwab Corp. | | | 6,693,483 | | | 0.3 | |
| 26,652 | | | Chubb Ltd. | | | 6,023,352 | | | 0.3 | |
| 125,533 | | | Citigroup, Inc. | | | 6,457,418 | | | 0.3 | |
| 23,567 | | | CME Group, Inc. | | | 4,963,210 | | | 0.2 | |
| 39,242 (1) | | | Fiserv, Inc. | | | 5,212,907 | | | 0.2 | |
| 20,932 | | | Goldman Sachs Group, Inc. | | | 8,074,938 | | | 0.4 | |
| 37,154 | | | Intercontinental Exchange, Inc. | | | 4,771,688 | | | 0.2 | |
| 189,491 | | | JPMorgan Chase & Co. | | | 32,232,419 | | | 1.5 | |
| 32,490 | | | Marsh & McLennan Cos., Inc. | | | 6,155,880 | | | 0.3 | |
| 41,564 | | | MetLife, Inc. | | | 2,748,627 | | | 0.1 | |
| 10,415 | | | Moody's Corp. | | | 4,067,682 | | | 0.2 | |
| 78,921 | | | Morgan Stanley | | | 7,359,383 | | | 0.3 | |
| 26,138 | | | PNC Financial Services Group, Inc. | | | 4,047,469 | | | 0.2 | |
| 38,362 | | | Progressive Corp. | | | 6,110,299 | | | 0.3 | |
| 21,058 | | | S&P Global, Inc. | | | 9,276,470 | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 14,959 | | | Travelers Cos., Inc. | | $ | 2,849,540 | | | 0.1 | |
| 87,042 | | | Truist Financial Corp. | | | 3,213,591 | | | 0.1 | |
| 102,233 | | | US Bancorp | | | 4,424,644 | | | 0.2 | |
| 240,916 | | | Wells Fargo & Co. | | | 11,857,886 | | | 0.5 | |
| | | | | | | | | | | |
| | | | Health Care: 13.1% | | | | | | | |
| 113,634 | | | Abbott Laboratories | | | 12,507,694 | | | 0.6 | |
| 115,840 | | | AbbVie, Inc. | | | 17,951,725 | | | 0.8 | |
| 35,066 | | | Amgen, Inc. | | | 10,099,709 | | | 0.5 | |
| 19,009 | | | Becton Dickinson and Co. | | | 4,634,965 | | | 0.2 | |
| 96,008 (1) | | | Boston Scientific Corp. | | | 5,550,223 | | | 0.2 | |
| 133,653 | | | Bristol-Myers Squibb Co. | | | 6,857,735 | | | 0.3 | |
| 35,020 (1) | | | Centene Corp. | | | 2,598,834 | | | 0.1 | |
| 19,164 | | | Cigna Group | | | 5,738,660 | | | 0.3 | |
| 84,054 | | | CVS Health Corp. | | | 6,636,904 | | | 0.3 | |
| 43,204 | | | Danaher Corp. | | | 9,994,813 | | | 0.5 | |
| 39,514 (1) | | | Edwards Lifesciences Corp. | | | 3,012,943 | | | 0.1 | |
| 15,561 | | | Elevance Health, Inc. | | | 7,337,945 | | | 0.3 | |
| 55,553 | | | Eli Lilly & Co. | | | 32,382,955 | | | 1.5 | |
| 25,584 | | | GE HealthCare Technologies, Inc. | | | 1,978,155 | | | 0.1 | |
| 82,045 | | | Gilead Sciences, Inc. | | | 6,646,466 | | | 0.3 | |
| 13,053 | | | HCA Healthcare, Inc. | | | 3,533,186 | | | 0.2 | |
| 8,199 | | | Humana, Inc. | | | 3,753,584 | | | 0.2 | |
| 22,926 (1) | | | Intuitive Surgical, Inc. | | | 7,734,315 | | | 0.3 | |
| 158,205 | | | Johnson & Johnson | | | 24,797,052 | | | 1.1 | |
| 8,898 | | | McKesson Corp. | | | 4,119,596 | | | 0.2 | |
| 87,190 | | | Medtronic PLC | | | 7,182,712 | | | 0.3 | |
| 166,741 | | | Merck & Co., Inc. | | | 18,178,104 | | | 0.8 | |
| 21,812 (1) | | | Moderna, Inc. | | | 2,169,203 | | | 0.1 | |
| 370,913 | | | Pfizer, Inc. | | | 10,678,585 | | | 0.5 | |
| 6,728 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 5,909,135 | | | 0.3 | |
| 23,318 | | | Stryker Corp. | | | 6,982,808 | | | 0.3 | |
| 25,325 | | | Thermo Fisher Scientific, Inc. | | | 13,442,257 | | | 0.6 | |
| 61,019 | | | UnitedHealth Group, Inc. | | | 32,124,673 | | | 1.5 | |
| 16,910 (1) | | | Vertex Pharmaceuticals, Inc. | | | 6,880,510 | | | 0.3 | |
| 30,382 | | | Zoetis, Inc. | | | 5,996,495 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Industrials: 6.4% | | | | | | | |
| 36,089 | | | 3M Co. | | | 3,945,249 | | | 0.2 | |
| 27,148 | | | Automatic Data Processing, Inc. | | | 6,324,670 | | | 0.3 | |
| 36,603 (1) | | | Boeing Co. | | | 9,540,938 | | | 0.4 | |
| 33,493 | | | Caterpillar, Inc. | | | 9,902,875 | | | 0.4 | |
| 129,514 | | | CSX Corp. | | | 4,490,250 | | | 0.2 | |
| 17,398 | | | Deere & Co. | | | 6,956,938 | | | 0.3 | |
| 26,140 | | | Eaton Corp. PLC | | | 6,295,035 | | | 0.3 | |
| 37,458 | | | Emerson Electric Co. | | | 3,645,787 | | | 0.2 | |
| 15,220 | | | FedEx Corp. | | | 3,850,203 | | | 0.2 | |
| 16,064 | | | General Dynamics Corp. | | | 4,171,339 | | | 0.2 | |
| 71,166 | | | General Electric Co. | | | 9,082,917 | | | 0.4 | |
| | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | | | | | | | |
| 43,705 | | | Honeywell International, Inc. | | $ | 9,165,376 | | | 0.4 | |
| 19,649 | | | Illinois Tool Works, Inc. | | | 5,146,859 | | | 0.2 | |
| 44,630 | | | Johnson Controls International PLC | | | 2,572,473 | | | 0.1 | |
| 12,411 | | | L3Harris Technologies, Inc. | | | 2,614,005 | | | 0.1 | |
| 14,542 | | | Lockheed Martin Corp. | | | 6,591,016 | | | 0.3 | |
| 14,912 | | | Norfolk Southern Corp. | | | 3,524,899 | | | 0.2 | |
| 9,396 | | | Northrop Grumman Corp. | | | 4,398,643 | | | 0.2 | |
| 94,399 | | | Raytheon Technologies Corp. | | | 7,942,732 | | | 0.4 | |
| 129,180 (1) | | | Uber Technologies, Inc. | | | 7,953,613 | | | 0.4 | |
| 40,013 | | | Union Pacific Corp. | | | 9,827,993 | | | 0.4 | |
| 47,537 | | | United Parcel Service, Inc. - Class B | | | 7,474,243 | | | 0.3 | |
| 14,401 | | | Veralto Corp. | | | 1,184,626 | | | 0.1 | |
| 26,693 | | | Waste Management, Inc. | | | 4,780,716 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Information Technology: 34.7% | | | | | | | |
| 41,478 | | | Accenture PLC - Class A | | | 14,555,045 | | | 0.7 | |
| 30,078 (1) | | | Adobe, Inc. | | | 17,944,535 | | | 0.8 | |
| 105,221 (1) | | | Advanced Micro Devices, Inc. | | | 15,510,628 | | | 0.7 | |
| 32,689 | | | Analog Devices, Inc. | | | 6,490,728 | | | 0.3 | |
| 968,041 | | | Apple, Inc. | | | 186,376,934 | | | 8.5 | |
| 54,849 | | | Applied Materials, Inc. | | | 8,889,377 | | | 0.4 | |
| 16,455 (1) | | | Arista Networks, Inc. | | | 3,875,317 | | | 0.2 | |
| 10,170 (1) | | | Atlassian Corp. - Class A | | | 2,419,036 | | | 0.1 | |
| 14,102 (1) | | | Autodesk, Inc. | | | 3,433,555 | | | 0.2 | |
| 28,301 | | | Broadcom, Inc. | | | 31,590,991 | | | 1.4 | |
| 17,742 (1) | | | Cadence Design Systems, Inc. | | | 4,832,389 | | | 0.2 | |
| 266,189 | | | Cisco Systems, Inc. | | | 13,447,868 | | | 0.6 | |
| 43,097 (1) | | | Fortinet, Inc. | | | 2,522,467 | | | 0.1 | |
| 277,003 | | | Intel Corp. | | | 13,919,401 | | | 0.6 | |
| 59,646 | | | International Business Machines Corp. | | | 9,755,103 | | | 0.4 | |
| 17,933 | | | Intuit, Inc. | | | 11,208,663 | | | 0.5 | |
| 9,004 | | | KLA Corp. | | | 5,234,025 | | | 0.2 | |
| 8,639 | | | Lam Research Corp. | | | 6,766,583 | | | 0.3 | |
| 54,504 | | | Mastercard, Inc. - Class A | | | 23,246,501 | | | 1.1 | |
| 71,738 | | | Micron Technology, Inc. | | | 6,122,121 | | | 0.3 | |
| 488,551 | | | Microsoft Corp. | | | 183,714,718 | | | 8.4 | |
| 10,842 | | | Motorola Solutions, Inc. | | | 3,394,522 | | | 0.1 | |
| 155,981 | | | NVIDIA Corp. | | | 77,244,911 | | | 3.5 | |
| 101,275 | | | Oracle Corp. | | | 10,677,423 | | | 0.5 | |
| 19,783 (1) | | | Palo Alto Networks, Inc. | | | 5,833,611 | | | 0.3 | |
| 72,072 (1) | | | PayPal Holdings, Inc. | | | 4,425,942 | | | 0.2 | |
| 73,234 | | | Qualcomm, Inc. | | | 10,591,833 | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 6,936 | | | Roper Technologies, Inc. | | $ | 3,781,299 | | | 0.2 | |
| 62,134 (1) | | | Salesforce, Inc. | | | 16,349,941 | | | 0.7 | |
| 13,365 (1) | | | ServiceNow, Inc. | | | 9,442,239 | | | 0.4 | |
| 20,630 (1) | | | Snowflake, Inc. - Class A | | | 4,105,370 | | | 0.2 | |
| 9,970 (1) | | | Synopsys, Inc. | | | 5,133,653 | | | 0.2 | |
| 59,588 | | | Texas Instruments, Inc. | | | 10,157,370 | | | 0.5 | |
| 104,713 | | | Visa, Inc. - Class A | | | 27,262,030 | | | 1.2 | |
| 13,171 (1) | | | Workday, Inc. - Class A | | | 3,635,986 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Materials: 1.6% | | | | | | | |
| 14,556 | | | Air Products and Chemicals, Inc. | | | 3,985,433 | | | 0.2 | |
| 46,438 | | | Dow, Inc. | | | 2,546,660 | | | 0.1 | |
| 16,303 | | | Ecolab, Inc. | | | 3,233,700 | | | 0.2 | |
| 93,753 | | | Freeport-McMoRan, Inc. | | | 3,991,065 | | | 0.2 | |
| 31,817 | | | Linde PLC | | | 13,067,560 | | | 0.6 | |
| 75,701 | | | Newmont Corp. | | | 3,133,264 | | | 0.1 | |
| 15,610 | | | Sherwin-Williams Co. | | | 4,868,759 | | | 0.2 | |
| 5,583 | | | Southern Copper Corp. | | | 480,529 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Real Estate: 1.2% | | | | | | | |
| 30,558 | | | American Tower Corp. | | | 6,596,861 | | | 0.3 | |
| 28,392 | | | Crown Castle, Inc. | | | 3,270,474 | | | 0.2 | |
| 6,127 | | | Equinix, Inc. | | | 4,934,625 | | | 0.2 | |
| 60,559 | | | Prologis, Inc. | | | 8,072,515 | | | 0.4 | |
| 10,281 | | | Public Storage | | | 3,135,705 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Utilities: 1.3% | | | | | | | |
| 33,801 | | | American Electric Power Co., Inc. | | | 2,745,317 | | | 0.1 | |
| 54,856 | | | Dominion Energy, Inc. | | | 2,578,232 | | | 0.1 | |
| 50,596 | | | Duke Energy Corp. | | | 4,909,836 | | | 0.2 | |
| 65,232 | | | Exelon Corp. | | | 2,341,829 | | | 0.1 | |
| 132,887 | | | NextEra Energy, Inc. | | | 8,071,557 | | | 0.4 | |
| 41,347 | | | Sempra Energy | | | 3,089,861 | | | 0.2 | |
| 71,527 | | | Southern Co. | | | 5,015,473 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Total Common Stock | | | | | | | |
| | | | (Cost $1,046,057,357) | | | 2,185,641,018 | | | 99.4 | |
| | | | | | | | | | | |
| EXCHANGE-TRADED FUNDS: 0.4% |
| 66,199 | | | iShares Russell Top 200 ETF | | | 7,618,843 | | | 0.4 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds | | | | | | | |
| | | | (Cost $7,296,376) | | | 7,618,843 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments | | | | | | | |
| | | | (Cost $1,053,353,733) | | | 2,193,259,861 | | | 99.8 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.1% |
| | | | Mutual Funds: 0.1% | | | | | | | |
| 3,158,000 (2) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $3,158,000) | | $ | 3,158,000 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $3,158,000) | | $ | 3,158,000 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Investments in Securities
(Cost $1,056,511,733) | | $ | 2,196,417,861 | | | 99.9 | |
| | | | | | | | | | | |
| | | | Assets in Excess of Other Liabilities | | | 2,236,594 | | | 0.1 | |
| | | | Net Assets | | $ | 2,198,654,455 | | | 100.0 | |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 2,185,641,018 | | | $ | — | | | $ | — | | | $ | 2,185,641,018 | |
| Exchange-Traded Funds | | | 7,618,843 | | | | — | | | | — | | | | 7,618,843 | |
| Short-Term Investments | | | 3,158,000 | | | | — | | | | — | | | | 3,158,000 | |
| Total Investments, at fair value | | $ | 2,196,417,861 | | | $ | — | | | $ | — | | | $ | 2,196,417,861 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 242,687 | | | | — | | | | — | | | | 242,687 | |
| Total Assets | | $ | 2,196,660,548 | | | $ | — | | | $ | — | | | $ | 2,196,660,548 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| S&P 500 E-Mini | | 27 | | | 03/15/24 | | | $ | 6,507,000 | | | $ | 242,687 | |
| | | | | | | | | $ | 6,507,000 | | | $ | 242,687 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 242,687 | |
| Total Asset Derivatives | | | | $ | 242,687 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 735,536 | |
| Total | | $ | 735,536 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 421,673 | |
| Total | | $ | 421,673 | |
See Accompanying Notes to Financial Statements
| Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
| Index Portfolio | as of December 31, 2023 (continued) |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $1,065,808,929. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 1,154,485,322 | |
| Gross Unrealized Depreciation | | | (23,633,703 | ) |
| Net Unrealized Appreciation | | $ | 1,130,851,619 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Large Cap
Value Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.6% | | | | | | |
| | | | Communication Services: 5.5% | | | | | | | |
| 721,477 | | | AT&T, Inc. | | $ | 12,106,384 | | | 0.9 | |
| 402,317 | | | Comcast Corp. - Class A | | | 17,641,600 | | | 1.4 | |
| 52,751 | | | T-Mobile US, Inc. | | | 8,457,568 | | | 0.7 | |
| 424,093 | | | Verizon Communications, Inc. | | | 15,988,306 | | | 1.2 | |
| 184,286 | | | Walt Disney Co. | | | 16,639,183 | | | 1.3 | |
| | | | | | | 70,833,041 | | | 5.5 | |
| | | | Consumer Discretionary: 2.6% | | | | | | | |
| 293 (1) | | | AutoZone, Inc. | | | 757,584 | | | 0.0 | |
| 395,342 | | | Ford Motor Co. | | | 4,819,219 | | | 0.4 | |
| 138,291 | | | General Motors Co. | | | 4,967,413 | | | 0.4 | |
| 2,515 | | | Las Vegas Sands Corp. | | | 123,763 | | | 0.0 | |
| 15,539 | | | Lowe’s Cos., Inc. | | | 3,458,205 | | | 0.3 | |
| 43,142 | | | McDonald’s Corp. | | | 12,792,034 | | | 1.0 | |
| 55,962 | | | NIKE, Inc. - Class B | | | 6,075,794 | | | 0.5 | |
| 905 (1) | | | O’Reilly Automotive, Inc. | | | 859,822 | | | 0.0 | |
| | | | | | | 33,853,834 | | | 2.6 | |
| | | | Consumer Staples: 10.3% | | | | | | | |
| 179,992 | | | Altria Group, Inc. | | | 7,260,877 | | | 0.6 | |
| 53,783 | | | Archer-Daniels-Midland Co. | | | 3,884,208 | | | 0.3 | |
| 197,816 | | | Coca-Cola Co. | | | 11,657,297 | | | 0.9 | |
| 82,694 | | | Colgate-Palmolive Co. | | | 6,591,539 | | | 0.5 | |
| 14,602 | | | Constellation Brands, Inc. - Class A | | | 3,530,034 | | | 0.3 | |
| 15,866 | | | Estee Lauder Cos., Inc. - Class A | | | 2,320,403 | | | 0.2 | |
| 58,567 | | | General Mills, Inc. | | | 3,815,054 | | | 0.3 | |
| 3,896 | | | Hershey Co. | | | 726,370 | | | 0.1 | |
| 115,523 | | | Kenvue, Inc. | | | 2,487,210 | | | 0.2 | |
| 96,012 | | | Keurig Dr Pepper, Inc. | | | 3,199,120 | | | 0.2 | |
| 1,995 | | | Kimberly-Clark Corp. | | | 242,412 | | | 0.0 | |
| 80,917 | | | Kraft Heinz Co. | | | 2,992,311 | | | 0.2 | |
| 137,037 | | | Mondelez International, Inc. - Class A | | | 9,925,590 | | | 0.8 | |
| 42,899 | | | PepsiCo, Inc. | | | 7,285,966 | | | 0.6 | |
| 156,391 | | | Philip Morris International, Inc. | | | 14,713,265 | | | 1.1 | |
| 192,648 | | | Procter & Gamble Co. | | | 28,230,638 | | | 2.2 | |
| 143,843 | | | Walmart, Inc. | | | 22,676,849 | | | 1.8 | |
| | | | | | | 131,539,143 | | | 10.3 | |
| | | | Energy: 9.2% | | | | | | | |
| 173,402 | | | Chevron Corp. | | | 25,864,642 | | | 2.0 | |
| 120,739 | | | ConocoPhillips | | | 14,014,176 | | | 1.1 | |
| 59,219 | | | EOG Resources, Inc. | | | 7,162,538 | | | 0.6 | |
| 407,953 | | | Exxon Mobil Corp. | | | 40,787,141 | | | 3.2 | |
| 197,561 | | | Kinder Morgan, Inc. | | | 3,484,976 | | | 0.3 | |
| 38,234 | | | Marathon Petroleum Corp. | | | 5,672,396 | | | 0.4 | |
| 69,225 | | | Occidental Petroleum Corp. | | | 4,133,425 | | | 0.3 | |
| 23,449 | | | Pioneer Natural Resources Co. | | | 5,273,211 | | | 0.4 | |
| 143,561 | | | Schlumberger NV | | | 7,470,915 | | | 0.6 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Energy: (continued) | | | | | | | |
| 34,197 | | | Valero Energy Corp. | | $ | 4,445,610 | | | 0.3 | |
| | | | | | | 118,309,030 | | | 9.2 | |
| | | | Financials: 24.2% | | | | | | | |
| 39,283 | | | American Express Co. | | | 7,359,277 | | | 0.6 | |
| 71,711 | | | American International Group, Inc. | | | 4,858,420 | | | 0.4 | |
| 19,970 | | | Aon PLC - Class A | | | 5,811,670 | | | 0.5 | |
| 694,440 | | | Bank of America Corp. | | | 23,381,795 | | | 1.8 | |
| 184,539 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 65,817,680 | | | 5.1 | |
| 14,979 | | | BlackRock, Inc. | | | 12,159,952 | | | 0.9 | |
| 38,186 | | | Capital One Financial Corp. | | | 5,006,948 | | | 0.4 | |
| 149,355 | | | Charles Schwab Corp. | | | 10,275,624 | | | 0.8 | |
| 40,916 | | | Chubb Ltd. | | | 9,247,016 | | | 0.7 | |
| 192,715 | | | Citigroup, Inc. | | | 9,913,260 | | | 0.8 | |
| 36,179 | | | CME Group, Inc. | | | 7,619,298 | | | 0.6 | |
| 43,737 (1) | | | Fiserv, Inc. | | | 5,810,023 | | | 0.5 | |
| 32,134 | | | Goldman Sachs Group, Inc. | | | 12,396,333 | | | 1.0 | |
| 57,038 | | | Intercontinental Exchange, Inc. | | | 7,325,390 | | | 0.6 | |
| 290,901 | | | JPMorgan Chase & Co. | | | 49,482,260 | | | 3.9 | |
| 9,926 | | | Marsh & McLennan Cos., Inc. | | | 1,880,679 | | | 0.1 | |
| 63,809 | | | MetLife, Inc. | | | 4,219,689 | | | 0.3 | |
| 1,407 | | | Moody’s Corp. | | | 549,518 | | | 0.0 | |
| 121,157 | | | Morgan Stanley | | | 11,297,890 | | | 0.9 | |
| 40,126 | | | PNC Financial Services Group, Inc. | | | 6,213,511 | | | 0.5 | |
| 14,782 | | | Progressive Corp. | | | 2,354,477 | | | 0.2 | |
| 29,645 | | | S&P Global, Inc. | | | 13,059,216 | | | 1.0 | |
| 22,964 | | | Travelers Cos., Inc. | | | 4,374,412 | | | 0.3 | |
| 133,624 | | | Truist Financial Corp. | | | 4,933,398 | | | 0.4 | |
| 156,945 | | | US Bancorp | | | 6,792,580 | | | 0.5 | |
| 369,847 | | | Wells Fargo & Co. | | | 18,203,869 | | | 1.4 | |
| | | | | | | 310,344,185 | | | 24.2 | |
| | | | Health Care: 19.1% | | | | | | | |
| 163,458 | | | Abbott Laboratories | | | 17,991,822 | | | 1.4 | |
| 17,226 | | | Amgen, Inc. | | | 4,961,432 | | | 0.4 | |
| 29,182 | | | Becton Dickinson and Co. | | | 7,115,447 | | | 0.5 | |
| 147,389 (1) | | | Boston Scientific Corp. | | | 8,520,558 | | | 0.7 | |
| 205,181 | | | Bristol-Myers Squibb Co. | | | 10,527,837 | | | 0.8 | |
| 53,761 (1) | | | Centene Corp. | | | 3,989,604 | | | 0.3 | |
| 27,244 | | | Cigna Group | | | 8,158,216 | | | 0.6 | |
| 129,037 | | | CVS Health Corp. | | | 10,188,762 | | | 0.8 | |
| 66,326 | | | Danaher Corp. | | | 15,343,857 | | | 1.2 | |
| 20,712 | | | Elevance Health, Inc. | | | 9,766,951 | | | 0.8 | |
| 36,291 | | | GE HealthCare Technologies, Inc. | | | 2,806,020 | | | 0.2 | |
| 125,953 | | | Gilead Sciences, Inc. | | | 10,203,453 | | | 0.8 | |
| 15,891 | | | HCA Healthcare, Inc. | | | 4,301,376 | | | 0.3 | |
| 7,124 | | | Humana, Inc. | | | 3,261,438 | | | 0.2 | |
| 242,872 | | | Johnson & Johnson | | | 38,067,757 | | | 3.0 | |
| 8,456 | | | McKesson Corp. | | | 3,914,959 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Large Cap
Value Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 133,852 | | | Medtronic PLC | | $ | 11,026,728 | | | 0.9 | |
| 208,876 | | | Merck & Co., Inc. | | | 22,771,662 | | | 1.8 | |
| 33,485 (1) | | | Moderna, Inc. | | | 3,330,083 | | | 0.3 | |
| 569,415 | | | Pfizer, Inc. | | | 16,393,458 | | | 1.3 | |
| 9,627 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 8,455,298 | | | 0.6 | |
| 26,705 | | | Stryker Corp. | | | 7,997,079 | | | 0.6 | |
| 14,929 | | | Thermo Fisher Scientific, Inc. | | | 7,924,164 | | | 0.6 | |
| 14,894 | | | UnitedHealth Group, Inc. | | | 7,841,244 | | | 0.6 | |
| 2,207 (1) | | | Vertex Pharmaceuticals, Inc. | | | 898,006 | | | 0.1 | |
| | | | | | | 245,757,211 | | | 19.1 | |
| | | | Industrials: 10.7% | | | | | | | |
| 55,402 | | | 3M Co. | | | 6,056,547 | | | 0.5 | |
| 5,918 | | | Automatic Data Processing, Inc. | | | 1,378,716 | | | 0.1 | |
| 48,550 (1) | | | Boeing Co. | | | 12,655,043 | | | 1.0 | |
| 12,854 | | | Caterpillar, Inc. | | | 3,800,542 | | | 0.3 | |
| 176,757 | | | CSX Corp. | | | 6,128,165 | | | 0.5 | |
| 1,736 | | | Deere & Co. | | | 694,174 | | | 0.1 | |
| 40,129 | | | Eaton Corp. PLC | | | 9,663,866 | | | 0.7 | |
| 57,505 | | | Emerson Electric Co. | | | 5,596,962 | | | 0.4 | |
| 23,365 | | | FedEx Corp. | | | 5,910,644 | | | 0.5 | |
| 24,661 | | | General Dynamics Corp. | | | 6,403,722 | | | 0.5 | |
| 109,253 | | | General Electric Co. | | | 13,943,960 | | | 1.1 | |
| 58,439 | | | Honeywell International, Inc. | | | 12,255,243 | | | 1.0 | |
| 5,580 | | | Illinois Tool Works, Inc. | | | 1,461,625 | | | 0.1 | |
| 68,514 | | | Johnson Controls International PLC | | | 3,949,147 | | | 0.3 | |
| 19,053 | | | L3Harris Technologies, Inc. | | | 4,012,943 | | | 0.3 | |
| 22,892 | | | Norfolk Southern Corp. | | | 5,411,211 | | | 0.4 | |
| 13,602 | | | Northrop Grumman Corp. | | | 6,367,640 | | | 0.5 | |
| 144,919 | | | Raytheon Technologies Corp. | | | 12,193,485 | | | 0.9 | |
| 35,136 | | | Union Pacific Corp. | | | 8,630,104 | | | 0.7 | |
| 52,763 | | | United Parcel Service, Inc. - Class B | | | 8,295,927 | | | 0.6 | |
| 22,109 | | | Veralto Corp. | | | 1,818,686 | | | 0.1 | |
| 4,139 | | | Waste Management, Inc. | | | 741,295 | | | 0.1 | |
| | | | | | | 137,369,647 | | | 10.7 | |
| | | | Information Technology: 9.6% | | | | | | | |
| 69,620 (1) | | | Advanced Micro Devices, Inc. | | | 10,262,684 | | | 0.8 | |
| 50,184 | | | Analog Devices, Inc. | | | 9,964,535 | | | 0.8 | |
| 13,051 | | | Applied Materials, Inc. | | | 2,115,176 | | | 0.2 | |
| 408,646 | | | Cisco Systems, Inc. | | | 20,644,796 | | | 1.6 | |
| 425,247 | | | Intel Corp. | | | 21,368,662 | | | 1.7 | |
| 91,566 | | | International Business Machines Corp. | | | 14,975,619 | | | 1.2 | |
| 703 | | | Lam Research Corp. | | | 550,632 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) | |
| 110,131 | | | Micron Technology, Inc. | | $ | 9,398,580 | | | 0.7 | |
| 1,331 | | | Motorola Solutions, Inc. | | | 416,723 | | | 0.0 | |
| 91,575 | | | Oracle Corp. | | | 9,654,752 | | | 0.7 | |
| 10,400 (1) | | | PayPal Holdings, Inc. | | | 638,664 | | | 0.0 | |
| 14,391 | | | Qualcomm, Inc. | | | 2,081,370 | | | 0.2 | |
| 10,649 | | | Roper Technologies, Inc. | | | 5,805,515 | | | 0.5 | |
| 23,465 (1) | | | Salesforce, Inc. | | | 6,174,580 | | | 0.5 | |
| 54,155 | | | Texas Instruments, Inc. | | | 9,231,261 | | | 0.7 | |
| | | | | | | 123,283,549 | | | 9.6 | |
| | | | Materials: 3.2% | | | | | | | |
| 22,347 | | | Air Products and Chemicals, Inc. | | | 6,118,609 | | | 0.5 | |
| 71,290 | | | Dow, Inc. | | | 3,909,543 | | | 0.3 | |
| 5,556 | | | Ecolab, Inc. | | | 1,102,032 | | | 0.1 | |
| 143,928 | | | Freeport-McMoRan, Inc. | | | 6,127,015 | | | 0.5 | |
| 44,253 | | | Linde PLC | | | 18,175,150 | | | 1.4 | |
| 116,215 | | | Newmont Corp. | | | 4,810,139 | | | 0.3 | |
| 4,002 | | | Sherwin-Williams Co. | | | 1,248,224 | | | 0.1 | |
| | | | | | | 41,490,712 | | | 3.2 | |
| | | | Real Estate: 1.8% | | | | | | | |
| 38,967 | | | Crown Castle, Inc. | | | 4,488,609 | | | 0.3 | |
| 4,684 | | | Equinix, Inc. | | | 3,772,447 | | | 0.3 | |
| 92,968 | | | Prologis, Inc. | | | 12,392,634 | | | 1.0 | |
| 6,613 | | | Public Storage | | | 2,016,965 | | | 0.2 | |
| | | | | | | 22,670,655 | | | 1.8 | |
| | | | Utilities: 3.4% | | | | | | | |
| 51,891 | | | American Electric Power Co., Inc. | | | 4,214,587 | | | 0.3 | |
| 84,213 | | | Dominion Energy, Inc. | | | 3,958,011 | | | 0.3 | |
| 77,673 | | | Duke Energy Corp. | | | 7,537,388 | | | 0.6 | |
| 100,143 | | | Exelon Corp. | | | 3,595,133 | | | 0.3 | |
| 204,004 | | | NextEra Energy, Inc. | | | 12,391,203 | | | 0.9 | |
| 63,475 | | | Sempra Energy | | | 4,743,487 | | | 0.4 | |
| 109,806 | | | Southern Co. | | | 7,699,597 | | | 0.6 | |
| | | | | | | 44,139,406 | | | 3.4 | |
| | | | Total Common Stock
(Cost $1,003,646,964) | | | 1,279,590,413 | | | 99.6 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS: 0.1% | | | | | | | |
| 28,126 | | | iShares Russell Top 200 Value ETF | | | 1,973,602 | | | 0.1 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds
(Cost $1,894,336) | | | 1,973,602 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments
(Cost $1,005,541,300) | | | 1,281,564,015 | | | 99.7 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Large Cap
Value Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.1% | | | | | | | |
| | | | Mutual Funds: 0.1% | | | | | | | |
| 1,364,000 (2) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $1,364,000) | | $ | 1,364,000 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $1,364,000) | | $ | 1,364,000 | | | 0.1 | |
| | | | Total Investments in Securities
(Cost $1,006,905,300) | | $ | 1,282,928,015 | | | 99.8 | |
| | | | Assets in Excess of Other Liabilities | | | 2,314,070 | | | 0.2 | |
| | | | Net Assets | | $ | 1,285,242,085 | | | 100.0 | |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
Voya Russell™ Large Cap
Value Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 1,279,590,413 | | | $ | — | | | $ | — | | | $ | 1,279,590,413 | |
| Exchange-Traded Funds | | | 1,973,602 | | | | — | | | | — | | | | 1,973,602 | |
| Short-Term Investments | | | 1,364,000 | | | | — | | | | — | | | | 1,364,000 | |
| Total Investments, at fair value | | $ | 1,282,928,015 | | | $ | — | | | $ | — | | | $ | 1,282,928,015 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 180,569 | | | | — | | | | — | | | | 180,569 | |
| Total Assets | | $ | 1,283,108,584 | | | $ | — | | | $ | — | | | $ | 1,283,108,584 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| S&P 500 E-Mini | | 20 | | | 03/15/24 | | | $ | 4,820,000 | | | $ | 180,569 | |
| | | | | | | | | $ | 4,820,000 | | | $ | 180,569 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 180,569 | |
| Total Asset Derivatives | | | | $ | 180,569 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 500,673 | |
| Total | | $ | 500,673 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 311,512 | |
| Total | | $ | 311,512 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Large Cap
Value Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $1,021,043,579. | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 309,358,404 | |
| Gross Unrealized Depreciation | | | (47,293,400 | ) |
| Net Unrealized Appreciation | | $ | 262,065,004 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: 98.6% | |
| | | | Communication Services: 4.2% |
| 125 | | | Cable One, Inc. | | $ | 69,574 | | | 0.0 | |
| 35,875 | | | Iridium Communications, Inc. | | | 1,476,615 | | | 0.1 | |
| 1,066 (1) | | | Liberty Broadband Corp. - Class A | | | 85,962 | | | 0.0 | |
| 7,535 (1) | | | Liberty Broadband Corp. - Class C | | | 607,246 | | | 0.1 | |
| 11,055 (1) | | | Live Nation Entertainment, Inc. | | | 1,034,748 | | | 0.1 | |
| 78,507 (1) | | | Match Group, Inc. | | | 2,865,506 | | | 0.3 | |
| 3,578 | | | Nexstar Media Group, Inc. | | | 560,851 | | | 0.1 | |
| 182,971 (1) | | | Pinterest, Inc. - Class A | | | 6,777,246 | | | 0.7 | |
| 6,236 (1) | | | Playtika Holding Corp. | | | 54,378 | | | 0.0 | |
| 145,146 (1) | | | ROBLOX Corp. - Class A | | | 6,636,075 | | | 0.7 | |
| 4,776 (1) | | | Roku, Inc. | | | 437,768 | | | 0.0 | |
| 43,833 (1) | | | Spotify Technology SA | | | 8,236,659 | | | 0.8 | |
| 18,972 | | | TKO Group Holdings, Inc. | | | 1,547,736 | | | 0.2 | |
| 137,796 (1) | | | Trade Desk, Inc. - Class A | | | 9,915,800 | | | 1.0 | |
| 48,618 (1) | | | ZoomInfo Technologies, Inc. | | | 898,947 | | | 0.1 | |
| | | | Consumer Discretionary: 13.1% |
| 8,344 | | | Best Buy Co., Inc. | | | 653,168 | | | 0.1 | |
| 2,659 (1)(2) | | | Birkenstock Holding PLC | | | 129,573 | | | 0.0 | |
| 2,225 (1) | | | Bright Horizons Family Solutions, Inc. | | | 209,684 | | | 0.0 | |
| 1,737 | | | Brunswick Corp. | | | 168,055 | | | 0.0 | |
| 20,196 (1) | | | Burlington Stores, Inc. | | | 3,927,718 | | | 0.4 | |
| 26,294 (1) | | | Caesars Entertainment, Inc. | | | 1,232,663 | | | 0.1 | |
| 2,765 (1) | | | CarMax, Inc. | | | 212,186 | | | 0.0 | |
| 3,906 (1) | | | Cava Group, Inc. | | | 167,880 | | | 0.0 | |
| 9,328 (2) | | | Choice Hotels International, Inc. | | | 1,056,862 | | | 0.1 | |
| 22,222 | | | Churchill Downs, Inc. | | | 2,998,414 | | | 0.3 | |
| 342,550 (1) | | | Coupang, Inc. | | | 5,545,885 | | | 0.6 | |
| 19,013 (1) | | | Crocs, Inc. | | | 1,776,004 | | | 0.2 | |
| 17,624 | | | Darden Restaurants, Inc. | | | 2,895,623 | | | 0.3 | |
| 8,192 (1) | | | Deckers Outdoor Corp. | | | 5,475,779 | | | 0.6 | |
| 1,390 | | | Dick’s Sporting Goods, Inc. | | | 204,261 | | | 0.0 | |
| 10,918 | | | Domino’s Pizza, Inc. | | | 4,500,727 | | | 0.5 | |
| 74,897 (1) | | | DoorDash, Inc. - Class A | | | 7,406,564 | | | 0.7 | |
| 130,681 (1) | | | DraftKings, Inc. - Class A | | | 4,606,505 | | | 0.5 | |
| 10,360 | | | eBay, Inc. | | | 451,903 | | | 0.0 | |
| 21,517 (1) | | | Etsy, Inc. | | | 1,743,953 | | | 0.2 | |
| 31,462 (1) | | | Expedia Group, Inc. | | | 4,775,617 | | | 0.5 | |
| 17,124 (1) | | | Five Below, Inc. | | | 3,650,152 | | | 0.4 | |
| 32,527 (1) | | | Floor & Decor Holdings, Inc. - Class A | | | 3,628,712 | | | 0.4 | |
| 2,593 (1) | | | Grand Canyon Education, Inc. | | | 342,380 | | | 0.0 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 29,520 | | | H&R Block, Inc. | | $ | 1,427,882 | | | 0.1 | |
| 35,680 | | | Hilton Worldwide Holdings, Inc. | | | 6,496,971 | | | 0.7 | |
| 5,760 | | | Murphy USA, Inc. | | | 2,053,786 | | | 0.2 | |
| 31,839 (1) | | | Norwegian Cruise Line Holdings Ltd. | | | 638,054 | | | 0.1 | |
| 82 (1) | | | NVR, Inc. | | | 574,037 | | | 0.1 | |
| 6,182 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 469,152 | | | 0.0 | |
| 104,923 (1) | | | Peloton Interactive, Inc. - Class A | | | 638,981 | | | 0.1 | |
| 12,706 (1) | | | Planet Fitness, Inc. - Class A | | | 927,538 | | | 0.1 | |
| 1,482 | | | Polaris, Inc. | | | 140,449 | | | 0.0 | |
| 11,876 | | | Pool Corp. | | | 4,735,080 | | | 0.5 | |
| 797 (1) | | | RH | | | 232,310 | | | 0.0 | |
| 97,981 | | | Ross Stores, Inc. | | | 13,559,591 | | | 1.4 | |
| 22,025 (1) | | | Royal Caribbean Cruises Ltd. | | | 2,852,017 | | | 0.3 | |
| 16,706 | | | Service Corp. International | | | 1,143,526 | | | 0.1 | |
| 2,955 (1) | | | Skechers USA, Inc. - Class A | | | 184,215 | | | 0.0 | |
| 4,582 | | | Tapestry, Inc. | | | 168,663 | | | 0.0 | |
| 10,585 | | | Tempur Sealy International, Inc. | | | 539,517 | | | 0.1 | |
| 20,893 | | | Texas Roadhouse, Inc. | | | 2,553,751 | | | 0.3 | |
| 643 (1) | | | TopBuild Corp. | | | 240,649 | | | 0.0 | |
| 34,241 | | | Tractor Supply Co. | | | 7,362,842 | | | 0.7 | |
| 9,972 | | | Travel + Leisure Co. | | | 389,806 | | | 0.0 | |
| 15,370 (1) | | | Ulta Beauty, Inc. | | | 7,531,146 | | | 0.8 | |
| 1,169 | | | Vail Resorts, Inc. | | | 249,546 | | | 0.0 | |
| 10,735 (1) | | | Victoria’s Secret & Co. | | | 284,907 | | | 0.0 | |
| 8,997 (1) | | | Wayfair, Inc. - Class A | | | 555,115 | | | 0.1 | |
| 53,347 | | | Wendy’s Co. | | | 1,039,200 | | | 0.1 | |
| 2,570 | | | Williams-Sonoma, Inc. | | | 518,575 | | | 0.1 | |
| 9,359 | | | Wingstop, Inc. | | | 2,401,332 | | | 0.2 | |
| 1,802 | | | Wyndham Hotels & Resorts, Inc. | | | 144,899 | | | 0.0 | |
| 1,980 | | | Wynn Resorts Ltd. | | | 180,398 | | | 0.0 | |
| 27,072 (1) | | | YETI Holdings, Inc. | | | 1,401,788 | | | 0.1 | |
| 76,979 | | | Yum! Brands, Inc. | | | 10,058,076 | | | 1.0 | |
| | | | Consumer Staples: 2.7% |
| 11,196 | | | Albertsons Cos., Inc. - Class A | | | 257,508 | | | 0.0 | |
| 14,384 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 958,838 | | | 0.1 | |
| 2,714 (1) | | | Boston Beer Co., Inc. - Class A | | | 937,931 | | | 0.1 | |
| 12,143 | | | Brown-Forman Corp. - Class A | | | 723,601 | | | 0.1 | |
| 45,639 | | | Brown-Forman Corp. - Class B | | | 2,605,987 | | | 0.3 | |
| 1,676 | | | Casey’s General Stores, Inc. | | | 460,464 | | | 0.0 | |
| 44,896 (1) | | | Celsius Holdings, Inc. | | | 2,447,730 | | | 0.2 | |
| 68,433 | | | Church & Dwight Co., Inc. | | | 6,471,025 | | | 0.6 | |
| 38,664 | | | Clorox Co. | | | 5,513,100 | | | 0.6 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) |
| 3,720 (1) | | | Freshpet, Inc. | | $ | 322,747 | | | 0.0 | |
| 42,891 | | | Lamb Weston Holdings, Inc. | | | 4,636,088 | | | 0.5 | |
| 4,537 (1) | | | Maplebear, Inc. | | | 106,483 | | | 0.0 | |
| 22,506 (1) | | | Performance Food Group Co. | | | 1,556,290 | | | 0.2 | |
| | | | Energy: 3.8% | | | | | | |
| 35,386 | | | Antero Midstream Corp. | | | 443,387 | | | 0.0 | |
| 84,881 | | | APA Corp. | | | 3,045,530 | | | 0.3 | |
| 74,931 | | | Cheniere Energy, Inc. | | | 12,791,471 | | | 1.3 | |
| 56,466 | | | Halliburton Co. | | | 2,041,246 | | | 0.2 | |
| 48,493 | | | Hess Corp. | | | 6,990,751 | | | 0.7 | |
| 20,239 (2) | | | New Fortress Energy, Inc. | | | 763,617 | | | 0.1 | |
| 10,005 | | | ONEOK, Inc. | | | 702,551 | | | 0.1 | |
| 35,542 | | | Ovintiv, Inc. | | | 1,561,005 | | | 0.2 | |
| 69,106 | | | Targa Resources Corp. | | | 6,003,238 | | | 0.6 | |
| 1,927 | | | Texas Pacific Land Corp. | | | 3,030,111 | | | 0.3 | |
| | | | Financials: 9.5% | | | | | | |
| 32,085 | | | Ameriprise Financial, Inc. | | | 12,186,846 | | | 1.2 | |
| 163,141 | | | Apollo Global Management, Inc. | | | 15,203,110 | | | 1.6 | |
| 15,768 (1) | | | Arch Capital Group Ltd. | | | 1,171,089 | | | 0.1 | |
| 51,051 | | | Ares Management Corp. - Class A | | | 6,070,985 | | | 0.6 | |
| 3,708 | | | Arthur J Gallagher & Co. | | | 833,855 | | | 0.1 | |
| 63,068 (1) | | | Block, Inc. | | | 4,878,310 | | | 0.5 | |
| 21,212 | | | Blue Owl Capital, Inc. | | | 316,059 | | | 0.0 | |
| 2,067 (1) | | | Brighthouse Financial, Inc. | | | 109,386 | | | 0.0 | |
| 28,907 | | | Brown & Brown, Inc. | | | 2,055,577 | | | 0.2 | |
| 108,081 | | | Equitable Holdings, Inc. | | | 3,599,097 | | | 0.4 | |
| 1,808 | | | Everest Re Group Ltd. | | | 639,273 | | | 0.1 | |
| 11,997 | | | FactSet Research Systems, Inc. | | | 5,723,169 | | | 0.6 | |
| 370 | | | First Citizens BancShares, Inc. - Class A | | | 525,019 | | | 0.1 | |
| 1,170 | | | Houlihan Lokey, Inc. | | | 140,295 | | | 0.0 | |
| 6,821 | | | Kinsale Capital Group, Inc. | | | 2,284,421 | | | 0.2 | |
| 51,037 | | | KKR & Co., Inc. | | | 4,228,415 | | | 0.4 | |
| 4,911 | | | Lincoln National Corp. | | | 132,450 | | | 0.0 | |
| 23,558 | | | LPL Financial Holdings, Inc. | | | 5,362,272 | | | 0.6 | |
| 11,579 | | | MarketAxess Holdings, Inc. | | | 3,390,910 | | | 0.4 | |
| 8,033 | | | Morningstar, Inc. | | | 2,299,366 | | | 0.2 | |
| 12,006 | | | MSCI, Inc. | | | 6,791,194 | | | 0.7 | |
| 500,638 (1) | | | NU Holdings Ltd./ Cayman Islands - Class A | | | 4,170,314 | | | 0.4 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | |
| 7,208 | | | Primerica, Inc. | | $ | 1,483,118 | | | 0.2 | |
| 4,159 | | | RenaissanceRe Holdings Ltd. | | | 815,164 | | | 0.1 | |
| 2,777 | | | RLI Corp. | | | 369,674 | | | 0.0 | |
| 13,186 (1)(2) | | | Rocket Cos., Inc. - Class A | | | 190,933 | | | 0.0 | |
| 29,635 (1) | | | Ryan Specialty Holdings, Inc. | | | 1,274,898 | | | 0.1 | |
| 16,753 (1) | | | Shift4 Payments, Inc. - Class A | | | 1,245,418 | | | 0.1 | |
| 27,690 | | | SLM Corp. | | | 529,433 | | | 0.1 | |
| 110,721 (1) | | | Toast, Inc. - Class A | | | 2,021,765 | | | 0.2 | |
| 5,815 | | | TPG, Inc. | | | 251,034 | | | 0.0 | |
| 12,446 | | | Tradeweb Markets, Inc. - Class A | | | 1,131,092 | | | 0.1 | |
| 10,506 (2) | | | UWM Holdings Corp. | | | 75,118 | | | 0.0 | |
| 6,120 (1) | | | WEX, Inc. | | | 1,190,646 | | | 0.1 | |
| 4,042 | | | Willis Towers Watson PLC | | | 974,930 | | | 0.1 | |
| 8,377 | | | XP, Inc. - Class A | | | 218,388 | | | 0.0 | |
| | | | Health Care: 18.4% | | | | | | |
| 28,690 (1) | | | 10X Genomics, Inc. - Class A | | | 1,605,492 | | | 0.2 | |
| 74,285 | | | Agilent Technologies, Inc. | | | 10,327,843 | | | 1.0 | |
| 80,997 (1) | | | agilon health, Inc. | | | 1,016,512 | | | 0.1 | |
| 23,870 (1) | | | Align Technology, Inc. | | | 6,540,380 | | | 0.7 | |
| 31,078 (1) | | | Alnylam Pharmaceuticals, Inc. | | | 5,948,640 | | | 0.6 | |
| 50,542 | | | AmerisourceBergen Corp. | | | 10,380,316 | | | 1.1 | |
| 31,582 (1) | | | Apellis Pharmaceuticals, Inc. | | | 1,890,498 | | | 0.2 | |
| 6,903 (1) | | | BioMarin Pharmaceutical, Inc. | | | 665,587 | | | 0.1 | |
| 45,867 | | | Bio-Techne Corp. | | | 3,539,098 | | | 0.4 | |
| 33,186 | | | Bruker Corp. | | | 2,438,507 | | | 0.2 | |
| 39,486 | | | Cardinal Health, Inc. | | | 3,980,189 | | | 0.4 | |
| 13,509 (1) | | | Certara, Inc. | | | 237,623 | | | 0.0 | |
| 3,280 | | | Chemed Corp. | | | 1,917,980 | | | 0.2 | |
| 16,877 (1) | | | DaVita, Inc. | | | 1,768,034 | | | 0.2 | |
| 120,945 (1) | | | Dexcom, Inc. | | | 15,008,065 | | | 1.5 | |
| 16,322 (1) | | | Doximity, Inc. - Class A | | | 457,669 | | | 0.0 | |
| 2,098 | | | Encompass Health Corp. | | | 139,979 | | | 0.0 | |
| 19,366 (1) | | | Exact Sciences Corp. | | | 1,432,697 | | | 0.1 | |
| 72,509 (1) | | | Exelixis, Inc. | | | 1,739,491 | | | 0.2 | |
| 10,518 (1) | | | Globus Medical, Inc. - Class A | | | 560,504 | | | 0.1 | |
| 3,796 (1) | | | ICON PLC | | | 1,074,534 | | | 0.1 | |
| 25,750 (1) | | | IDEXX Laboratories, Inc. | | | 14,292,537 | | | 1.5 | |
| 14,732 (1) | | | Illumina, Inc. | | | 2,051,284 | | | 0.2 | |
| 42,523 (1) | | | Incyte Corp. | | | 2,670,019 | | | 0.3 | |
| 8,985 (1) | | | Inspire Medical Systems, Inc. | | | 1,827,818 | | | 0.2 | |
| 21,666 (1) | | | Insulet Corp. | | | 4,701,089 | | | 0.5 | |
| 38,313 (1) | | | Ionis Pharmaceuticals, Inc. | | | 1,938,255 | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) | |
| 52,741 (1) | | | IQVIA Holdings, Inc. | | $ | 12,203,213 | | | 1.2 | |
| 9,883 (1) | | | Jazz Pharmaceuticals PLC | | | 1,215,609 | | | 0.1 | |
| 9,935 (1) | | | Karuna Therapeutics, Inc. | | | 3,144,527 | | | 0.3 | |
| 19,877 (1) | | | Maravai LifeSciences Holdings, Inc. - Class A | | | 130,194 | | | 0.0 | |
| 13,488 (1) | | | Masimo Corp. | | | 1,580,928 | | | 0.2 | |
| 7,281 (1) | | | Medpace Holdings, Inc. | | | 2,231,845 | | | 0.2 | |
| 6,810 (1) | | | Mettler-Toledo International, Inc. | | | 8,260,258 | | | 0.8 | |
| 9,825 (1) | | | Molina Healthcare, Inc. | | | 3,549,871 | | | 0.4 | |
| 33,568 (1) | | | Natera, Inc. | | | 2,102,699 | | | 0.2 | |
| 30,206 (1) | | | Neurocrine Biosciences, Inc. | | | 3,979,943 | | | 0.4 | |
| 32,792 (1) | | | Novocure Ltd. | | | 489,585 | | | 0.1 | |
| 11,337 (1) | | | Penumbra, Inc. | | | 2,851,709 | | | 0.3 | |
| 7,669 (1) | | | Repligen Corp. | | | 1,378,886 | | | 0.1 | |
| 45,396 | | | ResMed, Inc. | | | 7,809,020 | | | 0.8 | |
| 105,204 (1) | | | Roivant Sciences Ltd. | | | 1,181,441 | | | 0.1 | |
| 27,956 (1) | | | Sarepta Therapeutics, Inc. | | | 2,695,797 | | | 0.3 | |
| 11,333 (1) | | | Shockwave Medical, Inc. | | | 2,159,616 | | | 0.2 | |
| 21,692 (1) | | | Sotera Health Co. | | | 365,510 | | | 0.0 | |
| 2,750 (1) | | | Tandem Diabetes Care, Inc. | | | 81,345 | | | 0.0 | |
| 24,558 (1) | | | Ultragenyx Pharmaceutical, Inc. | | | 1,174,364 | | | 0.1 | |
| 45,282 (1) | | | Veeva Systems, Inc. - Class A | | | 8,717,691 | | | 0.9 | |
| 18,307 (1) | | | Waters Corp. | | | 6,027,214 | | | 0.6 | |
| 23,138 | | | West Pharmaceutical Services, Inc. | | | 8,147,353 | | | 0.8 | |
| | | | Industrials: 17.4% | | | |
| 4,047 | | | A. O. Smith Corp. | | | 333,635 | | | 0.0 | |
| 21,306 | | | Advanced Drainage Systems, Inc. | | | 2,996,476 | | | 0.3 | |
| 25,370 | | | Allegion PLC | | | 3,214,125 | | | 0.3 | |
| 2,706 | | | Allison Transmission Holdings, Inc. | | | 157,354 | | | 0.0 | |
| 12,038 | | | AMERCO | | | 847,957 | | | 0.1 | |
| 75,319 (1) | | | American Airlines Group, Inc. | | | 1,034,883 | | | 0.1 | |
| 4,000 | | | Armstrong World Industries, Inc. | | | 393,280 | | | 0.0 | |
| 2,140 | | | Avis Budget Group, Inc. | | | 379,336 | | | 0.0 | |
| 22,003 (1) | | | Axon Enterprise, Inc. | | | 5,684,035 | | | 0.6 | |
| 40,067 | | | Booz Allen Hamilton Holding Corp. | | | 5,124,970 | | | 0.5 | |
| 4,879 | | | BWX Technologies, Inc. | | | 374,366 | | | 0.0 | |
| 3,965 (1) | | | Ceridian HCM Holding, Inc. | | | 266,131 | | | 0.0 | |
| 27,991 | | | CH Robinson Worldwide, Inc. | | | 2,418,142 | | | 0.2 | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | |
| 95,902 (1)(2) | | | ChargePoint Holdings, Inc. | | $ | 224,411 | | | 0.0 | |
| 24,114 | | | Cintas Corp. | | | 14,532,543 | | | 1.5 | |
| 268,297 (1) | | | Copart, Inc. | | | 13,146,553 | | | 1.3 | |
| 54,355 (1) | | | CoStar Group, Inc. | | | 4,750,083 | | | 0.5 | |
| 10,233 | | | Delta Air Lines, Inc. | | | 411,674 | | | 0.0 | |
| 15,703 | | | Donaldson Co., Inc. | | | 1,026,191 | | | 0.1 | |
| 5,016 | | | EMCOR Group, Inc. | | | 1,080,597 | | | 0.1 | |
| 26,365 | | | Equifax, Inc. | | | 6,519,801 | | | 0.7 | |
| 6,214 | | | Expeditors International of Washington, Inc. | | | 790,421 | | | 0.1 | |
| 133,731 | | | Fastenal Co. | | | 8,661,757 | | | 0.9 | |
| 3,448 | | | Ferguson PLC | | | 665,705 | | | 0.1 | |
| 1,924 (1) | | | FTI Consulting, Inc. | | | 383,165 | | | 0.0 | |
| 13,772 | | | Genpact Ltd. | | | 478,026 | | | 0.1 | |
| 21,361 | | | Graco, Inc. | | | 1,853,280 | | | 0.2 | |
| 12,704 | | | HEICO Corp. | | | 2,272,364 | | | 0.2 | |
| 22,839 | | | HEICO Corp. - Class A | | | 3,253,187 | | | 0.3 | |
| 7,636 | | | Hubbell, Inc. | | | 2,511,709 | | | 0.3 | |
| 1,914 | | | IDEX Corp. | | | 415,549 | | | 0.0 | |
| 5,069 | | | JB Hunt Transport Services, Inc. | | | 1,012,482 | | | 0.1 | |
| 15,224 | | | KBR, Inc. | | | 843,562 | | | 0.1 | |
| 8,895 | | | Landstar System, Inc. | | | 1,722,517 | | | 0.2 | |
| 16,310 | | | Lincoln Electric Holdings, Inc. | | | 3,546,773 | | | 0.4 | |
| 107,249 (1) | | | Lyft, Inc. - Class A | | | 1,607,662 | | | 0.2 | |
| 1,946 | | | MSA Safety, Inc. | | | 328,543 | | | 0.0 | |
| 28,716 | | | Old Dominion Freight Line, Inc. | | | 11,639,456 | | | 1.2 | |
| 7,627 | | | Otis Worldwide Corp. | | | 682,388 | | | 0.1 | |
| 9,208 (1) | | | Paycor HCM, Inc. | | | 198,801 | | | 0.0 | |
| 11,820 | | | Quanta Services, Inc. | | | 2,550,756 | | | 0.3 | |
| 43,431 | | | RB Global, Inc. | | | 2,905,100 | | | 0.3 | |
| 35,930 | | | Rockwell Automation, Inc. | | | 11,155,546 | | | 1.1 | |
| 79,789 | | | Rollins, Inc. | | | 3,484,386 | | | 0.4 | |
| 913 (1) | | | Saia, Inc. | | | 400,095 | | | 0.0 | |
| 4,472 (1) | | | SiteOne Landscape Supply, Inc. | | | 726,700 | | | 0.1 | |
| 3,364 (1) | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 106,908 | | | 0.0 | |
| 2,998 | | | Tetra Tech, Inc. | | | 500,456 | | | 0.1 | |
| 32,531 | | | Toro Co. | | | 3,122,651 | | | 0.3 | |
| 21,006 | | | Trane Technologies PLC | | | 5,123,363 | | | 0.5 | |
| 2,800 | | | TransDigm Group, Inc. | | | 2,832,480 | | | 0.3 | |
| 33,940 (1) | | | Trex Co., Inc. | | | 2,809,893 | | | 0.3 | |
| 936 (1) | | | U-Haul Holding Co. | | | 67,205 | | | 0.0 | |
| 4,337 | | | United Rentals, Inc. | | | 2,486,923 | | | 0.3 | |
| 428 | | | Valmont Industries, Inc. | | | 99,942 | | | 0.0 | |
| 44,617 | | | Verisk Analytics, Inc. | | | 10,657,217 | | | 1.1 | |
| 7,832 | | | Vertiv Holdings Co. - Class A | | | 376,171 | | | 0.0 | |
| 2,584 | | | Watsco, Inc. | | | 1,107,166 | | | 0.1 | |
| 15,105 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 672,172 | | | 0.1 | |
| 13,809 | | | WW Grainger, Inc. | | | 11,443,380 | | | 1.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | |
| 8,823 | | | Xylem, Inc. | | $ | 1,008,998 | | | 0.1 | |
| | | | Information Technology: 26.6% |
| 23,427 (1) | | | Allegro MicroSystems, Inc. | | | 709,135 | | | 0.1 | |
| 19,136 (1) | | | Alteryx, Inc. - Class A | | | 902,454 | | | 0.1 | |
| 91,718 | | | Amphenol Corp. - Class A | | | 9,092,005 | | | 0.9 | |
| 22,387 (1) | | | ANSYS, Inc. | | | 8,123,795 | | | 0.8 | |
| 16,872 (1) | | | AppLovin Corp. - Class A | | | 672,349 | | | 0.1 | |
| 56,355 | | | Bentley Systems, Inc. - Class B | | | 2,940,604 | | | 0.3 | |
| 30,632 | | | Broadridge Financial Solutions, Inc. | | | 6,302,534 | | | 0.6 | |
| 39,810 | | | CDW Corp. | | | 9,049,609 | | | 0.9 | |
| 90,861 (1) | | | Cloudflare, Inc. - Class A | | | 7,565,087 | | | 0.8 | |
| 57,837 (1) | | | Confluent, Inc. - Class A | | | 1,353,386 | | | 0.1 | |
| 66,743 (1) | | | Crowdstrike Holdings, Inc. - Class A | | | 17,040,823 | | | 1.7 | |
| 85,385 (1) | | | Datadog, Inc. - Class A | | | 10,364,031 | | | 1.1 | |
| 63,225 (1) | | | DocuSign, Inc. | | | 3,758,726 | | | 0.4 | |
| 42,969 (1) | | | DoubleVerify Holdings, Inc. | | | 1,580,400 | | | 0.2 | |
| 71,731 (1) | | | Dropbox, Inc. - Class A | | | 2,114,630 | | | 0.2 | |
| 75,154 (1) | | | Dynatrace, Inc. | | | 4,110,172 | | | 0.4 | |
| 24,788 (1) | | | Elastic NV | | | 2,793,608 | | | 0.3 | |
| 41,605 (1) | | | Enphase Energy, Inc. | | | 5,497,685 | | | 0.6 | |
| 2,427 | | | Entegris, Inc. | | | 290,803 | | | 0.0 | |
| 17,381 (1) | | | EPAM Systems, Inc. | | | 5,168,066 | | | 0.5 | |
| 7,375 (1) | | | Euronet Worldwide, Inc. | | | 748,489 | | | 0.1 | |
| 7,576 (1) | | | Fair Isaac Corp. | | | 8,818,540 | | | 0.9 | |
| 22,219 (1) | | | Five9, Inc. | | | 1,748,413 | | | 0.2 | |
| 20,897 (1) | | | FleetCor Technologies, Inc. | | | 5,905,701 | | | 0.6 | |
| 24,000 (1) | | | Gartner, Inc. | | | 10,826,640 | | | 1.1 | |
| 27,012 | | | Gen Digital, Inc. | | | 616,414 | | | 0.1 | |
| 27,409 (1) | | | Gitlab, Inc. - Class A | | | 1,725,671 | | | 0.2 | |
| 12,884 (1) | | | Globant SA | | | 3,066,134 | | | 0.3 | |
| 27,809 (1) | | | GoDaddy, Inc. - Class A | | | 2,952,203 | | | 0.3 | |
| 20,787 (1) | | | HashiCorp, Inc. - Class A | | | 491,405 | | | 0.1 | |
| 55,116 | | | HP, Inc. | | | 1,658,440 | | | 0.2 | |
| 14,278 (1) | | | HubSpot, Inc. | | | 8,288,950 | | | 0.8 | |
| 1,067 (1) | | | Informatica, Inc. - Class A | | | 30,292 | | | 0.0 | |
| 24,478 | | | Jabil, Inc. | | | 3,118,497 | | | 0.3 | |
| 7,206 | | | Jack Henry & Associates, Inc. | | | 1,177,532 | | | 0.1 | |
| 14,203 (1) | | | Keysight Technologies, Inc. | | | 2,259,555 | | | 0.2 | |
| 42,577 (1) | | | Lattice Semiconductor Corp. | | | 2,937,387 | | | 0.3 | |
| 19,262 (1) | | | Manhattan Associates, Inc. | | | 4,147,494 | | | 0.4 | |
| | | | | | | | | | | |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 119,922 | | | Microchip Technology, Inc. | | $ | 10,814,566 | | | 1.1 | |
| 20,918 (1) | | | MongoDB, Inc. | | | 8,552,324 | | | 0.9 | |
| 14,367 | | | Monolithic Power Systems, Inc. | | | 9,062,416 | | | 0.9 | |
| 1,963 (1) | | | nCino, Inc. | | | 66,016 | | | 0.0 | |
| 26,225 | | | NetApp, Inc. | | | 2,311,996 | | | 0.2 | |
| 18,453 (1) | | | Nutanix, Inc. - Class A | | | 880,024 | | | 0.1 | |
| 3,058 (1) | | | Okta, Inc. | | | 276,841 | | | 0.0 | |
| 595,568 (1) | | | Palantir Technologies, Inc. - Class A | | | 10,225,903 | | | 1.0 | |
| 100,765 | | | Paychex, Inc. | | | 12,002,119 | | | 1.2 | |
| 16,146 | | | Paycom Software, Inc. | | | 3,337,701 | | | 0.3 | |
| 13,126 (1) | | | Paylocity Holding Corp. | | | 2,163,821 | | | 0.2 | |
| 13,101 | | | Pegasystems, Inc. | | | 640,115 | | | 0.1 | |
| 24,870 (1) | | | Procore Technologies, Inc. | | | 1,721,501 | | | 0.2 | |
| 18,730 (1) | | | PTC, Inc. | | | 3,277,001 | | | 0.3 | |
| 69,607 (1) | | | Pure Storage, Inc. - Class A | | | 2,482,186 | | | 0.3 | |
| 26,661 (1) | | | RingCentral, Inc. - Class A | | | 905,141 | | | 0.1 | |
| 9,784 (1) | | | SentinelOne, Inc. - Class A | | | 268,473 | | | 0.0 | |
| 39,976 (1) | | | Smartsheet, Inc. - Class A | | | 1,911,652 | | | 0.2 | |
| 48,620 (1) | | | Splunk, Inc. | | | 7,407,257 | | | 0.8 | |
| 31,019 (1) | | | Teradata Corp. | | | 1,349,637 | | | 0.1 | |
| 40,132 | | | Teradyne, Inc. | | | 4,355,125 | | | 0.5 | |
| 8,730 (1) | | | Twilio, Inc. - Class A | | | 662,345 | | | 0.1 | |
| 9,837 (1) | | | Tyler Technologies, Inc. | | | 4,113,046 | | | 0.4 | |
| 1,096 | | | Ubiquiti, Inc. | | | 152,958 | | | 0.0 | |
| 91,208 (1) | | | UiPath, Inc. - Class A | | | 2,265,607 | | | 0.2 | |
| 35,854 (1) | | | Unity Software, Inc. | | | 1,466,070 | | | 0.2 | |
| 6,599 | | | Universal Display Corp. | | | 1,262,125 | | | 0.1 | |
| 1,471 (1) | | | VeriSign, Inc. | | | 302,967 | | | 0.0 | |
| 16,438 | | | Vontier Corp. | | | 567,933 | | | 0.1 | |
| 16,727 | | | Western Union Co. | | | 199,386 | | | 0.0 | |
| 2,880 (1) | | | Zebra Technologies Corp. - Class A | | | 787,190 | | | 0.1 | |
| 27,666 (1) | | | Zscaler, Inc. | | | 6,129,679 | | | 0.6 | |
| | | | Materials: 1.3% |
| 41,683 | | | Ardagh Metal Packaging SA | | | 160,063 | | | 0.0 | |
| 8,304 | | | Avery Dennison Corp. | | | 1,678,737 | | | 0.2 | |
| 7,398 (1) | | | Axalta Coating Systems Ltd. | | | 251,310 | | | 0.0 | |
| 7,103 | | | Eagle Materials, Inc. | | | 1,440,772 | | | 0.2 | |
| 5,816 | | | FMC Corp. | | | 366,699 | | | 0.0 | |
| 44,178 (1)(2) | | | Ginkgo Bioworks Holdings, Inc. | | | 74,661 | | | 0.0 | |
| 50,911 | | | Graphic Packaging Holding Co. | | | 1,254,956 | | | 0.1 | |
| 18,422 | | | PPG Industries, Inc. | | | 2,755,010 | | | 0.3 | |
| 7,592 | | | RPM International, Inc. | | | 847,495 | | | 0.1 | |
| 12,901 | | | Scotts Miracle-Gro Co. | | | 822,439 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) | | | | | | |
| 24,847 | | | Sealed Air Corp. | | $ | 907,412 | | | 0.1 | |
| 11,332 (1) | | | Valvoline, Inc. | | | 425,857 | | | 0.0 | |
| 9,113 | | | Vulcan Materials Co. | | | 2,068,742 | | | 0.2 | |
| | | | Real Estate: 1.2% | | | | | | |
| 18,158 | | | Equity LifeStyle Properties, Inc. | | | 1,280,865 | | | 0.2 | |
| 44,814 | | | Iron Mountain, Inc. | | | 3,136,083 | | | 0.3 | |
| 20,939 | | | Lamar Advertising Co. - Class A | | | 2,225,397 | | | 0.2 | |
| 3,391 | | | SBA Communications Corp. | | | 860,263 | | | 0.1 | |
| 22,120 | | | Simon Property Group, Inc. | | | 3,155,197 | | | 0.3 | |
| 8,375 | | | Sun Communities, Inc. | | | 1,119,319 | | | 0.1 | |
| 5,744 | | | UDR, Inc. | | | 219,938 | | | 0.0 | |
| | | | Utilities: 0.4% | | | | | | |
| 127,575 | | | AES Corp. | | | 2,455,819 | | | 0.3 | |
| 33,044 | | | Vistra Corp. | | | 1,272,855 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Total Common Stock (Cost $759,975,735) | | 972,612,225 | | | 98.6 | |
| | | | | | |
| EXCHANGE-TRADED FUNDS: 1.2% | | | | | |
| 112,779 | | | iShares Russell Mid-Cap Growth ETF | | | 11,780,894 | | | 1.2 | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds (Cost $11,193,902) | | | 11,780,894 | | | 1.2 | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments (Cost $771,169,637) | | | 984,393,119 | | | 99.8 | |
Principal Amount† | | | | Value | | | Percentage of Net Assets | |
| SHORT-TERM INVESTMENTS: 0.5% | | | |
| | | Repurchase Agreements: 0.3% | |
| 597,047 (3) | | Deutsche Bank Securities Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $597,396, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $608,988, due 01/18/24-08/15/36) | | | 597,047 | | | 0.1 | |
Principal Amount† | | | | Value | | | Percentage of Net Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | |
| | | Repurchase Agreements (continued) | |
| 1,000,000 (3) | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,000,585, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 12/01/29-12/01/53) | | $ | 1,000,000 | | | 0.1 | |
| 1,000,000 (3) | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,000,586, collateralized by various U.S. Government Agency Obligations, 2.500%-7.000%, Market Value plus accrued interest $1,020,000, due 07/01/37-01/01/54) | | | 1,000,000 | | | 0.1 | |
| | | Total Repurchase Agreements (Cost $2,597,047) | | | 2,597,047 | | | 0.3 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| | | | Mutual Funds: 0.2% | | | | | | |
| 2,289,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $2,289,000) | | $ | 2,289,000 | | | 0.2 | |
| | | | Total Short-Term Investments (Cost $4,886,047) | | | 4,886,047 | | | 0.5 | |
| | | | Total Investments in Securities (Cost $776,055,684) | | $ | 989,279,166 | | | 100.3 | |
| | | | Liabilities in Excess of Other Assets | | | (3,130,234 | ) | | (0.3 | ) |
| | | | Net Assets | | $ | 986,148,932 | | | 100.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 972,612,225 | | | $ | — | | | $ | — | | | $ | 972,612,225 | |
| Exchange-Traded Funds | | | 11,780,894 | | | | — | | | | — | | | | 11,780,894 | |
| Short-Term Investments | | | 2,289,000 | | | | 2,597,047 | | | | — | | | | 4,886,047 | |
| Total Investments, at fair value | | $ | 986,682,119 | | | $ | 2,597,047 | | | $ | — | | | $ | 989,279,166 | |
| Other Financial Instruments+ |
| Futures | | | 142,247 | | | | — | | | | — | | | | 142,247 | |
| Total Assets | | $ | 986,824,366 | | | $ | 2,597,047 | | | $ | — | | | $ | 989,421,413 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:
| Description | | Number of Contracts | | | Expiration Date | | Notional Amount | | | Unrealized Appreciation | |
| Long Contracts: |
| S&P Mid 400 E-Mini Index | | | 9 | | | 03/15/24 | | $ | 2,528,550 | | | $ | 142,247 | |
| | | | | | | | | $ | 2,528,550 | | | $ | 142,247 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 142,247 | |
| Total Asset Derivatives | | | | $ | 142,247 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 85,737 | |
| Total | | $ | 85,737 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Growth Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 202,824 | |
| Total | | $ | 202,824 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $794,519,363. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 254,432,132 | |
| Gross Unrealized Depreciation | | | (59,530,082 | ) |
| Net Unrealized Appreciation | | $ | 194,902,050 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.5% | |
| | | | Communication Services: 3.5% |
| 17,990 (1) | | | AMC Entertainment Holdings, Inc. - Class A | | $ | 110,099 | | | 0.0 | |
| 505 | | | Cable One, Inc. | | | 281,078 | | | 0.0 | |
| 24,575 | | | Electronic Arts, Inc. | | | 3,362,106 | | | 0.4 | |
| 22,379 | | | Fox Corp. - Class A | | | 663,985 | | | 0.1 | |
| 12,187 | | | Fox Corp. - Class B | | | 336,971 | | | 0.0 | |
| 22,210 (1) | | | Frontier Communications Parent, Inc. | | | 562,801 | | | 0.1 | |
| 6,722 (1) | | | IAC, Inc. | | | 352,098 | | | 0.0 | |
| 34,984 | | | Interpublic Group of Cos., Inc. | | | 1,141,878 | | | 0.1 | |
| 11,130 | | | Iridium Communications, Inc. | | | 458,111 | | | 0.1 | |
| 1,496 (1) | | | Liberty Broadband Corp. - Class A | | | 120,637 | | | 0.0 | |
| 10,567 (1) | | | Liberty Broadband Corp. - Class C | | | 851,595 | | | 0.1 | |
| 2,158 (1) | | | Liberty Media Corp.- Liberty Formula One - Class A, Tracking Stock | | | 125,121 | | | 0.0 | |
| 17,599 (1) | | | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | | | 1,111,025 | | | 0.1 | |
| 1,777 (1) | | | Liberty Media Corp.- Liberty Live - Class A, Tracking Stock | | | 64,949 | | | 0.0 | |
| 4,236 (1) | | | Liberty Media Corp.- Liberty Live - Class C, Tracking Stock | | | 158,384 | | | 0.0 | |
| 13,932 (1) | | | Liberty Media Corp.- Liberty SiriusXM, Tracking Stock | | | 400,963 | | | 0.0 | |
| 6,737 (1) | | | Liberty Media Corp.- Liberty SiriusXM - Class A, Tracking Stock | | | 193,621 | | | 0.0 | |
| 14,201 (1) | | | Live Nation Entertainment, Inc. | | | 1,329,214 | | | 0.1 | |
| 1,686 (1) | | | Madison Square Garden Sports Corp. | | | 306,565 | | | 0.0 | |
| 25,295 (1) | | | Match Group, Inc. | | | 923,267 | | | 0.1 | |
| 14,651 | | | New York Times Co. - Class A | | | 717,752 | | | 0.1 | |
| 34,545 | | | News Corp. - Class A | | | 848,080 | | | 0.1 | |
| 10,564 | | | News Corp. - Class B | | | 271,706 | | | 0.0 | |
| 3,030 | | | Nexstar Media Group, Inc. | | | 474,953 | | | 0.1 | |
| 17,907 | | | Omnicom Group, Inc. | | | 1,549,135 | | | 0.2 | |
| 831 (2) | | | Paramount Global - Class A | | | 16,337 | | | 0.0 | |
| 52,341 | | | Paramount Global - Class B | | | 774,123 | | | 0.1 | |
| 53,135 (1) | | | Pinterest, Inc. - Class A | | | 1,968,120 | | | 0.2 | |
| 2,110 (1) | | | Playtika Holding Corp. | | | 18,399 | | | 0.0 | |
| 42,150 (1) | | | ROBLOX Corp. - Class A | | | 1,927,098 | | | 0.2 | |
| 11,182 (1) | | | Roku, Inc. | | | 1,024,942 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Communication Services: (continued) |
| 58,448 (2) | | | Sirius XM Holdings, Inc. | | $ | 319,711 | | | 0.0 | |
| 12,725 (1) | | | Spotify Technology SA | | | 2,391,155 | | | 0.3 | |
| 14,968 (1) | | | Take-Two Interactive Software, Inc. | | | 2,409,100 | | | 0.3 | |
| 5,509 | | | TKO Group Holdings, Inc. | | | 449,424 | | | 0.0 | |
| 40,003 (1) | | | Trade Desk, Inc. - Class A | | | 2,878,616 | | | 0.3 | |
| 9,757 (1) | | | TripAdvisor, Inc. | | | 210,068 | | | 0.0 | |
| 200,005 (1) | | | Warner Bros Discovery, Inc. | | | 2,276,057 | | | 0.2 | |
| 27,308 (1) | | | ZoomInfo Technologies, Inc. | | | 504,925 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 10.8% |
| 19,066 | | | ADT, Inc. | | | 130,030 | | | 0.0 | |
| 5,386 | | | Advance Auto Parts, Inc. | | | 328,708 | | | 0.0 | |
| 24,569 (1) | | | Aptiv PLC | | | 2,204,331 | | | 0.2 | |
| 21,247 | | | Aramark | | | 597,041 | | | 0.1 | |
| 2,577 (1) | | | AutoNation, Inc. | | | 387,014 | | | 0.0 | |
| 20,788 | | | Bath & Body Works, Inc. | | | 897,210 | | | 0.1 | |
| 17,681 | | | Best Buy Co., Inc. | | | 1,384,069 | | | 0.1 | |
| 2,700 (1)(2) | | | Birkenstock Holding PLC | | | 131,571 | | | 0.0 | |
| 21,165 | | | BorgWarner, Inc. | | | 758,765 | | | 0.1 | |
| 6,545 | | | Boyd Gaming Corp. | | | 409,783 | | | 0.0 | |
| 5,210 (1) | | | Bright Horizons Family Solutions, Inc. | | | 490,990 | | | 0.1 | |
| 6,306 | | | Brunswick Corp. | | | 610,106 | | | 0.1 | |
| 5,863 (1) | | | Burlington Stores, Inc. | | | 1,140,236 | | | 0.1 | |
| 18,663 (1) | | | Caesars Entertainment, Inc. | | | 874,921 | | | 0.1 | |
| 10,257 (1) | | | Capri Holdings Ltd. | | | 515,312 | | | 0.1 | |
| 14,333 (1) | | | CarMax, Inc. | | | 1,099,914 | | | 0.1 | |
| 90,202 (1) | | | Carnival Corp. | | | 1,672,345 | | | 0.2 | |
| 3,262 | | | Carter’s, Inc. | | | 244,291 | | | 0.0 | |
| 1,465 (1) | | | Cava Group, Inc. | | | 62,966 | | | 0.0 | |
| 2,709 (2) | | | Choice Hotels International, Inc. | | | 306,930 | | | 0.0 | |
| 6,451 | | | Churchill Downs, Inc. | | | 870,433 | | | 0.1 | |
| 3,204 | | | Columbia Sportswear Co. | | | 254,846 | | | 0.0 | |
| 99,444 (1) | | | Coupang, Inc. | | | 1,609,998 | | | 0.2 | |
| 5,519 (1) | | | Crocs, Inc. | | | 515,530 | | | 0.1 | |
| 10,956 | | | Darden Restaurants, Inc. | | | 1,800,071 | | | 0.2 | |
| 2,378 (1) | | | Deckers Outdoor Corp. | | | 1,589,527 | | | 0.2 | |
| 5,453 | | | Dick’s Sporting Goods, Inc. | | | 801,318 | | | 0.1 | |
| 18,931 (1) | | | Dollar Tree, Inc. | | | 2,689,149 | | | 0.3 | |
| 3,171 | | | Domino’s Pizza, Inc. | | | 1,307,181 | | | 0.1 | |
| 27,778 (1) | | | DoorDash, Inc. - Class A | | | 2,746,966 | | | 0.3 | |
| 28,256 | | | DR Horton, Inc. | | | 4,294,347 | | | 0.4 | |
| 37,937 (1) | | | DraftKings, Inc. - Class A | | | 1,337,279 | | | 0.1 | |
| 48,512 | | | eBay, Inc. | | | 2,116,093 | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 11,135 (1) | | | Etsy, Inc. | | $ | 902,492 | | | 0.1 | |
| 12,481 (1) | | | Expedia Group, Inc. | | | 1,894,491 | | | 0.2 | |
| 4,971 (1) | | | Five Below, Inc. | | | 1,059,618 | | | 0.1 | |
| 9,443 (1) | | | Floor & Decor Holdings, Inc. - Class A | | | 1,053,461 | | | 0.1 | |
| 24,298 (1)(2) | | | GameStop Corp. - Class A | | | 425,944 | | | 0.0 | |
| 17,631 | | | Gap, Inc. | | | 368,664 | | | 0.0 | |
| 13,945 | | | Garmin Ltd. | | | 1,792,490 | | | 0.2 | |
| 21,260 | | | Gentex Corp. | | | 694,352 | | | 0.1 | |
| 12,731 | | | Genuine Parts Co. | | | 1,763,244 | | | 0.2 | |
| 2,700 (1) | | | Grand Canyon Education, Inc. | | | 356,508 | | | 0.0 | |
| 13,229 | | | H&R Block, Inc. | | | 639,887 | | | 0.1 | |
| 11,674 | | | Harley-Davidson, Inc. | | | 430,070 | | | 0.1 | |
| 11,855 | | | Hasbro, Inc. | | | 605,316 | | | 0.1 | |
| 22,623 | | | Hilton Worldwide Holdings, Inc. | | | 4,119,422 | | | 0.4 | |
| 3,996 | | | Hyatt Hotels Corp. - Class A | | | 521,118 | | | 0.1 | |
| 10,026 | | | Kohl’s Corp. | | | 287,546 | | | 0.0 | |
| 5,260 | | | Lear Corp. | | | 742,765 | | | 0.1 | |
| 12,019 | | | Leggett & Platt, Inc. | | | 314,537 | | | 0.0 | |
| 22,262 | | | Lennar Corp. - Class A | | | 3,317,929 | | | 0.3 | |
| 1,196 | | | Lennar Corp. - Class B | | | 160,324 | | | 0.0 | |
| 2,455 | | | Lithia Motors, Inc. | | | 808,382 | | | 0.1 | |
| 24,174 | | | LKQ Corp. | | | 1,155,276 | | | 0.1 | |
| 67,592 (1) | | | Lucid Group, Inc. | | | 284,562 | | | 0.0 | |
| 24,545 | | | Macy’s, Inc. | | | 493,845 | | | 0.1 | |
| 3,261 | | | Marriott Vacations Worldwide Corp. | | | 276,826 | | �� | 0.0 | |
| 31,936 (1) | | | Mattel, Inc. | | | 602,952 | | | 0.1 | |
| 25,618 | | | MGM Resorts International | | | 1,144,612 | | | 0.1 | |
| 6,790 (1)(2) | | | Mister Car Wash, Inc. | | | 58,666 | | | 0.0 | |
| 4,798 (1) | | | Mohawk Industries, Inc. | | | 496,593 | | | 0.1 | |
| 1,766 | | | Murphy USA, Inc. | | | 629,685 | | | 0.1 | |
| 34,510 | | | Newell Brands, Inc. | | | 299,547 | | | 0.0 | |
| 10,352 | | | Nordstrom, Inc. | | | 190,994 | | | 0.0 | |
| 38,353 (1) | | | Norwegian Cruise Line Holdings Ltd. | | | 768,594 | | | 0.1 | |
| 268 (1) | | | NVR, Inc. | | | 1,876,121 | | | 0.2 | |
| 5,591 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 424,301 | | | 0.0 | |
| 30,470 (1) | | | Peloton Interactive, Inc. - Class A | | | 185,562 | | | 0.0 | |
| 13,578 (1) | | | Penn Entertainment, Inc. | | | 353,300 | | | 0.0 | |
| 1,775 | | | Penske Automotive Group, Inc. | | | 284,905 | | | 0.0 | |
| 7,437 (1) | | | Petco Health & Wellness Co., Inc. | | | 23,501 | | | 0.0 | |
| 4,233 | | | Phinia, Inc. | | | 128,218 | | | 0.0 | |
| 7,733 (1) | | | Planet Fitness, Inc. - Class A | | | 564,509 | | | 0.1 | |
| 4,891 | | | Polaris, Inc. | | | 463,520 | | | 0.1 | |
| 3,448 | | | Pool Corp. | | | 1,374,752 | | | 0.1 | |
| 19,448 | | | PulteGroup, Inc. | | | 2,007,423 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 5,453 | | | PVH Corp. | | $ | 665,920 | | | 0.1 | |
| 30,697 (1)(2) | | | QuantumScape Corp. | | | 213,344 | | | 0.0 | |
| 3,623 | | | Ralph Lauren Corp. | | | 522,437 | | | 0.1 | |
| 1,411 (1) | | | RH | | | 411,278 | | | 0.0 | |
| 60,166 (1) | | | Rivian Automotive, Inc. - Class A | | | 1,411,494 | | | 0.2 | |
| 30,496 | | | Ross Stores, Inc. | | | 4,220,341 | | | 0.4 | |
| 21,243 (1) | | | Royal Caribbean Cruises Ltd. | | | 2,750,756 | | | 0.3 | |
| 13,324 | | | Service Corp. International | | | 912,028 | | | 0.1 | |
| 12,083 (1) | | | Skechers USA, Inc. - Class A | | | 753,254 | | | 0.1 | |
| 20,789 | | | Tapestry, Inc. | | | 765,243 | | | 0.1 | |
| 15,137 | | | Tempur Sealy International, Inc. | | | 771,533 | | | 0.1 | |
| 6,065 | | | Texas Roadhouse, Inc. | | | 741,325 | | | 0.1 | |
| 4,648 | | | Thor Industries, Inc. | | | 549,626 | | | 0.1 | |
| 9,726 | | | Toll Brothers, Inc. | | | 999,736 | | | 0.1 | |
| 2,874 (1) | | | TopBuild Corp. | | | 1,075,623 | | | 0.1 | |
| 9,940 | | | Tractor Supply Co. | | | 2,137,398 | | | 0.2 | |
| 6,393 | | | Travel + Leisure Co. | | | 249,902 | | | 0.0 | |
| 4,463 (1) | | | Ulta Beauty, Inc. | | | 2,186,825 | | | 0.2 | |
| 17,100 (1) | | | Under Armour, Inc. - Class A | | | 150,309 | | | 0.0 | |
| 18,338 (1) | | | Under Armour, Inc. - Class C | | | 153,122 | | | 0.0 | |
| 3,428 | | | Vail Resorts, Inc. | | | 731,775 | | | 0.1 | |
| 31,716 | | | VF Corp. | | | 596,261 | | | 0.1 | |
| 6,988 (1) | | | Victoria’s Secret & Co. | | | 185,462 | | | 0.0 | |
| 7,463 (1) | | | Wayfair, Inc. - Class A | | | 460,467 | | | 0.1 | |
| 15,492 | | | Wendy’s Co. | | | 301,784 | | | 0.0 | |
| 4,854 | | | Whirlpool Corp. | | | 591,072 | | | 0.1 | |
| 5,783 | | | Williams-Sonoma, Inc. | | | 1,166,894 | | | 0.1 | |
| 2,717 | | | Wingstop, Inc. | | | 697,128 | | | 0.1 | |
| 7,371 | | | Wyndham Hotels & Resorts, Inc. | | | 592,702 | | | 0.1 | |
| 9,425 | | | Wynn Resorts Ltd. | | | 858,712 | | | 0.1 | |
| 7,859 (1) | | | YETI Holdings, Inc. | | | 406,939 | | | 0.0 | |
| 25,453 | | | Yum! Brands, Inc. | | | 3,325,689 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 3.2% |
| 37,794 | | | Albertsons Cos., Inc. - Class A | | | 869,262 | | | 0.1 | |
| 12,068 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 804,453 | | | 0.1 | |
| 853 (1) | | | Boston Beer Co., Inc. - Class A | | | 294,788 | | | 0.0 | |
| 4,440 | | | Brown-Forman Corp. - Class A | | | 264,580 | | | 0.0 | |
| 16,686 | | | Brown-Forman Corp. - Class B | | | 952,771 | | | 0.1 | |
| 13,135 | | | Bunge Global SA | | | 1,325,978 | | | 0.1 | |
| 17,356 | | | Campbell Soup Co. | | | 750,300 | | | 0.1 | |
| 3,379 | | | Casey’s General Stores, Inc. | | | 928,346 | | | 0.1 | |
| 13,035 (1) | | | Celsius Holdings, Inc. | | | 710,668 | | | 0.1 | |
| 22,172 | | | Church & Dwight Co., Inc. | | | 2,096,584 | | | 0.2 | |
| 11,224 | | | Clorox Co. | | | 1,600,430 | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) |
| 43,172 | | | Conagra Brands, Inc. | | $ | 1,237,310 | | | 0.1 | |
| 34,167 (1) | | | Coty, Inc. - Class A | | | 424,354 | | | 0.1 | |
| 14,378 (1) | | | Darling Ingredients, Inc. | | | 716,600 | | | 0.1 | |
| 17,047 | | | Flowers Foods, Inc. | | | 383,728 | | | 0.0 | |
| 3,928 (1) | | | Freshpet, Inc. | | | 340,793 | | | 0.0 | |
| 8,610 (1) | | | Grocery Outlet Holding Corp. | | | 232,126 | | | 0.0 | |
| 26,268 | | | Hormel Foods Corp. | | | 843,465 | | | 0.1 | |
| 5,984 | | | Ingredion, Inc. | | | 649,444 | | | 0.1 | |
| 9,321 | | | J M Smucker Co. | | | 1,177,988 | | | 0.1 | |
| 23,582 | | | Kellogg Co. | | | 1,318,470 | | | 0.1 | |
| 59,235 | | | Kroger Co. | | | 2,707,632 | | | 0.3 | |
| 13,190 | | | Lamb Weston Holdings, Inc. | | | 1,425,707 | | | 0.2 | |
| 1,901 (1) | | | Maplebear, Inc. | | | 44,616 | | | 0.0 | |
| 22,808 | | | McCormick & Co., Inc. | | | 1,560,523 | | | 0.2 | |
| 15,861 | | | Molson Coors Beverage Co. - Class B | | | 970,852 | | | 0.1 | |
| 11,819 (1) | | | Olaplex Holdings, Inc. | | | 30,020 | | | 0.0 | |
| 13,902 (1) | | | Performance Food Group Co. | | | 961,323 | | | 0.1 | |
| 3,725 (1) | | | Pilgrim’s Pride Corp. | | | 103,033 | | | 0.0 | |
| 4,663 (1) | | | Post Holdings, Inc. | | | 410,624 | | | 0.1 | |
| 4,927 | | | Reynolds Consumer Products, Inc. | | | 132,241 | | | 0.0 | |
| 19 | | | Seaboard Corp. | | | 67,832 | | | 0.0 | |
| 3,170 | | | Spectrum Brands Holdings, Inc. | | | 252,871 | | | 0.0 | |
| 25,217 | | | Tyson Foods, Inc. - Class A | | | 1,355,414 | | | 0.1 | |
| 20,559 (1) | | | US Foods Holding Corp. | | | 933,584 | | | 0.1 | |
| 65,024 | | | Walgreens Boots Alliance, Inc. | | | 1,697,777 | | | 0.2 | |
| 5,895 | | | WK Kellogg Co. | | | 77,460 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Energy: 4.9% |
| 30,757 | | | Antero Midstream Corp. | | | 385,385 | | | 0.0 | |
| 25,655 (1) | | | Antero Resources Corp. | | | 581,855 | | | 0.1 | |
| 27,821 | | | APA Corp. | | | 998,217 | | | 0.1 | |
| 91,963 | | | Baker Hughes Co. | | | 3,143,295 | | | 0.3 | |
| 21,760 | | | Cheniere Energy, Inc. | | | 3,714,650 | | | 0.4 | |
| 11,367 | | | Chesapeake Energy Corp. | | | 874,577 | | | 0.1 | |
| 67,753 | | | Coterra Energy, Inc. | | | 1,729,057 | | | 0.2 | |
| 58,183 | | | Devon Energy Corp. | | | 2,635,690 | | | 0.3 | |
| 16,196 | | | Diamondback Energy, Inc. | | | 2,511,676 | | | 0.2 | |
| 8,802 | | | DT Midstream, Inc. | | | 482,350 | | | 0.0 | |
| 32,715 | | | EQT Corp. | | | 1,264,762 | | | 0.1 | |
| 81,554 | | | Halliburton Co. | | | 2,948,177 | | | 0.3 | |
| 25,229 | | | Hess Corp. | | | 3,637,013 | | | 0.4 | |
| 13,135 | | | HF Sinclair Corp. | | | 729,912 | | | 0.1 | |
| 54,866 | | | Marathon Oil Corp. | | | 1,325,563 | | | 0.1 | |
| 5,875 (2) | | | New Fortress Energy, Inc. | | | 221,664 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) |
| 35,590 | | | NOV, Inc. | | $ | 721,765 | | | 0.1 | |
| 52,829 | | | ONEOK, Inc. | | | 3,709,652 | | | 0.4 | |
| 23,291 | | | Ovintiv, Inc. | | | 1,022,941 | | | 0.1 | |
| 40,431 | | | Phillips 66 | | | 5,382,983 | | | 0.6 | |
| 21,238 | | | Range Resources Corp. | | | 646,485 | | | 0.1 | |
| 99,525 (1) | | | Southwestern Energy Co. | | | 651,889 | | | 0.1 | |
| 20,068 | | | Targa Resources Corp. | | | 1,743,307 | | | 0.2 | |
| 39,288 | | | TechnipFMC PLC | | | 791,260 | | | 0.1 | |
| 560 | | | Texas Pacific Land Corp. | | | 880,572 | | | 0.1 | |
| 110,597 | | | Williams Cos., Inc. | | | 3,852,093 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Financials: 15.0% |
| 3,141 | | | Affiliated Managers Group, Inc. | | | 475,610 | | | 0.0 | |
| 20,433 (1)(2) | | | Affirm Holdings, Inc. | | | 1,004,078 | | | 0.1 | |
| 53,584 | | | Aflac, Inc. | | | 4,420,680 | | | 0.5 | |
| 58,638 | | | AGNC Investment Corp. | | | 575,239 | | | 0.1 | |
| 23,810 | | | Allstate Corp. | | | 3,332,924 | | | 0.3 | |
| 24,549 | | | Ally Financial, Inc. | | | 857,251 | | | 0.1 | |
| 6,601 | | | American Financial Group, Inc. | | | 784,793 | | | 0.1 | |
| 9,318 | | | Ameriprise Financial, Inc. | | | 3,539,256 | | | 0.4 | |
| 44,795 | | | Annaly Capital Management, Inc. | | | 867,679 | | | 0.1 | |
| 47,374 | | | Apollo Global Management, Inc. | | | 4,414,783 | | | 0.5 | |
| 32,464 (1) | | | Arch Capital Group Ltd. | | | 2,411,101 | | | 0.2 | |
| 14,825 | | | Ares Management Corp. - Class A | | | 1,762,989 | | | 0.2 | |
| 19,228 | | | Arthur J Gallagher & Co. | | | 4,323,993 | | | 0.4 | |
| 4,798 | | | Assurant, Inc. | | | 808,415 | | | 0.1 | |
| 5,096 | | | Assured Guaranty Ltd. | | | 381,334 | | | 0.0 | |
| 7,051 | | | Axis Capital Holdings Ltd. | | | 390,414 | | | 0.0 | |
| 69,931 | | | Bank of New York Mellon Corp. | | | 3,639,909 | | | 0.4 | |
| 9,665 | | | Bank OZK | | | 481,607 | | | 0.0 | |
| 49,232 (1) | | | Block, Inc. | | | 3,808,095 | | | 0.4 | |
| 41,342 | | | Blue Owl Capital, Inc. | | | 615,996 | | | 0.1 | |
| 2,570 | | | BOK Financial Corp. | | | 220,120 | | | 0.0 | |
| 5,886 (1) | | | Brighthouse Financial, Inc. | | | 311,487 | | | 0.0 | |
| 21,518 | | | Brown & Brown, Inc. | | | 1,530,145 | | | 0.2 | |
| 19,140 | | | Carlyle Group, Inc. | | | 778,807 | | | 0.1 | |
| 9,545 | | | Cboe Global Markets, Inc. | | | 1,704,355 | | | 0.2 | |
| 13,933 | | | Cincinnati Financial Corp. | | | 1,441,508 | | | 0.1 | |
| 42,226 | | | Citizens Financial Group, Inc. | | | 1,399,370 | | | 0.1 | |
| 2,361 | | | CNA Financial Corp. | | | 99,894 | | | 0.0 | |
| 15,381 (1) | | | Coinbase Global, Inc. - Class A | | | 2,675,064 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 18,861 | | | Columbia Banking System, Inc. | | $ | 503,211 | | | 0.0 | |
| 11,937 | | | Comerica, Inc. | | | 666,204 | | | 0.1 | |
| 10,885 | | | Commerce Bancshares, Inc. | | | 581,368 | | | 0.1 | |
| 20,758 | | | Corebridge Financial, Inc. | | | 449,618 | | | 0.0 | |
| 569 (1) | | | Credit Acceptance Corp. | | | 303,123 | | | 0.0 | |
| 5,370 | | | Cullen/Frost Bankers, Inc. | | | 582,591 | | | 0.1 | |
| 22,645 | | | Discover Financial Services | | | 2,545,298 | | | 0.3 | |
| 12,741 | | | East West Bancorp, Inc. | | | 916,715 | | | 0.1 | |
| 31,387 | | | Equitable Holdings, Inc. | | | 1,045,187 | | | 0.1 | |
| 3,192 | | | Evercore, Inc. - Class A | | | 545,992 | | | 0.1 | |
| 3,888 | | | Everest Re Group Ltd. | | | 1,374,719 | | | 0.1 | |
| 3,483 | | | FactSet Research Systems, Inc. | | | 1,661,565 | | | 0.2 | |
| 23,540 | | | Fidelity National Financial, Inc. | | | 1,201,011 | | | 0.1 | |
| 53,742 | | | Fidelity National Information Services, Inc. | | | 3,228,282 | | | 0.3 | |
| 61,609 | | | Fifth Third Bancorp | | | 2,124,894 | | | 0.2 | |
| 9,091 | | | First American Financial Corp. | | | 585,824 | | | 0.1 | |
| 985 | | | First Citizens BancShares, Inc. - Class A | | | 1,397,685 | | | 0.1 | |
| 11,537 | | | First Hawaiian, Inc. | | | 263,736 | | | 0.0 | |
| 50,433 | | | First Horizon Corp. | | | 714,131 | | | 0.1 | |
| 32,433 | | | FNB Corp. | | | 446,602 | | | 0.0 | |
| 25,826 | | | Franklin Resources, Inc. | | | 769,357 | | | 0.1 | |
| 23,414 | | | Global Payments, Inc. | | | 2,973,578 | | | 0.3 | |
| 7,971 | | | Globe Life, Inc. | | | 970,230 | | | 0.1 | |
| 3,220 | | | Hanover Insurance Group, Inc. | | | 390,972 | | | 0.0 | |
| 26,806 | | | Hartford Financial Services Group, Inc. | | | 2,154,666 | | | 0.2 | |
| 4,590 | | | Houlihan Lokey, Inc. | | | 550,387 | | | 0.1 | |
| 130,540 | | | Huntington Bancshares, Inc. | | | 1,660,469 | | | 0.2 | |
| 9,405 | | | Interactive Brokers Group, Inc. - Class A | | | 779,674 | | | 0.1 | |
| 32,950 | | | Invesco Ltd. | | | 587,828 | | | 0.1 | |
| 12,143 | | | Janus Henderson Group PLC | | | 366,111 | | | 0.0 | |
| 16,437 | | | Jefferies Financial Group, Inc. | | | 664,219 | | | 0.1 | |
| 5,460 | | | Kemper Corp. | | | 265,738 | | | 0.0 | |
| 84,544 | | | KeyCorp | | | 1,217,434 | | | 0.1 | |
| 1,980 | | | Kinsale Capital Group, Inc. | | | 663,122 | | | 0.1 | |
| 60,248 | | | KKR & Co., Inc. | | | 4,991,547 | | | 0.5 | |
| 9,928 | | | Lazard Ltd. - Class A | | | 345,494 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 15,331 | | | Lincoln National Corp. | | $ | 413,477 | | | 0.0 | |
| 16,615 | | | Loews Corp. | | | 1,156,238 | | | 0.1 | |
| 6,841 | | | LPL Financial Holdings, Inc. | | | 1,557,148 | | | 0.2 | |
| 15,013 | | | M&T Bank Corp. | | | 2,057,982 | | | 0.2 | |
| 1,193 (1) | | | Markel Corp. | | | 1,693,941 | | | 0.2 | |
| 3,361 | | | MarketAxess Holdings, Inc. | | | 984,269 | | | 0.1 | |
| 24,989 | | | MGIC Investment Corp. | | | 482,038 | | | 0.0 | |
| 2,332 | | | Morningstar, Inc. | | | 667,512 | | | 0.1 | |
| 6,973 | | | MSCI, Inc. | | | 3,944,277 | | | 0.4 | |
| 30,999 | | | Nasdaq, Inc. | | | 1,802,282 | | | 0.2 | |
| 64,608 | | | New York Community Bancorp, Inc. | | | 660,940 | | | 0.1 | |
| 18,594 | | | Northern Trust Corp. | | | 1,568,962 | | | 0.2 | |
| 212,240 (1) | | | NU Holdings Ltd./Cayman Islands - Class A | | | 1,767,959 | | | 0.2 | |
| 23,699 | | | Old Republic International Corp. | | | 696,751 | | | 0.1 | |
| 10,176 | | | OneMain Holdings, Inc. | | | 500,659 | | | 0.0 | |
| 6,825 | | | Pinnacle Financial Partners, Inc. | | | 595,276 | | | 0.1 | |
| 6,383 | | | Popular, Inc. | | | 523,853 | | | 0.1 | |
| 3,225 | | | Primerica, Inc. | | | 663,576 | | | 0.1 | |
| 21,942 | | | Principal Financial Group, Inc. | | | 1,726,177 | | | 0.2 | |
| 7,901 | | | Prosperity Bancshares, Inc. | | | 535,135 | | | 0.1 | |
| 32,970 | | | Prudential Financial, Inc. | | | 3,419,319 | | | 0.3 | |
| 17,173 | | | Raymond James Financial, Inc. | | | 1,914,790 | | | 0.2 | |
| 84,829 | | | Regions Financial Corp. | | | 1,643,986 | | | 0.2 | |
| 6,032 | | | Reinsurance Group of America, Inc. | | | 975,857 | | | 0.1 | |
| 4,556 | | | RenaissanceRe Holdings Ltd. | | | 892,976 | | | 0.1 | |
| 43,707 | | | Rithm Capital Corp. | | | 466,791 | | | 0.0 | |
| 3,648 | | | RLI Corp. | | | 485,622 | | | 0.0 | |
| 61,014 (1) | | | Robinhood Markets, Inc. - Class A | | | 777,318 | | | 0.1 | |
| 10,697 (1)(2) | | | Rocket Cos., Inc. - Class A | | | 154,893 | | | 0.0 | |
| 8,606 (1) | | | Ryan Specialty Holdings, Inc. | | | 370,230 | | | 0.0 | |
| 9,114 | | | SEI Investments Co. | | | 579,195 | | | 0.1 | |
| 4,865 (1) | | | Shift4 Payments, Inc. - Class A | | | 361,664 | | | 0.0 | |
| 20,403 | | | SLM Corp. | | | 390,105 | | | 0.0 | |
| 84,679 (1) | | | SoFi Technologies, Inc. | | | 842,556 | | | 0.1 | |
| 26,732 (2) | | | Starwood Property Trust, Inc. | | | 561,907 | | | 0.1 | |
| 27,975 | | | State Street Corp. | | | 2,166,943 | | | 0.2 | |
| 9,004 | | | Stifel Financial Corp. | | | 622,627 | | | 0.1 | |
| 37,399 | | | Synchrony Financial | | | 1,428,268 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 13,118 | | | Synovus Financial Corp. | | $ | 493,893 | | | 0.0 | |
| 20,021 | | | T Rowe Price Group, Inc. | | | 2,156,061 | | | 0.2 | |
| 4,543 | | | TFS Financial Corp. | | | 66,737 | | | 0.0 | |
| 32,143 (1) | | | Toast, Inc. - Class A | | | 586,931 | | | 0.1 | |
| 5,821 | | | TPG, Inc. | | | 251,293 | | | 0.0 | |
| 10,413 | | | Tradeweb Markets, Inc. - Class A | | | 946,333 | | | 0.1 | |
| 17,829 | | | Unum Group | | | 806,227 | | | 0.1 | |
| 8,420 (2) | | | UWM Holdings Corp. | | | 60,203 | | | 0.0 | |
| 7,991 | | | Virtu Financial, Inc. - Class A | | | 161,898 | | | 0.0 | |
| 8,888 (3) | | | Voya Financial, Inc. | | | 648,468 | | | 0.1 | |
| 18,148 | | | W. R. Berkley Corp. | | | 1,283,427 | | | 0.1 | |
| 15,514 | | | Webster Financial Corp. | | | 787,491 | | | 0.1 | |
| 9,807 | | | Western Alliance Bancorp | | | 645,203 | | | 0.1 | |
| 3,879 (1) | | | WEX, Inc. | | | 754,659 | | | 0.1 | |
| 225 | | | White Mountains Insurance Group Ltd. | | | 338,627 | | | 0.0 | |
| 9,390 | | | Willis Towers Watson PLC | | | 2,264,868 | | | 0.2 | |
| 5,518 | | | Wintrust Financial Corp. | | | 511,794 | | | 0.1 | |
| 29,309 | | | XP, Inc. - Class A | | | 764,086 | | | 0.1 | |
| 13,199 | | | Zions Bancorp NA | | | 579,040 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Health Care: 10.2% |
| 8,329 (1) | | | 10X Genomics, Inc. - Class A | | | 466,091 | | | 0.1 | |
| 8,137 (1) | | | Acadia Healthcare Co., Inc. | | | 632,733 | | | 0.1 | |
| 26,534 | | | Agilent Technologies, Inc. | | | 3,689,022 | | | 0.4 | |
| 26,361 (1) | | | agilon health, Inc. | | | 330,831 | | | 0.0 | |
| 6,930 (1) | | | Align Technology, Inc. | | | 1,898,820 | | | 0.2 | |
| 11,235 (1) | | | Alnylam Pharmaceuticals, Inc. | | | 2,150,491 | | | 0.2 | |
| 2,906 (1) | | | Amedisys, Inc. | | | 276,244 | | | 0.0 | |
| 14,677 | | | AmerisourceBergen Corp. | | | 3,014,362 | | | 0.3 | |
| 9,171 (1) | | | Apellis Pharmaceuticals, Inc. | | | 548,976 | | | 0.1 | |
| 61,230 (1) | | | Avantor, Inc. | | | 1,397,881 | | | 0.1 | |
| 5,380 (1) | | | Azenta, Inc. | | | 350,453 | | | 0.0 | |
| 45,885 | | | Baxter International, Inc. | | | 1,773,914 | | | 0.2 | |
| 13,079 (1) | | | Biogen, Inc. | | | 3,384,453 | | | 0.4 | |
| 16,982 (1) | | | BioMarin Pharmaceutical, Inc. | | | 1,637,404 | | | 0.2 | |
| 1,867 (1) | | | Bio-Rad Laboratories, Inc. - Class A | | | 602,836 | | | 0.1 | |
| 14,120 | | | Bio-Techne Corp. | | | 1,089,499 | | | 0.1 | |
| 9,634 | | | Bruker Corp. | | | 707,906 | | | 0.1 | |
| 22,396 | | | Cardinal Health, Inc. | | | 2,257,517 | | | 0.2 | |
| 16,318 (1) | | | Catalent, Inc. | | | 733,168 | | | 0.1 | |
| 10,833 (1) | | | Certara, Inc. | | | 190,553 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 4,605 (1) | | | Charles River Laboratories International, Inc. | | $ | 1,088,622 | | | 0.1 | |
| 1,332 | | | Chemed Corp. | | | 778,887 | | | 0.1 | |
| 4,409 | | | Cooper Cos., Inc. | | | 1,668,542 | | | 0.2 | |
| 4,899 (1) | | | DaVita, Inc. | | | 513,219 | | | 0.1 | |
| 19,180 | | | DENTSPLY SIRONA, Inc. | | | 682,616 | | | 0.1 | |
| 35,121 (1) | | | Dexcom, Inc. | | | 4,358,165 | | | 0.5 | |
| 10,868 (1) | | | Doximity, Inc. - Class A | | | 304,739 | | | 0.0 | |
| 44,459 (1) | | | Elanco Animal Health, Inc. | | | 662,439 | | | 0.1 | |
| 8,958 | | | Encompass Health Corp. | | | 597,678 | | | 0.1 | |
| 4,757 (1) | | | Enovis Corp. | | | 266,487 | | | 0.0 | |
| 14,853 (1) | | | Envista Holdings Corp. | | | 357,363 | | | 0.0 | |
| 16,202 (1) | | | Exact Sciences Corp. | | | 1,198,624 | | | 0.1 | |
| 28,532 (1) | | | Exelixis, Inc. | | | 684,483 | | | 0.1 | |
| 8,030 (1) | | | Fortrea Holdings, Inc. | | | 280,247 | | | 0.0 | |
| 10,751 (1) | | | Globus Medical, Inc. - Class A | | | 572,921 | | | 0.1 | |
| 11,826 (1) | | | Henry Schein, Inc. | | | 895,347 | | | 0.1 | |
| 22,051 (1) | | | Hologic, Inc. | | | 1,575,544 | | | 0.2 | |
| 7,396 (1) | | | ICON PLC | | | 2,093,586 | | | 0.2 | |
| 1,834 (1) | | | ICU Medical, Inc. | | | 182,923 | | | 0.0 | |
| 7,475 (1) | | | IDEXX Laboratories, Inc. | | | 4,148,999 | | | 0.4 | |
| 14,352 (1) | | | Illumina, Inc. | | | 1,998,373 | | | 0.2 | |
| 16,727 (1) | | | Incyte Corp. | | | 1,050,288 | | | 0.1 | |
| 2,609 (1) | | | Inspire Medical Systems, Inc. | | | 530,749 | | | 0.1 | |
| 6,290 (1) | | | Insulet Corp. | | | 1,364,804 | | | 0.1 | |
| 6,187 (1) | | | Integra LifeSciences Holdings Corp. | | | 269,444 | | | 0.0 | |
| 12,918 (1) | | | Ionis Pharmaceuticals, Inc. | | | 653,522 | | | 0.1 | |
| 16,522 (1) | | | IQVIA Holdings, Inc. | | | 3,822,860 | | | 0.4 | |
| 5,538 (1) | | | Jazz Pharmaceuticals PLC | | | 681,174 | | | 0.1 | |
| 3,226 (1) | | | Karuna Therapeutics, Inc. | | | 1,021,061 | | | 0.1 | |
| 7,697 | | | Laboratory Corp. of America Holdings | | | 1,749,451 | | | 0.2 | |
| 9,966 (1) | | | Maravai LifeSciences Holdings, Inc. - Class A | | | 65,277 | | | 0.0 | |
| 3,916 (1) | | | Masimo Corp. | | | 458,994 | | | 0.1 | |
| 2,114 (1) | | | Medpace Holdings, Inc. | | | 648,004 | | | 0.1 | |
| 1,977 (1) | | | Mettler-Toledo International, Inc. | | | 2,398,022 | | | 0.2 | |
| 4,964 (1) | | | Mirati Therapeutics, Inc. | | | 291,635 | | | 0.0 | |
| 5,243 (1) | | | Molina Healthcare, Inc. | | | 1,894,348 | | | 0.2 | |
| 9,748 (1) | | | Natera, Inc. | | | 610,615 | | | 0.1 | |
| 8,769 (1) | | | Neurocrine Biosciences, Inc. | | | 1,155,403 | | | 0.1 | |
| 9,520 (1) | | | Novocure Ltd. | | | 142,134 | | | 0.0 | |
| 23,176 | | | Organon & Co. | | | 334,198 | | | 0.0 | |
| 3,291 (1) | | | Penumbra, Inc. | | | 827,818 | | | 0.1 | |
| 12,239 | | | Perrigo Co. PLC | | | 393,851 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 10,758 | | | Premier, Inc. - Class A | | $ | 240,549 | | | 0.0 | |
| 20,921 (1) | | | QIAGEN NV | | | 908,599 | | | 0.1 | |
| 10,164 | | | Quest Diagnostics, Inc. | | | 1,401,412 | | | 0.1 | |
| 4,847 (1) | | | QuidelOrtho Corp. | | | 357,224 | | | 0.0 | |
| 13,869 (1) | | | R1 RCM, Inc. | | | 146,595 | | | 0.0 | |
| 5,037 (1) | | | Repligen Corp. | | | 905,653 | | | 0.1 | |
| 13,179 | | | ResMed, Inc. | | | 2,267,052 | | | 0.2 | |
| 11,256 | | | Revvity, Inc. | | | 1,230,393 | | | 0.1 | |
| 32,295 (1) | | | Roivant Sciences Ltd. | | | 362,673 | | | 0.0 | |
| 33,696 | | | Royalty Pharma PLC - Class A | | | 946,521 | | | 0.1 | |
| 8,116 (1) | | | Sarepta Therapeutics, Inc. | | | 782,626 | | | 0.1 | |
| 3,290 (1) | | | Shockwave Medical, Inc. | | | 626,942 | | | 0.1 | |
| 8,958 (1) | | | Sotera Health Co. | | | 150,942 | | | 0.0 | |
| 9,002 | | | STERIS PLC | | | 1,979,090 | | | 0.2 | |
| 5,845 (1) | | | Tandem Diabetes Care, Inc. | | | 172,895 | | | 0.0 | |
| 14,963 (1) | | | Teladoc Health, Inc. | | | 322,453 | | | 0.0 | |
| 4,263 | | | Teleflex, Inc. | | | 1,062,936 | | | 0.1 | |
| 9,158 (1) | | | Tenet Healthcare Corp. | | | 692,070 | | | 0.1 | |
| 7,132 (1) | | | Ultragenyx Pharmaceutical, Inc. | | | 341,052 | | | 0.0 | |
| 4,096 (1) | | | United Therapeutics Corp. | | | 900,670 | | | 0.1 | |
| 5,443 | | | Universal Health Services, Inc. - Class B | | | 829,731 | | | 0.1 | |
| 13,146 (1) | | | Veeva Systems, Inc. - Class A | | | 2,530,868 | | | 0.3 | |
| 108,563 | | | Viatris, Inc. | | | 1,175,737 | | | 0.1 | |
| 5,315 (1) | | | Waters Corp. | | | 1,749,858 | | | 0.2 | |
| 6,717 | | | West Pharmaceutical Services, Inc. | | | 2,365,190 | | | 0.2 | |
| 19,062 | | | Zimmer Biomet Holdings, Inc. | | | 2,319,845 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Industrials: 18.6% |
| 10,985 | | | A. O. Smith Corp. | | | 905,603 | | | 0.1 | |
| 2,832 | | | Acuity Brands, Inc. | | | 580,079 | | | 0.1 | |
| 6,185 | | | Advanced Drainage Systems, Inc. | | | 869,858 | | | 0.1 | |
| 11,878 | | | AECOM | | | 1,097,884 | | | 0.1 | |
| 5,677 | | | AGCO Corp. | | | 689,245 | | | 0.1 | |
| 9,385 | | | Air Lease Corp. | | | 393,607 | | | 0.0 | |
| 11,373 (1) | | | Alaska Air Group, Inc. | | | 444,343 | | | 0.0 | |
| 7,962 | | | Allegion PLC | | | 1,008,706 | | | 0.1 | |
| 8,101 | | | Allison Transmission Holdings, Inc. | | | 471,073 | | | 0.1 | |
| 9,101 | | | AMERCO | | | 641,074 | | | 0.1 | |
| 58,937 (1) | | | American Airlines Group, Inc. | | | 809,794 | | | 0.1 | |
| 20,878 | | | AMETEK, Inc. | | | 3,442,573 | | | 0.4 | |
| 3,978 | | | Armstrong World Industries, Inc. | | | 391,117 | | | 0.0 | |
| 1,807 | | | Avis Budget Group, Inc. | | | 320,309 | | | 0.0 | |
| 6,390 (1) | | | Axon Enterprise, Inc. | | | 1,650,729 | | | 0.2 | |
| 11,966 (1) | | | AZEK Co., Inc. | | | 457,699 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 11,635 | | | Booz Allen Hamilton Holding Corp. | | $ | 1,488,233 | | | 0.2 | |
| 11,163 (1) | | | Builders FirstSource, Inc. | | | 1,863,551 | | | 0.2 | |
| 8,284 | | | BWX Technologies, Inc. | | | 635,631 | | | 0.1 | |
| 2,002 (1) | | | CACI International, Inc. - Class A | | | 648,368 | | | 0.1 | |
| 4,393 | | | Carlisle Cos., Inc. | | | 1,372,505 | | | 0.1 | |
| 75,657 | | | Carrier Global Corp. | | | 4,346,495 | | | 0.4 | |
| 13,383 (1) | | | Ceridian HCM Holding, Inc. | | | 898,267 | | | 0.1 | |
| 10,431 | | | CH Robinson Worldwide, Inc. | | | 901,134 | | | 0.1 | |
| 27,850 (1)(2) | | | ChargePoint Holdings, Inc. | | | 65,169 | | | 0.0 | |
| 7,868 | | | Cintas Corp. | | | 4,741,729 | | | 0.5 | |
| 42,697 (1)(2) | | | Clarivate PLC | | | 395,374 | | | 0.0 | |
| 4,591 (1) | | | Clean Harbors, Inc. | | | 801,175 | | | 0.1 | |
| 88,694 | | | CNH Industrial NV | | | 1,080,293 | | | 0.1 | |
| 77,911 (1) | | | Copart, Inc. | | | 3,817,639 | | | 0.4 | |
| 12,160 (1) | | | Core & Main, Inc. - Class A | | | 491,386 | | | 0.1 | |
| 36,696 (1) | | | CoStar Group, Inc. | | | 3,206,863 | | | 0.3 | |
| 4,352 | | | Crane Co. | | | 514,145 | | | 0.1 | |
| 4,364 | | | Crane Holdings Co. | | | 248,181 | | | 0.0 | |
| 12,872 | | | Cummins, Inc. | | | 3,083,745 | | | 0.3 | |
| 3,460 | | | Curtiss-Wright Corp. | | | 770,853 | | | 0.1 | |
| 58,249 | | | Delta Air Lines, Inc. | | | 2,343,357 | | | 0.2 | |
| 10,985 | | | Donaldson Co., Inc. | | | 717,870 | | | 0.1 | |
| 12,661 | | | Dover Corp. | | | 1,947,388 | | | 0.2 | |
| 5,637 (1) | | | Driven Brands Holdings, Inc. | | | 80,384 | | | 0.0 | |
| 24,712 | | | Dun & Bradstreet Holdings, Inc. | | | 289,130 | | | 0.0 | |
| 4,210 | | | EMCOR Group, Inc. | | | 906,960 | | | 0.1 | |
| 11,061 | | | Equifax, Inc. | | | 2,735,275 | | | 0.3 | |
| 5,118 | | | Esab Corp. | | | 443,321 | | | 0.0 | |
| 13,367 | | | Expeditors International of Washington, Inc. | | | 1,700,282 | | | 0.2 | |
| 51,833 | | | Fastenal Co. | | | 3,357,223 | | | 0.3 | |
| 18,543 | | | Ferguson PLC | | | 3,580,097 | | | 0.4 | |
| 11,866 | | | Flowserve Corp. | | | 489,117 | | | 0.1 | |
| 32,100 | | | Fortive Corp. | | | 2,363,523 | | | 0.2 | |
| 11,469 | | | Fortune Brands Innovations, Inc. | | | 873,250 | | | 0.1 | |
| 3,019 (1) | | | FTI Consulting, Inc. | | | 601,234 | | | 0.1 | |
| 10,142 (1) | | | Gates Industrial Corp. PLC | | | 136,106 | | | 0.0 | |
| 5,518 (1) | | | Generac Holdings, Inc. | | | 713,146 | | | 0.1 | |
| 16,062 | | | Genpact Ltd. | | | 557,512 | | | 0.1 | |
| 15,162 | | | Graco, Inc. | | | 1,315,455 | | | 0.1 | |
| 10,616 (1) | | | GXO Logistics, Inc. | | | 649,275 | | | 0.1 | |
| 12,043 (1) | | | Hayward Holdings, Inc. | | | 163,785 | | | 0.0 | |
| 4,093 | | | HEICO Corp. | | | 732,115 | | | 0.1 | |
| 7,361 | | | HEICO Corp. - Class A | | | 1,048,501 | | | 0.1 | |
| 11,915 (1)(2) | | | Hertz Global Holdings, Inc. | | | 123,797 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 7,646 | | | Hexcel Corp. | | $ | 563,892 | | | 0.1 | |
| 34,423 | | | Howmet Aerospace, Inc. | | | 1,862,973 | | | 0.2 | |
| 4,862 | | | Hubbell, Inc. | | | 1,599,258 | | | 0.2 | |
| 3,556 | | | Huntington Ingalls Industries, Inc. | | | 923,280 | | | 0.1 | |
| 6,861 | | | IDEX Corp. | | | 1,489,592 | | | 0.2 | |
| 36,738 | | | Ingersoll Rand, Inc. | | | 2,841,317 | | | 0.3 | |
| 7,497 | | | ITT, Inc. | | | 894,542 | | | 0.1 | |
| 11,418 | | | Jacobs Solutions, Inc. | | | 1,482,056 | | | 0.2 | |
| 7,470 | | | JB Hunt Transport Services, Inc. | | | 1,492,058 | | | 0.2 | |
| 12,146 | | | KBR, Inc. | | | 673,010 | | | 0.1 | |
| 5,348 (1) | | | Kirby Corp. | | | 419,711 | | | 0.0 | |
| 14,170 | | | Knight-Swift Transportation Holdings, Inc. | | | 816,901 | | | 0.1 | |
| 3,244 | | | Landstar System, Inc. | | | 628,201 | | | 0.1 | |
| 12,387 | | | Leidos Holdings, Inc. | | | 1,340,769 | | | 0.1 | |
| 2,900 | | | Lennox International, Inc. | | | 1,297,808 | | | 0.1 | |
| 5,064 | | | Lincoln Electric Holdings, Inc. | | | 1,101,217 | | | 0.1 | |
| 31,145 (1) | | | Lyft, Inc. - Class A | | | 466,864 | | | 0.1 | |
| 4,462 | | | ManpowerGroup, Inc. | | | 354,595 | | | 0.0 | |
| 20,404 | | | Masco Corp. | | | 1,366,660 | | | 0.1 | |
| 5,640 (1) | | | MasTec, Inc. | | | 427,061 | | | 0.0 | |
| 18,330 | | | MDU Resources Group, Inc. | | | 362,934 | | | 0.0 | |
| 4,871 (1) | | | Mercury Systems, Inc. | | | 178,132 | | | 0.0 | |
| 4,825 (1) | | | Middleby Corp. | | | 710,095 | | | 0.1 | |
| 3,343 | | | MSA Safety, Inc. | | | 564,399 | | | 0.1 | |
| 4,259 | | | MSC Industrial Direct Co., Inc. - Class A | | | 431,266 | | | 0.0 | |
| 5,190 | | | Nordson Corp. | | | 1,370,990 | | | 0.1 | |
| 14,925 | | | nVent Electric PLC | | | 881,918 | | | 0.1 | |
| 8,957 | | | Old Dominion Freight Line, Inc. | | | 3,630,541 | | | 0.4 | |
| 5,914 | | | Oshkosh Corp. | | | 641,137 | | | 0.1 | |
| 37,528 | | | Otis Worldwide Corp. | | | 3,357,630 | | | 0.3 | |
| 8,038 | | | Owens Corning | | | 1,191,473 | | | 0.1 | |
| 46,559 | | | PACCAR, Inc. | | | 4,546,486 | | | 0.5 | |
| 11,602 | | | Parker-Hannifin Corp. | | | 5,345,041 | | | 0.5 | |
| 5,838 (1) | | | Paycor HCM, Inc. | | | 126,042 | | | 0.0 | |
| 14,887 | | | Pentair PLC | | | 1,082,434 | | | 0.1 | |
| 47,700 (1)(2) | | | Plug Power, Inc. | | | 214,650 | | | 0.0 | |
| 13,047 | | | Quanta Services, Inc. | | | 2,815,543 | | | 0.3 | |
| 16,481 | | | RB Global, Inc. | | | 1,102,414 | | | 0.1 | |
| 2,565 (1) | | | RBC Bearings, Inc. | | | 730,743 | | | 0.1 | |
| 6,001 | | | Regal Rexnord Corp. | | | 888,268 | | | 0.1 | |
| 18,750 | | | Republic Services, Inc. | | | 3,092,063 | | | 0.3 | |
| 9,373 | | | Robert Half International, Inc. | | | 824,074 | | | 0.1 | |
| 10,431 | | | Rockwell Automation, Inc. | | | 3,238,617 | | | 0.3 | |
| 23,163 | | | Rollins, Inc. | | | 1,011,528 | | | 0.1 | |
| 3,969 | | | Ryder System, Inc. | | | 456,673 | | | 0.0 | |
| 2,409 (1) | | | Saia, Inc. | | | 1,055,672 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 4,893 | | | Schneider National, Inc. - Class B | | $ | 124,527 | | | 0.0 | |
| 4,781 | | | Science Applications International Corp. | | | 594,374 | | | 0.1 | |
| 13,684 | | | Sensata Technologies Holding PLC | | | 514,108 | | | 0.1 | |
| 4,032 (1) | | | SiteOne Landscape Supply, Inc. | | | 655,200 | | | 0.1 | |
| 4,723 | | | Snap-on, Inc. | | | 1,364,191 | | | 0.1 | |
| 53,951 | | | Southwest Airlines Co. | | | 1,558,105 | | | 0.2 | |
| 9,483 (1) | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 301,370 | | | 0.0 | |
| 19,720 | | | SS&C Technologies Holdings, Inc. | | | 1,205,089 | | | 0.1 | |
| 13,894 | | | Stanley Black & Decker, Inc. | | | 1,363,001 | | | 0.1 | |
| 8,354 (1) | | | Stericycle, Inc. | | | 414,024 | | | 0.0 | |
| 19,144 (1) | | | Sunrun, Inc. | | | 375,797 | | | 0.0 | |
| 4,808 | | | Tetra Tech, Inc. | | | 802,599 | | | 0.1 | |
| 17,765 | | | Textron, Inc. | | | 1,428,661 | | | 0.1 | |
| 5,548 | | | Timken Co. | | | 444,672 | | | 0.0 | |
| 9,444 | | | Toro Co. | | | 906,530 | | | 0.1 | |
| 20,672 | | | Trane Technologies PLC | | | 5,041,901 | | | 0.5 | |
| 4,811 | | | TransDigm Group, Inc. | | | 4,866,808 | | | 0.5 | |
| 17,525 | | | TransUnion | | | 1,204,143 | | | 0.1 | |
| 9,853 (1) | | | Trex Co., Inc. | | | 815,730 | | | 0.1 | |
| 699 (1) | | | U-Haul Holding Co. | | | 50,188 | | | 0.0 | |
| 29,646 (1) | | | United Airlines Holdings, Inc. | | | 1,223,194 | | | 0.1 | |
| 6,143 | | | United Rentals, Inc. | | | 3,522,519 | | | 0.4 | |
| 1,882 | | | Valmont Industries, Inc. | | | 439,466 | | | 0.0 | |
| 12,953 | | | Verisk Analytics, Inc. | | | 3,093,954 | | | 0.3 | |
| 31,145 | | | Vertiv Holdings Co. - Class A | | | 1,495,894 | | | 0.2 | |
| 10,623 | | | Vestis Corp. | | | 224,570 | | | 0.0 | |
| 3,012 | | | Watsco, Inc. | | | 1,290,552 | | | 0.1 | |
| 4,014 | | | WESCO International, Inc. | | | 697,954 | | | 0.1 | |
| 16,183 | | | Westinghouse Air Brake Technologies Corp. | | | 2,053,623 | | | 0.2 | |
| 17,407 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 774,611 | | | 0.1 | |
| 5,430 | | | Woodward, Inc. | | | 739,186 | | | 0.1 | |
| 4,010 | | | WW Grainger, Inc. | | | 3,323,047 | | | 0.3 | |
| 10,334 (1) | | | XPO, Inc. | | | 905,155 | | | 0.1 | |
| 21,525 | | | Xylem, Inc. | | | 2,461,599 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Information Technology: 14.7% |
| 13,558 (1) | | | Akamai Technologies, Inc. | | | 1,604,589 | | | 0.2 | |
| 6,801 (1) | | | Allegro MicroSystems, Inc. | | | 205,866 | | | 0.0 | |
| 5,555 (1) | | | Alteryx, Inc. - Class A | | | 261,974 | | | 0.0 | |
| 10,635 | | | Amdocs Ltd. | | | 934,710 | | | 0.1 | |
| 52,935 | | | Amphenol Corp. - Class A | | | 5,247,447 | | | 0.5 | |
| 7,878 (1) | | | ANSYS, Inc. | | | 2,858,769 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 19,059 (1) | | | AppLovin Corp. - Class A | | $ | 759,501 | | | 0.1 | |
| 5,027 (1) | | | Arrow Electronics, Inc. | | | 614,551 | | | 0.1 | |
| 2,492 (1) | | | Aspen Technology, Inc. | | | 548,614 | | | 0.1 | |
| 8,243 | | | Avnet, Inc. | | | 415,447 | | | 0.0 | |
| 17,654 | | | Bentley Systems, Inc. - Class B | | | 921,186 | | | 0.1 | |
| 9,307 (1) | | | BILL Holdings, Inc. | | | 759,358 | | | 0.1 | |
| 10,637 | | | Broadridge Financial Solutions, Inc. | | | 2,188,563 | | | 0.2 | |
| 18,250 (1) | | | CCC Intelligent Solutions Holdings, Inc. | | | 207,867 | | | 0.0 | |
| 12,269 | | | CDW Corp. | | | 2,788,989 | | | 0.3 | |
| 13,457 (1) | | | Ciena Corp. | | | 605,700 | | | 0.1 | |
| 5,008 (1) | | | Cirrus Logic, Inc. | | | 416,616 | | | 0.0 | |
| 26,386 (1) | | | Cloudflare, Inc. - Class A | | | 2,196,898 | | | 0.2 | |
| 15,672 | | | Cognex Corp. | | | 654,149 | | | 0.1 | |
| 46,130 | | | Cognizant Technology Solutions Corp. - Class A | | | 3,484,199 | | | 0.4 | |
| 11,785 (1) | | | Coherent Corp. | | | 513,001 | | | 0.1 | |
| 3,983 | | | Concentrix Corp. | | | 391,170 | | | 0.0 | |
| 16,790 (1) | | | Confluent, Inc. - Class A | | | 392,886 | | | 0.0 | |
| 69,041 | | | Corning, Inc. | | | 2,102,298 | | | 0.2 | |
| 19,382 (1) | | | Crowdstrike Holdings, Inc. - Class A | | | 4,948,612 | | | 0.5 | |
| 24,788 (1) | | | Datadog, Inc. - Class A | | | 3,008,767 | | | 0.3 | |
| 18,355 (1) | | | DocuSign, Inc. | | | 1,091,205 | | | 0.1 | |
| 5,367 | | | Dolby Laboratories, Inc. - Class A | | | 462,528 | | | 0.0 | |
| 12,473 (1) | | | DoubleVerify Holdings, Inc. | | | 458,757 | | | 0.0 | |
| 23,424 (1) | | | Dropbox, Inc. - Class A | | | 690,539 | | | 0.1 | |
| 18,576 (1) | | | DXC Technology Co. | | | 424,833 | | | 0.0 | |
| 21,818 (1) | | | Dynatrace, Inc. | | | 1,193,226 | | | 0.1 | |
| 7,198 (1) | | | Elastic NV | | | 811,215 | | | 0.1 | |
| 12,078 (1) | | | Enphase Energy, Inc. | | | 1,595,987 | | | 0.2 | |
| 13,551 | | | Entegris, Inc. | | | 1,623,681 | | | 0.2 | |
| 5,046 (1) | | | EPAM Systems, Inc. | | | 1,500,378 | | | 0.2 | |
| 4,290 (1) | | | Euronet Worldwide, Inc. | | | 435,392 | | | 0.0 | |
| 5,365 (1) | | | F5, Inc. | | | 960,228 | | | 0.1 | |
| 2,200 (1) | | | Fair Isaac Corp. | | | 2,560,822 | | | 0.3 | |
| 9,658 (1) | | | First Solar, Inc. | | | 1,663,880 | | | 0.2 | |
| 6,450 (1) | | | Five9, Inc. | | | 507,550 | | | 0.1 | |
| 6,523 (1) | | | FleetCor Technologies, Inc. | | | 1,843,465 | | | 0.2 | |
| 6,967 (1) | | | Gartner, Inc. | | | 3,142,883 | | | 0.3 | |
| 50,268 | | | Gen Digital, Inc. | | | 1,147,116 | | | 0.1 | |
| 7,957 (1) | | | Gitlab, Inc. - Class A | | | 500,973 | | | 0.1 | |
| 7,116 (1)(2) | | | GLOBALFOUNDRIES, Inc. | | | 431,230 | | | 0.0 | |
| 3,740 (1) | | | Globant SA | | | 890,045 | | | 0.1 | |
| 13,326 (1) | | | GoDaddy, Inc. - Class A | | | 1,414,688 | | | 0.1 | |
| 7,400 (1) | | | Guidewire Software, Inc. | | | 806,896 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 8,822 (1) | | | HashiCorp, Inc. - Class A | | $ | 208,552 | | | 0.0 | |
| 116,252 | | | Hewlett Packard Enterprise Co. | | | 1,973,959 | | | 0.2 | |
| 78,433 | | | HP, Inc. | | | 2,360,049 | | | 0.2 | |
| 4,145 (1) | | | HubSpot, Inc. | | | 2,406,338 | | | 0.2 | |
| 3,857 (1) | | | Informatica, Inc. - Class A | | | 109,500 | | | 0.0 | |
| 2,720 (1) | | | IPG Photonics Corp. | | | 295,229 | | | 0.0 | |
| 11,319 | | | Jabil, Inc. | | | 1,442,041 | | | 0.1 | |
| 6,599 | | | Jack Henry & Associates, Inc. | | | 1,078,343 | | | 0.1 | |
| 28,880 | | | Juniper Networks, Inc. | | | 851,382 | | | 0.1 | |
| 16,107 (1) | | | Keysight Technologies, Inc. | | | 2,562,463 | | | 0.3 | |
| 20,601 (1) | | | Kyndryl Holdings, Inc. | | | 428,089 | | | 0.0 | |
| 12,360 (1) | | | Lattice Semiconductor Corp. | | | 852,716 | | | 0.1 | |
| 2,195 | | | Littelfuse, Inc. | | | 587,294 | | | 0.1 | |
| 6,064 (1) | | | Lumentum Holdings, Inc. | | | 317,875 | | | 0.0 | |
| 5,592 (1) | | | Manhattan Associates, Inc. | | | 1,204,069 | | | 0.1 | |
| 77,608 | | | Marvell Technology, Inc. | | | 4,680,538 | | | 0.5 | |
| 48,842 | | | Microchip Technology, Inc. | | | 4,404,572 | | | 0.5 | |
| 6,021 | | | MKS Instruments, Inc. | | | 619,380 | | | 0.1 | |
| 6,075 (1) | | | MongoDB, Inc. | | | 2,483,764 | | | 0.3 | |
| 4,172 | | | Monolithic Power Systems, Inc. | | | 2,631,614 | | | 0.3 | |
| 6,328 (1) | | | nCino, Inc. | | | 212,811 | | | 0.0 | |
| 5,850 (1) | | | NCR Atleos Corp. | | | 142,096 | | | 0.0 | |
| 11,709 (1) | | | NCR Corp. | | | 197,999 | | | 0.0 | |
| 19,129 | | | NetApp, Inc. | | | 1,686,413 | | | 0.2 | |
| 22,053 (1) | | | Nutanix, Inc. - Class A | | | 1,051,708 | | | 0.1 | |
| 13,877 (1) | | | Okta, Inc. | | | 1,256,285 | | | 0.1 | |
| 39,153 (1) | | | ON Semiconductor Corp. | | | 3,270,450 | | | 0.3 | |
| 172,952 (1) | | | Palantir Technologies, Inc. - Class A | | | 2,969,586 | | | 0.3 | |
| 29,261 | | | Paychex, Inc. | | | 3,485,278 | | | 0.4 | |
| 4,687 | | | Paycom Software, Inc. | | | 968,897 | | | 0.1 | |
| 3,811 (1) | | | Paylocity Holding Corp. | | | 628,243 | | | 0.1 | |
| 3,803 | | | Pegasystems, Inc. | | | 185,815 | | | 0.0 | |
| 7,222 (1) | | | Procore Technologies, Inc. | | | 499,907 | | | 0.1 | |
| 10,397 (1) | | | PTC, Inc. | | | 1,819,059 | | | 0.2 | |
| 25,849 (1) | | | Pure Storage, Inc. - Class A | | | 921,775 | | | 0.1 | |
| 8,883 (1) | | | Qorvo, Inc. | | | 1,000,315 | | | 0.1 | |
| 7,740 (1) | | | RingCentral, Inc. - Class A | | | 262,773 | | | 0.0 | |
| 21,204 (1) | | | SentinelOne, Inc. - Class A | | | 581,838 | | | 0.1 | |
| 14,430 | | | Skyworks Solutions, Inc. | | | 1,622,221 | | | 0.2 | |
| 11,609 (1) | | | Smartsheet, Inc. - Class A | | | 555,142 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 14,119 (1) | | | Splunk, Inc. | | $ | 2,151,030 | | | 0.2 | |
| 4,786 | | | TD SYNNEX Corp. | | | 515,021 | | | 0.1 | |
| 4,229 (1) | | | Teledyne Technologies, Inc. | | | 1,887,360 | | | 0.2 | |
| 9,008 (1) | | | Teradata Corp. | | | 391,938 | | | 0.0 | |
| 13,991 | | | Teradyne, Inc. | | | 1,518,303 | | | 0.2 | |
| 22,360 (1) | | | Trimble, Inc. | | | 1,189,552 | | | 0.1 | |
| 15,361 (1) | | | Twilio, Inc. - Class A | | | 1,165,439 | | | 0.1 | |
| 3,777 (1) | | | Tyler Technologies, Inc. | | | 1,579,239 | | | 0.2 | |
| 376 | | | Ubiquiti, Inc. | | | 52,475 | | | 0.0 | |
| 34,533 (1) | | | UiPath, Inc. - Class A | | | 857,800 | | | 0.1 | |
| 26,426 (1)(2) | | | Unity Software, Inc. | | | 1,080,559 | | | 0.1 | |
| 4,238 | | | Universal Display Corp. | | | 810,560 | | | 0.1 | |
| 8,060 (1) | | | VeriSign, Inc. | | | 1,660,038 | | | 0.2 | |
| 10,603 (1)(2) | | | Viasat, Inc. | | | 296,354 | | | 0.0 | |
| 14,118 | | | Vontier Corp. | | | 487,777 | | | 0.0 | |
| 29,440 (1) | | | Western Digital Corp. | | | 1,541,773 | | | 0.2 | |
| 33,044 | | | Western Union Co. | | | 393,884 | | | 0.0 | |
| 11,250 (1) | | | Wolfspeed, Inc. | | | 489,487 | | | 0.0 | |
| 4,645 (1) | | | Zebra Technologies Corp. - Class A | | | 1,269,618 | | | 0.1 | |
| 23,090 (1) | | | Zoom Video Communications, Inc. - Class A | | | 1,660,402 | | | 0.2 | |
| 8,034 (1) | | | Zscaler, Inc. | | | 1,780,013 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Materials: 5.8% |
| 10,626 | | | Albemarle Corp. | | | 1,535,244 | | | 0.2 | |
| 16,129 | | | Alcoa Corp. | | | 548,386 | | | 0.1 | |
| 130,779 | | | Amcor PLC | | | 1,260,710 | | | 0.1 | |
| 5,935 | | | AptarGroup, Inc. | | | 733,685 | | | 0.1 | |
| 13,011 | | | Ardagh Metal Packaging SA | | | 49,962 | | | 0.0 | |
| 4,302 | | | Ashland, Inc. | | | 362,702 | | | 0.0 | |
| 7,327 | | | Avery Dennison Corp. | | | 1,481,226 | | | 0.2 | |
| 20,074 (1) | | | Axalta Coating Systems Ltd. | | | 681,914 | | | 0.1 | |
| 27,961 | | | Ball Corp. | | | 1,608,317 | | | 0.2 | |
| 10,818 | | | Berry Global Group, Inc. | | | 729,025 | | | 0.1 | |
| 8,968 | | | Celanese Corp. | | | 1,393,358 | | | 0.1 | |
| 17,474 | | | CF Industries Holdings, Inc. | | | 1,389,183 | | | 0.1 | |
| 13,486 | | | Chemours Co. | | | 425,348 | | | 0.0 | |
| 45,208 (1) | | | Cleveland-Cliffs, Inc. | | | 923,147 | | | 0.1 | |
| 64,761 | | | Corteva, Inc. | | | 3,103,347 | | | 0.3 | |
| 9,625 | | | Crown Holdings, Inc. | | | 886,366 | | | 0.1 | |
| 41,680 | | | DuPont de Nemours, Inc. | | | 3,206,442 | | | 0.3 | |
| 3,135 | | | Eagle Materials, Inc. | | | 635,903 | | | 0.1 | |
| 10,759 | | | Eastman Chemical Co. | | | 966,373 | | | 0.1 | |
| 20,248 | | | Element Solutions, Inc. | | | 468,539 | | | 0.1 | |
| 11,331 | | | FMC Corp. | | | 714,420 | | | 0.1 | |
| 141,141 (1)(2) | | | Ginkgo Bioworks Holdings, Inc. | | | 238,528 | | | 0.0 | |
| 27,625 | | | Graphic Packaging Holding Co. | | | 680,956 | | | 0.1 | |
| 15,343 | | | Huntsman Corp. | | | 385,570 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 23,175 | | | International Flavors & Fragrances, Inc. | | $ | 1,876,480 | | | 0.2 | |
| 31,427 | | | International Paper Co. | | | 1,136,086 | | | 0.1 | |
| 5,829 | | | Louisiana-Pacific Corp. | | | 412,868 | | | 0.0 | |
| 23,483 | | | LyondellBasell Industries NV - Class A | | | 2,232,764 | | | 0.2 | |
| 5,603 | | | Martin Marietta Materials, Inc. | | | 2,795,393 | | | 0.3 | |
| 30,031 | | | Mosaic Co. | | | 1,073,008 | | | 0.1 | |
| 9,435 (1) | | | MP Materials Corp. | | | 187,285 | | | 0.0 | |
| 565 | | | NewMarket Corp. | | | 308,394 | | | 0.0 | |
| 22,569 | | | Nucor Corp. | | | 3,927,909 | | | 0.4 | |
| 11,109 | | | Olin Corp. | | | 599,331 | | | 0.1 | |
| 8,029 | | | Packaging Corp. of America | | | 1,308,004 | | | 0.1 | |
| 21,307 | | | PPG Industries, Inc. | | | 3,186,462 | | | 0.3 | |
| 5,240 | | | Reliance Steel & Aluminum Co. | | | 1,465,523 | | | 0.2 | |
| 5,949 | | | Royal Gold, Inc. | | | 719,591 | | | 0.1 | |
| 11,539 | | | RPM International, Inc. | | | 1,288,099 | | | 0.1 | |
| 3,745 | | | Scotts Miracle-Gro Co. | | | 238,744 | | | 0.0 | |
| 13,044 | | | Sealed Air Corp. | | | 476,367 | | | 0.1 | |
| 7,578 | | | Silgan Holdings, Inc. | | | 342,904 | | | 0.0 | |
| 8,869 | | | Sonoco Products Co. | | | 495,511 | | | 0.1 | |
| 18,457 | | | SSR Mining, Inc. | | | 198,597 | | | 0.0 | |
| 14,161 | | | Steel Dynamics, Inc. | | | 1,672,414 | | | 0.2 | |
| 20,093 | | | United States Steel Corp. | | | 977,524 | | | 0.1 | |
| 12,560 (1) | | | Valvoline, Inc. | | | 472,005 | | | 0.1 | |
| 12,025 | | | Vulcan Materials Co. | | | 2,729,795 | | | 0.3 | |
| 2,936 | | | Westlake Corp. | | | 410,923 | | | 0.0 | |
| 23,050 | | | Westrock Co. | | | 957,036 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Real Estate: 7.6% |
| 8,995 | | | Agree Realty Corp. | | | 566,235 | | | 0.1 | |
| 15,567 | | | Alexandria Real Estate Equities, Inc. | | | 1,973,429 | | | 0.2 | |
| 30,215 | | | American Homes 4 Rent - Class A | | | 1,086,531 | | | 0.1 | |
| 24,500 | | | Americold Realty Trust, Inc. | | | 741,615 | | | 0.1 | |
| 13,498 | | | Apartment Income REIT Corp. | | | 468,786 | | | 0.1 | |
| 12,864 | | | AvalonBay Communities, Inc. | | | 2,408,398 | | | 0.3 | |
| 14,232 | | | Boston Properties, Inc. | | | 998,659 | | | 0.1 | |
| 27,158 | | | Brixmor Property Group, Inc. | | | 631,967 | | | 0.1 | |
| 9,415 | | | Camden Property Trust | | | 934,815 | | | 0.1 | |
| 27,582 (1) | | | CBRE Group, Inc. - Class A | | | 2,567,608 | | | 0.3 | |
| 13,727 | | | Cousins Properties, Inc. | | | 334,253 | | | 0.0 | |
| 20,294 | | | CubeSmart | | | 940,627 | | | 0.1 | |
| 27,428 | | | Digital Realty Trust, Inc. | | | 3,691,260 | | | 0.4 | |
| 4,152 | | | EastGroup Properties, Inc. | | | 762,058 | | | 0.1 | |
| 6,733 | | | EPR Properties | | | 326,214 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 16,121 | | | Equity LifeStyle Properties, Inc. | | $ | 1,137,175 | | | 0.1 | |
| 33,857 | | | Equity Residential | | | 2,070,694 | | | 0.2 | |
| 5,794 | | | Essex Property Trust, Inc. | | | 1,436,564 | | | 0.1 | |
| 18,983 | | | Extra Space Storage, Inc. | | | 3,043,544 | | | 0.3 | |
| 7,335 | | | Federal Realty Investment Trust | | | 755,872 | | | 0.1 | |
| 11,975 | | | First Industrial Realty Trust, Inc. | | | 630,723 | | | 0.1 | |
| 23,220 | | | Gaming and Leisure Properties, Inc. | | | 1,145,907 | | | 0.1 | |
| 34,461 | | | Healthcare Realty Trust, Inc. | | | 593,763 | | | 0.1 | |
| 49,653 | | | Healthpeak Properties, Inc. | | | 983,129 | | | 0.1 | |
| 9,439 | | | Highwoods Properties, Inc. | | | 216,719 | | | 0.0 | |
| 64,157 | | | Host Hotels & Resorts, Inc. | | | 1,249,137 | | | 0.1 | |
| 3,054 (1) | | | Howard Hughes Holdings, Inc. | | | 261,270 | | | 0.0 | |
| 55,474 | | | Invitation Homes, Inc. | | | 1,892,218 | | | 0.2 | |
| 26,283 | | | Iron Mountain, Inc. | | | 1,839,284 | | | 0.2 | |
| 4,299 (1) | | | Jones Lang LaSalle, Inc. | | | 811,952 | | | 0.1 | |
| 10,582 | | | Kilroy Realty Corp. | | | 421,587 | | | 0.0 | |
| 59,538 | | | Kimco Realty Corp. | | | 1,268,755 | | | 0.1 | |
| 7,884 | | | Lamar Advertising Co. - Class A | | | 837,912 | | | 0.1 | |
| 53,851 (2) | | | Medical Properties Trust, Inc. | | | 264,408 | | | 0.0 | |
| 10,537 | | | Mid-America Apartment Communities, Inc. | | | 1,416,805 | | | 0.1 | |
| 16,460 | | | National Retail Properties, Inc. | | | 709,426 | | | 0.1 | |
| 7,320 | | | National Storage Affiliates Trust | | | 303,560 | | | 0.0 | |
| 1,296 | | | NET Lease Office Properties | | | 23,950 | | | 0.0 | |
| 22,210 | | | Omega Healthcare Investors, Inc. | | | 680,959 | | | 0.1 | |
| 19,372 | | | Park Hotels & Resorts, Inc. | | | 296,392 | | | 0.0 | |
| 13,317 | | | Rayonier, Inc. | | | 444,921 | | | 0.0 | |
| 65,785 | | | Realty Income Corp. | | | 3,777,375 | | | 0.4 | |
| 16,395 | | | Regency Centers Corp. | | | 1,098,465 | | | 0.1 | |
| 19,103 | | | Rexford Industrial Realty, Inc. | | | 1,071,678 | | | 0.1 | |
| 9,747 | | | SBA Communications Corp. | | | 2,472,716 | | | 0.3 | |
| 29,465 | | | Simon Property Group, Inc. | | | 4,202,888 | | | 0.4 | |
| 12,782 | | | Spirit Realty Capital, Inc. | | | 558,446 | | | 0.1 | |
| 16,494 | | | STAG Industrial, Inc. | | | 647,554 | | | 0.1 | |
| 11,152 | | | Sun Communities, Inc. | | | 1,490,465 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) | | | | | | | |
| 29,775 | | | UDR, Inc. | | $ | 1,140,085 | | | 0.1 | |
| 36,262 | | | Ventas, Inc. | | | 1,807,298 | | | 0.2 | |
| 93,905 | | | VICI Properties, Inc. | | | 2,993,691 | | | 0.3 | |
| 16,035 | | | Vornado Realty Trust | | | 452,989 | | | 0.0 | |
| 48,756 | | | Welltower, Inc. | | | 4,396,329 | | | 0.5 | |
| 66,478 | | | Weyerhaeuser Co. | | | 2,311,440 | | | 0.2 | |
| 19,238 | | | WP Carey, Inc. | | | 1,246,815 | | | 0.1 | |
| 5,015 (1) | | | Zillow Group, Inc. - Class A | | | 284,451 | | | 0.0 | |
| 14,015 (1) | | | Zillow Group, Inc. - Class C | | | 810,908 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Utilities: 5.2% |
| 60,614 | | | AES Corp. | | | 1,166,820 | | | 0.1 | |
| 22,803 | | | Alliant Energy Corp. | | | 1,169,794 | | | 0.1 | |
| 23,770 | | | Ameren Corp. | | | 1,719,522 | | | 0.2 | |
| 17,687 | | | American Water Works Co., Inc. | | | 2,334,507 | | | 0.2 | |
| 13,446 | | | Atmos Energy Corp. | | | 1,558,391 | | | 0.2 | |
| 6,445 | | | Avangrid, Inc. | | | 208,882 | | | 0.0 | |
| 12,087 | | | Brookfield Renewable Corp. - Class A | | | 347,985 | | | 0.0 | |
| 57,283 | | | CenterPoint Energy, Inc. | | | 1,636,575 | | | 0.2 | |
| 3,144 | | | Clearway Energy, Inc. - Class A | | | 80,424 | | | 0.0 | |
| 7,431 | | | Clearway Energy, Inc. - Class C | | | 203,832 | | | 0.0 | |
| 26,398 | | | CMS Energy Corp. | | | 1,532,932 | | | 0.2 | |
| 31,500 | | | Consolidated Edison, Inc. | | | 2,865,555 | | | 0.3 | |
| 29,212 | | | Constellation Energy Corp. | | | 3,414,591 | | | 0.4 | |
| 18,701 | | | DTE Energy Co. | | | 2,061,972 | | | 0.2 | |
| 34,311 | | | Edison International | | | 2,452,893 | | | 0.3 | |
| 19,212 | | | Entergy Corp. | | | 1,944,062 | | | 0.2 | |
| 22,028 | | | Essential Utilities, Inc. | | | 822,746 | | | 0.1 | |
| 20,209 | | | Evergy, Inc. | | | 1,054,910 | | | 0.1 | |
| 31,642 | | | Eversource Energy | | | 1,952,944 | | | 0.2 | |
| 49,432 | | | FirstEnergy Corp. | | | 1,812,177 | | | 0.2 | |
| 9,941 | | | Hawaiian Electric Industries, Inc. | | | 141,063 | | | 0.0 | |
| 4,581 | | | IDACORP, Inc. | | | 450,404 | | | 0.0 | |
| 8,059 | | | National Fuel Gas Co. | | | 404,320 | | | 0.0 | |
| 37,516 | | | NiSource, Inc. | | | 996,050 | | | 0.1 | |
| 20,663 | | | NRG Energy, Inc. | | | 1,068,277 | | | 0.1 | |
| 18,138 | | | OGE Energy Corp. | | | 633,560 | | | 0.1 | |
| 184,994 | | | PG&E Corp. | | | 3,335,442 | | | 0.3 | |
| 10,274 | | | Pinnacle West Capital Corp. | | | 738,084 | | | 0.1 | |
| 66,995 | | | PPL Corp. | | | 1,815,565 | | | 0.2 | |
| 45,145 | | | Public Service Enterprise Group, Inc. | | | 2,760,617 | | | 0.3 | |
| 18,955 | | | UGI Corp. | | | 466,293 | | | 0.1 | |
| 32,975 | | | Vistra Corp. | | | 1,270,197 | | | 0.1 | |
| 28,645 | | | WEC Energy Group, Inc. | | | 2,411,050 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Utilities: (continued) |
| 50,020 | | | Xcel Energy, Inc. | | $ | 3,096,738 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Total Common Stock
(Cost $469,715,529) | | | 964,214,944 | | | 99.5 | |
| |
| EXCHANGE-TRADED FUNDS: 0.2% |
| 25,986 | | | iShares Russell Mid- Cap ETF | | | 2,019,892 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Total Exchange-Traded Funds
(Cost $1,889,984) | | | 2,019,892 | | | 0.2 | |
| | | | | | | | |
| OTHER(4): —% | | | | | | | |
| | | | Communication Services: —% | | | | | | | |
| 14,786 (5)(6) | | | GCI Liberty, Inc. - Class A | | | — | | | — | |
| | | | | | | | | | | |
| | | | Total Other
(Cost $—) | | | — | | | — | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments
(Cost $471,605,513) | | | 966,234,836 | | | 99.7 | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.9% |
| | | | Repurchase Agreements: 0.6% |
| 1,434,179 (7) | | | BNP Paribas S.A., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,435,020, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,462,863, due 08/15/27-10/20/53) | | | 1,434,179 | | | 0.1 | |
| 264,034 (7) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $264,189, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $269,315, due 12/01/29-12/01/53) | | | 264,034 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) | |
| 1,434,179 (7) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,435,020, collateralized by various U.S. Government Agency Obligations, 2.000%- 4.500%, Market Value plus accrued interest $1,462,863, due 02/01/35-09/01/52) | | $ | 1,434,179 | | | 0.1 | |
| 1,434,179 (7) | | | Nomura Securities, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $1,435,018, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 6.000%, Market Value plus accrued interest $1,463,165, due 03/08/27-01/01/59) | | | 1,434,179 | | | 0.2 | |
| 1,434,179 (7) | | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,435,020, collateralized by various U.S. Government Agency Obligations, 2.500%- 7.000%, Market Value plus accrued interest $1,462,863, due 07/01/37-01/01/54) | | | 1,434,179 | | | 0.2 | |
| | | | Total Repurchase Agreements
