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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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 E. Lombard Street, Baltimore, MD 21201
(Name and address of agent for service)
(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: January 1, 2015 to June 30, 2015
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
1
Semi-Annual Report
June 30, 2015
Classes ADV, I, S, and S2
Voya Variable Product Index Funds
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Voya Australia Index Portfolio
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Voya Emerging Markets Index Portfolio
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Voya Euro STOXX 50® Index Portfolio
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Voya FTSE 100 Index® Portfolio
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Voya Hang Seng Index Portfolio
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Voya International Index Portfolio
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Voya Japan TOPIX Index® Portfolio
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Voya Russell™ Large Cap Growth Index Portfolio
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Voya Russell™ Large Cap Index Portfolio
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Voya Russell™ Large Cap Value Index Portfolio
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Voya Russell™ Mid Cap Growth Index Portfolio
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Voya Russell™ Mid Cap Index Portfolio
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Voya Russell™ Small Cap Index Portfolio
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Voya U.S. Bond Index Portfolio
| | 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. | | |
TABLE OF CONTENTS
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| | | | | 116 |
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 N-Q. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.
PRESIDENT’S LETTER
Should I Stay or Should I Go?
Dear Shareholder,
The lyrics of The Clash’s 1981 hit referenced in the title of this letter seem to fit the current impasse between Greece and the leadership of the euro zone: “If I go there will be trouble / and if I stay it will be double.”
In a referendum on July 5, Greek voters decisively rejected what they perceived as unreasonable demands by the European Union: further tax increases and spending cuts as a condition for continued support. The country then missed a scheduled debt payment to the International Monetary Fund; Greek citizens endured more than three weeks of intensified hardship as banks closed and money got scarce. As of this writing, Greece has accepted the terms of a third bailout offer. Approval of the new offer forestalls a Greek euro zone exit and keep Greek banks open, but it remains unclear whether Greece can live up to the demands of the deal and reform its economy.
Will the problems in Greece spill over into the global financial markets? We believe that some investors may seek perceived safety by bidding up the prices of U.S. Treasury securities. Also, there may be volatility in European and Asian equity markets, where the Greek situation might amplify other, local challenges. In aggregate, however, we believe the effects on the global economy and financial markets will be contained.
As always, it’s important to keep focused on your long-term reasons for investing and not get distracted by day-to-day market gyrations. We believe that attempting to time markets is more often than not an exercise in futility and can impair your portfolio’s potential to help achieve your long-term goals. Please thoroughly discuss any contemplated changes with your investment advisor before taking any action.
At Voya Investment Management, we seek to be a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Shaun Mathews
President and Chief Executive Officer
August 5, 2015
President and Chief Executive Officer
August 5, 2015
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
1
Market Perspective: Six Months Ended June 30, 2015
Market Perspective
After a volatile last few months of 2014, global equities, represented by the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, maintained an uneven advance in the first half of our fiscal year. The Index rose 4.14% over the six months, but by the end the forces driving financial markets had substantially changed. (The Index returned 2.63% for the six-months ended June 30, 2015, measured in U.S. dollars.)
For much of 2014 it seemed that the only credible major growth story in the world was that the U.S. Markets took the October end of U.S. quantitative easing in stride and much of the economic data remained positive into 2015. In particular, employment was a source of strength. While reservations remained about the low labor force participation rate and sluggish wage growth, by June more than 200,000 jobs had been created in 14 out of the previous 15 months and the unemployment rate was down to 5.5%. New and existing home sales ended the period at the highest rates since before 2010.
But other reports painted a less optimistic picture. Gross domestic product (“GDP”) fell 0.2% annualized in the first quarter of 2015, in part due to the effects of another harsh winter, after rising 2.2% in the previous quarter. Industrial production and factory orders seemed to be in a downward drift. Other series showed no clear pattern, like retail sales, despite lower gasoline prices. As for oil prices, the price of a barrel of oil bounced from its mid-March low, but still ended June at two thirds of its level nine months earlier. While this would boost consumption in time, the more immediate effect was to reduce profits and investment in the energy sector and in industries that service it.
Superimposed on this was the prospect of rising U.S. interest rates. The U.S. Federal Reserve Board’s (“Fed’s”) June report suggested at least one increase by the end of 2015, while stressing that the process would be data driven and the trajectory of increases low. But the Fed had not increased rates for nine years and many investors feared that it would feel pressed to act before the economy was really ready.
Outside of the U.S., annual GDP growth in China decelerated to 7.0% in the first quarter of 2015, the slowest in six years, depressing in addition demand in the world’s commodity supplying countries. Japan was still struggling to create inflation despite the central bank’s accumulation of 20% of all in-force Japanese government bonds.
But it was the euro zone that attracted most of the attention. The region entered 2015 after growth of barely 1% in 2014, unemployment perched at 11.5% and consumer prices falling. In Greece, a new government was mandated in January to ease the terms of its €240 billion bailout and roll back reforms. Its attempts to do so were repelled by creditors and as June ended, Greece, with its banks shuttered, faced ejection from the euro zone, with unknowable side effects. But by then the European Central Bank had at last implemented a program of quantitative easing, the elixir that despite all else, might drive asset prices higher, judging from the experience of the U.S. and Japan. The euro and its interest rates fell: good for business, and within a few weeks it seemed, the gloomy euro zone data were turning. The unemployment rate edged down to 11.1%, prices stopped falling
and GDP rose 0.4% in the first quarter of 2015. Increasingly, buy euro zone equities, preferably currency-hedged, sell U.S., was the trade in the news.
In U.S. fixed income markets, the Treasury yield curve steepened through June and the Barclays Long-Term U.S. Treasury sub-index returned -4.67%. The Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) of investment grade bonds, lost just 0.10%, reflecting small moves in major sub-indices: Barclays U.S. Corporate Investment Grade Bond -0.92%; Barclays U.S. Mortgage Backed Securities 0.31% and Barclays U.S. Treasury Bond 0.03%. The Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) returned 2.53%.
U.S. equities, represented by the S&P 500® Index including dividends, gained 1.23% in the first half of the fiscal year. The mergers and acquisitions driven health care sector did best, soaring 24.17%. Three sectors lost ground: not surprisingly led by energy, down 22.20%. S&P 500® earnings per share were still edging up, despite the effect of lower energy prices and the strong dollar on the value of overseas revenues. They were boosted in part by continuing high levels of share buybacks: $553 billion in 2014, the highest since 2007.
In currencies, the dollar rallied strongly against the euro, up 8.53% on the euro, as euro zone quantitative easing drove down interest rates. The dollar gained 2.27% on the yen, after continued monetary easing in Japan and a partial re-allocation into non-yen securities for the giant Government Pension Investment Fund (“GPIF”). But the dollar slipped 0.86% against the pound. The UK has a comparable growth story to the U.S., and an acceleration in average wages reported in June, brought forward the likelihood of a rate increase.
In international markets, the MSCI Japan® Index surged 15.96%, with exporters benefiting from the lower yen and all sectors from the GPIF’s rebalancing into stocks. The MSCI Europe ex UK® Index gained 10.16%, eclipsing in April its previous record from 2007. Quantitative easing, plus the declining euro that went with it, ultimately trumped the still weak economic data and Greece-driven uncertainties that prevailed through most of the period. The MSCI UK® Index added just 1.13%, with sizeable losses from the energy and materials sectors. The 15 largest names in the UK index: multinationals accounting for half of its value, returned an average of -1.05%.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
2
Benchmark Descriptions
| | Index | | | | Description | | |
| | Barclays High Yield Bond — 2% Issuer Constrained Composite Index | | | | An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | | |
| | Barclays Long-Term U.S. Treasury Index | | | | The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. | | |
| | Barclays U.S. Aggregate Bond Index | | | | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | Barclays U.S. Corporate Investment Grade Bond Index | | | | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | | |
| | Barclays U.S. Mortgage Backed Securities Index | | | | The Index tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). | | |
| | Barclays U.S. Treasury Bond Index | | | | A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more. | | |
| | MSCI Europe ex UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | | |
| | MSCI Japan® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | | |
| | MSCI UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | | |
| | MSCI World IndexSM | | | | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | | |
| | S&P 500® Index | | | | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | | |
3
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 January 1, 2015 to June 30, 2015. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. 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 Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | ||||||||||||||||||||||||
Voya Australia Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 975.20 | | | | | | 0.45% | | | | | $ | 2.20 | | | | | $ | 1,000.00 | | | | | $ | 1,022.56 | | | | | | 0.45% | | | | | $ | 2.26 | | |
Voya Emerging Markets Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,029.00 | | | | | | 0.57% | | | | | $ | 2.87 | | | | | $ | 1,000.00 | | | | | $ | 1,021.97 | | | | | | 0.57% | | | | | $ | 2.86 | | |
Class S | | | | | 1,000.00 | | | | | | 1,027.90 | | | | | | 0.82 | | | | | | 4.12 | | | | | | 1,000.00 | | | | | | 1,020.73 | | | | | | 0.82 | | | | | | 4.11 | | |
Voya Euro STOXX 50® Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,031.80 | | | | | | 0.93% | | | | | $ | 4.69 | | | | | $ | 1,000.00 | | | | | $ | 1,020.18 | | | | | | 0.93% | | | | | $ | 4.66 | | |
Class I | | | | | 1,000.00 | | | | | | 1,034.60 | | | | | | 0.43 | | | | | | 2.17 | | | | | | 1,000.00 | | | | | | 1,022.66 | | | | | | 0.43 | | | | | | 2.16 | | |
Voya FTSE 100 Index® Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,023.90 | | | | | | 0.91% | | | | | $ | 4.57 | | | | | $ | 1,000.00 | | | | | $ | 1,020.28 | | | | | | 0.91% | | | | | $ | 4.56 | | |
Class I | | | | | 1,000.00 | | | | | | 1,026.50 | | | | | | 0.41 | | | | | | 2.06 | | | | | | 1,000.00 | | | | | | 1,022.76 | | | | | | 0.41 | | | | | | 2.06 | | |
Voya Hang Seng Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,131.00 | | | | | | 1.19% | | | | | $ | 6.29 | | | | | $ | 1,000.00 | | | | | $ | 1,018.89 | | | | | | 1.19% | | | | | $ | 5.96 | | |
Class I | | | | | 1,000.00 | | | | | | 1,134.30 | | | | | | 0.69 | | | | | | 3.65 | | | | | | 1,000.00 | | | | | | 1,021.37 | | | | | | 0.69 | | | | | | 3.46 | | |
Class S | | | | | 1,000.00 | | | | | | 1,132.80 | | | | | | 0.94 | | | | | | 4.97 | | | | | | 1,000.00 | | | | | | 1,020.13 | | | | | | 0.94 | | | | | | 4.71 | | |
Voya International Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,059.40 | | | | | | 0.97% | | | | | $ | 4.95 | | | | | $ | 1,000.00 | | | | | $ | 1,019.98 | | | | | | 0.97% | | | | | $ | 4.86 | | |
Class I | | | | | 1,000.00 | | | | | | 1,062.60 | | | | | | 0.48 | | | | | | 2.45 | | | | | | 1,000.00 | | | | | | 1,022.41 | | | | | | 0.48 | | | | | | 2.41 | | |
Class S | | | | | 1,000.00 | | | | | | 1,062.20 | | | | | | 0.73 | | | | | | 3.73 | | | | | | 1,000.00 | | | | | | 1,021.17 | | | | | | 0.73 | | | | | | 3.66 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,060.40 | | | | | | 0.88 | | | | | | 4.50 | | | | | | 1,000.00 | | | | | | 1,020.43 | | | | | | 0.88 | | | | | | 4.41 | | |
4
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
| | | Actual Portfolio Return | | | Hypothetical (5% return before expenses) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | ||||||||||||||||||||||||
Voya Japan TOPIX Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,151.20 | | | | | | 0.91% | | | | | $ | 4.85 | | | | | $ | 1,000.00 | | | | | $ | 1,020.28 | | | | | | 0.91% | | | | | $ | 4.56 | | |
Class I | | | | | 1,000.00 | | | | | | 1,153.90 | | | | | | 0.41 | | | | | | 2.19 | | | | | | 1,000.00 | | | | | | 1,022.76 | | | | | | 0.41 | | | | | | 2.06 | | |
Voya Russell™ Large Cap Growth Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,035.70 | | | | | | 0.43% | | | | | $ | 2.17 | | | | | $ | 1,000.00 | | | | | $ | 1,022.66 | | | | | | 0.43% | | | | | $ | 2.16 | | |
Class S | | | | | 1,000.00 | | | | | | 1,034.90 | | | | | | 0.68 | | | | | | 3.43 | | | | | | 1,000.00 | | | | | | 1,021.42 | | | | | | 0.68 | | | | | | 3.41 | | |
Voya Russell™ Large Cap Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,009.40 | | | | | | 0.87% | | | | | $ | 4.33 | | | | | $ | 1,000.00 | | | | | $ | 1,020.48 | | | | | | 0.87% | | | | | $ | 4.36 | | |
Class I | | | | | 1,000.00 | | | | | | 1,011.90 | | | | | | 0.37 | | | | | | 1.85 | | | | | | 1,000.00 | | | | | | 1,022.96 | | | | | | 0.37 | | | | | | 1.86 | | |
Class S | | | | | 1,000.00 | | | | | | 1,010.90 | | | | | | 0.62 | | | | | | 3.09 | | | | | | 1,000.00 | | | | | | 1,021.72 | | | | | | 0.62 | | | | | | 3.11 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,010.00 | | | | | | 0.77 | | | | | | 3.84 | | | | | | 1,000.00 | | | | | | 1,020.98 | | | | | | 0.77 | | | | | | 3.86 | | |
Voya Russell™ Large Cap Value Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 989.20 | | | | | | 0.44% | | | | | $ | 2.17 | | | | | $ | 1,000.00 | | | | | $ | 3,477.27 | | | | | | 0.44% | | | | | $ | 4.88 | | |
Class S | | | | | 1,000.00 | | | | | | 987.60 | | | | | | 0.69 | | | | | | 3.40 | | | | | | 1,000.00 | | | | | | 1,021.37 | | | | | | 0.69 | | | | | | 3.46 | | |
Voya Russell™ Mid Cap Growth Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,039.60 | | | | | | 0.44% | | | | | $ | 2.23 | | | | | $ | 1,000.00 | | | | | $ | 1,022.61 | | | | | | 0.44% | | | | | $ | 2.21 | | |
Class S | | | | | 1,000.00 | | | | | | 1,038.80 | | | | | | 0.69 | | | | | | 3.49 | | | | | | 1,000.00 | | | | | | 1,021.37 | | | | | | 0.69 | | | | | | 3.46 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,037.40 | | | | | | 0.84 | | | | | | 4.24 | | | | | | 1,000.00 | | | | | | 1,020.63 | | | | | | 0.84 | | | | | | 4.21 | | |
Voya Russell™ Mid Cap Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,019.00 | | | | | | 0.93% | | | | | $ | 4.66 | | | | | $ | 1,000.00 | | | | | $ | 1,020.18 | | | | | | 0.93% | | | | | $ | 4.66 | | |
Class I | | | | | 1,000.00 | | | | | | 1,021.90 | | | | | | 0.43 | | | | | | 2.16 | | | | | | 1,000.00 | | | | | | 1,022.66 | | | | | | 0.43 | | | | | | 2.16 | | |
Class S | | | | | 1,000.00 | | | | | | 1,020.50 | | | | | | 0.68 | | | | | | 3.41 | | | | | | 1,000.00 | | | | | | 1,021.42 | | | | | | 0.68 | | | | | | 3.41 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,019.90 | | | | | | 0.83 | | | | | | 4.16 | | | | | | 1,000.00 | | | | | | 1,020.68 | | | | | | 0.83 | | | | | | 4.16 | | |
Voya Russell™ Small Cap Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,043.40 | | | | | | 0.95% | | | | | $ | 4.81 | | | | | $ | 1,000.00 | | | | | $ | 1,020.08 | | | | | | 0.95% | | | | | $ | 4.76 | | |
Class I | | | | | 1,000.00 | | | | | | 1,045.60 | | | | | | 0.45 | | | | | | 2.28 | | | | | | 1,000.00 | | | | | | 1,022.56 | | | | | | 0.45 | | | | | | 2.26 | | |
Class S | | | | | 1,000.00 | | | | | | 1,044.50 | | | | | | 0.70 | | | | | | 3.55 | | | | | | 1,000.00 | | | | | | 1,021.32 | | | | | | 0.70 | | | | | | 3.51 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,044.10 | | | | | | 0.85 | | | | | | 4.31 | | | | | | 1,000.00 | | | | | | 1,020.58 | | | | | | 0.85 | | | | | | 4.26 | | |
Voya U.S. Bond Index Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 994.10 | | | | | | 0.90% | | | | | $ | 4.45 | | | | | $ | 1,000.00 | | | | | $ | 1,020.33 | | | | | | 0.90% | | | | | $ | 4.51 | | |
Class I | | | | | 1,000.00 | | | | | | 997.10 | | | | | | 0.40 | | | | | | 1.98 | | | | | | 1,000.00 | | | | | | 1,022.81 | | | | | | 0.40 | | | | | | 2.01 | | |
Class S | | | | | 1,000.00 | | | | | | 996.50 | | | | | | 0.65 | | | | | | 3.22 | | | | | | 1,000.00 | | | | | | 1,021.57 | | | | | | 0.65 | | | | | | 3.26 | | |
Class S2 | | | | | 1,000.00 | | | | | | 995.20 | | | | | | 0.80 | | | | | | 3.96 | | | | | | 1,000.00 | | | | | | 1,020.83 | | | | | | 0.80 | | | | | | 4.01 | | |
*
Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.
5
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Australia Index Portfolio | | | Voya Emerging Markets Index Portfolio | | | Voya Euro STOXX 50® Index Portfolio | | | Voya FTSE 100 Index® Portfolio | | ||||||||||||
ASSETS: | | | | | | ||||||||||||||||||||
Investments in securities at fair value+* | | | | $ | 175,146,273 | | | | | $ | 583,172,729 | | | | | $ | 445,642,286 | | | | | $ | 382,989,679 | | |
Short-term investments at fair value** | | | | | 9,663,878 | | | | | | 14,036,177 | | | | | | 7,673,478 | | | | | | 635,742 | | |
Total investments at fair value | | | | $ | 184,810,151 | | | | | $ | 597,208,906 | | | | | $ | 453,315,764 | | | | | $ | 383,625,421 | | |
Cash | | | | | — | | | | | | — | | | | | | 2,169,601 | | | | | | 2,283,719 | | |
Cash collateral for futures | | | | | 256,855 | | | | | | 584,763 | | | | | | 595,071 | | | | | | 200,030 | | |
Foreign currencies at value*** | | | | | 222,331 | | | | | | 858,454 | | | | | | 1,361,480 | | | | | | 1,725,213 | | |
Foreign cash collateral for futures**** | | | | | 80,251 | | | | | | — | | | | | | 156,122 | | | | | | 52,957 | | |
Receivables: | | | | | | ||||||||||||||||||||
Investment securities sold | | | | | — | | | | | | 161,296 | | | | | | — | | | | | | 786,050 | | |
Fund shares sold | | | | | — | | | | | | 162,357 | | | | | | 8,779 | | | | | | 107 | | |
Dividends | | | | | 1,501,793 | | | | | | 3,247,508 | | | | | | 431,329 | | | | | | 1,804,806 | | |
Foreign tax reclaims | | | | | — | | | | | | — | | | | | | 216,769 | | | | | | 14,438 | | |
Unrealized appreciation on forward foreign currency contracts | | | | | 3,388 | | | | | | — | | | | | | — | | | | | | 8,010 | | |
Prepaid expenses | | | | | 679 | | | | | | 2,585 | | | | | | 1,765 | | | | | | 52,198 | | |
Other assets | | | | | 2,314 | | | | | | 3,088 | | | | | | 8,889 | | | | | | 7,175 | | |
Total assets | | | | | 186,877,762 | | | | | | 602,228,957 | | | | | | 458,265,569 | | | | | | 390,560,124 | | |
LIABILITIES: | | | | | | ||||||||||||||||||||
Payable for investment securities purchased | | | | | — | | | | | | 23,898 | | | | | | — | | | | | | 785,620 | | |
Payable for fund shares redeemed | | | | | 65,143 | | | | | | 277,559 | | | | | | 154,132 | | | | | | 149,964 | | |
Payable upon receipt of securities loaned | | | | | 7,676,878 | | | | | | 6,625,177 | | | | | | 2,951,888 | | | | | | 635,742 | | |
Payable for prefunded securities lending collateral | | | | | — | | | | | | — | | | | | | 4,721,590 | | | | | | — | | |
Unrealized depreciation on forward foreign currency contracts | | | | | 17,817 | | | | | | — | | | | | | 35,231 | | | | | | 20,078 | | |
Payable for investment management fees | | | | | 52,741 | | | | | | 197,650 | | | | | | 134,413 | | | | | | 115,879 | | |
Payable for distribution and shareholder service fees | | | | | — | | | | | | — | | | | | | 16,391 | | | | | | 3,010 | | |
Payable to custodian due to bank overdraft | | | | | 91,714 | | | | | | 821 | | | | | | — | | | | | | — | | |
Payable for directors fees | | | | | 954 | | | | | | 3,196 | | | | | | 2,373 | | | | | | 2,090 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 2,314 | | | | | | 3,088 | | | | | | 8,889 | | | | | | 7,175 | | |
Other accrued expenses and liabilities | | | | | 63,583 | | | | | | 523,413 | | | | | | 187,224 | | | | | | 143,871 | | |
Total liabilities | | | | | 7,971,144 | | | | | | 7,654,802 | | | | | | 8,212,131 | | | | | | 1,863,429 | | |
NET ASSETS | | | | $ | 178,906,618 | | | | | $ | 594,574,155 | | | | | $ | 450,053,438 | | | | | $ | 388,696,695 | | |
NET ASSETS WERE COMPRISED OF: | | | | | | ||||||||||||||||||||
Paid-in capital | | | | $ | 200,182,477 | | | | | $ | 628,556,905 | | | | | $ | 414,058,743 | | | | | $ | 320,687,948 | | |
Undistributed net investment income | | | | | 3,850,984 | | | | | | 6,201,945 | | | | | | 10,387,145 | | | | | | 8,486,647 | | |
Accumulated net realized gain (loss) | | | | | (10,333,205) | | | | | | (21,084,168) | | | | | | (55,519,855) | | | | | | 3,228,428 | | |
Net unrealized appreciation (depreciation) | | | | | (14,793,638) | | | | | | (19,100,527) | | | | | | 81,127,405 | | | | | | 56,293,672 | | |
NET ASSETS | | | | $ | 178,906,618 | | | | | $ | 594,574,155 | | | | | $ | 450,053,438 | | | | | $ | 388,696,695 | | |
+ Including securities loaned at value | | | | $ | 7,229,429 | | | | | $ | 6,144,796 | | | | | $ | 2,808,171 | | | | | $ | 604,822 | | |
* Cost of investments in securities | | | | $ | 189,829,236 | | | | | $ | 602,296,601 | | | | | $ | 364,484,355 | | | | | $ | 326,494,049 | | |
** Cost of short-term investments | | | | $ | 9,663,878 | | | | | $ | 14,036,177 | | | | | $ | 7,673,478 | | | | | $ | 635,742 | | |
*** Cost of foreign currencies | | | | $ | 221,785 | | | | | $ | 862,833 | | | | | $ | 1,366,608 | | | | | $ | 1,726,976 | | |
**** Cost of foreign cash collateral for futures | | | | $ | 80,252 | | | | | $ | — | | | | | $ | 156,122 | | | | | $ | 52,957 | | |
See Accompanying Notes to Financial Statements
6
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | Voya Australia Index Portfolio | | | Voya Emerging Markets Index Portfolio | | | Voya Euro STOXX 50® Index Portfolio | | | Voya FTSE 100 Index® Portfolio | | ||||||||||||
Class ADV | | | | | | ||||||||||||||||||||
Net assets | | | | | n/a | | | | | | n/a | | | | | $ | 38,560,437 | | | | | $ | 7,245,091 | | |
Shares authorized | | | | | n/a | | | | | | n/a | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | | n/a | | | | | | n/a | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | n/a | | | | | | n/a | | | | | | 3,697,195 | | | | | | 686,628 | | |
Net asset value and redemption price per share | | | | | n/a | | | | | | n/a | | | | | $ | 10.43 | | | | | $ | 10.55 | | |
Class I | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 178,906,618 | | | | | $ | 594,569,379 | | | | | $ | 411,493,001 | | | | | $ | 381,451,604 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 200,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 21,097,984 | | | | | | 55,293,189 | | | | | | 39,121,241 | | | | | | 35,901,352 | | |
Net asset value and redemption price per share | | | | $ | 8.48 | | | | | $ | 10.75 | | | | | $ | 10.52 | | | | | $ | 10.62 | | |
Class S | | | | | | ||||||||||||||||||||
Net assets | | | | | n/a | | | | | $ | 4,776 | | | | | | n/a | | | | | | n/a | | |
Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | | | | | n/a | | |
Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | | | | | n/a | | |
Shares outstanding | | | | | n/a | | | | | | 446 | | | | | | n/a | | | | | | n/a | | |
Net asset value and redemption price per share | | | | | n/a | | | | | $ | 10.72 | | | | | | n/a | | | | | | n/a | | |
Class S2 | | | | | | ||||||||||||||||||||
Net assets | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
Shares authorized | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
Par value | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
Shares outstanding | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
Net asset value and redemption price per share | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
7
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Hang Seng Index Portfolio | | | Voya International Index Portfolio | | | Voya Japan TOPIX Index® Portfolio | | | Voya Russell™ Large Cap Growth Index Portfolio | | ||||||||||||
ASSETS: | | | | | | ||||||||||||||||||||
Investments in securities at fair value+* | | | | $ | 106,854,652 | | | | | $ | 1,496,710,512 | | | | | $ | 357,831,941 | | | | | $ | 533,175,364 | | |
Short-term investments at fair value** | | | | | 1,421,000 | | | | | | 27,613,148 | | | | | | 3,413,556 | | | | | | 5,779,846 | | |
Total investments at fair value | | | | $ | 108,275,652 | | | | | $ | 1,524,323,660 | | | | | $ | 361,245,497 | | | | | $ | 538,955,210 | | |
Cash | | | | | — | | | | | | 10,029 | | | | | | 943,574 | | | | | | 2,868 | | |
Cash collateral for futures | | | | | 212,958 | | | | | | 592,043 | | | | | | 1,045,313 | | | | | | 265,197 | | |
Foreign currencies at value*** | | | | | 1,809,371 | | | | | | 259,234 | | | | | | 1,851,893 | | | | | | — | | |
Foreign cash collateral for futures**** | | | | | 171,614 | | | | | | — | | | | | | 22,772 | | | | | | — | | |
Receivables: | | | | | | ||||||||||||||||||||
Investment securities sold | | | | | — | | | | | | 234,387 | | | | | | — | | | | | | 75,700,841 | | |
Fund shares sold | | | | | 1,161,127 | | | | | | 397,751 | | | | | | — | | | | | | 1,953 | | |
Dividends | | | | | 1,322,771 | | | | | | 3,107,962 | | | | | | 289,698 | | | | | | 549,983 | | |
Foreign tax reclaims | | | | | — | | | | | | 1,543,509 | | | | | | 140,824 | | | | | | — | | |
Unrealized appreciation on forward foreign currency contracts | | | | | 345 | | | | | | — | | | | | | 39,314 | | | | | | — | | |
Prepaid expenses | | | | | 478 | | | | | | 6,362 | | | | | | 1,460 | | | | | | 1,799 | | |
Reimbursement due from manager | | | | | — | | | | | | 87,009 | | | | | | — | | | | | | — | | |
Other assets | | | | | 1,964 | | | | | | 43,390 | | | | | | 5,805 | | | | | | 6,090 | | |
Total assets | | | | | 112,956,280 | | | | | | 1,530,605,336 | | | | | | 365,586,150 | | | | | | 615,483,941 | | |
LIABILITIES: | | | | | | ||||||||||||||||||||
Payable for investment securities purchased | | | | | — | | | | | | 234,739 | | | | | | — | | | | | | 76,916,016 | | |
Payable for fund shares redeemed | | | | | 45,951 | | | | | | 5,389,030 | | | | | | 129,937 | | | | | | 513,092 | | |
Payable upon receipt of securities loaned | | | | | — | | | | | | 13,684,148 | | | | | | 3,413,556 | | | | | | 82,791 | | |
Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | | | — | | | | | | 9,600 | | | | | | — | | |
Payable for investment management fees | | | | | 47,326 | | | | | | 586,448 | | | | | | 105,465 | | | | | | 179,473 | | |
Payable for distribution and shareholder service fees | | | | | 9,328 | | | | | | 397,981 | | | | | | 9,655 | | | | | | 53,724 | | |
Payable to custodian due to bank overdraft | | | | | 122,523 | | | | | | — | | | | | | — | | | | | | — | | |
Payable for directors fees | | | | | 589 | | | | | | 7,925 | | | | | | 1,938 | | | | | | 2,762 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 1,964 | | | | | | 43,390 | | | | | | 5,805 | | | | | | 6,090 | | |
Other accrued expenses and liabilities | | | | | 74,036 | | | | | | 445,735 | | | | | | 110,939 | | | | | | 55,533 | | |
Total liabilities | | | | | 301,717 | | | | | | 20,789,396 | | | | | | 3,786,895 | | | | | | 77,809,481 | | |
NET ASSETS | | | | $ | 112,654,563 | | | | | $ | 1,509,815,940 | | | | | $ | 361,799,255 | | | | | $ | 537,674,460 | | |
NET ASSETS WERE COMPRISED OF: | | | | | | ||||||||||||||||||||
Paid-in capital | | | | $ | 81,071,768 | | | | | $ | 1,551,954,287 | | | | | $ | 283,503,715 | | | | | $ | 399,325,575 | | |
Undistributed net investment income | | | | | 1,896,773 | | | | | | 25,728,323 | | | | | | 2,718,677 | | | | | | 3,445,827 | | |
Accumulated net realized gain (loss) | | | | | (1,681,560) | | | | | | (188,082,229) | | | | | | 4,412,891 | | | | | | (104,887,832) | | |
Net unrealized appreciation | | | | | 31,367,582 | | | | | | 120,215,559 | | | | | | 71,163,972 | | | | | | 239,790,890 | | |
NET ASSETS | | | | $ | 112,654,563 | | | | | $ | 1,509,815,940 | | | | | $ | 361,799,255 | | | | | $ | 537,674,460 | | |
+ Including securities loaned at value | | | | $ | — | | | | | $ | 11,739,123 | | | | | $ | 3,163,218 | | | | | $ | 80,634 | | |
* Cost of investments in securities | | | | $ | 75,325,957 | | | | | $ | 1,376,120,906 | | | | | $ | 286,668,830 | | | | | $ | 293,323,465 | | |
** Cost of short-term investments | | | | $ | 1,421,000 | | | | | $ | 27,613,148 | | | | | $ | 3,413,556 | | | | | $ | 5,779,846 | | |
*** Cost of foreign currencies | | | | $ | 1,808,292 | | | | | $ | 258,503 | | | | | $ | 1,839,339 | | | | | $ | — | | |
**** Cost of foreign cash collateral for futures | | | | $ | 171,614 | | | | | $ | — | | | | | $ | 22,772 | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
8
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | Voya Hang Seng Index Portfolio | | | Voya International Index Portfolio | | | Voya Japan TOPIX Index® Portfolio | | | Voya Russell™ Large Cap Growth Index Portfolio | | ||||||||||||
Class ADV | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 1,552,433 | | | | | $ | 908,882,854 | | | | | $ | 23,303,970 | | | | | | n/a | | |
Shares authorized | | | | | 100,000,000 | | | | | | 250,000,000 | | | | | | 100,000,000 | | | | | | n/a | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | | n/a | | |
Shares outstanding | | | | | 98,699 | | | | | | 95,727,470 | | | | | | 2,090,812 | | | | | | n/a | | |
Net asset value and redemption price per share | | | | $ | 15.73 | | | | | $ | 9.49 | | | | | $ | 11.15 | | | | | | n/a | | |
Class I | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 69,014,390 | | | | | $ | 507,001,482 | | | | | $ | 338,495,285 | | | | | $ | 281,791,170 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 200,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 4,362,984 | | | | | | 52,406,598 | | | | | | 30,035,322 | | | | | | 11,301,993 | | |
Net asset value and redemption price per share | | | | $ | 15.82 | | | | | $ | 9.67 | | | | | $ | 11.27 | | | | | $ | 24.93 | | |
Class S | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 42,087,740 | | | | | $ | 92,401,394 | | | | | | n/a | | | | | $ | 255,883,290 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | n/a | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | | n/a | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 2,665,434 | | | | | | 9,607,768 | | | | | | n/a | | | | | | 10,302,028 | | |
Net asset value and redemption price per share | | | | $ | 15.79 | | | | | $ | 9.62 | | | | | | n/a | | | | | $ | 24.84 | | |
Class S2 | | | | | | ||||||||||||||||||||
Net assets | | | | | n/a | | | | | $ | 1,530,210 | | | | | | n/a | | | | | | n/a | | |
Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | | | | | n/a | | |
Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | | | | | n/a | | |
Shares outstanding | | | | | n/a | | | | | | 159,366 | | | | | | n/a | | | | | | n/a | | |
Net asset value and redemption price per share | | | | | n/a | | | | | $ | 9.60 | | | | | | n/a | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
9
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | 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 | | ||||||||||||
ASSETS: | | | | | | ||||||||||||||||||||
Investments in securities at fair value+* | | | | $ | 806,499,238 | | | | | $ | 201,551,731 | | | | | $ | 379,116,234 | | | | | $ | 2,181,795,390 | | |
Investments in affiliates at fair value** | | | | | — | | | | | | — | | | | | | — | | | | | | 3,631,723 | | |
Short-term investments at fair value*** | | | | | 7,156,793 | | | | | | 1,910,000 | | | | | | 19,837,698 | | | | | | 47,882,619 | | |
Total investments at fair value | | | | $ | 813,656,031 | | | | | $ | 203,461,731 | | | | | $ | 398,953,932 | | | | | $ | 2,233,309,732 | | |
Cash | | | | | 57,135 | | | | | | 255 | | | | | | 333 | | | | | | 1,837,806 | | |
Cash collateral for futures | | | | | 394,662 | | | | | | 114,092 | | | | | | 456,214 | | | | | | 1,536,310 | | |
Receivables: | | | | | | ||||||||||||||||||||
Investment securities sold | | | | | 29,353,592 | | | | | | 26,365,453 | | | | | | 83,328,330 | | | | | | 191,756,751 | | |
Fund shares sold | | | | | 234,210 | | | | | | 33,061 | | | | | | 56,800 | | | | | | 572,165 | | |
Dividends | | | | | 938,332 | | | | | | 264,488 | | | | | | 191,779 | | | | | | 2,428,124 | | |
Interest | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Foreign tax reclaims | | | | | — | | | | | | 306 | | | | | | — | | | | | | 153 | | |
Prepaid expenses | | | | | 3,214 | | | | | | 766 | | | | | | 1,664 | | | | | | 9,139 | | |
Reimbursement due from manager | | | | | 7,127 | | | | | | — | | | | | | — | | | | | | — | | |
Other assets | | | | | 55,124 | | | | | | 1,889 | | | | | | 4,655 | | | | | | 31,821 | | |
Total assets | | | | | 844,699,427 | | | | | | 230,242,041 | | | | | | 482,993,707 | | | | | | 2,431,482,005 | | |
LIABILITIES: | | | | | | ||||||||||||||||||||
Payable for investment securities purchased | | | | | 29,526,128 | | | | | | 25,971,641 | | | | | | 87,474,978 | | | | | | 188,065,352 | | |
Payable for fund shares redeemed | | | | | 406,800 | | | | | | 169,047 | | | | | | 2,762,474 | | | | | | 622,029 | | |
Payable upon receipt of securities loaned | | | | | 183,793 | | | | | | — | | | | | | 5,924,697 | | | | | | 21,416,619 | | |
Payable for investment management fees | | | | | 238,968 | | | | | | 68,502 | | | | | | 130,941 | | | | | | 751,870 | | |
Payable for distribution and shareholder service fees | | | | | 139,622 | | | | | | 32,776 | | | | | | 70,714 | | | | | | 147,236 | | |
Payable for directors fees | | | | | 4,237 | | | | | | 1,066 | | | | | | 2,142 | | | | | | 11,650 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 55,124 | | | | | | 1,889 | | | | | | 4,655 | | | | | | 31,821 | | |
Other accrued expenses and liabilities | | | | | 80,315 | | | | | | 35,622 | | | | | | 65,536 | | | | | | 243,911 | | |
Total liabilities | | | | | 30,634,987 | | | | | | 26,280,543 | | | | | | 96,436,137 | | | | | | 211,290,488 | | |
NET ASSETS | | | | $ | 814,064,440 | | | | | $ | 203,961,498 | | | | | $ | 386,557,570 | | | | | $ | 2,220,191,517 | | |
NET ASSETS WERE COMPRISED OF: | | | | | | ||||||||||||||||||||
Paid-in capital | | | | $ | 544,298,899 | | | | | $ | 145,649,525 | | | | | $ | 279,572,963 | | | | | $ | 1,102,240,507 | | |
Undistributed net investment income | | | | | 6,475,120 | | | | | | 1,944,848 | | | | | | 956,679 | | | | | | 11,643,474 | | |
Accumulated net realized gain (loss) | | | | | (177,008,279) | | | | | | 324,087 | | | | | | (33,127,701) | | | | | | 164,812,003 | | |
Net unrealized appreciation | | | | | 440,298,700 | | | | | | 56,043,038 | | | | | | 139,155,629 | | | | | | 941,495,533 | | |
NET ASSETS | | | | $ | 814,064,440 | | | | | $ | 203,961,498 | | | | | $ | 386,557,570 | | | | | $ | 2,220,191,517 | | |
+ Including securities loaned at value | | | | $ | 58,165 | | | | | $ | — | | | | | $ | 5,780,898 | | | | | $ | 20,856,170 | | |
* Cost of investments in securities | | | | $ | 366,085,518 | | | | | $ | 145,465,189 | | | | | $ | 239,785,269 | | | | | $ | 1,240,364,810 | | |
** Cost of investments in affiliates | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,968,103 | | |
*** Cost of short-term investments | | | | $ | 7,156,793 | | | | | $ | 1,910,000 | | | | | $ | 19,837,698 | | | | | $ | 47,882,619 | | |
See Accompanying Notes to Financial Statements
10