(Cost $6,000,750) | | | 6,000,750 | | | 0.6 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.3% | | | | | | |
| 3,149,000 (8) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $3,149,000) | | $ | 3,149,000 | | | 0.3 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $9,149,750) | | $ | 9,149,750 | | | 0.9 | |
| | | | Total Investments in Securities
(Cost $480,755,263) | | $ | 975,384,586 | | | 100.6 | |
| | | | Liabilities in Excess of Other Assets | | | (5,448,234 | ) | | (0.6) | |
| | | | Net Assets | | $ | 969,936,352 | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Investment in affiliate. |
| (4) | Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing. |
| (5) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (6) | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2023, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (7) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (8) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 964,214,944 | | | $ | — | | | $ | — | | | $ | 964,214,944 | |
| Exchange-Traded Funds | | | 2,019,892 | | | | — | | | | — | | | | 2,019,892 | |
| Short-Term Investments | | | 3,149,000 | | | | 6,000,750 | | | | — | | | | 9,149,750 | |
| Total Investments, at fair value | | $ | 969,383,836 | | | $ | 6,000,750 | | | $ | — | | | $ | 975,384,586 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 185,497 | | | | — | | | | — | | | | 185,497 | |
| Total Assets | | $ | 969,569,333 | | | $ | 6,000,750 | | | $ | — | | | $ | 975,570,083 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
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 year ended December 31, 2023, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 12/31/2022 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
12/31/2023 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya Financial, Inc. | | $ | 773,606 | | | $ | 35,750 | | | $ | (137,316 | ) | | $ | (23,572 | ) | | $ | 648,468 | | | $ | 11,031 | | | $ | 159,119 | | | $ | — | |
| | | $ | 773,606 | | | $ | 35,750 | | | $ | (137,316 | ) | | $ | (23,572 | ) | | $ | 648,468 | | | $ | 11,031 | | | $ | 159,119 | | | $ | — | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2023, Voya Russell™ Mid Cap Index Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| GCI Liberty, Inc. - Class A | | 5/23/2023 | | $ | — | | | $ | — | |
| | | | | $ | — | | | $ | — | |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| S&P Mid 400 E-Mini | | 12 | | | 03/15/24 | | $ | 3,371,400 | | | $ | 185,497 | |
| | | | | | | | $ | 3,371,400 | | | $ | 185,497 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Mid Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 185,497 | |
| Total Asset Derivatives | | | | $ | 185,497 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 130,756 | |
| Total | | $ | 130,756 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 292,483 | |
| Total | | $ | 292,483 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $493,786,976. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 533,120,777 | |
| Gross Unrealized Depreciation | | | (51,337,670 | ) |
| Net Unrealized Appreciation | | $ | 481,783,107 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.6% | |
| | | | Communication Services: 2.3% | | | | | | | |
| 21,226 (1)(2) | | | Advantage Solutions, Inc. | | $ | 76,838 | | | 0.0 | |
| 7,472 (1) | | | AMC Networks, Inc. - Class A | | | 140,399 | | | 0.0 | |
| 3,182 (1) | | | Anterix, Inc. | | | 106,024 | | | 0.0 | |
| 19,745 (1)(2) | | | AST SpaceMobile, Inc. | | | 119,062 | | | 0.0 | |
| 13,145 (1) | | | Atlanta Braves Holdings, Inc. - Class C | | | 520,279 | | | 0.1 | |
| 2,836 | | | ATN International, Inc. | | | 110,519 | | | 0.0 | |
| 5,823 (1) | | | Bandwidth, Inc. - Class A | | | 84,259 | | | 0.0 | |
| 6,022 (1) | | | Boston Omaha Corp. - Class A | | | 94,726 | | | 0.0 | |
| 24,352 (1) | | | Bumble, Inc. - Class A | | | 358,949 | | | 0.1 | |
| 8,411 (1) | | | Cardlytics, Inc. | | | 77,465 | | | 0.0 | |
| 23,646 (1) | | | Cargurus, Inc. | | | 571,287 | | | 0.1 | |
| 16,227 (1) | | | Cars.com, Inc. | | | 307,826 | | | 0.1 | |
| 26,437 (1)(2) | | | Cinemark Holdings, Inc. | | | 372,497 | | | 0.1 | |
| 88,997 (1) | | | Clear Channel Outdoor Holdings, Inc. | | | 161,975 | | | 0.0 | |
| 10,399 | | | Cogent Communications Holdings, Inc. | | | 790,948 | | | 0.1 | |
| 17,841 (1) | | | Consolidated Communications Holdings, Inc. | | | 77,608 | | | 0.0 | |
| 380 (1) | | | Daily Journal Corp. | | | 129,512 | | | 0.0 | |
| 12,620 (1) | | | DHI Group, Inc. | | | 32,686 | | | 0.0 | |
| 29,152 (1) | | | EchoStar Corp. - Class A | | | 483,049 | | | 0.1 | |
| 16,099 | | | Entravision Communications Corp. - Class A | | | 67,133 | | | 0.0 | |
| 18,768 (1) | | | Eventbrite, Inc. - Class A | | | 156,900 | | | 0.0 | |
| 5,237 (1) | | | EverQuote, Inc. - Class A | | | 64,101 | | | 0.0 | |
| 14,929 (1) | | | EW Scripps Co. - Class A | | | 119,283 | | | 0.0 | |
| 67,918 (1)(2) | | | fuboTV, Inc. | | | 215,979 | | | 0.0 | |
| 35,534 (1) | | | Gannett Co., Inc. | | | 81,728 | | | 0.0 | |
| 166,848 (1) | | | Globalstar, Inc. | | | 323,685 | | | 0.1 | |
| 16,123 (1) | | | Gogo, Inc. | | | 163,326 | | | 0.0 | |
| 20,828 | | | Gray Television, Inc. | | | 186,619 | | | 0.0 | |
| 10,391 (1) | | | Grindr, Inc. | | | 91,233 | | | 0.0 | |
| 3,975 (1) | | | IDT Corp. - Class B | | | 135,508 | | | 0.0 | |
| 24,108 (1) | | | iHeartMedia, Inc. - Class A | | | 64,368 | | | 0.0 | |
| 11,081 (1) | | | IMAX Corp. | | | 166,437 | | | 0.0 | |
| 11,223 (1) | | | Integral Ad Science Holding Corp. | | | 161,499 | | | 0.0 | |
| 8,786 | | | John Wiley & Sons, Inc. - Class A | | | 278,868 | | | 0.1 | |
| 42,922 (1) | | | Liberty Latin America Ltd. - Class C | | | 315,047 | | | 0.1 | |
| 13,702 (1)(2) | | | Lions Gate Entertainment Corp. - Class A | | | 149,352 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Communication Services: (continued) | | | | | | | |
| 28,777 (1) | | | Lions Gate Entertainment Corp. - Class B | | $ | 293,238 | | | 0.1 | |
| 241,735 (1) | | | Lumen Technologies, Inc. | | | 442,375 | | | 0.1 | |
| 9,862 (1) | | | Madison Square Garden Entertainment Corp. | | | 313,513 | | | 0.1 | |
| 31,934 (1) | | | Magnite, Inc. | | | 298,264 | | | 0.1 | |
| 6,427 (2) | | | Marcus Corp. | | | 93,706 | | | 0.0 | |
| 5,801 (1) | | | MediaAlpha, Inc. - Class A | | | 64,681 | | | 0.0 | |
| 36,170 (1) | | | Nextdoor Holdings, Inc. | | | 68,361 | | | 0.0 | |
| 6,517 (1) | | | Ooma, Inc. | | | 69,927 | | | 0.0 | |
| 11,416 (1) | | | Outbrain, Inc. | | | 50,002 | | | 0.0 | |
| 21,641 (1) | | | Playstudios, Inc. | | | 58,647 | | | 0.0 | |
| 10,241 (1) | | | PubMatic, Inc. - Class A | | | 167,031 | | | 0.0 | |
| 13,003 (1) | | | QuinStreet, Inc. | | | 166,698 | | | 0.0 | |
| 6,697 | | | Scholastic Corp. | | | 252,477 | | | 0.1 | |
| 11,804 | | | Shenandoah Telecommunications Co. | | | 255,202 | | | 0.1 | |
| 5,868 | | | Shutterstock, Inc. | | | 283,307 | | | 0.1 | |
| 8,065 | | | Sinclair, Inc. | | | 105,087 | | | 0.0 | |
| 6,273 (1) | | | Sphere Entertainment Co. | | | 213,031 | | | 0.0 | |
| 4,439 | | | Spok Holdings, Inc. | | | 68,716 | | | 0.0 | |
| 19,354 (1) | | | Stagwell, Inc. | | | 128,317 | | | 0.0 | |
| 6,400 (1) | | | TechTarget, Inc. | | | 223,104 | | | 0.1 | |
| 47,872 | | | TEGNA, Inc. | | | 732,442 | | | 0.1 | |
| 23,873 | | | Telephone and Data Systems, Inc. | | | 438,070 | | | 0.1 | |
| 7,732 (1) | | | Thryv Holdings, Inc. | | | 157,346 | | | 0.0 | |
| 30,106 (1)(3) | | | Tingo Group, Inc. | | | — | | | — | |
| 3,573 | | | Townsquare Media, Inc. - Class A | | | 37,731 | | | 0.0 | |
| 23,056 (1) | | | TrueCar, Inc. | | | 79,774 | | | 0.0 | |
| 37,699 (1) | | | Vimeo, Inc. | | | 147,780 | | | 0.0 | |
| 5,877 (1) | | | Vivid Seats, Inc. - Class A | | | 37,143 | | | 0.0 | |
| 13,405 (1) | | | WideOpenWest, Inc. | | | 54,290 | | | 0.0 | |
| 16,081 (1) | | | Yelp, Inc. | | | 761,275 | | | 0.1 | |
| 11,144 (1) | | | Ziff Davis, Inc. | | | 748,765 | | | 0.1 | |
| 16,607 (1) | | | ZipRecruiter, Inc. - Class A | | | 230,837 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 10.7% | | | | | | | |
| 6,932 (1) | | | 1-800-Flowers.com, Inc. - Class A | | | 74,727 | | | 0.0 | |
| 19,974 (1) | | | 2U, Inc. | | | 24,568 | | | 0.0 | |
| 7,612 | | | Aaron’s Co., Inc. | | | 82,819 | | | 0.0 | |
| 11,752 (1) | | | Abercrombie & Fitch Co. - Class A | | | 1,036,761 | | | 0.2 | |
| 17,373 | | | Academy Sports & Outdoors, Inc. | | | 1,146,618 | | | 0.2 | |
| 14,050 (1) | | | Accel Entertainment, Inc. | | | 144,294 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | | | | | | | |
| 7,419 | | | Acushnet Holdings Corp. | | $ | 468,658 | | | 0.1 | |
| 22,063 (1) | | | Adient PLC | | | 802,211 | | | 0.1 | |
| 9,636 (1) | | | Adtalem Global Education, Inc. | | | 568,042 | | | 0.1 | |
| 24,586 (1) | | | Allbirds, Inc. - Class A | | | 30,118 | | | 0.0 | |
| 27,346 (1) | | | American Axle & Manufacturing Holdings, Inc. | | | 240,918 | | | 0.0 | |
| 43,852 | | | American Eagle Outfitters, Inc. | | | 927,908 | | | 0.2 | |
| 1,522 (1)(2) | | | America’s Car-Mart, Inc. | | | 115,322 | | | 0.0 | |
| 25,297 (1) | | | AMMO, Inc. | | | 53,124 | | | 0.0 | |
| 21,098 | | | Arko Corp. | | | 174,059 | | | 0.0 | |
| 4,967 (1) | | | Asbury Automotive Group, Inc. | | | 1,117,426 | | | 0.2 | |
| 3,535 (1) | | | Atmus Filtration Technologies, Inc. | | | 83,037 | | | 0.0 | |
| 7,364 (1) | | | Bally’s Corp. | | | 102,654 | | | 0.0 | |
| 34,252 (1) | | | BARK, Inc. | | | 27,590 | | | 0.0 | |
| 7,362 (1) | | | Beazer Homes USA, Inc. | | | 248,762 | | | 0.1 | |
| 6,893 | | | Big Lots, Inc. | | | 53,696 | | | 0.0 | |
| 5,480 (1) | | | BJ’s Restaurants, Inc. | | | 197,335 | | | 0.0 | |
| 21,099 | | | Bloomin’ Brands, Inc. | | | 593,937 | | | 0.1 | |
| 2,635 | | | Bluegreen Vacations Holding Corp. | | | 197,941 | | | 0.0 | |
| 7,142 (1) | | | Boot Barn Holdings, Inc. | | | 548,220 | | | 0.1 | |
| 4,505 (1)(2) | | | Bowlero Corp. - Class A | | | 63,791 | | | 0.0 | |
| 10,487 (1) | | | Brinker International, Inc. | | | 452,829 | | | 0.1 | |
| 7,436 | | | Buckle, Inc. | | | 353,359 | | | 0.1 | |
| 3,274 | | | Build-A-Bear Workshop, Inc. | | | 75,269 | | | 0.0 | |
| 8,440 | | | Caleres, Inc. | | | 259,361 | | | 0.1 | |
| 9,952 | | | Camping World Holdings, Inc. - Class A | | | 261,340 | | | 0.1 | |
| 14,333 (1) | | | CarParts.com, Inc. | | | 45,292 | | | 0.0 | |
| 3,554 | | | Carriage Services, Inc. | | | 88,886 | | | 0.0 | |
| 9,399 | | | Carrols Restaurant Group, Inc. | | | 74,064 | | | 0.0 | |
| 23,077 (1) | | | Carvana Co. | | | 1,221,696 | | | 0.2 | |
| 2,090 (1) | | | Cavco Industries, Inc. | | | 724,436 | | | 0.1 | |
| 8,538 (1) | | | Century Casinos, Inc. | | | 41,665 | | | 0.0 | |
| 6,834 | | | Century Communities, Inc. | | | 622,851 | | | 0.1 | |
| 11,578 | | | Cheesecake Factory, Inc. | | | 405,346 | | | 0.1 | |
| 27,770 (1) | | | Chegg, Inc. | | | 315,467 | | | 0.1 | |
| 29,285 (1) | | | Chico’s FAS, Inc. | | | 221,980 | | | 0.0 | |
| 3,078 (1) | | | Children’s Place, Inc. | | | 71,471 | | | 0.0 | |
| 4,598 (1) | | | Chuy’s Holdings, Inc. | | | 175,782 | | | 0.0 | |
| 7,270 | | | Clarus Corp. | | | 50,127 | | | 0.0 | |
| 5,639 (1) | | | ContextLogic, Inc. - Class A | | | 33,552 | | | 0.0 | |
| 4,199 (1) | | | Cooper-Standard Holdings, Inc. | | | 82,048 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | | | | | | | |
| 31,088 (1) | | | Coursera, Inc. | | $ | 602,175 | | | 0.1 | |
| 5,264 (2) | | | Cracker Barrel Old Country Store, Inc. | | | 405,749 | | | 0.1 | |
| 11,832 | | | Cricut, Inc. - Class A | | | 77,973 | | | 0.0 | |
| 30,930 | | | Dana, Inc. | | | 451,887 | | | 0.1 | |
| 8,689 (1) | | | Dave & Buster’s Entertainment, Inc. | | | 467,903 | | | 0.1 | |
| 12,744 (1) | | | Denny’s Corp. | | | 138,655 | | | 0.0 | |
| 11,068 | | | Designer Brands, Inc. - Class A | | | 97,952 | | | 0.0 | |
| 15,338 (1) | | | Destination XL Group, Inc. | | | 67,487 | | | 0.0 | |
| 842 (2) | | | Dillard’s, Inc. - Class A | | | 339,873 | | | 0.1 | |
| 3,780 | | | Dine Brands Global, Inc. | | | 187,677 | | | 0.0 | |
| 6,421 (1) | | | Dorman Products, Inc. | | | 535,576 | | | 0.1 | |
| 6,073 (1) | | | Dream Finders Homes, Inc. - Class A | | | 215,774 | | | 0.0 | |
| 6,955 (1) | | | Duolingo, Inc. | | | 1,577,742 | | | 0.3 | |
| 7,621 (1) | | | El Pollo Loco Holdings, Inc. | | | 67,217 | | | 0.0 | |
| 2,040 | | | Escalade, Inc. | | | 40,984 | | | 0.0 | |
| 5,512 | | | Ethan Allen Interiors, Inc. | | | 175,943 | | | 0.0 | |
| 8,348 (1) | | | European Wax Center, Inc. - Class A | | | 113,449 | | | 0.0 | |
| 20,532 (1) | | | Everi Holdings, Inc. | | | 231,396 | | | 0.0 | |
| 25,095 (1)(2) | | | EVgo, Inc. | | | 89,840 | | | 0.0 | |
| 30,747 (1) | | | Figs, Inc. - Class A | | | 213,692 | | | 0.0 | |
| 4,696 (1) | | | First Watch Restaurant Group, Inc. | | | 94,390 | | | 0.0 | |
| 48,029 (1)(2) | | | Fisker, Inc. | | | 84,051 | | | 0.0 | |
| 19,611 | | | Foot Locker, Inc. | | | 610,883 | | | 0.1 | |
| 10,234 (1) | | | Fox Factory Holding Corp. | | | 690,590 | | | 0.1 | |
| 19,290 (1) | | | Frontdoor, Inc. | | | 679,394 | | | 0.1 | |
| 9,257 (1) | | | Full House Resorts, Inc. | | | 49,710 | | | 0.0 | |
| 8,574 (1) | | | Funko, Inc. - Class A | | | 66,277 | | | 0.0 | |
| 2,866 (1) | | | Genesco, Inc. | | | 100,912 | | | 0.0 | |
| 7,892 (1) | | | Gentherm, Inc. | | | 413,225 | | | 0.1 | |
| 10,164 (1) | | | G-III Apparel Group Ltd. | | | 345,373 | | | 0.1 | |
| 8,629 (1) | | | Global Business Travel Group I | | | 55,657 | | | 0.0 | |
| 4,984 | | | Golden Entertainment, Inc. | | | 199,011 | | | 0.0 | |
| 67,677 (1) | | | Goodyear Tire & Rubber Co. | | | 969,135 | | | 0.2 | |
| 31,552 (1) | | | GoPro, Inc. - Class A | | | 109,485 | | | 0.0 | |
| 853 | | | Graham Holdings Co. - Class B | | | 594,132 | | | 0.1 | |
| 6,320 (1) | | | Green Brick Partners, Inc. | | | 328,261 | | | 0.1 | |
| 3,283 | | | Group 1 Automotive, Inc. | | | 1,000,461 | | | 0.2 | |
| 14,303 (1) | | | GrowGeneration Corp. | | | 35,901 | | | 0.0 | |
| 7,107 | | | Guess?, Inc. | | | 163,887 | | | 0.0 | |
| 84,685 (1) | | | Hanesbrands, Inc. | | | 377,695 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | | | | | | | |
| 3,764 | | | Haverty Furniture Cos., Inc. | | $ | 133,622 | | | 0.0 | |
| 5,653 (1) | | | Helen of Troy Ltd. | | | 682,939 | | | 0.1 | |
| 3,064 | | | Hibbett, Inc. | | | 220,669 | | | 0.0 | |
| 19,332 (1) | | | Hilton Grand Vacations, Inc. | | | 776,760 | | | 0.1 | |
| 13,287 (1) | | | Holley, Inc. | | | 64,708 | | | 0.0 | |
| 3,145 | | | Hooker Furnishings Corp. | | | 82,022 | | | 0.0 | |
| 1,215 (1) | | | Hovnanian Enterprises, Inc. - Class A | | | 189,078 | | | 0.0 | |
| 5,773 (1) | | | Inspired Entertainment, Inc. | | | 57,037 | | | 0.0 | |
| 5,630 | | | Installed Building Products, Inc. | | | 1,029,277 | | | 0.2 | |
| 25,926 | | | International Game Technology PLC | | | 710,632 | | | 0.1 | |
| 6,617 (1) | | | iRobot Corp. | | | 256,078 | | | 0.1 | |
| 4,836 | | | Jack in the Box, Inc. | | | 394,763 | | | 0.1 | |
| 1,441 (1) | | | JAKKS Pacific, Inc. | | | 51,228 | | | 0.0 | |
| 1,363 | | | Johnson Outdoors, Inc. - Class A | | | 72,811 | | | 0.0 | |
| 16,872 | | | KB Home | | | 1,053,825 | | | 0.2 | |
| 13,535 | | | Kontoor Brands, Inc. | | | 844,855 | | | 0.1 | |
| 20,962 (2) | | | Krispy Kreme, Inc. | | | 316,317 | | | 0.1 | |
| 1,429 (1) | | | Kura Sushi USA, Inc. - Class A | | | 108,604 | | | 0.0 | |
| 3,875 (1) | | | Lands’ End, Inc. | | | 37,045 | | | 0.0 | |
| 3,892 (1) | | | Landsea Homes Corp. | | | 51,141 | | | 0.0 | |
| 10,523 (1) | | | Latham Group, Inc. | | | 27,675 | | | 0.0 | |
| 31,666 | | | Laureate Education, Inc. | | | 434,141 | | | 0.1 | |
| 10,423 | | | La-Z-Boy, Inc. | | | 384,817 | | | 0.1 | |
| 5,914 | | | LCI Industries | | | 743,449 | | | 0.1 | |
| 2,845 (1) | | | Legacy Housing Corp. | | | 71,751 | | | 0.0 | |
| 43,396 (1) | | | Leslie’s, Inc. | | | 299,866 | | | 0.1 | |
| 5,003 (1) | | | LGI Homes, Inc. | | | 666,199 | | | 0.1 | |
| 10,722 (1) | | | Life Time Group Holdings, Inc. | | | 161,688 | | | 0.0 | |
| 21,821 (1) | | | Light & Wonder, Inc. | | | 1,791,722 | | | 0.3 | |
| 5,523 (1) | | | Lincoln Educational Services Corp. | | | 55,451 | | | 0.0 | |
| 8,594 (1) | | | Lindblad Expeditions Holdings, Inc. | | | 96,854 | | | 0.0 | |
| 4,984 (1)(2) | | | Livewire Group, Inc. | | | 56,369 | | | 0.0 | |
| 3,365 (1) | | | Lovesac Co. | | | 85,976 | | | 0.0 | |
| 64,315 (1)(2) | | | Luminar Technologies, Inc. | | | 216,742 | | | 0.0 | |
| 6,499 (1) | | | M/I Homes, Inc. | | | 895,172 | | | 0.2 | |
| 4,931 (1) | | | Malibu Boats, Inc. - Class A | | | 270,317 | | | 0.1 | |
| 5,235 (1) | | | MarineMax, Inc. | | | 203,641 | | | 0.0 | |
| 4,321 (1) | | | MasterCraft Boat Holdings, Inc. | | | 97,827 | | | 0.0 | |
| 14,054 | | | MDC Holdings, Inc. | | | 776,484 | | | 0.1 | |
| 8,668 | | | Meritage Homes Corp. | | | 1,509,966 | | | 0.3 | |
| 12,392 (1) | | | Modine Manufacturing Co. | | | 739,802 | | | 0.1 | |
| 3,220 | | | Monarch Casino & Resort, Inc. | | | 222,663 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | | | | | | | |
| 11,340 (1)(2) | | | Mondee Holdings, Inc. | | $ | 31,298 | | | 0.0 | |
| 7,666 | | | Monro, Inc. | | | 224,920 | | | 0.0 | |
| 3,908 | | | Movado Group, Inc. | | | 117,826 | | | 0.0 | |
| 955 | | | Nathan’s Famous, Inc. | | | 74,500 | | | 0.0 | |
| 18,800 (1) | | | National Vision Holdings, Inc. | | | 393,484 | | | 0.1 | |
| 15,147 (1) | | | Nerdy, Inc. | | | 51,954 | | | 0.0 | |
| 7,860 (1) | | | ODP Corp. | | | 442,518 | | | 0.1 | |
| 19,481 (1) | | | OneSpaWorld Holdings Ltd. | | | 274,682 | | | 0.1 | |
| 3,129 (1) | | | OneWater Marine, Inc. - Class A | | | 105,729 | | | 0.0 | |
| 10,967 (1) | | | Overstock.com, Inc. | | | 303,676 | | | 0.1 | |
| 3,581 | | | Oxford Industries, Inc. | | | 358,100 | | | 0.1 | |
| 7,825 | | | Papa John’s International, Inc. | | | 596,500 | | | 0.1 | |
| 5,118 | | | Patrick Industries, Inc. | | | 513,591 | | | 0.1 | |
| 15,984 | | | Perdoceo Education Corp. | | | 280,679 | | | 0.1 | |
| 5,200 | | | PetMed Express, Inc. | | | 39,312 | | | 0.0 | |
| 9,455 (1) | | | PlayAGS, Inc. | | | 79,706 | | | 0.0 | |
| 10,355 (1) | | | Portillo’s, Inc. - Class A | | | 164,955 | | | 0.0 | |
| 6,901 (1) | | | Potbelly Corp. | | | 71,908 | | | 0.0 | |
| 15,833 | | | Purple Innovation, Inc. | | | 16,308 | | | 0.0 | |
| 2,197 | | | RCI Hospitality Holdings, Inc. | | | 145,573 | | | 0.0 | |
| 4,036 (1) | | | Red Robin Gourmet Burgers, Inc. | | | 50,329 | | | 0.0 | |
| 11,401 | | | Red Rock Resorts, Inc. - Class A | | | 608,015 | | | 0.1 | |
| 13,279 | | | Rent-A-Center, Inc. | | | 451,088 | | | 0.1 | |
| 9,746 (1)(2) | | | Revolve Group, Inc. | | | 161,589 | | | 0.0 | |
| 1,507 | | | Rocky Brands, Inc. | | | 45,481 | | | 0.0 | |
| 22,413 (1) | | | Rover Group, Inc. | | | 243,853 | | | 0.0 | |
| 15,262 (1) | | | Rush Street Interactive, Inc. | | | 68,526 | | | 0.0 | |
| 25,936 (1) | | | Sally Beauty Holdings, Inc. | | | 344,430 | | | 0.1 | |
| 5,778 (1)(2) | | | Savers Value Village, Inc. | | | 100,422 | | | 0.0 | |
| 8,686 (1) | | | SeaWorld Entertainment, Inc. | | | 458,881 | | | 0.1 | |
| 9,006 (1) | | | Shake Shack, Inc. - Class A | | | 667,525 | | | 0.1 | |
| 4,514 | | | Shoe Carnival, Inc. | | | 136,368 | | | 0.0 | |
| 10,742 | | | Signet Jewelers Ltd. | | | 1,152,187 | | | 0.2 | |
| 17,197 (1) | | | Six Flags Entertainment Corp. | | | 431,301 | | | 0.1 | |
| 12,807 (1) | | | Skyline Champion Corp. | | | 951,048 | | | 0.2 | |
| 5,349 (1) | | | Sleep Number Corp. | | | 79,326 | | | 0.0 | |
| 11,617 | | | Smith & Wesson Brands, Inc. | | | 157,527 | | | 0.0 | |
| 5,270 (1) | | | Snap One Holdings Corp. | | | 46,956 | | | 0.0 | |
| 38,164 (1)(2) | | | Solid Power, Inc. | | | 55,338 | | | 0.0 | |
| 5,871 (1) | | | Solo Brands, Inc. - Class A | | | 36,165 | | | 0.0 | |
| 3,653 | | | Sonic Automotive, Inc. - Class A | | | 205,335 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | | | | | | | |
| 30,510 (1) | | | Sonos, Inc. | | $ | 522,941 | | | 0.1 | |
| 10,366 (1) | | | Sportsman’s Warehouse Holdings, Inc. | | | 44,159 | | | 0.0 | |
| 5,035 | | | Standard Motor Products, Inc. | | | 200,443 | | | 0.0 | |
| 17,826 | | | Steven Madden Ltd. | | | 748,692 | | | 0.1 | |
| 21,247 (1) | | | Stitch Fix, Inc. - Class A | | | 75,852 | | | 0.0 | |
| 6,620 (1) | | | Stoneridge, Inc. | | | 129,553 | | | 0.0 | |
| 5,477 | | | Strategic Education, Inc. | | | 505,910 | | | 0.1 | |
| 10,161 (1) | | | Stride, Inc. | | | 603,259 | | | 0.1 | |
| 4,202 | | | Sturm Ruger & Co., Inc. | | | 190,981 | | | 0.0 | |
| 34,002 (1) | | | Super Group SGHC Ltd. | | | 107,786 | | | 0.0 | |
| 23,510 (1) | | | Sweetgreen, Inc. - Class A | | | 265,663 | | | 0.1 | |
| 7,713 (1)(2) | | | Target Hospitality Corp. | | | 75,047 | | | 0.0 | |
| 24,428 (1) | | | Taylor Morrison Home Corp. | | | 1,303,234 | | | 0.2 | |
| 17,845 (1) | | | ThredUp, Inc. - Class A | | | 40,151 | | | 0.0 | |
| 7,004 (1) | | | Tilly’s, Inc. - Class A | | | 52,810 | | | 0.0 | |
| 34,756 (1)(2) | | | Topgolf Callaway Brands Corp. | | | 498,401 | | | 0.1 | |
| 8,932 (1) | | | Traeger, Inc. | | | 24,384 | | | 0.0 | |
| 23,009 (1) | | | Tri Pointe Homes, Inc. | | | 814,519 | | | 0.1 | |
| 20,435 (1) | | | Udemy, Inc. | | | 301,008 | | | 0.1 | |
| 8,699 (1) | | | Universal Technical Institute, Inc. | | | 108,911 | | | 0.0 | |
| 15,315 (1) | | | Urban Outfitters, Inc. | | | 546,592 | | | 0.1 | |
| 7,291 (1) | | | Vera Bradley, Inc. | | | 56,141 | | | 0.0 | |
| 13,879 (1) | | | Vista Outdoor, Inc. | | | 410,402 | | | 0.1 | |
| 6,615 (1) | | | Visteon Corp. | | | 826,213 | | | 0.1 | |
| 18,471 (1) | | | Vizio Holding Corp. - Class A | | | 142,227 | | | 0.0 | |
| 2,664 (1) | | | VOXX International Corp. | | | 28,452 | | | 0.0 | |
| 20,295 (1) | | | Warby Parker, Inc. - Class A | | | 286,160 | | | 0.1 | |
| 685 | | | Winmark Corp. | | | 286,022 | | | 0.1 | |
| 6,957 | | | Winnebago Industries, Inc. | | | 507,026 | | | 0.1 | |
| 18,944 | | | Wolverine World Wide, Inc. | | | 168,412 | | | 0.0 | |
| 52,218 (1) | | | Workhorse Group, Inc. | | | 18,798 | | | 0.0 | |
| 13,222 (1) | | | WW International, Inc. | | | 115,692 | | | 0.0 | |
| 5,386 (1) | | | XPEL, Inc. | | | 290,036 | | | 0.1 | |
| 6,016 (1) | | | Xponential Fitness, Inc. - Class A | | | 77,546 | | | 0.0 | |
| 3,980 (1) | | | Zumiez, Inc. | | | 80,953 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Consumer Staples: 3.3% | | | | | | | |
| 7,884 | | | Andersons, Inc. | | | 453,645 | | | 0.1 | |
| 17,283 (2) | | | B&G Foods, Inc. | | | 181,472 | | | 0.0 | |
| 20,374 (1) | | | Beauty Health Co. | | | 63,363 | | | 0.0 | |
| 31,571 (1) | | | BellRing Brands, Inc. | | | 1,749,981 | | | 0.3 | |
| 13,722 (1)(2) | | | Beyond Meat, Inc. | | | 122,126 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) | | | | | | | |
| 9,332 (1)(2) | | | BRC, Inc. - Class A | | $ | 33,875 | | | 0.0 | |
| 4,369 | | | Calavo Growers, Inc. | | | 128,492 | | | 0.0 | |
| 9,285 | | | Cal-Maine Foods, Inc. | | | 532,866 | | | 0.1 | |
| 676 (1) | | | Central Garden & Pet Co. | | | 33,874 | | | 0.0 | |
| 11,443 (1) | | | Central Garden & Pet Co. - Class A | | | 503,950 | | | 0.1 | |
| 8,410 (1) | | | Chefs’ Warehouse, Inc. | | | 247,506 | | | 0.0 | |
| 1,146 | | | Coca-Cola Consolidated, Inc. | | | 1,063,946 | | | 0.2 | |
| 17,518 | | | Dole PLC | | | 215,296 | | | 0.0 | |
| 10,369 (1) | | | Duckhorn Portfolio, Inc. | | | 102,135 | | | 0.0 | |
| 12,114 | | | Edgewell Personal Care Co. | | | 443,736 | | | 0.1 | |
| 12,817 (1) | | | elf Beauty, Inc. | | | 1,850,006 | | | 0.3 | |
| 17,129 | | | Energizer Holdings, Inc. | | | 542,647 | | | 0.1 | |
| 8,507 | | | Fresh Del Monte Produce, Inc. | | | 223,309 | | | 0.0 | |
| 21,577 (1) | | | Hain Celestial Group, Inc. | | | 236,268 | | | 0.0 | |
| 23,719 (1) | | | Herbalife Ltd. | | | 361,952 | | | 0.1 | |
| 11,901 (1) | | | HF Foods Group, Inc. | | | 63,551 | | | 0.0 | |
| 3,512 | | | Ingles Markets, Inc. - Class A | | | 303,331 | | | 0.1 | |
| 4,409 | | | Inter Parfums, Inc. | | | 634,940 | | | 0.1 | |
| 4,375 (1) | | | Ispire Technology, Inc. | | | 53,069 | | | 0.0 | |
| 3,672 | | | J & J Snack Foods Corp. | | | 613,738 | | | 0.1 | |
| 2,242 | | | John B Sanfilippo & Son, Inc. | | | 231,016 | | | 0.0 | |
| 4,708 | | | Lancaster Colony Corp. | | | 783,364 | | | 0.1 | |
| 4,869 | | | Limoneira Co. | | | 100,447 | | | 0.0 | |
| 2,483 | | | Medifast, Inc. | | | 166,907 | | | 0.0 | |
| 3,831 | | | MGP Ingredients, Inc. | | | 377,430 | | | 0.1 | |
| 12,371 (1) | | | Mission Produce, Inc. | | | 124,823 | | | 0.0 | |
| 5,767 (1) | | | National Beverage Corp. | | | 286,735 | | | 0.1 | |
| 3,469 (1) | | | Nature’s Sunshine Products, Inc. | | | 59,979 | | | 0.0 | |
| 11,935 | | | Nu Skin Enterprises, Inc. - Class A | | | 231,778 | | | 0.0 | |
| 1,293 | | | Oil-Dri Corp. of America | | | 86,734 | | | 0.0 | |
| 6,019 | | | PriceSmart, Inc. | | | 456,120 | | | 0.1 | |
| 37,264 | | | Primo Water Corp. | | | 560,823 | | | 0.1 | |
| 1,367 (1) | | | Seneca Foods Corp. - Class A | | | 71,686 | | | 0.0 | |
| 21,919 (1) | | | Simply Good Foods Co. | | | 867,992 | | | 0.2 | |
| 11,822 (1) | | | Sovos Brands, Inc. | | | 260,439 | | | 0.1 | |
| 8,929 | | | SpartanNash Co. | | | 204,921 | | | 0.0 | |
| 24,473 (1) | | | Sprouts Farmers Market, Inc. | | | 1,177,396 | | | 0.2 | |
| 22,368 (1) | | | SunOpta, Inc. | | | 122,353 | | | 0.0 | |
| 12,501 (1) | | | TreeHouse Foods, Inc. | | | 518,166 | | | 0.1 | |
| 4,535 | | | Turning Point Brands, Inc. | | | 119,361 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) | | | | | | | |
| 14,178 (1) | | | United Natural Foods, Inc. | | $ | 230,109 | | | 0.0 | |
| 6,125 | | | Universal Corp. | | | 412,335 | | | 0.1 | |
| 2,743 (1) | | | USANA Health Sciences, Inc. | | | 147,025 | | | 0.0 | |
| 17,749 | | | Utz Brands, Inc. | | | 288,244 | | | 0.1 | |
| 35,745 | | | Vector Group Ltd. | | | 403,204 | | | 0.1 | |
| 7,030 (1) | | | Vita Coco Co., Inc. | | | 180,320 | | | 0.0 | |
| 7,562 (1) | | | Vital Farms, Inc. | | | 118,648 | | | 0.0 | |
| 8,794 (1) | | | Waldencast PLC - Class A | | | 96,206 | | | 0.0 | |
| 3,250 | | | WD-40 Co. | | | 776,978 | | | 0.1 | |
| 4,225 | | | Weis Markets, Inc. | | | 270,231 | | | 0.1 | |
| 7,424 (1)(2) | | | Westrock Coffee Co. | | | 75,799 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Energy: 6.8% | | | | | | | |
| 8,927 (1) | | | Amplify Energy Corp. | | | 52,937 | | | 0.0 | |
| 33,570 | | | Archrock, Inc. | | | 516,978 | | | 0.1 | |
| 10,369 | | | Ardmore Shipping Corp. | | | 146,099 | | | 0.0 | |
| 4,183 | | | Atlas Energy Solutions, Inc. | | | 72,031 | | | 0.0 | |
| 19,877 | | | Berry Corp. | | | 139,735 | | | 0.0 | |
| 53,784 (1)(2) | | | Borr Drilling Ltd. | | | 395,850 | | | 0.1 | |
| 5,923 (1) | | | Bristow Group, Inc. | | | 167,443 | | | 0.0 | |
| 15,506 | | | Cactus, Inc. - Class A | | | 703,972 | | | 0.1 | |
| 16,983 | | | California Resources Corp. | | | 928,630 | | | 0.2 | |
| 14,660 (1) | | | Callon Petroleum Co. | | | 474,984 | | | 0.1 | |
| 3,056 (1) | | | Centrus Energy Corp. - Class A | | | 166,277 | | | 0.0 | |
| 46,827 | | | ChampionX Corp. | | | 1,367,817 | | | 0.2 | |
| 9,957 | | | Chord Energy Corp. | | | 1,655,152 | | | 0.3 | |
| 18,380 | | | Civitas Resources, Inc. | | | 1,256,824 | | | 0.2 | |
| 41,826 (1) | | | Clean Energy Fuels Corp. | | | 160,194 | | | 0.0 | |
| 37,322 (1) | | | CNX Resources Corp. | | | 746,440 | | | 0.1 | |
| 21,981 (2) | | | Comstock Resources, Inc. | | | 194,532 | | | 0.0 | |
| 7,426 | | | CONSOL Energy, Inc. | | | 746,536 | | | 0.1 | |
| 11,466 | | | Core Laboratories, Inc. | | | 202,490 | | | 0.0 | |
| 16,540 (2) | | | Crescent Energy Co. - Class A | | | 218,493 | | | 0.0 | |
| 7,099 | | | CVR Energy, Inc. | | | 215,100 | | | 0.0 | |
| 15,789 | | | Delek US Holdings, Inc. | | | 407,356 | | | 0.1 | |
| 33,175 | | | DHT Holdings, Inc. | | | 325,447 | | | 0.1 | |
| 24,738 (1) | | | Diamond Offshore Drilling, Inc. | | | 321,594 | | | 0.1 | |
| 4,998 (1) | | | DMC Global, Inc. | | | 94,062 | | | 0.0 | |
| 8,006 | | | Dorian LPG Ltd. | | | 351,223 | | | 0.1 | |
| 8,540 (1) | | | Dril-Quip, Inc. | | | 198,726 | | | 0.0 | |
| 3,443 (1) | | | Empire Petroleum Corp. | | | 37,839 | | | 0.0 | |
| 34,812 (1) | | | Encore Energy Corp. | | | 136,811 | | | 0.0 | |
| 37,851 (1)(2) | | | Energy Fuels, Inc./ Canada | | | 272,149 | | | 0.1 | |
| 104,979 | | | Equitrans Midstream Corp. | | | 1,068,686 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) | | | | | | | |
| 8,902 | | | Evolution Petroleum Corp. | | $ | 51,721 | | | 0.0 | |
| 4,774 | | | Excelerate Energy, Inc. - Class A | | | 73,806 | | | 0.0 | |
| 21,263 (1) | | | Expro Group Holdings NV | | | 338,507 | | | 0.1 | |
| 7,414 | | | FLEX LNG Ltd. | | | 215,451 | | | 0.0 | |
| 2,778 (1) | | | Forum Energy Technologies, Inc. | | | 61,588 | | | 0.0 | |
| 57,511 (1)(2) | | | Gevo, Inc. | | | 66,713 | | | 0.0 | |
| 24,461 | | | Golar LNG Ltd. | | | 562,358 | | | 0.1 | |
| 7,040 | | | Granite Ridge Resources, Inc. | | | 42,381 | | | 0.0 | |
| 13,921 (1) | | | Green Plains, Inc. | | | 351,088 | | | 0.1 | |
| 2,573 (1) | | | Gulfport Energy Corp. | | | 342,724 | | | 0.1 | |
| 6,021 (1) | | | Hallador Energy Co. | | | 53,226 | | | 0.0 | |
| 35,018 (1) | | | Helix Energy Solutions Group, Inc. | | | 359,985 | | | 0.1 | |
| 23,348 | | | Helmerich & Payne, Inc. | | | 845,665 | | | 0.2 | |
| 2,838 | | | HighPeak Energy, Inc. | | | 40,413 | | | 0.0 | |
| 9,898 | | | International Seaways, Inc. | | | 450,161 | | | 0.1 | |
| 4,395 | | | Kinetik Holdings, Inc. | | | 146,793 | | | 0.0 | |
| 3,349 (1)(2) | | | KLX Energy Services Holdings, Inc. | | | 37,710 | | | 0.0 | |
| 3,177 | | | Kodiak Gas Services, Inc. | | | 63,794 | | | 0.0 | |
| 110,217 (1) | | | Kosmos Energy Ltd. | | | 739,556 | | | 0.1 | |
| 39,213 | | | Liberty Energy, Inc. | | | 711,324 | | | 0.1 | |
| 43,626 | | | Magnolia Oil & Gas Corp. - Class A | | | 928,797 | | | 0.2 | |
| 27,156 | | | Matador Resources Co. | | | 1,544,090 | | | 0.3 | |
| 35,423 | | | Murphy Oil Corp. | | | 1,511,145 | | | 0.3 | |
| 2,216 (1) | | | Nabors Industries Ltd. | | | 180,892 | | | 0.0 | |
| 19,397 (1) | | | Newpark Resources, Inc. | | | 128,796 | | | 0.0 | |
| 17,722 (1) | | | NextDecade Corp. | | | 84,534 | | | 0.0 | |
| 26,492 | | | Noble Corp. PLC | | | 1,275,855 | | | 0.2 | |
| 50,298 | | | Nordic American Tankers Ltd. | | | 211,252 | | | 0.0 | |
| 18,907 | | | Northern Oil and Gas, Inc. | | | 700,882 | | | 0.1 | |
| 24,425 (1) | | | Oceaneering International, Inc. | | | 519,764 | | | 0.1 | |
| 16,271 (1) | | | Oil States International, Inc. | | | 110,480 | | | 0.0 | |
| 16,399 | | | Overseas Shipholding Group, Inc. - Class A | | | 86,423 | | | 0.0 | |
| 13,326 (1) | | | Par Pacific Holdings, Inc. | | | 484,667 | | | 0.1 | |
| 84,790 | | | Patterson-UTI Energy, Inc. | | | 915,732 | | | 0.2 | |
| 26,855 | | | PBF Energy, Inc. - Class A | | | 1,180,546 | | | 0.2 | |
| 27,556 (2) | | | Peabody Energy Corp. | | | 670,162 | | | 0.1 | |
| 93,584 | | | Permian Resources Corp. | | | 1,272,742 | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) | | | | | | | |
| 5,827 (1) | | | ProFrac Holding Corp. - Class A | | $ | 49,413 | | | 0.0 | |
| 23,276 (1) | | | ProPetro Holding Corp. | | | 195,053 | | | 0.0 | |
| 3,914 (1) | | | REX American Resources Corp. | | | 185,132 | | | 0.0 | |
| 2,384 | | | Riley Exploration Permian, Inc. | | | 64,940 | | | 0.0 | |
| 27,115 (1) | | | Ring Energy, Inc. | | | 39,588 | | | 0.0 | |
| 20,571 | | | RPC, Inc. | | | 149,757 | | | 0.0 | |
| 8,103 | | | SandRidge Energy, Inc. | | | 110,768 | | | 0.0 | |
| 11,654 | | | Scorpio Tankers, Inc. | | | 708,563 | | | 0.1 | |
| 6,710 (1) | | | SEACOR Marine Holdings, Inc. | | | 84,479 | | | 0.0 | |
| 12,149 (1) | | | Seadrill Ltd. | | | 574,405 | | | 0.1 | |
| 20,365 | | | Select Water Solutions, Inc. | | | 154,570 | | | 0.0 | |
| 28,477 | | | SFL Corp. Ltd. | | | 321,221 | | | 0.1 | |
| 4,442 (1) | | | SilverBow Resources, Inc. | | | 129,173 | | | 0.0 | |
| 19,537 | | | Sitio Royalties Corp. - Class A | | | 459,315 | | | 0.1 | |
| 28,685 | | | SM Energy Co. | | | 1,110,683 | | | 0.2 | |
| 9,033 | | | Solaris Oilfield Infrastructure, Inc. - Class A | | | 71,903 | | | 0.0 | |
| 26,579 (1) | | | Talos Energy, Inc. | | | 378,219 | | | 0.1 | |
| 16,955 (1) | | | Teekay Corp. | | | 121,228 | | | 0.0 | |
| 5,797 | | | Teekay Tankers Ltd. - Class A | | | 289,676 | | | 0.1 | |
| 132,022 (1)(2) | | | Tellurian, Inc. | | | 99,756 | | | 0.0 | |
| 31,307 (1) | | | TETRA Technologies, Inc. | | | 141,508 | | | 0.0 | |
| 11,329 (1) | | | Tidewater, Inc. | | | 816,934 | | | 0.1 | |
| 89,580 (1) | | | Uranium Energy Corp. | | | 573,312 | | | 0.1 | |
| 18,613 (1) | | | US Silica Holdings, Inc. | | | 210,513 | | | 0.0 | |
| 27,858 | | | VAALCO Energy, Inc. | | | 125,082 | | | 0.0 | |
| 14,552 (1) | | | Valaris Ltd. | | | 997,831 | | | 0.2 | |
| 16,542 (1) | | | Vertex Energy, Inc. | | | 56,077 | | | 0.0 | |
| 4,864 (1) | | | Vital Energy, Inc. | | | 221,263 | | | 0.0 | |
| 6,295 | | | Vitesse Energy, Inc. | | | 137,798 | | | 0.0 | |
| 23,974 | | | W&T Offshore, Inc. | | | 78,155 | | | 0.0 | |
| 17,082 (1) | | | Weatherford International PLC | | | 1,671,132 | | | 0.3 | |
| 14,560 | | | World Fuel Services Corp. | | | 331,677 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Financials: 16.6% | | | | | | | |
| 4,342 | | | 1st Source Corp. | | | 238,593 | | | 0.0 | |
| 2,510 | | | ACNB Corp. | | | 112,348 | | | 0.0 | |
| 5,177 | | | Alerus Financial Corp. | | | 115,913 | | | 0.0 | |
| 5,259 (1) | | | AlTi Global, Inc. | | | 46,069 | | | 0.0 | |
| 4,815 | | | Amalgamated Financial Corp. | | | 129,716 | | | 0.0 | |
| 4,680 (2) | | | A-Mark Precious Metals, Inc. | | | 141,570 | | | 0.0 | |
| 11,050 (1) | | | Ambac Financial Group, Inc. | | | 182,104 | | | 0.0 | |
| 7,075 | | | Amerant Bancorp, Inc. | | | 173,833 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 4,891 (1) | | | American Coastal Insurance Corp. | | $ | 46,269 | | | 0.0 | |
| 18,356 (1) | | | American Equity Investment Life Holding Co. | | | 1,024,265 | | | 0.2 | |
| 3,041 | | | American National Bankshares, Inc. | | | 148,249 | | | 0.0 | |
| 15,908 | | | Ameris Bancorp | | | 843,919 | | | 0.1 | |
| 4,863 | | | AMERISAFE, Inc. | | | 227,491 | | | 0.0 | |
| 35,190 | | | Apollo Commercial Real Estate Finance, Inc. | | | 413,131 | | | 0.1 | |
| 43,159 (2) | | | Arbor Realty Trust, Inc. | | | 655,154 | | | 0.1 | |
| 12,322 | | | Ares Commercial Real Estate Corp. | | | 127,656 | | | 0.0 | |
| 10,046 (2) | | | ARMOUR Residential REIT, Inc. | | | 194,089 | | | 0.0 | |
| 4,093 | | | Arrow Financial Corp. | | | 114,358 | | | 0.0 | |
| 14,267 | | | Artisan Partners Asset Management, Inc. - Class A | | | 630,316 | | | 0.1 | |
| 5,588 (1) | | | AssetMark Financial Holdings, Inc. | | | 167,361 | | | 0.0 | |
| 35,895 | | | Associated Banc-Corp. | | | 767,794 | | | 0.1 | |
| 18,276 | | | Atlantic Union Bankshares Corp. | | | 667,805 | | | 0.1 | |
| 35,963 (1) | | | AvidXchange Holdings, Inc. | | | 445,582 | | | 0.1 | |
| 13,348 (1) | | | Axos Financial, Inc. | | | 728,801 | | | 0.1 | |
| 4,711 (2) | | | B Riley Financial, Inc. | | | 98,884 | | | 0.0 | |
| 16,418 (1)(2) | | | Bakkt Holdings, Inc. | | | 36,612 | | | 0.0 | |
| 31,605 | | | Banc of California, Inc. | | | 424,455 | | | 0.1 | |
| 5,391 | | | BancFirst Corp. | | | 524,706 | | | 0.1 | |
| 7,530 | | | Banco Latinoamericano de Comercio Exterior SA - Class E | | | 186,292 | | | 0.0 | |
| 12,566 (1) | | | Bancorp, Inc. | | | 484,545 | | | 0.1 | |
| 2,444 (2) | | | Bank First Corp. | | | 211,797 | | | 0.0 | |
| 9,423 (2) | | | Bank of Hawaii Corp. | | | 682,791 | | | 0.1 | |
| 4,376 | | | Bank of Marin Bancorp | | | 96,360 | | | 0.0 | |
| 11,771 | | | Bank of NT Butterfield & Son Ltd. | | | 376,790 | | | 0.1 | |
| 17,890 | | | BankUnited, Inc. | | | 580,173 | | | 0.1 | |
| 8,290 | | | Banner Corp. | | | 444,012 | | | 0.1 | |
| 4,498 | | | Bar Harbor Bankshares | | | 132,061 | | | 0.0 | |
| 11,308 | | | Berkshire Hills Bancorp, Inc. | | | 280,778 | | | 0.1 | |
| 82,338 | | | BGC Group, Inc. - Class A | | | 594,480 | | | 0.1 | |
| 40,698 (2) | | | Blackstone Mortgage Trust, Inc. - Class A | | | 865,646 | | | 0.2 | |
| 7,665 (1) | | | Blue Foundry Bancorp | | | 74,121 | | | 0.0 | |
| 11,885 | | | Bread Financial Holdings, Inc. | | | 391,492 | | | 0.1 | |
| 6,743 (1) | | | Bridgewater Bancshares, Inc. | | | 91,165 | | | 0.0 | |
| 7,890 | | | Brightsphere Investment Group, Inc. | | | 151,172 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 31,009 | | | BrightSpire Capital, Inc. | | $ | 230,707 | | | 0.0 | |
| 22,084 | | | Brookline Bancorp, Inc. | | | 240,936 | | | 0.0 | |
| 14,507 (1) | | | BRP Group, Inc. - Class A | | | 348,458 | | | 0.1 | |
| 1,684 (2) | | | Burke & Herbert Financial Services Corp. | | | 105,924 | | | 0.0 | |
| 6,928 | | | Business First Bancshares, Inc. | | | 170,775 | | | 0.0 | |
| 6,930 | | | Byline Bancorp, Inc. | | | 163,271 | | | 0.0 | |
| 43,676 | | | Cadence Bank | | | 1,292,373 | | | 0.2 | |
| 1,970 | | | Cambridge Bancorp | | | 136,718 | | | 0.0 | |
| 3,945 | | | Camden National Corp. | | | 148,450 | | | 0.0 | |
| 17,201 (1) | | | Cannae Holdings, Inc. | | | 335,592 | | | 0.1 | |
| 14,894 (1) | | | Cantaloupe, Inc. | | | 110,365 | | | 0.0 | |
| 3,945 | | | Capital City Bank Group, Inc. | | | 116,101 | | | 0.0 | |
| 32,306 | | | Capitol Federal Financial, Inc. | | | 208,374 | | | 0.0 | |
| 5,462 | | | Capstar Financial Holdings, Inc. | | | 102,358 | | | 0.0 | |
| 7,102 (1) | | | Carter Bankshares, Inc. | | | 106,317 | | | 0.0 | |
| 3,704 | | | Cass Information Systems, Inc. | | | 166,865 | | | 0.0 | |
| 16,575 | | | Cathay General Bancorp | | | 738,748 | | | 0.1 | |
| 7,245 | | | Central Pacific Financial Corp. | | | 142,582 | | | 0.0 | |
| 4,982 | | | Chicago Atlantic Real Estate Finance, Inc. | | | 80,609 | | | 0.0 | |
| 57,184 | | | Chimera Investment Corp. | | | 285,348 | | | 0.1 | |
| 4,847 | | | Citizens & Northern Corp. | | | 108,718 | | | 0.0 | |
| 1,174 | | | Citizens Financial Services, Inc. | | | 75,981 | | | 0.0 | |
| 3,638 | | | City Holding Co. | | | 401,126 | | | 0.1 | |
| 4,825 | | | Civista Bancshares, Inc. | | | 88,973 | | | 0.0 | |
| 22,829 | | | Claros Mortgage Trust, Inc. | | | 311,159 | | | 0.1 | |
| 6,078 | | | CNB Financial Corp. | | | 137,302 | | | 0.0 | |
| 27,004 | | | CNO Financial Group, Inc. | | | 753,412 | | | 0.1 | |
| 2,958 (1) | | | Coastal Financial Corp. | | | 131,365 | | | 0.0 | |
| 6,099 | | | Cohen & Steers, Inc. | | | 461,877 | | | 0.1 | |
| 8,015 (1) | | | Columbia Financial, Inc. | | | 154,529 | | | 0.0 | |
| 12,876 | | | Community Bank System, Inc. | | | 670,968 | | | 0.1 | |
| 4,181 | | | Community Trust Bancorp, Inc. | | | 183,379 | | | 0.0 | |
| 15,720 | | | Compass Diversified Holdings | | | 352,914 | | | 0.1 | |
| 9,767 | | | ConnectOne Bancorp, Inc. | | | 223,762 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 12,775 (1) | | | CrossFirst Bankshares, Inc. | | $ | 173,484 | | | 0.0 | |
| 6,905 (1) | | | Customers Bancorp, Inc. | | | 397,866 | | | 0.1 | |
| 32,070 | | | CVB Financial Corp. | | | 647,493 | | | 0.1 | |
| 749 | | | Diamond Hill Investment Group, Inc. | | | 124,027 | | | 0.0 | |
| 9,013 | | | Dime Community Bancshares, Inc. | | | 242,720 | | | 0.0 | |
| 5,937 (1) | | | Donnelley Financial Solutions, Inc. | | | 370,291 | | | 0.1 | |
| 12,914 | | | Dynex Capital, Inc. | | | 161,683 | | | 0.0 | |
| 7,490 | | | Eagle Bancorp, Inc. | | | 225,749 | | | 0.0 | |
| 37,481 | | | Eastern Bankshares, Inc. | | | 532,230 | | | 0.1 | |
| 6,452 (1) | | | eHealth, Inc. | | | 56,261 | | | 0.0 | |
| 18,087 | | | Ellington Financial, Inc. | | | 229,886 | | | 0.0 | |
| 6,619 | | | Employers Holdings, Inc. | | | 260,789 | | | 0.1 | |
| 7,198 | | | Enact Holdings, Inc. | | | 207,950 | | | 0.0 | |
| 5,667 (1) | | | Encore Capital Group, Inc. | | | 287,600 | | | 0.1 | |
| 7,141 (1) | | | Enova International, Inc. | | | 395,326 | | | 0.1 | |
| 2,882 (1) | | | Enstar Group Ltd. | | | 848,317 | | | 0.1 | |
| 3,186 | | | Enterprise Bancorp, Inc. | | | 102,780 | | | 0.0 | |
| 9,024 | | | Enterprise Financial Services Corp. | | | 402,922 | | | 0.1 | |
| 4,126 | | | Equity Bancshares, Inc. - Class A | | | 139,871 | | | 0.0 | |
| 1,972 | | | Esquire Financial Holdings, Inc. | | | 98,521 | | | 0.0 | |
| 24,997 | | | Essent Group Ltd. | | | 1,318,342 | | | 0.2 | |
| 4,511 | | | F&G Annuities & Life, Inc. | | | 207,506 | | | 0.0 | |
| 3,890 | | | Farmers & Merchants Bancorp, Inc./Archbold OH | | | 96,472 | | | 0.0 | |
| 10,370 | | | Farmers National Banc Corp. | | | 149,847 | | | 0.0 | |
| 8,852 | | | FB Financial Corp. | | | 352,752 | | | 0.1 | |
| 2,272 | | | Federal Agricultural Mortgage Corp. - Class C | | | 434,452 | | | 0.1 | |
| 1,506 | | | Fidelity D&D Bancorp, Inc. | | | 87,393 | | | 0.0 | |
| 4,884 | | | Financial Institutions, Inc. | | | 104,029 | | | 0.0 | |
| 3,299 | | | First Bancorp, Inc. | | | 93,098 | | | 0.0 | |
| 41,454 | | | First BanCorp/Puerto Rico | | | 681,918 | | | 0.1 | |
| 9,848 | | | First Bancorp/Southern Pines NC | | | 364,474 | | | 0.1 | |
| 7,939 | | | First Bancshares, Inc. | | | 232,851 | | | 0.0 | |
| 13,216 | | | First Busey Corp. | | | 328,021 | | | 0.1 | |
| 25,095 | | | First Commonwealth Financial Corp. | | | 387,467 | | | 0.1 | |
| 5,023 | | | First Community Bankshares, Inc. | | | 186,353 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 23,121 | | | First Financial Bancorp | | $ | 549,124 | | | 0.1 | |
| 31,320 | | | First Financial Bankshares, Inc. | | | 948,996 | | | 0.2 | |
| 3,278 | | | First Financial Corp. | | | 141,052 | | | 0.0 | |
| 13,110 | | | First Foundation, Inc. | | | 126,905 | | | 0.0 | |
| 20,035 | | | First Interstate BancSystem, Inc. - Class A | | | 616,076 | | | 0.1 | |
| 14,514 | | | First Merchants Corp. | | | 538,179 | | | 0.1 | |
| 5,346 | | | First Mid Bancshares, Inc. | | | 185,292 | | | 0.0 | |
| 6,463 | | | First of Long Island Corp. | | | 85,570 | | | 0.0 | |
| 9,068 | | | FirstCash Holdings, Inc. | | | 982,881 | | | 0.2 | |
| 3,761 | | | Five Star Bancorp | | | 98,463 | | | 0.0 | |
| 7,757 | | | Flushing Financial Corp. | | | 127,835 | | | 0.0 | |
| 24,646 (1) | | | Flywire Corp. | | | 570,555 | | | 0.1 | |
| 27,514 (1) | | | Forge Global Holdings, Inc. | | | 94,373 | | | 0.0 | |
| 21,604 | | | Franklin BSP Realty Trust, Inc. | | | 291,870 | | | 0.1 | |
| 38,567 | | | Fulton Financial Corp. | | | 634,813 | | | 0.1 | |
| 11,186 | | | GCM Grosvenor, Inc. - Class A | | | 100,227 | | | 0.0 | |
| 112,101 (1) | | | Genworth Financial, Inc. - Class A | | | 748,835 | | | 0.1 | |
| 7,512 | | | German American Bancorp, Inc. | | | 243,464 | | | 0.1 | |
| 26,856 | | | Glacier Bancorp, Inc. | | | 1,109,690 | | | 0.2 | |
| 5,135 (1) | | | Goosehead Insurance, Inc. - Class A | | | 389,233 | | | 0.1 | |
| 15,946 | | | Granite Point Mortgage Trust, Inc. | | | 94,719 | | | 0.0 | |
| 2,620 | | | Great Southern Bancorp, Inc. | | | 155,497 | | | 0.0 | |
| 11,310 (1) | | | Green Dot Corp. - Class A | | | 111,969 | | | 0.0 | |
| 1,964 | | | Greene County Bancorp, Inc. | | | 55,385 | | | 0.0 | |
| 8,004 (1) | | | Greenlight Capital Re Ltd. - Class A | | | 91,406 | | | 0.0 | |
| 8,604 | | | Hamilton Lane, Inc. - Class A | | | 976,038 | | | 0.2 | |
| 20,740 | | | Hancock Whitney Corp. | | | 1,007,757 | | | 0.2 | |
| 8,339 | | | Hanmi Financial Corp. | | | 161,777 | | | 0.0 | |
| 25,091 (2) | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 692,010 | | | 0.1 | |
| 11,518 | | | HarborOne Bancorp, Inc. | | | 137,986 | | | 0.0 | |
| 1,585 | | | HCI Group, Inc. | | | 138,529 | | | 0.0 | |
| 10,495 | | | Heartland Financial USA, Inc. | | | 394,717 | | | 0.1 | |
| 15,621 | | | Heritage Commerce Corp. | | | 154,960 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 9,078 | | | Heritage Financial Corp. | | $ | 194,178 | | | 0.0 | |
| 11,077 | | | Hilltop Holdings, Inc. | | | 390,021 | | | 0.1 | |
| 422 (2) | | | Hingham Institution For Savings The | | | 82,037 | | | 0.0 | |
| 2,985 (1)(2) | | | Hippo Holdings, Inc. | | | 27,223 | | | 0.0 | |
| 2,346 | | | Home Bancorp, Inc. | | | 98,555 | | | 0.0 | |
| 45,550 | | | Home BancShares, Inc. | | | 1,153,781 | | | 0.2 | |
| 4,605 | | | HomeStreet, Inc. | | | 47,432 | | | 0.0 | |
| 4,857 | | | HomeTrust Bancshares, Inc. | | | 130,750 | | | 0.0 | |
| 29,007 | | | Hope Bancorp, Inc. | | | 350,405 | | | 0.1 | |
| 10,228 | | | Horace Mann Educators Corp. | | | 334,456 | | | 0.1 | |
| 11,283 | | | Horizon Bancorp, Inc. | | | 161,460 | | | 0.0 | |
| 10,724 | | | Independent Bank Corp. | | | 705,746 | | | 0.1 | |
| 5,926 | | | Independent Bank Corp. Michigan | | | 154,195 | | | 0.0 | |
| 8,883 | | | Independent Bank Group, Inc. | | | 451,967 | | | 0.1 | |
| 12,985 | | | International Bancshares Corp. | | | 705,345 | | | 0.1 | |
| 8,274 (1) | | | International Money Express, Inc. | | | 182,773 | | | 0.0 | |
| 10,154 | | | Invesco Mortgage Capital, Inc. | | | 89,964 | | | 0.0 | |
| 19,756 | | | Jackson Financial, Inc. - Class A | | | 1,011,507 | | | 0.2 | |
| 9,209 | | | James River Group Holdings Ltd. | | | 85,091 | | | 0.0 | |
| 3,558 | | | John Marshall Bancorp, Inc. | | | 80,268 | | | 0.0 | |
| 16,031 | | | Kearny Financial Corp. | | | 143,798 | | | 0.0 | |
| 14,643 | | | KKR Real Estate Finance Trust, Inc. | | | 193,727 | | | 0.0 | |
| 29,014 | | | Ladder Capital Corp. | | | 333,951 | | | 0.1 | |
| 16,324 | | | Lakeland Bancorp, Inc. | | | 241,432 | | | 0.0 | |
| 6,094 | | | Lakeland Financial Corp. | | | 397,085 | | | 0.1 | |
| 12,168 (1)(2) | | | Lemonade, Inc. | | | 196,270 | | | 0.0 | |
| 25,502 (1) | | | LendingClub Corp. | | | 222,887 | | | 0.0 | |
| 2,606 (1) | | | LendingTree, Inc. | | | 79,014 | | | 0.0 | |
| 8,266 | | | Live Oak Bancshares, Inc. | | | 376,103 | | | 0.1 | |
| 9,315 | | | Macatawa Bank Corp. | | | 105,073 | | | 0.0 | |
| 26,105 (1) | | | Maiden Holdings Ltd. | | | 59,780 | | | 0.0 | |
| 116,080 (1) | | | Marqeta, Inc. - Class A | | | 810,238 | | | 0.1 | |
| 11,681 | | | MBIA, Inc. | | | 71,488 | | | 0.0 | |
| 4,473 | | | Mercantile Bank Corp. | | | 180,620 | | | 0.0 | |
| 4,153 | | | Merchants Bancorp | | | 176,835 | | | 0.0 | |
| 6,592 | | | Mercury General Corp. | | | 245,948 | | | 0.1 | |
| 6,029 | | | Metrocity Bankshares, Inc. | | | 144,817 | | | 0.0 | |
| 2,546 (1) | | | Metropolitan Bank Holding Corp. | | | 140,997 | | | 0.0 | |
| 25,211 | | | MFA Financial, Inc. | | | 284,128 | | | 0.1 | |
| 4,469 | | | Mid Penn Bancorp, Inc. | | | 108,507 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 2,563 | | | Middlefield Banc Corp. | | $ | 82,964 | | | 0.0 | |
| 6,018 | | | Midland States Bancorp, Inc. | | | 165,856 | | | 0.0 | |
| 4,062 | | | MidWestOne Financial Group, Inc. | | | 109,308 | | | 0.0 | |
| 15,776 | | | Moelis & Co. - Class A | | | 885,507 | | | 0.2 | |
| 15,457 (1) | | | Mr Cooper Group, Inc. | | | 1,006,560 | | | 0.2 | |
| 3,348 | | | MVB Financial Corp. | | | 75,531 | | | 0.0 | |
| 9,052 | | | National Bank Holdings Corp. - Class A | | | 336,644 | | | 0.1 | |
| 554 | | | National Western Life Group, Inc. - Class A | | | 267,593 | | | 0.1 | |
| 20,689 | | | Navient Corp. | | | 385,229 | | | 0.1 | |
| 11,284 | | | NBT Bancorp, Inc. | | | 472,912 | | | 0.1 | |
| 3,345 | | | Nelnet, Inc. - Class A | | | 295,096 | | | 0.1 | |
| 8,358 (1) | | | NerdWallet, Inc. - Class A | | | 123,030 | | | 0.0 | |
| 22,732 | | | New York Mortgage Trust, Inc. | | | 193,904 | | | 0.0 | |
| 5,947 (2) | | | NewtekOne, Inc. | | | 82,069 | | | 0.0 | |
| 3,265 | | | Nicolet Bankshares, Inc. | | | 262,767 | | | 0.1 | |
| 19,590 (1) | | | NMI Holdings, Inc. - Class A | | | 581,431 | | | 0.1 | |
| 1,939 | | | Northeast Bank | | | 107,013 | | | 0.0 | |
| 11,138 | | | Northfield Bancorp, Inc. | | | 140,116 | | | 0.0 | |
| 30,819 | | | Northwest Bancshares, Inc. | | | 384,621 | | | 0.1 | |
| 2,382 | | | Norwood Financial Corp. | | | 78,392 | | | 0.0 | |
| 14,822 | | | OceanFirst Financial Corp. | | | 257,310 | | | 0.1 | |
| 1,878 (1) | | | Ocwen Financial Corp. | | | 57,767 | | | 0.0 | |
| 11,575 | | | OFG Bancorp | | | 433,831 | | | 0.1 | |
| 70,141 | | | Old National Bancorp | | | 1,184,681 | | | 0.2 | |
| 11,781 | | | Old Second Bancorp, Inc. | | | 181,899 | | | 0.0 | |
| 23,898 (1) | | | Open Lending Corp. | | | 203,372 | | | 0.0 | |
| 1,471 | | | Orange County Bancorp, Inc. | | | 88,613 | | | 0.0 | |
| 9,659 (2) | | | Orchid Island Capital, Inc. | | | 81,425 | | | 0.0 | |
| 7,567 | | | Origin Bancorp, Inc. | | | 269,158 | | | 0.1 | |
| 37,043 (1) | | | Oscar Health, Inc. - Class A | | | 338,943 | | | 0.1 | |
| 10,813 | | | P10, Inc. - Class A | | | 110,509 | | | 0.0 | |
| 22,922 | | | Pacific Premier Bancorp, Inc. | | | 667,259 | | | 0.1 | |
| 47,731 (1) | | | Pagseguro Digital Ltd. - Class A | | | 595,206 | | | 0.1 | |
| 5,981 (1) | | | Palomar Holdings, Inc. | | | 331,946 | | | 0.1 | |
| 3,550 | | | Park National Corp. | | | 471,653 | | | 0.1 | |
| 6,283 | | | Pathward Financial, Inc. | | | 332,559 | | | 0.1 | |
| 13,308 | | | Patria Investments Ltd. - Class A | | | 206,407 | | | 0.0 | |
| 63,426 (1) | | | Payoneer Global, Inc. | | | 330,449 | | | 0.1 | |
| 7,926 (1) | | | Paysafe Ltd. | | | 101,374 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 4,688 | | | Peapack-Gladstone Financial Corp. | | $ | 139,796 | | | 0.0 | |
| 6,162 | | | PennyMac Financial Services, Inc. | | | 544,536 | | | 0.1 | |
| 22,129 | | | PennyMac Mortgage Investment Trust | | | 330,829 | | | 0.1 | |
| 8,813 | | | Peoples Bancorp, Inc. | | | 297,527 | | | 0.1 | |
| 2,083 | | | Peoples Financial Services Corp. | | | 101,442 | | | 0.0 | |
| 10,234 | | | Perella Weinberg Partners | | | 125,162 | | | 0.0 | |
| 4,144 | | | Piper Sandler Cos. | | | 724,661 | | | 0.1 | |
| 5,669 (2) | | | PJT Partners, Inc. - Class A | | | 577,501 | | | 0.1 | |
| 1,760 | | | Plumas Bancorp | | | 72,776 | | | 0.0 | |
| 9,600 (1) | | | PRA Group, Inc. | | | 251,520 | | | 0.1 | |
| 3,242 | | | Preferred Bank/Los Angeles CA | | | 236,828 | | | 0.0 | |
| 9,388 | | | Premier Financial Corp. | | | 226,251 | | | 0.0 | |
| 13,258 | | | ProAssurance Corp. | | | 182,828 | | | 0.0 | |
| 10,856 (1) | | | PROG Holdings, Inc. | | | 335,559 | | | 0.1 | |
| 18,216 | | | Provident Financial Services, Inc. | | | 328,434 | | | 0.1 | |
| 4,435 | | | QCR Holdings, Inc. | | | 258,960 | | | 0.1 | |
| 37,530 | | | Radian Group, Inc. | | | 1,071,481 | | | 0.2 | |
| 38,068 | | | Ready Capital Corp. | | | 390,197 | | | 0.1 | |
| 1,455 | | | Red River Bancshares, Inc. | | | 81,640 | | | 0.0 | |
| 28,612 | | | Redwood Trust, Inc. | | | 212,015 | | | 0.0 | |
| 2,050 | | | Regional Management Corp. | | | 51,414 | | | 0.0 | |
| 31,351 (1) | | | Remitly Global, Inc. | | | 608,836 | | | 0.1 | |
| 13,640 | | | Renasant Corp. | | | 459,395 | | | 0.1 | |
| 2,515 | | | Republic Bancorp, Inc. - Class A | | | 138,727 | | | 0.0 | |
| 9,801 | | | S&T Bancorp, Inc. | | | 327,549 | | | 0.1 | |
| 3,699 | | | Safety Insurance Group, Inc. | | | 281,087 | | | 0.1 | |
| 11,209 | | | Sandy Spring Bancorp, Inc. | | | 305,333 | | | 0.1 | |
| 20,245 | | | Seacoast Banking Corp. of Florida | | | 576,173 | | | 0.1 | |
| 14,514 | | | Selective Insurance Group, Inc. | | | 1,443,853 | | | 0.2 | |
| 34,507 (1) | | | Selectquote, Inc. | | | 47,275 | | | 0.0 | |
| 12,337 | | | ServisFirst Bancshares, Inc. | | | 822,014 | | | 0.1 | |
| 30,240 | | | Simmons First National Corp. - Class A | | | 599,962 | | | 0.1 | |
| 18,164 (1) | | | SiriusPoint Ltd. | | | 210,702 | | | 0.0 | |
| 5,488 (1) | | | Skyward Specialty Insurance Group, Inc. | | | 185,933 | | | 0.0 | |
| 5,200 | | | SmartFinancial, Inc. | | | 127,348 | | | 0.0 | |
| 2,269 (1) | | | Southern First Bancshares, Inc. | | | 84,180 | | | 0.0 | |
| 2,563 | | | Southern Missouri Bancorp, Inc. | | | 136,839 | | | 0.0 | |
| 7,441 | | | Southside Bancshares, Inc. | | | 233,052 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | |
| 18,192 | | | SouthState Corp. | | $ | 1,536,314 | | | 0.3 | |
| 12,366 | | | Stellar Bancorp, Inc. | | | 344,269 | | | 0.1 | |
| 12,914 | | | StepStone Group, Inc. - Class A | | | 411,053 | | | 0.1 | |
| 6,552 | | | Stewart Information Services Corp. | | | 384,930 | | | 0.1 | |
| 6,845 | | | Stock Yards Bancorp, Inc. | | | 352,449 | | | 0.1 | |
| 69,967 (1) | | | StoneCo Ltd. - Class A | | | 1,261,505 | | | 0.2 | |
| 6,451 (1) | | | StoneX Group, Inc. | | | 476,277 | | | 0.1 | |
| 11,418 (1) | | | Texas Capital Bancshares, Inc. | | | 737,945 | | | 0.1 | |
| 4,036 (1) | | | Third Coast Bancshares, Inc. | | | 80,195 | | | 0.0 | |
| 6,502 | | | Tiptree, Inc. | | | 123,278 | | | 0.0 | |
| 3,730 | | | Tompkins Financial Corp. | | | 224,658 | | | 0.0 | |
| 17,402 | | | Towne Bank/ Portsmouth VA | | | 517,884 | | | 0.1 | |
| 18,139 | | | TPG RE Finance Trust, Inc. | | | 117,904 | | | 0.0 | |
| 7,925 | | | TriCo Bancshares | | | 340,537 | | | 0.1 | |
| 5,377 (1) | | | Triumph Financial, Inc. | | | 431,128 | | | 0.1 | |
| 9,444 (1)(2) | | | Trupanion, Inc. | | | 288,136 | | | 0.1 | |
| 5,119 | | | TrustCo Bank Corp. NY | | | 158,945 | | | 0.0 | |
| 14,877 | | | Trustmark Corp. | | | 414,771 | | | 0.1 | |
| 22,977 | | | Two Harbors Investment Corp. | | | 320,070 | | | 0.1 | |
| 10,678 | | | UMB Financial Corp. | | | 892,147 | | | 0.2 | |
| 31,316 | | | United Bankshares, Inc. | | | 1,175,916 | | | 0.2 | |
| 27,754 | | | United Community Banks, Inc. | | | 812,082 | | | 0.1 | |
| 5,590 | | | United Fire Group, Inc. | | | 112,471 | | | 0.0 | |
| 6,459 | | | Universal Insurance Holdings, Inc. | | | 103,215 | | | 0.0 | |
| 8,000 | | | Univest Financial Corp. | | | 176,240 | | | 0.0 | |
| 17,472 (1)(2) | | | Upstart Holdings, Inc. | | | 713,906 | | | 0.1 | |
| 103,341 | | | Valley National Bancorp | | | 1,122,283 | | | 0.2 | |
| 12,890 | | | Veritex Holdings, Inc. | | | 299,950 | | | 0.1 | |
| 6,323 | | | Victory Capital Holdings, Inc. - Class A | | | 217,764 | | | 0.0 | |
| 1,667 | | | Virtus Investment Partners, Inc. | | | 403,014 | | | 0.1 | |
| 7,608 | | | Walker & Dunlop, Inc. | | | 844,564 | | | 0.1 | |
| 15,731 | | | Washington Federal, Inc. | | | 518,494 | | | 0.1 | |
| 4,515 | | | Washington Trust Bancorp, Inc. | | | 146,196 | | | 0.0 | |
| 6,003 | | | Waterstone Financial, Inc. | | | 85,243 | | | 0.0 | |
| 14,218 | | | WesBanco, Inc. | | | 446,019 | | | 0.1 | |
| 4,815 | | | West BanCorp, Inc. | | | 102,078 | | | 0.0 | |
| 6,411 | | | Westamerica BanCorp | | | 361,645 | | | 0.1 | |
| 33,871 | | | WisdomTree, Inc. | | | 234,726 | | | 0.0 | |
| 964 (1) | | | World Acceptance Corp. | | | 125,831 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Financials: (continued) | | | | | | | |
| 15,011 | | | WSFS Financial Corp. | | $ | 689,455 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Health Care: 15.2% | | | | | | | |
| 73,398 (1) | | | 23andMe Holding Co. - Class A | | | 67,049 | | | 0.0 | |
| 12,382 (1)(2) | | | 2seventy bio, Inc. | | | 52,871 | | | 0.0 | |
| 9,638 (1) | | | 4D Molecular Therapeutics, Inc. | | | 195,266 | | | 0.0 | |
| 15,187 (1) | | | 89bio, Inc. | | | 169,639 | | | 0.0 | |
| 29,158 (1) | | | ACADIA Pharmaceuticals, Inc. | | | 912,937 | | | 0.2 | |
| 16,512 (1) | | | Accolade, Inc. | | | 198,309 | | | 0.0 | |
| 23,906 (1) | | | Accuray, Inc. | | | 67,654 | | | 0.0 | |
| 8,066 (1) | | | ACELYRIN, Inc. | | | 60,172 | | | 0.0 | |
| 6,855 (1) | | | Actinium Pharmaceuticals, Inc. | | | 34,823 | | | 0.0 | |
| 23,209 (1) | | | AdaptHealth Corp. | | | 169,194 | | | 0.0 | |
| 27,862 (1) | | | Adaptive Biotechnologies Corp. | | | 136,524 | | | 0.0 | |
| 3,865 (1) | | | Addus HomeCare Corp. | | | 358,865 | | | 0.1 | |
| 52,067 (1) | | | ADMA Biologics, Inc. | | | 235,343 | | | 0.1 | |
| 2,846 (1) | | | Aerovate Therapeutics, Inc. | | | 64,405 | | | 0.0 | |
| 88,944 (1) | | | Agenus, Inc. | | | 73,637 | | | 0.0 | |
| 7,426 (1) | | | Agiliti, Inc. | | | 58,814 | | | 0.0 | |
| 13,358 (1) | | | Agios Pharmaceuticals, Inc. | | | 297,483 | | | 0.1 | |
| 12,119 (1) | | | Akero Therapeutics, Inc. | | | 282,979 | | | 0.1 | |
| 11,517 (1) | | | Aldeyra Therapeutics, Inc. | | | 40,425 | | | 0.0 | |
| 15,767 (1) | | | Alector, Inc. | | | 125,821 | | | 0.0 | |
| 20,740 (1) | | | Alignment Healthcare, Inc. | | | 178,571 | | | 0.0 | |
| 39,794 (1) | | | Alkermes PLC | | | 1,103,886 | | | 0.2 | |
| 16,752 (1) | | | Allakos, Inc. | | | 45,733 | | | 0.0 | |
| 22,778 (1) | | | Allogene Therapeutics, Inc. | | | 73,117 | | | 0.0 | |
| 13,402 (1) | | | Allovir, Inc. | | | 9,111 | | | 0.0 | |
| 26,109 (1) | | | Allscripts Healthcare Solutions, Inc. | | | 273,883 | | | 0.1 | |
| 21,135 (1) | | | Alphatec Holdings, Inc. | | | 319,350 | | | 0.1 | |
| 7,701 (1) | | | Alpine Immune Sciences, Inc. | | | 146,781 | | | 0.0 | |
| 12,168 (1)(2) | | | Altimmune, Inc. | | | 136,890 | | | 0.0 | |
| 6,418 (1) | | | ALX Oncology Holdings, Inc. | | | 95,564 | | | 0.0 | |
| 61,018 (1) | | | American Well Corp. - Class A | | | 90,917 | | | 0.0 | |
| 67,569 (1) | | | Amicus Therapeutics, Inc. | | | 958,804 | | | 0.2 | |
| 9,182 (1) | | | AMN Healthcare Services, Inc. | | | 687,548 | | | 0.1 | |
| 29,392 (1) | | | Amneal Pharmaceuticals, Inc. | | | 178,409 | | | 0.0 | |
| 9,196 (1) | | | Amphastar Pharmaceuticals, Inc. | | | 568,773 | | | 0.1 | |
| 12,019 (1) | | | Amylyx Pharmaceuticals, Inc. | | | 176,920 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Health Care: (continued) | | | | | | | |
| 4,772 (1)(2) | | | AnaptysBio, Inc. | | $ | 102,216 | | | 0.0 | |
| 17,031 (1)(2) | | | Anavex Life Sciences Corp. | | | 158,559 | | | 0.0 | |
| 9,350 (1) | | | AngioDynamics, Inc. | | | 73,304 | | | 0.0 | |
| 3,442 (1) | | | ANI Pharmaceuticals, Inc. | | | 189,792 | | | 0.0 | |
| 3,881 (1) | | | Anika Therapeutics, Inc. | | | 87,943 | | | 0.0 | |
| 11,950 (1) | | | Annexon, Inc. | | | 54,253 | | | 0.0 | |
| 4,897 (1) | | | Apogee Therapeutics, Inc. | | | 136,822 | | | 0.0 | |
| 10,363 (1) | | | Apollo Medical Holdings, Inc. | | | 396,903 | | | 0.1 | |
| 33,460 (1) | | | Arbutus Biopharma Corp. | | | 83,650 | | | 0.0 | |
| 9,137 (1) | | | Arcellx, Inc. | | | 507,104 | | | 0.1 | |
| 5,696 (1) | | | Arcturus Therapeutics Holdings, Inc. | | | 179,595 | | | 0.0 | |
| 12,843 (1) | | | Arcus Biosciences, Inc. | | | 245,301 | | | 0.1 | |
| 19,618 (1) | | | Arcutis Biotherapeutics, Inc. | | | 63,366 | | | 0.0 | |
| 55,109 (1) | | | Ardelyx, Inc. | | | 341,676 | | | 0.1 | |
| 24,303 (1) | | | Arrowhead Pharmaceuticals, Inc. | | | 743,672 | | | 0.1 | |
| 6,011 (1) | | | ARS Pharmaceuticals, Inc. | | | 32,940 | | | 0.0 | |
| 9,812 (1) | | | Artivion, Inc. | | | 175,439 | | | 0.0 | |
| 11,823 (1) | | | Arvinas, Inc. | | | 486,635 | | | 0.1 | |
| 21,839 (1) | | | Assertio Holdings, Inc. | | | 23,368 | | | 0.0 | |
| 8,132 (1) | | | Astria Therapeutics, Inc. | | | 62,454 | | | 0.0 | |
| 24,448 (1) | | | Atara Biotherapeutics, Inc. | | | 12,537 | | | 0.0 | |
| 19,651 (1) | | | Atea Pharmaceuticals, Inc. | | | 59,936 | | | 0.0 | |
| 11,217 (1) | | | AtriCure, Inc. | | | 400,335 | | | 0.1 | |
| 346 | | | Atrion Corp. | | | 131,061 | | | 0.0 | |
| 7,012 (1) | | | Aura Biosciences, Inc. | | | 62,126 | | | 0.0 | |
| 32,662 (1) | | | Aurinia Pharmaceuticals, Inc. | | | 293,631 | | | 0.1 | |
| 11,244 (1) | | | Avanos Medical, Inc. | | | 252,203 | | | 0.1 | |
| 13,040 (1) | | | Aveanna Healthcare Holdings, Inc. | | | 34,947 | | | 0.0 | |
| 15,171 (1) | | | Avid Bioservices, Inc. | | | 98,611 | | | 0.0 | |
| 17,393 (1) | | | Avidity Biosciences, Inc. | | | 157,407 | | | 0.0 | |
| 6,261 (1) | | | Avita Medical, Inc. | | | 85,901 | | | 0.0 | |
| 10,332 (1) | | | Axogen, Inc. | | | 70,568 | | | 0.0 | |
| 11,790 (1) | | | Axonics, Inc. | | | 733,692 | | | 0.1 | |
| 8,475 (1) | | | Axsome Therapeutics, Inc. | | | 674,525 | | | 0.1 | |
| 17,151 (1)(2) | | | Beam Therapeutics, Inc. | | | 466,850 | | | 0.1 | |
| 11,072 (1) | | | BioAtla, Inc. | | | 27,237 | | | 0.0 | |
| 46,348 (1) | | | BioCryst Pharmaceuticals, Inc. | | | 277,625 | | | 0.1 | |
| 16,324 (1) | | | Biohaven Ltd. | | | 698,667 | | | 0.1 | |
| 8,395 (1) | | | BioLife Solutions, Inc. | | | 136,419 | | | 0.0 | |
| 4,874 (1)(2) | | | Biomea Fusion, Inc. | | | 70,770 | | | 0.0 | |
| 25,529 (1) | | | Bluebird Bio, Inc. | | | 35,230 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) | | | | | | | |
| 14,620 (1) | | | Blueprint Medicines Corp. | | $ | 1,348,549 | | | 0.2 | |
| 27,547 (1) | | | Bridgebio Pharma, Inc. | | | 1,112,072 | | | 0.2 | |
| 45,620 (1) | | | Brookdale Senior Living, Inc. | | | 265,508 | | | 0.1 | |
| 36,605 (1)(2) | | | Butterfly Network, Inc. | | | 39,533 | | | 0.0 | |
| 8,470 (1) | | | Cabaletta Bio, Inc. | | | 192,269 | | | 0.0 | |
| 13,390 (1) | | | Cara Therapeutics, Inc. | | | 9,949 | | | 0.0 | |
| 12,587 (1) | | | CareDx, Inc. | | | 151,044 | | | 0.0 | |
| 19,582 (1) | | | Caribou Biosciences, Inc. | | | 112,205 | | | 0.0 | |
| 6,714 | | | Carisma Therapeutics, Inc. | | | 19,672 | | | 0.0 | |
| 31,066 (3)(4) | | | Cartesian Therapeutics, Inc. CVR | | | 5,592 | | | 0.0 | |
| 9,512 (1)(2) | | | Cassava Sciences, Inc. | | | 214,115 | | | 0.0 | |
| 6,050 (1) | | | Castle Biosciences, Inc. | | | 130,559 | | | 0.0 | |
| 23,915 (1) | | | Catalyst Pharmaceuticals, Inc. | | | 402,011 | | | 0.1 | |
| 4,625 (1)(2) | | | Celcuity, Inc. | | | 67,386 | | | 0.0 | |
| 11,151 (1)(2) | | | Celldex Therapeutics, Inc. | | | 442,249 | | | 0.1 | |
| 16,552 (1) | | | Cerevel Therapeutics Holdings, Inc. | | | 701,805 | | | 0.1 | |
| 44,341 (1) | | | Cerus Corp. | | | 95,777 | | | 0.0 | |
| 32,220 (1) | | | Citius Pharmaceuticals, Inc. | | | 24,374 | | | 0.0 | |
| 5,368 (1) | | | ClearPoint Neuro, Inc. | | | 36,449 | | | 0.0 | |
| 17,449 (1) | | | Codexis, Inc. | | | 53,219 | | | 0.0 | |
| 19,749 (1) | | | Cogent Biosciences, Inc. | | | 116,124 | | | 0.0 | |
| 24,887 (1) | | | Coherus Biosciences, Inc. | | | 82,874 | | | 0.0 | |
| 8,504 (1) | | | Collegium Pharmaceutical, Inc. | | | 261,753 | | | 0.1 | |
| 31,504 (1) | | | Community Health Systems, Inc. | | | 98,608 | | | 0.0 | |
| 23,209 (1) | | | Compass Therapeutics, Inc. | | | 36,206 | | | 0.0 | |
| 3,751 (1) | | | Computer Programs and Systems, Inc. | | | 42,011 | | | 0.0 | |
| 7,305 | | | CONMED Corp. | | | 799,971 | | | 0.1 | |
| 19,391 (1) | | | Corcept Therapeutics, Inc. | | | 629,820 | | | 0.1 | |
| 13,755 (1)(2) | | | CorMedix, Inc. | | | 51,719 | | | 0.0 | |
| 2,155 (1) | | | CorVel Corp. | | | 532,738 | | | 0.1 | |
| 15,572 (1) | | | Crinetics Pharmaceuticals, Inc. | | | 554,052 | | | 0.1 | |
| 8,437 (1) | | | Cross Country Healthcare, Inc. | | | 191,014 | | | 0.0 | |
| 9,744 (1) | | | CryoPort, Inc. | | | 150,935 | | | 0.0 | |
| 9,045 (1) | | | Cue Biopharma, Inc. | | | 23,879 | | | 0.0 | |
| 6,026 (1) | | | Cullinan Oncology, Inc. | | | 61,405 | | | 0.0 | |
| 2,842 (1) | | | CVRx, Inc. | | | 89,352 | | | 0.0 | |
| 27,085 (1) | | | Cymabay Therapeutics, Inc. | | | 639,748 | | | 0.1 | |
| 29,593 (1) | | | Cytek Biosciences, Inc. | | | 269,888 | | | 0.1 | |
| 22,416 (1) | | | Cytokinetics, Inc. | | | 1,871,512 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) | | | | | | | |
| 15,386 (1) | | | Day One Biopharmaceuticals, Inc. | | $ | 224,636 | | | 0.1 | |
| 13,016 (1) | | | Deciphera Pharmaceuticals, Inc. | | | 209,948 | | | 0.0 | |
| 10,728 (1) | | | Definitive Healthcare Corp. | | | 106,636 | | | 0.0 | |
| 28,367 (1) | | | Denali Therapeutics, Inc. | | | 608,756 | | | 0.1 | |
| 8,459 (1) | | | Design Therapeutics, Inc. | | | 22,416 | | | 0.0 | |
| 2,157 (1) | | | Disc Medicine, Inc. | | | 124,588 | | | 0.0 | |
| 19,298 (1)(2) | | | DocGo, Inc. | | | 107,876 | | | 0.0 | |
| 31,095 (1) | | | Dynavax Technologies Corp. | | | 434,708 | | | 0.1 | |
| 10,500 (1) | | | Dyne Therapeutics, Inc. | | | 139,650 | | | 0.0 | |
| 10,795 (1) | | | Edgewise Therapeutics, Inc. | | | 118,097 | | | 0.0 | |
| 19,778 (1) | | | Editas Medicine, Inc. | | | 200,351 | | | 0.0 | |
| 13,929 | | | Embecta Corp. | | | 263,676 | | | 0.1 | |
| 12,454 (1) | | | Emergent BioSolutions, Inc. | | | 29,890 | | | 0.0 | |
| 4,891 (1) | | | Enanta Pharmaceuticals, Inc. | | | 46,024 | | | 0.0 | |
| 12,517 (1) | | | Enhabit, Inc. | | | 129,551 | | | 0.0 | |
| 5,790 (1) | | | Enliven Therapeutics, Inc. | | | 80,134 | | | 0.0 | |
| 13,123 | | | Ensign Group, Inc. | | | 1,472,532 | | | 0.3 | |
| 5,349 (1) | | | Entrada Therapeutics, Inc. | | | 80,716 | | | 0.0 | |
| 20,285 (1) | | | Erasca, Inc. | | | 43,207 | | | 0.0 | |
| 26,390 (1) | | | Evolent Health, Inc. - Class A | | | 871,662 | | | 0.2 | |
| 10,497 (1) | | | Evolus, Inc. | | | 110,533 | | | 0.0 | |
| 6,606 (1) | | | EyePoint Pharmaceuticals, Inc. | | | 152,665 | | | 0.0 | |
| 20,692 (1) | | | Fate Therapeutics, Inc. | | | 77,388 | | | 0.0 | |
| 5,365 (1)(2) | | | Fennec Pharmaceuticals, Inc. | | | 60,195 | | | 0.0 | |
| 5,401 (1)(2) | | | Foghorn Therapeutics, Inc. | | | 34,836 | | | 0.0 | |
| 5,051 (1) | | | Fulgent Genetics, Inc. | | | 146,024 | | | 0.0 | |
| 4,567 (1)(2) | | | Genelux Corp. | | | 63,984 | | | 0.0 | |
| 11,691 (1) | | | Generation Bio Co. | | | 19,290 | | | 0.0 | |
| 122,570 (1) | | | Geron Corp. | | | 258,623 | | | 0.1 | |
| 11,244 (1) | | | Glaukos Corp. | | | 893,786 | | | 0.2 | |
| 22,086 (1) | | | Gritstone bio, Inc. | | | 45,055 | | | 0.0 | |
| 27,145 (1) | | | Guardant Health, Inc. | | | 734,272 | | | 0.1 | |
| 12,027 (1) | | | Haemonetics Corp. | | | 1,028,429 | | | 0.2 | |
| 31,255 (1) | | | Halozyme Therapeutics, Inc. | | | 1,155,185 | | | 0.2 | |
| 7,858 (1) | | | Harmony Biosciences Holdings, Inc. | | | 253,813 | | | 0.1 | |
| 7,266 (1)(2) | | | Harrow, Inc. | | | 81,379 | | | 0.0 | |
| 9,951 (1) | | | Harvard Bioscience, Inc. | | | 53,238 | | | 0.0 | |
| 13,871 (1) | | | Health Catalyst, Inc. | | | 128,445 | | | 0.0 | |
| 20,283 (1) | | | HealthEquity, Inc. | | | 1,344,763 | | | 0.2 | |
| 6,113 | | | HealthStream, Inc. | | | 165,234 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Health Care: (continued) | | | | | | | |
| 25,436 (1)(2) | | | Heron Therapeutics, Inc. | | $ | 43,241 | | | 0.0 | |
| 6,169 (1) | | | HilleVax, Inc. | | | 99,012 | | | 0.0 | |
| 29,223 (1) | | | Hims & Hers Health, Inc. | | | 260,085 | | | 0.1 | |
| 15,720 (1) | | | Humacyte, Inc. | | | 44,645 | | | 0.0 | |
| 6,852 (1) | | | Icosavax, Inc. | | | 107,988 | | | 0.0 | |
| 14,219 (1) | | | Ideaya Biosciences, Inc. | | | 505,912 | | | 0.1 | |
| 4,614 (1)(2) | | | IGM Biosciences, Inc. | | | 38,342 | | | 0.0 | |
| 5,821 (1) | | | Immuneering Corp. - Class A | | | 42,784 | | | 0.0 | |
| 31,859 (1)(2) | | | ImmunityBio, Inc. | | | 159,932 | | | 0.0 | |
| 57,645 (1) | | | ImmunoGen, Inc. | | | 1,709,174 | | | 0.3 | |
| 12,959 (1) | | | Immunovant, Inc. | | | 545,963 | | | 0.1 | |
| 12,871 (1) | | | Inari Medical, Inc. | | | 835,585 | | | 0.1 | |
| 5,085 (1) | | | InfuSystem Holdings, Inc. | | | 53,596 | | | 0.0 | |
| 8,441 (1) | | | Inhibrx, Inc. | | | 320,758 | | | 0.1 | |
| 18,449 (1) | | | Inmode Ltd. | | | 410,306 | | | 0.1 | |
| 5,342 (1) | | | Innovage Holding Corp. | | | 32,052 | | | 0.0 | |
| 14,755 (1) | | | Innoviva, Inc. | | | 236,670 | | | 0.1 | |
| 6,178 (1) | | | Inogen, Inc. | | | 33,917 | | | 0.0 | |
| 12,002 (1) | | | Inozyme Pharma, Inc. | | | 51,129 | | | 0.0 | |
| 32,460 (1) | | | Insmed, Inc. | | | 1,005,935 | | | 0.2 | |
| 7,984 (1) | | | Integer Holdings Corp. | | | 791,055 | | | 0.1 | |
| 21,085 (1) | | | Intellia Therapeutics, Inc. | | | 642,882 | | | 0.1 | |
| 22,500 (1) | | | Intra-Cellular Therapies, Inc. | | | 1,611,450 | | | 0.3 | |
| 69,413 (1)(2) | | | Invitae Corp. | | | 43,508 | | | 0.0 | |
| 55,165 (1) | | | Iovance Biotherapeutics, Inc. | | | 448,491 | | | 0.1 | |
| 1,917 | | | iRadimed Corp. | | | 91,000 | | | 0.0 | |
| 7,371 (1) | | | iRhythm Technologies, Inc. | | | 788,992 | | | 0.1 | |
| 33,576 (1) | | | Ironwood Pharmaceuticals, Inc. | | | 384,109 | | | 0.1 | |
| 6,314 (1) | | | iTeos Therapeutics, Inc. | | | 69,138 | | | 0.0 | |
| 4,606 (1) | | | Janux Therapeutics, Inc. | | | 49,422 | | | 0.0 | |
| 3,588 (1) | | | Joint Corp. | | | 34,481 | | | 0.0 | |
| 7,493 (1)(2) | | | KalVista Pharmaceuticals, Inc. | | | 91,789 | | | 0.0 | |
| 28,185 (1) | | | Karyopharm Therapeutics, Inc. | | | 24,380 | | | 0.0 | |
| 5,517 (1) | | | Keros Therapeutics, Inc. | | | 219,356 | | | 0.0 | |
| 7,690 (1) | | | Kiniksa Pharmaceuticals Ltd. - Class A | | | 134,883 | | | 0.0 | |
| 9,737 (1) | | | Kodiak Sciences, Inc. | | | 29,600 | | | 0.0 | |
| 5,207 (1) | | | Krystal Biotech, Inc. | | | 645,980 | | | 0.1 | |
| 17,519 (1) | | | Kura Oncology, Inc. | | | 251,923 | | | 0.1 | |
| 9,144 (1) | | | Kymera Therapeutics, Inc. | | | 232,806 | | | 0.1 | |
| 16,366 (1) | | | Lantheus Holdings, Inc. | | | 1,014,692 | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 7,149 (1) | | | Larimar Therapeutics, Inc. | | $ | 32,528 | | | 0.0 | |
| 4,776 | | | LeMaitre Vascular, Inc. | | | 271,086 | | | 0.1 | |
| 23,458 (1)(2) | | | Lexicon Pharmaceuticals, Inc. | | | 35,891 | | | 0.0 | |
| 26,057 (1) | | | LifeStance Health Group, Inc. | | | 204,026 | | | 0.0 | |
| 4,100 (1) | | | Ligand Pharmaceuticals, Inc. | | | 292,822 | | | 0.1 | |
| 35,266 (1) | | | Lineage Cell Therapeutics, Inc. | | | 38,440 | | | 0.0 | |
| 11,958 (1)(2) | | | Liquidia Corp. | | | 143,855 | | | 0.0 | |
| 13,052 (1) | | | LivaNova PLC | | | 675,310 | | | 0.1 | |
| 4,005 (1) | | | Longboard Pharmaceuticals, Inc. | | | 24,150 | | | 0.0 | |
| 43,644 (1) | | | Lyell Immunopharma, Inc. | | | 84,669 | | | 0.0 | |
| 15,157 (1) | | | MacroGenics, Inc. | | | 145,810 | | | 0.0 | |
| 3,513 (1) | | | Madrigal Pharmaceuticals, Inc. | | | 812,838 | | | 0.1 | |
| 62,230 (1) | | | MannKind Corp. | | | 226,517 | | | 0.1 | |
| 12,429 (1) | | | Marinus Pharmaceuticals, Inc. | | | 135,103 | | | 0.0 | |
| 20,754 (1) | | | MaxCyte, Inc. | | | 97,544 | | | 0.0 | |
| 8,637 (1) | | | MeiraGTx Holdings PLC | | | 60,632 | | | 0.0 | |
| 13,667 (1) | | | Merit Medical Systems, Inc. | | | 1,038,145 | | | 0.2 | |
| 27,866 (1) | | | Mersana Therapeutics, Inc. | | | 64,649 | | | 0.0 | |
| 1,262 | | | Mesa Laboratories, Inc. | | | 132,220 | | | 0.0 | |
| 28,224 (1) | | | MiMedx Group, Inc. | | | 247,524 | | | 0.1 | |
| 4,424 (1) | | | Mineralys Therapeutics, Inc. | | | 38,046 | | | 0.0 | |
| 6,134 (1) | | | Mirum Pharmaceuticals, Inc. | | | 181,076 | | | 0.0 | |
| 3,148 (1) | | | ModivCare, Inc. | | | 138,481 | | | 0.0 | |
| 7,641 (1) | | | Monte Rosa Therapeutics, Inc. | | | 43,172 | | | 0.0 | |
| 8,638 (1) | | | Morphic Holding, Inc. | | | 249,465 | | | 0.1 | |
| 95,281 (1) | | | Multiplan Corp. | | | 137,205 | | | 0.0 | |
| 19,490 (1) | | | Myriad Genetics, Inc. | | | 373,039 | | | 0.1 | |
| 11,258 (1)(2) | | | Nano-X Imaging Ltd. | | | 71,713 | | | 0.0 | |
| 3,134 | | | National HealthCare Corp. | | | 289,644 | | | 0.1 | |
| 3,690 | | | National Research Corp. | | | 145,976 | | | 0.0 | |
| 13,096 (1) | | | Nautilus Biotechnology, Inc. | | | 39,157 | | | 0.0 | |
| 52,435 (1) | | | Neogen Corp. | | | 1,054,468 | | | 0.2 | |
| 30,783 (1) | | | NeoGenomics, Inc. | | | 498,069 | | | 0.1 | |
| 3,433 (1) | | | Neumora Therapeutics, Inc. | | | 58,533 | | | 0.0 | |
| 8,598 (1) | | | Nevro Corp. | | | 185,029 | | | 0.0 | |
| 22,590 (1)(2) | | | Novavax, Inc. | | | 108,432 | | | 0.0 | |
| 11,644 (1) | | | Nurix Therapeutics, Inc. | | | 120,166 | | | 0.0 | |
| 6,239 (1) | | | Nuvalent, Inc. - Class A | | | 459,128 | | | 0.1 | |
| 39,960 (1) | | | Nuvation Bio, Inc. | | | 60,340 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 19,305 (1) | | | Ocular Therapeutix, Inc. | | $ | 86,100 | | | 0.0 | |
| 6,714 (1) | | | Olema Pharmaceuticals, Inc. | | | 94,197 | | | 0.0 | |
| 6,149 (1) | | | Omega Therapeutics, Inc. | | | 18,508 | | | 0.0 | |
| 15,069 (1)(2) | | | Omeros Corp. | | | 49,276 | | | 0.0 | |
| 23,109 (1) | | | OmniAb, Inc. | | | 142,583 | | | 0.0 | |
| 10,739 (1) | | | Omnicell, Inc. | | | 404,109 | | | 0.1 | |
| 101,538 (1) | | | OPKO Health, Inc. | | | 153,322 | | | 0.0 | |
| 4,392 (1) | | | OptimizeRx Corp. | | | 62,850 | | | 0.0 | |
| 40,286 (1) | | | Option Care Health, Inc. | | | 1,357,235 | | | 0.2 | |
| 17,855 (1) | | | OraSure Technologies, Inc. | | | 146,411 | | | 0.0 | |
| 3,719 (1) | | | Orchestra BioMed Holdings, Inc. | | | 33,954 | | | 0.0 | |
| 18,583 (1) | | | Organogenesis Holdings, Inc. | | | 76,004 | | | 0.0 | |
| 9,869 (1) | | | ORIC Pharmaceuticals, Inc. | | | 90,795 | | | 0.0 | |
| 8,377 (1) | | | Orthofix Medical, Inc. | | | 112,922 | | | 0.0 | |
| 3,937 (1) | | | OrthoPediatrics Corp. | | | 127,992 | | | 0.0 | |
| 12,215 (1) | | | Outset Medical, Inc. | | | 66,083 | | | 0.0 | |
| 16,027 (1) | | | Ovid therapeutics, Inc. | | | 51,607 | | | 0.0 | |
| 17,888 (1) | | | Owens & Minor, Inc. | | | 344,702 | | | 0.1 | |
| 60,322 (1) | | | Pacific Biosciences of California, Inc. | | | 591,759 | | | 0.1 | |
| 10,924 (1) | | | Pacira BioSciences, Inc. | | | 368,576 | | | 0.1 | |
| 10,704 (1) | | | Paragon 28, Inc. | | | 133,051 | | | 0.0 | |
| 20,764 | | | Patterson Cos., Inc. | | | 590,736 | | | 0.1 | |
| 6,961 (1)(2) | | | PDS Biotechnology Corp. | | | 34,596 | | | 0.0 | |
| 20,513 (1) | | | Pediatrix Medical Group, Inc. | | | 190,771 | | | 0.0 | |
| 7,352 (1) | | | Pennant Group, Inc. | | | 102,340 | | | 0.0 | |
| 6,717 (1) | | | PetIQ, Inc. | | | 132,661 | | | 0.0 | |
| 7,729 (1) | | | Phathom Pharmaceuticals, Inc. | | | 70,566 | | | 0.0 | |
| 6,029 | | | Phibro Animal Health Corp. - Class A | | | 69,816 | | | 0.0 | |
| 12,464 (1) | | | Phreesia, Inc. | | | 288,542 | | | 0.1 | |
| 13,872 (1) | | | Pliant Therapeutics, Inc. | | | 251,222 | | | 0.1 | |
| 10,429 (1) | | | PMV Pharmaceuticals, Inc. | | | 32,330 | | | 0.0 | |
| 17,411 (1) | | | Poseida Therapeutics, Inc. | | | 58,501 | | | 0.0 | |
| 31,395 (1) | | | Precigen, Inc. | | | 42,069 | | | 0.0 | |
| 12,125 (1) | | | Prestige Consumer Healthcare, Inc. | | | 742,293 | | | 0.1 | |
| 9,738 (1)(2) | | | Prime Medicine, Inc. | | | 86,279 | | | 0.0 | |
| 26,741 (1) | | | Privia Health Group, Inc. | | | 615,845 | | | 0.1 | |
| 9,519 (1) | | | PROCEPT BioRobotics Corp. | | | 398,941 | | | 0.1 | |
| 18,944 (1) | | | Progyny, Inc. | | | 704,338 | | | 0.1 | |
| 11,739 (1)(2) | | | ProKidney Corp. | | | 20,895 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 13,973 (1) | | | Protagonist Therapeutics, Inc. | | $ | 320,401 | | | 0.1 | |
| 18,214 (1) | | | Protalix BioTherapeutics, Inc. | | | 32,421 | | | 0.0 | |
| 9,933 (1) | | | Prothena Corp. PLC | | | 360,965 | | | 0.1 | |
| 17,041 (1) | | | PTC Therapeutics, Inc. | | | 469,650 | | | 0.1 | |
| 9,099 (1) | | | Pulmonx Corp. | | | 116,012 | | | 0.0 | |
| 4,199 (1) | | | Pulse Biosciences, Inc. | | | 51,396 | | | 0.0 | |
| 8,625 (1) | | | Quanterix Corp. | | | 235,807 | | | 0.1 | |
| 26,155 (1) | | | Quantum-Si, Inc. | | | 52,572 | | | 0.0 | |
| 11,209 (1) | | | Quipt Home Medical Corp. | | | 57,054 | | | 0.0 | |
| 14,154 (1) | | | RadNet, Inc. | | | 492,135 | | | 0.1 | |
| 7,744 (1) | | | Rallybio Corp. | | | 18,508 | | | 0.0 | |
| 7,191 (1)(2) | | | RAPT Therapeutics, Inc. | | | 178,696 | | | 0.0 | |
| 4,589 (1) | | | RayzeBio, Inc. | | | 285,298 | | | 0.1 | |
| 32,851 (1) | | | Recursion Pharmaceuticals, Inc. - Class A | | | 323,911 | | | 0.1 | |
| 9,738 (1) | | | REGENXBIO, Inc. | | | 174,797 | | | 0.0 | |
| 22,033 (1) | | | Relay Therapeutics, Inc. | | | 242,583 | | | 0.1 | |
| 11,540 (1) | | | Replimune Group, Inc. | | | 97,282 | | | 0.0 | |
| 20,742 (1) | | | Revance Therapeutics, Inc. | | | 182,322 | | | 0.0 | |
| 34,154 (1) | | | REVOLUTION Medicines, Inc. | | | 979,537 | | | 0.2 | |
| 12,408 (1) | | | Rhythm Pharmaceuticals, Inc. | | | 570,396 | | | 0.1 | |
| 43,087 (1) | | | Rigel Pharmaceuticals, Inc. | | | 62,476 | | | 0.0 | |
| 14,688 (1) | | | Rocket Pharmaceuticals, Inc. | | | 440,199 | | | 0.1 | |
| 6,628 (1) | | | RxSight, Inc. | | | 267,241 | | | 0.1 | |
| 12,639 (1) | | | Sage Therapeutics, Inc. | | | 273,887 | | | 0.1 | |
| 22,912 (1) | | | Sana Biotechnology, Inc. | | | 93,481 | | | 0.0 | |
| 1,084 (1) | | | Sanara Medtech, Inc. | | | 44,552 | | | 0.0 | |
| 37,056 (1) | | | Sangamo Therapeutics, Inc. | | | 20,133 | | | 0.0 | |
| 22,509 (1) | | | Savara, Inc. | | | 105,792 | | | 0.0 | |
| 13,317 (1) | | | Scholar Rock Holding Corp. | | | 250,360 | | | 0.1 | |
| 13,071 (1) | | | Schrodinger, Inc./ United States | | | 467,942 | | | 0.1 | |
| 26,122 (1) | | | Scilex Holding Co. | | | 53,289 | | | 0.0 | |
| 7,271 (1) | | | scPharmaceuticals, Inc. | | | 45,589 | | | 0.0 | |
| 14,584 (1) | | | Seer, Inc. | | | 28,293 | | | 0.0 | |
| 25,284 | | | Select Medical Holdings Corp. | | | 594,174 | | | 0.1 | |
| 31,066 (1) | | | Selecta Biosciences, Inc. | | | 21,417 | | | 0.0 | |
| 1,180 (1) | | | Semler Scientific, Inc. | | | 52,262 | | | 0.0 | |
| 24,016 (1) | | | Seres Therapeutics, Inc. | | | 33,622 | | | 0.0 | |
| 76,224 (1) | | | Sharecare, Inc. | | | 82,322 | | | 0.0 | |
| 8,906 (1) | | | SI-BONE, Inc. | | | 186,937 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 11,534 | | | SIGA Technologies, Inc. | | $ | 64,590 | | | 0.0 | |
| 9,381 (1) | | | Silk Road Medical, Inc. | | | 115,105 | | | 0.0 | |
| 3,937 | | | Simulations Plus, Inc. | | | 176,181 | | | 0.0 | |
| 35,946 (1) | | | SomaLogic, Inc. | | | 90,943 | | | 0.0 | |
| 16,137 (1) | | | SpringWorks Therapeutics, Inc. | | | 589,000 | | | 0.1 | |
| 11,628 (1) | | | STAAR Surgical Co. | | | 362,910 | | | 0.1 | |
| 6,930 (1) | | | Stoke Therapeutics, Inc. | | | 36,452 | | | 0.0 | |
| 28,654 (1) | | | Summit Therapeutics, Inc. | | | 74,787 | | | 0.0 | |
| 11,923 (1) | | | Supernus Pharmaceuticals, Inc. | | | 345,052 | | | 0.1 | |
| 18,115 (1) | | | Surgery Partners, Inc. | | | 579,499 | | | 0.1 | |
| 3,386 (1) | | | Surmodics, Inc. | | | 123,081 | | | 0.0 | |
| 15,315 (1) | | | Sutro Biopharma, Inc. | | | 65,701 | | | 0.0 | |
| 15,700 (1) | | | Syndax Pharmaceuticals, Inc. | | | 339,277 | | | 0.1 | |
| 5,782 (1) | | | Tactile Systems Technology, Inc. | | | 82,683 | | | 0.0 | |
| 11,169 (1)(2) | | | Tango Therapeutics, Inc. | | | 110,573 | | | 0.0 | |
| 2,127 (1) | | | Taro Pharmaceutical Industries Ltd. | | | 88,866 | | | 0.0 | |
| 6,865 (1)(2) | | | Tarsus Pharmaceuticals, Inc. | | | 139,016 | | | 0.0 | |
| 4,417 (1) | | | Tela Bio, Inc. | | | 29,241 | | | 0.0 | |
| 11,330 (1) | | | Tenaya Therapeutics, Inc. | | | 36,709 | | | 0.0 | |
| 10,581 (1) | | | Terns Pharmaceuticals, Inc. | | | 68,671 | | | 0.0 | |
| 32,960 (1) | | | TG Therapeutics, Inc. | | | 562,957 | | | 0.1 | |
| 14,634 (1)(2) | | | Theravance Biopharma, Inc. | | | 164,486 | | | 0.0 | |
| 4,881 (1) | | | Third Harmonic Bio, Inc. | | | 53,545 | | | 0.0 | |
| 7,618 (1) | | | TransMedics Group, Inc. | | | 601,289 | | | 0.1 | |
| 17,833 (1) | | | Travere Therapeutics, Inc. | | | 160,319 | | | 0.0 | |
| 11,121 (1) | | | Treace Medical Concepts, Inc. | | | 141,793 | | | 0.0 | |
| 13,634 (1) | | | Twist Bioscience Corp. | | | 502,549 | | | 0.1 | |
| 3,515 (1) | | | Tyra Biosciences, Inc. | | | 48,683 | | | 0.0 | |
| 1,719 (1) | | | UFP Technologies, Inc. | | | 295,737 | | | 0.1 | |
| 6,654 (1) | | | UroGen Pharma Ltd. | | | 99,810 | | | 0.0 | |
| 3,408 | | | US Physical Therapy, Inc. | | | 317,421 | | | 0.1 | |
| 987 | | | Utah Medical Products, Inc. | | | 83,125 | | | 0.0 | |
| 15,003 (1) | | | Vanda Pharmaceuticals, Inc. | | | 63,313 | | | 0.0 | |
| 9,808 (1) | | | Varex Imaging Corp. | | | 201,064 | | | 0.0 | |
| 22,566 (1) | | | Vaxcyte, Inc. | | | 1,417,145 | | | 0.2 | |
| 11,470 (1) | | | Ventyx Biosciences, Inc. | | | 28,331 | | | 0.0 | |
| 8,347 (1) | | | Vera Therapeutics, Inc. | | | 128,377 | | | 0.0 | |
| 17,394 (1) | | | Veracyte, Inc. | | | 478,509 | | | 0.1 | |
| 11,500 (1) | | | Vericel Corp. | | | 409,515 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Health Care: (continued) | | | | | | | |
| 5,510 (1)(2) | | | Verrica Pharmaceuticals, Inc. | | $ | 40,333 | | | 0.0 | |
| 12,392 (1) | | | Verve Therapeutics, Inc. | | | 172,744 | | | 0.0 | |
| 9,009 (1) | | | Viemed Healthcare, Inc. | | | 70,721 | | | 0.0 | |
| 4,159 (1) | | | Vigil Neuroscience, Inc. | | | 14,057 | | | 0.0 | |
| 23,048 (1) | | | Viking Therapeutics, Inc. | | | 428,923 | | | 0.1 | |
| 20,410 (1) | | | Vir Biotechnology, Inc. | | | 205,325 | | | 0.0 | |
| 9,998 (1)(2) | | | Viridian Therapeutics, Inc. | | | 217,756 | | | 0.0 | |
| 9,849 (1) | | | Vor BioPharma, Inc. | | | 22,160 | | | 0.0 | |
| 7,859 (1) | | | Voyager Therapeutics, Inc. | | | 66,330 | | | 0.0 | |
| 14,959 (1) | | | WaVe Life Sciences Ltd. | | | 75,543 | | | 0.0 | |
| 30,517 (1) | | | X4 Pharmaceuticals, Inc. | | | 25,588 | | | 0.0 | |
| 13,952 (1) | | | Xencor, Inc. | | | 296,201 | | | 0.1 | |
| 33,220 (1) | | | Xeris Biopharma Holdings, Inc. | | | 78,067 | | | 0.0 | |
| 2,005 (1) | | | XOMA Corp. | | | 37,092 | | | 0.0 | |
| 9,189 (1) | | | Y-mAbs Therapeutics, Inc. | | | 62,669 | | | 0.0 | |
| 14,200 (1) | | | Zentalis Pharmaceuticals, Inc. | | | 215,130 | | | 0.0 | |
| 9,233 (1)(2) | | | Zevra Therapeutics, Inc. | | | 60,476 | | | 0.0 | |
| 6,453 (1) | | | Zimvie, Inc. | | | 114,541 | | | 0.0 | |
| 4,632 (1) | | | Zura Bio Ltd. | | | 21,631 | | | 0.0 | |
| 13,247 (1) | | | Zymeworks, Inc. | | | 137,636 | | | 0.0 | |
| 4,804 (1) | | | Zynex, Inc. | | | 52,316 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Industrials: 16.4% | | | | | | | |
| 15,196 (1)(2) | | | 374Water, Inc. | | | 21,578 | | | 0.0 | |
| 30,514 (1) | | | 3D Systems Corp. | | | 193,764 | | | 0.0 | |
| 16,279 | | | AAON, Inc. | | | 1,202,530 | | | 0.2 | |
| 8,342 (1) | | | AAR Corp. | | | 520,541 | | | 0.1 | |
| 15,729 | | | ABM Industries, Inc. | | | 705,131 | | | 0.1 | |
| 23,028 | | | ACCO Brands Corp. | | | 140,010 | | | 0.0 | |
| 30,569 (1) | | | ACV Auctions, Inc. - Class A | | | 463,120 | | | 0.1 | |
| 6,217 (1) | | | AeroVironment, Inc. | | | 783,591 | | | 0.1 | |
| 6,220 (1) | | | AerSale Corp. | | | 78,963 | | | 0.0 | |
| 13,768 (1) | | | Air Transport Services Group, Inc. | | | 242,454 | | | 0.0 | |
| 2,467 | | | Alamo Group, Inc. | | | 518,539 | | | 0.1 | |
| 7,494 | | | Albany International Corp. - Class A | | | 736,061 | | | 0.1 | |
| 95,135 (1) | | | Alight, Inc. - Class A | | | 811,502 | | | 0.1 | |
| 3,865 | | | Allegiant Travel Co. | | | 319,288 | | | 0.1 | |
| 3,502 | | | Allient, Inc. | | | 105,795 | | | 0.0 | |
| 5,355 | | | Alta Equipment Group, Inc. | | | 66,241 | | | 0.0 | |
| 7,711 (1)(2) | | | Ameresco, Inc. - Class A | | | 244,207 | | | 0.0 | |
| 3,963 (1) | | | American Woodmark Corp. | | | 367,965 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 50,039 (1) | | | API Group Corp. | | $ | 1,731,349 | | | 0.3 | |
| 5,119 | | | Apogee Enterprises, Inc. | | | 273,406 | | | 0.1 | |
| 9,247 | | | Applied Industrial Technologies, Inc. | | | 1,596,864 | | | 0.3 | |
| 5,748 | | | ArcBest Corp. | | | 690,967 | | | 0.1 | |
| 36,526 (1)(2) | | | Archer Aviation, Inc. - Class A | | | 224,270 | | | 0.0 | |
| 11,609 | | | Arcosa, Inc. | | | 959,368 | | | 0.2 | |
| 3,292 | | | Argan, Inc. | | | 154,033 | | | 0.0 | |
| 7,524 | | | Aris Water Solutions, Inc. - Class A | | | 63,126 | | | 0.0 | |
| 36,346 (1) | | | Array Technologies, Inc. | | | 610,613 | | | 0.1 | |
| 11,372 (1) | | | ASGN, Inc. | | | 1,093,645 | | | 0.2 | |
| 5,709 | | | Astec Industries, Inc. | | | 212,375 | | | 0.0 | |
| 6,748 (1) | | | Astronics Corp. | | | 117,550 | | | 0.0 | |
| 4,822 (1) | | | Asure Software, Inc. | | | 45,905 | | | 0.0 | |
| 9,056 (1) | | | Atkore, Inc. | | | 1,448,960 | | | 0.2 | |
| 6,022 | | | AZZ, Inc. | | | 349,818 | | | 0.1 | |
| 15,156 (1) | | | Babcock & Wilcox Enterprises, Inc. | | | 22,128 | | | 0.0 | |
| 11,789 | | | Barnes Group, Inc. | | | 384,675 | | | 0.1 | |
| 1,696 | | | Barrett Business Services, Inc. | | | 196,397 | | | 0.0 | |
| 12,967 (1) | | | Beacon Roofing Supply, Inc. | | | 1,128,388 | | | 0.2 | |
| 29,751 (1) | | | BlackSky Technology, Inc. | | | 41,651 | | | 0.0 | |
| 15,757 (1) | | | Blade Air Mobility, Inc. | | | 55,622 | | | 0.0 | |
| 12,695 (1)(2) | | | Blink Charging Co. | | | 43,036 | | | 0.0 | |
| 46,112 (1)(2) | | | Bloom Energy Corp. - Class A | | | 682,458 | | | 0.1 | |
| 5,706 (1) | | | Blue Bird Corp. | | | 153,834 | | | 0.0 | |
| 2,160 (1) | | | BlueLinx Holdings, Inc. | | | 244,750 | | | 0.1 | |
| 9,548 | | | Boise Cascade Co. | | | 1,235,129 | | | 0.2 | |
| 2,604 (1) | | | Bowman Consulting Group Ltd. | | | 92,494 | | | 0.0 | |
| 10,744 (1) | | | BrightView Holdings, Inc. | | | 90,464 | | | 0.0 | |
| 11,101 | | | Brink’s Co. | | | 976,333 | | | 0.2 | |
| 6,944 | | | Brookfield Business Corp. - Class A | | | 161,656 | | | 0.0 | |
| 4,860 | | | Cadre Holdings, Inc. | | | 159,845 | | | 0.0 | |
| 13,510 (1) | | | Casella Waste Systems, Inc. - Class A | | | 1,154,565 | | | 0.2 | |
| 11,614 (1) | | | CBIZ, Inc. | | | 726,920 | | | 0.1 | |
| 7,467 (1) | | | CECO Environmental Corp. | | | 151,431 | | | 0.0 | |
| 10,319 (1) | | | Chart Industries, Inc. | | | 1,406,789 | | | 0.2 | |
| 4,305 (1) | | | Cimpress PLC | | | 344,615 | | | 0.1 | |
| 6,943 | | | Columbus McKinnon Corp. | | | 270,916 | | | 0.1 | |
| 8,474 | | | Comfort Systems USA, Inc. | | | 1,742,848 | | | 0.3 | |
| 7,918 (1) | | | Commercial Vehicle Group, Inc. | | | 55,505 | | | 0.0 | |
| 7,938 (1) | | | Concrete Pumping Holdings, Inc. | | | 65,092 | | | 0.0 | |
| 42,347 (1) | | | Conduent, Inc. | | | 154,567 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 9,671 (1) | | | Construction Partners, Inc. - Class A | | $ | 420,882 | | | 0.1 | |
| 27,676 (1) | | | CoreCivic, Inc. | | | 402,132 | | | 0.1 | |
| 12,794 | | | Costamare, Inc. | | | 133,186 | | | 0.0 | |
| 2,225 | | | Covenant Logistics Group, Inc. | | | 102,439 | | | 0.0 | |
| 1,787 | | | CRA International, Inc. | | | 176,645 | | | 0.0 | |
| 3,709 | | | CSW Industrials, Inc. | | | 769,284 | | | 0.1 | |
| 15,468 (1) | | | Custom Truck One Source, Inc. | | | 95,592 | | | 0.0 | |
| 10,261 (1) | | | Daseke, Inc. | | | 83,114 | | | 0.0 | |
| 10,637 | | | Deluxe Corp. | | | 228,164 | | | 0.0 | |
| 67,026 (1)(2) | | | Desktop Metal, Inc. - Class A | | | 50,337 | | | 0.0 | |
| 2,477 (1) | | | Distribution Solutions Group, Inc. | | | 78,174 | | | 0.0 | |
| 5,631 | | | Douglas Dynamics, Inc. | | | 167,128 | | | 0.0 | |
| 3,005 (1) | | | Ducommun, Inc. | | | 156,440 | | | 0.0 | |
| 3,700 (1) | | | DXP Enterprises, Inc. | | | 124,690 | | | 0.0 | |
| 6,909 (1) | | | Dycom Industries, Inc. | | | 795,157 | | | 0.1 | |
| 2,513 (2) | | | Eagle Bulk Shipping, Inc. | | | 139,220 | | | 0.0 | |
| 3,617 | | | Encore Wire Corp. | | | 772,591 | | | 0.1 | |
| 13,470 (1) | | | Energy Recovery, Inc. | | | 253,775 | | | 0.1 | |
| 24,172 (1) | | | Energy Vault Holdings, Inc. | | | 56,321 | | | 0.0 | |
| 13,538 | | | Enerpac Tool Group Corp. | | | 420,896 | | | 0.1 | |
| 9,851 | | | EnerSys | | | 994,557 | | | 0.2 | |
| 6,772 | | | Ennis, Inc. | | | 148,375 | | | 0.0 | |
| 32,849 (1)(2) | | | Enovix Corp. | | | 411,269 | | | 0.1 | |
| 5,081 | | | EnPro Industries, Inc. | | | 796,396 | | | 0.1 | |
| 19,621 (1) | | | Enviri Corp. | | | 176,589 | | | 0.0 | |
| 26,436 (1)(2) | | | Eos Energy Enterprises, Inc. | | | 28,815 | | | 0.0 | |
| 6,237 | | | ESCO Technologies, Inc. | | | 729,916 | | | 0.1 | |
| 24,501 (1)(2) | | | ESS Tech, Inc. | | | 27,931 | | | 0.0 | |
| 4,725 (1) | | | Eve Holding, Inc. | | | 34,587 | | | 0.0 | |
| 1,308 | | | EVI Industries, Inc. | | | 31,039 | | | 0.0 | |
| 12,137 | | | Exponent, Inc. | | | 1,068,541 | | | 0.2 | |
| 14,316 | | | Federal Signal Corp. | | | 1,098,610 | | | 0.2 | |
| 13,929 | | | First Advantage Corp. | | | 230,804 | | | 0.0 | |
| 15,345 (1) | | | FiscalNote Holdings, Inc. | | | 17,493 | | | 0.0 | |
| 13,844 (1) | | | Fluence Energy, Inc. | | | 330,179 | | | 0.1 | |
| 34,080 (1) | | | Fluor Corp. | | | 1,334,914 | | | 0.2 | |
| 3,102 (1) | | | Forrester Research, Inc. | | | 83,165 | | | 0.0 | |
| 6,194 | | | Forward Air Corp. | | | 389,417 | | | 0.1 | |
| 3,027 (1) | | | Franklin Covey Co. | | | 131,765 | | | 0.0 | |
| 11,030 | | | Franklin Electric Co., Inc. | | | 1,066,050 | | | 0.2 | |
| 9,452 (1) | | | Frontier Group Holdings, Inc. | | | 51,608 | | | 0.0 | |
| 24,035 | | | FTAI Aviation Ltd. | | | 1,115,224 | | | 0.2 | |
| 25,523 | | | FTAI Infrastructure, Inc. | | | 99,284 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 105,224 (1) | | | FuelCell Energy, Inc. | | $ | 168,358 | | | 0.0 | |
| 8,537 | | | GATX Corp. | | | 1,026,318 | | | 0.2 | |
| 9,878 | | | Genco Shipping & Trading Ltd. | | | 163,876 | | | 0.0 | |
| 29,360 (1) | | | GEO Group, Inc. | | | 317,969 | | | 0.1 | |
| 7,380 (1) | | | Gibraltar Industries, Inc. | | | 582,872 | | | 0.1 | |
| 3,380 | | | Global Industrial Co. | | | 131,279 | | | 0.0 | |
| 9,910 (1) | | | GMS, Inc. | | | 816,881 | | | 0.1 | |
| 29,709 | | | Golden Ocean Group Ltd. | | | 289,960 | | | 0.1 | |
| 5,939 | | | Gorman-Rupp Co. | | | 211,013 | | | 0.0 | |
| 47,882 | | | GrafTech International Ltd. | | | 104,862 | | | 0.0 | |
| 10,674 | | | Granite Construction, Inc. | | | 542,880 | | | 0.1 | |
| 16,717 (1) | | | Great Lakes Dredge & Dock Corp. | | | 128,387 | | | 0.0 | |
| 7,421 | | | Greenbrier Cos., Inc. | | | 327,860 | | | 0.1 | |
| 10,044 | | | Griffon Corp. | | | 612,182 | | | 0.1 | |
| 7,866 | | | H&E Equipment Services, Inc. | | | 411,549 | | | 0.1 | |
| 12,586 (1) | | | Hawaiian Holdings, Inc. | | | 178,721 | | | 0.0 | |
| 18,249 (1) | | | Healthcare Services Group, Inc. | | | 189,242 | | | 0.0 | |
| 11,957 | | | Heartland Express, Inc. | | | 170,507 | | | 0.0 | |
| 4,884 | | | Heidrick & Struggles International, Inc. | | | 144,225 | | | 0.0 | |
| 7,943 | | | Helios Technologies, Inc. | | | 360,215 | | | 0.1 | |
| 6,790 | | | Herc Holdings, Inc. | | | 1,010,963 | | | 0.2 | |
| 16,652 | | | Hillenbrand, Inc. | | | 796,798 | | | 0.1 | |
| 45,886 (1) | | | Hillman Solutions Corp. | | | 422,610 | | | 0.1 | |
| 11,221 | | | HNI Corp. | | | 469,374 | | | 0.1 | |
| 7,496 (1) | | | Hub Group, Inc. - Class A | | | 689,182 | | | 0.1 | |
| 11,093 (1) | | | Hudson Technologies, Inc. | | | 149,645 | | | 0.0 | |
| 4,641 (1) | | | Huron Consulting Group, Inc. | | | 477,095 | | | 0.1 | |
| 37,655 (1) | | | Hyliion Holdings Corp. | | | 30,640 | | | 0.0 | |
| 2,649 | | | Hyster-Yale Materials Handling, Inc. | | | 164,741 | | | 0.0 | |
| 2,849 (1) | | | IBEX Holdings Ltd. | | | 54,159 | | | 0.0 | |
| 4,516 | | | ICF International, Inc. | | | 605,550 | | | 0.1 | |
| 2,097 (1) | | | IES Holdings, Inc. | | | 166,124 | | | 0.0 | |
| 6,187 (1)(2) | | | Innodata, Inc. | | | 50,362 | | | 0.0 | |
| 17,921 (1) | | | INNOVATE Corp. | | | 22,043 | | | 0.0 | |
| 8,490 | | | Insperity, Inc. | | | 995,198 | | | 0.2 | |
| 4,762 | | | Insteel Industries, Inc. | | | 182,337 | | | 0.0 | |
| 14,800 | | | Interface, Inc. | | | 186,776 | | | 0.0 | |
| 20,853 (1) | | | Janus International Group, Inc. | | | 272,132 | | | 0.1 | |
| 20,654 (1) | | | JELD-WEN Holding, Inc. | | | 389,948 | | | 0.1 | |
| 79,464 (1) | | | JetBlue Airways Corp. | | | 441,025 | | | 0.1 | |
| 66,885 (1) | | | Joby Aviation, Inc. | | | 444,785 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 7,614 | | | John Bean Technologies Corp. | | $ | 757,212 | | | 0.1 | |
| 2,777 | | | Kadant, Inc. | | | 778,421 | | | 0.1 | |
| 7,038 | | | Kaman Corp. | | | 168,560 | | | 0.0 | |
| 8,007 | | | Kelly Services, Inc. - Class A | | | 173,111 | | | 0.0 | |
| 19,090 | | | Kennametal, Inc. | | | 492,331 | | | 0.1 | |
| 4,667 | | | Kforce, Inc. | | | 315,303 | | | 0.1 | |
| 12,581 | | | Korn Ferry | | | 746,682 | | | 0.1 | |
| 30,301 (1) | | | Kratos Defense & Security Solutions, Inc. | | | 614,807 | | | 0.1 | |
| 5,060 (1) | | | LanzaTech Global, Inc. | | | 25,452 | | | 0.0 | |
| 26,860 (1) | | | Legalzoom.com, Inc. | | | 303,518 | | | 0.1 | |
| 15,305 (1) | | | Leonardo DRS, Inc. | | | 306,712 | | | 0.1 | |
| 34,226 (1)(2) | | | Li-Cycle Holdings Corp. | | | 20,015 | | | 0.0 | |
| 2,341 (1) | | | Limbach Holdings, Inc. | | | 106,445 | | | 0.0 | |
| 2,682 | | | Lindsay Corp. | | | 346,407 | | | 0.1 | |
| 6,023 (1) | | | Liquidity Services, Inc. | | | 103,656 | | | 0.0 | |
| 6,736 | | | LSI Industries, Inc. | | | 94,843 | | | 0.0 | |
| 6,936 | | | Luxfer Holdings PLC | | | 62,008 | | | 0.0 | |
| 8,660 (1) | | | Manitowoc Co., Inc. | | | 144,535 | | | 0.0 | |
| 14,568 | | | Marten Transport Ltd. | | | 305,637 | | | 0.1 | |
| 5,295 (1) | | | Masonite International Corp. | | | 448,275 | | | 0.1 | |
| 31,288 (1) | | | Masterbrand, Inc. | | | 464,627 | | | 0.1 | |
| 8,422 | | | Matson, Inc. | | | 923,051 | | | 0.2 | |
| 7,348 | | | Matthews International Corp. - Class A | | | 269,304 | | | 0.1 | |
| 2,829 (1) | | | Mayville Engineering Co., Inc. | | | 40,794 | | | 0.0 | |
| 5,991 | | | McGrath RentCorp | | | 716,643 | | | 0.1 | |
| 51,182 (1) | | | Microvast Holdings, Inc. | | | 71,655 | | | 0.0 | |
| 3,020 | | | Miller Industries, Inc. | | | 127,716 | | | 0.0 | |
| 17,896 | | | MillerKnoll, Inc. | | | 477,465 | | | 0.1 | |
| 6,662 (1) | | | Montrose Environmental Group, Inc. | | | 214,050 | | | 0.0 | |
| 6,865 | | | Moog, Inc. - Class A | | | 993,915 | | | 0.2 | |
| 20,364 (1) | | | MRC Global, Inc. | | | 224,208 | | | 0.0 | |
| 26,774 | | | Mueller Industries, Inc. | | | 1,262,394 | | | 0.2 | |
| 37,386 | | | Mueller Water Products, Inc. - Class A | | | 538,358 | | | 0.1 | |
| 3,953 (1) | | | MYR Group, Inc. | | | 571,722 | | | 0.1 | |
| 1,428 | | | National Presto Industries, Inc. | | | 114,640 | | | 0.0 | |
| 11,840 (1) | | | NEXTracker, Inc. - Class A | | | 554,704 | | | 0.1 | |
| 147,339 (1) | | | Nikola Corp. | | | 128,892 | | | 0.0 | |
| 2,784 (1) | | | Northwest Pipe Co. | | | 84,244 | | | 0.0 | |
| 26,085 (1) | | | NOW, Inc. | | | 295,282 | | | 0.1 | |
| 13,092 (1)(2) | | | NuScale Power Corp. | | | 43,073 | | | 0.0 | |
| 3,319 (1) | | | NV5 Global, Inc. | | | 368,807 | | | 0.1 | |
| 844 | | | Omega Flex, Inc. | | | 59,510 | | | 0.0 | |
| 26,175 (1) | | | OPENLANE, Inc. | | | 387,652 | | | 0.1 | |
| 9,892 | | | Pangaea Logistics Solutions Ltd. | | | 81,510 | | | 0.0 | |
| 5,225 | | | Park Aerospace Corp. | | | 76,808 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 1,717 | | | Park-Ohio Holdings Corp. | | $ | 46,290 | | | 0.0 | |
| 9,733 (1) | | | Parsons Corp. | | | 610,356 | | | 0.1 | |
| 17,571 (1) | | | Performant Financial Corp. | | | 54,909 | | | 0.0 | |
| 13,756 (1) | | | PGT Innovations, Inc. | | | 559,869 | | | 0.1 | |
| 43,090 | | | Pitney Bowes, Inc. | | | 189,596 | | | 0.0 | |
| 41,651 (1) | | | Planet Labs PBC | | | 102,878 | | | 0.0 | |
| 2,282 | | | Powell Industries, Inc. | | | 201,729 | | | 0.0 | |
| 657 | | | Preformed Line Products Co. | | | 87,946 | | | 0.0 | |
| 12,918 | | | Primoris Services Corp. | | | 429,007 | | | 0.1 | |
| 6,453 (1) | | | Proto Labs, Inc. | | | 251,409 | | | 0.1 | |
| 7,560 (1) | | | Quad/Graphics, Inc. | | | 40,975 | | | 0.0 | |
| 8,098 | | | Quanex Building Products Corp. | | | 247,556 | | | 0.1 | |
| 10,231 (1) | | | Radiant Logistics, Inc. | | | 67,934 | | | 0.0 | |
| 35,173 (1) | | | Resideo Technologies, Inc. | | | 661,956 | | | 0.1 | |
| 8,181 | | | Resources Connection, Inc. | | | 115,925 | | | 0.0 | |
| 7,680 | | | REV Group, Inc. | | | 139,546 | | | 0.0 | |
| 66,389 (1) | | | Rocket Lab USA, Inc. | | | 367,131 | | | 0.1 | |
| 16,523 | | | Rush Enterprises, Inc. - Class A | | | 831,107 | | | 0.1 | |
| 642 | | | Rush Enterprises, Inc. - Class B | | | 34,013 | | | 0.0 | |
| 28,295 (1) | | | RXO, Inc. | | | 658,142 | | | 0.1 | |
| 30,796 (1) | | | SES AI Corp. | | | 56,357 | | | 0.0 | |
| 41,151 (1) | | | Shoals Technologies Group, Inc. - Class A | | | 639,487 | | | 0.1 | |
| 8,584 | | | Shyft Group, Inc. | | | 104,896 | | | 0.0 | |
| 10,272 | | | Simpson Manufacturing Co., Inc. | | | 2,033,651 | | | 0.3 | |
| 1,143 (1) | | | SKILLSOFT Corp. | | | 20,094 | | | 0.0 | |
| 9,798 (1) | | | SkyWest, Inc. | | | 511,456 | | | 0.1 | |
| 18,445 (1) | | | SKYX Platforms Corp. | | | 29,512 | | | 0.0 | |
| 4,607 (1) | | | SP Plus Corp. | | | 236,109 | | | 0.0 | |
| 26,452 | | | Spirit Airlines, Inc. | | | 433,548 | | | 0.1 | |
| 10,649 (1) | | | SPX Technologies, Inc. | | | 1,075,656 | | | 0.2 | |
| 2,894 | | | Standex International Corp. | | | 458,352 | | | 0.1 | |
| 21,309 | | | Steelcase, Inc. - Class A | | | 288,098 | | | 0.1 | |
| 34,647 (1)(2) | | | Stem, Inc. | | | 134,430 | | | 0.0 | |
| 7,233 (1) | | | Sterling Check Corp. | | | 100,683 | | | 0.0 | |
| 7,253 (1) | | | Sterling Infrastructure, Inc. | | | 637,756 | | | 0.1 | |
| 9,370 (1) | | | Sun Country Airlines Holdings, Inc. | | | 147,390 | | | 0.0 | |
| 20,917 (1)(2) | | | SunPower Corp. | | | 101,029 | | | 0.0 | |
| 4,438 | | | Tennant Co. | | | 411,358 | | | 0.1 | |
| 15,954 | | | Terex Corp. | | | 916,717 | | | 0.2 | |
| 21,818 (1) | | | Terran Orbital Corp. | | | 24,873 | | | 0.0 | |
| 9,640 | | | Textainer Group Holdings Ltd. | | | 474,288 | | | 0.1 | |
| 8,371 (1) | | | Thermon Group Holdings, Inc. | | | 272,643 | | | 0.1 | |
| 12,682 (1) | | | Titan International, Inc. | | | 188,708 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Industrials: (continued) | | | | | | | |
| 5,123 (1) | | | Titan Machinery, Inc. | | $ | 147,952 | | | 0.0 | |
| 10,151 (1)(2) | | | TPI Composites, Inc. | | | 42,025 | | | 0.0 | |
| 1,855 (1) | | | Transcat, Inc. | | | 202,807 | | | 0.0 | |
| 7,676 (1)(2) | | | TriNet Group, Inc. | | | 912,907 | | | 0.2 | |
| 19,557 | | | Trinity Industries, Inc. | | | 520,021 | | | 0.1 | |
| 15,317 (1) | | | Triumph Group, Inc. | | | 253,956 | | | 0.1 | |
| 7,629 (1) | | | TrueBlue, Inc. | | | 117,029 | | | 0.0 | |
| 4,749 | | | TTEC Holdings, Inc. | | | 102,911 | | | 0.0 | |
| 40,556 (1) | | | TuSimple Holdings, Inc. - Class A | | | 35,600 | | | 0.0 | |
| 10,619 (1) | | | Tutor Perini Corp. | | | 96,633 | | | 0.0 | |
| 14,199 | | | UFP Industries, Inc. | | | 1,782,684 | | | 0.3 | |
| 3,591 | | | UniFirst Corp. | | | 656,830 | | | 0.1 | |
| 1,829 | | | Universal Logistics Holdings, Inc. | | | 51,249 | | | 0.0 | |
| 29,616 (1) | | | Upwork, Inc. | | | 440,390 | | | 0.1 | |
| 3,068 (1) | | | V2X, Inc. | | | 142,478 | | | 0.0 | |
| 21,520 (1) | | | Velo3D, Inc. | | | 8,556 | | | 0.0 | |
| 33,440 (1) | | | Verra Mobility Corp. | | | 770,123 | | | 0.1 | |
| 5,123 (1) | | | Viad Corp. | | | 185,453 | | | 0.0 | |
| 5,305 (1) | | | Vicor Corp. | | | 238,407 | | | 0.0 | |
| 78,510 (1) | | | Virgin Galactic Holdings, Inc. | | | 192,350 | | | 0.0 | |
| 2,885 | | | VSE Corp. | | | 186,400 | | | 0.0 | |
| 11,137 | | | Wabash National Corp. | | | 285,330 | | | 0.1 | |
| 6,501 | | | Watts Water Technologies, Inc. - Class A | | | 1,354,418 | | | 0.2 | |
| 14,957 | | | Werner Enterprises, Inc. | | | 633,728 | | | 0.1 | |
| 3,194 (1) | | | Willdan Group, Inc. | | | 68,671 | | | 0.0 | |
| 8,128 (1) | | | Xometry, Inc. - Class A | | | 291,876 | | | 0.1 | |
| 34,891 | | | Zurn Elkay Water Solutions Corp. | | | 1,026,144 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Information Technology: 14.0% | | | | | | | |
| 28,524 (1) | | | 8x8, Inc. | | | 107,821 | | | 0.0 | |
| 5,688 (1) | | | 908 Devices, Inc. | | | 63,819 | | | 0.0 | |
| 17,244 | | | A10 Networks, Inc. | | | 227,103 | | | 0.0 | |
| 26,057 (1) | | | ACI Worldwide, Inc. | | | 797,344 | | | 0.1 | |
| 11,605 (1) | | | ACM Research, Inc. - Class A | | | 226,762 | | | 0.0 | |
| 26,411 | | | Adeia, Inc. | | | 327,232 | | | 0.1 | |
| 19,337 | | | ADTRAN Holdings, Inc. | | | 141,934 | | | 0.0 | |
| 9,025 | | | Advanced Energy Industries, Inc. | | | 983,003 | | | 0.2 | |
| 6,475 (1)(2) | | | Aehr Test Systems | | | 171,782 | | | 0.0 | |
| 4,845 (1) | | | Agilysys, Inc. | | | 410,953 | | | 0.1 | |
| 11,537 (1) | | | Alarm.com Holdings, Inc. | | | 745,521 | | | 0.1 | |
| 9,702 (1) | | | Alkami Technology, Inc. | | | 235,273 | | | 0.0 | |
| 5,623 (1) | | | Alpha & Omega Semiconductor Ltd. | | | 146,535 | | | 0.0 | |
| 12,858 (1) | | | Altair Engineering, Inc. - Class A | | | 1,082,001 | | | 0.2 | |
| 8,985 (1) | | | Ambarella, Inc. | | | 550,691 | | | 0.1 | |
| 8,227 | | | American Software, Inc. - Class A | | | 92,965 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | | Information Technology: (continued) |
| 25,356 | | | Amkor Technology, Inc. | | $ | 843,594 | | | 0.1 | |
| 16,290 (1) | | | Amplitude, Inc. - Class A | | | 207,209 | | | 0.0 | |
| 4,600 (1) | | | Appfolio, Inc. - Class A | | | 796,904 | | | 0.1 | |
| 9,842 (1) | | | Appian Corp. - Class A | | | 370,650 | | | 0.1 | |
| 19,693 (1) | | | Applied Digital Corp. | | | 132,731 | | | 0.0 | |
| 21,095 (1) | | | Arlo Technologies, Inc. | | | 200,824 | | | 0.0 | |
| 18,876 (1) | | | Asana, Inc. - Class A | | | 358,833 | | | 0.1 | |
| 5,050 (1)(2) | | | Atomera, Inc. | | | 35,400 | | | 0.0 | |
| 81,448 (1) | | | Aurora Innovation, Inc. | | | 355,928 | | | 0.1 | |
| 37,698 (1) | | | AvePoint, Inc. | | | 309,501 | | | 0.1 | |
| 2,992 (1) | | | Aviat Networks, Inc. | | | 97,719 | | | 0.0 | |
| 7,789 (1) | | | Axcelis Technologies, Inc. | | | 1,010,155 | | | 0.2 | |
| 7,090 | | | Badger Meter, Inc. | | | 1,094,483 | | | 0.2 | |
| 2,569 | | | Bel Fuse, Inc. - Class B | | | 171,532 | | | 0.0 | |
| 10,221 | | | Belden, Inc. | | | 789,572 | | | 0.1 | |
| 8,855 | | | Benchmark Electronics, Inc. | | | 244,752 | | | 0.1 | |
| 16,755 (1) | | | BigCommerce Holdings, Inc. | | | 163,026 | | | 0.0 | |
| 21,208 (1) | | | Bit Digital, Inc. | | | 89,710 | | | 0.0 | |
| 10,495 (1) | | | Blackbaud, Inc. | | | 909,916 | | | 0.2 | |
| 13,474 (1) | | | Blackline, Inc. | | | 841,317 | | | 0.1 | |
| 33,591 (1) | | | Box, Inc. - Class A | | | 860,265 | | | 0.2 | |
| 12,524 (1) | | | Braze, Inc. - Class A | | | 665,400 | | | 0.1 | |
| 12,580 (1) | | | Brightcove, Inc. | | | 32,582 | | | 0.0 | |
| 19,328 (1)(2) | | | C3.ai, Inc. - Class A | | | 554,907 | | | 0.1 | |
| 14,109 (1) | | | Calix, Inc. | | | 616,422 | | | 0.1 | |
| 9,885 (1) | | | Cerence, Inc. | | | 194,339 | | | 0.0 | |
| 5,783 (1) | | | CEVA, Inc. | | | 131,332 | | | 0.0 | |
| 10,790 (1) | | | Cipher Mining, Inc. | | | 44,563 | | | 0.0 | |
| 35,855 (1) | | | Cleanspark, Inc. | | | 395,481 | | | 0.1 | |
| 19,866 | | | Clear Secure, Inc. - Class A | | | 410,233 | | | 0.1 | |
| 3,207 (1)(2) | | | Clearfield, Inc. | | | 93,260 | | | 0.0 | |
| 1,154 | | | Climb Global Solutions, Inc. | | | 63,274 | | | 0.0 | |
| 11,377 (1) | | | Cohu, Inc. | | | 402,632 | | | 0.1 | |
| 51,022 (1) | | | CommScope Holding Co., Inc. | | | 143,882 | | | 0.0 | |
| 10,567 (1) | | | CommVault Systems, Inc. | | | 843,775 | | | 0.1 | |
| 7,023 | | | Comtech Telecommunications Corp. | | | 59,204 | | | 0.0 | |
| 4,891 (1) | | | Consensus Cloud Solutions, Inc. | | | 128,193 | | | 0.0 | |
| 9,551 (1) | | | Corsair Gaming, Inc. | | | 134,669 | | | 0.0 | |
| 8,249 (1) | | | Couchbase, Inc. | | | 185,767 | | | 0.0 | |
| 26,837 (1) | | | Credo Technology Group Holding Ltd. | | | 522,516 | | | 0.1 | |
| 5,325 (1) | | | CS Disco, Inc. | | | 40,417 | | | 0.0 | |
| 7,568 | | | CSG Systems International, Inc. | | | 402,693 | | | 0.1 | |
| 7,521 | | | CTS Corp. | | | 328,969 | | | 0.1 | |
| 9,408 (1) | | | Daktronics, Inc. | | | 79,780 | | | 0.0 | |
| 8,475 (1) | | | Digi International, Inc. | | | 220,350 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) | | | | |
| 3,512 (1)(2) | | | Digimarc Corp. | | $ | 126,853 | | | 0.0 | |
| 22,178 (1) | | | Digital Turbine, Inc. | | | 152,141 | | | 0.0 | |
| 15,262 (1) | | | DigitalOcean Holdings, Inc. | | | 559,963 | | | 0.1 | |
| 10,808 (1) | | | Diodes, Inc. | | | 870,260 | | | 0.2 | |
| 7,785 (1) | | | Domo, Inc. - Class B | | | 80,108 | | | 0.0 | |
| 42,288 (1) | | | E2open Parent Holdings, Inc. | | | 185,644 | | | 0.0 | |
| 14,778 (1) | | | Eastman Kodak Co. | | | 57,634 | | | 0.0 | |
| 8,837 (1) | | | Enfusion, Inc. - Class A | | | 85,719 | | | 0.0 | |
| 11,669 (1) | | | EngageSmart, Inc. | | | 267,220 | | | 0.1 | |
| 11,994 (1) | | | Envestnet, Inc. | | | 593,943 | | | 0.1 | |
| 6,498 (1) | | | ePlus, Inc. | | | 518,800 | | | 0.1 | |
| 9,840 (1) | | | Everbridge, Inc. | | | 239,210 | | | 0.0 | |
| 5,819 (1) | | | EverCommerce, Inc. | | | 64,184 | | | 0.0 | |
| 15,775 | | | EVERTEC, Inc. | | | 645,828 | | | 0.1 | |
| 27,613 (1) | | | Evolv Technologies Holdings, Inc. | | | 130,333 | | | 0.0 | |
| 38,644 (1) | | | ExlService Holdings, Inc. | | | 1,192,167 | | | 0.2 | |
| 13,627 (1) | | | Expensify, Inc. - Class A | | | 33,659 | | | 0.0 | |
| 30,298 (1) | | | Extreme Networks, Inc. | | | 534,457 | | | 0.1 | |
| 8,840 (1) | | | Fannie Mae | | | 1,682,517 | | | 0.3 | |
| 4,642 (1) | | | FARO Technologies, Inc. | | | 104,584 | | | 0.0 | |
| 28,492 (1) | | | Fastly, Inc. - Class A | | | 507,158 | | | 0.1 | |
| 18,624 (1) | | | FormFactor, Inc. | | | 776,807 | | | 0.1 | |
| 38,706 (1) | | | Freshworks, Inc. - Class A | | | 909,204 | | | 0.2 | |
| 13,775 (1) | | | Grid Dynamics Holdings, Inc. | | | 183,621 | | | 0.0 | |
| 6,368 | | | Hackett Group, Inc. | | | 144,999 | | | 0.0 | |
| 26,422 (1) | | | Harmonic, Inc. | | | 344,543 | | | 0.1 | |
| 5,826 (1) | | | I3 Verticals, Inc. - Class A | | | 123,336 | | | 0.0 | |
| 6,952 (1) | | | Ichor Holdings Ltd. | | | 233,796 | | | 0.0 | |
| 8,465 | | | Immersion Corp. | | | 59,763 | | | 0.0 | |
| 5,524 (1) | | | Impinj, Inc. | | | 497,326 | | | 0.1 | |
| 35,305 (1)(2) | | | indie Semiconductor, Inc. - Class A | | | 286,324 | | | 0.1 | |
| 48,764 (1)(2) | | | Infinera Corp. | | | 231,629 | | | 0.0 | |
| 6,864 (1) | | | Insight Enterprises, Inc. | | | 1,216,232 | | | 0.2 | |
| 4,885 (1) | | | Instructure Holdings, Inc. | | | 131,944 | | | 0.0 | |
| 6,400 (1) | | | Intapp, Inc. | | | 243,328 | | | 0.0 | |
| 6,355 | | | InterDigital, Inc. | | | 689,772 | | | 0.1 | |
| 2,723 (1) | | | inTEST Corp. | | | 37,033 | | | 0.0 | |
| 38,597 (1)(2) | | | IonQ, Inc. | | | 478,217 | | | 0.1 | |
| 12,054 (1) | | | Iteris, Inc. | | | 62,681 | | | 0.0 | |
| 10,936 (1) | | | Itron, Inc. | | | 825,777 | | | 0.1 | |
| 16,892 (1) | | | Jamf Holding Corp. | | | 305,070 | | | 0.1 | |
| 22,714 (1) | | | Kaltura, Inc. | | | 44,292 | | | 0.0 | |
| 6,369 (1) | | | Kimball Electronics, Inc. | | | 171,645 | | | 0.0 | |
| 21,800 (1) | | | Knowles Corp. | | | 390,438 | | | 0.1 | |
| 13,259 | | | Kulicke & Soffa Industries, Inc. | | | 725,532 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) | | | | |
| 28,243 (1) | | | Lightwave Logic, Inc. | | $ | 140,650 | | | 0.0 | |
| 17,845 (1) | | | LivePerson, Inc. | | | 67,633 | | | 0.0 | |
| 15,787 (1) | | | LiveRamp Holdings, Inc. | | | 598,012 | | | 0.1 | |
| 8,167 (1) | | | Luna Innovations, Inc. | | | 54,311 | | | 0.0 | |
| 13,029 (1) | | | MACOM Technology Solutions Holdings, Inc. | | | 1,211,046 | | | 0.2 | |
| 50,946 (1)(2) | | | Marathon Digital Holdings, Inc. | | | 1,196,722 | | | 0.2 | |
| 60,593 (1) | | | Matterport, Inc. | | | 162,995 | | | 0.0 | |
| 7,203 (1)(2) | | | Maxeon Solar Technologies Ltd. | | | 51,645 | | | 0.0 | |
| 14,593 | | | Maximus, Inc. | | | 1,223,769 | | | 0.2 | |
| 18,013 (1) | | | MaxLinear, Inc. | | | 428,169 | | | 0.1 | |
| 6,633 (1) | | | MeridianLink, Inc. | | | 164,299 | | | 0.0 | |
| 8,335 | | | Methode Electronics, Inc. | | | 189,455 | | | 0.0 | |
| 2,911 (1) | | | MicroStrategy, Inc. - Class A | | | 1,838,646 | | | 0.3 | |
| 45,425 (1)(2) | | | MicroVision, Inc. | | | 120,830 | | | 0.0 | |
| 48,866 (1) | | | Mirion Technologies, Inc. | | | 500,876 | | | 0.1 | |
| 10,676 (1) | | | Mitek Systems, Inc. | | | 139,215 | | | 0.0 | |
| 9,071 (1)(2) | | | Model N, Inc. | | | 244,282 | | | 0.1 | |
| 17,136 (1) | | | N-able, Inc. | | | 227,052 | | | 0.0 | |
| 7,708 | | | Napco Security Technologies, Inc. | | | 263,999 | | | 0.1 | |
| 26,343 (1) | | | Navitas Semiconductor Corp. | | | 212,588 | | | 0.0 | |
| 7,502 (1) | | | NETGEAR, Inc. | | | 109,379 | | | 0.0 | |
| 16,522 (1) | | | NetScout Systems, Inc. | | | 362,658 | | | 0.1 | |
| 14,063 (1) | | | NextNav, Inc. | | | 62,580 | | | 0.0 | |
| 11,181 (1) | | | nLight, Inc. | | | 150,943 | | | 0.0 | |
| 8,600 (1) | | | Novanta, Inc. | | | 1,448,326 | | | 0.2 | |
| 1,217 | | | NVE Corp. | | | 95,449 | | | 0.0 | |
| 25,198 (1) | | | Olo, Inc. - Class A | | | 144,133 | | | 0.0 | |
| 8,834 | | | ON24, Inc. | | | 69,612 | | | 0.0 | |
| 10,090 (1) | | | OneSpan, Inc. | | | 108,165 | | | 0.0 | |
| 11,758 (1) | | | Onto Innovation, Inc. | | | 1,797,798 | | | 0.3 | |
| 3,860 (1) | | | OSI Systems, Inc. | | | 498,133 | | | 0.1 | |
| 21,167 (1) | | | PagerDuty, Inc. | | | 490,016 | | | 0.1 | |
| 6,467 (1) | | | PAR Technology Corp. | | | 281,573 | | | 0.1 | |
| 2,854 | | | PC Connection, Inc. | | | 191,817 | | | 0.0 | |
| 7,572 (1) | | | PDF Solutions, Inc. | | | 243,364 | | | 0.0 | |
| 8,299 (1) | | | Perficient, Inc. | | | 546,240 | | | 0.1 | |
| 14,806 (1) | | | Photronics, Inc. | | | 464,464 | | | 0.1 | |
| 6,606 (1) | | | Plexus Corp. | | | 714,307 | | | 0.1 | |
| 13,588 | | | Power Integrations, Inc. | | | 1,115,711 | | | 0.2 | |
| 13,638 (1) | | | PowerSchool Holdings, Inc. - Class A | | | 321,311 | | | 0.1 | |
| 10,452 | | | Progress Software Corp. | | | 567,544 | | | 0.1 | |
| 10,742 (1) | | | PROS Holdings, Inc. | | | 416,682 | | | 0.1 | |
| 13,607 (1) | | | Q2 Holdings, Inc. | | | 590,680 | | | 0.1 | |
| 8,891 (1) | | | Qualys, Inc. | | | 1,745,125 | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) | | | | |
| 15,194 (1) | | | Rackspace Technology, Inc. | | $ | 30,388 | | | 0.0 | |
| 26,201 (1) | | | Rambus, Inc. | | | 1,788,218 | | | 0.3 | |
| 14,399 (1) | | | Rapid7, Inc. | | | 822,183 | | | 0.1 | |
| 2,995 (1) | | | Red Violet, Inc. | | | 59,810 | | | 0.0 | |
| 20,198 (1)(2) | | | Repay Holdings Corp. | | | 172,491 | | | 0.0 | |
| 22,390 (1) | | | Ribbon Communications, Inc. | | | 64,931 | | | 0.0 | |
| 3,081 | | | Richardson Electronics Ltd./United States | | | 41,131 | | | 0.0 | |
| 12,229 (1) | | | Rimini Street, Inc. | | | 39,989 | | | 0.0 | |
| 45,431 (1)(2) | | | Riot Platforms, Inc. | | | 702,818 | | | 0.1 | |
| 4,177 (1) | | | Rogers Corp. | | | 551,656 | | | 0.1 | |
| 79,390 (1) | | | Sabre Corp. | | | 349,316 | | | 0.1 | |
| 13,521 (1) | | | Sanmina Corp. | | | 694,574 | | | 0.1 | |
| 7,642 | | | Sapiens International Corp. NV | | | 221,159 | | | 0.0 | |
| 6,338 (1) | | | ScanSource, Inc. | | | 251,048 | | | 0.1 | |
| 7,653 (1) | | | SEMrush Holdings, Inc. - Class A | | | 104,540 | | | 0.0 | |
| 15,480 (1) | | | Semtech Corp. | | | 339,167 | | | 0.1 | |
| 7,559 (1) | | | Silicon Laboratories, Inc. | | | 999,829 | | | 0.2 | |
| 4,152 (1) | | | SiTime Corp. | | | 506,876 | | | 0.1 | |