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | 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 | | ||||||||||||
Class ADV | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 35,805,388 | | | | | | n/a | | | | | | n/a | | | | | $ | 145,851,723 | | |
Shares authorized | | | | | 100,000,000 | | | | | | n/a | | | | | | n/a | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | | n/a | | | | | | n/a | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 2,291,900 | | | | | | n/a | | | | | | n/a | | | | | | 9,241,916 | | |
Net asset value and redemption price per share | | | | $ | 15.62 | | | | | | n/a | | | | | | n/a | | | | | $ | 15.78 | | |
Class I | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 186,949,213 | | | | | $ | 48,159,446 | | | | | $ | 54,204,030 | | | | | $ | 1,674,568,334 | | |
Shares authorized | | | | | 400,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 300,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 11,784,255 | | | | | | 2,502,721 | | | | | | 1,927,654 | | | | | | 103,794,701 | | |
Net asset value and redemption price per share | | | | $ | 15.86 | | | | | $ | 19.24 | | | | | $ | 28.12 | | | | | $ | 16.13 | | |
Class S | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 587,366,948 | | | | | $ | 155,802,052 | | | | | $ | 330,303,322 | | | | | $ | 380,232,682 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 37,236,364 | | | | | | 8,134,390 | | | | | | 11,769,212 | | | | | | 23,772,659 | | |
Net asset value and redemption price per share | | | | $ | 15.77 | | | | | $ | 19.15 | | | | | $ | 28.07 | | | | | $ | 15.99 | | |
Class S2 | | | | | | ||||||||||||||||||||
Net assets | | | | $ | 3,942,891 | | | | | | n/a | | | | | $ | 2,050,218 | | | | | $ | 19,538,778 | | |
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 | | | | | 247,210 | | | | | | n/a | | | | | | 73,193 | | | | | | 1,233,617 | | |
Net asset value and redemption price per share | | | | $ | 15.95 | | | | | | n/a | | | | | $ | 28.01 | | | | | $ | 15.84 | | |
See Accompanying Notes to Financial Statements
11
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Russell™ Small Cap Index Portfolio | | | Voya U.S. Bond Index Portfolio | | ||||||
ASSETS: | | | | ||||||||||
Investments in securities at fair value+* | | | | $ | 960,180,737 | | | | | $ | 3,938,614,912 | | |
Short-term investments at fair value** | | | | | 82,439,986 | | | | | | 221,936,224 | | |
Total investments at fair value | | | | $ | 1,042,620,723 | | | | | $ | 4,160,551,136 | | |
Cash | | | | | 2,510,579 | | | | | | 443,719 | | |
Cash collateral for futures | | | | | 1,470,428 | | | | | | — | | |
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) | | | | | — | | | | | | 2,560,410 | | |
Foreign currencies at value*** | | | | | 2,101 | | | | | | — | | |
Receivables: | | | | ||||||||||
Investment securities sold | | | | | 94,337,979 | | | | | | 404,632,603 | | |
Fund shares sold | | | | | 300,556 | | | | | | 642,547 | | |
Dividends | | | | | 1,092,064 | | | | | | 821 | | |
Interest | | | | | — | | | | | | 21,395,075 | | |
Prepaid expenses | | | | | 3,692 | | | | | | 16,504 | | |
Reimbursement due from manager | | | | | 8,044 | | | | | | — | | |
Other assets | | | | | 20,551 | | | | | | — | | |
Total assets | | | | | 1,142,366,717 | | | | | | 4,590,242,815 | | |
LIABILITIES: | | | | ||||||||||
Payable for investment securities purchased | | | | | 93,843,608 | | | | | | 827,783,371 | | |
Payable for fund shares redeemed | | | | | 424,714 | | | | | | 1,375,000 | | |
Payable upon receipt of securities loaned | | | | | 55,801,986 | | | | | | 11,652,190 | | |
Payable for investment management fees | | | | | 355,193 | | | | | | 1,172,005 | | |
Payable for distribution and shareholder service fees | | | | | 102,555 | | | | | | 58,366 | | |
Payable for directors fees | | | | | 4,935 | | | | | | 18,930 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 20,551 | | | | | | — | | |
Other accrued expenses and liabilities | | | | | 85,504 | | | | | | 407,107 | | |
Total liabilities | | | | | 150,639,046 | | | | | | 842,466,969 | | |
NET ASSETS | | | | $ | 991,727,671 | | | | | $ | 3,747,775,846 | | |
NET ASSETS WERE COMPRISED OF: | | | | ||||||||||
Paid-in capital | | | | $ | 597,002,473 | | | | | $ | 3,673,167,627 | | |
Undistributed net investment income | | | | | 4,548,586 | | | | | | 15,820,691 | | |
Accumulated net realized gain | | | | | 55,206,688 | | | | | | 2,586,605 | | |
Net unrealized appreciation | | | | | 334,969,924 | | | | | | 56,200,923 | | |
NET ASSETS | | | | $ | 991,727,671 | | | | | $ | 3,747,775,846 | | |
+ Including securities loaned at value | | | | $ | 54,039,052 | | | | | $ | 11,367,746 | | |
* Cost of investments in securities | | | | $ | 625,030,121 | | | | | $ | 3,882,444,976 | | |
** Cost of short-term investments | | | | $ | 82,439,986 | | | | | $ | 221,905,237 | | |
*** Cost of foreign currencies | | | | $ | 2,101 | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
12
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | Voya Russell™ Small Cap Index Portfolio | | | Voya U.S. Bond Index Portfolio | | ||||||
Class ADV | | | | ||||||||||
Net assets | | | | $ | 85,333,695 | | | | | $ | 23,073,946 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 5,595,985 | | | | | | 2,178,180 | | |
Net asset value and redemption price per share | | | | $ | 15.25 | | | | | $ | 10.59 | | |
Class I | | | | ||||||||||
Net assets | | | | $ | 589,021,928 | | | | | $ | 3,486,375,962 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 700,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 37,722,805 | | | | | | 327,546,015 | | |
Net asset value and redemption price per share | | | | $ | 15.61 | | | | | $ | 10.64 | | |
Class S | | | | ||||||||||
Net assets | | | | $ | 307,420,964 | | | | | $ | 235,981,144 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 19,833,938 | | | | | | 22,244,952 | | |
Net asset value and redemption price per share | | | | $ | 15.50 | | | | | $ | 10.61 | | |
Class S2 | | | | ||||||||||
Net assets | | | | $ | 9,951,084 | | | | | $ | 2,344,794 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 650,538 | | | | | | 221,006 | | |
Net asset value and redemption price per share | | | | $ | 15.30 | | | | | $ | 10.61 | | |
See Accompanying Notes to Financial Statements
13
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Australia Index Portfolio | | | Voya Emerging Markets Index Portfolio | | | Voya Euro STOXX 50® Index Portfolio | | | Voya FTSE 100 Index® Portfolio | | ||||||||||||
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld* | | | | $ | 4,171,372 | | | | | $ | 7,804,835 | | | | | $ | 10,907,951 | | | | | $ | 9,323,139 | | |
Interest | | | | | 1,501 | | | | | | 9 | | | | | | — | | | | | | 141 | | |
Securities lending income, net | | | | | 24,165 | | | | | | 183,080 | | | | | | 472,968 | | | | | | 20,145 | | |
Total investment income | | | | | 4,197,038 | | | | | | 7,987,924 | | | | | | 11,380,919 | | | | | | 9,343,425 | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fees(1) | | | | | 598,724 | | | | | | 1,848,633 | | | | | | 1,491,834 | | | | | | 1,313,111 | | |
Distribution and shareholder service fees: | | | | | | ||||||||||||||||||||
Class ADV(2) | | | | | — | | | | | | 6 | | | | | | 83,545 | | | | | | 16,730 | | |
Class S | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | |
Class S2(3) | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | |
Transfer agent fees | | | | | 141 | | | | | | 775 | | | | | | 329 | | | | | | 269 | | |
Administrative service fees(1) | | | | | 63,560 | | | | | | 212,253 | | | | | | 155,471 | | | | | | 137,784 | | |
Shareholder reporting expense | | | | | 4,525 | | | | | | 10,492 | | | | | | 7,421 | | | | | | 1,747 | | |
Professional fees | | | | | 8,869 | | | | | | 33,557 | | | | | | 14,480 | | | | | | 14,932 | | |
Custody and accounting expense | | | | | 42,173 | | | | | | 354,697 | | | | | | 80,685 | | | | | | 49,547 | | |
Directors fees | | | | | 2,862 | | | | | | 9,591 | | | | | | 7,118 | | | | | | 6,270 | | |
License fee | | | | | 22,439 | | | | | | 95,116 | | | | | | 70,597 | | | | | | 30,646 | | |
Miscellaneous expense | | | | | 9,622 | | | | | | 16,920 | | | | | | 12,465 | | | | | | 9,874 | | |
Interest expense | | | | | 443 | | | | | | 941 | | | | | | 326 | | | | | | 307 | | |
Total expenses | | | | | 753,358 | | | | | | 2,582,991 | | | | | | 1,924,271 | | | | | | 1,581,217 | | |
Net waived and reimbursed fees | | | | | (331,137) | | | | | | (792,649) | | | | | | (823,648) | | | | | | (725,443) | | |
Net expenses | | | | | 422,221 | | | | | | 1,790,342 | | | | | | 1,100,623 | | | | | | 855,774 | | |
Net investment income | | | | | 3,774,817 | | | | | | 6,197,582 | | | | | | 10,280,296 | | | | | | 8,487,651 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | ||||||||||||||||||||
Net realized gain (loss) on: | | | | | | ||||||||||||||||||||
Investments | | | | | (1,021,471) | | | | | | (7,073,627) | | | | | | 4,615,262 | | | | | | 5,827,739 | | |
Foreign currency related transactions | | | | | (101,196) | | | | | | (128,905) | | | | | | (209,929) | | | | | | (299,578) | | |
Futures | | | | | (59,614) | | | | | | 686,928 | | | | | | 388,145 | | | | | | 589,817 | | |
Net realized gain (loss) | | | | | (1,182,281) | | | | | | (6,515,604) | | | | | | 4,793,478 | | | | | | 6,117,978 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | ||||||||||||||||||||
Investments | | | | | (6,636,721) | | | | | | 20,792,712 | | | | | | 1,396,456 | | | | | | (2,045,118) | | |
Foreign currency related transactions | | | | | (8,321) | | | | | | (37,166) | | | | | | 69,357 | | | | | | 15,636 | | |
Futures | | | | | (60,506) | | | | | | (152,285) | | | | | | (71,610) | | | | | | (429,714) | | |
Net change in unrealized appreciation (depreciation) | | | | | (6,705,548) | | | | | | 20,603,261 | | | | | | 1,394,203 | | | | | | (2,459,196) | | |
Net realized and unrealized gain (loss) | | | | | (7,887,829) | | | | | | 14,087,657 | | | | | | 6,187,681 | | | | | | 3,658,782 | | |
Increase (decrease) in net assets resulting from operations | | | | $ | (4,113,012) | | | | | $ | 20,285,239 | | | | | $ | 16,467,977 | | | | | $ | 12,146,433 | | |
* Foreign taxes withheld | | | | $ | 59,516 | | | | | $ | 863,728 | | | | | $ | 1,555,791 | | | | | $ | 108,092 | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
(2)
Class ADV for Voya Emerging Markets Index Portfolio liquidated on May 28, 2015.
(3)
Class S2 for Voya Emerging Markets Index Portfolio liquidated on May 28, 2015.
See Accompanying Notes to Financial Statements
14
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Hang Seng Index Portfolio | | | Voya International Index Portfolio | | | Voya Japan TOPIX Index® Portfolio | | | Voya Russell™ Large Cap Growth Index Portfolio | | ||||||||||||
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld* | | | | $ | 2,353,043 | | | | | $ | 30,374,339 | | | | | $ | 3,451,464 | | | | | $ | 4,946,692 | | |
Interest | | | | | 18 | | | | | | 30,833 | | | | | | 198 | | | | | | — | | |
Securities lending income, net | | | | | 1,055 | | | | | | 669,163 | | | | | | 41,833 | | | | | | 369 | | |
Total investment income | | | | | 2,354,116 | | | | | | 31,074,335 | | | | | | 3,493,495 | | | | | | 4,947,061 | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | | | |||||
Investment management fees(1) | | | | | 370,959 | | | | | | 3,076,155 | | | | | | 1,218,384 | | | | | | 1,182,712 | | |
Distribution and shareholder service fees: | | | | | | ||||||||||||||||||||
Class ADV | | | | | 4,055 | | | | | | 2,332,763 | | | | | | 41,341 | | | | | | — | | |
Class S | | | | | 48,417 | | | | | | 117,921 | | | | | | — | | | | | | 330,336 | | |
Class S2 | | | | | — | | | | | | 4,533 | | | | | | — | | | | | | — | | |
Transfer agent fees | | | | | 185 | | | | | | 1,528 | | | | | | 270 | | | | | | 491 | | |
Administrative service fees(1) | | | | | 38,168 | | | | | | 522,782 | | | | | | 127,059 | | | | | | 181,690 | | |
Shareholder reporting expense | | | | | 3,258 | | | | | | 46,831 | | | | | | 6,285 | | | | | | 15,968 | | |
Professional fees | | | | | 6,536 | | | | | | 53,967 | | | | | | 12,514 | | | | | | 17,014 | | |
Custody and accounting expense | | | | | 49,736 | | | | | | 381,615 | | | | | | 60,168 | | | | | | 21,720 | | |
Directors fees | | | | | 1,768 | | | | | | 23,777 | | | | | | 5,814 | | | | | | 8,286 | | |
License fee | | | | | 23,379 | | | | | | 235,810 | | | | | | 11,533 | | | | | | — | | |
Miscellaneous expense | | | | | 3,553 | | | | | | 41,813 | | | | | | 9,385 | | | | | | 9,939 | | |
Interest expense | | | | | 636 | | | | | | 1,014 | | | | | | 314 | | | | | | 50 | | |
Total expenses | | | | | 550,650 | | | | | | 6,840,509 | | | | | | 1,493,067 | | | | | | 1,768,206 | | |
Net waived and reimbursed fees | | | | | (96,531) | | | | | | (645,685) | | | | | | (672,718) | | | | | | (273,917) | | |
Net expenses | | | | | 454,119 | | | | | | 6,194,824 | | | | | | 820,349 | | | | | | 1,494,289 | | |
Net investment income | | | | | 1,899,997 | | | | | | 24,879,511 | | | | | | 2,673,146 | | | | | | 3,452,772 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | ||||||||||||||||||||
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 3,615,598 | | | | | | (4,360,187) | | | | | | 8,380,680 | | | | | | 22,575,219 | | |
Foreign currency related transactions | | | | | (324) | | | | | | (241,831) | | | | | | (370,219) | | | | | | — | | |
Futures | | | | | 236,772 | | | | | | 1,019,814 | | | | | | 812,630 | | | | | | 690,910 | | |
Net realized gain (loss) | | | | | 3,852,046 | | | | | | (3,582,204) | | | | | | 8,823,091 | | | | | | 23,266,129 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | ||||||||||||||||||||
Investments | | | | | 9,001,721 | | | | | | 75,119,611 | | | | | | 43,555,303 | | | | | | (6,992,770) | | |
Foreign currency related transactions | | | | | 1,622 | | | | | | 65,576 | | | | | | 92,750 | | | | | | — | | |
Futures | | | | | (191,944) | | | | | | (352,963) | | | | | | 2,315 | | | | | | (391,044) | | |
Net change in unrealized appreciation (depreciation) | | | | | 8,811,399 | | | | | | 74,832,224 | | | | | | 43,650,368 | | | | | | (7,383,814) | | |
Net realized and unrealized gain | | | | | 12,663,445 | | | | | | 71,250,020 | | | | | | 52,473,459 | | | | | | 15,882,315 | | |
Increase in net assets resulting from operations | | | | $ | 14,563,442 | | | | | $ | 96,129,531 | | | | | $ | 55,146,605 | | | | | $ | 19,335,087 | | |
* Foreign taxes withheld | | | | $ | 112,372 | | | | | $ | 2,786,199 | | | | | $ | 383,439 | | | | | $ | — | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
See Accompanying Notes to Financial Statements
15
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | 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 | | ||||||||||||
INVESTMENT INCOME: | | | | | | ||||||||||||||||||||
Dividends, net of foreign taxes withheld* | | | | $ | 8,929,592 | | | | | $ | 2,613,653 | | | | | $ | 2,240,130 | | | | | $ | 17,111,536 | | |
Interest | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | |
Dividends from affiliates | | | | | — | | | | | | — | | | | | | — | | | | | | 920 | | |
Securities lending income, net | | | | | 1,455 | | | | | | 608 | | | | | | 101,855 | | | | | | 478,804 | | |
Total investment income | | | | | 8,931,047 | | | | | | 2,614,261 | | | | | | 2,341,985 | | | | | | 17,591,277 | | |
EXPENSES: | | | | | | ||||||||||||||||||||
Investment management fees(1) | | | | | 1,190,248 | | | | | | 457,752 | | | | | | 916,627 | | | | | | 3,849,104 | | |
Distribution and shareholder service fees: | | | | | | ||||||||||||||||||||
Class ADV(2) | | | | | 89,938 | | | | | | — | | | | | | 17 | | | | | | 350,964 | | |
Class S | | | | | 766,106 | | | | | | 203,185 | | | | | | 415,895 | | | | | | 479,921 | | |
Class S2 | | | | | 10,621 | | | | | | — | | | | | | 5,500 | | | | | | 48,823 | | |
Transfer agent fees | | | | | 623 | | | | | | 2,607 | | | | | | 451 | | | | | | 1,589 | | |
Administrative service fees(1) | | | | | 280,637 | | | | | | 70,556 | | | | | | 145,545 | | | | | | 773,536 | | |
Shareholder reporting expense | | | | | 22,625 | | | | | | 8,688 | | | | | | 12,670 | | | | | | 41,855 | | |
Professional fees | | | | | 26,064 | | | | | | 7,059 | | | | | | 19,186 | | | | | | 62,135 | | |
Custody and accounting expense | | | | | 50,680 | | | | | | 11,765 | | | | | | 36,200 | | | | | | 122,175 | | |
Directors fees | | | | | 12,712 | | | | | | 3,195 | | | | | | 6,426 | | | | | | 34,949 | | |
Miscellaneous expense | | | | | 19,384 | | | | | | 7,665 | | | | | | 15,991 | | | | | | 62,443 | | |
Interest expense | | | | | 63 | | | | | | 522 | | | | | | 42 | | | | | | 289 | | |
Total expenses | | | | | 2,469,701 | | | | | | 772,994 | | | | | | 1,574,550 | | | | | | 5,827,783 | | |
Net recouped/waived and reimbursed fees | | | | | (43,474) | | | | | | (105,660) | | | | | | (213,533) | | | | | | 32,538 | | |
Net expenses | | | | | 2,426,227 | | | | | | 667,334 | | | | | | 1,361,017 | | | | | | 5,860,321 | | |
Net investment income | | | | | 6,504,820 | | | | | | 1,946,927 | | | | | | 980,968 | | | | | | 11,730,956 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | ||||||||||||||||||||
Net realized gain (loss) on: | | | | | | ||||||||||||||||||||
Investments | | | | | 28,238,037 | | | | | | 10,212,686 | | | | | | 44,219,684 | | | | | | 172,584,305 | | |
Affiliates | | | | | — | | | | | | — | | | | | | — | | | | | | 27,536 | | |
Futures | | | | | 1,328,281 | | | | | | 229,469 | | | | | | 1,013,366 | | | | | | 3,210,012 | | |
Net realized gain | | | | | 29,566,318 | | | | | | 10,442,155 | | | | | | 45,233,050 | | | | | | 175,821,853 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | ||||||||||||||||||||
Investments | | | | | (25,059,965) | | | | | | (14,450,558) | | | | | | (28,085,017) | | | | | | (134,162,403) | | |
Affiliates | | | | | — | | | | | | — | | | | | | — | | | | | | 109,359 | | |
Futures | | | | | (642,726) | | | | | | (170,740) | | | | | | (321,887) | | | | | | (1,444,865) | | |
Net change in unrealized appreciation (depreciation) | | | | | (25,702,691) | | | | | | (14,621,298) | | | | | | (28,406,904) | | | | | | (135,497,909) | | |
Net realized and unrealized gain (loss) | | | | | 3,863,627 | | | | | | (4,179,143) | | | | | | 16,826,146 | | | | | | 40,323,944 | | |
Increase (decrease) in net assets resulting from operations | | | | $ | 10,368,447 | | | | | $ | (2,232,216) | | | | | $ | 17,807,114 | | | | | $ | 52,054,900 | | |
* Foreign taxes withheld | | | | $ | 2,013 | | | | | $ | 1,873 | | | | | $ | 2,846 | | | | | $ | 12,502 | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
(2)
Class ADV for Voya Russell™ Mid Cap Growth Index Portfolio liquidated on May 28, 2015.