| 4,353 (1)(2) | | | SkyWater Technology, Inc. | | | 41,876 | | | 0.0 | |
| 11,457 (1) | | | SMART Global Holdings, Inc. | | | 216,881 | | | 0.0 | |
| 45,209 (1) | | | SmartRent, Inc. | | | 144,217 | | | 0.0 | |
| 12,275 (1) | | | SolarWinds Corp. | | | 153,315 | | | 0.0 | |
| 34,374 (1)(2) | | | SoundHound AI, Inc. - Class A | | | 72,873 | | | 0.0 | |
| 2,418 (1) | | | SoundThinking, Inc. | | | 61,756 | | | 0.0 | |
| 24,076 (1) | | | Sprinklr, Inc. - Class A | | | 289,875 | | | 0.1 | |
| 11,446 (1) | | | Sprout Social, Inc. - Class A | | | 703,242 | | | 0.1 | |
| 8,801 (1) | | | SPS Commerce, Inc. | | | 1,705,986 | | | 0.3 | |
| 11,340 (1) | | | Squarespace, Inc. - Class A | | | 374,333 | | | 0.1 | |
| 11,129 (1) | | | Super Micro Computer, Inc. | | | 3,163,530 | | | 0.5 | |
| 9,449 (1) | | | Synaptics, Inc. | | | 1,077,942 | | | 0.2 | |
| 27,412 (1) | | | Tenable Holdings, Inc. | | | 1,262,597 | | | 0.2 | |
| 36,939 (1)(2) | | | Terawulf, Inc. | | | 88,654 | | | 0.0 | |
| 22,735 (1) | | | Thoughtworks Holding, Inc. | | | 109,355 | | | 0.0 | |
| 24,703 (1) | | | TTM Technologies, Inc. | | | 390,554 | | | 0.1 | |
| 2,599 (1) | | | Tucows, Inc. - Class A | | | 70,173 | | | 0.0 | |
| 3,973 (1) | | | Turtle Beach Corp. | | | 43,504 | | | 0.0 | |
| 10,826 (1) | | | Ultra Clean Holdings, Inc. | | | 369,600 | | | 0.1 | |
| 16,771 (1) | | | Unisys Corp. | | | 94,253 | | | 0.0 | |
| 26,082 (1) | | | Varonis Systems, Inc. | | | 1,180,993 | | | 0.2 | |
| 12,393 (1)(2) | | | Veeco Instruments, Inc. | | | 384,555 | | | 0.1 | |
| 14,957 (1) | | | Verint Systems, Inc. | | | 404,288 | | | 0.1 | |
| 53,219 (1) | | | Viavi Solutions, Inc. | | | 535,915 | | | 0.1 | |
| 30,682 | | | Vishay Intertechnology, Inc. | | | 735,448 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: (continued) | | | | |
| 3,282 (1) | | | Vishay Precision Group, Inc. | | $ | 111,818 | | | 0.0 | |
| 14,575 (1)(2) | | | Vuzix Corp. | | | 30,389 | | | 0.0 | |
| 8,124 (1) | | | Weave Communications, Inc. | | | 93,182 | | | 0.0 | |
| 11,706 (1) | | | Workiva, Inc. | | | 1,188,510 | | | 0.2 | |
| 27,472 | | | Xerox Holdings Corp. | | | 503,562 | | | 0.1 | |
| 10,552 (1) | | | Xperi, Inc. | | | 116,283 | | | 0.0 | |
| 25,730 (1) | | | Yext, Inc. | | | 151,550 | | | 0.0 | |
| 32,778 (1) | | | Zeta Global Holdings Corp. - Class A | | | 289,102 | | | 0.1 | |
| 30,452 (1) | | | Zuora, Inc. - Class A | | | 286,249 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Materials: 4.5% | | | | | | | |
| 11,842 (1)(2) | | | 5E Advanced Materials, Inc. | | | 16,697 | | | 0.0 | |
| 6,513 | | | AdvanSix, Inc. | | | 195,129 | | | 0.0 | |
| 2,773 | | | Alpha Metallurgical Resources, Inc. | | | 939,825 | | | 0.2 | |
| 6,739 | | | American Vanguard Corp. | | | 73,927 | | | 0.0 | |
| 4,305 | | | Arch Resources, Inc. | | | 714,372 | | | 0.1 | |
| 12,415 (1) | | | Aspen Aerogels, Inc. | | | 195,909 | | | 0.0 | |
| 30,969 (1) | | | ATI, Inc. | | | 1,408,160 | | | 0.2 | |
| 21,758 | | | Avient Corp. | | | 904,480 | | | 0.2 | |
| 7,647 | | | Balchem Corp. | | | 1,137,491 | | | 0.2 | |
| 13,183 | | | Cabot Corp. | | | 1,100,780 | | | 0.2 | |
| 4,351 | | | Caledonia Mining Corp. PLC | | | 53,082 | | | 0.0 | |
| 11,547 | | | Carpenter Technology Corp. | | | 817,528 | | | 0.1 | |
| 12,993 (1) | | | Century Aluminum Co. | | | 157,735 | | | 0.0 | |
| 4,080 (1) | | | Clearwater Paper Corp. | | | 147,370 | | | 0.0 | |
| 80,869 (1) | | | Coeur Mining, Inc. | | | 263,633 | | | 0.1 | |
| 27,833 | | | Commercial Metals Co. | | | 1,392,763 | | | 0.2 | |
| 8,261 | | | Compass Minerals International, Inc. | | | 209,169 | | | 0.0 | |
| 30,624 (1) | | | Constellium SE | | | 611,255 | | | 0.1 | |
| 1,778 (1) | | | Contango ORE, Inc. | | | 32,200 | | | 0.0 | |
| 1,794 (1) | | | Core Molding Technologies, Inc. | | | 33,243 | | | 0.0 | |
| 14,196 (1) | | | Dakota Gold Corp. | | | 37,194 | | | 0.0 | |
| 22,479 (1)(2) | | | Danimer Scientific, Inc. | | | 22,929 | | | 0.0 | |
| 22,872 (1) | | | Ecovyst, Inc. | | | 223,459 | | | 0.1 | |
| 6,846 | | | FutureFuel Corp. | | | 41,624 | | | 0.0 | |
| 11,997 (1) | | | Glatfelter Corp. | | | 23,274 | | | 0.0 | |
| 7,003 | | | Greif, Inc. - Class A | | | 459,327 | | | 0.1 | |
| 4,739 | | | Hawkins, Inc. | | | 333,720 | | | 0.1 | |
| 3,226 | | | Haynes International, Inc. | | | 184,043 | | | 0.0 | |
| 12,846 | | | HB Fuller Co. | | | 1,045,793 | | | 0.2 | |
| 146,693 | | | Hecla Mining Co. | | | 705,593 | | | 0.1 | |
| 49,552 (1) | | | i-80 Gold Corp. | | | 87,212 | | | 0.0 | |
| 8,875 (1) | | | Ingevity Corp. | | | 419,078 | | | 0.1 | |
| 6,033 | | | Innospec, Inc. | | | 743,507 | | | 0.1 | |
| 2,666 (1) | | | Intrepid Potash, Inc. | | | 63,691 | | | 0.0 | |
| 14,638 (1) | | | Ivanhoe Electric, Inc. / US | | | 147,551 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Materials: (continued) | | | | | | | |
| 3,866 | | | Kaiser Aluminum Corp. | | $ | 275,221 | | | 0.1 | |
| 13,502 (1) | | | Knife River Corp. | | | 893,562 | | | 0.2 | |
| 5,030 | | | Koppers Holdings, Inc. | | | 257,637 | | | 0.1 | |
| 43,209 (1)(2) | | | Livent Corp. | | | 776,898 | | | 0.1 | |
| 14,304 (1) | | | LSB Industries, Inc. | | | 133,170 | | | 0.0 | |
| 4,987 | | | Materion Corp. | | | 648,958 | | | 0.1 | |
| 13,172 | | | Mativ Holdings, Inc. | | | 201,663 | | | 0.0 | |
| 7,898 | | | Minerals Technologies, Inc. | | | 563,206 | | | 0.1 | |
| 8,743 | | | Myers Industries, Inc. | | | 170,926 | | | 0.0 | |
| 59,543 (1) | | | Novagold Resources, Inc. | | | 222,691 | | | 0.0 | |
| 37,159 (1) | | | O-I Glass, Inc. | | | 608,664 | | | 0.1 | |
| 2,483 | | | Olympic Steel, Inc. | | | 165,616 | | | 0.0 | |
| 26,417 (1) | | | Origin Materials, Inc. | | | 22,090 | | | 0.0 | |
| 13,638 | | | Orion SA | | | 378,182 | | | 0.1 | |
| 10,540 | | | Pactiv Evergreen, Inc. | | | 144,503 | | | 0.0 | |
| 38,360 (1) | | | Perimeter Solutions SA | | | 176,456 | | | 0.0 | |
| 10,010 (1) | | | Perpetua Resources Corp. | | | 31,732 | | | 0.0 | |
| 4,398 (1)(2) | | | Piedmont Lithium, Inc. | | | 124,156 | | | 0.0 | |
| 28,428 (1)(2) | | | PureCycle Technologies, Inc. | | | 115,133 | | | 0.0 | |
| 3,333 | | | Quaker Chemical Corp. | | | 711,329 | | | 0.1 | |
| 5,795 | | | Ramaco Resources, Inc. - Class A | | | 99,558 | | | 0.0 | |
| 11,179 (1) | | | Ranpak Holdings Corp. | | | 65,062 | | | 0.0 | |
| 15,867 (1) | | | Rayonier Advanced Materials, Inc. | | | 64,261 | | | 0.0 | |
| 5,832 | | | Ryerson Holding Corp. | | | 202,254 | | | 0.0 | |
| 6,386 | | | Schnitzer Steel Industries, Inc. - Class A | | | 192,602 | | | 0.0 | |
| 10,085 | | | Sensient Technologies Corp. | | | 665,610 | | | 0.1 | |
| 5,169 | | | Stepan Co. | | | 488,729 | | | 0.1 | |
| 28,353 (1) | | | Summit Materials, Inc. - Class A | | | 1,090,456 | | | 0.2 | |
| 21,491 | | | SunCoke Energy, Inc. | | | 230,813 | | | 0.1 | |
| 8,631 | | | Sylvamo Corp. | | | 423,868 | | | 0.1 | |
| 10,856 (1) | | | TimkenSteel Corp. | | | 254,573 | | | 0.1 | |
| 10,327 | | | TriMas Corp. | | | 261,583 | | | 0.1 | |
| 8,824 | | | Trinseo PLC | | | 73,857 | | | 0.0 | |
| 28,100 | | | Tronox Holdings PLC | | | 397,896 | | | 0.1 | |
| 535 | | | United States Lime & Minerals, Inc. | | | 123,237 | | | 0.0 | |
| 12,475 | | | Warrior Met Coal, Inc. | | | 760,601 | | | 0.1 | |
| 7,299 | | | Worthington Industries, Inc. | | | 420,057 | | | 0.1 | |
| 7,427 (1) | | | Worthington Steel, Inc. | | | 208,699 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Real Estate: 6.1% | | | | | | | |
| 22,474 | | | Acadia Realty Trust | | | 381,833 | | | 0.1 | |
| 18,463 | | | Alexander & Baldwin, Inc. | | | 351,166 | | | 0.1 | |
| 574 | | | Alexander’s, Inc. | | | 122,589 | | | 0.0 | |
| 12,223 | | | American Assets Trust, Inc. | | | 275,140 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 26,693 (1) | | | Anywhere Real Estate, Inc. | | $ | 216,480 | | | 0.0 | |
| 35,969 (1) | | | Apartment Investment and Management Co. - Class A | | | 281,637 | | | 0.1 | |
| 51,129 | | | Apple Hospitality REIT, Inc. | | | 849,253 | | | 0.1 | |
| 17,119 | | | Armada Hoffler Properties, Inc. | | | 211,762 | | | 0.0 | |
| 18,101 | | | Braemar Hotels & Resorts, Inc. | | | 45,253 | | | 0.0 | |
| 42,024 | | | Brandywine Realty Trust | | | 226,930 | | | 0.0 | |
| 45,195 | | | Broadstone Net Lease, Inc. | | | 778,258 | | | 0.1 | |
| 23,757 | | | CareTrust REIT, Inc. | | | 531,682 | | | 0.1 | |
| 6,999 (2) | | | CBL & Associates Properties, Inc. | | | 170,916 | | | 0.0 | |
| 3,789 | | | Centerspace | | | 220,520 | | | 0.0 | |
| 13,292 | | | Chatham Lodging Trust | | | 142,490 | | | 0.0 | |
| 11,012 | | | City Office REIT, Inc. | | | 67,283 | | | 0.0 | |
| 6,659 | | | Community Healthcare Trust, Inc. | | | 177,396 | | | 0.0 | |
| 70,074 (1) | | | Compass, Inc. - Class A | | | 263,478 | | | 0.0 | |
| 27,042 | | | COPT Defense Properties | | | 693,086 | | | 0.1 | |
| 6,745 | | | CTO Realty Growth, Inc. | | | 116,891 | | | 0.0 | |
| 39,124 (1) | | | Cushman & Wakefield PLC | | | 422,539 | | | 0.1 | |
| 50,634 | | | DiamondRock Hospitality Co. | | | 475,453 | | | 0.1 | |
| 38,809 | | | DigitalBridge Group, Inc. | | | 680,710 | | | 0.1 | |
| 59,364 | | | Diversified Healthcare Trust | | | 222,021 | | | 0.0 | |
| 19,979 | | | Douglas Elliman, Inc. | | | 58,938 | | | 0.0 | |
| 38,939 | | | Douglas Emmett, Inc. | | | 564,615 | | | 0.1 | |
| 22,447 | | | Easterly Government Properties, Inc. | | | 301,688 | | | 0.1 | |
| 21,674 | | | Elme Communities | | | 316,440 | | | 0.1 | |
| 32,242 | | | Empire State Realty Trust, Inc. - Class A | | | 312,425 | | | 0.1 | |
| 22,648 | | | Equity Commonwealth | | | 434,842 | | | 0.1 | |
| 35,706 | | | Essential Properties Realty Trust, Inc. | | | 912,645 | | | 0.2 | |
| 17,042 (2) | | | eXp World Holdings, Inc. | | | 264,492 | | | 0.0 | |
| 11,809 (2) | | | Farmland Partners, Inc. | | | 147,376 | | | 0.0 | |
| 4,716 (1) | | | Forestar Group, Inc. | | | 155,958 | | | 0.0 | |
| 20,845 | | | Four Corners Property Trust, Inc. | | | 527,378 | | | 0.1 | |
| 1,889 (1) | | | FRP Holdings, Inc. | | | 118,780 | | | 0.0 | |
| 10,926 | | | Getty Realty Corp. | | | 319,258 | | | 0.1 | |
| 9,905 | | | Gladstone Commercial Corp. | | | 131,142 | | | 0.0 | |
| 8,568 | | | Gladstone Land Corp. | | | 123,808 | | | 0.0 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 15,774 | | | Global Medical REIT, Inc. | | $ | 175,091 | | | 0.0 | |
| 46,689 | | | Global Net Lease, Inc. | | | 464,556 | | | 0.1 | |
| 32,901 | | | Hudson Pacific Properties, Inc. | | | 306,308 | | | 0.1 | |
| 53,700 | | | Independence Realty Trust, Inc. | | | 821,610 | | | 0.1 | |
| 6,710 | | | Innovative Industrial Properties, Inc. | | | 676,502 | | | 0.1 | |
| 16,772 | | | InvenTrust Properties Corp. | | | 425,002 | | | 0.1 | |
| 24,690 | | | JBG SMITH Properties | | | 419,977 | | | 0.1 | |
| 28,585 | | | Kennedy-Wilson Holdings, Inc. | | | 353,882 | | | 0.1 | |
| 52,001 | | | Kite Realty Group Trust | | | 1,188,743 | | | 0.2 | |
| 68,841 | | | L.P. Industrial Trust | | | 682,903 | | | 0.1 | |
| 9,974 | | | LTC Properties, Inc. | | | 320,365 | | | 0.1 | |
| 51,960 | | | Macerich Co. | | | 801,743 | | | 0.1 | |
| 5,916 | | | Marcus & Millichap, Inc. | | | 258,411 | | | 0.0 | |
| 10,090 | | | National Health Investors, Inc. | | | 563,526 | | | 0.1 | |
| 15,219 | | | NETSTREIT Corp. | | | 271,659 | | | 0.1 | |
| 33,450 | | | Newmark Group, Inc. - Class A | | | 366,612 | | | 0.1 | |
| 8,616 | | | NexPoint Diversified Real Estate Trust | | | 68,497 | | | 0.0 | |
| 5,819 | | | NexPoint Residential Trust, Inc. | | | 200,348 | | | 0.0 | |
| 11,409 | | | Office Properties Income Trust | | | 83,514 | | | 0.0 | |
| 4,859 | | | One Liberty Properties, Inc. | | | 106,461 | | | 0.0 | |
| 132,491 (1) | | | Opendoor Technologies, Inc. | | | 593,560 | | | 0.1 | |
| 15,635 | | | Orion Office REIT, Inc. | | | 89,432 | | | 0.0 | |
| 35,184 | | | Outfront Media, Inc. | | | 491,169 | | | 0.1 | |
| 46,685 | | | Paramount Group, Inc. | | | 241,361 | | | 0.0 | |
| 8,900 | | | Peakstone Realty Trust | | | 177,377 | | | 0.0 | |
| 29,208 | | | Pebblebrook Hotel Trust | | | 466,744 | | | 0.1 | |
| 28,252 | | | Phillips Edison & Co., Inc. | | | 1,030,633 | | | 0.2 | |
| 56,364 | | | Physicians Realty Trust | | | 750,205 | | | 0.1 | |
| 30,282 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 215,305 | | | 0.0 | |
| 10,773 | | | Plymouth Industrial REIT, Inc. | | | 259,306 | | | 0.0 | |
| 19,045 | | | PotlatchDeltic Corp. | | | 935,109 | | | 0.2 | |
| 4,429 | | | RE/MAX Holdings, Inc. - Class A | | | 59,039 | | | 0.0 | |
| 25,790 (1) | | | Redfin Corp. | | | 266,153 | | | 0.0 | |
| 29,438 | | | Retail Opportunity Investments Corp. | | | 413,015 | | | 0.1 | |
| 37,786 | | | RLJ Lodging Trust | | | 442,852 | | | 0.1 | |
| 3,966 | | | RMR Group, Inc. - Class A | | | 111,960 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Real Estate: (continued) | | | | | | | |
| 13,859 | | | Ryman Hospitality Properties, Inc. | | $ | 1,525,322 | | | 0.3 | |
| 55,251 | | | Sabra Health Care REIT, Inc. | | | 788,432 | | | 0.1 | |
| 10,492 (1)(2) | | | Safehold, Inc. | | | 245,513 | | | 0.0 | |
| 3,541 | | | Saul Centers, Inc. | | | 139,055 | | | 0.0 | |
| 40,423 | | | Service Properties Trust | | | 345,212 | | | 0.1 | |
| 45,331 | | | SITE Centers Corp. | | | 617,862 | | | 0.1 | |
| 15,441 | | | SL Green Realty Corp. | | | 697,470 | | | 0.1 | |
| 8,367 | | | St Joe Co. | | | 503,526 | | | 0.1 | |
| 3,404 (1) | | | Star Holdings | | | 50,992 | | | 0.0 | |
| 1,583 (1) | | | Stratus Properties, Inc. | | | 45,685 | | | 0.0 | |
| 26,261 | | | Summit Hotel Properties, Inc. | | | 176,474 | | | 0.0 | |
| 49,892 | | | Sunstone Hotel Investors, Inc. | | | 535,341 | | | 0.1 | |
| 24,530 | | | Tanger Factory Outlet Centers, Inc. | | | 679,972 | | | 0.1 | |
| 5,983 (1) | | | Tejon Ranch Co. | | | 102,908 | | | 0.0 | |
| 19,519 | | | Terreno Realty Corp. | | | 1,223,256 | | | 0.2 | |
| 13,618 | | | UMH Properties, Inc. | | | 208,628 | | | 0.0 | |
| 57,049 | | | Uniti Group, Inc. | | | 329,743 | | | 0.1 | |
| 3,478 | | | Universal Health Realty Income Trust | | | 150,423 | | | 0.0 | |
| 27,586 | | | Urban Edge Properties | | | 504,824 | | | 0.1 | |
| 19,283 | | | Veris Residential, Inc. | | | 303,322 | | | 0.1 | |
| 13,258 | | | Whitestone REIT | | | 162,941 | | | 0.0 | |
| 26,964 | | | Xenia Hotels & Resorts, Inc. | | | 367,250 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Utilities: 2.7% | | | | | | | |
| 13,846 | | | ALLETE, Inc. | | | 846,821 | | | 0.1 | |
| 15,576 (1)(2) | | | Altus Power, Inc. | | | 106,384 | | | 0.0 | |
| 8,901 | | | American States Water Co. | | | 715,818 | | | 0.1 | |
| 2,414 | | | Artesian Resources Corp. - Class A | | | 100,060 | | | 0.0 | |
| 17,972 | | | Avista Corp. | | | 642,319 | | | 0.1 | |
| 15,704 | | | Black Hills Corp. | | | 847,231 | | | 0.1 | |
| 28,778 | | | Brookfield Infrastructure Corp. - Class A | | | 1,015,288 | | | 0.2 | |
| 10,422 (1) | | | Cadiz, Inc. | | | 29,182 | | | 0.0 | |
| 13,549 | | | California Water Service Group | | | 702,787 | | | 0.1 | |
| 5,130 | | | Chesapeake Utilities Corp. | | | 541,882 | | | 0.1 | |
| 3,786 | | | Consolidated Water Co. Ltd. | | | 134,782 | | | 0.0 | |
| 4,927 | | | Genie Energy Ltd. - Class B | | | 138,596 | | | 0.0 | |
| 8,994 | | | MGE Energy, Inc. | | | 650,356 | | | 0.1 | |
| 4,402 | | | Middlesex Water Co. | | | 288,859 | | | 0.1 | |
| 16,226 (1) | | | Montauk Renewables, Inc. | | | 144,574 | | | 0.0 | |
| 23,339 | | | New Jersey Resources Corp. | | | 1,040,453 | | | 0.2 | |
| 8,911 | | | Northwest Natural Holding Co. | | | 346,994 | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Utilities: (continued) | | | | | | | |
| 14,278 | | | NorthWestern Corp. | | $ | 726,607 | | | 0.1 | |
| 13,180 | | | ONE Gas, Inc. | | | 839,830 | | | 0.1 | |
| 12,743 | | | Ormat Technologies, Inc. | | | 965,792 | | | 0.2 | |
| 9,963 | | | Otter Tail Corp. | | | 846,556 | | | 0.1 | |
| 20,386 | | | PNM Resources, Inc. | | | 848,058 | | | 0.2 | |
| 22,698 | | | Portland General Electric Co. | | | 983,731 | | | 0.2 | |
| 5,736 (1) | | | Pure Cycle Corp. | | | 60,056 | | | 0.0 | |
| 7,549 | | | SJW Group | | | 493,327 | | | 0.1 | |
| 14,812 | | | Southwest Gas Holdings, Inc. | | | 938,340 | | | 0.2 | |
| 12,429 | | | Spire, Inc. | | | 774,824 | | | 0.1 | |
| 25,169 (1)(2) | | | Sunnova Energy International, Inc. | | | 383,827 | | | 0.1 | |
| 4,222 | | | Unitil Corp. | | | 221,951 | | | 0.0 | |
| 4,137 | | | York Water Co. | | | 159,771 | | | 0.0 | |
| | | | Total Common Stock
(Cost $352,218,982) | | | 607,558,551 | | | 98.6 | |
| | | | | | | | | | | |
| OTHER(5): —% | | | | | | | |
| | | | Consumer, Non-cyclical: —% | | | | | | | |
| 18,294 (3)(4) | | | The Fresh Market Holdings, Inc. | | | — | | | — | |
| | | | Total Other
(Cost $—) | | | — | | | — | |
| | | | | | | | |
| RIGHTS: 0.0% | | | | | | | |
| | | | Consumer, Non-cyclical: 0.0% | | | | | | | |
| 14,198 (3)(4) | | | Chinook Therapeutics, Inc. CVR | | | 5,537 | | | 0.0 | |
| 390 (3)(4) | | | GTX, Inc. | | | — | | | — | |
| | | | | | | | | | | |
| | | | Health Care: —% | | | | | | | |
| 4,590 (3)(4) | | | Aduro Biotech - CVR | | | — | | | — | |
| 2,194 (3)(4) | | | Omniab, Inc. - 12.5 Earnout Shares | | | — | | | — | |
| 2,194 (3)(4) | | | Omniab, Inc. - 15 Earnout Shares | | | — | | | — | |
| | | | Total Rights
(Cost $800) | | | 5,537 | | | 0.0 | |
| | | | | | | | | | | |
| WARRANTS: 0.0% | | | | | | | |
| | | | Health Care: 0.0% | | | | | | | |
| 3,805 (1) | | | Cassava Sciences, Inc. | | | 23,818 | | | 0.0 | |
| | | | Total Warrants (Cost $2,488) | | | 23,818 | | | 0.0 | |
| | | | Total Long-Term Investments
(Cost $352,222,270) | | | 607,587,906 | | | 98.6 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 5.0% | | | | | | | |
| | | | Time Deposits: 0.4% | | | | | | | |
| 530,000 (6) | | | Canadian Imperial Bank of Commerce, 5.310%, 01/02/2024
(Cost $530,000) | | $ | 530,000 | | | 0.1 | |
| 530,000 (6) | | | Credit Agricole Corporate and Investment Bank, 5.300%, 01/02/2024
(Cost $530,000) | | | 530,000 | | | 0.1 | |
| 530,000 (6) | | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 01/02/2024
(Cost $530,000) | | | 530,000 | | | 0.1 | |
| 520,000 (6) | | | Mizuho Bank Ltd., 5.320%, 01/02/2024
(Cost $520,000) | | | 520,000 | | | 0.0 | |
| 530,000 (6) | | | Royal Bank of Canada, 5.320%, 01/02/2024
(Cost $530,000) | | | 530,000 | | | 0.1 | |
| | | | Total Time Deposits
(Cost $2,640,000) | | | 2,640,000 | | | 0.4 | |
| | | | | | | | | | | |
| | | | Repurchase Agreements: 3.2% | | | | |
| 4,117,778 (6) | | | Cantor Fitzgerald, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $4,120,246, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.613%, Market Value plus accrued interest $4,200,134, due 08/01/25-09/20/73) | | | 4,117,778 | | | 0.7 | |
| 5,261,857 (6) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $5,264,942, collateralized by various U.S. Government Agency Obligations, 2.000%- 4.500%, Market Value plus accrued interest $5,367,094, due 02/01/35-09/01/52) | | | 5,261,857 | | | 0.9 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | | Repurchase Agreements (continued) | | | | |
| 5,156,609 (6) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $5,159,700, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $5,255,955, due 04/15/25-02/15/53) | | $ | 5,156,609 | | | 0.8 | |
| 4,840,683 (6) | | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $4,843,521, collateralized by various U.S. Government Agency Obligations, 2.500%- 7.000%, Market Value plus accrued interest $4,937,497, due 07/01/37-01/01/54) | | | 4,840,683 | | | 0.8 | |
| | | | Total Repurchase Agreements | | | | | | | |
| | | | (Cost $19,376,927) | | | 19,376,927 | | | 3.2 | |
| | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 1.4% | | | | | | | |
| 8,574,000 (7) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $8,574,000) | | $ | 8,574,000 | | | 1.4 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments | | | | | | | |
| | | | (Cost $30,590,927) | | | 30,590,927 | | | 5.0 | |
| | | | Total Investments in Securities | | | | | | | |
| | | | (Cost $382,813,197) | | $ | 638,178,833 | | | 103.6 | |
| | | | Liabilities in Excess of Other Assets | | | (21,916,264 | ) | | (3.6) | |
| | | | Net Assets | | $ | 616,262,569 | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (4) | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2023, the Portfolio held restricted securities with a fair value of $11,129 or —% of net assets. Please refer to the table below for additional details. |
| (5) | Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing. |
| (6) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (7) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value
at
December 31, 2023 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 14,398,111 | | | $ | — | | | $ | — | | | $ | 14,398,111 | |
| Consumer Discretionary | | | 65,903,999 | | | | — | | | | — | | | | 65,903,999 | |
| Consumer Staples | | | 20,566,643 | | | | — | | | | — | | | | 20,566,643 | |
| Energy | | | 41,763,254 | | | | — | | | | — | | | | 41,763,254 | |
| Financials | | | 102,509,836 | | | | — | | | | — | | | | 102,509,836 | |
| Health Care | | | 93,770,175 | | | | — | | | | 5,592 | | | | 93,775,767 | |
| Industrials | | | 100,706,222 | | | | — | | | | — | | | | 100,706,222 | |
| Information Technology | | | 86,393,779 | | | | — | | | | — | | | | 86,393,779 | |
| Materials | | | 27,588,252 | | | | — | | | | — | | | | 27,588,252 | |
| Real Estate | | | 37,417,632 | | | | — | | | | — | | | | 37,417,632 | |
| Utilities | | | 16,535,056 | | | | — | | | | — | | | | 16,535,056 | |
| Total Common Stock | | | 607,552,959 | | | | — | | | | 5,592 | | | | 607,558,551 | |
| Rights | | | — | | | | — | | | | 5,537 | | | | 5,537 | |
| Warrants | | | — | | | | 23,818 | | | | — | | | | 23,818 | |
| Short-Term Investments | | | 8,574,000 | | | | 22,016,927 | | | | — | | | | 30,590,927 | |
| Total Investments, at fair value | | $ | 616,126,959 | | | $ | 22,040,745 | | | $ | 11,129 | | | $ | 638,178,833 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 698,483 | | | | — | | | | — | | | | 698,483 | |
| Total Assets | | $ | 616,825,442 | | | $ | 22,040,745 | | | $ | 11,129 | | | $ | 638,877,316 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | 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. |
At December 31, 2023, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Aduro Biotech - CVR | | 10/6/2020 | | $ | — | | | $ | — | |
| Cartesian Therapeutics, Inc. CVR | | 12/12/2023 | | | — | | | | 5,592 | |
| Chinook Therapeutics, Inc. CVR | | 8/14/2023 | | | — | | | | 5,537 | |
| GTX, Inc. | | 6/10/2019 | | | 800 | | | | — | |
| Omniab, Inc. - 12.5 Earnout Shares | | 11/2/2022 | | | — | | | | — | |
| Omniab, Inc. - 15 Earnout Shares | | 11/2/2022 | | | — | | | | — | |
| The Fresh Market Holdings, Inc. | | 11/14/2022 | | | — | | | | — | |
| | | | | $ | 800 | | | $ | 11,129 | |
At December 31, 2023, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| E-mini Russell 2000 Index | | 105 | | | 03/15/24 | | $ | 10,750,425 | | | $ | 698,483 | |
| | | | | | | | $ | 10,750,425 | | | $ | 698,483 | |
See Accompanying Notes to Financial Statements
Voya Russell™ Small Cap
Index Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 698,483 | |
| Total Asset Derivatives | | | | $ | 698,483 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 1,813,273 | |
| Total | | $ | 1,813,273 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 1,281,345 | |
| Total | | $ | 1,281,345 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $391,471,620. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 308,894,706 | |
| Gross Unrealized Depreciation | | | (61,489,010 | ) |
| Net Unrealized Appreciation | | $ | 247,405,696 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. TREASURY OBLIGATIONS: 33.3% | | | | | |
| | | | United States Treasury Bonds: 5.8% | | | | |
| 160,000 | | | 1.250%, 05/15/2050 | | $ | 86,269 | | | 0.0 | |
| 215,300 | | | 1.625%, 11/15/2050 | | | 128,339 | | | 0.0 | |
| 5,968,900 | | | 2.250%, 08/15/2046 | | | 4,246,196 | | | 0.3 | |
| 4,112,800 | | | 2.500%, 02/15/2046 | | | 3,087,974 | | | 0.2 | |
| 5,330,200 | | | 2.500%, 05/15/2046 | | | 3,993,278 | | | 0.2 | |
| 5,300,900 | | | 3.000%, 11/15/2044 | | | 4,389,394 | | | 0.3 | |
| 5,900,200 | | | 3.000%, 11/15/2045 | | | 4,857,063 | | | 0.3 | |
| 26,600 | | | 3.000%, 02/15/2049 | | | 21,655 | | | 0.0 | |
| 3,340,800 | | | 3.125%, 08/15/2044 | | | 2,830,153 | | | 0.2 | |
| 2,637,200 | | | 3.250%, 05/15/2042 | | | 2,314,967 | | | 0.1 | |
| 5,267,100 | | | 3.625%, 02/15/2044 | | | 4,828,038 | | | 0.3 | |
| 5,435,400 | | | 3.750%, 11/15/2043 | | | 5,081,887 | | | 0.3 | |
| 4,609,300 | | | 3.875%, 08/15/2040 | | | 4,494,788 | | | 0.3 | |
| 46,796,800 | | | 4.125%, 08/15/2053 | | | 47,315,952 | | | 3.0 | |
| 1,360,000 | | | 4.375%, 08/15/2043 | | | 1,388,687 | | | 0.1 | |
| 3,000,000 | | | 4.750%, 11/15/2043 | | | 3,218,906 | | | 0.2 | |
| | | | | | | 92,283,546 | | | 5.8 | |
| | | | United States Treasury Notes: 27.5% |
| 10,898,900 | | | 0.375%, 01/31/2026 | | | 10,071,052 | | | 0.6 | |
| 9,650,000 | | | 1.250%, 11/30/2026 | | | 8,922,858 | | | 0.6 | |
| 32,299,200 | | | 1.500%, 01/31/2027 | | | 29,985,896 | | | 1.9 | |
| 10,000 | | | 1.875%, 06/30/2026 | | | 9,485 | | | 0.0 | |
| 7,128,700 | | | 2.000%, 11/15/2026 | | | 6,740,520 | | | 0.4 | |
| 8,000,000 | | | 2.125%, 09/30/2024 | | | 7,836,221 | | | 0.5 | |
| 19,000 | | | 2.250%, 04/30/2024 | | | 18,810 | | | 0.0 | |
| 3,793,800 | | | 2.250%, 11/15/2024 | | | 3,709,041 | | | 0.2 | |
| 547,000 | | | 2.750%, 04/30/2027 | | | 526,242 | | | 0.0 | |
| 838,800 | | | 2.750%, 08/15/2032 | | | 768,403 | | | 0.0 | |
| 10,272,400 | | | 2.875%, 06/15/2025 | | | 10,041,070 | | | 0.6 | |
| 4,538,900 | | | 3.000%, 07/15/2025 | | | 4,440,409 | | | 0.3 | |
| 32,300 | | | 3.250%, 06/30/2027 | | | 31,569 | | | 0.0 | |
| 103,867,200 | | | 3.750%, 12/31/2028 | | | 103,404,667 | | | 6.5 | |
| 72,888,000 | | | 4.250%, 12/31/2025 | | | 72,879,458 | | | 4.6 | |
| 69,695,000 | | | 4.250%, 12/15/2026 | | | 70,386,505 | | | 4.4 | |
| 22,125,500 | | | 4.375%, 11/30/2028 | | | 22,644,066 | | | 1.4 | |
| 38,886,000 | | | 4.375%, 11/30/2030 | | | 39,994,858 | | | 2.5 | |
| 41,962,400 | | | 4.500%, 11/15/2033 | | | 44,067,077 | | | 2.8 | |
| 3,918,000 | | | 4.875%, 11/30/2025 | | | 3,958,864 | | | 0.2 | |
| | | | | | | 440,437,071 | | | 27.5 | |
| | | | Total U.S. Treasury Obligations (Cost $536,313,000) | | | 532,720,617 | | | 33.3 | |
| | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.6% | | | | |
| | | | Federal Agricultural Mortgage Corporation: 0.1% |
| 2,050,000 | | | 1.620%, 09/04/2025 | | | 1,956,632 | | | 0.1 | |
| | | | Federal Farm Credit Banks Funding Corporation: 1.7% |
| 1,175,000 | | | 2.320%, 01/26/2032 | | | 997,040 | | | 0.0 | |
| 2,938,000 | | | 2.380%, 03/16/2032 | | | 2,552,087 | | | 0.1 | |
| 7,344,000 | | | 2.390%, 11/01/2034 | | | 6,097,227 | | | 0.4 | |
| 2,938,000 | | | 2.400%, 09/21/2026 | | | 2,800,952 | | | 0.2 | |
| 2,350,000 | | | 2.600%, 04/05/2027 | | | 2,246,523 | | | 0.1 | |
| 2,938,000 | | | 2.850%, 05/23/2025 | | | 2,871,895 | | | 0.2 | |
| 2,938,000 | | | 2.900%, 04/12/2032 | | | 2,656,917 | | | 0.2 | |
| 2,938,000 | | | 3.375%, 08/26/2024 | | | 2,909,605 | | | 0.2 | |
| 2,350,000 | | | 3.400%, 04/25/2034 | | | 2,169,483 | | | 0.1 | |
| 1,763,000 | | | 3.500%, 09/01/2032 | | | 1,662,438 | | | 0.1 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Farm Credit Banks Funding Corporation (continued) |
| 1,175,000 | | | 3.780%, 06/08/2028 | | $ | 1,141,724 | | | 0.1 | |
| | | | | | | 28,105,891 | | | 1.7 | |
| | | Federal Home Loan Bank: 0.2% | | | | | | | |
| 3,110,000 | | | 1.100%, 08/20/2026 | | | 2,861,878 | | | 0.2 | |
| 1,175,000 | | | 3.500%, 06/11/2032 | | | 1,108,178 | | | 0.0 | |
| | | | | | | 3,970,056 | | | 0.2 | |
| | | | Federal Home Loan Mortgage Association: 0.2%(1) |
| 473,000 | | | 6.625%, 11/15/2030 | | | 544,723 | | | 0.0 | |
| 2,015,000 | | | 7.125%, 01/15/2030 | | | 2,343,297 | | | 0.2 | |
| | | | | | | 2,888,020 | | | 0.2 | |
| | | | Federal Home Loan Mortgage Corporation: 3.1%(1) |
| 1,498,399 | | | 3.000%, 04/01/2045 | | | 1,372,273 | | | 0.1 | |
| 1,586,948 | | | 3.000%, 04/01/2045 | | | 1,453,376 | | | 0.1 | |
| 5,668,306 | | | 3.000%, 05/01/2045 | | | 5,191,165 | | | 0.3 | |
| 2,466,133 | | | 3.000%, 11/01/2046 | | | 2,241,624 | | | 0.2 | |
| 2,902,496 | | | 3.000%, 11/01/2047 | | | 2,649,325 | | | 0.2 | |
| 100,192 | | | 3.500%, 01/01/2042 | | | 95,022 | | | 0.0 | |
| 329,063 | | | 3.500%, 01/01/2042 | | | 312,763 | | | 0.0 | |
| 1,285,472 | | | 3.500%, 08/01/2042 | | | 1,210,998 | | | 0.1 | |
| 5,607,528 | | | 3.500%, 04/01/2043 | | | 5,282,550 | | | 0.4 | |
| 5,500,119 | | | 3.500%, 02/01/2044 | | | 5,167,824 | | | 0.3 | |
| 2,041,165 | | | 3.500%, 12/01/2046 | | | 1,908,343 | | | 0.1 | |
| 1,052,600 | | | 3.500%, 12/01/2047 | | | 988,892 | | | 0.1 | |
| 6,029,903 | | | 3.500%, 03/01/2048 | | | 5,666,561 | | | 0.4 | |
| 48,555 | | | 4.000%, 01/01/2025 | | | 47,862 | | | 0.0 | |
| 37,921 | | | 4.000%, 08/01/2040 | | | 37,048 | | | 0.0 | |
| 302,015 | | | 4.000%, 04/01/2041 | | | 295,057 | | | 0.0 | |
| 387,011 | | | 4.000%, 05/01/2041 | | | 377,134 | | | 0.0 | |
| 25,901 | | | 4.000%, 08/01/2041 | | | 25,299 | | | 0.0 | |
| 148,281 | | | 4.000%, 01/01/2042 | | | 144,497 | | | 0.0 | |
| 646,038 | | | 4.000%, 03/01/2042 | | | 629,952 | | | 0.1 | |
| 38,042 | | | 4.000%, 12/01/2042 | | | 37,082 | | | 0.0 | |
| 533,000 | | | 4.000%, 02/01/2044 | | | 519,394 | | | 0.1 | |
| 194,577 | | | 4.000%, 07/01/2045 | | | 187,923 | | | 0.0 | |
| 132,250 | | | 4.000%, 09/01/2045 | | | 127,727 | | | 0.0 | |
| 167,626 | | | 4.000%, 09/01/2045 | | | 161,582 | | | 0.0 | |
| 171,629 | | | 4.000%, 09/01/2045 | | | 164,963 | | | 0.0 | |
| 2,109,881 | | | 4.000%, 11/01/2045 | | | 2,037,722 | | | 0.2 | |
| 478,636 | | | 4.000%, 05/01/2046 | | | 462,267 | | | 0.1 | |
| 123,869 | | | 4.000%, 11/01/2047 | | | 118,731 | | | 0.0 | |
| 177,241 | | | 4.000%, 03/01/2048 | | | 171,178 | | | 0.0 | |
| 208,856 (2) | | | 4.400%, (RFUCCT1Y + 1.900%), 02/01/2042 | | | 208,553 | | | 0.0 | |
| 23,954 | | | 4.500%, 03/01/2039 | | | 23,951 | | | 0.0 | |
| 67,135 | | | 4.500%, 08/01/2039 | | | 67,149 | | | 0.0 | |
| 77,621 | | | 4.500%, 09/01/2039 | | | 77,573 | | | 0.0 | |
| 136,238 | | | 4.500%, 09/01/2039 | | | 136,281 | | | 0.0 | |
| 176,116 | | | 4.500%, 09/01/2039 | | | 176,171 | | | 0.0 | |
| 127,114 | | | 4.500%, 10/01/2039 | | | 126,662 | | | 0.0 | |
| 225,088 | | | 4.500%, 12/01/2039 | | | 225,206 | | | 0.0 | |
| 65,666 | | | 4.500%, 03/01/2040 | | | 65,700 | | | 0.0 | |
| 184,666 | | | 4.500%, 04/01/2040 | | | 184,762 | | | 0.0 | |
| 33,964 | | | 4.500%, 06/01/2040 | | | 33,982 | | | 0.0 | |
| 149,480 | | | 4.500%, 07/01/2040 | | | 149,558 | | | 0.0 | |
| 216,304 | | | 4.500%, 07/01/2040 | | | 216,416 | | | 0.0 | |
| 55,949 | | | 4.500%, 08/01/2040 | | | 55,978 | | | 0.0 | |
| 158,309 | | | 4.500%, 08/01/2040 | | | 158,392 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation (continued) |
| 64,520 | | | 4.500%, 03/01/2041 | | $ | 64,554 | | | 0.0 | |
| 177,207 | | | 4.500%, 03/01/2041 | | | 177,300 | | | 0.0 | |
| 83,100 | | | 4.500%, 04/01/2041 | | | 83,144 | | | 0.0 | |
| 273,665 | | | 4.500%, 06/01/2041 | | | 273,808 | | | 0.0 | |
| 177,053 | | | 4.500%, 07/01/2041 | | | 177,145 | | | 0.0 | |
| 24,024 | | | 4.500%, 08/01/2041 | | | 23,715 | | | 0.0 | |
| 534,151 | | | 4.500%, 08/01/2041 | | | 529,487 | | | 0.1 | |
| 354,205 | | | 4.500%, 07/01/2048 | | | 349,379 | | | 0.0 | |
| 11,614 | | | 5.000%, 03/01/2034 | | | 11,822 | | | 0.0 | |
| 42,385 | | | 5.000%, 12/01/2034 | | | 43,148 | | | 0.0 | |
| 50,194 | | | 5.000%, 08/01/2035 | | | 51,099 | | | 0.0 | |
| 155,526 | | | 5.000%, 08/01/2035 | | | 158,324 | | | 0.0 | |
| 42,709 | | | 5.000%, 10/01/2035 | | | 43,479 | | | 0.0 | |
| 44,936 | | | 5.000%, 10/01/2035 | | | 45,745 | | | 0.0 | |
| 53,094 | | | 5.000%, 10/01/2035 | | | 54,050 | | | 0.0 | |
| 114,677 | | | 5.000%, 12/01/2035 | | | 116,741 | | | 0.0 | |
| 16,933 | | | 5.000%, 04/01/2036 | | | 17,238 | | | 0.0 | |
| 48,598 | | | 5.000%, 11/01/2036 | | | 49,472 | | | 0.0 | |
| 37,131 | | | 5.000%, 02/01/2037 | | | 37,801 | | | 0.0 | |
| 27,329 | | | 5.000%, 05/01/2037 | | | 27,821 | | | 0.0 | |
| 401,780 | | | 5.000%, 10/01/2037 | | | 409,011 | | | 0.0 | |
| 77,794 | | | 5.000%, 03/01/2038 | | | 79,195 | | | 0.0 | |
| 224,627 | | | 5.000%, 03/01/2038 | | | 228,674 | | | 0.0 | |
| 243,525 | | | 5.000%, 03/01/2038 | | | 247,910 | | | 0.0 | |
| 61,981 | | | 5.000%, 04/01/2038 | | | 63,099 | | | 0.0 | |
| 7,484 | | | 5.000%, 10/01/2038 | | | 7,619 | | | 0.0 | |
| 26,295 | | | 5.000%, 06/01/2040 | | | 26,770 | | | 0.0 | |
| 70,621 | | | 5.000%, 08/01/2040 | | | 71,895 | | | 0.0 | |
| 169,149 | | | 5.000%, 04/01/2041 | | | 172,048 | | | 0.0 | |
| 43,420 | | | 5.490%, 02/01/2037 | | | 44,782 | | | 0.0 | |
| 109 | | | 5.500%, 12/01/2024 | | | 111 | | | 0.0 | |
| 33,505 | | | 5.500%, 09/01/2034 | | | 34,564 | | | 0.0 | |
| 51,857 | | | 5.500%, 01/01/2035 | | | 53,496 | | | 0.0 | |
| 20,706 | | | 5.500%, 09/01/2035 | | | 21,360 | | | 0.0 | |
| 420,258 | | | 5.500%, 09/01/2035 | | | 433,565 | | | 0.1 | |
| 281,104 | | | 5.500%, 10/01/2035 | | | 290,002 | | | 0.0 | |
| 35,701 | | | 5.500%, 03/01/2036 | | | 36,833 | | | 0.0 | |
| 129,026 | | | 5.500%, 03/01/2036 | | | 133,105 | | | 0.0 | |
| 22,430 | | | 5.500%, 05/01/2036 | | | 23,141 | | | 0.0 | |
| 109,964 | | | 5.500%, 06/01/2036 | | | 113,439 | | | 0.0 | |
| 2,062 | | | 5.500%, 07/01/2036 | | | 2,127 | | | 0.0 | |
| 7,063 | | | 5.500%, 07/01/2036 | | | 7,287 | | | 0.0 | |
| 38,713 | | | 5.500%, 07/01/2036 | | | 39,938 | | | 0.0 | |
| 6,809 | | | 5.500%, 10/01/2036 | | | 7,025 | | | 0.0 | |
| 49,553 | | | 5.500%, 11/01/2036 | | | 51,124 | | | 0.0 | |
| 3,410 | | | 5.500%, 12/01/2036 | | | 3,518 | | | 0.0 | |
| 24,517 | | | 5.500%, 12/01/2036 | | | 25,292 | | | 0.0 | |
| 35,387 | | | 5.500%, 12/01/2036 | | | 36,507 | | | 0.0 | |
| 5,086 | | | 5.500%, 02/01/2037 | | | 5,247 | | | 0.0 | |
| 32,493 | | | 5.500%, 02/01/2037 | | | 33,522 | | | 0.0 | |
| 10,972 | | | 5.500%, 05/01/2037 | | | 11,320 | | | 0.0 | |
| 1,366 | | | 5.500%, 06/01/2037 | | | 1,410 | | | 0.0 | |
| 16,959 | | | 5.500%, 12/01/2037 | | | 17,496 | | | 0.0 | |
| 9,457 | | | 5.500%, 03/01/2038 | | | 9,757 | | | 0.0 | |
| 3,108 | | | 5.500%, 06/01/2038 | | | 3,206 | | | 0.0 | |
| 5,480 | | | 5.500%, 06/01/2038 | | | 5,654 | | | 0.0 | |
| 4,873 | | | 5.500%, 08/01/2038 | | | 5,015 | | | 0.0 | |
| 405 | | | 5.500%, 10/01/2038 | | | 418 | | | 0.0 | |
| 361,173 | | | 5.500%, 11/01/2038 | | | 372,607 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation (continued) |
| 5,568 | | | 5.500%, 12/01/2038 | | $ | 5,744 | | | 0.0 | |
| 7,120 | | | 5.500%, 12/01/2038 | | | 7,345 | | | 0.0 | |
| 9,548 | | | 5.500%, 12/01/2038 | | | 9,850 | | | 0.0 | |
| 9,728 | | | 5.500%, 01/01/2039 | | | 10,036 | | | 0.0 | |
| 57,438 | | | 5.500%, 01/01/2039 | | | 59,256 | | | 0.0 | |
| 31,842 | | | 5.500%, 01/01/2040 | | | 32,852 | | | 0.0 | |
| 35,527 | | | 5.500%, 01/01/2040 | | | 36,652 | | | 0.0 | |
| 31,491 | | | 5.500%, 03/01/2040 | | | 32,490 | | | 0.0 | |
| 97,206 | | | 5.500%, 01/01/2041 | | | 100,292 | | | 0.0 | |
| 46,346 | | | 5.750%, 05/01/2037 | | | 48,131 | | | 0.0 | |
| 35,828 | | | 5.800%, 08/01/2037 | | | 37,269 | | | 0.0 | |
| 33,154 | | | 5.800%, 09/01/2037 | | | 34,492 | | | 0.0 | |
| 65,089 | | | 5.800%, 09/01/2037 | | | 67,682 | | | 0.0 | |
| 1,585 | | | 6.000%, 04/01/2028 | | | 1,642 | | | 0.0 | |
| 16,920 | | | 6.000%, 07/01/2028 | | | 17,206 | | | 0.0 | |
| 83 | | | 6.000%, 04/01/2036 | | | 86 | | | 0.0 | |
| 1,643 | | | 6.000%, 04/01/2036 | | | 1,719 | | | 0.0 | |
| 4,900 | | | 6.000%, 04/01/2036 | | | 5,127 | | | 0.0 | |
| 14,348 | | | 6.000%, 06/01/2036 | | | 15,023 | | | 0.0 | |
| 4,947 | | | 6.000%, 07/01/2036 | | | 5,177 | | | 0.0 | |
| 1,277 | | | 6.000%, 08/01/2036 | | | 1,315 | | | 0.0 | |
| 4,783 | | | 6.000%, 08/01/2036 | | | 5,005 | | | 0.0 | |
| 23,116 | | | 6.000%, 08/01/2036 | | | 23,915 | | | 0.0 | |
| 26,281 | | | 6.000%, 01/01/2037 | | | 27,500 | | | 0.0 | |
| 23,669 | | | 6.000%, 02/01/2037 | | | 24,768 | | | 0.0 | |
| 1,350 | | | 6.000%, 04/01/2037 | | | 1,413 | | | 0.0 | |
| 1,042 | | | 6.000%, 06/01/2037 | | | 1,091 | | | 0.0 | |
| 5,358 | | | 6.000%, 06/01/2037 | | | 5,591 | | | 0.0 | |
| 130 | | | 6.000%, 07/01/2037 | | | 136 | | | 0.0 | |
| 3,704 | | | 6.000%, 07/01/2037 | | | 3,876 | | | 0.0 | |
| 1,042 | | | 6.000%, 08/01/2037 | | | 1,090 | | | 0.0 | |
| 1,751 | | | 6.000%, 08/01/2037 | | | 1,832 | | | 0.0 | |
| 3,550 | | | 6.000%, 08/01/2037 | | | 3,714 | | | 0.0 | |
| 8,398 | | | 6.000%, 08/01/2037 | | | 8,784 | | | 0.0 | |
| 125,401 | | | 6.000%, 08/01/2037 | | | 131,227 | | | 0.0 | |
| 1,499 | | | 6.000%, 09/01/2037 | | | 1,567 | | | 0.0 | |
| 2,150 | | | 6.000%, 09/01/2037 | | | 2,211 | | | 0.0 | |
| 2,808 | | | 6.000%, 09/01/2037 | | | 2,937 | | | 0.0 | |
| 5,086 | | | 6.000%, 10/01/2037 | | | 5,320 | | | 0.0 | |
| 5,994 | | | 6.000%, 10/01/2037 | | | 6,269 | | | 0.0 | |
| 7,776 | | | 6.000%, 10/01/2037 | | | 8,060 | | | 0.0 | |
| 1,053 | | | 6.000%, 11/01/2037 | | | 1,085 | | | 0.0 | |
| 1,582 | | | 6.000%, 11/01/2037 | | | 1,655 | | | 0.0 | |
| 21,824 | | | 6.000%, 11/01/2037 | | | 22,818 | | | 0.0 | |
| 45,546 | | | 6.000%, 12/01/2037 | | | 47,598 | | | 0.0 | |
| 1,139 | | | 6.000%, 01/01/2038 | | | 1,190 | | | 0.0 | |
| 6,444 | | | 6.000%, 01/01/2038 | | | 6,690 | | | 0.0 | |
| 9,394 | | | 6.000%, 01/01/2038 | | | 9,828 | | | 0.0 | |
| 6,739 | | | 6.000%, 05/01/2038 | | | 7,004 | | | 0.0 | |
| 758 | | | 6.000%, 06/01/2038 | | | 792 | | | 0.0 | |
| 8,794 | | | 6.000%, 07/01/2038 | | | 9,150 | | | 0.0 | |
| 18,552 | | | 6.000%, 07/01/2038 | | | 19,387 | | | 0.0 | |
| 470 | | | 6.000%, 09/01/2038 | | | 491 | | | 0.0 | |
| 4,474 | | | 6.000%, 09/01/2038 | | | 4,679 | | | 0.0 | |
| 9,701 | | | 6.000%, 09/01/2038 | | | 10,050 | | | 0.0 | |
| 246,384 | | | 6.000%, 09/01/2038 | | | 257,461 | | | 0.0 | |
| 5,615 | | | 6.000%, 11/01/2038 | | | 5,830 | | | 0.0 | |
| 121,181 | | | 6.000%, 01/01/2039 | | | 126,780 | | | 0.0 | |
| 66,259 | | | 6.000%, 04/01/2039 | | | 69,231 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Federal Home Loan Mortgage Corporation (continued) |
| 30,784 | | | 6.000%, 08/01/2039 | | $ | 31,797 | | | 0.0 | |
| 21,616 | | | 6.000%, 10/01/2039 | | | 22,800 | | | 0.0 | |
| 10,739 | | | 6.000%, 11/01/2039 | | | 11,235 | | | 0.0 | |
| 25,825 | | | 6.000%, 11/01/2039 | | | 26,756 | | | 0.0 | |
| 1,006 | | | 6.000%, 12/01/2039 | | | 1,052 | | | 0.0 | |
| 33,412 | | | 6.000%, 05/01/2040 | | | 34,953 | | | 0.0 | |
| 51,034 | | | 6.150%, 12/01/2037 | | | 53,209 | | | 0.0 | |
| 16,655 | | | 6.150%, 01/01/2038 | | | 17,340 | | | 0.0 | |
| 72,976 | | | 6.150%, 02/01/2038 | | | 76,393 | | | 0.0 | |
| 494,000 (3) | | | 6.250%, 07/15/2032 | | | 573,115 | | | 0.1 | |
| 5,585 | | | 6.500%, 06/01/2036 | | | 5,875 | | | 0.0 | |
| 1,215 | | | 6.500%, 08/01/2036 | | | 1,279 | | | 0.0 | |
| 457 | | | 6.500%, 10/01/2036 | | | 477 | | | 0.0 | |
| 19,441 | | | 6.500%, 10/01/2036 | | | 20,457 | | | 0.0 | |
| 6,859 | | | 6.500%, 07/01/2037 | | | 7,150 | | | 0.0 | |
| 4,032 | | | 6.500%, 09/01/2037 | | | 4,241 | | | 0.0 | |
| 1,789 | | | 6.500%, 10/01/2037 | | | 1,865 | | | 0.0 | |
| 2,566 | | | 6.500%, 11/01/2037 | | | 2,695 | | | 0.0 | |
| 1,898 | | | 6.500%, 04/01/2038 | | | 2,004 | | | 0.0 | |
| 8,543 | | | 6.500%, 04/01/2038 | | | 9,155 | | | 0.0 | |
| 235 | | | 6.500%, 05/01/2038 | | | 246 | | | 0.0 | |
| 1,325 | | | 6.500%, 05/01/2038 | | | 1,380 | | | 0.0 | |
| 926 | | | 6.500%, 08/01/2038 | | | 973 | | | 0.0 | |
| 140 | | | 6.500%, 10/01/2038 | | | 147 | | | 0.0 | |
| 4,582 | | | 6.500%, 11/01/2038 | | | 4,832 | | | 0.0 | |
| 4,641 | | | 6.500%, 12/01/2038 | | | 4,892 | | | 0.0 | |
| 6,371 | | | 6.500%, 12/01/2038 | | | 6,639 | | | 0.0 | |
| 50,184 | | | 6.500%, 12/01/2038 | | | 52,381 | | | 0.0 | |
| 193,271 | | | 6.500%, 12/01/2038 | | | 202,435 | | | 0.0 | |
| 2,627 | | | 6.500%, 01/01/2039 | | | 2,790 | | | 0.0 | |
| | | | | | | 49,034,803 | | | 3.1 | |
| | | | Federal National Mortgage Association: 0.1%(1) |
| 538,170 | | | 3.000%, 09/01/2046 | | | 478,338 | | | 0.0 | |
| 624,898 | | | 3.720%, 10/01/2029 | | | 607,182 | | | 0.1 | |
| 6,280 | | | 5.700%, 07/01/2036 | | | 6,250 | | | 0.0 | |
| 34,047 | | | 5.700%, 07/01/2036 | | | 33,839 | | | 0.0 | |
| | | | | | | 1,125,609 | | | 0.1 | |
| | | | Government National Mortgage Association: 6.1% |
| 9,372,567 | | | 2.000%, 01/20/2051 | | | 7,944,738 | | | 0.5 | |
| 6,267,383 | | | 2.000%, 02/20/2051 | | | 5,311,692 | | | 0.3 | |
| 1,637,389 | | | 2.500%, 03/20/2051 | | | 1,432,683 | | | 0.1 | |
| 3,279,155 | | | 2.500%, 04/20/2051 | | | 2,871,920 | | | 0.2 | |
| 2,541,658 | | | 2.500%, 05/20/2051 | | | 2,225,862 | | | 0.2 | |
| 2,342,807 | | | 2.500%, 08/20/2051 | | | 2,049,847 | | | 0.1 | |
| 7,160,108 | | | 2.500%, 09/20/2051 | | | 6,264,977 | | | 0.4 | |
| 2,386,062 | | | 2.500%, 10/20/2051 | | | 2,087,659 | | | 0.1 | |
| 3,249,812 | | | 2.500%, 11/20/2051 | | | 2,843,145 | | | 0.2 | |
| 6,495,199 | | | 2.500%, 12/20/2051 | | | 5,682,840 | | | 0.4 | |
| 2,603,037 | | | 2.500%, 04/20/2052 | | | 2,276,666 | | | 0.2 | |
| 1,489,858 | | | 3.000%, 07/20/2045 | | | 1,370,856 | | | 0.1 | |
| 1,590,319 | | | 3.000%, 10/20/2051 | | | 1,408,104 | | | 0.1 | |
| 8,092,306 | | | 3.000%, 10/20/2051 | | | 7,333,566 | | | 0.5 | |
| 3,651,022 | | | 3.000%, 11/20/2051 | | | 3,232,684 | | | 0.2 | |
| 11,051,077 | | | 3.000%, 11/20/2051 | | | 10,014,404 | | | 0.6 | |
| 2,407,240 | | | 3.000%, 12/20/2051 | | | 2,180,028 | | | 0.1 | |
| 1,794,791 | | | 3.000%, 03/20/2052 | | | 1,619,122 | | | 0.1 | |
| 5,139,336 | | | 3.500%, 03/20/2047 | | | 4,918,493 | | | 0.3 | |
| 1,604,112 | | | 3.500%, 09/20/2047 | | | 1,503,931 | | | 0.1 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Government National Mortgage Association (continued) | |
| 889,679 | | | 3.500%, 01/20/2048 | | $ | 838,420 | | | 0.1 | |
| 5,883,758 | | | 3.500%, 02/20/2048 | | | 5,529,244 | | | 0.4 | |
| 5,709,571 | | | 3.500%, 03/20/2048 | | | 5,379,753 | | | 0.4 | |
| 1,130,735 | | | 4.000%, 10/20/2043 | | | 1,116,533 | | | 0.1 | |
| 587,719 | | | 4.000%, 03/20/2046 | | | 569,742 | | | 0.0 | |
| 1,025,696 | | | 4.000%, 03/20/2046 | | | 994,324 | | | 0.1 | |
| 371,552 | | | 4.500%, 02/20/2041 | | | 371,771 | | | 0.0 | |
| 113,125 | | | 4.500%, 03/20/2041 | | | 113,192 | | | 0.0 | |
| 429,794 | | | 4.500%, 05/20/2041 | | | 430,049 | | | 0.0 | |
| 339,650 | | | 4.500%, 06/20/2041 | | | 339,851 | | | 0.0 | |
| 553,145 | | | 4.500%, 07/20/2041 | | | 553,472 | | | 0.0 | |
| 412,775 | | | 4.500%, 09/20/2041 | | | 413,019 | | | 0.0 | |
| 708,062 | | | 4.500%, 10/20/2041 | | | 708,481 | | | 0.1 | |
| 881,922 | | | 4.500%, 01/20/2050 | | | 871,397 | | | 0.1 | |
| 5,533 | | | 5.000%, 10/15/2037 | | | 5,582 | | | 0.0 | |
| 1,486 | | | 5.000%, 04/15/2038 | | | 1,501 | | | 0.0 | |
| 23,775 | | | 5.000%, 03/15/2039 | | | 24,026 | | | 0.0 | |
| 33,440 | | | 5.000%, 08/15/2039 | | | 34,202 | | | 0.0 | |
| 293,430 | | | 5.000%, 09/15/2039 | | | 295,619 | | | 0.0 | |
| 325,899 | | | 5.000%, 09/15/2039 | | | 327,125 | | | 0.0 | |
| 307,511 | | | 5.000%, 02/15/2040 | | | 308,227 | | | 0.0 | |
| 173,466 | | | 5.000%, 04/15/2040 | | | 172,443 | | | 0.0 | |
| 481,013 | | | 5.000%, 06/15/2040 | | | 479,860 | | | 0.0 | |
| 12,515 | | | 5.000%, 07/15/2040 | | | 12,469 | | | 0.0 | |
| 165,525 | | | 5.000%, 04/15/2042 | | | 165,423 | | | 0.0 | |
| 261,951 | | | 5.000%, 04/20/2042 | | | 266,910 | | | 0.0 | |
| 184,448 | | | 5.000%, 06/20/2048 | | | 184,985 | | | 0.0 | |
| 13,328 | | | 5.500%, 07/20/2038 | | | 13,861 | | | 0.0 | |
| 174,225 | | | 5.500%, 09/20/2039 | | | 181,518 | | | 0.0 | |
| 13,158 | | | 5.500%, 10/20/2039 | | | 13,708 | | | 0.0 | |
| 7,956 | | | 5.500%, 11/20/2039 | | | 8,284 | | | 0.0 | |
| 301,212 | | | 5.500%, 11/20/2039 | | | 313,817 | | | 0.0 | |
| 4,474 | | | 5.500%, 12/20/2040 | | | 4,656 | | | 0.0 | |
| 16,631 | | | 5.500%, 01/20/2041 | | | 17,327 | | | 0.0 | |
| 95,805 | | | 5.500%, 03/20/2041 | | | 99,808 | | | 0.0 | |
| 152,273 | | | 5.500%, 04/20/2041 | | | 158,650 | | | 0.0 | |
| 235,101 | | | 5.500%, 05/20/2041 | | | 244,901 | | | 0.0 | |
| 229,180 | | | 5.500%, 06/20/2041 | | | 238,723 | | | 0.0 | |
| 6,500 | | | 6.000%, 10/15/2036 | | | 6,732 | | | 0.0 | |
| 17,115 | | | 6.000%, 08/15/2037 | | | 17,646 | | | 0.0 | |
| 14,304 | | | 6.000%, 11/15/2037 | | | 14,726 | | | 0.0 | |
| 3,628 | | | 6.000%, 12/15/2037 | | | 3,696 | | | 0.0 | |
| 1,749 | | | 6.000%, 01/15/2038 | | | 1,795 | | | 0.0 | |
| 17,110 | | | 6.000%, 01/15/2038 | | | 17,721 | | | 0.0 | |
| 197 | | | 6.000%, 02/15/2038 | | | 202 | | | 0.0 | |
| 14,063 | | | 6.000%, 02/15/2038 | | | 14,565 | | | 0.0 | |
| 38,230 | | | 6.000%, 02/15/2038 | | | 39,098 | | | 0.0 | |
| 68,899 | | | 6.000%, 05/15/2038 | | | 71,121 | | | 0.0 | |
| 80,349 | | | 6.000%, 05/15/2038 | | | 82,216 | | | 0.0 | |
| 8,940 | | | 6.000%, 07/15/2038 | | | 9,127 | | | 0.0 | |
| 26,600 | | | 6.000%, 09/15/2038 | | | 27,181 | | | 0.0 | |
| 392,178 | | | 6.000%, 08/20/2040 | | | 406,839 | | | 0.0 | |
| | | | | | | 97,088,755 | | | 6.1 | |
| | | Tennessee Valley Authority: 0.2% | |
| 10,000 | | | 6.150%, 01/15/2038 | | | 11,818 | | | 0.0 | |
| 2,938,000 | | | 7.125%, 05/01/2030 | | | 3,432,226 | | | 0.2 | |
| | | | | | | 3,444,044 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities: 16.9% |
| 16,520,646 | | | 2.000%, 12/01/2036 | | $ | 14,815,174 | | | 0.9 | |
| 5,459,527 | | | 2.000%, 02/01/2051 | | | 4,486,785 | | | 0.3 | |
| 492,050 | | | 2.000%, 05/01/2051 | | | 403,128 | | | 0.0 | |
| 3,833,547 | | | 2.000%, 05/01/2051 | | | 3,189,728 | | | 0.2 | |
| 8,954,113 | | | 2.000%, 05/01/2051 | | | 7,350,750 | | | 0.5 | |
| 8,129,735 | | | 2.000%, 09/01/2051 | | | 6,648,697 | | | 0.4 | |
| 5,130,361 | | | 2.000%, 10/01/2051 | | | 4,203,215 | | | 0.3 | |
| 7,355,732 | | | 2.000%, 11/01/2051 | | | 6,094,882 | | | 0.4 | |
| 5,092,896 | | | 2.000%, 01/01/2052 | | | 4,227,990 | | | 0.3 | |
| 9,191,549 | | | 2.000%, 01/01/2052 | | | 7,622,747 | | | 0.5 | |
| 12,099,551 | | | 2.000%, 01/01/2052 | | | 9,935,572 | | | 0.6 | |
| 1,520,739 | | | 2.000%, 02/01/2052 | | | 1,261,504 | | | 0.1 | |
| 3,113,935 | | | 2.000%, 02/01/2052 | | | 2,579,393 | | | 0.2 | |
| 3,440,561 | | | 2.000%, 02/01/2052 | | | 2,857,781 | | | 0.2 | |
| 5,737,057 | | | 2.000%, 02/01/2052 | | | 4,757,913 | | | 0.3 | |
| 6,629,881 | | | 2.000%, 02/01/2052 | | | 5,506,959 | | | 0.4 | |
| 7,765,338 | | | 2.000%, 02/01/2052 | | | 6,440,020 | | | 0.4 | |
| 9,936,253 | | | 2.000%, 02/01/2052 | | | 8,137,735 | | | 0.5 | |
| 1,588,220 | | | 2.000%, 03/01/2052 | | | 1,317,287 | | | 0.1 | |
| 2,022,758 | | | 2.000%, 03/01/2052 | | | 1,666,220 | | | 0.1 | |
| 2,684,233 | | | 2.000%, 04/01/2052 | | | 2,229,580 | | | 0.2 | |
| 768,656 | | | 2.500%, 09/01/2027 | | | 740,457 | | | 0.1 | |
| 921,242 | | | 2.500%, 06/01/2030 | | | 874,678 | | | 0.1 | |
| 1,229,620 | | | 2.500%, 06/01/2030 | | | 1,166,554 | | | 0.1 | |
| 514,441 | | | 2.500%, 07/01/2030 | | | 488,054 | | | 0.0 | |
| 5,507,545 | | | 2.500%, 06/01/2050 | | | 4,766,771 | | | 0.3 | |
| 9,842,015 | | | 2.500%, 08/01/2050 | | | 8,518,044 | | | 0.5 | |
| 225,486 | | | 2.500%, 11/01/2050 | | | 195,279 | | | 0.0 | |
| 1,932,968 | | | 2.500%, 05/01/2051 | | | 1,657,308 | | | 0.1 | |
| 7,183,792 | | | 2.500%, 06/01/2051 | | | 6,119,532 | | | 0.4 | |
| 983,740 | | | 2.500%, 09/01/2051 | | | 844,947 | | | 0.1 | |
| 5,067,459 | | | 2.500%, 11/01/2051 | | | 4,357,252 | | | 0.3 | |
| 4,631,712 | | | 2.500%, 12/01/2051 | | | 3,994,164 | | | 0.3 | |
| 5,206,079 | | | 2.500%, 01/01/2052 | | | 4,474,464 | | | 0.3 | |
| 1,078,539 | | | 2.500%, 02/01/2052 | | | 923,595 | | | 0.1 | |
| 1,467,688 | | | 2.500%, 02/01/2052 | | | 1,256,757 | | | 0.1 | |
| 1,958,029 | | | 2.500%, 02/01/2052 | | | 1,695,063 | | | 0.1 | |
| 2,374,430 | | | 2.500%, 02/01/2052 | | | 2,044,294 | | | 0.1 | |
| 5,326,576 | | | 2.500%, 02/01/2052 | | | 4,536,013 | | | 0.3 | |
| 1,529,374 | | | 2.500%, 03/01/2052 | | | 1,315,392 | | | 0.1 | |
| 2,067,972 | | | 2.500%, 03/01/2052 | | | 1,777,191 | | | 0.1 | |
| 5,823,683 | | | 2.500%, 03/01/2052 | | | 5,007,572 | | | 0.3 | |
| 3,727,245 | | | 2.500%, 04/01/2052 | | | 3,203,135 | | | 0.2 | |
| 269,492 | | | 3.000%, 06/01/2026 | | | 263,368 | | | 0.0 | |
| 1,418,991 | | | 3.000%, 08/01/2030 | | | 1,366,866 | | | 0.1 | |
| 534,495 | | | 3.000%, 09/01/2030 | | | 513,982 | | | 0.0 | |
| 14,438,427 | | | 3.000%, 08/01/2035 | | | 13,699,918 | | | 0.9 | |
| 5,889,298 | | | 3.000%, 12/01/2042 | | | 5,415,516 | | | 0.3 | |
| 2,456,128 | | | 3.000%, 07/01/2043 | | | 2,258,493 | | | 0.2 | |
| 1,121,357 | | | 3.000%, 09/01/2043 | | | 1,031,236 | | | 0.1 | |
| 1,472,966 | | | 3.000%, 07/01/2046 | | | 1,343,909 | | | 0.1 | |
| 515,466 | | | 3.000%, 08/01/2046 | | | 470,001 | | | 0.0 | |
| 6,057,017 | | | 3.000%, 12/01/2046 | | | 5,521,224 | | | 0.4 | |
| 2,471,046 | | | 3.000%, 01/01/2052 | | | 2,223,983 | | | 0.1 | |
| 560,662 | | | 3.500%, 05/01/2029 | | | 547,988 | | | 0.0 | |
| 419,006 | | | 3.500%, 03/01/2041 | | | 397,973 | | | 0.0 | |
| 452,645 | | | 3.500%, 12/01/2041 | | | 429,155 | | | 0.0 | |
| 466,159 | | | 3.500%, 01/01/2042 | | | 441,484 | | | 0.0 | |
| 1,065,469 | | | 3.500%, 10/01/2042 | | | 1,005,771 | | | 0.1 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 2,502,071 | | | 3.500%, 11/01/2042 | | $ | 2,356,805 | | | 0.2 | |
| 1,320,217 | | | 3.500%, 01/01/2046 | | | 1,239,149 | | | 0.1 | |
| 950,924 | | | 3.500%, 02/01/2046 | | | 892,708 | | | 0.1 | |
| 1,962,442 | | | 3.500%, 02/01/2046 | | | 1,841,958 | | | 0.1 | |
| 2,082,169 | | | 3.500%, 04/01/2046 | | | 1,944,060 | | | 0.1 | |
| 1,038,812 | | | 3.500%, 02/01/2052 | | | 965,935 | | | 0.1 | |
| 805,093 | | | 3.500%, 03/01/2052 | | | 748,642 | | | 0.1 | |
| 3,915,502 | | | 3.500%, 05/01/2052 | | | 3,605,459 | | | 0.2 | |
| 74,437 | | | 4.000%, 10/01/2040 | | | 72,622 | | | 0.0 | |
| 359,863 | | | 4.000%, 10/01/2040 | | | 350,640 | | | 0.0 | |
| 2,665,176 | | | 4.000%, 11/01/2040 | | | 2,596,873 | | | 0.2 | |
| 352,769 | | | 4.000%, 12/01/2040 | | | 344,165 | | | 0.0 | |
| 461,907 | | | 4.000%, 12/01/2040 | | | 450,350 | | | 0.0 | |
| 520,366 | | | 4.000%, 02/01/2041 | | | 507,667 | | | 0.0 | |
| 146,543 | | | 4.000%, 03/01/2041 | | | 142,878 | | | 0.0 | |
| 139,857 | | | 4.000%, 04/01/2041 | | | 136,301 | | | 0.0 | |
| 101,717 | | | 4.000%, 09/01/2041 | | | 99,026 | | | 0.0 | |
| 273,567 | | | 4.000%, 11/01/2041 | | | 266,212 | | | 0.0 | |
| 103,093 | | | 4.000%, 12/01/2041 | | | 100,343 | | | 0.0 | |
| 357,283 | | | 4.000%, 01/01/2042 | | | 347,679 | | | 0.0 | |
| 175,681 | | | 4.000%, 07/01/2042 | | | 170,995 | | | 0.0 | |
| 479,960 | | | 4.000%, 12/01/2042 | | | 467,203 | | | 0.0 | |
| 732,736 | | | 4.000%, 07/01/2043 | | | 711,972 | | | 0.1 | |
| 325,589 | | | 4.000%, 02/01/2044 | | | 314,429 | | | 0.0 | |
| 417,303 | | | 4.000%, 02/01/2044 | | | 406,082 | | | 0.0 | |
| 72,524 | | | 4.000%, 03/01/2044 | | | 70,177 | | | 0.0 | |
| 356,380 | | | 4.000%, 05/01/2045 | | | 343,824 | | | 0.0 | |
| 1,896,055 | | | 4.000%, 06/01/2045 | | | 1,828,654 | | | 0.1 | |
| 263,219 | | | 4.000%, 07/01/2045 | | | 253,865 | | | 0.0 | |
| 486,330 | | | 4.000%, 07/01/2045 | | | 470,617 | | | 0.0 | |
| 580,355 | | | 4.000%, 07/01/2045 | | | 559,927 | | | 0.0 | |
| 625,109 | | | 4.000%, 07/01/2045 | | | 605,817 | | | 0.0 | |
| 651,695 | | | 4.000%, 02/01/2046 | | | 628,523 | | | 0.1 | |
| 1,318,941 | | | 4.000%, 02/01/2048 | | | 1,271,089 | | | 0.1 | |
| 87,835 | | | 4.000%, 03/01/2048 | | | 84,494 | | | 0.0 | |
| 349,192 | | | 4.000%, 03/01/2048 | | | 336,490 | | | 0.0 | |
| 5,364,558 | | | 4.000%, 05/01/2052 | | | 5,079,147 | | | 0.3 | |
| 153,148 | | | 4.500%, 07/01/2026 | | | 152,322 | | | 0.0 | |
| 2,217 | | | 4.500%, 06/01/2034 | | | 2,223 | | | 0.0 | |
| 6,815 | | | 4.500%, 05/01/2035 | | | 6,818 | | | 0.0 | |
| 863 | | | 4.500%, 03/01/2038 | | | 862 | | | 0.0 | |
| 295 | | | 4.500%, 05/01/2038 | | | 293 | | | 0.0 | |
| 4,462 | | | 4.500%, 06/01/2038 | | | 4,474 | | | 0.0 | |
| 7,577 | | | 4.500%, 07/01/2038 | | | 7,533 | | | 0.0 | |
| 12,053 | | | 4.500%, 09/01/2038 | | | 11,915 | | | 0.0 | |
| 108,397 | | | 4.500%, 03/01/2039 | | | 108,300 | | | 0.0 | |
| 7,547 | | | 4.500%, 04/01/2039 | | | 7,540 | | | 0.0 | |
| 9,618 | | | 4.500%, 04/01/2039 | | | 9,602 | | | 0.0 | |
| 189,882 | | | 4.500%, 07/01/2039 | | | 189,652 | | | 0.0 | |
| 490,699 | | | 4.500%, 09/01/2039 | | | 490,257 | | | 0.0 | |
| 413,355 | | | 4.500%, 10/01/2039 | | | 412,984 | | | 0.0 | |
| 96,625 | | | 4.500%, 12/01/2039 | | | 96,508 | | | 0.0 | |
| 107,432 | | | 4.500%, 12/01/2039 | | | 107,280 | | | 0.0 | |
| 135,919 | | | 4.500%, 12/01/2039 | | | 135,797 | | | 0.0 | |
| 84,605 | | | 4.500%, 03/01/2040 | | | 84,529 | | | 0.0 | |
| 81,657 | | | 4.500%, 10/01/2040 | | | 81,584 | | | 0.0 | |
| 97,768 | | | 4.500%, 10/01/2040 | | | 97,680 | | | 0.0 | |
| 103,875 | | | 4.500%, 10/01/2040 | | | 103,782 | | | 0.0 | |
| 142,943 | | | 4.500%, 03/01/2041 | | | 141,968 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 76,477 | | | 4.500%, 06/01/2041 | | $ | 76,409 | | | 0.0 | |
| 90,196 | | | 4.500%, 06/01/2041 | | | 90,115 | | | 0.0 | |
| 746,107 | | | 4.500%, 06/01/2041 | | | 745,438 | | | 0.1 | |
| 38,385 | | | 4.500%, 07/01/2041 | | | 38,350 | | | 0.0 | |
| 74,342 | | | 4.500%, 07/01/2041 | | | 73,615 | | | 0.0 | |
| 869,600 | | | 4.500%, 07/01/2041 | | | 868,728 | | | 0.1 | |
| 64,113 | | | 4.500%, 08/01/2041 | | | 64,043 | | | 0.0 | |
| 292,118 | | | 4.500%, 08/01/2041 | | | 291,855 | | | 0.0 | |
| 450,526 | | | 4.500%, 08/01/2041 | | | 450,122 | | | 0.0 | |
| 3,143,723 | | | 4.500%, 08/01/2052 | | | 3,063,309 | | | 0.2 | |
| 6,541,904 | | | 4.500%, 10/01/2052 | | | 6,345,961 | | | 0.4 | |
| 9,341 | | | 5.000%, 03/01/2027 | | | 9,394 | | | 0.0 | |
| 1,558,599 | | | 5.000%, 05/01/2042 | | | 1,584,408 | | | 0.1 | |
| 5,340,725 | | | 5.000%, 09/01/2052 | | | 5,287,720 | | | 0.3 | |
| 8,836,152 | | | 5.000%, 09/01/2052 | | | 8,756,552 | | | 0.6 | |
| 518 | | | 5.500%, 07/01/2024 | | | 526 | | | 0.0 | |
| 2,537 | | | 5.500%, 08/01/2025 | | | 2,574 | | | 0.0 | |
| 595 | | | 5.500%, 07/01/2027 | | | 597 | | | 0.0 | |
| 156 | | | 5.500%, 08/01/2027 | | | 157 | | | 0.0 | |
| 42,859 | | | 5.500%, 03/01/2034 | | | 44,151 | | | 0.0 | |
| 42,359 | | | 5.500%, 04/01/2034 | | | 43,637 | | | 0.0 | |
| 17,317 | | | 5.500%, 11/01/2034 | | | 17,839 | | | 0.0 | |
| 18,428 | | | 5.500%, 12/01/2034 | | | 18,984 | | | 0.0 | |
| 213,331 | | | 5.500%, 02/01/2035 | | | 219,771 | | | 0.0 | |
| 32,694 | | | 5.500%, 05/01/2035 | | | 33,682 | | | 0.0 | |
| 29,319 | | | 5.500%, 09/01/2035 | | | 30,203 | | | 0.0 | |
| 133,413 | | | 5.500%, 09/01/2035 | | | 137,439 | | | 0.0 | |
| 24,480 | | | 5.500%, 04/01/2036 | | | 25,219 | | | 0.0 | |
| 39,750 | | | 5.500%, 04/01/2036 | | | 40,952 | | | 0.0 | |
| 7,894 | | | 5.500%, 05/01/2036 | | | 8,132 | | | 0.0 | |
| 16,242 | | | 5.500%, 06/01/2036 | | | 16,733 | | | 0.0 | |
| 104,945 | | | 5.500%, 07/01/2036 | | | 108,113 | | | 0.0 | |
| 59,540 | | | 5.500%, 11/01/2036 | | | 61,339 | | | 0.0 | |
| 85,551 | | | 5.500%, 12/01/2036 | | | 88,136 | | | 0.0 | |
| 170,122 | | | 5.500%, 12/01/2036 | | | 175,257 | | | 0.0 | |
| 28,453 | | | 5.500%, 01/01/2037 | | | 29,313 | | | 0.0 | |
| 24,224 | | | 5.500%, 03/01/2037 | | | 24,955 | | | 0.0 | |
| 123,037 | | | 5.500%, 03/01/2037 | | | 126,754 | | | 0.0 | |
| 261,343 | | | 5.500%, 03/01/2037 | | | 269,245 | | | 0.0 | |
| 105,798 | | | 5.500%, 08/01/2037 | | | 108,994 | | | 0.0 | |
| 344 | | | 5.500%, 01/01/2038 | | | 354 | | | 0.0 | |
| 346 | | | 5.500%, 01/01/2038 | | | 356 | | | 0.0 | |
| 1,425 | | | 5.500%, 01/01/2038 | | | 1,468 | | | 0.0 | |
| 3,972 | | | 5.500%, 03/01/2038 | | | 4,092 | | | 0.0 | |
| 3,885 | | | 5.500%, 05/01/2038 | | | 4,002 | | | 0.0 | |
| 15,969 | | | 5.500%, 06/01/2038 | | | 16,452 | | | 0.0 | |
| 400,603 | | | 5.500%, 09/01/2038 | | | 411,664 | | | 0.0 | |
| 118,597 | | | 5.500%, 12/01/2038 | | | 122,186 | | | 0.0 | |
| 29,366 | | | 5.500%, 06/01/2039 | | | 30,254 | | | 0.0 | |
| 34,526 | | | 5.500%, 05/01/2040 | | | 35,572 | | | 0.0 | |
| 212,389 | | | 5.500%, 06/01/2040 | | | 218,812 | | | 0.0 | |
| 3,005 | | | 6.000%, 01/01/2034 | | | 3,103 | | | 0.0 | |
| 24,208 | | | 6.000%, 12/01/2034 | | | 25,285 | | | 0.0 | |
| 6,281 | | | 6.000%, 05/01/2035 | | | 6,521 | | | 0.0 | |
| 13,226 | | | 6.000%, 01/01/2036 | | | 13,610 | | | 0.0 | |
| 27,288 | | | 6.000%, 01/01/2036 | | | 28,298 | | | 0.0 | |
| 6,211 | | | 6.000%, 02/01/2036 | | | 6,489 | | | 0.0 | |
| 10,179 | | | 6.000%, 03/01/2036 | | | 10,635 | | | 0.0 | |
| 13,521 | | | 6.000%, 03/01/2036 | | | 14,267 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 1,606 | | | 6.000%, 04/01/2036 | | $ | 1,643 | | | 0.0 | |
| 4,909 | | | 6.000%, 04/01/2036 | | | 5,129 | | | 0.0 | |
| 37,053 | | | 6.000%, 05/01/2036 | | | 38,710 | | | 0.0 | |
| 107 | | | 6.000%, 06/01/2036 | | | 111 | | | 0.0 | |
| 1,446 | | | 6.000%, 08/01/2036 | | | 1,497 | | | 0.0 | |
| 8,440 | | | 6.000%, 08/01/2036 | | | 8,820 | | | 0.0 | |
| 6,728 | | | 6.000%, 09/01/2036 | | | 7,029 | | | 0.0 | |
| 22,099 | | | 6.000%, 09/01/2036 | | | 23,089 | | | 0.0 | |
| 34,594 | | | 6.000%, 09/01/2036 | | | 36,041 | | | 0.0 | |
| 7,400 | | | 6.000%, 10/01/2036 | | | 7,732 | | | 0.0 | |
| 79,673 | | | 6.000%, 12/01/2036 | | | 82,694 | | | 0.0 | |
| 264,726 | | | 6.000%, 12/01/2036 | | | 275,804 | | | 0.0 | |
| 6,421 | | | 6.000%, 01/01/2037 | | | 6,652 | | | 0.0 | |
| 4,721 | | | 6.000%, 02/01/2037 | | | 4,876 | | | 0.0 | |
| 4,516 | | | 6.000%, 04/01/2037 | | | 4,676 | | | 0.0 | |
| 35,380 | | | 6.000%, 07/01/2037 | | | 36,963 | | | 0.0 | |
| 151 | | | 6.000%, 08/01/2037 | | | 154 | | | 0.0 | |
| 1,274 | | | 6.000%, 08/01/2037 | | | 1,327 | | | 0.0 | |
| 8,457 | | | 6.000%, 08/01/2037 | | | 8,833 | | | 0.0 | |
| 192 | | | 6.000%, 09/01/2037 | | | 201 | | | 0.0 | |
| 479 | | | 6.000%, 09/01/2037 | | | 493 | | | 0.0 | |
| 2,111 | | | 6.000%, 09/01/2037 | | | 2,204 | | | 0.0 | |
| 4,272 | | | 6.000%, 09/01/2037 | | | 4,462 | | | 0.0 | |
| 6,503 | | | 6.000%, 09/01/2037 | | | 6,756 | | | 0.0 | |
| 139 | | | 6.000%, 10/01/2037 | | | 146 | | | 0.0 | |
| 817 | | | 6.000%, 10/01/2037 | | | 851 | | | 0.0 | |
| 975 | | | 6.000%, 10/01/2037 | | | 1,014 | | | 0.0 | |
| 1,818 | | | 6.000%, 10/01/2037 | | | 1,895 | | | 0.0 | |
| 424 | | | 6.000%, 11/01/2037 | | | 440 | | | 0.0 | |
| 899 | | | 6.000%, 11/01/2037 | | | 932 | | | 0.0 | |
| 5,645 | | | 6.000%, 11/01/2037 | | | 5,834 | | | 0.0 | |
| 6,276 | | | 6.000%, 11/01/2037 | | | 6,513 | | | 0.0 | |
| 7,703 | | | 6.000%, 11/01/2037 | | | 8,068 | | | 0.0 | |
| 20,541 | | | 6.000%, 11/01/2037 | | | 21,463 | | | 0.0 | |
| 2,126 | | | 6.000%, 12/01/2037 | | | 2,217 | | | 0.0 | |
| 9,919 | | | 6.000%, 12/01/2037 | | | 10,352 | | | 0.0 | |
| 14,262 | | | 6.000%, 12/01/2037 | | | 14,884 | | | 0.0 | |
| 24,082 | | | 6.000%, 12/01/2037 | | | 25,135 | | | 0.0 | |
| 4,040 | | | 6.000%, 01/01/2038 | | | 4,157 | | | 0.0 | |
| 670 | | | 6.000%, 02/01/2038 | | | 694 | | | 0.0 | |
| 54,741 | | | 6.000%, 02/01/2038 | | | 57,418 | | | 0.0 | |
| 2,738 | | | 6.000%, 03/01/2038 | | | 2,826 | | | 0.0 | |
| 59,674 | | | 6.000%, 03/01/2038 | | | 61,441 | | | 0.0 | |
| 6,468 | | | 6.000%, 04/01/2038 | | | 6,757 | | | 0.0 | |
| 124,458 | | | 6.000%, 04/01/2038 | | | 130,044 | | | 0.0 | |
| 6,910 | | | 6.000%, 05/01/2038 | | | 7,103 | | | 0.0 | |
| 9,715 | | | 6.000%, 05/01/2038 | | | 10,137 | | | 0.0 | |
| 963 | | | 6.000%, 06/01/2038 | | | 996 | | | 0.0 | |
| 7,117 | | | 6.000%, 07/01/2038 | | | 7,387 | | | 0.0 | |
| 21,718 | | | 6.000%, 07/01/2038 | | | 22,537 | | | 0.0 | |
| 724 | | | 6.000%, 08/01/2038 | | | 748 | | | 0.0 | |
| 1,357 | | | 6.000%, 08/01/2038 | | | 1,412 | | | 0.0 | |
| 5,969 | | | 6.000%, 09/01/2038 | | | 6,175 | | | 0.0 | |
| 7,929 | | | 6.000%, 09/01/2038 | | | 8,261 | | | 0.0 | |
| 30,967 | | | 6.000%, 09/01/2038 | | | 32,107 | | | 0.0 | |
| 14,899 | | | 6.000%, 10/01/2038 | | | 15,401 | | | 0.0 | |
| 20,450 | | | 6.000%, 10/01/2038 | | | 21,225 | | | 0.0 | |
| 32,145 | | | 6.000%, 10/01/2038 | | | 33,542 | | | 0.0 | |
| 272,938 | | | 6.000%, 10/01/2039 | | | 285,220 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 5,737 | | | 6.000%, 11/01/2039 | | $ | 5,894 | | | 0.0 | |
| 204 | | | 6.500%, 04/01/2030 | | | 213 | | | 0.0 | |
| 47,838 | | | 6.500%, 02/01/2034 | | | 49,627 | | | 0.0 | |
| 4,465 | | | 6.500%, 11/01/2034 | | | 4,765 | | | 0.0 | |
| 8,047 | | | 6.500%, 01/01/2036 | | | 8,479 | | | 0.0 | |
| 13,669 | | | 6.500%, 03/01/2036 | | | 14,316 | | | 0.0 | |
| 21,361 | | | 6.500%, 04/01/2036 | | | 21,940 | | | 0.0 | |
| 3,636 | | | 6.500%, 06/01/2036 | | | 3,800 | | | 0.0 | |
| 559 | | | 6.500%, 07/01/2036 | | | 583 | | | 0.0 | |
| 768 | | | 6.500%, 07/01/2036 | | | 810 | | | 0.0 | |
| 4,478 | | | 6.500%, 07/01/2036 | | | 4,662 | | | 0.0 | |
| 9,375 | | | 6.500%, 07/01/2036 | | | 9,856 | | | 0.0 | |
| 11,232 | | | 6.500%, 07/01/2036 | | | 11,822 | | | 0.0 | |
| 27,816 | | | 6.500%, 07/01/2036 | | | 29,057 | | | 0.0 | |
| 502 | | | 6.500%, 08/01/2036 | | | 523 | | | 0.0 | |
| 608 | | | 6.500%, 09/01/2036 | | | 639 | | | 0.0 | |
| 5,963 | | | 6.500%, 09/01/2036 | | | 6,241 | | | 0.0 | |
| 6,440 | | | 6.500%, 09/01/2036 | | | 6,683 | | | 0.0 | |
| 47,420 | | | 6.500%, 09/01/2036 | | | 49,484 | | | 0.0 | |
| 730 | | | 6.500%, 11/01/2036 | | | 762 | | | 0.0 | |
| 1,499 | | | 6.500%, 11/01/2036 | | | 1,580 | | | 0.0 | |
| 1,031 | | | 6.500%, 12/01/2036 | | | 1,075 | | | 0.0 | |
| 11,321 | | | 6.500%, 12/01/2036 | | | 11,767 | | | 0.0 | |
| 41 | | | 6.500%, 01/01/2037 | | | 42 | | | 0.0 | |
| 17,462 | | | 6.500%, 01/01/2037 | | | 18,273 | | | 0.0 | |
| 27,076 | | | 6.500%, 01/01/2037 | | | 28,455 | | | 0.0 | |
| 2,849 | | | 6.500%, 03/01/2037 | | | 2,956 | | | 0.0 | |
| 4,572 | | | 6.500%, 03/01/2037 | | | 4,750 | | | 0.0 | |
| 9,754 | | | 6.500%, 03/01/2037 | | | 10,149 | | | 0.0 | |
| 147 | | | 6.500%, 07/01/2037 | | | 154 | | | 0.0 | |
| 211 | | | 6.500%, 08/01/2037 | | | 220 | | | 0.0 | |
| 1,293 | | | 6.500%, 08/01/2037 | | | 1,343 | | | 0.0 | |
| 1,574 | | | 6.500%, 08/01/2037 | | | 1,647 | | | 0.0 | |
| 235 | | | 6.500%, 09/01/2037 | | | 248 | | | 0.0 | |
| 508 | | | 6.500%, 09/01/2037 | | | 529 | | | 0.0 | |
| 527 | | | 6.500%, 09/01/2037 | | | 552 | | | 0.0 | |
| 3,550 | | | 6.500%, 09/01/2037 | | | 3,756 | | | 0.0 | |
| 7,272 | | | 6.500%, 09/01/2037 | | | 7,587 | | | 0.0 | |
| 54,942 | | | 6.500%, 09/01/2037 | | | 57,909 | | | 0.0 | |
| 67,255 | | | 6.500%, 09/01/2037 | | | 70,325 | | | 0.0 | |
| 240 | | | 6.500%, 10/01/2037 | | | 251 | | | 0.0 | |
| 975 | | | 6.500%, 10/01/2037 | | | 1,033 | | | 0.0 | |
| 2,049 | | | 6.500%, 10/01/2037 | | | 2,143 | | | 0.0 | |
| 5,950 | | | 6.500%, 10/01/2037 | | | 6,262 | | | 0.0 | |
| 13,504 | | | 6.500%, 10/01/2037 | | | 14,128 | | | 0.0 | |
| 41,584 | | | 6.500%, 11/01/2037 | | | 43,896 | | | 0.0 | |
| 1,147 | | | 6.500%, 12/01/2037 | | | 1,190 | | | 0.0 | |
| 1,229 | | | 6.500%, 12/01/2037 | | | 1,283 | | | 0.0 | |
| 1,321 | | | 6.500%, 12/01/2037 | | | 1,373 | | | 0.0 | |
| 1,328 | | | 6.500%, 12/01/2037 | | | 1,384 | | | 0.0 | |
| 4,587 | | | 6.500%, 12/01/2037 | | | 4,763 | | | 0.0 | |
| 5,223 | | | 6.500%, 12/01/2037 | | | 5,469 | | | 0.0 | |
| 51,683 | | | 6.500%, 12/01/2037 | | | 54,195 | | | 0.0 | |
| 464 | | | 6.500%, 01/01/2038 | | | 483 | | | 0.0 | |
| 7,616 | | | 6.500%, 01/01/2038 | | | 8,006 | | | 0.0 | |
| 38,784 | | | 6.500%, 03/01/2038 | | | 40,902 | | | 0.0 | |
| 24,290 | | | 6.500%, 04/01/2038 | | | 25,636 | | | 0.0 | |
| 24,343 | | | 6.500%, 08/01/2038 | | | 25,528 | | | 0.0 | |
| 32,271 | | | 6.500%, 08/01/2038 | | | 33,481 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |
| | | | Uniform Mortgage-Backed Securities (continued) |
| 20,063 | | | 6.500%, 09/01/2038 | | $ | 20,933 | | | 0.0 | |
| 1,505 | | | 6.500%, 10/01/2038 | | | 1,593 | | | 0.0 | |
| 5,762 | | | 6.500%, 10/01/2038 | | | 5,987 | | | 0.0 | |
| 10,952 | | | 6.500%, 10/01/2038 | | | 11,562 | | | 0.0 | |
| 94,251 | | | 6.500%, 10/01/2038 | | | 99,225 | | | 0.0 | |
| 7,844 | | | 6.500%, 11/01/2038 | | | 8,257 | | | 0.0 | |
| 535 | | | 6.500%, 01/01/2039 | | | 557 | | | 0.0 | |
| 23,051 | | | 6.500%, 01/01/2039 | | | 24,096 | | | 0.0 | |
| 4,717 | | | 6.500%, 03/01/2039 | | | 4,921 | | | 0.0 | |
| 4,751 | | | 6.500%, 09/01/2039 | | | 4,940 | | | 0.0 | |
| | | | | | | 270,107,442 | | | 16.9 | |
| | | | Total U.S. Government Agency Obligations (Cost $491,305,305) | | | 457,721,252 | | | 28.6 | |
| | | | | | | | | | | |
| CORPORATE BONDS/NOTES: 26.9% | | |
| | | | Basic Materials: 0.7% | | |
| 588,000 | | | Air Products and Chemicals, Inc., 1.850%, 05/15/2027 | | | 542,299 | | | 0.1 | |
| 500,000 | | | Air Products and Chemicals, Inc., 2.050%, 05/15/2030 | | | 437,270 | | | 0.0 | |
| 588,000 | | | Air Products and Chemicals, Inc., 2.700%, 05/15/2040 | | | 448,649 | | | 0.0 | |
| 470,000 | | | Barrick PD Australia Finance Pty Ltd., 5.950%, 10/15/2039 | | | 504,083 | | | 0.0 | |
| 68,000 | | | Celanese US Holdings LLC, 6.050%, 03/15/2025 | | | 68,465 | | | 0.0 | |
| 250,000 | | | Celanese US Holdings LLC, 6.330%, 07/15/2029 | | | 262,326 | | | 0.0 | |
| 500,000 (4) | | | Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028 | | | 477,777 | | | 0.0 | |
| 407,000 (3) | | | Dow Chemical Co., 2.100%, 11/15/2030 | | | 348,559 | | | 0.0 | |
| 441,000 | | | Dow Chemical Co., 3.600%, 11/15/2050 | | | 341,325 | | | 0.0 | |
| 351,000 | | | Dow Chemical Co., 4.250%, 10/01/2034 | | | 336,387 | | | 0.0 | |
| 588,000 | | | DuPont de Nemours, Inc., 5.419%, 11/15/2048 | | | 612,594 | | | 0.1 | |
| 400,000 | | | Eastman Chemical Co., 4.650%, 10/15/2044 | | | 352,188 | | | 0.0 | |
| 750,000 | | | Ecolab, Inc., 2.700%, 12/15/2051 | | | 508,582 | | | 0.1 | |
| 532,000 | | | International Paper Co., 4.350%, 08/15/2048 | | | 476,914 | | | 0.0 | |
| 500,000 | | | Linde, Inc., 1.100%, 08/10/2030 | | | 414,222 | | | 0.0 | |
| | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Basic Materials: (continued) | |
| 576,000 | | | LYB International Finance III LLC, 1.250%, 10/01/2025 | | $ | 538,277 | | | 0.1 | |
| 441,000 | | | LYB International Finance III LLC, 3.375%, 10/01/2040 | | | 338,825 | | | 0.0 | |
| 250,000 | | | Mosaic Co., 5.450%, 11/15/2033 | | | 255,488 | | | 0.0 | |
| 588,000 | | | Nucor Corp., 2.000%, 06/01/2025 | | | 565,003 | | | 0.1 | |
| 588,000 | | | Nutrien Ltd., 2.950%, 05/13/2030 | | | 531,423 | | | 0.1 | |
| 500,000 | | | PPG Industries, Inc., 1.200%, 03/15/2026 | | | 462,414 | | | 0.0 | |
| 500,000 | | | PPG Industries, Inc., 2.550%, 06/15/2030 | | | 435,348 | | | 0.0 | |
| 441,000 | | | Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028 | | | 485,977 | | | 0.0 | |
| 588,000 | | | Sherwin-Williams Co., 3.450%, 06/01/2027 | | | 568,090 | | | 0.1 | |
| 250,000 | | | Southern Copper Corp., 5.875%, 04/23/2045 | | | 254,453 | | | 0.0 | |
| 350,000 | | | Southern Copper Corp., 6.750%, 04/16/2040 | | | 391,180 | | | 0.0 | |
| | | | | | | 10,958,118 | | | 0.7 | |
| | | | | | | | | | | |
| | | | Communications: 2.6% | |
| 500,000 (3) | | | Alibaba Group Holding Ltd., 2.125%, 02/09/2031 | | | 414,827 | | | 0.0 | |
| 588,000 | | | Alibaba Group Holding Ltd., 3.400%, 12/06/2027 | | | 558,197 | | | 0.1 | |
| 588,000 | | | Alphabet, Inc., 1.100%, 08/15/2030 | | | 487,223 | | | 0.0 | |
| 1,175,000 | | | Alphabet, Inc., 1.900%, 08/15/2040 | | | 815,280 | | | 0.1 | |
| 80,000 (3) | | | Amazon.com, Inc., 0.800%, 06/03/2025 | | | 75,861 | | | 0.0 | |
| 175,000 | | | Amazon.com, Inc., 1.000%, 05/12/2026 | | | 161,720 | | | 0.0 | |
| 80,000 | | | Amazon.com, Inc., 1.200%, 06/03/2027 | | | 72,202 | | | 0.0 | |
| 125,000 | | | Amazon.com, Inc., 1.500%, 06/03/2030 | | | 105,926 | | | 0.0 | |
| 140,000 | | | Amazon.com, Inc., 1.650%, 05/12/2028 | | | 126,125 | | | 0.0 | |
| 190,000 | | | Amazon.com, Inc., 2.100%, 05/12/2031 | | | 163,912 | | | 0.0 | |
| 160,000 | | | Amazon.com, Inc., 2.500%, 06/03/2050 | | | 106,591 | | | 0.0 | |
| 125,000 | | | Amazon.com, Inc., 2.700%, 06/03/2060 | | | 82,793 | | | 0.0 | |
| 125,000 | | | Amazon.com, Inc., 2.875%, 05/12/2041 | | | 98,324 | | | 0.0 | |
| 95,000 | | | Amazon.com, Inc., 3.000%, 04/13/2025 | | | 93,036 | | | 0.0 | |
| 205,000 | | | Amazon.com, Inc., 3.100%, 05/12/2051 | | | 152,577 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 358,000 | | | Amazon.com, Inc., 3.150%, 08/22/2027 | | $ | 343,912 | | | 0.0 | |
| 110,000 | | | Amazon.com, Inc., 3.250%, 05/12/2061 | | | 80,815 | | | 0.0 | |
| 125,000 | | | Amazon.com, Inc., 3.300%, 04/13/2027 | | | 121,417 | | | 0.0 | |
| 95,000 | | | Amazon.com, Inc., 3.450%, 04/13/2029 | | | 92,073 | | | 0.0 | |
| 160,000 | | | Amazon.com, Inc., 3.600%, 04/13/2032 | | | 152,483 | | | 0.0 | |
| 78,000 | | | Amazon.com, Inc., 3.800%, 12/05/2024 | | | 77,277 | | | 0.0 | |
| 175,000 | | | Amazon.com, Inc., 3.875%, 08/22/2037 | | | 162,564 | | | 0.0 | |
| 160,000 | | | Amazon.com, Inc., 3.950%, 04/13/2052 | | | 140,153 | | | 0.0 | |
| 220,000 | | | Amazon.com, Inc., 4.050%, 08/22/2047 | | | 198,658 | | | 0.0 | |
| 80,000 | | | Amazon.com, Inc., 4.100%, 04/13/2062 | | | 70,762 | | | 0.0 | |
| 140,000 | | | Amazon.com, Inc., 4.250%, 08/22/2057 | | | 128,923 | | | 0.0 | |
| 80,000 | | | Amazon.com, Inc., 4.600%, 12/01/2025 | | | 80,262 | | | 0.0 | |
| 95,000 (3) | | | Amazon.com, Inc., 4.650%, 12/01/2029 | | | 97,614 | | | 0.0 | |
| 80,000 | | | Amazon.com, Inc., 4.700%, 11/29/2024 | | | 79,904 | | | 0.0 | |
| 140,000 (3) | | | Amazon.com, Inc., 4.700%, 12/01/2032 | | | 143,916 | | | 0.0 | |
| 78,000 | | | Amazon.com, Inc., 4.800%, 12/05/2034 | | | 80,548 | | | 0.0 | |
| 95,000 | | | Amazon.com, Inc., 4.950%, 12/05/2044 | | | 97,800 | | | 0.0 | |
| 55,000 | | | Amazon.com, Inc., 5.200%, 12/03/2025 | | | 55,661 | | | 0.0 | |
| 588,000 | | | AT&T, Inc., 1.700%, 03/25/2026 | | | 550,248 | | | 0.1 | |
| 1,175,000 | | | AT&T, Inc., 3.500%, 06/01/2041 | | | 933,856 | | | 0.1 | |
| 2,988,000 | | | AT&T, Inc., 3.500%, 09/15/2053 | | | 2,170,873 | | | 0.2 | |
| 588,000 | | | AT&T, Inc., 3.650%, 06/01/2051 | | | 443,291 | | | 0.0 | |
| 588,000 | | | AT&T, Inc., 4.500%, 05/15/2035 | | | 557,422 | | | 0.1 | |
| 500,000 | | | AT&T, Inc., 4.650%, 06/01/2044 | | | 446,868 | | | 0.0 | |
| 588,000 | | | Baidu, Inc., 1.720%, 04/09/2026 | | | 545,688 | | | 0.1 | |
| 500,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.300%, 02/01/2032 | | | 398,261 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) | | |
| 750,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 06/01/2041 | | $ | 530,778 | | | 0.1 | |
| 881,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025 | | | 873,125 | | | 0.1 | |
| 881,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 05/01/2047 | | | 750,031 | | | 0.1 | |
| 588,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045 | | | 578,332 | | | 0.1 | |
| 588,000 | | | Cisco Systems, Inc., 3.625%, 03/04/2024 | | | 586,176 | | | 0.1 | |
| 881,000 | | | Cisco Systems, Inc., 5.500%, 01/15/2040 | | | 938,841 | | | 0.1 | |
| 1,763,000 | | | Comcast Corp., 1.950%, 01/15/2031 | | | 1,488,703 | | | 0.1 | |
| 582,000 | | | Comcast Corp., 2.887%, 11/01/2051 | | | 394,045 | | | 0.0 | |
| 1,102,000 | | | Comcast Corp., 2.937%, 11/01/2056 | | | 725,455 | | | 0.1 | |
| 654,000 | | | Comcast Corp., 2.987%, 11/01/2063 | | | 421,944 | | | 0.0 | |
| 588,000 | | | Comcast Corp., 3.750%, 04/01/2040 | | | 506,118 | | | 0.0 | |
| 425,000 | | | Comcast Corp., 3.969%, 11/01/2047 | | | 357,248 | | | 0.0 | |
| 441,000 | | | Comcast Corp., 4.200%, 08/15/2034 | | | 421,814 | | | 0.0 | |
| 441,000 | | | Comcast Corp., 4.250%, 01/15/2033 | | | 428,816 | | | 0.0 | |
| 68,000 | | | Comcast Corp., 6.500%, 11/15/2035 | | | 77,437 | | | 0.0 | |
| 881,000 | | | Deutsche Telekom International Finance BV, 8.750%, 06/15/2030 | | | 1,061,795 | | | 0.1 | |
| 734,000 | | | Discovery Communications LLC, 3.625%, 05/15/2030 | | | 665,626 | | | 0.1 | |
| 250,000 | | | Discovery Communications LLC, 3.900%, 11/15/2024 | | | 246,608 | | | 0.0 | |
| 881,000 | | | eBay, Inc., 2.700%, 03/11/2030 | | | 783,979 | | | 0.1 | |
| 500,000 | | | Interpublic Group of Cos., Inc., 2.400%, 03/01/2031 | | | 422,692 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) | | |
| 10,000 | | | Motorola Solutions, Inc., 4.000%, 09/01/2024 | | $ | 9,897 | | | 0.0 | |
| 306,000 | | | NBCUniversal Media LLC, 4.450%, 01/15/2043 | | | 280,094 | | | 0.0 | |
| 500,000 | | | Orange SA, 5.500%, 02/06/2044 | | | 519,757 | | | 0.1 | |
| 1,104,000 | | | Paramount Global, 4.200%, 05/19/2032 | | | 986,240 | | | 0.1 | |
| 390,000 | | | Paramount Global, 4.375%, 03/15/2043 | | | 288,616 | | | 0.0 | |
| 440,000 | | | Paramount Global, 5.850%, 09/01/2043 | | | 396,384 | | | 0.0 | |
| 250,000 | | | Rogers Communications, Inc., 5.000%, 03/15/2044 | | | 235,332 | | | 0.0 | |
| 232,000 | | | Telefonica Emisiones SA, 4.103%, 03/08/2027 | | | 227,377 | | | 0.0 | |
| 588,000 | | | Time Warner Cable LLC, 4.500%, 09/15/2042 | | | 462,199 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 1.500%, 02/15/2026 | | | 60,544 | | | 0.0 | |
| 110,000 | | | T-Mobile USA, Inc., 2.050%, 02/15/2028 | | | 99,310 | | | 0.0 | |
| 115,000 | | | T-Mobile USA, Inc., 2.250%, 02/15/2026 | | | 109,050 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 2.250%, 11/15/2031 | | | 54,152 | | | 0.0 | |
| 30,000 | | | T-Mobile USA, Inc., 2.400%, 03/15/2029 | | | 26,941 | | | 0.0 | |
| 160,000 | | | T-Mobile USA, Inc., 2.550%, 02/15/2031 | | | 137,887 | | | 0.0 | |
| 75,000 | | | T-Mobile USA, Inc., 2.625%, 04/15/2026 | | | 71,382 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 2.625%, 02/15/2029 | | | 58,584 | | | 0.0 | |
| 60,000 | | | T-Mobile USA, Inc., 2.700%, 03/15/2032 | | | 51,168 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 2.875%, 02/15/2031 | | | 57,342 | | | 0.0 | |
| 160,000 | | | T-Mobile USA, Inc., 3.000%, 02/15/2041 | | | 119,851 | | | 0.0 | |
| 190,000 | | | T-Mobile USA, Inc., 3.300%, 02/15/2051 | | | 137,417 | | | 0.0 | |
| 150,000 | | | T-Mobile USA, Inc., 3.375%, 04/15/2029 | | | 139,536 | | | 0.0 | |
| 175,000 | | | T-Mobile USA, Inc., 3.400%, 10/15/2052 | | | 127,608 | | | 0.0 | |
| 190,000 | | | T-Mobile USA, Inc., 3.500%, 04/15/2025 | | | 186,096 | | | 0.0 | |
| 155,000 | | | T-Mobile USA, Inc., 3.500%, 04/15/2031 | | | 141,883 | | | 0.0 | |
| 105,000 | | | T-Mobile USA, Inc., 3.600%, 11/15/2060 | | | 76,542 | | | 0.0 | |
| 250,000 | | | T-Mobile USA, Inc., 3.750%, 04/15/2027 | | | 242,557 | | | 0.0 | |
| 444,000 | | | T-Mobile USA, Inc., 3.875%, 04/15/2030 | | | 421,161 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 125,000 | | | T-Mobile USA, Inc., 4.375%, 04/15/2040 | | $ | 112,882 | | | 0.0 | |
| 190,000 | | | T-Mobile USA, Inc., 4.500%, 04/15/2050 | | | 168,052 | | | 0.0 | |
| 95,000 | | | T-Mobile USA, Inc., 4.750%, 02/01/2028 | | | 94,718 | | | 0.0 | |
| 55,000 (3) | | | T-Mobile USA, Inc., 4.800%, 07/15/2028 | | | 55,493 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 4.950%, 03/15/2028 | | | 65,910 | | | 0.0 | |
| 165,000 | | | T-Mobile USA, Inc., 5.050%, 07/15/2033 | | | 166,344 | | | 0.0 | |
| 80,000 | | | T-Mobile USA, Inc., 5.200%, 01/15/2033 | | | 82,047 | | | 0.0 | |
| 30,000 | | | T-Mobile USA, Inc., 5.375%, 04/15/2027 | | | 30,122 | | | 0.0 | |
| 110,000 | | | T-Mobile USA, Inc., 5.650%, 01/15/2053 | | | 114,634 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 5.750%, 01/15/2034 | | | 68,971 | | | 0.0 | |
| 80,000 | | | T-Mobile USA, Inc., 5.750%, 01/15/2054 | | | 84,726 | | | 0.0 | |
| 45,000 | | | T-Mobile USA, Inc., 5.800%, 09/15/2062 | | | 48,312 | | | 0.0 | |
| 65,000 | | | T-Mobile USA, Inc., 6.000%, 06/15/2054 | | | 71,354 | | | 0.0 | |
| 400,000 | | | TWDC Enterprises 18 Corp., 3.000%, 02/13/2026 | | | 386,949 | | | 0.0 | |
| 300,000 | | | TWDC Enterprises 18 Corp., GMTN, 4.125%, 06/01/2044 | | | 267,906 | | | 0.0 | |
| 90,000 | | | Verizon Communications, Inc., 0.850%, 11/20/2025 | | | 83,676 | | | 0.0 | |
| 120,000 | | | Verizon Communications, Inc., 1.450%, 03/20/2026 | | | 111,810 | | | 0.0 | |
| 65,000 | | | Verizon Communications, Inc., 1.500%, 09/18/2030 | | | 53,582 | | | 0.0 | |
| 70,000 | | | Verizon Communications, Inc., 1.680%, 10/30/2030 | | | 57,697 | | | 0.0 | |
| 141,000 | | | Verizon Communications, Inc., 1.750%, 01/20/2031 | | | 116,037 | | | 0.0 | |
| 190,000 | | | Verizon Communications, Inc., 2.100%, 03/22/2028 | | | 171,957 | | | 0.0 | |
| 291,000 | | | Verizon Communications, Inc., 2.355%, 03/15/2032 | | | 242,133 | | | 0.0 | |
| 235,000 | | | Verizon Communications, Inc., 2.550%, 03/21/2031 | | | 202,694 | | | 0.0 | |
| 120,000 | | | Verizon Communications, Inc., 2.625%, 08/15/2026 | | | 114,355 | | | 0.0 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 190,000 | | | Verizon Communications, Inc., 2.650%, 11/20/2040 | | $ | 137,038 | | | 0.0 | |
| 65,000 | | | Verizon Communications, Inc., 2.850%, 09/03/2041 | | | 48,069 | | | 0.0 | |
| 175,000 | | | Verizon Communications, Inc., 2.875%, 11/20/2050 | | | 119,125 | | | 0.0 | |
| 230,000 | | | Verizon Communications, Inc., 2.987%, 10/30/2056 | | | 152,865 | | | 0.0 | |
| 45,000 | | | Verizon Communications, Inc., 3.000%, 03/22/2027 | | | 42,801 | | | 0.0 | |
| 125,000 | | | Verizon Communications, Inc., 3.000%, 11/20/2060 | | | 82,038 | | | 0.0 | |
| 95,000 | | | Verizon Communications, Inc., 3.150%, 03/22/2030 | | | 86,863 | | | 0.0 | |
| 85,000 | | | Verizon Communications, Inc., 3.376%, 02/15/2025 | | | 83,458 | | | 0.0 | |
| 235,000 | | | Verizon Communications, Inc., 3.400%, 03/22/2041 | | | 187,200 | | | 0.0 | |
| 75,000 | | | Verizon Communications, Inc., 3.500%, 11/01/2024 | | | 73,905 | | | 0.0 | |
| 285,000 | | | Verizon Communications, Inc., 3.550%, 03/22/2051 | | | 219,805 | | | 0.0 | |
| 220,000 | | | Verizon Communications, Inc., 3.700%, 03/22/2061 | | | 168,265 | | | 0.0 | |
| 45,000 | | | Verizon Communications, Inc., 3.850%, 11/01/2042 | | | 37,712 | | | 0.0 | |
| 65,000 | | | Verizon Communications, Inc., 3.875%, 02/08/2029 | | | 63,063 | | | 0.0 | |
| 65,000 | | | Verizon Communications, Inc., 3.875%, 03/01/2052 | | | 52,712 | | | 0.0 | |
| 75,000 | | | Verizon Communications, Inc., 4.000%, 03/22/2050 | | | 62,374 | | | 0.0 | |
| 250,000 | | | Verizon Communications, Inc., 4.016%, 12/03/2029 | | | 241,899 | | | 0.0 | |
| 205,000 | | | Verizon Communications, Inc., 4.125%, 03/16/2027 | | | 202,073 | | | 0.0 | |
| 60,000 | | | Verizon Communications, Inc., 4.125%, 08/15/2046 | | | 51,437 | | | 0.0 | |
| 80,000 | | | Verizon Communications, Inc., 4.272%, 01/15/2036 | | | 75,394 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 266,000 | | | Verizon Communications, Inc., 4.329%, 09/21/2028 | | $ | 263,305 | | | 0.0 | |
| 119,000 | | | Verizon Communications, Inc., 4.400%, 11/01/2034 | | | 114,571 | | | 0.0 | |
| 135,000 | | | Verizon Communications, Inc., 4.500%, 08/10/2033 | | | 131,789 | | | 0.0 | |
| 80,000 | | | Verizon Communications, Inc., 4.522%, 09/15/2048 | | | 73,041 | | | 0.0 | |
| 45,000 | | | Verizon Communications, Inc., 4.672%, 03/15/2055 | | | 41,567 | | | 0.0 | |
| 33,000 | | | Verizon Communications, Inc., 4.750%, 11/01/2041 | | | 32,085 | | | 0.0 | |
| 70,000 | | | Verizon Communications, Inc., 4.812%, 03/15/2039 | | | 67,748 | | | 0.0 | |
| 150,000 | | | Verizon Communications, Inc., 4.862%, 08/21/2046 | | | 143,284 | | | 0.0 | |
| 45,000 (3) | | | Verizon Communications, Inc., 5.012%, 04/15/2049 | | | 45,257 | | | 0.0 | |
| 50,000 | | | Verizon Communications, Inc., 5.012%, 08/21/2054 | | | 49,022 | | | 0.0 | |
| 65,000 | | | Verizon Communications, Inc., 5.050%, 05/09/2033 | | | 66,343 | | | 0.0 | |
| 70,000 | | | Verizon Communications, Inc., 5.250%, 03/16/2037 | | | 72,911 | | | 0.0 | |
| 30,000 | | | Verizon Communications, Inc., 5.500%, 03/16/2047 | | | 31,314 | | | 0.0 | |
| 25,000 | | | Verizon Communications, Inc., 5.850%, 09/15/2035 | | | 26,825 | | | 0.0 | |
| 20,000 | | | Verizon Communications, Inc., 6.400%, 09/15/2033 | | | 22,247 | | | 0.0 | |
| 50,000 | | | Verizon Communications, Inc., 6.550%, 09/15/2043 | | | 57,590 | | | 0.0 | |
| 35,000 | | | Verizon Communications, Inc., 7.750%, 12/01/2030 | | | 40,982 | | | 0.0 | |
| 1,175,000 | | | Vodafone Group PLC, 4.125%, 05/30/2025 | | | 1,160,106 | | | 0.1 | |
| 588,000 | | | Vodafone Group PLC, 6.150%, 02/27/2037 | | | 636,609 | | | 0.1 | |
| 200,000 | | | Walt Disney Co., 1.750%, 08/30/2024 | | | 195,391 | | | 0.0 | |
| 588,000 | | | Walt Disney Co., 1.750%, 01/13/2026 | | | 556,612 | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Communications: (continued) |
| 588,000 | | | Walt Disney Co., 2.200%, 01/13/2028 | | $ | 544,096 | | | 0.1 | |
| 1,175,000 | | | Walt Disney Co., 2.650%, 01/13/2031 | | | 1,045,868 | | | 0.1 | |
| 588,000 | | | Walt Disney Co., 3.600%, 01/13/2051 | | | 473,054 | | | 0.0 | |
| 250,000 | | | Walt Disney Co., 4.750%, 09/15/2044 | | | 239,437 | | | 0.0 | |
| | | | | | | 41,041,824 | | | 2.6 | |
| | | | | | | | | | | |
| | | | Consumer, Cyclical: 1.4% |
| 149,065 | | | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 | | | 135,928 | | | 0.0 | |
| 194,949 | | | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 | | | 176,197 | | | 0.0 | |
| 566,778 | | | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | | | 512,514 | | | 0.1 | |
| 500,000 | | | American Honda Finance Corp., GMTN, 2.300%, 09/09/2026 | | | 473,090 | | | 0.0 | |
| 1,175,000 | | | American Honda Finance Corp., MTN, 1.200%, 07/08/2025 | | | 1,113,813 | | | 0.1 | |
| 500,000 | | | American Honda Finance Corp., MTN, 2.000%, 03/24/2028 | | | 453,160 | | | 0.0 | |
| 500,000 | | | AutoZone, Inc., 1.650%, 01/15/2031 | | | 405,825 | | | 0.0 | |
| 588,000 | | | BorgWarner, Inc., 2.650%, 07/01/2027 | | | 545,488 | | | 0.1 | |
| 250,000 (3) | | | Cummins, Inc., 1.500%, 09/01/2030 | | | 166,019 | | | 0.0 | |
| 500,000 | | | Cummins, Inc., 2.600%, 09/01/2050 | | | 417,199 | | | 0.0 | |
| 441,000 | | | General Motors Co., 6.600%, 04/01/2036 | | | 472,594 | | | 0.0 | |
| 500,000 | | | General Motors Financial Co., Inc., 1.050%, 03/08/2024 | | | 495,567 | | | 0.1 | |
| 500,000 | | | General Motors Financial Co., Inc., 2.400%, 04/10/2028 | | | 448,951 | | | 0.0 | |
| 500,000 | | | General Motors Financial Co., Inc., 3.850%, 01/05/2028 | | | 478,325 | | | 0.0 | |
| 500,000 | | | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | | | 490,335 | | | 0.0 | |
| 588,000 | | | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | | | 588,580 | | | 0.1 | |
| 588,000 | | | Home Depot, Inc., 2.700%, 04/15/2030 | | | 537,334 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 500,000 | | | Home Depot, Inc., 2.800%, 09/14/2027 | | $ | 475,659 | | | 0.0 | |
| 588,000 | | | Home Depot, Inc., 3.300%, 04/15/2040 | | | 486,101 | | | 0.0 | |
| 1,381,000 | | | Home Depot, Inc., 5.875%, 12/16/2036 | | | 1,544,776 | | | 0.1 | |
| 500,000 | | | Lear Corp., 4.250%, 05/15/2029 | | | 481,429 | | | 0.0 | |
| 500,000 | | | Lear Corp., 5.250%, 05/15/2049 | | | 462,098 | | | 0.0 | |
| 441,000 | | | Lowe's Cos., Inc., 2.625%, 04/01/2031 | | | 386,117 | | | 0.0 | |
| 588,000 | | | Lowe's Cos., Inc., 3.100%, 05/03/2027 | | | 563,342 | | | 0.1 | |
| 500,000 | | | Lowe's Cos., Inc., 3.650%, 04/05/2029 | | | 482,325 | | | 0.0 | |
| 500,000 | | | Marriott International, Inc. HH, 2.850%, 04/15/2031 | | | 432,988 | | | 0.0 | |
| 500,000 | | | McDonald's Corp., MTN, 3.700%, 01/30/2026 | | | 491,785 | | | 0.1 | |
| 400,000 | | | McDonald's Corp., MTN, 4.600%, 05/26/2045 | | | 376,605 | | | 0.0 | |
| 500,000 | | | McDonald's Corp., MTN, 4.700%, 12/09/2035 | | | 494,294 | | | 0.1 | |
| 325,000 | | | McDonald's Corp., MTN, 6.300%, 10/15/2037 | | | 368,425 | | | 0.0 | |
| 500,000 | | | NIKE, Inc., 2.375%, 11/01/2026 | | | 474,775 | | | 0.0 | |
| 500,000 | | | NIKE, Inc., 3.375%, 11/01/2046 | | | 402,915 | | | 0.0 | |
| 500,000 (3) | | | Starbucks Corp., 3.000%, 02/14/2032 | | | 448,819 | | | 0.0 | |
| 500,000 | | | Starbucks Corp., 3.550%, 08/15/2029 | | | 482,250 | | | 0.0 | |
| 500,000 | | | Target Corp., 1.950%, 01/15/2027 | | | 466,763 | | | 0.0 | |
| 588,000 | | | Target Corp., 3.500%, 07/01/2024 | | | 583,053 | | | 0.1 | |
| 588,000 | | | TJX Cos., Inc., 1.600%, 05/15/2031 | | | 487,976 | | | 0.0 | |
| 588,000 | | | Toyota Motor Credit Corp., GMTN, 3.050%, 01/11/2028 | | | 561,306 | | | 0.1 | |
| 588,000 | | | Toyota Motor Credit Corp., MTN, 1.800%, 02/13/2025 | | | 569,092 | | | 0.1 | |
| 500,000 | | | Toyota Motor Credit Corp., MTN, 1.900%, 04/06/2028 | | | 453,423 | | | 0.0 | |
| 500,000 | | | Toyota Motor Credit Corp., MTN, 3.200%, 01/11/2027 | | | 482,239 | | | 0.0 | |
| 318,677 | | | United Airlines Pass Through Trust 2015-1, AA, 3.450%, 06/01/2029 | | | 296,265 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 170,852 | | | United Airlines Pass Through Trust 2016-1, A, 3.450%, 01/07/2030 | | $ | 152,650 | | | 0.0 | |
| 446,614 | | | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | | | 407,722 | | | 0.0 | |
| 88,000 | | | Walgreens Boots Alliance, Inc., 3.450%, 06/01/2026 | | | 83,698 | | | 0.0 | |
| 588,000 | | | Walmart, Inc., 3.300%, 04/22/2024 | | | 584,237 | | | 0.1 | |
| 300,000 | | | Whirlpool Corp., 3.700%, 05/01/2025 | | | 293,588 | | | 0.0 | |
| 200,000 | | | Whirlpool Corp., 4.000%, 03/01/2024 | | | 199,389 | | | 0.0 | |
| | | | | | 22,387,023 | | | 1.4 | |
| | | | | | | | | | | |
| | | | Consumer, Non-cyclical: 4.6% |
| 588,000 | | | Abbott Laboratories, 1.400%, 06/30/2030 | | | 497,787 | | | 0.0 | |
| 284,000 | | | Abbott Laboratories, 3.750%, 11/30/2026 | | | 279,982 | | | 0.0 | |
| 339,000 | | | Abbott Laboratories, 4.750%, 11/30/2036 | | | 347,620 | | | 0.0 | |
| 500,000 | | | Abbott Laboratories, 4.750%, 04/15/2043 | | | 509,007 | | | 0.1 | |
| 588,000 | | | Abbott Laboratories, 4.900%, 11/30/2046 | | | 601,805 | | | 0.1 | |
| 546,000 | | | AbbVie, Inc., 3.200%, 05/14/2026 | | | 529,403 | | | 0.1 | |
| 363,000 | | | AbbVie, Inc., 3.200%, 11/21/2029 | | | 339,498 | | | 0.0 | |
| 454,000 | | | AbbVie, Inc., 3.600%, 05/14/2025 | | | 446,192 | | | 0.0 | |
| 241,000 | | | AbbVie, Inc., 3.800%, 03/15/2025 | | | 237,870 | | | 0.0 | |
| 363,000 | | | AbbVie, Inc., 4.050%, 11/21/2039 | | | 327,967 | | | 0.0 | |
| 275,000 | | | AbbVie, Inc., 4.250%, 11/21/2049 | | | 245,250 | | | 0.0 | |
| 310,000 | | | AbbVie, Inc., 4.300%, 05/14/2036 | | | 297,205 | | | 0.0 | |
| 310,000 | | | AbbVie, Inc., 4.450%, 05/14/2046 | | | 284,997 | | | 0.0 | |
| 276,000 | | | AbbVie, Inc., 4.550%, 03/15/2035 | | | 270,790 | | | 0.0 | |
| 250,000 | | | Aetna, Inc., 3.500%, 11/15/2024 | | | 245,905 | | | 0.0 | |
| 300,000 | | | Aetna, Inc., 4.500%, 05/15/2042 | | | 263,792 | | | 0.0 | |
| 300,000 | | | Altria Group, Inc., 4.250%, 08/09/2042 | | | 244,189 | | | 0.0 | |
| 138,000 | | | Altria Group, Inc., 4.800%, 02/14/2029 | | | 137,686 | | | 0.0 | |
| 500,000 | | | Altria Group, Inc., 5.800%, 02/14/2039 | | | 510,188 | | | 0.1 | |
| 1,175,000 | | | Amgen, Inc., 2.300%, 02/25/2031 | | | 1,005,498 | | | 0.1 | |
| 588,000 | | | Amgen, Inc., 3.150%, 02/21/2040 | | | 457,938 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 881,000 | | | Amgen, Inc., 4.400%, 05/01/2045 | | $ | 783,080 | | | 0.1 | |
| 63,000 | | | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 02/01/2026 | | | 61,873 | | | 0.0 | |
| 335,000 | | | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | | | 334,098 | | | 0.0 | |
| 601,000 | | | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | | | 589,592 | | | 0.1 | |
| 25,000 | | | Anheuser-Busch InBev Finance, Inc., 4.000%, 01/17/2043 | | | 22,002 | | | 0.0 | |
| 55,000 | | | Anheuser-Busch InBev Finance, Inc., 4.625%, 02/01/2044 | | | 52,506 | | | 0.0 | |
| 40,000 | | | Anheuser-Busch InBev Finance, Inc., 4.700%, 02/01/2036 | | | 39,892 | | | 0.0 | |
| 90,000 | | | Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/2046 | | | 88,292 | | | 0.0 | |
| 111,000 (3) | | | Anheuser-Busch InBev Worldwide, Inc., 3.500%, 06/01/2030 | | | 105,634 | | | 0.0 | |
| 30,000 | | | Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/2042 | | | 25,544 | | | 0.0 | |
| 160,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028 | | | 158,202 | | | 0.0 | |
| 61,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.350%, 06/01/2040 | | | 57,046 | | | 0.0 | |
| 95,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | | | 90,194 | | | 0.0 | |
| 110,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048 | | | 101,384 | | | 0.0 | |
| 101,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.500%, 06/01/2050 | | | 96,155 | | | 0.0 | |
| 140,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.600%, 04/15/2048 | | | 132,663 | | | 0.0 | |
| 30,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.600%, 06/01/2060 | | | 28,131 | | | 0.0 | |
| 270,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.750%, 01/23/2029 | | | 274,462 | | | 0.0 | |
| 60,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.750%, 04/15/2058 | | | 56,995 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 45,000 (3) | | | Anheuser-Busch InBev Worldwide, Inc., 4.900%, 01/23/2031 | | $ | 46,854 | | | 0.0 | |
| 95,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.950%, 01/15/2042 | | | 95,164 | | | 0.0 | |
| 125,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039 | | | 131,921 | | | 0.0 | |
| 250,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.550%, 01/23/2049 | | | 269,018 | | | 0.0 | |
| 125,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.800%, 01/23/2059 | | | 140,297 | | | 0.0 | |
| 20,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.875%, 06/15/2035 | | | 21,799 | | | 0.0 | |
| 30,000 | | | Anheuser-Busch InBev Worldwide, Inc., 8.000%, 11/15/2039 | | | 38,777 | | | 0.0 | |
| 81,000 | | | Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/2039 | | | 108,274 | | | 0.0 | |
| 588,000 | | | AstraZeneca PLC, 4.000%, 01/17/2029 | | | 580,860 | | | 0.1 | |
| 588,000 | | | AstraZeneca PLC, 4.375%, 08/17/2048 | | | 553,855 | | | 0.1 | |
| 823,000 | | | AstraZeneca PLC, 6.450%, 09/15/2037 | | | 962,728 | | | 0.1 | |
| 500,000 | | | Automatic Data Processing, Inc., 3.375%, 09/15/2025 | | | 490,290 | | | 0.0 | |
| 341,000 | | | BAT Capital Corp., 3.222%, 08/15/2024 | | | 335,577 | | | 0.0 | |
| 224,000 | | | Baxalta, Inc., 4.000%, 06/23/2025 | | | 220,226 | | | 0.0 | |
| 588,000 | | | Becton Dickinson & Co., 1.957%, 02/11/2031 | | | 490,279 | | | 0.0 | |
| 441,000 | | | Biogen, Inc., 4.050%, 09/15/2025 | | | 434,032 | | | 0.0 | |
| 500,000 | | | Boston Scientific Corp., 1.900%, 06/01/2025 | | | 478,705 | | | 0.0 | |
| 500,000 | | | Boston Scientific Corp., 2.650%, 06/01/2030 | | | 446,673 | | | 0.0 | |
| 588,000 | | | Bristol-Myers Squibb Co., 1.125%, 11/13/2027 | | | 522,599 | | | 0.1 | |
| 588,000 | | | Bristol-Myers Squibb Co., 2.350%, 11/13/2040 | | | 411,445 | | | 0.0 | |
| 500,000 | | | Bristol-Myers Squibb Co., 3.250%, 08/01/2042 | | | 387,606 | | | 0.0 | |
| 588,000 | | | Bristol-Myers Squibb Co., 3.900%, 02/20/2028 | | | 578,061 | | | 0.1 | |
| 500,000 | | | Bristol-Myers Squibb Co., 4.625%, 05/15/2044 | | | 464,274 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 500,000 | | | Cardinal Health, Inc., 4.900%, 09/15/2045 | | $ | 456,639 | | | 0.0 | |
| 1,175,000 | | | Cencora, Inc., 2.800%, 05/15/2030 | | | 1,053,992 | | | 0.1 | |
| 250,000 | | | Cencora, Inc., 4.250%, 03/01/2045 | | | 219,742 | | | 0.0 | |
| 500,000 | | | Cigna Group, 2.375%, 03/15/2031 | | | 427,588 | | | 0.0 | |
| 500,000 | | | Cigna Group, 3.400%, 03/01/2027 | | | 482,062 | | | 0.0 | |
| 250,000 | | | Cigna Group, 3.500%, 06/15/2024 | | | 247,584 | | | 0.0 | |
| 588,000 | | | Cigna Group, 4.800%, 08/15/2038 | | | 569,078 | | | 0.1 | |
| 500,000 | | | Cigna Group, 4.800%, 07/15/2046 | | | 465,790 | | | 0.0 | |
| 500,000 | | | Cigna Group, 4.900%, 12/15/2048 | | | 475,930 | | | 0.0 | |
| 588,000 | �� | | Clorox Co., 1.800%, 05/15/2030 | | | 490,711 | | | 0.0 | |
| 500,000 | | | Coca-Cola Co., 1.500%, 03/05/2028 | | | 450,639 | | | 0.0 | |
| 588,000 | | | Coca-Cola Co., 1.650%, 06/01/2030 | | | 503,855 | | | 0.1 | |
| 588,000 | | | Coca-Cola Co., 2.500%, 03/15/2051 | | | 395,264 | | | 0.0 | |
| 588,000 | | | Coca-Cola Co., 2.900%, 05/25/2027 | | | 562,736 | | | 0.1 | |
| 500,000 | | | Coca-Cola Co., 3.000%, 03/05/2051 | | | 377,975 | | | 0.0 | |
| 881,000 | | | CVS Health Corp., 2.700%, 08/21/2040 | | | 628,620 | | | 0.1 | |
| 250,000 | | | CVS Health Corp., 3.375%, 08/12/2024 | | | 246,622 | | | 0.0 | |
| 443,000 | | | CVS Health Corp., 3.875%, 07/20/2025 | | | 435,479 | | | 0.0 | |
| 389,000 | | | CVS Health Corp., 4.300%, 03/25/2028 | | | 382,647 | | | 0.0 | |
| 588,000 | | | CVS Health Corp., 4.780%, 03/25/2038 | | | 557,432 | | | 0.1 | |
| 412,000 | | | CVS Health Corp., 5.050%, 03/25/2048 | | | 385,704 | | | 0.0 | |
| 588,000 | | | CVS Health Corp., 5.125%, 07/20/2045 | | | 557,014 | | | 0.1 | |
| 200,000 | | | CVS Health Corp., 5.300%, 12/05/2043 | | | 193,892 | | | 0.0 | |
| 500,000 | | | Danaher Corp., 2.800%, 12/10/2051 | | | 346,687 | | | 0.0 | |
| 1,175,000 | | | Diageo Capital PLC, 2.125%, 04/29/2032 | | | 980,844 | | | 0.1 | |
| 588,000 | | | Diageo Capital PLC, 3.875%, 05/18/2028 | | | 575,368 | | | 0.1 | |
| 441,000 | | | Elevance Health, Inc., 1.500%, 03/15/2026 | | | 411,469 | | | 0.0 | |
| 441,000 | | | Elevance Health, Inc., 2.550%, 03/15/2031 | | | 383,108 | | | 0.0 | |
| 250,000 | | | Elevance Health, Inc., 3.500%, 08/15/2024 | | | 246,746 | | | 0.0 | |
| 588,000 | | | Elevance Health, Inc., 3.650%, 12/01/2027 | | | 570,731 | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 441,000 | | | Elevance Health, Inc., 4.101%, 03/01/2028 | | $ | 434,877 | | | 0.0 | |
| 250,000 | | | Elevance Health, Inc., 4.650%, 08/15/2044 | | | 231,575 | | | 0.0 | |
| 78,000 | | | Eli Lilly & Co., 2.250%, 05/15/2050 | | | 50,459 | | | 0.0 | |
| 55,000 | | | Eli Lilly & Co., 2.500%, 09/15/2060 | | | 34,760 | | | 0.0 | |
| 35,000 | | | Eli Lilly & Co., 2.750%, 06/01/2025 | | | 34,093 | | | 0.0 | |
| 25,000 | | | Eli Lilly & Co., 3.100%, 05/15/2027 | | | 24,133 | | | 0.0 | |
| 60,000 | | | Eli Lilly & Co., 3.375%, 03/15/2029 | | | 57,740 | | | 0.0 | |
| 25,000 | | | Eli Lilly & Co., 3.700%, 03/01/2045 | | | 21,764 | | | 0.0 | |
| 20,000 | | | Eli Lilly & Co., 3.950%, 05/15/2047 | | | 17,983 | | | 0.0 | |
| 60,000 | | | Eli Lilly & Co., 3.950%, 03/15/2049 | | | 53,369 | | | 0.0 | |
| 35,000 | | | Eli Lilly & Co., 4.150%, 03/15/2059 | | | 32,178 | | | 0.0 | |
| 65,000 | | | Eli Lilly & Co., 4.700%, 02/27/2033 | | | 66,682 | | | 0.0 | |
| 80,000 | | | Eli Lilly & Co., 4.875%, 02/27/2053 | | | 82,811 | | | 0.0 | |
| 65,000 | | | Eli Lilly & Co., 4.950%, 02/27/2063 | | | 67,409 | | | 0.0 | |
| 45,000 | | | Eli Lilly & Co., 5.000%, 02/27/2026 | | | 45,022 | | | 0.0 | |
| 25,000 | | | Eli Lilly & Co., 5.500%, 03/15/2027 | | | 25,984 | | | 0.0 | |
| 30,000 | | | Eli Lilly & Co., 5.550%, 03/15/2037 | | | 32,796 | | | 0.0 | |
| 500,000 | | | Estee Lauder Cos., Inc., 1.950%, 03/15/2031 | | | 419,040 | | | 0.0 | |
| 300,000 | | | Estee Lauder Cos., Inc., 3.700%, 08/15/2042 | | | 239,851 | | | 0.0 | |
| 500,000 | | | Flowers Foods, Inc., 2.400%, 03/15/2031 | | | 419,948 | | | 0.0 | |
| 441,000 | | | General Mills, Inc., 3.000%, 02/01/2051 | | | 306,856 | | | 0.0 | |
| 441,000 | | | Gilead Sciences, Inc., 3.500%, 02/01/2025 | | | 434,112 | | | 0.0 | |
| 260,000 | | | Gilead Sciences, Inc., 3.650%, 03/01/2026 | | | 254,793 | | | 0.0 | |
| 150,000 | | | Gilead Sciences, Inc., 3.700%, 04/01/2024 | | | 149,303 | | | 0.0 | |
| 250,000 | | | Gilead Sciences, Inc., 4.150%, 03/01/2047 | | | 217,896 | | | 0.0 | |
| 200,000 | | | Gilead Sciences, Inc., 4.500%, 02/01/2045 | | | 185,211 | | | 0.0 | |
| 441,000 | | | Gilead Sciences, Inc., 4.750%, 03/01/2046 | | | 420,653 | | | 0.0 | |
| 350,000 | | | Gilead Sciences, Inc., 4.800%, 04/01/2044 | | | 337,858 | | | 0.0 | |
| 294,000 | | | GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038 | | | 341,692 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 55,000 | | | HCA, Inc., 2.375%, 07/15/2031 | | $ | 45,353 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 3.125%, 03/15/2027 | | | 61,643 | | | 0.0 | |
| 30,000 | | | HCA, Inc., 3.375%, 03/15/2029 | | | 27,695 | | | 0.0 | |
| 170,000 | | | HCA, Inc., 3.500%, 09/01/2030 | | | 154,155 | | | 0.0 | |
| 95,000 | | | HCA, Inc., 3.500%, 07/15/2051 | | | 67,022 | | | 0.0 | |
| 125,000 | | | HCA, Inc., 3.625%, 03/15/2032 | | | 111,822 | | | 0.0 | |
| 125,000 | | | HCA, Inc., 4.125%, 06/15/2029 | | | 119,597 | | | 0.0 | |
| 30,000 | | | HCA, Inc., 4.375%, 03/15/2042 | | | 25,382 | | | 0.0 | |
| 75,000 | | | HCA, Inc., 4.500%, 02/15/2027 | | | 74,161 | | | 0.0 | |
| 125,000 | | | HCA, Inc., 4.625%, 03/15/2052 | | | 106,476 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 5.125%, 06/15/2039 | | | 62,031 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 5.200%, 06/01/2028 | | | 65,708 | | | 0.0 | |
| 90,000 | | | HCA, Inc., 5.250%, 04/15/2025 | | | 89,957 | | | 0.0 | |
| 95,000 | | | HCA, Inc., 5.250%, 06/15/2026 | | | 95,512 | | | 0.0 | |
| 125,000 | | | HCA, Inc., 5.250%, 06/15/2049 | | | 116,358 | | | 0.0 | |
| 165,000 | | | HCA, Inc., 5.375%, 02/01/2025 | | | 164,839 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 5.375%, 09/01/2026 | | | 65,328 | | | 0.0 | |
| 80,000 (3) | | | HCA, Inc., 5.500%, 06/01/2033 | | | 81,290 | | | 0.0 | |
| 95,000 | | | HCA, Inc., 5.500%, 06/15/2047 | | | 91,619 | | | 0.0 | |
| 95,000 | | | HCA, Inc., 5.625%, 09/01/2028 | | | 97,286 | | | 0.0 | |
| 95,000 | | | HCA, Inc., 5.875%, 02/15/2026 | | | 95,848 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 5.875%, 02/01/2029 | | | 67,150 | | | 0.0 | |
| 65,000 | | | HCA, Inc., 5.900%, 06/01/2053 | | | 66,724 | | | 0.0 | |
| 441,000 | | | Hershey Co., 2.300%, 08/15/2026 | | | 418,409 | | | 0.0 | |
| 1,028,000 | | | Humana, Inc., 3.850%, 10/01/2024 | | | 1,015,500 | | | 0.1 | |
| 500,000 | | | Humana, Inc., 4.950%, 10/01/2044 | | | 474,048 | | | 0.0 | |
| 588,000 | | | Johnson & Johnson, 2.900%, 01/15/2028 | | | 563,026 | | | 0.1 | |
| 588,000 | | | Johnson & Johnson, 3.625%, 03/03/2037 | | | 541,372 | | | 0.1 | |
| 500,000 | | | Johnson & Johnson, 3.750%, 03/03/2047 | | | 440,563 | | | 0.0 | |
| 588,000 | | | Kellogg Co., 2.100%, 06/01/2030 | | | 505,274 | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 500,000 | | | Kellogg Co., 3.250%, 04/01/2026 | | $ | 484,856 | | | 0.0 | |
| 500,000 | | | Keurig Dr Pepper, Inc., 0.750%, 03/15/2024 | | | 495,089 | | | 0.0 | |
| 500,000 | | | Keurig Dr Pepper, Inc., 2.250%, 03/15/2031 | | | 425,917 | | | 0.0 | |
| 500,000 | | | Keurig Dr Pepper, Inc., 3.350%, 03/15/2051 | | | 373,494 | | | 0.0 | |
| 250,000 | | | Keurig Dr Pepper, Inc., 3.400%, 11/15/2025 | | | 243,080 | | | 0.0 | |
| 350,000 | | | Keurig Dr Pepper, Inc., 4.500%, 11/15/2045 | | | 317,622 | | | 0.0 | |
| 588,000 | | | Kroger Co., 2.650%, 10/15/2026 | | | 555,969 | | | 0.1 | |
| 250,000 | | | Kroger Co., 4.450%, 02/01/2047 | | | 221,101 | | | 0.0 | |
| 516,000 | | | Kroger Co., 7.500%, 04/01/2031 | | | 592,252 | | | 0.1 | |
| 250,000 | | | Laboratory Corp. of America Holdings, 4.700%, 02/01/2045 | | | 230,982 | | | 0.0 | |
| 500,000 | | | McCormick & Co., Inc., 1.850%, 02/15/2031 | | | 409,329 | | | 0.0 | |
| 588,000 | | | McKesson Corp., 0.900%, 12/03/2025 | | | 545,393 | | | 0.1 | |
| 250,000 | | | Mead Johnson Nutrition Co., 4.600%, 06/01/2044 | | | 234,154 | | | 0.0 | |
| 421,000 | | | Medtronic, Inc., 4.375%, 03/15/2035 | | | 411,250 | | | 0.0 | |
| 72,000 | | | Medtronic, Inc., 4.625%, 03/15/2045 | | | 70,063 | | | 0.0 | |
| 588,000 | | | Merck & Co., Inc., 1.450%, 06/24/2030 | | | 491,634 | | | 0.0 | |
| 500,000 | | | Merck & Co., Inc., 1.700%, 06/10/2027 | | | 458,553 | | | 0.0 | |
| 500,000 | | | Merck & Co., Inc., 2.750%, 12/10/2051 | | | 343,978 | | | 0.0 | |
| 250,000 | | | Merck & Co., Inc., 3.700%, 02/10/2045 | | | 212,777 | | | 0.0 | |
| 588,000 | | | Merck & Co., Inc., 4.150%, 05/18/2043 | | | 540,988 | | | 0.1 | |
| 500,000 | | | Molson Coors Beverage Co., 5.000%, 05/01/2042 | | | 482,124 | | | 0.0 | |
| 460,000 | | | Mondelez International, Inc., 2.750%, 04/13/2030 | | | 415,758 | | | 0.0 | |
| 500,000 | | | Novartis Capital Corp., 2.200%, 08/14/2030 | | | 440,378 | | | 0.0 | |
| 500,000 | | | Novartis Capital Corp., 2.750%, 08/14/2050 | | | 361,932 | | | 0.0 | |
| 500,000 | | | Novartis Capital Corp., 3.100%, 05/17/2027 | | | 481,559 | | | 0.0 | |
| 500,000 (3) | | | Novartis Capital Corp., 3.400%, 05/06/2024 | | | 496,820 | | | 0.0 | |
| 588,000 | | | PayPal Holdings, Inc., 1.650%, 06/01/2025 | | | 561,639 | | | 0.1 | |
| 588,000 | | | PayPal Holdings, Inc., 2.300%, 06/01/2030 | | | 514,279 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 1,469,000 | | | PepsiCo, Inc., 1.625%, 05/01/2030 | | $ | 1,252,146 | | | 0.1 | |
| 588,000 | | | PepsiCo, Inc., 3.600%, 03/01/2024 | | | 586,234 | | | 0.1 | |
| 588,000 | | | Pfizer, Inc., 3.450%, 03/15/2029 | | | 566,938 | | | 0.1 | |
| 588,000 | | | Pfizer, Inc., 3.900%, 03/15/2039 | | | 520,574 | | | 0.1 | |
| 500,000 | | | Pfizer, Inc., 4.000%, 12/15/2036 | | | 472,374 | | | 0.0 | |
| 588,000 | | | Pfizer, Inc., 4.100%, 09/15/2038 | | | 541,309 | | | 0.1 | |
| 500,000 | | | Pfizer, Inc., 4.125%, 12/15/2046 | | | 445,352 | | | 0.0 | |
| 588,000 | | | Pfizer, Inc., 4.300%, 06/15/2043 | | | 540,269 | | | 0.1 | |
| 500,000 (3) | | | Philip Morris International, Inc., 3.125%, 03/02/2028 | | | 472,854 | | | 0.0 | |
| 250,000 | | | Philip Morris International, Inc., 3.250%, 11/10/2024 | | | 245,840 | | | 0.0 | |
| 500,000 | | | Philip Morris International, Inc., 3.875%, 08/21/2042 | | | 409,997 | | | 0.0 | |
| 441,000 | | | Procter & Gamble Co., 1.000%, 04/23/2026 | | | 409,700 | | | 0.0 | |
| 441,000 | | | Procter & Gamble Co., 1.950%, 04/23/2031 | | | 381,875 | | | 0.0 | |
| 441,000 | | | Procter & Gamble Co., 2.800%, 03/25/2027 | | | 422,498 | | | 0.0 | |
| 588,000 | | | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | | | 512,800 | | | 0.1 | |
| 500,000 | | | Reynolds American, Inc., 5.700%, 08/15/2035 | | | 494,128 | | | 0.0 | |
| 734,000 | | | Reynolds American, Inc., 6.150%, 09/15/2043 | | | 728,567 | | | 0.1 | |
| 588,000 | | | Sanofi, 3.625%, 06/19/2028 | | | 577,280 | | | 0.1 | |
| 500,000 | | | Stryker Corp., 3.500%, 03/15/2026 | | | 487,960 | | | 0.0 | |
| 441,000 | | | Tyson Foods, Inc., 3.550%, 06/02/2027 | | | 420,733 | | | 0.0 | |
| 150,000 | | | Unilever Capital Corp., 2.600%, 05/05/2024 | | | 148,482 | | | 0.0 | |
| 500,000 | | | Unilever Capital Corp., 3.250%, 03/07/2024 | | | 497,750 | | | 0.0 | |
| 588,000 | | | Unilever Capital Corp., 3.500%, 03/22/2028 | | | 570,813 | | | 0.1 | |
| 588,000 | | | UnitedHealth Group, Inc., 2.000%, 05/15/2030 | | | 508,424 | | | 0.1 | |
| 588,000 | | | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | | | 445,592 | | | 0.0 | |
| 500,000 | | | UnitedHealth Group, Inc., 2.900%, 05/15/2050 | | | 350,216 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 500,000 | | | UnitedHealth Group, Inc., 2.950%, 10/15/2027 | | $ | 474,988 | | | 0.0 | |
| 500,000 | | | UnitedHealth Group, Inc., 3.100%, 03/15/2026 | | | 485,630 | | | 0.0 | |
| 500,000 | | | UnitedHealth Group, Inc., 3.125%, 05/15/2060 | | | 355,671 | | | 0.0 | |
| 588,000 | | | UnitedHealth Group, Inc., 3.850%, 06/15/2028 | | | 575,444 | | | 0.1 | |
| 588,000 | | | UnitedHealth Group, Inc., 4.250%, 04/15/2047 | | | 525,522 | | | 0.1 | |
| 250,000 | | | UnitedHealth Group, Inc., 4.625%, 07/15/2035 | | | 251,489 | | | 0.0 | |
| 250,000 | | | UnitedHealth Group, Inc., 4.750%, 07/15/2045 | | | 243,073 | | | 0.0 | |
| 588,000 | | | Zoetis, Inc., 2.000%, 05/15/2030 | | | 506,585 | | | 0.1 | |
| 588,000 | | | Zoetis, Inc., 3.000%, 05/15/2050 | | | 423,103 | | | 0.0 | |
| 500,000 | | | Zoetis, Inc., 4.500%, 11/13/2025 | | | 497,451 | | | 0.0 | |
| | | | | | | 73,184,203 | | | 4.6 | |
| | | | | | | | | | | |
| | | | Energy: 2.1% |
| 588,000 | | | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.138%, 11/07/2029 | | | 547,425 | | | 0.1 | |
| 250,000 | | | Boardwalk Pipelines L.P., 4.950%, 12/15/2024 | | | 248,399 | | | 0.0 | |
| 500,000 | | | Boardwalk Pipelines L.P., 5.950%, 06/01/2026 | | | 507,042 | | | 0.0 | |
| 500,000 | | | BP Capital Markets America, Inc., 3.017%, 01/16/2027 | | | 479,270 | | | 0.0 | |
| 250,000 | | | BP Capital Markets America, Inc., 3.119%, 05/04/2026 | | | 241,941 | | | 0.0 | |
| 500,000 | | | BP Capital Markets America, Inc., 3.379%, 02/08/2061 | | | 362,340 | | | 0.0 | |
| 588,000 | | | BP Capital Markets America, Inc., 3.937%, 09/21/2028 | | | 576,225 | | | 0.1 | |
| 250,000 | | | Canadian Natural Resources Ltd., 3.800%, 04/15/2024 | | | 248,581 | | | 0.0 | |
| 500,000 | | | Chevron Corp., 2.895%, 03/03/2024 | | | 497,609 | | | 0.0 | |
| 500,000 | | | Chevron Corp., 2.954%, 05/16/2026 | | | 483,872 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) |
| 300,000 | | | Chevron USA, Inc., 3.900%, 11/15/2024 | | $ | 297,109 | | | 0.0 | |
| 1,175,000 | | | ConocoPhillips Co., 4.025%, 03/15/2062 | | | 954,293 | | | 0.1 | |
| 129,000 | | | ConocoPhillips Co., 4.150%, 11/15/2034 | | | 121,047 | | | 0.0 | |
| 500,000 | | | ConocoPhillips Co., 4.300%, 11/15/2044 | | | 447,149 | | | 0.0 | |
| 66,000 | | | Eastern Gas Transmission & Storage, Inc., 3.600%, 12/15/2024 | | | 64,898 | | | 0.0 | |
| 500,000 | | | Ecopetrol SA, 4.125%, 01/16/2025 | | | 488,750 | | | 0.0 | |
| 250,000 | | | Enbridge, Inc., 3.500%, 06/10/2024 | | | 247,538 | | | 0.0 | |
| 250,000 | | | Enbridge, Inc., 4.500%, 06/10/2044 | | | 214,402 | | | 0.0 | |
| 500,000 | | | Energy Transfer L.P., 4.950%, 01/15/2043 | | | 436,356 | | | 0.0 | |
| 470,000 | | | Energy Transfer L.P., 6.125%, 12/15/2045 | | | 474,432 | | | 0.0 | |
| 1,063,000 | | | Energy Transfer L.P., 6.500%, 02/01/2042 | | | 1,124,636 | | | 0.1 | |
| 278,000 | | | Enterprise Products Operating LLC, 3.200%, 02/15/2052 | | | 202,826 | | | 0.0 | |
| 235,000 | | | Enterprise Products Operating LLC, 3.700%, 02/15/2026 | | | 231,523 | | | 0.0 | |
| 45,000 | | | Enterprise Products Operating LLC, 3.750%, 02/15/2025 | | | 44,437 | | | 0.0 | |
| 235,000 | | | Enterprise Products Operating LLC, 3.950%, 02/15/2027 | | | 231,360 | | | 0.0 | |
| 140,000 | | | Enterprise Products Operating LLC, 4.450%, 02/15/2043 | | | 127,992 | | | 0.0 | |
| 306,000 | | | Enterprise Products Operating LLC, 4.850%, 03/15/2044 | | | 294,576 | | | 0.0 | |
| 488,000 | | | Enterprise Products Operating LLC, 4.900%, 05/15/2046 | | | 466,523 | | | 0.0 | |
| 250,000 | | | EOG Resources, Inc., 4.150%, 01/15/2026 | | | 247,796 | | | 0.0 | |
| 588,000 | | | Equinor ASA, 2.375%, 05/22/2030 | | | 525,440 | | | 0.1 | |
| 500,000 | | | Equinor ASA, 3.625%, 09/10/2028 | | | 487,692 | | | 0.0 | |
| 500,000 | | | Equinor ASA, 3.950%, 05/15/2043 | | | 440,641 | | | 0.0 | |
| 500,000 | | | Exxon Mobil Corp., 3.043%, 03/01/2026 | | | 485,834 | | | 0.0 | |
| 500,000 | | | Exxon Mobil Corp., 4.114%, 03/01/2046 | | | 446,418 | | | 0.0 | |
| 500,000 | | | Halliburton Co., 2.920%, 03/01/2030 | | | 449,812 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) |
| 31,000 | | | Halliburton Co., 3.800%, 11/15/2025 | | $ | 30,402 | | | 0.0 | |
| 500,000 | | | Halliburton Co., 4.750%, 08/01/2043 | | | 469,701 | | | 0.0 | |
| 500,000 | | | Halliburton Co., 4.850%, 11/15/2035 | | | 492,710 | | | 0.0 | |
| 518,000 | | | Hess Corp., 5.600%, 02/15/2041 | | | 544,787 | | | 0.1 | |
| 400,000 | | | Kinder Morgan Energy Partners L.P., 4.300%, 05/01/2024 | | | 397,948 | | | 0.0 | |
| 779,000 | | | Kinder Morgan Energy Partners L.P., MTN, 6.950%, 01/15/2038 | | | 856,372 | | | 0.1 | |
| 441,000 | | | Kinder Morgan, Inc., 2.000%, 02/15/2031 | | | 366,300 | | | 0.0 | |
| 500,000 | | | Kinder Morgan, Inc., 4.300%, 06/01/2025 | | | 494,154 | | | 0.0 | |
| 500,000 | | | Kinder Morgan, Inc., 5.050%, 02/15/2046 | | | 447,203 | | | 0.0 | |
| 500,000 | | | Kinder Morgan, Inc., 5.550%, 06/01/2045 | | | 481,880 | | | 0.0 | |
| 881,000 | | | Magellan Midstream Partners L.P., 4.200%, 12/01/2042 | | | 691,352 | | | 0.1 | |
| 500,000 | | | Marathon Oil Corp., 5.200%, 06/01/2045 | | | 443,902 | | | 0.0 | |
| 400,000 | | | Marathon Petroleum Corp., 4.750%, 09/15/2044 | | | 357,505 | | | 0.0 | |
| 588,000 | | | MPLX L.P., 4.000%, 03/15/2028 | | | 567,379 | | | 0.1 | |
| 588,000 | | | MPLX L.P., 4.875%, 12/01/2024 | | | 584,976 | | | 0.1 | |
| 588,000 | | | ONEOK Partners L.P., 6.200%, 09/15/2043 | | | 616,631 | | | 0.1 | |
| 173,000 | | | Petroleos Mexicanos, 6.700%, 02/16/2032 | | | 143,590 | | | 0.0 | |
| 881,000 | | | Phillips 66, 3.900%, 03/15/2028 | | | 857,294 | | | 0.1 | |
| 250,000 | | | Phillips 66, 4.650%, 11/15/2034 | | | 243,356 | | | 0.0 | |
| 441,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | | | 436,550 | | | 0.0 | |
| 250,000 | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044 | | | 209,691 | | | 0.0 | |
| 881,000 | | | Schlumberger Investment SA, 2.650%, 06/26/2030 | | | 791,765 | | | 0.1 | |
| 611,000 | | | Shell International Finance BV, 2.875%, 05/10/2026 | | | 589,326 | | | 0.1 | |
| 588,000 | | | Shell International Finance BV, 3.250%, 05/11/2025 | | | 576,990 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) |
| 500,000 | | | Shell International Finance BV, 3.750%, 09/12/2046 | | $ | 416,285 | | | 0.0 | |
| 657,000 | | | Shell International Finance BV, 4.125%, 05/11/2035 | | | 626,261 | | | 0.1 | |
| 250,000 | | | Shell International Finance BV, 4.375%, 05/11/2045 | | | 229,464 | | | 0.0 | |
| 600,000 | | | Spectra Energy Partners L.P., 4.500%, 03/15/2045 | | | 515,254 | | | 0.0 | |
| 500,000 | | | Suncor Energy, Inc., 3.750%, 03/04/2051 | | | 375,447 | | | 0.0 | |
| 852,000 | | | Suncor Energy, Inc., 6.500%, 06/15/2038 | | | 911,995 | | | 0.1 | |
| 1,175,000 | | | TransCanada PipeLines Ltd., 4.625%, 03/01/2034 | | | 1,113,604 | | | 0.1 | |
| 588,000 | | | TransCanada PipeLines Ltd., 7.625%, 01/15/2039 | | | 705,703 | | | 0.1 | |
| 588,000 | | | Valero Energy Corp., 6.625%, 06/15/2037 | | | 645,581 | | | 0.1 | |
| 734,000 | | | Williams Cos., Inc., 2.600%, 03/15/2031 | | | 627,979 | | | 0.1 | |
| 400,000 | | | Williams Cos., Inc., 4.000%, 09/15/2025 | | | 392,846 | | | 0.0 | |
| 500,000 | | | Williams Cos., Inc., 4.300%, 03/04/2024 | | | 498,810 | | | 0.0 | |
| 500,000 | | | Williams Cos., Inc., 5.100%, 09/15/2045 | | | 472,039 | | | 0.0 | |
| 500,000 | | | Williams Cos., Inc., 5.400%, 03/04/2044 | | | 485,953 | | | 0.0 | |
| | | | | | | 33,455,169 | | | 2.1 | |
| | | | | | | | | | | |
| | | | Financial: 8.9% |
| 588,000 | | | Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032 | | | 472,105 | | | 0.0 | |
| 588,000 | | | Allstate Corp., 3.280%, 12/15/2026 | | | 567,623 | | | 0.1 | |
| 70,000 | | | American Express Co., 1.650%, 11/04/2026 | | | 64,354 | | | 0.0 | |
| 110,000 | | | American Express Co., 2.250%, 03/04/2025 | | | 106,493 | | | 0.0 | |
| 110,000 | | | American Express Co., 2.550%, 03/04/2027 | | | 103,098 | | | 0.0 | |
| 106,000 | | | American Express Co., 3.000%, 10/30/2024 | | | 104,231 | | | 0.0 | |
| 55,000 | | | American Express Co., 3.125%, 05/20/2026 | | | 53,073 | | | 0.0 | |
| 103,000 | | | American Express Co., 3.300%, 05/03/2027 | | | 98,538 | | | 0.0 | |
| 40,000 | | | American Express Co., 3.625%, 12/05/2024 | | | 39,364 | | | 0.0 | |
| 140,000 | | | American Express Co., 3.950%, 08/01/2025 | | | 137,774 | | | 0.0 | |
| 65,000 (3) | | | American Express Co., 4.050%, 05/03/2029 | | | 64,381 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 65,000 | | | American Express Co., 4.050%, 12/03/2042 | | $ | 58,478 | | | 0.0 | |
| 45,000 | | | American Express Co., 4.200%, 11/06/2025 | | | 44,488 | | | 0.0 | |
| 80,000 (2) | | | American Express Co., 4.420%, 08/03/2033 | | | 77,050 | | | 0.0 | |
| 75,000 | | | American Express Co., 4.900%, 02/13/2026 | | | 75,198 | | | 0.0 | |
| 45,000 (2) | | | American Express Co., 4.989%, 05/26/2033 | | | 44,809 | | | 0.0 | |
| 80,000 (2) | | | American Express Co., 4.990%, 05/01/2026 | | | 79,797 | | | 0.0 | |
| 80,000 (2) | | | American Express Co., 5.043%, 05/01/2034 | | | 79,898 | | | 0.0 | |
| 95,000 (2) | | | American Express Co., 5.282%, 07/27/2029 | | | 97,015 | | | 0.0 | |
| 75,000 (2) | | | American Express Co., 5.389%, 07/28/2027 | | | 75,881 | | | 0.0 | |
| 30,000 (2) | | | American Express Co., 5.625%, 07/28/2034 | | | 31,020 | | | 0.0 | |
| 95,000 | | | American Express Co., 5.850%, 11/05/2027 | | | 99,108 | | | 0.0 | |
| 20,000 | | | American Express Credit Corp., MTN, 3.300%, 05/03/2027 | | | 19,120 | | | 0.0 | |
| 500,000 | | | American Tower Corp., 1.600%, 04/15/2026 | | | 462,457 | | | 0.0 | |
| 500,000 | | | American Tower Corp., 2.700%, 04/15/2031 | | | 429,688 | | | 0.0 | |
| 500,000 | | | American Tower Corp., 3.375%, 10/15/2026 | | | 479,342 | | | 0.0 | |
| 441,000 | | | American Tower Corp., 3.550%, 07/15/2027 | | | 423,314 | | | 0.0 | |
| 500,000 | | | Aon Corp., 3.750%, 05/02/2029 | | | 478,796 | | | 0.0 | |
| 588,000 | | | Aon Global Ltd., 4.450%, 05/24/2043 | | | 486,807 | | | 0.1 | |
| 500,000 | | | Aon Global Ltd., 4.600%, 06/14/2044 | | | 449,582 | | | 0.0 | |
| 500,000 | | | Aon Global Ltd., 4.750%, 05/15/2045 | | | 458,150 | | | 0.0 | |
| 500,000 | | | AvalonBay Communities, Inc., MTN, 2.300%, 03/01/2030 | | | 436,309 | | | 0.0 | |
| 400,000 | | | Banco Santander SA, 3.800%, 02/23/2028 | | | 377,321 | | | 0.0 | |
| 400,000 | | | Banco Santander SA, 4.250%, 04/11/2027 | | | 387,805 | | | 0.0 | |
| 400,000 | | | Banco Santander SA, 5.179%, 11/19/2025 | | | 396,916 | | | 0.0 | |
| 385,000 (2) | | | Bank of America Corp., 1.734%, 07/22/2027 | | | 352,861 | | | 0.0 | |
| 250,000 (2) | | | Bank of America Corp., 2.299%, 07/21/2032 | | | 204,231 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 2.482%, 09/21/2036 | | | 106,995 | | | 0.0 | |
| 220,000 (2) | | | Bank of America Corp., 2.572%, 10/20/2032 | | | 182,486 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) |
| 200,000 (2) | | | Bank of America Corp., 2.592%, 04/29/2031 | | $ | 172,470 | | | 0.0 | |
| 302,000 (2) | | | Bank of America Corp., 2.687%, 04/22/2032 | | | 255,115 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 2.972%, 07/21/2052 | | | 95,264 | | | 0.0 | |
| 235,000 (2) | | | Bank of America Corp., 3.311%, 04/22/2042 | | | 184,199 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 3.366%, 01/23/2026 | | | 131,901 | | | 0.0 | |
| 401,000 (2) | | | Bank of America Corp., 3.419%, 12/20/2028 | | | 377,996 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 3.705%, 04/24/2028 | | | 129,004 | | | 0.0 | |
| 170,000 (2) | | | Bank of America Corp., 3.846%, 03/08/2037 | | | 149,374 | | | 0.0 | |
| 85,000 (2) | | | Bank of America Corp., 3.946%, 01/23/2049 | | | 71,547 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 4.244%, 04/24/2038 | | | 122,001 | | | 0.0 | |
| 150,000 (2) | | | Bank of America Corp., 4.376%, 04/27/2028 | | | 146,682 | | | 0.0 | |
| 270,000 (2) | | | Bank of America Corp., 4.571%, 04/27/2033 | | | 257,490 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., 5.080%, 01/20/2027 | | | 199,643 | | | 0.0 | |
| 235,000 (2) | | | Bank of America Corp., 5.202%, 04/25/2029 | | | 236,604 | | | 0.0 | |
| 333,000 (2) | | | Bank of America Corp., 5.288%, 04/25/2034 | | | 333,945 | | | 0.0 | |
| 233,000 (2) | | | Bank of America Corp., 5.872%, 09/15/2034 | | | 244,041 | | | 0.0 | |
| 100,000 (2) | | | Bank of America Corp., 5.933%, 09/15/2027 | | | 102,080 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., 6.204%, 11/10/2028 | | | 140,908 | | | 0.0 | |
| 168,000 | | | Bank of America Corp., GMTN, 3.500%, 04/19/2026 | | | 163,535 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | | | 128,128 | | | 0.0 | |
| 170,000 (2) | | | Bank of America Corp., MTN, 1.197%, 10/24/2026 | | | 157,980 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., MTN, 1.319%, 06/19/2026 | | | 188,347 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., MTN, 1.530%, 12/06/2025 | | | 129,820 | | | 0.0 | |
| 184,000 (2) | | | Bank of America Corp., MTN, 1.898%, 07/23/2031 | | | 150,619 | | | 0.0 | |
| 170,000 (2) | | | Bank of America Corp., MTN, 1.922%, 10/24/2031 | | | 138,104 | | | 0.0 | |
| 100,000 (2) | | | Bank of America Corp., MTN, 2.015%, 02/13/2026 | | | 96,119 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 200,000 (2) | | | Bank of America Corp., MTN, 2.087%, 06/14/2029 | | $ | 176,372 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., MTN, 2.456%, 10/22/2025 | | | 131,487 | | | 0.0 | |
| 235,000 (2) | | | Bank of America Corp., MTN, 2.496%, 02/13/2031 | | | 201,925 | | | 0.0 | |
| 150,000 (2) | | | Bank of America Corp., MTN, 2.551%, 02/04/2028 | | | 139,028 | | | 0.0 | |
| 337,000 (2) | | | Bank of America Corp., MTN, 2.676%, 06/19/2041 | | | 241,140 | | | 0.0 | |
| 65,000 (2) | | | Bank of America Corp., MTN, 2.831%, 10/24/2051 | | | 43,961 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., MTN, 2.884%, 10/22/2030 | | | 119,885 | | | 0.0 | |
| 250,000 (2) | | | Bank of America Corp., MTN, 2.972%, 02/04/2033 | | | 212,807 | | | 0.0 | |
| 170,000 (2) | | | Bank of America Corp., MTN, 3.194%, 07/23/2030 | | | 154,286 | | | 0.0 | |
| 170,000 | | | Bank of America Corp., MTN, 3.248%, 10/21/2027 | | | 161,864 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., MTN, 3.384%, 04/02/2026 | | | 194,631 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., MTN, 3.559%, 04/23/2027 | | | 192,583 | | | 0.0 | |
| 169,000 (2) | | | Bank of America Corp., MTN, 3.824%, 01/20/2028 | | | 162,482 | | | 0.0 | |
| 120,000 | | | Bank of America Corp., MTN, 3.875%, 08/01/2025 | | | 118,271 | | | 0.0 | |
| 170,000 (2) | | | Bank of America Corp., MTN, 3.970%, 03/05/2029 | | | 162,516 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., MTN, 3.974%, 02/07/2030 | | | 189,490 | | | 0.0 | |
| 170,000 | | | Bank of America Corp., MTN, 4.000%, 01/22/2025 | | | 167,837 | | | 0.0 | |
| 100,000 (2) | | | Bank of America Corp., MTN, 4.078%, 04/23/2040 | | | 87,483 | | | 0.0 | |
| 370,000 (2) | | | Bank of America Corp., MTN, 4.083%, 03/20/2051 | | | 311,584 | | | 0.0 | |
| 133,000 | | | Bank of America Corp., MTN, 4.250%, 10/22/2026 | | | 130,656 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 200,000 (2) | | | Bank of America Corp., MTN, 4.271%, 07/23/2029 | | $ | 193,254 | | | 0.0 | |
| 185,000 (2) | | | Bank of America Corp., MTN, 4.330%, 03/15/2050 | | | 163,097 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., MTN, 4.443%, 01/20/2048 | | | 121,519 | | | 0.0 | |
| 135,000 | | | Bank of America Corp., MTN, 4.450%, 03/03/2026 | | | 133,581 | | | 0.0 | |
| 135,000 (2) | | | Bank of America Corp., MTN, 4.827%, 07/22/2026 | | | 134,039 | | | 0.0 | |
| 35,000 | | | Bank of America Corp., MTN, 4.875%, 04/01/2044 | | | 34,051 | | | 0.0 | |
| 200,000 (2) | | | Bank of America Corp., MTN, 4.948%, 07/22/2028 | | | 200,063 | | | 0.0 | |
| 135,000 | | | Bank of America Corp., MTN, 5.000%, 01/21/2044 | | | 132,569 | | | 0.0 | |
| 335,000 (2) | | | Bank of America Corp., MTN, 5.015%, 07/22/2033 | | | 331,544 | | | 0.0 | |
| 100,000 | | | Bank of America Corp., MTN, 5.875%, 02/07/2042 | | | 107,921 | | | 0.0 | |
| 166,000 | | | Bank of America Corp. L, L, 3.950%, 04/21/2025 | | | 163,339 | | | 0.0 | |
| 135,000 | | | Bank of America Corp. L, L, 4.183%, 11/25/2027 | | | 131,296 | | | 0.0 | |
| 35,000 | | | Bank of America Corp. L, L, 4.750%, 04/21/2045 | | | 31,997 | | | 0.0 | |
| 118,000 (2) | | | Bank of America Corp. MtN, MtN, 3.093%, 10/01/2025 | | | 115,731 | | | 0.0 | |
| 190,000 (2) | | | Bank of America Corp. N, 1.658%, 03/11/2027 | | | 175,842 | | | 0.0 | |
| 134,000 (2) | | | Bank of America Corp. N, 2.651%, 03/11/2032 | | | 113,212 | | | 0.0 | |
| 65,000 (2) | | | Bank of America Corp. N, 3.483%, 03/13/2052 | | | 50,048 | | | 0.0 | |
| 588,000 (2) | | | Bank of Montreal, 3.803%, 12/15/2032 | | | 541,502 | | | 0.1 | |
| 500,000 | | | Bank of New York Mellon Corp., MTN, 0.500%, 04/26/2024 | | | 492,147 | | | 0.1 | |
| 411,000 | | | Bank of New York Mellon Corp., MTN, 3.000%, 10/30/2028 | | | 380,023 | | | 0.0 | |
| 441,000 | | | Bank of New York Mellon Corp., MTN, 3.250%, 05/16/2027 | | | 423,005 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 500,000 (2) | | | Bank of New York Mellon Corp., MTN, 3.442%, 02/07/2028 | | $ | 481,369 | | | 0.0 | |
| 500,000 | | | Bank of Nova Scotia, 4.500%, 12/16/2025 | | | 492,190 | | | 0.1 | |
| 588,000 (2) | | | Barclays PLC, 2.667%, 03/10/2032 | | | 485,350 | | | 0.0 | |
| 441,000 (2) | | | Barclays PLC, 3.811%, 03/10/2042 | | | 330,441 | | | 0.0 | |
| 441,000 | | | Barclays PLC, 4.375%, 01/12/2026 | | | 435,090 | | | 0.0 | |
| 588,000 | | | Barclays PLC, 5.200%, 05/12/2026 | | | 584,539 | | | 0.1 | |
| 250,000 | | | Barclays PLC, 5.250%, 08/17/2045 | | | 244,891 | | | 0.0 | |
| 588,000 | | | Berkshire Hathaway Finance Corp., 4.200%, 08/15/2048 | | | 542,124 | | | 0.1 | |
| 588,000 | | | Berkshire Hathaway, Inc., 3.125%, 03/15/2026 | | | 572,129 | | | 0.1 | |
| 1,175,000 | | | BlackRock, Inc., 1.900%, 01/28/2031 | | | 991,880 | | | 0.1 | |
| 500,000 | | | Blue Owl Capital Corp., 2.625%, 01/15/2027 | | | 451,008 | | | 0.0 | |
| 588,000 (4) | | | BNP Paribas SA, 3.500%, 11/16/2027 | | | 555,264 | | | 0.1 | |
| 588,000 | | | Boston Properties L.P., 2.550%, 04/01/2032 | | | 468,675 | | | 0.0 | |
| 500,000 | | | Boston Properties L.P., 3.250%, 01/30/2031 | | | 429,424 | | | 0.0 | |
| 588,000 (4) | | | BPCE SA, 3.250%, 01/11/2028 | | | 547,660 | | | 0.1 | |
| 881,000 (3) | | | Brighthouse Financial, Inc., 5.625%, 05/15/2030 | | | 893,307 | | | 0.1 | |
| 441,000 | | | Brookfield Finance, Inc., 2.724%, 04/15/2031 | | | 372,803 | | | 0.0 | |
| 30,000 | | | Canadian Imperial Bank of Commerce, 0.950%, 10/23/2025 | | | 28,033 | | | 0.0 | |
| 40,000 (3) | | | Canadian Imperial Bank of Commerce, 1.000%, 10/18/2024 | | | 38,682 | | | 0.0 | |
| 45,000 | | | Canadian Imperial Bank of Commerce, 1.250%, 06/22/2026 | | | 41,258 | | | 0.0 | |
| 65,000 | | | Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025 | | | 62,991 | | | 0.0 | |
| 85,000 | | | Canadian Imperial Bank of Commerce, 3.300%, 04/07/2025 | | | 83,095 | | | 0.0 | |
| 65,000 | | | Canadian Imperial Bank of Commerce, 3.450%, 04/07/2027 | | | 62,445 | | | 0.0 | |
| 65,000 (3) | | | Canadian Imperial Bank of Commerce, 3.600%, 04/07/2032 | | | 59,305 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 85,000 | | | Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025 | | $ | 83,687 | | | 0.0 | |
| 65,000 | | | Canadian Imperial Bank of Commerce, 5.001%, 04/28/2028 | | | 65,433 | | | 0.0 | |
| 80,000 | | | Canadian Imperial Bank of Commerce, 5.144%, 04/28/2025 | | | 80,067 | | | 0.0 | |
| 30,000 | | | Canadian Imperial Bank of Commerce, 5.615%, 07/17/2026 | | | 30,613 | | | 0.0 | |
| 55,000 | | | Canadian Imperial Bank of Commerce, 5.926%, 10/02/2026 | | | 56,614 | | | 0.0 | |
| 45,000 | | | Canadian Imperial Bank of Commerce, 5.986%, 10/03/2028 | | | 47,110 | | | 0.0 | |
| 70,000 | | | Canadian Imperial Bank of Commerce, 6.092%, 10/03/2033 | | | 74,742 | | | 0.0 | |
| 210,000 | | | Capital One Financial Corp., 3.200%, 02/05/2025 | | | 205,076 | | | 0.0 | |
| 528,000 | | | Capital One Financial Corp., 3.650%, 05/11/2027 | | | 503,670 | | | 0.1 | |
| 370,000 | | | Capital One Financial Corp., 3.750%, 07/28/2026 | | | 354,543 | | | 0.0 | |
| 445,000 | | | Capital One Financial Corp., 3.800%, 01/31/2028 | | | 422,856 | | | 0.0 | |
| 290,000 | | | Capital One Financial Corp., 4.200%, 10/29/2025 | | | 284,556 | | | 0.0 | |
| 500,000 | | | Charles Schwab Corp., 0.750%, 03/18/2024 | | | 494,925 | | | 0.1 | |
| 588,000 | | | Charles Schwab Corp., 3.200%, 01/25/2028 | | | 555,370 | | | 0.1 | |
| 588,000 | | | Chubb Corp., 6.000%, 05/11/2037 | | | 651,248 | | | 0.1 | |
| 750,000 | | | Chubb INA Holdings, Inc., 2.850%, 12/15/2051 | | | 545,048 | | | 0.1 | |
| 381,000 (2) | | | Citigroup, Inc., 2.014%, 01/25/2026 | | | 366,280 | | | 0.0 | |
| 513,000 (2) | | | Citigroup, Inc., 2.561%, 05/01/2032 | | | 428,202 | | | 0.0 | |
| 718,000 (2) | | | Citigroup, Inc., 2.572%, 06/03/2031 | | | 613,695 | | | 0.1 | |
| 435,000 | | | Citigroup, Inc., 3.400%, 05/01/2026 | | | 419,958 | | | 0.0 | |
| 513,000 (2) | | | Citigroup, Inc., 3.878%, 01/24/2039 | | | 443,026 | | | 0.0 | |
| 766,000 (2) | | | Citigroup, Inc., 3.887%, 01/10/2028 | | | 741,143 | | | 0.1 | |
| 513,000 (2) | | | Citigroup, Inc., 3.980%, 03/20/2030 | | | 487,264 | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 1,000 | | | Citigroup, Inc., 4.000%, 08/05/2024 | | $ | 989 | | | 0.0 | |
| 766,000 | | | Citigroup, Inc., 4.125%, 07/25/2028 | | | 736,152 | | | 0.1 | |
| 435,000 | | | Citigroup, Inc., 4.300%, 11/20/2026 | | | 426,546 | | | 0.0 | |
| 435,000 | | | Citigroup, Inc., 4.400%, 06/10/2025 | | | 429,815 | | | 0.0 | |
| 300,000 | | | Citigroup, Inc., 4.450%, 09/29/2027 | | | 293,272 | | | 0.0 | |
| 435,000 | | | Citigroup, Inc., 4.600%, 03/09/2026 | | | 429,606 | | | 0.0 | |
| 406,000 | | | Citigroup, Inc., 5.300%, 05/06/2044 | | | 390,213 | | | 0.0 | |
| 316,000 | | | Citigroup, Inc., 8.125%, 07/15/2039 | | | 407,289 | | | 0.0 | |
| 588,000 (3) | | | Citizens Financial Group, Inc., 3.250%, 04/30/2030 | | | 516,892 | | | 0.1 | |
| 300,000 | | | CNA Financial Corp., 4.500%, 03/01/2026 | | | 296,834 | | | 0.0 | |
| 250,000 | | | Comerica, Inc., 3.800%, 07/22/2026 | | | 235,236 | | | 0.0 | |
| 500,000 | | | Cooperatieve Rabobank UA, 3.750%, 07/21/2026 | | | 479,091 | | | 0.0 | |
| 500,000 | | | Corporate Office Properties L.P., 2.750%, 04/15/2031 | | | 404,779 | | | 0.0 | |
| 500,000 | | | Crown Castle, Inc., 1.050%, 07/15/2026 | | | 451,383 | | | 0.0 | |
| 588,000 | | | Crown Castle, Inc., 2.100%, 04/01/2031 | | | 479,243 | | | 0.0 | |
| 500,000 | | | Crown Castle, Inc., 2.900%, 04/01/2041 | | | 357,583 | | | 0.0 | |
| 588,000 (2) | | | Deutsche Bank AG/ New York NY, 1.447%, 04/01/2025 | | | 581,008 | | | 0.1 | |
| 588,000 (2) | | | Deutsche Bank AG/ New York NY, 3.961%, 11/26/2025 | | | 578,490 | | | 0.1 | |
| 400,000 | | | Deutsche Bank AG/ New York NY, 4.100%, 01/13/2026 | | | 389,113 | | | 0.0 | |
| 400,000 | | | Discover Bank, 4.250%, 03/13/2026 | | | 387,787 | | | 0.0 | |
| 500,000 | | | ERP Operating L.P., 4.500%, 07/01/2044 | | | 444,260 | | | 0.0 | |
| 500,000 | | | Federal Realty OP L.P., 3.500%, 06/01/2030 | | | 453,487 | | | 0.0 | |
| 45,000 (2) | | | Fifth Third Bancorp, 1.707%, 11/01/2027 | | | 40,524 | | | 0.0 | |
| 65,000 | | | Fifth Third Bancorp, 2.375%, 01/28/2025 | | | 62,895 | | | 0.0 | |
| 65,000 | | | Fifth Third Bancorp, 2.550%, 05/05/2027 | | | 59,987 | | | 0.0 | |
| 60,000 | | | Fifth Third Bancorp, 3.950%, 03/14/2028 | | | 57,553 | | | 0.0 | |
| 35,000 (2) | | | Fifth Third Bancorp, 4.055%, 04/25/2028 | | | 33,391 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 55,000 (2) | | | Fifth Third Bancorp, 4.337%, 04/25/2033 | | $ | 51,165 | | | 0.0 | |
| 90,000 (2) | | | Fifth Third Bancorp, 4.772%, 07/28/2030 | | | 87,958 | | | 0.0 | |
| 42,000 (2) | | | Fifth Third Bancorp, 6.339%, 07/27/2029 | | | 43,747 | | | 0.0 | |
| 90,000 (2) | | | Fifth Third Bancorp, 6.361%, 10/27/2028 | | | 93,435 | | | 0.0 | |
| 90,000 | | | Fifth Third Bancorp, 8.250%, 03/01/2038 | | | 106,583 | | | 0.0 | |
| 441,000 | | | Franklin Resources, Inc., 1.600%, 10/30/2030 | | | 359,988 | | | 0.0 | |
| 828,000 (2) | | | Goldman Sachs Group, Inc., 1.431%, 03/09/2027 | | | 763,710 | | | 0.1 | |
| 400,000 (2) | | | Goldman Sachs Group, Inc., 2.615%, 04/22/2032 | | | 335,903 | | | 0.0 | |
| 473,000 (2) | | | Goldman Sachs Group, Inc., 2.640%, 02/24/2028 | | | 438,669 | | | 0.0 | |
| 400,000 (2) | | | Goldman Sachs Group, Inc., 3.210%, 04/22/2042 | | | 306,538 | | | 0.0 | |
| 400,000 (2) | | | Goldman Sachs Group, Inc., 3.436%, 02/24/2043 | | | 312,703 | | | 0.0 | |
| 400,000 | | | Goldman Sachs Group, Inc., 3.500%, 11/16/2026 | | | 385,318 | | | 0.0 | |
| 400,000 | | | Goldman Sachs Group, Inc., 3.750%, 05/22/2025 | | | 392,053 | | | 0.0 | |
| 400,000 | | | Goldman Sachs Group, Inc., 3.750%, 02/25/2026 | | | 390,916 | | | 0.0 | |
| 400,000 (2) | | | Goldman Sachs Group, Inc., 3.814%, 04/23/2029 | | | 379,991 | | | 0.0 | |
| 400,000 | | | Goldman Sachs Group, Inc., 3.850%, 01/26/2027 | | | 389,181 | | | 0.0 | |
| 1,890,000 | | | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | | | 2,082,228 | | | 0.1 | |
| 588,000 (2) | | | HSBC Holdings PLC, 2.633%, 11/07/2025 | | | 573,480 | | | 0.1 | |
| 588,000 (2) | | | HSBC Holdings PLC, 3.803%, 03/11/2025 | | | 585,670 | | | 0.1 | |
| 441,000 (2) | | | HSBC Holdings PLC, 4.292%, 09/12/2026 | | | 432,118 | | | 0.0 | |
| 300,000 | | | HSBC Holdings PLC, 4.300%, 03/08/2026 | | | 295,094 | | | 0.0 | |
| 500,000 | | | HSBC Holdings PLC, 4.375%, 11/23/2026 | | | 488,706 | | | 0.1 | |
| 500,000 (2) | | | HSBC Holdings PLC, 4.583%, 06/19/2029 | | | 485,222 | | | 0.0 | |
| 500,000 (2) | | | HSBC Holdings PLC, 6.000%, 12/31/2199 | | | 478,780 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 1,998,000 | | | HSBC Holdings PLC, 6.500%, 09/15/2037 | | $ | 2,165,210 | | | 0.2 | |
| 250,000 | | | HSBC USA, Inc., 3.500%, 06/23/2024 | | | 247,769 | | | 0.0 | |
| 695,000 | | | ING Groep NV, 4.550%, 10/02/2028 | | | 686,120 | | | 0.1 | |
| 588,000 | | | Intercontinental Exchange, Inc., 1.850%, 09/15/2032 | | | 472,538 | | | 0.0 | |
| 588,000 | | | Jefferies Financial Group, Inc., 4.150%, 01/23/2030 | | | 552,950 | | | 0.1 | |
| 881,000 (2) | | | JPMorgan Chase & Co., 1.764%, 11/19/2031 | | | 714,424 | | | 0.1 | |
| 588,000 (2) | | | JPMorgan Chase & Co., 2.182%, 06/01/2028 | | | 538,065 | | | 0.1 | |
| 881,000 (2) | | | JPMorgan Chase & Co., 2.525%, 11/19/2041 | | | 623,420 | | | 0.1 | |
| 500,000 | | | JPMorgan Chase & Co., 2.950%, 10/01/2026 | | | 476,497 | | | 0.0 | |
| 1,175,000 (2) | | | JPMorgan Chase & Co., 2.956%, 05/13/2031 | | | 1,033,088 | | | 0.1 | |
| 688,000 (2) | | | JPMorgan Chase & Co., 3.109%, 04/22/2041 | | | 530,194 | | | 0.1 | |
| 441,000 | | | JPMorgan Chase & Co., 3.125%, 01/23/2025 | | | 432,058 | | | 0.0 | |
| 441,000 (2) | | | JPMorgan Chase & Co., 3.220%, 03/01/2025 | | | 439,240 | | | 0.0 | |
| 588,000 (2) | | | JPMorgan Chase & Co., 3.328%, 04/22/2052 | | | 439,639 | | | 0.0 | |
| 588,000 (2) | | | JPMorgan Chase & Co., 3.509%, 01/23/2029 | | | 557,586 | | | 0.1 | |
| 441,000 (2) | | | JPMorgan Chase & Co., 3.540%, 05/01/2028 | | | 421,131 | | | 0.0 | |
| 588,000 (2) | | | JPMorgan Chase & Co., 3.782%, 02/01/2028 | | | 568,284 | | | 0.1 | |
| 441,000 (2) | | | JPMorgan Chase & Co., 3.882%, 07/24/2038 | | | 390,694 | | | 0.0 | |
| 588,000 | | | JPMorgan Chase & Co., 4.125%, 12/15/2026 | | | 576,673 | | | 0.1 | |
| 588,000 | | | JPMorgan Chase & Co., 4.250%, 10/01/2027 | | | 581,952 | | | 0.1 | |
| 474,000 (2) | | | JPMorgan Chase & Co., 4.912%, 07/25/2033 | | | 468,820 | | | 0.0 | |
| 1,395,000 | | | JPMorgan Chase & Co., 5.500%, 10/15/2040 | | | 1,451,246 | | | 0.1 | |
| 500,000 | | | Kemper Corp., 4.350%, 02/15/2025 | | | 489,815 | | | 0.1 | |
| 500,000 | | | KeyBank NA/Cleveland OH, BKNT, 3.400%, 05/20/2026 | | | 469,000 | | | 0.0 | |
| 500,000 | | | Kilroy Realty L.P., 2.500%, 11/15/2032 | | | 379,171 | | | 0.0 | |
| 400,000 | | | Kilroy Realty L.P., 4.250%, 08/15/2029 | | | 367,258 | | | 0.0 | |
| 250,000 | | | Kilroy Realty L.P., 4.375%, 10/01/2025 | | | 243,287 | | | 0.0 | |
| 881,000 | | | Kimco Realty OP LLC, 2.700%, 10/01/2030 | | | 762,572 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 588,000 | | | Korea Development Bank, 1.000%, 09/09/2026 | | $ | 533,645 | | | 0.1 | |
| 1,763,000 | | | Landwirtschaftliche Rentenbank, 0.875%, 09/03/2030 | | | 1,436,711 | | | 0.1 | |
| 441,000 | | | Lincoln National Corp., 3.625%, 12/12/2026 | | | 429,182 | | | 0.0 | |
| 588,000 (3) | | | Lincoln National Corp., 3.800%, 03/01/2028 | | | 565,257 | | | 0.1 | |
| 500,000 (2) | | | Lloyds Banking Group PLC, 3.574%, 11/07/2028 | | | 470,306 | | | 0.0 | |
| 588,000 | | | Lloyds Banking Group PLC, 3.900%, 03/12/2024 | | | 585,681 | | | 0.1 | |
| 500,000 | | | Lloyds Banking Group PLC, 4.650%, 03/24/2026 | | | 490,653 | | | 0.1 | |
| 250,000 | | | Loews Corp., 3.750%, 04/01/2026 | | | 243,586 | | | 0.0 | |
| 500,000 (2) | | | Manulife Financial Corp., 4.061%, 02/24/2032 | | | 471,358 | | | 0.0 | |
| 500,000 | | | Manulife Financial Corp., 4.150%, 03/04/2026 | | | 494,265 | | | 0.1 | |
| 500,000 | | | Manulife Financial Corp., 5.375%, 03/04/2046 | | | 507,225 | | | 0.1 | |
| 588,000 | | | Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | | | 506,538 | | | 0.1 | |
| 750,000 | | | Marsh & McLennan Cos., Inc., 2.900%, 12/15/2051 | | | 507,351 | | | 0.1 | |
| 400,000 | | | Marsh & McLennan Cos., Inc., 3.500%, 03/10/2025 | | | 393,139 | | | 0.0 | |
| 500,000 | | | Mastercard, Inc., 2.950%, 03/15/2051 | | | 371,375 | | | 0.0 | |
| 588,000 | | | Mastercard, Inc., 3.500%, 02/26/2028 | | | 573,155 | | | 0.1 | |
| 500,000 | | | MetLife, Inc., 4.050%, 03/01/2045 | | | 432,129 | | | 0.0 | |
| 400,000 | | | MetLife, Inc., 4.125%, 08/13/2042 | | | 355,282 | | | 0.0 | |
| 300,000 | | | MetLife, Inc., 4.721%, 12/15/2044 | | | 283,640 | | | 0.0 | |
| 561,000 | | | MetLife, Inc., 5.000%, 07/15/2052 | | | 557,783 | | | 0.1 | |
| 441,000 (4) | | | Metropolitan Life Global Funding I, 3.450%, 12/18/2026 | | | 425,010 | | | 0.0 | |
| 588,000 | | | Mid-America Apartments L.P., 1.700%, 02/15/2031 | | | 477,086 | | | 0.0 | |
| 360,000 | | | Mitsubishi UFJ Financial Group, Inc., 3.287%, 07/25/2027 | | | 343,607 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 360,000 | | | Mitsubishi UFJ Financial Group, Inc., 3.677%, 02/22/2027 | | $ | 349,177 | | | 0.0 | |
| 535,000 | | | Mitsubishi UFJ Financial Group, Inc., 3.741%, 03/07/2029 | | | 512,404 | | | 0.1 | |
| 420,000 | | | Mitsubishi UFJ Financial Group, Inc., 3.777%, 03/02/2025 | | | 413,089 | | | 0.0 | |
| 465,000 | | | Mitsubishi UFJ Financial Group, Inc., 3.961%, 03/02/2028 | | | 453,140 | | | 0.0 | |
| 360,000 | | | Mitsubishi UFJ Financial Group, Inc., 4.050%, 09/11/2028 | | | 352,451 | | | 0.0 | |
| 180,000 (3) | | | Mitsubishi UFJ Financial Group, Inc., 4.153%, 03/07/2039 | | | 166,313 | | | 0.0 | |
| 180,000 | | | Mitsubishi UFJ Financial Group, Inc., 4.286%, 07/26/2038 | | | 169,458 | | | 0.0 | |
| 1,395,000 (2) | | | Mizuho Financial Group, Inc., 4.254%, 09/11/2029 | | | 1,348,215 | | | 0.1 | |
| 734,000 (2) | | | Morgan Stanley, 1.593%, 05/04/2027 | | | 676,582 | | | 0.1 | |
| 500,000 (2) | | | Morgan Stanley, 3.217%, 04/22/2042 | | | 384,953 | | | 0.0 | |
| 1,028,000 (2) | | | Morgan Stanley, 3.591%, 07/22/2028 | | | 981,974 | | | 0.1 | |
| 441,000 | | | Morgan Stanley, 3.625%, 01/20/2027 | | | 427,790 | | | 0.0 | |
| 441,000 | | | Morgan Stanley, 3.950%, 04/23/2027 | | | 428,348 | | | 0.0 | |
| 588,000 | | | Morgan Stanley, 5.000%, 11/24/2025 | | | 587,521 | | | 0.1 | |
| 500,000 | | | Morgan Stanley, GMTN, 3.700%, 10/23/2024 | | | 493,820 | | | 0.1 | |
| 588,000 (2) | | | Morgan Stanley, GMTN, 3.772%, 01/24/2029 | | | 561,096 | | | 0.1 | |
| 500,000 | | | Morgan Stanley, GMTN, 3.875%, 01/27/2026 | | | 489,950 | | | 0.1 | |
| 441,000 | | | Morgan Stanley, GMTN, 4.000%, 07/23/2025 | | | 434,928 | | | 0.0 | |
| 500,000 | | | Morgan Stanley, GMTN, 4.350%, 09/08/2026 | | | 490,895 | | | 0.1 | |
| 500,000 | | | Morgan Stanley, MTN, 3.125%, 07/27/2026 | | | 478,928 | | | 0.0 | |
| 402,000 (2) | | | Morgan Stanley, MTN, 5.250%, 04/21/2034 | | | 402,148 | | | 0.0 | |
| 441,000 | | | Morgan Stanley F, F, 3.875%, 04/29/2024 | | | 438,732 | | | 0.0 | |
| 500,000 | | | National Australia Bank Ltd./New York, 2.500%, 07/12/2026 | | | 475,589 | | | 0.0 | |
| 588,000 (2) | | | NatWest Group PLC, 3.073%, 05/22/2028 | | | 546,407 | | | 0.1 | |
| 500,000 | | | NatWest Group PLC, 4.800%, 04/05/2026 | | | 495,820 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 300,000 | | | NNN REIT, Inc., 4.000%, 11/15/2025 | | $ | 293,731 | | | 0.0 | |
| 338,000 (2) | | | Northern Trust Corp., 3.375%, 05/08/2032 | | | 312,833 | | | 0.0 | |
| 250,000 | | | Northern Trust Corp., 3.950%, 10/30/2025 | | | 245,769 | | | 0.0 | |
| 1,763,000 (3) | | | Oesterreichische Kontrollbank AG, GMTN, 0.500%, 02/02/2026 | | | 1,629,532 | | | 0.1 | |
| 1,175,000 (4) | | | Ontario Teachers' Finance Trust, 1.625%, 09/12/2024 | | | 1,147,107 | | | 0.1 | |
| 441,000 (3) | | | ORIX Corp., 2.250%, 03/09/2031 | | | 374,059 | | | 0.0 | |
| 441,000 | | | PNC Bank NA, 3.100%, 10/25/2027 | | | 413,862 | | | 0.0 | |
| 500,000 | | | PNC Bank NA, 3.250%, 01/22/2028 | | | 470,629 | | | 0.0 | |
| 588,000 (2) | | | PNC Financial Services Group, Inc., 2.307%, 04/23/2032 | | | 491,994 | | | 0.1 | |
| 881,000 | | | Principal Financial Group, Inc., 2.125%, 06/15/2030 | | | 744,555 | | | 0.1 | |
| 588,000 | | | Private Export Funding Corp. KK, 3.550%, 01/15/2024 | | | 587,582 | | | 0.1 | |
| 588,000 | | | Private Export Funding Corp. NN, 3.250%, 06/15/2025 | | | 576,648 | | | 0.1 | |
| 588,000 | | | Progressive Corp., 4.000%, 03/01/2029 | | | 580,887 | | | 0.1 | |
| 588,000 | | | Prologis L.P., 1.750%, 07/01/2030 | | | 491,375 | | | 0.1 | |
| 441,000 | | | Prologis L.P., 3.250%, 10/01/2026 | | | 425,860 | | | 0.0 | |
| 500,000 (2) | | | Prudential Financial, Inc., 5.375%, 05/15/2045 | | | 493,942 | | | 0.1 | |
| 525,000 | | | Prudential Financial, Inc., MTN, 3.878%, 03/27/2028 | | | 512,531 | | | 0.1 | |
| 441,000 | | | Public Storage Operating Co., 1.500%, 11/09/2026 | | | 405,263 | | | 0.0 | |
| 500,000 | | | Public Storage Operating Co., 1.850%, 05/01/2028 | | | 449,411 | | | 0.0 | |
| 250,000 | | | Public Storage Operating Co., 2.300%, 05/01/2031 | | | 214,999 | | | 0.0 | |
| 250,000 | | | Public Storage Operating Co., 3.094%, 09/15/2027 | | | 238,146 | | | 0.0 | |
| 881,000 | | | Realty Income Corp., 3.250%, 01/15/2031 | | | 800,898 | | | 0.1 | |
| 400,000 (3) | | | Realty Income Corp., 3.875%, 07/15/2024 | | | 396,716 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 300,000 | | | Realty Income Corp., 4.125%, 10/15/2026 | | $ | 294,528 | | | 0.0 | |
| 105,000 | | | Royal Bank of Canada, 1.200%, 04/27/2026 | | | 97,041 | | | 0.0 | |
| 90,000 | | | Royal Bank of Canada, 3.375%, 04/14/2025 | | | 88,235 | | | 0.0 | |
| 75,000 | | | Royal Bank of Canada, 3.625%, 05/04/2027 | | | 72,529 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, 3.875%, 05/04/2032 | | | 61,378 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, GMTN, 0.750%, 10/07/2024 | | | 62,778 | | | 0.0 | |
| 78,000 | | | Royal Bank of Canada, GMTN, 0.875%, 01/20/2026 | | | 72,330 | | | 0.0 | |
| 45,000 | | | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | | | 41,187 | | | 0.0 | |
| 55,000 (3) | | | Royal Bank of Canada, GMTN, 1.400%, 11/02/2026 | | | 50,348 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, GMTN, 1.600%, 01/21/2025 | | | 62,740 | | | 0.0 | |
| 95,000 (3) | | | Royal Bank of Canada, GMTN, 2.250%, 11/01/2024 | | | 92,657 | | | 0.0 | |
| 95,000 | | | Royal Bank of Canada, GMTN, 2.300%, 11/03/2031 | | | 80,125 | | | 0.0 | |
| 80,000 | | | Royal Bank of Canada, GMTN, 4.240%, 08/03/2027 | | | 79,126 | | | 0.0 | |
| 95,000 | | | Royal Bank of Canada, GMTN, 4.650%, 01/27/2026 | | | 94,257 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, GMTN, 4.875%, 01/12/2026 | | | 65,192 | | | 0.0 | |
| 45,000 | | | Royal Bank of Canada, GMTN, 4.900%, 01/12/2028 | | | 45,518 | | | 0.0 | |
| 105,000 | | | Royal Bank of Canada, GMTN, 5.000%, 02/01/2033 | | | 106,832 | | | 0.0 | |
| 55,000 (3) | | | Royal Bank of Canada, GMTN, 5.000%, 05/02/2033 | | | 56,100 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | | | 65,729 | | | 0.0 | |
| 65,000 | | | Royal Bank of Canada, GMTN, 5.200%, 08/01/2028 | | | 66,305 | | | 0.0 | |
| 95,000 | | | Royal Bank of Canada, MTN, 1.150%, 06/10/2025 | | | 90,104 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 75,000 | | | Royal Bank of Canada, MTN, 5.660%, 10/25/2024 | | $ | 75,214 | | | 0.0 | |
| 85,000 | | | Royal Bank of Canada, MTN, 6.000%, 11/01/2027 | | | 89,111 | | | 0.0 | |
| 30,000 | | | Royal Bank of Canada FXD, FXD, 2.050%, 01/21/2027 | | | 27,873 | | | 0.0 | |
| 100,000 | | | Royal Bank of Canada GMTn, GMTn, 4.950%, 04/25/2025 | | | 100,096 | | | 0.0 | |
| 675,000 | | | Simon Property Group L.P., 2.650%, 07/15/2030 | | | 597,754 | | | 0.1 | |
| 500,000 | | | Simon Property Group L.P., 3.375%, 06/15/2027 | | | 479,532 | | | 0.0 | |
| 588,000 | | | Simon Property Group L.P., 3.500%, 09/01/2025 | | | 574,731 | | | 0.1 | |
| 500,000 | | | Simon Property Group L.P., 4.250%, 10/01/2044 | | | 419,946 | | | 0.0 | |
| 441,000 (2) | | | State Street Corp., 1.746%, 02/06/2026 | | | 423,932 | | | 0.0 | |
| 441,000 | | | State Street Corp., 2.200%, 03/03/2031 | | | 367,222 | | | 0.0 | |
| 500,000 | | | State Street Corp., 3.550%, 08/18/2025 | | | 490,891 | | | 0.1 | |
| 175,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.142%, 09/23/2030 | | | 145,120 | | | 0.0 | |
| 465,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.632%, 07/14/2026 | | | 440,660 | | | 0.0 | |
| 175,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.930%, 09/17/2041 | | | 131,592 | | | 0.0 | |
| 310,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026 | | | 295,388 | | | 0.0 | |
| 105,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.202%, 09/17/2029 | | | 95,552 | | | 0.0 | |
| 155,000 (3) | | | Sumitomo Mitsui Financial Group, Inc., 3.352%, 10/18/2027 | | | 146,959 | | | 0.0 | |
| 360,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.364%, 07/12/2027 | | | 343,065 | | | 0.0 | |
| 260,000 (3) | | | Sumitomo Mitsui Financial Group, Inc., 3.446%, 01/11/2027 | | | 250,060 | | | 0.0 | |
| 155,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.544%, 01/17/2028 | | | 147,778 | | | 0.0 | |
| 310,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026 | | | 302,273 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 155,000 | | | Sumitomo Mitsui Financial Group, Inc., 3.944%, 07/19/2028 | | $ | 149,358 | | | 0.0 | |
| 135,000 (3) | | | Sumitomo Mitsui Financial Group, Inc., 4.306%, 10/16/2028 | | | 132,395 | | | 0.0 | |
| 205,000 | | | Sumitomo Mitsui Financial Group, Inc., 6.184%, 07/13/2043 | | | 228,306 | | | 0.0 | |
| 300,000 | | | Synchrony Financial, 4.250%, 08/15/2024 | | | 296,832 | | | 0.0 | |
| 250,000 | | | Synchrony Financial, 4.500%, 07/23/2025 | | | 244,378 | | | 0.0 | |
| 500,000 | | | Tanger Properties L.P., 3.125%, 09/01/2026 | | | 466,995 | | | 0.0 | |
| 30,000 | | | Toronto-Dominion Bank, 1.250%, 12/13/2024 | | | 28,888 | | | 0.0 | |
| 95,000 (2) | | | Toronto-Dominion Bank, 3.625%, 09/15/2031 | | | 91,197 | | | 0.0 | |
| 105,000 | | | Toronto-Dominion Bank, 3.766%, 06/06/2025 | | | 103,363 | | | 0.0 | |
| 95,000 | | | Toronto-Dominion Bank, 4.108%, 06/08/2027 | | | 93,368 | | | 0.0 | |
| 125,000 | | | Toronto-Dominion Bank, 4.456%, 06/08/2032 | | | 121,519 | | | 0.0 | |
| 45,000 (3) | | | Toronto-Dominion Bank, 5.103%, 01/09/2026 | | | 45,333 | | | 0.0 | |
| 80,000 | | | Toronto-Dominion Bank, 5.156%, 01/10/2028 | | | 81,265 | | | 0.0 | |
| 40,000 | | | Toronto-Dominion Bank, GMTN, 2.450%, 01/12/2032 | | | 33,540 | | | 0.0 | |
| 65,000 (3) | | | Toronto-Dominion Bank, MTN, 0.750%, 09/11/2025 | | | 60,674 | | | 0.0 | |
| 80,000 | | | Toronto-Dominion Bank, MTN, 0.750%, 01/06/2026 | | | 73,924 | | | 0.0 | |
| 65,000 | | | Toronto-Dominion Bank, MTN, 1.150%, 06/12/2025 | | | 61,581 | | | 0.0 | |
| 80,000 | | | Toronto-Dominion Bank, MTN, 1.200%, 06/03/2026 | | | 73,475 | | | 0.0 | |
| 90,000 | | | Toronto-Dominion Bank, MTN, 1.250%, 09/10/2026 | | | 82,259 | | | 0.0 | |
| 55,000 | | | Toronto-Dominion Bank, MTN, 2.000%, 09/10/2031 | | | 45,774 | | | 0.0 | |
| 70,000 | | | Toronto-Dominion Bank, MTN, 2.800%, 03/10/2027 | | | 66,132 | | | 0.0 | |
| 95,000 | | | Toronto-Dominion Bank, MTN, 3.200%, 03/10/2032 | | | 84,198 | | | 0.0 | |
| 95,000 | | | Toronto-Dominion Bank, MTN, 4.693%, 09/15/2027 | | | 95,051 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 80,000 | | | Toronto-Dominion Bank, MTN, 5.523%, 07/17/2028 | | $ | 82,422 | | | 0.0 | |
| 115,000 | | | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | | | 117,240 | | | 0.0 | |
| 50,000 | | | Toronto-Dominion Bank FXD, FXD, 1.450%, 01/10/2025 | | | 48,213 | | | 0.0 | |
| 46,000 (3) | | | Toronto-Dominion Bank FXD, FXD, 1.950%, 01/12/2027 | | | 42,519 | | | 0.0 | |
| 881,000 | | | Travelers Cos., Inc., 2.550%, 04/27/2050 | | | 580,347 | | | 0.1 | |
| 441,000 | | | Travelers Cos., Inc., 4.000%, 05/30/2047 | | | 380,829 | | | 0.0 | |
| 500,000 | | | Truist Bank, 3.300%, 05/15/2026 | | | 477,435 | | | 0.0 | |
| 500,000 | | | Truist Bank, 3.625%, 09/16/2025 | | | 483,540 | | | 0.0 | |
| 400,000 | | | Truist Bank, 3.800%, 10/30/2026 | | | 383,493 | | | 0.0 | |
| 588,000 | | | Truist Financial Corp., MTN, 1.125%, 08/03/2027 | | | 515,043 | | | 0.1 | |
| 500,000 (2) | | | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | | | 457,937 | | | 0.0 | |
| 441,000 | | | Truist Financial Corp., MTN, 2.850%, 10/26/2024 | | | 431,860 | | | 0.0 | |
| 441,000 (4) | | | UBS Group AG, 4.282%, 01/09/2028 | | | 427,499 | | | 0.0 | |
| 1,175,000 | | | US Bancorp, MTN, 1.375%, 07/22/2030 | | | 947,646 | | | 0.1 | |
| 500,000 (2) | | | US Bancorp mtn, mtn, 2.215%, 01/27/2028 | | | 459,717 | | | 0.0 | |
| 441,000 | | | US Bancorp X, X, 3.150%, 04/27/2027 | | | 419,689 | | | 0.0 | |
| 250,000 | | | Ventas Realty L.P., 3.500%, 02/01/2025 | | | 244,424 | | | 0.0 | |
| 500,000 | | | Ventas Realty L.P., 3.750%, 05/01/2024 | | | 496,591 | | | 0.1 | |
| 500,000 | | | Ventas Realty L.P., 4.125%, 01/15/2026 | | | 487,856 | | | 0.1 | |
| 588,000 | | | Visa, Inc., 2.050%, 04/15/2030 | | | 517,074 | | | 0.1 | |
| 588,000 | | | Visa, Inc., 2.700%, 04/15/2040 | | | 454,427 | | | 0.0 | |
| 441,000 | | | Visa, Inc., 2.750%, 09/15/2027 | | | 420,255 | | | 0.0 | |
| 500,000 | | | Visa, Inc., 3.150%, 12/14/2025 | | | 488,113 | | | 0.1 | |
| 500,000 | | | Visa, Inc., 4.300%, 12/14/2045 | | | 466,704 | | | 0.0 | |
| 55,000 | | | Wachovia Corp., 5.500%, 08/01/2035 | | | 55,753 | | | 0.0 | |
| 20,000 (2) | | | Wachovia Corp., 7.574%, 08/01/2026 | | | 21,126 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 205,000 (2) | | | Wells Fargo & Co., 2.188%, 04/30/2026 | | $ | 196,576 | | | 0.0 | |
| 235,000 | | | Wells Fargo & Co., 3.000%, 04/22/2026 | | | 225,200 | | | 0.0 | |
| 238,000 | | | Wells Fargo & Co., 3.000%, 10/23/2026 | | | 226,060 | | | 0.0 | |
| 237,000 (2) | | | Wells Fargo & Co., 3.068%, 04/30/2041 | | | 179,455 | | | 0.0 | |
| 135,000 | | | Wells Fargo & Co., 3.900%, 05/01/2045 | | | 111,771 | | | 0.0 | |
| 30,000 | | | Wells Fargo & Co., 5.375%, 02/07/2035 | | | 31,094 | | | 0.0 | |
| 125,000 | | | Wells Fargo & Co., 5.375%, 11/02/2043 | | | 121,904 | | | 0.0 | |
| 256,000 (2) | | | Wells Fargo & Co., 5.389%, 04/24/2034 | | | 257,261 | | | 0.0 | |
| 163,000 | | | Wells Fargo & Co., 5.606%, 01/15/2044 | | | 162,552 | | | 0.0 | |
| 35,000 | | | Wells Fargo & Co., 5.950%, 12/01/2086 | | | 35,548 | | | 0.0 | |
| 170,000 | | | Wells Fargo & Co., GMTN, 4.300%, 07/22/2027 | | | 166,506 | | | 0.0 | |
| 138,000 | | | Wells Fargo & Co., GMTN, 4.900%, 11/17/2045 | | | 125,675 | | | 0.0 | |
| 205,000 (2) | | | Wells Fargo & Co., MTN, 2.164%, 02/11/2026 | | | 197,394 | | | 0.0 | |
| 220,000 (2) | | | Wells Fargo & Co., MTN, 2.393%, 06/02/2028 | | | 201,600 | | | 0.0 | |
| 205,000 (2) | | | Wells Fargo & Co., MTN, 2.406%, 10/30/2025 | | | 199,468 | | | 0.0 | |
| 205,000 (2) | | | Wells Fargo & Co., MTN, 2.572%, 02/11/2031 | | | 177,242 | | | 0.0 | |
| 238,000 (2) | | | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | | | 211,739 | | | 0.0 | |
| 170,000 | | | Wells Fargo & Co., MTN, 3.000%, 02/19/2025 | | | 166,286 | | | 0.0 | |
| 170,000 (2) | | | Wells Fargo & Co., MTN, 3.196%, 06/17/2027 | | | 162,583 | | | 0.0 | |
| 270,000 (2) | | | Wells Fargo & Co., MTN, 3.350%, 03/02/2033 | | | 235,913 | | | 0.0 | |
| 270,000 (2) | | | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | | | 257,712 | | | 0.0 | |
| 170,000 | | | Wells Fargo & Co., MTN, 3.550%, 09/29/2025 | | | 166,208 | | | 0.0 | |
| 203,000 (2) | | | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | | | 193,498 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | |
| 185,000 (2) | | | Wells Fargo & Co., MTN, 3.908%, 04/25/2026 | | $ | 181,450 | | | 0.0 | |
| 165,000 | | | Wells Fargo & Co., MTN, 4.100%, 06/03/2026 | | | 161,443 | | | 0.0 | |
| 170,000 | | | Wells Fargo & Co., MTN, 4.150%, 01/24/2029 | | | 165,366 | | | 0.0 | |
| 135,000 | | | Wells Fargo & Co., MTN, 4.400%, 06/14/2046 | | | 113,607 | | | 0.0 | |
| 170,000 (2) | | | Wells Fargo & Co., MTN, 4.478%, 04/04/2031 | | | 164,369 | | | 0.0 | |
| 135,000 (2) | | | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | | | 133,643 | | | 0.0 | |
| 220,000 (2) | | | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 | | | 198,041 | | | 0.0 | |
| 135,000 | | | Wells Fargo & Co., MTN, 4.650%, 11/04/2044 | | | 118,747 | | | 0.0 | |
| 135,000 | | | Wells Fargo & Co., MTN, 4.750%, 12/07/2046 | | | 119,122 | | | 0.0 | |
| 205,000 (2) | | | Wells Fargo & Co., MTN, 4.808%, 07/25/2028 | | | 203,602 | | | 0.0 | |
| 290,000 (2) | | | Wells Fargo & Co., MTN, 4.897%, 07/25/2033 | | | 282,675 | | | 0.0 | |
| 375,000 (2) | | | Wells Fargo & Co., MTN, 5.013%, 04/04/2051 | | | 357,075 | | | 0.0 | |
| 290,000 (2) | | | Wells Fargo & Co., MTN, 5.557%, 07/25/2034 | | | 295,403 | | | 0.0 | |
| 147,000 (2) | | | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | | | 150,184 | | | 0.0 | |
| 25,000 | | | Wells Fargo & Co., MTN, 6.000%, 10/28/2025 | | | 25,086 | | | 0.0 | |
| 20,000 | | | Wells Fargo & Co. B, 7.950%, 11/15/2029 | | | 22,343 | | | 0.0 | |
| 500,000 | | | Welltower OP LLC, 2.800%, 06/01/2031 | | | 436,408 | | | 0.0 | |
| 500,000 | | | Welltower OP LLC, 4.000%, 06/01/2025 | | | 491,478 | | | 0.1 | |
| 500,000 | | | Western Union Co., 1.350%, 03/15/2026 | | | 459,066 | | | 0.0 | |
| 80,000 | | | Westpac Banking Corp., 1.019%, 11/18/2024 | | | 77,359 | | | 0.0 | |
| 90,000 | | | Westpac Banking Corp., 1.150%, 06/03/2026 | | | 82,997 | | | 0.0 | |
| 80,000 | | | Westpac Banking Corp., 1.953%, 11/20/2028 | | | 70,943 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | |
| 65,000 | | | Westpac Banking Corp., 2.150%, 06/03/2031 | | $ | 54,993 | | | 0.0 | |
| 80,000 | | | Westpac Banking Corp., 2.350%, 02/19/2025 | | | 77,858 | | | 0.0 | |
| 45,000 | | | Westpac Banking Corp., 2.650%, 01/16/2030 | | | 40,413 | | | 0.0 | |
| 95,000 (2) | | | Westpac Banking Corp., 2.668%, 11/15/2035 | | | 77,367 | | | 0.0 | |
| 65,000 (3) | | | Westpac Banking Corp., 2.700%, 08/19/2026 | | | 62,122 | | | 0.0 | |
| 95,000 | | | Westpac Banking Corp., 2.850%, 05/13/2026 | | | 91,272 | | | 0.0 | |
| 95,000 (2) | | | Westpac Banking Corp., 2.894%, 02/04/2030 | | | 91,551 | | | 0.0 | |
| 65,000 | | | Westpac Banking Corp., 2.963%, 11/16/2040 | | | 45,114 | | | 0.0 | |
| 80,000 (2) | | | Westpac Banking Corp., 3.020%, 11/18/2036 | | | 65,118 | | | 0.0 | |
| 65,000 | | | Westpac Banking Corp., 3.133%, 11/18/2041 | | | 45,593 | | | 0.0 | |
| 65,000 | | | Westpac Banking Corp., 3.350%, 03/08/2027 | | | 62,739 | | | 0.0 | |
| 65,000 | | | Westpac Banking Corp., 3.400%, 01/25/2028 | | | 62,069 | | | 0.0 | |
| 45,000 | | | Westpac Banking Corp., 3.735%, 08/26/2025 | | | 44,267 | | | 0.0 | |
| 65,000 (3) | | | Westpac Banking Corp., 4.043%, 08/26/2027 | | | 64,392 | | | 0.0 | |
| 80,000 (2) | | | Westpac Banking Corp., 4.110%, 07/24/2034 | | | 73,252 | | | 0.0 | |
| 65,000 | | | Westpac Banking Corp., 4.421%, 07/24/2039 | | | 56,846 | | | 0.0 | |
| 80,000 | | | Westpac Banking Corp., 5.350%, 10/18/2024 | | | 80,159 | | | 0.0 | |
| 65,000 (2) | | | Westpac Banking Corp., 5.405%, 08/10/2033 | | | 64,717 | | | 0.0 | |
| 80,000 | | | Westpac Banking Corp., 5.457%, 11/18/2027 | | | 82,703 | | | 0.0 | |
| 96,000 (2) | | | Westpac Banking Corp., GMTN, 4.322%, 11/23/2031 | | | 92,373 | | | 0.0 | |
| 500,000 | | | Zions Bancorp NA, 3.250%, 10/29/2029 | | | 409,214 | | | 0.0 | |
| | | | | | | 141,382,444 | | | 8.9 | |
| | | | | | | | | | | |
| | | | Industrial: 2.3% | | | | | | | |
| 588,000 (3) | | | 3M Co., 2.875%, 10/15/2027 | | | 553,769 | | | 0.1 | |
| 441,000 (3) | | | 3M Co., MTN, 2.250%, 09/19/2026 | | | 412,610 | | | 0.0 | |
| 100,000 (3) | | | 3M Co., MTN, 3.000%, 08/07/2025 | | | 96,975 | | | 0.0 | |
| 200,000 | | | 3M Co., MTN, 3.875%, 06/15/2044 | | | 163,497 | | | 0.0 | |
| 588,000 (3) | | | 3M Co., MTN, 4.000%, 09/14/2048 | | | 503,346 | | | 0.1 | |
| 500,000 | | | Agilent Technologies, Inc., 2.300%, 03/12/2031 | | | 434,001 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Industrial: (continued) | | | | | | | |
| 293,000 | | | Boeing Co., 2.196%, 02/04/2026 | | $ | 276,902 | | | 0.0 | |
| 305,000 (3) | | | Boeing Co., 2.800%, 03/01/2027 | | | 287,148 | | | 0.0 | |
| 350,000 | | | Boeing Co., 3.600%, 05/01/2034 | | | 309,459 | | | 0.0 | |
| 358,000 | | | Boeing Co., 5.040%, 05/01/2027 | | | 361,316 | | | 0.0 | |
| 1,068,000 | | | Boeing Co., 5.150%, 05/01/2030 | | | 1,087,838 | | | 0.1 | |
| 413,000 | | | Boeing Co., 5.705%, 05/01/2040 | | | 427,441 | | | 0.0 | |
| 500,000 | | | Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052 | | | 349,893 | | | 0.0 | |
| 40,000 | | | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 | | | 30,429 | | | 0.0 | |
| 500,000 | | | Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042 | | | 460,953 | | | 0.0 | |
| 400,000 | | | Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044 | | | 395,342 | | | 0.0 | |
| 441,000 | | | Canadian Pacific Railway Co., 4.800%, 09/15/2035 | | | 433,713 | | | 0.0 | |
| 441,000 | | | Canadian Pacific Railway Co., 4.800%, 08/01/2045 | | | 414,675 | | | 0.0 | |
| 200,000 | | | Caterpillar Financial Services Corp., 2.400%, 08/09/2026 | | | 189,764 | | | 0.0 | |
| 500,000 | | | Caterpillar Financial Services Corp., MTN, 1.700%, 01/08/2027 | | | 462,309 | | | 0.0 | |
| 500,000 (3) | | | Caterpillar, Inc., 1.900%, 03/12/2031 | | | 430,276 | | | 0.0 | |
| 588,000 | | | Caterpillar, Inc., 3.803%, 08/15/2042 | | | 516,540 | | | 0.1 | |
| 588,000 | | | Caterpillar, Inc., 4.300%, 05/15/2044 | | | 558,388 | | | 0.1 | |
| 500,000 | | | CSX Corp., 3.800%, 04/15/2050 | | | 409,022 | | | 0.0 | |
| 500,000 | | | CSX Corp., 4.100%, 03/15/2044 | | | 437,778 | | | 0.0 | |
| 588,000 | | | CSX Corp., 4.400%, 03/01/2043 | | | 536,759 | | | 0.1 | |
| 1,175,000 | | | Emerson Electric Co., 1.950%, 10/15/2030 | | | 1,013,408 | | | 0.1 | |
| 441,000 (3) | | | FedEx Corp., 2.400%, 05/15/2031 | | | 379,831 | | | 0.0 | |
| 500,000 | | | FedEx Corp., 3.250%, 05/15/2041 | | | 387,040 | | | 0.0 | |
| 588,000 | | | FedEx Corp., 3.400%, 02/15/2028 | | | 564,169 | | | 0.1 | |
| 200,000 | | | FedEx Corp., 3.875%, 08/01/2042 | | | 166,289 | | | 0.0 | |
| 500,000 | | | FedEx Corp., 4.750%, 11/15/2045 | | | 461,579 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Industrial: (continued) | | | | | | | |
| 500,000 | | | GATX Corp., 1.900%, 06/01/2031 | | $ | 397,705 | | | 0.0 | |
| 536,000 | | | GE Capital Funding LLC, 4.550%, 05/15/2032 | | | 524,922 | | | 0.1 | |
| 500,000 | | | General Dynamics Corp., 3.600%, 11/15/2042 | | | 422,065 | | | 0.0 | |
| 1,528,000 | | | Honeywell International, Inc., 3.812%, 11/21/2047 | | | 1,313,188 | | | 0.1 | |
| 500,000 | | | Illinois Tool Works, Inc., 3.500%, 03/01/2024 | | | 498,274 | | | 0.1 | |
| 500,000 | | | Illinois Tool Works, Inc., 3.900%, 09/01/2042 | | | 447,249 | | | 0.0 | |
| 500,000 | | | Jabil, Inc., 1.700%, 04/15/2026 | | | 463,439 | | | 0.0 | |
| 500,000 (3) | | | John Deere Capital Corp., MTN, 1.500%, 03/06/2028 | | | 446,516 | | | 0.0 | |
| 500,000 | | | John Deere Capital Corp., MTN, 3.350%, 06/12/2024 | | | 495,187 | | | 0.0 | |
| 588,000 | | | John Deere Capital Corp., MTN, 3.450%, 03/07/2029 | | | 564,074 | | | 0.1 | |
| 373,000 (2) | | | Johnson Controls International PLC, 3.625%, 07/02/2024 | | | 369,121 | | | 0.0 | |
| 250,000 | | | Johnson Controls International PLC, 4.625%, 07/02/2044 | | | 225,063 | | | 0.0 | |
| 15,000 | | | Johnson Controls International PLC, 5.125%, 09/14/2045 | | | 14,372 | | | 0.0 | |
| 881,000 | | | Lockheed Martin Corp., 2.800%, 06/15/2050 | | | 626,008 | | | 0.1 | |
| 500,000 | | | Lockheed Martin Corp., 4.500%, 05/15/2036 | | | 495,249 | | | 0.1 | |
| 500,000 | | | Lockheed Martin Corp., 4.700%, 05/15/2046 | | | 489,878 | | | 0.0 | |
| 500,000 | | | Masco Corp., 1.500%, 02/15/2028 | | | 437,860 | | | 0.0 | |
| 500,000 | | | Masco Corp., 2.000%, 02/15/2031 | | | 411,287 | | | 0.0 | |
| 588,000 | | | Norfolk Southern Corp., 3.950%, 10/01/2042 | | | 502,365 | | | 0.1 | |
| 375,000 | | | Norfolk Southern Corp., 4.800%, 08/15/2043 | | | 337,401 | | | 0.0 | |
| 441,000 | | | Northrop Grumman Corp., 2.930%, 01/15/2025 | | | 431,132 | | | 0.0 | |
| 500,000 | | | Northrop Grumman Corp., 3.850%, 04/15/2045 | | | 420,664 | | | 0.0 | |
| 588,000 | | | Northrop Grumman Corp., 4.030%, 10/15/2047 | | | 504,326 | | | 0.1 | |
| 500,000 | | | Otis Worldwide Corp., 2.293%, 04/05/2027 | | | 466,225 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Industrial: (continued) | | | | | | | |
| 500,000 | | | Otis Worldwide Corp., 3.112%, 02/15/2040 | | $ | 400,199 | | | 0.0 | |
| 200,000 | | | Packaging Corp. of America, 3.650%, 09/15/2024 | | | 197,227 | | | 0.0 | |
| 250,000 | | | Parker-Hannifin Corp., MTN, 4.200%, 11/21/2034 | | | 240,043 | | | 0.0 | |
| 588,000 | | | Raytheon Technologies Corp., 4.450%, 11/16/2038 | | | 541,484 | | | 0.1 | |
| 500,000 | | | Raytheon Technologies Corp., 4.500%, 06/01/2042 | | | 454,679 | | | 0.0 | |
| 500,000 | | | Republic Services, Inc., 2.300%, 03/01/2030 | | | 439,921 | | | 0.0 | |
| 500,000 | | | RTX Corp., 3.030%, 03/15/2052 | | | 345,467 | | | 0.0 | |
| 500,000 | | | RTX Corp., 4.150%, 05/15/2045 | | | 427,987 | | | 0.0 | |
| 588,000 | | | RTX Corp., 4.625%, 11/16/2048 | | | 537,476 | | | 0.1 | |
| 500,000 | | | Ryder System, Inc., MTN, 1.750%, 09/01/2026 | | | 460,947 | | | 0.0 | |
| 500,000 | | | Ryder System, Inc., MTN, 2.900%, 12/01/2026 | | | 471,722 | | | 0.0 | |
| 500,000 | | | Stanley Black & Decker, Inc., 2.300%, 03/15/2030 | | | 425,477 | | | 0.0 | |
| 252,000 | | | Teledyne Technologies, Inc., 1.600%, 04/01/2026 | | | 233,709 | | | 0.0 | |
| 250,000 | | | Teledyne Technologies, Inc., 2.750%, 04/01/2031 | | | 217,649 | | | 0.0 | |
| 500,000 | | | Textron, Inc., 2.450%, 03/15/2031 | | | 426,282 | | | 0.0 | |
| 500,000 | | | Trane Technologies Financing Ltd., 4.500%, 03/21/2049 | | | 463,759 | | | 0.0 | |
| 250,000 | | | Trane Technologies Financing Ltd., 4.650%, 11/01/2044 | | | 232,542 | | | 0.0 | |
| 500,000 | | | Trane Technologies Luxembourg Finance SA, 3.800%, 03/21/2029 | | | 484,279 | | | 0.0 | |
| 500,000 | | | Union Pacific Corp., 2.750%, 03/01/2026 | | | 481,727 | | | 0.0 | |
| 750,000 | | | Union Pacific Corp., 2.950%, 03/10/2052 | | | 532,572 | | | 0.1 | |
| 500,000 | | | Union Pacific Corp., 2.973%, 09/16/2062 | | | 336,760 | | | 0.0 | |
| 250,000 | | | Union Pacific Corp., 3.375%, 02/01/2035 | | | 221,273 | | | 0.0 | |
| 250,000 | | | Union Pacific Corp., 3.750%, 03/15/2024 | | | 248,961 | | | 0.0 | |
| 250,000 | | | Union Pacific Corp., 3.799%, 10/01/2051 | | | 209,529 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Industrial: (continued) | | | | | | | |
| 441,000 | | | Union Pacific Corp., 3.799%, 04/06/2071 | | $ | 348,671 | | | 0.0 | |
| 588,000 | | | United Parcel Service, Inc., 2.800%, 11/15/2024 | | | 576,715 | | | 0.1 | |
| 588,000 | | | United Parcel Service, Inc., 3.050%, 11/15/2027 | | | 563,521 | | | 0.1 | |
| 588,000 | | | Vulcan Materials Co., 3.500%, 06/01/2030 | | | 547,327 | | | 0.1 | |
| 588,000 | | | Waste Management, Inc., 1.150%, 03/15/2028 | | | 517,239 | | | 0.1 | |
| 441,000 | | | Waste Management, Inc., 1.500%, 03/15/2031 | | | 360,642 | | | 0.0 | |
| 500,000 | | | Waste Management, Inc., 2.500%, 11/15/2050 | | | 332,716 | | | 0.0 | |
| | | | | | | 37,094,531 | | | 2.3 | |
| | | | | | | | | | | |
| | | | Technology: 1.9% | | | | | | | |
| 500,000 | | | Adobe, Inc., 2.150%, 02/01/2027 | | | 469,414 | | | 0.0 | |
| 441,000 | | | Apple, Inc., 1.200%, 02/08/2028 | | | 392,642 | | | 0.0 | |
| 588,000 | | | Apple, Inc., 1.650%, 05/11/2030 | | | 503,082 | | | 0.0 | |
| 441,000 | | | Apple, Inc., 2.375%, 02/08/2041 | | | 322,644 | | | 0.0 | |
| 588,000 | | | Apple, Inc., 2.650%, 05/11/2050 | | | 405,272 | | | 0.0 | |
| 750,000 | | | Apple, Inc., 2.650%, 02/08/2051 | | | 514,148 | | | 0.0 | |
| 441,000 | | | Apple, Inc., 3.000%, 02/09/2024 | | | 439,720 | | | 0.0 | |
| 588,000 | | | Apple, Inc., 3.200%, 05/13/2025 | | | 576,597 | | | 0.1 | |
| 588,000 | | | Apple, Inc., 3.250%, 02/23/2026 | | | 573,919 | | | 0.1 | |
| 588,000 | | | Apple, Inc., 3.350%, 02/09/2027 | | | 573,128 | | | 0.1 | |
| 500,000 | | | Apple, Inc., 3.450%, 05/06/2024 | | | 496,650 | | | 0.0 | |
| 500,000 | | | Apple, Inc., 3.450%, 02/09/2045 | | | 416,939 | | | 0.0 | |
| 500,000 | | | Apple, Inc., 4.450%, 05/06/2044 | | | 486,202 | | | 0.0 | |
| 500,000 | | | Applied Materials, Inc., 3.900%, 10/01/2025 | | | 493,312 | | | 0.0 | |
| 250,000 | | | Autodesk, Inc., 4.375%, 06/15/2025 | | | 247,925 | | | 0.0 | |
| 588,000 | | | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027 | | | 574,101 | | | 0.1 | |
| 618,000 (4) | | | Broadcom, Inc., 4.926%, 05/15/2037 | | | 598,463 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Technology: (continued) | | | | | | | |
| 209,000 | | | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | | $ | 214,000 | | | 0.0 | |
| 43,000 | | | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 | | | 56,554 | | | 0.0 | |
| 500,000 | | | Fidelity National Information Services, Inc., 1.150%, 03/01/2026 | | | 462,182 | | | 0.0 | |
| 500,000 | | | Fidelity National Information Services, Inc., 1.650%, 03/01/2028 | | | 446,140 | | | 0.0 | |
| 500,000 | | | Fidelity National Information Services, Inc., 2.250%, 03/01/2031 | | | 422,692 | | | 0.0 | |
| 588,000 | | | Fiserv, Inc., 2.250%, 06/01/2027 | | | 544,080 | | | 0.1 | |
| 1,175,000 | | | Fiserv, Inc., 2.650%, 06/01/2030 | | | 1,033,790 | | | 0.1 | |
| 588,000 | | | Hewlett Packard Enterprise Co., 1.450%, 04/01/2024 | | | 581,643 | | | 0.1 | |
| 588,000 | | | HP, Inc., 2.200%, 06/17/2025 | | | 563,292 | | | 0.1 | |
| 588,000 | | | Intel Corp., 2.450%, 11/15/2029 | | | 529,687 | | | 0.0 | |
| 588,000 | | | Intel Corp., 3.150%, 05/11/2027 | | | 565,466 | | | 0.1 | |
| 500,000 | | | Intel Corp., 3.250%, 11/15/2049 | | | 372,123 | | | 0.0 | |
| 1,034,000 | | | Intel Corp., 3.700%, 07/29/2025 | | | 1,017,966 | | | 0.1 | |
| 272,000 | | | Intel Corp., 3.734%, 12/08/2047 | | | 221,232 | | | 0.0 | |
| 1,763,000 | | | International Business Machines Corp., 1.950%, 05/15/2030 | | | 1,514,771 | | | 0.1 | |
| 588,000 | | | International Business Machines Corp., 2.850%, 05/15/2040 | | | 439,939 | | | 0.0 | |
| 588,000 | | | International Business Machines Corp., 3.450%, 02/19/2026 | | | 572,947 | | | 0.1 | |
| 400,000 | | | Lam Research Corp., 3.800%, 03/15/2025 | | | 395,094 | | | 0.0 | |
| 441,000 | | | Lam Research Corp., 4.000%, 03/15/2029 | | | 435,497 | | | 0.0 | |
| 588,000 | | | Microsoft Corp., 2.400%, 08/08/2026 | | | 560,579 | | | 0.1 | |
| 1,322,000 | | | Microsoft Corp., 2.525%, 06/01/2050 | | | 903,641 | | | 0.1 | |
| 87,000 | | | Microsoft Corp., 2.675%, 06/01/2060 | | | 58,162 | | | 0.0 | |
| 588,000 | | | Microsoft Corp., 2.921%, 03/17/2052 | | | 434,478 | | | 0.0 | |
| 413,000 | | | Microsoft Corp., 3.041%, 03/17/2062 | | | 298,373 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Technology: (continued) | | | | | | | |
| 500,000 | | | Microsoft Corp., 3.125%, 11/03/2025 | | $ | 488,424 | | | 0.0 | |
| 881,000 | | | Microsoft Corp., 3.300%, 02/06/2027 | | | 858,542 | | | 0.1 | |
| 250,000 | | | Microsoft Corp., 3.500%, 02/12/2035 | | | 237,105 | | | 0.0 | |
| 588,000 | | | NVIDIA Corp., 2.850%, 04/01/2030 | | | 544,020 | | | 0.0 | |
| 588,000 | | | NVIDIA Corp., 3.500%, 04/01/2040 | | | 509,994 | | | 0.0 | |
| 500,000 | | | NVIDIA Corp., 3.500%, 04/01/2050 | | | 417,627 | | | 0.0 | |
| 441,000 | | | Oracle Corp., 1.650%, 03/25/2026 | | | 411,502 | | | 0.0 | |
| 500,000 | | | Oracle Corp., 2.875%, 03/25/2031 | | | 443,161 | | | 0.0 | |
| 588,000 | | | Oracle Corp., 2.950%, 11/15/2024 | | | 575,088 | | | 0.1 | |
| 441,000 | | | Oracle Corp., 2.950%, 05/15/2025 | | | 428,321 | | | 0.0 | |
| 588,000 | | | Oracle Corp., 3.250%, 11/15/2027 | | | 558,545 | | | 0.1 | |
| 500,000 | | | Oracle Corp., 3.400%, 07/08/2024 | | | 494,291 | | | 0.0 | |
| 500,000 | | | Oracle Corp., 3.650%, 03/25/2041 | | | 397,123 | | | 0.0 | |
| 400,000 | | | Oracle Corp., 3.850%, 07/15/2036 | | | 348,885 | | | 0.0 | |
| 441,000 | | | Oracle Corp., 3.900%, 05/15/2035 | | | 393,663 | | | 0.0 | |
| 500,000 | | | Oracle Corp., 3.950%, 03/25/2051 | | | 392,280 | | | 0.0 | |
| 441,000 | | | Oracle Corp., 4.125%, 05/15/2045 | | | 360,558 | | | 0.0 | |
| 180,000 | | | Oracle Corp., 4.300%, 07/08/2034 | | | 168,244 | | | 0.0 | |
| 881,000 | | | Oracle Corp., 5.375%, 07/15/2040 | | | 867,158 | | | 0.1 | |
| 500,000 | | | QUALCOMM, Inc., 2.150%, 05/20/2030 | | | 440,788 | | | 0.0 | |
| 499,000 | | | QUALCOMM, Inc., 4.650%, 05/20/2035 | | | 510,908 | | | 0.0 | |
| 350,000 | | | QUALCOMM, Inc., 4.800%, 05/20/2045 | | | 347,400 | | | 0.0 | |
| | | | | | | 30,922,113 | | | 1.9 | |
| | | | | | | | | | | |
| | | | Utilities: 2.4% | | | | | | | |
| 250,000 | | | Ameren Illinois Co., 4.300%, 07/01/2044 | | | 217,288 | | | 0.0 | |
| 500,000 | | | Appalachian Power Co., 4.400%, 05/15/2044 | | | 418,038 | | | 0.0 | |
| 441,000 | | | Appalachian Power Co., 4.450%, 06/01/2045 | | | 373,984 | | | 0.0 | |
| 486,000 | | | Appalachian Power Co. Y, 4.500%, 03/01/2049 | | | 410,982 | | | 0.0 | |
| 441,000 | | | Arizona Public Service Co., 2.950%, 09/15/2027 | | | 417,387 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | |
| 400,000 | | | Arizona Public Service Co., 3.350%, 06/15/2024 | | $ | 395,537 | | | 0.0 | |
| 588,000 | | | Arizona Public Service Co., 3.350%, 05/15/2050 | | | 418,201 | | | 0.0 | |
| 500,000 | | | Atlantic City Electric Co., 2.300%, 03/15/2031 | | | 422,173 | | | 0.0 | |
| 500,000 | | | Atmos Energy Corp., 4.125%, 10/15/2044 | | | 443,744 | | | 0.0 | |
| 500,000 | | | Atmos Energy Corp., 4.125%, 03/15/2049 | | | 431,757 | | | 0.0 | |
| 500,000 | | | Baltimore Gas and Electric Co., 3.500%, 08/15/2046 | | | 383,450 | | | 0.0 | |
| 588,000 | | | Berkshire Hathaway Energy Co., 6.125%, 04/01/2036 | | | 638,301 | | | 0.1 | |
| 441,000 | | | CenterPoint Energy Houston Electric LLC AA, 3.000%, 02/01/2027 | | | 419,943 | | | 0.0 | |
| 441,000 | | | CenterPoint Energy Houston Electric LLC AF, 3.350%, 04/01/2051 | | | 335,458 | | | 0.0 | |
| 20,000 | | | Cleveland Electric Illuminating Co., 5.950%, 12/15/2036 | | | 20,540 | | | 0.0 | |
| 250,000 | | | CMS Energy Corp., 3.875%, 03/01/2024 | | | 249,178 | | | 0.0 | |
| 250,000 | | | CMS Energy Corp., 4.875%, 03/01/2044 | | | 238,415 | | | 0.0 | |
| 500,000 | | | Commonwealth Edison Co. 130, 3.125%, 03/15/2051 | | | 354,624 | | | 0.0 | |
| 500,000 | | | Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/2044 | | | 448,745 | | | 0.0 | |
| 500,000 | | | Consolidated Edison Co. of New York, Inc., 4.500%, 12/01/2045 | | | 446,472 | | | 0.0 | |
| 400,000 | | | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 | | | 360,191 | | | 0.0 | |
| 200,000 | | | Consolidated Edison Co. of New York, Inc. C, 4.300%, 12/01/2056 | | | 166,854 | | | 0.0 | |
| 500,000 | | | Consumers Energy Co., 3.950%, 07/15/2047 | | | 422,556 | | | 0.0 | |
| 25,000 | | | Dominion Energy South Carolina, Inc., 4.600%, 06/15/2043 | | | 22,855 | | | 0.0 | |
| 30,000 | | | Dominion Energy South Carolina, Inc., 5.100%, 06/01/2065 | | | 28,396 | | | 0.0 | |
| 20,000 | | | Dominion Energy South Carolina, Inc., 5.300%, 05/15/2033 | | | 20,653 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | |
| 20,000 | | | Dominion Energy South Carolina, Inc., 5.450%, 02/01/2041 | | $ | 20,356 | | | 0.0 | |
| 35,000 | | | Dominion Energy South Carolina, Inc., 6.050%, 01/15/2038 | | | 37,978 | | | 0.0 | |
| 20,000 | | | Dominion Energy South Carolina, Inc., 6.625%, 02/01/2032 | | | 22,645 | | | 0.0 | |
| 25,000 | | | Dominion Energy South Carolina, Inc. A, 2.300%, 12/01/2031 | | | 20,869 | | | 0.0 | |
| 45,000 | | | Dominion Energy, Inc., 3.900%, 10/01/2025 | | | 44,162 | | | 0.0 | |
| 30,000 | | | Dominion Energy, Inc., 4.250%, 06/01/2028 | | | 29,425 | | | 0.0 | |
| 30,000 | | | Dominion Energy, Inc., 4.700%, 12/01/2044 | | | 26,600 | | | 0.0 | |
| 55,000 | | | Dominion Energy, Inc., 5.375%, 11/15/2032 | | | 56,518 | | | 0.0 | |
| 45,000 (2) | | | Dominion Energy, Inc., 5.750%, 10/01/2054 | | | 44,422 | | | 0.0 | |
| 25,000 | | | Dominion Energy, Inc., 7.000%, 06/15/2038 | | | 28,258 | | | 0.0 | |
| 36,000 | | | Dominion Energy, Inc. A, 1.450%, 04/15/2026 | | | 33,386 | | | 0.0 | |
| 25,000 | | | Dominion Energy, Inc. A, 3.300%, 03/15/2025 | | | 24,424 | | | 0.0 | |
| 25,000 | | | Dominion Energy, Inc. A, 4.350%, 08/15/2032 | | | 24,154 | | | 0.0 | |
| 25,000 | | | Dominion Energy, Inc. A, 4.600%, 03/15/2049 | | | 22,107 | | | 0.0 | |
| 31,000 | | | Dominion Energy, Inc. B, 3.300%, 04/15/2041 | | | 23,751 | | | 0.0 | |
| 20,000 | | | Dominion Energy, Inc. B, 3.600%, 03/15/2027 | | | 19,228 | | | 0.0 | |
| 40,000 | | | Dominion Energy, Inc. B, 4.850%, 08/15/2052 | | | 36,848 | | | 0.0 | |
| 30,000 | | | Dominion Energy, Inc. B, 5.950%, 06/15/2035 | | | 31,651 | | | 0.0 | |
| 55,000 | | | Dominion Energy, Inc. C, 2.250%, 08/15/2031 | | | 45,590 | | | 0.0 | |
| 95,000 | | | Dominion Energy, Inc. C, 3.375%, 04/01/2030 | | | 87,518 | | | 0.0 | |
| 20,000 | | | Dominion Energy, Inc. C, 4.050%, 09/15/2042 | | | 16,353 | | | 0.0 | |
| 30,000 | | | Dominion Energy, Inc. C, 4.900%, 08/01/2041 | | | 27,815 | | | 0.0 | |
| 25,000 | | | Dominion Energy, Inc. D, 2.850%, 08/15/2026 | | | 23,576 | | | 0.0 | |
| 20,000 | | | Dominion Energy, Inc. E, 6.300%, 03/15/2033 | | | 21,502 | | | 0.0 | |
| 30,000 | | | Dominion Energy, Inc. F, 5.250%, 08/01/2033 | | | 30,340 | | | 0.0 | |
| 250,000 | | | DTE Electric Co., 4.300%, 07/01/2044 | | | 224,286 | | | 0.0 | |
| 588,000 | | | DTE Energy Co. F, 1.050%, 06/01/2025 | | | 554,563 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | |
| 441,000 | | | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | | $ | 382,979 | | | 0.0 | |
| 441,000 | | | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | | | 334,021 | | | 0.0 | |
| 588,000 | | | Duke Energy Corp., 2.450%, 06/01/2030 | | | 513,022 | | | 0.1 | |
| 500,000 | | | Duke Energy Corp., 3.750%, 09/01/2046 | | | 386,601 | | | 0.0 | |
| 500,000 | | | Duke Energy Corp., 4.800%, 12/15/2045 | | | 456,838 | | | 0.0 | |
| 588,000 | | | Duke Energy Florida LLC, 3.800%, 07/15/2028 | | | 571,249 | | | 0.1 | |
| 150,000 | | | Duke Energy Progress LLC, 4.150%, 12/01/2044 | | | 128,042 | | | 0.0 | |
| 441,000 | | | Duke Energy Progress LLC, 4.200%, 08/15/2045 | | | 378,047 | | | 0.0 | |
| 134,000 | | | Eastern Energy Gas Holdings LLC, 3.600%, 12/15/2024 | | | 131,847 | | | 0.0 | |
| 500,000 | | | Enel Generacion Chile SA, 4.250%, 04/15/2024 | | | 497,918 | | | 0.1 | |
| 500,000 | | | Entergy Arkansas LLC, 3.350%, 06/15/2052 | | | 362,773 | | | 0.0 | |
| 500,000 | | | Entergy Corp., 2.400%, 06/15/2031 | | | 418,833 | | | 0.0 | |
| 500,000 | | | Entergy Louisiana LLC, 2.350%, 06/15/2032 | | | 416,221 | | | 0.0 | |
| 500,000 | | | Essential Utilities, Inc., 2.400%, 05/01/2031 | | | 417,860 | | | 0.0 | |
| 20,000 | | | Evergy Kansas Central, Inc., 2.550%, 07/01/2026 | | | 18,957 | | | 0.0 | |
| 20,000 | | | Evergy Kansas Central, Inc., 3.100%, 04/01/2027 | | | 19,017 | | | 0.0 | |
| 20,000 | | | Evergy Kansas Central, Inc., 3.250%, 09/01/2049 | | | 14,164 | | | 0.0 | |
| 30,000 | | | Evergy Kansas Central, Inc., 3.450%, 04/15/2050 | | | 21,949 | | | 0.0 | |
| 25,000 | | | Evergy Kansas Central, Inc., 4.100%, 04/01/2043 | | | 21,117 | | | 0.0 | |
| 33,000 | | | Evergy Kansas Central, Inc., 4.125%, 03/01/2042 | | | 28,452 | | | 0.0 | |
| 20,000 | | | Evergy Kansas Central, Inc., 4.250%, 12/01/2045 | | | 17,051 | | | 0.0 | |
| 25,000 | | | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | | | 26,175 | | | 0.0 | |
| 20,000 | | | Evergy Metro, Inc., 3.650%, 08/15/2025 | | | 19,572 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | |
| 20,000 | | | Evergy Metro, Inc., 4.200%, 06/15/2047 | | $ | 16,916 | | | 0.0 | |
| 20,000 | | | Evergy Metro, Inc., 4.200%, 03/15/2048 | | | 16,875 | | | 0.0 | |
| 20,000 | | | Evergy Metro, Inc., 4.950%, 04/15/2033 | | | 20,007 | | | 0.0 | |
| 25,000 | | | Evergy Metro, Inc., 5.300%, 10/01/2041 | | | 24,828 | | | 0.0 | |
| 25,000 | | | Evergy Metro, Inc. 2019, 4.125%, 04/01/2049 | | | 20,638 | | | 0.0 | |
| 25,000 | | | Evergy Metro, Inc. 2020, 2.250%, 06/01/2030 | | | 21,346 | | | 0.0 | |
| 50,000 | | | Evergy, Inc., 2.900%, 09/15/2029 | | | 45,275 | | | 0.0 | |
| 588,000 | | | Exelon Corp., 4.950%, 06/15/2035 | | | 567,804 | | | 0.1 | |
| 441,000 | | | Exelon Corp., 5.100%, 06/15/2045 | | | 420,197 | | | 0.0 | |
| 500,000 | | | Florida Power & Light Co., 3.250%, 06/01/2024 | | | 495,465 | | | 0.1 | |
| 441,000 | | | Florida Power & Light Co., 3.800%, 12/15/2042 | | | 382,165 | | | 0.0 | |
| 881,000 | | | Florida Power & Light Co., 4.050%, 06/01/2042 | | | 782,298 | | | 0.1 | |
| 500,000 | | | Georgia Power Co. A, 3.250%, 03/15/2051 | | | 362,277 | | | 0.0 | |
| 500,000 | | | Indiana Michigan Power Co. K, 4.550%, 03/15/2046 | | | 448,412 | | | 0.0 | |
| 588,000 (4) | | | Israel Electric Corp. Ltd., GMTN, 4.250%, 08/14/2028 | | | 550,847 | | | 0.1 | |
| 588,000 | | | ITC Holdings Corp., 3.350%, 11/15/2027 | | | 558,322 | | | 0.1 | |
| 250,000 | | | ITC Holdings Corp., 3.650%, 06/15/2024 | | | 247,146 | | | 0.0 | |
| 33,000 | | | Kentucky Utilities Co., 3.300%, 06/01/2050 | | | 24,188 | | | 0.0 | |
| 35,000 | | | Kentucky Utilities Co., 4.375%, 10/01/2045 | | | 30,315 | | | 0.0 | |
| 49,000 | | | Kentucky Utilities Co., 5.125%, 11/01/2040 | | | 47,733 | | | 0.0 | |
| 25,000 | | | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | | | 25,987 | | | 0.0 | |
| 25,000 | | | Louisville Gas and Electric Co., 4.250%, 04/01/2049 | | | 21,273 | | | 0.0 | |
| 20,000 | | | Louisville Gas and Electric Co. 25, 3.300%, 10/01/2025 | | | 19,527 | | | 0.0 | |
| 25,000 | | | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | | | 26,058 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | | |
| 500,000 | | | MidAmerican Energy Co., 3.100%, 05/01/2027 | | $ | 479,010 | | | 0.1 | | |
| 500,000 | | | MidAmerican Energy Co., 3.950%, 08/01/2047 | | | 419,628 | | | 0.0 | | |
| 1,175,000 | | | Mississippi Power Co. 12-A, 4.250%, 03/15/2042 | | | 1,003,987 | | | 0.1 | | |
| 500,000 | | | National Fuel Gas Co., 2.950%, 03/01/2031 | | | 419,305 | | | 0.0 | | |
| 588,000 | | | National Fuel Gas Co., 5.200%, 07/15/2025 | | | 585,676 | | | 0.1 | | |
| 500,000 | | | National Fuel Gas Co., 5.500%, 01/15/2026 | | | 500,979 | | | 0.1 | | |
| 588,000 (2) | | | National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046 | | | 565,481 | | | 0.1 | | |
| 500,000 | | | Northern States Power Co., 4.125%, 05/15/2044 | | | 433,943 | | | 0.0 | | |
| 20,000 | | | Ohio Edison Co., 6.875%, 07/15/2036 | | | 22,555 | | | 0.0 | | |
| 250,000 | | | Oklahoma Gas and Electric Co., 4.000%, 12/15/2044 | | | 199,214 | | | 0.0 | | |
| 250,000 | | | Oklahoma Gas and Electric Co., 4.550%, 03/15/2044 | | | 216,443 | | | 0.0 | | |
| 500,000 | | | Pacific Gas and Electric Co., 2.100%, 08/01/2027 | | | 450,983 | | | 0.0 | | |
| 881,000 | | | Pacific Gas and Electric Co., 2.500%, 02/01/2031 | | | 727,588 | | | 0.1 | | |
| 500,000 | | | Pacific Gas and Electric Co., 3.250%, 06/01/2031 | | | 433,484 | | | 0.0 | | |
| 881,000 | | | Pacific Gas and Electric Co., 3.300%, 08/01/2040 | | | 646,238 | | | 0.1 | | |
| 500,000 | | | Pacific Gas and Electric Co., 4.200%, 06/01/2041 | | | 400,950 | | | 0.0 | | |
| 588,000 | | | PacifiCorp, 4.150%, 02/15/2050 | | | 477,338 | | | 0.1 | | |
| 441,000 | | | PECO Energy Co., 4.150%, 10/01/2044 | | | 383,642 | | | 0.0 | | |
| 250,000 | | | Piedmont Natural Gas Co., Inc., 4.100%, 09/18/2034 | | | 224,989 | | | 0.0 | | |
| 40,000 | | | PPL Capital Funding, Inc., 3.100%, 05/15/2026 | | | 38,361 | | | 0.0 | | |
| 25,000 | | | PPL Capital Funding, Inc., 4.125%, 04/15/2030 | | | 23,840 | | | 0.0 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Utilities: (continued) | | | | | | | | |
| 25,000 | | | PPL Electric Utilities Corp., 3.000%, 10/01/2049 | | $ | 17,937 | | | 0.0 | | |
| 30,000 | | | PPL Electric Utilities Corp., 3.950%, 06/01/2047 | | | 25,455 | | | 0.0 | | |
| 20,000 | | | PPL Electric Utilities Corp., 4.125%, 06/15/2044 | | | 17,400 | | | 0.0 | | |
| 20,000 | | | PPL Electric Utilities Corp., 4.150%, 10/01/2045 | | | 17,410 | | | 0.0 | | |
| 25,000 | | | PPL Electric Utilities Corp., 4.150%, 06/15/2048 | | | 22,059 | | | 0.0 | | |
| 20,000 | | | PPL Electric Utilities Corp., 4.750%, 07/15/2043 | | | 18,759 | | | 0.0 | | |
| 40,000 | | | PPL Electric Utilities Corp., 5.000%, 05/15/2033 | | | 40,920 | | | 0.0 | | |
| 45,000 | | | PPL Electric Utilities Corp., 5.250%, 05/15/2053 | | | 46,471 | | | 0.0 | | |
| 20,000 | | | PPL Electric Utilities Corp., 6.250%, 05/15/2039 | | | 22,379 | | | 0.0 | | |
| 588,000 | | | Public Service Co. of Colorado, 3.700%, 06/15/2028 | | | 565,786 | | | 0.1 | | |
| 500,000 | | | Public Service Co. of Colorado, 4.100%, 06/15/2048 | | | 408,034 | | | 0.0 | | |
| 500,000 | | | Public Service Co. of Colorado 35, 1.900%, 01/15/2031 | | | 415,639 | | | 0.0 | | |
| 441,000 | | | Public Service Electric and Gas Co., MTN, 3.800%, 01/01/2043 | | | 369,441 | | | 0.0 | | |
| 250,000 | | | Public Service Electric and Gas Co. I, I, 4.000%, 06/01/2044 | | | 209,513 | | | 0.0 | | |
| 441,000 | | | Sierra Pacific Power Co., 2.600%, 05/01/2026 | | | 420,323 | | | 0.0 | | |
| 526,791 | | | Southaven Combined Cycle Generation LLC, 3.846%, 08/15/2033 | | | 495,458 | | | 0.1 | | |
| 441,000 | | | Southern California Edison Co., 4.000%, 04/01/2047 | | | 360,439 | | | 0.0 | | |
| 500,000 | | | Southern California Edison Co., 4.650%, 10/01/2043 | | | 457,363 | | | 0.1 | | |
| 500,000 | | | Southern California Edison Co. 13-A, 3.900%, 03/15/2043 | | | 410,221 | | | 0.0 | | |
| 500,000 | | | Southern California Gas Co. VV, 4.300%, 01/15/2049 | | | 425,446 | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) | | | | | | | |
| 500,000 | | | Southern Co. 21-B, 1.750%, 03/15/2028 | | $ | 445,038 | | | 0.0 | |
| 588,000 | | | Southern Co. Gas Capital Corp., 4.400%, 05/30/2047 | | | 500,588 | | | 0.1 | |
| 588,000 | | | Southern Co. Gas Capital Corp. 20-A, 1.750%, 01/15/2031 | | | 481,350 | | | 0.1 | |
| 500,000 | | | Southern Power Co., 4.150%, 12/01/2025 | | | 492,821 | | | 0.1 | |
| 500,000 | | | Tampa Electric Co., 2.400%, 03/15/2031 | | | 422,569 | | | 0.0 | |
| 250,000 | | | Tampa Electric Co., 3.450%, 03/15/2051 | | | 182,198 | | | 0.0 | |
| 20,000 | | | Toledo Edison Co., 6.150%, 05/15/2037 | | | 21,654 | | | 0.0 | |
| 250,000 | | | Union Electric Co., 3.500%, 04/15/2024 | | | 248,437 | | | 0.0 | |
| 300,000 | | | Union Electric Co., 3.900%, 09/15/2042 | | | 251,763 | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co., 2.300%, 11/15/2031 | | | 25,231 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co., 2.400%, 03/30/2032 | | | 33,690 | | | 0.0 | |
| 55,000 | | | Virginia Electric and Power Co., 2.450%, 12/15/2050 | | | 33,827 | | | 0.0 | |
| 55,000 | | | Virginia Electric and Power Co., 2.950%, 11/15/2051 | | | 37,483 | | | 0.0 | |
| 35,000 | | | Virginia Electric and Power Co., 3.300%, 12/01/2049 | | | 25,725 | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co., 4.000%, 01/15/2043 | | | 25,661 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co., 4.450%, 02/15/2044 | | | 35,747 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co., 4.600%, 12/01/2048 | | | 36,206 | | | 0.0 | |
| 45,000 | | | Virginia Electric and Power Co., 5.000%, 04/01/2033 | | | 45,549 | | | 0.0 | |
| 25,000 | | | Virginia Electric and Power Co., 5.300%, 08/15/2033 | | | 25,774 | | | 0.0 | |
| 45,000 | | | Virginia Electric and Power Co., 5.450%, 04/01/2053 | | | 46,420 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co., 5.700%, 08/15/2053 | | | 42,464 | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co., 6.350%, 11/30/2037 | | | 33,178 | | | 0.0 | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | Utilities: (continued) |
| 45,000 | | | Virginia Electric and Power Co., 8.875%, 11/15/2038 | | $ | 61,446 | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co. A, 2.875%, 07/15/2029 | | | 27,599 | | | 0.0 | |
| 20,000 | | | Virginia Electric and Power Co. A, 3.100%, 05/15/2025 | | | 19,515 | | | 0.0 | |
| 45,000 | | | Virginia Electric and Power Co. A, 3.150%, 01/15/2026 | | | 43,637 | | | 0.0 | |
| 45,000 | | | Virginia Electric and Power Co. A, 3.500%, 03/15/2027 | | | 43,526 | | | 0.0 | |
| 45,000 | | | Virginia Electric and Power Co. A, 3.800%, 04/01/2028 | | | 43,682 | | | 0.0 | |
| 36,000 | | | Virginia Electric and Power Co. A, 6.000%, 05/15/2037 | | | 38,769 | | | 0.0 | |
| 25,000 | | | Virginia Electric and Power Co. B, 2.950%, 11/15/2026 | | | 23,882 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co. B, 3.750%, 05/15/2027 | | | 39,076 | | | 0.0 | |
| 35,000 | | | Virginia Electric and Power Co. B, 3.800%, 09/15/2047 | | | 27,975 | | | 0.0 | |
| 20,000 | | | Virginia Electric and Power Co. B, 4.200%, 05/15/2045 | | | 17,123 | | | 0.0 | |
| 35,000 | | | Virginia Electric and Power Co. B, 6.000%, 01/15/2036 | | | 37,646 | | | 0.0 | |
| 30,000 | | | Virginia Electric and Power Co. C, 4.000%, 11/15/2046 | | | 24,903 | | | 0.0 | |
| 40,000 | | | Virginia Electric and Power Co. C, 4.625%, 05/15/2052 | | | 36,086 | | | 0.0 | |
| 35,000 | | | Virginia Electric and Power Co. D, 4.650%, 08/15/2043 | | | 32,111 | | | 0.0 | |
| 250,000 | | | Wisconsin Electric Power Co., 4.250%, 06/01/2044 | | | 210,740 | | | 0.0 | |
| 500,000 | | | Wisconsin Power and Light Co., 4.100%, 10/15/2044 | | | 408,255 | | | 0.0 | |
| | | | | | 38,892,082 | | | 2.4 | |
| | | | Total Corporate Bonds/ Notes
(Cost $465,453,479) | | | 429,317,507 | | | 26.9 | |
| | | | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.7% |
| 2,937,743 | | | BANK 2021-BN33 A5, 2.556%, 05/15/2064 | | | 2,489,037 | | | 0.2 | |
| | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 470,039 (2) | | | BANK 2022-BNK39 A4, 2.928%, 02/15/2055 | | $ | 405,731 | | | 0.0 | |
| 1,733,268 (2) | | | BANK 2022-BNK41 A4, 3.790%, 04/15/2065 | | | 1,593,130 | | | 0.1 | |
| 1,468,871 | | | Bank of America Merrill Lynch Commercial Mortgage Trust 2017- BNK3 AS, 3.748%, 02/15/2050 | | | 1,371,443 | | | 0.1 | |
| 2,350,194 | | | Benchmark Mortgage Trust 2018-B3 A5, 4.025%, 04/10/2051 | | | 2,229,174 | | | 0.1 | |
| 648,066 | | | Benchmark Mortgage Trust 2019-B10 A4, 3.717%, 03/15/2062 | | | 605,538 | | | 0.0 | |
| 2,937,743 | | | Benchmark Mortgage Trust 2020-B21 A5, 1.978%, 12/17/2053 | | | 2,389,173 | | | 0.2 | |
| 881,323 | | | Benchmark Mortgage Trust 2021-B28 A5, 2.224%, 08/15/2054 | | | 722,858 | | | 0.1 | |
| 3,819,066 | | | Benchmark Mortgage Trust 2022-B35 A5, 4.444%, 05/15/2055 | | | 3,536,135 | | | 0.2 | |
| 1,280,263 (2)(4) | | | BX Trust 2022-PSB A, 7.813%, (TSFR1M + 2.451%), 08/15/2039 | | | 1,285,247 | | | 0.1 | |
| 243,985 | | | Citigroup Commercial Mortgage Trust 2014- GC19 A4, 4.023%, 03/11/2047 | | | 243,561 | | | 0.0 | |
| 18,833 (2) | | | Ginnie Mae 2011-127 C, 3.500%, 03/16/2047 | | | 18,644 | | | 0.0 | |
| 1,056,290 | | | Ginnie Mae 2014-50 C, 3.400%, 02/16/2047 | | | 1,018,836 | | | 0.1 | |
| 1,705,440 | | | JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049 | | | 1,625,935 | | | 0.1 | |
| 1,028,210 | | | JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052 | | | 853,660 | | | 0.1 | |
| 660,057 (2)(4) | | | LAQ Mortgage Trust 2023-LAQ A, 7.453%, (TSFR1M + 2.091%), 03/15/2036 | | | 656,306 | | | 0.0 | |
| 587,549 (2) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 C, 4.200%, 04/15/2048 | | | 512,930 | | | 0.0 | |
| 2,937,743 | | | Morgan Stanley Capital I Trust 2021-L5 A4, 2.728%, 05/15/2054 | | | 2,521,661 | | | 0.2 | |
| 588,000 (2)(4) | | | MSCG Trust 2015- ALDR A2, 3.462%, 06/07/2035 | | | 535,176 | | | 0.0 | |
| 587,549 (2) | | | UBS Commercial Mortgage Trust 2018- C9 A4, 4.117%, 03/15/2051 | | | 552,039 | | | 0.0 | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 947,082 | | | Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048 | | $ | 917,074 | | | 0.1 | |
| 529,000 | | | Wells Fargo Commercial Mortgage Trust 2021-C59 A5, 2.626%, 04/15/2054 | | | 448,104 | | | 0.0 | |
| | | | Total Commercial Mortgage-Backed Securities
(Cost $30,340,427) | | | 26,531,392 | | | 1.7 | |
| | | | | | | | | | | |
| SOVEREIGN BONDS: 1.6% |
| 300,000 | | | Asian Development Bank, GMTN, 2.125%, 03/19/2025 | | | 290,958 | | | 0.0 | |
| 656,932 | | | Chile Government International Bond, 4.950%, 01/05/2036 | | | 650,363 | | | 0.1 | |
| 441,000 | | | European Investment Bank, 0.625%, 07/25/2025 | | | 415,544 | | | 0.0 | |
| 500,000 | | | Export-Import Bank of Korea, 3.250%, 08/12/2026 | | | 481,345 | | | 0.0 | |
| 588,000 | | | Export-Import Bank of Korea, 4.000%, 01/14/2024 | | | 587,383 | | | 0.0 | |
| 588,000 (3) | | | Indonesia Government International Bond, 1.850%, 03/12/2031 | | | 490,915 | | | 0.0 | |
| 588,000 | | | Indonesia Government International Bond, 4.350%, 01/11/2048 | | | 546,840 | | | 0.0 | |
| 588,000 (3) | | | Indonesia Government International Bond, 4.850%, 01/11/2033 | | | 602,057 | | | 0.1 | |
| 1,410,000 | | | Inter-American Development Bank, 0.625%, 07/15/2025 | | | 1,328,886 | | | 0.1 | |
| 588,000 (3) | | | Inter-American Development Bank, 3.200%, 08/07/2042 | | | 492,260 | | | 0.0 | |
| 500,000 | | | Korea International Bond, 4.125%, 06/10/2044 | | | 465,832 | | | 0.0 | |
| 881,000 | | | Mexico Government International Bond, 2.659%, 05/24/2031 | | | 746,097 | | | 0.1 | |
| 2,938,000 | | | Mexico Government International Bond, MTN, 4.750%, 03/08/2044 | | | 2,530,812 | | | 0.2 | |
| 588,000 | | | Panama Government International Bond, 3.870%, 07/23/2060 | | | 353,443 | | | 0.0 | |
| 2,350,000 | | | Peruvian Government International Bond, 6.550%, 03/14/2037 | | | 2,623,187 | | | 0.2 | |
| | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SOVEREIGN BONDS: (continued) |
| 2,350,000 | | | Philippine Government International Bond, 6.375%, 01/15/2032 | | $ | 2,626,859 | | | 0.2 | |
| 2,938,000 | | | Province of Alberta Canada, 2.950%, 01/23/2024 | | | 2,933,651 | | | 0.2 | |
| 1,763,000 | | | Province of British Columbia Canada, 2.250%, 06/02/2026 | | | 1,680,869 | | | 0.1 | |
| 1,763,000 | | | Province of Ontario Canada, 1.050%, 04/14/2026 | | | 1,637,291 | | | 0.1 | |
| 1,763,000 | | | Province of Ontario Canada, 1.125%, 10/07/2030 | | | 1,445,077 | | | 0.1 | |
| 1,410,000 | | | Republic of Italy Government International Bond, 1.250%, 02/17/2026 | | | 1,304,570 | | | 0.1 | |
| 588,000 | | | Republic of Poland Government International Bond, 3.250%, 04/06/2026 | | | 570,216 | | | 0.0 | |
| | | | Total Sovereign Bonds (Cost $26,988,654) | | | 24,804,455 | | | 1.6 | |
| | | | | | | | | | | |
| MUNICIPAL BONDS: 0.9% |
| | | | California: 0.2% | | | | | | | |
| 2,545,000 | | | State of California, 7.550%, 04/01/2039 | | | 3,219,614 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Connecticut: 0.1% | | | | | | | |
| 2,195,000 | | | State of Connecticut A, 5.850%, 03/15/2032 | | | 2,345,811 | | | 0.1 | |
| | | | | | | | | | | |
| | | | New Jersey: 0.2% | | | | | | | |
| 2,012,000 | | | New Jersey Turnpike Authority A, 7.102%, 01/01/2041 | | | 2,436,953 | | | 0.2 | |
| | | | | | | | | | | |
| | | | New York: 0.2% | | | | | | | |
| 2,055,000 | | | Metropolitan Transportation Authority E, 6.814%, 11/15/2040 | | | 2,282,827 | | | 0.1 | |
| 1,370,000 | | | Port Authority of New York & New Jersey, 4.926%, 10/01/2051 | | | 1,382,255 | | | 0.1 | |
| | | | | | | 3,665,082 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Washington: 0.2% | | | | | | | |
| 2,290,000 | | | State of Washington F, 5.140%, 08/01/2040 | | | 2,361,202 | | | 0.2 | |
| | | Total Municipal Bonds
(Cost $13,389,389) | | | 14,028,662 | | | 0.9 | |
| | | | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 0.6% |
| 353,514 | | | Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036 | | | 368,434 | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 394,879 | | | Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042 | | $ | 355,626 | | | 0.0 | |
| 9,832,923 | | | Seasoned Loans Structured Transaction Trust Series 2019- 2 A1C, 2.750%, 09/25/2029 | | | 9,080,693 | | | 0.6 | |
| | | | Total Collateralized Mortgage Obligations (Cost $10,008,979) | | | 9,804,753 | | | 0.6 | |
| | | | | | | | | | | |
| ASSET-BACKED SECURITIES: 0.2% |
| | | | Automobile Asset-Backed Securities: 0.2% |
| 274,265 | | | GM Financial Consumer Automobile Receivables Trust 2021-3 A3, 0.480%, 06/16/2026 | | | 266,466 | | | 0.0 | |
| 588,000 | | | Honda Auto Receivables Owner Trust 2021-2 A4, 0.550%, 08/16/2027 | | | 564,207 | | | 0.1 | |
| 328,726 | | | Mercedes-Benz Auto Receivables Trust 2021-1 A3, 0.460%, 06/15/2026 | | | 318,998 | | | 0.0 | |
| 480,632 | | | Nissan Auto Receivables Owner Trust 2022-A A3, 1.860%, 08/17/2026 | | | 467,686 | | | 0.0 | |
| 441,000 | | | Nissan Auto Receivables Owner Trust 2022-B A4, 4.450%, 11/15/2029 | | | 437,577 | | | 0.0 | |
| 500,000 | | | Toyota Auto Receivables Owner Trust 2022-D A4, 5.430%, 04/17/2028 | | | 510,700 | | | 0.1 | |
| 390,520 | | | Volkswagen Auto Loan Enhanced Trust 2021-1 A3, 1.020%, 06/22/2026 | | | 380,215 | | | 0.0 | |
| 93,991 | | | World Omni Auto Receivables Trust 2021-D A3, 0.810%, 10/15/2026 | | | 91,237 | | | 0.0 | |
| | | | | | | 3,037,086 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Other Asset-Backed Securities: 0.0% |
| 588,000 | | | Verizon Master Trust 2021-1 A, 0.500%, 05/20/2027 | | | 576,459 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Total Asset-Backed Securities
(Cost $3,662,853) | | | 3,613,545 | | | 0.2 | |
| | | | | | | | | | | |
| | | | Total Long-Term Investments
(Cost $1,577,462,086) | | | 1,498,542,183 | | | 93.8 | |
| | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 17.2% | |
| | | | Commercial Paper: 7.9% |
| 4,000,000 | | | Cigna Group, 6.150%, 01/23/2024 | | $ | 3,984,548 | | | 0.3 | |
| 3,464,000 | | | Consolidated Edison, 6.300%, 01/16/2024 | | | 3,454,455 | | | 0.2 | |
| 30,000,000 | | | CVS Caremark, 10.950%, 01/02/2024 | | | 29,982,014 | | | 1.9 | |
| 5,020,000 | | | Dominion Energy, Inc., 6.010%, 02/01/2024 | | | 4,993,696 | | | 0.3 | |
| 10,000,000 | | | Dominion Energy, Inc., 6.110%, 01/23/2024 | | | 9,961,632 | | | 0.6 | |
| 34,000,000 | | | Dominion Energy, Inc., 10.970%, 01/02/2024 | | | 33,979,579 | | | 2.1 | |
| 5,500,000 | | | Duke Energy Co., 9.180%, 01/03/2024 | | | 5,495,854 | | | 0.3 | |
| 10,000,000 | | | Enbridge (US) Inc., 8.420%, 01/04/2024 | | | 9,990,786 | | | 0.6 | |
| 5,770,000 | | | Entergy Corp., 6.260%, 01/18/2024 | | | 5,752,250 | | | 0.4 | |
| 10,000,000 | | | Exelon Corp., 6.920%, 01/08/2024 | | | 9,984,855 | | | 0.6 | |
| 2,200,000 | | | Keurig Dr. Pepper, Inc., 8.620%, 01/04/2024 | | | 2,198,010 | | | 0.1 | |
| 8,000,000 | | | Volkswagen Group, 6.850%, 01/10/2024 | | | 7,985,008 | | | 0.5 | |
| | | | Total Commercial Paper
(Cost $127,818,897) | | | 127,762,687 | | | 7.9 | |
| | | | | | | | | | | |
| | | | Repurchase Agreements: 0.7% |
| 2,669,706 (5) | | | BNP Paribas S.A., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $2,671,271, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $2,723,100, due 08/15/27-10/20/53) | | | 2,669,706 | | | 0.2 | |
| 492,017 (5) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $492,305, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $501,857, due 12/01/29-12/01/53) | | | 492,017 | | | 0.0 | |
| | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 2,669,706 (5) | | | MUFG Securities Americas Inc., Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $2,671,271, collateralized by various U.S. Government Agency Obligations, 2.000%-4.500%, Market Value plus accrued interest $2,723,100, due 02/01/35-09/01/52) | | $ | 2,669,706 | | | 0.2 | |
| 2,669,706 (5) | | | Nomura Securities, Repurchase Agreement dated 12/29/2023, 5.340%, due 01/02/2024 (Repurchase Amount $2,671,268, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 6.000%, Market Value plus accrued interest $2,723,662, due 03/08/27-01/01/59) | | | 2,669,706 | | | 0.1 | |
| 2,669,706 (5) | | | TD Securities (USA) LLC, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $2,671,271, collateralized by various U.S. Government Agency Obligations, 2.500%-7.000%, Market Value plus accrued interest $2,723,100, due 07/01/37-01/01/54) | | | 2,669,706 | | | 0.2 | |
| | | | Total Repurchase Agreements
(Cost $11,170,841) | | | 11,170,841 | | | 0.7 | |
| | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| | | | Mutual Funds: 8.6% | | | | | | | |
| 137,043,000 (6) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $137,043,000) | | $ | 137,043,000 | | | 8.6 | |
| | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $276,032,738) | | $ | 275,976,528 | | | 17.2 | |
| | | | Total Investments in Securities
(Cost $1,853,494,824) | | $ | 1,774,518,711 | | | 111.0 | |
| | | | Liabilities in Excess of Other Assets | | | (176,417,015 | ) | | (11.0) | |
| | | | Net Assets | | $ | 1,598,101,696 | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| (2) | Variable rate security. Rate shown is the rate in effect as of December 31, 2023. |
| (3) | Security, or a portion of the security, is on loan. |
| (4) | 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. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of December 31, 2023. |
Reference Rate Abbreviations:
| RFUCCT1Y | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| U.S. Treasury Obligations | | $ | — | | | $ | 532,720,617 | | | $ | — | | | $ | 532,720,617 | |
| U.S. Government Agency Obligations | | | — | | | | 457,721,252 | | | | — | | | | 457,721,252 | |
| Corporate Bonds/Notes | | | — | | | | 429,317,507 | | | | — | | | | 429,317,507 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 26,531,392 | | | | — | | | | 26,531,392 | |
| Sovereign Bonds | | | — | | | | 24,804,455 | | | | — | | | | 24,804,455 | |
| Municipal Bonds | | | — | | | | 14,028,662 | | | | — | | | | 14,028,662 | |
| Collateralized Mortgage Obligations | | | — | | | | 9,804,753 | | | | — | | | | 9,804,753 | |
| Asset-Backed Securities | | | — | | | | 3,613,545 | | | | — | | | | 3,613,545 | |
| Short-Term Investments | | | 137,043,000 | | | | 138,933,528 | | | | — | | | | 275,976,528 | |
| Total Investments, at fair value | | $ | 137,043,000 | | | $ | 1,637,475,711 | | | $ | — | | | $ | 1,774,518,711 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 4,055,391 | | | | — | | | | — | | | | 4,055,391 | |
| Total Assets | | $ | 141,098,391 | | | $ | 1,637,475,711 | | | $ | — | | | $ | 1,778,574,102 | |
| Liabilities Table | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Centrally Cleared Credit Default Swaps | | $ | — | | | $ | (237,732 | ) | | $ | — | | | $ | (237,732 | ) |
| Futures | | | (1,666,497 | ) | | | — | | | | — | | | | (1,666,497 | ) |
| Total Liabilities | | $ | (1,666,497 | ) | | $ | (237,732 | ) | | $ | — | | | $ | (1,904,229 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya U.S. Bond Index Portfolio:
| | | | | | | | | | | | Unrealized | |
| | | Number | | Expiration | | | Notional | | | Appreciation/ | |
| Description | | of Contracts | | Date | | | Amount | | | (Depreciation) | |
| Long Contracts: | | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note | | 322 | | | 03/28/24 | | | $ | 66,304,328 | | | $ | 518,129 | |
| U.S. Treasury 10-Year Note | | 308 | | | 03/19/24 | | | | 34,770,313 | | | | 877,300 | |
| U.S. Treasury Ultra Long Bond | | 258 | | | 03/19/24 | | | | 34,467,187 | | | | 2,659,938 | |
| | | | | | | | | $ | 135,541,828 | | | $ | 4,055,367 | |
| Short Contracts: | | | | | | | | | | | | | | |
| U.S. Treasury 5-Year Note | | (4 | ) | | 03/28/24 | | | | (435,094 | ) | | | 24 | |
| U.S. Treasury Long Bond | | (37 | ) | | 03/19/24 | | | | (4,622,687 | ) | | | (371,432 | ) |
| U.S. Treasury Ultra 10-Year Note | | (228 | ) | | 03/19/24 | | | | (26,907,563 | ) | | | (1,295,065 | ) |
| | | | | | | | | $ | (31,965,344 | ) | | $ | (1,666,473 | ) |
At December 31, 2023, the following centrally cleared credit default swaps were outstanding for Voya U.S. Bond Index Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection(1)
| | | | | | (Pay)/ | | | | | | | | | | | | | |
| | | | | | Receive | | | | | | | | | | | | Unrealized | |
| | | Buy/Sell | | | Financing | | | Termination | | | Notional | | | Fair | | | Appreciation/ | |
| Reference Entity/Obligation | | Protection | | | Rate (%)(2) | | | Date | | | Amount(3) | | | Value(4) | | | (Depreciation) | |
| CDX North American Investment Grade Index | | | | | | | | | | | | | | | | | | | | | | | | |
| Series 41, Version 1 | | | Buy | | | | (1.000) | | | | 12/20/28 | | | USD | 30,000,000 | | | $ | (581,915 | ) | | $ | (237,732 | ) |
| | | | | | | | | | | | | | | | | | | $ | (581,915 | ) | | $ | (237,732 | ) |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| (1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Payments made quarterly. |
| (3) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
| (4) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
Currency Abbreviations:
USD — United States Dollar
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Interest rate contracts | | Variation margin receivable on futures contracts* | | $ | 4,055,391 | |
| Total Asset Derivatives | | | | $ | 4,055,391 | |
| | | | | | | |
| Liability Derivatives | | | | | | |
| Interest rate contracts | | Variation margin payable on futures contracts* | | $ | 1,666,497 | |
| Credit Contracts | | Variation margin payable on centrally cleared swaps* | | | 237,732 | |
| Total Liability Derivatives | | | | $ | 1,904,229 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | | Swaps | | Total |
| Credit contracts | | $ | — | | | $ | (710,310 | ) | | $ | (710,310 | ) |
| Interest rate contracts | | | (5,228,529 | ) | | | — | | | | (5,228,529 | ) |
| Total | | $ | (5,228,529 | ) | | $ | (710,310 | ) | | $ | (5,938,839 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | | Swaps | | Total |
| Credit contracts | | $ | — | | | $ | (237,731 | ) | | $ | (237,731 | ) |
| Interest rate contracts | | | 2,803,911 | | | | — | | | | 2,803,911 | |
| Total | | $ | 2,803,911 | | | $ | (237,731 | ) | | $ | 2,566,180 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Bond Index Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $1,862,241,333. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 16,521,906 | |
| Gross Unrealized Depreciation | | | (102,093,366 | ) |
| Net Unrealized Depreciation | | $ | (85,571,460 | ) |
See Accompanying Notes to Financial Statements
TAX INFORMATION (UNAUDITED)
Dividends and distributions paid during the year ended December 31, 2023 were as follows:
| | | Per Share | | | Per Share | |
| Portfolio Name | Type | Amount | Portfolio Name | Type | Amount | |
| Voya Emerging Markets Index Portfolio | | | Voya Russell™ Mid Cap Growth Index Portfolio | | |
| Class I | NII | $0.8079 | Class I | NII | $0.1637 | |
| Class S | NII | $0.7214 | Class S | NII | $0.0688 | |
| Voya International Index Portfolio | NII | $0.4827 | Class S2 | NII | $0.0258 | |
| Class ADV | Voya Russell™ Mid Cap Index Portfolio | | | |
| Class I | NII | $0.5348 | Class ADV | NII | $0.1484 | |
| Class S | NII | $0.5135 | Class I | NII | $0.2063 | |
| Class S2 | NII | $0.4993 | Class S | NII | $0.1747 | |
| Voya Russell™ Large Cap Growth Index Portfolio | | Class S2 | NII | $0.1517 | |
| Class ADV | NII | $0.0154 | All Classes | STCG | $ - | |
| Class I | NII | $0.2821 | All Classes | LTCG | $1.1047 | |
| Class S | NII | $0.1382 | Voya Russell™ Small Cap Index Portfolio | | | |
| All Classes | STCG | $ - | Class ADV | NII | $0.1869 | |
| All Classes | LTCG | $2.6449 | Class I | NII | $0.2537 | |
| Voya Russell™ Large Cap Index Portfolio | | | Class S | NII | $0.2162 | |
| Class ADV | NII | $0.2396 | Class S2 | NII | $0.1967 | |
| Class I | NII | $0.3819 | All Classes | STCG | $ - | |
| Class S | NII | $0.3007 | All Classes | LTCG | $0.5333 | |
| Class S2 | NII | $0.2565 | Voya U.S. Bond Index | NII | $0.3006 | |
| Voya Russell™ Large Cap Value Index Portfolio | | Class ADV | |
| Class ADV | NII | $0.4441 | Class I | NII | $0.3472 | |
| Class I | NII | $0.5733 | Class S | NII | $0.3235 | |
| Class S | NII | $0.4991 | Class S2 | NII | $0.3102 | |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
Of the ordinary distributions made during the year ended December 31, 2023, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:
| Voya Emerging Markets Index Portfolio | 0.22% |
| Voya Russell™ Large Cap Growth Index Portfolio | 99.99% |
| Voya Russell™ Large Cap Index Portfolio | 100.00% |
| Voya Russell™ Large Cap Value Index Portfolio | 100.00% |
| Voya Russell™ Mid Cap Growth Index Portfolio | 100.00% |
| Voya Russell™ Mid Cap Index Portfolio | 87.19% |
| Voya Russell™ Small Cap Index Portfolio | 47.08% |
The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):
| Voya Russell™ Large Cap Growth Index Portfolio | $64,702,395 |
| Voya Russell™ Mid Cap Index Portfolio | $93,191,507 |
| Voya Russell™ Small Cap Index Portfolio | $24,172,814 |
Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
| | | | | Portion of Ordinary Income |
| | | Creditable Foreign | Per Share | Derived from |
| | | Taxes Paid | Amount | Foreign Sourced Income* |
| Voya Emerging Markets Index Portfolio | $ | 2,448,753 | $0.2538 | 100% |
| Voya International Index Portfolio | $ | 2,052,649 | $0.0198 | 84.42% |
TAX INFORMATION (UNAUDITED) (CONTINUED)
| * | None of the Funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
DIRECTOR AND OFFICER INFORMATION (UNAUDITED)
The business and affairs of the Company are managed under the direction of the Board. A Director, who is not an interested person of the Company, as defined in the 1940 Act, is an independent director (“Independent Director”). The Directors and Officers of the Company are listed below. The Statement of Additional Information includes additional information about Directors of the Company and is available, without charge, upon request at (800) 992-0180.
| | | | | | | | | Number of
funds in | | |
| | | | | | | | | Fund | | |
| | | | | | | | | Complex | | |
| | | Position(s) | | Term of Office and | | Principal | | Overseen | | |
| | | Held with the | | Length of Time | | Occupation(s) – | | by | | Other Board Positions |
| Name, Address and Age | | Company | | Served(1) | | During the Past 5 Years | | Director(2) | | Held by Director |
| Independent Directors(3): | | | | | | | | | | |
| | | | | | | | | | | |
Colleen D. Baldwin (1960) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Chairperson Director | | January 2020 – Present May 2013 – Present | | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | 138 | | Stanley Global Engineering (2020 – Present). |
| | | | | | | | | | | |
John V. Boyer (1953) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Director | | May 2013 – Present | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | 138 | | None. |
| | | | | | | | | | | |
Martin J. Gavin (1950) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Director | | August 2015 – Present | | Retired. | | 138 | | None. |
| | | | | | | | | | | |
Joseph E. Obermeyer (1957) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Director | | May 2013 – Present | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | 138 | | None. |
| | | | | | | | | | | |
Sheryl K. Pressler (1950) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Director | | May 2013 – Present | | Consultant (May 2001 – Present). | | 138 | | Centerra Gold Inc. (May 2008 – Present). |
| | | | | | | | | | | |
Christopher P. Sullivan (1954) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Director | | October 2015 – Present | | Retired. | | 138 | | None. |
| (1) | Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors). |
| (2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable |
DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2024.
| (3) | Effective December 31, 2023, Patricia W. Chadwick retired as a Director of the Board. |
DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| | | Position(s) | | Term of Office and | | Principal |
| | | Held with the | | Length of Time | | Occupation(s) – |
| Name, Address and Age | | Company | | Served(1) | | During the Past 5 Years |
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | President and Chief Executive Officer | | January 2023 – Present | | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019). |
| | | | | | | |
Jonathan Nash (1967) 230 Park Avenue New York, New York 10169 | | Executive Vice President and Chief Investment Risk Officer | | March 2020 – Present | | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020). |
| | | | | | | |
James M. Fink (1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | Executive Vice President | | March 2018 – Present | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). |
| | | | | | | |
Steven Hartstein (1963) 230 Park Avenue New York, New York 10169 | | Chief Compliance Officer | | December 2022 – Present | | Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022). |
| | | | | | | |
Todd Modic (1967) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President, Chief/ Principal Financial Officer and Assistant Secretary | | March 2005 – Present | | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022). |
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Kimberly A. Anderson (1964) 7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | December 2003 – Present | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
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Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). |
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Jason Kadavy (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | September 2023 – Present | | Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (September 2023 – Present); Formerly, Vice President, Voya Investments, LLC (October 2015 - September 2023); Vice President, Voya Funds Services, LLC (July 2007 – September 2023). |
DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| | | Position(s) | | Term of Office and | | Principal |
| | | Held with the | | Length of Time | | Occupation(s) – |
| Name, Address and Age | | Company | | Served(1) | | During the Past 5 Years |
Andrew K. Schlueter (1976) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Head of Investment Operations Support,Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 –Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President,Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022). |
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Joanne F. Osberg (1982) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Senior Vice President Secretary | | March 2023 – Present September 2020 – Present | | Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital,LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 - March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
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Robert Terris (1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327 | | Senior Vice President | | June 2006 – Present | | Senior Vice President, Head of Future State Operating Model Design, Voya Investment Management (April 2023 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). |
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Fred Bedoya (1973) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Vice President Principal Accounting Officer and Treasurer | | September 2012 – Present | | Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present). |
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Robyn L. Ichilov (1967) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Vice President | | March 2002 – Present | | Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
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Erica McKenna (1972) 7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Vice President | | June 2022 – Present | | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 –Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
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Craig Wheeler (1969) 7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258 | | Vice President | | May 2013 – Present | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
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Nicholas C.D. Ward (1993) 7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |
DIRECTOR AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| | | Position(s) | | Term of Office and | | Principal |
| | | Held with the | | Length of Time | | Occupation(s) – |
| Name, Address and Age | | Company | | Served(1) | | During the Past 5 Years |
Gizachew Wubishet (1976) 7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011– April 2019). |
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Monia Piacenti (1976) One Orange Way Windsor, Connecticut 06095 | | Anti-Money Laundering Officer | | June 2018 – Present | | Compliance Manager, Voya Financial, Inc. (March 2023 –Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Compliance Consultant, Voya Financial, Inc. (January 2019 – February 2023). |
| (1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS
At a meeting held on November 16, 2023, the Board of Directors (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC , the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgement and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management
and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Directors periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Company’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Portfolio Performance
In assessing the investment management and sub-advisory relationships, with respect to each Portfolio that seeks investment results corresponding to the performance of an index (commonly referred to an as an “index fund”), the Board focused on the reasonableness of the differences
between the Portfolio’s net performance and the total return of such index over certain time periods.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager’s and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Portfolio-by-Portfolio Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
Voya Emerging Markets Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Emerging Markets Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management’s representations regarding its belief that the Portfolio’s
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
pricing is competitive; and (2) that, as a result of the Board’s request during the 2022 annual contract renewal cycle, the contractual management fee rate was reduced and lower expense limits were implemented for the Portfolio, effective on January 1, 2023.
Voya International Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya International Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s net expense ratio; and (2) that, in connection with a merger into the Portfolio, changes to the Portfolio’s breakpoints were implemented, effective on July 8, 2022.
Voya Russell™ Large Cap Growth Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Growth Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors
described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s management fee rate and net expense ratio.
Voya Russell™ Large Cap Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
Voya Russell™ Large Cap Value Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Large Cap Value Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index,
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Russell™ Mid Cap Growth Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Mid Cap Growth Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
Voya Russell™ Mid Cap Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Mid Cap Index Portfolio, the
Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
Voya Russell™ Small Cap Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya Russell™ Small Cap Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
Voya U.S. Bond Index Portfolio
In considering whether to approve the renewal of the Contracts for Voya U.S. Bond Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.
In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2024.
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| Investment Adviser | | Independent Registered Public Accounting Firm |
| Voya Investments, LLC | | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | | Boston, Massachusetts 02116 |
| | | |
| Distributor | | Custodian |
| Voya Investments Distributor, LLC | | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | | 225 Liberty Street |
| Scottsdale, Arizona 85258 | | New York, New York 10286 |
| | | |
| Transfer Agent | | Legal Counsel |
| BNY Mellon Investment Servicing (U.S.) Inc. | | Ropes & Gray LLP |
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Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
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| voyainvestments.com | VPAR-VIPALL (1223) |
Annual Report
December 31, 2023
g Voya VACS Index Series EM Portfolio
g Voya VACS Index Series I Portfolio
g Voya VACS Index Series MC Portfolio
g Voya VACS Index Series S Portfolio
g Voya VACS Index Series SC Portfolio
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
| |
| This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at www. voyainvestments.com and on the SEC's website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
Benchmark Descriptions
| Index | Description |
| MSCI Emerging Markets IndexSM | An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| MSCI Europe, Australasia and Far East® (“MSCI EAFE®”) Index | An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| Russell Midcap® Index | An index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index. |
| S&P 500® Index | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
| Russell 2000® Index | An index that measures the performance of securities of small U.S. companies. |
| Portfolio Managers’ Report | | Voya VACS Index Series EM Portfolio |
Voya VACS Index Series EM Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the period beginning March 15, 2023, through December 31, 2023, the Portfolio provided a total return of 10.00% compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned 10.70% for the same period.
| | Geographic Diversification
as of December 31, 2023 (as a percentage of net assets) | |
| | China | 23.3% | |
| | India | 16.5% | |
| | Taiwan | 15.6% | |
| | South Korea | 12.7% | |
| | Brazil | 5.7% | |
| | Saudi Arabia | 4.1% | |
| | South Africa | 2.8% | |
| | Mexico | 2.7% | |
| | Indonesia | 1.9% | |
| | Thailand | 1.7% | |
| | Countries between 0.0% - 1.4%^ | 11.3% | |
| | Assets in Excess of Other Liabilities* | 1.7% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. ^ Includes 21 countries, which each 0.0% - 1.4% of net assets. Portfolio holdings are subject to change daily. | |
| | Top Ten Holdings
as of December 31, 2023*
(as a percentage of net assets) |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 6.6% |
| | Samsung Electronics Co. Ltd. | 4.0% |
| | Tencent Holdings Ltd. | 3.5% |
| | Alibaba Group Holding Ltd. | 2.2% |
| | Reliance Industries Ltd. | 1.3% |
| | PDD Holdings, Inc. | 1.2% |
| | ICICI Bank Ltd. | 0.9% |
| | Infosys Ltd. | 0.9% |
| | SK Hynix, Inc. | 0.8% |
| | HDFC Bank Ltd. | 0.8% |
| | * Excludes short-term investments. Portfolio holdings are subject to change daily. |
| | | |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM. The Portfolio attempts to track the MSCI EM IndexSM by investing in most of the stocks that make up the MSCI EM IndexSM. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EM IndexSM. This approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EM IndexSM. The Portfolio may not always hold all of the same securities as the MSCI EM IndexSM.
While all regions generated positive returns for the reporting period, absolute performance was strongest in Latin America and Europe and weakest in Africa/Pacific ex Japan.
Current Strategy and Outlook: The Portfolio invests principally in equity securities and employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM.
* The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio's Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change—because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not.
** Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya VACS Index Series EM Portfolio | Portfolio Managers’ Report |
| Cumulative Total Returns for the Periods Ended December 31, 2023 |
| | Since
Inception |
| VACS Index Series EM Portfolio(1) | 10.00% |
| MSCI Emerging Markets IndexSM(2) | 10.70% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Index Series EM Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
(1) Portfolio incepted on March 15, 2023.
(2) Since Inception performance for the Index is shown as of March 15, 2023.
| Portfolio Managers’ Report | | Voya VACS Index Series I Portfolio |
Voya VACS Index Series I Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the period beginning February 3, 2023, through December 31, 2023, the Portfolio provided a total return of 9.00% compared to the MSCI EAFE® Index (“MSCI EAFE®), which returned 7.99% for the same period.
| | Geographic Diversification
as of December 31, 2023 (as a percentage of net assets) | |
| | Japan | 21.7% | |
| | United Kingdom | 13.1% | |
| | France | 11.5% | |
| | Switzerland | 10.2% | |
| | Germany | 8.2% | |
| | Australia | 7.2% | |
| | Netherlands | 4.8% | |
| | Denmark | 3.2% | |
| | Sweden | 3.1% | |
| | Spain | 2.6% | |
| | Countries between 0.0% - 2.3%^ | 11.2% | |
| | Assets in Excess of Other Liabilities* | 3.2% | |
| | Net Assets | 100.0% | |
| | * Includes short-term investments. ^ Includes 16 countries, which each 0.0% - 2.3% of net assets. Portfolio holdings are subject to change daily. | |
| | Top Ten Holdings
as of December 31, 2023*
(as a percentage of net assets) |
| | Novo Nordisk A/S - Class B | 2.0% |
| | Nestle SA | 1.9% |
| | ASML Holding NV | 1.8% |
| | LVMH Moet Hennessy Louis Vuitton SE | 1.3% |
| | Shell PLC | 1.3% |
| | AstraZeneca PLC | 1.2% |
| | Novartis AG | 1.2% |
| | Roche Holding AG | 1.2% |
| | Toyota Motor Corp. | 1.2% |
| | BHP Group Ltd. - Class DI | 1.0% |
| | * Excludes short-term investments. Portfolio holdings are subject to change daily. |
| | | |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE®. The Portfolio attempts to track the MSCI EAFE® by investing in most of the stocks which make up the MSCI EAFE®. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EAFE®. The approach is employed because of the relatively large number of small and/or illiquid stocks in the MSCI EAFE®. The Portfolio may not always hold all of the same securities as the MSCI EAFE®.
For the reporting period, absolute performance was strongest within information technology, industrials and energy. By contrast, real estate was the bottom absolute performing sector and only sector posting negative returns for the period.
Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index.
* The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio's Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not.
** Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya VACS Index Series I Portfolio | Portfolio Managers’ Report |
| Cumulative Total Returns for the Periods Ended December 31, 2023 |
| | Since
Inception |
| VACS Index Series I Portfolio(1) | 9.00% |
| MSCI EAFE®(2) | 7.99% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Index Series I Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
(1) Portfolio incepted on February 3, 2023.