See Accompanying Notes to Financial Statements
16
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Russell™ Small Cap Index Portfolio | | | Voya U.S. Bond Index Portfolio | | ||||||
INVESTMENT INCOME: | | | | ||||||||||
Dividends, net of foreign taxes withheld* | | | | $ | 6,287,155 | | | | | $ | 5,773 | | |
Interest, net of foreign taxes withheld* | | | | | 13 | | | | | | 43,084,618 | | |
Securities lending income, net | | | | | 1,086,711 | | | | | | 134,787 | | |
Total investment income | | | | | 7,373,879 | | | | | | 43,225,178 | | |
EXPENSES: | | | | ||||||||||
Investment management fees(1) | | | | | 1,781,164 | | | | | | 5,859,755 | | |
Distribution and shareholder service fees: | | | | ||||||||||
Class ADV | | | | | 200,433 | | | | | | 52,435 | | |
Class S | | | | | 376,102 | | | | | | 299,605 | | |
Class S2 | | | | | 24,419 | | | | | | 6,011 | | |
Transfer agent fees | | | | | 1,009 | | | | | | 2,397 | | |
Administrative service fees(1) | | | | | 322,984 | | | | | | 1,247,244 | | |
Shareholder reporting expense | | | | | 27,150 | | | | | | 66,951 | | |
Professional fees | | | | | 31,132 | | | | | | 105,138 | | |
Custody and accounting expense | | | | | 59,730 | | | | | | 214,666 | | |
Directors fees | | | | | 14,804 | | | | | | 56,788 | | |
Miscellaneous expense | | | | | 26,343 | | | | | | 79,649 | | |
Interest expense | | | | | 408 | | | | | | 300 | | |
Total expenses | | | | | 2,865,678 | | | | | | 7,990,939 | | |
Net waived and reimbursed fees | | | | | (58,288) | | | | | | (89,865) | | |
Net expenses | | | | | 2,807,390 | | | | | | 7,901,074 | | |
Net investment income | | | | | 4,566,489 | | | | | | 35,324,104 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | ||||||||||
Net realized gain (loss) on: | | | | ||||||||||
Investments | | | | | 54,701,866 | | | | | | 5,416,919 | | |
Foreign currency related transactions | | | | | (44) | | | | | | — | | |
Futures | | | | | 2,365,258 | | | | | | — | | |
Swaps | | | | | — | | | | | | 150,271 | | |
Net realized gain | | | | | 57,067,080 | | | | | | 5,567,190 | | |
Net change in unrealized appreciation (depreciation) on: | | | | ||||||||||
Investments | | | | | (17,665,682) | | | | | | (51,309,991) | | |
Futures | | | | | (432,307) | | | | | | — | | |
Swaps | | | | | — | | | | | | (80,611) | | |
Net change in unrealized appreciation (depreciation) | | | | | (18,097,989) | | | | | | (51,390,602) | | |
Net realized and unrealized gain (loss) | | | | | 38,969,091 | | | | | | (45,823,412) | | |
Increase (decrease) in net assets resulting from operations | | | | $ | 43,535,580 | | | | | $ | (10,499,308) | | |
* Foreign taxes withheld | | | | $ | 3,346 | | | | | $ | 19 | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
See Accompanying Notes to Financial Statements
17
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Australia Index Portfolio | | | Voya Emerging Markets Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 3,774,817 | | | | | $ | 8,314,397 | | | | | $ | 6,197,582 | | | | | $ | 12,604,857 | | | ||||
Net realized (loss) | | | | | (1,182,281) | | | | | | (1,042,523) | | | | | | (6,515,604) | | | | | | (9,072,597) | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | (6,705,548) | | | | | | (15,356,337) | | | | | | 20,603,261 | | | | | | (28,852,231) | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | (4,113,012) | | | | | | (8,084,463) | | | | | | 20,285,239 | | | | | | (25,319,971) | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (132) | | | | | | (105) | | | | | | (54) | | | | | | (33) | | | ||||
Class I | | | | | (9,771,538) | | | | | | (7,992,562) | | | | | | (12,673,939) | | | | | | (8,397,538) | | | ||||
Class S | | | | | — | | | | | | — | | | | | | (60) | | | | | | (40) | | | ||||
Class S2 | | | | | — | | | | | | — | | | | | | (56) | | | | | | (37) | | | ||||
Total distributions | | | | | (9,771,670) | | | | | | (7,992,667) | | | | | | (12,674,109) | | | | | | (8,397,648) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 7,765,021 | | | | | | 31,929,453 | | | | | | 17,016,418 | | | | | | 228,468,026 | | | ||||
Reinvestment of distributions | | | | | 9,771,538 | | | | | | 7,992,562 | | | | | | 12,673,939 | | | | | | 8,397,538 | | | ||||
| | | | | 17,536,559 | | | | | | 39,922,015 | | | | | | 29,690,357 | | | | | | 236,865,564 | | | ||||
Cost of shares redeemed | | | | | (15,336,032) | | | | | | (37,180,306) | | | | | | (78,516,603) | | | | | | (173,824,044) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | 2,200,527 | | | | | | 2,741,709 | | | | | | (48,826,246) | | | | | | 63,041,520 | | | ||||
Net increase (decrease) in net assets | | | | | (11,684,155) | | | | | | (13,335,421) | | | | | | (41,215,116) | | | | | | 29,323,901 | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 190,590,773 | | | | | | 203,926,194 | | | | | | 635,789,271 | | | | | | 606,465,370 | | | ||||
End of year or period | | | | $ | 178,906,618 | | | | | $ | 190,590,773 | | | | | $ | 594,574,155 | | | | | $ | 635,789,271 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 3,850,984 | | | | | $ | 9,847,837 | | | | | $ | 6,201,945 | | | | | $ | 12,678,472 | | | ||||
|
See Accompanying Notes to Financial Statements
18
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Euro STOXX 50® Index Portfolio | | | Voya FTSE 100 Index® Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 10,280,296 | | | | | $ | 15,640,848 | | | | | $ | 8,487,651 | | | | | $ | 28,413,775 | | | ||||
Net realized gain | | | | | 4,793,478 | | | | | | 14,441,872 | | | | | | 6,117,978 | | | | | | 9,693,240 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | 1,394,203 | | | | | | (74,947,468) | | | | | | (2,459,196) | | | | | | (65,085,205) | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | 16,467,977 | | | | | | (44,864,748) | | | | | | 12,146,433 | | | | | | (26,978,190) | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (1,063,806) | | | | | | (1,000,682) | | | | | | (419,841) | | | | | | (238,950) | | | ||||
Class I | | | | | (13,860,998) | | | | | | (16,844,821) | | | | | | (27,476,747) | | | | | | (16,476,434) | | | ||||
Net realized gains: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | — | | | | | | — | | | | | | (180,746) | | | | | | (532,058) | | | ||||
Class I | | | | | — | | | | | | — | | | | | | (10,875,058) | | | | | | (33,333,385) | | | ||||
Total distributions | | | | | (14,924,804) | | | | | | (17,845,503) | | | | | | (38,952,392) | | | | | | (50,580,827) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 14,247,678 | | | | | | 77,279,833 | | | | | | 3,359,912 | | | | | | 58,290,148 | | | ||||
Reinvestment of distributions | | | | | 14,924,803 | | | | | | 17,845,503 | | | | | | 38,952,392 | | | | | | 50,580,827 | | | ||||
| | | | | 29,172,481 | | | | | | 95,125,336 | | | | | | 42,312,304 | | | | | | 108,870,975 | | | ||||
Cost of shares redeemed | | | | | (44,898,863) | | | | | | (101,715,780) | | | | | | (45,912,902) | | | | | | (83,428,489) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (15,726,382) | | | | | | (6,590,444) | | | | | | (3,600,598) | | | | | | 25,442,486 | | | ||||
Net decrease in net assets | | | | | (14,183,209) | | | | | | (69,300,695) | | | | | | (30,406,557) | | | | | | (52,116,531) | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 464,236,647 | | | | | | 533,537,342 | | | | | | 419,103,252 | | | | | | 471,219,783 | | | ||||
End of year or period | | | | $ | 450,053,438 | | | | | $ | 464,236,647 | | | | | $ | 388,696,695 | | | | | $ | 419,103,252 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 10,387,145 | | | | | $ | 15,031,653 | | | | | $ | 8,486,647 | | | | | $ | 27,895,584 | | | ||||
|
See Accompanying Notes to Financial Statements
19
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Hang Seng Index Portfolio | | | Voya International Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 1,899,997 | | | | | $ | 3,343,997 | | | | | $ | 24,879,511 | | | | | $ | 40,395,467 | | | ||||
Net realized gain (loss) | | | | | 3,852,046 | | | | | | 1,011,494 | | | | | | (3,582,204) | | | | | | (14,171,010) | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | 8,811,399 | | | | | | (455,140) | | | | | | 74,832,224 | | | | | | (100,341,227) | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | 14,563,442 | | | | | | 3,900,351 | | | | | | 96,129,531 | | | | | | (74,116,770) | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (37,556) | | | | | | (40,226) | | | | | | (24,237,441) | | | | | | (8,654,053) | | | ||||
Class I | | | | | (2,322,850) | | | | | | (2,121,591) | | | | | | (15,085,728) | | | | | | (3,966,540) | | | ||||
Class S | | | | | (1,065,471) | | | | | | (853,855) | | | | | | (2,530,530) | | | | | | (704,877) | | | ||||
Class S2 | | | | | — | | | | | | — | | | | | | (34,160) | | | | | | (13,516) | | | ||||
Total distributions | | | | | (3,425,877) | | | | | | (3,015,672) | | | | | | (41,887,859) | | | | | | (13,338,986) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 10,493,621 | | | | | | 20,959,100 | | | | | | 62,122,570 | | | | | | 260,233,264 | | | ||||
Proceeds from shares issued in merger (Note 15) | | | | | — | | | | | | — | | | | | | — | | | | | | 1,058,745,439 | | | ||||
Reinvestment of distributions | | | | | 3,425,877 | | | | | | 3,015,672 | | | | | | 41,887,859 | | | | | | 13,338,986 | | | ||||
| | | | | 13,919,498 | | | | | | 23,974,772 | | | | | | 104,010,429 | | | | | | 1,332,317,689 | | | ||||
Cost of shares redeemed | | | | | (22,600,403) | | | | | | (36,354,731) | | | | | | (195,905,223) | | | | | | (374,633,359) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (8,680,905) | | | | | | (12,379,959) | | | | | | (91,894,794) | | | | | | 957,684,330 | | | ||||
Net increase (decrease) in net assets | | | | | 2,456,660 | | | | | | (11,495,280) | | | | | | (37,653,122) | | | | | | 870,228,574 | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 110,197,903 | | | | | | 121,693,183 | | | | | | 1,547,469,062 | | | | | | 677,240,488 | | | ||||
End of year or period | | | | $ | 112,654,563 | | | | | $ | 110,197,903 | | | | | $ | 1,509,815,940 | | | | | $ | 1,547,469,062 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 1,896,773 | | | | | $ | 3,422,653 | | | | | $ | 25,728,323 | | | | | $ | 42,736,671 | | | ||||
|
See Accompanying Notes to Financial Statements
20
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Japan TOPIX Index® Portfolio | | | Voya Russell™ Large Cap Growth Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 2,673,146 | | | | | $ | 5,212,650 | | | | | $ | 3,452,772 | | | | | $ | 5,826,036 | | | ||||
Net realized gain | | | | | 8,823,091 | | | | | | 4,089,522 | | | | | | 23,266,129 | | | | | | 29,077,435 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | 43,650,368 | | | | | | (28,745,507) | | | | | | (7,383,814) | | | | | | 25,616,117 | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | 55,146,605 | | | | | | (19,443,335) | | | | | | 19,335,087 | | | | | | 60,519,588 | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (182,203) | | | | | | (129,908) | | | | | | — | | | | | | — | | | ||||
Class I | | | | | (4,153,473) | | | | | | (5,481,044) | | | | | | (3,321,385) | | | | | | (3,525,724) | | | ||||
Class S | | | | | — | | | | | | — | | | | | | (2,504,465) | | | | | | (2,253,990) | | | ||||
Net realized gains: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (247,998) | | | | | | (950,899) | | | | | | — | | | | | | — | | | ||||
Class I | | | | | (4,136,589) | | | | | | (27,240,581) | | | | | | — | | | | | | — | | | ||||
Total distributions | | | | | (8,720,263) | | | | | | (33,802,432) | | | | | | (5,825,850) | | | | | | (5,779,714) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 14,522,793 | | | | | | 51,239,234 | | | | | | 27,084,260 | | | | | | 100,338,979 | | | ||||
Reinvestment of distributions | | | | | 8,720,263 | | | | | | 33,802,432 | | | | | | 5,825,850 | | | | | | 5,779,714 | | | ||||
| | | | | 23,243,056 | | | | | | 85,041,666 | | | | | | 32,910,110 | | | | | | 106,118,693 | | | ||||
Cost of shares redeemed | | | | | (69,995,683) | | | | | | (70,830,898) | | | | | | (50,883,265) | | | | | | (96,661,889) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (46,752,627) | | | | | | 14,210,768 | | | | | | (17,973,155) | | | | | | 9,456,804 | | | ||||
Net increase (decrease) in net assets | | | | | (326,285) | | | | | | (39,034,999) | | | | | | (4,463,918) | | | | | | 64,196,678 | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 362,125,540 | | | | | | 401,160,539 | | | | | | 542,138,378 | | | | | | 477,941,700 | | | ||||
End of year or period | | | | $ | 361,799,255 | | | | | $ | 362,125,540 | | | | | $ | 537,674,460 | | | | | $ | 542,138,378 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 2,718,677 | | | | | $ | 4,381,207 | | | | | $ | 3,445,827 | | | | | $ | 5,818,905 | | | ||||
|
See Accompanying Notes to Financial Statements
21
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Russell™ Large Cap Index Portfolio | | | Voya Russell™ Large Cap Value Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 6,504,820 | | | | | $ | 12,041,579 | | | | | $ | 1,946,927 | | | | | $ | 3,131,464 | | | ||||
Net realized gain | | | | | 29,566,318 | | | | | | 16,572,025 | | | | | | 10,442,155 | | | | | | 5,794,343 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | (25,702,691) | | | | | | 66,919,394 | | | | | | (14,621,298) | | | | | | 12,638,306 | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | 10,368,447 | | | | | | 95,532,998 | | | | | | (2,232,216) | | | | | | 21,564,113 | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (422,251) | | | | | | (411,173) | | | | | | — | | | | | | — | | | ||||
Class I | | | | | (3,100,399) | | | | | | (2,772,734) | | | | | | (797,334) | | | | | | (765,924) | | | ||||
Class S | | | | | (8,446,304) | | | | | | (8,038,695) | | | | | | (2,305,935) | | | | | | (1,828,672) | | | ||||
Class S2 | | | | | (52,561) | | | | | | (47,422) | | | | | | — | | | | | | — | | | ||||
Net realized gains: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Class I | | | | | — | | | | | | — | | | | | | (630,529) | | | | | | (735,139) | | | ||||
Class S | | | | | — | | | | | | — | | | | | | (2,086,592) | | | | | | (2,000,512) | | | ||||
Total distributions | | | | | (12,021,515) | | | | | | (11,270,024) | | | | | | (5,820,390) | | | | | | (5,330,247) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 48,384,883 | | | | | | 115,400,174 | | | | | | 27,252,392 | | | | | | 58,971,291 | | | ||||
Reinvestment of distributions | | | | | 12,021,515 | | | | | | 11,270,024 | | | | | | 5,820,390 | | | | | | 5,330,247 | | | ||||
| | | | | 60,406,398 | | | | | | 126,670,198 | | | | | | 33,072,782 | | | | | | 64,301,538 | | | ||||
Cost of shares redeemed | | | | | (94,169,611) | | | | | | (134,318,530) | | | | | | (28,745,178) | | | | | | (35,048,667) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (33,763,213) | | | | | | (7,648,332) | | | | | | 4,327,604 | | | | | | 29,252,871 | | | ||||
Net increase (decrease) in net assets | | | | | (35,416,281) | | | | | | 76,614,642 | | | | | | (3,725,002) | | | | | | 45,486,737 | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 849,480,721 | | | | | | 772,866,079 | | | | | | 207,686,500 | | | | | | 162,199,763 | | | ||||
End of year or period | | | | $ | 814,064,440 | | | | | $ | 849,480,721 | | | | | $ | 203,961,498 | | | | | $ | 207,686,500 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 6,475,120 | | | | | $ | 11,991,815 | | | | | $ | 1,944,848 | | | | | $ | 3,101,190 | | | ||||
|
See Accompanying Notes to Financial Statements
22
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Russell™ Mid Cap Growth Index Portfolio | | | Voya Russell™ Mid Cap Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 980,968 | | | | | $ | 2,588,598 | | | | | $ | 11,730,956 | | | | | $ | 25,808,917 | | | ||||
Net realized gain | | | | | 45,233,050 | | | | | | 24,728,997 | | | | | | 175,821,853 | | | | | | 172,741,637 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | (28,406,904) | | | | | | 21,099,528 | | | | | | (135,497,909) | | | | | | 77,688,156 | | | ||||
Increase in net assets resulting from operations | | | | | 17,807,114 | | | | | | 48,417,123 | | | | | | 52,054,900 | | | | | | 276,238,710 | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (36) | | | | | | (2) | | | | | | (1,231,943) | | | | | | (782,106) | | | ||||
Class I | | | | | (463,018) | | | | | | (523,892) | | | | | | (20,928,767) | | | | | | (19,811,937) | | | ||||
Class S | | | | | (2,118,372) | | | | | | (713,505) | | | | | | (4,004,346) | | | | | | (2,844,338) | | | ||||
Class S2 | | | | | (9,312) | | | | | | (1,972) | | | | | | (172,194) | | | | | | (125,988) | | | ||||
Net realized gains: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | — | | | | | | — | | | | | | (11,014,196) | | | | | | (3,375,063) | | | ||||
Class I | | | | | — | | | | | | — | | | | | | (129,234,654) | | | | | | (58,040,604) | | | ||||
Class S | | | | | — | | | | | | — | | | | | | (29,820,784) | | | | | | (10,249,867) | | | ||||
Class S2 | | | | | — | | | | | | — | | | | | | (1,487,788) | | | | | | (515,856) | | | ||||
Total distributions | | | | | (2,590,738) | | | | | | (1,239,371) | | | | | | (197,894,672) | | | | | | (95,745,759) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 33,783,677 | | | | | | 134,246,547 | | | | | | 115,219,164 | | | | | | 226,658,986 | | | ||||
Reinvestment of distributions | | | | | 2,590,702 | | | | | | 1,239,369 | | | | | | 197,894,671 | | | | | | 95,745,759 | | | ||||
| | | | | 36,374,379 | | | | | | 135,485,916 | | | | | | 313,113,835 | | | | | | 322,404,745 | | | ||||
Cost of shares redeemed | | | | | (92,631,363) | | | | | | (90,995,203) | | | | | | (254,251,390) | | | | | | (568,992,226) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (56,256,984) | | | | | | 44,490,713 | | | | | | 58,862,445 | | | | | | (246,587,481) | | | ||||
Net increase (decrease) in net assets | | | | | (41,040,608) | | | | | | 91,668,465 | | | | | | (86,977,327) | | | | | | (66,094,530) | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 427,598,178 | | | | | | 335,929,713 | | | | | | 2,307,168,844 | | | | | | 2,373,263,374 | | | ||||
End of year or period | | | | $ | 386,557,570 | | | | | $ | 427,598,178 | | | | | $ | 2,220,191,517 | | | | | $ | 2,307,168,844 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 956,679 | | | | | $ | 2,566,449 | | | | | $ | 11,643,474 | | | | | $ | 26,249,768 | | | ||||
|
See Accompanying Notes to Financial Statements
23
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Russell™ Small Cap Index Portfolio | | | Voya U.S. Bond Index Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 4,566,489 | | | | | $ | 9,236,936 | | | | | $ | 35,324,104 | | | | | $ | 70,960,887 | | | ||||
Net realized gain | | | | | 57,067,080 | | | | | | 85,495,469 | | | | | | 5,567,190 | | | | | | 49,855,532 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | (18,097,989) | | | | | | (51,082,700) | | | | | | (51,390,602) | | | | | | 101,453,509 | | | ||||
Increase (decrease) in net assets resulting from operations | | | | | 43,535,580 | | | | | | 43,649,705 | | | | | | (10,499,308) | | | | | | 222,269,928 | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (539,601) | | | | | | (457,141) | | | | | | (109,860) | | | | | | (239,938) | | | ||||