(2) Since Inception performance for the Index is shown as of February 3, 2023.
| Portfolio Managers’ Report | | Voya VACS INDEX SERIES MC PORTFOLIO |
Voya VACS Index Series MC Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the period beginning January 27, 2023, through December 31, 2023, the Portfolio provided a total return of 8.80% compared to the Russell MidCap® Index, which returned 8.97% for the same period.
| | Sector Diversification as of December 31, 2023 (as a percentage of net assets) |
| | Industrials | 18.3% |
| | Financials | 14.7% |
| | Information Technology | 14.4% |
| | Consumer Discretionary | 10.5% |
| | Health Care | 10.0% |
| | Real Estate | 7.5% |
| | Materials | 5.7% |
| | Utilities | 5.0% |
| | Energy | 4.7% |
| | Communication Services | 3.4% |
| | Consumer Staples | 3.1% |
| | Exchange-Traded Funds | 2.3% |
| | Assets in Excess of Other Liabilities* | 0.4% |
| | Net Assets | 100.0% |
| | * Includes short-term investments. | |
| | Portfolio holdings are subject to change daily. |
| | Top Ten Holdings as of December 31, 2023 (as a percentage of net assets) |
| | iShares Russell Mid-Cap ETF | 2.3% |
| | Phillips 66 | 0.5% |
| | Parker-Hannifin Corp. | 0.5% |
| | Amphenol Corp. - Class A | 0.5% |
| | Trane Technologies PLC | 0.5% |
| | KKR & Co., Inc. | 0.5% |
| | Crowdstrike Holdings, Inc. - Class A | 0.5% |
| | TransDigm Group, Inc. | 0.5% |
| | Cintas Corp. | 0.5% |
| | Marvell Technology, Inc. | 0.5% |
| | | |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index. The Portfolio attempts to track the Russell Midcap® Index by principally investing in stocks that make up the Russell Midcap® Index. The Portfolio may not always hold all of the same securities as the Russell Midcap® Index.
For the reporting period, absolute performance was strongest within information technology, industrials and consumer discretionary. By contrast, health care, utilities and materials were the bottom absolute performing sectors.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index.
* Returns presented for the Portfolio are net of expenses.
** Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya VACS Index Series MC Portfolio | Portfolio Managers’ Report |
| Cumulative Total Returns for the Periods Ended December 31, 2023 |
| Since
Inception |
| VACS Index Series MC Portfolio(1) | 8.80% |
| Russell Midcap® Index(2) | 8.97% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Index Series MC Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| (1) | Portfolio incepted on January 27, 2023. |
| (2) | Since Inception performance for the Index is shown as of January 27, 2023. |
| Portfolio Managers’ Report | Voya VACS Index Series S Portfolio |
Voya VACS Index Series S Portfolio (the “Portfolio”) seeks total return. The Portfolio is managed by Steve Wetter and Kai Yee Wong, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance*: For the period beginning January 27, 2023, through December 31, 2023, the Portfolio provided a total return of 18.80% compared to the S&P 500® Index, which returned 19.01% for the same period.
Sector Diversification as of December 31, 2023 (as a percentage of net assets) |
| | Information Technology | 30.8% |
| | Health Care | 12.4% |
| | Consumer Discretionary | 11.0% |
| | Financials | 10.6% |
| | Industrials | 8.6% |
| | Communication Services | 8.5% |
| | Consumer Staples | 5.8% |
| | Energy | 3.8% |
| | Real Estate | 2.4% |
| | Materials | 2.4% |
| | Utilities | 2.3% |
| | Assets in Excess of Other Liabilities* | 1.4% |
| | Net Assets | 100.0% |
| | | |
| | * Includes short-term investments. |
| | Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2023* (as a percentage of net assets) |
| | Apple, Inc. | 6.9% |
| | Microsoft Corp. | 6.9% |
| | Amazon.com, Inc. | 3.4% |
| | NVIDIA Corp. | 3.0% |
| | Alphabet, Inc. - Class A | 2.1% |
| | Meta Platforms, Inc. - Class A | 2.0% |
| | Alphabet, Inc. - Class C | 1.7% |
| | Tesla, Inc. | 1.7% |
| | Berkshire Hathaway, Inc. - Class B | 1.6% |
| | JPMorgan Chase & Co. | 1.2% |
| | | |
| | * Excludes short-term investments. | |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the S&P 500® Index. The Portfolio attempts to track the S&P 500® Index by principally investing in stocks that make up the S&P 500® not always hold all of the same securities as the S&P 500® Index.
During the reporting period, absolute performance was strongest within information technology, communication services and consumer discretionary. By contrast, utilities and energy were the bottom performing sectors on an absolute basis for the reporting period.
Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the S&P 500® Index.
* Returns presented for the Portfolio are net of expenses.
** Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya VACS Index Series S Portfolio | Portfolio Managers’ Report |
| Cumulative Total Returns for the Periods Ended December 31, 2023 |
| Since
Inception |
| VACS Index Series S Portfolio(1) | 18.80% |
| S&P 500® Index(2) | 19.01% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Index Series S Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
(1)
| (1) | Portfolio incepted on January 27, 2023. |
| (2) | Since Inception performance for the Index is shown as of January 27, 2023. |
| Portfolio Managers’ Report | Voya VACS Index Series SC Portfolio |
Voya VACS Index SC Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC – the Sub-Adviser.
Performance*: For the period beginning January 20, 2023, through December 31, 2023, the Portfolio provided a total return of 10.10% compared to the Russell 2000® Index, which returned 10.24% for the same period.
Sector Diversification as of December 31, 2023 (as a percentage of net assets) |
| | Financials | 16.3% |
| | Industrials | 16.0% |
| | Health Care | 14.9% |
| | Information Technology | 13.8% |
| | Consumer Discretionary | 10.5% |
| | Energy | 6.7% |
| | Real Estate | 6.0% |
| | Materials | 4.4% |
| | Consumer Staples | 3.3% |
| | Utilities | 2.6% |
| | Communication Services | 2.3% |
| | Consumer, Non-cyclical | 0.0% |
| | Assets in Excess of Other Liabilities* | 3.2% |
| | Net Assets | 100.0% |
| | | |
| | * Includes short-term investments. |
| | Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2023* (as a percentage of net assets) |
| | Super Micro Computer, Inc. | 0.5% |
| | Simpson Manufacturing Co., Inc. | 0.3% |
| | Cytokinetics, Inc. | 0.3% |
| | elf Beauty, Inc. | 0.3% |
| | MicroStrategy, Inc. - Class A | 0.3% |
| | Onto Innovation, Inc. | 0.3% |
| | Light & Wonder, Inc. | 0.3% |
| | UFP Industries, Inc. | 0.3% |
| | Rambus, Inc. | 0.3% |
| | BellRing Brands, Inc. | 0.3% |
| | | |
| | * Excludes short-term investments. | |
| | Portfolio holdings are subject to change daily. |
Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by principally investing in most of the stocks that make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.
For the reporting period, absolute performance was strongest within industrials, information technology and consumer staples sectors. By contrast, utilities and communication services sectors were the bottom absolute performing sectors posting negative returns for the reporting period.
Current Strategy and Outlook: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index.
* Returns presented for the Portfolio are net of expenses.
** Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
| Voya VACS Index Series SC Portfolio | Portfolio Managers’ Report |
| Cumulative Total Returns for the Periods Ended December 31, 2023 |
| Since
Inception |
| VACS Index Series SC Portfolio(1) | 10.10% |
| Russell 2000® Index(2) | 10.24% |
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Index Series SC Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.
The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Portfolio holdings are subject to change daily.
| (1) | Portfolio incepted on January 20, 2023. |
| (2) | Since Inception performance for the Index is shown as of January 20, 2023. |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Actual Portfolio Return | | Hypothetical (5% return before expenses) |
| | | | | | | | | Expenses | | | | | | | | Expenses |
| | | Beginning | | Ending | | | | Paid | | Beginning | | Ending | | | | Paid |
| | | Account | | Account | | | | During the | | Account | | Account | | | | During the |
| | | Value | | Value | | Annualized | | Period Ended | | Value | | Value | | Annualized | | Period Ended |
| | | July 1, | | December 31, | | Expense | | December 31, | | July 1, | | December 31, | | Expense | | December 31, |
| | | 2023 | | 2023 | | Ratio | | 2023* | | 2023 | | 2023 | | Ratio | | 2023* |
| Voya VACS Index Series EM Portfolio | | $1,000.00 | | $1,034.80 | | 0.16% | | $0.82 | | $1,000.00 | | $1,024.40 | | 0.16% | | $0.82 |
| Voya VACS Index Series I Portfolio | | $1,000.00 | | $1,054.20 | | 0.15% | | $0.78 | | $1,000.00 | | $1,024.45 | | 0.15% | | $0.77 |
| Voya VACS Index Series MC Portfolio | | $1,000.00 | | $1,074.00 | | 0.16% | | $0.84 | | $1,000.00 | | $1,024.40 | | 0.16% | | $0.82 |
| Voya VACS Index Series S Portfolio | | $1,000.00 | | $1,079.00 | | 0.15% | | $0.79 | | $1,000.00 | | $1,024.45 | | 0.15% | | $0.77 |
| Voya VACS Index Series SC Portfolio | | $1,000.00 | | $1,081.50 | | 0.16% | | $0.84 | | $1,000.00 | | $1,024.40 | | 0.16% | | $0.82 |
| * | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio, Voya VACS Index Series S Portfolio, Voya VACS Index Series SC Portfolio and the Boards of Directors/ Trustees of Voya Variable Portfolios, Inc. and Voya Investors Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio, Voya VACS Index Series SC Portfolio and Voya VACS Index Series S Portfolio (collectively referred to as the “Portfolios”) (four funds constituting Voya Variable Portfolios, Inc. and one fund constituting Voya Investors Trust, respectively (collectively referred to as the “Registrants”)), including the portfolios of investments, as of December 31, 2023, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2023 and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual portfolio constituting
the Registrants | | Statement of
Operations | | Statements of changes in
net assets | | Financial highlights |
| Voya VACS Index Series EM Portfolio | | For the period from March 15, 2023 (commencement of operations) through December 31, 2023 |
| Voya VACS Index Series I Portfolio | | For the period from February 3, 2023 (commencement of operations) through December 31, 2023 |
| Voya VACS Index Series MC Portfolio | | For the period from January 27, 2023 (commencement of operations) through December 31, 2023 |
| Voya VACS Index Series SC Portfolio | | For the period from January 20, 2023 (commencement of operations) through December 31, 2023 |
| Voya VACS Index Series S Portfolio | | For the period from January 27, 2023 (commencement of operations) through December 31, 2023 |
Basis for Opinion
These financial statements are the responsibility of the Registrants’ management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Registrants in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Registrants’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
February 28, 2024
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | Voya
VACS Index
Series EM
Portfolio | | | Voya
VACS Index
Series I
Portfolio | | | Voya
VACS Index
Series MC
Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 395,929,029 | | | $ | 1,515,356,885 | | | $ | 375,175,356 | |
| Investments in affiliates at fair value** | | | – | | | | – | | | | 246,751 | |
| Short-term investments at fair value† | | | 14,911,274 | | | | 97,171,279 | | | | 2,466,142 | |
| Cash | | | – | | | | 340 | | | | 161,848 | |
| Cash collateral for futures contracts | | | 252,558 | | | | 1,615,654 | | | | 83,050 | |
| Foreign currencies at value‡ | | | 328,110 | | | | 322,401 | | | | – | |
| Receivables: | | | | | | | | | | | | |
| Investment securities sold | | | 35,290 | | | | 265,404 | | | | 49,304 | |
| Fund shares sold | | | 200,489 | | | | 771,132 | | | | 181,988 | |
| Dividends | | | 904,949 | | | | 1,532,410 | | | | 493,715 | |
| Interest | | | 46 | | | | 12 | | | | 193 | |
| Foreign tax reclaims | | | 38,242 | | | | 2,229,939 | | | | 49 | |
| Variation margin on futures contracts | | | 8,621 | | | | 25,436 | | | | – | |
| Other assets | | | 456 | | | | 1,590 | | | | 414 | |
| Total assets | | | 412,609,064 | | | | 1,619,292,482 | | | | 378,858,810 | |
| LIABILITIES: | | | | | | | | | | | | |
| Payable for investment securities purchased | | | 35,200 | | | | – | | | | 532,154 | |
| Payable for fund shares redeemed | | | 47,905 | | | | 183,075 | | | | 44,470 | |
| Payable upon receipt of securities loaned | | | 7,678,274 | | | | 53,703,279 | | | | 1,289,142 | |
| Variation margin payable on futures contracts | | | – | | | | – | | | | 13,100 | |
| Payable for unified fees | | | 50,979 | | | | 196,251 | | | | 45,492 | |
| Payable to custodian due to bank overdraft | | | 88 | | | | – | | | | – | |
| Payable to directors/ trustees under the deferred compensation plan (Note 5) | | | 456 | | | | 1,590 | | | | 414 | |
| Payable for foreign capital gains tax | | | 1,989,978 | | | | – | | | | – | |
| Other accrued expenses and liabilities | | | 1,165 | | | | 21,709 | | | | – | |
| Total liabilities | | | 9,804,045 | | | | 54,105,904 | | | | 1,924,772 | |
| NET ASSETS | | $ | 402,805,019 | | | $ | 1,565,186,578 | | | $ | 376,934,038 | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 378,427,725 | | | $ | 1,437,377,927 | | | $ | 345,384,642 | |
| Total distributable earnings | | | 24,377,294 | | | | 127,808,651 | | | | 31,549,396 | |
| NET ASSETS | | $ | 402,805,019 | | | $ | 1,565,186,578 | | | $ | 376,934,038 | |
| + Including securities loaned at value | | $ | 7,032,054 | | | $ | 50,810,203 | | | $ | 1,249,128 | |
| * Cost of investments in securities | | $ | 378,627,002 | | | $ | 1,421,112,569 | | | $ | 349,414,567 | |
| ** Cost of investments in affiliates | | $ | — | | | $ | — | | | $ | 236,162 | |
| † Cost of short-term investments | | $ | 14,911,274 | | | $ | 97,171,279 | | | $ | 2,466,142 | |
| ‡ Cost of foreign currencies | | $ | 328,228 | | | $ | 318,017 | | | $ | — | |
| | | | | | | | | | | | | |
| Net assets | | $ | 402,805,019 | | | $ | 1,565,186,578 | | | $ | 376,934,038 | |
| Shares authorized | | | 200,000,000 | | | | 200,000,000 | | | | 200,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 36,614,641 | | | | 143,615,304 | | | | 34,640,199 | |
| Net asset value and redemption price per share | | $ | 11.00 | | | $ | 10.90 | | | $ | 10.88 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023
| | | Voya
VACS Index
Series S
Portfolio | | | Voya
VACS Index
Series SC
Portfolio | |
| ASSETS: | | | | | | | | |
| Investments in securities at fair value+* | | $ | 3,439,498,384 | | | $ | 403,310,211 | |
| Short-term investments at fair value† | | | 41,465,000 | | | | 20,777,125 | |
| Cash | | | 1,017,348 | | | | 98,101 | |
| Cash collateral for futures contracts | | | 2,531,100 | | | | 922,350 | |
| Receivables: | | | | | | | | |
| Investment securities sold | | | – | | | | 178,365 | |
| Fund shares sold | | | 1,722,825 | | | | 182,292 | |
| Dividends | | | 3,387,871 | | | | 484,783 | |
| Interest | | | 644 | | | | 185 | |
| Foreign tax reclaims | | | – | | | | 1,409 | |
| Other assets | | | 4,100 | | | | 442 | |
| Total assets | | | 3,489,627,272 | | | | 425,955,263 | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 81,478 | | | | 226,449 | |
| Payable for fund shares redeemed | | | 397,288 | | | | 55,050 | |
| Payable upon receipt of securities loaned | | | – | | | | 8,790,125 | |
| Variation margin payable on futures contracts | | | 115,849 | | | | 204,436 | |
| Payable for unified fees | | | 425,034 | | | | 51,199 | |
| Payable to directors/ trustees under the deferred compensation plan (Note 5) | | | 4,100 | | | | 442 | |
| Total liabilities | | | 1,023,749 | | | | 9,327,701 | |
| NET ASSETS | | $ | 3,488,603,523 | | | $ | 416,627,562 | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | |
| Paid-in capital | | $ | 2,912,519,447 | | | $ | 375,701,648 | |
| Total distributable earnings | | | 576,084,076 | | | | 40,925,914 | |
| NET ASSETS | | $ | 3,488,603,523 | | | $ | 416,627,562 | |
| + Including securities loaned at value | | $ | — | | | $ | 8,515,179 | |
| * Cost of investments in securities | | $ | 2,929,581,549 | | | $ | 370,030,462 | |
| † Cost of short-term investments | | $ | 41,465,000 | | | $ | 20,777,125 | |
| | | | | | | | | |
| Net assets | | $ | 3,488,603,523 | | | $ | 416,627,562 | |
| Shares authorized | | | unlimited | | | | 200,000,000 | |
| Par value | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 293,587,019 | | | | 37,855,242 | |
| Net asset value and redemption price per share | | $ | 11.88 | | | $ | 11.01 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the period ended December 31, 2023
| | | Voya
VACS Index
Series EM
Portfolio | | | Voya
VACS Index
Series I
Portfolio | | | Voya
VACS Index
Series MC
Portfolio | |
| | | March 15, 2023(1)
to December 31,
2023 | | | February 3, 2023(1)
to December 31,
2023 | | | January 27, 2023(1)
to December 31,
2023 | |
| INVESTMENT INCOME: | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 10,906,015 | | | $ | 35,963,045 | | | $ | 5,363,142 | |
| Dividends from affiliates | | | — | | | | — | | | | 3,931 | |
| Interest | | | 351,195 | | | | 583,682 | | | | 23,642 | |
| Securities lending income, net | | | 6,076 | | | | 33,589 | | | | 49,049 | |
| Other | | | 1,558 | | | | 5,030 | | | | 1,403 | |
| Total investment income | | | 11,264,844 | | | | 36,585,346 | | | | 5,441,167 | |
| EXPENSES: | | | | | | | | | | | | |
| Unified fees | | | 512,400 | | | | 1,696,125 | | | | 458,026 | |
| Trustee fees and expenses | | | 20,890 | | | | 32,138 | | | | 12,053 | |
| Interest expense | | | 14,457 | | | | — | | | | 3,207 | |
| Total expenses | | | 547,747 | | | | 1,728,263 | | | | 473,286 | |
| Net investment income | | | 10,717,097 | | | | 34,857,083 | | | | 4,967,881 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes withheld^) | | | (761,594 | ) | | | (3,570,875 | ) | | | 750,358 | |
| Sale of investments in affiliates | | | — | | | | — | | | | 303 | |
| Foreign currency related transactions | | | (851,513 | ) | | | 367,190 | | | | — | |
| Futures | | | (345,854 | ) | | | 146,541 | | | | (7,259 | ) |
| Net realized gain (loss) | | | (1,958,961 | ) | | | (3,057,144 | ) | | | 743,402 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes accrued#) | | | 15,312,050 | | | | 94,244,316 | | | | 25,760,789 | |
| Affiliates | | | — | | | | — | | | | 10,589 | |
| Foreign currency related transactions | | | 6,022 | | | | 94,388 | | | | — | |
| Futures | | | 301,086 | | | | 1,670,008 | | | | 66,735 | |
| Net change in unrealized appreciation (depreciation) | | | 15,619,158 | | | | 96,008,712 | | | | 25,838,113 | |
| Net realized and unrealized gain | | | 13,660,197 | | | | 92,951,568 | | | | 26,581,515 | |
| Increase in net assets resulting from operations | | $ | 24,377,294 | | | $ | 127,808,651 | | | $ | 31,549,396 | |
| * Foreign taxes withheld | | $ | 1,396,813 | | | $ | 3,498,885 | | | $ | 2,690 | |
| ^ Foreign capital gains taxes withheld | | $ | 639,274 | | | $ | — | | | $ | — | |
| # Change in foreign capital gains taxes accrued | | $ | 1,989,978 | | | $ | — | | | $ | — | |
| (1) | Commencement of operations. |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the period ended December 31, 2023
| | | Voya
VACS Index
Series S
Portfolio | | | Voya
VACS Index
Series SC
Portfolio | |
| | | January 27, 2023(1)
to December 31,
2023 | | | January 20, 2023(1)
to December 31,
2023 | |
| INVESTMENT INCOME: | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 51,799,988 | | | $ | 5,303,321 | |
| Interest | | | 1,384,554 | | | | 219,636 | |
| Securities lending income, net | | | 14,428 | | | | 114,393 | |
| Other | | | 13,897 | | | | 1,537 | |
| Total investment income | | | 53,212,867 | | | | 5,638,887 | |
| EXPENSES: | | | | | | | | |
| Unified fees | | | 4,518,901 | | | | 500,827 | |
| Trustee fees and expenses | | | 111,030 | | | | 12,244 | |
| Interest expense | | | 10,075 | | | | 4,613 | |
| Total expenses | | | 4,640,006 | | | | 517,684 | |
| Net investment income | | | 48,572,861 | | | | 5,121,203 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments | | | 8,256,654 | | | | 2,216,502 | |
| Futures | | | 7,965,634 | | | | (563,040 | ) |
| Net realized gain | | | 16,222,288 | | | | 1,653,462 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments | | | 509,916,834 | | | | 33,279,750 | |
| Futures | | | 1,372,093 | | | | 871,499 | |
| Net change in unrealized appreciation (depreciation) | | | 511,288,927 | | | | 34,151,249 | |
| Net realized and unrealized gain | | | 527,511,215 | | | | 35,804,711 | |
| Increase in net assets resulting from operations | | $ | 576,084,076 | | | $ | 40,925,914 | |
| * Foreign taxes withheld | | $ | 13,982 | | | $ | 7,820 | |
| (1) | Commencement of operations. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya VACS Index
Series EM Portfolio | | | Voya VACS Index
Series I Portfolio | | | Voya VACS Index
Series MC Portfolio | |
| | | March 15, 2023(1)
to December 31,
2023 | | | February 3,
2023(1)
to December 31,
2023 | | | January 27,
2023(1)
to December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | | |
| Net investment income | | $ | 10,717,097 | | | $ | 34,857,083 | | | $ | 4,967,881 | |
| Net realized gain (loss) | | | (1,958,961 | ) | | | (3,057,144 | ) | | | 743,402 | |
| Net change in unrealized appreciation (depreciation) | | | 15,619,158 | | | | 96,008,712 | | | | 25,838,113 | |
| Increase in net assets resulting from operations | | | 24,377,294 | | | | 127,808,651 | | | | 31,549,396 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
| Total distributions | | | — | | | | — | | | | — | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 624,123,073 | | | | 1,528,230,027 | | | | 387,514,709 | |
| Cost of shares redeemed | | | (245,695,348 | ) | | | (90,852,100 | ) | | | (42,130,067 | ) |
| Net increase in net assets resulting from capital share transactions | | | 378,427,725 | | | | 1,437,377,927 | | | | 345,384,642 | |
| Net increase in net assets | | | 402,805,019 | | | | 1,565,186,578 | | | | 376,934,038 | |
| NET ASSETS: | | | | | | | | | | | | |
| Beginning of year or period | | | — | | | | — | | | | — | |
| End of year or period | | $ | 402,805,019 | | | $ | 1,565,186,578 | | | $ | 376,934,038 | |
| (1) | Commencement of operations. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya VACS Index
Series S Portfolio | | | Voya VACS Index
Series SC Portfolio | |
| | | January 27,
2023(1)
to December 31,
2023 | | | January 20,
2023(1)
to December 31,
2023 | |
| FROM OPERATIONS: | | | | | | |
| Net investment income | | $ | 48,572,861 | | | $ | 5,121,203 | |
| Net realized gain | | | 16,222,288 | | | | 1,653,462 | |
| Net change in unrealized appreciation (depreciation) | | | 511,288,927 | | | | 34,151,249 | |
| Increase in net assets resulting from operations | | | 576,084,076 | | | | 40,925,914 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | — | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sale of shares | | | 3,479,332,818 | | | | 415,681,393 | |
| Cost of shares redeemed | | | (566,813,371 | ) | | | 39,979,745 | ) |
| Net increase in net assets resulting from capital share transactions | | | 2,912,519,447 | | | | 375,701,648 | |
| Net increase in net assets | | | 3,488,603,523 | | | | 416,627,562 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year or period | | | — | | | | — | |
| End of year or period | | $ | 3,488,603,523 | | | $ | 416,627,562 | |
(1) | Commencement of operations. |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | |
| | | | Income (loss)
from investment
operations | | | | Less Distributions | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  | |
Year or
period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya VACS Index Series EM Portfolio |
| 03-15-23(5)- 12-31-23 | | 10.00 | | 0.27• | | 0.73 | | 1.00 | | — | | — | | — | | — | | — | | 11.00 | | 10.00 | | 0.16 | | 0.16 | | 0.16 | | 3.15 | | 402,805 | | 56 | |
| Voya VACS Index Series I Portfolio |
| 02-03-23(5)- 12-31-23 | | 10.00 | | 0.28• | | 0.62 | | 0.90 | | — | | — | | — | | — | | — | | 10.90 | | 9.00 | | 0.15 | | 0.15 | | 0.15 | | 3.09 | | 1,565,187 | | 3 | |
| Voya VACS Index Series MC Portfolio |
| 01-27-23(5)- 12-31-23 | | 10.00 | | 0.15• | | 0.73 | | 0.88 | | — | | — | | — | | — | | — | | 10.88 | | 8.80 | | 0.16 | | 0.16 | | 0.16 | | 1.63 | | 376,934 | | 22 | |
| Voya VACS Index Series S Portfolio |
| 01-27-23(5)- 12-31-23 | | 10.00 | | 0.16• | | 1.72 | | 1.88 | | — | | — | | — | | — | | — | | 11.88 | | 18.80 | | 0.15 | | 0.15 | | 0.15 | | 1.62 | | 3,488,604 | | 9 | |
| Voya VACS Index Series SC Portfolio |
| 01-20-23(5)- 12-31-23 | | 10.00 | | 0.14• | | 0.87 | | 1.01 | | — | | — | | — | | — | | — | | 11.01 | | 10.10 | | 0.16 | | 0.16 | | 0.16 | | 1.54 | | 416,628 | | 20 | |
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| (5) | Commencement of operations. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023
NOTE 1 — ORGANIZATION Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The four series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya VACS Index Series EM Portfolio (“Series EM”), Voya VACS Index Series I Portfolio (“Series I”), Voya VACS Index Series MC Portfolio (“Series MC”), and Voya VACS Index Series SC Portfolio (“Series SC”), each a diversified series of the Company. Voya Investors Trust (the “Trust”) is registered as an open- end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. This report is for Voya VACS Index Series S Portfolio (“Series S”), a diversified series of the Trust. Each of the series is referred to as a “Portfolio” and collectively, the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus. The Portfolios’ shares are not registered under the Securities Act of 1933 (the “1933 Act”) because the shares are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Investments in a Fund may only be made by “accredited investors,” within the meaning of Regulation D under the 1933 Act. The Portfolios do not have a share class designation. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio. Expenses that are specific to a portfolio are charged directly to that portfolio. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to the Portfolios. Voya Investments Distributor, LLC (“VID”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios. | | NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies. A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange- traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of each Portfolio’s assets attributable to that class, subtracting each Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio. Portfolio securities for which market quotations are readily available are valued at market value. Investments in open- end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
(continued)
restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 – unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input
levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgement used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| | |
| (2) | Purchases and sales of investment securities, income |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued) and expenses — at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets. D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies. E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all | | of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of a Portfolio’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized. The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain. F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. G. Risk Exposures and the Use of Derivative Instruments. The Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors. In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors: Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether. Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued) during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives. Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non- U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions. Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad. Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a rising interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed- income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed- income markets. Further, recent and potential changes in government policy may affect interest rates. | | Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation. Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains. Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued) who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement. A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies. Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements. There was no open OTC derivatives at December 31, 2023 for any Portfolio. H. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded | | on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued. Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts. Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the period ended December 31, 2023, the Portfolios had average notional values on futures contracts purchased as disclosed below. |
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
(continued)
| | | Purchased |
| Series EM | $ | 7,562,320 |
| Series I | | 41,042,454 |
| Series MC | | 1,183,850 |
| Series S | | 10,371,393 |
| Series SC | | 66,913,013 |
Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of December 31, 2023.
I. Securities Lending. Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
J. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they
are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
K. Indemnifications. In the normal course of business, the Trust and the Company may enter into contracts that provide certain indemnifications. The Trust’s and the Company’s, as applicable, maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended December 31, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities were as follows:
| | Purchases | | Sales |
| Series EM | $ | 591,836,916 | | $ | 210,997,445 |
| Series I | | 1,463,775,668 | | | 37,876,621 |
| Series MC | | 415,392,317 | | | 66,143,664 |
| Series S | | 3,183,041,187 | | | 261,716,264 |
| Series SC | | 433,059,548 | | | 64,706,544 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the “Unified Agreement”). Under the Unified Agreements, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio’s assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser’s expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Company/Trust pays the Investment Adviser a monthly fee (a “Unified Fee”) of 0.15% based on the annual rates of the average daily net assets of the Portfolios.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES
(continued)
such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.
NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2023, the following affiliated investment companies owned more than 5% of the following Portfolios:
| Affiliated Investment Company | | Portfolio | | Percentage |
| Voya Index Solution 2025 Portfolio | | Series EM | | 8.01% |
| | | Series I | | 8.87 |
| | | Series MC | | 8.92 |
| | | Series S | | 10.10 |
| | | Series SC | | 5.50 |
| Voya Index Solution 2030 Portfolio | | Series EM | | 8.98 |
| | | Series I | | 9.15 |
| | | Series MC | | 9.95 |
| | | Series S | | 8.92 |
| | | Series SC | | 11.51 |
| Voya Index Solution 2035 Portfolio | | Series EM | | 18.37 |
| | | Series I | | 17.86 |
| | | Series MC | | 16.28 |
| | | Series S | | 17.59 |
| | | Series SC | | 18.85 |
| Voya Index Solution 2040 Portfolio | | Series EM | | 11.22 |
| | | Series I | | 12.67 |
| | | Series MC | | 12.36 |
| | | Series S | | 12.06 |
| | | Series SC | | 13.74 |
| Voya Index Solution 2045 Portfolio | | Series EM | | 17.42 |
| | | Series I | | 17.86 |
| | | Series MC | | 15.95 |
| | | Series S | | 16.96 |
| | | Series SC | | 17.80 |
| Voya Index Solution 2050 Portfolio | | Series EM | | 10.83 |
| | | Series I | | 11.18 |
| | | Series MC | | 11.95 |
| | | Series S | | 11.03 |
| | | Series SC | | 11.32 |
| Voya Index Solution 2055 Portfolio | | Series EM | | 13.06 |
| | | Series I | | 11.48 |
| | | Series MC | | 12.30 |
| | | Series S | | 11.33 |
| | | Series SC | | 11.49 |
| Voya Index Solution 2060 Portfolio | | Series EM | | 7.49 |
| | | Series I | | 6.61 |
| | | Series MC | | 7.07 |
| | | Series S | | 6.51 |
| | | Series SC | | 6.70 |
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors'/ trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the
amounts deferred are invested in shares of the funds selected by the director/ trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors'/ trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors'/ trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolios may engage in purchase and sale transactions with fund’s that have a common investment adviser (or affiliated investment adviser), a common sub- adviser and/ or common officers or trustees. For the year ended December 31, 2023, Series I, Series MC, Series SC, and Series S engaged in such transactions amounting to $971,761,832, $324,959,617, $323,491,160, and $3,104,571,486 of in-kind purchases, respectively.
NOTE 6 — LINE OF CREDIT
Effective June 12, 2023, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolios utilized the line of credit during the period ended December 31, 2023:
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 6 — LINE OF CREDIT (continued)
| Portfolio | | Days
Utilized | | | Approximate
Average
Daily Balance
For Days
Utilized | | Approximate
Weighted
Average
Interest Rate
For Days
Utilized |
| Series EM | | 4 | | | $ | 21,399,500 | | 6.08% |
| Series MC | | 3 | | | | 7,743,000 | | 4.97 |
| Series S | | 5 | | | | 24,180,600 | | 6.06 |
| Series SC | | 3 | | | | 9,920,000 | | 5.58 |
NOTE 7 — CAPITAL SHARES
Transactions in capital shares and dollars are as follows:
| | | Shares
sold | | Shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net
increase
(decrease)
in
shares
outstanding | | Shares
sold | | Proceeds
from
shares
issued in
merger | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) |
Year or
period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Series EM | | | | | | | | | | | | | | | | | | | | | | |
| 3/15/2023(1)-12/31/2023 | | 59,872,402 | | — | | — | | (23,257,762) | | — | | 36,614,640 | | 624,123,073 | | — | | — | | (245,695,348) | | — | | 378,427,725 |
| Series I |
| 2/03/2023(1)-12/31/2023 | | 152,598,480 | | — | | — | | (8,983,176) | | — | | 143,615,304 | | 1,528,230,027 | | — | | — | | (90,852,100) | | — | | 1,437,377,927 |
| Series MC |
| 1/27/2023(1)-12/31/2023 | | 38,910,964 | | — | | — | | (4,270,765) | | — | | 34,640,199 | | 387,514,709 | | — | | — | | (42,130,067) | | — | | 345,384,642 |
| Series S |
| 1/27/2023(1)-12/31/2023 | | 346,090,717 | | — | | — | | (52,503,698) | | — | | 293,587,019 | | 3,479,332,818 | | — | | — | | (566,813,371) | | — | | 2,912,519,447 |
| Series SC |
| 1/20/2023(1)-12/31/2023 | | 41,825,613 | | — | | — | | (3,970,371) | | — | | 37,855,242 | | 415,681,393 | | — | | — | | (39,979,745) | | — | | 375,701,648 |
(1) Commencement of operations.
NOTE 8 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment
of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase- backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 8 — SECURITIES LENDING (continued)
cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2023:
Series EM
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Janney Montgomery Scott LLC | | $ | 731,014 | | | $ | (731,014) | | | $ | — | |
| Jefferies LLC | | 61,372 | | | (61,372) | | | — | |
| Merrill Lynch International | | 5,791,328 | | | (5,791,328) | | | — | |
| State Street Bank and Trust Company | | 448,340 | | | (448,340) | | | — | |
| Total | | $ | 7,032,054 | | | $ | (7,032,054) | | | $ | — | |
| (1) | Cash collateral with a fair value of $7,678,274 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Series I
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BofA Securities Inc | | $ | 1,052,758 | | | $ | (1,052,758) | | | $ | — | |
| Citigroup Global Markets Limited | | 12,132,222 | | | (12,132,222) | | | — | |
| Jefferies LLC | | 228,054 | | | (228,054) | | | — | |
| Merrill Lynch International | | 1,955,893 | | | (1,955,893) | | | — | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| State Street Bank and Trust Company | | $ | 35,441,276 | | | $ | (35,441,276) | | | $ | — | |
| Total | | $ | 50,810,203 | | | $ | (50,810,203) | | | $ | — | |
| (1) | Cash collateral with a fair value of $53,703,279 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Series MC
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BofA Securities Inc | | $ | 589,664 | | | $ | (589,664) | | | $ | — | |
| Citadel Clearing LLC | | | 112,802 | | | | (112,802) | | | | — | |
| Jefferies LLC | | | 170,284 | | | | (170,284) | | | | — | |
| Wells Fargo Bank NA | | | 309,775 | | | | (309,775) | | | | — | |
| Wells Fargo Securities LLC | | | 66,603 | | | | (66,603) | | | | — | |
| Total | | $ | 1,249,128 | | | $ | (1,249,128) | | | $ | — | |
| (1) | Cash collateral with a fair value of $1,289,142 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
Series SC
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BofA Securities Inc | | $ | 2,292,142 | | | $ | (2,292,142) | | | $ | — | |
| Cantor Fitzgerald & Co | | | 56,149 | | | | (56,149) | | | | — | |
| Citadel Clearing LLC | | | 498,206 | | | | (498,206) | | | | — | |
| Citadel Securities LLC | | | 55,208 | | | | (55,208) | | | | — | |
| Janney Montgomery Scott LLC | | | 251,679 | | | | (251,679) | | | | — | |
| Jefferies LLC | | | 641,900 | | | | (641,900) | | | | — | |
| Mizuho Securities USA LLC. | | | 385,880 | | | | (385,880) | | | | — | |
| State Street Bank and Trust Company | | | 1,127,629 | | | | (1,127,629) | | | | — | |
| Wells Fargo Bank NA | | | 2,441,284 | | | | (2,441,284) | | | | — | |
| Wells Fargo Securities LLC | | | 765,102 | | | | (765,102) | | | | — | |
| Total | | $ | 8,515,179 | | | $ | (8,515,179) | | | $ | — | |
| (1) | Cash collateral with a fair value of $8,790,125 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 9 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), and wash sale deferrals.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 9 — FEDERAL INCOME TAXES (continued)
The Portfolios have paid no dividends or distributions to shareholders during the initial period ended December 31, 2023.
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
| | | Undistributed
Ordinary | | Undistributed
Long-term | | Unrealized
Appreciation/ | | Capital Loss Carryforwards | | | | Total
Distributable |
| | | Income | | Capital Gains | | (Depreciation) | | Amount | | Character | | Other | | Earnings/(Loss) |
| Series EM | | $ | 11,586,763 | | $ | — | | $ | 15,157,631 | | $ | (350,261) | | Short-term | | $ | (1,989,978) | | $ | 24,377,294 |
| | | | | | | | | (26,861) | | Long-term | | | | |
| | | | | | | | | $ | (377,122) | | | | | | |
| Series I | | 40,268,628 | | — | | 88,999,827 | | (1,459,804) | | Short-term | | — | | 127,808,651 |
| Series MC | | 6,251,563 | | 204,443 | | 25,093,390 | | — | | — | | — | | 31,549,396 |
| Series S | | 60,486,979 | | 5,974,129 | | 509,622,968 | | — | | — | | — | | 576,084,076 |
| Series SC | | 7,833,808 | | 312,290 | | 32,779,816 | | — | | — | | — | | 40,925,914 |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (Series S).
As of December 31, 2023, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 10 — LONDON INTERBANK OFFERED RATE
(“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer- term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision)
(EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 11 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long- term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher
NOTES TO FINANCIAL STATEMENTS as of December 31, 2023 (continued)
NOTE 11 — MARKET DISRUPTION (continued)
default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond those with direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect
individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Portfolios' financial statements.
NOTE 13 — SUBSEQUENT EVENTS
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: 95.9% | |
| | | | Brazil: 4.1% | |
| 257,108 | | | Ambev SA | | $ | 726,716 | | | | 0.2 | |
| 35,508 | | | Atacadao SA | | | 91,007 | | | | 0.0 | |
| 325,274 | | | B3 SA - Brasil Bolsa Balcao | | | 974,295 | | | | 0.2 | |
| 88,436 | | | Banco Bradesco SA | | | 278,183 | | | | 0.1 | |
| 65,971 | | | Banco BTG Pactual SA | | | 510,781 | | | | 0.1 | |
| 48,202 | | | Banco do Brasil SA | | | 549,635 | | | | 0.1 | |
| 20,203 | | | Banco Santander Brasil SA | | | 134,337 | | | | 0.0 | |
| 40,528 | | | BB Seguridade Participacoes SA | | | 280,749 | | | | 0.1 | |
| 59,177 | | | CCR SA | | | 172,746 | | | | 0.0 | |
| 66,968 | | | Centrais Eletricas Brasileiras SA | | | 584,950 | | | | 0.1 | |
| 19,268 | | | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | | 298,960 | | | | 0.1 | |
| 37,501 | | | Cia Siderurgica Nacional SA | | | 151,777 | | | | 0.0 | |
| 68,510 | | | Cosan SA | | | 273,047 | | | | 0.1 | |
| 12,402 | | | CPFL Energia SA | | | 98,320 | | | | 0.0 | |
| 12,309 | | | Energisa S/A | | | 136,404 | | | | 0.0 | |
| 50,677 (1) | | | Eneva SA | | | 141,987 | | | | 0.0 | |
| 11,660 | | | Engie Brasil Energia SA | | | 108,809 | | | | 0.0 | |
| 58,185 | | | Equatorial Energia SA | | | 427,859 | | | | 0.1 | |
| 276,747 (1)(2) | | | Hapvida Participacoes e Investimentos S/A | | | 253,525 | | | | 0.1 | |
| 21,028 | | | Hypera SA | | | 154,758 | | | | 0.0 | |
| 42,393 | | | JBS S/A | | | 217,393 | | | | 0.1 | |
| 45,807 | | | Klabin SA | | | 209,534 | | | | 0.1 | |
| 51,781 | | | Localiza Rent a Car SA | | | 677,963 | | | | 0.2 | |
| 52,859 | | | Lojas Renner SA | | | 189,559 | | | | 0.0 | |
| 171,399 (1) | | | Magazine Luiza SA | | | 76,215 | | | | 0.0 | |
| 51,367 (1) | | | Natura & Co. Holding SA | | | 178,604 | | | | 0.0 | |
| 207,085 | | | Petroleo Brasileiro SA | | | 1,661,762 | | | | 0.4 | |
| 45,434 | | | PRIO SA/Brazil | | | 430,714 | | | | 0.1 | |
| 73,761 | | | Raia Drogasil SA | | | 446,429 | | | | 0.1 | |
| 32,460 (2) | | | Rede D’Or Sao Luiz SA | | | 192,183 | | | | 0.1 | |
| 72,694 | | | Rumo SA | | | 343,447 | | | | 0.1 | |
| 73,739 | | | Sendas Distribuidora S/A | | | 205,387 | | | | 0.1 | |
| 44,264 | | | Suzano SA | | | 506,918 | | | | 0.1 | |
| 24,037 | | | Telefonica Brasil SA | | | 264,439 | | | | 0.1 | |
| 48,863 | | | TIM SA/Brazil | | | 180,359 | | | | 0.0 | |
| 30,548 | | | TOTVS SA | | | 211,866 | | | | 0.1 | |
| 41,820 | | | Ultrapar Participacoes SA | | | 228,230 | | | | 0.1 | |
| 190,533 | | | Vale SA - Foreign | | | 3,028,069 | | | | 0.8 | |
| 65,352 | | | Vibra Energia SA | | | 306,203 | | | | 0.1 | |
| 94,803 | | | WEG SA | | | 720,351 | | | | 0.2 | |
| | | | | | 16,624,470 | | | | 4.1 | |
| | | | Chile: 0.4% |
| 2,554,747 | | | Banco de Chile | | | 300,100 | | | | 0.1 | |
| 4,465 | | | Banco de Credito e Inversiones SA | | | 120,873 | | | | 0.0 | |
| 3,668,906 | | | Banco Santander Chile | | | 179,071 | | | | 0.1 | |
| 71,438 | | | Cencosud SA | | | 134,198 | | | | 0.1 | |
| 678,978 | | | Cia Sud Americana de Vapores SA | | | 41,694 | | | | 0.0 | |
| 63,253 | | | Empresas CMPC SA | | | 122,053 | | | | 0.0 | |
| 21,692 | | | Empresas Copec SA | | | 157,825 | | | | 0.1 | |
| 1,137,025 (1) | | | Enel Americas SA | | | 125,833 | | | | 0.0 | |
| 1,428,317 | | | Enel Chile SA | | | 92,394 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | Chile (continued) | | | | | | | | |
| 51,576 (1) | | | Falabella SA | | $ | 128,792 | | | | 0.0 | |
| 9,735,312 (1) | | | Latam Airlines Group SA | | | 105,529 | | | | 0.0 | |
| | | | | | | 1,508,362 | | | | 0.4 | |
| | | China: 23.3% | | | | | | | | |
| 20,000 (1) | | | 360 Security Technology, Inc. - Class A | | | 25,389 | | | | 0.0 | |
| 6,100 | | | 37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | | | 16,185 | | | | 0.0 | |
| 109,000 (2) | | | 3SBio, Inc. | | | 105,112 | | | | 0.0 | |
| 44,000 | | | AAC Technologies Holdings, Inc. | | | 130,758 | | | | 0.1 | |
| 2,231 | | | Advanced Micro-Fabrication Equipment, Inc. China - Class A | | | 48,294 | | | | 0.0 | |
| 9,200 | | | AECC Aviation Power Co. Ltd. - Class A | | | 48,470 | | | | 0.0 | |
| 314,900 | | | Agricultural Bank of China Ltd. - Class A | | | 161,618 | | | | 0.1 | |
| 1,531,000 | | | Agricultural Bank of China Ltd. - Class H | | | 590,563 | | | | 0.2 | |
| 29,591 | | | Aier Eye Hospital Group Co. Ltd. - Class A | | | 66,067 | | | | 0.0 | |
| 168,000 (1) | | | Air China Ltd. - Class H | | | 106,352 | | | | 0.0 | |
| 28,000 (1)(2)(3) | | | Akeso, Inc. | | | 166,486 | | | | 0.1 | |
| 913,300 | | | Alibaba Group Holding Ltd. | | | 8,797,401 | | | | 2.2 | |
| 80,800 | | | Aluminum Corp. of China Ltd. - Class A | | | 64,261 | | | | 0.0 | |
| 184,000 | | | Aluminum Corp. of China Ltd. - Class H | | | 91,988 | | | | 0.0 | |
| 6,800 | | | Angel Yeast Co. Ltd. - Class A | | | 33,743 | | | | 0.0 | |
| 22,000 | | | Anhui Conch Cement Co. Ltd. - Class A | | | 69,982 | | | | 0.0 | |
| 65,500 | | | Anhui Conch Cement Co. Ltd. - Class H | | | 151,249 | | | | 0.1 | |
| 1,300 | | | Anhui Gujing Distillery Co. Ltd. - Class A | | | 42,696 | | | | 0.0 | |
| 6,443 | | | Anhui Gujing Distillery Co. Ltd. - Class B | | | 98,104 | | | | 0.0 | |
| 15,500 (1) | | | Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | | | 35,293 | | | | 0.0 | |
| 4,500 | | | Anhui Kouzi Distillery Co. Ltd. - Class A | | | 28,741 | | | | 0.0 | |
| 2,400 | | | Anhui Yingjia Distillery Co. Ltd. - Class A | | | 22,438 | | | | 0.0 | |
| 71,800 | | | ANTA Sports Products Ltd. | | | 697,847 | | | | 0.2 | |
| 2,200 (1) | | | ASR Microelectronics Co. Ltd. - Class A | | | 21,852 | | | | 0.0 | |
| 1,300 | | | Asymchem Laboratories Tianjin Co. Ltd. - Class A | | | 21,268 | | | | 0.0 | |
| 3,705 | | | Autohome, Inc., ADR | | | 103,962 | | | | 0.0 | |
| 5,900 | | | Avary Holding Shenzhen Co. Ltd. - Class A | | | 18,561 | | | | 0.0 | |
| 64,400 | | | AVIC Industry-Finance Holdings Co. Ltd. - Class A | | | 28,248 | | | | 0.0 | |
| 129,000 | | | AviChina Industry & Technology Co. Ltd. - Class H | | | 55,306 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 126,400 (1) | | | Baidu, Inc. - Class A | | $ | 1,881,580 | | | | 0.5 | |
| 72,500 | | | Bank of Beijing Co. Ltd. - Class A | | | 46,301 | | | | 0.0 | |
| 13,600 | | | Bank of Chengdu Co. Ltd. - Class A | | | 21,592 | | | | 0.0 | |
| 143,400 | | | Bank of China Ltd. - Class A | | | 80,677 | | | | 0.0 | |
| 4,422,000 | | | Bank of China Ltd. - Class H | | | 1,680,280 | | | | 0.4 | |
| 139,600 | | | Bank of Communications Co. Ltd. - Class A | | | 113,012 | | | | 0.0 | |
| 487,000 | | | Bank of Communications Co. Ltd. - Class H | | | 303,998 | | | | 0.1 | |
| 20,300 | | | Bank of Hangzhou Co. Ltd. - Class A | | | 28,651 | | | | 0.0 | |
| 57,500 | | | Bank of Jiangsu Co. Ltd. - Class A | | | 54,239 | | | | 0.0 | |
| 40,100 | | | Bank of Nanjing Co. Ltd. - Class A | | | 41,725 | | | | 0.0 | |
| 20,800 | | | Bank of Ningbo Co. Ltd. - Class A | | | 59,028 | | | | 0.0 | |
| 50,100 | | | Bank of Shanghai Co. Ltd. - Class A | | | 42,170 | | | | 0.0 | |
| 77,600 | | | Baoshan Iron & Steel Co. Ltd. - Class A | | | 64,902 | | | | 0.0 | |
| 23,100 | | | Beijing Enlight Media Co. Ltd. - Class A | | | 26,560 | | | | 0.0 | |
| 2,361 | | | Beijing Kingsoft Office Software, Inc. - Class A | | | 105,176 | | | | 0.0 | |
| 6,000 | | | Beijing New Building Materials PLC - Class A | | | 19,769 | | | | 0.0 | |
| 5,200 | | | Beijing Tongrentang Co. Ltd. - Class A | | | 39,369 | | | | 0.0 | |
| 5,320 | | | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. - Class A | | | 56,326 | | | | 0.0 | |
| 255,400 | | | Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | | | 177,146 | | | | 0.1 | |
| 10,980 (1)(3) | | | Bilibili, Inc. - Class Z | | | 133,351 | | | | 0.1 | |
| 3,094 | | | Bloomage Biotechnology Corp. Ltd. - Class A | | | 29,201 | | | | 0.0 | |
| 169,400 | | | BOE Technology Group Co. Ltd. - Class A | | | 93,155 | | | | 0.0 | |
| 7,000 | | | BYD Co. Ltd. - Class A | | | 195,446 | | | | 0.1 | |
| 58,000 (3) | | | BYD Co. Ltd. - Class H | | | 1,599,909 | | | | 0.4 | |
| 45,500 | | | BYD Electronic International Co. Ltd. | | | 213,338 | | | | 0.1 | |
| 12,400 | | | By-health Co. Ltd. - Class A | | | 29,764 | | | | 0.0 | |
| 16,500 | | | Caitong Securities Co. Ltd. - Class A | | | 18,051 | | | | 0.0 | |
| 1,744 (1) | | | Cambricon Technologies Corp. Ltd. - Class A | | | 33,094 | | | | 0.0 | |
| 686,000 (2) | | | CGN Power Co. Ltd. - Class H | | | 179,295 | | | | 0.1 | |
| 1,400 | | | Changchun High & New Technology Industry Group, Inc. - Class A | | | 28,770 | | | | 0.0 | |
| 44,000 | | | Changjiang Securities Co. Ltd. - Class A | | | 33,382 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 1,100 | | | Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - Class A | | $ | 20,335 | | | | 0.0 | |
| 7,800 | | | Chaozhou Three-Circle Group Co. Ltd. - Class A | | | 32,374 | | | | 0.0 | |
| 20,700 | | | China Baoan Group Co. Ltd. - Class A | | | 34,265 | | | | 0.0 | |
| 338,000 | | | China Cinda Asset Management Co. Ltd. - Class H | | | 33,768 | | | | 0.0 | |
| 538,000 | | | China CITIC Bank Corp. Ltd. - Class H | | | 253,735 | | | | 0.1 | |
| 123,000 | | | China Coal Energy Co. Ltd. - Class H | | | 111,958 | | | | 0.0 | |
| 130,000 | | | China Communications Services Corp. Ltd. - Class H | | | 53,909 | | | | 0.0 | |
| 46,200 | | | China Construction Bank Corp. - Class A | | | 42,421 | | | | 0.0 | |
| 5,373,000 | | | China Construction Bank Corp. - Class H | | | 3,196,132 | | | | 0.8 | |
| 16,400 | | | China CSSC Holdings Ltd. - Class A | | | 68,085 | | | | 0.0 | |
| 76,200 (1) | | | China Eastern Airlines Corp. Ltd. - Class A | | | 41,697 | | | | 0.0 | |
| 125,500 | | | China Energy Engineering Corp. Ltd. - Class A | | | 37,162 | | | | 0.0 | |
| 197,300 | | | China Everbright Bank Co. Ltd. - Class A | | | 80,685 | | | | 0.0 | |
| 99,000 | | | China Everbright Bank Co. Ltd. - Class H | | | 29,418 | | | | 0.0 | |
| 226,000 (2) | | | China Feihe Ltd. | | | 123,653 | | | | 0.1 | |
| 268,500 | | | China Galaxy Securities Co. Ltd. - Class H | | | 142,044 | | | | 0.1 | |
| 147,000 (3) | | | China Hongqiao Group Ltd. | | | 120,366 | | | | 0.1 | |
| 8,400 | | | China International Capital Corp. Ltd. - Class A | | | 45,072 | | | | 0.0 | |
| 88,400 (2) | | | China International Capital Corp. Ltd. - Class H | | | 129,883 | | | | 0.1 | |
| 14,100 | | | China Jushi Co. Ltd. - Class A | | | 19,544 | | | | 0.0 | |
| 11,100 | | | China Life Insurance Co. Ltd. - Class A | | | 44,410 | | | | 0.0 | |
| 409,000 | | | China Life Insurance Co. Ltd. - Class H | | | 531,147 | | | | 0.2 | |
| 25,000 (1)(2)(3) | | | China Literature Ltd. | | | 93,229 | | | | 0.0 | |
| 188,000 | | | China Longyuan Power Group Corp. Ltd. - Class H | | | 142,764 | | | | 0.1 | |
| 181,000 | | | China Mengniu Dairy Co. Ltd. | | | 487,598 | | | | 0.1 | |
| 81,500 | | | China Merchants Bank Co. Ltd. - Class A | | | 319,797 | | | | 0.1 | |
| 208,000 | | | China Merchants Bank Co. Ltd. - Class H | | | 723,534 | | | | 0.2 | |
| 27,200 | | | China Merchants Energy Shipping Co. Ltd. - Class A | | | 22,551 | | | | 0.0 | |
| 30,100 | | | China Merchants Securities Co. Ltd. - Class A | | | 57,906 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 26,300 | | | China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A | | $ | 35,386 | | | | 0.0 | |
| 131,012 | | | China Minsheng Banking Corp. Ltd. - Class A | | | 69,081 | | | | 0.0 | |
| 372,500 | | | China Minsheng Banking Corp. Ltd. - Class H | | | 126,457 | | | | 0.1 | |
| 222,000 | | | China National Building Material Co. Ltd. - Class H | | | 95,068 | | | | 0.0 | |
| 17,400 | | | China National Chemical Engineering Co. Ltd. - Class A | | | 15,607 | | | | 0.0 | |
| 71,200 | | | China National Nuclear Power Co. Ltd. - Class A | | | 75,293 | | | | 0.0 | |
| 13,300 | | | China Northern Rare Earth Group High-Tech Co. Ltd. - Class A | | | 36,249 | | | | 0.0 | |
| 112,000 | | | China Oilfield Services Ltd. - Class H | | | 114,474 | | | | 0.0 | |
| 23,800 | | | China Pacific Insurance Group Co. Ltd. - Class A | | | 79,914 | | | | 0.0 | |
| 146,200 | | | China Pacific Insurance Group Co. Ltd. - Class H | | | 295,749 | | | | 0.1 | |
| 114,600 | | | China Petroleum & Chemical Corp. - Class A | | | 90,157 | | | | 0.0 | |
| 1,392,000 | | | China Petroleum & Chemical Corp. - Class H | | | 729,483 | | | | 0.2 | |
| 90,200 | | | China Railway Group Ltd. - Class A | | | 72,270 | | | | 0.0 | |
| 205,000 | | | China Railway Group Ltd. - Class H | | | 91,408 | | | | 0.0 | |
| 7,500 | | | China Rare Earth Resources And Technology Co. Ltd. - Class A | | | 29,247 | | | | 0.0 | |
| 4,476 | | | China Resources Microelectronics Ltd. - Class A | | | 28,195 | | | | 0.0 | |
| 38,200 (2)(3) | | | China Resources Mixc Lifestyle Services Ltd. | | | 136,247 | | | | 0.1 | |
| 87,500 (2) | | | China Resources Pharmaceutical Group Ltd. | | | 57,518 | | | | 0.0 | |
| 2,700 | | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - Class A | | | 18,937 | | | | 0.0 | |
| 24,200 | | | China Shenhua Energy Co. Ltd. - Class A | | | 107,042 | | | | 0.0 | |
| 189,500 | | | China Shenhua Energy Co. Ltd. - Class H | | | 649,877 | | | | 0.2 | |
| 65,400 (1) | | | China Southern Airlines Co. Ltd. - Class A | | | 53,128 | | | | 0.0 | |
| 62,000 (1) | | | China Southern Airlines Co. Ltd. - Class H | | | 26,295 | | | | 0.0 | |
| 142,800 | | | China State Construction Engineering Corp. Ltd. - Class A | | | 96,883 | | | | 0.0 | |
| 98,300 | | | China Three Gorges Renewables Group Co. Ltd. - Class A | | | 60,571 | | | | 0.0 | |
| 8,100 | | | China Tourism Group Duty Free Corp. Ltd. - Class A | | | 95,613 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 5,200 (2)(3) | | | China Tourism Group Duty Free Corp. Ltd. - Class H | | $ | 51,122 | | | | 0.0 | |
| 2,580,000 (2) | | | China Tower Corp. Ltd. - Class H | | | 271,178 | | | | 0.1 | |
| 107,500 | | | China United Network Communications Ltd. - Class A | | | 66,364 | | | | 0.0 | |
| 45,300 | | | China Vanke Co. Ltd. - Class A | | | 66,884 | | | | 0.0 | |
| 108,600 | | | China Vanke Co. Ltd. - Class H | | | 100,512 | | | | 0.0 | |
| 93,200 | | | China Yangtze Power Co. Ltd. - Class A | | | 306,743 | | | | 0.1 | |
| 3,500 | | | China Zhenhua Group Science & Technology Co. Ltd. - Class A | | | 29,028 | | | | 0.0 | |
| 154,000 (3) | | | Chinasoft International Ltd. | | | 118,208 | | | | 0.0 | |
| 3,300 | | | Chongqing Brewery Co. Ltd. - Class A | | | 30,912 | | | | 0.0 | |
| 34,300 | | | Chongqing Changan Automobile Co. Ltd. - Class A | | | 81,407 | | | | 0.0 | |
| 8,950 | | | Chongqing Zhifei Biological Products Co. Ltd. - Class A | | | 77,092 | | | | 0.0 | |
| 334,000 | | | CITIC Ltd. | | | 333,951 | | | | 0.1 | |
| 44,600 | | | CITIC Securities Co. Ltd. - Class A | | | 128,168 | | | | 0.1 | |
| 104,500 | | | CITIC Securities Co. Ltd. - Class H | | | 213,508 | | | | 0.1 | |
| 95,300 | | | CMOC Group Ltd. - Class A | | | 69,841 | | | | 0.0 | |
| 177,000 | | | CMOC Group Ltd. - Class H | | | 96,833 | | | | 0.0 | |
| 4,200 | | | CNGR Advanced Material Co. Ltd. - Class A | | | 29,087 | | | | 0.0 | |
| 16,380 | | | Contemporary Amperex Technology Co. Ltd. - Class A | | | 377,077 | | | | 0.1 | |
| 12,400 | | | COSCO SHIPPING Energy Transportation Co. Ltd. - Class A | | | 21,400 | | | | 0.0 | |
| 76,000 (3) | | | COSCO SHIPPING Energy Transportation Co. Ltd. - Class H | | | 71,712 | | | | 0.0 | |
| 59,700 | | | COSCO SHIPPING Holdings Co. Ltd. - Class A | | | 80,642 | | | | 0.0 | |
| 167,000 | | | COSCO SHIPPING Holdings Co. Ltd. - Class H | | | 167,913 | | | | 0.1 | |
| 724,000 (1)(3) | | | Country Garden Holdings Co. Ltd. | | | 72,462 | | | | 0.0 | |
| 121,000 (3) | | | Country Garden Services Holdings Co. Ltd. | | | 104,780 | | | | 0.0 | |
| 106,300 | | | CRRC Corp. Ltd. - Class A | | | 78,815 | | | | 0.0 | |
| 224,000 | | | CRRC Corp. Ltd. - Class H | | | 98,744 | | | | 0.0 | |
| 16,400 | | | CSC Financial Co. Ltd. - Class A | | | 54,713 | | | | 0.0 | |
| 6,900 | | | CSPC Innovation Pharmaceutical Co. Ltd. - Class A | | | 35,628 | | | | 0.0 | |
| 516,000 | | | CSPC Pharmaceutical Group Ltd. | | | 480,251 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 56,000 | | | Daqin Railway Co. Ltd. - Class A | | $ | 56,930 | | | | 0.0 | |
| 3,617 (1) | | | Daqo New Energy Corp., ADR | | | 96,212 | | | | 0.0 | |
| 8,760 | | | DaShenLin Pharmaceutical Group Co. Ltd. - Class A | | | 30,752 | | | | 0.0 | |
| 8,500 | | | Dongfang Electric Corp. Ltd. - Class A | | | 17,516 | | | | 0.0 | |
| 146,000 | | | Dongfeng Motor Group Co. Ltd. - Class H | | | 72,755 | | | | 0.0 | |
| 25,500 (1)(2) | | | East Buy Holding Ltd. | | | 90,855 | | | | 0.0 | |
| 54,840 | | | East Money Information Co. Ltd. - Class A | | | 108,660 | | | | 0.0 | |
| 45,000 | | | ENN Energy Holdings Ltd. | | | 332,300 | | | | 0.1 | |
| 5,300 | | | Eoptolink Technology, Inc. Ltd. - Class A | | | 36,748 | | | | 0.0 | |
| 6,100 | | | Eve Energy Co. Ltd. - Class A | | | 36,318 | | | | 0.0 | |
| 15,800 | | | Everbright Securities Co. Ltd. - Class A | | | 34,346 | | | | 0.0 | |
| 20,600 (1) | | | Fangda Carbon New Material Co. Ltd. - Class A | | | 15,218 | | | | 0.0 | |
| 11,000 | | | Flat Glass Group Co. Ltd. - Class A | | | 41,388 | | | | 0.0 | |
| 15,000 | | | Flat Glass Group Co. Ltd. - Class H | | | 25,319 | | | | 0.0 | |
| 55,700 | | | Focus Media Information Technology Co. Ltd. - Class A | | | 49,676 | | | | 0.0 | |
| 14,420 | | | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | | | 77,187 | | | | 0.0 | |
| 161,000 | | | Fosun International Ltd. | | | 94,647 | | | | 0.0 | |
| 67,200 | | | Founder Securities Co. Ltd. - Class A | | | 76,325 | | | | 0.0 | |
| 55,400 | | | Foxconn Industrial Internet Co. Ltd. - Class A | | | 118,019 | | | | 0.0 | |
| 8,900 | | | Fuyao Glass Industry Group Co. Ltd. - Class A | | | 46,910 | | | | 0.0 | |
| 35,200 (2)(3) | | | Fuyao Glass Industry Group Co. Ltd. - Class H | | | 171,405 | | | | 0.1 | |
| 8,600 | | | Ganfeng Lithium Group Co. Ltd. - Class A | | | 51,889 | | | | 0.0 | |
| 18,600 (2)(3) | | | Ganfeng Lithium Group Co. Ltd. - Class H | | | 70,270 | | | | 0.0 | |
| 69,900 | | | GD Power Development Co. Ltd. - Class A | | | 40,994 | | | | 0.0 | |
| 59,100 (1)(3) | | | GDS Holdings Ltd. - Class A | | | 66,881 | | | | 0.0 | |
| 39,400 | | | GEM Co. Ltd. - Class A | | | 30,327 | | | | 0.0 | |
| 68,000 (1) | | | Genscript Biotech Corp. | | | 173,066 | | | | 0.1 | |
| 33,700 | | | GF Securities Co. Ltd. - Class A | | | 67,913 | | | | 0.0 | |
| 48,200 | | | GF Securities Co. Ltd. - Class H | | | 57,719 | | | | 0.0 | |
| 2,300 | | | GigaDevice Semiconductor, Inc. - Class A | | | 29,940 | | | | 0.0 | |
| 12,000 | | | GoerTek, Inc. - Class A | | | 35,527 | | | | 0.0 | |
| 25,100 | | | Goldwind Science & Technology Co. Ltd. - Class A | | | 28,301 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 11,000 | | | Great Wall Motor Co. Ltd. - Class A | | $ | 39,130 | | | | 0.0 | |
| 123,500 | | | Great Wall Motor Co. Ltd. - Class H | | | 160,543 | | | | 0.1 | |
| 9,600 | | | Gree Electric Appliances, Inc. of Zhuhai - Class A | | | 43,579 | | | | 0.0 | |
| 63,500 (3) | | | Greentown China Holdings Ltd. | | | 64,757 | | | | 0.0 | |
| 5,600 | | | Guangdong Haid Group Co. Ltd. - Class A | | | 35,461 | | | | 0.0 | |
| 20,900 | | | Guanghui Energy Co. Ltd. - Class A | | | 21,030 | | | | 0.0 | |
| 33,900 | | | Guangzhou Automobile Group Co. Ltd. - Class A | | | 41,822 | | | | 0.0 | |
| 152,000 | | | Guangzhou Automobile Group Co. Ltd. - Class H | | | 70,681 | | | | 0.0 | |
| 4,900 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - Class A | | | 19,757 | | | | 0.0 | |
| 3,500 | | | Guangzhou Kingmed Diagnostics Group Co. Ltd. - Class A | | | 30,885 | | | | 0.0 | |
| 4,900 | | | Guangzhou Shiyuan Electronic Technology Co. Ltd. - Class A | | | 31,611 | | | | 0.0 | |
| 5,500 | | | Guangzhou Tinci Materials Technology Co. Ltd. - Class A | | | 19,442 | | | | 0.0 | |
| 27,600 | | | Guosen Securities Co. Ltd. - Class A | | | 33,243 | | | | 0.0 | |
| 29,800 | | | Guotai Junan Securities Co. Ltd. - Class A | | | 62,532 | | | | 0.0 | |
| 35,100 | | | Guoyuan Securities Co. Ltd. - Class A | | | 33,801 | | | | 0.0 | |
| 11,575 | | | H World Group Ltd., ADR | | | 387,068 | | | | 0.1 | |
| 94,000 (2)(3) | | | Haidilao International Holding Ltd. | | | 175,355 | | | | 0.1 | |
| 23,300 | | | Haier Smart Home Co. Ltd. - Class A | | | 69,028 | | | | 0.0 | |
| 135,400 | | | Haier Smart Home Co. Ltd. - Class H | | | 382,455 | | | | 0.1 | |
| 168,900 (1) | | | Hainan Airlines Holding Co. Ltd. - Class A | | | 32,623 | | | | 0.0 | |
| 39,000 | | | Haitian International Holdings Ltd. | | | 96,540 | | | | 0.0 | |
| 41,700 | | | Haitong Securities Co. Ltd. - Class A | | | 55,102 | | | | 0.0 | |
| 151,200 | | | Haitong Securities Co. Ltd. - Class H | | | 80,775 | | | | 0.0 | |
| 24,600 | | | Hangzhou Binjiang Real Estate Group Co. Ltd. - Class A | | | 25,238 | | | | 0.0 | |
| 6,180 | | | Hangzhou First Applied Material Co. Ltd. - Class A | | | 21,157 | | | | 0.0 | |
| 9,800 | | | Hangzhou Silan Microelectronics Co. Ltd. - Class A | | | 31,535 | | | | 0.0 | |
| 70,000 (2) | | | Hansoh Pharmaceutical Group Co. Ltd. | | | 141,475 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 7,200 | | | Henan Shenhuo Coal & Power Co. Ltd. - Class A | | $ | 17,067 | | | | 0.0 | |
| 12,100 | | | Henan Shuanghui Investment & Development Co. Ltd. - Class A | | | 45,597 | | | | 0.0 | |
| 39,000 | | | Hengan International Group Co. Ltd. | | | 145,174 | | | | 0.1 | |
| 22,700 (1) | | | Hengli Petrochemical Co. Ltd. - Class A | | | 42,132 | | | | 0.0 | |
| 1,800 | | | Hithink RoyalFlush Information Network Co. Ltd. - Class A | | | 39,845 | | | | 0.0 | |
| 3,889 (1) | | | Horizon Construction Development Ltd. | | | 2,286 | | | | 0.0 | |
| 37,000 (1)(2)(3) | | | Hua Hong Semiconductor Ltd. | | | 89,417 | | | | 0.0 | |
| 23,700 | | | Huadian Power International Corp. Ltd. - Class A | | | 17,182 | | | | 0.0 | |
| 6,400 | | | Huadong Medicine Co. Ltd. - Class A | | | 37,436 | | | | 0.0 | |
| 6,300 | | | Hualan Biological Engineering, Inc. - Class A | | | 19,654 | | | | 0.0 | |
| 33,100 (1) | | | Huaneng Power International, Inc. - Class A | | | 35,931 | | | | 0.0 | |
| 244,000 (1) | | | Huaneng Power International, Inc. - Class H | | | 129,438 | | | | 0.1 | |
| 31,000 | | | Huatai Securities Co. Ltd. - Class A | | | 61,004 | | | | 0.0 | |
| 68,800 (2) | | | Huatai Securities Co. Ltd. - Class H | | | 86,935 | | | | 0.0 | |
| 47,800 | | | Huaxia Bank Co. Ltd. - Class A | | | 37,875 | | | | 0.0 | |
| 11,200 | | | Huayu Automotive Systems Co. Ltd. - Class A | | | 25,704 | | | | 0.0 | |
| 2,100 | | | Huizhou Desay Sv Automotive Co. Ltd. - Class A | | | 38,345 | | | | 0.0 | |
| 5,200 | | | Humanwell Healthcare Group Co. Ltd. - Class A | | | 18,222 | | | | 0.0 | |
| 6,100 | | | Hundsun Technologies, Inc. - Class A | | | 24,724 | | | | 0.0 | |
| 21,000 (2)(3) | | | Hygeia Healthcare Holdings Co. Ltd. | | | 95,063 | | | | 0.0 | |
| 8,037 | | | Hygon Information Technology Co. Ltd. - Class A | | | 80,334 | | | | 0.0 | |
| 5,200 | | | IEIT Systems Co. Ltd. - Class A | | | 24,342 | | | | 0.0 | |
| 7,800 | | | Iflytek Co. Ltd. - Class A | | | 50,939 | | | | 0.0 | |
| 500 | | | Imeik Technology Development Co. Ltd. - Class A | | | 20,730 | | | | 0.0 | |
| 222,900 | | | Industrial & Commercial Bank of China Ltd. - Class A | | | 150,224 | | | | 0.1 | |
| 3,640,000 | | | Industrial & Commercial Bank of China Ltd. - Class H | | | 1,773,930 | | | | 0.5 | |
| 77,900 | | | Industrial Bank Co. Ltd. - Class A | | | 178,067 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 33,500 | | | Industrial Securities Co. Ltd. - Class A | | $ | 27,731 | | | | 0.0 | |
| 175,700 (1) | | | Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A | | | 36,156 | | | | 0.0 | |
| 21,300 | | | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | | | 80,371 | | | | 0.0 | |
| 59,400 (1) | | | Inner Mongolia Yitai Coal Co. Ltd. - Class B | | | 91,519 | | | | 0.0 | |
| 68,000 (1)(2)(3) | | | Innovent Biologics, Inc. | | | 372,399 | | | | 0.1 | |
| 24,271 (1) | | | iQIYI, Inc., ADR | | | 118,442 | | | | 0.0 | |
| 5,200 (1) | | | Isoftstone Information Technology Group Co. Ltd. - Class A | | | 33,842 | | | | 0.0 | |
| 9,300 | | | JA Solar Technology Co. Ltd. - Class A | | | 27,183 | | | | 0.0 | |
| 6,100 | | | Jason Furniture Hangzhou Co. Ltd. - Class A | | | 30,126 | | | | 0.0 | |
| 6,700 | | | JCET Group Co. Ltd. - Class A | | | 28,188 | | | | 0.0 | |
| 62,950 (1)(2)(3) | | | JD Health International, Inc. | | | 315,993 | | | | 0.1 | |
| 121,700 (1)(2) | | | JD Logistics, Inc. | | | 152,611 | | | | 0.1 | |
| 131,850 | | | JD.com, Inc. - Class A | | | 1,904,322 | | | | 0.5 | |
| 27,300 | | | Jiangsu Eastern Shenghong Co. Ltd. - Class A | | | 36,941 | | | | 0.0 | |
| 68,000 | | | Jiangsu Expressway Co. Ltd. - Class H | | | 61,186 | | | | 0.0 | |
| 4,600 | | | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | | | 35,474 | | | | 0.0 | |
| 24,100 | | | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | | | 153,790 | | | | 0.1 | |
| 4,300 | | | Jiangsu King’s Luck Brewery JSC Ltd. - Class A | | | 29,572 | | | | 0.0 | |
| 2,600 | | | Jiangsu Pacific Quartz Co. Ltd. - Class A | | | 31,862 | | | | 0.0 | |
| 4,900 | | | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | | | 76,010 | | | | 0.0 | |
| 10,400 | | | Jiangsu Zhongtian Technology Co. Ltd. - Class A | | | 18,306 | | | | 0.0 | |
| 72,000 | | | Jiangxi Copper Co. Ltd. - Class H | | | 101,844 | | | | 0.0 | |
| 22,352 | | | Jinko Solar Co. Ltd. - Class A | | | 27,906 | | | | 0.0 | |
| 12,646 | | | Kanzhun Ltd., ADR | | | 210,050 | | | | 0.1 | |
| 37,285 | | | KE Holdings, Inc., ADR | | | 604,390 | | | | 0.2 | |
| 157,000 (1) | | | Kingdee International Software Group Co. Ltd. | | | 229,191 | | | | 0.1 | |
| 54,000 | | | Kingsoft Corp. Ltd. | | | 166,937 | | | | 0.1 | |
| 130,700 (1)(2) | | | Kuaishou Technology | | | 889,312 | | | | 0.2 | |
| 16,113 | | | Kuang-Chi Technologies Co. Ltd. - Class A | | | 33,598 | | | | 0.0 | |
| 6,900 (1) | | | Kunlun Tech Co. Ltd. - Class A | | | 36,379 | | | | 0.0 | |
| 4,300 | | | Kweichow Moutai Co. Ltd. - Class A | | | 1,046,715 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 8,900 | | | LB Group Co. Ltd. - Class A | | $ | 21,509 | | | | 0.0 | |
| 416,000 | | | Lenovo Group Ltd. | | | 582,167 | | | | 0.2 | |
| 21,300 | | | Lens Technology Co. Ltd. - Class A | | | 39,618 | | | | 0.0 | |
| 13,300 | | | Lepu Medical Technology Beijing Co. Ltd. - Class A | | | 30,308 | | | | 0.0 | |
| 64,500 (1) | | | Li Auto, Inc. - Class A | | | 1,208,480 | | | | 0.3 | |
| 133,000 | | | Li Ning Co. Ltd. | | | 356,923 | | | | 0.1 | |
| 26,100 | | | Lingyi iTech Guangdong Co. - Class A | | | 24,844 | | | | 0.0 | |
| 111,500 (2)(3) | | | Longfor Group Holdings Ltd. | | | 178,945 | | | | 0.1 | |
| 24,600 | | | LONGi Green Energy Technology Co. Ltd. - Class A | | | 79,421 | | | | 0.0 | |
| 11,217 | | | Lufax Holding Ltd., ADR | | | 34,436 | | | | 0.0 | |
| 26,200 | | | Luxshare Precision Industry Co. Ltd. - Class A | | | 127,226 | | | | 0.1 | |
| 5,443 | | | Luzhou Laojiao Co. Ltd. - Class A | | | 137,963 | | | | 0.1 | |
| 6,100 | | | Mango Excellent Media Co. Ltd. - Class A | | | 21,680 | | | | 0.0 | |
| 1,900 | | | Maxscend Microelectronics Co. Ltd. - Class A | | | 37,744 | | | | 0.0 | |
| 284,400 (1)(2) | | | Meituan - Class B | | | 2,985,853 | | | | 0.8 | |
| 60,400 | | | Metallurgical Corp. of China Ltd. - Class A | | | 26,055 | | | | 0.0 | |
| 43,600 (1)(3) | | | Microport Scientific Corp. | | | 47,033 | | | | 0.0 | |
| 15,600 | | | Ming Yang Smart Energy Group Ltd. - Class A | | | 27,568 | | | | 0.0 | |
| 21,000 | | | MINISO Group Holding Ltd. | | | 107,296 | | | | 0.0 | |
| 48,000 | | | Minth Group Ltd. | | | 97,086 | | | | 0.0 | |
| 3,815 | | | Montage Technology Co. Ltd. - Class A | | | 31,557 | | | | 0.0 | |
| 18,300 | | | Muyuan Foods Co. Ltd. - Class A | | | 106,321 | | | | 0.0 | |
| 27,200 | | | NARI Technology Co. Ltd. - Class A | | | 85,578 | | | | 0.0 | |
| 1,900 | | | NAURA Technology Group Co. Ltd. - Class A | | | 65,788 | | | | 0.0 | |
| 108,400 | | | NetEase, Inc. | | | 1,955,709 | | | | 0.5 | |
| 8,000 | | | New China Life Insurance Co. Ltd. - Class A | | | 35,142 | | | | 0.0 | |
| 46,300 | | | New China Life Insurance Co. Ltd. - Class H | | | 90,334 | | | | 0.0 | |
| 15,400 (1) | | | New Hope Liuhe Co. Ltd. - Class A | | | 20,249 | | | | 0.0 | |
| 83,600 (1) | | | New Oriental Education & Technology Group, Inc. | | | 609,414 | | | | 0.2 | |
| 9,300 | | | Ninestar Corp. - Class A | | | 29,672 | | | | 0.0 | |
| 5,000 | | | Ningbo Orient Wires & Cables Co. Ltd. - Class A | | | 30,134 | | | | 0.0 | |
| 16,900 | | | Ningbo Shanshan Co. Ltd. - Class A | | | 32,446 | | | | 0.0 | |
| 4,100 | | | Ningbo Tuopu Group Co. Ltd. - Class A | | | 42,411 | | | | 0.0 | |
| 40,700 | | | Ningxia Baofeng Energy Group Co. Ltd. - Class A | | | 84,768 | | | | 0.0 | |
| 78,304 (1)(3) | | | NIO, Inc., ADR | | | 710,217 | | | | 0.2 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 113,200 (2)(3) | | | Nongfu Spring Co. Ltd. - Class H | | $ | 655,034 | | | | 0.2 | |
| 4,300 | | | Oppein Home Group, Inc. - Class A | | | 42,203 | | | | 0.0 | |
| 28,300 | | | Orient Securities Co. Ltd./ China - Class A | | | 34,720 | | | | 0.0 | |
| 63,300 (1) | | | Pangang Group Vanadium Titanium & Resources Co. Ltd. - Class A | | | 29,278 | | | | 0.0 | |
| 6,500 | | | People.cn Co. Ltd. - Class A | | | 25,608 | | | | 0.0 | |
| 573,000 | | | People’s Insurance Co. Group of China Ltd. - Class H | | | 176,247 | | | | 0.1 | |
| 82,400 | | | PetroChina Co. Ltd. - Class A | | | 82,001 | | | | 0.0 | |
| 1,178,000 | | | PetroChina Co. Ltd. - Class H | | | 778,411 | | | | 0.2 | |
| 4,300 | | | Pharmaron Beijing Co. Ltd. - Class A | | | 17,552 | | | | 0.0 | |
| 396,000 | | | PICC Property & Casualty Co. Ltd. - Class H | | | 471,247 | | | | 0.1 | |
| 65,500 | | | Ping An Bank Co. Ltd. - Class A | | | 86,731 | | | | 0.0 | |
| 35,700 (1)(2)(3) | | | Ping An Healthcare and Technology Co. Ltd. | | | 81,357 | | | | 0.0 | |
| 42,300 | | | Ping An Insurance Group Co. of China Ltd. - Class A | | | 240,646 | | | | 0.1 | |
| 368,000 | | | Ping An Insurance Group Co. of China Ltd. - Class H | | | 1,666,046 | | | | 0.4 | |
| 1,108 | | | Piotech, Inc. - Class A | | | 36,119 | | | | 0.0 | |
| 38,800 | | | Poly Developments and Holdings Group Co. Ltd. - Class A | | | 54,202 | | | | 0.0 | |
| 29,200 (2)(3) | | | Pop Mart International Group Ltd. | | | 75,765 | | | | 0.0 | |
| 103,400 | | | Postal Savings Bank of China Co. Ltd. - Class A | | | 63,439 | | | | 0.0 | |
| 441,000 (2)(3) | | | Postal Savings Bank of China Co. Ltd. - Class H | | | 210,855 | | | | 0.1 | |
| 52,800 | | | Power Construction Corp. of China Ltd. - Class A | | | 36,401 | | | | 0.0 | |
| 6,187 | | | Qifu Technology, Inc., ADR | | | 97,878 | | | | 0.0 | |
| 18,900 (1) | | | Qinghai Salt Lake Industry Co. Ltd. - Class A | | | 42,509 | | | | 0.0 | |
| 34,200 | | | Rongsheng Petrochemical Co. Ltd. - Class A | | | 49,916 | | | | 0.0 | |
| 31,200 | | | SAIC Motor Corp. Ltd. - Class A | | | 59,521 | | | | 0.0 | |
| 19,000 | | | Sanan Optoelectronics Co. Ltd. - Class A | | | 37,090 | | | | 0.0 | |
| 2,800 (1) | | | Sangfor Technologies, Inc. - Class A | | | 28,533 | | | | 0.0 | |
| 62,000 | | | Sany Heavy Equipment International Holdings Co. Ltd. | | | 60,007 | | | | 0.0 | |
| 28,100 | | | Sany Heavy Industry Co. Ltd. - Class A | | | 54,562 | | | | 0.0 | |
| 11,900 (1) | | | Satellite Chemical Co. Ltd. - Class A | | | 24,762 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 22,100 | | | SDIC Power Holdings Co. Ltd. - Class A | | $ | 41,070 | | | | 0.0 | |
| 6,000 (1) | | | Seres Group Co. Ltd. - Class A | | | 64,447 | | | | 0.0 | |
| 16,400 | | | SF Holding Co. Ltd. - Class A | | | 93,529 | | | | 0.0 | |
| 1,420 | | | SG Micro Corp. - Class A | | | 17,811 | | | | 0.0 | |
| 30,900 | | | Shaanxi Coal Industry Co. Ltd. - Class A | | | 91,055 | | | | 0.0 | |
| 26,700 | | | Shan Xi Hua Yang Group New Energy Co. Ltd. - Class A | | | 36,750 | | | | 0.0 | |
| 20,700 | | | Shandong Gold Mining Co. Ltd. - Class A | | | 66,681 | | | | 0.0 | |
| 34,750 (2)(3) | | | Shandong Gold Mining Co. Ltd. - Class H | | | 65,933 | | | | 0.0 | |
| 7,500 | | | Shandong Hualu Hengsheng Chemical Co. Ltd. - Class A | | | 29,176 | | | | 0.0 | |
| 11,500 | | | Shandong Linglong Tyre Co. Ltd. - Class A | | | 31,169 | | | | 0.0 | |
| 138,000 (3) | | | Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | | | 134,492 | | | | 0.1 | |
| 7,500 | | | Shanghai Bairun Investment Holding Group Co. Ltd. - Class A | | | 26,014 | | | | 0.0 | |
| 6,940 | | | Shanghai Baosight Software Co. Ltd. - Class A | | | 47,743 | | | | 0.0 | |
| 41,604 | | | Shanghai Baosight Software Co. Ltd. - Class B | | | 88,209 | | | | 0.0 | |
| 48,400 (1) | | | Shanghai Electric Group Co. Ltd. - Class A | | | 28,455 | | | | 0.0 | |
| 13,000 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class A | | | 45,877 | | | | 0.0 | |
| 17,500 (3) | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class H | | | 38,116 | | | | 0.0 | |
| 4,144 | | | Shanghai Fudan Microelectronics Group Co. Ltd. - Class A | | | 22,571 | | | | 0.0 | |
| 3,900 (1) | | | Shanghai International Airport Co. Ltd. - Class A | | | 18,026 | | | | 0.0 | |
| 6,200 | | | Shanghai Jinjiang International Hotels Co. Ltd. - Class A | | | 26,148 | | | | 0.0 | |
| 5,112 (1) | | | Shanghai Junshi Biosciences Co. Ltd. - Class A | | | 30,139 | | | | 0.0 | |
| 3,000 | | | Shanghai M&G Stationery, Inc. - Class A | | | 15,883 | | | | 0.0 | |
| 59,200 | | | Shanghai Pharmaceuticals Holding Co. Ltd. - Class H | | | 86,612 | | | | 0.0 | |
| 105,600 | | | Shanghai Pudong Development Bank Co. Ltd. - Class A | | | 98,598 | | | | 0.0 | |
| 5,510 | | | Shanghai Putailai New Energy Technology Co. Ltd. - Class A | | | 16,250 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 25,600 | | | Shanghai RAAS Blood Products Co. Ltd. - Class A | | $ | 28,874 | | | | 0.0 | |
| 4,733 | | | Shanghai United Imaging Healthcare Co. Ltd. - Class A | | | 91,428 | | | | 0.0 | |
| 31,000 | | | Shanghai Yuyuan Tourist Mart Group Co. Ltd. - Class A | | | 27,150 | | | | 0.0 | |
| 10,400 | | | Shanghai Zhangjiang High- Tech Park Development Co. Ltd. - Class A | | | 28,251 | | | | 0.0 | |
| 28,000 | | | Shanxi Coking Coal Energy Group Co. Ltd. - Class A | | | 39,003 | | | | 0.0 | |
| 10,500 | | | Shanxi Lu’an Environmental Energy Development Co. Ltd. - Class A | | | 32,438 | | | | 0.0 | |
| 32,800 (1) | | | Shanxi Meijin Energy Co. Ltd. - Class A | | | 30,787 | | | | 0.0 | |
| 4,400 | | | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | | | 143,218 | | | | 0.1 | |
| 8,800 | | | Shengyi Technology Co. Ltd. - Class A | | | 22,726 | | | | 0.0 | |
| 1,600 | | | Shennan Circuits Co. Ltd. - Class A | | | 16,015 | | | | 0.0 | |
| 91,000 | | | Shenwan Hongyuan Group Co. Ltd. - Class A | | | 56,988 | | | | 0.0 | |
| 5,500 | | | Shenzhen Capchem Technology Co. Ltd. - Class A | | | 36,677 | | | | 0.0 | |
| 3,800 | | | Shenzhen Inovance Technology Co. Ltd. - Class A | | | 33,848 | | | | 0.0 | |
| 8,260 | | | Shenzhen Kangtai Biological Products Co. Ltd. - Class A | | | 31,621 | | | | 0.0 | |
| 4,500 | | | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | | | 184,522 | | | | 0.1 | |
| 2,800 | | | Shenzhen New Industries Biomedical Engineering Co. Ltd. - Class A | | | 30,873 | | | | 0.0 | |
| 58,900 (1) | | | Shenzhen Overseas Chinese Town Co. Ltd. - Class A | | | 25,859 | | | | 0.0 | |
| 3,082 | | | Shenzhen Transsion Holdings Co. Ltd. - Class A | | | 60,121 | | | | 0.0 | |
| 46,200 | | | Shenzhou International Group Holdings Ltd. | | | 473,959 | | | | 0.1 | |
| 10,600 | | | Shijiazhuang Yiling Pharmaceutical Co. Ltd. - Class A | | | 34,475 | | | | 0.0 | |
| 15,800 | | | Sichuan Chuantou Energy Co. Ltd. - Class A | | | 33,684 | | | | 0.0 | |
| 4,500 | | | Sichuan Kelun Pharmaceutical Co. Ltd. - Class A | | | 18,434 | | | | 0.0 | |
| 24,940 | | | Sichuan Road and Bridge Group Co. Ltd. - Class A | | | 26,347 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | | China (continued) | | | | | | | | |
| 3,800 | | | Sichuan Swellfun Co. Ltd. - Class A | | $ | 31,530 | | | | 0.0 | |
| 19,000 | | | Silergy Corp. | | | 308,387 | | | | 0.1 | |
| 12,600 | | | Sinoma Science & Technology Co. Ltd. - Class A | | | 28,275 | | | | 0.0 | |
| 75,600 | | | Sinopharm Group Co. Ltd. - Class H | | | 198,132 | | | | 0.1 | |
| 42,500 | | | Sinotruk Hong Kong Ltd. | | | 83,429 | | | | 0.0 | |
| 3,920 (1) | | | Skshu Paint Co. Ltd. - Class A | | | 26,314 | | | | 0.0 | |
| 111,000 (2) | | | Smoore International Holdings Ltd. | | | 92,514 | | | | 0.0 | |
| 19,900 | | | Songcheng Performance Development Co. Ltd. - Class A | | | 27,694 | | | | 0.0 | |
| 1,000 | | | StarPower Semiconductor Ltd. - Class A | | | 25,508 | | | | 0.0 | |
| 4,900 | | | Sungrow Power Supply Co. Ltd. - Class A | | | 60,499 | | | | 0.0 | |
| 40,300 (3) | | | Sunny Optical Technology Group Co. Ltd. | | | 366,363 | | | | 0.1 | |
| 13,500 | | | Sunwoda Electronic Co. Ltd. - Class A | | | 28,100 | | | | 0.0 | |
| 12,300 | | | Suzhou Dongshan Precision Manufacturing Co. Ltd. - Class A | | | 31,501 | | | | 0.0 | |
| 1,760 | | | Suzhou Maxwell Technologies Co. Ltd. - Class A | | | 32,140 | | | | 0.0 | |
| 2,900 | | | Suzhou TFC Optical Communication Co. Ltd. - Class A | | | 37,300 | | | | 0.0 | |
| 24,724 (1) | | | TAL Education Group, ADR | | | 312,264 | | | | 0.1 | |
| 17,530 | | | TBEA Co. Ltd. - Class A | | | 34,104 | | | | 0.0 | |
| 69,040 (1) | | | TCL Technology Group Corp. - Class A | | | 41,851 | | | | 0.0 | |
| 11,025 | | | TCL Zhonghuan Renewable Energy Technology Co. Ltd. - Class A | | | 24,298 | | | | 0.0 | |
| 373,800 | | | Tencent Holdings Ltd. | | | 14,112,772 | | | | 3.5 | |
| 42,370 (1) | | | Tencent Music Entertainment Group, ADR | | | 381,754 | | | | 0.1 | |
| 4,700 | | | Tianqi Lithium Corp. - Class A | | | 36,962 | | | | 0.0 | |
| 32,300 | | | Tianshan Aluminum Group Co. Ltd. - Class A | | | 27,372 | | | | 0.0 | |
| 18,400 | | | Tianshui Huatian Technology Co. Ltd. - Class A | | | 22,102 | | | | 0.0 | |
| 120,000 | | | Tingyi Cayman Islands Holding Corp. | | | 146,351 | | | | 0.1 | |
| 14,400 (1) | | | Titan Wind Energy Suzhou Co. Ltd. - Class A | | | 23,544 | | | | 0.0 | |
| 74,800 (1) | | | Tongcheng Travel Holdings Ltd. | | | 138,533 | | | | 0.1 | |
| 8,400 (1) | | | Tongkun Group Co. Ltd. - Class A | | | 17,922 | | | | 0.0 | |
| 14,000 | | | Tongwei Co. Ltd. - Class A | | | 49,390 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 2,400 (1) | | | Topchoice Medical Corp. - Class A | | $ | 25,864 | | | | 0.0 | |
| 117,000 (2) | | | Topsports International Holdings Ltd. | | | 91,237 | | | | 0.0 | |
| 59,000 | | | TravelSky Technology Ltd. - Class H | | | 102,018 | | | | 0.0 | |
| 6,049 | | | Trina Solar Co. Ltd. - Class A | | | 24,341 | | | | 0.0 | |
| 30,800 (1) | | | Trip.com Group Ltd. | | | 1,105,664 | | | | 0.3 | |
| 2,600 | | | Tsingtao Brewery Co. Ltd. - Class A | | | 27,406 | | | | 0.0 | |
| 36,000 (3) | | | Tsingtao Brewery Co. Ltd. - Class H | | | 241,895 | | | | 0.1 | |
| 2,900 (1) | | | Unigroup Guoxin Microelectronics Co. Ltd. - Class A | | | 27,566 | | | | 0.0 | |
| 8,900 (1) | | | Unisplendour Corp. Ltd. - Class A | | | 24,268 | | | | 0.0 | |
| 20,031 (1) | | | Vipshop Holdings Ltd., ADR | | | 355,751 | | | | 0.1 | |
| 10,600 | | | Walvax Biotechnology Co. Ltd. - Class A | | | 35,124 | | | | 0.0 | |
| 11,800 | | | Wanhua Chemical Group Co. Ltd. - Class A | | | 127,902 | | | | 0.1 | |
| 5,028 | | | Weibo Corp., ADR | | | 55,057 | | | | 0.0 | |
| 31,000 | | | Weichai Power Co. Ltd. - Class A | | | 59,621 | | | | 0.0 | |
| 103,000 | | | Weichai Power Co. Ltd. - Class H | | | 172,077 | | | | 0.1 | |
| 23,900 | | | Wens Foodstuffs Group Co. Ltd. - Class A | | | 67,600 | | | | 0.0 | |
| 25,900 | | | Western Securities Co. Ltd. - Class A | | | 23,268 | | | | 0.0 | |
| 4,894 | | | Western Superconducting Technologies Co. Ltd. - Class A | | | 36,732 | | | | 0.0 | |
| 4,700 | | | Will Semiconductor Co. Ltd. Shanghai - Class A | | | 70,712 | | | | 0.0 | |
| 4,600 (1) | | | Wingtech Technology Co. Ltd. - Class A | | | 27,438 | | | | 0.0 | |
| 15,200 | | | Wuliangye Yibin Co. Ltd. - Class A | | | 300,890 | | | | 0.1 | |
| 10,300 | | | WUS Printed Circuit Kunshan Co. Ltd. - Class A | | | 32,094 | | | | 0.0 | |
| 9,392 | | | WuXi AppTec Co. Ltd. - Class A | | | 96,384 | | | | 0.0 | |
| 20,000 (2) | | | WuXi AppTec Co. Ltd. - Class H | | | 203,762 | | | | 0.1 | |
| 215,000 (1)(2) | | | Wuxi Biologics Cayman, Inc. | | | 813,185 | | | | 0.2 | |
| 42,900 | | | XCMG Construction Machinery Co. Ltd. - Class A | | | 33,030 | | | | 0.0 | |
| 22,500 | | | Xiamen C & D, Inc. - Class A | | | 30,583 | | | | 0.0 | |
| 864,000 (1)(2) | | | Xiaomi Corp. - Class B | | | 1,730,113 | | | | 0.4 | |
| 15,000 | | | Xinjiang Daqo New Energy Co. Ltd. - Class A | | | 62,543 | | | | 0.0 | |
| 276,000 | | | Xinyi Solar Holdings Ltd. | | | 161,362 | | | | 0.1 | |
| 60,300 (1) | | | XPeng, Inc. - Class A | | | 439,253 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 77,000 | | | Xtep International Holdings Ltd. | | $ | 43,528 | | | | 0.0 | |
| 74,000 (2)(3) | | | Yadea Group Holdings Ltd. | | | 130,342 | | | | 0.1 | |
| 15,350 | | | Yankuang Energy Group Co. Ltd. - Class A | | | 42,875 | | | | 0.0 | |
| 124,000 (3) | | | Yankuang Energy Group Co. Ltd. - Class H | | | 235,857 | | | | 0.1 | |
| 3,940 | | | Yealink Network Technology Corp. Ltd. - Class A | | | 16,412 | | | | 0.0 | |
| 3,260 | | | Yifeng Pharmacy Chain Co. Ltd. - Class A | | | 18,408 | | | | 0.0 | |
| 5,100 | | | Yihai Kerry Arawana Holdings Co. Ltd. - Class A | | | 24,016 | | | | 0.0 | |
| 8,900 | | | Yintai Gold Co. Ltd. - Class A | | | 18,775 | | | | 0.0 | |
| 3,860 | | | YongXing Special Materials Technology Co. Ltd. - Class A | | | 28,387 | | | | 0.0 | |
| 11,300 | | | Yonyou Network Technology Co. Ltd. - Class A | | | 28,332 | | | | 0.0 | |
| 11,400 | | | YTO Express Group Co. Ltd. - Class A | | | 19,755 | | | | 0.0 | |
| 23,240 | | | Yum China Holdings, Inc. | | | 986,073 | | | | 0.3 | |
| 21,300 | | | Yunda Holding Co. Ltd. - Class A | | | 22,397 | | | | 0.0 | |
| 12,700 | | | Yunnan Aluminium Co. Ltd. - Class A | | | 21,884 | | | | 0.0 | |
| 6,900 | | | Yunnan Baiyao Group Co. Ltd. - Class A | | | 47,828 | | | | 0.0 | |
| 13,400 | | | Yunnan Yuntianhua Co. Ltd. - Class A | | | 29,467 | | | | 0.0 | |
| 51,900 (1)(3) | | | Zai Lab Ltd. | | | 140,488 | | | | 0.1 | |
| 4,900 | | | Zangge Mining Co. Ltd. - Class A | | | 17,506 | | | | 0.0 | |
| 2,100 | | | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A | | | 71,626 | | | | 0.0 | |
| 80,500 (3) | | | Zhaojin Mining Industry Co. Ltd. - Class H | | | 100,007 | | | | 0.0 | |
| 41,200 (1) | | | Zhejiang Century Huatong Group Co. Ltd. - Class A | | | 29,975 | | | | 0.0 | |
| 17,000 | | | Zhejiang China Commodities City Group Co. Ltd. - Class A | | | 17,545 | | | | 0.0 | |
| 6,800 | | | Zhejiang Chint Electrics Co. Ltd. - Class A | | | 20,624 | | | | 0.0 | |
| 12,100 | | | Zhejiang Dahua Technology Co. Ltd. - Class A | | | 31,475 | | | | 0.0 | |
| 96,600 | | | Zhejiang Expressway Co. Ltd. - Class H | | | 64,489 | | | | 0.0 | |
| 4,900 | | | Zhejiang Huayou Cobalt Co. Ltd. - Class A | | | 22,746 | | | | 0.0 | |
| 4,400 | | | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. - Class A | | | 27,348 | | | | 0.0 | |
| 27,800 (1)(2) | | | Zhejiang Leapmotor Technology Co. Ltd. | | | 127,233 | | | | 0.1 | |
| 11,800 | | | Zhejiang NHU Co. Ltd. - Class A | | | 28,218 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | China (continued) | | | | | | | | |
| 12,500 | | | Zhejiang Weixing New Building Materials Co. Ltd. - Class A | | $ | 25,518 | | | | 0.0 | |
| 93,900 (1) | | | Zhejiang Zheneng Electric Power Co. Ltd. - Class A | | | 61,036 | | | | 0.0 | |
| 43,900 (1)(2)(3) | | | ZhongAn Online P&C Insurance Co. Ltd. - Class H | | | 100,597 | | | | 0.0 | |
| 3,300 | | | Zhongji Innolight Co. Ltd. - Class A | | | 52,387 | | | | 0.0 | |
| 50,500 | | | Zhongsheng Group Holdings Ltd. | | | 120,959 | | | | 0.1 | |
| 21,200 | | | Zhongtai Securities Co. Ltd. - Class A | | | 20,507 | | | | 0.0 | |
| 31,000 | | | Zhuzhou CRRC Times Electric Co. Ltd. - Class H | | | 88,550 | | | | 0.0 | |
| 84,500 | | | Zijin Mining Group Co. Ltd. - Class A | | | 148,322 | | | | 0.1 | |
| 300,000 | | | Zijin Mining Group Co. Ltd. - Class H | | | 489,051 | | | | 0.1 | |
| 26,200 | | | Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class A | | | 24,127 | | | | 0.0 | |
| 19,400 | | | ZTE Corp. - Class A | | | 72,406 | | | | 0.0 | |
| 36,200 | | | ZTE Corp. - Class H | | | 80,903 | | | | 0.0 | |
| 24,517 | | | ZTO Express Cayman, Inc., ADR | | | 521,722 | | | | 0.2 | |
| | | | | | 93,862,871 | | | | 23.3 | |
| | | Colombia: 0.1% | | | | | | | | |
| 14,798 | | | Bancolombia SA - Preference Shares | | | 126,774 | | | | 0.1 | |
| 25,404 | | | Interconexion Electrica SA ESP | | | 101,476 | | | | 0.0 | |
| | | | | | 228,250 | | | | 0.1 | |
| | | Czechia: 0.2% | | | | | | | | |
| 8,995 | | | CEZ AS | | | 385,521 | | | | 0.1 | |
| 4,570 | | | Komercni Banka AS | | | 147,985 | | | | 0.1 | |
| 20,375 (2) | | | Moneta Money Bank AS | | | 85,251 | | | | 0.0 | |
| | | | | | 618,757 | | | | 0.2 | |
| | | Egypt: 0.1% | | | | | | | | |
| 147,081 | | | Commercial International Bank Egypt SAE | | | 346,961 | | | | 0.1 | |
| 52,463 | | | Eastern Co. SAE | | | 47,619 | | | | 0.0 | |
| 40,072 (1) | | | EFG Holding S.A.E. | | | 21,601 | | | | 0.0 | |
| | | | | | 416,181 | | | | 0.1 | |
| | | Greece: 0.5% | | | | | | | | |
| 130,426 (1) | | | Alpha Services and Holdings SA | | | 221,547 | | | | 0.1 | |
| 145,733 (1) | | | Eurobank Ergasias Services and Holdings SA | | | 258,927 | | | | 0.1 | |
| 11,388 | | | Hellenic Telecommunications Organization SA | | | 162,216 | | | | 0.0 | |
| 6,786 | | | Jumbo SA | | | 188,184 | | | | 0.1 | |
| 3,743 | | | Motor Oil Hellas Corinth Refineries SA | | | 98,178 | | | | 0.0 | |
| 5,733 | | | Mytilineos SA | | | 232,272 | | | | 0.1 | |
| 44,325 (1) | | | National Bank of Greece SA | | | 307,958 | | | | 0.1 | |
| 10,580 | | | OPAP SA | | | 179,518 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | Greece (continued) | | | | | | | | |
| 39,724 (1) | | | Piraeus Financial Holdings SA | | $ | 140,374 | | | | 0.0 | |
| 11,097 (1) | | | Public Power Corp. SA | | | 136,734 | | | | 0.0 | |
| | | | | | 1,925,908 | | | | 0.5 | |
| | | Hong Kong: 1.4% | | | | | | | | |
| 306,000 (1)(3) | | | Alibaba Health Information Technology Ltd. | | | 166,380 | | | | 0.1 | |
| 30,500 | | | Beijing Enterprises Holdings Ltd. | | | 106,067 | | | | 0.0 | |
| 226,000 | | | Beijing Enterprises Water Group Ltd. | | | 50,373 | | | | 0.0 | |
| 228,000 | | | Bosideng International Holdings Ltd. | | | 102,559 | | | | 0.0 | |
| 172,000 | | | Brilliance China Automotive Holdings Ltd. | | | 95,803 | | | | 0.0 | |
| 44,000 | | | C&D International Investment Group Ltd. | | | 93,558 | | | | 0.0 | |
| 244,000 | | | China Everbright Environment Group Ltd. | | | 79,428 | | | | 0.0 | |
| 154,800 | | | China Gas Holdings Ltd. | | | 152,946 | | | | 0.1 | |
| 82,000 | | | China Medical System Holdings Ltd. | | | 145,315 | | | | 0.0 | |
| 88,810 | | | China Merchants Port Holdings Co. Ltd. | | | 121,026 | | | | 0.0 | |
| 216,000 | | | China Overseas Land & Investment Ltd. | | | 381,085 | | | | 0.1 | |
| 70,000 | | | China Overseas Property Holdings Ltd. | | | 52,532 | | | | 0.0 | |
| 279,000 (3) | | | China Power International Development Ltd. | | | 102,628 | | | | 0.0 | |
| 92,000 | | | China Resources Beer Holdings Co. Ltd. | | | 403,691 | | | | 0.1 | |
| 52,300 | | | China Resources Gas Group Ltd. | | | 171,655 | | | | 0.1 | |
| 182,000 | | | China Resources Land Ltd. | | | 653,020 | | | | 0.2 | |
| 110,000 (3) | | | China Resources Power Holdings Co. Ltd. | | | 220,424 | | | | 0.1 | |
| 348,000 (1)(3) | | | China Ruyi Holdings Ltd. | | | 77,171 | | | | 0.0 | |
| 122,000 (3) | | | China State Construction International Holdings Ltd. | | | 141,179 | | | | 0.0 | |
| 86,800 | | | China Taiping Insurance Holdings Co. Ltd. | | | 74,852 | | | | 0.0 | |
| 190,000 (3) | | | China Traditional Chinese Medicine Holdings Co. Ltd. | | | 95,601 | | | | 0.0 | |
| 120,800 (3) | | | Chow Tai Fook Jewellery Group Ltd. | | | 179,969 | | | | 0.1 | |
| 70,000 (3) | | | COSCO SHIPPING Ports Ltd. | | | 50,603 | | | | 0.0 | |
| 105,000 (3) | | | Far East Horizon Ltd. | | | 82,641 | | | | 0.0 | |
| 1,242,000 (3) | | | GCL Technology Holdings Ltd. | | | 197,228 | | | | 0.1 | |
| 342,000 | | | Geely Automobile Holdings Ltd. | | | 376,751 | | | | 0.1 | |
| 178,000 | | | Guangdong Investment Ltd. | | | 129,560 | | | | 0.0 | |
| 43,500 | | | Kingboard Holdings Ltd. | | | 104,034 | | | | 0.0 | |
| 54,500 | | | Kingboard Laminates Holdings Ltd. | | | 46,909 | | | | 0.0 | |
| 232,000 | | | Kunlun Energy Co. Ltd. | | | 209,372 | | | | 0.1 | |
| 88,000 (1) | | | Nine Dragons Paper Holdings Ltd. | | | 43,356 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | |
| | | Hong Kong (continued) | | | | | | | | |
| 8,000 (3) | | | Orient Overseas International Ltd. | | $ | 111,728 | | | | 0.0 | |
| 598,000 | | | Sino Biopharmaceutical Ltd. | | | 266,015 | | | | 0.1 | |
| 20,000 | | | Vinda International Holdings Ltd. | | | 58,316 | | | | 0.0 | |
| 290,000 | | | Want Want China Holdings Ltd. | | | 175,296 | | | | 0.1 | |
| 90,200 | | | Yuexiu Property Co. Ltd. | | | 73,554 | | | | 0.0 | |
| | | | | | 5,592,625 | | | | 1.4 | |
| | | Hungary: 0.3% | | | | | | | | |
| 24,641 | | | MOL Hungarian Oil & Gas PLC | | | 200,729 | | | | 0.0 | |
| 13,386 | | | OTP Bank Nyrt | | | 609,764 | | | | 0.2 | |
| 8,148 | | | Richter Gedeon Nyrt | | | 205,512 | | | | 0.1 | |
| | | | | | 1,016,005 | | | | 0.3 | |
| | | India: 16.5% | | | | | | | | |
| 3,089 | | | ABB India Ltd. | | | 173,480 | | | | 0.0 | |
| 9,553 | | | Adani Enterprises Ltd. | | | 326,669 | | | | 0.1 | |
| 17,832 (1) | | | Adani Green Energy Ltd. | | | 342,240 | | | | 0.1 | |
| 29,323 | | | Adani Ports & Special Economic Zone Ltd. | | | 360,483 | | | | 0.1 | |
| 42,474 (1) | | | Adani Power Ltd. | | | 268,047 | | | | 0.1 | |
| 33,230 | | | Ambuja Cements Ltd. | | | 207,811 | | | | 0.1 | |
| 9,310 | | | APL Apollo Tubes Ltd. | | | 171,829 | | | | 0.0 | |
| 5,741 | | | Apollo Hospitals Enterprise Ltd. | | | 393,283 | | | | 0.1 | |
| 81,941 | | | Ashok Leyland Ltd. | | | 178,646 | | | | 0.0 | |
| 21,604 | | | Asian Paints Ltd. | | | 882,881 | | | | 0.2 | |
| 6,949 | | | Astral Ltd. | | | 159,207 | | | | 0.0 | |
| 9,625 (2) | | | AU Small Finance Bank Ltd. | | | 90,994 | | | | 0.0 | |
| 14,965 | | | Aurobindo Pharma Ltd. | | | 194,861 | | | | 0.1 | |
| 9,198 (1)(2) | | | Avenue Supermarts Ltd. | | | 451,115 | | | | 0.1 | |
| 127,193 | | | Axis Bank Ltd. | | | 1,683,320 | | | | 0.4 | |
| 3,921 | | | Bajaj Auto Ltd. | | | 320,187 | | | | 0.1 | |
| 15,149 | | | Bajaj Finance Ltd. | | | 1,332,981 | | | | 0.3 | |
| 21,403 | | | Bajaj Finserv Ltd. | | | 433,282 | | | | 0.1 | |
| 1,499 | | | Bajaj Holdings & Investment Ltd. | | | 138,190 | | | | 0.0 | |
| 4,472 | | | Balkrishna Industries Ltd. | | | 137,974 | | | | 0.0 | |
| 41,792 (2) | | | Bandhan Bank Ltd. | | | 121,111 | | | | 0.0 | |
| 59,550 | | | Bank of Baroda | | | 165,229 | | | | 0.0 | |
| 17,488 | | | Berger Paints India Ltd. | | | 127,072 | | | | 0.0 | |
| 210,483 | | | Bharat Electronics Ltd. | | | 465,643 | | | | 0.1 | |
| 14,169 | | | Bharat Forge Ltd. | | | 210,729 | | | | 0.1 | |
| 41,869 | | | Bharat Petroleum Corp. Ltd. | | | 226,746 | | | | 0.1 | |
| 125,207 | | | Bharti Airtel Ltd. | | | 1,552,200 | | | | 0.4 | |
| 6,206 | | | Britannia Industries Ltd. | | | 398,017 | | | | 0.1 | |
| 35,408 | | | CG Power & Industrial Solutions Ltd. | | | 193,278 | | | | 0.1 | |
| 23,488 | | | Cholamandalam Investment and Finance Co. Ltd. | | | 355,266 | | | | 0.1 | |
| 29,837 | | | Cipla Ltd./India | | | 446,689 | | | | 0.1 | |
| 87,615 | | | Coal India Ltd. | | | 395,634 | | | | 0.1 | |
| 7,381 | | | Colgate-Palmolive India Ltd. | | | 224,287 | | | | 0.1 | |
| 14,717 | | | Container Corp. Of India Ltd. | | | 151,904 | | | | 0.0 | |
| 7,904 | | | Cummins India Ltd. | | | 186,440 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) |
| 35,303 | | | Dabur India Ltd. | | $ | 236,299 | | | | 0.1 | |
| 6,658 | | | Divi’s Laboratories Ltd. | | | 312,164 | | | | 0.1 | |
| 35,440 | | | DLF Ltd. | | | 309,066 | | | | 0.1 | |
| 6,171 | | | Dr Reddy’s Laboratories Ltd. | | | 430,106 | | | | 0.1 | |
| 7,849 | | | Eicher Motors Ltd. | | | 390,645 | | | | 0.1 | |
| 131,652 | | | GAIL India Ltd. | | | 256,311 | | | | 0.1 | |
| 23,408 | | | Godrej Consumer Products Ltd. | | | 318,088 | | | | 0.1 | |
| 7,161 (1) | | | Godrej Properties Ltd. | | | 173,096 | | | | 0.0 | |
| 15,216 | | | Grasim Industries Ltd. | | | 390,111 | | | | 0.1 | |
| 14,962 | | | Havells India Ltd. | | | 245,835 | | | | 0.1 | |
| 53,208 | | | HCL Technologies Ltd. | | | 936,395 | | | | 0.2 | |
| 4,772 (2) | | | HDFC Asset Management Co. Ltd. | | | 183,716 | | | | 0.0 | |
| 156,479 | | | HDFC Bank Ltd. | | | 3,204,067 | | | | 0.8 | |
| 54,381 (2) | | | HDFC Life Insurance Co. Ltd. | | | 422,548 | | | | 0.1 | |
| 6,170 | | | Hero MotoCorp Ltd. | | | 306,696 | | | | 0.1 | |
| 68,443 | | | Hindalco Industries Ltd. | | | 504,837 | | | | 0.1 | |
| 11,146 | | | Hindustan Aeronautics Ltd. | | | 375,452 | | | | 0.1 | |
| 32,157 (1) | | | Hindustan Petroleum Corp. Ltd. | | | 154,153 | | | | 0.0 | |
| 45,559 | | | Hindustan Unilever Ltd. | | | 1,457,767 | | | | 0.4 | |
| 289,523 | | | ICICI Bank Ltd. | | | 3,459,742 | | | | 0.9 | |
| 13,877 (2) | | | ICICI Lombard General Insurance Co. Ltd. | | | 236,690 | | | | 0.1 | |
| 20,273 (2) | | | ICICI Prudential Life Insurance Co. Ltd. | | | 130,180 | | | | 0.0 | |
| 199,863 (1) | | | IDFC First Bank Ltd. | | | 213,281 | | | | 0.1 | |
| 47,077 | | | Indian Hotels Co. Ltd. | | | 247,862 | | | | 0.1 | |
| 155,993 | | | Indian Oil Corp. Ltd. | | | 243,294 | | | | 0.1 | |
| 13,957 | | | Indian Railway Catering & Tourism Corp. Ltd. | | | 148,764 | | | | 0.0 | |
| 18,094 | | | Indraprastha Gas Ltd. | | | 90,883 | | | | 0.0 | |
| 15,810 | | | IndusInd Bank Ltd. | | | 303,476 | | | | 0.1 | |
| 3,934 | | | Info Edge India Ltd. | | | 242,814 | | | | 0.1 | |
| 185,922 | | | Infosys Ltd. | | | 3,441,506 | | | | 0.9 | |
| 7,730 (1)(2) | | | InterGlobe Aviation Ltd. | | | 275,390 | | | | 0.1 | |
| 165,558 | | | ITC Ltd. | | | 918,971 | | | | 0.2 | |
| 20,556 | | | Jindal Steel & Power Ltd. | | | 184,567 | | | | 0.0 | |
| 34,704 | | | JSW Steel Ltd. | | | 366,753 | | | | 0.1 | |
| 22,753 | | | Jubilant Foodworks Ltd. | | | 154,416 | | | | 0.0 | |
| 60,998 | | | Kotak Mahindra Bank Ltd. | | | 1,397,620 | | | | 0.4 | |
| 37,714 | | | Larsen & Toubro Ltd. | | | 1,597,108 | | | | 0.4 | |
| 5,139 (2) | | | LTIMindtree Ltd. | | | 388,325 | | | | 0.1 | |
| 11,751 | | | Lupin Ltd. | | | 186,719 | | | | 0.0 | |
| 13,124 (2) | | | Macrotech Developers Ltd. | | | 161,228 | | | | 0.0 | |
| 51,911 | | | Mahindra & Mahindra Ltd. | | | 1,078,118 | | | | 0.3 | |
| 30,576 | | | Marico Ltd. | | | 201,472 | | | | 0.1 | |
| 7,584 | | | Maruti Suzuki India Ltd. | | | 938,372 | | | | 0.2 | |
| 43,006 | | | Max Healthcare Institute Ltd. | | | 354,663 | | | | 0.1 | |
| 4,498 | | | Mphasis Ltd. | | | 147,900 | | | | 0.0 | |
| 113 | | | MRF Ltd. | | | 175,904 | | | | 0.0 | |
| 6,860 | | | Muthoot Finance Ltd. | | | 121,632 | | | | 0.0 | |
| 1,905 | | | Nestle India Ltd. | | | 608,210 | | | | 0.2 | |
| 243,409 | | | NTPC Ltd. | | | 909,386 | | | | 0.2 | |
| 177,611 | | | Oil & Natural Gas Corp. Ltd. | | | 437,282 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) |
| 12,540 (1) | | | One 97 Communications Ltd. | | $ | 95,647 | | | | 0.0 | |
| 353 | | | Page Industries Ltd. | | | 163,294 | | | | 0.0 | |
| 2,822 | | | Persistent Systems Ltd. | | | 250,312 | | | | 0.1 | |
| 43,498 | | | Petronet LNG Ltd. | | | 116,313 | | | | 0.0 | |
| 4,896 | | | PI Industries Ltd. | | | 206,788 | | | | 0.1 | |
| 9,004 | | | Pidilite Industries Ltd. | | | 293,621 | | | | 0.1 | |
| 2,566 | | | Polycab India Ltd. | | | 169,038 | | | | 0.0 | |
| 81,093 | | | Power Finance Corp. Ltd. | | | 372,600 | | | | 0.1 | |
| 259,555 | | | Power Grid Corp. of India Ltd. | | | 739,303 | | | | 0.2 | |
| 71,752 | | | REC Ltd. | | | 355,711 | | | | 0.1 | |
| 170,167 | | | Reliance Industries Ltd. | | | 5,281,635 | | | | 1.3 | |
| 175,984 (1) | | | Reliance Strategic Investments Ltd. | | | 492,011 | | | | 0.1 | |
| 135,758 | | | Samvardhana Motherson International Ltd. | | | 166,218 | | | | 0.0 | |
| 16,058 | | | SBI Cards & Payment Services Ltd. | | | 146,524 | | | | 0.0 | |
| 25,302 (2) | | | SBI Life Insurance Co. Ltd. | | | 435,442 | | | | 0.1 | |
| 535 | | | Shree Cement Ltd. | | | 184,148 | | | | 0.0 | |
| 15,990 | | | Shriram Finance Ltd. | | | 394,437 | | | | 0.1 | |
| 5,148 | | | Siemens Ltd. | | | 248,842 | | | | 0.1 | |
| 23,781 (2) | | | Sona Blw Precision Forgings Ltd. | | | 184,052 | | | | 0.0 | |
| 8,743 | | | SRF Ltd. | | | 260,313 | | | | 0.1 | |
| 99,432 | | | State Bank of India | | | 766,488 | | | | 0.2 | |
| 53,620 | | | Sun Pharmaceutical Industries Ltd. | | | 811,156 | | | | 0.2 | |
| 3,579 | | | Supreme Industries Ltd. | | | 195,304 | | | | 0.1 | |
| 497,926 (1) | | | Suzlon Energy Ltd. | | | 228,384 | | | | 0.1 | |
| 6,113 | | | Tata Communications Ltd. | | | 129,989 | | | | 0.0 | |
| 51,174 | | | Tata Consultancy Services Ltd. | | | 2,330,663 | | | | 0.6 | |
| 31,944 | | | Tata Consumer Products Ltd. | | | 416,988 | | | | 0.1 | |
| 2,005 | | | Tata Elxsi Ltd. | | | 210,793 | | | | 0.1 | |
| 98,084 | | | Tata Motors Ltd. | | | 918,911 | | | | 0.2 | |
| 15,240 | | | Tata Motors Ltd. - DVR Shares | | | 95,016 | | | | 0.0 | |
| 80,163 | | | Tata Power Co. Ltd. | | | 319,649 | | | | 0.1 | |
| 413,209 | | | Tata Steel Ltd. | | | 692,596 | | | | 0.2 | |
| 30,660 | | | Tech Mahindra Ltd. | | | 468,362 | | | | 0.1 | |
| 19,367 | | | Titan Co. Ltd. | | | 854,801 | | | | 0.2 | |
| 5,890 | | | Torrent Pharmaceuticals Ltd. | | | 163,099 | | | | 0.0 | |
| 10,070 | | | Trent Ltd. | | | 369,492 | | | | 0.1 | |
| 5,904 | | | Tube Investments of India Ltd. | | | 251,168 | | | | 0.1 | |
| 13,614 | | | TVS Motor Co. Ltd. | | | 331,269 | | | | 0.1 | |
| 6,503 | | | UltraTech Cement Ltd. | | | 820,361 | | | | 0.2 | |
| 16,343 | | | United Spirits Ltd. | | | 219,359 | | | | 0.1 | |
| 25,807 | | | UPL Ltd. | | | 182,010 | | | | 0.0 | |
| 25,704 | | | Varun Beverages Ltd. | | | 381,843 | | | | 0.1 | |
| 49,932 | | | Vedanta Ltd. | | | 155,021 | | | | 0.0 | |
| 75,117 | | | Wipro Ltd. | | | 426,103 | | | | 0.1 | |
| 743,003 (1) | | | Yes Bank Ltd. | | | 191,404 | | | | 0.1 | |
| 286,328 (1) | | | Zomato Ltd. | | | 424,991 | | | | 0.1 | |
| | | | | | 66,349,074 | | | | 16.5 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Indonesia: 1.9% | |
| 782,900 | | | Adaro Energy Indonesia Tbk PT | | $ | 120,918 | | | | 0.0 | |
| 376,500 (1) | | | Amman Mineral Internasional PT | | | 160,213 | | | | 0.1 | |
| 474,500 | | | Aneka Tambang Tbk | | | 52,546 | | | | 0.0 | |
| 1,140,800 | | | Astra International Tbk PT | | | 418,356 | | | | 0.1 | |
| 3,100,000 | | | Bank Central Asia Tbk PT | | | 1,893,169 | | | | 0.5 | |
| 2,099,900 | | | Bank Mandiri Persero Tbk PT | | | 824,920 | | | | 0.2 | |
| 851,500 | | | Bank Negara Indonesia Persero Tbk PT | | | 297,122 | | | | 0.1 | |
| 3,801,000 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 1,412,710 | | | | 0.4 | |
| 1,620,700 | | | Barito Pacific Tbk PT | | | 139,914 | | | | 0.1 | |
| 401,400 | | | Charoen Pokphand Indonesia Tbk PT | | | 131,002 | | | | 0.0 | |
| 46,506,900 (1) | | | GoTo Gojek Tokopedia Tbk PT | | | 259,267 | | | | 0.1 | |
| 150,100 | | | Indah Kiat Pulp & Paper Tbk PT | | | 81,128 | | | | 0.0 | |
| 129,800 | | | Indofood CBP Sukses Makmur Tbk PT | | | 89,046 | | | | 0.0 | |
| 250,400 | | | Indofood Sukses Makmur Tbk PT | | | 104,903 | | | | 0.0 | |
| 1,142,600 | | | Kalbe Farma Tbk PT | | | 119,519 | | | | 0.0 | |
| 548,900 (1) | | | Merdeka Copper Gold Tbk PT | | | 96,222 | | | | 0.0 | |
| 1,120,200 | | | Sarana Menara Nusantara Tbk PT | | | 71,942 | | | | 0.0 | |
| 207,800 | | | Semen Indonesia Persero Tbk PT | | | 86,363 | | | | 0.0 | |
| 1,052,300 | | | Sumber Alfaria Trijaya Tbk PT | | | 200,249 | | | | 0.1 | |
| 2,806,100 | | | Telkom Indonesia Persero Tbk PT | | | 719,894 | | | | 0.2 | |
| 425,800 | | | Unilever Indonesia Tbk PT | | | 97,621 | | | | 0.0 | |
| 82,100 | | | United Tractors Tbk PT | | | 120,635 | | | | 0.0 | |
| | | | | | 7,497,659 | | | | 1.9 | |
| | | | Ireland: 1.2% |
| 33,541 (1) | | | PDD Holdings, Inc., ADR | | | 4,907,384 | | | | 1.2 | |
| |
| | | | Kuwait: 0.7% |
| 83,661 (1) | | | Agility Public Warehousing Co. KSC | | | 138,485 | | | | 0.0 | |
| 81,678 | | | Boubyan Bank KSCP | | | 159,464 | | | | 0.0 | |
| 123,920 | | | Gulf Bank KSCP | | | 113,288 | | | | 0.0 | |
| 450,434 | | | Kuwait Finance House KSCP | | | 1,063,773 | | | | 0.3 | |
| 36,300 | | | Mabanee Co. KPSC | | | 99,546 | | | | 0.0 | |
| 110,595 | | | Mobile Telecommunications Co. KSCP | | | 182,492 | | | | 0.1 | |
| 417,708 | | | National Bank of Kuwait SAKP | | | 1,215,207 | | | | 0.3 | |
| | | | | | 2,972,255 | | | | 0.7 | |
| | | | Luxembourg: 0.1% |
| 8,099 | | | Reinet Investments SCA | | | 206,414 | | | | 0.1 | |
| |
| | | | Malaysia: 1.3% |
| 104,200 | | | AMMB Holdings Bhd | | | 90,886 | | | | 0.0 | |
| 159,200 | | | Axiata Group Bhd | | | 82,417 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Malaysia (continued) |
| 195,700 | | | CELCOMDIGI BHD | | $ | 173,581 | | | | 0.1 | |
| 358,600 | | | CIMB Group Holdings Bhd | | | 456,564 | | | | 0.1 | |
| 173,700 | | | Dialog Group Bhd | | | 78,247 | | | | 0.0 | |
| 101,800 | | | Gamuda Bhd | | | 101,689 | | | | 0.0 | |
| 112,700 | | | Genting Bhd | | | 113,274 | | | | 0.0 | |
| 158,300 | | | Genting Malaysia Bhd | | | 92,632 | | | | 0.0 | |
| 39,300 | | | Hong Leong Bank Bhd | | | 161,617 | | | | 0.1 | |
| 122,100 | | | IHH Healthcare Bhd | | | 160,266 | | | | 0.1 | |
| 165,800 | | | Inari Amertron Bhd | | | 108,480 | | | | 0.0 | |
| 135,800 | | | IOI Corp. Bhd | | | 116,139 | | | | 0.0 | |
| 27,000 | | | Kuala Lumpur Kepong Bhd | | | 128,138 | | | | 0.0 | |
| 308,000 | | | Malayan Banking Bhd | | | 595,750 | | | | 0.2 | |
| 49,600 | | | Malaysia Airports Holdings Bhd | | | 79,454 | | | | 0.0 | |
| 139,900 | | | Maxis Bhd | | | 117,218 | | | | 0.0 | |
| 83,200 | | | MISC Bhd | | | 131,949 | | | | 0.1 | |
| 120,000 (2) | | | MR DIY Group M Bhd | | | 37,867 | | | | 0.0 | |
| 4,200 | | | Nestle Malaysia Bhd | | | 107,491 | | | | 0.0 | |
| 159,300 | | | Petronas Chemicals Group Bhd | | | 248,157 | | | | 0.1 | |
| 17,500 | | | Petronas Dagangan Bhd | | | 83,177 | | | | 0.0 | |
| 43,600 | | | Petronas Gas Bhd | | | 165,101 | | | | 0.1 | |
| 34,400 | | | PPB Group Bhd | | | 108,403 | | | | 0.0 | |
| 209,600 | | | Press Metal Aluminium Holdings Bhd | | | 219,303 | | | | 0.1 | |
| 822,100 | | | Public Bank Bhd | | | 767,252 | | | | 0.2 | |
| 69,700 | | | QL Resources Bhd | | | 86,613 | | | | 0.0 | |
| 90,400 | | | RHB Bank Bhd | | | 107,199 | | | | 0.0 | |
| 153,300 | | | Sime Darby Bhd | | | 78,387 | | | | 0.0 | |
| 121,700 | | | Sime Darby Plantation Bhd | | | 117,979 | | | | 0.0 | |
| 62,900 | | | Telekom Malaysia Bhd | | | 75,935 | | | | 0.0 | |
| 145,600 | | | Tenaga Nasional Bhd | | | 318,101 | | | | 0.1 | |
| | | | | | 5,309,266 | | | | 1.3 | |
| | | | Mexico: 2.7% |
| 182,608 | | | Alfa SAB de CV - Class A | | | 146,142 | | | | 0.0 | |
| 1,056,207 (1) | | | America Movil SAB de CV | | | 979,018 | | | | 0.2 | |
| 28,926 | | | Arca Continental SAB de CV | | | 316,294 | | | | 0.1 | |
| 41,878 (2) | | | Banco del Bajio SA | | | 140,226 | | | | 0.0 | |
| 843,994 (1) | | | Cemex SAB de CV | | | 656,567 | | | | 0.2 | |
| 28,808 | | | Coca-Cola Femsa SAB de CV | | | 273,524 | | | | 0.1 | |
| 164,840 | | | Fibra Uno Administracion SA de CV | | | 296,073 | | | | 0.1 | |
| 107,845 | | | Fomento Economico Mexicano SAB de CV | | | 1,406,475 | | | | 0.4 | |
| 10,368 | | | Gruma SAB de CV - Class B | | | 189,733 | | | | 0.1 | |
| 16,300 | | | Grupo Aeroportuario del Centro Norte SAB de CV | | | 172,388 | | | | 0.0 | |
| 21,989 | | | Grupo Aeroportuario del Pacifico SAB de CV - Class B | | | 385,691 | | | | 0.1 | |
| 10,999 | | | Grupo Aeroportuario del Sureste SAB de CV - Class B | | | 323,208 | | | | 0.1 | |
| 73,771 | | | Grupo Bimbo SAB de CV | | | 373,004 | | | | 0.1 | |
| 31,641 | | | Grupo Carso SAB de CV | | | 352,577 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Mexico (continued) |
| 144,769 | | | Grupo Financiero Banorte SAB de CV - Class O | | $ | 1,458,688 | | | | 0.4 | |
| 102,512 (1) | | | Grupo Financiero Inbursa SAB de CV - Class O | | | 280,775 | | | | 0.1 | |
| 174,498 | | | Grupo Mexico SAB de CV | | | 969,856 | | | | 0.2 | |
| 11,412 (1) | | | Industrias Penoles SAB de CV | | | 166,472 | | | | 0.0 | |
| 82,649 | | | Kimberly-Clark de Mexico SAB de CV - Class A | | | 185,195 | | | | 0.0 | |
| 70,562 | | | Operadora De Sites Mexicanos SAB de CV - Class 1 | | | 98,939 | | | | 0.0 | |
| 59,168 | | | Orbia Advance Corp. SAB de CV | | | 130,977 | | | | 0.0 | |
| 39,400 | | | Prologis Property Mexico SA de CV | | | 186,779 | | | | 0.1 | |
| 10,355 | | | Promotora y Operadora de Infraestructura SAB de CV | | | 111,752 | | | | 0.0 | |
| 290,879 | | | Wal-Mart de Mexico SAB de CV | | | 1,222,887 | | | | 0.3 | |
| | | | | | 10,823,240 | | | | 2.7 | |
| | | | Netherlands: 0.0% |
| 28,620 | | | NEPI Rockcastle NV | | | 197,731 | | | | 0.0 | |
| |
| | | | Peru: 0.2% |
| 12,998 | | | Cia de Minas Buenaventura SAA, ADR | | | 198,089 | | | | 0.1 | |
| 3,860 | | | Credicorp Ltd. | | | 578,730 | | | | 0.1 | |
| | | | | | 776,819 | | | | 0.2 | |
| | | | Philippines: 0.6% |
| 96,690 | | | Aboitiz Equity Ventures, Inc. | | | 77,855 | | | | 0.0 | |
| 14,620 | | | Ayala Corp. | | | 179,761 | | | | 0.0 | |
| 373,700 | | | Ayala Land, Inc. | | | 232,295 | | | | 0.1 | |
| 111,255 | | | Bank of the Philippine Islands | | | 208,433 | | | | 0.1 | |
| 134,190 | | | BDO Unibank, Inc. | | | 316,141 | | | | 0.1 | |
| 57,190 | | | International Container Terminal Services, Inc. | | | 254,913 | | | | 0.1 | |
| 154,240 | | | JG Summit Holdings, Inc. | | | 106,262 | | | | 0.0 | |
| 25,100 | | | Jollibee Foods Corp. | | | 113,909 | | | | 0.0 | |
| 15,920 | | | Manila Electric Co. | | | 114,670 | | | | 0.0 | |
| 105,760 | | | Metropolitan Bank & Trust Co. | | | 97,962 | | | | 0.0 | |
| 4,460 | | | PLDT, Inc. | | | 102,997 | | | | 0.0 | |
| 13,770 | | | SM Investments Corp. | | | 216,745 | | | | 0.1 | |
| 569,200 | | | SM Prime Holdings, Inc. | | | 338,179 | | | | 0.1 | |
| 51,780 | | | Universal Robina Corp. | | | 110,428 | | | | 0.0 | |
| | | | | | 2,470,550 | | | | 0.6 | |
| | | | Poland: 0.9% |
| 29,871 (1)(2) | | | Allegro.eu SA | | | 252,834 | | | | 0.1 | |
| 10,265 | | | Bank Polska Kasa Opieki SA | | | 396,878 | | | | 0.1 | |
| 761 | | | Budimex SA | | | 121,087 | | | | 0.0 | |
| 3,805 (3) | | | CD Projekt SA | | | 111,243 | | | | 0.0 | |
| 13,601 (1) | | | Cyfrowy Polsat SA | | | 42,624 | | | | 0.0 | |
| 2,751 (1)(2) | | | Dino Polska SA | | | 322,102 | | | | 0.1 | |
| 7,885 | | | KGHM Polska Miedz SA | | | 245,963 | | | | 0.1 | |
| 61 | | | L.P. SA | | | 250,992 | | | | 0.1 | |
| 853 (1) | | | mBank SA | | | 115,984 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Poland (continued) |
| 49,345 (1) | | | PGE Polska Grupa Energetyczna SA | | $ | 108,858 | | | | 0.0 | |
| 31,912 | | | Polski Koncern Naftowy ORLEN SA | | | 531,335 | | | | 0.1 | |
| 49,482 (1) | | | Powszechna Kasa Oszczednosci Bank Polski SA | | | 633,065 | | | | 0.1 | |
| 33,508 | | | Powszechny Zaklad Ubezpieczen SA | | | 402,489 | | | | 0.1 | |
| 2,069 | | | Santander Bank Polska SA | | | 257,650 | | | | 0.1 | |
| | | | | | 3,793,104 | | | | 0.9 | |
| | | | Qatar: 0.9% |
| 113,206 | | | Barwa Real Estate Co. | | | 89,498 | | | | 0.0 | |
| 182,097 | | | Commercial Bank PSQC | | | 297,577 | | | | 0.1 | |
| 106,457 | | | Dukhan Bank | | | 116,799 | | | | 0.0 | |
| 84,827 | | | Industries Qatar QSC | | | 300,099 | | | | 0.1 | |
| 323,785 | | | Masraf Al Rayan QSC | | | 230,500 | | | | 0.1 | |
| 266,408 | | | Mesaieed Petrochemical Holding Co. | | | 129,509 | | | | 0.0 | |
| 46,746 | | | Ooredoo QPSC | | | 139,943 | | | | 0.0 | |
| 24,765 | | | Qatar Electricity & Water Co. QSC | | | 123,009 | | | | 0.0 | |
| 34,976 | | | Qatar Fuel QSC | | | 156,905 | | | | 0.1 | |
| 145,863 | | | Qatar Gas Transport Co. Ltd. | | | 138,561 | | | | 0.0 | |
| 58,403 | | | Qatar International Islamic Bank QSC | | | 169,065 | | | | 0.1 | |
| 94,039 | | | Qatar Islamic Bank SAQ | | | 539,801 | | | | 0.1 | |
| 256,506 | | | Qatar National Bank QPSC | | | 1,130,194 | | | | 0.3 | |
| | | | | | 3,561,460 | | | | 0.9 | |
| | | | Saudi Arabia: 4.1% |
| 5,283 | | | ACWA Power Co. | | | 362,075 | | | | 0.1 | |
| 7,705 | | | Advanced Petrochemical Co. | | | 81,004 | | | | 0.0 | |
| 109,378 | | | Al Rajhi Bank | | | 2,536,040 | | | | 0.6 | |
| 55,458 | | | Alinma Bank | | | 572,673 | | | | 0.2 | |
| 13,711 | | | Almarai Co. JSC | | | 205,482 | | | | 0.1 | |
| 39,080 | | | Arab National Bank | | | 264,181 | | | | 0.1 | |
| 1,304 | | | Arabian Internet & Communications Services Co. | | | 120,315 | | | | 0.0 | |
| 27,383 | | | Bank AlBilad | | | 327,848 | | | | 0.1 | |
| 24,664 (1) | | | Bank Al-Jazira | | | 122,918 | | | | 0.0 | |
| 32,884 | | | Banque Saudi Fransi | | | 350,616 | | | | 0.1 | |
| 4,524 | | | Bupa Arabia for Cooperative Insurance Co. | | | 257,204 | | | | 0.1 | |
| 4,033 | | | Co. for Cooperative Insurance | | | 140,241 | | | | 0.0 | |
| 2,016 | | | Dallah Healthcare Co. | | | 92,252 | | | | 0.0 | |
| 28,263 (1) | | | Dar Al Arkan Real Estate Development Co. | | | 104,837 | | | | 0.0 | |
| 4,853 | | | Dr Sulaiman Al Habib Medical Services Group Co. | | | 367,300 | | | | 0.1 | |
| 1,343 | | | Elm Co. | | | 291,746 | | | | 0.1 | |
| 21,246 | | | Etihad Etisalat Co. | | | 279,881 | | | | 0.1 | |
| 34,731 | | | Jarir Marketing Co. | | | 144,826 | | | | 0.0 | |
| 26,772 | | | Mobile Telecommunications Co. Saudi Arabia | | | 100,805 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Saudi Arabia (continued) |
| 5,286 | | | Mouwasat Medical Services Co. | | $ | 157,509 | | | | 0.1 | |
| 2,313 | | | Nahdi Medical Co. | | | 84,454 | | | | 0.0 | |
| 16,856 (1) | | | National Industrialization Co. | | | 55,268 | | | | 0.0 | |
| 4,082 | | | Power & Water Utility Co. for Jubail & Yanbu | | | 68,202 | | | | 0.0 | |
| 24,295 (1) | | | Rabigh Refining & Petrochemical Co. | | | 67,457 | | | | 0.0 | |
| 82,795 | | | Riyad Bank | | | 629,950 | | | | 0.2 | |
| 13,375 | | | SABIC Agri-Nutrients Co. | | | 492,637 | | | | 0.1 | |
| 21,388 | | | Sahara International Petrochemical Co. | | | 193,995 | | | | 0.1 | |
| 72,499 (1) | | | Saudi Arabian Mining Co. | | | 851,635 | | | | 0.2 | |
| 146,617 (2) | | | Saudi Arabian Oil Co. | | | 1,290,839 | | | | 0.3 | |
| 2,907 | | | Saudi Aramco Base Oil Co. | | | 109,621 | | | | 0.0 | |
| 56,917 | | | Saudi Awwal Bank | | | 570,333 | | | | 0.2 | |
| 50,267 | | | Saudi Basic Industries Corp. | | | 1,115,849 | | | | 0.3 | |
| 45,799 | | | Saudi Electricity Co. | | | 231,506 | | | | 0.1 | |
| 22,128 | | | Saudi Industrial Investment Group | | | 130,853 | | | | 0.0 | |
| 29,411 | | | Saudi Investment Bank | | | 124,644 | | | | 0.0 | |
| 43,885 (1) | | | Saudi Kayan Petrochemical Co. | | | 127,025 | | | | 0.0 | |
| 163,940 | | | Saudi National Bank | | | 1,690,747 | | | | 0.4 | |
| 2,086 (1) | | | Saudi Research & Media Group | | | 95,029 | | | | 0.0 | |
| 2,777 | | | Saudi Tadawul Group Holding Co. | | | 135,918 | | | | 0.0 | |
| 111,337 | | | Saudi Telecom Co. | | | 1,201,792 | | | | 0.3 | |
| 14,239 | | | Savola Group | | | 141,820 | | | | 0.0 | |
| 16,887 | | | Yanbu National Petrochemical Co. | | | 170,973 | | | | 0.1 | |
| | | | | | 16,460,300 | | | | 4.1 | |
| | | | Singapore: 0.0% |
| 12,500 (2)(3) | | | BOC Aviation Ltd. | | | 95,675 | | | | 0.0 | |
| |
| | | | South Africa: 2.8% |
| 46,729 | | | Absa Group Ltd. | | | 417,041 | | | | 0.1 | |
| 3,718 | | | Anglo American Platinum Ltd. | | | 195,147 | | | | 0.0 | |
| 21,039 | | | Aspen Pharmacare Holdings Ltd. | | | 234,693 | | | | 0.1 | |
| 19,127 | | | Bid Corp. Ltd. | | | 446,114 | | | | 0.1 | |
| 16,345 | | | Bidvest Group Ltd. | | | 225,430 | | | | 0.1 | |
| 4,844 | | | Capitec Bank Holdings Ltd. | | | 540,471 | | | | 0.1 | |
| 14,221 | | | Clicks Group Ltd. | | | 253,214 | | | | 0.1 | |
| 30,665 | | | Discovery Ltd. | | | 240,861 | | | | 0.1 | |
| 13,939 | | | Exxaro Resources Ltd. | | | 156,492 | | | | 0.0 | |
| 280,033 | | | FirstRand Ltd. | | | 1,123,489 | | | | 0.3 | |
| 49,935 | | | Gold Fields Ltd. | | | 757,735 | | | | 0.2 | |
| 31,683 | | | Harmony Gold Mining Co. Ltd. | | | 206,364 | | | | 0.1 | |
| 51,173 | | | Impala Platinum Holdings Ltd. | | | 254,124 | | | | 0.1 | |
| 2,450 | | | JOYY, Inc., ADR | | | 97,265 | | | | 0.0 | |
| 3,517 | | | Kumba Iron Ore Ltd. | | | 117,886 | | | | 0.0 | |
| 96,020 | | | MTN Group Ltd. | | | 606,276 | | | | 0.1 | |
| 10,413 | | | Naspers Ltd. - Class N | | | 1,782,394 | | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Africa (continued) |
| 24,736 | | | Nedbank Group Ltd. | | $ | 291,998 | | | | 0.1 | |
| 20,788 | | | Northam Platinum Holdings Ltd. | | | 159,588 | | | | 0.0 | |
| 233,718 | | | Old Mutual Ltd. | | | 166,864 | | | | 0.0 | |