Class I | | | | | (6,150,451) | | | | | | (6,355,628) | | | | | | (21,381,344) | | | | | | (73,018,279) | | | ||||
Class S | | | | | (2,455,955) | | | | | | (2,422,533) | | | | | | (1,368,598) | | | | | | (3,891,510) | | | ||||
Class S2 | | | | | (66,055) | | | | | | (60,425) | | | | | | (12,490) | | | | | | (39,819) | | | ||||
Net realized gains: | | | | | | ||||||||||||||||||||||||
Class ADV | | | | | (7,081,772) | | | | | | (4,093,826) | | | | | | (45,419) | | | | | | — | | | ||||
Class I | | | | | (49,533,156) | | | | | | (36,974,169) | | | | | | (7,523,817) | | | | | | — | | | ||||
Class S | | | | | (25,785,726) | | | | | | (17,913,144) | | | | | | (512,228) | | | | | | — | | | ||||
Class S2 | | | | | (859,795) | | | | | | (601,965) | | | | | | (5,046) | | | | | | — | | | ||||
Total distributions | | | | | (92,472,511) | | | | | | (68,878,831) | | | | | | (30,958,802) | | | | | | (77,189,546) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 66,930,029 | | | | | | 120,295,161 | | | | | | 336,772,122 | | | | | | 580,251,370 | | | ||||
Reinvestment of distributions | | | | | 92,472,510 | | | | | | 68,878,831 | | | | | | 30,958,802 | | | | | | 77,189,546 | | | ||||
| | | | | 159,402,539 | | | | | | 189,173,992 | | | | | | 367,730,924 | | | | | | 657,440,916 | | | ||||
Cost of shares redeemed | | | | | (76,765,649) | | | | | | (271,172,490) | | | | | | (453,638,563) | | | | | | (938,236,439) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | 82,636,890 | | | | | | (81,998,498) | | | | | | (85,907,639) | | | | | | (280,795,523) | | | ||||
Net increase (decrease) in net assets | | | | | 33,699,959 | | | | | | (107,227,624) | | | | | | (127,365,749) | | | | | | (135,715,141) | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 958,027,712 | | | | | | 1,065,255,336 | | | | | | 3,875,141,595 | | | | | | 4,010,856,736 | | | ||||
End of year or period | | | | $ | 991,727,671 | | | | | $ | 958,027,712 | | | | | $ | 3,747,775,846 | | | | | $ | 3,875,141,595 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 4,548,586 | | | | | $ | 9,194,159 | | | | | $ | 15,820,691 | | | | | $ | 3,368,879 | | | ||||
|
See Accompanying Notes to Financial Statements
24
Financial Highlights (Unaudited)
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 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Australia Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.16 | | | | | | 0.18• | | | | | | (0.37) | | | | | | (0.19) | | | | | | 0.49 | | | | | | — | | | | | | — | | | | | | 0.49 | | | | | | — | | | | | | 8.48 | | | | | | (2.48) | | | | | | 0.80 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 3.99 | | | | | | 178,907 | | | | | | 5 | | |
12-31-14 | | | | | 10.01 | | | | | | 0.40 | | | | | | (0.85) | | | | | | (0.45) | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 9.16 | | | | | | (4.95) | | | | | | 0.78 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 4.12 | | | | | | 190,588 | | | | | | 12 | | |
12-31-13 | | | | | 10.34 | | | | | | 0.44 | | | | | | (0.20) | | | | | | 0.24 | | | | | | 0.57 | | | | | | — | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 10.01 | | | | | | 1.91 | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 4.27 | | | | | | 203,923 | | | | | | 13 | | |
12-31-12 | | | | | 8.76 | | | | | | 0.41• | | | | | | 1.56 | | | | | | 1.97 | | | | | | 0.35 | | | | | | 0.04 | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 10.34 | | | | | | 22.91 | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 4.42 | | | | | | 194,327 | | | | | | 10 | | |
03-02-11(5) - 12-31-11 | | | | | 10.00 | | | | | | 0.31• | | | | | | (1.55) | | | | | | (1.24) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.76 | | | | | | (12.40) | | | | | | 0.82 | | | | | | 0.47 | | | | | | 0.47 | | | | | | 3.83 | | | | | | 189,709 | | | | | | 22 | | |
Voya Emerging Markets Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.65 | | | | | | 0.11• | | | | | | 0.21 | | | | | | 0.32 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 10.75 | | | | | | 2.90 | | | | | | 0.82 | | | | | | 0.57 | | | | | | 0.57 | | | | | | 2.07 | | | | | | 594,569 | | | | | | 3 | | |
12-31-14 | | | | | 11.18 | | | | | | 0.21 | | | | | | (0.58) | | | | | | (0.37) | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 10.65 | | | | | | (3.37) | | | | | | 0.81 | | | | | | 0.56 | | | | | | 0.56 | | | | | | 2.05 | | | | | | 635,780 | | | | | | 21 | | |
12-31-13 | | | | | 12.00 | | | | | | 0.22• | | | | | | (0.98) | | | | | | (0.76) | | | | | | 0.01 | | | | | | 0.05 | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 11.18 | | | | | | (6.30) | | | | | | 0.82 | | | | | | 0.57 | | | | | | 0.57 | | | | | | 2.03 | | | | | | 606,455 | | | | | | 19 | | |
12-31-12 | | | | | 10.32 | | | | | | 0.16• | | | | | | 1.53 | | | | | | 1.69 | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 12.00 | | | | | | 16.38 | | | | | | 0.90 | | | | | | 0.65 | | | | | | 0.65 | | | | | | 1.39 | | | | | | 112,257 | | | | | | 61 | | |
12-19-11(5) - 12-31-11 | | | | | 10.00 | | | | | | 0.00* | | | | | | 0.32 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10.32 | | | | | | 3.20 | | | | | | 0.97 | | | | | | 0.72 | | | | | | 0.72 | | | | | | 0.35 | | | | | | 61,384 | | | | | | — | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.61 | | | | | | 0.12• | | | | | | 0.19 | | | | | | 0.31 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 10.72 | | | | | | 2.79 | | | | | | 1.07 | | | | | | 0.82 | | | | | | 0.82 | | | | | | 2.21 | | | | | | 5 | | | | | | 3 | | |
12-31-14 | | | | | 11.14 | | | | | | 0.21 | | | | | | (0.61) | | | | | | (0.40) | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 10.61 | | | | | | (3.59) | | | | | | 1.06 | | | | | | 0.81 | | | | | | 0.81 | | | | | | 1.84 | | | | | | 3 | | | | | | 21 | | |
12-31-13 | | | | | 11.97 | | | | | | 0.15 | | | | | | (0.93) | | | | | | (0.78) | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 11.14 | | | | | | (6.52) | | | | | | 1.07 | | | | | | 0.82 | | | | | | 0.82 | | | | | | 1.38 | | | | | | 3 | | | | | | 19 | | |
12-31-12 | | | | | 10.31 | | | | | | 0.20 | | | | | | 1.47 | | | | | | 1.67 | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 11.97 | | | | | | 16.20 | | | | | | 1.15 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.80 | | | | | | 4 | | | | | | 61 | | |
12-19-11(5) - 12-31-11 | | | | | 10.00 | | | | | | 0.00* | | | | | | 0.31 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10.31 | | | | | | 3.10 | | | | | | 1.22 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 0.11 | | | | | | 3 | | | | | | — | | |
Voya Euro STOXX 50® Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.39 | | | | | | 0.23• | | | | | | 0.11 | | | | | | 0.34 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 10.43 | | | | | | 3.18 | | | | | | 1.28 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 4.35 | | | | | | 38,560 | | | | | | 1 | | |
12-31-14 | | | | | 11.88 | | | | | | 0.30• | | | | | | (1.40) | | | | | | (1.10) | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 10.39 | | | | | | (9.66) | | | | | | 1.29 | | | | | | 0.94 | | | | | | 0.94 | | | | | | 2.63 | | | | | | 28,159 | | | | | | 13 | | |
12-31-13 | | | | | 9.90 | | | | | | 0.21• | | | | | | 2.21 | | | | | | 2.42 | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 11.88 | | | | | | 25.45 | | | | | | 1.29 | | | | | | 0.94 | | | | | | 0.94 | | | | | | 1.97 | | | | | | 36,736 | | | | | | 17 | | |
12-31-12 | | | | | 8.41 | | | | | | 0.21• | | | | | | 1.58 | | | | | | 1.79 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 9.90 | | | | | | 21.83 | | | | | | 1.31 | | | | | | 0.96 | | | | | | 0.96 | | | | | | 2.33 | | | | | | 9,377 | | | | | | 20 | | |
12-31-11 | | | | | 10.49 | | | | | | 0.47• | | | | | | (2.16) | | | | | | (1.69) | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 8.41 | | | | | | (17.27) | | | | | | 1.27 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 4.54 | | | | | | 3,241 | | | | | | 34 | | |
12-31-10 | | | | | 11.63 | | | | | | 0.18• | | | | | | (1.25) | | | | | | (1.07) | | | | | | 0.05 | | | | | | 0.02 | | | | | | — | | | | | | 0.07 | | | | | | — | | | | | | 10.49 | | | | | | (9.13) | | | | | | 1.25 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.79 | | | | | | 4,937 | | | | | | 27 | | |
See Accompanying Notes to Financial Statements
25
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Euro STOXX 50® Index Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.49 | | | | | | 0.24• | | | | | | 0.14 | | | | | | 0.38 | | | | | | 0.35 | | | | | | — | | | | | | — | | | | | | 0.35 | | | | | | — | | | | | | 10.52 | | | | | | 3.46 | | | | | | 0.78 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 4.37 | | | | | | 411,493 | | | | | | 1 | | |
12-31-14 | | | | | 11.96 | | | | | | 0.37• | | | | | | (1.41) | | | | | | (1.04) | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 10.49 | | | | | | (9.18) | | | | | | 0.79 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 3.19 | | | | | | 436,078 | | | | | | 13 | | |
12-31-13 | | | | | 9.94 | | | | | | 0.32• | | | | | | 2.17 | | | | | | 2.49 | | | | | | 0.47 | | | | | | — | | | | | | — | | | | | | 0.47 | | | | | | — | | | | | | 11.96 | | | | | | 26.09 | | | | | | 0.79 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 3.09 | | | | | | 496,801 | | | | | | 17 | | |
12-31-12 | | | | | 8.50 | | | | | | 0.28• | | | | | | 1.56 | | | | | | 1.84 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 9.94 | | | | | | 22.42 | | | | | | 0.81 | | | | | | 0.46 | | | | | | 0.46 | | | | | | 3.23 | | | | | | 679,952 | | | | | | 20 | | |
12-31-11 | | | | | 10.57 | | | | | | 0.38• | | | | | | (2.05) | | | | | | (1.67) | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 8.50 | | | | | | (16.99) | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 3.68 | | | | | | 672,579 | | | | | | 34 | | |
12-31-10 | | | | | 11.66 | | | | | | 0.31• | | | | | | (1.32) | | | | | | (1.01) | ��� | | | | | 0.06 | | | | | | 0.02 | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 10.57 | | | | | | (8.64) | | | | | | 0.75 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 3.00 | | | | | | 873,679 | | | | | | 27 | | |
Voya FTSE 100 Index® Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 11.29 | | | | | | 0.20• | | | | | | 0.10 | | | | | | 0.30 | | | | | | 0.73 | | | | | | 0.31 | | | | | | — | | | | | | 1.04 | | | | | | — | | | | | | 10.55 | | | | | | 2.39 | | | | | | 1.26 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 3.58 | | | | | | 7,245 | | | | | | 2 | | |
12-31-14 | | | | | 13.59 | | | | | | 0.69• | | | | | | (1.47) | | | | | | (0.78) | | | | | | 0.47 | | | | | | 1.05 | | | | | | — | | | | | | 1.52 | | | | | | — | | | | | | 11.29 | | | | | | (6.85) | | | | | | 1.26 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 5.53 | | | | | | 6,675 | | | | | | 13 | | |
12-31-13 | | | | | 12.25 | | | | | | 0.30• | | | | | | 1.89 | | | | | | 2.19 | | | | | | 0.57 | | | | | | 0.28 | | | | | | — | | | | | | 0.85 | | | | | | — | | | | | | 13.59 | | | | | | 18.86 | | | | | | 1.27 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 2.43 | | | | | | 6,057 | | | | | | 8 | | |
12-31-12 | | | | | 11.48 | | | | | | 0.37• | | | | | | 1.34 | | | | | | 1.71 | | | | | | 0.31 | | | | | | 0.63 | | | | | | — | | | | | | 0.94 | | | | | | — | | | | | | 12.25 | | | | | | 15.24 | | | | | | 1.26 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 3.15 | | | | | | 2,642 | | | | | | 7 | | |
12-31-11 | | | | | 12.46 | | | | | | 0.36• | | | | | | (0.81) | | | | | | (0.45) | | | | | | 0.35 | | | | | | 0.18 | | | | | | — | | | | | | 0.53 | | | | | | — | | | | | | 11.48 | | | | | | (4.13) | | | | | | 1.26 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 2.90 | | | | | | 2,562 | | | | | | 12 | | |
12-31-10 | | | | | 11.60 | | | | | | 0.22• | | | | | | 0.79 | | | | | | 1.01 | | | | | | 0.07 | | | | | | 0.08 | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 12.46 | | | | | | 8.87 | | | | | | 1.24 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 1.88 | | | | | | 3,734 | | | | | | 14 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 11.39 | | | | | | 0.23• | | | | | | 0.10 | | | | | | 0.33 | | | | | | 0.79 | | | | | | 0.31 | | | | | | — | | | | | | 1.10 | | | | | | — | | | | | | 10.62 | | | | | | 2.65 | | | | | | 0.76 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 4.10 | | | | | | 381,452 | | | | | | 2 | | |
12-31-14 | | | | | 13.68 | | | | | | 0.81 | | | | | | (1.53) | | | | | | (0.72) | | | | | | 0.52 | | | | | | 1.05 | | | | | | — | | | | | | 1.57 | | | | | | — | | | | | | 11.39 | | | | | | (6.39) | | | | | | 0.76 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 6.45 | | | | | | 412,428 | | | | | | 13 | | |
12-31-13 | | | | | 12.31 | | | | | | 0.42• | | | | | | 1.84 | | | | | | 2.26 | | | | | | 0.61 | | | | | | 0.28 | | | | | | — | | | | | | 0.89 | | | | | | — | | | | | | 13.68 | | | | | | 19.44 | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 3.35 | | | | | | 465,162 | | | | | | 8 | | |
12-31-12 | | | | | 11.59 | | | | | | 0.43• | | | | | | 1.34 | | | | | | 1.77 | | | | | | 0.42 | | | | | | 0.63 | | | | | | — | | | | | | 1.05 | | | | | | — | | | | | | 12.31 | | | | | | 15.74 | | | | | | 0.76 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 3.63 | | | | | | 543,630 | | | | | | 7 | | |
12-31-11 | | | | | 12.53 | | | | | | 0.41• | | | | | | (0.80) | | | | | | (0.39) | | | | | | 0.37 | | | | | | 0.18 | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 11.59 | | | | | | (3.61) | | | | | | 0.76 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 3.35 | | | | | | 534,948 | | | | | | 12 | | |
12-31-10 | | | | | 11.61 | | | | | | 0.31• | | | | | | 0.77 | | | | | | 1.08 | | | | | | 0.08 | | | | | | 0.08 | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 12.53 | | | | | | 9.43 | | | | | | 0.74 | | | | | | 0.39 | | | | | | 0.39 | | | | | | 2.74 | | | | | | 665,191 | | | | | | 14 | | |
Voya Hang Seng Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 14.22 | | | | | | 0.22• | | | | | | 1.66 | | | | | | 1.88 | | | | | | 0.37 | | | | | | — | | | | | | — | | | | | | 0.37 | | | | | | — | | | | | | 15.73 | | | | | | 13.10 | | | | | | 1.35 | | | | | | 1.19 | | | | | | 1.19 | | | | | | 2.85 | | | | | | 1,552 | | | | | | 2 | | |
12-31-14 | | | | | 14.10 | | | | | | 0.35• | | | | | | 0.08 | | | | | | 0.43 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 14.22 | | | | | | 3.23 | | | | | | 1.37 | | | | | | 1.25 | | | | | | 1.25 | | | | | | 2.47 | | | | | | 1,647 | | | | | | 11 | | |
12-31-13 | | | | | 14.12 | | | | | | 0.27• | | | | | | 0.21 | | | | | | 0.48 | | | | | | 0.50 | | | | | | — | | | | | | — | | | | | | 0.50 | | | | | | — | | | | | | 14.10 | | | | | | 3.60 | | | | | | 1.36 | | | | | | 1.26 | | | | | | 1.26 | | | | | | 1.94 | | | | | | 1,816 | | | | | | 9 | | |
12-31-12 | | | | | 11.10 | | | | | | 0.21• | | | | | | 2.90 | | | | | | 3.11 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 14.12 | | | | | | 28.14 | | | | | | 1.34 | | | | | | 1.24 | | | | | | 1.24 | | | | | | 1.69 | | | | | | 1,607 | | | | | | 9 | | |
12-31-11 | | | | | 13.98 | | | | | | 0.23• | | | | | | (2.77) | | | | | | (2.54) | | | | | | 0.34 | | | | | | — | | | | | | — | | | | | | 0.34 | | | | | | — | | | | | | 11.10 | | | | | | (18.71) | | | | | | 1.37 | | | | | | 1.27 | | | | | | 1.27 | | | | | | 1.85 | | | | | | 1,874 | | | | | | 15 | | |
12-31-10 | | | | | 13.04 | | | | | | 0.16• | | | | | | 0.79 | | | | | | 0.95 | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 13.98 | | | | | | 7.30 | | | | | | 1.34 | | | | | | 1.24† | | | | | | 1.24† | | | | | | 1.22† | | | | | | 1,147 | | | | | | 9 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 14.34 | | | | | | 0.25• | | | | | | 1.70 | | | | | | 1.95 | | | | | | 0.47 | | | | | | — | | | | | | — | | | | | | 0.47 | | | | | | — | | | | | | 15.82 | | | | | | 13.43 | | | | | | 0.85 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 3.23 | | | | | | 69,014 | | | | | | 2 | | |
12-31-14 | | | | | 14.22 | | | | | | 0.42• | | | | | | 0.07 | | | | | | 0.49 | | | | | | 0.37 | | | | | | — | | | | | | — | | | | | | 0.37 | | | | | | — | | | | | | 14.34 | | | | | | 3.69 | | | | | | 0.87 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 2.96 | | | | | | 73,751 | | | | | | 11 | | |
12-31-13 | | | | | 14.23 | | | | | | 0.32• | | | | | | 0.24 | | | | | | 0.56 | | | | | | 0.57 | | | | | | — | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 14.22 | | | | | | 4.15 | | | | | | 0.86 | | | | | | 0.76 | | | | | | 0.76 | | | | | | 2.31 | | | | | | 79,094 | | | | | | 9 | | |
12-31-12 | | | | | 11.20 | | | | | | 0.31• | | | | | | 2.89 | | | | | | 3.20 | | | | | | 0.17 | | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 14.23 | | | | | | 28.70 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 2.49 | | | | | | 97,820 | | | | | | 9 | | |
12-31-11 | | | | | 14.04 | | | | | | 0.27• | | | | | | (2.76) | | | | | | (2.49) | | | | | | 0.35 | | | | | | — | | | | | | — | | | | | | 0.35 | | | | | | — | | | | | | 11.20 | | | | | | (18.23) | | | | | | 0.87 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 2.11 | | | | | | 94,207 | | | | | | 15 | | |
12-31-10 | | | | | 13.04 | | | | | | 0.25• | | | | | | 0.76 | | | | | | 1.01 | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 14.04 | | | | | | 7.76 | | | | | | 0.84 | | | | | | 0.74† | | | | | | 0.74† | | | | | | 1.92† | | | | | | 137,227 | | | | | | 9 | | |
See Accompanying Notes to Financial Statements
26
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Hang Seng Index Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 14.30 | | | | | | 0.26• | | | | | | 1.66 | | | | | | 1.92 | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 15.79 | | | | | | 13.28 | | | | | | 1.10 | | | | | | 0.94 | | | | | | 0.94 | | | | | | 3.30 | | | | | | 42,088 | | | | | | 2 | | |
12-31-14 | | | | | 14.17 | | | | | | 0.36• | | | | | | 0.10 | | | | | | 0.46 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 14.30 | | | | | �� | 3.41 | | | | | | 1.12 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 2.57 | | | | | | 34,800 | | | | | | 11 | | |
12-31-13 | | | | | 14.19 | | | | | | 0.28• | | | | | | 0.24 | | | | | | 0.52 | | | | | | 0.54 | | | | | | — | | | | | | — | | | | | | 0.54 | | | | | | — | | | | | | 14.17 | | | | | | 3.84 | | | | | | 1.11 | | | | | | 1.01 | | | | | | 1.01 | | | | | | 2.06 | | | | | | 40,783 | | | | | | 9 | | |
12-31-12 | | | | | 11.16 | | | | | | 0.29• | | | | | | 2.87 | | | | | | 3.16 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 14.19 | | | | | | 28.41 | | | | | | 1.09 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 2.29 | | | | | | 54,629 | | | | | | 9 | | |
12-31-11 | | | | | 14.00 | | | | | | 0.26• | | | | | | (2.77) | | | | | | (2.51) | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 11.16 | | | | | | (18.45) | | | | | | 1.12 | | | | | | 1.02 | | | | | | 1.02 | | | | | | 1.97 | | | | | | 46,295 | | | | | | 15 | | |
12-31-10 | | | | | 13.03 | | | | | | 0.21• | | | | | | 0.77 | | | | | | 0.98 | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 14.00 | | | | | | 7.53 | | | | | | 1.09 | | | | | | 0.99† | | | | | | 0.99† | | | | | | 1.63† | | | | | | 84,603 | | | | | | 9 | | |