| 45,276 | | | OUTsurance Group Ltd. | | | 103,844 | | | | 0.0 | |
| 116,059 (2) | | | Pepkor Holdings Ltd. | | | 124,545 | | | | 0.0 | |
| 29,409 | | | Remgro Ltd. | | | 261,220 | | | | 0.1 | |
| 99,864 | | | Sanlam Ltd. | | | 397,436 | | | | 0.1 | |
| 31,868 | | | Sasol Ltd. | | | 321,156 | | | | 0.1 | |
| 28,731 | | | Shoprite Holdings Ltd. | | | 432,006 | | | | 0.1 | |
| 158,145 | | | Sibanye Stillwater Ltd. | | | 212,029 | | | | 0.1 | |
| 73,927 | | | Standard Bank Group Ltd. | | | 841,012 | | | | 0.2 | |
| 34,520 | | | Vodacom Group Ltd. | | | 200,034 | | | | 0.0 | |
| 53,278 | | | Woolworths Holdings Ltd./ South Africa | | | 210,287 | | | | 0.1 | |
| | | | | | 11,377,015 | | | | 2.8 | |
| | | | South Korea: 12.0% |
| 1,592 | | | Amorepacific Corp. | | | 178,589 | | | | 0.1 | |
| 5,991 | | | Celltrion Healthcare Co. Ltd. | | | 421,142 | | | | 0.1 | |
| 922 (1) | | | Celltrion Pharm, Inc. | | | 65,777 | | | | 0.0 | |
| 6,175 | | | Celltrion, Inc. | | | 964,272 | | | | 0.2 | |
| 484 | | | CJ CheilJedang Corp. | | | 121,477 | | | | 0.0 | |
| 1,321 (1) | | | CosmoAM&T Co. Ltd. | | | 149,794 | | | | 0.0 | |
| 3,276 | | | Coway Co. Ltd. | | | 144,896 | | | | 0.0 | |
| 2,498 | | | DB Insurance Co. Ltd. | | | 161,778 | | | | 0.0 | |
| 3,194 | | | Doosan Bobcat, Inc. | | | 124,417 | | | | 0.0 | |
| 25,660 (1) | | | Doosan Enerbility Co. Ltd. | | | 315,263 | | | | 0.1 | |
| 2,748 | | | Ecopro BM Co. Ltd. | | | 609,455 | | | | 0.2 | |
| 1,122 | | | Ecopro Co. Ltd. | | | 559,066 | | | | 0.1 | |
| 839 | | | F&F Co. Ltd. | | | 57,914 | | | | 0.0 | |
| 2,603 (1) | | | GS Holdings Corp. | | | 82,410 | | | | 0.0 | |
| 16,297 | | | Hana Financial Group, Inc. | | | 546,676 | | | | 0.1 | |
| 4,036 | | | Hankook Tire & Technology Co. Ltd. | | | 141,853 | | | | 0.0 | |
| 405 (1) | | | Hanmi Pharm Co. Ltd. | | | 110,490 | | | | 0.0 | |
| 2,422 | | | Hanmi Semiconductor Co. Ltd. | | | 115,081 | | | | 0.0 | |
| 8,803 | | | Hanon Systems | | | 49,587 | | | | 0.0 | |
| 1,972 | | | Hanwha Aerospace Co. Ltd. | | | 190,240 | | | | 0.1 | |
| 3,160 (1) | | | Hanwha Ocean Co. Ltd. | | | 61,321 | | | | 0.0 | |
| 6,230 (1) | | | Hanwha Solutions Corp. | | | 189,354 | | | | 0.1 | |
| 2,503 | | | HD Hyundai Co. Ltd. | | | 122,685 | | | | 0.0 | |
| 1,300 (1) | | | HD Hyundai Heavy Industries Co. Ltd. | | | 129,682 | | | | 0.0 | |
| 2,382 (1) | | | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | | | 222,788 | | | | 0.1 | |
| 6,387 (1) | | | HLB, Inc. | | | 250,231 | | | | 0.1 | |
| 13,721 | | | HMM Co. Ltd. | | | 208,165 | | | | 0.1 | |
| 1,877 | | | Hotel Shilla Co. Ltd. | | | 94,977 | | | | 0.0 | |
| 1,142 (1) | | | HYBE Co. Ltd. | | | 206,210 | | | | 0.1 | |
| 4,615 | | | Hyundai Engineering & Construction Co. Ltd. | | | 124,575 | | | | 0.0 | |
| 1,096 | | | Hyundai Glovis Co. Ltd. | | | 162,399 | | | | 0.1 | |
| 1,442 (1) | | | Hyundai Mipo Dockyard Co. Ltd. | | | 94,623 | | | | 0.0 | |
| 3,400 | | | Hyundai Mobis Co. Ltd. | | | 622,924 | | | | 0.2 | |
| 7,636 | | | Hyundai Motor Co. | | | 1,201,181 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Korea (continued) |
| 5,144 | | | Hyundai Steel Co. | | $ | 144,968 | | | | 0.0 | |
| 15,226 | | | Industrial Bank of Korea | | | 139,950 | | | | 0.0 | |
| 1,607 | | | JYP Entertainment Corp. | | | 125,852 | | | | 0.0 | |
| 17,217 | | | Kakao Corp. | | | 722,248 | | | | 0.2 | |
| 9,099 | | | KakaoBank Corp. | | | 200,357 | | | | 0.1 | |
| 1,511 (1) | | | Kakaopay Corp. | | | 57,447 | | | | 0.0 | |
| 5,457 | | | Kangwon Land, Inc. | | | 67,624 | | | | 0.0 | |
| 21,314 | | | KB Financial Group, Inc. | | | 889,258 | | | | 0.2 | |
| 14,580 | | | Kia Corp. | | | 1,127,520 | | | | 0.3 | |
| 4,340 | | | Korea Aerospace Industries Ltd. | | | 168,011 | | | | 0.1 | |
| 14,245 (1) | | | Korea Electric Power Corp. | | | 208,673 | | | | 0.1 | |
| 2,313 | | | Korea Investment Holdings Co. Ltd. | | | 109,552 | | | | 0.0 | |
| 481 | | | Korea Zinc Co. Ltd. | | | 185,152 | | | | 0.1 | |
| 11,175 | | | Korean Air Lines Co. Ltd. | | | 206,459 | | | | 0.1 | |
| 1,633 (1) | | | Krafton, Inc. | | | 244,618 | | | | 0.1 | |
| 3,790 (1) | | | KT Corp. | | | 101,055 | | | | 0.0 | |
| 5,765 | | | KT&G Corp. | | | 388,378 | | | | 0.1 | |
| 1,741 (1) | | | Kum Yang Co. Ltd. | | | 146,035 | | | | 0.0 | |
| 949 | | | Kumho Petrochemical Co. Ltd. | | | 97,455 | | | | 0.0 | |
| 1,401 | | | L&F Co. Ltd. | | | 219,908 | | | | 0.1 | |
| 2,763 | | | LG Chem Ltd. | | | 1,062,715 | | | | 0.3 | |
| 5,341 | | | LG Corp. | | | 354,932 | | | | 0.1 | |
| 14,155 (1) | | | LG Display Co. Ltd. | | | 139,366 | | | | 0.0 | |
| 5,929 (1) | | | LG Electronics, Inc. | | | 466,244 | | | | 0.1 | |
| 2,618 (1) | | | LG Energy Solution Ltd. | | | 863,981 | | | | 0.2 | |
| 502 | | | LG H&H Co. Ltd. | | | 137,892 | | | | 0.0 | |
| 853 | | | LG Innotek Co. Ltd. | | | 157,993 | | | | 0.0 | |
| 12,522 | | | LG Uplus Corp. | | | 99,309 | | | | 0.0 | |
| 1,080 | | | Lotte Chemical Corp. | | | 127,961 | | | | 0.0 | |
| 5,769 | | | Meritz Financial Group, Inc. | | | 263,940 | | | | 0.1 | |
| 12,700 | | | Mirae Asset Securities Co. Ltd. | | | 74,996 | | | | 0.0 | |
| 7,296 (1) | | | NAVER Corp. | | | 1,262,357 | | | | 0.3 | |
| 785 | | | NCSoft Corp. | | | 146,003 | | | | 0.0 | |
| 1,415 (1)(2) | | | Netmarble Corp. | | | 63,492 | | | | 0.0 | |
| 8,004 | | | NH Investment & Securities Co. Ltd. | | | 64,016 | | | | 0.0 | |
| 1,396 | | | Orion Corp./Republic of Korea | | | 125,277 | | | | 0.0 | |
| 1,626 (1) | | | Pearl Abyss Corp. | | | 48,678 | | | | 0.0 | |
| 2,887 | | | Posco DX Co. Ltd. | | | 165,064 | | | | 0.1 | |
| 1,722 | | | POSCO Future M Co. Ltd. | | | 475,578 | | | | 0.1 | |
| 4,023 | | | POSCO Holdings, Inc. | | | 1,546,806 | | | | 0.4 | |
| 2,827 | | | Posco International Corp. | | | 135,901 | | | | 0.0 | |
| 997 (1)(2) | | | Samsung Biologics Co. Ltd. | | | 586,515 | | | | 0.2 | |
| 4,694 | | | Samsung C&T Corp. | | | 470,848 | | | | 0.1 | |
| 3,167 | | | Samsung Electro- Mechanics Co. Ltd. | | | 375,216 | | | | 0.1 | |
| 267,869 | | | Samsung Electronics Co. Ltd. | | | 16,258,802 | | | | 4.0 | |
| 8,630 (1) | | | Samsung Engineering Co. Ltd. | | | 193,323 | | | | 0.1 | |
| 1,713 | | | Samsung Fire & Marine Insurance Co. Ltd. | | | 349,000 | | | | 0.1 | |
| 37,069 (1) | | | Samsung Heavy Industries Co. Ltd. | | | 222,204 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | South Korea (continued) |
| 4,462 (1) | | | Samsung Life Insurance Co. Ltd. | | $ | 238,714 | | | | 0.1 | |
| 3,081 (1) | | | Samsung SDI Co. Ltd. | | | 1,121,764 | | | | 0.3 | |
| 2,181 | | | Samsung SDS Co. Ltd. | | | 286,820 | | | | 0.1 | |
| 3,601 (1) | | | Samsung Securities Co. Ltd. | | | 107,275 | | | | 0.0 | |
| 24,275 | | | Shinhan Financial Group Co. Ltd. | | | 752,612 | | | | 0.2 | |
| 1,803 (1) | | | SK Biopharmaceuticals Co. Ltd. | | | 140,006 | | | | 0.0 | |
| 1,553 (1) | | | SK Bioscience Co. Ltd. | | | 86,514 | | | | 0.0 | |
| 30,606 | | | SK Hynix, Inc. | | | 3,340,277 | | | | 0.8 | |
| 1,585 (1)(2) | | | SK IE Technology Co. Ltd. | | | 96,439 | | | | 0.0 | |
| 3,334 (1) | | | SK Innovation Co. Ltd. | | | 360,798 | | | | 0.1 | |
| 5,620 (1) | | | SK Square Co. Ltd. | | | 228,400 | | | | 0.1 | |
| 3,179 | | | SK Telecom Co. Ltd. | | | 123,504 | | | | 0.0 | |
| 2,095 | | | SK, Inc. | | | 288,375 | | | | 0.1 | |
| 1,120 | | | SKC Co. Ltd. | | | 78,318 | | | | 0.0 | |
| 2,432 | | | S-Oil Corp. | | | 130,958 | | | | 0.0 | |
| 34,425 | | | Woori Financial Group, Inc. | | | 346,488 | | | | 0.1 | |
| 3,077 | | | Yuhan Corp. | | | 164,056 | | | | 0.1 | |
| | | | | | 48,481,539 | | | | 12.0 | |
| | | | Taiwan: 15.6% |
| 29,000 | | | Accton Technology Corp. | | | 492,907 | | | | 0.1 | |
| 170,000 | | | Acer, Inc. | | | 297,460 | | | | 0.1 | |
| 26,595 | | | Advantech Co. Ltd. | | | 321,837 | | | | 0.1 | |
| 8,000 | | | Airtac International Group | | | 262,865 | | | | 0.1 | |
| 4,000 | | | Alchip Technologies Ltd. | | | 425,033 | | | | 0.1 | |
| 172,000 | | | ASE Technology Holding Co. Ltd. | | | 753,745 | | | | 0.2 | |
| 130,000 | | | Asia Cement Corp. | | | 175,560 | | | | 0.0 | |
| 40,000 | | | Asustek Computer, Inc. | | | 636,607 | | | | 0.2 | |
| 368,000 | | | AUO Corp. | | | 217,311 | | | | 0.1 | |
| 33,000 | | | Catcher Technology Co. Ltd. | | | 208,378 | | | | 0.1 | |
| 518,000 | | | Cathay Financial Holding Co. Ltd. | | | 771,720 | | | | 0.2 | |
| 85,200 | | | Chailease Holding Co. Ltd. | | | 535,375 | | | | 0.1 | |
| 316,225 | | | Chang Hwa Commercial Bank Ltd. | | | 184,334 | | | | 0.1 | |
| 111,000 | | | Cheng Shin Rubber Industry Co. Ltd. | | | 162,209 | | | | 0.0 | |
| 173,000 | | | China Airlines Ltd. | | | 121,811 | | | | 0.0 | |
| 917,000 (1) | | | China Development Financial Holding Corp. | | | 374,753 | | | | 0.1 | |
| 672,000 | | | China Steel Corp. | | | 590,955 | | | | 0.2 | |
| 211,000 | | | Chunghwa Telecom Co. Ltd. | | | 825,530 | | | | 0.2 | |
| 235,000 | | | Compal Electronics, Inc. | | | 304,398 | | | | 0.1 | |
| 977,000 | | | CTBC Financial Holding Co. Ltd. | | | 901,580 | | | | 0.2 | |
| 109,000 | | | Delta Electronics, Inc. | | | 1,111,629 | | | | 0.3 | |
| 48,000 | | | E Ink Holdings, Inc. | | | 307,346 | | | | 0.1 | |
| 785,664 | | | E.Sun Financial Holding Co. Ltd. | | | 660,057 | | | | 0.2 | |
| 10,000 | | | Eclat Textile Co. Ltd. | | | 182,750 | | | | 0.0 | |
| 4,000 | | | eMemory Technology, Inc. | | | 318,057 | | | | 0.1 | |
| 153,000 | | | Eva Airways Corp. | | | 156,573 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Taiwan (continued) |
| 59,000 | | | Evergreen Marine Corp. Taiwan Ltd. | | $ | 275,432 | | | | 0.1 | |
| 163,000 | | | Far Eastern New Century Corp. | | | 165,628 | | | | 0.0 | |
| 99,000 | | | Far EasTone Telecommunications Co. Ltd. | | | 257,451 | | | | 0.1 | |
| 28,720 | | | Feng TAY Enterprise Co. Ltd. | | | 163,605 | | | | 0.0 | |
| 608,550 | | | First Financial Holding Co. Ltd. | | | 543,004 | | | | 0.1 | |
| 198,000 | | | Formosa Chemicals & Fibre Corp. | | | 401,719 | | | | 0.1 | |
| 63,000 | | | Formosa Petrochemical Corp. | | | 165,564 | | | | 0.0 | |
| 214,000 | | | Formosa Plastics Corp. | | | 552,007 | | | | 0.1 | |
| 424,400 | | | Fubon Financial Holding Co. Ltd. | | | 895,304 | | | | 0.2 | |
| 29,000 | | | Gigabyte Technology Co. Ltd. | | | 250,172 | | | | 0.1 | |
| 5,000 | | | Global Unichip Corp. | | | 282,621 | | | | 0.1 | |
| 13,000 | | | Globalwafers Co. Ltd. | | | 248,093 | | | | 0.1 | |
| 697,000 | | | Hon Hai Precision Industry Co. Ltd. | | | 2,371,359 | | | | 0.6 | |
| 17,420 | | | Hotai Motor Co. Ltd. | | | 401,907 | | | | 0.1 | |
| 500,000 | | | Hua Nan Financial Holdings Co. Ltd. | | | 363,866 | | | | 0.1 | |
| 487,800 | | | Innolux Corp. | | | 226,838 | | | | 0.1 | |
| 149,000 | | | Inventec Corp. | | | 255,155 | | | | 0.1 | |
| 6,000 | | | Largan Precision Co. Ltd. | | | 560,416 | | | | 0.1 | |
| 112,000 | | | Lite-On Technology Corp. | | | 425,284 | | | | 0.1 | |
| 85,000 | | | MediaTek, Inc. | | | 2,806,692 | | | | 0.7 | |
| 622,576 | | | Mega Financial Holding Co. Ltd. | | | 794,408 | | | | 0.2 | |
| 41,000 | | | Micro-Star International Co. Ltd. | | | 272,050 | | | | 0.1 | |
| 5,500 | | | momo.com, Inc. | | | 91,064 | | | | 0.0 | |
| 270,000 | | | Nan Ya Plastics Corp. | | | 584,673 | | | | 0.1 | |
| 13,000 | | | Nan Ya Printed Circuit Board Corp. | | | 106,303 | | | | 0.0 | |
| 68,000 | | | Nanya Technology Corp. | | | 172,574 | | | | 0.0 | |
| 10,000 | | | Nien Made Enterprise Co. Ltd. | | | 114,906 | | | | 0.0 | |
| 33,000 | | | Novatek Microelectronics Corp. | | | 555,036 | | | | 0.1 | |
| 113,000 | | | Pegatron Corp. | | | 321,083 | | | | 0.1 | |
| 13,000 (1) | | | PharmaEssentia Corp. | | | 146,390 | | | | 0.0 | |
| 115,000 | | | Pou Chen Corp. | | | 115,722 | | | | 0.0 | |
| 179,000 | | | Powerchip Semiconductor Manufacturing Corp. | | | 171,504 | | | | 0.0 | |
| 33,000 | | | President Chain Store Corp. | | | 289,680 | | | | 0.1 | |
| 151,000 | | | Quanta Computer, Inc. | | | 1,099,344 | | | | 0.3 | |
| 28,000 | | | Realtek Semiconductor Corp. | | | 429,378 | | | | 0.1 | |
| 86,300 | | | Ruentex Development Co. Ltd. | | | 105,974 | | | | 0.0 | |
| 218,000 | | | Shanghai Commercial & Savings Bank Ltd. | | | 332,218 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Taiwan (continued) |
| 764,000 (1) | | | Shin Kong Financial Holding Co. Ltd. | | $ | 220,142 | | | | 0.1 | |
| 607,380 | | | SinoPac Financial Holdings Co. Ltd. | | | 389,619 | | | | 0.1 | |
| 76,000 | | | Synnex Technology International Corp. | | | 173,738 | | | | 0.0 | |
| 647,390 | | | Taishin Financial Holding Co. Ltd. | | | 381,494 | | | | 0.1 | |
| 358,200 | | | Taiwan Business Bank | | | 159,738 | | | | 0.0 | |
| 375,000 | | | Taiwan Cement Corp. | | | 425,656 | | | | 0.1 | |
| 573,300 | | | Taiwan Cooperative Financial Holding Co. Ltd. | | | 498,613 | | | | 0.1 | |
| 107,000 | | | Taiwan High Speed Rail Corp. | | | 106,965 | | | | 0.0 | |
| 101,000 | | | Taiwan Mobile Co. Ltd. | | | 324,411 | | | | 0.1 | |
| 1,381,000 | | | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 26,475,913 | | | | 6.6 | |
| 77,000 | | | Unimicron Technology Corp. | | | 439,939 | | | | 0.1 | |
| 272,000 | | | Uni-President Enterprises Corp. | | | 659,908 | | | | 0.2 | |
| 630,000 | | | United Microelectronics Corp. | | | 1,073,411 | | | | 0.3 | |
| 52,000 | | | Vanguard International Semiconductor Corp. | | | 137,840 | | | | 0.0 | |
| 4,000 | | | Voltronic Power Technology Corp. | | | 222,451 | | | | 0.1 | |
| 156,000 | | | Walsin Lihwa Corp. | | | 196,067 | | | | 0.1 | |
| 39,000 | | | Wan Hai Lines Ltd. | | | 69,772 | | | | 0.0 | |
| 179,522 | | | Winbond Electronics Corp. | | | 177,686 | | | | 0.0 | |
| 148,000 | | | Wistron Corp. | | | 473,467 | | | | 0.1 | |
| 5,000 | | | Wiwynn Corp. | | | 296,053 | | | | 0.1 | |
| 90,000 | | | WPG Holdings Ltd. | | | 239,105 | | | | 0.1 | |
| 19,000 | | | Yageo Corp. | | | 368,931 | | | | 0.1 | |
| 101,000 | | | Yang Ming Marine Transport Corp. | | | 168,580 | | | | 0.0 | |
| 572,040 | | | Yuanta Financial Holding Co. Ltd. | | | 513,925 | | | | 0.1 | |
| 40,000 | | | Zhen Ding Technology Holding Ltd. | | | 141,805 | | | | 0.0 | |
| | | | | | 62,950,433 | | | | 15.6 | |
| | | | Thailand: 1.7% |
| 67,700 | | | Advanced Info Service PCL | | | 430,193 | | | | 0.1 | |
| 241,900 | | | Airports of Thailand PCL | | | 423,111 | | | | 0.1 | |
| 341,100 | | | Asset World Corp. PCL | | | 35,498 | | | | 0.0 | |
| 617,300 | | | Bangkok Dusit Medical Services PCL - Foreign - Class F | | | 501,314 | | | | 0.1 | |
| 423,200 | | | Bangkok Expressway & Metro PCL | | | 98,497 | | | | 0.0 | |
| 488,800 | | | Banpu PCL | | | 97,163 | | | | 0.0 | |
| 43,200 | | | Berli Jucker PCL | | | 31,602 | | | | 0.0 | |
| 435,800 | | | BTS Group Holdings PCL | | | 92,449 | | | | 0.0 | |
| 34,400 | | | Bumrungrad Hospital PCL - Foreign | | | 223,516 | | | | 0.1 | |
| 114,600 | | | Central Pattana PCL | | | 234,630 | | | | 0.1 | |
| 97,800 | | | Central Retail Corp. PCL | | | 117,298 | | | | 0.0 | |
| 216,800 | | | Charoen Pokphand Foods PCL | | | 124,241 | | | | 0.0 | |
| 329,300 | | | CP ALL PCL - Foreign | | | 539,443 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Thailand (continued) |
| 121,000 | | | CP Axtra PCL | | $ | 95,620 | | | | 0.0 | |
| 175,156 | | | Delta Electronics Thailand PCL | | | 450,243 | | | | 0.1 | |
| 93,400 | | | Energy Absolute PCL | | | 120,775 | | | | 0.0 | |
| 36,100 | | | Global Power Synergy PCL - Class F | | | 51,170 | | | | 0.0 | |
| 169,400 | | | Gulf Energy Development PCL | | | 220,479 | | | | 0.1 | |
| 356,700 | | | Home Product Center PCL | | | 122,123 | | | | 0.0 | |
| 90,100 | | | Indorama Ventures PCL | | | 71,834 | | | | 0.0 | |
| 58,000 | | | Intouch Holdings PCL - Class F | | | 121,384 | | | | 0.0 | |
| 34,200 | | | Kasikornbank PCL | | | 135,105 | | | | 0.1 | |
| 192,300 | | | Krung Thai Bank PCL | | | 103,547 | | | | 0.0 | |
| 56,100 | | | Krungthai Card PCL | | | 71,367 | | | | 0.0 | |
| 457,800 | | | Land & Houses PCL - Foreign | | | 109,219 | | | | 0.0 | |
| 182,600 | | | Minor International PCL | | | 157,588 | | | | 0.1 | |
| 40,400 | | | Muangthai Capital PCL | | | 53,101 | | | | 0.0 | |
| 57,200 | | | Osotspa PCL | | | 36,784 | | | | 0.0 | |
| 78,300 | | | PTT Exploration & Production PCL - Foreign Shares | | | 341,074 | | | | 0.1 | |
| 128,400 | | | PTT Global Chemical PCL | | | 144,503 | | | | 0.1 | |
| 161,700 | | | PTT Oil & Retail Business PCL | | | 90,346 | | | | 0.0 | |
| 553,100 | | | PTT PCL - Foreign | | | 578,225 | | | | 0.2 | |
| 47,800 | | | SCB X PCL | | | 148,296 | | | | 0.1 | |
| 78,800 | | | SCG Packaging PCL | | | 82,937 | | | | 0.0 | |
| 44,500 | | | Siam Cement PCL - Foreign | | | 398,502 | | | | 0.1 | |
| 67,900 | | | Thai Oil PCL - Foreign | | | 106,426 | | | | 0.0 | |
| 1,298,000 | | | TMBThanachart Bank PCL | | | 63,443 | | | | 0.0 | |
| 565,100 | | | True Corp. PCL | | | 83,477 | | | | 0.0 | |
| | | | | | 6,906,523 | | | | 1.7 | |
| | | | Turkey: 0.6% |
| 172,804 | | | Akbank TAS | | | 213,717 | | | | 0.1 | |
| 74,470 | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 113,668 | | | | 0.0 | |
| 25,568 | | | BIM Birlesik Magazalar AS | | | 260,770 | | | | 0.1 | |
| 75,898 (1) | | | Eregli Demir ve Celik Fabrikalari TAS | | | 105,508 | | | | 0.0 | |
| 4,157 | | | Ford Otomotiv Sanayi AS | | | 104,317 | | | | 0.0 | |
| 59,291 | | | Haci Omer Sabanci Holding AS | | | 121,376 | | | | 0.0 | |
| 55,308 (1) | | | Hektas Ticaret TAS | | | 37,724 | | | | 0.0 | |
| 42,625 | | | KOC Holding AS | | | 204,666 | | | | 0.1 | |
| 55,699 | | | Koza Altin Isletmeleri AS | | | 36,914 | | | | 0.0 | |
| 2,451 (1) | | | Pegasus Hava Tasimaciligi AS | | | 53,951 | | | | 0.0 | |
| 75,426 (1) | | | Sasa Polyester Sanayi AS | | | 93,269 | | | | 0.0 | |
| 6,125 | | | Tofas Turk Otomobil Fabrikasi AS | | | 43,599 | | | | 0.0 | |
| 31,354 (1) | | | Turk Hava Yollari AO | | | 242,921 | | | | 0.1 | |
| 66,031 | | | Turkcell Iletisim Hizmetleri AS | | | 125,704 | | | | 0.0 | |
| 201,167 | | | Turkiye Is Bankasi AS - Class C, - Class C | | | 158,950 | | | | 0.1 | |
| 54,103 | | | Turkiye Petrol Rafinerileri AS | | | 262,017 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Turkey (continued) |
| 77,008 | | | Turkiye Sise ve Cam Fabrikalari AS | | $ | 119,523 | | | | 0.0 | |
| 196,664 | | | Yapi ve Kredi Bankasi AS | | | 129,990 | | | | 0.0 | |
| | | | | | 2,428,584 | | | | 0.6 | |
| | | | United Arab Emirates: 1.3% |
| 169,679 | | | Abu Dhabi Commercial Bank PJSC | | | 424,111 | | | | 0.1 | |
| 82,307 | | | Abu Dhabi Islamic Bank PJSC | | | 226,791 | | | | 0.1 | |
| 186,231 | | | Abu Dhabi National Oil Co. for Distribution PJSC | | | 187,613 | | | | 0.0 | |
| 216,465 | | | Aldar Properties PJSC | | | 315,319 | | | | 0.1 | |
| 147,450 | | | Americana Restaurants International PLC | | | 125,660 | | | | 0.0 | |
| 175,962 | | | Dubai Islamic Bank PJSC | | | 274,046 | | | | 0.1 | |
| 372,959 | | | Emaar Properties PJSC | | | 804,294 | | | | 0.2 | |
| 107,707 | | | Emirates NBD Bank PJSC | | | 507,339 | | | | 0.1 | |
| 194,886 | | | Emirates Telecommunications Group Co. PJSC | | | 1,042,151 | | | | 0.3 | |
| 248,530 | | | First Abu Dhabi Bank PJSC | | | 944,654 | | | | 0.2 | |
| 220,058 (1) | | | Multiply Group PJSC | | | 190,317 | | | | 0.1 | |
| | | | | | 5,042,295 | | | | 1.3 | |
| | | | United Kingdom: 0.1% |
| 23,822 | | | Anglogold Ashanti PLC | | | 457,421 | | | | 0.1 | |
| 7,192 (1) | | | Pepco Group NV | | | 47,610 | | | | 0.0 | |
| | | | | | 505,031 | | | | 0.1 | |
| | | | United States: 0.3% |
| 39,200 (1)(3) | | | BeiGene Ltd. | | | 546,589 | | | | 0.1 | |
| 4,157 (1) | | | Legend Biotech Corp., ADR | | | 250,127 | | | | 0.1 | |
| 4,000 | | | Parade Technologies Ltd. | | | 155,921 | | | | 0.0 | |
| 4,905 | | | Southern Copper Corp. | | | 422,173 | | | | 0.1 | |
| | | | | | 1,374,810 | | | | 0.3 | |
| | | Total Common Stock
(Cost $370,723,643) | | | 386,280,590 | | | | 95.9 | |
| | | | | | | | | | | | |
| PREFERRED STOCK: 2.4% |
| | | | Brazil: 1.6% |
| 295,721 | | | Banco Bradesco SA - Preference Shares | | | 1,040,405 | | | | 0.3 | |
| 13,549 | | | Centrais Eletricas Brasileiras SA | | | 131,038 | | | | 0.0 | |
| 76,595 | | | Cia Energetica de Minas Gerais | | | 181,018 | | | | 0.0 | |
| 47,300 | | | Cia Paranaense de Energia | | | 100,879 | | | | 0.0 | |
| 65,287 | | | Gerdau SA | | | 319,339 | | | | 0.1 | |
| 269,183 | | | Itau Unibanco Holding SA | | | 1,882,441 | | | | 0.5 | |
| 306,719 | | | Itausa SA | | | 654,783 | | | | 0.2 | |
| 267,399 | | | Petroleo Brasileiro SA | | | 2,049,971 | | | | 0.5 | |
| | | | | | 6,359,874 | | | | 1.6 | |
| | | | Chile: 0.1% |
| 8,025 | | | Sociedad Quimica y Minera de Chile SA | | | 479,582 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Colombia: 0.0% |
| 23,794 | | | Bancolombia SA | | | 183,704 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | South Korea: 0.7% |
| 1,345 | | | Hyundai Motor Co. | | | 118,297 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| PREFERRED STOCK: (continued) | |
| | | | South Korea (continued) |
| 2,000 | | | Hyundai Motor Co. - Second Preference Shares | | $ | 177,085 | | | | 0.1 | |
| 435 | | | LG Chem Ltd. | | | 104,398 | | | | 0.0 | |
| 46,116 | | | Samsung Electronics Co. Ltd. | | | 2,222,169 | | | | 0.6 | |
| | | | | | 2,621,949 | | | | 0.7 | |
| | | Total Preferred Stock
(Cost $7,903,359) | | | 9,645,109 | | | | 2.4 | |
| | | | | | | | | | | | |
| RIGHTS: 0.0% |
| | | | Brazil: 0.0% |
| 185 (1) | | | Localiza Rent a Car SA | | | 761 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Taiwan: 0.0% |
| 12,654 | | | Mega Financial Holding Co. Ltd. | | | 2,569 | | | | 0.0 | |
| | | Total Rights (Cost $–) | | | 3,330 | | | | 0.0 | |
| | | Total Long-Term Investments
(Cost $378,627,002) | | | 395,929,029 | | | | 98.3 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 3.7% |
| | | Repurchase Agreements: 1.9% |
| 1,835,108 (4) | | Bank of America Inc., Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $1,836,178, collateralized by various U.S. Government Securities, 0.000%-3.125%, Market Value plus accrued interest $1,871,810, due 08/31/27-05/15/48) | | | 1,835,108 | | | | 0.5 | |
| 1,835,108 (4) | | Daiwa Capital Markets, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $1,836,184, collateralized by various U.S. Government Securities, 0.000%-5.375%, Market Value plus accrued interest $1,871,811, due 01/25/24-11/15/51) | | | 1,835,108 | | | | 0.4 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | Repurchase Agreements (continued) |
| 1,835,108 (4) | | Deutsche Bank Securities Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $1,836,180, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $1,871,810, due 01/18/24-08/15/36) | | $ | 1,835,108 | | | | 0.4 | |
| 337,842 (4) | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $338,039, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $344,599, due 04/30/24-05/15/53) | | | 337,842 | | | | 0.1 | |
| 1,835,108 (4) | | Mizuho Securities USA Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $1,836,180, collateralized by various U.S. Government Securities, 0.375%-4.750%, Market Value plus accrued interest $1,871,810, due 12/31/23-02/15/33) | | | 1,835,108 | | | | 0.5 | |
| | Total Repurchase Agreements
(Cost $7,678,274) | | | 7,678,274 | | | | 1.9 | |
| Shares | | | Value | | | Percentage
of Net
Assets | |
| | Mutual Funds: 1.8% | | | | | | | | |
| 7,233,000 (5) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $7,233,000) | | $ | 7,233,000 | | | | 1.8 | |
| | Total Short-Term Investments
(Cost $14,911,274) | | | 14,911,274 | | | | 3.7 | |
| | Total Investments in Securities
(Cost $393,538,276) | | $ | 410,840,303 | | | | 102.0 | |
| | Liabilities in Excess of Other Assets | | | (8,035,284 | ) | | | (2.0) | |
| | Net Assets | | $ | 402,805,019 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| 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 December 31, 2023. |
| Sector Diversification | | Percentage
of Net Assets |
| Financials | | | 21.9 | % |
| Information Technology | | | 21.8 | |
| Consumer Discretionary | | | 12.6 | |
| Communication Services | | | 8.7 | |
| Materials | | | 7.8 | |
| Industrials | | | 6.5 | |
| Consumer Staples | | | 5.9 | |
| Energy | | | 5.0 | |
| Health Care | | | 3.7 | |
| Utilities | | | 2.7 | |
| Real Estate | | | 1.6 | |
| Foreign Stock | | | 0.1 | |
| Short-Term Investments | | | 3.7 | |
| Liabilities in Excess of Other Assets | | | (2.0 | ) |
| Net Assets | | | 100.0 | % |
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Fair Value Measurements^ |
| The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities: |
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs#
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table |
| Investments, at fair value |
| Common Stock |
| Brazil | | $ | 16,624,470 | | | $ | — | | | $ | — | | | $ | 16,624,470 | |
| Chile | | | 1,508,362 | | | | — | | | | — | | | | 1,508,362 | |
| China | | | 5,710,313 | | | | 88,152,558 | | | | — | | | | 93,862,871 | |
| Colombia | | | 228,250 | | | | — | | | | — | | | | 228,250 | |
| Czechia | | | 385,521 | | | | 233,236 | | | | — | | | | 618,757 | |
| Egypt | | | 69,220 | | | | 346,961 | | | | — | | | | 416,181 | |
| Greece | | | 698,152 | | | | 1,227,756 | | | | — | | | | 1,925,908 | |
| Hong Kong | | | 175,296 | | | | 5,417,329 | | | | — | | | | 5,592,625 | |
| Hungary | | | 406,241 | | | | 609,764 | | | | — | | | | 1,016,005 | |
| India | | | 749,782 | | | | 65,599,292 | | | | — | | | | 66,349,074 | |
| Indonesia | | | 428,872 | | | | 7,068,787 | | | | — | | | | 7,497,659 | |
| Ireland | | | 4,907,384 | | | | — | | | | — | | | | 4,907,384 | |
| Kuwait | | | — | | | | 2,972,255 | | | | — | | | | 2,972,255 | |
| Luxembourg | | | 206,414 | | | | — | | | | — | | | | 206,414 | |
| Malaysia | | | 807,559 | | | | 4,501,707 | | | | — | | | | 5,309,266 | |
| Mexico | | | 10,823,240 | | | | — | | | | — | | | | 10,823,240 | |
| Netherlands | | | 197,731 | | | | — | | | | — | | | | 197,731 | |
| Peru | | | 776,819 | | | | — | | | | — | | | | 776,819 | |
| Philippines | | | 444,441 | | | | 2,026,109 | | | | — | | | | 2,470,550 | |
| Poland | | | 250,992 | | | | 3,542,112 | | | | — | | | | 3,793,104 | |
| Qatar | | | 1,506,395 | | | | 2,055,065 | | | | — | | | | 3,561,460 | |
| Saudi Arabia | | | 1,481,866 | | | | 14,978,434 | | | | — | | | | 16,460,300 | |
| Singapore | | | — | | | | 95,675 | | | | — | | | | 95,675 | |
| South Africa | | | 4,662,152 | | | | 6,714,863 | | | | — | | | | 11,377,015 | |
| South Korea | | | — | | | | 48,481,539 | | | | — | | | | 48,481,539 | |
| Taiwan | | | — | | | | 62,950,433 | | | | — | | | | 62,950,433 | |
| Thailand | | | — | | | | 6,906,523 | | | | — | | | | 6,906,523 | |
| Turkey | | | 511,596 | | | | 1,916,988 | | | | — | | | | 2,428,584 | |
| United Arab Emirates | | | 4,047,684 | | | | 994,611 | | | | — | | | | 5,042,295 | |
| United Kingdom | | | — | | | | 505,031 | | | | — | | | | 505,031 | |
| United States | | | 672,300 | | | | 702,510 | | | | — | | | | 1,374,810 | |
| Total Common Stock | | | 58,281,052 | | | | 327,999,538 | | | | — | | | | 386,280,590 | |
| Preferred Stock | | | 7,023,160 | | | | 2,621,949 | | | | — | | | | 9,645,109 | |
| Rights | | | 761 | | | | 2,569 | | | | — | | | | 3,330 | |
| Short-Term Investments | | | 7,233,000 | | | | 7,678,274 | | | | — | | | | 14,911,274 | |
| Total Investments, at fair value | | $ | 72,537,973 | | | $ | 338,302,330 | | | $ | — | | | $ | 410,840,303 | |
| Other Financial Instruments+ |
| Futures | | | 301,086 | | | | — | | | | — | | | | 301,086 | |
| Total Assets | | $ | 72,839,059 | | | $ | 338,302,330 | | | $ | — | | | $ | 411,141,389 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series EM Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
At December 31, 2023, the following futures contracts were outstanding for Voya VACS Index Series EM Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| MSCI Emerging Markets Index | | 172 | | | 03/15/24 | | $ | 8,889,820 | | | $ | 301,086 | |
| | | | | | | | $ | 8,889,820 | | | $ | 301,086 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value |
| Asset Derivatives | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 301,086 |
| Total Asset Derivatives | | | | $ | 301,086 |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended December 31, 2023 was as follows:
| Amount of Realized Gain or (Loss) on Derivatives Recognized in Income |
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | (345,854) |
| Total | | $ | (345,854) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | 301,086 |
| Total | | $ | 301,086 |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $396,318,008. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 41,877,398 |
| Gross Unrealized Depreciation | | | (26,719,767) |
| Net Unrealized Appreciation | | $ | 15,157,631 |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: 96.4% |
| | | | Australia: 7.2% |
| 22,238 | | | Ampol Ltd. | | $ | 548,058 | | | 0.0 | |
| 281,600 | | | ANZ Group Holdings Ltd. | | | 4,975,313 | | | 0.3 | |
| 120,215 | | | APA Group | | | 699,596 | | | 0.0 | |
| 54,908 | | | Aristocrat Leisure Ltd. | | | 1,525,537 | | | 0.1 | |
| 18,140 | | | ASX Ltd. | | | 779,348 | | | 0.1 | |
| 171,772 | | | Aurizon Holdings Ltd. | | | 444,706 | | | 0.0 | |
| 474,948 | | | BHP Group Ltd. - Class DI | | | 16,226,406 | | | 1.0 | |
| 42,513 | | | BlueScope Steel Ltd. | | | 677,762 | | | 0.0 | |
| 130,209 | | | Brambles Ltd. | | | 1,206,892 | | | 0.1 | |
| 33,553 | | | CAR Group Ltd. | | | 711,031 | | | 0.1 | |
| 6,127 | | | Cochlear Ltd. | | | 1,246,512 | | | 0.1 | |
| 125,409 | | | Coles Group Ltd. | | | 1,377,625 | | | 0.1 | |
| 157,059 | | | Commonwealth Bank of Australia | | | 11,970,564 | | | 0.8 | |
| 50,913 | | | Computershare Ltd. | | | 847,975 | | | 0.1 | |
| 45,264 | | | CSL Ltd. | | | 8,824,171 | | | 0.6 | |
| 100,370 | | | Dexus | | | 524,548 | | | 0.0 | |
| 14,305 | | | EBOS Group Ltd. | | | 320,822 | | | 0.0 | |
| 133,706 | | | Endeavour Group Ltd./ Australia | | | 474,830 | | | 0.0 | |
| 158,677 | | | Fortescue Metals Group Ltd. | | | 3,128,687 | | | 0.2 | |
| 160,160 | | | Goodman Group | | | 2,757,451 | | | 0.2 | |
| 178,759 | | | GPT Group | | | 564,157 | | | 0.0 | |
| 24,776 (1) | | | IDP Education Ltd. | | | 337,973 | | | 0.0 | |
| 63,601 (1) | | | IGO Ltd. | | | 391,981 | | | 0.0 | |
| 227,749 | | | Insurance Australia Group Ltd. | | | 880,334 | | | 0.1 | |
| 208,558 (1) | | | Lottery Corp. Ltd. | | | 688,156 | | | 0.0 | |
| 34,403 | | | Macquarie Group Ltd. | | | 4,306,627 | | | 0.3 | |
| 257,000 | | | Medibank Pvt Ltd. | | | 623,936 | | | 0.0 | |
| 16,460 (1) | | | Mineral Resources Ltd. | | | 784,049 | | | 0.1 | |
| 368,223 | | | Mirvac Group | | | 523,844 | | | 0.0 | |
| 293,187 | | | National Australia Bank Ltd. | | | 6,127,866 | | | 0.4 | |
| 107,684 | | | Northern Star Resources Ltd. | | | 999,103 | | | 0.1 | |
| 42,506 | | | Orica Ltd. | | | 462,051 | | | 0.0 | |
| 161,424 | | | Origin Energy Ltd. | | | 931,528 | | | 0.1 | |
| 267,891 (1) | | | Pilbara Minerals Ltd. | | | 719,052 | | | 0.1 | |
| 78,853 (2) | | | Qantas Airways Ltd. | | | 288,840 | | | 0.0 | |
| 139,982 | | | QBE Insurance Group Ltd. | | | 1,418,380 | | | 0.1 | |
| 17,199 | | | Ramsay Health Care Ltd. | | | 616,966 | | | 0.0 | |
| 4,932 | | | REA Group Ltd. | | | 608,161 | | | 0.0 | |
| 21,099 (1) | | | Reece Ltd. | | | 321,823 | | | 0.0 | |
| 34,783 | | | Rio Tinto Ltd. | | | 3,220,828 | | | 0.2 | |
| 304,321 | | | Santos Ltd. | | | 1,582,318 | | | 0.1 | |
| 486,346 | | | Scentre Group | | | 990,399 | | | 0.1 | |
| 33,242 | | | SEEK Ltd. | | | 604,772 | | | 0.0 | |
| 42,228 | | | Sonic Healthcare Ltd. | | | 922,712 | | | 0.1 | |
| 424,172 | | | South32 Ltd. - Class DI | | | 959,324 | | | 0.1 | |
| 222,768 | | | Stockland | | | 675,573 | | | 0.0 | |
| 119,025 | | | Suncorp Group Ltd. | | | 1,127,091 | | | 0.1 | |
| 378,933 | | | Telstra Group Ltd. | | | 1,023,983 | | | 0.1 | |
| 289,330 | | | Transurban Group | | | 2,703,608 | | | 0.2 | |
| 74,796 | | | Treasury Wine Estates Ltd. | | | 550,311 | | | 0.0 | |
| 361,091 | | | Vicinity Ltd. | | | 501,596 | | | 0.0 | |
| 21,895 | | | Washington H Soul Pattinson & Co. Ltd. | | | 489,128 | | | 0.0 | |
| 106,306 | | | Wesfarmers Ltd. | | | 4,134,124 | | | 0.3 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Australia (continued) |
| 328,805 | | | Westpac Banking Corp. | | $ | 5,130,172 | | | 0.3 | |
| 15,616 | | | WiseTech Global Ltd. | | | 800,390 | | | 0.1 | |
| 177,916 | | | Woodside Energy Group Ltd. (WDS) | | | 3,756,983 | | | 0.2 | |
| 114,464 | | | Woolworths Group Ltd. | | | 2,903,944 | | | 0.2 | |
| | | | | | | 112,939,917 | | | 7.2 | |
| | | | Austria: 0.2% | | | | | | | |
| 32,218 | | | Erste Group Bank AG | | | 1,304,985 | | | 0.1 | |
| 13,743 | | | OMV AG | | | 602,942 | | | 0.1 | |
| 6,354 | | | Verbund AG | | | 588,833 | | | 0.0 | |
| 10,830 | | | voestalpine AG | | | 340,992 | | | 0.0 | |
| | | | | | | 2,837,752 | | | 0.2 | |
| | | | Belgium: 0.8% | | | | | | | |
| 14,971 | | | Ageas SA | | | 650,796 | | | 0.1 | |
| 81,389 | | | Anheuser-Busch InBev SA | | | 5,253,494 | | | 0.3 | |
| 2,005 (1) | | | D’ieteren Group | | | 392,202 | | | 0.0 | |
| 2,744 | | | Elia Group SA | | | 343,479 | | | 0.0 | |
| 8,248 (1) | | | Groupe Bruxelles Lambert NV | | | 649,552 | | | 0.1 | |
| 23,454 | | | KBC Group NV | | | 1,522,146 | | | 0.1 | |
| 38 (1) | | | Lotus Bakeries NV | | | 345,249 | | | 0.0 | |
| 1,438 (1) | | | Sofina SA | | | 358,530 | | | 0.0 | |
| 6,945 (2) | | | Syensqo SA | | | 722,684 | | | 0.1 | |
| 11,847 | | | UCB SA | | | 1,032,720 | | | 0.1 | |
| 19,545 (1) | | | Umicore SA | | | 537,623 | | | 0.0 | |
| 16,449 | | | Warehouses De Pauw CVA | | | 517,783 | | | 0.0 | |
| | | | | | | 12,326,258 | | | 0.8 | |
| | | | Chile: 0.1% | | | | | | | |
| 36,950 | | | Antofagasta PLC | | | 790,063 | | | 0.1 | |
| | | | | | | | | | | |
| | | | Denmark: 3.2% | | | | | | | |
| 283 | | | AP Moller - Maersk A/S - Class A | | | 502,691 | | | 0.0 | |
| 453 | | | AP Moller - Maersk A/S - Class B | | | 815,411 | | | 0.0 | |
| 9,227 | | | Carlsberg AS - Class B | | | 1,157,842 | | | 0.1 | |
| 9,884 (1) | | | Chr Hansen Holding A/S | | | 828,944 | | | 0.1 | |
| 12,802 (1) | | | Coloplast A/S - Class B | | | 1,462,835 | | | 0.1 | |
| 64,630 | | | Danske Bank A/S | | | 1,727,644 | | | 0.1 | |
| 9,404 (2) | | | Demant A/S | | | 412,461 | | | 0.0 | |
| 17,443 (1) | | | DSV A/S | | | 3,064,853 | | | 0.2 | |
| 6,191 (2) | | | Genmab A/S | | | 1,974,019 | | | 0.1 | |
| 305,782 (1) | | | Novo Nordisk A/S - Class B | | | 31,688,551 | | | 2.0 | |
| 19,165 (1) | | | Novozymes A/S - Class B | | | 1,053,565 | | | 0.1 | |
| 17,726 (1)(3) | | | Orsted AS | | | 982,669 | | | 0.1 | |
| 7,922 | | | Pandora A/S | | | 1,095,257 | | | 0.1 | |
| 858 | | | Rockwool A/S - Class B | | | 251,027 | | | 0.0 | |
| 32,717 | | | Tryg A/S | | | 711,995 | | | 0.0 | |
| 94,626 (2) | | | Vestas Wind Systems A/S | | | 2,994,130 | | | 0.2 | |
| | | | | | | 50,723,894 | | | 3.2 | |
| | | | Finland: 1.0% | | | | | | | |
| 13,328 | | | Elisa Oyj | | | 616,051 | | | 0.0 | |
| 41,866 (1) | | | Fortum Oyj | | | 604,717 | | | 0.0 | |
| 25,488 | | | Kesko Oyj - Class B | | | 505,265 | | | 0.0 | |
| 31,848 | | | Kone Oyj - Class B | | | 1,593,070 | | | 0.1 | |
| 62,059 (1) | | | Metso Oyj | | | 630,015 | | | 0.1 | |
| 39,642 | | | Neste Oyj | | | 1,409,263 | | | 0.1 | |
| 506,663 | | | Nokia Oyj | | | 1,725,657 | | | 0.1 | |
| 300,621 | | | Nordea Bank Abp | | | 3,732,029 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Finland (continued) |
| 10,048 | | | Orion Oyj - Class B | | $ | 435,393 | | | 0.0 | |
| 42,300 | | | Sampo Oyj - Class A | | | 1,853,257 | | | 0.1 | |
| 54,513 (1) | | | Stora Enso Oyj - Class R | | | 755,307 | | | 0.1 | |
| 50,012 | | | UPM-Kymmene Oyj | | | 1,886,484 | | | 0.1 | |
| 44,175 (1) | | | Wartsila Oyj Abp | | | 642,012 | | | 0.1 | |
| | | | | | | 16,388,520 | | | 1.0 | |
| | | | France: 11.5% |
| 18,616 | | | Accor SA | | | 712,546 | | | 0.1 | |
| 3,245 (1) | | | Aeroports de Paris | | | 421,055 | | | 0.0 | |
| 49,075 | | | Air Liquide SA | | | 9,554,658 | | | 0.6 | |
| 55,546 | | | Airbus SE | | | 8,581,194 | | | 0.6 | |
| 27,006 (1) | | | Alstom SA | | | 364,182 | | | 0.0 | |
| 5,753 (1)(3) | | | Amundi SA | | | 392,409 | | | 0.0 | |
| 5,602 | | | Arkema SA | | | 638,167 | | | 0.0 | |
| 169,039 | | | AXA SA | | | 5,520,203 | | | 0.4 | |
| 3,866 | | | BioMerieux | | | 430,128 | | | 0.0 | |
| 98,430 | | | BNP Paribas SA | | | 6,835,527 | | | 0.4 | |
| 68,850 (1) | | | Bollore SE | | | 430,850 | | | 0.0 | |
| 17,873 | | | Bouygues SA | | | 674,333 | | | 0.0 | |
| 27,636 | | | Bureau Veritas SA | | | 699,182 | | | 0.1 | |
| 14,638 | | | Capgemini SE | | | 3,059,213 | | | 0.2 | |
| 53,971 | | | Carrefour SA | | | 988,458 | | | 0.1 | |
| 42,707 | | | Cie de Saint-Gobain | | | 3,149,520 | | | 0.2 | |
| 63,568 | | | Cie Generale des Etablissements Michelin SCA | | | 2,283,774 | | | 0.2 | |
| 4,713 | | | Covivio SA/France | | | 253,603 | | | 0.0 | |
| 100,116 | | | Credit Agricole SA | | | 1,423,312 | | | 0.1 | |
| 60,333 | | | Danone SA | | | 3,914,310 | | | 0.3 | |
| 1,925 | | | Dassault Aviation SA | | | 381,400 | | | 0.0 | |
| 62,614 | | | Dassault Systemes SE | | | 3,064,781 | | | 0.2 | |
| 23,387 | | | Edenred | | | 1,399,586 | | | 0.1 | |
| 6,887 | | | Eiffage SA | | | 739,322 | | | 0.1 | |
| 171,142 | | | Engie SA | | | 3,014,883 | | | 0.2 | |
| 27,627 | | | EssilorLuxottica SA | | | 5,547,456 | | | 0.4 | |
| 4,066 | | | Eurazeo SE | | | 323,304 | | | 0.0 | |
| 4,290 | | | Gecina SA | | | 522,260 | | | 0.0 | |
| 33,498 | | | Getlink SE | | | 613,510 | | | 0.0 | |
| 2,968 | | | Hermes International | | | 6,308,517 | | | 0.4 | |
| 3,520 | | | Ipsen SA | | | 419,897 | | | 0.0 | |
| 6,975 | | | Kering SA | | | 3,089,211 | | | 0.2 | |
| 20,077 | | | Klepierre SA | | | 548,114 | | | 0.0 | |
| 9,803 (3) | | | La Francaise des Jeux SAEM | | | 356,091 | | | 0.0 | |
| 24,899 | | | Legrand SA | | | 2,592,884 | | | 0.2 | |
| 22,601 | | | L’Oreal SA | | | 11,266,592 | | | 0.7 | |
| 25,873 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 21,022,730 | | | 1.3 | |
| 174,476 | | | Orange SA | | | 1,988,612 | | | 0.1 | |
| 19,162 | | | Pernod Ricard SA | | | 3,386,336 | | | 0.2 | |
| 21,446 | | | Publicis Groupe SA | | | 1,992,584 | | | 0.1 | |
| 2,160 | | | Remy Cointreau SA | | | 275,518 | | | 0.0 | |
| 18,011 | | | Renault SA | | | 736,647 | | | 0.1 | |
| 32,028 | | | Safran SA | | | 5,646,858 | | | 0.4 | |
| 106,659 | | | Sanofi | | | 10,598,977 | | | 0.7 | |
| 2,581 | | | Sartorius Stedim Biotech | | | 684,435 | | | 0.0 | |
| 50,992 | | | Schneider Electric SE | | | 10,264,982 | | | 0.7 | |
| 2,324 | | | SEB SA | | | 291,024 | | | 0.0 | |
| 69,216 | | | Societe Generale SA | | | 1,841,511 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | France (continued) |
| 8,290 | | | Sodexo SA | | $ | 912,631 | | | 0.1 | |
| 64,041 | | | STMicroelectronics NV | | | 3,212,225 | | | 0.2 | |
| 5,578 | | | Teleperformance | | | 816,658 | | | 0.1 | |
| 9,848 | | | Thales SA | | | 1,458,218 | | | 0.1 | |
| 214,730 | | | TotalEnergies SE | | | 14,601,400 | | | 0.9 | |
| 11,074 (1)(2) | | | Unibail-Rodamco-Westfield | | | 819,070 | | | 0.1 | |
| 63,681 | | | Veolia Environnement SA | | | 2,012,740 | | | 0.1 | |
| 47,571 | | | Vinci SA | | | 5,986,573 | | | 0.4 | |
| 63,191 | | | Vivendi SE | | | 676,457 | | | 0.0 | |
| 22,418 (2)(3) | | | Worldline SA/France | | | 389,848 | | | 0.0 | |
| | | | | | | 180,130,466 | | | 11.5 | |
| | | | Germany: 7.8% |
| 15,180 | | | adidas AG | | | 3,084,673 | | | 0.2 | |
| 37,791 | | | Allianz SE | | | 10,099,295 | | | 0.7 | |
| 83,631 | | | BASF SE | | | 4,503,275 | | | 0.3 | |
| 92,055 | | | Bayer AG | | | 3,415,595 | | | 0.2 | |
| 29,880 | | | Bayerische Motoren Werke AG | | | 3,324,790 | | | 0.2 | |
| 7,643 | | | Bechtle AG | | | 382,818 | | | 0.0 | |
| 9,445 | | | Beiersdorf AG | | | 1,414,431 | | | 0.1 | |
| 13,029 | | | Brenntag SE | | | 1,197,460 | | | 0.1 | |
| 3,756 | | | Carl Zeiss Meditec AG - Class BR | | | 408,856 | | | 0.0 | |
| 99,338 | | | Commerzbank AG | | | 1,180,709 | | | 0.1 | |
| 10,307 | | | Continental AG | | | 875,386 | | | 0.1 | |
| 18,125 (2)(3) | | | Covestro AG | | | 1,056,176 | | | 0.1 | |
| 50,123 (2) | | | Daimler Truck Holding AG | | | 1,882,820 | | | 0.1 | |
| 16,485 (2)(3) | | | Delivery Hero SE | | | 453,715 | | | 0.0 | |
| 181,615 | | | Deutsche Bank AG | | | 2,479,238 | | | 0.2 | |
| 17,803 | | | Deutsche Boerse AG | | | 3,666,250 | | | 0.2 | |
| 55,781 (2) | | | Deutsche Lufthansa AG | | | 495,906 | | | 0.0 | |
| 92,881 | | | Deutsche Post AG, Reg | | | 4,597,235 | | | 0.3 | |
| 303,705 | | | Deutsche Telekom AG, Reg | | | 7,302,056 | | | 0.5 | |
| 210,371 | | | E.ON SE | | | 2,826,342 | | | 0.2 | |
| 21,832 | | | Evonik Industries AG | | | 446,004 | | | 0.0 | |
| 19,245 | | | Fresenius Medical Care AG & Co. KGaA | | | 804,598 | | | 0.1 | |
| 39,582 | | | Fresenius SE & Co. KGaA | | | 1,226,863 | | | 0.1 | |
| 15,340 | | | GEA Group AG | | | 637,747 | | | 0.0 | |
| 5,650 | | | Hannover Rueck SE | | | 1,350,934 | | | 0.1 | |
| 13,084 | | | Heidelberg Materials AG | | | 1,169,552 | | | 0.1 | |
| 14,480 (2) | | | HelloFresh SE | | | 228,299 | | | 0.0 | |
| 9,737 | | | Henkel AG & Co. KGaA | | | 698,615 | | | 0.1 | |
| 122,367 | | | Infineon Technologies AG | | | 5,110,355 | | | 0.3 | |
| 6,769 | | | Knorr-Bremse AG | | | 437,178 | | | 0.0 | |
| 6,916 (2) | | | LEG Immobilien SE | | | 605,215 | | | 0.0 | |
| 75,184 | | | Mercedes-Benz Group AG | | | 5,187,524 | | | 0.3 | |
| 12,110 | | | Merck KGaA | | | 1,928,084 | | | 0.1 | |
| 5,043 | | | MTU Aero Engines AG | | | 1,086,491 | | | 0.1 | |
| 12,787 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 5,304,213 | | | 0.3 | |
| 5,389 | | | Nemetschek SE | | | 465,257 | | | 0.0 | |
| 9,893 | | | Puma SE | | | 550,342 | | | 0.0 | |
| 477 | | | Rational AG | | | 368,079 | | | 0.0 | |
| 4,082 | | | Rheinmetall AG | | | 1,294,548 | | | 0.1 | |
| 59,244 | | | RWE AG | | | 2,696,361 | | | 0.2 | |
| 97,846 | | | SAP SE | | | 15,060,582 | | | 1.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Germany (continued) | | | | | | | |
| 6,999 (3) | | | Scout24 SE | | $ | 494,907 | | | 0.0 | |
| 71,213 | | | Siemens AG, Reg | | | 13,360,194 | | | 0.9 | |
| 48,484 (2) | | | Siemens Energy AG | | | 640,776 | | | 0.1 | |
| 26,424 (3) | | | Siemens Healthineers AG | | | 1,534,138 | | | 0.1 | |
| 12,442 | | | Symrise AG | | | 1,367,318 | | | 0.1 | |
| 6,049 | | | Talanx AG | | | 432,292 | | | 0.0 | |
| 2,754 | | | Volkswagen AG | | | 360,374 | | | 0.0 | |
| 68,700 | | | Vonovia SE | | | 2,158,667 | | | 0.1 | |
| 1,703 | | | Wacker Chemie AG | | | 214,713 | | | 0.0 | |
| 20,911 (2)(3) | | | Zalando SE | | | 495,057 | | | 0.0 | |
| | | | | | | 122,362,303 | | | 7.8 | |
| | | | Hong Kong: 2.3% | | | | | | | |
| 1,075,600 | | | AIA Group Ltd. | | | 9,360,820 | | | 0.6 | |
| 346,500 | | | BOC Hong Kong Holdings Ltd. | | | 941,276 | | | 0.1 | |
| 160,700 (3) | | | Budweiser Brewing Co. APAC Ltd. | | | 301,264 | | | 0.0 | |
| 184,500 | | | CK Asset Holdings Ltd. | | | 926,023 | | | 0.1 | |
| 251,000 | | | CK Hutchison Holdings Ltd. | | | 1,348,523 | | | 0.1 | |
| 56,000 | | | CK Infrastructure Holdings Ltd. | | | 309,915 | | | 0.0 | |
| 3,000 | | | CK Infrastructure Holdings Ltd. | | | 16,603 | | | 0.0 | |
| 154,000 | | | CLP Holdings Ltd. | | | 1,272,366 | | | 0.1 | |
| 204,400 (1)(3) | | | ESR Group Ltd. | | | 282,676 | | | 0.0 | |
| 5,155 (2) | | | Futu Holdings Ltd., ADR | | | 281,618 | | | 0.0 | |
| 205,000 | | | Galaxy Entertainment Group Ltd. | | | 1,148,178 | | | 0.1 | |
| 168,000 | | | Hang Lung Properties Ltd. | | | 233,572 | | | 0.0 | |
| 71,700 | | | Hang Seng Bank Ltd. | | | 837,130 | | | 0.1 | |
| 136,000 | | | Henderson Land Development Co. Ltd. | | | 418,803 | | | 0.0 | |
| 354,000 | | | HKT Trust & HKT Ltd. - Stapled Security | | | 422,651 | | | 0.0 | |
| 1,049,000 (1) | | | Hong Kong & China Gas Co. Ltd. | | | 804,356 | | | 0.1 | |
| 112,900 | | | Hong Kong Exchanges & Clearing Ltd. | | | 3,872,499 | | | 0.3 | |
| 103,300 | | | Hongkong Land Holdings Ltd. | | | 359,283 | | | 0.0 | |
| 14,900 | | | Jardine Matheson Holdings Ltd. | | | 633,250 | | | 0.1 | |
| 240,100 | | | Link REIT | | | 1,348,175 | | | 0.1 | |
| 145,000 (1) | | | MTR Corp. Ltd. | | | 562,795 | | | 0.0 | |
| 141,000 | | | New World Development Co. Ltd. | | | 218,623 | | | 0.0 | |
| 129,500 | | | Power Assets Holdings Ltd. | | | 750,802 | | | 0.1 | |
| 257,980 | | | Prudential PLC | | | 2,910,706 | | | 0.2 | |
| 344,000 | | | Sino Land Co. Ltd. | | | 374,094 | | | 0.0 | |
| 125,000 | | | SITC International Holdings Co. Ltd. | | | 215,754 | | | 0.0 | |
| 136,000 | | | Sun Hung Kai Properties Ltd. | | | 1,471,706 | | | 0.1 | |
| 40,000 | | | Swire Pacific Ltd. - Class A | | | 338,786 | | | 0.0 | |
| 109,200 | | | Swire Properties Ltd. | | | 221,049 | | | 0.0 | |
| 129,000 | | | Techtronic Industries Co. Ltd. | | | 1,537,047 | | | 0.1 | |
| 778,000 (3) | | | WH Group Ltd. | | | 502,432 | | | 0.0 | |
| 100,000 | | | Wharf Holdings Ltd. | | | 322,145 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Hong Kong (continued) | | | | | | | |
| 156,000 (1) | | | Wharf Real Estate Investment Co. Ltd. | | $ | 527,355 | | | 0.0 | |
| 158,000 (1) | | | Xinyi Glass Holdings Ltd. | | | 177,463 | | | 0.0 | |
| | | | | | | 35,249,738 | | | 2.3 | |
| | | | Ireland: 1.3% | | | | | | | |
| 18,760 (2) | | | AerCap Holdings NV | | | 1,394,243 | | | 0.1 | |
| 147,229 | | | AIB Group PLC | | | 630,545 | | | 0.0 | |
| 99,008 | | | Bank of Ireland Group PLC | | | 898,838 | | | 0.1 | |
| 61,162 | | | CRH PLC | | | 4,229,964 | | | 0.3 | |
| 5,133 | | | CRH PLC | | | 353,249 | | | 0.0 | |
| 9,255 | | | DCC PLC | | | 680,992 | | | 0.0 | |
| 86,186 | | | Experian PLC | | | 3,515,983 | | | 0.2 | |
| 16,554 (2) | | | Flutter Entertainment PLC - Class DI | | | 2,921,635 | | | 0.2 | |
| 41,240 (2) | | | James Hardie Industries PLC | | | 1,590,045 | | | 0.1 | |
| 14,937 | | | Kerry Group PLC - Class A | | | 1,296,519 | | | 0.1 | |
| 14,495 | | | Kingspan Group PLC | | | 1,252,732 | | | 0.1 | |
| 24,396 | | | Smurfit Kappa Group PLC | | | 967,068 | | | 0.1 | |
| | | | | | | 19,731,813 | | | 1.3 | |
| | | | Israel: 0.7% | | | | | | | |
| 3,960 | | | Azrieli Group Ltd. | | | 256,136 | | | 0.0 | |
| 119,039 | | | Bank Hapoalim BM | | | 1,069,396 | | | 0.1 | |
| 143,233 | | | Bank Leumi Le-Israel BM | | | 1,152,714 | | | 0.1 | |
| 8,770 (2) | | | Check Point Software Technologies Ltd. | | | 1,339,968 | | | 0.1 | |
| 3,913 (2) | | | CyberArk Software Ltd. | | | 857,143 | | | 0.1 | |
| 2,498 | | | Elbit Systems Ltd. | | | 529,803 | | | 0.0 | |
| 8,430 (2) | | | Global-e Online Ltd. | | | 334,081 | | | 0.0 | |
| 72,192 | | | ICL Group Ltd. | | | 362,956 | | | 0.0 | |
| 115,436 | | | Israel Discount Bank Ltd. - Class A | | | 577,979 | | | 0.0 | |
| 14,411 | | | Mizrahi Tefahot Bank Ltd. | | | 557,878 | | | 0.0 | |
| 2,488 (2) | | | Monday.com Ltd. | | | 467,271 | | | 0.0 | |
| 5,934 (2) | | | Nice Ltd. | | | 1,180,147 | | | 0.1 | |
| 105,027 (2) | | | Teva Pharmaceutical Industries Ltd., ADR | | | 1,096,482 | | | 0.1 | |
| 5,088 (2) | | | Wix.com Ltd. | | | 625,926 | | | 0.1 | |
| | | | | | | 10,407,880 | | | 0.7 | |
| | | | Italy: 2.2% | | | | | | | |
| 11,619 (1) | | | Amplifon SpA | | | 402,605 | | | 0.0 | |
| 94,969 | | | Assicurazioni Generali SpA | | | 2,006,455 | | | 0.1 | |
| 113,580 | | | Banco BPM SpA | | | 601,853 | | | 0.0 | |
| 48,780 | | | Davide Campari-Milano NV | | | 550,858 | | | 0.0 | |
| 2,088 (1) | | | DiaSorin SpA | | | 215,196 | | | 0.0 | |
| 762,106 | | | Enel SpA | | | 5,669,915 | | | 0.4 | |
| 221,431 | | | Eni SpA | | | 3,755,771 | | | 0.2 | |
| 11,811 | | | Ferrari NV | | | 3,987,465 | | | 0.3 | |
| 57,217 | | | FinecoBank Banca Fineco SpA | | | 860,780 | | | 0.1 | |
| 31,362 (1)(3) | | | Infrastrutture Wireless Italiane SpA | | | 397,071 | | | 0.0 | |
| 1,456,155 | | | Intesa Sanpaolo SpA | | | 4,261,276 | | | 0.3 | |
| 37,921 | | | Leonardo SpA | | | 626,572 | | | 0.0 | |
| 51,514 | | | Mediobanca Banca di Credito Finanziario SpA | | | 638,348 | | | 0.1 | |
| 19,300 (1) | | | Moncler SpA | | | 1,188,286 | | | 0.1 | |
| 55,110 (1)(2)(3) | | | Nexi SpA | | | 451,516 | | | 0.0 | |
| 48,754 (3) | | | Poste Italiane SpA | | | 554,173 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Italy (continued) |
| 24,607 | | | Prysmian SpA | | $ | 1,121,709 | | | 0.1 | |
| 9,758 | | | Recordati Industria Chimica e Farmaceutica SpA | | | 526,177 | | | 0.0 | |
| 188,950 | | | Snam SpA | | | 972,131 | | | 0.1 | |
| 929,842 (1)(2) | | | Telecom Italia SpA/Milano | | | 301,995 | | | 0.0 | |
| 131,837 (1) | | | Terna - Rete Elettrica Nazionale | | | 1,099,869 | | | 0.1 | |
| 150,503 | | | UniCredit SpA | | | 4,098,142 | | | 0.3 | |
| | | | | | | 34,288,163 | | | 2.2 | |
| | | | Japan: 21.7% |
| 71,800 | | | Advantest Corp. | | | 2,419,341 | | | 0.2 | |
| 61,300 | | | Aeon Co. Ltd. | | | 1,367,878 | | | 0.1 | |
| 18,100 (1) | | | AGC, Inc. | | | 670,866 | | | 0.1 | |
| 13,800 | | | Aisin Corp. | | | 481,085 | | | 0.0 | |
| 41,500 | | | Ajinomoto Co., Inc. | | | 1,597,494 | | | 0.1 | |
| 14,900 (1)(2) | | | ANA Holdings, Inc. | | | 322,817 | | | 0.0 | |
| 45,100 | | | Asahi Group Holdings Ltd. | | | 1,679,361 | | | 0.1 | |
| 20,300 | | | Asahi Intecc Co. Ltd. | | | 411,661 | | | 0.0 | |
| 117,600 | | | Asahi Kasei Corp. | | | 867,928 | | | 0.1 | |
| 169,600 | | | Astellas Pharma, Inc. | | | 2,017,099 | | | 0.1 | |
| 10,700 | | | Azbil Corp. | | | 352,908 | | | 0.0 | |
| 56,200 | | | Bandai Namco Holdings, Inc. | | | 1,123,901 | | | 0.1 | |
| 12,300 | | | BayCurrent Consulting, Inc. | | | 430,574 | | | 0.0 | |
| 53,500 | | | Bridgestone Corp. | | | 2,209,624 | | | 0.1 | |
| 21,600 | | | Brother Industries Ltd. | | | 343,980 | | | 0.0 | |
| 93,700 (1) | | | Canon, Inc. | | | 2,403,754 | | | 0.2 | |
| 16,200 | | | Capcom Co. Ltd. | | | 522,786 | | | 0.0 | |
| 67,600 | | | Central Japan Railway Co. | | | 1,715,707 | | | 0.1 | |
| 49,500 | | | Chiba Bank Ltd. | | | 356,628 | | | 0.0 | |
| 60,400 | | | Chubu Electric Power Co., Inc. | | | 779,846 | | | 0.1 | |
| 62,900 | | | Chugai Pharmaceutical Co. Ltd. | | | 2,376,259 | | | 0.2 | |
| 98,900 | | | Concordia Financial Group Ltd. | | | 450,803 | | | 0.0 | |
| 19,200 | | | Dai Nippon Printing Co. Ltd. | | | 566,995 | | | 0.0 | |
| 28,400 | | | Daifuku Co. Ltd. | | | 572,657 | | | 0.0 | |
| 88,100 | | | Dai-ichi Life Holdings, Inc. | | | 1,868,859 | | | 0.1 | |
| 173,300 | | | Daiichi Sankyo Co. Ltd. | | | 4,744,387 | | | 0.3 | |
| 24,700 | | | Daikin Industries Ltd. | | | 4,006,833 | | | 0.3 | |
| 5,800 | | | Daito Trust Construction Co. Ltd. | | | 671,329 | | | 0.1 | |
| 55,600 | | | Daiwa House Industry Co. Ltd. | | | 1,680,810 | | | 0.1 | |
| 217 | | | Daiwa House REIT Investment Corp. | | | 386,954 | | | 0.0 | |
| 125,000 | | | Daiwa Securities Group, Inc. | | | 839,023 | | | 0.1 | |
| 177,200 | | | Denso Corp. | | | 2,660,188 | | | 0.2 | |
| 18,900 (1) | | | Dentsu Group, Inc. | | | 483,904 | | | 0.0 | |
| 8,700 | | | Disco Corp. | | | 2,148,611 | | | 0.1 | |
| 28,300 | | | East Japan Railway Co. | | | 1,629,026 | | | 0.1 | |
| 23,600 | | | Eisai Co. Ltd. | | | 1,175,072 | | | 0.1 | |
| 270,000 | | | ENEOS Holdings, Inc. | | | 1,070,884 | | | 0.1 | |
| 89,300 | | | FANUC Corp. | | | 2,620,877 | | | 0.2 | |
| 16,400 | | | Fast Retailing Co. Ltd. | | | 4,055,374 | | | 0.3 | |
| 11,900 | | | Fuji Electric Co. Ltd. | | | 510,057 | | | 0.0 | |
| 35,000 | | | FUJIFILM Holdings Corp. | | | 2,097,542 | | | 0.1 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Japan (continued) |
| 16,500 | | | Fujitsu Ltd. | | $ | 2,483,146 | | | 0.2 | |
| 437 | | | GLP J-Reit | | | 435,007 | | | 0.0 | |
| 13,100 | | | Hamamatsu Photonics KK | | | 537,463 | | | 0.0 | |
| 21,400 | | | Hankyu Hanshin Holdings, Inc. | | | 680,089 | | | 0.1 | |
| 1,900 | | | Hikari Tsushin, Inc. | | | 314,011 | | | 0.0 | |
| 2,900 | | | Hirose Electric Co. Ltd. | | | 327,521 | | | 0.0 | |
| 10,000 | | | Hitachi Construction Machinery Co. Ltd. | | | 263,238 | | | 0.0 | |
| 86,900 | | | Hitachi Ltd. | | | 6,250,694 | | | 0.4 | |
| 432,800 | | | Honda Motor Co. Ltd. | | | 4,464,426 | | | 0.3 | |
| 10,200 | | | Hoshizaki Corp. | | | 372,610 | | | 0.0 | |
| 33,200 | | | Hoya Corp. | | | 4,134,703 | | | 0.3 | |
| 35,800 (1) | | | Hulic Co. Ltd. | | | 373,971 | | | 0.0 | |
| 10,600 | | | Ibiden Co. Ltd. | | | 584,757 | | | 0.0 | |
| 90,500 | | | Idemitsu Kosan Co. Ltd. | | | 491,457 | | | 0.0 | |
| 14,800 | | | Iida Group Holdings Co. Ltd. | | | 221,059 | | | 0.0 | |
| 91,000 (1) | | | Inpex Corp. | | | 1,217,739 | | | 0.1 | |
| 54,600 | | | Isuzu Motors Ltd. | | | 699,954 | | | 0.1 | |
| 111,400 | | | ITOCHU Corp. | | | 4,538,419 | | | 0.3 | |
| 13,500 | | | Japan Airlines Co. Ltd. | | | 265,208 | | | 0.0 | |
| 47,100 | | | Japan Exchange Group, Inc. | | | 994,069 | | | 0.1 | |
| 652 | | | Japan Metropolitan Fund Invest | | | 470,615 | | | 0.0 | |
| 135,600 | | | Japan Post Bank Co. Ltd. | | | 1,379,992 | | | 0.1 | |
| 194,600 | | | Japan Post Holdings Co. Ltd. | | | 1,737,285 | | | 0.1 | |
| 17,900 | | | Japan Post Insurance Co. Ltd. | | | 317,736 | | | 0.0 | |
| 120 | | | Japan Real Estate Investment Corp. | | | 496,435 | | | 0.0 | |
| 112,400 (1) | | | Japan Tobacco, Inc. | | | 2,902,755 | | | 0.2 | |
| 53,900 | | | JFE Holdings, Inc. | | | 833,898 | | | 0.1 | |
| 16,600 | | | JSR Corp. | | | 472,341 | | | 0.0 | |
| 39,500 | | | Kajima Corp. | | | 658,631 | | | 0.0 | |
| 66,000 | | | Kansai Electric Power Co., Inc. | | | 875,958 | | | 0.1 | |
| 43,700 | | | Kao Corp. | | | 1,796,316 | | | 0.1 | |
| 12,900 | | | Kawasaki Kisen Kaisha Ltd. | | | 552,074 | | | 0.0 | |
| 140,200 | | | KDDI Corp. | | | 4,446,934 | | | 0.3 | |
| 12,100 | | | Keisei Electric Railway Co. Ltd. | | | 571,007 | | | 0.0 | |
| 387 | | | Kenedix Office Investment Corp. | | | 440,806 | | | 0.0 | |
| 18,300 | | | Keyence Corp. | | | 8,040,224 | | | 0.5 | |
| 12,700 | | | Kikkoman Corp. | | | 776,057 | | | 0.1 | |
| 16,900 | | | Kintetsu Group Holdings Co. Ltd. | | | 535,460 | | | 0.0 | |
| 72,800 (1) | | | Kirin Holdings Co. Ltd. | | | 1,065,801 | | | 0.1 | |
| 14,100 | | | Kobe Bussan Co. Ltd. | | | 416,524 | | | 0.0 | |
| 11,000 | | | Koei Tecmo Holdings Co. Ltd. | | | 125,312 | | | 0.0 | |
| 18,100 | | | Koito Manufacturing Co. Ltd. | | | 281,252 | | | 0.0 | |
| 86,700 | | | Komatsu Ltd. | | | 2,256,223 | | | 0.2 | |
| 9,400 | | | Konami Group Corp. | | | 491,039 | | | 0.0 | |
| 3,100 | | | Kose Corp. | | | 231,710 | | | 0.0 | |
| 94,500 (1) | | | Kubota Corp. | | | 1,418,256 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Japan (continued) | | �� | | | | | |
| 120,400 | | | Kyocera Corp. | | $ | 1,753,032 | | | 0.1 | |
| 25,200 | | | Kyowa Kirin Co. Ltd. | | | 422,829 | | | 0.0 | |
| 7,100 | | | Lasertec Corp. | | | 1,863,939 | | | 0.1 | |
| 41,200 | | | M3, Inc. | | | 679,895 | | | 0.1 | |
| 20,900 | | | Makita Corp. | | | 574,862 | | | 0.0 | |
| 134,700 | | | Marubeni Corp. | | | 2,120,790 | | | 0.1 | |
| 32,200 | | | MatsukiyoCocokara & Co. | | | 569,101 | | | 0.0 | |
| 53,100 | | | Mazda Motor Corp. | | | 567,590 | | | 0.0 | |
| 8,100 (1) | | | McDonald’s Holdings Co. Japan Ltd. | | | 350,869 | | | 0.0 | |
| 21,900 | | | MEIJI Holdings Co. Ltd. | | | 520,204 | | | 0.0 | |
| 33,900 | | | MINEBEA MITSUMI, Inc. | | | 693,866 | | | 0.1 | |
| 26,600 | | | MISUMI Group, Inc. | | | 449,108 | | | 0.0 | |
| 120,000 | | | Mitsubishi Chemical Group Corp. | | | 733,574 | | | 0.1 | |
| 323,400 | | | Mitsubishi Corp. | | | 5,151,525 | | | 0.3 | |
| 181,100 | | | Mitsubishi Electric Corp. | | | 2,561,494 | | | 0.2 | |
| 105,500 | | | Mitsubishi Estate Co. Ltd. | | | 1,446,202 | | | 0.1 | |
| 75,300 | | | Mitsubishi HC Capital, Inc. | | | 504,495 | | | 0.0 | |
| 30,000 | | | Mitsubishi Heavy Industries Ltd. | | | 1,746,724 | | | 0.1 | |
| 1,070,000 | | | Mitsubishi UFJ Financial Group, Inc. | | | 9,182,886 | | | 0.6 | |
| 121,300 | | | Mitsui & Co. Ltd. | | | 4,544,378 | | | 0.3 | |
| 16,000 | | | Mitsui Chemicals, Inc. | | | 473,152 | | | 0.0 | |
| 83,400 | | | Mitsui Fudosan Co. Ltd. | | | 2,039,105 | | | 0.1 | |
| 32,200 | | | Mitsui OSK Lines Ltd. | | | 1,029,443 | | | 0.1 | |
| 226,000 | | | Mizuho Financial Group, Inc. | | | 3,855,066 | | | 0.3 | |
| 23,400 | | | MonotaRO Co. Ltd. | | | 254,622 | | | 0.0 | |
| 40,200 | | | MS&AD Insurance Group Holdings, Inc. | | | 1,580,617 | | | 0.1 | |
| 161,500 | | | Murata Manufacturing Co. Ltd. | | | 3,412,816 | | | 0.2 | |
| 23,000 | | | NEC Corp. | | | 1,358,982 | | | 0.1 | |
| 32,100 | | | Nexon Co. Ltd. | | | 583,870 | | | 0.0 | |
| 39,100 | | | NIDEC Corp. | | | 1,576,009 | | | 0.1 | |
| 97,400 | | | Nintendo Co. Ltd. | | | 5,068,101 | | | 0.3 | |
| 143 (1) | | | Nippon Building Fund, Inc. | | | 619,031 | | | 0.0 | |
| 6,800 | | | Nippon Express Holdings, Inc. | | | 385,832 | | | 0.0 | |
| 88,800 | | | Nippon Paint Holdings Co. Ltd. | | | 716,291 | | | 0.1 | |
| 212 | | | Nippon Prologis REIT, Inc. | | | 407,630 | | | 0.0 | |
| 16,200 | | | Nippon Sanso Holdings Corp. | | | 432,582 | | | 0.0 | |
| 80,100 | | | Nippon Steel Corp. | | | 1,829,787 | | | 0.1 | |
| 2,799,900 | | | Nippon Telegraph & Telephone Corp. | | | 3,418,914 | | | 0.2 | |
| 45,400 | | | Nippon Yusen KK | | | 1,402,112 | | | 0.1 | |
| 11,800 | | | Nissan Chemical Corp. | | | 459,476 | | | 0.0 | |
| 217,500 | | | Nissan Motor Co. Ltd. | | | 850,409 | | | 0.1 | |
| 18,900 | | | Nissin Foods Holdings Co. Ltd. | | | 659,985 | | | 0.0 | |
| 7,500 | | | Nitori Holdings Co. Ltd. | | | 1,007,074 | | | 0.1 | |
| 13,500 | | | Nitto Denko Corp. | | | 1,007,440 | | | 0.1 | |
| 281,600 | | | Nomura Holdings, Inc. | | | 1,268,206 | | | 0.1 | |
| 10,200 | | | Nomura Real Estate Holdings, Inc. | | | 267,653 | | | 0.0 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Japan (continued) | | | | | | | |
| 396 | | | Nomura Real Estate Master Fund, Inc. | | $ | 463,136 | | | 0.0 | |
| 36,200 | | | Nomura Research Institute Ltd. | | | 1,051,347 | | | 0.1 | |
| 59,100 | | | NTT Data Group Corp. | | | 835,417 | | | 0.1 | |
| 60,600 | | | Obayashi Corp. | | | 523,488 | | | 0.0 | |
| 6,600 | | | Obic Co. Ltd. | | | 1,135,563 | | | 0.1 | |
| 29,200 | | | Odakyu Electric Railway Co. Ltd. | | | 444,651 | | | 0.0 | |
| 80,500 | | | Oji Holdings Corp. | | | 309,435 | | | 0.0 | |
| 112,700 | | | Olympus Corp. | | | 1,626,743 | | | 0.1 | |
| 16,400 | | | Omron Corp. | | | 763,140 | | | 0.1 | |
| 36,400 | | | Ono Pharmaceutical Co. Ltd. | | | 647,538 | | | 0.0 | |
| 7,300 | | | Open House Group Co. Ltd. | | | 215,928 | | | 0.0 | |
| 3,600 | | | Oracle Corp. Japan | | | 277,125 | | | 0.0 | |
| 102,200 | | | Oriental Land Co. Ltd./ Japan | | | 3,798,600 | | | 0.3 | |
| 109,900 | | | ORIX Corp. | | | 2,064,052 | | | 0.1 | |
| 35,100 | | | Osaka Gas Co. Ltd. | | | 732,694 | | | 0.1 | |
| 10,700 | | | Otsuka Corp. | | | 440,358 | | | 0.0 | |
| 39,200 | | | Otsuka Holdings Co. Ltd. | | | 1,465,963 | | | 0.1 | |
| 35,700 | | | Pan Pacific International Holdings Corp. | | | 849,820 | | | 0.1 | |
| 207,000 | | | Panasonic Holdings Corp. | | | 2,038,449 | | | 0.1 | |
| 140,300 (1)(2) | | | Rakuten Group, Inc. | | | 625,502 | | | 0.0 | |
| 135,100 | | | Recruit Holdings Co. Ltd. | | | 5,648,684 | | | 0.4 | |
| 137,600 (2) | | | Renesas Electronics Corp. | | | 2,460,421 | | | 0.2 | |
| 199,700 | | | Resona Holdings, Inc. | | | 1,012,346 | | | 0.1 | |
| 51,200 | | | Ricoh Co. Ltd. | | | 392,117 | | | 0.0 | |
| 30,900 | | | Rohm Co. Ltd. | | | 589,904 | | | 0.0 | |
| 23,100 | | | SBI Holdings, Inc. | | | 518,441 | | | 0.0 | |
| 14,600 | | | SCSK Corp. | | | 289,057 | | | 0.0 | |
| 19,700 | | | Secom Co. Ltd. | | | 1,417,223 | | | 0.1 | |
| 26,900 | | | Seiko Epson Corp. | | | 401,642 | | | 0.0 | |
| 35,900 | | | Sekisui Chemical Co. Ltd. | | | 516,348 | | | 0.0 | |
| 55,900 | | | Sekisui House Ltd. | | | 1,239,092 | | | 0.1 | |
| 70,600 | | | Seven & i Holdings Co. Ltd. | | | 2,792,199 | | | 0.2 | |
| 29,900 | | | SG Holdings Co. Ltd. | | | 428,643 | | | 0.0 | |
| 24,300 (2) | | | Sharp Corp./Japan | | | 172,955 | | | 0.0 | |
| 22,100 | | | Shimadzu Corp. | | | 616,215 | | | 0.0 | |
| 7,200 | | | Shimano, Inc. | | | 1,109,118 | | | 0.1 | |
| 48,800 | | | Shimizu Corp. | | | 323,706 | | | 0.0 | |
| 170,700 | | | Shin-Etsu Chemical Co. Ltd. | | | 7,139,214 | | | 0.5 | |
| 24,500 | | | Shionogi & Co. Ltd. | | | 1,179,136 | | | 0.1 | |
| 37,500 | | | Shiseido Co. Ltd. | | | 1,130,339 | | | 0.1 | |
| 43,700 | | | Shizuoka Financial Group, Inc. | | | 369,526 | | | 0.0 | |
| 5,400 | | | SMC Corp. | | | 2,888,655 | | | 0.2 | |
| 269,400 | | | SoftBank Corp. | | | 3,357,190 | | | 0.2 | |
| 96,400 | | | SoftBank Group Corp. | | | 4,254,948 | | | 0.3 | |
| 27,700 | | | Sompo Holdings, Inc. | | | 1,355,316 | | | 0.1 | |
| 118,200 | | | Sony Group Corp. | | | 11,185,611 | | | 0.7 | |
| 8,000 | | | Square Enix Holdings Co. Ltd. | | | 286,800 | | | 0.0 | |
| 57,700 | | | Subaru Corp. | | | 1,052,414 | | | 0.1 | |
| 32,700 | | | SUMCO Corp. | | | 489,165 | | | 0.0 | |
| 131,300 | | | Sumitomo Chemical Co. Ltd. | | | 319,155 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Japan (continued) | | | | | | | |
| 97,600 | | | Sumitomo Corp. | | $ | 2,123,938 | | | 0.1 | |
| 67,000 | | | Sumitomo Electric Industries Ltd. | | | 850,136 | | | 0.1 | |
| 23,100 | | | Sumitomo Metal Mining Co. Ltd. | | | 686,021 | | | 0.1 | |
| 119,100 | | | Sumitomo Mitsui Financial Group, Inc. | | | 5,795,387 | | | 0.4 | |
| 61,400 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 1,175,926 | | | 0.1 | |
| 26,700 | | | Sumitomo Realty & Development Co. Ltd. | | | 791,228 | | | 0.1 | |
| 13,000 | | | Suntory Beverage & Food Ltd. | | | 427,439 | | | 0.0 | |
| 34,500 | | | Suzuki Motor Corp. | | | 1,470,271 | | | 0.1 | |
| 15,700 | | | Sysmex Corp. | | | 872,771 | | | 0.1 | |
| 46,900 | | | T&D Holdings, Inc. | | | 744,559 | | | 0.1 | |
| 15,900 | | | Taisei Corp. | | | 542,951 | | | 0.0 | |
| 148,300 | | | Takeda Pharmaceutical Co. Ltd. | | | 4,252,954 | | | 0.3 | |
| 36,400 | | | TDK Corp. | | | 1,726,247 | | | 0.1 | |
| 63,100 | | | Terumo Corp. | | | 2,063,434 | | | 0.1 | |
| 20,500 | | | TIS, Inc. | | | 450,575 | | | 0.0 | |
| 17,600 | | | Tobu Railway Co. Ltd. | | | 472,196 | | | 0.0 | |
| 10,500 | | | Toho Co. Ltd./Tokyo | | | 354,483 | | | 0.0 | |
| 168,900 | | | Tokio Marine Holdings, Inc. | | | 4,205,778 | | | 0.3 | |
| 142,500 (2) | | | Tokyo Electric Power Co. Holdings, Inc. | | | 745,720 | | | 0.1 | |
| 44,200 | | | Tokyo Electron Ltd. | | | 7,856,102 | | | 0.5 | |
| 34,600 | | | Tokyo Gas Co. Ltd. | | | 793,678 | | | 0.1 | |
| 46,800 | | | Tokyu Corp. | | | 570,636 | | | 0.0 | |
| 23,000 | | | TOPPAN Holdings, Inc. | | | 640,542 | | | 0.0 | |
| 129,900 | | | Toray Industries, Inc. | | | 672,885 | | | 0.1 | |
| 24,300 | | | Tosoh Corp. | | | 309,777 | | | 0.0 | |
| 12,400 | | | TOTO Ltd. | | | 325,744 | | | 0.0 | |
| 13,800 | | | Toyota Industries Corp. | | | 1,121,806 | | | 0.1 | |
| 993,700 | | | Toyota Motor Corp. | | | 18,208,280 | | | 1.2 | |
| 19,900 | | | Toyota Tsusho Corp. | | | 1,167,776 | | | 0.1 | |
| 12,500 (2) | | | Trend Micro, Inc./Japan | | | 667,125 | | | 0.1 | |
| 37,800 | | | Unicharm Corp. | | | 1,367,126 | | | 0.1 | |
| 19,200 | | | USS Co. Ltd. | | | 385,463 | | | 0.0 | |
| 20,600 | | | West Japan Railway Co. | | | 858,369 | | | 0.1 | |
| 24,000 | | | Yakult Honsha Co. Ltd. | | | 538,743 | | | 0.0 | |
| 12,300 | | | Yamaha Corp. | | | 283,326 | | | 0.0 | |
| 83,400 (1) | | | Yamaha Motor Co. Ltd. | | | 742,123 | | | 0.1 | |
| 24,800 | | | Yamato Holdings Co. Ltd. | | | 457,646 | | | 0.0 | |
| 22,500 | | | Yaskawa Electric Corp. | | | 936,492 | | | 0.1 | |
| 21,300 | | | Yokogawa Electric Corp. | | | 404,870 | | | 0.0 | |
| 250,400 | | | Z Holdings Corp. | | | 885,486 | | | 0.1 | |
| 8,700 | | | Zensho Holdings Co. Ltd. | | | 455,223 | | | 0.0 | |
| 13,100 | | | ZOZO, Inc. | | | 295,656 | | | 0.0 | |
| | | | | | | 339,274,849 | | | 21.7 | |
| | | | Jordan: 0.0% | | | | | | | |
| 15,467 | | | Hikma Pharmaceuticals PLC | | | 352,448 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Luxembourg: 0.2% | | | | | | | |
| 47,946 | | | ArcelorMittal SA | | | 1,360,706 | | | 0.1 | |
| 12,647 (1) | | | Eurofins Scientific SE | | �� | 824,992 | | | 0.1 | |
| 44,247 | | | Tenaris SA | | | 769,594 | | | 0.0 | |
| | | | | | | 2,955,292 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Macao: 0.0% | | | | | | | |
| 227,600 (2) | | | Sands China Ltd. | | $ | 666,177 | | | 0.0 | |
| | | | | | | | | | | |
| | | | Netherlands: 4.8% | | | | | | | |
| 44,608 (3) | | | ABN AMRO Bank NV | | | 670,836 | | | 0.0 | |
| 2,035 (1)(2)(3) | | | Adyen NV | | | 2,627,060 | | | 0.2 | |
| 152,151 (1) | | | Aegon Ltd. | | | 884,612 | | | 0.1 | |
| 15,985 | | | Akzo Nobel NV | | | 1,323,664 | | | 0.1 | |
| 5,536 (1)(2) | | | Argenx SE | | | 2,105,716 | | | 0.1 | |
| 4,400 | | | ASM International, N.V. | | | 2,290,084 | | | 0.1 | |
| 37,775 | | | ASML Holding NV | | | 28,515,812 | | | 1.8 | |
| 14,916 | | | ASR Nederland NV | | | 704,629 | | | 0.0 | |
| 7,223 (1) | | | BE Semiconductor Industries NV | | | 1,090,497 | | | 0.1 | |
| 8,029 (3) | | | Euronext NV | | | 697,772 | | | 0.0 | |
| 8,770 | | | EXOR NV | | | 877,855 | | | 0.1 | |
| 12,145 | | | Heineken Holding NV | | | 1,028,365 | | | 0.1 | |
| 26,986 | | | Heineken NV | | | 2,741,758 | | | 0.2 | |
| 5,340 | | | IMCD NV | | | 930,032 | | | 0.1 | |
| 339,153 | | | ING Groep NV | | | 5,085,435 | | | 0.3 | |
| 9,135 (1) | | | JDE Peet’s NV | | | 245,660 | | | 0.0 | |
| 90,024 | | | Koninklijke Ahold Delhaize NV | | | 2,590,116 | | | 0.2 | |
| 314,397 (1) | | | Koninklijke KPN NV | | | 1,083,136 | | | 0.1 | |
| 73,963 (2) | | | Koninklijke Philips, N.V. | | | 1,730,895 | | | 0.1 | |
| 25,370 | | | NN Group NV | | | 1,002,642 | | | 0.1 | |
| 9,845 | | | OCI NV | | | 285,321 | | | 0.0 | |
| 137,062 | | | Prosus NV | | | 4,083,081 | | | 0.3 | |
| 21,367 (1)(2) | | | QIAGEN NV | | | 928,956 | | | 0.1 | |
| 10,342 (1) | | | Randstad NV | | | 649,063 | | | 0.0 | |
| 207,306 | | | Stellantis NV (STLAM) | | | 4,857,304 | | | 0.3 | |
| 76,811 (1) | | | Universal Music Group NV | | | 2,192,729 | | | 0.1 | |
| 23,286 | | | Wolters Kluwer NV | | | 3,312,881 | | | 0.2 | |
| | | | | | | 74,535,911 | | | 4.8 | |
| | | | New Zealand: 0.2% | | | | | | | |
| 124,205 | | | Auckland International Airport Ltd. | | | 690,944 | | | 0.0 | |
| 54,537 | | | Fisher & Paykel Healthcare Corp. Ltd. | | | 813,335 | | | 0.1 | |
| 64,707 (1) | | | Mercury NZ Ltd. | | | 269,970 | | | 0.0 | |
| 120,529 | | | Meridian Energy Ltd. | | | 422,058 | | | 0.0 | |
| 172,173 | | | Spark New Zealand Ltd. | | | 563,788 | | | 0.0 | |
| 13,483 (2) | | | Xero Ltd. | | | 1,028,598 | | | 0.1 | |
| | | | | | | 3,788,693 | | | 0.2 | |
| | | | Norway: 0.7% | | | | | | | |
| 32,768 (2) | | | Adevinta ASA | | | 362,015 | | | 0.0 | |
| 29,611 | | | Aker BP ASA | | | 860,129 | | | 0.1 | |
| 86,727 | | | DNB Bank ASA | | | 1,843,924 | | | 0.1 | |
| 84,419 | | | Equinor ASA | | | 2,675,404 | | | 0.2 | |
| 18,664 | | | Gjensidige Forsikring ASA | | | 344,422 | | | 0.0 | |
| 8,208 | | | Kongsberg Gruppen ASA | | | 375,770 | | | 0.0 | |
| 43,609 | | | Mowi ASA | | | 780,940 | | | 0.1 | |
| 124,322 | | | Norsk Hydro ASA | | | 835,644 | | | 0.1 | |
| 65,685 | | | Orkla ASA | | | 510,093 | | | 0.0 | |
| 6,772 | | | Salmar ASA | | | 379,265 | | | 0.0 | |
| 59,009 | | | Telenor ASA | | | 677,216 | | | 0.1 | |
| 15,451 | | | Yara International ASA | | | 548,922 | | | 0.0 | |
| | | | | | | 10,193,744 | | | 0.7 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Portugal: 0.2% | | | | | | | |
| 294,037 | | | EDP - Energias de Portugal SA | | $ | 1,479,886 | | | 0.1 | |
| 42,561 | | | Galp Energia SGPS SA | | | 626,228 | | | 0.0 | |
| 26,535 | | | Jeronimo Martins SGPS SA | | | 675,328 | | | 0.1 | |
| | | | | | | 2,781,442 | | | 0.2 | |
| | | | Singapore: 1.3% | | | | | | | |
| 349,700 | | | CapitaLand Ascendas REIT | | | 801,713 | | | 0.1 | |
| 498,800 | | | CapitaLand Integrated Commercial Trust | | | 777,526 | | | 0.1 | |
| 242,800 | | | CapitaLand Investment Ltd./Singapore | | | 580,505 | | | 0.0 | |
| 46,700 | | | City Developments Ltd. | | | 235,134 | | | 0.0 | |
| 169,700 | | | DBS Group Holdings Ltd. | | | 4,291,515 | | | 0.3 | |
| 564,300 | | | Genting Singapore Ltd. | | | 427,433 | | | 0.0 | |
| 177,611 (2) | | | Grab Holdings Ltd. - Class A | | | 598,549 | | | 0.0 | |
| 9,200 | | | Jardine Cycle & Carriage Ltd. | | | 207,345 | | | 0.0 | |
| 136,500 | | | Keppel Corp. Ltd. | | | 730,385 | | | 0.1 | |
| 325,400 | | | Mapletree Logistics Trust | | | 428,453 | | | 0.0 | |
| 220,200 | | | Mapletree Pan Asia Commercial Trust | | | 261,608 | | | 0.0 | |
| 317,300 | | | Oversea-Chinese Banking Corp. Ltd. | | | 3,122,045 | | | 0.2 | |
| 34,319 (2) | | | Sea Ltd., ADR | | | 1,389,919 | | | 0.1 | |
| 4,139,031 (1)(2) | | | Seatrium Ltd. | | | 369,582 | | | 0.0 | |
| 83,400 | | | Sembcorp Industries Ltd. | | | 335,226 | | | 0.0 | |
| 139,500 | | | Singapore Airlines Ltd. | | | 692,664 | | | 0.1 | |
| 80,000 | | | Singapore Exchange Ltd. | | | 595,151 | | | 0.0 | |
| 145,700 | | | Singapore Technologies Engineering Ltd. | | | 429,043 | | | 0.0 | |
| 773,700 | | | Singapore Telecommunications Ltd. | | | 1,448,371 | | | 0.1 | |
| 118,500 | | | United Overseas Bank Ltd. | | | 2,557,610 | | | 0.2 | |
| 43,400 (1) | | | UOL Group Ltd. | | | 206,172 | | | 0.0 | |
| 179,300 | | | Wilmar International Ltd. | | | 484,357 | | | 0.0 | |
| | | | | | | 20,970,306 | | | 1.3 | |
| | | | Spain: 2.6% | | | | | | | |
| 2,304 | | | Acciona SA | | | 339,250 | | | 0.0 | |
| 19,548 | | | ACS Actividades de Construccion y Servicios SA | | | 868,220 | | | 0.1 | |
| 7,028 (3) | | | Aena SME SA | | | 1,275,658 | | | 0.1 | |
| 42,212 | | | Amadeus IT Group SA | | | 3,031,725 | | | 0.2 | |
| 558,973 | | | Banco Bilbao Vizcaya Argentaria SA | | | 5,094,615 | | | 0.3 | |
| 1,516,477 | | | Banco Santander SA | | | 6,342,932 | | | 0.4 | |
| 386,628 | | | CaixaBank SA | | | 1,592,262 | | | 0.1 | |
| 52,958 (3) | | | Cellnex Telecom SA | | | 2,085,111 | | | 0.1 | |
| 6,145 | | | Corp ACCIONA Energias Renovables SA | | | 190,716 | | | 0.0 | |
| 28,667 (1) | | | EDP Renovaveis SA | | | 586,850 | | | 0.0 | |
| 23,226 (1) | | | Enagas SA | | | 391,806 | | | 0.0 | |
| 29,762 | | | Endesa SA | | | 607,176 | | | 0.1 | |
| 48,162 (1) | | | Ferrovial SE | | | 1,757,952 | | | 0.1 | |
| 27,836 (2) | | | Grifols SA | | | 476,200 | | | 0.0 | |
| 565,278 | | | Iberdrola SA | | | 7,414,613 | | | 0.5 | |
| 102,212 | | | Industria de Diseno Textil SA | | | 4,459,915 | | | 0.3 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Spain (continued) | | | | | | | |
| 11,763 | | | Naturgy Energy Group SA | | $ | 350,857 | | | 0.0 | |
| 38,025 | | | Red Electrica Corp. SA | | | 626,599 | | | 0.1 | |
| 119,694 | | | Repsol SA | | | 1,775,529 | | | 0.1 | |
| 458,002 | | | Telefonica SA | | | 1,790,726 | | | 0.1 | |
| | | | | | | 41,058,712 | | | 2.6 | |
| | | | Sweden: 3.1% | | | | | | | |
| 27,110 | | | Alfa Laval AB | | | 1,085,323 | | | 0.1 | |
| 93,917 | | | Assa Abloy AB - Class B | | | 2,706,612 | | | 0.2 | |
| 251,688 | | | Atlas Copco AB - Class A | | | 4,336,865 | | | 0.3 | |
| 146,256 | | | Atlas Copco AB - Class B | | | 2,169,874 | | | 0.1 | |
| 35,919 (1) | | | Beijer Ref AB | | | 481,996 | | | 0.0 | |
| 25,628 | | | Boliden AB | | | 802,144 | | | 0.1 | |
| 61,750 | | | Epiroc AB - Class A | | | 1,242,959 | | | 0.1 | |
| 36,392 | | | Epiroc AB - Class B | | | 638,235 | | | 0.1 | |
| 33,322 (1) | | | EQT AB | | | 943,467 | | | 0.1 | |
| 57,076 | | | Essity AB - Class B | | | 1,414,468 | | | 0.1 | |
| 17,172 (3) | | | Evolution AB | | | 2,045,365 | | | 0.1 | |
| 60,841 (1)(2) | | | Fastighets AB Balder | | | 431,477 | | | 0.0 | |
| 21,345 | | | Getinge AB - Class B | | | 475,299 | | | 0.0 | |
| 60,520 (1) | | | H & M Hennes & Mauritz AB - Class B | | | 1,061,523 | | | 0.1 | |
| 194,541 | | | Hexagon AB - Class B | | | 2,336,692 | | | 0.2 | |
| 7,142 | | | Holmen AB - Class B | | | 301,655 | | | 0.0 | |
| 32,632 (1) | | | Husqvarna AB - Class B | | | 269,167 | | | 0.0 | |
| 12,147 | | | Industrivarden AB - Class A | | | 397,132 | | | 0.0 | |
| 13,696 (1) | | | Industrivarden AB - Class C | | | 446,899 | | | 0.0 | |
| 25,499 | | | Indutrade AB | | | 664,569 | | | 0.1 | |
| 13,817 (1) | | | Investment AB Latour - Class B | | | 360,434 | | | 0.0 | |
| 162,182 | | | Investor AB - Class B | | | 3,760,955 | | | 0.3 | |
| 7,092 | | | L E Lundbergforetagen AB - Class B | | | 386,208 | | | 0.0 | |
| 21,754 | | | Lifco AB - Class B | | | 534,080 | | | 0.0 | |
| 142,004 (1) | | | Nibe Industrier AB - Class B | | | 997,211 | | | 0.1 | |
| 7,473 | | | Saab AB - Class B | | | 450,350 | | | 0.0 | |
| 18,407 | | | Sagax AB - Class B | | | 506,645 | | | 0.0 | |
| 99,907 | | | Sandvik AB | | | 2,170,515 | | | 0.2 | |
| 45,895 (1) | | | Securitas AB - Class B | | | 449,954 | | | 0.0 | |
| 148,692 | | | Skandinaviska Enskilda Banken AB - Class A | | | 2,052,054 | | | 0.1 | |
| 31,750 | | | Skanska AB - Class B | | | 575,233 | | | 0.0 | |
| 31,801 | | | SKF AB - Class B | | | 637,310 | | | 0.1 | |
| 56,771 (1) | | | Svenska Cellulosa AB SCA - Class B | | | 852,841 | | | 0.1 | |
| 136,671 | | | Svenska Handelsbanken AB - Class A | | | 1,485,264 | | | 0.1 | |
| 79,553 | | | Swedbank AB - Class A | | | 1,608,375 | | | 0.1 | |
| 18,262 (2) | | | Swedish Orphan Biovitrum AB | | | 483,435 | | | 0.0 | |
| 49,854 | | | Tele2 AB - Class B | | | 428,529 | | | 0.0 | |
| 274,384 | | | Telefonaktiebolaget LM Ericsson - Class B | | | 1,726,749 | | | 0.1 | |
| 220,164 | | | Telia Co. AB | | | 561,733 | | | 0.0 | |
| 18,687 | | | Volvo AB - Class A | | | 495,802 | | | 0.0 | |
| 141,399 | | | Volvo AB - Class B | | | 3,679,203 | | | 0.2 | |
| 55,609 (1)(2) | | | Volvo Car AB - Class B | | | 180,351 | | | 0.0 | |
| | | | | | | 48,634,952 | | | 3.1 | |
| | | | Switzerland: 10.2% | | | | | | | |
| 149,894 | | | ABB Ltd., Reg | | | 6,655,018 | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | Switzerland (continued) |
| 14,993 | | | Adecco Group AG | | $ | 736,359 | | | 0.1 | |
| 46,823 | | | Alcon, Inc. | | | 3,663,246 | | | 0.2 | |
| 3,150 (1) | | | Bachem Holding AG | | | 243,940 | | | 0.0 | |
| 4,292 (1) | | | Baloise Holding AG, Reg | | | 672,936 | | | 0.1 | |
| 2,811 (1) | | | Banque Cantonale Vaudoise | | | 362,532 | | | 0.0 | |
| 333 (1) | | | Barry Callebaut AG | | | 562,164 | | | 0.0 | |
| 1,971 | | | BKW AG | | | 350,576 | | | 0.0 | |
| 11 | | | Chocoladefabriken Lindt & Spruengli AG | | | 1,334,505 | | | 0.1 | |
| 90 | | | Chocoladefabriken Lindt & Spruengli AG - Class PC | | | 1,080,326 | | | 0.1 | |
| 48,912 | | | Cie Financiere Richemont SA | | | 6,755,927 | | | 0.4 | |
| 20,134 | | | Clariant AG | | | 297,474 | | | 0.0 | |
| 20,621 | | | Coca-Cola HBC AG - Class DI | | | 605,493 | | | 0.0 | |
| 17,426 | | | DSM-Firmenich AG | | | 1,772,106 | | | 0.1 | |
| 9,168 (2) | | | Dufry AG, Reg | | | 360,954 | | | 0.0 | |
| 655 | | | EMS-Chemie Holding AG | | | 531,092 | | | 0.0 | |
| 3,132 (1) | | | Geberit AG, Reg | | | 2,010,490 | | | 0.1 | |
| 865 | | | Givaudan SA, Reg | | | 3,586,906 | | | 0.2 | |
| 982,874 | | | Glencore PLC | | | 5,908,093 | | | 0.4 | |
| 3,464 | | | Helvetia Holding AG | | | 477,640 | | | 0.0 | |
| 48,838 | | | Holcim AG | | | 3,835,806 | | | 0.3 | |
| 19,303 | | | Julius Baer Group Ltd. | | | 1,082,861 | | | 0.1 | |
| 5,092 | | | Kuehne + Nagel International AG | | | 1,757,234 | | | 0.1 | |
| 15,409 | | | Logitech International SA | | | 1,465,217 | | | 0.1 | |
| 6,978 | | | Lonza Group AG | | | 2,941,830 | | | 0.2 | |
| 250,183 | | | Nestle SA | | | 29,001,184 | | | 1.9 | |
| 192,063 | | | Novartis AG, Reg | | | 19,400,377 | | | 1.2 | |
| 2,127 (1) | | | Partners Group Holding AG | | | 3,075,538 | | | 0.2 | |
| 65,831 | | | Roche Holding AG | | | 19,136,648 | | | 1.2 | |
| 2,999 | | | Roche Holding AG - Class BR | | | 931,866 | | | 0.1 | |
| 38,366 (2) | | | Sandoz Group AG | | | 1,234,390 | | | 0.1 | |
| 3,815 | | | Schindler Holding AG | | | 955,104 | | | 0.1 | |
| 2,191 | | | Schindler Holding AG (SCHN) | | | 520,321 | | | 0.0 | |
| 14,046 | | | SGS SA | | | 1,212,603 | | | 0.1 | |
| 28,655 (1) | | | SIG Group AG | | | 659,954 | | | 0.0 | |
| 14,285 | | | Sika AG, Reg | | | 4,657,999 | | | 0.3 | |
| 4,749 | | | Sonova Holding AG, Reg | | | 1,553,151 | | | 0.1 | |
| 10,459 (1) | | | Straumann Holding AG | | | 1,690,205 | | | 0.1 | |
| 4,910 | | | Swatch Group AG | | | 257,427 | | | 0.0 | |
| 2,711 | | | Swatch Group AG - Class BR | | | 737,636 | | | 0.1 | |
| 2,766 | | | Swiss Life Holding AG | | | 1,922,241 | | | 0.1 | |
| 7,189 | | | Swiss Prime Site AG | | | 768,097 | | | 0.1 | |
| 28,262 | | | Swiss Re AG | | | 3,180,337 | | | 0.2 | |
| 2,427 | | | Swisscom AG, Reg | | | 1,460,737 | | | 0.1 | |
| 5,987 | | | Temenos AG | | | 557,918 | | | 0.0 | |
| 308,182 | | | UBS Group AG | | | 9,572,621 | | | 0.6 | |
| 2,530 (1)(3) | | | VAT Group AG | | | 1,270,713 | | | 0.1 | |
| 13,714 | | | Zurich Insurance Group AG | | | 7,170,052 | | | 0.5 | |
| | | | | | | 159,977,844 | | | 10.2 | |
| | | | United Kingdom: 13.1% |
| 91,204 | | | 3i Group PLC | | | 2,807,212 | | | 0.2 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) |
| | | | United Kingdom (continued) |
| 181,781 (1) | | | abrdn PLC | | $ | 413,290 | | | 0.0 | |
| 24,396 | | | Admiral Group PLC | | | 834,062 | | | 0.1 | |
| 119,066 | | | Anglo American PLC | | | 2,979,826 | | | 0.2 | |
| 41,031 | | | Ashtead Group PLC | | | 2,851,946 | | | 0.2 | |
| 32,451 | | | Associated British Foods PLC | | | 978,040 | | | 0.1 | |
| 145,228 | | | AstraZeneca PLC | | | 19,589,769 | | | 1.2 | |
| 85,725 (3) | | | Auto Trader Group PLC | | | 787,525 | | | 0.0 | |
| 256,599 | | | Aviva PLC | | | 1,419,872 | | | 0.1 | |
| 284,919 | | | BAE Systems PLC | | | 4,033,020 | | | 0.3 | |
| 1,415,462 | | | Barclays PLC | | | 2,771,567 | | | 0.2 | |
| 90,947 | | | Barratt Developments PLC | | | 651,499 | | | 0.0 | |
| 9,935 | | | Berkeley Group Holdings PLC | | | 593,130 | | | 0.0 | |
| 1,599,147 | | | BP PLC | | | 9,479,848 | | | 0.6 | |
| 199,075 | | | British American Tobacco PLC | | | 5,824,766 | | | 0.4 | |
| 605,606 (1) | | | BT Group PLC | | | 954,183 | | | 0.1 | |
| 31,669 | | | Bunzl PLC | | | 1,286,885 | | | 0.1 | |
| 34,057 | | | Burberry Group PLC | | | 614,283 | | | 0.0 | |
| 519,267 | | | Centrica PLC | | | 930,891 | | | 0.1 | |
| 19,348 | | | Coca-Cola European Partners PLC - USD | | | 1,291,285 | | | 0.1 | |
| 160,604 | | | Compass Group PLC | | | 4,394,656 | | | 0.3 | |
| 13,084 | | | Croda International PLC | | | 841,614 | | | 0.1 | |
| 210,636 | | | Diageo PLC | | | 7,645,062 | | | 0.5 | |
| 17,303 | | | Endeavour Mining PLC | | | 387,175 | | | 0.0 | |
| 59,855 | | | Entain PLC | | | 754,835 | | | 0.0 | |
| 383,710 | | | GSK PLC | | | 7,086,810 | | | 0.5 | |
| 519,175 | | | Haleon PLC | | | 2,125,642 | | | 0.1 | |
| 35,573 | | | Halma PLC | | | 1,034,316 | | | 0.1 | |
| 33,197 | | | Hargreaves Lansdown PLC | | | 310,257 | | | 0.0 | |
| 1,825,825 | | | HSBC Holdings PLC | | | 14,770,843 | | | 0.9 | |
| 79,792 | | | Imperial Brands PLC | | | 1,837,432 | | | 0.1 | |
| 130,608 | | | Informa PLC | | | 1,299,078 | | | 0.1 | |
| 15,492 | | | InterContinental Hotels Group PLC | | | 1,397,003 | | | 0.1 | |
| 15,123 | | | Intertek Group PLC | | | 818,707 | | | 0.1 | |
| 155,320 | | | J Sainsbury PLC | | | 598,824 | | | 0.0 | |
| 241,842 | | | JD Sports Fashion PLC | | | 510,368 | | | 0.0 | |
| 177,763 | | | Kingfisher PLC | | | 550,778 | | | 0.0 | |
| 66,303 | | | Land Securities Group PLC | | | 595,030 | | | 0.0 | |
| 560,202 | | | Legal & General Group PLC | | | 1,790,230 | | | 0.1 | |
| 5,954,379 | | | Lloyds Banking Group PLC | | | 3,611,548 | | | 0.2 | |
| 39,024 | | | London Stock Exchange Group PLC | | | 4,613,082 | | | 0.3 | |
| 209,298 | | | M&G PLC | | | 592,337 | | | 0.0 | |
| 126,118 | | | Melrose Industries PLC | | | 911,628 | | | 0.1 | |
| 45,497 | | | Mondi PLC | | | 890,134 | | | 0.1 | |
| 345,583 | | | National Grid PLC | | | 4,655,455 | | | 0.3 | |
| 542,388 | | | NatWest Group PLC | | | 1,510,768 | | | 0.1 | |
| 11,287 | | | Next PLC | | | 1,166,790 | | | 0.1 | |
| 54,038 (2) | | | Ocado Group PLC | | | 522,003 | | | 0.0 | |
| 60,149 | | | Pearson PLC | | | 738,805 | | | 0.0 | |
| 29,808 | | | Persimmon PLC | | | 526,891 | | | 0.0 | |
| 70,065 | | | Phoenix Group Holdings PLC | | | 477,082 | | | 0.0 | |
| 67,241 | | | Reckitt Benckiser Group PLC | | | 4,639,853 | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets |
| COMMON STOCK: (continued) | |
| | | | United Kingdom (continued) |
| 177,038 | | | RELX PLC | | $ | 7,023,766 | | | 0.4 | |
| 236,366 | | | Rentokil Initial PLC | | | 1,332,220 | | | 0.1 | |
| 105,508 | | | Rio Tinto PLC | | | 7,847,794 | | | 0.5 | |
| 788,656 (2) | | | Rolls-Royce Holdings PLC | | | 3,008,222 | | | 0.2 | |
| 96,220 | | | Sage Group PLC | | | 1,436,449 | | | 0.1 | |
| 75,218 | | | Schroders PLC | | | 411,274 | | | 0.0 | |
| 109,276 | | | Segro PLC | | | 1,232,332 | | | 0.1 | |
| 25,219 | | | Severn Trent PLC | | | 829,314 | | | 0.1 | |
| 620,043 | | | Shell PLC | | | 20,296,519 | | | 1.3 | |
| 81,838 | | | Smith & Nephew PLC | | | 1,124,213 | | | 0.1 | |
| 32,637 | | | Smiths Group PLC | | | 732,551 | | | 0.0 | |
| 6,913 | | | Spirax-Sarco Engineering PLC | | | 924,928 | | | 0.1 | |
| 102,335 | | | SSE PLC | | | 2,415,717 | | | 0.2 | |
| 51,191 | | | St James’s Place PLC | | | 445,377 | | | 0.0 | |
| 214,737 | | | Standard Chartered PLC | | | 1,822,287 | | | 0.1 | |
| 329,618 | | | Taylor Wimpey PLC | | | 617,017 | | | 0.0 | |
| 668,951 | | | Tesco PLC | | | 2,478,278 | | | 0.2 | |
| 234,292 | | | Unilever PLC | | | 11,342,302 | | | 0.7 | |
| 63,894 | | | United Utilities Group PLC | | | 863,097 | | | 0.1 | |
| 2,156,589 | | | Vodafone Group PLC | | | 1,883,434 | | | 0.1 | |
| 18,108 | | | Whitbread PLC | | | 843,059 | | | 0.1 | |
| 57,379 (2) | | | Wise PLC - Class A | | | 638,139 | | | 0.0 | |
| 100,714 | | | WPP PLC | | | 962,008 | | | 0.1 | |
| | | | | | | 205,208,232 | | | 13.1 | |
| | | | Total Common Stock | | | | | | | |
| | | | (Cost $1,413,569,623) | | | 1,508,575,369 | | | 96.4 | |
| | | | | | | | | | | |
| PREFERRED STOCK: 0.4% |
| | | | Germany: 0.4% |
| 5,521 | | | Bayerische Motoren Werke AG | | | 549,354 | | | 0.0 | |
| 10,670 (3) | | | Dr Ing hc F Porsche AG | | | 939,781 | | | 0.1 | |
| 15,859 | | | Henkel AG & Co. KGaA | | | 1,275,728 | | | 0.1 | |
| 14,348 | | | Porsche Automobil Holding SE | | | 733,207 | | | 0.0 | |
| 2,456 (1) | | | Sartorius AG | | | 901,892 | | | 0.1 | |
| 19,322 | | | Volkswagen AG | | | 2,381,554 | | | 0.1 | |
| | | | | | | 6,781,516 | | | 0.4 | |
| | | | Total Preferred Stock | | | | | | | | |
| | | | (Cost $7,542,946) | | | 6,781,516 | | | 0.4 | | |
| | | | Total Long-Term Investments | | | | | | | |
| | | | (Cost $1,421,112,569) | | | 1,515,356,885 | | | 96.8 | | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets |
| SHORT-TERM INVESTMENTS: 6.2% |
| | | | Repurchase Agreements: 3.4% |
| 11,088,235 (4) | | | Bank of America Inc., Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $11,094,700, collateralized by various U.S. Government Securities, 0.000%-3.125%, Market Value plus accrued interest $11,310,000, due 08/31/27-05/15/48) | | $ | 11,088,235 | | | 0.7 | |
| 11,428,362 (4) | | | Cantor Fitzgerald, Repurchase Agreement dated 12/29/2023, 5.470%, due 01/02/2024 (Repurchase Amount $11,435,213, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.613%, Market Value plus accrued interest $11,656,929, due 08/01/25-09/20/73) | | | 11,428,362 | | | 0.7 | |
| 12,835,091 (4) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $12,842,574, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $13,091,794, due 04/30/24-05/15/53) | | | 12,835,091 | | | 0.8 | |
| 12,835,091 (4) | | | JPMorgan Chase & Co., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $12,842,588, collateralized by various U.S. Government Securities, 2.500%-5.000%, Market Value plus accrued interest $13,091,793, due 02/15/29-08/15/53) | | | 12,835,091 | | | 0.8 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 5,516,500 (4) | | | Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/29/2023, 5.500%, due 01/02/2024 (Repurchase Amount $5,519,825, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.000%, Market Value plus accrued interest $5,630,269, due 02/02/24-04/20/71) | | $ | 5,516,500 | | | 0.4 | |
| | | | Total Repurchase Agreements
(Cost $53,703,279) | | | 53,703,279 | | | 3.4 | |
| Shares | | | | | Value | | | Percentage of Net Assets |
| | | | Mutual Funds: 2.8% | | | | | | | |
| 43,468,000 (5) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $43,468,000) | | $ | 43,468,000 | | | 2.8 | |
| | | | Total Short-Term Investments
(Cost $97,171,279) | | | 97,171,279 | | | 6.2 | | |
| | | | Total Investments in Securities
(Cost $1,518,283,848) | | $ | 1,612,528,164 | | | 103.0 | | |
| | | | Liabilities in Excess of Other Assets | | | (47,341,586 | ) | | (3.0 | ) | |
| | | | Net Assets | | $ | 1,565,186,578 | | | 100.0 | | |
| ADR | American Depositary Receipt |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Security, or a portion of the security, is on loan. |
| (2) | Non-income producing security. |
| (3) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (4) | 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 December 31, 2023. |
| Sector Diversification | | Percentage of Net Assets |
| Financials | | | 18.4 | % |
| Industrials | | | 15.9 | |
| Health Care | | | 12.3 | |
| Consumer Discretionary | | | 11.4 | |
| Consumer Staples | | | 9.0 | |
| Information Technology | | | 8.3 | |
| Materials | | | 7.6 | |
| Energy | | | 4.2 | |
| Communication Services | | | 3.9 | |
| Utilities | | | 3.4 | |
| Real Estate | | | 2.4 | |
| Short-Term Investments | | | 6.2 | |
| Liabilities in Excess of Other Assets | | | (3.0 | ) |
| Net Assets | | | 100.0 | % |
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs# | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Australia | | $ | — | | | $ | 112,939,917 | | | $ | — | | | $ | 112,939,917 | |
| Austria | | | — | | | | 2,837,752 | | | | — | | | | 2,837,752 | |
| Belgium | | | 1,067,933 | | | | 11,258,325 | | | | — | | | | 12,326,258 | |
| Chile | | | — | | | | 790,063 | | | | — | | | | 790,063 | |
| Denmark | | | — | | | | 50,723,894 | | | | — | | | | 50,723,894 | |
| Finland | | | 616,051 | | | | 15,772,469 | | | | — | | | | 16,388,520 | |
| France | | | — | | | | 180,130,466 | | | | — | | | | 180,130,466 | |
| Germany | | | — | | | | 122,362,303 | | | | — | | | | 122,362,303 | |
| Hong Kong | | | 914,868 | | | | 34,334,870 | | | | — | | | | 35,249,738 | |
| Ireland | | | 5,624,207 | | | | 14,107,606 | | | | — | | | | 19,731,813 | |
| Israel | | | 4,720,871 | | | | 5,687,009 | | | | — | | | | 10,407,880 | |
| Italy | | | 301,995 | | | | 33,986,168 | | | | — | | | | 34,288,163 | |
| Japan | | | — | | | | 339,274,849 | | | | — | | | | 339,274,849 | |
| Jordan | | | — | | | | 352,448 | | | | — | | | | 352,448 | |
| Luxembourg | | | — | | | | 2,955,292 | | | | — | | | | 2,955,292 | |
| Macao | | | — | | | | 666,177 | | | | — | | | | 666,177 | |
| Netherlands | | | 4,328,741 | | | | 70,207,170 | | | | — | | | | 74,535,911 | |
| New Zealand | | | 1,524,702 | | | | 2,263,991 | | | | — | | | | 3,788,693 | |
| Norway | | | 677,216 | | | | 9,516,528 | | | | — | | | | 10,193,744 | |
| Portugal | | | — | | | | 2,781,442 | | | | — | | | | 2,781,442 | |
| Singapore | | | 1,988,468 | | | | 18,981,838 | | | | — | | | | 20,970,306 | |
| Spain | | | — | | | | 41,058,712 | | | | — | | | | 41,058,712 | |
| Sweden | | | 483,435 | | | | 48,151,517 | | | | — | | | | 48,634,952 | |
| Switzerland | | | 1,234,390 | | | | 158,743,454 | | | | — | | | | 159,977,844 | |
| United Kingdom | | | 5,324,305 | | | | 199,883,927 | | | | — | | | | 205,208,232 | |
| Total Common Stock | | | 28,807,182 | | | | 1,479,768,187 | | | | — | | | | 1,508,575,369 | |
| Preferred Stock | | | — | | | | 6,781,516 | | | | — | | | | 6,781,516 | |
| Short-Term Investments | | | 43,468,000 | | | | 53,703,279 | | | | — | | | | 97,171,279 | |
| Total Investments, at fair value | | $ | 72,275,182 | | | $ | 1,540,252,982 | | | $ | — | | | $ | 1,612,528,164 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 1,670,008 | | | | — | | | | — | | | | 1,670,008 | |
| Total Assets | | $ | 73,945,190 | | | $ | 1,540,252,982 | | | $ | — | | | $ | 1,614,198,172 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya VACS Index Series I Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| MSCI EAFE Index | | 422 | | | 03/15/24 | | | $ | 47,525,640 | | | $ | 1,670,008 | |
| | | | | | | | | $ | 47,525,640 | | | $ | 1,670,008 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series I Portfolio | PORTFOLIO OF INVESTMENTS as of December 31, 2023 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 1,670,008 | |
| Total Asset Derivatives | | | | $ | 1,670,008 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 146,541 | |
| Total | | $ | 146,541 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 1,670,008 | |
| Total | | $ | 1,670,008 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $1,525,610,750. |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 143,405,495 | |
| Gross Unrealized Depreciation | | | (54,405,668 | ) |
| Net Unrealized Appreciation | | $ | 88,999,827 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 97.3% | | | | | | | |
| | | | Communication Services: 3.4% | | | | |
| 6,845 (1) | | | AMC Entertainment Holdings, Inc. - Class A | | $ | 41,891 | | | 0.0 | |
| 192 | | | Cable One, Inc. | | | 106,865 | | | 0.0 | |
| 9,351 | | | Electronic Arts, Inc. | | | 1,279,310 | | | 0.3 | |
| 8,515 | | | Fox Corp. - Class A | | | 252,640 | | | 0.1 | |
| 4,637 | | | Fox Corp. - Class B | | | 128,213 | | | 0.0 | |
| 8,451 (1) | | | Frontier Communications Parent, Inc. | | | 214,148 | | | 0.1 | |
| 2,558 (1) | | | IAC, Inc. | | | 133,988 | | | 0.0 | |
| 13,312 | | | Interpublic Group of Cos., Inc. | | | 434,504 | | | 0.1 | |
| 4,235 | | | Iridium Communications, Inc. | | | 174,313 | | | 0.1 | |
| 569 (1) | | | Liberty Broadband Corp. - Class A | | | 45,884 | | | 0.0 | |
| 4,021 (1) | | | Liberty Broadband Corp. - Class C | | | 324,052 | | | 0.1 | |
| 821 (1) | | | Liberty Media Corp.- Liberty Formula One - Class A, Tracking Stock | | | 47,602 | | | 0.0 | |
| 6,696 (1) | | | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | | | 422,718 | | | 0.1 | |
| 668 (1) | | | Liberty Media Corp.- Liberty Live - Class A, Tracking Stock | | | 24,415 | | | 0.0 | |
| 1,612 (1) | | | Liberty Media Corp.- Liberty Live - Class C, Tracking Stock | | | 60,273 | | | 0.0 | |
| 5,301 (1) | | | Liberty Media Corp.- Liberty SiriusXM, Tracking Stock | | | 152,563 | | | 0.0 | |
| 2,563 (1) | | | Liberty Media Corp.- Liberty SiriusXM - Class A, Tracking Stock | | | 73,661 | | | 0.0 | |
| 5,403 (1) | | | Live Nation Entertainment, Inc. | | | 505,721 | | | 0.1 | |
| 642 (1) | | | Madison Square Garden Sports Corp. | | | 116,735 | | | 0.0 | |
| 9,625 (1) | | | Match Group, Inc. | | | 351,313 | | | 0.1 | |
| 5,575 | | | New York Times Co. - Class A | | | 273,119 | | | 0.1 | |
| 13,144 | | | News Corp. - Class A | | | 322,685 | | | 0.1 | |
| 4,019 | | | News Corp. - Class B | | | 103,369 | | | 0.0 | |
| 1,153 | | | Nexstar Media Group, Inc. | | | 180,733 | | | 0.1 | |
| 6,814 | | | Omnicom Group, Inc. | | | 589,479 | | | 0.2 | |
| 309 (2) | | | Paramount Global - Class A | | | 6,075 | | | 0.0 | |
| 19,916 | | | Paramount Global - Class B | | | 294,558 | | | 0.1 | |
| 20,218 (1) | | | Pinterest, Inc. - Class A | | | 748,875 | | | 0.2 | |
| 795 (1) | | | Playtika Holding Corp. | | | 6,932 | | | 0.0 | |
| 16,038 (1) | | | ROBLOX Corp. - Class A | | | 733,257 | | | 0.2 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Communication Services: (continued) |
| 4,255 (1) | | | Roku, Inc. | | $ | 390,013 | | | 0.1 | |
| 22,240 (2) | | | Sirius XM Holdings, Inc. | | | 121,653 | | | 0.0 | |
| 4,842 (1) | | | Spotify Technology SA | | | 909,860 | | | 0.2 | |
| 5,695 (1) | | | Take-Two Interactive Software, Inc. | | | 916,610 | | | 0.3 | |
| 2,096 | | | TKO Group Holdings, Inc. | | | 170,992 | | | 0.1 | |
| 15,221 (1) | | | Trade Desk, Inc. - Class A | | | 1,095,303 | | | 0.3 | |
| 3,712 (1) | | | TripAdvisor, Inc. | | | 79,919 | | | 0.0 | |
| 76,102 (1) | | | Warner Bros Discovery, Inc. | | | 866,041 | | | 0.2 | |
| 10,391 (1) | | | ZoomInfo Technologies, Inc. | | | 192,130 | | | 0.1 | |
| | | | | | | 12,892,412 | | | 3.4 | |
| | | | | | | | | | | |
| | | | Consumer Discretionary: 10.5% | | | | |
| 7,255 | | | ADT, Inc. | | | 49,479 | | | 0.0 | |
| 2,050 | | | Advance Auto Parts, Inc. | | | 125,111 | | | 0.0 | |
| 9,349 (1) | | | Aptiv PLC | | | 838,792 | | | 0.2 | |
| 8,084 | | | Aramark | | | 227,160 | | | 0.1 | |
| 981 (1) | | | AutoNation, Inc. | | | 147,327 | | | 0.0 | |
| 7,910 | | | Bath & Body Works, Inc. | | | 341,396 | | | 0.1 | |
| 6,728 | | | Best Buy Co., Inc. | | | 526,668 | | | 0.1 | |
| 1,027 (1) | | | Birkenstock Holding PLC | | | 50,046 | | | 0.0 | |
| 8,053 | | | BorgWarner, Inc. | | | 288,700 | | | 0.1 | |
| 2,490 | | | Boyd Gaming Corp. | | | 155,899 | | | 0.0 | |
| 1,982 (1) | | | Bright Horizons Family Solutions, Inc. | | | 186,784 | | | 0.1 | |
| 2,399 | | | Brunswick Corp. | | | 232,103 | | | 0.1 | |
| 2,231 (1) | | | Burlington Stores, Inc. | | | 433,885 | | | 0.1 | |
| 7,101 (1) | | | Caesars Entertainment, Inc. | | | 332,895 | | | 0.1 | |
| 3,903 (1) | | | Capri Holdings Ltd. | | | 196,087 | | | 0.1 | |
| 5,454 (1) | | | CarMax, Inc. | | | 418,540 | | | 0.1 | |
| 34,322 (1) | | | Carnival Corp. | | | 636,330 | | | 0.2 | |
| 1,241 | | | Carter’s, Inc. | | | 92,938 | | | 0.0 | |
| 550 (1) | | | Cava Group, Inc. | | | 23,639 | | | 0.0 | |
| 1,031 | | | Choice Hotels International, Inc. | | | 116,812 | | | 0.0 | |
| 2,455 | | | Churchill Downs, Inc. | | | 331,253 | | | 0.1 | |
| 1,219 | | | Columbia Sportswear Co. | | | 96,959 | | | 0.0 | |
| 37,839 (1) | | | Coupang, Inc. | | | 612,613 | | | 0.2 | |
| 2,100 (1) | | | Crocs, Inc. | | | 196,161 | | | 0.1 | |
| 4,169 | | | Darden Restaurants, Inc. | | | 684,967 | | | 0.2 | |
| 905 (1) | | | Deckers Outdoor Corp. | | | 604,929 | | | 0.2 | |
| 2,075 | | | Dick’s Sporting Goods, Inc. | | | 304,921 | | | 0.1 | |
| 7,203 (1) | | | Dollar Tree, Inc. | | | 1,023,186 | | | 0.3 | |
| 1,206 | | | Domino’s Pizza, Inc. | | | 497,149 | | | 0.1 | |
| 10,569 (1) | | | DoorDash, Inc. - Class A | | | 1,045,168 | | | 0.3 | |
| 10,748 | | | DR Horton, Inc. | | | 1,633,481 | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Consumer Discretionary: (continued) |
| 14,435 (1) | | | DraftKings, Inc. - Class A | | $ | 508,834 | | | 0.1 | |
| 18,459 | | | eBay, Inc. | | | 805,182 | | | 0.2 | |
| 4,237 (1) | | | Etsy, Inc. | | | 343,409 | | | 0.1 | |
| 4,749 (1) | | | Expedia Group, Inc. | | | 720,851 | | | 0.2 | |
| 1,892 (1) | | | Five Below, Inc. | | | 403,299 | | | 0.1 | |
| 3,593 (1) | | | Floor & Decor Holdings, Inc. - Class A | | | 400,835 | | | 0.1 | |
| 9,246 (1)(2) | | | GameStop Corp. - Class A | | | 162,082 | | | 0.0 | |
| 6,709 | | | Gap, Inc. | | | 140,285 | | | 0.0 | |
| 5,306 | | | Garmin Ltd. | | | 682,033 | | | 0.2 | |
| 8,090 | | | Gentex Corp. | | | 264,219 | | | 0.1 | |
| 4,844 | | | Genuine Parts Co. | | | 670,894 | | | 0.2 | |
| 1,027 (1) | | | Grand Canyon Education, Inc. | | | 135,605 | | | 0.0 | |
| 5,034 | | | H&R Block, Inc. | | | 243,495 | | | 0.1 | |
| 4,442 | | | Harley-Davidson, Inc. | | | 163,643 | | | 0.0 | |
| 4,511 | | | Hasbro, Inc. | | | 230,332 | | | 0.1 | |
| 8,608 | | | Hilton Worldwide Holdings, Inc. | | | 1,567,431 | | | 0.4 | |
| 1,521 | | | Hyatt Hotels Corp. - Class A | | | 198,354 | | | 0.1 | |
| 3,815 | | | Kohl’s Corp. | | | 109,414 | | | 0.0 | |
| 2,001 | | | Lear Corp. | | | 282,561 | | | 0.1 | |
| 4,573 | | | Leggett & Platt, Inc. | | | 119,675 | | | 0.0 | |
| 8,471 | | | Lennar Corp. - Class A | | | 1,262,518 | | | 0.3 | |
| 455 | | | Lennar Corp. - Class B | | | 60,993 | | | 0.0 | |
| 934 | | | Lithia Motors, Inc. | | | 307,548 | | | 0.1 | |
| 9,198 | | | LKQ Corp. | | | 439,572 | | | 0.1 | |
| 25,719 (1) | | | Lucid Group, Inc. | | | 108,277 | | | 0.0 | |
| 9,340 | | | Macy’s, Inc. | | | 187,921 | | | 0.1 | |
| 1,241 | | | Marriott Vacations Worldwide Corp. | | | 105,348 | | | 0.0 | |
| 12,152 (1) | | | Mattel, Inc. | | | 229,430 | | | 0.1 | |
| 9,748 | | | MGM Resorts International | | | 435,541 | | | 0.1 | |
| 2,584 (1)(2) | | | Mister Car Wash, Inc. | | | 22,326 | | | 0.0 | |
| 1,826 (1) | | | Mohawk Industries, Inc. | | | 188,991 | | | 0.1 | |
| 672 | | | Murphy USA, Inc. | | | 239,608 | | | 0.1 | |
| 13,131 | | | Newell Brands, Inc. | | | 113,977 | | | 0.0 | |
| 3,939 | | | Nordstrom, Inc. | | | 72,675 | | | 0.0 | |
| 14,593 (1) | | | Norwegian Cruise Line Holdings Ltd. | | | 292,444 | | | 0.1 | |
| 102 (1) | | | NVR, Inc. | | | 714,046 | | | 0.2 | |
| 2,127 (1) | | | Ollie’s Bargain Outlet Holdings, Inc. | | | 161,418 | | | 0.0 | |
| 11,594 (1) | | | Peloton Interactive, Inc. - Class A | | | 70,607 | | | 0.0 | |
| 5,166 (1) | | | Penn Entertainment, Inc. | | | 134,419 | | | 0.0 | |
| 675 | | | Penske Automotive Group, Inc. | | | 108,344 | | | 0.0 | |
| 2,766 (1) | | | Petco Health & Wellness Co., Inc. | | | 8,741 | | | 0.0 | |
| 1,611 | | | Phinia, Inc. | | | 48,797 | | | 0.0 | |
| 2,942 (1) | | | Planet Fitness, Inc. - Class A | | | 214,766 | | | 0.1 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Consumer Discretionary: (continued) |
| 1,861 | | | Polaris, Inc. | | $ | 176,367 | | | 0.1 | |
| 1,312 | | | Pool Corp. | | | 523,108 | | | 0.1 | |
| 7,400 | | | PulteGroup, Inc. | | | 763,828 | | | 0.2 | |
| 2,075 | | | PVH Corp. | | | 253,399 | | | 0.1 | |
| 11,680 (1)(2) | | | QuantumScape Corp. | | | 81,176 | | | 0.0 | |
| 1,379 | | | Ralph Lauren Corp. | | | 198,852 | | | 0.1 | |
| 537 (1) | | | RH | | | 156,525 | | | 0.0 | |
| 22,893 (1) | | | Rivian Automotive, Inc. - Class A | | | 537,070 | | | 0.1 | |
| 11,600 | | | Ross Stores, Inc. | | | 1,605,324 | | | 0.4 | |
| 8,083 (1) | | | Royal Caribbean Cruises Ltd. | | | 1,046,668 | | | 0.3 | |
| 5,070 | | | Service Corp. International | | | 347,042 | | | 0.1 | |
| 4,598 (1) | | | Skechers USA, Inc. - Class A | | | 286,639 | | | 0.1 | |
| 7,910 | | | Tapestry, Inc. | | | 291,167 | | | 0.1 | |
| 5,760 | | | Tempur Sealy International, Inc. | | | 293,587 | | | 0.1 | |
| 2,308 | | | Texas Roadhouse, Inc. | | | 282,107 | | | 0.1 | |
| 1,768 | | | Thor Industries, Inc. | | | 209,066 | | | 0.1 | |
| 3,701 | | | Toll Brothers, Inc. | | | 380,426 | | | 0.1 | |
| 1,094 (1) | | | TopBuild Corp. | | | 409,440 | | | 0.1 | |
| 3,782 | | | Tractor Supply Co. | | | 813,243 | | | 0.2 | |
| 2,432 | | | Travel + Leisure Co. | | | 95,067 | | | 0.0 | |
| 1,698 (1) | | | Ulta Beauty, Inc. | | | 832,003 | | | 0.2 | |
| 6,507 (1) | | | Under Armour, Inc. - Class A | | | 57,197 | | | 0.0 | |
| 6,978 (1) | | | Under Armour, Inc. - Class C | | | 58,266 | | | 0.0 | |
| 1,305 | | | Vail Resorts, Inc. | | | 278,578 | | | 0.1 | |
| 12,068 | | | VF Corp. | | | 226,878 | | | 0.1 | |
| 2,666 (1) | | | Victoria’s Secret & Co. | | | 70,756 | | | 0.0 | |
| 2,840 (1) | | | Wayfair, Inc. - Class A | | | 175,228 | | | 0.0 | |
| 5,895 | | | Wendy’s Co. | | | 114,835 | | | 0.0 | |
| 1,847 | | | Whirlpool Corp. | | | 224,909 | | | 0.1 | |
| 2,200 | | | Williams-Sonoma, Inc. | | | 443,916 | | | 0.1 | |
| 1,034 | | | Wingstop, Inc. | | | 265,304 | | | 0.1 | |
| 2,805 | | | Wyndham Hotels & Resorts, Inc. | | | 225,550 | | | 0.1 | |
| 3,586 | | | Wynn Resorts Ltd. | | | 326,720 | | | 0.1 | |
| 2,990 (1) | | | YETI Holdings, Inc. | | | 154,822 | | | 0.0 | |
| 9,685 | | | Yum! Brands, Inc. | | | 1,265,442 | | | 0.3 | |
| | | | | | | 39,602,623 | | | 10.5 | |
| | | | Consumer Staples: 3.1% | | | | |
| 14,381 | | | Albertsons Cos., Inc. - Class A | | | 330,763 | | | 0.1 | |
| 4,592 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 306,103 | | | 0.1 | |
| 324 (1) | | | Boston Beer Co., Inc. - Class A | | | 111,971 | | | 0.0 | |
| 1,689 | | | Brown-Forman Corp. - Class A | | | 100,648 | | | 0.0 | |
| 6,349 | | | Brown-Forman Corp. - Class B | | | 362,528 | | | 0.1 | |
| 4,998 | | | Bunge Global SA | | | 504,548 | | | 0.1 | |
| 6,604 | | | Campbell Soup Co. | | | 285,491 | | | 0.1 | |
| 1,286 | | | Casey’s General Stores, Inc. | | | 353,316 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Consumer Staples: (continued) | | |
| 4,959 (1) | | | Celsius Holdings, Inc. | | $ | 270,365 | | | 0.1 | |
| 8,437 | | | Church & Dwight Co., Inc. | | | 797,803 | | | 0.2 | |
| 4,271 | | | Clorox Co. | | | 609,002 | | | 0.2 | |
| 16,427 | | | Conagra Brands, Inc. | | | 470,798 | | | 0.1 | |
| 13,001 (1) | | | Coty, Inc. - Class A | | | 161,472 | | | 0.1 | |
| 5,471 (1) | | | Darling Ingredients, Inc. | | | 272,675 | | | 0.1 | |
| 6,487 | | | Flowers Foods, Inc. | | | 146,022 | | | 0.0 | |
| 1,495 (1) | | | Freshpet, Inc. | | | 129,706 | | | 0.0 | |
| 3,276 (1) | | | Grocery Outlet Holding Corp. | | | 88,321 | | | 0.0 | |
| 9,995 | | | Hormel Foods Corp. | | | 320,939 | | | 0.1 | |
| 2,277 | | | Ingredion, Inc. | | | 247,123 | | | 0.1 | |
| 3,547 | | | J M Smucker Co. | | | 448,270 | | | 0.1 | |
| 8,973 | | | Kellogg Co. | | | 501,680 | | | 0.1 | |
| 22,539 | | | Kroger Co. | | | 1,030,258 | | | 0.3 | |
| 5,019 | | | Lamb Weston Holdings, Inc. | | | 542,504 | | | 0.2 | |
| 723 (1) | | | Maplebear, Inc. | | | 16,969 | | | 0.0 | |
| 8,679 | | | McCormick & Co., Inc. | | | 593,817 | | | 0.2 | |
| 6,035 | | | Molson Coors Beverage Co. - Class B | | | 369,402 | | | 0.1 | |
| 4,396 (1) | | | Olaplex Holdings, Inc. | | | 11,166 | | | 0.0 | |
| 5,290 (1) | | | Performance Food Group Co. | | | 365,803 | | | 0.1 | |
| 1,417 (1) | | | Pilgrim’s Pride Corp. | | | 39,194 | | | 0.0 | |
| 1,774 (1) | | | Post Holdings, Inc. | | | 156,218 | | | 0.0 | |
| 1,875 | | | Reynolds Consumer Products, Inc. | | | 50,325 | | | 0.0 | |
| 7 | | | Seaboard Corp. | | | 24,991 | | | 0.0 | |
| 1,206 | | | Spectrum Brands Holdings, Inc. | | | 96,203 | | | 0.0 | |
| 9,595 | | | Tyson Foods, Inc. - Class A | | | 515,731 | | | 0.1 | |
| 7,823 (1) | | | US Foods Holding Corp. | | | 355,242 | | | 0.1 | |
| 24,742 | | | Walgreens Boots Alliance, Inc. | | | 646,014 | | | 0.2 | |
| 2,243 | | | WK Kellogg Co. | | | 29,473 | | | 0.0 | |
| | | | | | | 11,662,854 | | | 3.1 | |
| | | | Energy: 4.7% | | | | |
| 11,703 | | | Antero Midstream Corp. | | | 146,638 | | | 0.0 | |
| 9,762 (1) | | | Antero Resources Corp. | | | 221,402 | | | 0.0 | |
| 10,586 | | | APA Corp. | | | 379,826 | | | 0.1 | |
| 34,992 | | | Baker Hughes Co. | | | 1,196,026 | | | 0.3 | |
| 8,280 | | | Cheniere Energy, Inc. | | | 1,413,479 | | | 0.4 | |
| 4,325 | | | Chesapeake Energy Corp. | | | 332,765 | | | 0.1 | |
| 25,780 | | | Coterra Energy, Inc. | | | 657,906 | | | 0.2 | |
| 22,139 | | | Devon Energy Corp. | | | 1,002,897 | | | 0.3 | |
| 6,163 | | | Diamondback Energy, Inc. | | | 955,758 | | | 0.2 | |
| 3,349 | | | DT Midstream, Inc. | | | 183,525 | | | 0.0 | |
| 12,448 | | | EQT Corp. | | | 481,240 | | | 0.1 | |
| 31,032 | | | Halliburton Co. | | | 1,121,807 | | | 0.3 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Energy: (continued) | | |
| 9,600 | | | Hess Corp. | | $ | 1,383,936 | | | 0.4 | |
| 4,998 | | | HF Sinclair Corp. | | | 277,739 | | | 0.1 | |
| 20,876 | | | Marathon Oil Corp. | | | 504,364 | | | 0.1 | |
| 2,236 | | | New Fortress Energy, Inc. | | | 84,364 | | | 0.0 | |
| 13,542 | | | NOV, Inc. | | | 274,632 | | | 0.1 | |
| 20,101 | | | ONEOK, Inc. | | | 1,411,492 | | | 0.4 | |
| 8,862 | | | Ovintiv, Inc. | | | 389,219 | | | 0.1 | |
| 15,384 | | | Phillips 66 | | | 2,048,226 | | | 0.5 | |
| 8,081 | | | Range Resources Corp. | | | 245,986 | | | 0.1 | |
| 37,869 (1) | | | Southwestern Energy Co. | | | 248,042 | | | 0.1 | |
| 7,636 | | | Targa Resources Corp. | | | 663,339 | | | 0.2 | |
| 14,949 | | | TechnipFMC PLC | | | 301,073 | | | 0.1 | |
| 213 | | | Texas Pacific Land Corp. | | | 334,932 | | | 0.1 | |
| 42,070 | | | Williams Cos., Inc. | | | 1,465,298 | | | 0.4 | |
| | | | | | | 17,725,911 | | | 4.7 | |
| | | | Financials: 14.7% | | | | |
| 1,195 | | | Affiliated Managers Group, Inc. | | | 180,947 | | | 0.0 | |
| 7,775 (1)(2) | | | Affirm Holdings, Inc. | | | 382,064 | | | 0.1 | |
| 20,389 | | | Aflac, Inc. | | | 1,682,092 | | | 0.4 | |
| 22,312 | | | AGNC Investment Corp. | | | 218,881 | | | 0.1 | |
| 9,060 | | | Allstate Corp. | | | 1,268,219 | | | 0.3 | |
| 9,341 | | | Ally Financial, Inc. | | | 326,188 | | | 0.1 | |
| 2,512 | | | American Financial Group, Inc. | | | 298,652 | | | 0.1 | |
| 3,545 | | | Ameriprise Financial, Inc. | | | 1,346,497 | | | 0.4 | |
| 17,045 | | | Annaly Capital Management, Inc. | | | 330,162 | | | 0.1 | |
| 18,021 | | | Apollo Global Management, Inc. | | | 1,679,377 | | | 0.4 | |
| 12,353 (1) | | | Arch Capital Group Ltd. | | | 917,457 | | | 0.2 | |
| 5,641 | | | Ares Management Corp. - Class A | | | 670,828 | | | 0.2 | |
| 7,314 | | | Arthur J Gallagher & Co. | | | 1,644,772 | | | 0.4 | |
| 1,826 | | | Assurant, Inc. | | | 307,663 | | | 0.1 | |
| 1,939 | | | Assured Guaranty Ltd. | | | 145,095 | | | 0.0 | |
| 2,683 | | | Axis Capital Holdings Ltd. | | | 148,558 | | | 0.0 | |
| 26,609 | | | Bank of New York Mellon Corp. | | | 1,384,998 | | | 0.4 | |
| 3,678 | | | Bank OZK | | | 183,275 | | | 0.0 | |
| 18,727 (1) | | | Block, Inc. | | | 1,448,533 | | | 0.4 | |
| 15,730 | | | Blue Owl Capital, Inc. | | | 234,377 | | | 0.1 | |
| 978 | | | BOK Financial Corp. | | | 83,766 | | | 0.0 | |
| 2,239 (1) | | | Brighthouse Financial, Inc. | | | 118,488 | | | 0.0 | |
| 8,187 | | | Brown & Brown, Inc. | | | 582,178 | | | 0.2 | |
| 7,283 | | | Carlyle Group, Inc. | | | 296,345 | | | 0.1 | |
| 3,632 | | | Cboe Global Markets, Inc. | | | 648,530 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Financials: (continued) | | |
| 5,302 | | | Cincinnati Financial Corp. | | $ | 548,545 | | | 0.1 | |
| 16,067 | | | Citizens Financial Group, Inc. | | | 532,460 | | | 0.1 | |
| 898 | | | CNA Financial Corp. | | | 37,994 | | | 0.0 | |
| 5,852 (1) | | | Coinbase Global, Inc. - Class A | | | 1,017,780 | | | 0.3 | |
| 7,177 | | | Columbia Banking System, Inc. | | | 191,482 | | | 0.0 | |
| 4,542 | | | Comerica, Inc. | | | 253,489 | | | 0.1 | |
| 4,142 | | | Commerce Bancshares, Inc. | | | 221,224 | | | 0.1 | |
| 7,898 | | | Corebridge Financial, Inc. | | | 171,071 | | | 0.0 | |
| 216 (1) | | | Credit Acceptance Corp. | | | 115,070 | | | 0.0 | |
| 2,043 | | | Cullen/Frost Bankers, Inc. | | | 221,645 | | | 0.1 | |
| 8,617 | | | Discover Financial Services | | | 968,551 | | | 0.3 | |
| 4,848 | | | East West Bancorp, Inc. | | | 348,814 | | | 0.1 | |
| 11,943 | | | Equitable Holdings, Inc. | | | 397,702 | | | 0.1 | |
| 1,214 | | | Evercore, Inc. - Class A | | | 207,655 | | | 0.1 | |
| 1,479 | | | Everest Re Group Ltd. | | | 522,945 | | | 0.1 | |
| 1,325 | | | FactSet Research Systems, Inc. | | | 632,091 | | | 0.2 | |
| 8,957 | | | Fidelity National Financial, Inc. | | | 456,986 | | | 0.1 | |
| 20,449 | | | Fidelity National Information Services, Inc. | | | 1,228,371 | | | 0.3 | |
| 23,442 | | | Fifth Third Bancorp | | | 808,515 | | | 0.2 | |
| 3,459 | | | First American Financial Corp. | | | 222,898 | | | 0.1 | |
| 375 | | | First Citizens BancShares, Inc. - Class A | | | 532,114 | | | 0.1 | |
| 4,390 | | | First Hawaiian, Inc. | | | 100,355 | | | 0.0 | |
| 19,190 | | | First Horizon Corp. | | | 271,730 | | | 0.1 | |
| 12,341 | | | FNB Corp. | | | 169,936 | | | 0.0 | |
| 9,827 | | | Franklin Resources, Inc. | | | 292,746 | | | 0.1 | |
| 8,909 | | | Global Payments, Inc. | | | 1,131,443 | | | 0.3 | |
| 3,033 | | | Globe Life, Inc. | | | 369,177 | | | 0.1 | |
| 1,225 | | | Hanover Insurance Group, Inc. | | | 148,739 | | | 0.0 | |
| 10,200 | | | Hartford Financial Services Group, Inc. | | | 819,876 | | | 0.2 | |
| 1,746 | | | Houlihan Lokey, Inc. | | | 209,363 | | | 0.1 | |
| 49,671 | | | Huntington Bancshares, Inc. | | | 631,815 | | | 0.2 | |
| 3,579 | | | Interactive Brokers Group, Inc. - Class A | | | 296,699 | | | 0.1 | |
| 12,537 | | | Invesco Ltd. | | | 223,660 | | | 0.1 | |
| 4,621 | | | Janus Henderson Group PLC | | | 139,323 | | | 0.0 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Financials: (continued) | | |
| 6,254 | | | Jefferies Financial Group, Inc. | | $ | 252,724 | | | 0.1 | |
| 2,078 | | | Kemper Corp. | | | 101,136 | | | 0.0 | |
| 32,169 | | | KeyCorp | | | 463,234 | | | 0.1 | |
| 753 | | | Kinsale Capital Group, Inc. | | | 252,187 | | | 0.1 | |
| 22,924 | | | KKR & Co., Inc. | | | 1,899,253 | | | 0.5 | |
| 3,778 | | | Lazard Ltd. - Class A | | | 131,474 | | | 0.0 | |
| 5,833 | | | Lincoln National Corp. | | | 157,316 | | | 0.0 | |
| 6,322 | | | Loews Corp. | | | 439,948 | | | 0.1 | |
| 2,603 | | | LPL Financial Holdings, Inc. | | | 592,495 | | | 0.2 | |
| 5,712 | | | M&T Bank Corp. | | | 783,001 | | | 0.2 | |
| 454 (1) | | | Markel Corp. | | | 644,635 | | | 0.2 | |
| 1,279 | | | MarketAxess Holdings, Inc. | | | 374,555 | | | 0.1 | |
| 9,508 | | | MGIC Investment Corp. | | | 183,409 | | | 0.0 | |
| 887 | | | Morningstar, Inc. | | | 253,895 | | | 0.1 | |
| 2,652 | | | MSCI, Inc. | | | 1,500,104 | | | 0.4 | |
| 11,795 | | | Nasdaq, Inc. | | | 685,761 | | | 0.2 | |
| 24,583 | | | New York Community Bancorp, Inc. | | | 251,484 | | | 0.1 | |
| 7,075 | | | Northern Trust Corp. | | | 596,988 | | | 0.2 | |
| 80,757 (1) | | | NU Holdings Ltd./ Cayman Islands - Class A | | | 672,706 | | | 0.2 | |
| 9,018 | | | Old Republic International Corp. | | | 265,129 | | | 0.1 | |
| 3,872 | | | OneMain Holdings, Inc. | | | 190,502 | | | 0.0 | |
| 2,597 | | | Pinnacle Financial Partners, Inc. | | | 226,510 | | | 0.1 | |
| 2,429 | | | Popular, Inc. | | | 199,348 | | | 0.1 | |
| 1,227 | | | Primerica, Inc. | | | 252,468 | | | 0.1 | |
| 8,349 | | | Principal Financial Group, Inc. | | | 656,816 | | | 0.2 | |
| 3,006 | | | Prosperity Bancshares, Inc. | | | 203,596 | | | 0.1 | |
| 12,545 | | | Prudential Financial, Inc. | | | 1,301,042 | | | 0.3 | |
| 6,534 | | | Raymond James Financial, Inc. | | | 728,541 | | | 0.2 | |
| 32,278 | | | Regions Financial Corp. | | | 625,548 | | | 0.2 | |
| 2,295 | | | Reinsurance Group of America, Inc. | | | 371,285 | | | 0.1 | |
| 1,734 | | | RenaissanceRe Holdings Ltd. | | | 339,864 | | | 0.1 | |
| 16,630 | | | Rithm Capital Corp. | | | 177,608 | | | 0.0 | |
| 1,388 | | | RLI Corp. | | | 184,771 | | | 0.0 | |
| 23,216 (1) | | | Robinhood Markets, Inc. - Class A | | | 295,772 | | | 0.1 | |
| 4,070 (1)(2) | | | Rocket Cos., Inc. - Class A | | | 58,934 | | | 0.0 | |
| 3,275 (1) | | | Ryan Specialty Holdings, Inc. | | | 140,891 | | | 0.0 | |
| 3,468 | | | SEI Investments Co. | | | 220,391 | | | 0.1 | |
| 1,851 (1) | | | Shift4 Payments, Inc. - Class A | | | 137,603 | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Financials: (continued) | | |
| 7,763 | | | SLM Corp. | | $ | 148,429 | | | 0.0 | |
| 32,220 (1) | | | SoFi Technologies, Inc. | | | 320,589 | | | 0.1 | |
| 10,172 (2) | | | Starwood Property Trust, Inc. | | | 213,815 | | | 0.1 | |
| 10,644 | | | State Street Corp. | | | 824,484 | | | 0.2 | |
| 3,426 | | | Stifel Financial Corp. | | | 236,908 | | | 0.1 | |
| 14,230 | | | Synchrony Financial | | | 543,444 | | | 0.1 | |
| 4,991 | | | Synovus Financial Corp. | | | 187,911 | | | 0.0 | |
| 7,618 | | | T Rowe Price Group, Inc. | | | 820,382 | | | 0.2 | |
| 1,705 | | | TFS Financial Corp. | | | 25,046 | | | 0.0 | |
| 12,230 (1) | | | Toast, Inc. - Class A | | | 223,320 | | | 0.1 | |
| 2,215 | | | TPG, Inc. | | | 95,622 | | | 0.0 | |
| 3,962 | | | Tradeweb Markets, Inc. - Class A | | | 360,067 | | | 0.1 | |
| 6,784 | | | Unum Group | | | 306,772 | | | 0.1 | |
| 3,204 (2) | | | UWM Holdings Corp. | | | 22,909 | | | 0.0 | |
| 3,084 | | | Virtu Financial, Inc. - Class A | | | 62,482 | | | 0.0 | |
| 3,382 (3) | | | Voya Financial, Inc. | | | 246,751 | | | 0.1 | |
| 6,905 | | | W. R. Berkley Corp. | | | 488,322 | | | 0.1 | |
| 5,903 | | | Webster Financial Corp. | | | 299,636 | | | 0.1 | |
| 3,732 | | | Western Alliance Bancorp | | | 245,528 | | | 0.1 | |
| 1,476 (1) | | | WEX, Inc. | | | 287,156 | | | 0.1 | |
| 86 | | | White Mountains Insurance Group Ltd. | | | 129,431 | | | 0.0 | |
| 3,573 | | | Willis Towers Watson PLC | | | 861,808 | | | 0.2 | |
| 2,100 | | | Wintrust Financial Corp. | | | 194,775 | | | 0.0 | |
| 11,152 | | | XP, Inc. - Class A | | | 290,733 | | | 0.1 | |
| 5,022 | | | Zions Bancorp NA | | | 220,315 | | | 0.1 | |
| | | | | | | 55,439,765 | | | 14.7 | |
| | | | Health Care: 10.0% | | | | |
| 3,169 (1) | | | 10X Genomics, Inc. - Class A | | | 177,337 | | | 0.1 | |
| 3,096 (1) | | | Acadia Healthcare Co., Inc. | | | 240,745 | | | 0.1 | |
| 10,096 | | | Agilent Technologies, Inc. | | | 1,403,647 | | | 0.4 | |
| 10,030 (1) | | | agilon health, Inc. | | | 125,877 | | | 0.0 | |
| 2,637 (1) | | | Align Technology, Inc. | | | 722,538 | | | 0.2 | |
| 4,275 (1) | | | Alnylam Pharmaceuticals, Inc. | | | 818,278 | | | 0.2 | |
| 1,106 (1) | | | Amedisys, Inc. | | | 105,136 | | | 0.0 | |
| 5,583 | | | AmerisourceBergen Corp. | | | 1,146,637 | | | 0.3 | |
| 3,490 (1) | | | Apellis Pharmaceuticals, Inc. | | | 208,911 | | | 0.1 | |
| 23,298 (1) | | | Avantor, Inc. | | | 531,893 | | | 0.1 | |
| 2,047 (1) | | | Azenta, Inc. | | | 133,342 | | | 0.0 | |
| 17,459 | | | Baxter International, Inc. | | | 674,965 | | | 0.2 | |
| 4,976 (1) | | | Biogen, Inc. | | | 1,287,640 | | | 0.3 | |
| 6,462 (1) | | | BioMarin Pharmaceutical, Inc. | | | 623,066 | | | 0.2 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | |
| | | Health Care: (continued) | | |
| 710 (1) | | | Bio-Rad Laboratories, Inc. - Class A | | $ | 229,252 | | | 0.1 | |
| 5,373 | | | Bio-Techne Corp. | | | 414,581 | | | 0.1 | |
| 3,666 | | | Bruker Corp. | | | 269,378 | | | 0.1 | |
| 8,521 | | | Cardinal Health, Inc. | | | 858,917 | | | 0.2 | |
| 6,209 (1) | | | Catalent, Inc. | | | 278,970 | | | 0.1 | |
| 4,122 (1) | | | Certara, Inc. | | | 72,506 | | | 0.0 | |