Voya International Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.19 | | | | | | 0.14• | | | | | | 0.41 | | | | | | 0.55 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 9.49 | | | | | | 5.94 | | | | | | 1.06 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 2.99 | | | | | | 908,883 | | | | | | 1 | | |
12-31-14 | | | | | 9.89 | | | | | | 0.24• | | | | | | (0.86) | | | | | | (0.62) | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.19 | | | | | | (6.34) | | | | | | 1.04 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 2.47 | | | | | | 917,139 | | | | | | 6 | | |
12-31-13 | | | | | 8.35 | | | | | | 0.17• | | | | | | 1.55 | | | | | | 1.72 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.89 | | | | | | 20.89 | | | | | | 1.06 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 1.92 | | | | | | 11,587 | | | | | | 3 | | |
12-31-12 | | | | | 7.25 | | | | | | 0.17• | | | | | | 1.13 | | | | | | 1.30 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 8.35 | | | | | | 18.12 | | | | | | 1.09 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 2.28 | | | | | | 6,036 | | | | | | 6 | | |
12-31-11 | | | | | 8.47 | | | | | | 0.19• | | | | | | (1.22) | | | | | | (1.03) | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 7.25 | | | | | | (12.63) | | | | | | 1.07 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 2.31 | | | | | | 3,036 | | | | | | 9 | | |
12-31-10 | | | | | 8.17 | | | | | | 0.13• | | | | | | 0.44 | | | | | | 0.57 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 8.47 | | | | | | 7.32 | | | | | | 1.07 | | | | | | 0.99† | | | | | | 0.99† | | | | | | 1.71† | | | | | | 2,904 | | | | | | 20 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.37 | | | | | | 0.17• | | | | | | 0.43 | | | | | | 0.60 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 9.67 | | | | | | 6.26 | | | | | | 0.56 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 3.46 | | | | | | 507,001 | | | | | | 1 | | |
12-31-14 | | | | | 10.04 | | | | | | 0.32• | | | | | | (0.91) | | | | | | (0.59) | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.37 | | | | | | (5.94) | | | | | | 0.54 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 3.19 | | | | | | 535,838 | | | | | | 6 | | |
12-31-13 | | | | | 8.46 | | | | | | 0.22• | | | | | | 1.57 | | | | | | 1.79 | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 10.04 | | | | | | 21.45 | | | | | | 0.56 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 2.41 | | | | | | 540,135 | | | | | | 3 | | |
12-31-12 | | | | | 7.33 | | | | | | 0.20 | | | | | | 1.15 | | | | | | 1.35 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 8.46 | | | | | | 18.72 | | | | | | 0.59 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 2.69 | | | | | | 349,512 | | | | | | 6 | | |
12-31-11 | | | | | 8.54 | | | | | | 0.22• | | | | | | (1.22) | | | | | | (1.00) | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 7.33 | | | | | | (12.17) | | | | | | 0.57 | | | | | | 0.51 | | | | | | 0.51 | | | | | | 2.73 | | | | | | 249,268 | | | | | | 9 | | |
12-31-10 | | | | | 8.21 | | | | | | 0.18• | | | | | | 0.44 | | | | | | 0.62 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 8.54 | | | | | | 7.84 | | | | | | 0.57 | | | | | | 0.50† | | | | | | 0.50† | | | | | | 2.31† | | | | | | 256,723 | | | | | | 20 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.30 | | | | | | 0.16• | | | | | | 0.43 | | | | | | 0.59 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 9.62 | | | | | | 6.22 | | | | | | 0.81 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 3.23 | | | | | | 92,401 | | | | | | 1 | | |
12-31-14 | | | | | 9.97 | | | | | | 0.32• | | | | | | (0.93) | | | | | | (0.61) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.30 | | | | | | (6.18) | | | | | | 0.79 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 3.18 | | | | | | 92,340 | | | | | | 6 | | |
12-31-13 | | | | | 8.41 | | | | | | 0.20• | | | | | | 1.55 | | | | | | 1.75 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 9.97 | | | | | | 21.09 | | | | | | 0.81 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 2.24 | | | | | | 122,813 | | | | | | 3 | | |
12-31-12 | | | | | 7.28 | | | | | | 0.19 | | | | | | 1.14 | | | | | | 1.33 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 8.41 | | | | | | 18.50 | | | | | | 0.84 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 2.50 | | | | | | 86,454 | | | | | | 6 | | |
12-31-11 | | | | | 8.49 | | | | | | 0.21• | | | | | | (1.23) | | | | | | (1.02) | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 7.28 | | | | | | (12.44) | | | | | | 0.82 | | | | | | 0.76 | | | | | | 0.76 | | | | | | 2.55 | | | | | | 74,367 | | | | | | 9 | | |
12-31-10 | | | | | 8.17 | | | | | | 0.16• | | | | | | 0.44 | | | | | | 0.60 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 8.49 | | | | | | 7.63 | | | | | | 0.82 | | | | | | 0.75† | | | | | | 0.75† | | | | | | 2.09† | | | | | | 107,028 | | | | | | 20 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.26 | | | | | | 0.13• | | | | | | 0.44 | | | | | | 0.57 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 9.60 | | | | | | 6.04 | | | | | | 1.06 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 2.79 | | | | | | 1,530 | | | | | | 1 | | |
12-31-14 | | | | | 9.93 | | | | | | 0.29• | | | | | | (0.91) | | | | | | (0.62) | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 9.26 | | | | | | (6.29) | | | | | | 1.04 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 2.93 | | | | | | 2,152 | | | | | | 6 | | |
12-31-13 | | | | | 8.40 | | | | | | 0.19• | | | | | | 1.54 | | | | | | 1.73 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 9.93 | | | | | | 20.89 | | | | | | 1.06 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 2.06 | | | | | | 2,705 | | | | | | 3 | | |
12-31-12 | | | | | 7.30 | | | | | | 0.15• | | | | | | 1.17 | | | | | | 1.32 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 8.40 | | | | | | 18.29 | | | | | | 1.09 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.93 | | | | | | 1,797 | | | | | | 6 | | |
12-31-11 | | | | | 8.52 | | | | | | 0.12• | | | | | | (1.16) | | | | | | (1.04) | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 7.30 | | | | | | (12.60) | | | | | | 1.07 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 1.60 | | | | | | 192 | | | | | | 9 | | |
12-31-10 | | | | | 8.19 | | | | | | 0.15• | | | | | | 0.44 | | | | | | 0.59 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 8.52 | | | | | | 7.44 | | | | | | 1.07 | | | | | | 0.90† | | | | | | 0.90† | | | | | | 1.91† | | | | | | 5 | | | | | | 20 | | |
See Accompanying Notes to Financial Statements
27
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Japan TOPIX Index® Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ��� | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.87 | | | | | | 0.04• | | | | | | 1.45 | | | | | | 1.49 | | | | | | 0.09 | | | | | | 0.12 | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 11.15 | | | | | | 15.12 | | | | | | 1.26 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 0.73 | | | | | | 23,304 | | | | | | — | | |
12-31-14 | | | | | 11.40 | | | | | | 0.08• | | | | | | (0.71) | | | | | | (0.63) | | | | | | 0.11 | | | | | | 0.79 | | | | | | — | | | | | | 0.90 | | | | | | — | | | | | | 9.87 | | | | | | (5.42) | | | | | | 1.25 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 0.80 | | | | | | 10,613 | | | | | | 6 | | |
12-31-13 | | | | | 9.35 | | | | | | 0.10• | | | | | | 2.21 | | | | | | 2.31 | | | | | | 0.21 | | | | | | 0.05 | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 11.40 | | | | | | 24.80 | | | | | | 1.27 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 14,855 | | | | | | 5 | | |
12-31-12 | | | | | 9.38 | | | | | | 0.16• | | | | | | 0.54 | | | | | | 0.70 | | | | | | 0.09 | | | | | | 0.64 | | | | | | — | | | | | | 0.73 | | | | | | — | | | | | | 9.35 | | | | | | 7.60 | | | | | | 1.25 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.68 | | | | | | 5,739 | | | | | | 9 | | |
12-31-11 | | | | | 11.12 | | | | | | 0.10• | | | | | | (1.60) | | | | | | (1.50) | | | | | | 0.16 | | | | | | 0.08 | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 9.38 | | | | | | (13.72) | | | | | | 1.32 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 10,069 | | | | | | 45 | | |
12-31-10 | | | | | 9.80 | | | | | | 0.09• | | | | | | 1.25 | | | | | | 1.34 | | | | | | 0.01 | | | | | | 0.01 | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 11.12 | | | | | | 13.63 | | | | | | 1.27 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 0.94 | | | | | | 8,580 | | | | | | 9 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.98 | | | | | | 0.08• | | | | | | 1.45 | | | | | | 1.53 | | | | | | 0.12 | | | | | | 0.12 | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 11.27 | | | | | | 15.39 | | | | | | 0.76 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 1.42 | | | | | | 338,495 | | | | | | — | | |
12-31-14 | | | | | 11.52 | | | | | | 0.14 | | | | | | (0.73) | | | | | | (0.59) | | | | | | 0.16 | | | | | | 0.79 | | | | | | — | | | | | | 0.95 | | | | | | — | | | | | | 9.98 | | | | | | (4.98) | | | | | | 0.75 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.38 | | | | | | 351,513 | | | | | | 6 | | |
12-31-13 | | | | | 9.42 | | | | | | 0.15• | | | | | | 2.23 | | | | | | 2.38 | | | | | | 0.23 | | | | | | 0.05 | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 11.52 | | | | | | 25.44 | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 1.45 | | | | | | 386,305 | | | | | | 5 | | |
12-31-12 | | | | | 9.47 | | | | | | 0.19 | | | | | | 0.57 | | | | | | 0.76 | | | | | | 0.17 | | | | | | 0.64 | | | | | | — | | | | | | 0.81 | | | | | | — | | | | | | 9.42 | | | | | | 8.19 | | | | | | 0.75 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.91 | | | | | | 425,451 | | | | | | 9 | | |
12-31-11 | | ��� | | | 11.19 | | | | | | 0.16• | | | | | | (1.62) | | | | | | (1.46) | | | | | | 0.18 | | | | | | 0.08 | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 9.47 | | | | | | (13.29) | | | | | | 0.82 | | | | | | 0.47 | | | | | | 0.47 | | | | | | 1.54 | | | | | | 423,885 | | | | | | 45 | | |
12-31-10 | | | | | 9.82 | | | | | | 0.14• | | | | | | 1.25 | | | | | | 1.39 | | | | | | 0.01 | | | | | | 0.01 | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 11.19 | | | | | | 14.13 | | | | | | 0.77 | | | | | | 0.42 | | | | | | 0.42 | | | | | | 1.39 | | | | | | 404,703 | | | | | | 9 | | |
Voya Russell™ Large Cap Growth Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 24.35 | | | | | | 0.17• | | | | | | 0.70 | | | | | | 0.87 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 24.93 | | | | | | 3.57 | | | | | | 0.53 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.38 | | | | | | 281,791 | | | | | | 15 | | |
12-31-14 | | | | | 21.82 | | | | | | 0.31 | | | | | | 2.51 | | | | | | 2.82 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 24.35 | | | | | | 13.10 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 1.29 | | | | | | 280,622 | | | | | | 21 | | |
12-31-13 | | | | | 16.78 | | | | | | 0.28• | | | | | | 5.04 | | | | | | 5.32 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 21.82 | | | | | | 32.00 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 1.46 | | | | | | 269,977 | | | | | | 10 | | |
12-31-12 | | | | | 14.82 | | | | | | 0.25• | | | | | | 1.90 | | | | | | 2.15 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 16.78 | | | | | | 14.50 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 1.50 | | | | | | 228,977 | | | | | | 17 | | |
12-31-11 | | | | | 14.39 | | | | | | 0.19• | | | | | | 0.42 | | | | | | 0.61 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 14.82 | | | | | | 4.21 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 1.27 | | | | | | 221,400 | | | | | | 16 | | |
12-31-10 | | | | | 12.84 | | | | | | 0.17• | | | | | | 1.47 | | | | | | 1.64 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 14.39 | | | | | | 12.80 | | | | | | 0.58 | | | | | | 0.48† | | | | | | 0.48† | | | | | | 1.30† | | | | | | 239,910 | | | | | | 23 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 24.23 | | | | | | 0.14• | | | | | | 0.71 | | | | | | 0.85 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 24.84 | | | | | | 3.49 | | | | | | 0.78 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 1.13 | | | | | | 255,883 | | | | | | 15 | | |
12-31-14 | | | | | 21.73 | | | | | | 0.24• | | | | | | 2.50 | | | | | | 2.74 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 24.23 | | | | | | 12.76 | | | | | | 0.83 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 1.05 | | | | | | 261,517 | | | | | | 21 | | |
12-31-13 | | | | | 16.71 | | | | | | 0.23• | | | | | | 5.02 | | | | | | 5.25 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 21.73 | | | | | | 31.68 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 1.21 | | | | | | 207,941 | | | | | | 10 | | |
12-31-12 | | | | | 14.76 | | | | | | 0.21• | | | | | | 1.89 | | | | | | 2.10 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 16.71 | | | | | | 14.26 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 1.26 | | | | | | 164,697 | | | | | | 17 | | |
12-31-11 | | | | | 14.34 | | | | | | 0.15 | | | | | | 0.42 | | | | | | 0.57 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 14.76 | | | | | | 3.92 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 1.03 | | | | | | 153,812 | | | | | | 16 | | |
12-31-10 | | | | | 12.82 | | | | | | 0.13• | | | | | | 1.46 | | | | | | 1.59 | | | | | | 0.07 | | | | | | — | | | | | | — | | | | | | 0.07 | | | | | | — | | | | | | 14.34 | | | | | | 12.47 | | | | | | 0.83 | | | | | | 0.73† | | | | | | 0.73† | | | | | | 1.05† | | | | | | 147,272 | | | | | | 23 | | |
Voya Russell™ Large Cap Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 15.66 | | | | | | 0.10• | | | | | | 0.05 | | | | | | 0.15 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 15.62 | | | | | | 0.94 | | | | | | 0.88 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.25 | | | | | | 35,805 | | | | | | 5 | | |
12-31-14 | | | | | 14.12 | | | | | | 0.18 | | | | | | 1.54 | | | | | | 1.72 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 15.66 | | | | | | 12.33 | | | | | | 0.88 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.22 | | | | | | 35,656 | | | | | | 5 | | |
12-31-13 | | | | | 10.90 | | | | | | 0.16• | | | | | | 3.23 | | | | | | 3.39 | | | | | | 0.17 | | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 14.12 | | | | | | 31.39 | | | | | | 0.88 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.30 | | | | | | 32,824 | | | | | | 6 | | |
12-31-12 | | | | | 9.65 | | | | | | 0.16• | | | | | | 1.29 | | | | | | 1.45 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 10.90 | | | | | | 15.05 | | | | | | 0.88 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.50 | | | | | | 17,492 | | | | | | 3 | | |
12-31-11 | | | | | 9.58 | | | | | | 0.12• | | | | | | 0.07 | | | | | | 0.19 | | | | | | 0.12 | | | | | | — | | | | | | — | | | | | | 0.12 | | | | | | — | | | | | | 9.65 | | | | | | 1.92 | | | | | | 0.88 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.26 | | | | | | 8,964 | | | | | | 9 | | |
12-31-10 | | | | | 8.85 | | | | | | 0.10• | | | | | | 0.93 | | | | | | 1.03 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 9.58 | | | | | | 11.74 | | | | | | 0.89 | | | | | | 0.87† | | | | | | 0.87† | | | | | | 1.15† | | | | | | 10,161 | | | | | | 11 | | |
See Accompanying Notes to Financial Statements
28
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Large Cap Index Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 15.93 | | | | | | 0.14• | | | | | | 0.06 | | | | | | 0.20 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 15.86 | | | | | | 1.19 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 1.75 | | | | | | 186,949 | | | | | | 5 | | |
12-31-14 | | | | | 14.34 | | | | | | 0.26 | | | | | | 1.57 | | | | | | 1.83 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 15.93 | | | | | | 12.91 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 1.72 | | | | | | 188,647 | | | | | | 5 | | |
12-31-13 | | | | | 11.04 | | | | | | 0.23• | | | | | | 3.27 | | | | | | 3.50 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 14.34 | | | | | | 32.05 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 1.80 | | | | | | 168,428 | | | | | | 6 | | |
12-31-12 | | | | | 9.78 | | | | | | 0.19 | | | | | | 1.33 | | | | | | 1.52 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 11.04 | | | | | | 15.56 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 1.96 | | | | | | 128,779 | | | | | | 3 | | |
12-31-11 | | | | | 9.68 | | | | | | 0.17• | | | | | | 0.09 | | | | | | 0.26 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 9.78 | | | | | | 2.57 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 1.76 | | | | | | 98,853 | | | | | | 9 | | |
12-31-10 | | | | | 8.92 | | | | | | 0.15• | | | | | | 0.92 | | | | | | 1.07 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 9.68 | | | | | | 12.19 | | | | | | 0.39 | | | | | | 0.37† | | | | | | 0.37† | | | | | | 1.64† | | | | | | 340,889 | | | | | | 11 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 15.82 | | | | | | 0.12• | | | | | | 0.06 | | | | | | 0.18 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 15.77 | | | | | | 1.09 | | | | | | 0.63 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.50 | | | | | | 587,367 | | | | | | 5 | | |
12-31-14 | | | | | 14.25 | | | | | | 0.22 | | | | | | 1.55 | | | | | | 1.77 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 15.82 | | | | | | 12.59 | | | | | | 0.63 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.47 | | | | | | 620,477 | | | | | | 5 | | |
12-31-13 | | | | | 10.98 | | | | | | 0.19• | | | | | | 3.25 | | | | | | 3.44 | | | | | | 0.17 | | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 14.25 | | | | | | 31.67 | | | | | | 0.63 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.54 | | | | | | 568,259 | | | | | | 6 | | |
12-31-12 | | | | | 9.72 | | | | | | 0.18 | | | | | | 1.31 | | | | | | 1.49 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 10.98 | | | | | | 15.38 | | | | | | 0.63 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.70 | | | | | | 461,214 | | | | | | 3 | | |
12-31-11 | | | | | 9.64 | | | | | | 0.15• | | | | | | 0.06 | | | | | | 0.21 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 9.72 | | | | | | 2.13 | | | | | | 0.63 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.50 | | | | | | 397,371 | | | | | | 9 | | |
12-31-10 | | | | | 8.89 | | | | | | 0.12• | | | | | | 0.93 | | | | | | 1.05 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 9.64 | | | | | | 12.00 | | | | | | 0.64 | | | | | | 0.62† | | | | | | 0.62† | | | | | | 1.39† | | | | | | 454,246 | | | | | | 11 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 15.99 | | | | | | 0.11• | | | | | | 0.05 | | | | | | 0.16 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 15.95 | | | | | | 1.00 | | | | | | 0.88 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 1.36 | | | | | | 3,943 | | | | | | 5 | | |
12-31-14 | | | | | 14.41 | | | | | | 0.20• | | | | | | 1.58 | | | | | | 1.78 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 15.99 | | | | | | 12.48 | | | | | | 0.88 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 1.33 | | | | | | 4,700 | | | | | | 5 | | |
12-31-13 | | | | | 11.13 | | | | | | 0.18• | | | | | | 3.29 | | | | | | 3.47 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 14.41 | | | | | | 31.51 | | | | | | 0.88 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 1.42 | | | | | | 3,355 | | | | | | 6 | | |