| 1,752 (1) | | | Charles River Laboratories International, Inc. | | | 414,173 | | | 0.1 | |
| 507 | | | Chemed Corp. | | | 296,468 | | | 0.1 | |
| 1,678 | | | Cooper Cos., Inc. | | | 635,022 | | | 0.2 | |
| 1,864 (1) | | | DaVita, Inc. | | | 195,273 | | | 0.1 | |
| 7,298 | | | DENTSPLY SIRONA, Inc. | | | 259,736 | | | 0.1 | |
| 13,360 (1) | | | Dexcom, Inc. | | | 1,657,842 | | | 0.4 | |
| 4,135 (1) | | | Doximity, Inc. - Class A | | | 115,945 | | | 0.0 | |
| 16,917 (1) | | | Elanco Animal Health, Inc. | | | 252,063 | | | 0.1 | |
| 3,408 | | | Encompass Health Corp. | | | 227,382 | | | 0.1 | |
| 1,810 (1) | | | Enovis Corp. | | | 101,396 | | | 0.0 | |
| 5,652 (1) | | | Envista Holdings Corp. | | | 135,987 | | | 0.0 | |
| 6,165 (1) | | | Exact Sciences Corp. | | | 456,087 | | | 0.1 | |
| 10,856 (1) | | | Exelixis, Inc. | | | 260,435 | | | 0.1 | |
| 3,055 (1) | | | Fortrea Holdings, Inc. | | | 106,619 | | | 0.0 | |
| 4,091 (1) | | | Globus Medical, Inc. - Class A | | | 218,009 | | | 0.1 | |
| 4,500 (1) | | | Henry Schein, Inc. | | | 340,695 | | | 0.1 | |
| 8,391 (1) | | | Hologic, Inc. | | | 599,537 | | | 0.2 | |
| 2,814 (1) | | | ICON PLC | | | 796,559 | | | 0.2 | |
| 698 (1) | | | ICU Medical, Inc. | | | 69,619 | | | 0.0 | |
| 2,844 (1) | | | IDEXX Laboratories, Inc. | | | 1,578,562 | | | 0.4 | |
| 5,461 (1) | | | Illumina, Inc. | | | 760,390 | | | 0.2 | |
| 6,365 (1) | | | Incyte Corp. | | | 399,658 | | | 0.1 | |
| 993 (1) | | | Inspire Medical Systems, Inc. | | | 202,006 | | | 0.1 | |
| 2,393 (1) | | | Insulet Corp. | | | 519,233 | | | 0.1 | |
| 2,354 (1) | | | Integra LifeSciences Holdings Corp. | | | 102,517 | | | 0.0 | |
| 4,915 (1) | | | Ionis Pharmaceuticals, Inc. | | | 248,650 | | | 0.1 | |
| 6,287 (1) | | | IQVIA Holdings, Inc. | | | 1,454,686 | | | 0.4 | |
| 2,107 (1) | | | Jazz Pharmaceuticals PLC | | | 259,161 | | | 0.1 | |
| 1,227 (1) | | | Karuna Therapeutics, Inc. | | | 388,358 | | | 0.1 | |
| 2,929 | | | Laboratory Corp. of America Holdings | | | 665,732 | | | 0.2 | |
| 3,792 (1) | | | Maravai LifeSciences Holdings, Inc. - Class A | | | 24,838 | | | 0.0 | |
| 1,490 (1) | | | Masimo Corp. | | | 174,643 | | | 0.1 | |
| 804 (1) | | | Medpace Holdings, Inc. | | | 246,450 | | | 0.1 | |
| 752 (1) | | | Mettler-Toledo International, Inc. | | | 912,146 | | | 0.2 | |
| 1,889 (1) | | | Mirati Therapeutics, Inc. | | | 110,979 | | | 0.0 | |
| 1,995 (1) | | | Molina Healthcare, Inc. | | | 720,813 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) | | | | | | | |
| 3,709 (1) | | | Natera, Inc. | | $ | 232,332 | | | 0.1 | |
| 3,337 (1) | | | Neurocrine Biosciences, Inc. | | | 439,683 | | | 0.1 | |
| 3,622 (1) | | | Novocure Ltd. | | | 54,076 | | | 0.0 | |
| 8,818 | | | Organon & Co. | | | 127,156 | | | 0.0 | |
| 1,252 (1) | | | Penumbra, Inc. | | | 314,928 | | | 0.1 | |
| 4,657 | | | Perrigo Co. PLC | | | 149,862 | | | 0.0 | |
| 4,093 | | | Premier, Inc. - Class A | | | 91,519 | | | 0.0 | |
| 7,960 (1) | | | QIAGEN NV | | | 345,703 | | | 0.1 | |
| 3,867 | | | Quest Diagnostics, Inc. | | | 533,182 | | | 0.1 | |
| 1,844 (1) | | �� | QuidelOrtho Corp. | | | 135,903 | | | 0.0 | |
| 5,277 (1) | | | R1 RCM, Inc. | | | 55,778 | | | 0.0 | |
| 1,917 (1) | | | Repligen Corp. | | | 344,677 | | | 0.1 | |
| 5,015 | | | ResMed, Inc. | | | 862,680 | | | 0.2 | |
| 4,283 | | | Revvity, Inc. | | | 468,175 | | | 0.1 | |
| 12,288 (1) | | | Roivant Sciences Ltd. | | | 137,994 | | | 0.0 | |
| 12,821 | | | Royalty Pharma PLC - Class A | | | 360,142 | | | 0.1 | |
| 3,088 (1) | | | Sarepta Therapeutics, Inc. | | | 297,776 | | | 0.1 | |
| 1,252 (1) | | | Shockwave Medical, Inc. | | | 238,581 | | | 0.1 | |
| 3,408 (1) | | | Sotera Health Co. | | | 57,425 | | | 0.0 | |
| 3,425 | | | STERIS PLC | | | 752,986 | | | 0.2 | |
| 2,224 (1) | | | Tandem Diabetes Care, Inc. | | | 65,786 | | | 0.0 | |
| 5,694 (1) | | | Teladoc Health, Inc. | | | 122,706 | | | 0.0 | |
| 1,622 | | | Teleflex, Inc. | | | 404,429 | | | 0.1 | |
| 3,484 (1) | | | Tenet Healthcare Corp. | | | 263,286 | | | 0.1 | |
| 2,714 (1) | | | Ultragenyx Pharmaceutical, Inc. | | | 129,783 | | | 0.0 | |
| 1,558 (1) | | | United Therapeutics Corp. | | | 342,589 | | | 0.1 | |
| 2,071 | | | Universal Health Services, Inc. - Class B | | | 315,703 | | | 0.1 | |
| 5,002 (1) | | | Veeva Systems, Inc. - Class A | | | 962,985 | | | 0.3 | |
| 41,308 | | | Viatris, Inc. | | | 447,366 | | | 0.1 | |
| 2,022 (1) | | | Waters Corp. | | | 665,703 | | | 0.2 | |
| 2,556 | | | West Pharmaceutical Services, Inc. | | | 900,019 | | | 0.2 | |
| 7,253 | | | Zimmer Biomet Holdings, Inc. | | | 882,690 | | | 0.2 | |
| | | | | | | 37,734,888 | | | 10.0 | |
| | | | Industrials: 18.3% | | | | | | | |
| 4,180 | | | A. O. Smith Corp. | | | 344,599 | | | 0.1 | |
| 1,078 | | | Acuity Brands, Inc. | | | 220,807 | | | 0.1 | |
| 2,354 | | | Advanced Drainage Systems, Inc. | | | 331,067 | | | 0.1 | |
| 4,520 | | | AECOM | | | 417,784 | | | 0.1 | |
| 2,160 | | | AGCO Corp. | | | 262,246 | | | 0.1 | |
| 3,571 | | | Air Lease Corp. | | | 149,768 | | | 0.0 | |
| 4,327 (1) | | | Alaska Air Group, Inc. | | | 169,056 | | | 0.0 | |
| 3,030 | | | Allegion PLC | | | 383,871 | | | 0.1 | |
| 3,082 | | | Allison Transmission Holdings, Inc. | | | 179,218 | | | 0.0 | |
| 3,463 | | | AMERCO | | | 243,934 | | | 0.1 | |
| 22,426 (1) | | | American Airlines Group, Inc. | | | 308,133 | | | 0.1 | |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | | | | | | | |
| 7,944 | | | AMETEK, Inc. | | $ | 1,309,886 | | | 0.3 | |
| 1,514 | | | Armstrong World Industries, Inc. | | | 148,856 | | | 0.0 | |
| 687 | | | Avis Budget Group, Inc. | | | 121,778 | | | 0.0 | |
| 2,431 (1) | | | Axon Enterprise, Inc. | | | 628,000 | | | 0.2 | |
| 4,553 (1) | | | AZEK Co., Inc. | | | 174,152 | | | 0.0 | |
| 4,427 | | | Booz Allen Hamilton Holding Corp. | | | 566,258 | | | 0.2 | |
| 4,247 (1) | | | Builders FirstSource, Inc. | | | 708,994 | | | 0.2 | |
| 3,152 | | | BWX Technologies, Inc. | | | 241,853 | | | 0.1 | |
| 762 (1) | | | CACI International, Inc. - Class A | | | 246,781 | | | 0.1 | |
| 1,671 | | | Carlisle Cos., Inc. | | | 522,071 | | | 0.1 | |
| 28,779 | | | Carrier Global Corp. | | | 1,653,354 | | | 0.4 | |
| 5,092 (1) | | | Ceridian HCM Holding, Inc. | | | 341,775 | | | 0.1 | |
| 3,969 | | | CH Robinson Worldwide, Inc. | | | 342,882 | | | 0.1 | |
| 10,312 (1)(2) | | | ChargePoint Holdings, Inc. | | | 24,130 | | | 0.0 | |
| 2,993 | | | Cintas Corp. | | | 1,803,761 | | | 0.5 | |
| 16,246 (1) | | | Clarivate PLC | | | 150,438 | | | 0.0 | |
| 1,747 (1) | | | Clean Harbors, Inc. | | | 304,869 | | | 0.1 | |
| 33,748 | | | CNH Industrial NV | | | 411,051 | | | 0.1 | |
| 29,637 (1) | | | Copart, Inc. | | | 1,452,213 | | | 0.4 | |
| 4,627 (1) | | | Core & Main, Inc. - Class A | | | 186,977 | | | 0.1 | |
| 13,963 (1) | | | CoStar Group, Inc. | | | 1,220,227 | | | 0.3 | |
| 1,656 | | | Crane Co. | | | 195,640 | | | 0.1 | |
| 1,660 | | | Crane Holdings Co. | | | 94,404 | | | 0.0 | |
| 4,898 | | | Cummins, Inc. | | | 1,173,414 | | | 0.3 | |
| 1,317 | | | Curtiss-Wright Corp. | | | 293,414 | | | 0.1 | |
| 22,164 | | | Delta Air Lines, Inc. | | | 891,658 | | | 0.2 | |
| 4,180 | | | Donaldson Co., Inc. | | | 273,163 | | | 0.1 | |
| 4,817 | | | Dover Corp. | | | 740,903 | | | 0.2 | |
| 2,145 (1) | | | Driven Brands Holdings, Inc. | | | 30,588 | | | 0.0 | |
| 9,403 | | | Dun & Bradstreet Holdings, Inc. | | | 110,015 | | | 0.0 | |
| 1,602 | | | EMCOR Group, Inc. | | | 345,119 | | | 0.1 | |
| 4,209 | | | Equifax, Inc. | | | 1,040,844 | | | 0.3 | |
| 1,947 | | | Esab Corp. | | | 168,649 | | | 0.0 | |
| 5,086 | | | Expeditors International of Washington, Inc. | | | 646,939 | | | 0.2 | |
| 19,722 | | | Fastenal Co. | | | 1,277,394 | | | 0.3 | |
| 7,056 | | | Ferguson PLC | | | 1,362,302 | | | 0.4 | |
| 4,515 | | | Flowserve Corp. | | | 186,108 | | | 0.1 | |
| 12,214 | | | Fortive Corp. | | | 899,317 | | | 0.2 | |
| 4,364 | | | Fortune Brands Innovations, Inc. | | | 332,275 | | | 0.1 | |
| 1,149 (1) | | | FTI Consulting, Inc. | | | 228,823 | | | 0.1 | |
| 3,859 (1) | | | Gates Industrial Corp. PLC | | | 51,788 | | | 0.0 | |
| 2,100 (1) | | | Generac Holdings, Inc. | | | 271,404 | | | 0.1 | |
| 6,112 | | | Genpact Ltd. | | | 212,148 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | | | | | | | |
| 5,769 | | | Graco, Inc. | | $ | 500,518 | | | 0.1 | |
| 4,039 (1) | | | GXO Logistics, Inc. | | | 247,025 | | | 0.1 | |
| 4,582 (1) | | | Hayward Holdings, Inc. | | | 62,315 | | | 0.0 | |
| 1,558 | | | HEICO Corp. | | | 278,679 | | | 0.1 | |
| 2,801 | | | HEICO Corp. - Class A | | | 398,974 | | | 0.1 | |
| 4,534 (1) | | | Hertz Global Holdings, Inc. | | | 47,108 | | | 0.0 | |
| 2,909 | | | Hexcel Corp. | | | 214,539 | | | 0.1 | |
| 13,098 | | | Howmet Aerospace, Inc. | | | 708,864 | | | 0.2 | |
| 1,850 | | | Hubbell, Inc. | | | 608,520 | | | 0.2 | |
| 1,353 | | | Huntington Ingalls Industries, Inc. | | | 351,293 | | | 0.1 | |
| 2,611 | | | IDEX Corp. | | | 566,874 | | | 0.2 | |
| 13,979 | | | Ingersoll Rand, Inc. | | | 1,081,136 | | | 0.3 | |
| 2,853 | | | ITT, Inc. | | | 340,420 | | | 0.1 | |
| 4,345 | | | Jacobs Solutions, Inc. | | | 563,981 | | | 0.2 | |
| 2,842 | | | JB Hunt Transport Services, Inc. | | | 567,661 | | | 0.2 | |
| 4,622 | | | KBR, Inc. | | | 256,105 | | | 0.1 | |
| 2,035 (1) | | | Kirby Corp. | | | 159,707 | | | 0.0 | |
| 5,392 | | | Knight-Swift Transportation Holdings, Inc. | | | 310,849 | | | 0.1 | |
| 1,234 | | | Landstar System, Inc. | | | 238,964 | | | 0.1 | |
| 4,713 | | | Leidos Holdings, Inc. | | | 510,135 | | | 0.1 | |
| 1,104 | | | Lennox International, Inc. | | | 494,062 | | | 0.1 | |
| 1,927 | | | Lincoln Electric Holdings, Inc. | | | 419,045 | | | 0.1 | |
| 11,851 (1) | | | Lyft, Inc. - Class A | | | 177,646 | | | 0.0 | |
| 1,698 | | | ManpowerGroup, Inc. | | | 134,940 | | | 0.0 | |
| 7,764 | | | Masco Corp. | | | 520,033 | | | 0.1 | |
| 2,146 (1) | | | MasTec, Inc. | | | 162,495 | | | 0.0 | |
| 6,975 | | | MDU Resources Group, Inc. | | | 138,105 | | | 0.0 | |
| 1,853 (1) | | | Mercury Systems, Inc. | | | 67,764 | | | 0.0 | |
| 1,836 (1) | | | Middleby Corp. | | | 270,204 | | | 0.1 | |
| 1,272 | | | MSA Safety, Inc. | | | 214,752 | | | 0.1 | |
| 1,620 | | | MSC Industrial Direct Co., Inc. - Class A | | | 164,041 | | | 0.0 | |
| 1,975 | | | Nordson Corp. | | | 521,716 | | | 0.1 | |
| 5,679 | | | nVent Electric PLC | | | 335,572 | | | 0.1 | |
| 3,407 | | | Old Dominion Freight Line, Inc. | | | 1,380,959 | | | 0.4 | |
| 2,250 | | | Oshkosh Corp. | | | 243,922 | | | 0.1 | |
| 14,279 | | | Otis Worldwide Corp. | | | 1,277,542 | | | 0.3 | |
| 3,058 | | | Owens Corning | | | 453,287 | | | 0.1 | |
| 17,711 | | | PACCAR, Inc. | | | 1,729,479 | | | 0.5 | |
| 4,414 | | | Parker-Hannifin Corp. | | | 2,033,530 | | | 0.5 | |
| 2,222 (1) | | | Paycor HCM, Inc. | | | 47,973 | | | 0.0 | |
| 5,665 | | | Pentair PLC | | | 411,902 | | | 0.1 | |
| 18,150 (1)(2) | | | Plug Power, Inc. | | | 81,675 | | | 0.0 | |
| 4,964 | | | Quanta Services, Inc. | | | 1,071,231 | | | 0.3 | |
| 6,271 | | | RB Global, Inc. | | | 419,467 | | | 0.1 | |
| 976 (1) | | | RBC Bearings, Inc. | | | 278,053 | | | 0.1 | |
| 2,283 | | | Regal Rexnord Corp. | | | 337,930 | | | 0.1 | |
| 7,134 | | | Republic Services, Inc. | | | 1,176,468 | | | 0.3 | |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | | | | | | | |
| 3,566 | | | Robert Half International, Inc. | | $ | 313,523 | | | 0.1 | |
| 3,969 | | | Rockwell Automation, Inc. | | | 1,232,295 | | | 0.3 | |
| 8,814 | | | Rollins, Inc. | | | 384,907 | | | 0.1 | |
| 1,510 | | | Ryder System, Inc. | | | 173,741 | | | 0.0 | |
| 917 (1) | | | Saia, Inc. | | | 401,848 | | | 0.1 | |
| 1,890 | | | Schneider National, Inc. - Class B | | | 48,100 | | | 0.0 | |
| 1,819 | | | Science Applications International Corp. | | | 226,138 | | | 0.1 | |
| 5,207 | | | Sensata Technologies Holding PLC | | | 195,627 | | | 0.1 | |
| 1,534 (1) | | | SiteOne Landscape Supply, Inc. | | | 249,275 | | | 0.1 | |
| 1,797 | | | Snap-on, Inc. | | | 519,045 | | | 0.1 | |
| 20,529 | | | Southwest Airlines Co. | | | 592,878 | | | 0.2 | |
| 3,608 (1) | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 114,662 | | | 0.0 | |
| 7,504 | | | SS&C Technologies Holdings, Inc. | | | 458,569 | | | 0.1 | |
| 5,287 | | | Stanley Black & Decker, Inc. | | | 518,655 | | | 0.1 | |
| 3,179 (1) | | | Stericycle, Inc. | | | 157,551 | | | 0.0 | |
| 7,284 (1) | | | Sunrun, Inc. | | | 142,985 | | | 0.0 | |
| 1,829 | | | Tetra Tech, Inc. | | | 305,315 | | | 0.1 | |
| 6,759 | | | Textron, Inc. | | | 543,559 | | | 0.1 | |
| 2,111 | | | Timken Co. | | | 169,197 | | | 0.0 | |
| 3,593 | | | Toro Co. | | | 344,892 | | | 0.1 | |
| 7,866 | | | Trane Technologies PLC | | | 1,918,517 | | | 0.5 | |
| 1,831 | | | TransDigm Group, Inc. | | | 1,852,240 | | | 0.5 | |
| 6,668 | | | TransUnion | | | 458,158 | | | 0.1 | |
| 3,749 (1) | | | Trex Co., Inc. | | | 310,380 | | | 0.1 | |
| 263 (1) | | | U-Haul Holding Co. | | | 18,883 | | | 0.0 | |
| 11,280 (1) | | | United Airlines Holdings, Inc. | | | 465,413 | | | 0.1 | |
| 2,337 | | | United Rentals, Inc. | | | 1,340,083 | | | 0.4 | |
| 716 | | | Valmont Industries, Inc. | | | 167,193 | | | 0.0 | |
| 4,929 | | | Verisk Analytics, Inc. | | | 1,177,341 | | | 0.3 | |
| 11,851 | | | Vertiv Holdings Co. - Class A | | | 569,204 | | | 0.2 | |
| 4,042 | | | Vestis Corp. | | | 85,448 | | | 0.0 | |
| 1,146 | | | Watsco, Inc. | | | 491,027 | | | 0.1 | |
| 1,527 | | | WESCO International, Inc. | | | 265,515 | | | 0.1 | |
| 6,158 | | | Westinghouse Air Brake Technologies Corp. | | | 781,450 | | | 0.2 | |
| 6,623 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 294,723 | | | 0.1 | |
| 2,066 | | | Woodward, Inc. | | | 281,245 | | | 0.1 | |
| 1,526 | | | WW Grainger, Inc. | | | 1,264,581 | | | 0.3 | |
| 3,932 (1) | | | XPO, Inc. | | | 344,404 | | | 0.1 | |
| 8,190 | | | Xylem, Inc. | | | 936,608 | | | 0.3 | |
| | | | | | | 69,089,733 | | | 18.3 | |
| | | | Information Technology: 14.4% | | | | | | | |
| 5,159 (1) | | | Akamai Technologies, Inc. | | | 610,568 | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS |
| as of December 31, 2023 (continued) |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) | | |
| 2,588 (1) | | | Allegro MicroSystems, Inc. | | $ | 78,339 | | | 0.0 | |
| 2,114 (1) | | | Alteryx, Inc. - Class A | | | 99,696 | | | 0.0 | |
| 4,047 | | | Amdocs Ltd. | | | 355,691 | | | 0.1 | |
| 20,142 | | | Amphenol Corp. - Class A | | | 1,996,676 | | | 0.5 | |
| 2,997 (1) | | | ANSYS, Inc. | | | 1,087,551 | | | 0.3 | |
| 7,252 (1) | | | AppLovin Corp. - Class A | | | 288,992 | | | 0.1 | |
| 1,913 (1) | | | Arrow Electronics, Inc. | | | 233,864 | | | 0.1 | |
| 948 (1) | | | Aspen Technology, Inc. | | | 208,702 | | | 0.1 | |
| 3,136 | | | Avnet, Inc. | | | 158,054 | | | 0.0 | |
| 6,717 | | | Bentley Systems, Inc. - Class B | | | 350,493 | | | 0.1 | |
| 3,541 (1) | | | BILL Holdings, Inc. | | | 288,910 | | | 0.1 | |
| 4,047 | | | Broadridge Financial Solutions, Inc. | | | 832,670 | | | 0.2 | |
| 6,944 (1) | | | CCC Intelligent Solutions Holdings, Inc. | | | 79,092 | | | 0.0 | |
| 4,668 | | | CDW Corp. | | | 1,061,130 | | | 0.3 | |
| 5,120 (1) | | | Ciena Corp. | | | 230,451 | | | 0.1 | |
| 1,906 (1) | | | Cirrus Logic, Inc. | | | 158,560 | | | 0.0 | |
| 10,040 (1) | | | Cloudflare, Inc. - Class A | | | 835,930 | | | 0.2 | |
| 5,963 | | | Cognex Corp. | | | 248,896 | | | 0.1 | |
| 17,547 | | | Cognizant Technology Solutions Corp. - Class A | | | 1,325,325 | | | 0.4 | |
| 4,484 (1) | | | Coherent Corp. | | | 195,189 | | | 0.1 | |
| 1,515 | | | Concentrix Corp. | | | 148,788 | | | 0.0 | |
| 6,389 (1) | | | Confluent, Inc. - Class A | | | 149,503 | | | 0.0 | |
| 26,270 | | | Corning, Inc. | | | 799,922 | | | 0.2 | |
| 7,375 (1) | | | Crowdstrike Holdings, Inc. - Class A | | | 1,882,985 | | | 0.5 | |
| 9,432 (1) | | | Datadog, Inc. - Class A | | | 1,144,856 | | | 0.3 | |
| 6,984 (1) | | | DocuSign, Inc. | | | 415,199 | | | 0.1 | |
| 2,042 | | | Dolby Laboratories, Inc. - Class A | | | 175,980 | | | 0.0 | |
| 4,746 (1) | | | DoubleVerify Holdings, Inc. | | | 174,558 | | | 0.0 | |
| 8,913 (1) | | | Dropbox, Inc. - Class A | | | 262,755 | | | 0.1 | |
| 7,068 (1) | | | DXC Technology Co. | | | 161,645 | | | 0.0 | |
| 8,302 (1) | | | Dynatrace, Inc. | | | 454,036 | | | 0.1 | |
| 2,739 (1) | | | Elastic NV | | | 308,685 | | | 0.1 | |
| 4,596 (1) | | | Enphase Energy, Inc. | | | 607,315 | | | 0.2 | |
| 5,156 | | | Entegris, Inc. | | | 617,792 | | | 0.2 | |
| 1,920 (1) | | | EPAM Systems, Inc. | | | 570,893 | | | 0.2 | |
| 1,633 (1) | | | Euronet Worldwide, Inc. | | | 165,733 | | | 0.0 | |
| 2,042 (1) | | | F5, Inc. | | | 365,477 | | | 0.1 | |
| 837 (1) | | | Fair Isaac Corp. | | | 974,276 | | | 0.3 | |
| 3,675 (1) | | | First Solar, Inc. | | | 633,129 | | | 0.2 | |
| 2,454 (1) | | | Five9, Inc. | | | 193,105 | | | 0.1 | |
| 2,482 (1) | | | FleetCor Technologies, Inc. | | | 701,438 | | | 0.2 | |
| 2,651 (1) | | | Gartner, Inc. | | | 1,195,893 | | | 0.3 | |
| 19,127 | | | Gen Digital, Inc. | | | 436,478 | | | 0.1 | |
| | | | | | | | | Percentage | |
| | | | | | | | | of Net | |
| Shares | | | | | Value | | | Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) | | |
| 3,028 (1) | | | Gitlab, Inc. - Class A | | $ | 190,643 | | | 0.0 | |
| 2,708 (1) | | | GLOBALFOUNDRIES, Inc. | | | 164,105 | | | 0.0 | |
| 1,423 (1) | | | Globant SA | | | 338,646 | | | 0.1 | |
| 5,071 (1) | | | GoDaddy, Inc. - Class A | | | 538,337 | | | 0.1 | |
| 2,816 (1) | | | Guidewire Software, Inc. | | | 307,057 | | | 0.1 | |
| 3,357 (1) | | | HashiCorp, Inc. - Class A | | | 79,359 | | | 0.0 | |
| 44,234 | | | Hewlett Packard Enterprise Co. | | | 751,093 | | | 0.2 | |
| 29,844 | | | HP, Inc. | | | 898,006 | | | 0.2 | |
| 1,577 (1) | | | HubSpot, Inc. | | | 915,512 | | | 0.2 | |
| 1,468 (1) | | | Informatica, Inc. - Class A | | | 41,677 | | | 0.0 | |
| 1,035 (1) | | | IPG Photonics Corp. | | | 112,339 | | | 0.0 | |
| 4,307 | | | Jabil, Inc. | | | 548,712 | | | 0.1 | |
| 2,511 | | | Jack Henry & Associates, Inc. | | | 410,323 | | | 0.1 | |
| 10,989 | | | Juniper Networks, Inc. | | | 323,956 | | | 0.1 | |
| 6,129 (1) | | | Keysight Technologies, Inc. | | | 975,063 | | | 0.3 | |
| 7,839 (1) | | | Kyndryl Holdings, Inc. | | | 162,894 | | | 0.0 | |
| 4,703 (1) | | | Lattice Semiconductor Corp. | | | 324,460 | | | 0.1 | |
| 835 | | | Littelfuse, Inc. | | | 223,413 | | | 0.1 | |
| 2,307 (1) | | | Lumentum Holdings, Inc. | | | 120,933 | | | 0.0 | |
| 2,128 (1) | | | Manhattan Associates, Inc. | | | 458,201 | | | 0.1 | |
| 29,521 | | | Marvell Technology, Inc. | | | 1,780,412 | | | 0.5 | |
| 18,579 | | | Microchip Technology, Inc. | | | 1,675,454 | | | 0.4 | |
| 2,291 | | | MKS Instruments, Inc. | | | 235,675 | | | 0.1 | |
| 2,311 (1) | | | MongoDB, Inc. | | | 944,852 | | | 0.3 | |
| 1,587 | | | Monolithic Power Systems, Inc. | | | 1,001,048 | | | 0.3 | |
| 2,408 (1) | | | nCino, Inc. | | | 80,981 | | | 0.0 | |
| 2,202 (1) | | | NCR Atleos Corp. | | | 53,487 | | | 0.0 | |
| 4,404 (1) | | | NCR Corp. | | | 74,472 | | | 0.0 | |
| 7,279 | | | NetApp, Inc. | | | 641,717 | | | 0.2 | |
| 8,391 (1) | | | Nutanix, Inc. - Class A | | | 400,167 | | | 0.1 | |
| 5,280 (1) | | | Okta, Inc. | | | 477,998 | | | 0.1 | |
| 14,893 (1) | | | ON Semiconductor Corp. | | | 1,244,012 | | | 0.3 | |
| 65,808 (1) | | | Palantir Technologies, Inc. - Class A | | | 1,129,923 | | | 0.3 | |
| 11,131 | | | Paychex, Inc. | | | 1,325,813 | | | 0.4 | |
| 1,783 | | | Paycom Software, Inc. | | | 368,582 | | | 0.1 | |
| 1,450 (1) | | | Paylocity Holding Corp. | | | 239,032 | | | 0.1 | |
| 1,447 | | | Pegasystems, Inc. | | | 70,700 | | | 0.0 | |
| 2,748 (1) | | | Procore Technologies, Inc. | | | 190,217 | | | 0.0 | |
| 3,956 (1) | | | PTC, Inc. | | | 692,142 | | | 0.2 | |
| 9,835 (1) | | | Pure Storage, Inc. - Class A | | | 350,716 | | | 0.1 | |
| 3,380 (1) | | | Qorvo, Inc. | | | 380,622 | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 2,945 (1) | | | RingCentral, Inc. - Class A | | $ | 99,983 | | | | 0.0 | |
| 8,068 (1) | | | SentinelOne, Inc. - Class A | | | 221,386 | | | | 0.1 | |
| 5,491 | | | Skyworks Solutions, Inc. | | | 617,298 | | | | 0.2 | |
| 4,417 (1) | | | Smartsheet, Inc. - Class A | | | 211,221 | | | | 0.1 | |
| 5,372 (1) | | | Splunk, Inc. | | | 818,424 | | | | 0.2 | |
| 1,821 | | | TD SYNNEX Corp. | | | 195,958 | | | | 0.1 | |
| 1,609 (1) | | | Teledyne Technologies, Inc. | | | 718,081 | | | | 0.2 | |
| 3,427 (1) | | | Teradata Corp. | | | 149,109 | | | | 0.0 | |
| 5,323 | | | Teradyne, Inc. | | | 577,652 | | | | 0.2 | |
| 8,508 (1) | | | Trimble, Inc. | | | 452,626 | | | | 0.1 | |
| 5,845 (1) | | | Twilio, Inc. - Class A | | | 443,460 | | | | 0.1 | |
| 1,437 (1) | | | Tyler Technologies, Inc. | | | 600,838 | | | | 0.2 | |
| 141 | | | Ubiquiti, Inc. | | | 19,678 | | | | 0.0 | |
| 13,140 (1) | | | UiPath, Inc. - Class A | | | 326,398 | | | | 0.1 | |
| 10,055 (1) | | | Unity Software, Inc. | | | 411,149 | | | | 0.1 | |
| 1,613 | | | Universal Display Corp. | | | 308,502 | | | | 0.1 | |
| 3,067 (1) | | | VeriSign, Inc. | | | 631,679 | | | | 0.2 | |
| 4,034 (1)(2) | | | Viasat, Inc. | | | 112,750 | | | | 0.0 | |
| 5,372 | | | Vontier Corp. | | | 185,603 | | | | 0.0 | |
| 11,202 (1) | | | Western Digital Corp. | | | 586,649 | | | | 0.2 | |
| 12,573 | | | Western Union Co. | | | 149,870 | | | | 0.0 | |
| 4,281 (1) | | | Wolfspeed, Inc. | | | 186,266 | | | | 0.0 | |
| 1,767 (1) | | | Zebra Technologies Corp. - Class A | | | 482,974 | | | | 0.1 | |
| 8,786 (1) | | | Zoom Video Communications, Inc. - Class A | | | 631,801 | | | | 0.2 | |
| 3,057 (1) | | | Zscaler, Inc. | | | 677,309 | | | | 0.2 | |
| | | | | | | 54,324,635 | | | | 14.4 | |
| |
| | | | Materials: 5.7% |
| 4,043 | | | Albemarle Corp. | | | 584,133 | | | | 0.2 | |
| 6,137 | | | Alcoa Corp. | | | 208,658 | | | | 0.1 | |
| 49,761 | | | Amcor PLC | | | 479,696 | | | | 0.1 | |
| 2,258 | | | AptarGroup, Inc. | | | 279,134 | | | | 0.1 | |
| 4,917 | | | Ardagh Metal Packaging SA | | | 18,881 | | | | 0.0 | |
| 1,637 | | | Ashland, Inc. | | | 138,015 | | | | 0.0 | |
| 2,788 | | | Avery Dennison Corp. | | | 563,622 | | | | 0.2 | |
| 7,638 (1) | | | Axalta Coating Systems Ltd. | | | 259,463 | | | | 0.1 | |
| 10,639 | | | Ball Corp. | | | 611,955 | | | | 0.2 | |
| 4,116 | | | Berry Global Group, Inc. | | | 277,377 | | | | 0.1 | |
| 3,412 | | | Celanese Corp. | | | 530,122 | | | | 0.1 | |
| 6,649 | | | CF Industries Holdings, Inc. | | | 528,595 | | | | 0.1 | |
| 5,131 | | | Chemours Co. | | | 161,832 | | | | 0.0 | |
| 17,202 (1) | | | Cleveland-Cliffs, Inc. | | | 351,265 | | | | 0.1 | |
| 24,642 | | | Corteva, Inc. | | | 1,180,845 | | | | 0.3 | |
| 3,663 | | | Crown Holdings, Inc. | | | 337,326 | | | | 0.1 | |
| 15,859 | | | DuPont de Nemours, Inc. | | | 1,220,033 | | | | 0.3 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Materials: (continued) | | | | | | | | |
| 1,193 | | | Eagle Materials, Inc. | | $ | 241,988 | | | | 0.1 | |
| 4,094 | | | Eastman Chemical Co. | | | 367,723 | | | | 0.1 | |
| 7,704 | | | Element Solutions, Inc. | | | 178,271 | | | | 0.0 | |
| 4,312 | | | FMC Corp. | | | 271,872 | | | | 0.1 | |
| 53,704 (1)(2) | | | Ginkgo Bioworks Holdings, Inc. | | | 90,760 | | | | 0.0 | |
| 10,512 | | | Graphic Packaging Holding Co. | | | 259,121 | | | | 0.1 | |
| 5,838 | | | Huntsman Corp. | | | 146,709 | | | | 0.0 | |
| 8,818 | | | International Flavors & Fragrances, Inc. | | | 713,993 | | | | 0.2 | |
| 11,958 | | | International Paper Co. | | | 432,282 | | | | 0.1 | |
| 2,218 | | | Louisiana-Pacific Corp. | | | 157,101 | | | | 0.0 | |
| 8,935 | | | LyondellBasell Industries NV - Class A | | | 849,540 | | | | 0.2 | |
| 2,132 | | | Martin Marietta Materials, Inc. | | | 1,063,676 | | | | 0.3 | |
| 11,427 | | | Mosaic Co. | | | 408,287 | | | | 0.1 | |
| 3,590 (1) | | | MP Materials Corp. | | | 71,262 | | | | 0.0 | |
| 215 | | | NewMarket Corp. | | | 117,353 | | | | 0.0 | |
| 8,587 | | | Nucor Corp. | | | 1,494,481 | | | | 0.4 | |
| 4,227 | | | Olin Corp. | | | 228,047 | | | | 0.1 | |
| 3,055 | | | Packaging Corp. of America | | | 497,690 | | | | 0.1 | |
| 8,107 | | | PPG Industries, Inc. | | | 1,212,402 | | | | 0.3 | |
| 1,994 | | | Reliance Steel & Aluminum Co. | | | 557,682 | | | | 0.2 | |
| 2,263 | | | Royal Gold, Inc. | | | 273,732 | | | | 0.1 | |
| 4,391 | | | RPM International, Inc. | | | 490,167 | | | | 0.1 | |
| 1,425 | | | Scotts Miracle-Gro Co. | | | 90,844 | | | | 0.0 | |
| 4,963 | | | Sealed Air Corp. | | | 181,249 | | | | 0.1 | |
| 2,884 | | | Silgan Holdings, Inc. | | | 130,501 | | | | 0.0 | |
| 3,375 | | | Sonoco Products Co. | | | 188,561 | | | | 0.1 | |
| 7,023 | | | SSR Mining, Inc. | | | 75,567 | | | | 0.0 | |
| 5,388 | | | Steel Dynamics, Inc. | | | 636,323 | | | | 0.2 | |
| 7,645 | | | United States Steel Corp. | | | 371,929 | | | | 0.1 | |
| 4,779 (1) | | | Valvoline, Inc. | | | 179,595 | | | | 0.1 | |
| 4,576 | | | Vulcan Materials Co. | | | 1,038,798 | | | | 0.3 | |
| 1,117 | | | Westlake Corp. | | | 156,335 | | | | 0.0 | |
| 8,770 | | | Westrock Co. | | | 364,130 | | | | 0.1 | |
| | | | | | | 21,268,923 | | | | 5.7 | |
| | | | | | | | | | | | |
| | | | Real Estate: 7.5% | | | | | | | | |
| 3,422 | | | Agree Realty Corp. | | | 215,415 | | | | 0.1 | |
| 5,923 | | | Alexandria Real Estate Equities, Inc. | | | 750,859 | | | | 0.2 | |
| 11,497 | | | American Homes 4 Rent - Class A | | | 413,432 | | | | 0.1 | |
| 9,322 | | | Americold Realty Trust, Inc. | | | 282,177 | | | | 0.1 | |
| 5,136 | | | Apartment Income REIT Corp. | | | 178,373 | | | | 0.1 | |
| 4,895 | | | AvalonBay Communities, Inc. | | | 916,442 | | | | 0.2 | |
| 5,415 | | | Boston Properties, Inc. | | | 379,971 | | | | 0.1 | |
| 10,334 | | | Brixmor Property Group, Inc. | | | 240,472 | | | | 0.1 | |
| 3,582 | | | Camden Property Trust | | | 355,657 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Real Estate: (continued) | | | | | | | | |
| 10,495 (1) | | | CBRE Group, Inc. - Class A | | $ | 976,980 | | | | 0.3 | |
| 5,223 | | | Cousins Properties, Inc. | | | 127,180 | | | | 0.0 | |
| 7,722 | | | CubeSmart | | | 357,915 | | | | 0.1 | |
| 10,436 | | | Digital Realty Trust, Inc. | | | 1,404,477 | | | | 0.4 | |
| 1,580 | | | EastGroup Properties, Inc. | | | 289,993 | | | | 0.1 | |
| 2,562 | | | EPR Properties | | | 124,129 | | | | 0.0 | |
| 6,134 | | | Equity LifeStyle Properties, Inc. | | | 432,692 | | | | 0.1 | |
| 12,883 | | | Equity Residential | | | 787,924 | | | | 0.2 | |
| 2,205 | | | Essex Property Trust, Inc. | | | 546,708 | | | | 0.1 | |
| 7,223 | | | Extra Space Storage, Inc. | | | 1,158,064 | | | | 0.3 | |
| 2,791 | | | Federal Realty Investment Trust | | | 287,613 | | | | 0.1 | |
| 4,556 | | | First Industrial Realty Trust, Inc. | | | 239,965 | | | | 0.1 | |
| 8,835 | | | Gaming and Leisure Properties, Inc. | | | 436,007 | | | | 0.1 | |
| 13,113 | | | Healthcare Realty Trust, Inc. | | | 225,937 | | | | 0.1 | |
| 18,893 | | | Healthpeak Properties, Inc. | | | 374,081 | | | | 0.1 | |
| 3,591 | | | Highwoods Properties, Inc. | | | 82,449 | | | | 0.0 | |
| 24,412 | | | Host Hotels & Resorts, Inc. | | | 475,302 | | | | 0.1 | |
| 1,162 (1) | | | Howard Hughes Holdings, Inc. | | | 99,409 | | | | 0.0 | |
| 21,108 | | | Invitation Homes, Inc. | | | 719,994 | | | | 0.2 | |
| 10,001 | | | Iron Mountain, Inc. | | | 699,870 | | | | 0.2 | |
| 1,636 (1) | | | Jones Lang LaSalle, Inc. | | | 308,991 | | | | 0.1 | |
| 4,026 | | | Kilroy Realty Corp. | | | 160,396 | | | | 0.0 | |
| 22,653 | | | Kimco Realty Corp. | | | 482,735 | | | | 0.1 | |
| 3,000 | | | Lamar Advertising Co. - Class A | | | 318,840 | | | | 0.1 | |
| 20,490 (2) | | | Medical Properties Trust, Inc. | | | 100,606 | | | | 0.0 | |
| 4,009 | | | Mid-America Apartment Communities, Inc. | | | 539,050 | | | | 0.1 | |
| 6,263 | | | National Retail Properties, Inc. | | | 269,935 | | | | 0.1 | |
| 2,785 | | | National Storage Affiliates Trust | | | 115,494 | | | | 0.0 | |
| 488 | | | NET Lease Office Properties | | | 9,018 | | | | 0.0 | |
| 8,451 | | | Omega Healthcare Investors, Inc. | | | 259,108 | | | | 0.1 | |
| 7,371 | | | Park Hotels & Resorts, Inc. | | | 112,776 | | | | 0.0 | |
| 5,067 | | | Rayonier, Inc. | | | 169,289 | | | | 0.0 | |
| 25,031 | | | Realty Income Corp. | | | 1,437,280 | | | | 0.4 | |
| 6,238 | | | Regency Centers Corp. | | | 417,946 | | | | 0.1 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Real Estate: (continued) | | | | | | | | |
| 7,269 | | | Rexford Industrial Realty, Inc. | | $ | 407,791 | | | | 0.1 | |
| 3,709 | | | SBA Communications Corp. | | | 940,936 | | | | 0.3 | |
| 11,208 | | | Simon Property Group, Inc. | | | 1,598,709 | | | | 0.4 | |
| 4,864 | | | Spirit Realty Capital, Inc. | | | 212,508 | | | | 0.1 | |
| 6,276 | | | STAG Industrial, Inc. | | | 246,396 | | | | 0.1 | |
| 4,244 | | | Sun Communities, Inc. | | | 567,211 | | | | 0.2 | |
| 11,329 | | | UDR, Inc. | | | 433,787 | | | | 0.1 | |
| 13,798 | | | Ventas, Inc. | | | 687,692 | | | | 0.2 | |
| 35,731 | | | VICI Properties, Inc. | | | 1,139,104 | | | | 0.3 | |
| 6,101 | | | Vornado Realty Trust | | | 172,353 | | | | 0.1 | |
| 18,552 | | | Welltower, Inc. | | | 1,672,834 | | | | 0.4 | |
| 25,295 | | | Weyerhaeuser Co. | | | 879,507 | | | | 0.2 | |
| 7,320 | | | WP Carey, Inc. | | | 474,409 | | | | 0.1 | |
| 1,908 (1) | | | Zillow Group, Inc. - Class A | | | 108,222 | | | | 0.0 | |
| 5,333 (1) | | | Zillow Group, Inc. - Class C | | | 308,567 | | | | 0.1 | |
| | | | | | | 28,130,977 | | | | 7.5 | |
| | | | | | | | | | | | |
| | | | Utilities: 5.0% | | | | | | | | |
| 23,064 | | | AES Corp. | | | 443,982 | | | | 0.1 | |
| 8,677 | | | Alliant Energy Corp. | | | 445,130 | | | | 0.1 | |
| 9,045 | | | Ameren Corp. | | | 654,315 | | | | 0.2 | |
| 6,730 | | | American Water Works Co., Inc. | | | 888,293 | | | | 0.2 | |
| 5,116 | | | Atmos Energy Corp. | | | 592,944 | | | | 0.2 | |
| 2,452 | | | Avangrid, Inc. | | | 79,469 | | | | 0.0 | |
| 4,599 | | | Brookfield Renewable Corp. - Class A | | | 132,405 | | | | 0.0 | |
| 21,796 | | | CenterPoint Energy, Inc. | | | 622,712 | | | | 0.2 | |
| 1,196 | | | Clearway Energy, Inc. - Class A | | | 30,594 | | | | 0.0 | |
| 2,827 | | | Clearway Energy, Inc. - Class C | | | 77,545 | | | | 0.0 | |
| 10,045 | | | CMS Energy Corp. | | | 583,313 | | | | 0.2 | |
| 11,986 | | | Consolidated Edison, Inc. | | | 1,090,366 | | | | 0.3 | |
| 11,115 | | | Constellation Energy Corp. | | | 1,299,232 | | | | 0.3 | |
| 7,116 | | | DTE Energy Co. | | | 784,610 | | | | 0.2 | |
| 13,055 | | | Edison International | | | 933,302 | | | | 0.3 | |
| 7,310 | | | Entergy Corp. | | | 739,699 | | | | 0.2 | |
| 8,382 | | | Essential Utilities, Inc. | | | 313,068 | | | | 0.1 | |
| 7,689 | | | Evergy, Inc. | | | 401,366 | | | | 0.1 | |
| 12,040 | | | Eversource Energy | | | 743,109 | | | | 0.2 | |
| 18,809 | | | FirstEnergy Corp. | | | 689,538 | | | | 0.2 | |
| 3,783 | | | Hawaiian Electric Industries, Inc. | | | 53,681 | | | | 0.0 | |
| 1,743 | | | IDACORP, Inc. | | | 171,372 | | | | 0.0 | |
| 3,066 | | | National Fuel Gas Co. | | | 153,821 | | | | 0.0 | |
| 14,275 | | | NiSource, Inc. | | | 379,001 | | | | 0.1 | |
| 7,862 | | | NRG Energy, Inc. | | | 406,465 | | | | 0.1 | |
| 6,902 | | | OGE Energy Corp. | | | 241,087 | | | | 0.1 | |
| 70,390 | | | PG&E Corp. | | | 1,269,132 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Utilities: (continued) | | | | | | | | |
| 3,909 | | | Pinnacle West Capital Corp. | | $ | 280,823 | | | | 0.1 | |
| 25,492 | | | PPL Corp. | | | 690,833 | | | | 0.2 | |
| 17,178 | | | Public Service Enterprise Group, Inc. | | | 1,050,435 | | | | 0.3 | |
| 7,212 | | | UGI Corp. | | | 177,415 | | | | 0.1 | |
| 12,547 | | | Vistra Corp. | | | 483,310 | | | | 0.1 | |
| 10,900 | | | WEC Energy Group, Inc. | | | 917,453 | | | | 0.2 | |
| 19,033 | | | Xcel Energy, Inc. | | | 1,178,333 | | | | 0.3 | |
| | | | | | | 18,998,153 | | | | 5.0 | |
| | | | | | | | | | | | |
| | | | Total Common Stock
(Cost $341,886,341) | | | 366,870,874 | | | | 97.3 | |
| EXCHANGE-TRADED FUNDS: 2.3% | | | | | | | | |
| 110,012 | | | iShares Russell Mid-Cap ETF | | | 8,551,233 | | | | 2.3 | |
| | | | Total Exchange-Traded Funds
(Cost $7,764,388) | | | 8,551,233 | | | | 2.3 | |
| | | | Total Long-Term Investments
(Cost $349,650,729) | | | 375,422,107 | | | | 99.6 | |
| Principal Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.7% | | | | | | | | |
| | | Repurchase Agreements: 0.4% | | | | | | | | |
| 289,142 (4) | | Bank of America Inc., Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $289,311, collateralized by various U.S. Government Securities, 0.000%- 3.125%, Market Value plus accrued interest $294,925, due 08/31/27-05/15/48) | | | 289,142 | | | | 0.1 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | Repurchase Agreements (continued) | | | | | | | | |
| 1,000,000 (4) | | JPMorgan Chase & Co., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $1,000,584, collateralized by various U.S. Government Securities, 2.500%-5.000%, Market Value plus accrued interest $1,020,000, due 02/15/29-08/15/53) | | $ | 1,000,000 | | | | 0.3 | |
| | | Total Repurchase Agreements
(Cost $1,289,142) | | | 1,289,142 | | | | 0.4 | |
| Shares | | RA | | Value | | | Percentage
of Net
Assets | |
| | | Mutual Funds: 0.3% | | | | | | | | |
| 1,177,000 (5) | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $1,177,000) | | $ | 1,177,000 | | | | 0.3 | |
| | | Total Short-Term Investments
(Cost $2,466,142) | | | 2,466,142 | | | | 0.7 | |
| | | Total Investments in Securities
(Cost $352,116,871) | | $ | 377,888,249 | | | | 100.3 | |
| | | Liabilities in Excess of Other Assets | | | (954,211 | ) | | | (0.3) | |
| | | Net Assets | | $ | 376,934,038 | | | | 100.0 | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Investment in affiliate. |
| (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 December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 366,870,874 | | | $ | — | | | $ | — | | | $ | 366,870,874 | |
| Exchange-Traded Funds | | | 8,551,233 | | | | — | | | | — | | | | 8,551,233 | |
| Short-Term Investments | | | 1,177,000 | | | | 1,289,142 | | | | — | | | | 2,466,142 | |
| Total Investments, at fair value | | $ | 376,599,107 | | | $ | 1,289,142 | | | $ | — | | | $ | 377,888,249 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 66,735 | | | | — | | | | — | | | | 66,735 | |
| Total Assets | | $ | 376,665,842 | | | $ | 1,289,142 | | | $ | — | | | $ | 377,954,984 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
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 year ended December 31, 2023, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 1/27/2023 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
12/31/2023 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya Financial, Inc. | | $ | — | | | $ | 241,881 | | | $ | (5,719 | ) | | $ | 10,589 | | | $ | 246,751 | | | $ | 3,931 | | | $ | 303 | | | $ | — | |
| | | $ | — | | | $ | 241,881 | | | $ | (5,719 | ) | | $ | 10,589 | | | $ | 246,751 | | | $ | 3,931 | | | $ | 303 | | | $ | — | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At December 31, 2023, the following futures contracts were outstanding for Voya VACS Index Series MC Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| S&P Mid 400 E-Mini Index | | | 5 | | | 03/15/24 | | $ | 1,404,750 | | | $ | 66,735 | |
| | | | | | | | | $ | 1,404,750 | | | $ | 66,735 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series MC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value |
| Asset Derivatives | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 66,735 |
| Total Asset Derivatives | | | | $ | 66,735 |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | (7,259) |
| Total | | $ | (7,259) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | 66,735 |
| Total | | $ | 66,735 |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $352,861,594. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 46,171,723 | |
| Gross Unrealized Depreciation | | | (21,078,333 | ) |
| Net Unrealized Appreciation | | $ | 25,093,390 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.6% | |
| | | | Communication Services: 8.5% |
| 508,372 (1) | | | Alphabet, Inc. - Class A | | $ | 71,014,485 | | | | 2.1 | |
| 427,860 (1) | | | Alphabet, Inc. - Class C | | | 60,298,310 | | | | 1.7 | |
| 614,206 | | | AT&T, Inc. | | | 10,306,377 | | | | 0.3 | |
| 8,641 (1) | | | Charter Communications, Inc. - Class A | | | 3,358,584 | | | | 0.1 | |
| 344,954 | | | Comcast Corp. - Class A | | | 15,126,233 | | | | 0.4 | |
| 21,025 | | | Electronic Arts, Inc. | | | 2,876,430 | | | | 0.1 | |
| 21,237 | | | Fox Corp. - Class A | | | 630,102 | | | | 0.0 | |
| 11,343 | | | Fox Corp. - Class B | | | 313,634 | | | | 0.0 | |
| 32,901 | | | Interpublic Group of Cos., Inc. | | | 1,073,889 | | | | 0.0 | |
| 12,191 (1) | | | Live Nation Entertainment, Inc. | | | 1,141,077 | | | | 0.0 | |
| 23,349 (1) | | | Match Group, Inc. | | | 852,238 | | | | 0.0 | |
| 190,670 (1) | | | Meta Platforms, Inc. - Class A | | | 67,489,553 | | | | 2.0 | |
| 37,598 (1) | | | Netflix, Inc. | | | 18,305,714 | | | | 0.5 | |
| 32,755 | | | News Corp. - Class A | | | 804,135 | | | | 0.0 | |
| 9,932 | | | News Corp. - Class B | | | 255,451 | | | | 0.0 | |
| 16,988 | | | Omnicom Group, Inc. | | | 1,469,632 | | | | 0.1 | |
| 41,463 | | | Paramount Global - Class B | | | 613,238 | | | | 0.0 | |
| 13,580 (1) | | | Take-Two Interactive Software, Inc. | | | 2,185,701 | | | | 0.1 | |
| 43,711 | | | T-Mobile US, Inc. | | | 7,008,185 | | | | 0.2 | |
| 361,143 | | | Verizon Communications, Inc. | | | 13,615,091 | | | | 0.4 | |
| 157,183 | | | Walt Disney Co. | | | 14,192,053 | | | | 0.4 | |
| 190,713 (1) | | | Warner Bros Discovery, Inc. | | | 2,170,314 | | | | 0.1 | |
| | | | | | | 295,100,426 | | | | 8.5 | |
| | | | Consumer Discretionary: 11.0% |
| 37,346 (1) | | | Airbnb, Inc. - Class A | | | 5,084,284 | | | | 0.1 | |
| 781,194 (1) | | | Amazon.com, Inc. | | | 118,694,616 | | | | 3.4 | |
| 24,318 (1) | | | Aptiv PLC | | | 2,181,811 | | | | 0.1 | |
| 1,515 (1) | | | AutoZone, Inc. | | | 3,917,199 | | | | 0.1 | |
| 19,533 | | | Bath & Body Works, Inc. | | | 843,044 | | | | 0.0 | |
| 16,699 | | | Best Buy Co., Inc. | | | 1,307,198 | | | | 0.0 | |
| 2,997 (1) | | | Booking Holdings, Inc. | | | 10,631,018 | | | | 0.3 | |
| 20,212 | | | BorgWarner, Inc. | | | 724,600 | | | | 0.0 | |
| 18,511 (1) | | | Caesars Entertainment, Inc. | | | 867,796 | | | | 0.0 | |
| 13,603 (1) | | | CarMax, Inc. | | | 1,043,894 | | | | 0.0 | |
| 86,615 (1) | | | Carnival Corp. | | | 1,605,842 | | | | 0.1 | |
| 2,358 (1) | | | Chipotle Mexican Grill, Inc. | | | 5,392,652 | | | | 0.2 | |
| 10,335 | | | Darden Restaurants, Inc. | | | 1,698,040 | | | | 0.1 | |
| 18,860 | | | Dollar General Corp. | | | 2,564,017 | | | | 0.1 | |
| 17,954 (1) | | | Dollar Tree, Inc. | | | 2,550,366 | | | | 0.1 | |
| 2,996 | | | Domino’s Pizza, Inc. | | | 1,235,041 | | | | 0.0 | |
| 25,888 | | | DR Horton, Inc. | | | 3,934,458 | | | | 0.1 | |
| 44,583 | | | eBay, Inc. | | | 1,944,710 | | | | 0.1 | |
| 10,286 (1) | | | Etsy, Inc. | | | 833,680 | | | | 0.0 | |
| 11,453 (1) | | | Expedia Group, Inc. | | | 1,738,451 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 338,034 | | | Ford Motor Co. | | $ | 4,120,634 | | | | 0.1 | |
| 13,169 | | | Garmin Ltd. | | | 1,692,743 | | | | 0.1 | |
| 117,642 | | | General Motors Co. | | | 4,225,701 | | | | 0.1 | |
| 12,075 | | | Genuine Parts Co. | | | 1,672,388 | | | | 0.1 | |
| 11,214 | | | Hasbro, Inc. | | | 572,587 | | | | 0.0 | |
| 22,029 | | | Hilton Worldwide Holdings, Inc. | | | 4,011,261 | | | | 0.1 | |
| 85,908 | | | Home Depot, Inc. | | | 29,771,417 | | | | 0.9 | |
| 31,741 | | | Las Vegas Sands Corp. | | | 1,561,975 | | | | 0.0 | |
| 21,489 | | | Lennar Corp. - Class A | | | 3,202,721 | | | | 0.1 | |
| 23,005 | | | LKQ Corp. | | | 1,099,409 | | | | 0.0 | |
| 49,576 | | | Lowe’s Cos., Inc. | | | 11,033,139 | | | | 0.3 | |
| 9,892 (1) | | | Lululemon Athletica, Inc. | | | 5,057,681 | | | | 0.1 | |
| 21,192 | | | Marriott International, Inc. - Class A | | | 4,779,008 | | | | 0.1 | |
| 62,309 | | | McDonald’s Corp. | | | 18,475,242 | | | | 0.5 | |
| 23,474 | | | MGM Resorts International | | | 1,048,818 | | | | 0.0 | |
| 4,545 (1) | | | Mohawk Industries, Inc. | | | 470,407 | | | | 0.0 | |
| 105,146 | | | NIKE, Inc. - Class B | | | 11,415,701 | | | | 0.3 | |
| 36,580 (1) | | | Norwegian Cruise Line Holdings Ltd. | | | 733,063 | | | | 0.0 | |
| 273 (1) | | | NVR, Inc. | | | 1,911,123 | | | | 0.1 | |
| 5,082 (1) | | | O’Reilly Automotive, Inc. | | | 4,828,307 | | | | 0.1 | |
| 3,323 | | | Pool Corp. | | | 1,324,913 | | | | 0.0 | |
| 18,520 | | | PulteGroup, Inc. | | | 1,911,634 | | | | 0.1 | |
| 3,415 | | | Ralph Lauren Corp. | | | 492,443 | | | | 0.0 | |
| 29,089 | | | Ross Stores, Inc. | | | 4,025,627 | | | | 0.1 | |
| 20,265 (1) | | | Royal Caribbean Cruises Ltd. | | | 2,624,115 | | | | 0.1 | |
| 98,152 | | | Starbucks Corp. | | | 9,423,574 | | | | 0.3 | |
| 19,688 | | | Tapestry, Inc. | | | 724,715 | | | | 0.0 | |
| 39,687 | | | Target Corp. | | | 5,652,223 | | | | 0.2 | |
| 237,578 (1) | | | Tesla, Inc. | | | 59,033,381 | | | | 1.7 | |
| 98,280 | | | TJX Cos., Inc. | | | 9,219,647 | | | | 0.3 | |
| 9,287 | | | Tractor Supply Co. | | | 1,996,984 | | | | 0.1 | |
| 4,229 (1) | | | Ulta Beauty, Inc. | | | 2,072,168 | | | | 0.1 | |
| 28,421 | | | VF Corp. | | | 534,315 | | | | 0.0 | |
| 4,713 | | | Whirlpool Corp. | | | 573,902 | | | | 0.0 | |
| 8,247 | | | Wynn Resorts Ltd. | | | 751,384 | | | | 0.0 | |
| 24,094 | | | Yum! Brands, Inc. | | | 3,148,122 | | | | 0.1 | |
| | | | | | | 383,985,189 | | | | 11.0 | |
| | | | Consumer Staples: 5.8% |
| 151,931 | | | Altria Group, Inc. | | | 6,128,897 | | | | 0.2 | |
| 45,819 | | | Archer-Daniels- Midland Co. | | | 3,309,048 | | | | 0.1 | |
| 15,732 | | | Brown-Forman Corp. - Class B | | | 898,297 | | | | 0.0 | |
| 12,481 | | | Bunge Global SA | | | 1,259,957 | | | | 0.0 | |
| 16,916 | | | Campbell Soup Co. | | | 731,279 | | | | 0.0 | |
| 21,156 | | | Church & Dwight Co., Inc. | | | 2,000,511 | | | | 0.1 | |
| 10,647 | | | Clorox Co. | | | 1,518,156 | | | | 0.0 | |
| 334,253 | | | Coca-Cola Co. | | | 19,697,529 | | | | 0.6 | |
| 70,730 | | | Colgate-Palmolive Co. | | | 5,637,888 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) |
| 41,089 | | | Conagra Brands, Inc. | | $ | 1,177,611 | | | | 0.0 | |
| 13,870 | | | Constellation Brands, Inc. - Class A | | | 3,353,072 | | | | 0.1 | |
| 38,033 | | | Costco Wholesale Corp. | | | 25,104,823 | | | | 0.7 | |
| 19,937 | | | Estee Lauder Cos., Inc. - Class A | | | 2,915,786 | | | | 0.1 | |
| 49,933 | | | General Mills, Inc. | | | 3,252,636 | | | | 0.1 | |
| 12,885 | | | Hershey Co. | | | 2,402,279 | | | | 0.1 | |
| 24,894 | | | Hormel Foods Corp. | | | 799,346 | | | | 0.0 | |
| 9,123 | | | J M Smucker Co. | | | 1,152,965 | | | | 0.0 | |
| 22,666 | | | Kellogg Co. | | | 1,267,256 | | | | 0.0 | |
| 148,185 | | | Kenvue, Inc. | | | 3,190,423 | | | | 0.1 | |
| 86,502 | | | Keurig Dr Pepper, Inc. | | | 2,882,247 | | | | 0.1 | |
| 29,030 | | | Kimberly-Clark Corp. | | | 3,527,435 | | | | 0.1 | |
| 68,486 | | | Kraft Heinz Co. | | | 2,532,612 | | | | 0.1 | |
| 56,777 | | | Kroger Co. | | | 2,595,277 | | | | 0.1 | |
| 12,450 | | | Lamb Weston Holdings, Inc. | | | 1,345,720 | | | | 0.0 | |
| 21,590 | | | McCormick & Co., Inc. | | | 1,477,188 | | | | 0.0 | |
| 15,960 | | | Molson Coors Beverage Co. - Class B | | | 976,912 | | | | 0.0 | |
| 116,863 | | | Mondelez International, Inc. - Class A | | | 8,464,387 | | | | 0.2 | |
| 63,457 (1) | | | Monster Beverage Corp. | | | 3,655,758 | | | | 0.1 | |
| 118,104 | | | PepsiCo, Inc. | | | 20,058,783 | | | | 0.6 | |
| 133,356 | | | Philip Morris International, Inc. | | | 12,546,132 | | | | 0.4 | |
| 202,463 | | | Procter & Gamble Co. | | | 29,668,928 | | | | 0.9 | |
| 43,312 | | | Sysco Corp. | | | 3,167,407 | | | | 0.1 | |
| 24,553 | | | Tyson Foods, Inc. - Class A | | | 1,319,724 | | | | 0.0 | |
| 61,608 | | | Walgreens Boots Alliance, Inc. | | | 1,608,585 | | | | 0.1 | |
| 122,543 | | | Walmart, Inc. | | | 19,318,904 | | | | 0.6 | |
| | | | | | | 200,943,758 | | | | 5.8 | |
| | | | Energy: 3.8% |
| 26,420 | | | APA Corp. | | | 947,950 | | | | 0.0 | |
| 86,438 | | | Baker Hughes Co. | | | 2,954,451 | | | | 0.1 | |
| 150,811 | | | Chevron Corp. | | | 22,494,969 | | | | 0.6 | |
| 102,001 | | | ConocoPhillips | | | 11,839,256 | | | | 0.3 | |
| 64,615 | | | Coterra Energy, Inc. | | | 1,648,975 | | | | 0.1 | |
| 55,090 | | | Devon Energy Corp. | | | 2,495,577 | | | | 0.1 | |
| 15,375 | | | Diamondback Energy, Inc. | | | 2,384,355 | | | | 0.1 | |
| 50,065 | | | EOG Resources, Inc. | | | 6,055,362 | | | | 0.2 | |
| 35,335 | | | EQT Corp. | | | 1,366,051 | | | | 0.0 | |
| 344,098 | | | Exxon Mobil Corp. | | | 34,402,918 | | | | 1.0 | |
| 76,887 | | | Halliburton Co. | | | 2,779,465 | | | | 0.1 | |
| 23,761 | | | Hess Corp. | | | 3,425,386 | | | | 0.1 | |
| 166,120 | | | Kinder Morgan, Inc. | | | 2,930,357 | | | | 0.1 | |
| 50,274 | | | Marathon Oil Corp. | | | 1,214,620 | | | | 0.0 | |
| 32,617 | | | Marathon Petroleum Corp. | | | 4,839,058 | | | | 0.1 | |
| 56,720 | | | Occidental Petroleum Corp. | | | 3,386,751 | | | | 0.1 | |
| 50,083 | | | ONEOK, Inc. | | | 3,516,828 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) |
| 37,793 | | | Phillips 66 | | $ | 5,031,760 | | | | 0.1 | |
| 20,046 | | | Pioneer Natural Resources Co. | | | 4,507,944 | | | | 0.1 | |
| 122,199 | | | Schlumberger NV | | | 6,359,236 | | | | 0.2 | |
| 19,154 | | | Targa Resources Corp. | | | 1,663,908 | | | | 0.1 | |
| 29,246 | | | Valero Energy Corp. | | | 3,801,980 | | | | 0.1 | |
| 104,592 | | | Williams Cos., Inc. | | | 3,642,939 | | | | 0.1 | |
| | | | | | | 133,690,096 | | | | 3.8 | |
| | | | Financials: 10.6% |
| 45,682 | | | Aflac, Inc. | | | 3,768,765 | | | | 0.1 | |
| 22,491 | | | Allstate Corp. | | | 3,148,290 | | | | 0.1 | |
| 49,455 | | | American Express Co. | | | 9,264,900 | | | | 0.3 | |
| 60,307 | | | American International Group, Inc. | | | 4,085,799 | | | | 0.1 | |
| 8,693 | | | Ameriprise Financial, Inc. | | | 3,301,862 | | | | 0.1 | |
| 17,199 | | | Aon PLC - Class A | | | 5,005,253 | | | | 0.1 | |
| 32,068 (1) | | | Arch Capital Group Ltd. | | | 2,381,690 | | | | 0.1 | |
| 18,530 | | | Arthur J Gallagher & Co. | | | 4,167,026 | | | | 0.1 | |
| 4,518 | | | Assurant, Inc. | | | 761,238 | | | | 0.0 | |
| 591,435 | | | Bank of America Corp. | | | 19,913,616 | | | | 0.6 | |
| 66,065 | | | Bank of New York Mellon Corp. | | | 3,438,683 | | | | 0.1 | |
| 156,295 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 55,744,175 | | | | 1.6 | |
| 12,012 | | | BlackRock, Inc. | | | 9,751,342 | | | | 0.3 | |
| 61,027 | | | Blackstone, Inc. | | | 7,989,655 | | | | 0.2 | |
| 20,240 | | | Brown & Brown, Inc. | | | 1,439,266 | | | | 0.0 | |
| 32,716 | | | Capital One Financial Corp. | | | 4,289,722 | | | | 0.1 | |
| 9,073 | | | Cboe Global Markets, Inc. | | | 1,620,075 | | | | 0.1 | |
| 127,856 | | | Charles Schwab Corp. | | | 8,796,493 | | | | 0.3 | |
| 35,047 | | | Chubb Ltd. | | | 7,920,622 | | | | 0.2 | |
| 13,487 | | | Cincinnati Financial Corp. | | | 1,395,365 | | | | 0.0 | |
| 164,408 | | | Citigroup, Inc. | | | 8,457,148 | | | | 0.2 | |
| 40,050 | | | Citizens Financial Group, Inc. | | | 1,327,257 | | | | 0.0 | |
| 30,932 | | | CME Group, Inc. | | | 6,514,279 | | | | 0.2 | |
| 11,331 | | | Comerica, Inc. | | | 632,383 | | | | 0.0 | |
| 21,491 | | | Discover Financial Services | | | 2,415,588 | | | | 0.1 | |
| 3,732 | | | Everest Re Group Ltd. | | | 1,319,561 | | | | 0.0 | |
| 3,263 | | | FactSet Research Systems, Inc. | | | 1,556,614 | | | | 0.0 | |
| 50,942 | | | Fidelity National Information Services, Inc. | | | 3,060,086 | | | | 0.1 | |
| 58,545 | | | Fifth Third Bancorp | | | 2,019,217 | | | | 0.1 | |
| 51,558 (1) | | | Fiserv, Inc. | | | 6,848,965 | | | | 0.2 | |
| 24,217 | | | Franklin Resources, Inc. | | | 721,424 | | | | 0.0 | |
| 22,355 | | | Global Payments, Inc. | | | 2,839,085 | | | | 0.1 | |
| 7,357 | | | Globe Life, Inc. | | | 895,494 | | | | 0.0 | |
| 28,014 | | | Goldman Sachs Group, Inc. | | | 10,806,961 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 25,837 | | | Hartford Financial Services Group, Inc. | | $ | 2,076,778 | | | | 0.1 | |
| 124,494 | | | Huntington Bancshares, Inc. | | | 1,583,564 | | | | 0.1 | |
| 49,212 | | | Intercontinental Exchange, Inc. | | | 6,320,297 | | | | 0.2 | |
| 38,574 | | | Invesco Ltd. | | | 688,160 | | | | 0.0 | |
| 248,345 | | | JPMorgan Chase & Co. | | | 42,243,484 | | | | 1.2 | |
| 80,474 | | | KeyCorp | | | 1,158,826 | | | | 0.0 | |
| 15,726 | | | Loews Corp. | | | 1,094,372 | | | | 0.0 | |
| 14,264 | | | M&T Bank Corp. | | | 1,955,309 | | | | 0.1 | |
| 3,240 | | | MarketAxess Holdings, Inc. | | | 948,834 | | | | 0.0 | |
| 42,356 | | | Marsh & McLennan Cos., Inc. | | | 8,025,191 | | | | 0.2 | |
| 53,411 | | | MetLife, Inc. | | | 3,532,069 | | | | 0.1 | |
| 13,519 | | | Moody’s Corp. | | | 5,279,981 | | | | 0.2 | |
| 108,565 | | | Morgan Stanley | | | 10,123,686 | | | | 0.3 | |
| 6,800 | | | MSCI, Inc. | | | 3,846,420 | | | | 0.1 | |
| 29,149 | | | Nasdaq, Inc. | | | 1,694,723 | | | | 0.1 | |
| 17,799 | | | Northern Trust Corp. | | | 1,501,880 | | | | 0.0 | |
| 34,243 | | | PNC Financial Services Group, Inc. | | | 5,302,529 | | | | 0.2 | |
| 18,842 | | | Principal Financial Group, Inc. | | | 1,482,300 | | | | 0.0 | |
| 50,257 | | | Progressive Corp. | | | 8,004,935 | | | | 0.2 | |
| 31,011 | | | Prudential Financial, Inc. | | | 3,216,151 | | | | 0.1 | |
| 16,161 | | | Raymond James Financial, Inc. | | | 1,801,951 | | | | 0.1 | |
| 79,895 | | | Regions Financial Corp. | | | 1,548,365 | | | | 0.0 | |
| 27,832 | | | S&P Global, Inc. | | | 12,260,553 | | | | 0.4 | |
| 26,508 | | | State Street Corp. | | | 2,053,310 | | | | 0.1 | |
| 35,547 | | | Synchrony Financial | | | 1,357,540 | | | | 0.0 | |
| 19,197 | | | T Rowe Price Group, Inc. | | | 2,067,325 | | | | 0.1 | |
| 19,620 | | | Travelers Cos., Inc. | | | 3,737,414 | | | | 0.1 | |
| 114,528 | | | Truist Financial Corp. | | | 4,228,374 | | | | 0.1 | |
| 133,874 | | | US Bancorp | | | 5,794,067 | | | | 0.2 | |
| 17,493 | | | W. R. Berkley Corp. | | | 1,237,105 | | | | 0.0 | |
| 311,967 | | | Wells Fargo & Co. | | | 15,355,016 | | | | 0.4 | |
| 8,870 | | | Willis Towers Watson PLC | | | 2,139,444 | | | | 0.1 | |
| 12,738 | | | Zions Bancorp NA | | | 558,816 | | | | 0.0 | |
| | | | | | | 371,816,668 | | | | 10.6 | |
| | | | Health Care: 12.4% |
| 149,072 | | | Abbott Laboratories | | | 16,408,355 | | | | 0.5 | |
| 151,664 | | | AbbVie, Inc. | | | 23,503,370 | | | | 0.7 | |
| 25,134 | | | Agilent Technologies, Inc. | | | 3,494,380 | | | | 0.1 | |
| 6,120 (1) | | | Align Technology, Inc. | | | 1,676,880 | | | | 0.0 | |
| 14,334 | | | AmerisourceBergen Corp. | | | 2,943,917 | | | | 0.1 | |
| 45,993 | | | Amgen, Inc. | | | 13,246,904 | | | | 0.4 | |
| 43,543 | | | Baxter International, Inc. | | | 1,683,372 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 24,945 | | | Becton Dickinson and Co. | | $ | 6,082,339 | | | | 0.2 | |
| 12,452 (1) | | | Biogen, Inc. | | | 3,222,204 | | | | 0.1 | |
| 1,796 (1) | | | Bio-Rad Laboratories, Inc. - Class A | | | 579,910 | | | | 0.0 | |
| 13,537 | | | Bio-Techne Corp. | | | 1,044,515 | | | | 0.0 | |
| 125,781 (1) | | | Boston Scientific Corp. | | | 7,271,400 | | | | 0.2 | |
| 174,791 | | | Bristol-Myers Squibb Co. | | | 8,968,526 | | | | 0.3 | |
| 21,172 | | | Cardinal Health, Inc. | | | 2,134,138 | | | | 0.1 | |
| 15,500 (1) | | | Catalent, Inc. | | | 696,415 | | | | 0.0 | |
| 45,889 (1) | | | Centene Corp. | | | 3,405,423 | | | | 0.1 | |
| 4,408 (1) | | | Charles River Laboratories International, Inc. | | | 1,042,051 | | | | 0.0 | |
| 25,137 | | | Cigna Group | | | 7,527,275 | | | | 0.2 | |
| 4,257 | | | Cooper Cos., Inc. | | | 1,611,019 | | | | 0.0 | |
| 110,333 | | | CVS Health Corp. | | | 8,711,894 | | | | 0.3 | |
| 56,503 | | | Danaher Corp. | | | 13,071,404 | | | | 0.4 | |
| 4,630 (1) | | | DaVita, Inc. | | | 485,039 | | | | 0.0 | |
| 18,204 | | | DENTSPLY SIRONA, Inc. | | | 647,880 | | | | 0.0 | |
| 33,191 (1) | | | Dexcom, Inc. | | | 4,118,671 | | | | 0.1 | |
| 52,100 (1) | | | Edwards Lifesciences Corp. | | | 3,972,625 | | | | 0.1 | |
| 20,184 | | | Elevance Health, Inc. | | | 9,517,967 | | | | 0.3 | |
| 68,500 | | | Eli Lilly & Co. | | | 39,930,020 | | | | 1.1 | |
| 33,633 | | | GE HealthCare Technologies, Inc. | | | 2,600,504 | | | | 0.1 | |
| 107,038 | | | Gilead Sciences, Inc. | | | 8,671,148 | | | | 0.3 | |
| 17,015 | | | HCA Healthcare, Inc. | | | 4,605,620 | | | | 0.1 | |
| 11,228 (1) | | | Henry Schein, Inc. | | | 850,072 | | | | 0.0 | |
| 21,061 (1) | | | Hologic, Inc. | | | 1,504,808 | | | | 0.0 | |
| 10,576 | | | Humana, Inc. | | | 4,841,799 | | | | 0.1 | |
| 7,138 (1) | | | IDEXX Laboratories, Inc. | | | 3,961,947 | | | | 0.1 | |
| 13,611 (1) | | | Illumina, Inc. | | | 1,895,196 | | | | 0.1 | |
| 15,992 (1) | | | Incyte Corp. | | | 1,004,138 | | | | 0.0 | |
| 6,003 (1) | | | Insulet Corp. | | | 1,302,531 | | | | 0.0 | |
| 30,211 (1) | | | Intuitive Surgical, Inc. | | | 10,191,983 | | | | 0.3 | |
| 15,745 (1) | | | IQVIA Holdings, Inc. | | | 3,643,078 | | | | 0.1 | |
| 206,792 | | | Johnson & Johnson | | | 32,412,578 | | | | 0.9 | |
| 7,293 | | | Laboratory Corp. of America Holdings | | | 1,657,626 | | | | 0.0 | |
| 11,430 | | | McKesson Corp. | | | 5,291,861 | | | | 0.2 | |
| 114,296 | | | Medtronic PLC | | | 9,415,704 | | | | 0.3 | |
| 217,679 | | | Merck & Co., Inc. | | | 23,731,365 | | | | 0.7 | |
| 1,863 (1) | | | Mettler-Toledo International, Inc. | | | 2,259,744 | | | | 0.1 | |
| 28,471 (1) | | | Moderna, Inc. | | | 2,831,441 | | | | 0.1 | |
| 5,013 (1) | | | Molina Healthcare, Inc. | | | 1,811,247 | | | | 0.1 | |
| 485,042 | | | Pfizer, Inc. | | | 13,964,359 | | | | 0.4 | |
| 9,650 | | | Quest Diagnostics, Inc. | | | 1,330,542 | | | | 0.0 | |
| 9,178 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 8,060,946 | | | | 0.2 | |
| 12,634 | | | ResMed, Inc. | | | 2,173,301 | | | | 0.1 | |
| 10,601 | | | Revvity, Inc. | | | 1,158,795 | | | | 0.0 | |
| 8,482 | | | STERIS PLC | | | 1,864,768 | | | | 0.1 | |
| 29,063 | | | Stryker Corp. | | | 8,703,206 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 4,041 | | | Teleflex, Inc. | | $ | 1,007,583 | | | | 0.0 | |
| 33,185 | | | Thermo Fisher Scientific, Inc. | | | 17,614,266 | | | | 0.5 | |
| 79,453 | | | UnitedHealth Group, Inc. | | | 41,829,621 | | | | 1.2 | |
| 5,241 | | | Universal Health Services, Inc. - Class B | | | 798,938 | | | | 0.0 | |
| 22,136 (1) | | | Vertex Pharmaceuticals, Inc. | | | 9,006,917 | | | | 0.3 | |
| 103,140 | | | Viatris, Inc. | | | 1,117,006 | | | | 0.0 | |
| 5,082 (1) | | | Waters Corp. | | | 1,673,147 | | | | 0.0 | |
| 6,351 | | | West Pharmaceutical Services, Inc. | | | 2,236,314 | | | | 0.1 | |
| 17,967 | | | Zimmer Biomet Holdings, Inc. | | | 2,186,584 | | | | 0.1 | |
| 39,439 | | | Zoetis, Inc. | | | 7,784,075 | | | | 0.2 | |
| | | | | | | 433,992,651 | | | | 12.4 | |
| | | | Industrials: 8.6% |
| 47,462 | | | 3M Co. | | | 5,188,546 | | | | 0.2 | |
| 10,551 | | | A. O. Smith Corp. | | | 869,824 | | | | 0.0 | |
| 7,548 | | | Allegion PLC | | | 956,256 | | | | 0.0 | |
| 56,178 (1) | | | American Airlines Group, Inc. | | | 771,886 | | | | 0.0 | |
| 19,837 | | | AMETEK, Inc. | | | 3,270,923 | | | | 0.1 | |
| 35,332 | | | Automatic Data Processing, Inc. | | | 8,231,296 | | | | 0.2 | |
| 6,042 (1) | | | Axon Enterprise, Inc. | | | 1,560,830 | | | | 0.1 | |
| 48,754 (1) | | | Boeing Co. | | | 12,708,218 | | | | 0.4 | |
| 10,600 (1) | | | Builders FirstSource, Inc. | | | 1,769,564 | | | | 0.1 | |
| 72,022 | | | Carrier Global Corp. | | | 4,137,664 | | | | 0.1 | |
| 43,823 | | | Caterpillar, Inc. | | | 12,957,146 | | | | 0.4 | |
| 13,380 (1) | | | Ceridian HCM Holding, Inc. | | | 898,066 | | | | 0.0 | |
| 10,011 | | | CH Robinson Worldwide, Inc. | | | 864,850 | | | | 0.0 | |
| 7,436 | | | Cintas Corp. | | | 4,481,380 | | | | 0.1 | |
| 74,715 (1) | | | Copart, Inc. | | | 3,661,035 | | | | 0.1 | |
| 35,110 (1) | | | CoStar Group, Inc. | | | 3,068,263 | | | | 0.1 | |
| 169,755 | | | CSX Corp. | | | 5,885,406 | | | | 0.2 | |
| 12,179 | | | Cummins, Inc. | | | 2,917,723 | | | | 0.1 | |
| 23,008 | | | Deere & Co. | | | 9,200,209 | | | | 0.3 | |
| 55,323 | | | Delta Air Lines, Inc. | | | 2,225,644 | | | | 0.1 | |
| 12,027 | | | Dover Corp. | | | 1,849,873 | | | | 0.1 | |
| 34,307 | | | Eaton Corp. PLC | | | 8,261,812 | | | | 0.2 | |
| 48,973 | | | Emerson Electric Co. | | | 4,766,542 | | | | 0.1 | |
| 10,552 | | | Equifax, Inc. | | | 2,609,404 | | | | 0.1 | |
| 12,489 | | | Expeditors International of Washington, Inc. | | | 1,588,601 | | | | 0.1 | |
| 49,125 | | | Fastenal Co. | | | 3,181,826 | | | | 0.1 | |
| 19,870 | | | FedEx Corp. | | | 5,026,514 | | | | 0.1 | |
| 30,268 | | | Fortive Corp. | | | 2,228,633 | | | | 0.1 | |
| 5,277 (1) | | | Generac Holdings, Inc. | | | 681,999 | | | | 0.0 | |
| 19,457 | | | General Dynamics Corp. | | | 5,052,399 | | | | 0.2 | |
| 93,495 | | | General Electric Co. | | | 11,932,767 | | | | 0.3 | |
| 56,631 | | | Honeywell International, Inc. | | | 11,876,087 | | | | 0.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 33,671 | | | Howmet Aerospace, Inc. | | $ | 1,822,275 | | | | 0.1 | |
| 4,611 | | | Hubbell, Inc. | | | 1,516,696 | | | | 0.0 | |
| 3,428 | | | Huntington Ingalls Industries, Inc. | | | 890,046 | | | | 0.0 | |
| 6,501 | | | IDEX Corp. | | | 1,411,432 | | | | 0.0 | |
| 23,521 | | | Illinois Tool Works, Inc. | | | 6,161,091 | | | | 0.2 | |
| 34,772 | | | Ingersoll Rand, Inc. | | | 2,689,266 | | | | 0.1 | |
| 10,827 | | | Jacobs Solutions, Inc. | | | 1,405,345 | | | | 0.0 | |
| 7,020 | | | JB Hunt Transport Services, Inc. | | | 1,402,175 | | | | 0.0 | |
| 58,496 | | | Johnson Controls International PLC | | | 3,371,709 | | | | 0.1 | |
| 16,262 | | | L3Harris Technologies, Inc. | | | 3,425,102 | | | | 0.1 | |
| 11,810 | | | Leidos Holdings, Inc. | | | 1,278,314 | | | | 0.0 | |
| 18,968 | | | Lockheed Martin Corp. | | | 8,597,056 | | | | 0.3 | |
| 19,340 | | | Masco Corp. | | | 1,295,393 | | | | 0.0 | |
| 4,655 | | | Nordson Corp. | | | 1,229,665 | | | | 0.0 | |
| 19,426 | | | Norfolk Southern Corp. | | | 4,591,918 | | | | 0.1 | |
| 12,176 | | | Northrop Grumman Corp. | | | 5,700,073 | | | | 0.2 | |
| 7,686 | | | Old Dominion Freight Line, Inc. | | | 3,115,366 | | | | 0.1 | |
| 35,156 | | | Otis Worldwide Corp. | | | 3,145,407 | | | | 0.1 | |
| 44,953 | | | PACCAR, Inc. | | | 4,389,660 | | | | 0.1 | |
| 11,031 | | | Parker-Hannifin Corp. | | | 5,081,982 | | | | 0.2 | |
| 14,197 | | | Pentair PLC | | | 1,032,264 | | | | 0.0 | |
| 12,485 | | | Quanta Services, Inc. | | | 2,694,263 | | | | 0.1 | |
| 123,519 | | | Raytheon Technologies Corp. | | | 10,392,889 | | | | 0.3 | |
| 17,568 | | | Republic Services, Inc. | | | 2,897,139 | | | | 0.1 | |
| 9,097 | | | Robert Half International, Inc. | | | 799,808 | | | | 0.0 | |
| 9,851 | | | Rockwell Automation, Inc. | | | 3,058,538 | | | | 0.1 | |
| 24,142 | | | Rollins, Inc. | | | 1,054,281 | | | | 0.0 | |
| 4,550 | | | Snap-on, Inc. | | | 1,314,222 | | | | 0.0 | |
| 51,215 | | | Southwest Airlines Co. | | | 1,479,089 | | | | 0.0 | |
| 13,175 | | | Stanley Black & Decker, Inc. | | | 1,292,468 | | | | 0.0 | |
| 16,837 | | | Textron, Inc. | | | 1,354,032 | | | | 0.0 | |
| 19,638 | | | Trane Technologies PLC | | | 4,789,708 | | | | 0.1 | |
| 4,745 | | | TransDigm Group, Inc. | | | 4,800,042 | | | | 0.1 | |
| 176,775 (1) | | | Uber Technologies, Inc. | | | 10,884,037 | | | | 0.3 | |
| 52,366 | | | Union Pacific Corp. | | | 12,862,137 | | | | 0.4 | |
| 28,201 (1) | | | United Airlines Holdings, Inc. | | | 1,163,573 | | | | 0.0 | |
| 62,130 | | | United Parcel Service, Inc. - Class B | | | 9,768,700 | | | | 0.3 | |
| 5,823 | | | United Rentals, Inc. | | | 3,339,025 | | | | 0.1 | |
| 18,834 | | | Veralto Corp. | | | 1,549,285 | | | | 0.1 | |
| 12,470 | | | Verisk Analytics, Inc. | | | 2,978,584 | | | | 0.1 | |
| 31,485 | | | Waste Management, Inc. | | | 5,638,963 | | | | 0.2 | |
| 15,402 | | | Westinghouse Air Brake Technologies Corp. | | | 1,954,514 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 3,795 | | | WW Grainger, Inc. | | $ | 3,144,879 | | | | 0.1 | |
| 20,707 | | | Xylem, Inc. | | | 2,368,053 | | | | 0.1 | |
| | | | | | | 299,811,650 | | | | 8.6 | |
| | | | Information Technology: 30.8% |
| 53,914 | | | Accenture PLC - Class A | | | 18,918,962 | | | | 0.5 | |
| 39,111 (1) | | | Adobe, Inc. | | | 23,333,623 | | | | 0.7 | |
| 138,790 (1) | | | Advanced Micro Devices, Inc. | | | 20,459,034 | | | | 0.6 | |
| 12,957 (1) | | | Akamai Technologies, Inc. | | | 1,533,461 | | | | 0.0 | |
| 51,285 | | | Amphenol Corp. - Class A | | | 5,083,882 | | | | 0.2 | |
| 42,806 | | | Analog Devices, Inc. | | | 8,499,559 | | | | 0.2 | |
| 7,463 (1) | | | ANSYS, Inc. | | | 2,708,173 | | | | 0.1 | |
| 1,255,861 | | | Apple, Inc. | | | 241,790,918 | | | | 6.9 | |
| 71,860 | | | Applied Materials, Inc. | | | 11,646,350 | | | | 0.3 | |
| 21,561 (1) | | | Arista Networks, Inc. | | | 5,077,831 | | | | 0.2 | |
| 18,377 (1) | | | Autodesk, Inc. | | | 4,474,432 | | | | 0.1 | |
| 37,706 | | | Broadcom, Inc. | | | 42,089,323 | | | | 1.2 | |
| 10,106 | | | Broadridge Financial Solutions, Inc. | | | 2,079,310 | | | | 0.1 | |
| 23,369 (1) | | | Cadence Design Systems, Inc. | | | 6,365,015 | | | | 0.2 | |
| 11,526 | | | CDW Corp. | | | 2,620,090 | | | | 0.1 | |
| 347,952 | | | Cisco Systems, Inc. | | | 17,578,535 | | | | 0.5 | |
| 43,073 | | | Cognizant Technology Solutions Corp. - Class A | | | 3,253,304 | | | | 0.1 | |
| 66,008 | | | Corning, Inc. | | | 2,009,944 | | | | 0.1 | |
| 11,724 (1) | | | Enphase Energy, Inc. | | | 1,549,209 | | | | 0.0 | |
| 4,957 (1) | | | EPAM Systems, Inc. | | | 1,473,914 | | | | 0.0 | |
| 5,099 (1) | | | F5, Inc. | | | 912,619 | | | | 0.0 | |
| 2,123 (1) | | | Fair Isaac Corp. | | | 2,471,193 | | | | 0.1 | |
| 9,186 (1) | | | First Solar, Inc. | | | 1,582,564 | | | | 0.1 | |
| 6,203 (1) | | | FleetCor Technologies, Inc. | | | 1,753,030 | | | | 0.1 | |
| 54,751 (1) | | | Fortinet, Inc. | | | 3,204,576 | | | | 0.1 | |
| 6,696 (1) | | | Gartner, Inc. | | | 3,020,633 | | | | 0.1 | |
| 48,384 | | | Gen Digital, Inc. | | | 1,104,123 | | | | 0.0 | |
| 110,201 | | | Hewlett Packard Enterprise Co. | | | 1,871,213 | | | | 0.1 | |
| 74,603 | | | HP, Inc. | | | 2,244,804 | | | | 0.1 | |
| 362,165 | | | Intel Corp. | | | 18,198,791 | | | | 0.5 | |
| 78,332 | | | International Business Machines Corp. | | | 12,811,199 | | | | 0.4 | |
| 24,081 | | | Intuit, Inc. | | | 15,051,347 | | | | 0.4 | |
| 10,991 | | | Jabil, Inc. | | | 1,400,253 | | | | 0.0 | |
| 6,266 | | | Jack Henry & Associates, Inc. | | | 1,023,927 | | | | 0.0 | |
| 27,392 | | | Juniper Networks, Inc. | | | 807,516 | | | | 0.0 | |
| 15,254 (1) | | | Keysight Technologies, Inc. | | | 2,426,759 | | | | 0.1 | |
| 11,677 | | | KLA Corp. | | | 6,787,840 | | | | 0.2 | |
| 11,321 | | | Lam Research Corp. | | | 8,867,286 | | | | 0.3 | |
| 71,135 | | | Mastercard, Inc. - Class A | | | 30,339,789 | | | | 0.9 | |
| 46,477 | | | Microchip Technology, Inc. | | | 4,191,296 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 94,178 | | | Micron Technology, Inc. | | $ | 8,037,151 | | | | 0.2 | |
| 638,451 | | | Microsoft Corp. | | | 240,083,114 | | | | 6.9 | |
| 4,108 | | | Monolithic Power Systems, Inc. | | | 2,591,244 | | | | 0.1 | |
| 14,257 | | | Motorola Solutions, Inc. | | | 4,463,724 | | | | 0.1 | |
| 17,936 | | | NetApp, Inc. | | | 1,581,238 | | | | 0.1 | |
| 212,180 | | | NVIDIA Corp. | | | 105,075,780 | | | | 3.0 | |
| 22,167 | | | NXP Semiconductors NV | | | 5,091,317 | | | | 0.2 | |
| 36,998 (1) | | | ON Semiconductor Corp. | | | 3,090,443 | | | | 0.1 | |
| 136,485 | | | Oracle Corp. | | | 14,389,614 | | | | 0.4 | |
| 26,700 (1) | | | Palo Alto Networks, Inc. | | | 7,873,296 | | | | 0.2 | |
| 27,591 | | | Paychex, Inc. | | | 3,286,364 | | | | 0.1 | |
| 4,235 | | | Paycom Software, Inc. | | | 875,459 | | | | 0.0 | |
| 92,615 (1) | | | PayPal Holdings, Inc. | | | 5,687,487 | | | | 0.2 | |
| 10,218 (1) | | | PTC, Inc. | | | 1,787,741 | | | | 0.1 | |
| 8,362 (1) | | | Qorvo, Inc. | | | 941,645 | | | | 0.0 | |
| 95,610 | | | Qualcomm, Inc. | | | 13,828,074 | | | | 0.4 | |
| 9,175 | | | Roper Technologies, Inc. | | | 5,001,935 | | | | 0.1 | |
| 83,583 (1) | | | Salesforce, Inc. | | | 21,994,031 | | | | 0.6 | |
| 16,584 | | | Seagate Technology Holdings PLC | | | 1,415,776 | | | | 0.0 | |
| 17,610 (1) | | | ServiceNow, Inc. | | | 12,441,289 | | | | 0.4 | |
| 13,705 | | | Skyworks Solutions, Inc. | | | 1,540,716 | | | | 0.0 | |
| 13,064 (1) | | | Synopsys, Inc. | | | 6,726,784 | | | | 0.2 | |
| 26,697 | | | TE Connectivity Ltd. | | | 3,750,928 | | | | 0.1 | |
| 4,048 (1) | | | Teledyne Technologies, Inc. | | | 1,806,582 | | | | 0.1 | |
| 13,133 | | | Teradyne, Inc. | | | 1,425,193 | | | | 0.0 | |
| 78,017 | | | Texas Instruments, Inc. | | | 13,298,778 | | | | 0.4 | |
| 21,352 (1) | | | Trimble, Inc. | | | 1,135,926 | | | | 0.0 | |
| 3,618 (1) | | | Tyler Technologies, Inc. | | | 1,512,758 | | | | 0.0 | |
| 7,630 (1) | | | VeriSign, Inc. | | | 1,571,475 | | | | 0.1 | |
| 136,929 | | | Visa, Inc. - Class A | | | 35,649,465 | | | | 1.0 | |
| 27,509 (1) | | | Western Digital Corp. | | | 1,440,646 | | | | 0.0 | |
| 4,414 (1) | | | Zebra Technologies Corp. - Class A | | | 1,206,479 | | | | 0.0 | |
| | | | | | | 1,073,218,079 | | | | 30.8 | |
| | | | Materials: 2.4% |
| 19,101 | | | Air Products and Chemicals, Inc. | | | 5,229,854 | | | | 0.2 | |
| 10,090 | | | Albemarle Corp. | | | 1,457,803 | | | | 0.0 | |
| 124,159 | | | Amcor PLC | | | 1,196,893 | | | | 0.0 | |
| 6,929 | | | Avery Dennison Corp. | | | 1,400,767 | | | | 0.0 | |
| 27,090 | | | Ball Corp. | | | 1,558,217 | | | | 0.1 | |
| 8,606 | | | Celanese Corp. | | | 1,337,114 | | | | 0.0 | |
| 16,412 | | | CF Industries Holdings, Inc. | | | 1,304,754 | | | | 0.0 | |
| 60,538 | | | Corteva, Inc. | | | 2,900,981 | | | | 0.1 | |
| 60,252 | | | Dow, Inc. | | | 3,304,220 | | | | 0.1 | |
| 36,942 | | | DuPont de Nemours, Inc. | | | 2,841,948 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 10,194 | | | Eastman Chemical Co. | | $ | 915,625 | | | | 0.0 | |
| 21,812 | | | Ecolab, Inc. | | | 4,326,410 | | | | 0.1 | |
| 10,725 | | | FMC Corp. | | | 676,211 | | | | 0.0 | |
| 123,269 | | | Freeport-McMoRan, Inc. | | | 5,247,561 | | | | 0.2 | |
| 21,948 | | | International Flavors & Fragrances, Inc. | | | 1,777,130 | | | | 0.1 | |
| 29,750 | | | International Paper Co. | | | 1,075,462 | | | | 0.0 | |
| 41,653 | | | Linde PLC | | | 17,107,304 | | | | 0.5 | |
| 22,022 | | | LyondellBasell Industries NV - Class A | | | 2,093,852 | | | | 0.1 | |
| 5,314 | | | Martin Marietta Materials, Inc. | | | 2,651,208 | | | | 0.1 | |
| 28,076 | | | Mosaic Co. | | | 1,003,155 | | | | 0.0 | |
| 99,090 | | | Newmont Corp. | | | 4,101,335 | | | | 0.1 | |
| 21,118 | | | Nucor Corp. | | | 3,675,377 | | | | 0.1 | |
| 7,731 | | | Packaging Corp. of America | | | 1,259,457 | | | | 0.0 | |
| 20,250 | | | PPG Industries, Inc. | | | 3,028,387 | | | | 0.1 | |
| 20,229 | | | Sherwin-Williams Co. | | | 6,309,425 | | | | 0.2 | |
| 13,066 | | | Steel Dynamics, Inc. | | | 1,543,095 | | | | 0.1 | |
| 11,424 | | | Vulcan Materials Co. | | | 2,593,362 | | | | 0.1 | |
| 22,036 | | | Westrock Co. | | | 914,935 | | | | 0.0 | |
| | | | | | | 82,831,842 | | | | 2.4 | |
| | | | Real Estate: 2.4% |
| 13,390 | | | Alexandria Real Estate Equities, Inc. | | | 1,697,450 | | | | 0.1 | |
| 40,045 | | | American Tower Corp. | | | 8,644,915 | | | | 0.2 | |
| 12,211 | | | AvalonBay Communities, Inc. | | | 2,286,143 | | | | 0.1 | |
| 12,409 | | | Boston Properties, Inc. | | | 870,740 | | | | 0.0 | |
| 9,181 | | | Camden Property Trust | | | 911,581 | | | | 0.0 | |
| 26,183 (1) | | | CBRE Group, Inc. - Class A | | | 2,437,375 | | | | 0.1 | |
| 37,289 | | | Crown Castle, Inc. | | | 4,295,320 | | | | 0.1 | |
| 26,028 | | | Digital Realty Trust, Inc. | | | 3,502,848 | | | | 0.1 | |
| 8,045 | | | Equinix, Inc. | | | 6,479,363 | | | | 0.2 | |
| 29,657 | | | Equity Residential | | | 1,813,822 | | | | 0.1 | |
| 5,519 | | | Essex Property Trust, Inc. | | | 1,368,381 | | | | 0.0 | |
| 18,166 | | | Extra Space Storage, Inc. | | | 2,912,555 | | | | 0.1 | |
| 6,309 | | | Federal Realty Investment Trust | | | 650,142 | | | | 0.0 | |
| 47,038 | | | Healthpeak Properties, Inc. | | | 931,352 | | | | 0.0 | |
| 60,599 | | | Host Hotels & Resorts, Inc. | | | 1,179,863 | | | | 0.0 | |
| 49,461 | | | Invitation Homes, Inc. | | | 1,687,115 | | | | 0.1 | |
| 25,094 | | | Iron Mountain, Inc. | | | 1,756,078 | | | | 0.1 | |
| 57,124 | | | Kimco Realty Corp. | | | 1,217,312 | | | | 0.0 | |
| 10,032 | | | Mid-America Apartment Communities, Inc. | | | 1,348,903 | | | | 0.0 | |
| 79,372 | | | Prologis, Inc. | | | 10,580,288 | | | | 0.3 | |
| 13,607 | | | Public Storage | | | 4,150,135 | | | | 0.1 | |
| 62,187 | | | Realty Income Corp. | | | 3,570,778 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 14,129 | | | Regency Centers Corp. | | $ | 946,643 | | | | 0.0 | |
| 9,268 | | | SBA Communications Corp. | | | 2,351,199 | | | | 0.1 | |
| 28,025 | | | Simon Property Group, Inc. | | | 3,997,486 | | | | 0.1 | |
| 26,063 | | | UDR, Inc. | | | 997,952 | | | | 0.0 | |
| 34,598 | | | Ventas, Inc. | | | 1,724,364 | | | | 0.1 | |
| 88,869 | | | VICI Properties, Inc. | | | 2,833,144 | | | | 0.1 | |
| 47,589 | | | Welltower, Inc. | | | 4,291,100 | | | | 0.1 | |
| 62,832 | | | Weyerhaeuser Co. | | | 2,184,669 | | | | 0.1 | |
| | | | | | | 83,619,016 | | | | 2.4 | |
| | | | Utilities: 2.3% |
| 57,577 | | | AES Corp. | | | 1,108,357 | | | | 0.0 | |
| 21,730 | | | Alliant Energy Corp. | | | 1,114,749 | | | | 0.0 | |
| 22,592 | | | Ameren Corp. | | | 1,634,305 | | | | 0.0 | |
| 45,174 | | | American Electric Power Co., Inc. | | | 3,669,032 | | | | 0.1 | |
| 16,738 | | | American Water Works Co., Inc. | | | 2,209,249 | | | | 0.1 | |
| 12,765 | | | Atmos Energy Corp. | | | 1,479,464 | | | | 0.0 | |
| 54,271 | | | CenterPoint Energy, Inc. | | | 1,550,522 | | | | 0.0 | |
| 25,084 | | | CMS Energy Corp. | | | 1,456,628 | | | | 0.0 | |
| 29,658 | | | Consolidated Edison, Inc. | | | 2,697,988 | | | | 0.1 | |
| 27,436 | | | Constellation Energy Corp. | | | 3,206,994 | | | | 0.1 | |
| 71,949 | | | Dominion Energy, Inc. | | | 3,381,603 | | | | 0.1 | |
| 17,728 | | | DTE Energy Co. | | | 1,954,689 | | | | 0.1 | |
| 66,206 | | | Duke Energy Corp. | | | 6,424,630 | | | | 0.2 | |
| 32,957 | | | Edison International | | | 2,356,096 | | | | 0.1 | |
| 18,182 | | | Entergy Corp. | | | 1,839,837 | | | | 0.1 | |
| 19,751 | | | Evergy, Inc. | | | 1,031,002 | | | | 0.0 | |
| 30,016 | | | Eversource Energy | | | 1,852,588 | | | | 0.1 | |
| 85,573 | | | Exelon Corp. | | | 3,072,071 | | | | 0.1 | |
| 44,370 | | | FirstEnergy Corp. | | | 1,626,604 | | | | 0.0 | |
| 176,247 | | | NextEra Energy, Inc. | | | 10,705,243 | | | | 0.3 | |
| 35,533 | | | NiSource, Inc. | | | 943,401 | | | | 0.0 | |
| 19,394 | | | NRG Energy, Inc. | | | 1,002,670 | | | | 0.0 | |
| 183,274 | | | PG&E Corp. | | | 3,304,430 | | | | 0.1 | |
| 9,743 | | | Pinnacle West Capital Corp. | | | 699,937 | | | | 0.0 | |
| 63,378 | | | PPL Corp. | | | 1,717,544 | | | | 0.1 | |
| 42,806 | | | Public Service Enterprise Group, Inc. | | | 2,617,587 | | | | 0.1 | |
| 54,110 | | | Sempra Energy | | | 4,043,640 | | | | 0.1 | |
| 93,687 | | | Southern Co. | | | 6,569,332 | | | | 0.2 | |
| 27,122 | | | WEC Energy Group, Inc. | | | 2,282,859 | | | | 0.1 | |
| 47,423 | | | Xcel Energy, Inc. | | | 2,935,958 | | | | 0.1 | |
| | | | | | | 80,489,009 | | | | 2.3 | |
| | | | Total Common Stock
(Cost $2,929,581,549) | | | 3,439,498,384 | | | | 98.6 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.2% |
| | | | Mutual Funds: 1.2% |
| 41,465,000 (2) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $41,465,000) | | $ | 41,465,000 | | | | 1.2 | |
| | | | Total Short-Term Investments
(Cost $41,465,000) | | $ | 41,465,000 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | Total Investments in Securities
(Cost $2,971,046,549) | | $ | 3,480,963,384 | | | | 99.8 | |
| | | | | | | | | | | | |
| | | | Assets in Excess of Other Liabilities | | | 7,640,139 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Net Assets | | $ | 3,488,603,523 | | | | 100.0 | |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value
at
December 31, 2023 |
| Asset Table |
| Investments, at fair value |
| Common Stock* | | $ | 3,439,498,384 | | $ | — | | $ | — | | $ | 3,439,498,384 |
| Short-Term Investments | | | 41,465,000 | | | — | | | — | | | 41,465,000 |
| Total Investments, at fair value | | $ | 3,480,963,384 | | $ | — | | $ | — | | $ | 3,480,963,384 |
| Other Financial Instruments+ |
| Futures | | | 1,372,093 | | | — | | | — | | | 1,372,093 |
| Total Assets | | $ | 3,482,335,477 | | $ | — | | $ | — | | $ | 3,482,335,477 |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of 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. |
At December 31, 2023, the following futures contracts were outstanding for Voya VACS Index Series S Portfolio:
| Description | | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: |
| S&P 500 E-Mini | | | 201 | | | 03/15/24 | | $ | 48,441,000 | | | $ | 1,372,093 | |
| | | | | | | | | $ | 48,441,000 | | | $ | 1,372,093 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value |
| Asset Derivatives | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 1,372,093 |
| Total Asset Derivatives | | | | $ | 1,372,093 |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 7,965,634 | |
| Total | | $ | 7,965,634 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series S Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures |
| Equity contracts | | $ | 1,372,093 |
| Total | | $ | 1,372,093 |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $2,972,712,508. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 619,975,978 | |
| Gross Unrealized Depreciation | | | (110,353,010) | |
| Net Unrealized Appreciation | | $ | 509,622,968 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 96.8% | |
| | | | Communication Services: 2.3% | |
| 14,761 (1) | | | Advantage Solutions, Inc. | | $ | 53,435 | | | | 0.0 | |
| 5,211 (1) | | | AMC Networks, Inc. - Class A | | | 97,915 | | | | 0.0 | |
| 2,147 (1) | | | Anterix, Inc. | | | 71,538 | | | | 0.0 | |
| 13,120 (1) | | | AST SpaceMobile, Inc. | | | 79,114 | | | | 0.0 | |
| 8,377 (1) | | | Atlanta Braves Holdings, Inc. - Class C | | | 331,562 | | | | 0.1 | |
| 1,986 | | | ATN International, Inc. | | | 77,394 | | | | 0.0 | |
| 3,833 (1) | | | Bandwidth, Inc. - Class A | | | 55,463 | | | | 0.0 | |
| 4,318 (1) | | | Boston Omaha Corp. - Class A | | | 67,922 | | | | 0.0 | |
| 16,136 (1) | | | Bumble, Inc. - Class A | | | 237,845 | | | | 0.1 | |
| 5,917 (1) | | | Cardlytics, Inc. | | | 54,496 | | | | 0.0 | |
| 15,606 (1) | | | Cargurus, Inc. | | | 377,041 | | | | 0.1 | |
| 10,815 (1) | | | Cars.com, Inc. | | | 205,161 | | | | 0.1 | |
| 17,605 (1) | | | Cinemark Holdings, Inc. | | | 248,054 | | | | 0.1 | |
| 61,654 (1) | | | Clear Channel Outdoor Holdings, Inc. | | | 112,210 | | | | 0.0 | |
| 6,908 | | | Cogent Communications Holdings, Inc. | | | 525,422 | | | | 0.1 | |
| 12,223 (1) | | | Consolidated Communications Holdings, Inc. | | | 53,170 | | | | 0.0 | |
| 253 (1) | | | Daily Journal Corp. | | | 86,227 | | | | 0.0 | |
| 7,243 (1) | | | DHI Group, Inc. | | | 18,759 | | | | 0.0 | |
| 19,350 (1) | | | EchoStar Corp. - Class A | | | 320,629 | | | | 0.1 | |
| 11,026 | | | Entravision Communications Corp. - Class A | | | 45,978 | | | | 0.0 | |
| 12,571 (1) | | | Eventbrite, Inc. - Class A | | | 105,094 | | | | 0.0 | |
| 3,500 (1) | | | EverQuote, Inc. - Class A | | | 42,840 | | | | 0.0 | |
| 9,767 (1) | | | EW Scripps Co. - Class A | | | 78,038 | | | | 0.0 | |
| 44,565 (1) | | | fuboTV, Inc. | | | 141,717 | | | | 0.0 | |
| 24,015 (1) | | | Gannett Co., Inc. | | | 55,234 | | | | 0.0 | |
| 111,023 (1) | | | Globalstar, Inc. | | | 215,385 | | | | 0.1 | |
| 10,728 (1) | | | Gogo, Inc. | | | 108,675 | | | | 0.0 | |
| 13,637 | | | Gray Television, Inc. | | | 122,188 | | | | 0.0 | |
| 6,993 (1) | | | Grindr, Inc. | | | 61,399 | | | | 0.0 | |
| 2,514 (1) | | | IDT Corp. - Class B | | | 85,702 | | | | 0.0 | |
| 17,725 (1) | | | iHeartMedia, Inc. - Class A | | | 47,326 | | | | 0.0 | |
| 7,309 (1) | | | IMAX Corp. | | | 109,781 | | | | 0.0 | |
| 7,791 (1) | | | Integral Ad Science Holding Corp. | | | 112,112 | | | | 0.0 | |
| 5,812 | | | John Wiley & Sons, Inc. - Class A | | | 184,473 | | | | 0.1 | |
| 28,579 (1) | | | Liberty Latin America Ltd. - Class C | | | 209,770 | | | | 0.1 | |
| 10,286 (1) | | | Lions Gate Entertainment Corp. - Class A | | | 112,117 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Communication Services: (continued) | |
| 18,022 (1) | | | Lions Gate Entertainment Corp. - Class B | | $ | 183,644 | | | | 0.1 | |
| 161,818 (1) | | | Lumen Technologies, Inc. | | | 296,127 | | | | 0.1 | |
| 6,525 (1) | | | Madison Square Garden Entertainment Corp. | | | 207,430 | | | | 0.1 | |
| 21,373 (1) | | | Magnite, Inc. | | | 199,624 | | | | 0.1 | |
| 4,148 | | | Marcus Corp. | | | 60,478 | | | | 0.0 | |
| 3,673 (1) | | | MediaAlpha, Inc. - Class A | | | 40,954 | | | | 0.0 | |
| 24,499 (1) | | | Nextdoor Holdings, Inc. | | | 46,303 | | | | 0.0 | |
| 4,368 (1) | | | Ooma, Inc. | | | 46,869 | | | | 0.0 | |
| 7,177 (1) | | | Outbrain, Inc. | | | 31,435 | | | | 0.0 | |
| 14,793 (1) | | | Playstudios, Inc. | | | 40,089 | | | | 0.0 | |
| 7,030 (1) | | | PubMatic, Inc. - Class A | | | 114,659 | | | | 0.0 | |
| 8,527 (1) | | | QuinStreet, Inc. | | | 109,316 | | | | 0.0 | |
| 4,410 | | | Scholastic Corp. | | | 166,257 | | | | 0.1 | |
| 7,746 | | | Shenandoah Telecommunications Co. | | | 167,468 | | | | 0.1 | |
| 3,939 | | | Shutterstock, Inc. | | | 190,175 | | | | 0.1 | |
| 5,352 | | | Sinclair, Inc. | | | 69,737 | | | | 0.0 | |
| 4,223 (1) | | | Sphere Entertainment Co. | | | 143,413 | | | | 0.0 | |
| 2,882 | | | Spok Holdings, Inc. | | | 44,613 | | | | 0.0 | |
| 12,801 (1) | | | Stagwell, Inc. | | | 84,871 | | | | 0.0 | |
| 4,266 (1) | | | TechTarget, Inc. | | | 148,713 | | | | 0.1 | |
| 31,811 | | | TEGNA, Inc. | | | 486,708 | | | | 0.1 | |
| 15,785 | | | Telephone and Data Systems, Inc. | | | 289,655 | | | | 0.1 | |
| 5,352 (1) | | | Thryv Holdings, Inc. | | | 108,913 | | | | 0.0 | |
| 18,511 (1)(2) | | | Tingo Group, Inc. | | | — | | | | — | |
| 15,968 (1) | | | TrueCar, Inc. | | | 55,249 | | | | 0.0 | |
| 24,531 (1) | | | Vimeo, Inc. | | | 96,162 | | | | 0.0 | |
| 4,193 (1) | | | Vivid Seats, Inc. - Class A | | | 26,500 | | | | 0.0 | |
| 8,576 (1) | | | WideOpenWest, Inc. | | | 34,733 | | | | 0.0 | |
| 10,687 (1) | | | Yelp, Inc. | | | 505,923 | | | | 0.1 | |
| 7,419 (1) | | | Ziff Davis, Inc. | | | 498,483 | | | | 0.1 | |
| 10,850 (1) | | | ZipRecruiter, Inc. - Class A | | | 150,815 | | | | 0.1 | |
| | | | | | | 9,556,502 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 10.5% |
| 4,372 (1) | | | 1-800-Flowers.com, Inc. - Class A | | | 47,130 | | | | 0.0 | |
| 12,028 (1) | | | 2U, Inc. | | | 14,794 | | | | 0.0 | |
| 5,159 | | | Aaron’s Co., Inc. | | | 56,130 | | | | 0.0 | |
| 7,800 (1) | | | Abercrombie & Fitch Co. - Class A | | | 688,116 | | | | 0.2 | |
| 11,510 | | | Academy Sports & Outdoors, Inc. | | | 759,660 | | | | 0.2 | |
| 9,312 (1) | | | Accel Entertainment, Inc. | | | 95,634 | | | | 0.0 | |
| 4,937 | | | Acushnet Holdings Corp. | | | 311,870 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | |
| 14,679 (1) | | | Adient PLC | | $ | 533,728 | | | | 0.1 | |
| 6,349 (1) | | | Adtalem Global Education, Inc. | | | 374,274 | | | | 0.1 | |
| 14,707 (1) | | | Allbirds, Inc. - Class A | | | 18,016 | | | | 0.0 | |
| 18,314 (1) | | | American Axle & Manufacturing Holdings, Inc. | | | 161,346 | | | | 0.0 | |
| 29,146 | | | American Eagle Outfitters, Inc. | | | 616,729 | | | | 0.2 | |
| 1,010 (1) | | | America’s Car-Mart, Inc. | | | 76,528 | | | | 0.0 | |
| 14,987 (1)(3) | | | AMMO, Inc. | | | 31,473 | | | | 0.0 | |
| 13,873 | | | Arko Corp. | | | 114,452 | | | | 0.0 | |
| 3,305 (1) | | | Asbury Automotive Group, Inc. | | | 743,526 | | | | 0.2 | |
| 2,583 (1)(3) | | | Atmus Filtration Technologies, Inc. | | | 60,675 | | | | 0.0 | |
| 4,961 (1) | | | Bally’s Corp. | | | 69,156 | | | | 0.0 | |
| 22,829 (1) | | | BARK, Inc. | | | 18,389 | | | | 0.0 | |
| 4,794 (1) | | | Beazer Homes USA, Inc. | | | 161,989 | | | | 0.0 | |
| 3,526 | | | Big 5 Sporting Goods Corp. | | | 22,355 | | | | 0.0 | |
| 4,962 | | | Big Lots, Inc. | | | 38,654 | | | | 0.0 | |
| 3,588 (1) | | | BJ’s Restaurants, Inc. | | | 129,204 | | | | 0.0 | |
| 13,945 | | | Bloomin’ Brands, Inc. | | | 392,552 | | | | 0.1 | |
| 1,763 | | | Bluegreen Vacations Holding Corp. | | | 132,437 | | | | 0.0 | |
| 4,744 (1) | | | Boot Barn Holdings, Inc. | | | 364,149 | | | | 0.1 | |
| 3,012 (1)(3) | | | Bowlero Corp. - Class A | | | 42,650 | | | | 0.0 | |
| 6,938 (1) | | | Brinker International, Inc. | | | 299,583 | | | | 0.1 | |
| 4,865 | | | Buckle, Inc. | | | 231,185 | | | | 0.1 | |
| 2,257 | | | Build-A-Bear Workshop, Inc. | | | 51,888 | | | | 0.0 | |
| 5,576 | | | Caleres, Inc. | | | 171,351 | | | | 0.1 | |
| 6,756 | | | Camping World Holdings, Inc. - Class A | | | 177,413 | | | | 0.1 | |
| 8,281 (1) | | | CarParts.com, Inc. | | | 26,168 | | | | 0.0 | |
| 2,371 | | | Carriage Services, Inc. | | | 59,299 | | | | 0.0 | |
| 6,388 | | | Carrols Restaurant Group, Inc. | | | 50,337 | | | | 0.0 | |
| 15,243 (1) | | | Carvana Co. | | | 806,964 | | | | 0.2 | |
| 1,391 (1) | | | Cavco Industries, Inc. | | | 482,148 | | | | 0.1 | |
| 5,064 (1) | | | Century Casinos, Inc. | | | 24,712 | | | | 0.0 | |
| 4,549 | | | Century Communities, Inc. | | | 414,596 | | | | 0.1 | |
| 7,641 | | | Cheesecake Factory, Inc. | | | 267,511 | | | | 0.1 | |
| 18,409 (1) | | | Chegg, Inc. | | | 209,126 | | | | 0.1 | |
| 19,019 (1) | | | Chico’s FAS, Inc. | | | 144,164 | | | | 0.0 | |
| 1,928 (1) | | | Children’s Place, Inc. | | | 44,768 | | | | 0.0 | |
| 3,057 (1) | | | Chuy’s Holdings, Inc. | | | 116,869 | | | | 0.0 | |
| 4,586 | | | Clarus Corp. | | | 31,621 | | | | 0.0 | |
| 3,530 (1) | | | ContextLogic, Inc. - Class A | | | 21,004 | | | | 0.0 | |
| 2,880 (1) | | | Cooper-Standard Holdings, Inc. | | | 56,275 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 20,712 (1) | | | Coursera, Inc. | | $ | 401,191 | | | | 0.1 | |
| 3,462 (3) | | | Cracker Barrel Old Country Store, Inc. | | | 266,851 | | | | 0.1 | |
| 7,775 | | | Cricut, Inc. - Class A | | | 51,237 | | | | 0.0 | |
| 20,378 | | | Dana, Inc. | | | 297,723 | | | | 0.1 | |
| 5,713 (1) | | | Dave & Buster’s Entertainment, Inc. | | | 307,645 | | | | 0.1 | |
| 8,534 (1) | | | Denny’s Corp. | | | 92,850 | | | | 0.0 | |
| 7,307 | | | Designer Brands, Inc. - Class A | | | 64,667 | | | | 0.0 | |
| 10,323 (1) | | | Destination XL Group, Inc. | | | 45,421 | | | | 0.0 | |
| 557 (3) | | | Dillard’s, Inc. - Class A | | | 224,833 | | | | 0.1 | |
| 2,473 | | | Dine Brands Global, Inc. | | | 122,784 | | | | 0.0 | |
| 4,234 (1) | | | Dorman Products, Inc. | | | 353,158 | | | | 0.1 | |
| 3,975 (1)(3) | | | Dream Finders Homes, Inc. - Class A | | | 141,232 | | | | 0.0 | |
| 4,617 (1) | | | Duolingo, Inc. | | | 1,047,366 | | | | 0.3 | |
| 4,618 (1) | | | El Pollo Loco Holdings, Inc. | | | 40,731 | | | | 0.0 | |
| 1,427 | | | Escalade, Inc. | | | 28,668 | | | | 0.0 | |
| 3,624 | | | Ethan Allen Interiors, Inc. | | | 115,678 | | | | 0.0 | |
| 5,490 (1)(3) | | | European Wax Center, Inc. - Class A | | | 74,609 | | | | 0.0 | |
| 13,469 (1) | | | Everi Holdings, Inc. | | | 151,796 | | | | 0.0 | |
| 16,479 (1) | | | EVgo, Inc. | | | 58,995 | | | | 0.0 | |
| 20,775 (1) | | | Figs, Inc. - Class A | | | 144,386 | | | | 0.0 | |
| 3,632 (1) | | | First Watch Restaurant Group, Inc. | | | 73,003 | | | | 0.0 | |
| 33,867 (1)(3) | | | Fisker, Inc. | | | 59,267 | | | | 0.0 | |
| 13,082 | | | Foot Locker, Inc. | | | 407,504 | | | | 0.1 | |
| 6,785 (1) | | | Fox Factory Holding Corp. | | | 457,852 | | | | 0.1 | |
| 12,751 (1) | | | Frontdoor, Inc. | | | 449,090 | | | | 0.1 | |
| 5,500 (1) | | | Full House Resorts, Inc. | | | 29,535 | | | | 0.0 | |
| 5,876 (1) | | | Funko, Inc. - Class A | | | 45,422 | | | | 0.0 | |
| 1,928 (1) | | | Genesco, Inc. | | | 67,885 | | | | 0.0 | |
| 5,288 (1) | | | Gentherm, Inc. | | | 276,880 | | | | 0.1 | |
| 6,704 (1) | | | G-III Apparel Group Ltd. | | | 227,802 | | | | 0.1 | |
| 5,321 (1) | | | Global Business Travel Group I | | | 34,320 | | | | 0.0 | |
| 3,281 | | | Golden Entertainment, Inc. | | | 131,010 | | | | 0.0 | |
| 44,854 (1) | | | Goodyear Tire & Rubber Co. | | | 642,309 | | | | 0.2 | |
| 21,400 (1) | | | GoPro, Inc. - Class A | | | 74,258 | | | | 0.0 | |
| 562 | | | Graham Holdings Co. - Class B | | | 391,444 | | | | 0.1 | |
| 4,244 (1) | | | Green Brick Partners, Inc. | | | 220,433 | | | | 0.1 | |
| 2,174 | | | Group 1 Automotive, Inc. | | | 662,505 | | | | 0.2 | |
| 9,292 (1) | | | GrowGeneration Corp. | | | 23,323 | | | | 0.0 | |
| 4,668 | | | Guess?, Inc. | | | 107,644 | | | | 0.0 | |
| 56,490 (1) | | | Hanesbrands, Inc. | | | 251,945 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | |
| 2,501 | | | Haverty Furniture Cos., Inc. | | $ | 88,786 | | | | 0.0 | |
| 3,754 (1) | | | Helen of Troy Ltd. | | | 453,521 | | | | 0.1 | |
| 1,977 | | | Hibbett, Inc. | | | 142,384 | | | | 0.0 | |
| 12,850 (1) | | | Hilton Grand Vacations, Inc. | | | 516,313 | | | | 0.1 | |
| 8,537 (1) | | | Holley, Inc. | | | 41,575 | | | | 0.0 | |
| 1,368 | | | Hooker Furnishings Corp. | | | 35,677 | | | | 0.0 | |
| 795 (1) | | | Hovnanian Enterprises, Inc. - Class A | | | 123,718 | | | | 0.0 | |
| 3,639 (1) | | | Inspired Entertainment, Inc. | | | 35,953 | | | | 0.0 | |
| 3,738 | | | Installed Building Products, Inc. | | | 683,381 | | | | 0.2 | |
| 17,241 | | | International Game Technology PLC | | | 472,576 | | | | 0.1 | |
| 4,440 (1) | | | iRobot Corp. | | | 171,828 | | | | 0.1 | |
| 3,211 | | | Jack in the Box, Inc. | | | 262,114 | | | | 0.1 | |
| 982 (1) | | | JAKKS Pacific, Inc. | | | 34,910 | | | | 0.0 | |
| 901 | | | Johnson Outdoors, Inc. - Class A | | | 48,131 | | | | 0.0 | |
| 11,185 | | | KB Home | | | 698,615 | | | | 0.2 | |
| 8,960 | | | Kontoor Brands, Inc. | | | 559,283 | | | | 0.1 | |
| 14,027 (3) | | | Krispy Kreme, Inc. | | | 211,667 | | | | 0.1 | |
| 947 (1) | | | Kura Sushi USA, Inc. - Class A | | | 71,972 | | | | 0.0 | |
| 2,703 (1) | | | Lands’ End, Inc. | | | 25,841 | | | | 0.0 | |
| 2,675 (1) | | | Landsea Homes Corp. | | | 35,150 | | | | 0.0 | |
| 6,530 (1) | | | Latham Group, Inc. | | | 17,174 | | | | 0.0 | |
| 20,932 | | | Laureate Education, Inc. | | | 286,978 | | | | 0.1 | |
| 6,910 | | | La-Z-Boy, Inc. | | | 255,117 | | | | 0.1 | |
| 3,933 | | | LCI Industries | | | 494,417 | | | | 0.1 | |
| 1,753 (1) | | | Legacy Housing Corp. | | | 44,211 | | | | 0.0 | |
| 28,486 (1) | | | Leslie’s, Inc. | | | 196,838 | | | | 0.1 | |
| 3,322 (1) | | | LGI Homes, Inc. | | | 442,358 | | | | 0.1 | |
| 7,046 (1) | | | Life Time Group Holdings, Inc. | | | 106,254 | | | | 0.0 | |
| 14,479 (1) | | | Light & Wonder, Inc. | | | 1,188,871 | | | | 0.3 | |
| 4,309 (1) | | | Lincoln Educational Services Corp. | | | 43,262 | | | | 0.0 | |
| 5,938 (1) | | | Lindblad Expeditions Holdings, Inc. | | | 66,921 | | | | 0.0 | |
| 3,353 (1)(3) | | | Livewire Group, Inc. | | | 37,922 | | | | 0.0 | |
| 2,343 (1) | | | Lovesac Co. | | | 59,864 | | | | 0.0 | |
| 43,299 (1)(3) | | | Luminar Technologies, Inc. | | | 145,918 | | | | 0.0 | |
| 4,322 (1) | | | M/I Homes, Inc. | | | 595,312 | | | | 0.2 | |
| 3,313 (1) | | | Malibu Boats, Inc. - Class A | | | 181,619 | | | | 0.1 | |
| 3,589 (1) | | | MarineMax, Inc. | | | 139,612 | | | | 0.0 | |
| 2,861 (1) | | | MasterCraft Boat Holdings, Inc. | | | 64,773 | | | | 0.0 | |
| 9,461 | | | MDC Holdings, Inc. | | | 522,720 | | | | 0.1 | |
| 5,761 | | | Meritage Homes Corp. | | | 1,003,566 | | | | 0.2 | |
| 8,225 (1) | | | Modine Manufacturing Co. | | | 491,033 | | | | 0.1 | |
| 2,138 | | | Monarch Casino & Resort, Inc. | | | 147,843 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 7,804 (1) | | | Mondee Holdings, Inc. | | $ | 21,539 | | | | 0.0 | |
| 4,968 | | | Monro, Inc. | | | 145,761 | | | | 0.0 | |
| 2,573 | | | Movado Group, Inc. | | | 77,576 | | | | 0.0 | |
| 574 | | | Nathan’s Famous, Inc. | | | 44,778 | | | | 0.0 | |
| 12,451 (1) | | | National Vision Holdings, Inc. | | | 260,599 | | | | 0.1 | |
| 10,222 (1) | | | Nerdy, Inc. | | | 35,062 | | | | 0.0 | |
| 5,200 (1) | | | ODP Corp. | | | 292,760 | | | | 0.1 | |
| 13,382 (1) | | | OneSpaWorld Holdings Ltd. | | | 188,686 | | | | 0.1 | |
| 2,077 (1) | | | OneWater Marine, Inc. - Class A | | | 70,182 | | | | 0.0 | |
| 7,230 (1) | | | Overstock.com, Inc. | | | 200,199 | | | | 0.1 | |
| 2,396 | | | Oxford Industries, Inc. | | | 239,600 | | | | 0.1 | |
| 5,159 | | | Papa John’s International, Inc. | | | 393,271 | | | | 0.1 | |
| 3,414 | | | Patrick Industries, Inc. | | | 342,595 | | | | 0.1 | |
| 10,566 | | | Perdoceo Education Corp. | | | 185,539 | | | | 0.1 | |
| 3,213 | | | PetMed Express, Inc. | | | 24,290 | | | | 0.0 | |
| 6,421 (1) | | | PlayAGS, Inc. | | | 54,129 | | | | 0.0 | |
| 7,176 (1) | | | Portillo’s, Inc. - Class A | | | 114,314 | | | | 0.0 | |
| 4,630 (1) | | | Potbelly Corp. | | | 48,245 | | | | 0.0 | |
| 9,764 | | | Purple Innovation, Inc. | | | 10,057 | | | | 0.0 | |
| 1,493 | | | RCI Hospitality Holdings, Inc. | | | 98,926 | | | | 0.0 | |
| 2,493 (1) | | | Red Robin Gourmet Burgers, Inc. | | | 31,088 | | | | 0.0 | |
| 7,588 | | | Red Rock Resorts, Inc. - Class A | | | 404,668 | | | | 0.1 | |
| 8,742 | | | Rent-A-Center, Inc. | | | 296,966 | | | | 0.1 | |
| 6,559 (1) | | | Revolve Group, Inc. | | | 108,748 | | | | 0.0 | |
| 1,030 | | | Rocky Brands, Inc. | | | 31,085 | | | | 0.0 | |
| 14,913 (1) | | | Rover Group, Inc. | | | 162,253 | | | | 0.0 | |
| 10,934 (1) | | | Rush Street Interactive, Inc. | | | 49,094 | | | | 0.0 | |
| 17,341 (1) | | | Sally Beauty Holdings, Inc. | | | 230,289 | | | | 0.1 | |
| 4,228 (1) | | | Savers Value Village, Inc. | | | 73,483 | | | | 0.0 | |
| 5,750 (1) | | | SeaWorld Entertainment, Inc. | | | 303,773 | | | | 0.1 | |
| 5,977 (1) | | | Shake Shack, Inc. - Class A | | | 443,015 | | | | 0.1 | |
| 3,103 | | | Shoe Carnival, Inc. | | | 93,742 | | | | 0.0 | |
| 7,127 | | | Signet Jewelers Ltd. | | | 764,442 | | | | 0.2 | |
| 11,408 (1) | | | Six Flags Entertainment Corp. | | | 286,113 | | | | 0.1 | |
| 8,508 (1) | | | Skyline Champion Corp. | | | 631,804 | | | | 0.2 | |
| 3,512 (1) | | | Sleep Number Corp. | | | 52,083 | | | | 0.0 | |
| 7,717 | | | Smith & Wesson Brands, Inc. | | | 104,643 | | | | 0.0 | |
| 3,127 (1) | | | Snap One Holdings Corp. | | | 27,862 | | | | 0.0 | |
| 25,794 (1) | | | Solid Power, Inc. | | | 37,401 | | | | 0.0 | |
| 3,380 (1) | | | Solo Brands, Inc. - Class A | | | 20,821 | | | | 0.0 | |
| 2,416 | | | Sonic Automotive, Inc. - Class A | | | 135,803 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) | |
| 20,237 (1) | | | Sonos, Inc. | | $ | 346,862 | | | | 0.1 | |
| 6,636 (1) | | | Sportsman’s Warehouse Holdings, Inc. | | | 28,269 | | | | 0.0 | |
| 3,324 | | | Standard Motor Products, Inc. | | | 132,328 | | | | 0.0 | |
| 11,807 | | | Steven Madden Ltd. | | | 495,894 | | | | 0.1 | |
| 14,047 (1) | | | Stitch Fix, Inc. - Class A | | | 50,148 | | | | 0.0 | |
| 4,561 (1) | | | Stoneridge, Inc. | | | 89,259 | | | | 0.0 | |
| 3,608 | | | Strategic Education, Inc. | | | 333,271 | | | | 0.1 | |
| 6,718 (1) | | | Stride, Inc. | | | 398,848 | | | | 0.1 | |
| 2,770 | | | Sturm Ruger & Co., Inc. | | | 125,897 | | | | 0.0 | |
| 22,294 (1) | | | Super Group SGHC Ltd. | | | 70,672 | | | | 0.0 | |
| 15,346 (1) | | | Sweetgreen, Inc. - Class A | | | 173,410 | | | | 0.1 | |
| 5,110 (1) | | | Target Hospitality Corp. | | | 49,720 | | | | 0.0 | |
| 16,263 (1) | | | Taylor Morrison Home Corp. | | | 867,631 | | | | 0.2 | |
| 11,299 (1) | | | ThredUp, Inc. - Class A | | | 25,423 | | | | 0.0 | |
| 4,267 (1) | | | Tilly’s, Inc. - Class A | | | 32,173 | | | | 0.0 | |
| 22,954 (1) | | | Topgolf Callaway Brands Corp. | | | 329,160 | | | | 0.1 | |
| 5,566 (1) | | | Traeger, Inc. | | | 15,195 | | | | 0.0 | |
| 15,288 (1) | | | Tri Pointe Homes, Inc. | | | 541,195 | | | | 0.1 | |
| 13,890 (1) | | | Udemy, Inc. | | | 204,600 | | | | 0.1 | |
| 5,812 (1) | | | Universal Technical Institute, Inc. | | | 72,766 | | | | 0.0 | |
| 10,183 (1) | | | Urban Outfitters, Inc. | | | 363,431 | | | | 0.1 | |
| 4,502 (1) | | | Vera Bradley, Inc. | | | 34,665 | | | | 0.0 | |
| 9,235 (1) | | | Vista Outdoor, Inc. | | | 273,079 | | | | 0.1 | |
| 4,379 (1) | | | Visteon Corp. | | | 546,937 | | | | 0.1 | |
| 12,333 (1) | | | Vizio Holding Corp. - Class A | | | 94,964 | | | | 0.0 | |
| 2,238 (1) | | | VOXX International Corp. | | | 23,902 | | | | 0.0 | |
| 13,551 (1) | | | Warby Parker, Inc. - Class A | | | 191,069 | | | | 0.1 | |
| 451 | | | Winmark Corp. | | | 188,315 | | | | 0.1 | |
| 4,588 | | | Winnebago Industries, Inc. | | | 334,373 | | | | 0.1 | |
| 12,782 | | | Wolverine World Wide, Inc. | | | 113,632 | | | | 0.0 | |
| 31,722 (1)(3) | | | Workhorse Group, Inc. | | | 11,420 | | | | 0.0 | |
| 8,561 (1) | | | WW International, Inc. | | | 74,909 | | | | 0.0 | |
| 3,603 (1) | | | XPEL, Inc. | | | 194,022 | | | | 0.1 | |
| 4,005 (1) | | | Xponential Fitness, Inc. - Class A | | | 51,625 | | | | 0.0 | |
| 2,777 (1) | | | Zumiez, Inc. | | | 56,484 | | | | 0.0 | |
| | | | | | | 43,746,660 | | | | 10.5 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 3.3% | |
| 5,164 | | | Andersons, Inc. | | | 297,137 | | | | 0.1 | |
| 11,690 (3) | | | B&G Foods, Inc. | | | 122,745 | | | | 0.0 | |
| 13,346 (1) | | | Beauty Health Co. | | | 41,506 | | | | 0.0 | |
| 20,942 (1) | | | BellRing Brands, Inc. | | | 1,160,815 | | | | 0.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) | |
| 9,607 (1)(3) | | | Beyond Meat, Inc. | | $ | 85,502 | | | | 0.0 | |
| 5,873 (1)(3) | | | BRC, Inc. - Class A | | | 21,319 | | | | 0.0 | |
| 2,852 | | | Calavo Growers, Inc. | | | 83,877 | | | | 0.0 | |
| 6,138 | | | Cal-Maine Foods, Inc. | | | 352,260 | | | | 0.1 | |
| 1,122 (1) | | | Central Garden & Pet Co. | | | 56,223 | | | | 0.0 | |
| 6,757 (1) | | | Central Garden & Pet Co. - Class A | | | 297,578 | | | | 0.1 | |
| 5,596 (1) | | | Chefs’ Warehouse, Inc. | | | 164,690 | | | | 0.1 | |
| 756 | | | Coca-Cola Consolidated, Inc. | | | 701,870 | | | | 0.2 | |
| 11,816 | | | Dole PLC | | | 145,219 | | | | 0.0 | |
| 7,232 (1) | | | Duckhorn Portfolio, Inc. | | | 71,235 | | | | 0.0 | |
| 7,993 | | | Edgewell Personal Care Co. | | | 292,784 | | | | 0.1 | |
| 8,485 (1) | | | elf Beauty, Inc. | | | 1,224,725 | | | | 0.3 | |
| 11,433 | | | Energizer Holdings, Inc. | | | 362,197 | | | | 0.1 | |
| 5,744 | | | Fresh Del Monte Produce, Inc. | | | 150,780 | | | | 0.0 | |
| 14,339 (1) | | | Hain Celestial Group, Inc. | | | 157,012 | | | | 0.0 | |
| 15,758 (1) | | | Herbalife Ltd. | | | 240,467 | | | | 0.1 | |
| 6,870 (1) | | | HF Foods Group, Inc. | | | 36,686 | | | | 0.0 | |
| 2,273 | | | Ingles Markets, Inc. - Class A | | | 196,319 | | | | 0.1 | |
| 2,940 | | | Inter Parfums, Inc. | | | 423,389 | | | | 0.1 | |
| 2,934 (1) | | | Ispire Technology, Inc. | | | 35,589 | | | | 0.0 | |
| 2,431 | | | J & J Snack Foods Corp. | | | 406,317 | | | | 0.1 | |
| 1,473 | | | John B Sanfilippo & Son, Inc. | | | 151,778 | | | | 0.0 | |
| 3,116 | | | Lancaster Colony Corp. | | | 518,471 | | | | 0.1 | |
| 2,972 | | | Limoneira Co. | | | 61,312 | | | | 0.0 | |
| 1,632 | | | Medifast, Inc. | | | 109,703 | | | | 0.0 | |
| 2,511 | | | MGP Ingredients, Inc. | | | 247,384 | | | | 0.1 | |
| 8,655 (1) | | | Mission Produce, Inc. | | | 87,329 | | | | 0.0 | |
| 3,812 (1) | | | National Beverage Corp. | | | 189,533 | | | | 0.1 | |
| 2,335 (1) | | | Nature’s Sunshine Products, Inc. | | | 40,372 | | | | 0.0 | |
| 7,887 | | | Nu Skin Enterprises, Inc. - Class A | | | 153,166 | | | | 0.0 | |
| 869 | | | Oil-Dri Corp. of America | | | 58,293 | | | | 0.0 | |
| 3,938 | | | PriceSmart, Inc. | | | 298,422 | | | | 0.1 | |
| 24,770 | | | Primo Water Corp. | | | 372,789 | | | | 0.1 | |
| 880 (1) | | | Seneca Foods Corp. - Class A | | | 46,147 | | | | 0.0 | |
| 14,545 (1) | | | Simply Good Foods Co. | | | 575,982 | | | | 0.1 | |
| 8,032 (1) | | | Sovos Brands, Inc. | | | 176,945 | | | | 0.1 | |
| 5,741 | | | SpartanNash Co. | | | 131,756 | | | | 0.0 | |
| 16,183 (1) | | | Sprouts Farmers Market, Inc. | | | 778,564 | | | | 0.2 | |
| 14,522 (1) | | | SunOpta, Inc. | | | 79,435 | | | | 0.0 | |
| 8,341 (1) | | | TreeHouse Foods, Inc. | | | 345,735 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Consumer Staples: (continued) |
| 3,168 | | | Turning Point Brands, Inc. | | $ | 83,382 | | | | 0.0 | |
| 9,435 (1) | | | United Natural Foods, Inc. | | | 153,130 | | | | 0.0 | |
| 4,033 | | | Universal Corp. | | | 271,502 | | | | 0.1 | |
| 1,830 (1) | | | USANA Health Sciences, Inc. | | | 98,088 | | | | 0.0 | |
| 11,801 | | | Utz Brands, Inc. | | | 191,648 | | | | 0.1 | |
| 23,524 | | | Vector Group Ltd. | | | 265,351 | | | | 0.1 | |
| 1,868 | | | Village Super Market, Inc. - Class A | | | 48,998 | | | | 0.0 | |
| 4,571 (1) | | | Vita Coco Co., Inc. | | | 117,246 | | | | 0.0 | |
| 5,131 (1) | | | Vital Farms, Inc. | | | 80,505 | | | | 0.0 | |
| 5,844 (1) | | | Waldencast PLC - Class A | | | 63,933 | | | | 0.0 | |
| 2,153 | | | WD-40 Co. | | | 514,718 | | | | 0.1 | |
| 2,727 | | | Weis Markets, Inc. | | | 174,419 | | | | 0.1 | |
| 5,095 (1) | | | Westrock Coffee Co. | | | 52,020 | | | | 0.0 | |
| | | | | | | 13,666,297 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | Energy: 6.7% |
| 6,408 (1) | | | Amplify Energy Corp. | | | 37,999 | | | | 0.0 | |
| 22,318 | | | Archrock, Inc. | | | 343,697 | | | | 0.1 | |
| 6,881 | | | Ardmore Shipping Corp. | | | 96,953 | | | | 0.0 | |
| 2,806 | | | Atlas Energy Solutions, Inc. | | | 48,319 | | | | 0.0 | |
| 12,627 | | | Berry Corp. | | | 88,768 | | | | 0.0 | |
| 35,358 (1) | | | Borr Drilling Ltd. | | | 260,235 | | | | 0.1 | |
| 3,995 (1) | | | Bristow Group, Inc. | | | 112,939 | | | | 0.0 | |
| 10,350 | | | Cactus, Inc. - Class A | | | 469,890 | | | | 0.1 | |
| 11,232 | | | California Resources Corp. | | | 614,166 | | | | 0.2 | |
| 9,765 (1) | | | Callon Petroleum Co. | | | 316,386 | | | | 0.1 | |
| 2,020 (1) | | | Centrus Energy Corp. - Class A | | | 109,908 | | | | 0.0 | |
| 31,092 | | | ChampionX Corp. | | | 908,197 | | | | 0.2 | |
| 6,588 | | | Chord Energy Corp. | | | 1,095,123 | | | | 0.3 | |
| 12,198 | | | Civitas Resources, Inc. | | | 834,099 | | | | 0.2 | |
| 27,647 (1) | | | Clean Energy Fuels Corp. | | | 105,888 | | | | 0.0 | |
| 24,655 (1) | | | CNX Resources Corp. | | | 493,100 | | | | 0.1 | |
| 14,809 (3) | | | Comstock Resources, Inc. | | | 131,060 | | | | 0.0 | |
| 4,917 | | | CONSOL Energy, Inc. | | | 494,306 | | | | 0.1 | |
| 7,602 | | | Core Laboratories, Inc. | | | 134,251 | | | | 0.0 | |
| 11,103 | | | Crescent Energy Co. - Class A | | | 146,671 | | | | 0.0 | |
| 4,780 | | | CVR Energy, Inc. | | | 144,834 | | | | 0.0 | |
| 10,421 | | | Delek US Holdings, Inc. | | | 268,862 | | | | 0.1 | |
| 21,962 | | | DHT Holdings, Inc. | | | 215,447 | | | | 0.1 | |
| 16,278 (1) | | | Diamond Offshore Drilling, Inc. | | | 211,614 | | | | 0.1 | |
| 3,308 (1) | | | DMC Global, Inc. | | | 62,257 | | | | 0.0 | |
| 5,321 | | | Dorian LPG Ltd. | | | 233,432 | | | | 0.1 | |
| 5,650 (1) | | | Dril-Quip, Inc. | | | 131,476 | | | | 0.0 | |
| 2,353 (1) | | | Empire Petroleum Corp. | | | 25,859 | | | | 0.0 | |
| 23,741 (1) | | | Encore Energy Corp. | | | 93,302 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) |
| 25,118 (1) | | | Energy Fuels, Inc./Canada | | $ | 180,598 | | | | 0.1 | |
| 69,663 | | | Equitrans Midstream Corp. | | | 709,169 | | | | 0.2 | |
| 5,308 | | | Evolution Petroleum Corp. | | | 30,840 | | | | 0.0 | |
| 3,266 | | | Excelerate Energy, Inc. - Class A | | | 50,492 | | | | 0.0 | |
| 14,089 (1) | | | Expro Group Holdings NV | | | 224,297 | | | | 0.1 | |
| 4,873 | | | FLEX LNG Ltd. | | | 141,609 | | | | 0.0 | |
| 1,685 (1) | | | Forum Energy Technologies, Inc. | | | 37,356 | | | | 0.0 | |
| 39,022 (1)(3) | | | Gevo, Inc. | | | 45,266 | | | | 0.0 | |
| 16,318 | | | Golar LNG Ltd. | | | 375,151 | | | | 0.1 | |
| 4,927 | | | Granite Ridge Resources, Inc. | | | 29,661 | | | | 0.0 | |
| 9,296 (1) | | | Green Plains, Inc. | | | 234,445 | | | | 0.1 | |
| 1,762 (1) | | | Gulfport Energy Corp. | | | 234,698 | | | | 0.1 | |
| 3,897 (1) | | | Hallador Energy Co. | | | 34,449 | | | | 0.0 | |
| 23,181 (1) | | | Helix Energy Solutions Group, Inc. | | | 238,301 | | | | 0.1 | |
| 15,496 | | | Helmerich & Payne, Inc. | | | 561,265 | | | | 0.1 | |
| 2,013 | | | HighPeak Energy, Inc. | | | 28,665 | | | | 0.0 | |
| 6,532 | | | International Seaways, Inc. | | | 297,075 | | | | 0.1 | |
| 2,986 | | | Kinetik Holdings, Inc. | | | 99,732 | | | | 0.0 | |
| 2,049 (1)(3) | | | KLX Energy Services Holdings, Inc. | | | 23,072 | | | | 0.0 | |
| 2,715 | | | Kodiak Gas Services, Inc. | | | 54,517 | | | | 0.0 | |
| 73,092 (1) | | | Kosmos Energy Ltd. | | | 490,447 | | | | 0.1 | |
| 25,959 | | | Liberty Energy, Inc. | | | 470,896 | | | | 0.1 | |
| 28,809 | | | Magnolia Oil & Gas Corp. - Class A | | | 613,344 | | | | 0.2 | |
| 3,909 (1) | | | Mammoth Energy Services, Inc. | | | 17,434 | | | | 0.0 | |
| 17,988 | | | Matador Resources Co. | | | 1,022,798 | | | | 0.3 | |
| 23,512 | | | Murphy Oil Corp. | | | 1,003,022 | | | | 0.3 | |
| 1,466 (1) | | | Nabors Industries Ltd. | | | 119,670 | | | | 0.0 | |
| 12,541 (1) | | | Newpark Resources, Inc. | | | 83,272 | | | | 0.0 | |
| 11,954 (1) | | | NextDecade Corp. | | | 57,021 | | | | 0.0 | |
| 17,587 | | | Noble Corp. PLC | | | 846,990 | | | | 0.2 | |
| 33,057 | | | Nordic American Tankers Ltd. | | | 138,839 | | | | 0.0 | |
| 12,930 | | | Northern Oil and Gas, Inc. | | | 479,315 | | | | 0.1 | |
| 16,131 (1) | | | Oceaneering International, Inc. | | | 343,268 | | | | 0.1 | |
| 11,029 (1) | | | Oil States International, Inc. | | | 74,887 | | | | 0.0 | |
| 11,654 | | | Overseas Shipholding Group, Inc. - Class A | | | 61,417 | | | | 0.0 | |
| 8,839 (1) | | | Par Pacific Holdings, Inc. | | | 321,474 | | | | 0.1 | |
| 56,123 | | | Patterson-UTI Energy, Inc. | | | 606,128 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) | |
| 17,809 | | | PBF Energy, Inc. - Class A | | $ | 782,884 | | | | 0.2 | |
| 18,253 | | | Peabody Energy Corp. | | | 443,913 | | | | 0.1 | |
| 62,121 | | | Permian Resources Corp. | | | 844,846 | | | | 0.2 | |
| 4,539 (1) | | | ProFrac Holding Corp. - Class A | | | 38,491 | | | | 0.0 | |
| 15,835 (1) | | | ProPetro Holding Corp. | | | 132,697 | | | | 0.0 | |
| 2,619 (1) | | | REX American Resources Corp. | | | 123,879 | | | | 0.0 | |
| 1,559 | | | Riley Exploration Permian, Inc. | | | 42,467 | | | | 0.0 | |
| 13,874 | | | RPC, Inc. | | | 101,003 | | | | 0.0 | |
| 5,450 | | | SandRidge Energy, Inc. | | | 74,502 | | | | 0.0 | |
| 7,712 | | | Scorpio Tankers, Inc. | | | 468,890 | | | | 0.1 | |
| 4,108 (1) | | | SEACOR Marine Holdings, Inc. | | | 51,720 | | | | 0.0 | |
| 8,036 (1) | | | Seadrill Ltd. | | | 379,942 | | | | 0.1 | |
| 13,072 | | | Select Water Solutions, Inc. | | | 99,216 | | | | 0.0 | |
| 18,982 | | | SFL Corp. Ltd. | | | 214,117 | | | | 0.1 | |
| 2,863 (1) | | | SilverBow Resources, Inc. | | | 83,256 | | | | 0.0 | |
| 12,934 | | | Sitio Royalties Corp. - Class A | | | 304,078 | | | | 0.1 | |
| 19,086 | | | SM Energy Co. | | | 739,010 | | | | 0.2 | |
| 5,361 | | | Solaris Oilfield Infrastructure, Inc. - Class A | | | 42,674 | | | | 0.0 | |
| 17,612 (1) | | | Talos Energy, Inc. | | | 250,619 | | | | 0.1 | |
| 11,532 (1) | | | Teekay Corp. | | | 82,454 | | | | 0.0 | |
| 3,878 | | | Teekay Tankers Ltd. - Class A | | | 193,784 | | | | 0.1 | |
| 85,283 (1)(3) | | | Tellurian, Inc. | | | 64,440 | | | | 0.0 | |
| 20,313 (1) | | | TETRA Technologies, Inc. | | | 91,815 | | | | 0.0 | |
| 7,502 (1) | | | Tidewater, Inc. | | | 540,969 | | | | 0.1 | |
| 59,473 (1) | | | Uranium Energy Corp. | | | 380,627 | | | | 0.1 | |
| 11,986 (1) | | | US Silica Holdings, Inc. | | | 135,562 | | | | 0.0 | |
| 18,434 | | | VAALCO Energy, Inc. | | | 82,769 | | | | 0.0 | |
| 9,666 (1) | | | Valaris Ltd. | | | 662,798 | | | | 0.2 | |
| 10,915 (1) | | | Vertex Energy, Inc. | | | 37,002 | | | | 0.0 | |
| 3,258 (1) | | | Vital Energy, Inc. | | | 148,206 | | | | 0.0 | |
| 4,256 | | | Vitesse Energy, Inc. | | | 93,164 | | | | 0.0 | |
| 16,909 | | | W&T Offshore, Inc. | | | 55,123 | | | | 0.0 | |
| 11,305 (1) | | | Weatherford International PLC | | | 1,105,968 | | | | 0.3 | |
| 9,699 | | | World Fuel Services Corp. | | | 220,943 | | | | 0.1 | |
| | | | | | | 27,723,746 | | | | 6.7 | |
| | | | | | | | | | | | |
| | | | Financials: 16.3% |
| 2,879 | | | 1st Source Corp. | | | 158,201 | | | | 0.0 | |
| 1,539 | | | ACNB Corp. | | | 68,886 | | | | 0.0 | |
| 2,815 | | | AFC Gamma, Inc. | | | 33,864 | | | | 0.0 | |
| 3,612 | | | Alerus Financial Corp. | | | 80,873 | | | | 0.0 | |
| 3,768 (1) | | | AlTi Global, Inc. | | | 33,008 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 3,334 | | | Amalgamated Financial Corp. | | $ | 89,818 | | | | 0.0 | |
| 3,078 | | | A-Mark Precious Metals, Inc. | | | 93,109 | | | | 0.0 | |
| 7,250 (1) | | | Ambac Financial Group, Inc. | | | 119,480 | | | | 0.0 | |
| 4,745 | | | Amerant Bancorp, Inc. | | | 116,585 | | | | 0.0 | |
| 3,034 (1) | | | American Coastal Insurance Corp. | | | 28,702 | | | | 0.0 | |
| 12,146 (1) | | | American Equity Investment Life Holding Co. | | | 677,747 | | | | 0.2 | |
| 2,002 | | | American National Bankshares, Inc. | | | 97,597 | | | | 0.0 | |
| 10,669 | | | Ameris Bancorp | | | 565,990 | | | | 0.1 | |
| 3,144 | | | AMERISAFE, Inc. | | | 147,076 | | | | 0.0 | |
| 22,878 | | | Apollo Commercial Real Estate Finance, Inc. | | | 268,588 | | | | 0.1 | |
| 28,885 (3) | | | Arbor Realty Trust, Inc. | | | 438,474 | | | | 0.1 | |
| 8,487 | | | Ares Commercial Real Estate Corp. | | | 87,925 | | | | 0.0 | |
| 7,006 | | | ARMOUR Residential REIT, Inc. | | | 135,356 | | | | 0.0 | |
| 2,813 | | | Arrow Financial Corp. | | | 78,595 | | | | 0.0 | |
| 9,459 | | | Artisan Partners Asset Management, Inc. - Class A | | | 417,899 | | | | 0.1 | |
| 3,752 (1) | | | AssetMark Financial Holdings, Inc. | | | 112,372 | | | | 0.0 | |
| 23,908 | | | Associated Banc-Corp. | | | 511,392 | | | | 0.1 | |
| 12,149 | | | Atlantic Union Bankshares Corp. | | | 443,924 | | | | 0.1 | |
| 23,738 (1) | | | AvidXchange Holdings, Inc. | | | 294,114 | | | | 0.1 | |
| 8,881 (1) | | | Axos Financial, Inc. | | | 484,903 | | | | 0.1 | |
| 3,145 (3) | | | B Riley Financial, Inc. | | | 66,014 | | | | 0.0 | |
| 11,658 (1) | | | Bakkt Holdings, Inc. | | | 25,997 | | | | 0.0 | |
| 21,372 | | | Banc of California, Inc. | | | 287,026 | | | | 0.1 | |
| 3,560 | | | BancFirst Corp. | | | 346,495 | | | | 0.1 | |
| 4,997 | | | Banco Latinoamericano de Comercio Exterior SA - Class E | | | 123,626 | | | | 0.0 | |
| 8,336 (1) | | | Bancorp, Inc. | | | 321,436 | | | | 0.1 | |
| 1,653 (3) | | | Bank First Corp. | | | 143,249 | | | | 0.0 | |
| 6,253 | | | Bank of Hawaii Corp. | | | 453,092 | | | | 0.1 | |
| 2,807 | | | Bank of Marin Bancorp | | | 61,810 | | | | 0.0 | |
| 7,840 | | | Bank of NT Butterfield & Son Ltd. | | | 250,958 | | | | 0.1 | |
| 11,808 | | | BankUnited, Inc. | | | 382,933 | | | | 0.1 | |
| 5,512 | | | Banner Corp. | | | 295,223 | | | | 0.1 | |
| 2,852 | | | Bar Harbor Bankshares | | | 83,735 | | | | 0.0 | |
| 7,481 | | | Berkshire Hills Bancorp, Inc. | | | 185,753 | | | | 0.1 | |
| 54,644 | | | BGC Group, Inc. - Class A | | | 394,530 | | | | 0.1 | |
| 27,128 (3) | | | Blackstone Mortgage Trust, Inc. - Class A | | | 577,013 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 4,744 (1) | | | Blue Foundry Bancorp | | $ | 45,874 | | | | 0.0 | |
| 7,916 | | | Bread Financial Holdings, Inc. | | | 260,753 | | | | 0.1 | |
| 4,003 (1) | | | Bridgewater Bancshares, Inc. | | | 54,121 | | | | 0.0 | |
| 5,448 | | | Brightsphere Investment Group, Inc. | | | 104,384 | | | | 0.0 | |
| 21,009 | | | BrightSpire Capital, Inc. | | | 156,307 | | | | 0.0 | |
| 14,962 | | | Brookline Bancorp, Inc. | | | 163,235 | | | | 0.0 | |
| 9,634 (1) | | | BRP Group, Inc. - Class A | | | 231,409 | | | | 0.1 | |
| 1,121 | | | Burke & Herbert Financial Services Corp. | | | 70,511 | | | | 0.0 | |
| 4,465 | | | Business First Bancshares, Inc. | | | 110,062 | | | | 0.0 | |
| 4,728 | | | Byline Bancorp, Inc. | | | 111,392 | | | | 0.0 | |
| 28,906 | | | Cadence Bank | | | 855,329 | | | | 0.2 | |
| 1,287 | | | Cambridge Bancorp | | | 89,318 | | | | 0.0 | |
| 2,709 | | | Camden National Corp. | | | 101,940 | | | | 0.0 | |
| 11,523 (1) | | | Cannae Holdings, Inc. | | | 224,814 | | | | 0.1 | |
| 10,038 (1) | | | Cantaloupe, Inc. | | | 74,382 | | | | 0.0 | |
| 2,755 | | | Capital City Bank Group, Inc. | | | 81,080 | | | | 0.0 | |
| 21,634 | | | Capitol Federal Financial, Inc. | | | 139,539 | | | | 0.0 | |
| 3,641 | | | Capstar Financial Holdings, Inc. | | | 68,232 | | | | 0.0 | |
| 4,526 (1) | | | Carter Bankshares, Inc. | | | 67,754 | | | | 0.0 | |
| 2,462 | | | Cass Information Systems, Inc. | | | 110,913 | | | | 0.0 | |
| 10,964 | | | Cathay General Bancorp | | | 488,665 | | | | 0.1 | |
| 4,851 | | | Central Pacific Financial Corp. | | | 95,468 | | | | 0.0 | |
| 2,916 | | | Chicago Atlantic Real Estate Finance, Inc. | | | 47,181 | | | | 0.0 | |
| 36,971 | | | Chimera Investment Corp. | | | 184,485 | | | | 0.1 | |
| 2,833 | | | Citizens & Northern Corp. | | | 63,544 | | | | 0.0 | |
| 725 | | | Citizens Financial Services, Inc. | | | 46,922 | | | | 0.0 | |
| 2,412 | | | City Holding Co. | | | 265,947 | | | | 0.1 | |
| 2,979 | | | Civista Bancshares, Inc. | | | 54,933 | | | | 0.0 | |
| 15,052 | | | Claros Mortgage Trust, Inc. | | | 205,159 | | | | 0.1 | |
| 4,137 | | | CNB Financial Corp. | | | 93,455 | | | | 0.0 | |
| 17,809 | | | CNO Financial Group, Inc. | | | 496,871 | | | | 0.1 | |
| 1,911 (1) | | | Coastal Financial Corp. | | | 84,868 | | | | 0.0 | |
| 4,105 | | | Cohen & Steers, Inc. | | | 310,872 | | | | 0.1 | |
| 5,293 (1) | | | Columbia Financial, Inc. | | | 102,049 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 8,534 | | | Community Bank System, Inc. | | $ | 444,707 | | | | 0.1 | |
| 2,805 | | | Community Trust Bancorp, Inc. | | | 123,027 | | | | 0.0 | |
| 10,434 | | | Compass Diversified Holdings | | | 234,243 | | | | 0.1 | |
| 6,487 | | | ConnectOne Bancorp, Inc. | | | 148,617 | | | | 0.0 | |
| 8,468 (1) | | | CrossFirst Bankshares, Inc. | | | 114,995 | | | | 0.0 | |
| 4,565 (1) | | | Customers Bancorp, Inc. | | | 263,035 | | | | 0.1 | |
| 21,434 | | | CVB Financial Corp. | | | 432,752 | | | | 0.1 | |
| 468 | | | Diamond Hill Investment Group, Inc. | | | 77,496 | | | | 0.0 | |
| 6,035 | | | Dime Community Bancshares, Inc. | | | 162,523 | | | | 0.0 | |
| 3,952 (1) | | | Donnelley Financial Solutions, Inc. | | | 246,486 | | | | 0.1 | |
| 8,835 | | | Dynex Capital, Inc. | | | 110,614 | | | | 0.0 | |
| 4,950 | | | Eagle Bancorp, Inc. | | | 149,193 | | | | 0.0 | |
| 24,853 | | | Eastern Bankshares, Inc. | | | 352,913 | | | | 0.1 | |
| 4,600 (1) | | | eHealth, Inc. | | | 40,112 | | | | 0.0 | |
| 12,007 | | | Ellington Financial, Inc. | | | 152,609 | | | | 0.0 | |
| 4,290 | | | Employers Holdings, Inc. | | | 169,026 | | | | 0.1 | |
| 4,911 | | | Enact Holdings, Inc. | | | 141,879 | | | | 0.0 | |
| 3,836 (1) | | | Encore Capital Group, Inc. | | | 194,677 | | | | 0.1 | |
| 4,710 (1) | | | Enova International, Inc. | | | 260,746 | | | | 0.1 | |
| 1,909 (1) | | | Enstar Group Ltd. | | | 561,914 | | | | 0.1 | |
| 1,962 | | | Enterprise Bancorp, Inc. | | | 63,294 | | | | 0.0 | |
| 6,015 | | | Enterprise Financial Services Corp. | | | 268,570 | | | | 0.1 | |
| 2,789 | | | Equity Bancshares, Inc. - Class A | | | 94,547 | | | | 0.0 | |
| 1,315 | | | Esquire Financial Holdings, Inc. | | | 65,697 | | | | 0.0 | |
| 16,541 | | | Essent Group Ltd. | | | 872,372 | | | | 0.2 | |
| 3,144 (3) | | | F&G Annuities & Life, Inc. | | | 144,624 | | | | 0.0 | |
| 2,391 | | | Farmers & Merchants Bancorp, Inc./Archbold OH | | | 59,297 | | | | 0.0 | |
| 7,009 | | | Farmers National Banc Corp. | | | 101,280 | | | | 0.0 | |
| 5,909 | | | FB Financial Corp. | | | 235,474 | | | | 0.1 | |
| 1,488 | | | Federal Agricultural Mortgage Corp. - Class C | | | 284,535 | | | | 0.1 | |
| 915 | | | Fidelity D&D Bancorp, Inc. | | | 53,097 | | | | 0.0 | |
| 2,867 | | | Financial Institutions, Inc. | | | 61,067 | | | | 0.0 | |
| 2,285 | | | First Bancorp, Inc. | | | 64,483 | | | | 0.0 | |
| 27,512 | | | First BanCorp/Puerto Rico | | | 452,572 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 6,579 | | | First Bancorp/Southern Pines NC | | $ | 243,489 | | | | 0.1 | |
| 5,373 | | | First Bancshares, Inc. | | | 157,590 | | | | 0.0 | |
| 3,500 | | | First Bank/Hamilton NJ | | | 51,450 | | | | 0.0 | |
| 8,863 | | | First Busey Corp. | | | 219,980 | | | | 0.1 | |
| 16,801 | | | First Commonwealth Financial Corp. | | | 259,407 | | | | 0.1 | |
| 3,365 | | | First Community Bankshares, Inc. | | | 124,841 | | | | 0.0 | |
| 15,360 | | | First Financial Bancorp | | | 364,800 | | | | 0.1 | |
| 20,823 | | | First Financial Bankshares, Inc. | | | 630,937 | | | | 0.2 | |
| 2,211 | | | First Financial Corp. | | | 95,139 | | | | 0.0 | |
| 8,310 | | | First Foundation, Inc. | | | 80,441 | | | | 0.0 | |
| 13,200 | | | First Interstate BancSystem, Inc. - Class A | | | 405,900 | | | | 0.1 | |
| 9,803 | | | First Merchants Corp. | | | 363,495 | | | | 0.1 | |
| 3,670 | | | First Mid Bancshares, Inc. | | | 127,202 | | | | 0.0 | |
| 4,217 | | | First of Long Island Corp. | | | 55,833 | | | | 0.0 | |
| 6,019 | | | FirstCash Holdings, Inc. | | | 652,399 | | | | 0.2 | |
| 2,314 | | | Five Star Bancorp | | | 60,581 | | | | 0.0 | |
| 5,405 | | | Flushing Financial Corp. | | | 89,074 | | | | 0.0 | |
| 16,392 (1) | | | Flywire Corp. | | | 379,475 | | | | 0.1 | |
| 18,333 (1) | | | Forge Global Holdings, Inc. | | | 62,882 | | | | 0.0 | |
| 13,855 | | | Franklin BSP Realty Trust, Inc. | | | 187,181 | | | | 0.1 | |
| 25,691 | | | Fulton Financial Corp. | | | 422,874 | | | | 0.1 | |
| 7,615 | | | GCM Grosvenor, Inc. - Class A | | | 68,230 | | | | 0.0 | |
| 74,521 (1) | | | Genworth Financial, Inc. - Class A | | | 497,800 | | | | 0.1 | |
| 5,038 | | | German American Bancorp, Inc. | | | 163,282 | | | | 0.0 | |
| 17,828 | | | Glacier Bancorp, Inc. | | | 736,653 | | | | 0.2 | |
| 3,422 (1) | | | Goosehead Insurance, Inc. - Class A | | | 259,388 | | | | 0.1 | |
| 9,966 | | | Granite Point Mortgage Trust, Inc. | | | 59,198 | | | | 0.0 | |
| 1,743 | | | Great Southern Bancorp, Inc. | | | 103,447 | | | | 0.0 | |
| 7,623 (1) | | | Green Dot Corp. - Class A | | | 75,468 | | | | 0.0 | |
| 1,267 | | | Greene County Bancorp, Inc. | | | 35,729 | | | | 0.0 | |
| 5,574 (1) | | | Greenlight Capital Re Ltd. - Class A | | | 63,655 | | | | 0.0 | |
| 5,742 | | | Hamilton Lane, Inc. - Class A | | | 651,372 | | | | 0.2 | |
| 13,778 | | | Hancock Whitney Corp. | | | 669,473 | | | | 0.2 | |
| 5,562 | | | Hanmi Financial Corp. | | | 107,903 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 16,649 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | $ | 459,179 | | | | 0.1 | |
| 7,970 | | | HarborOne Bancorp, Inc. | | | 95,481 | | | | 0.0 | |
| 1,092 | | | HCI Group, Inc. | | | 95,441 | | | | 0.0 | |
| 7,039 | | | Heartland Financial USA, Inc. | | | 264,737 | | | | 0.1 | |
| 10,307 | | | Heritage Commerce Corp. | | | 102,245 | | | | 0.0 | |
| 6,065 | | | Heritage Financial Corp. | | | 129,730 | | | | 0.0 | |
| 7,412 | | | Hilltop Holdings, Inc. | | | 260,977 | | | | 0.1 | |
| 254 (3) | | | Hingham Institution For Savings The | | | 49,378 | | | | 0.0 | |
| 1,838 (1) | | | Hippo Holdings, Inc. | | | 16,763 | | | | 0.0 | |
| 1,591 | | | Home Bancorp, Inc. | | | 66,838 | | | | 0.0 | |
| 30,234 | | | Home BancShares, Inc. | | | 765,827 | | | | 0.2 | |
| 2,731 | | | HomeStreet, Inc. | | | 28,129 | | | | 0.0 | |
| 3,220 | | | HomeTrust Bancshares, Inc. | | | 86,682 | | | | 0.0 | |
| 19,120 | | | Hope Bancorp, Inc. | | | 230,970 | | | | 0.1 | |
| 6,734 | | | Horace Mann Educators Corp. | | | 220,202 | | | | 0.1 | |
| 8,054 | | | Horizon Bancorp, Inc. | | | 115,253 | | | | 0.0 | |
| 7,123 | | | Independent Bank Corp. | | | 468,765 | | | | 0.1 | |
| 3,880 | | | Independent Bank Corp. Michigan | | | 100,958 | | | | 0.0 | |
| 5,841 | | | Independent Bank Group, Inc. | | | 297,190 | | | | 0.1 | |
| 8,630 | | | International Bancshares Corp. | | | 468,782 | | | | 0.1 | |
| 5,425 (1) | | | International Money Express, Inc. | | | 119,838 | | | | 0.0 | |
| 6,780 | | | Invesco Mortgage Capital, Inc. | | | 60,071 | | | | 0.0 | |
| 13,168 | | | Jackson Financial, Inc. - Class A | | | 674,202 | | | | 0.2 | |
| 6,313 | | | James River Group Holdings Ltd. | | | 58,332 | | | | 0.0 | |
| 2,394 | | | John Marshall Bancorp, Inc. | | | 54,009 | | | | 0.0 | |
| 10,487 | | | Kearny Financial Corp. | | | 94,068 | | | | 0.0 | |
| 9,726 | | | KKR Real Estate Finance Trust, Inc. | | | 128,675 | | | | 0.0 | |
| 18,898 | | | Ladder Capital Corp. | | | 217,516 | | | | 0.1 | |
| 11,172 | | | Lakeland Bancorp, Inc. | | | 165,234 | | | | 0.0 | |
| 4,049 | | | Lakeland Financial Corp. | | | 263,833 | | | | 0.1 | |
| 7,929 (1) | | | Lemonade, Inc. | | | 127,895 | | | | 0.0 | |
| 17,591 (1) | | | LendingClub Corp. | | | 153,745 | | | | 0.0 | |
| 1,636 (1) | | | LendingTree, Inc. | | | 49,604 | | | | 0.0 | |
| 5,446 | | | Live Oak Bancshares, Inc. | | | 247,793 | | | | 0.1 | |
| 16,239 (1) | | | Maiden Holdings Ltd. | | | 37,187 | | | | 0.0 | |
| 77,049 (1) | | | Marqeta, Inc. - Class A | | | 537,802 | | | | 0.1 | |
| 7,720 | | | MBIA, Inc. | | | 47,246 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 3,050 | | | Mercantile Bank Corp. | | $ | 123,159 | | | | 0.0 | |
| 2,756 | | | Merchants Bancorp | | | 117,350 | | | | 0.0 | |
| 4,466 | | | Mercury General Corp. | | | 166,626 | | | | 0.1 | |
| 3,832 | | | Metrocity Bankshares, Inc. | | | 92,045 | | | | 0.0 | |
| 1,744 (1) | | | Metropolitan Bank Holding Corp. | | | 96,583 | | | | 0.0 | |
| 16,281 | | | MFA Financial, Inc. | | | 183,487 | | | | 0.1 | |
| 2,732 | | | Mid Penn Bancorp, Inc. | | | 66,333 | | | | 0.0 | |
| 1,564 | | | Middlefield Banc Corp. | | | 50,627 | | | | 0.0 | |
| 4,085 | | | Midland States Bancorp, Inc. | | | 112,583 | | | | 0.0 | |
| 2,634 | | | MidWestOne Financial Group, Inc. | | | 70,881 | | | | 0.0 | |
| 10,524 | | | Moelis & Co. - Class A | | | 590,712 | | | | 0.2 | |
| 10,237 (1) | | | Mr Cooper Group, Inc. | | | 666,633 | | | | 0.2 | |
| 2,059 | | | MVB Financial Corp. | | | 46,451 | | | | 0.0 | |
| 6,071 | | | National Bank Holdings Corp. - Class A | | | 225,780 | | | | 0.1 | |
| 366 | | | National Western Life Group, Inc. - Class A | | | 176,785 | | | | 0.1 | |
| 13,627 | | | Navient Corp. | | | 253,735 | | | | 0.1 | |
| 7,427 | | | NBT Bancorp, Inc. | | | 311,266 | | | | 0.1 | |
| 2,172 | | | Nelnet, Inc. - Class A | | | 191,614 | | | | 0.1 | |
| 5,648 (1) | | | NerdWallet, Inc. - Class A | | | 83,139 | | | | 0.0 | |
| 15,042 | | | New York Mortgage Trust, Inc. | | | 128,308 | | | | 0.0 | |
| 3,932 | | | NewtekOne, Inc. | | | 54,262 | | | | 0.0 | |
| 2,183 | | | Nicolet Bankshares, Inc. | | | 175,688 | | | | 0.1 | |
| 12,900 (1) | | | NMI Holdings, Inc. - Class A | | | 382,872 | | | | 0.1 | |
| 1,283 | | | Northeast Bank | | | 70,809 | | | | 0.0 | |
| 7,547 | | | Northfield Bancorp, Inc. | | | 94,941 | | | | 0.0 | |
| 20,757 | | | Northwest Bancshares, Inc. | | | 259,047 | | | | 0.1 | |
| 1,442 | | | Norwood Financial Corp. | | | 47,456 | | | | 0.0 | |
| 9,740 | | | OceanFirst Financial Corp. | | | 169,086 | | | | 0.1 | |
| 1,123 (1) | | | Ocwen Financial Corp. | | | 34,543 | | | | 0.0 | |
| 7,771 | | | OFG Bancorp | | | 291,257 | | | | 0.1 | |
| 46,567 | | | Old National Bancorp | | | 786,517 | | | | 0.2 | |
| 7,718 | | | Old Second Bancorp, Inc. | | | 119,166 | | | | 0.0 | |
| 15,977 (1) | | | Open Lending Corp. | | | 135,964 | | | | 0.0 | |
| 979 | | | Orange County Bancorp, Inc. | | | 58,975 | | | | 0.0 | |
| 6,875 (3) | | | Orchid Island Capital, Inc. | | | 57,956 | | | | 0.0 | |
| 5,105 | | | Origin Bancorp, Inc. | | | 181,585 | | | | 0.1 | |
| 24,867 (1) | | | Oscar Health, Inc. - Class A | | | 227,533 | | | | 0.1 | |
| 7,283 | | | P10, Inc. - Class A | | | 74,432 | | | | 0.0 | |
| 15,311 | | | Pacific Premier Bancorp, Inc. | | | 445,703 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 31,648 (1) | | | Pagseguro Digital Ltd. - Class A | | $ | 394,651 | | | | 0.1 | |
| 3,940 (1) | | | Palomar Holdings, Inc. | | | 218,670 | | | | 0.1 | |
| 2,345 | | | Park National Corp. | | | 311,557 | | | | 0.1 | |
| 4,183 | | | Pathward Financial, Inc. | | | 221,406 | | | | 0.1 | |
| 8,953 | | | Patria Investments Ltd. - Class A | | | 138,861 | | | | 0.0 | |
| 42,427 (1) | | | Payoneer Global, Inc. | | | 221,045 | | | | 0.1 | |
| 5,278 (1) | | | Paysafe Ltd. | | | 67,506 | | | | 0.0 | |
| 3,222 | | | Peapack-Gladstone Financial Corp. | | | 96,080 | | | | 0.0 | |
| 4,075 | | | PennyMac Financial Services, Inc. | | | 360,108 | | | | 0.1 | |
| 14,289 | | | PennyMac Mortgage Investment Trust | | | 213,621 | | | | 0.1 | |
| 5,941 | | | Peoples Bancorp, Inc. | | | 200,568 | | | | 0.1 | |
| 1,305 | | | Peoples Financial Services Corp. | | | 63,553 | | | | 0.0 | |
| 7,000 | | | Perella Weinberg Partners | | | 85,610 | | | | 0.0 | |
| 2,740 | | | Piper Sandler Cos. | | | 479,144 | | | | 0.1 | |
| 3,741 | | | PJT Partners, Inc. - Class A | | | 381,096 | | | | 0.1 | |
| 1,075 | | | Plumas Bancorp | | | 44,451 | | | | 0.0 | |
| 6,287 (1) | | | PRA Group, Inc. | | | 164,719 | | | | 0.0 | |
| 2,152 | | | Preferred Bank/Los Angeles CA | | | 157,204 | | | | 0.0 | |
| 6,254 | | | Premier Financial Corp. | | | 150,721 | | | | 0.0 | |
| 8,961 | | | ProAssurance Corp. | | | 123,572 | | | | 0.0 | |
| 7,170 (1) | | | PROG Holdings, Inc. | | | 221,625 | | | | 0.1 | |
| 12,105 | | | Provident Financial Services, Inc. | | | 218,253 | | | | 0.1 | |
| 2,883 | | | QCR Holdings, Inc. | | | 168,338 | | | | 0.1 | |
| 24,835 | | | Radian Group, Inc. | | | 709,039 | | | | 0.2 | |
| 25,652 | | | Ready Capital Corp. | | | 262,933 | | | | 0.1 | |
| 901 | | | Red River Bancshares, Inc. | | | 50,555 | | | | 0.0 | |
| 18,457 | | | Redwood Trust, Inc. | | | 136,766 | | | | 0.0 | |
| 1,414 | | | Regional Management Corp. | | | 35,463 | | | | 0.0 | |
| 20,839 (1) | | | Remitly Global, Inc. | | | 404,693 | | | | 0.1 | |
| 9,130 | | | Renasant Corp. | | | 307,498 | | | | 0.1 | |
| 1,740 | | | Republic Bancorp, Inc. - Class A | | | 95,978 | | | | 0.0 | |
| 6,506 | | | S&T Bancorp, Inc. | | | 217,431 | | | | 0.1 | |
| 2,412 | | | Safety Insurance Group, Inc. | | | 183,288 | | | | 0.1 | |
| 7,410 | | | Sandy Spring Bancorp, Inc. | | | 201,848 | | | | 0.1 | |
| 13,538 | | | Seacoast Banking Corp. of Florida | | | 385,291 | | | | 0.1 | |
| 9,562 | | | Selective Insurance Group, Inc. | | | 951,228 | | | | 0.2 | |
| 21,291 (1) | | | Selectquote, Inc. | | | 29,169 | | | | 0.0 | |
| 8,191 | | | ServisFirst Bancshares, Inc. | | | 545,766 | | | | 0.1 | |
| 20,279 | | | Simmons First National Corp. - Class A | | | 402,335 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 11,978 (1) | | | SiriusPoint Ltd. | | $ | 138,945 | | | | 0.0 | |
| 3,876 (1) | | | Skyward Specialty Insurance Group, Inc. | | | 131,319 | | | | 0.0 | |
| 3,210 | | | SmartFinancial, Inc. | | | 78,613 | | | | 0.0 | |
| 1,512 (1) | | | Southern First Bancshares, Inc. | | | 56,095 | | | | 0.0 | |
| 1,667 | | | Southern Missouri Bancorp, Inc. | | | 89,001 | | | | 0.0 | |
| 4,918 | | | Southside Bancshares, Inc. | | | 154,032 | | | | 0.0 | |
| 12,028 | | | SouthState Corp. | | | 1,015,765 | | | | 0.3 | |
| 8,161 (3) | | | Stellar Bancorp, Inc. | | | 227,202 | | | | 0.1 | |
| 8,540 | | | StepStone Group, Inc. - Class A | | | 271,828 | | | | 0.1 | |
| 4,363 | | | Stewart Information Services Corp. | | | 256,326 | | | | 0.1 | |
| 4,585 | | | Stock Yards Bancorp, Inc. | | | 236,082 | | | | 0.1 | |
| 46,438 (1) | | | StoneCo Ltd. - Class A | | | 837,277 | | | | 0.2 | |
| 4,320 (1) | | | StoneX Group, Inc. | | | 318,946 | | | | 0.1 | |
| 7,601 (1) | | | Texas Capital Bancshares, Inc. | | | 491,253 | | | | 0.1 | |
| 2,441 (1) | | | Third Coast Bancshares, Inc. | | | 48,503 | | | | 0.0 | |
| 4,406 | | | Tiptree, Inc. | | | 83,538 | | | | 0.0 | |
| 2,482 | | | Tompkins Financial Corp. | | | 149,491 | | | | 0.0 | |
| 11,594 | | | Towne Bank/ Portsmouth VA | | | 345,037 | | | | 0.1 | |
| 11,598 | | | TPG RE Finance Trust, Inc. | | | 75,387 | | | | 0.0 | |
| 5,277 | | | TriCo Bancshares | | | 226,753 | | | | 0.1 | |
| 3,565 (1) | | | Triumph Financial, Inc. | | | 285,842 | | | | 0.1 | |
| 6,313 (1) | | | Trupanion, Inc. | | | 192,610 | | | | 0.1 | |
| 3,457 | | | TrustCo Bank Corp. NY | | | 107,340 | | | | 0.0 | |
| 10,017 | | | Trustmark Corp. | | | 279,274 | | | | 0.1 | |
| 15,352 | | | Two Harbors Investment Corp. | | | 213,853 | | | | 0.1 | |
| 7,108 | | | UMB Financial Corp. | | | 593,873 | | | | 0.2 | |
| 20,822 | | | United Bankshares, Inc. | | | 781,866 | | | | 0.2 | |
| 18,437 | | | United Community Banks, Inc. | | | 539,467 | | | | 0.1 | |
| 3,672 | | | United Fire Group, Inc. | | | 73,881 | | | | 0.0 | |
| 4,317 | | | Universal Insurance Holdings, Inc. | | | 68,986 | | | | 0.0 | |
| 5,393 | | | Univest Financial Corp. | | | 118,808 | | | | 0.0 | |
| 11,604 (1) | | | Upstart Holdings, Inc. | | | 474,139 | | | | 0.1 | |
| 68,640 | | | Valley National Bancorp | | | 745,430 | | | | 0.2 | |
| 8,595 | | | Veritex Holdings, Inc. | | | 200,006 | | | | 0.1 | |
| 4,201 | | | Victory Capital Holdings, Inc. - Class A | | | 144,682 | | | | 0.0 | |
| 1,095 | | | Virtus Investment Partners, Inc. | | | 264,727 | | | | 0.1 | |
| 5,093 | | | Walker & Dunlop, Inc. | | | 565,374 | | | | 0.1 | |
| 10,486 | | | Washington Federal, Inc. | | | 345,619 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 3,143 | | | Washington Trust Bancorp, Inc. | | $ | 101,770 | | | | 0.0 | |
| 3,513 | | | Waterstone Financial, Inc. | | | 49,885 | | | | 0.0 | |
| 9,521 | | | WesBanco, Inc. | | | 298,674 | | | | 0.1 | |
| 3,095 | | | West BanCorp, Inc. | | | 65,614 | | | | 0.0 | |
| 4,229 | | | Westamerica BanCorp | | | 238,558 | | | | 0.1 | |
| 22,474 | | | WisdomTree, Inc. | | | 155,745 | | | | 0.0 | |
| 677 (1) | | | World Acceptance Corp. | | | 88,369 | | | | 0.0 | |
| 9,965 | | | WSFS Financial Corp. | | | 457,692 | | | | 0.1 | |
| | | | | | | 68,061,760 | | | | 16.3 | |
| | | | | | | | | | | | |
| | | | Health Care: 14.9% |
| 50,102 (1) | | | 23andMe Holding Co. - Class A | | | 45,768 | | | | 0.0 | |
| 7,609 (1) | | | 2seventy bio, Inc. | | | 32,490 | | | | 0.0 | |
| 6,242 (1) | | | 4D Molecular Therapeutics, Inc. | | | 126,463 | | | | 0.0 | |
| 10,156 (1) | | | 89bio, Inc. | | | 113,443 | | | | 0.0 | |
| 19,347 (1) | | | ACADIA Pharmaceuticals, Inc. | | | 605,755 | | | | 0.2 | |
| 11,050 (1) | | | Accolade, Inc. | | | 132,710 | | | | 0.0 | |
| 16,273 (1) | | | Accuray, Inc. | | | 46,053 | | | | 0.0 | |
| 5,364 (1) | | | ACELYRIN, Inc. | | | 40,015 | | | | 0.0 | |
| 4,159 (1) | | | Actinium Pharmaceuticals, Inc. | | | 21,128 | | | | 0.0 | |
| 15,438 (1) | | | AdaptHealth Corp. | | | 112,543 | | | | 0.0 | |
| 17,950 (1) | | | Adaptive Biotechnologies Corp. | | | 87,955 | | | | 0.0 | |
| 2,551 (1) | | | Addus HomeCare Corp. | | | 236,860 | | | | 0.1 | |
| 34,428 (1) | | | ADMA Biologics, Inc. | | | 155,615 | | | | 0.1 | |
| 1,812 (1) | | | Aerovate Therapeutics, Inc. | | | 41,006 | | | | 0.0 | |
| 62,443 (1) | | | Agenus, Inc. | | | 51,697 | | | | 0.0 | |
| 4,573 (1) | | | Agiliti, Inc. | | | 36,218 | | | | 0.0 | |
| 8,860 (1) | | | Agios Pharmaceuticals, Inc. | | | 197,312 | | | | 0.1 | |
| 8,187 (1) | | | Akero Therapeutics, Inc. | �� | | 191,166 | | | | 0.1 | |
| 7,817 (1) | | | Aldeyra Therapeutics, Inc. | | | 27,438 | | | | 0.0 | |
| 10,179 (1) | | | Alector, Inc. | | | 81,228 | | | | 0.0 | |
| 13,824 (1) | | | Alignment Healthcare, Inc. | | | 119,025 | | | | 0.0 | |
| 26,378 (1) | | | Alkermes PLC | | | 731,726 | | | | 0.2 | |
| 10,304 (1) | | | Allakos, Inc. | | | 28,130 | | | | 0.0 | |
| 15,569 (1) | | | Allogene Therapeutics, Inc. | | | 49,976 | | | | 0.0 | |
| 8,102 (1) | | | Allovir, Inc. | | | 5,508 | | | | 0.0 | |
| 17,233 (1) | | | Allscripts Healthcare Solutions, Inc. | | | 180,774 | | | | 0.1 | |
| 14,037 (1) | | | Alphatec Holdings, Inc. | | | 212,099 | | | | 0.1 | |
| 5,352 (1) | | | Alpine Immune Sciences, Inc. | | | 102,009 | | | | 0.0 | |
| 8,336 (1) | | | Altimmune, Inc. | | | 93,780 | | | | 0.0 | |
| 4,290 (1) | | | ALX Oncology Holdings, Inc. | | | 63,878 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Health Care: (continued) |
| 40,946 (1) | | | American Well Corp. - Class A | | $ | 61,010 | | | | 0.0 | |
| 44,946 (1) | | | Amicus Therapeutics, Inc. | | | 637,784 | | | | 0.2 | |
| 6,080 (1) | | | AMN Healthcare Services, Inc. | | | 455,270 | | | | 0.1 | |
| 19,553 (1) | | | Amneal Pharmaceuticals, Inc. | | | 118,687 | | | | 0.0 | |
| 6,084 (1) | | | Amphastar Pharmaceuticals, Inc. | | | 376,295 | | | | 0.1 | |
| 8,156 (1) | | | Amylyx Pharmaceuticals, Inc. | | | 120,056 | | | | 0.0 | |
| 3,228 (1)(3) | | | AnaptysBio, Inc. | | | 69,144 | | | | 0.0 | |
| 11,544 (1)(3) | | | Anavex Life Sciences Corp. | | | 107,475 | | | | 0.0 | |
| 6,489 (1) | | | AngioDynamics, Inc. | | | 50,874 | | | | 0.0 | |
| 2,329 (1) | | | ANI Pharmaceuticals, Inc. | | | 128,421 | | | | 0.0 | |
| 2,493 (1) | | | Anika Therapeutics, Inc. | | | 56,491 | | | | 0.0 | |
| 7,120 (1) | | | Annexon, Inc. | | | 32,325 | | | | 0.0 | |
| 3,256 (1) | | | Apogee Therapeutics, Inc. | | | 90,973 | | | | 0.0 | |
| 6,912 (1) | | | Apollo Medical Holdings, Inc. | | | 264,730 | | | | 0.1 | |
| 22,833 (1) | | | Arbutus Biopharma Corp. | | | 57,082 | | | | 0.0 | |
| 6,085 (1) | | | Arcellx, Inc. | | | 337,717 | | | | 0.1 | |
| 3,782 (1) | | | Arcturus Therapeutics Holdings, Inc. | | | 119,246 | | | | 0.0 | |
| 8,442 (1) | | | Arcus Biosciences, Inc. | | | 161,242 | | | | 0.1 | |
| 13,208 (1) | | | Arcutis Biotherapeutics, Inc. | | | 42,662 | | | | 0.0 | |
| 36,604 (1) | | | Ardelyx, Inc. | | | 226,945 | | | | 0.1 | |
| 16,176 (1) | | | Arrowhead Pharmaceuticals, Inc. | | | 494,986 | | | | 0.1 | |
| 3,698 (1) | | | ARS Pharmaceuticals, Inc. | | | 20,265 | | | | 0.0 | |
| 6,528 (1) | | | Artivion, Inc. | | | 116,721 | | | | 0.0 | |
| 7,893 (1) | | | Arvinas, Inc. | | | 324,876 | | | | 0.1 | |
| 15,032 (1) | | | Assertio Holdings, Inc. | | | 16,084 | | | | 0.0 | |
| 5,495 (1) | | | Astria Therapeutics, Inc. | | | 42,202 | | | | 0.0 | |
| 16,393 (1) | | | Atara Biotherapeutics, Inc. | | | 8,406 | | | | 0.0 | |
| 13,635 (1) | | | Atea Pharmaceuticals, Inc. | | | 41,587 | | | | 0.0 | |
| 7,465 (1) | | | AtriCure, Inc. | | | 266,426 | | | | 0.1 | |
| 228 | | | Atrion Corp. | | | 86,364 | | | | 0.0 | |
| 4,774 (1) | | | Aura Biosciences, Inc. | | | 42,298 | | | | 0.0 | |
| 21,662 (1) | | | Aurinia Pharmaceuticals, Inc. | | | 194,741 | | | | 0.1 | |
| 7,460 (1) | | | Avanos Medical, Inc. | | | 167,328 | | | | 0.1 | |
| 8,819 (1) | | | Aveanna Healthcare Holdings, Inc. | | | 23,635 | | | | 0.0 | |
| 9,854 (1) | | | Avid Bioservices, Inc. | | | 64,051 | | | | 0.0 | |
| 11,890 (1) | | | Avidity Biosciences, Inc. | | | 107,604 | | | | 0.0 | |
| 4,143 (1) | | | Avita Medical, Inc. | | | 56,842 | | | | 0.0 | |
| 6,346 (1) | | | Axogen, Inc. | | | 43,343 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 7,833 (1) | | | Axonics, Inc. | | $ | 487,448 | | | | 0.1 | |
| 5,641 (1)(3) | | | Axsome Therapeutics, Inc. | | | 448,967 | | | | 0.1 | |
| 11,421 (1)(3) | | | Beam Therapeutics, Inc. | | | 310,880 | | | | 0.1 | |
| 6,787 (1) | | | BioAtla, Inc. | | | 16,696 | | | | 0.0 | |
| 30,348 (1) | | | BioCryst Pharmaceuticals, Inc. | | | 181,785 | | | | 0.1 | |
| 10,848 (1) | | | Biohaven Ltd. | | | 464,294 | | | | 0.1 | |
| 5,549 (1) | | | BioLife Solutions, Inc. | | | 90,171 | | | | 0.0 | |
| 3,299 (1)(3) | | | Biomea Fusion, Inc. | | | 47,901 | | | | 0.0 | |
| 4,145 (1) | | | Bioxcel Therapeutics, Inc. | | | 12,228 | | | | 0.0 | |
| 17,640 (1) | | | Bluebird Bio, Inc. | | | 24,343 | | | | 0.0 | |
| 9,708 (1) | | | Blueprint Medicines Corp. | | | 895,466 | | | | 0.2 | |
| 18,264 (1) | | | Bridgebio Pharma, Inc. | | | 737,318 | | | | 0.2 | |
| 30,197 (1) | | | Brookdale Senior Living, Inc. | | | 175,747 | | | | 0.1 | |
| 21,791 (1) | | | Butterfly Network, Inc. | | | 23,534 | | | | 0.0 | |
| 5,459 (1)(3) | | | Cabaletta Bio, Inc. | | | 123,919 | | | | 0.0 | |
| 8,655 (1) | | | CareDx, Inc. | | | 103,860 | | | | 0.0 | |
| 13,102 (1) | | | Caribou Biosciences, Inc. | | | 75,074 | | | | 0.0 | |
| 4,108 | | | Carisma Therapeutics, Inc. | | | 12,036 | | | | 0.0 | |
| 18,730 (2)(4) | | | Cartesian Therapeutics, Inc. CVR | | | 3,371 | | | | 0.0 | |
| 6,260 (1)(3) | | | Cassava Sciences, Inc. | | | 140,913 | | | | 0.0 | |
| 4,137 (1) | | | Castle Biosciences, Inc. | | | 89,276 | | | | 0.0 | |
| 16,020 (1) | | | Catalyst Pharmaceuticals, Inc. | | | 269,296 | | | | 0.1 | |
| 3,161 (1) | | | Celcuity, Inc. | | | 46,056 | | | | 0.0 | |
| 7,430 (1) | | | Celldex Therapeutics, Inc. | | | 294,674 | | | | 0.1 | |
| 11,002 (1) | | | Cerevel Therapeutics Holdings, Inc. | | | 466,485 | | | | 0.1 | |
| 29,586 (1) | | | Cerus Corp. | | | 63,906 | | | | 0.0 | |
| 19,657 (1) | | | Citius Pharmaceuticals, Inc. | | | 14,871 | | | | 0.0 | |
| 3,660 (1) | | | ClearPoint Neuro, Inc. | | | 24,851 | | | | 0.0 | |
| 11,228 (1) | | | Codexis, Inc. | | | 34,245 | | | | 0.0 | |
| 13,047 (1) | | | Cogent Biosciences, Inc. | | | 76,716 | | | | 0.0 | |
| 16,305 (1) | | | Coherus Biosciences, Inc. | | | 54,296 | | | | 0.0 | |
| 5,613 (1) | | | Collegium Pharmaceutical, Inc. | | | 172,768 | | | | 0.1 | |
| 20,851 (1) | | | Community Health Systems, Inc. | | | 65,264 | | | | 0.0 | |
| 16,347 (1) | | | Compass Therapeutics, Inc. | | | 25,501 | | | | 0.0 | |
| 2,256 (1) | | | Computer Programs and Systems, Inc. | | | 25,267 | | | | 0.0 | |
| 4,863 | | | CONMED Corp. | | | 532,547 | | | | 0.1 | |
| 12,828 (1) | | | Corcept Therapeutics, Inc. | | | 416,653 | | | | 0.1 | |
| 9,328 (1)(3) | | | CorMedix, Inc. | | | 35,073 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 1,417 (1) | | | CorVel Corp. | | $ | 350,297 | | | | 0.1 | |
| 10,354 (1) | | | Crinetics Pharmaceuticals, Inc. | | | 368,395 | | | | 0.1 | |
| 5,550 (1) | | | Cross Country Healthcare, Inc. | | | 125,652 | | | | 0.0 | |
| 6,650 (1) | | | CryoPort, Inc. | | | 103,008 | | | | 0.0 | |
| 5,513 (1) | | | Cue Biopharma, Inc. | | | 14,554 | | | | 0.0 | |
| 4,035 (1) | | | Cullinan Oncology, Inc. | | | 41,117 | | | | 0.0 | |
| 2,892 (1) | | | Cutera, Inc. | | | 10,194 | | | | 0.0 | |
| 2,005 (1) | | | CVRx, Inc. | | | 63,037 | | | | 0.0 | |
| 17,998 (1) | | | Cymabay Therapeutics, Inc. | | | 425,113 | | | | 0.1 | |
| 19,868 (1) | | | Cytek Biosciences, Inc. | | | 181,196 | | | | 0.1 | |
| 14,921 (1) | | | Cytokinetics, Inc. | | | 1,245,754 | | | | 0.3 | |
| 10,100 (1) | | | Day One Biopharmaceuticals, Inc. | | | 147,460 | | | | 0.0 | |
| 8,621 (1) | | | Deciphera Pharmaceuticals, Inc. | | | 139,057 | | | | 0.0 | |
| 7,207 (1) | | | Definitive Healthcare Corp. | | | 71,638 | | | | 0.0 | |
| 18,930 (1) | | | Denali Therapeutics, Inc. | | | 406,238 | | | | 0.1 | |
| 5,631 (1) | | | Design Therapeutics, Inc. | | | 14,922 | | | | 0.0 | |
| 1,421 (1) | | | Disc Medicine, Inc. | | | 82,077 | | | | 0.0 | |
| 12,917 (1) | | | DocGo, Inc. | | | 72,206 | | | | 0.0 | |
| 20,605 (1) | | | Dynavax Technologies Corp. | | | 288,058 | | | | 0.1 | |
| 6,962 (1) | | | Dyne Therapeutics, Inc. | | | 92,595 | | | | 0.0 | |
| 7,390 (1) | | | Edgewise Therapeutics, Inc. | | | 80,847 | | | | 0.0 | |
| 13,074 (1) | | | Editas Medicine, Inc. | | | 132,440 | | | | 0.0 | |
| 9,301 | | | Embecta Corp. | | | 176,068 | | | | 0.1 | |
| 7,610 (1) | | | Emergent BioSolutions, Inc. | | | 18,264 | | | | 0.0 | |
| 3,120 (1) | | | Enanta Pharmaceuticals, Inc. | | | 29,359 | | | | 0.0 | |
| 8,577 (1) | | | Enhabit, Inc. | | | 88,772 | | | | 0.0 | |
| 3,878 (1) | | | Enliven Therapeutics, Inc. | | | 53,671 | | | | 0.0 | |
| 8,705 | | | Ensign Group, Inc. | | | 976,788 | | | | 0.2 | |
| 3,514 (1) | | | Entrada Therapeutics, Inc. | | | 53,026 | | | | 0.0 | |
| 14,014 (1) | | | Erasca, Inc. | | | 29,850 | | | | 0.0 | |
| 17,515 (1) | | | Evolent Health, Inc. - Class A | | | 578,520 | | | | 0.2 | |
| 6,904 (1) | | | Evolus, Inc. | | | 72,699 | | | | 0.0 | |
| 4,331 (1) | | | EyePoint Pharmaceuticals, Inc. | | | 100,089 | | | | 0.0 | |
| 12,849 (1) | | | Fate Therapeutics, Inc. | | | 48,055 | | | | 0.0 | |
| 3,194 (1) | | | Fennec Pharmaceuticals, Inc. | | | 35,837 | | | | 0.0 | |
| 3,619 (1) | | | Foghorn Therapeutics, Inc. | | | 23,343 | | | | 0.0 | |
| 3,341 (1) | | | Fulgent Genetics, Inc. | | | 96,588 | | | | 0.0 | |
| 2,956 (1) | | | Genelux Corp. | | | 41,414 | | | | 0.0 | |
| 7,211 (1) | | | Generation Bio Co. | | | 11,898 | | | | 0.0 | |
| 81,555 (1) | | | Geron Corp. | | | 172,081 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 7,466 (1) | | | Glaukos Corp. | | $ | 593,472 | | | | 0.2 | |
| 13,516 (1) | | | Gritstone bio, Inc. | | | 27,573 | | | | 0.0 | |
| 18,017 (1) | | | Guardant Health, Inc. | | | 487,360 | | | | 0.1 | |
| 7,978 (1) | | | Haemonetics Corp. | | | 682,199 | | | | 0.2 | |
| 20,714 (1) | | | Halozyme Therapeutics, Inc. | | | 765,589 | | | | 0.2 | |
| 5,211 (1) | | | Harmony Biosciences Holdings, Inc. | | | 168,315 | | | | 0.1 | |
| 4,736 (1) | | | Harrow, Inc. | | | 53,043 | | | | 0.0 | |
| 7,215 (1) | | | Harvard Bioscience, Inc. | | | 38,600 | | | | 0.0 | |
| 8,883 (1) | | | Health Catalyst, Inc. | | | 82,257 | | | | 0.0 | |
| 13,419 (1) | | | HealthEquity, Inc. | | | 889,680 | | | | 0.2 | |
| 4,132 | | | HealthStream, Inc. | | | 111,688 | | | | 0.0 | |
| 15,919 (1) | | | Heron Therapeutics, Inc. | | | 27,062 | | | | 0.0 | |
| 4,166 (1) | | | HilleVax, Inc. | | | 66,864 | | | | 0.0 | |
| 19,371 (1) | | | Hims & Hers Health, Inc. | | | 172,402 | | | | 0.1 | |
| 10,562 (1) | | | Humacyte, Inc. | | | 29,996 | | | | 0.0 | |
| 4,708 (1) | | | Icosavax, Inc. | | | 74,198 | | | | 0.0 | |
| 9,443 (1) | | | Ideaya Biosciences, Inc. | | | 335,982 | | | | 0.1 | |
| 1,997 (1) | | | IGM Biosciences, Inc. | | | 16,595 | | | | 0.0 | |
| 3,577 (1) | | | Immuneering Corp. - Class A | | | 26,291 | | | | 0.0 | |
| 21,203 (1)(3) | | | ImmunityBio, Inc. | | | 106,439 | | | | 0.0 | |
| 38,229 (1) | | | ImmunoGen, Inc. | | | 1,133,490 | | | | 0.3 | |
| 8,613 (1) | | | Immunovant, Inc. | | | 362,866 | | | | 0.1 | |
| 8,529 (1) | | | Inari Medical, Inc. | | | 553,703 | | | | 0.1 | |
| 3,078 (1) | | | InfuSystem Holdings, Inc. | | | 32,442 | | | | 0.0 | |
| 5,658 (1) | | | Inhibrx, Inc. | | | 215,004 | | | | 0.1 | |
| 12,229 (1) | | | Inmode Ltd. | | | 271,973 | | | | 0.1 | |
| 3,302 (1) | | | Innovage Holding Corp. | | | 19,812 | | | | 0.0 | |
| 9,620 (1) | | | Innoviva, Inc. | | | 154,305 | | | | 0.1 | |
| 3,591 (1) | | | Inogen, Inc. | | | 19,715 | | | | 0.0 | |
| 8,078 (1) | | | Inozyme Pharma, Inc. | | | 34,412 | | | | 0.0 | |
| 21,570 (1) | | | Insmed, Inc. | | | 668,454 | | | | 0.2 | |
| 5,302 (1) | | | Integer Holdings Corp. | | | 525,322 | | | | 0.1 | |
| 14,085 (1) | | | Intellia Therapeutics, Inc. | | | 429,452 | | | | 0.1 | |
| 14,927 (1) | | | Intra-Cellular Therapies, Inc. | | | 1,069,072 | | | | 0.3 | |
| 40,654 (1) | | | Invitae Corp. | | | 25,482 | | | | 0.0 | |
| 36,589 (1) | | | Iovance Biotherapeutics, Inc. | | | 297,469 | | | | 0.1 | |
| 1,298 | | | iRadimed Corp. | | | 61,616 | | | | 0.0 | |
| 4,897 (1) | | | iRhythm Technologies, Inc. | | | 524,175 | | | | 0.1 | |
| 22,159 (1) | | | Ironwood Pharmaceuticals, Inc. | | | 253,499 | | | | 0.1 | |
| 4,130 (1) | | | iTeos Therapeutics, Inc. | | | 45,223 | | | | 0.0 | |
| 2,628 (1) | | | Janux Therapeutics, Inc. | | | 28,198 | | | | 0.0 | |
| 2,380 (1) | | | Joint Corp. | | | 22,872 | | | | 0.0 | |
| 5,046 (1)(3) | | | KalVista Pharmaceuticals, Inc. | | | 61,813 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 17,286 (1) | | | Karyopharm Therapeutics, Inc. | | $ | 14,952 | | | | 0.0 | |
| 3,683 (1) | | | Keros Therapeutics, Inc. | | | 146,436 | | | | 0.0 | |
| 5,068 (1) | | | Kiniksa Pharmaceuticals Ltd. - Class A | | | 88,893 | | | | 0.0 | |
| 6,464 (1) | | | Kodiak Sciences, Inc. | | | 19,651 | | | | 0.0 | |
| 3,464 (1) | | | Krystal Biotech, Inc. | | | 429,744 | | | | 0.1 | |
| 11,640 (1) | | | Kura Oncology, Inc. | | | 167,383 | | | | 0.1 | |
| 6,285 (1) | | | Kymera Therapeutics, Inc. | | | 160,016 | | | | 0.1 | |
| 10,832 (1) | | | Lantheus Holdings, Inc. | | | 671,584 | | | | 0.2 | |
| 4,324 (1) | | | Larimar Therapeutics, Inc. | | | 19,674 | | | | 0.0 | |
| 3,170 | | | LeMaitre Vascular, Inc. | | | 179,929 | | | | 0.1 | |
| 13,901 (1) | | | Lexicon Pharmaceuticals, Inc. | | | 21,269 | | | | 0.0 | |
| 17,439 (1) | | | LifeStance Health Group, Inc. | | | 136,547 | | | | 0.0 | |
| 2,706 (1) | | | Ligand Pharmaceuticals, Inc. | | | 193,263 | | | | 0.1 | |
| 21,329 (1) | | | Lineage Cell Therapeutics, Inc. | | | 23,249 | | | | 0.0 | |
| 8,098 (1) | | | Liquidia Corp. | | | 97,419 | | | | 0.0 | |
| 8,686 (1) | | | LivaNova PLC | | | 449,414 | | | | 0.1 | |
| 2,467 (1) | | | Longboard Pharmaceuticals, Inc. | | | 14,876 | | | | 0.0 | |
| 29,564 (1) | | | Lyell Immunopharma, Inc. | | | 57,354 | | | | 0.0 | |
| 9,958 (1) | | | MacroGenics, Inc. | | | 95,796 | | | | 0.0 | |
| 2,335 (1) | | | Madrigal Pharmaceuticals, Inc. | | | 540,272 | | | | 0.1 | |
| 41,258 (1) | | | MannKind Corp. | | | 150,179 | | | | 0.0 | |
| 8,219 (1) | | | Marinus Pharmaceuticals, Inc. | | | 89,341 | | | | 0.0 | |
| 14,734 (1) | | | MaxCyte, Inc. | | | 69,250 | | | | 0.0 | |
| 5,982 (1) | | | MeiraGTx Holdings PLC | | | 41,994 | | | | 0.0 | |
| 9,058 (1) | | | Merit Medical Systems, Inc. | | | 688,046 | | | | 0.2 | |
| 18,167 (1) | | | Mersana Therapeutics, Inc. | | | 42,147 | | | | 0.0 | |
| 849 | | | Mesa Laboratories, Inc. | | | 88,950 | | | | 0.0 | |
| 18,718 (1) | | | MiMedx Group, Inc. | | | 164,157 | | | | 0.1 | |
| 3,123 (1) | | | Mineralys Therapeutics, Inc. | | | 26,858 | | | | 0.0 | |
| 4,082 (1) | | | Mirum Pharmaceuticals, Inc. | | | 120,501 | | | | 0.0 | |
| 2,063 (1) | | | ModivCare, Inc. | | | 90,751 | | | | 0.0 | |
| 4,824 (1) | | | Monte Rosa Therapeutics, Inc. | | | 27,256 | | | | 0.0 | |
| 5,754 (1) | | | Morphic Holding, Inc. | | | 166,176 | | | | 0.1 | |
| 63,190 (1) | | | Multiplan Corp. | | | 90,994 | | | | 0.0 | |
| 12,949 (1) | | | Myriad Genetics, Inc. | | | 247,844 | | | | 0.1 | |
| 7,657 (1)(3) | | | Nano-X Imaging Ltd. | | | 48,775 | | | | 0.0 | |
| 2,082 | | | National HealthCare Corp. | | | 192,418 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 2,498 | | | National Research Corp. | | $ | 98,821 | | | | 0.0 | |
| 8,330 (1) | | | Nautilus Biotechnology, Inc. | | | 24,907 | | | | 0.0 | |
| 34,746 (1) | | | Neogen Corp. | | | 698,742 | | | | 0.2 | |
| 20,448 (1) | | | NeoGenomics, Inc. | | | 330,849 | | | | 0.1 | |
| 2,306 (1) | | | Neumora Therapeutics, Inc. | | | 39,317 | | | | 0.0 | |
| 5,826 (1) | | | Nevro Corp. | | | 125,376 | | | | 0.0 | |
| 15,040 (1) | | | Novavax, Inc. | | | 72,192 | | | | 0.0 | |
| 7,844 (1) | | | Nurix Therapeutics, Inc. | | | 80,950 | | | | 0.0 | |
| 4,148 (1) | | | Nuvalent, Inc. - Class A | | | 305,251 | | | | 0.1 | |
| 24,344 (1) | | | Nuvation Bio, Inc. | | | 36,759 | | | | 0.0 | |
| 12,945 (1) | | | Ocular Therapeutix, Inc. | | | 57,735 | | | | 0.0 | |
| 4,387 (1) | | | Olema Pharmaceuticals, Inc. | | | 61,550 | | | | 0.0 | |
| 9,276 (1) | | | Omeros Corp. | | | 30,333 | | | | 0.0 | |
| 15,077 (1) | | | OmniAb, Inc. | | | 93,025 | | | | 0.0 | |
| 7,149 (1) | | | Omnicell, Inc. | | | 269,017 | | | | 0.1 | |
| 66,225 (1) | | | OPKO Health, Inc. | | | 100,000 | | | | 0.0 | |
| 2,535 (1) | | | OptimizeRx Corp. | | | 36,276 | | | | 0.0 | |
| 13,637 (1) | | | Optinose, Inc. | | | 17,592 | | | | 0.0 | |
| 26,680 (1) | | | Option Care Health, Inc. | | | 898,849 | | | | 0.2 | |
| 11,682 (1) | | | OraSure Technologies, Inc. | | | 95,792 | | | | 0.0 | |
| 2,623 (1) | | | Orchestra BioMed Holdings, Inc. | | | 23,948 | | | | 0.0 | |
| 11,240 (1) | | | Organogenesis Holdings, Inc. | | | 45,972 | | | | 0.0 | |
| 6,588 (1) | | | ORIC Pharmaceuticals, Inc. | | | 60,610 | | | | 0.0 | |
| 5,754 (1) | | | Orthofix Medical, Inc. | | | 77,564 | | | | 0.0 | |
| 2,588 (1) | | | OrthoPediatrics Corp. | | | 84,136 | | | | 0.0 | |
| 30,445 (1) | | | Outlook Therapeutics, Inc. | | | 11,995 | | | | 0.0 | |
| 7,912 (1) | | | Outset Medical, Inc. | | | 42,804 | | | | 0.0 | |
| 10,770 (1) | | | Ovid therapeutics, Inc. | | | 34,679 | | | | 0.0 | |
| 11,866 (1) | | | Owens & Minor, Inc. | | | 228,658 | | | | 0.1 | |
| 40,058 (1) | | | Pacific Biosciences of California, Inc. | | | 392,969 | | | | 0.1 | |
| 7,278 (1) | | | Pacira BioSciences, Inc. | | | 245,560 | | | | 0.1 | |
| 7,387 (1) | | | Paragon 28, Inc. | | | 91,820 | | | | 0.0 | |
| 13,727 | | | Patterson Cos., Inc. | | | 390,533 | | | | 0.1 | |
| 5,076 (1)(3) | | | PDS Biotechnology Corp. | | | 25,228 | | | | 0.0 | |
| 13,726 (1) | | | Pediatrix Medical Group, Inc. | | | 127,652 | | | | 0.0 | |
| 4,913 (1) | | | Pennant Group, Inc. | | | 68,389 | | | | 0.0 | |
| 4,387 (1) | | | PetIQ, Inc. | | | 86,643 | | | | 0.0 | |
| 5,114 (1) | | | Phathom Pharmaceuticals, Inc. | | | 46,691 | | | | 0.0 | |
| 3,492 | | | Phibro Animal Health Corp. - Class A | | | 40,437 | | | | 0.0 | |
| 8,238 (1) | | | Phreesia, Inc. | | | 190,710 | | | | 0.1 | |
| 9,136 (1) | | | Pliant Therapeutics, Inc. | | | 165,453 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Health Care: (continued) |
| 6,453 (1) | | | PMV Pharmaceuticals, Inc. | | $ | 20,004 | | | | 0.0 | |
| 10,618 (1) | | | Poseida Therapeutics, Inc. | | | 35,676 | | | | 0.0 | |
| 22,566 (1) | | | Precigen, Inc. | | | 30,238 | | | | 0.0 | |
| 8,043 (1) | | | Prestige Consumer Healthcare, Inc. | | | 492,392 | | | | 0.1 | |
| 6,422 (1) | | | Prime Medicine, Inc. | | | 56,899 | | | | 0.0 | |
| 17,740 (1) | | | Privia Health Group, Inc. | | | 408,552 | | | | 0.1 | |
| 6,317 (1) | | | PROCEPT BioRobotics Corp. | | | 264,745 | | | | 0.1 | |
| 12,576 (1) | | | Progyny, Inc. | | | 467,576 | | | | 0.1 | |
| 7,185 (1) | | | ProKidney Corp. | | | 12,789 | | | | 0.0 | |
| 9,182 (1) | | | Protagonist Therapeutics, Inc. | | | 210,543 | | | | 0.1 | |
| 11,051 (1) | | | Protalix BioTherapeutics, Inc. | | | 19,671 | | | | 0.0 | |
| 6,614 (1) | | | Prothena Corp. PLC | | | 240,353 | | | | 0.1 | |
| 11,307 (1) | | | PTC Therapeutics, Inc. | | | 311,621 | | | | 0.1 | |
| 6,037 (1) | | | Pulmonx Corp. | | | 76,972 | | | | 0.0 | |
| 2,962 (1)(3) | | | Pulse Biosciences, Inc. | | | 36,255 | | | | 0.0 | |
| 5,676 (1) | | | Quanterix Corp. | | | 155,182 | | | | 0.1 | |
| 18,452 (1) | | | Quantum-Si, Inc. | | | 37,089 | | | | 0.0 | |
| 6,748 (1) | | | Quipt Home Medical Corp. | | | 34,347 | | | | 0.0 | |
| 9,646 (1) | | | RadNet, Inc. | | | 335,391 | | | | 0.1 | |
| 5,510 (1) | | | Rallybio Corp. | | | 13,169 | | | | 0.0 | |
| 4,871 (1) | | | RAPT Therapeutics, Inc. | | | 121,044 | | | | 0.0 | |
| 3,068 (1) | | | RayzeBio, Inc. | | | 190,738 | | | | 0.1 | |
| 21,841 (1) | | | Recursion Pharmaceuticals, Inc. - Class A | | | 215,352 | | | | 0.1 | |
| 6,698 (1) | | | REGENXBIO, Inc. | | | 120,229 | | | | 0.0 | |
| 14,690 (1) | | | Relay Therapeutics, Inc. | | | 161,737 | | | | 0.1 | |
| 7,752 (1) | | | Replimune Group, Inc. | | | 65,349 | | | | 0.0 | |
| 13,459 (1) | | | Revance Therapeutics, Inc. | | | 118,305 | | | | 0.0 | |
| 22,704 (1) | | | REVOLUTION Medicines, Inc. | | | 651,151 | | | | 0.2 | |
| 8,208 (1) | | | Rhythm Pharmaceuticals, Inc. | | | 377,322 | | | | 0.1 | |
| 31,712 (1) | | | Rigel Pharmaceuticals, Inc. | | | 45,982 | | | | 0.0 | |
| 9,796 (1) | | | Rocket Pharmaceuticals, Inc. | | | 293,586 | | | | 0.1 | |
| 4,413 (1) | | | RxSight, Inc. | | | 177,932 | | | | 0.1 | |
| 8,411 (1) | | | Sage Therapeutics, Inc. | | | 182,266 | | | | 0.1 | |
| 15,308 (1) | | | Sana Biotechnology, Inc. | | | 62,457 | | | | 0.0 | |
| 659 (1) | | | Sanara Medtech, Inc. | | | 27,085 | | | | 0.0 | |
| 14,937 (1) | | | Savara, Inc. | | | 70,204 | | | | 0.0 | |
| 8,861 (1) | | | Scholar Rock Holding Corp. | | | 166,587 | | | | 0.1 | |
| 8,647 (1) | | | Schrodinger, Inc./ United States | | | 309,563 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 4,481 (1) | | | scPharmaceuticals, Inc. | | $ | 28,096 | | | | 0.0 | |
| 9,039 (1) | | | Seer, Inc. | | | 17,536 | | | | 0.0 | |
| 16,804 | | | Select Medical Holdings Corp. | | | 394,894 | | | | 0.1 | |
| 18,730 (1) | | | Selecta Biosciences, Inc. | | | 12,912 | | | | 0.0 | |
| 796 (1) | | | Semler Scientific, Inc. | | | 35,255 | | | | 0.0 | |
| 16,516 (1) | | | Seres Therapeutics, Inc. | | | 23,122 | | | | 0.0 | |
| 51,422 (1) | | | Sharecare, Inc. | | | 55,536 | | | | 0.0 | |
| 5,909 (1) | | | SI-BONE, Inc. | | | 124,030 | | | | 0.0 | |
| 8,105 | | | SIGA Technologies, Inc. | | | 45,388 | | | | 0.0 | |
| 6,079 (1) | | | Silk Road Medical, Inc. | | | 74,589 | | | | 0.0 | |
| 2,538 | | | Simulations Plus, Inc. | | | 113,575 | | | | 0.0 | |
| 25,633 (1) | | | SomaLogic, Inc. | | | 64,851 | | | | 0.0 | |
| 10,713 (1) | | | SpringWorks Therapeutics, Inc. | | | 391,024 | | | | 0.1 | |
| 7,723 (1) | | | STAAR Surgical Co. | | | 241,035 | | | | 0.1 | |
| 4,245 (1) | | | Stoke Therapeutics, Inc. | | | 22,329 | | | | 0.0 | |
| 19,379 (1) | | | Summit Therapeutics, Inc. | | | 50,579 | | | | 0.0 | |
| 7,863 (1) | | | Supernus Pharmaceuticals, Inc. | | | 227,555 | | | | 0.1 | |
| 12,025 (1) | | | Surgery Partners, Inc. | | | 384,680 | | | | 0.1 | |
| 2,224 (1) | | | Surmodics, Inc. | | | 80,842 | | | | 0.0 | |
| 10,706 (1) | | | Sutro Biopharma, Inc. | | | 45,929 | | | | 0.0 | |
| 10,543 (1) | | | Syndax Pharmaceuticals, Inc. | | | 227,834 | | | | 0.1 | |
| 3,917 (1) | | | Tactile Systems Technology, Inc. | | | 56,013 | | | | 0.0 | |
| 7,280 (1)(3) | | | Tango Therapeutics, Inc. | | | 72,072 | | | | 0.0 | |
| 1,439 (1) | | | Taro Pharmaceutical Industries Ltd. | | | 60,121 | | | | 0.0 | |
| 4,577 (1)(3) | | | Tarsus Pharmaceuticals, Inc. | | | 92,684 | | | | 0.0 | |
| 2,685 (1) | | | Tela Bio, Inc. | | | 17,775 | | | | 0.0 | |
| 7,055 (1) | | | Tenaya Therapeutics, Inc. | | | 22,858 | | | | 0.0 | |
| 7,298 (1) | | | Terns Pharmaceuticals, Inc. | | | 47,364 | | | | 0.0 | |
| 22,028 (1) | | | TG Therapeutics, Inc. | | | 376,238 | | | | 0.1 | |
| 9,402 (1) | | | Theravance Biopharma, Inc. | | | 105,678 | | | | 0.0 | |
| 3,311 (1) | | | Third Harmonic Bio, Inc. | | | 36,322 | | | | 0.0 | |
| 5,034 (1) | | | TransMedics Group, Inc. | | | 397,334 | | | | 0.1 | |
| 11,547 (1) | | | Travere Therapeutics, Inc. | | | 103,808 | | | | 0.0 | |
| 7,233 (1) | | | Treace Medical Concepts, Inc. | | | 92,221 | | | | 0.0 | |
| 9,019 (1) | | | Twist Bioscience Corp. | | | 332,440 | | | | 0.1 | |
| 2,369 (1) | | | Tyra Biosciences, Inc. | | | 32,811 | | | | 0.0 | |
| 1,146 (1) | | | UFP Technologies, Inc. | | | 197,158 | | | | 0.1 | |
| 4,426 (1) | | | UroGen Pharma Ltd. | | | 66,390 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 2,394 | | | US Physical Therapy, Inc. | | $ | 222,977 | | | | 0.1 | |
| 645 | | | Utah Medical Products, Inc. | | | 54,322 | | | | 0.0 | |
| 9,629 (1) | | | Vanda Pharmaceuticals, Inc. | | | 40,634 | | | | 0.0 | |
| 6,461 (1) | | | Varex Imaging Corp. | | | 132,450 | | | | 0.0 | |
| 14,965 (1) | | | Vaxcyte, Inc. | | | 939,802 | | | | 0.2 | |
| 7,482 (1) | | | Ventyx Biosciences, Inc. | | | 18,481 | | | | 0.0 | |
| 5,415 (1) | | | Vera Therapeutics, Inc. | | | 83,283 | | | | 0.0 | |
| 11,545 (1) | | | Veracyte, Inc. | | | 317,603 | | | | 0.1 | |
| 7,635 (1) | | | Vericel Corp. | | | 271,882 | | | | 0.1 | |
| 3,374 (1)(3) | | | Verrica Pharmaceuticals, Inc. | | | 24,698 | | | | 0.0 | |
| 8,307 (1) | | | Verve Therapeutics, Inc. | | | 115,800 | | | | 0.0 | |
| 6,325 (1) | | | Viemed Healthcare, Inc. | | | 49,651 | | | | 0.0 | |
| 2,554 (1) | | | Vigil Neuroscience, Inc. | | | 8,633 | | | | 0.0 | |
| 15,392 (1) | | | Viking Therapeutics, Inc. | | | 286,445 | | | | 0.1 | |
| 13,562 (1) | | | Vir Biotechnology, Inc. | | | 136,434 | | | | 0.0 | |
| 6,684 (1) | | | Viridian Therapeutics, Inc. | | | 145,578 | | | | 0.0 | |
| 6,045 (1) | | | Vor BioPharma, Inc. | | | 13,601 | | | | 0.0 | |
| 5,409 (1) | | | Voyager Therapeutics, Inc. | | | 45,652 | | | | 0.0 | |
| 9,833 (1) | | | WaVe Life Sciences Ltd. | | | 49,657 | | | | 0.0 | |
| 18,743 (1) | | | X4 Pharmaceuticals, Inc. | | | 15,716 | | | | 0.0 | |
| 9,327 (1) | | | Xencor, Inc. | | | 198,012 | | | | 0.1 | |
| 22,657 (1) | | | Xeris Biopharma Holdings, Inc. | | | 53,244 | | | | 0.0 | |
| 1,210 (1) | | | XOMA Corp. | | | 22,385 | | | | 0.0 | |
| 6,416 (1) | | | Y-mAbs Therapeutics, Inc. | | | 43,757 | | | | 0.0 | |
| 9,275 (1) | | | Zentalis Pharmaceuticals, Inc. | | | 140,516 | | | | 0.0 | |
| 5,630 (1)(3) | | | Zevra Therapeutics, Inc. | | | 36,876 | | | | 0.0 | |
| 4,422 (1) | | | Zimvie, Inc. | | | 78,490 | | | | 0.0 | |
| 3,011 (1) | | | Zura Bio Ltd. | | | 14,061 | | | | 0.0 | |
| 8,841 (1) | | | Zymeworks, Inc. | | | 91,858 | | | | 0.0 | |
| 3,090 (1) | | | Zynex, Inc. | | | 33,650 | | | | 0.0 | |
| | | | | | | 62,216,324 | | | | 14.9 | |
| | | | | | | | | | | | |
| | | | Industrials: 16.0% |
| 11,250 (1) | | | 374Water, Inc. | | | 15,975 | | | | 0.0 | |
| 19,973 (1) | | | 3D Systems Corp. | | | 126,829 | | | | 0.0 | |
| 10,787 | | | AAON, Inc. | | | 796,836 | | | | 0.2 | |
| 5,441 (1) | | | AAR Corp. | | | 339,518 | | | | 0.1 | |
| 10,410 | | | ABM Industries, Inc. | | | 466,680 | | | | 0.1 | |
| 15,863 | | | ACCO Brands Corp. | | | 96,447 | | | | 0.0 | |
| 20,303 (1) | | | ACV Auctions, Inc. - Class A | | | 307,590 | | | | 0.1 | |
| 4,151 (1) | | | AeroVironment, Inc. | | | 523,192 | | | | 0.1 | |
| 4,106 (1) | | | AerSale Corp. | | | 52,126 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 9,108 (1) | | | Air Transport Services Group, Inc. | | $ | 160,392 | | | | 0.0 | |
| 1,633 | | | Alamo Group, Inc. | | | 343,240 | | | | 0.1 | |
| 4,987 | | | Albany International Corp. - Class A | | | 489,823 | | | | 0.1 | |
| 63,489 (1) | | | Alight, Inc. - Class A | | | 541,561 | | | | 0.1 | |
| 2,527 | | | Allegiant Travel Co. | | | 208,755 | | | | 0.1 | |
| 2,239 | | | Allient, Inc. | | | 67,640 | | | | 0.0 | |
| 4,011 | | | Alta Equipment Group, Inc. | | | 49,616 | | | | 0.0 | |
| 5,141 (1) | | | Ameresco, Inc. - Class A | | | 162,815 | | | | 0.0 | |
| 2,645 (1) | | | American Woodmark Corp. | | | 245,588 | | | | 0.1 | |
| 33,093 (1) | | | API Group Corp. | | | 1,145,018 | | | | 0.3 | |
| 3,431 | | | Apogee Enterprises, Inc. | | | 183,250 | | | | 0.1 | |
| 6,107 | | | Applied Industrial Technologies, Inc. | | | 1,054,618 | | | | 0.3 | |
| 3,821 | | | ArcBest Corp. | | | 459,322 | | | | 0.1 | |
| 24,602 (1) | | | Archer Aviation, Inc. - Class A | | | 151,056 | | | | 0.0 | |
| 7,710 | | | Arcosa, Inc. | | | 637,154 | | | | 0.2 | |
| 2,216 | | | Argan, Inc. | | | 103,687 | | | | 0.0 | |
| 5,039 | | | Aris Water Solutions, Inc. - Class A | | | 42,277 | | | | 0.0 | |
| 24,115 (1) | | | Array Technologies, Inc. | | | 405,132 | | | | 0.1 | |
| 7,542 (1) | | | ASGN, Inc. | | | 725,314 | | | | 0.2 | |
| 3,754 | | | Astec Industries, Inc. | | | 139,649 | | | | 0.0 | |
| 4,341 (1) | | | Astronics Corp. | | | 75,620 | | | | 0.0 | |
| 3,476 (1) | | | Asure Software, Inc. | | | 33,092 | | | | 0.0 | |
| 6,025 (1) | | | Atkore, Inc. | | | 964,000 | | | | 0.2 | |
| 3,995 | | | AZZ, Inc. | | | 232,070 | | | | 0.1 | |
| 9,470 (1) | | | Babcock & Wilcox Enterprises, Inc. | | | 13,826 | | | | 0.0 | |
| 7,729 | | | Barnes Group, Inc. | | | 252,197 | | | | 0.1 | |
| 1,118 | | | Barrett Business Services, Inc. | | | 129,464 | | | | 0.0 | |
| 8,538 (1) | | | Beacon Roofing Supply, Inc. | | | 742,977 | | | | 0.2 | |
| 18,322 (1) | | | BlackSky Technology, Inc. | | | 25,651 | | | | 0.0 | |
| 9,225 (1) | | | Blade Air Mobility, Inc. | | | 32,564 | | | | 0.0 | |
| 8,510 (1)(3) | | | Blink Charging Co. | | | 28,849 | | | | 0.0 | |
| 30,622 (1) | | | Bloom Energy Corp. - Class A | | | 453,206 | | | | 0.1 | |
| 3,816 (1) | | | Blue Bird Corp. | | | 102,879 | | | | 0.0 | |
| 1,439 (1) | | | BlueLinx Holdings, Inc. | | | 163,053 | | | | 0.0 | |
| 6,302 | | | Boise Cascade Co. | | | 815,227 | | | | 0.2 | |
| 1,834 (1) | | | Bowman Consulting Group Ltd. | | | 65,144 | | | | 0.0 | |
| 7,089 (1) | | | BrightView Holdings, Inc. | | | 59,689 | | | | 0.0 | |
| 7,379 | | | Brink’s Co. | | | 648,983 | | | | 0.2 | |
| 4,742 | | | Brookfield Business Corp. - Class A | | | 110,394 | | | | 0.0 | |
| 3,315 | | | Cadre Holdings, Inc. | | | 109,030 | | | | 0.0 | |
| 8,964 (1) | | | Casella Waste Systems, Inc. - Class A | | | 766,063 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Industrials: (continued) |
| 7,690 (1) | | | CBIZ, Inc. | | $ | 481,317 | | | | 0.1 | |
| 4,903 (1) | | | CECO Environmental Corp. | | | 99,433 | | | | 0.0 | |
| 6,833 (1) | | | Chart Industries, Inc. | | | 931,543 | | | | 0.2 | |
| 2,854 (1) | | | Cimpress PLC | | | 228,463 | | | | 0.1 | |
| 4,773 | | | Columbus McKinnon Corp. | | | 186,242 | | | | 0.1 | |
| 5,607 | | | Comfort Systems USA, Inc. | | | 1,153,192 | | | | 0.3 | |
| 5,581 (1) | | | Commercial Vehicle Group, Inc. | | | 39,123 | | | | 0.0 | |
| 4,870 (1) | | | Concrete Pumping Holdings, Inc. | | | 39,934 | | | | 0.0 | |
| 28,930 (1) | | | Conduent, Inc. | | | 105,595 | | | | 0.0 | |
| 6,438 (1) | | | Construction Partners, Inc. - Class A | | | 280,182 | | | | 0.1 | |
| 18,288 (1) | | | CoreCivic, Inc. | | | 265,725 | | | | 0.1 | |
| 8,833 | | | Costamare, Inc. | | | 91,952 | | | | 0.0 | |
| 1,531 | | | Covenant Logistics Group, Inc. | | | 70,487 | | | | 0.0 | |
| 1,152 | | | CRA International, Inc. | | | 113,875 | | | | 0.0 | |
| 2,452 | | | CSW Industrials, Inc. | | | 508,569 | | | | 0.1 | |
| 10,742 (1) | | | Custom Truck One Source, Inc. | | | 66,386 | | | | 0.0 | |
| 6,568 (1) | | | Daseke, Inc. | | | 53,201 | | | | 0.0 | |
| 7,094 | | | Deluxe Corp. | | | 152,166 | | | | 0.0 | |
| 45,323 (1)(3) | | | Desktop Metal, Inc. - Class A | | | 34,038 | | | | 0.0 | |
| 1,724 (1) | | | Distribution Solutions Group, Inc. | | | 54,409 | | | | 0.0 | |
| 3,896 | | | Douglas Dynamics, Inc. | | | 115,633 | | | | 0.0 | |
| 2,145 (1) | | | Ducommun, Inc. | | | 111,669 | | | | 0.0 | |
| 2,493 (1) | | | DXP Enterprises, Inc. | | | 84,014 | | | | 0.0 | |
| 4,584 (1) | | | Dycom Industries, Inc. | | | 527,573 | | | | 0.1 | |
| 1,671 | | | Eagle Bulk Shipping, Inc. | | | 92,573 | | | | 0.0 | |
| 2,401 | | | Encore Wire Corp. | | | 512,854 | | | | 0.1 | |
| 8,959 (1) | | | Energy Recovery, Inc. | | | 168,788 | | | | 0.0 | |
| 16,719 (1) | | | Energy Vault Holdings, Inc. | | | 38,955 | | | | 0.0 | |
| 8,941 | | | Enerpac Tool Group Corp. | | | 277,976 | | | | 0.1 | |
| 6,529 | | | EnerSys | | | 659,168 | | | | 0.2 | |
| 4,318 | | | Ennis, Inc. | | | 94,607 | | | | 0.0 | |
| 21,756 (1) | | | Enovix Corp. | | | 272,385 | | | | 0.1 | |
| 3,376 | | | EnPro Industries, Inc. | | | 529,154 | | | | 0.1 | |
| 13,049 (1) | | | Enviri Corp. | | | 117,441 | | | | 0.0 | |
| 18,372 (1)(3) | | | Eos Energy Enterprises, Inc. | | | 20,025 | | | | 0.0 | |
| 4,112 | | | ESCO Technologies, Inc. | | | 481,227 | | | | 0.1 | |
| 14,697 (1) | | | ESS Tech, Inc. | | | 16,755 | | | | 0.0 | |
| 2,921 (1) | | | Eve Holding, Inc. | | | 21,382 | | | | 0.0 | |
| 802 | | | EVI Industries, Inc. | | | 19,031 | | | | 0.0 | |
| 8,018 | | | Exponent, Inc. | | | 705,905 | | | | 0.2 | |
| 9,508 | | | Federal Signal Corp. | | | 729,644 | | | | 0.2 | |
| 8,957 | | | First Advantage Corp. | | | 148,417 | | | | 0.0 | |
| 9,472 (1) | | | FiscalNote Holdings, Inc. | | | 10,798 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Industrials: (continued) |
| 9,191 (1) | | | Fluence Energy, Inc. | | $ | 219,205 | | | | 0.1 | |
| 22,579 (1) | | | Fluor Corp. | | | 884,419 | | | | 0.2 | |
| 2,115 (1) | | | Forrester Research, Inc. | | | 56,703 | | | | 0.0 | |
| 4,142 | | | Forward Air Corp. | | | 260,408 | | | | 0.1 | |
| 2,029 (1) | | | Franklin Covey Co. | | | 88,322 | | | | 0.0 | |
| 7,316 | | | Franklin Electric Co., Inc. | | | 707,091 | | | | 0.2 | |
| 6,024 (1) | | | Frontier Group Holdings, Inc. | | | 32,891 | | | | 0.0 | |
| 15,902 | | | FTAI Aviation Ltd. | | | 737,853 | | | | 0.2 | |
| 17,384 | | | FTAI Infrastructure, Inc. | | | 67,624 | | | | 0.0 | |
| 71,107 (1) | | | FuelCell Energy, Inc. | | | 113,771 | | | | 0.0 | |
| 5,671 | | | GATX Corp. | | | 681,768 | | | | 0.2 | |
| 6,947 | | | Genco Shipping & Trading Ltd. | | | 115,251 | | | | 0.0 | |
| 19,413 (1) | | | GEO Group, Inc. | | | 210,243 | | | | 0.1 | |
| 4,875 (1) | | | Gibraltar Industries, Inc. | | | 385,027 | | | | 0.1 | |
| 2,275 | | | Global Industrial Co. | | | 88,361 | | | | 0.0 | |
| 6,553 (1) | | | GMS, Inc. | | | 540,164 | | | | 0.1 | |
| 19,989 | | | Golden Ocean Group Ltd. | | | 195,093 | | | | 0.1 | |
| 3,972 | | | Gorman-Rupp Co. | | | 141,125 | | | | 0.0 | |
| 30,817 | | | GrafTech International Ltd. | | | 67,489 | | | | 0.0 | |
| 7,101 | | | Granite Construction, Inc. | | | 361,157 | | | | 0.1 | |
| 10,919 (1) | | | Great Lakes Dredge & Dock Corp. | | | 83,858 | | | | 0.0 | |
| 4,952 | | | Greenbrier Cos., Inc. | | | 218,779 | | | | 0.1 | |
| 6,679 | | | Griffon Corp. | | | 407,085 | | | | 0.1 | |
| 5,184 | | | H&E Equipment Services, Inc. | | | 271,227 | | | | 0.1 | |
| 8,568 (1) | | | Hawaiian Holdings, Inc. | | | 121,666 | | | | 0.0 | |
| 11,763 (1) | | | Healthcare Services Group, Inc. | | | 121,982 | | | | 0.0 | |
| 8,196 | | | Heartland Express, Inc. | | | 116,875 | | | | 0.0 | |
| 3,424 | | | Heidrick & Struggles International, Inc. | | | 101,111 | | | | 0.0 | |
| 5,305 | | | Helios Technologies, Inc. | | | 240,582 | | | | 0.1 | |
| 4,520 | | | Herc Holdings, Inc. | | | 672,983 | | | | 0.2 | |
| 11,088 | | | Hillenbrand, Inc. | | | 530,561 | | | | 0.1 | |
| 31,369 (1) | | | Hillman Solutions Corp. | | | 288,908 | | | | 0.1 | |
| 7,403 | | | HNI Corp. | | | 309,667 | | | | 0.1 | |
| 5,000 (1) | | | Hub Group, Inc. - Class A | | | 459,700 | | | | 0.1 | |
| 7,209 (1) | | | Hudson Technologies, Inc. | | | 97,249 | | | | 0.0 | |
| 3,058 (1) | | | Huron Consulting Group, Inc. | | | 314,362 | | | | 0.1 | |
| 23,704 (1) | | | Hyliion Holdings Corp. | | | 19,288 | | | | 0.0 | |
| 1,804 | | | Hyster-Yale Materials Handling, Inc. | | | 112,191 | | | | 0.0 | |
| 1,761 (1) | | | IBEX Holdings Ltd. | | | 33,477 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | Industrials: (continued) |
| 3,010 | | | ICF International, Inc. | | $ | 403,611 | | | | 0.1 | |
| 1,388 (1) | | | IES Holdings, Inc. | | | 109,957 | | | | 0.0 | |
| 4,275 (1) | | | Innodata, Inc. | | | 34,799 | | | | 0.0 | |
| 11,204 (1) | | | INNOVATE Corp. | | | 13,781 | | | | 0.0 | |
| 5,622 | | | Insperity, Inc. | | | 659,011 | | | | 0.2 | |
| 3,165 | | | Insteel Industries, Inc. | | | 121,188 | | | | 0.0 | |
| 9,815 | | | Interface, Inc. | | | 123,865 | | | | 0.0 | |
| 13,671 (1) | | | Janus International Group, Inc. | | | 178,407 | | | | 0.1 | |
| 13,695 (1) | | | JELD-WEN Holding, Inc. | | | 258,562 | | | | 0.1 | |
| 52,296 (1) | | | JetBlue Airways Corp. | | | 290,243 | | | | 0.1 | |
| 44,602 (1)(3) | | | Joby Aviation, Inc. | | | 296,603 | | | | 0.1 | |
| 5,042 | | | John Bean Technologies Corp. | | | 501,427 | | | | 0.1 | |
| 1,837 | | | Kadant, Inc. | | | 514,929 | | | | 0.1 | |
| 4,872 | | | Kaman Corp. | | | 116,684 | | | | 0.0 | |
| 5,453 | | | Kelly Services, Inc. - Class A | | | 117,894 | | | | 0.0 | |
| 12,603 | | | Kennametal, Inc. | | | 325,031 | | | | 0.1 | |
| 3,123 | | | Kforce, Inc. | | | 210,990 | | | | 0.1 | |
| 8,263 | | | Korn Ferry | | | 490,409 | | | | 0.1 | |
| 20,072 (1) | | | Kratos Defense & Security Solutions, Inc. | | | 407,261 | | | | 0.1 | |
| 3,035 (1) | | | LanzaTech Global, Inc. | | | 15,266 | | | | 0.0 | |
| 17,880 (1) | | | Legalzoom.com, Inc. | | | 202,044 | | | | 0.1 | |
| 10,968 (1) | | | Leonardo DRS, Inc. | | | 219,799 | | | | 0.1 | |
| 21,294 (1) | | | Li-Cycle Holdings Corp. | | | 12,453 | | | | 0.0 | |
| 1,572 (1) | | | Limbach Holdings, Inc. | | | 71,479 | | | | 0.0 | |
| 1,772 | | | Lindsay Corp. | | | 228,872 | | | | 0.1 | |
| 3,828 (1) | | | Liquidity Services, Inc. | | | 65,880 | | | | 0.0 | |
| 4,472 | | | LSI Industries, Inc. | | | 62,966 | | | | 0.0 | |
| 4,862 | | | Luxfer Holdings PLC | | | 43,466 | | | | 0.0 | |
| 5,756 (1) | | | Manitowoc Co., Inc. | | | 96,068 | | | | 0.0 | |
| 9,748 | | | Marten Transport Ltd. | | | 204,513 | | | | 0.1 | |
| 3,513 (1) | | | Masonite International Corp. | | | 297,411 | | | | 0.1 | |
| 20,858 (1) | | | Masterbrand, Inc. | | | 309,741 | | | | 0.1 | |
| 5,574 | | | Matson, Inc. | | | 610,910 | | | | 0.2 | |
| 4,869 | | | Matthews International Corp. - Class A | | | 178,449 | | | | 0.1 | |
| 1,763 (1) | | | Mayville Engineering Co., Inc. | | | 25,422 | | | | 0.0 | |
| 3,999 | | | McGrath RentCorp | | | 478,360 | | | | 0.1 | |
| 34,524 (1) | | | Microvast Holdings, Inc. | | | 48,334 | | | | 0.0 | |
| 2,148 | | | Miller Industries, Inc. | | | 90,839 | | | | 0.0 | |
| 11,872 | | | MillerKnoll, Inc. | | | 316,745 | | | | 0.1 | |
| 4,522 (1) | | | Montrose Environmental Group, Inc. | | | 145,292 | | | | 0.0 | |
| 4,568 | | | Moog, Inc. - Class A | | | 661,355 | | | | 0.2 | |
| 13,578 (1) | | | MRC Global, Inc. | | | 149,494 | | | | 0.0 | |
| 17,759 | | | Mueller Industries, Inc. | | | 837,337 | | | | 0.2 | |
| 24,665 | | | Mueller Water Products, Inc. - Class A | | | 355,176 | | | | 0.1 | |
| 2,612 (1) | | | MYR Group, Inc. | | | 377,774 | | | | 0.1 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Industrials: (continued) |
| 927 | | | National Presto Industries, Inc. | | $ | 74,420 | | | | 0.0 | |
| 7,871 (1) | | | NEXTracker, Inc. - Class A | | | 368,756 | | | | 0.1 | |
| 100,020 (1) | | | Nikola Corp. | | | 87,497 | | | | 0.0 | |
| 1,715 (1) | | | Northwest Pipe Co. | | | 51,896 | | | | 0.0 | |
| 17,337 (1) | | | NOW, Inc. | | | 196,255 | | | | 0.1 | |
| 9,064 (1)(3) | | | NuScale Power Corp. | | | 29,821 | | | | 0.0 | |
| 2,206 (1) | | | NV5 Global, Inc. | | | 245,131 | | | | 0.1 | |
| 543 | | | Omega Flex, Inc. | | | 38,287 | | | | 0.0 | |
| 17,359 (1) | | | OPENLANE, Inc. | | | 257,087 | | | | 0.1 | |
| 6,093 | | | Pangaea Logistics Solutions Ltd. | | | 50,206 | | | | 0.0 | |
| 3,506 | | | Park Aerospace Corp. | | | 51,538 | | | | 0.0 | |
| 1,189 | | | Park-Ohio Holdings Corp. | | | 32,055 | | | | 0.0 | |
| 6,479 (1) | | | Parsons Corp. | | | 406,298 | | | | 0.1 | |
| 12,323 (1) | | | Performant Financial Corp. | | | 38,509 | | | | 0.0 | |
| 9,082 (1) | | | PGT Innovations, Inc. | | | 369,637 | | | | 0.1 | |
| 28,854 | | | Pitney Bowes, Inc. | | | 126,958 | | | | 0.0 | |
| 27,515 (1) | | | Planet Labs PBC | | | 67,962 | | | | 0.0 | |
| 1,501 | | | Powell Industries, Inc. | | | 132,688 | | | | 0.0 | |
| 432 | | | Preformed Line Products Co. | | | 57,828 | | | | 0.0 | |
| 8,566 | | | Primoris Services Corp. | | | 284,477 | | | | 0.1 | |
| 4,350 (1) | | | Proto Labs, Inc. | | | 169,476 | | | | 0.1 | |
| 5,525 (1) | | | Quad/Graphics, Inc. | | | 29,946 | | | | 0.0 | |
| 5,427 | | | Quanex Building Products Corp. | | | 165,903 | | | | 0.0 | |
| 6,764 (1) | | | Radiant Logistics, Inc. | | | 44,913 | | | | 0.0 | |
| 23,410 (1) | | | Resideo Technologies, Inc. | | | 440,576 | | | | 0.1 | |
| 5,776 | | | Resources Connection, Inc. | | | 81,846 | | | | 0.0 | |
| 5,378 | | | REV Group, Inc. | | | 97,718 | | | | 0.0 | |
| 44,123 (1) | | | Rocket Lab USA, Inc. | | | 244,000 | | | | 0.1 | |
| 10,661 | | | Rush Enterprises, Inc. - Class A | | | 536,248 | | | | 0.1 | |
| 715 | | | Rush Enterprises, Inc. - Class B | | | 37,881 | | | | 0.0 | |
| 18,778 (1) | | | RXO, Inc. | | | 436,776 | | | | 0.1 | |
| 20,955 (1) | | | SES AI Corp. | | | 38,348 | | | | 0.0 | |
| 27,310 (1) | | | Shoals Technologies Group, Inc. - Class A | | | 424,397 | | | | 0.1 | |
| 5,476 | | | Shyft Group, Inc. | | | 66,917 | | | | 0.0 | |
| 6,799 | | | Simpson Manufacturing Co., Inc. | | | 1,346,066 | | | | 0.3 | |
| 6,554 (1) | | | SkyWest, Inc. | | | 342,119 | | | | 0.1 | |
| 11,312 (1) | | | SKYX Platforms Corp. | | | 18,099 | | | | 0.0 | |
| 3,020 (1) | | | SP Plus Corp. | | | 154,775 | | | | 0.0 | |
| 17,639 | | | Spirit Airlines, Inc. | | | 289,103 | | | | 0.1 | |
| 7,057 (1) | | | SPX Technologies, Inc. | | | 712,828 | | | | 0.2 | |
| 1,901 | | | Standex International Corp. | | | 301,080 | | | | 0.1 | |
| 14,858 | | | Steelcase, Inc. - Class A | | | 200,880 | | | | 0.1 | |
| 22,935 (1)(3) | | | Stem, Inc. | | | 88,988 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Industrials: (continued) |
| 5,231 (1) | | | Sterling Check Corp. | | $ | 72,816 | | | | 0.0 | |
| 4,789 (1) | | | Sterling Infrastructure, Inc. | | | 421,097 | | | | 0.1 | |
| 6,125 (1) | | | Sun Country Airlines Holdings, Inc. | | | 96,346 | | | | 0.0 | |
| 13,663 (1)(3) | | | SunPower Corp. | | | 65,992 | | | | 0.0 | |
| 2,940 | | | Tennant Co. | | | 272,509 | | | | 0.1 | |
| 10,588 | | | Terex Corp. | | | 608,386 | | | | 0.2 | |
| 17,640 (1) | | | Terran Orbital Corp. | | | 20,110 | | | | 0.0 | |
| 6,362 | | | Textainer Group Holdings Ltd. | | | 313,010 | | | | 0.1 | |
| 5,553 (1) | | | Thermon Group Holdings, Inc. | | | 180,861 | | | | 0.1 | |
| 8,717 (1) | | | Titan International, Inc. | | | 129,709 | | | | 0.0 | |
| 3,469 (1) | | | Titan Machinery, Inc. | | | 100,185 | | | | 0.0 | |
| 6,283 (1) | | | TPI Composites, Inc. | | | 26,012 | | | | 0.0 | |
| 1,212 (1) | | | Transcat, Inc. | | | 132,508 | | | | 0.0 | |
| 5,086 (1) | | | TriNet Group, Inc. | | | 604,878 | | | | 0.2 | |
| 13,083 | | | Trinity Industries, Inc. | | | 347,877 | | | | 0.1 | |
| 10,023 (1) | | | Triumph Group, Inc. | | | 166,181 | | | | 0.0 | |
| 5,333 (1) | | | TrueBlue, Inc. | | | 81,808 | | | | 0.0 | |
| 3,275 | | | TTEC Holdings, Inc. | | | 70,969 | | | | 0.0 | |
| 27,824 (1) | | | TuSimple Holdings, Inc. - Class A | | | 24,424 | | | | 0.0 | |
| 7,325 (1) | | | Tutor Perini Corp. | | | 66,658 | | | | 0.0 | |
| 9,443 | | | UFP Industries, Inc. | | | 1,185,569 | | | | 0.3 | |
| 2,382 | | | UniFirst Corp. | | | 435,692 | | | | 0.1 | |
| 19,609 (1) | | | Upwork, Inc. | | | 291,586 | | | | 0.1 | |
| 1,992 (1) | | | V2X, Inc. | | | 92,508 | | | | 0.0 | |
| 13,353 (1) | | | Velo3D, Inc. | | | 5,309 | | | | 0.0 | |
| 22,156 (1) | | | Verra Mobility Corp. | | | 510,253 | | | | 0.1 | |
| 3,378 (1) | | | Viad Corp. | | | 122,284 | | | | 0.0 | |
| 3,528 (1) | | | Vicor Corp. | | | 158,548 | | | | 0.0 | |
| 52,253 (1) | | | Virgin Galactic Holdings, Inc. | | | 128,020 | | | | 0.0 | |
| 2,076 | | | VSE Corp. | | | 134,130 | | | | 0.0 | |
| 7,386 | | | Wabash National Corp. | | | 189,229 | | | | 0.1 | |
| 4,313 | | | Watts Water Technologies, Inc. - Class A | | | 898,570 | | | | 0.2 | |
| 10,029 | | | Werner Enterprises, Inc. | | | 424,929 | | | | 0.1 | |
| 2,149 (1) | | | Willdan Group, Inc. | | | 46,203 | | | | 0.0 | |
| 5,445 (1) | | | Xometry, Inc. - Class A | | | 195,530 | | | | 0.1 | |
| 23,216 | | | Zurn Elkay Water Solutions Corp. | | | 682,783 | | | | 0.2 | |
| | | | | | | 66,872,165 | | | | 16.0 | |
| | | | | | | | | | | | |
| | | | Information Technology: 13.8% |
| 18,836 (1) | | | 8x8, Inc. | | | 71,200 | | | | 0.0 | |
| 3,699 (1) | | | 908 Devices, Inc. | | | 41,503 | | | | 0.0 | |
| 11,422 | | | A10 Networks, Inc. | | | 150,428 | | | | 0.0 | |
| 17,365 (1) | | | ACI Worldwide, Inc. | | | 531,369 | | | | 0.1 | |
| 7,785 (1) | | | ACM Research, Inc. - Class A | | | 152,119 | | | | 0.0 | |
| 17,244 | | | Adeia, Inc. | | | 213,653 | | | | 0.1 | |
| 12,559 | | | ADTRAN Holdings, Inc. | | | 92,183 | | | | 0.0 | |
| 5,996 | | | Advanced Energy Industries, Inc. | | | 653,084 | | | | 0.2 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 4,314 (1)(3) | | | Aehr Test Systems | | $ | 114,450 | | | | 0.0 | |
| 3,214 (1) | | | Agilysys, Inc. | | | 272,611 | | | | 0.1 | |
| 7,637 (1) | | | Alarm.com Holdings, Inc. | | | 493,503 | | | | 0.1 | |
| 6,358 (1) | | | Alkami Technology, Inc. | | | 154,181 | | | | 0.0 | |
| 3,937 (1) | | | Alpha & Omega Semiconductor Ltd. | | | 102,598 | | | | 0.0 | |
| 8,528 (1) | | | Altair Engineering, Inc. - Class A | | | 717,631 | | | | 0.2 | |
| 6,022 (1) | | | Ambarella, Inc. | | | 369,088 | | | | 0.1 | |
| 5,613 | | | American Software, Inc. - Class A | | | 63,427 | | | | 0.0 | |
| 16,973 | | | Amkor Technology, Inc. | | | 564,692 | | | | 0.1 | |
| 10,907 (1) | | | Amplitude, Inc. - Class A | | | 138,737 | | | | 0.0 | |
| 3,051 (1) | | | Appfolio, Inc. - Class A | | | 528,555 | | | | 0.1 | |
| 6,545 (1) | | | Appian Corp. - Class A | | | 246,485 | | | | 0.1 | |
| 13,104 (1)(3) | | | Applied Digital Corp. | | | 88,321 | | | | 0.0 | |
| 14,160 (1) | | | Arlo Technologies, Inc. | | | 134,803 | | | | 0.0 | |
| 12,504 (1) | | | Asana, Inc. - Class A | | | 237,701 | | | | 0.1 | |
| 3,857 (1) | | | Atomera, Inc. | | | 27,038 | | | | 0.0 | |
| 53,899 (1) | | | Aurora Innovation, Inc. | | | 235,539 | | | | 0.1 | |
| 24,665 (1) | | | AvePoint, Inc. | | | 202,500 | | | | 0.1 | |
| 1,993 (1) | | | Aviat Networks, Inc. | | | 65,091 | | | | 0.0 | |
| 5,165 (1) | | | Axcelis Technologies, Inc. | | | 669,849 | | | | 0.2 | |
| 4,693 | | | Badger Meter, Inc. | | | 724,458 | | | | 0.2 | |
| 1,705 | | | Bel Fuse, Inc. - Class B | | | 113,843 | | | | 0.0 | |
| 6,784 | | | Belden, Inc. | | | 524,064 | | | | 0.1 | |
| 6,126 | | | Benchmark Electronics, Inc. | | | 169,323 | | | | 0.1 | |
| 11,052 (1) | | | BigCommerce Holdings, Inc. | | | 107,536 | | | | 0.0 | |
| 14,164 (1) | | | Bit Digital, Inc. | | | 59,914 | | | | 0.0 | |
| 6,946 (1) | | | Blackbaud, Inc. | | | 602,218 | | | | 0.2 | |
| 8,957 (1) | | | Blackline, Inc. | | | 559,275 | | | | 0.1 | |
| 22,243 (1) | | | Box, Inc. - Class A | | | 569,643 | | | | 0.1 | |
| 8,290 (1) | | | Braze, Inc. - Class A | | | 440,448 | | | | 0.1 | |
| 7,480 (1) | | | Brightcove, Inc. | | | 19,373 | | | | 0.0 | |
| 12,836 (1)(3) | | | C3.ai, Inc. - Class A | | | 368,522 | | | | 0.1 | |
| 9,408 (1) | | | Calix, Inc. | | | 411,036 | | | | 0.1 | |
| 6,526 (1) | | | Cerence, Inc. | | | 128,301 | | | | 0.0 | |
| 4,035 (1) | | | CEVA, Inc. | | | 91,635 | | | | 0.0 | |
| 6,442 (1) | | | Cipher Mining, Inc. | | | 26,605 | | | | 0.0 | |
| 23,811 (1) | | | Cleanspark, Inc. | | | 262,635 | | | | 0.1 | |
| 13,149 | | | Clear Secure, Inc. - Class A | | | 271,527 | | | | 0.1 | |
| 2,124 (1) | | | Clearfield, Inc. | | | 61,766 | | | | 0.0 | |
| 711 | | | Climb Global Solutions, Inc. | | | 38,984 | | | | 0.0 | |
| 7,509 (1) | | | Cohu, Inc. | | | 265,744 | | | | 0.1 | |
| 32,877 (1) | | | CommScope Holding Co., Inc. | | | 92,713 | | | | 0.0 | |
| 6,983 (1) | | | CommVault Systems, Inc. | | | 557,593 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 4,747 | | | Comtech Telecommunications Corp. | | $ | 40,017 | | | | 0.0 | |
| 3,242 (1) | | | Consensus Cloud Solutions, Inc. | | | 84,973 | | | | 0.0 | |
| 1,386 (1) | | | CoreCard Corp. | | | 19,168 | | | | 0.0 | |
| 6,214 (1) | | | Corsair Gaming, Inc. | | | 87,617 | | | | 0.0 | |
| 5,601 (1) | | | Couchbase, Inc. | | | 126,135 | | | | 0.0 | |
| 17,863 (1) | | | Credo Technology Group Holding Ltd. | | | 347,793 | | | | 0.1 | |
| 3,846 (1) | | | CS Disco, Inc. | | | 29,191 | | | | 0.0 | |
| 4,972 | | | CSG Systems International, Inc. | | | 264,560 | | | | 0.1 | |
| 5,001 | | | CTS Corp. | | | 218,744 | | | | 0.1 | |
| 6,162 (1) | | | Daktronics, Inc. | | | 52,254 | | | | 0.0 | |
| 5,701 (1) | | | Digi International, Inc. | | | 148,226 | | | | 0.0 | |
| 2,381 (1) | | | Digimarc Corp. | | | 86,002 | | | | 0.0 | |
| 15,074 (1) | | | Digital Turbine, Inc. | | | 103,408 | | | | 0.0 | |
| 10,074 (1) | | | DigitalOcean Holdings, Inc. | | | 369,615 | | | | 0.1 | |
| 7,186 (1) | | | Diodes, Inc. | | | 578,617 | | | | 0.1 | |
| 5,099 (1) | | | Domo, Inc. - Class B | | | 52,469 | | | | 0.0 | |
| 27,826 (1) | | | E2open Parent Holdings, Inc. | | | 122,156 | | | | 0.0 | |
| 10,537 (1) | | | Eastman Kodak Co. | | | 41,094 | | | | 0.0 | |
| 6,034 (1) | | | Enfusion, Inc. - Class A | | | 58,530 | | | | 0.0 | |
| 7,788 (1) | | | EngageSmart, Inc. | | | 178,345 | | | | 0.1 | |
| 7,937 (1) | | | Envestnet, Inc. | | | 393,040 | | | | 0.1 | |
| 4,302 (1) | | | ePlus, Inc. | | | 343,472 | | | | 0.1 | |
| 6,534 (1) | | | Everbridge, Inc. | | | 158,842 | | | | 0.0 | |
| 4,310 (1) | | | EverCommerce, Inc. | | | 47,539 | | | | 0.0 | |
| 10,443 | | | EVERTEC, Inc. | | | 427,536 | | | | 0.1 | |
| 17,983 (1)(3) | | | Evolv Technologies Holdings, Inc. | | | 84,880 | | | | 0.0 | |
| 25,608 (1) | | | ExlService Holdings, Inc. | | | 790,007 | | | | 0.2 | |
| 8,343 (1) | | | Expensify, Inc. - Class A | | | 20,607 | | | | 0.0 | |
| 20,138 (1) | | | Extreme Networks, Inc. | | | 355,234 | | | | 0.1 | |
| 5,853 (1) | | | Fannie Mae | | | 1,114,001 | | | | 0.3 | |
| 3,158 (1) | | | FARO Technologies, Inc. | | | 71,150 | | | | 0.0 | |
| 18,944 (1) | | | Fastly, Inc. - Class A | | | 337,203 | | | | 0.1 | |
| 12,380 (1) | | | FormFactor, Inc. | | | 516,370 | | | | 0.1 | |
| 25,665 (1) | | | Freshworks, Inc. - Class A | | | 602,871 | | | | 0.2 | |
| 9,155 (1) | | | Grid Dynamics Holdings, Inc. | | | 122,036 | | | | 0.0 | |
| 4,333 | | | Hackett Group, Inc. | | | 98,662 | | | | 0.0 | |
| 17,674 (1) | | | Harmonic, Inc. | | | 230,469 | | | | 0.1 | |
| 3,883 (1) | | | I3 Verticals, Inc. - Class A | | | 82,203 | | | | 0.0 | |
| 4,782 (1) | | | Ichor Holdings Ltd. | | | 160,819 | | | | 0.0 | |
| 5,121 | | | Immersion Corp. | | | 36,154 | | | | 0.0 | |
| 3,670 (1) | | | Impinj, Inc. | | | 330,410 | | | | 0.1 | |
| 23,551 (1) | | | indie Semiconductor, Inc. - Class A | | | 190,999 | | | | 0.1 | |
| 32,820 (1)(3) | | | Infinera Corp. | | | 155,895 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 4,567 (1) | | | Insight Enterprises, Inc. | | $ | 809,227 | | | | 0.2 | |
| 3,469 (1) | | | Instructure Holdings, Inc. | | | 93,698 | | | | 0.0 | |
| 4,248 (1) | | | Intapp, Inc. | | | 161,509 | | | | 0.0 | |
| 4,190 | | | InterDigital, Inc. | | | 454,783 | | | | 0.1 | |
| 1,661 (1) | | | inTEST Corp. | | | 22,590 | | | | 0.0 | |
| 25,562 (1)(3) | | | IonQ, Inc. | | | 316,713 | | | | 0.1 | |
| 7,461 (1) | | | Iteris, Inc. | | | 38,797 | | | | 0.0 | |
| 7,280 (1) | | | Itron, Inc. | | | 549,713 | | | | 0.1 | |
| 11,158 (1) | | | Jamf Holding Corp. | | | 201,513 | | | | 0.1 | |
| 13,762 (1) | | | Kaltura, Inc. | | | 26,836 | | | | 0.0 | |
| 4,239 (1) | | | Kimball Electronics, Inc. | | | 114,241 | | | | 0.0 | |
| 14,513 (1) | | | Knowles Corp. | | | 259,928 | | | | 0.1 | |
| 8,779 | | | Kulicke & Soffa Industries, Inc. | | | 480,387 | | | | 0.1 | |
| 18,305 (1)(3) | | | Lightwave Logic, Inc. | | | 91,159 | | | | 0.0 | |
| 12,351 (1) | | | LivePerson, Inc. | | | 46,810 | | | | 0.0 | |
| 10,518 (1) | | | LiveRamp Holdings, Inc. | | | 398,422 | | | | 0.1 | |
| 5,701 (1) | | | Luna Innovations, Inc. | | | 37,912 | | | | 0.0 | |
| 8,663 (1) | | | MACOM Technology Solutions Holdings, Inc. | | | 805,226 | | | | 0.2 | |
| 33,824 (1)(3) | | | Marathon Digital Holdings, Inc. | | | 794,526 | | | | 0.2 | |
| 39,525 (1) | | | Matterport, Inc. | | | 106,322 | | | | 0.0 | |
| 4,742 (1) | | | Maxeon Solar Technologies Ltd. | | | 34,000 | | | | 0.0 | |
| 9,623 | | | Maximus, Inc. | | | 806,985 | | | | 0.2 | |
| 11,873 (1) | | | MaxLinear, Inc. | | | 282,221 | | | | 0.1 | |
| 4,451 (1) | | | MeridianLink, Inc. | | | 110,251 | | | | 0.0 | |
| 5,481 | | | Methode Electronics, Inc. | | | 124,583 | | | | 0.0 | |
| 1,933 (1)(3) | | | MicroStrategy, Inc. - Class A | | | 1,220,921 | | | | 0.3 | |
| 30,002 (1)(3) | | | MicroVision, Inc. | | | 79,805 | | | | 0.0 | |
| 32,446 (1) | | | Mirion Technologies, Inc. | | | 332,571 | | | | 0.1 | |
| 7,043 (1) | | | Mitek Systems, Inc. | | | 91,841 | | | | 0.0 | |
| 6,021 (1) | | | Model N, Inc. | | | 162,146 | | | | 0.0 | |
| 11,268 (1) | | | N-able, Inc. | | | 149,301 | | | | 0.0 | |
| 5,003 | | | Napco Security Technologies, Inc. | | | 171,353 | | | | 0.1 | |
| 17,664 (1) | | | Navitas Semiconductor Corp. | | | 142,548 | | | | 0.0 | |
| 4,726 (1) | | | NETGEAR, Inc. | | | 68,905 | | | | 0.0 | |
| 10,933 (1) | | | NetScout Systems, Inc. | | | 239,979 | | | | 0.1 | |
| 9,245 (1) | | | NextNav, Inc. | | | 41,140 | | | | 0.0 | |
| 7,460 (1) | | | nLight, Inc. | | | 100,710 | | | | 0.0 | |
| 5,697 (1) | | | Novanta, Inc. | | | 959,432 | | | | 0.2 | |
| 811 | | | NVE Corp. | | | 63,607 | | | | 0.0 | |
| 16,342 (1) | | | Olo, Inc. - Class A | | | 93,476 | | | | 0.0 | |
| 5,911 | | | ON24, Inc. | | | 46,579 | | | | 0.0 | |
| 6,602 (1) | | | OneSpan, Inc. | | | 70,773 | | | | 0.0 | |
| 7,777 (1) | | | Onto Innovation, Inc. | | | 1,189,103 | | | | 0.3 | |
| 2,546 (1) | | | OSI Systems, Inc. | | | 328,561 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Information Technology: (continued) |
| 14,036 (1) | | | PagerDuty, Inc. | | $ | 324,933 | | | | 0.1 | |
| 4,311 (1) | | | PAR Technology Corp. | | | 187,701 | | | | 0.1 | |
| 1,931 | | | PC Connection, Inc. | | | 129,783 | | | | 0.0 | |
| 5,054 (1) | | | PDF Solutions, Inc. | | | 162,436 | | | | 0.1 | |
| 5,513 (1) | | | Perficient, Inc. | | | 362,866 | | | | 0.1 | |
| 9,888 (1) | | | Photronics, Inc. | | | 310,187 | | | | 0.1 | |
| 4,396 (1) | | | Plexus Corp. | | | 475,339 | | | | 0.1 | |
| 9,014 | | | Power Integrations, Inc. | | | 740,140 | | | | 0.2 | |
| 8,949 (1) | | | PowerSchool Holdings, Inc. - Class A | | | 210,838 | | | | 0.1 | |
| 6,897 | | | Progress Software Corp. | | | 374,507 | | | | 0.1 | |
| 7,134 (1) | | | PROS Holdings, Inc. | | | 276,728 | | | | 0.1 | |
| 9,003 (1) | | | Q2 Holdings, Inc. | | | 390,820 | | | | 0.1 | |
| 5,862 (1) | | | Qualys, Inc. | | | 1,150,593 | | | | 0.3 | |
| 10,137 (1) | | | Rackspace Technology, Inc. | | | 20,274 | | | | 0.0 | |
| 17,327 (1) | | | Rambus, Inc. | | | 1,182,568 | �� | | | 0.3 | |
| 9,545 (1) | | | Rapid7, Inc. | | | 545,019 | | | | 0.1 | |
| 2,037 (1) | | | Red Violet, Inc. | | | 40,679 | | | | 0.0 | |
| 13,638 (1) | | | Repay Holdings Corp. | | | 116,469 | | | | 0.0 | |
| 15,526 (1) | | | Ribbon Communications, Inc. | | | 45,025 | | | | 0.0 | |
| 1,884 | | | Richardson Electronics Ltd./United States | | | 25,151 | | | | 0.0 | |
| 8,324 (1) | | | Rimini Street, Inc. | | | 27,219 | | | | 0.0 | |
| 30,169 (1) | | | Riot Platforms, Inc. | | | 466,714 | | | | 0.1 | |
| 2,771 (1) | | | Rogers Corp. | | | 365,966 | | | | 0.1 | |
| 52,733 (1) | | | Sabre Corp. | | | 232,025 | | | | 0.1 | |
| 8,978 (1) | | | Sanmina Corp. | | | 461,200 | | | | 0.1 | |
| 5,036 | | | Sapiens International Corp. NV | | | 145,742 | | | | 0.0 | |
| 4,190 (1) | | | ScanSource, Inc. | | | 165,966 | | | | 0.1 | |
| 5,306 (1) | | | SEMrush Holdings, Inc. - Class A | | | 72,480 | | | | 0.0 | |
| 10,178 (1) | | | Semtech Corp. | | | 223,000 | | | | 0.1 | |
| 5,031 (1) | | | Silicon Laboratories, Inc. | | | 665,450 | | | | 0.2 | |
| 2,745 (1) | | | SiTime Corp. | | | 335,110 | | | | 0.1 | |
| 7,798 (1) | | | SMART Global Holdings, Inc. | | | 147,616 | | | | 0.0 | |
| 29,615 (1) | | | SmartRent, Inc. | | | 94,472 | | | | 0.0 | |
| 8,450 (1) | | | SolarWinds Corp. | | | 105,540 | | | | 0.0 | |
| 21,133 (1) | | | SoundHound AI, Inc. - Class A | | | 44,802 | | | | 0.0 | |
| 1,673 (1) | | | SoundThinking, Inc. | | | 42,728 | | | | 0.0 | |
| 16,318 (1) | | | Sprinklr, Inc. - Class A | | | 196,469 | | | | 0.1 | |
| 7,590 (1) | | | Sprout Social, Inc. - Class A | | | 466,330 | | | | 0.1 | |
| 5,807 (1) | | | SPS Commerce, Inc. | | | 1,125,629 | | | | 0.3 | |
| 7,552 (1) | | | Squarespace, Inc. - Class A | | | 249,292 | | | | 0.1 | |
| 7,361 (1) | | | Super Micro Computer, Inc. | | | 2,092,438 | | | | 0.5 | |
| 6,269 (1) | | | Synaptics, Inc. | | | 715,168 | | | | 0.2 | |
| 18,118 (1) | | | Tenable Holdings, Inc. | | | 834,515 | | | | 0.2 | |
| 24,074 (1) | | | Terawulf, Inc. | | | 57,778 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 15,194 (1) | | | Thoughtworks Holding, Inc. | | $ | 73,083 | | | | 0.0 | |
| 16,479 (1) | | | TTM Technologies, Inc. | | | 260,533 | | | | 0.1 | |
| 1,789 (1) | | | Tucows, Inc. - Class A | | | 48,303 | | | | 0.0 | |
| 2,650 (1) | | | Turtle Beach Corp. | | | 29,018 | | | | 0.0 | |
| 7,213 (1) | | | Ultra Clean Holdings, Inc. | | | 246,252 | | | | 0.1 | |
| 11,786 (1) | | | Unisys Corp. | | | 66,237 | | | | 0.0 | |
| 17,298 (1) | | | Varonis Systems, Inc. | | | 783,253 | | | | 0.2 | |
| 8,289 (1) | | | Veeco Instruments, Inc. | | | 257,208 | | | | 0.1 | |
| 10,044 (1) | | | Verint Systems, Inc. | | | 271,489 | | | | 0.1 | |
| 34,805 (1) | | | Viavi Solutions, Inc. | | | 350,486 | | | | 0.1 | |
| 20,258 | | | Vishay Intertechnology, Inc. | | | 485,584 | | | | 0.1 | |
| 2,315 (1) | | | Vishay Precision Group, Inc. | | | 78,872 | | | | 0.0 | |
| 9,328 (1)(3) | | | Vuzix Corp. | | | 19,449 | | | | 0.0 | |
| 5,530 (1) | | | Weave Communications, Inc. | | | 63,429 | | | | 0.0 | |
| 7,752 (1) | | | Workiva, Inc. | | | 787,061 | | | | 0.2 | |
| 18,303 | | | Xerox Holdings Corp. | | | 335,494 | | | | 0.1 | |
| 7,357 (1) | | | Xperi, Inc. | | | 81,074 | | | | 0.0 | |
| 17,118 (1) | | | Yext, Inc. | | | 100,825 | | | | 0.0 | |
| 21,950 (1) | | | Zeta Global Holdings Corp. - Class A | | | 193,599 | | | | 0.1 | |
| 20,575 (1) | | | Zuora, Inc. - Class A | | | 193,405 | | | | 0.1 | |
| | | | | | | 57,330,270 | | | | 13.8 | |
| | | | | | | | | | | | |
| | | | Materials: 4.4% | | | | | | | | |
| 4,367 | | | AdvanSix, Inc. | | | 130,835 | | | | 0.0 | |
| 1,838 | | | Alpha Metallurgical Resources, Inc. | | | 622,935 | | | | 0.2 | |
| 4,812 | | | American Vanguard Corp. | | | 52,788 | | | | 0.0 | |
| 2,851 | | | Arch Resources, Inc. | | | 473,095 | | | | 0.1 | |
| 8,022 (1) | | | Aspen Aerogels, Inc. | | | 126,587 | | | | 0.0 | |
| 20,493 (1) | | | ATI, Inc. | | | 931,817 | | | | 0.2 | |
| 14,471 | | | Avient Corp. | | | 601,559 | | | | 0.2 | |
| 5,092 | | | Balchem Corp. | | | 757,435 | | | | 0.2 | |
| 8,746 | | | Cabot Corp. | | | 730,291 | | | | 0.2 | |
| 2,964 | | | Caledonia Mining Corp. PLC | | | 36,161 | | | | 0.0 | |
| 7,677 | | | Carpenter Technology Corp. | | | 543,532 | | | | 0.1 | |
| 8,561 (1) | | | Century Aluminum Co. | | | 103,931 | | | | 0.0 | |
| 2,708 (1) | | | Clearwater Paper Corp. | | | 97,813 | | | | 0.0 | |
| 53,345 (1) | | | Coeur Mining, Inc. | | | 173,905 | | | | 0.1 | |
| 18,473 | | | Commercial Metals Co. | | | 924,389 | | | | 0.2 | |
| 5,538 | | | Compass Minerals International, Inc. | | | 140,222 | | | | 0.0 | |
| 20,277 (1) | | | Constellium SE | | | 404,729 | | | | 0.1 | |
| 1,219 (1) | | | Contango ORE, Inc. | | | 22,076 | | | | 0.0 | |
| 1,352 (1) | | | Core Molding Technologies, Inc. | | | 25,053 | | | | 0.0 | |
| 9,342 (1) | | | Dakota Gold Corp. | | | 24,476 | | | | 0.0 | |
| 13,464 (1)(3) | | | Danimer Scientific, Inc. | | | 13,733 | | | | 0.0 | |
| 15,060 (1) | | | Ecovyst, Inc. | | | 147,136 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 4,165 | | | FutureFuel Corp. | | $ | 25,323 | | | | 0.0 | |
| 7,949 (1) | | | Glatfelter Corp. | | | 15,421 | | | | 0.0 | |
| 4,633 | | | Greif, Inc. - Class A | | | 303,878 | | | | 0.1 | |
| 3,161 | | | Hawkins, Inc. | | | 222,598 | | | | 0.1 | |
| 2,172 | | | Haynes International, Inc. | | | 123,913 | | | | 0.0 | |
| 8,539 | | | HB Fuller Co. | | | 695,160 | | | | 0.2 | |
| 97,782 | | | Hecla Mining Co. | | | 470,331 | | | | 0.1 | |
| 33,877 (1) | | | i-80 Gold Corp. | | | 59,623 | | | | 0.0 | |
| 5,845 (1) | | | Ingevity Corp. | | | 276,001 | | | | 0.1 | |
| 4,000 | | | Innospec, Inc. | | | 492,960 | | | | 0.1 | |
| 1,739 (1) | | | Intrepid Potash, Inc. | | | 41,545 | | | | 0.0 | |
| 9,829 (1) | | | Ivanhoe Electric, Inc. / US | | | 99,076 | | | | 0.0 | |
| 2,555 | | | Kaiser Aluminum Corp. | | | 181,890 | | | | 0.1 | |
| 8,992 (1) | | | Knife River Corp. | | | 595,091 | | | | 0.2 | |
| 3,417 | | | Koppers Holdings, Inc. | | | 175,019 | | | | 0.1 | |
| 28,650 (1)(3) | | | Livent Corp. | | | 515,127 | | | | 0.1 | |
| 9,207 (1) | | | LSB Industries, Inc. | | | 85,717 | | | | 0.0 | |
| 3,316 | | | Materion Corp. | | | 431,511 | | | | 0.1 | |
| 8,966 | | | Mativ Holdings, Inc. | | | 137,269 | | | | 0.0 | |
| 5,257 | | | Minerals Technologies, Inc. | | | 374,877 | | | | 0.1 | |
| 5,863 | | | Myers Industries, Inc. | | | 114,622 | | | | 0.0 | |
| 39,621 (1) | | | Novagold Resources, Inc. | | | 148,183 | | | | 0.0 | |
| 24,470 (1) | | | O-I Glass, Inc. | | | 400,819 | | | | 0.1 | |
| 1,685 | | | Olympic Steel, Inc. | | | 112,389 | | | | 0.0 | |
| 15,817 (1) | | | Origin Materials, Inc. | | | 13,226 | | | | 0.0 | |
| 8,985 | | | Orion SA | | | 249,154 | | | | 0.1 | |
| 7,196 | | | Pactiv Evergreen, Inc. | | | 98,657 | | | | 0.0 | |
| 25,840 (1) | | | Perimeter Solutions SA | | | 118,864 | | | | 0.0 | |
| 7,162 (1) | | | Perpetua Resources Corp. | | | 22,704 | | | | 0.0 | |
| 2,843 (1)(3) | | | Piedmont Lithium, Inc. | | | 80,258 | | | | 0.0 | |
| 18,983 (1)(3) | | | PureCycle Technologies, Inc. | | | 76,881 | | | | 0.0 | |
| 2,216 | | | Quaker Chemical Corp. | | | 472,939 | | | | 0.1 | |
| 4,177 | | | Ramaco Resources, Inc. - Class A | | | 71,761 | | | | 0.0 | |
| 7,355 (1) | | | Ranpak Holdings Corp. | | | 42,806 | | | | 0.0 | |
| 11,141 (1) | | | Rayonier Advanced Materials, Inc. | | | 45,121 | | | | 0.0 | |
| 3,847 | | | Ryerson Holding Corp. | | | 133,414 | | | | 0.0 | |
| 4,246 | | | Schnitzer Steel Industries, Inc. - Class A | | | 128,059 | | | | 0.0 | |
| 6,688 | | | Sensient Technologies Corp. | | | 441,408 | | | | 0.1 | |
| 3,411 | | | Stepan Co. | | | 322,510 | | | | 0.1 | |
| 18,788 (1) | | | Summit Materials, Inc. - Class A | | | 722,586 | | | | 0.2 | |
| 14,093 | | | SunCoke Energy, Inc. | | | 151,359 | | | | 0.1 | |
| 5,740 | | | Sylvamo Corp. | | | 281,891 | | | | 0.1 | |
| 7,115 (1) | | | TimkenSteel Corp. | | | 166,847 | | | | 0.1 | |
| 6,804 | | | TriMas Corp. | | | 172,345 | | | | 0.1 | |
| 5,943 | | | Trinseo PLC | | | 49,743 | | | | 0.0 | |
| 18,587 | | | Tronox Holdings PLC | | | 263,192 | | | | 0.1 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 367 | | | United States Lime & Minerals, Inc. | | $ | 84,538 | | | | 0.0 | |
| 8,276 | | | Warrior Met Coal, Inc. | | | 504,588 | | | | 0.1 | |
| 4,821 | | | Worthington Industries, Inc. | | | 277,449 | | | | 0.1 | |
| 4,892 (1) | | | Worthington Steel, Inc. | | | 137,465 | | | | 0.0 | |
| | | | | | | 18,312,606 | | | | 4.4 | |
| | | | | | | | | | | | |
| | | | Real Estate: 6.0% |
| 14,867 | | | Acadia Realty Trust | | | 252,590 | | | | 0.1 | |
| 12,041 | | | Alexander & Baldwin, Inc. | | | 229,020 | | | | 0.1 | |
| 406 | | | Alexander’s, Inc. | | | 86,709 | | | | 0.0 | |
| 8,055 | | | American Assets Trust, Inc. | | | 181,318 | | | | 0.1 | |
| 17,050 (1) | | | Anywhere Real Estate, Inc. | | | 138,275 | | | | 0.0 | |
| 24,041 (1) | | | Apartment Investment and Management Co. - Class A | | | 188,241 | | | | 0.1 | |
| 33,973 | | | Apple Hospitality REIT, Inc. | | | 564,292 | | | | 0.1 | |
| 11,697 | | | Armada Hoffler Properties, Inc. | | | 144,692 | | | | 0.0 | |
| 10,581 | | | Braemar Hotels & Resorts, Inc. | | | 26,452 | | | | 0.0 | |
| 27,493 | | | Brandywine Realty Trust | | | 148,462 | | | | 0.0 | |
| 30,118 | | | Broadstone Net Lease, Inc. | | | 518,632 | | | | 0.1 | |
| 15,699 | | | CareTrust REIT, Inc. | | | 351,344 | | | | 0.1 | |
| 4,824 | | | CBL & Associates Properties, Inc. | | | 117,802 | | | | 0.0 | |
| 2,557 | | | Centerspace | | | 148,817 | | | | 0.0 | |
| 8,826 | | | Chatham Lodging Trust | | | 94,615 | | | | 0.0 | |
| 6,464 | | | City Office REIT, Inc. | | | 39,495 | | | | 0.0 | |
| 4,385 | | | Community Healthcare Trust, Inc. | | | 116,816 | | | | 0.0 | |
| 46,536 (1) | | | Compass, Inc. - Class A | | | 174,975 | | | | 0.0 | |
| 17,949 | | | COPT Defense Properties | | | 460,033 | | | | 0.1 | |
| 4,117 | | | CTO Realty Growth, Inc. | | | 71,348 | | | | 0.0 | |
| 26,282 (1) | | | Cushman & Wakefield PLC | | | 283,846 | | | | 0.1 | |
| 33,264 | | | DiamondRock Hospitality Co. | | | 312,349 | | | | 0.1 | |
| 25,808 | | | DigitalBridge Group, Inc. | | | 452,672 | | | | 0.1 | |
| 38,219 | | | Diversified Healthcare Trust | | | 142,939 | | | | 0.0 | |
| 13,118 | | | Douglas Elliman, Inc. | | | 38,698 | | | | 0.0 | |
| 25,893 | | | Douglas Emmett, Inc. | | | 375,449 | | | | 0.1 | |
| 14,907 | | | Easterly Government Properties, Inc. | | | 200,350 | | | | 0.1 | |
| 14,185 | | | Elme Communities | | | 207,101 | | | | 0.1 | |
| 21,452 | | | Empire State Realty Trust, Inc. - Class A | | | 207,870 | | | | 0.1 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Real Estate: (continued) |
| 14,883 | | | Equity Commonwealth | | $ | 285,754 | | | | 0.1 | |
| 24,705 | | | Essential Properties Realty Trust, Inc. | | | 631,460 | | | | 0.2 | |
| 11,238 (3) | | | eXp World Holdings, Inc. | | | 174,414 | | | | 0.0 | |
| 7,739 | | | Farmland Partners, Inc. | | | 96,583 | | | | 0.0 | |
| 3,108 (1) | | | Forestar Group, Inc. | | | 102,782 | | | | 0.0 | |
| 13,739 | | | Four Corners Property Trust, Inc. | | | 347,597 | | | | 0.1 | |
| 1,262 (1) | | | FRP Holdings, Inc. | | | 79,355 | | | | 0.0 | |
| 7,309 | | | Getty Realty Corp. | | | 213,569 | | | | 0.1 | |
| 7,138 | | | Gladstone Commercial Corp. | | | 94,507 | | | | 0.0 | |
| 6,193 | | | Gladstone Land Corp. | | | 89,489 | | | | 0.0 | |
| 10,882 | | | Global Medical REIT, Inc. | | | 120,790 | | | | 0.0 | |
| 30,533 | | | Global Net Lease, Inc. | | | 303,803 | | | | 0.1 | |
| 21,971 | | | Hudson Pacific Properties, Inc. | | | 204,550 | | | | 0.1 | |
| 35,704 | | | Independence Realty Trust, Inc. | | | 546,271 | | | | 0.1 | |
| 4,437 | | | Innovative Industrial Properties, Inc. | | | 447,338 | | | | 0.1 | |
| 11,048 | | | InvenTrust Properties Corp. | | | 279,956 | | | | 0.1 | |
| 16,447 | | | JBG SMITH Properties | | | 279,763 | | | | 0.1 | |
| 19,022 | | | Kennedy-Wilson Holdings, Inc. | | | 235,492 | | | | 0.1 | |
| 34,459 | | | Kite Realty Group Trust | | | 787,733 | | | | 0.2 | |
| 45,829 | | | L.P. Industrial Trust | | | 454,624 | | | | 0.1 | |
| 6,671 | | | LTC Properties, Inc. | | | 214,273 | | | | 0.1 | |
| 34,730 | | | Macerich Co. | | | 535,884 | | | | 0.1 | |
| 3,936 | | | Marcus & Millichap, Inc. | | | 171,924 | | | | 0.0 | |
| 6,701 | | | National Health Investors, Inc. | | | 374,251 | | | | 0.1 | |
| 10,684 | | | NETSTREIT Corp. | | | 190,709 | | | | 0.1 | |
| 22,070 | | | Newmark Group, Inc. - Class A | | | 241,887 | | | | 0.1 | |
| 5,328 | | | NexPoint Diversified Real Estate Trust | | | 42,358 | | | | 0.0 | |
| 3,848 | | | NexPoint Residential Trust, Inc. | | | 132,487 | | | | 0.0 | |
| 7,503 | | | Office Properties Income Trust | | | 54,922 | | | | 0.0 | |
| 3,076 | | | One Liberty Properties, Inc. | | | 67,395 | | | | 0.0 | |
| 88,137 (1) | | | Opendoor Technologies, Inc. | | | 394,854 | | | | 0.1 | |
| 9,555 | | | Orion Office REIT, Inc. | | | 54,655 | | | | 0.0 | |
| 23,068 | | | Outfront Media, Inc. | | | 322,029 | | | | 0.1 | |
| 30,579 | | | Paramount Group, Inc. | | | 158,093 | | | | 0.0 | |
| 5,949 | | | Peakstone Realty Trust | | | 118,564 | | | | 0.0 | |
| 19,375 | | | Pebblebrook Hotel Trust | | | 309,612 | | | | 0.1 | |
| 18,674 | | | Phillips Edison & Co., Inc. | | | 681,228 | | | | 0.2 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 37,513 | | | Physicians Realty Trust | | $ | 499,298 | | | | 0.1 | |
| 20,160 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 143,338 | | | | 0.0 | |
| 7,261 | | | Plymouth Industrial REIT, Inc. | | | 174,772 | | | | 0.0 | |
| 12,610 | | | PotlatchDeltic Corp. | | | 619,151 | | | | 0.2 | |
| 2,952 | | | RE/MAX Holdings, Inc. - Class A | | | 39,350 | | | | 0.0 | |
| 17,138 (1) | | | Redfin Corp. | | | 176,864 | | | | 0.0 | |
| 19,424 | | | Retail Opportunity Investments Corp. | | | 272,519 | | | | 0.1 | |
| 25,115 | | | RLJ Lodging Trust | | | 294,348 | | | | 0.1 | |
| 2,711 | | | RMR Group, Inc. - Class A | | | 76,532 | | | | 0.0 | |
| 9,152 | | | Ryman Hospitality Properties, Inc. | | | 1,007,269 | | | | 0.2 | |
| 36,741 | | | Sabra Health Care REIT, Inc. | | | 524,294 | | | | 0.1 | |
| 7,014 (1) | | | Safehold, Inc. | | | 164,128 | | | | 0.0 | |
| 2,279 | | | Saul Centers, Inc. | | | 89,496 | | | | 0.0 | |
| 26,519 | | | Service Properties Trust | | | 226,472 | | | | 0.1 | |
| 30,032 | | | SITE Centers Corp. | | | 409,336 | | | | 0.1 | |
| 10,304 | | | SL Green Realty Corp. | | | 465,432 | | | | 0.1 | |
| 5,500 | | | St Joe Co. | | | 330,990 | | | | 0.1 | |
| 1,942 (1) | | | Star Holdings | | | 29,091 | | | | 0.0 | |
| 1,042 (1) | | | Stratus Properties, Inc. | | | 30,072 | | | | 0.0 | |
| 17,583 | | | Summit Hotel Properties, Inc. | | | 118,158 | | | | 0.0 | |
| 32,891 | | | Sunstone Hotel Investors, Inc. | | | 352,920 | | | | 0.1 | |
| 16,189 | | | Tanger Factory Outlet Centers, Inc. | | | 448,759 | | | | 0.1 | |
| 4,215 (1) | | | Tejon Ranch Co. | | | 72,498 | | | | 0.0 | |
| 12,893 | | | Terreno Realty Corp. | | | 808,004 | | | | 0.2 | |
| 9,335 | | | UMH Properties, Inc. | | | 143,012 | | | | 0.0 | |
| 38,185 | | | Uniti Group, Inc. | | | 220,709 | | | | 0.1 | |
| 2,386 | | | Universal Health Realty Income Trust | | | 103,194 | | | | 0.0 | |
| 18,046 | | | Urban Edge Properties | | | 330,242 | | | | 0.1 | |
| 12,901 | | | Veris Residential, Inc. | | | 202,933 | | | | 0.1 | |
| 8,753 | | | Whitestone REIT | | | 107,574 | | | | 0.0 | |
| 17,759 | | | Xenia Hotels & Resorts, Inc. | | | 241,878 | | | | 0.1 | |
| | | | | | | 24,838,790 | | | | 6.0 | |
| | | | | | | | | | | | |
| | | | Utilities: 2.6% |
| 9,162 | | | ALLETE, Inc. | | | 560,348 | | | | 0.1 | |
| 10,276 (1)(3) | | | Altus Power, Inc. | | | 70,185 | | | | 0.0 | |
| 5,803 | | | American States Water Co. | | | 466,677 | | | | 0.1 | |
| 1,743 | | | Artesian Resources Corp. - Class A | | | 72,247 | | | | 0.0 | |
| 11,840 | | | Avista Corp. | | | 423,162 | | | | 0.1 | |
| 10,345 | | | Black Hills Corp. | | | 558,113 | | | | 0.1 | |
| 19,025 | | | Brookfield Infrastructure Corp. - Class A | | | 671,202 | | | | 0.2 | |
| 6,393 (1) | | | Cadiz, Inc. | | | 17,900 | | | | 0.0 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Utilities: (continued) |
| 9,219 | | | California Water Service Group | | $ | 478,190 | | | | 0.1 | |
| 3,399 | | | Chesapeake Utilities Corp. | | | 359,036 | | | | 0.1 | |
| 2,448 | | | Consolidated Water Co. Ltd. | | | 87,149 | | | | 0.0 | |
| 3,505 | | | Genie Energy Ltd. - Class B | | | 98,596 | | | | 0.0 | |
| 5,912 | | | MGE Energy, Inc. | | | 427,497 | | | | 0.1 | |
| 2,846 | | | Middlesex Water Co. | | | 186,755 | | | | 0.1 | |
| 11,020 (1) | | | Montauk Renewables, Inc. | | | 98,188 | | | | 0.0 | |
| 15,422 | | | New Jersey Resources Corp. | | | 687,513 | | | | 0.2 | |
| 5,928 | | | Northwest Natural Holding Co. | | | 230,836 | | | | 0.1 | |
| 9,398 | | | NorthWestern Corp. | | | 478,264 | | | | 0.1 | |
| 8,801 | | | ONE Gas, Inc. | | | 560,800 | | | | 0.1 | |
| 8,427 | | | Ormat Technologies, Inc. | | | 638,682 | | | | 0.2 | |
| 6,580 | | | Otter Tail Corp. | | | 559,103 | | | | 0.1 | |
| 13,521 | | | PNM Resources, Inc. | | | 562,474 | | | | 0.1 | |
| 14,963 | | | Portland General Electric Co. | | | 648,496 | | | | 0.2 | |
| 3,897 (1) | | | Pure Cycle Corp. | | | 40,802 | | | | 0.0 | |
| 5,187 | | | SJW Group | | | 338,970 | | | | 0.1 | |
| 9,817 | | | Southwest Gas Holdings, Inc. | | | 621,907 | | | | 0.2 | |
| 8,256 | | | Spire, Inc. | | | 514,679 | | | | 0.1 | |
| 16,793 (1)(3) | | | Sunnova Energy International, Inc. | | | 256,093 | | | | 0.1 | |
| 2,804 | | | Unitil Corp. | | | 147,406 | | | | 0.0 | |
| 2,712 | | | York Water Co. | | | 104,737 | | | | 0.0 | |
| | | | | | | | | | | |
| | | | | | | 10,966,007 | | | | 2.6 | |
| | | | Total Common Stock
(Cost $370,016,536) | | | 403,291,127 | | | | 96.8 | |
| | | | | | | | | | | | |
| RIGHTS: 0.0% |
| | | | Consumer, Non-cyclical: 0.0% |
| 8,741 (2)(4) | | | Chinook Therapeutics, Inc. CVR | | | 3,409 | | | | 0.0 | |
| | | | Total Rights
(Cost $—) | | | 3,409 | | | | 0.0 | |
| WARRANTS: 0.0% |
| | | | Health Care: 0.0% |
| 2,504 (1) | | | Cassava Sciences, Inc. | | | 15,675 | | | | 0.0 | |
| | | | Total Warrants
(Cost $13,926) | | | 15,675 | | | | 0.0 | |
| | | | Total Long-Term Investments
(Cost $370,030,462) | | | 403,310,211 | | | | 96.8 | |
| | | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 5.0% |
| | | | Repurchase Agreements: 2.1% |
| 2,100,841 (5) | | | Bank of America Inc., Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $2,102,066, collateralized by various U.S. Government Securities, 0.000%- 3.125%, Market Value plus accrued interest $2,142,858, due 08/31/27-05/15/48) | | $ | 2,100,841 | | | | 0.5 | |
| 2,100,841 (5) | | | Daiwa Capital Markets, Repurchase Agreement dated 12/29/2023, 5.350%, due 01/02/2024 (Repurchase Amount $2,102,073, collateralized by various U.S. Government Securities, 0.000%- 5.375%, Market Value plus accrued interest $2,142,859, due 01/25/24-11/15/51) | | | 2,100,841 | | | | 0.5 | |
| 2,100,841 (5) | | | Deutsche Bank Securities Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $2,102,068, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $2,142,858, due 01/18/24-08/15/36) | | | 2,100,841 | | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Principal
Amount† | | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 386,761 (5) | | | HSBC Securities USA, Repurchase Agreement dated 12/29/2023, 5.320%, due 01/02/2024 (Repurchase Amount $386,986, collateralized by various U.S. Government Securities, 0.000%- 4.250%, Market Value plus accrued interest $394,496, due 04/30/24-05/15/53) | | $ | 386,761 | | | | 0.1 | |
| 2,100,841 (5) | | | Mizuho Securities USA Inc., Repurchase Agreement dated 12/29/2023, 5.330%, due 01/02/2024 (Repurchase Amount $2,102,068, collateralized by various U.S. Government Securities, 0.375%- 4.750%, Market Value plus accrued interest $2,142,858, due 12/31/23-02/15/33) | | | 2,100,841 | | | | 0.5 | |
| | | | Total Repurchase Agreements
(Cost $8,790,125) | | | 8,790,125 | | | | 2.1 | |
| Shares | | | | | | Value | | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 2.9% |
| 11,987,000 (6) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270%
(Cost $11,987,000) | | $ | 11,987,000 | | | | 2.9 | |
| | | Total Short-Term Investments
(Cost $20,777,125) | | | 20,777,125 | | | | 5.0 | |
| | | Total Investments in Securities
(Cost $390,807,587) | | $ | 424,087,336 | | | | 101.8 | |
| | | Liabilities in Excess of Other Assets | | | (7,459,774) | | | | (1.8) | |
| | | Net Assets | | $ | 416,627,562 | | | | 100.0 | |
| | | | | | | | | | | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (3) | Security, or a portion of the security, is on loan. |
| (4) | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2023, the Portfolio held restricted securities with a fair value of $6,780 or —% of net assets. Please refer to the table below for additional details. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of December 31, 2023. |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | | | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | December 31, 2023 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 9,556,502 | | | $ | — | | | $ | — | | | $ | 9,556,502 | |
| Consumer Discretionary | | | 43,746,660 | | | | — | | | | — | | | | 43,746,660 | |
| Consumer Staples | | | 13,666,297 | | | | — | | | | — | | | | 13,666,297 | |
| Energy | | | 27,723,746 | | | | — | | | | — | | | | 27,723,746 | |
| Financials | | | 68,061,760 | | | | — | | | | — | | | | 68,061,760 | |
| Health Care | | | 62,212,953 | | | | — | | | | 3,371 | | | | 62,216,324 | |
| Industrials | | | 66,872,165 | | | | — | | | | — | | | | 66,872,165 | |
| Information Technology | | | 57,330,270 | | | | — | | | | — | | | | 57,330,270 | |
| Materials | | | 18,312,606 | | | | — | | | | — | | | | 18,312,606 | |
| Real Estate | | | 24,838,790 | | | | — | | | | — | | | | 24,838,790 | |
| Utilities | | | 10,966,007 | | | | — | | | | — | | | | 10,966,007 | |
| Total Common Stock | | | 403,287,756 | | | | — | | | | 3,371 | | | | 403,291,127 | |
| Rights | | | — | | | | — | | | | 3,409 | | | | 3,409 | |
| Warrants | | | — | | | | 15,675 | | | | — | | | | 15,675 | |
| Short-Term Investments | | | 11,987,000 | | | | 8,790,125 | | | | — | | | | 20,777,125 | |
| Total Investments, at fair value | | $ | 415,274,756 | | | $ | 8,805,800 | | | $ | 6,780 | | | $ | 424,087,336 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 871,499 | | | | — | | | | — | | | | 871,499 | |
| Total Assets | | $ | 416,146,255 | | | $ | 8,805,800 | | | $ | 6,780 | | | $ | 424,958,835 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | 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. |
At December 31, 2023, Voya VACS Index Series SC Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | | |
| Cartesian Therapeutics, Inc. CVR | | 12/12/2023 | | $ | — | | | $ | 3,371 | | |
| Chinook Therapeutics, Inc. CVR | | 8/14/2023 | | | — | | | | 3,409 | | |
| | | | | $ | — | | | $ | 6,780 | | |
At December 31, 2023, the following futures contracts were outstanding for Voya VACS Index Series SC Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | |
| E-mini Russell 2000 Index | | 130 | | | 03/15/24 | | $ | 13,310,050 | | | $ | 871,499 | |
| | | | | | | | $ | 13,310,050 | | | $ | 871,499 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2023 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 871,499 | |
| Total Asset Derivatives | | | | $ | 871,499 | |
See Accompanying Notes to Financial Statements
| Voya VACS Index Series SC Portfolio | | | PORTFOLIO OF INVESTMENTS
as of December 31, 2023 (continued) |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended December 31, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | (563,040) | |
| Total | | $ | (563,040) | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 871,499 | |
| Total | | $ | 871,499 | |
At December 31, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $392,179,020. |
| Net unrealized appreciation consisted of: | | | | |
| Gross Unrealized Appreciation | | $ | 65,167,766 | |
| Gross Unrealized Depreciation | | | (32,387,950) | |
| Net Unrealized Appreciation | | $ | 32,779,816 | |
See Accompanying Notes to Financial Statements
TAX INFORMATION (Unaudited)
Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
| | Creditable Foreign Taxes
Paid | Per Share Amount | Portion of Ordinary Income
Derived from Foreign
Sourced Income* |
| Voya VACS Index Series EM Portfolio | $2,027,993 | $0.0554 | 94.69% |
| Voya VACS Index Series I Portfolio | $2,705,158 | $0.0188 | 84.98% |
* None of the Portfolios' income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Company/Trust are managed under the direction of the Board. A Director/Trustee, who is not an interested person of the Company/Trust, as defined in the 1940 Act, is an independent director/trustee (“Independent Director/Trustee”). The Directors/Trustees and Officers of the Company/Trust are listed below. The Statement of Additional Information includes additional information about Directors/Trustees of the Company/Trust and is available, without charge, upon request at (800) 992-0180.
| Name, Address and Age | | Position(s)
Held with the
Company/
Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) –
During the Past 5 Years | | Number of
funds in
Fund
Complex
Overseen
by
Director/
Trustee(2) | | Other Board Positions
Held by Director/Trustee |
Independent Directors/
Trustees(3): | | | | | | | | | | |
| | | | | | | | | | | |
Colleen D. Baldwin
(1960)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Chairperson Director/Trustee | | January 2020 – Present
VIT: November 2007 – Present
VVPI: May 2013 - Present | | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | 138 | | Stanley Global Engineering (2020 – Present). |
| | | | | | | | | | | |
John V. Boyer
(1953)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director/Trustee | | VIT: January 2005 – Present
VVPI: May 2013 - Present | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | 138 | | None. |
| | | | | | | | | | | |
Martin J. Gavin
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director/Trustee | | August 2015 – Present | | Retired. | | 138 | | None. |
| | | | | | | | | | | |
Joseph E. Obermeyer
(1957)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director/Trustee | | VIT: May 2013 – Present
VVPI: January 2003 – Present | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | 138 | | None. |
| | | | | | | | | | | |
Sheryl K. Pressler
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director/Trustee | | VIT: January 2006 – Present
VVPI: May 2013 - Present | | Consultant (May 2001 – Present). | | 138 | | Centerra Gold Inc. (May 2008 – Present). |
| | | | | | | | | | | |
Christopher P. Sullivan
(1954)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258 | | Director/Trustee | | October 2015 – Present | | Retired. | | 138 | | None. |
| (1) | Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director/Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director/Trustee shall retire from and cease to be a member of the Board of Directors/Trustees at the close of business on December 31 of the calendar year in which the Independent Director/Trustee attains the age of 75. A majority vote of the Board’s other Independent Directors/Trustees may extend the retirement date of an Independent Director/Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Company/Trust under applicable law, whether for the purposes of appointing a successor to the Inde- pendent Director/Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Directors/Trustees). |
| | |
| (2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2024.
| (3) | Effective December 31, 2023, Patricia W. Chadwick retired as a Director/Trustee of the Board. |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) – During the Past 5 Years |
Andy Simonoff
(1973) 5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | President and Chief Executive Officer | | January 2023 – Present | | Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019). |
| | | | | | | |
Jonathan Nash
(1967) 230 Park Avenue New York, New York 10169 | | Executive Vice President and Chief Investment Risk Officer | | March 2020 – Present | | Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020). |
| | | | | | | |
James M. Fink
(1958) 5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | Executive Vice President | | March 2018 – Present | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). |
| | | | | | | |
Steven Hartstein
(1963) 230 Park Avenue New York, New York 10169 | | Chief Compliance Officer | | December 2022 – Present | | Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022). |
| | | | | | | |
Todd Modic
(1967) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President, Chief/ Principal Financial Officer and Assistant Secretary | | March 2005 – Present | | Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022). |
| | | | | | | |
Kimberly A. Anderson
(1964) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | VIT: November 2003 – Present VVPI: December 2003 – Present | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| | | | | | | |
Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). |
| | | | | | | |
Jason Kadavy
(1976) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | September 2023 – Present | | Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (September 2023 – Present); Formerly, Vice President, Voya Investments, LLC (October 2015 - September 2023); Vice President, Voya Funds Services, LLC (July 2007 – September 2023). |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) – During the Past 5 Years |
Andrew K. Schlueter
(1976) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Senior Vice President | | June 2022 – Present | | Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022). |
| | | | | | | |
Joanne F. Osberg
(1982) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Vice President Secretary | | March 2023 – Present September 2020 – Present | | Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 - March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020). |
| | | | | | | |
Robert Terris
(1970) 5780 Powers Ferry Road NW
Atlanta, Georgia 30327 | | Senior Vice President | | VIT: May 2006 – Present VPI: June 2006 –Present | | Senior Vice President, Head of Future State Operating Model Design, Voya Investment Management (April 2023 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). |
| | | | | | | |
Fred Bedoya
(1973) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Vice President Principal Accounting Officer and Treasurer | | September 2012 – Present | | Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present). |
| | | | | | | |
Robyn L. Ichilov
(1967) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Vice President | | VIT: November 1999 – Present VVPI: March 2002 – Present | | Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present). |
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Erica McKenna
(1972) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Vice President | | June 2022 – Present | | Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). |
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Craig Wheeler
(1969) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Vice President | | May 2013 – Present | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
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Nicholas C.D. Ward
(1993) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021). |
DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
Name, Address and Age | | Position(s)
Held with the
Company/Trust | | Term of Office and
Length of Time
Served(1) | | Principal
Occupation(s) – During the Past 5 Years |
Gizachew Wubishet
(1976) 7337 East Doubletree Ranch Rd.
Suite 100 Scottsdale, Arizona 85258 | | Assistant Vice President and Assistant Secretary | | June 2022 – Present | | Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019). |
| | | | | | | |
Monia Piacenti
(1976) One Orange Way Windsor, Connecticut 06095 | | Anti-Money Laundering Officer | | June 2018 – Present | | Compliance Manager, Voya Financial, Inc. (March 2023 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Compliance Consultant, Voya Financial, Inc. (January 2019 – February 2023). |
| (1) | The Officers hold office until the next annual meeting of the Board of Directors/Trustees and until their successors shall have been elected and qualified. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS At a meeting held on November 16, 2023, the Boards of Directors/Trustees (“Board”) of Voya Investors Trust (the “Trust”) and Voya Variable Portfolios, Inc. (the “Company”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio and Voya VACS Index Series SC Portfolio, each a series of the Company, and Voya VACS Index Series S Portfolio, a series of the Trust (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors/Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company or Trust, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024. In addition to the Board meeting on November 16, 2023, the Independent Directors/Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately. The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, | | and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers. The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/ Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Directors/Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds. The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations. Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration. Nature, Extent and Quality of Services The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers. The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers’ investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser. Further, the Board considered periodic compliance reports it receives from the Chief Compliance Officer of the Company and the Trust evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis. The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios. Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate. Portfolio Performance In assessing the investment management and sub-advisory relationships, the Board focuses on the reasonableness of the differences between the Portfolio’s net performance and the total return of the index that the Portfolio seeks to track over certain time periods. The Board considered that the Portfolios had limited performance history as each was launched in early 2023 and that it was reasonable to provide more time for the purpose of evaluating the Portfolio’s performance. | | Economies of Scale When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences. Fee Schedules, Profitability, and Fall-out Benefits The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group and which additional services the Manager pays for on behalf of the Portfolios under the “bundled fee” arrangement in return for a single management fee (“Unified Fee Structure”). The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform. For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub- Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub- Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks. The Board also considered that the Manager and the Voya- affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager and Sub-Advisers’ potential fall-out benefits were not unreasonable. Portfolio-by-Portfolio Analysis Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quartile rankings noted below, the first quartile represents the range of funds with the lowest management fee rate or expense ratio, as applicable, and the fourth quartile represents the range of funds with the highest management fee rate or expense ratio, as applicable. Voya VACS Index Series EM Portfolio In considering whether to approve the renewal of the Contracts for Voya VACS Index Series EM Portfolio, the | | Board considered that the Portfolio had limited performance history as it was launched in March 2023. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quartile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quartile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quartile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure. Voya VACS Index Series I Portfolio In considering whether to approve the renewal of the Contracts for Voya VACS Index Series I Portfolio, the Board considered that the Portfolio had limited performance history as it was launched in February 2023. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quartile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quartile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quartile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure. |
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Voya VACS Index Series MC Portfolio In considering whether to approve the renewal of the Contracts for Voya VACS Index Series MC Portfolio, the Board considered that the Portfolio had limited performance history as it was launched in January 2023. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quartile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quartile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quartile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure. Voya VACS Index Series SC Portfolio In considering whether to approve the renewal of the Contracts for Voya VACS Index Series SC Portfolio, the Board considered that the Portfolio had limited performance history as it was launched in January 2023. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quartile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quartile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quartile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services by | | certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure. Voya VACS Index Series S Portfolio In considering whether to approve the renewal of the Contracts for Voya VACS Index Series S Portfolio, the Board considered that the Portfolio had limited performance history as it was launched in January 2023. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second quartile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quartile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quartile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure. Board Conclusions After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2024. |
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| Investment Adviser | Independent Registered Public Accounting Firm |
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116 |
| | |
| Distributor | Custodian |
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | The Bank of New York Mellon
225 Liberty Street
New York, New York 10286 |
| | |
| Placement Agent | Legal Counsel |
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809 | Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199 |
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
| RETIREMENT | INVESTMENTS | INSURANCE |  |
| | |
| voyainvestments.com | 221493 (1223) |
Item 2. Code of Ethics.
As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 13(a)(1), Ex-99.CODE ETH.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Below are the amount of fees that Ernst & Young LLP (“EY”), the Registrant’s current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund’s fiscal year ended December 31, 2023 and December 31, 2022.
| (a) | Audit Fees: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY, the principal accountant for the audit of each respective registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $351,027 for the year ended December 31, 2023 and $270,376 for the year ended December 31, 2022. |
| (b) | Audit-Related Fees: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the audit of each respective registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended December 31, 2023 and $0 for the year ended December 31, 2022. |
| (c) | Tax Fees: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $88,662 for the year ended December 31, 2023 and $120,726 for the year ended December 31, 2022. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants’ federal, state, and excise tax returns, tax services related to mergers and routine consulting. |
| (d) | All Other Fees: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2023 and $0 for the year ended December 31, 2022. |
| (e)(1) | Audit Committee Pre-Approval Policies and Procedures |
Appendix A
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY
| I. | Statement of Principles |
Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.
The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.
The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.
| III. | Audit-related Services |
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.
The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.
The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.
The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.
The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.
The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.
The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.
A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.
| VI. | Pre-approval of Fee levels and Budgeted Amounts |
The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).
Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
| IX. | Additional Requirements |
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Last Approved: November 17, 2022
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2023 through December 31, 2023
| Service |
| | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee1 |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |
| 1 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2023 through December 31, 2023
| Service |
| | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | √ | | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds’ semi-annual and quarterly financial statements | √ | | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ | | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses | | √ | Not to exceed $5,000 per course |
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2023 through December 31, 2023
| Service |
| | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ | | As presented to Audit Committee2 |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ | | As presented to Audit Committee2 |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period |
| 2 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix C, continued Pre-Approved Tax Services for the Pre-Approval Period January 1, 2023 through December 31, 2023
| Service |
| | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions | | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| Tax compliance services related to return preparation for the Funds (Adviser Fees) | | √ | As presented to Audit Committee3 |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099’s, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ | | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ | | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |
| 3 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2023 through December 31, 2023
| Service |
| | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs | | √ | Not to exceed $60,000 during the Pre-Approval Period |
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √ | √ | Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ | | Not to exceed $50,000 during the Pre-Approval Period |
Appendix E
Prohibited Non-Audit Services
Dated: January 1, 2023 to December 31, 2023
| ● | Bookkeeping or other services related to the accounting records or financial statements of the Funds |
| ● | Financial information systems design and implementation |
| ● | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
| ● | Internal audit outsourcing services |
| ● | Broker-dealer, investment adviser, or investment banking services |
| ● | Expert services unrelated to the audit |
| ● | Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
EXHIBIT A
VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
VOYA BALANCED PORTFOLIO, INC.
VOYA CREDIT INCOME FUND
VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND
VOYA EQUITY TRUST
VOYA FUNDS TRUST
VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND
VOYA INTERMEDIATE BOND PORTFOLIO
VOYA INVESTORS TRUST
VOYA GOVERNMENT MONEY MARKET PORTFOLIO
VOYA MUTUAL FUNDS
VOYA PARTNERS, INC.
VOYA SEPARATE PORTFOLIOS TRUST
VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS
VOYA VARIABLE INSURANCE TRUST
VOYA VARIABLE PORTFOLIOS INC,
VOYA VARIABLE PRODUCTS TRUST
| (e)(2) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |
100% of the services were approved by the audit committee.
| (f) | Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50% |
Not applicable.
| (g) | Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant’s fiscal years ended December 31, 2023 and December 31, 2022; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods. |
| Registrant/Investment Adviser | | 2023 | | | 2022 | |
| Voya Variable Portfolios, Inc. | | $ | 88,662 | | | $ | 120,726 | |
| Voya Investments, LLC (1) | | $ | 17,183,452 | | | $ | 12,831,317 | |
(1) The Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.
| (h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
| (a) | Schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
| (a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
| (b) | There were no significant changes in the registrant’s internal controls that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): Voya Variable Portfolios, Inc.
| By | /s/ Andy Simonoff | |
| | Andy Simonoff | |
| | Chief Executive Officer | |
Date: March 8, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ Andy Simonoff | |
| | Andy Simonoff | |
| | Chief Executive Officer | |
Date: March 8, 2024
| By | /s/ Todd Modic | |
| | Todd Modic | |
| | Senior Vice President and Chief Financial Officer | |
Date: March 8, 2024