12-31-12 | | | | | 9.87 | | | | | | 0.17• | | | | | | 1.32 | | | | | | 1.49 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 11.13 | | | | | | 15.17 | | | | | | 0.88 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 1.59 | | | | | | 618 | | | | | | 3 | | |
12-31-11 | | | | | 9.81 | | | | | | 0.14• | | | | | | 0.07 | | | | | | 0.21 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 9.87 | | | | | | 2.01 | | | | | | 0.88 | | | | | | 0.77 | | | | | | 0.77 | | | | | | 1.47 | | | | | | 289 | | | | | | 9 | | |
12-31-10 | | | | | 8.79 | | | | | | 0.11• | | | | | | 0.91 | | | | | | 1.02 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9.81 | | | | | | 11.60 | | | | | | 0.89 | | | | | | 0.77† | | | | | | 0.77† | | | | | | 1.17† | | | | | | 48 | | | | | | 11 | | |
Voya Russell™ Large Cap Value Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 20.03 | | | | | | 0.20• | | | | | | (0.40) | | | | | | (0.20) | | | | | | 0.33 | | | | | | 0.26 | | | | | | — | | | | | | 0.59 | | | | | | — | | | | | | 19.24 | | | | | | (1.08) | | | | | | 0.54 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 2.03 | | | | | | 48,159 | | | | | | 19 | | |
12-31-14 | | | | | 18.37 | | | | | | 0.36• | | | | | | 1.87 | | | | | | 2.23 | | | | | | 0.29 | | | | | | 0.28 | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 20.03 | | | | | | 12.42 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 1.89 | | | | | | 51,205 | | | | | | 12 | | |
12-31-13 | | | | | 14.30 | | | | | | 0.31• | | | | | | 4.14 | | | | | | 4.45 | | | | | | 0.27 | | | | | | 0.11 | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 18.37 | | | | | | 31.58 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 1.91 | | | | | | 49,681 | | | | | | 17 | | |
12-31-12 | | | | | 12.51 | | | | | | 0.30• | | | | | | 1.75 | | | | | | 2.05 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 14.30 | | | | | | 16.47 | | | | | | 0.61 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 2.21 | | | | | | 43,907 | | | | | | 28 | | |
12-31-11 | | | | | 12.60 | | | | | | 0.26• | | | | | | (0.14) | | | | | | 0.12 | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 12.51 | | | | | | 0.83 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 2.04 | | | | | | 41,335 | | | | | | 20 | | |
12-31-10 | | | | | 12.65 | | | | | | 0.22• | | | | | | 1.19 | | | | | | 1.41 | | | | | | 0.20 | | | | | | 1.26 | | | | | | — | | | | | | 1.46 | | | | | | — | | | | | | 12.60 | | | | | | 11.38 | | | | | | 0.61 | | | | | | 0.51† | | | | | | 0.51† | | | | | | 1.81† | | | | | | 45,590 | | | | | | 30 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 19.93 | | | | | | 0.17• | | | | | | (0.41) | | | | | | (0.24) | | | | | | 0.28 | | | | | | 0.26 | | | | | | — | | | | | | 0.54 | | | | | | — | | | | | | 19.15 | | | | | | (1.24) | | | | | | 0.79 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.79 | | | | | | 155,802 | | | | | | 19 | | |
12-31-14 | | | | | 18.28 | | | | | | 0.31• | | | | | | 1.88 | | | | | | 2.19 | | | | | | 0.26 | | | | | | 0.28 | | | | | | — | | | | | | 0.54 | | | | | | — | | | | | | 19.93 | | | | | | 12.22 | | | | | | 0.83 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 1.64 | | | | | | 156,482 | | | | | | 12 | | |
12-31-13 | | | | | 14.24 | | | | | | 0.27• | | | | | | 4.12 | | | | | | 4.39 | | | | | | 0.24 | | | | | | 0.11 | | | | | | — | | | | | | 0.35 | | | | | | — | | | | | | 18.28 | | | | | | 31.28 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 1.66 | | | | | | 112,469 | | | | | | 17 | | |
12-31-12 | | | | | 12.47 | | | | | | 0.27• | | | | | | 1.73 | | | | | | 2.00 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 14.24 | | | | | | 16.11 | | | | | | 0.86 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 1.97 | | | | | | 76,203 | | | | | | 28 | | |
12-31-11 | | | | | 12.57 | | | | | | 0.22• | | | | | | (0.14) | | | | | | 0.08 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 12.47 | | | | | | 0.56 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 1.79 | | | | | | 49,250 | | | | | | 20 | | |
12-31-10 | | | | | 12.64 | | | | | | 0.19• | | | | | | 1.19 | | | | | | 1.38 | | | | | | 0.19 | | | | | | 1.26 | | | | | | — | | | | | | 1.45 | | | | | | — | | | | | | 12.57 | | | | | | 11.13 | | | | | | 0.86 | | | | | | 0.76† | | | | | | 0.76† | | | | | | 1.58† | | | | | | 43,502 | | | | | | 30 | | |
See Accompanying Notes to Financial Statements
29
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Mid Cap Growth Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 27.28 | | | | | | 0.09• | | | | | | 0.99 | | | | | | 1.08 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 28.12 | | | | | | 3.96 | | | | | | 0.54 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 0.63 | | | | | | 54,204 | | | | | | 23 | | |
12-31-14 | | | | | 24.60 | | | | | | 0.22• | | | | | | 2.57 | | | | | | 2.79 | | | | | | 0.11 | | | | | | — | | | | | | — | | | | | | 0.11 | | | | | | — | | | | | | 27.28 | | | | | | 11.41 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 0.85 | | | | | | 111,456 | | | | | | 35 | | |
12-31-13 | | | | | 18.37 | | | | | | 0.14• | | | | | | 6.29 | | | | | | 6.43 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 24.60 | | | | | | 35.24 | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.65 | | | | | | 5,456 | | | | | | 24 | | |
12-31-12 | | | | | 15.96 | | | | | | 0.18• | | | | | | 2.33 | | | | | | 2.51 | | | | | | 0.10 | | | | | | — | | | | | | — | | | | | | 0.10 | | | | | | — | | | | | | 18.37 | | | | | | 15.74 | | | | | | 0.60 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 1.03 | | | | | | 3,905 | | | | | | 20 | | |
12-31-11 | | | | | 16.38 | | | | | | 0.09• | | | | | | (0.40) | | | | | | (0.31) | | | | | | 0.11 | | | | | | — | | | | | | — | | | | | | 0.11 | | | | | | — | | | | | | 15.96 | | | | | | (2.00) | | | | | | 0.59 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.53 | | | | | | 4,020 | | | | | | 24 | | |
12-31-10 | | | | | 13.14 | | | | | | 0.10 | | | | | | 3.32 | | | | | | 3.42 | | | | | | 0.05 | | | | | | 0.13 | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 16.38 | | | | | | 26.22 | | | | | | 0.59 | | | | | | 0.49† | | | | | | 0.49† | | | | | | 0.73† | | | | | | 12,615 | | | | | | 25 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 27.19 | | | | | | 0.06• | | | | | | 1.00 | | | | | | 1.06 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 28.07 | | | | | | 3.88 | | | | | | 0.79 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 0.42 | | | | | | 330,303 | | | | | | 23 | | |
12-31-14 | | | | | 24.53 | | | | | | 0.14• | | | | | | 2.58 | | | | | | 2.72 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 27.19 | | | | | | 11.09 | | | | | | 0.83 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 0.53 | | | | | | 313,923 | | | | | | 35 | | |
12-31-13 | | | | | 18.32 | | | | | | 0.08• | | | | | | 6.28 | | | | | | 6.36 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 24.53 | | | | | | 34.90 | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.39 | | | | | | 328,358 | | | | | | 24 | | |
12-31-12 | | | | | 15.91 | | | | | | 0.14• | | | | | | 2.33 | | | | | | 2.47 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 18.32 | | | | | | 15.50 | | | | | | 0.85 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.80 | | | | | | 272,387 | | | | | | 20 | | |
12-31-11 | | | | | 16.33 | | | | | | 0.06 | | | | | | (0.41) | | | | | | (0.35) | | | | | | 0.07 | | | | | | — | | | | | | — | | | | | | 0.07 | | | | | | — | | | | | | 15.91 | | | | | | (2.20) | | | | | | 0.84 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.34 | | | | | | 267,999 | | | | | | 24 | | |
12-31-10 | | | | | 13.13 | | | | | | 0.07 | | | | | | 3.30 | | | | | | 3.37 | | | | | | 0.04 | | | | | | 0.13 | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 16.33 | | | | | | 25.85 | | | | | | 0.84 | | | | | | 0.74† | | | | | | 0.74† | | | | | | 0.48† | | | | | | 325,749 | | | | | | 25 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 27.12 | | | | | | 0.04• | | | | | | 0.98 | | | | | | 1.02 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 28.01 | | | | | | 3.74 | | | | | | 1.04 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.26 | | | | | | 2,050 | | | | | | 23 | | |
12-31-14 | | | | | 24.46 | | | | | | 0.11 | | | | | | 2.57 | | | | | | 2.68 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 27.12 | | | | | | 10.98 | | | | | | 1.08 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 0.39 | | | | | | 2,211 | | | | | | 35 | | |
12-31-13 | | | | | 18.28 | | | | | | 0.05• | | | | | | 6.27 | | | | | | 6.32 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 24.46 | | | | | | 34.72 | | | | | | 1.09 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 0.24 | | | | | | 2,109 | | | | | | 24 | | |
12-31-12 | | | | | 15.88 | | | | | | 0.11• | | | | | | 2.32 | | | | | | 2.43 | | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | — | | | | | | 18.28 | | | | | | 15.30 | | | | | | 1.10 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 0.64 | | | | | | 1,484 | | | | | | 20 | | |
12-31-11 | | | | | 16.30 | | | | | | 0.04 | | | | | | (0.42) | | | | | | (0.38) | | | | | | 0.04 | | | | | | — | | | | | | — | | | | | | 0.04 | | | | | | — | | | | | | 15.88 | | | | | | (2.34) | | | | | | 1.09 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 0.18 | | | | | | 1,476 | | | | | | 24 | | |
12-31-10 | | | | | 13.11 | | | | | | 0.05 | | | | | | 3.30 | | | | | | 3.35 | | | | | | 0.03 | | | | | | 0.13 | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 16.30 | | | | | | 25.71 | | | | | | 1.09 | | | | | | 0.89† | | | | | | 0.89† | | | | | | 0.32† | | | | | | 1,781 | | | | | | 25 | | |
Voya Russell™ Mid Cap Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.92 | | | | | | 0.05• | | | | | | 0.30 | | | | | | 0.35 | | | | | | 0.15 | | | | | | 1.34 | | | | | | — | | | | | | 1.49 | | | | | | — | | | | | | 15.78 | | | | | | 1.90 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.61 | | | | | | 145,852 | | | | | | 9 | | |
12-31-14 | | | | | 15.70 | | | | | | 0.11• | | | | | | 1.75 | | | | | | 1.86 | | | | | | 0.12 | | | | | | 0.52 | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | 16.92 | | | | | | 12.22 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.70 | | | | | | 129,172 | | | | | | 9 | | |
12-31-13 | | | | | 12.25 | | | | | | 0.10• | | | | | | 3.90 | | | | | | 4.00 | | | | | | 0.13 | | | | | | 0.42 | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 15.70 | | | | | | 33.51 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.69 | | | | | | 94,802 | | | | | | 14 | | |
12-31-12 | | | | | 10.99 | | | | | | 0.13• | | | | | | 1.66 | | | | | | 1.79 | | | | | | 0.10 | | | | | | 0.43 | | | | | | — | | | | | | 0.53 | | | | | | — | | | | | | 12.25 | | | | | | 16.42 | | | | | | 0.94 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 1.12 | | | | | | 46,214 | | | | | | 10 | | |
12-31-11 | | | | | 11.45 | | | | | | 0.09• | | | | | | (0.33) | | | | | | (0.24) | | | | | | 0.13 | | | | | | 0.09 | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 10.99 | | | | | | (2.31) | | | | | | 0.95 | | | | | | 0.93 | | | | | | 0.93 | | | | | | 0.81 | | | | | | 25,606 | | | | | | 12 | | |
12-31-10 | | | | | 9.24 | | | | | | 0.11• | | | | | | 2.15 | | | | | | 2.26 | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 11.45 | | | | | | 24.48 | | | | | | 0.95 | | | | | | 0.93† | | | | | | 0.93† | | | | | | 1.08† | | | | | | 13,988 | | | | | | 8 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 17.28 | | | | | | 0.09• | | | | | | 0.32 | | | | | | 0.41 | | | | | | 0.22 | | | | | | 1.34 | | | | | | — | | | | | �� | 1.56 | | | | | | — | | | | | | 16.13 | | | | | | 2.19 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.09 | | | | | | 1,674,568 | | | | | | 9 | | |
12-31-14 | | | | | 16.01 | | | | | | 0.19• | | | | | | 1.78 | | | | | | 1.97 | | | | | | 0.18 | | | | | | 0.52 | | | | | | — | | | | | | 0.70 | | | | | | — | | | | | | 17.28 | | | | | | 12.70 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.17 | | | | | | 1,794,154 | | | | | | 9 | | |
12-31-13 | | | | | 12.45 | | | | | | 0.16 | | | | | | 3.99 | | | | | | 4.15 | | | | | | 0.17 | | | | | | 0.42 | | | | | | — | | | | | | 0.59 | | | | | | — | | | | | | 16.01 | | | | | | 34.20 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.17 | | | | | | 1,951,563 | | | | | | 14 | | |
12-31-12 | | | | | 11.14 | | | | | | 0.18• | | | | | | 1.70 | | | | | | 1.88 | | | | | | 0.14 | | | | | | 0.43 | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 12.45 | | | | | | 17.04 | | | | | | 0.44 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.54 | | | | | | 1,455,088 | | | | | | 10 | | |
12-31-11 | | | | | 11.57 | | | | | | 0.15 | | | | | | (0.34) | | | | | | (0.19) | | | | | | 0.15 | | | | | | 0.09 | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 11.14 | | | | | | (1.88) | | | | | | 0.45 | | | | | | 0.43 | | | | | | 0.43 | | | | | | 1.26 | | | | | | 1,311,921 | | | | | | 12 | | |
12-31-10 | | | | | 9.29 | | | | | | 0.15• | | | | | | 2.19 | | | | | | 2.34 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 11.57 | | | | | | 25.22 | | | | | | 0.45 | | | | | | 0.43† | | | | | | 0.43† | | | | | | 1.46† | | | | | | 1,389,676 | | | | | | 8 | | |
See Accompanying Notes to Financial Statements
30
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Mid Cap Index Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 17.13 | | | | | | 0.07• | | | | | | 0.31 | | | | | | 0.38 | | | | | | 0.18 | | | | | | 1.34 | | | | | | — | | | | | | 1.52 | | | | | | — | | | | | | 15.99 | | | | | | 2.05 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.85 | | | | | | 380,233 | | | | | | 9 | | |
12-31-14 | | | | | 15.88 | | | | | | 0.14 | | | | | | 1.77 | | | | | | 1.91 | | | | | | 0.14 | | | | | | 0.52 | | | | | | — | | | | | | 0.66 | | | | | | — | | | | | | 17.13 | | | | | | 12.44 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.93 | | | | | | 365,134 | | | | | | 9 | | |
12-31-13 | | | | | 12.36 | | | | | | 0.13• | | | | | | 3.95 | | | | | | 4.08 | | | | | | 0.14 | | | | | | 0.42 | | | | | | — | | | | | | 0.56 | | | | | | — | | | | | | 15.88 | | | | | | 33.88 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 0.93 | | | | | | 309,018 | | | | | | 14 | | |
12-31-12 | | | | | 11.07 | | | | | | 0.16• | | | | | | 1.67 | | | | | | 1.83 | | | | | | 0.11 | | | | | | 0.43 | | | | | | — | | | | | | 0.54 | | | | | | — | | | | | | 12.36 | | | | | | 16.69 | | | | | | 0.69 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 1.31 | | | | | | 193,939 | | | | | | 10 | | |
12-31-11 | | | | | 11.50 | | | | | | 0.12 | | | | | | (0.34) | | | | | | (0.22) | | | | | | 0.12 | | | | | | 0.09 | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 11.07 | | | | | | (2.07) | | | | | | 0.70 | | | | | | 0.68 | | | | | | 0.68 | | | | | | 1.01 | | | | | | 149,956 | | | | | | 12 | | |
12-31-10 | | | | | 9.25 | | | | | | 0.12• | | | | | | 2.18 | | | | | | 2.30 | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 11.50 | | | | | | 24.88 | | | | | | 0.70 | | | | | | 0.68† | | | | | | 0.68† | | | | | | 1.22† | | | | | | 162,362 | | | | | | 8 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.97 | | | | | | 0.06• | | | | | | 0.30 | | | | | | 0.36 | | | | | | 0.15 | | | | | | 1.34 | | | | | | — | | | | | | 1.49 | | | | | | — | | | | | | 15.84 | | | | | | 1.99 | | | | | | 0.93 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 0.70 | | | | | | 19,539 | | | | | | 9 | | |
12-31-14 | | | | | 15.74 | | | | | | 0.14 | | | | | | 1.74 | | | | | | 1.88 | | | | | | 0.13 | | | | | | 0.52 | | | | | | — | | | | | | 0.65 | | | | | | — | | | | | | 16.97 | | | | | | 12.30 | | | | | | 0.93 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 0.78 | | | | | | 18,708 | | | | | | 9 | | |
12-31-13 | | | | | 12.27 | | | | | | 0.12• | | | | | | 3.92 | | | | | | 4.04 | | | | | | 0.15 | | | | | | 0.42 | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 15.74 | | | | | | 33.74 | | | | | | 0.93 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 0.81 | | | | | | 17,880 | | | | | | 14 | | |
12-31-12 | | | | | 11.02 | | | | | | 0.15• | | | | | | 1.65 | | | | | | 1.80 | | | | | | 0.12 | | | | | | 0.43 | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 12.27 | | | | | | 16.48 | | | | | | 0.94 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.29 | | | | | | 6,791 | | | | | | 10 | | |
12-31-11 | | | | | 11.48 | | | | | | 0.11• | | | | | | (0.34) | | | | | | (0.23) | | | | | | 0.14 | | | | | | 0.09 | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 11.02 | | | | | | (2.18) | | | | | | 0.95 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.01 | | | | | | 2,570 | | | | | | 12 | | |
12-31-10 | | | | | 9.25 | | | | | | 0.16• | | | | | | 2.10 | | | | | | 2.26 | | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | — | | | | | | 11.48 | | | | | | 24.49 | | | | | | 0.95 | | | | | | 0.83† | | | | | | 0.83† | | | | | | 1.49† | | | | | | 428 | | | | | | 8 | | |
Voya Russell™ Small Cap Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.12 | | | | | | 0.04• | | | | | | 0.63 | | | | | | 0.67 | | | | | | 0.11 | | | | | | 1.43 | | | | | | — | | | | | | 1.54 | | | | | | — | | | | | | 15.25 | | | | | | 4.34 | | | | | | 0.96 | | | | | | 0.95 | | | | | | 0.95 | | | | | | 0.56 | | | | | | 85,334 | | | | | | 11 | | |
12-31-14 | | | | | 16.59 | | | | | | 0.09• | | | | | | 0.55 | | | | | | 0.64 | | | | | | 0.11 | | | | | | 1.00 | | | | | | — | | | | | | 1.11 | | | | | | — | | | | | | 16.12 | | | | | | 4.38 | | | | | | 0.96 | | | | | | 0.95 | | | | | | 0.95 | | | | | | 0.56 | | | | | | 74,405 | | | | | | 12 | | |
12-31-13 | | | | | 12.64 | | | | | | 0.09• | | | | | | 4.54 | | | | | | 4.63 | | | | | | 0.16 | | | | | | 0.52 | | | | | | — | | | | | | 0.68 | | | | | | — | | | | | | 16.59 | | | | | | 38.04 | | | | | | 0.96 | | | | | | 0.95 | | | | | | 0.95 | | | | | | 0.59 | | | | | | 63,291 | | | | | | 13 | | |
12-31-12 | | | | | 11.58 | | | | | | 0.15• | | | | | | 1.61 | | | | | | 1.76 | | | | | | 0.07 | | | | | | 0.63 | | | | | | — | | | | | | 0.70 | | | | | | — | | | | | | 12.64 | | | | | | 15.53 | | | | | | 0.97 | | | | | | 0.95 | | | | | | 0.95 | | | | | | 1.23 | | | | | | 33,777 | | | | | | 15 | | |
12-31-11 | | | | | 12.20 | | | | | | 0.05• | | | | | | (0.58) | | | | | | (0.53) | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 11.58 | | | | | | (4.45) | | | | | | 0.97 | | | | | | 0.95 | | | | | | 0.95 | | | | | | 0.46 | | | | | | 21,501 | | | | | | 15 | | |
12-31-10 | | | | | 9.74 | | | | | | 0.08• | | | | | | 2.43 | | | | | | 2.51 | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 12.20 | | | | | | 25.77 | | | | | | 0.97 | | | | | | 0.95† | | | | | | 0.95† | | | | | | 0.73† | | | | | | 13,051 | | | | | | 23 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.50 | | | | | | 0.09• | | | | | | 0.63 | | | | | | 0.72 | | | | | | 0.18 | | | | | | 1.43 | | | | | | — | | | | | | 1.61 | | | | | | — | | | | | | 15.61 | | | | | | 4.56 | | | | | | 0.46 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 1.05 | | | | | | 589,022 | | | | | | 11 | | |
12-31-14 | | | | | 16.93 | | | | | | 0.19 | | | | | | 0.55 | | | | | | 0.74 | | | | | | 0.17 | | | | | | 1.00 | | | | | | — | | | | | | 1.17 | | | | | | — | | | | | | 16.50 | | | | | | 4.93 | | | | | | 0.46 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 1.04 | | | | | | 590,477 | | | | | | 12 | | |
12-31-13 | | | | | 12.86 | | | | | | 0.16• | | | | | | 4.63 | | | | | | 4.79 | | | | | | 0.20 | | | | | | 0.52 | | | | | | — | | | | | | 0.72 | | | | | | — | | | | | | 16.93 | | | | | | 38.75 | | | | | | 0.46 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 1.07 | | | | | | 655,515 | | | | | | 13 | | |
12-31-12 | | | | | 11.76 | | | | | | 0.21 | | | | | | 1.64 | | | | | | 1.85 | | | | | | 0.12 | | | | | | 0.63 | | | | | | — | | | | | | 0.75 | | | | | | — | | | | | | 12.86 | | | | | | 16.04 | | | | | | 0.47 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 1.65 | | | | | | 553,728 | | | | | | 15 | | |
12-31-11 | | | | | 12.34 | | | | | | 0.11 | | | | | | (0.58) | | | | | | (0.47) | | | | | | 0.11 | | | | | | — | | | | | | — | | | | | | 0.11 | | | | | | — | | | | | | 11.76 | | | | | | (3.92) | | | | | | 0.47 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 0.90 | | | | | | 504,085 | | | | | | 15 | | |
12-31-10 | | | | | 9.81 | | | | | | 0.11• | | | | | | 2.48 | | | | | | 2.59 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 12.34 | | | | | | 26.43 | | | | | | 0.47 | | | | | | 0.45† | | | | | | 0.45† | | | | | | 1.08† | | | | | | 550,465 | | | | | | 23 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.37 | | | | | | 0.06• | | | | | | 0.64 | | | | | | 0.70 | | | | | | 0.14 | | | | | | 1.43 | | | | | | — | | | | | | 1.57 | | | | | | — | | | | | | 15.50 | | | | | | 4.45 | | | | | | 0.71 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 0.81 | | | | | | 307,421 | | | | | | 11 | | |
12-31-14 | | | | | 16.81 | | | | | | 0.13• | | | | | | 0.57 | | | | | | 0.70 | | | | | | 0.14 | | | | | | 1.00 | | | | | | — | | | | | | 1.14 | | | | | | — | | | | | | 16.37 | | | | | | 4.66 | | | | | | 0.71 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 0.79 | | | | | | 283,518 | | | | | | 12 | | |
12-31-13 | | | | | 12.78 | | | | | | 0.12• | | | | | | 4.60 | | | | | | 4.72 | | | | | | 0.17 | | | | | | 0.52 | | | | | | — | | | | | | 0.69 | | | | | | — | | | | | | 16.81 | | | | | | 38.38 | | | | | | 0.71 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 0.84 | | | | | | 332,999 | | | | | | 13 | | |
12-31-12 | | | | | 11.68 | | | | | | 0.17 | | | | | | 1.64 | | | | | | 1.81 | | | | | | 0.08 | | | | | | 0.63 | | | | | | — | | | | | | 0.71 | | | | | | — | | | | | | 12.78 | | | | | | 15.84 | | | | | | 0.72 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 1.41 | | | | | | 199,428 | | | | | | 15 | | |
12-31-11 | | | | | 12.27 | | | | | | 0.08 | | | | | | (0.58) | | | | | | (0.50) | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 11.68 | | | | | | (4.19) | | | | | | 0.72 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 0.62 | | | | | | 172,182 | | | | | | 15 | | |
12-31-10 | | | | | 9.77 | | | | | | 0.09• | | | | | | 2.45 | | | | | | 2.54 | | | | | | 0.04 | | | | | | — | | | | | | — | | | | | | 0.04 | | | | | | — | | | | | | 12.27 | | | | | | 26.07 | | | | | | 0.72 | | | | | | 0.70† | | | | | | 0.70† | | | | | | 0.85† | | | | | | 205,956 | | | | | | 23 | | |
See Accompanying Notes to Financial Statements
31
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Russell™ Small Cap Index Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 16.16 | | | | | | 0.05• | | | | | | 0.63 | | | | | | 0.68 | | | | | | 0.11 | | | | | | 1.43 | | | | | | — | | | | | | 1.54 | | | | | | — | | | | | | 15.30 | | | | | | 4.41 | | | | | | 0.96 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.65 | | | | | | 9,951 | | | | | | 11 | | |
12-31-14 | | | | | 16.59 | | | | | | 0.10• | | | | | | 0.57 | | | | | | 0.67 | | | | | | 0.10 | | | | | | 1.00 | | | | | | — | | | | | | 1.10 | | | | | | — | | | | | | 16.16 | | | | | | 4.55 | | | | | | 0.96 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.63 | | | | | | 9,627 | | | | | | 12 | | |
12-31-13 | | | | | 12.64 | | | | | | 0.10• | | | | | | 4.54 | | | | | | 4.64 | | | | | | 0.17 | | | | | | 0.52 | | | | | | — | | | | | | 0.69 | | | | | | — | | | | | | 16.59 | | | | | | 38.16 | | | | | | 0.96 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.71 | | | | | | 13,451 | | | | | | 13 | | |
12-31-12 | | | | | 11.59 | | | | | | 0.17• | | | | | | 1.61 | | | | | | 1.78 | | | | | | 0.10 | | | | | | 0.63 | | | | | | — | | | | | | 0.73 | | | | | | — | | | | | | 12.64 | | | | | | 15.67 | | | | | | 0.97 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 1.40 | | | | | | 5,962 | | | | | | 15 | | |
12-31-11 | | | | | 12.22 | | | | | | 0.08• | | | | | | (0.60) | | | | | | (0.52) | | | | | | 0.11 | | | | | | — | | | | | | — | | | | | | 0.11 | | | | | | — | | | | | | 11.59 | | | | | | (4.38) | | | | | | 0.97 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.64 | | | | | | 2,178 | | | | | | 15 | | |
12-31-10 | | | | | 9.74 | | | | | | 0.12• | | | | | | 2.39 | | | | | | 2.51 | | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | — | | | | | | 12.22 | | | | | | 25.81 | | | | | | 0.97 | | | | | | 0.85† | | | | | | 0.85† | | | | | | 1.07† | | | | | | 143 | | | | | | 23 | | |
Voya U.S. Bond Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.73 | | | | | | 0.07• | | | | | | (0.13) | | | | | | (0.06) | | | | | | 0.06 | | | | | | 0.02 | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 10.59 | | | | | | (0.59) | | | | | | 0.91 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.40 | | | | | | 23,074 | | | | | | 118 | | |
12-31-14 | | | | | 10.35 | | | | | | 0.14 | | | | | | 0.40 | | | | | | 0.54 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 10.73 | | | | | | 5.22 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 1.31 | | | | | | 18,505 | | | | | | 209 | | |
12-31-13 | | | | | 10.94 | | | | | | 0.11 | | | | | | (0.43) | | | | | | (0.32) | | | | | | 0.16 | | | | | | 0.11 | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 10.35 | | | | | | (3.02) | | | | | | 0.90 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 1.07 | | | | | | 12,857 | | | | | | 197 | | |
12-31-12 | | | | | 11.04 | | | | | | 0.14 | | | | | | 0.22 | | | | | | 0.36 | | | | | | 0.20 | | | | | | 0.26 | | | | | | — | | | | | | 0.46 | | | | | | — | | | | | | 10.94 | | | | | | 3.35 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 1.27 | | | | | | 11,313 | | | | | | 145 | | |
12-31-11 | | | | | 10.71 | | | | | | 0.17• | | | | | | 0.54 | | | | | | 0.71 | | | | | | 0.20 | | | | | | 0.18 | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 11.04 | | | | | | 6.75 | | | | | | 0.94 | | | | | | 0.94 | | | | | | 0.94 | | | | | | 1.54 | | | | | | 9,397 | | | | | | 284 | | |
12-31-10 | | | | | 10.37 | | | | | | 0.20• | | | | | | 0.38 | | | | | | 0.58 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 10.71 | | | | | | 5.58 | | | | | | 0.96 | | | | | | 0.95† | | | | | | 0.95† | | | | | | 1.82† | | | | | | 3,714 | | | | | | 279 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.76 | | | | | | 0.10• | | | | | | (0.13) | | | | | | (0.03) | | | | | | 0.07 | | | | | | 0.02 | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 10.64 | | | | | | (0.29) | | | | | | 0.41 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.90 | | | | | | 3,486,376 | | | | | | 118 | | |
12-31-14 | | | | | 10.38 | | | | | | 0.19 | | | | | | 0.40 | | | | | | 0.59 | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 10.76 | | | | | | 5.71 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 1.80 | | | | | | 3,613,513 | | | | | | 209 | | |
12-31-13 | | | | | 10.97 | | | | | | 0.17 | | | | | | (0.44) | | | | | | (0.27) | | | | | | 0.21 | | | | | | 0.11 | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 10.38 | | | | | | (2.54) | | | | | | 0.40 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.57 | | | | | | 3,794,207 | | | | | | 197 | | |
12-31-12 | | | | | 11.07 | | | | | | 0.20 | | | | | | 0.21 | | | | | | 0.41 | | | | | | 0.25 | | | | | | 0.26 | | | | | | — | | | | | | 0.51 | | | | | | — | | | | | | 10.97 | | | | | | 3.85 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 1.78 | | | | | | 3,752,746 | | | | | | 145 | | |
12-31-11 | | | | | 10.74 | | | | | | 0.23 | | | | | | 0.53 | | | | | | 0.76 | | | | | | 0.25 | | | | | | 0.18 | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 11.07 | | | | | | 7.20 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 2.05 | | | | | | 3,479,437 | | | | | | 284 | | |
12-31-10 | | | | | 10.39 | | | | | | 0.25• | | | | | | 0.38 | | | | | | 0.63 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.74 | | | | | | 6.14 | | | | | | 0.46 | | | | | | 0.45† | | | | | | 0.45† | | | | | | 2.36† | | | | | | 3,655,181 | | | | | | 279 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.73 | | | | | | 0.09• | | | | | | (0.13) | | | | | | (0.04) | | | | | | 0.06 | | | | | | 0.02 | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 10.61 | | | | | | (0.35) | | | | | | 0.66 | | | | | | 0.65 | | | | | | 0.65 | | | | | | 1.65 | | | | | | 235,981 | | | | | | 118 | | |
12-31-14 | | | | | 10.35 | | | | | | 0.16 | | | | | | 0.40 | | | | | | 0.56 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 10.73 | | | | | | 5.47 | | | | | | 0.66 | | | | | | 0.66 | | | | | | 0.66 | | | | | | 1.56 | | | | | | 240,485 | | | | | | 209 | | |
12-31-13 | | | | | 10.94 | | | | | | 0.14 | | | | | | (0.44) | | | | | | (0.30) | | | | | | 0.18 | | | | | | 0.11 | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 10.35 | | | | | | (2.80) | | | | | | 0.65 | | | | | | 0.65 | | | | | | 0.65 | | | | | | 1.33 | | | | | | 201,854 | | | | | | 197 | | |
12-31-12 | | | | | 11.04 | | | | | | 0.17 | | | | | | 0.22 | | | | | | 0.39 | | | | | | 0.23 | | | | | | 0.26 | | | | | | — | | | | | | 0.49 | | | | | | — | | | | | | 10.94 | | | | | | 3.59 | | | | | | 0.66 | | | | | | 0.66 | | | | | | 0.66 | | | | | | 1.53 | | | | | | 263,816 | | | | | | 145 | | |
12-31-11 | | | | | 10.71 | | | | | | 0.19 | | | | | | 0.54 | | | | | | 0.73 | | | | | | 0.22 | | | | | | 0.18 | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 11.04 | | | | | | 6.96 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.79 | | | | | | 317,638 | | | | | | 284 | | |
12-31-10 | | | | | 10.36 | | | | | | 0.23• | | | | | | 0.38 | | | | | | 0.61 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 10.71 | | | | | | 5.89 | | | | | | 0.71 | | | | | | 0.70† | | | | | | 0.70† | | | | | | 2.10† | | | | | | 249,203 | | | | | | 279 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 10.74 | | | | | | 0.08• | | | | | | (0.13) | | | | | | (0.05) | | | | | | 0.06 | | | | | | 0.02 | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 10.61 | | | | | | (0.48) | | | | | | 0.91 | | | | | | 0.80 | | | | | | 0.80 | | | | | | 1.50 | | | | | | 2,345 | | | | | | 118 | | |
12-31-14 | | | | | 10.36 | | | | | | 0.15 | | | | | | 0.40 | | | | | | 0.55 | | | | | | 0.17 | | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 10.74 | | | | | | 5.31 | | | | | | 0.91 | | | | | | 0.81 | | | | | | 0.81 | | | | | | 1.41 | | | | | | 2,639 | | | | | | 209 | | |
12-31-13 | | | | | 10.95 | | | | | | 0.14 | | | | | | (0.45) | | | | | | (0.31) | | | | | | 0.17 | | | | | | 0.11 | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.36 | | | | | | (2.91) | | | | | | 0.90 | | | | | | 0.80 | | | | | | 0.80 | | | | | | 1.18 | | | | | | 1,938 | | | | | | 197 | | |
12-31-12 | | | | | 11.05 | | | | | | 0.14• | | | | | | 0.23 | | | | | | 0.37 | | | | | | 0.21 | | | | | | 0.26 | | | | | | — | | | | | | 0.47 | | | | | | — | | | | | | 10.95 | | | | | | 3.48 | | | | | | 0.91 | | | | | | 0.81 | | | | | | 0.81 | | | | | | 1.31 | | | | | | 615 | | | | | | 145 | | |
12-31-11 | | | | | 10.72 | | | | | | 0.17• | | | | | | 0.56 | | | | | | 0.73 | | | | | | 0.22 | | | | | | 0.18 | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 11.05 | | | | | | 6.87 | | | | | | 0.94 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 1.59 | | | | | | 207 | | | | | | 284 | | |
12-31-10 | | | | | 10.37 | | | | | | 0.21• | | | | | | 0.39 | | | | | | 0.60 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 10.72 | | | | | | 5.78 | | | | | | 0.96 | | | | | | 0.85† | | | | | | 0.85† | | | | | | 1.97† | | | | | | 3 | | | | | | 279 | | |
See Accompanying Notes to Financial Statements
32
Financial Highlights (Unaudited) (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 by an 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 an Investment Adviser and/or Distributor 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 period.
*
Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
†
Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.
See Accompanying Notes to Financial Statements
33
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited)
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 nineteen active separate investment series that comprise the Company. The fourteen series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Australia Index Portfolio (“Australia Index”), Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya Euro STOXX 50® Index Portfolio (“Euro STOXX 50® Index”), Voya FTSE 100 Index® Portfolio (“FTSE 100 Index®”), Voya Hang Seng Index Portfolio (“Hang Seng Index”), Voya International Index Portfolio (“International Index”), Voya Japan TOPIX Index® Portfolio (“Japan TOPIX 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, except Australia Index, FTSE 100 Index®, and Hang Seng Index, which are non-diversified Portfolios of the Company. Prior to May 1, 2015, Emerging Markets Index was a non-diversified Portfolio of the Company. The investment objective of the Portfolios is described in the Portfolios’ Prospectus.
The Company is authorized to offer four classes of shares, referred to as Adviser Class (“Class ADV”), Class I, Class S, and Service 2 Class (“Class S2”); however, not all Portfolios currently offer all classes. Each class has equal rights as to voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear 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 applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments oversees all investment advisory 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. 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. The net asset value (“NAV”) per share for each class of each Portfolio is determined each business day as of the close of regular trading (“Market Close”) on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time unless otherwise designated by the NYSE) each day on which the NYSE is open for trading. The Portfolios are open for business every day the NYSE is open. Portfolio shares will not be priced on days when the NYSE is closed. 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.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the normal trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the mean of the closing bid and ask price on that day. Bank loans are valued at the average of the averages between the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price
34
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, a Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Board of Directors (“Board”). Such procedures provide, for example, that: (a) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (b) Securities traded in the over-the-counter market are valued based on prices provided by independent pricing services or market makers; (c) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (d) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (e) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (f) Forward foreign currency contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (g) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
The prospectuses of the open-end registered investment companies in which a Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If
market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the NYSE. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. 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 a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine a 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 a Portfolio.
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 as
35
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and 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 the Portfolios’ investments under these levels of classification is included following the Summary Portfolios of Investments.
U.S. 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. The beginning of period timing recognition is used for the transfers between Levels of a Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
For the six months ended June 30, 2015, there have been no significant changes to the fair valuation methodologies.
B. Security 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 the end of the day.
(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 the end of the day, 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.
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 and pays dividends quarterly. 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 U.S. GAAP for investment companies.
E. Federal Income Taxes. It is the policy of the Portfolios 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 their net investment income and any net realized capital gains to their 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 or expire.
36
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
F. Use of Estimates. The preparation of financial statements in conformity with U.S. 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 market 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 factors.
Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with
longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market 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.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
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.
37
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“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 June 30, 2015, the maximum amount of loss that Australia Index, FTSE 100 Index®, Hang Seng Index and Japan TOPIX Index® would incur if the counterparties to its derivative transactions failed to perform would be $3,388, $8,010, $345 and $39,314, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts were they to be unwound as of June 30, 2015.
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 June 30, 2015, Australia Index, Euro STOXX® Index, FTSE 100 Index® and Japan TOPIX Index® had a liability position of $17,817, $35,231, $20,078 and $9,600, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2015, the Portfolios could have been required to pay this amount in
cash to its counterparties. As of June 30, 2015, there was no collateral posted by any Portfolio for open OTC derivative instruments.
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 of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Summary Portfolio of Investments.
For the six months ended June 30, 2015, 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 six months ended June 30, 2015, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:
| | | Buy | | | Sell | | ||||||
Australia Index | | | | $ | 3,070,193 | | | | | $ | 1,005,308 | | |
Euro STOXX 50® Index | | | | | 6,057,411 | | | | | | 1,218,432 | | |
FTSE 100 Index® | | | | | 8,271,882 | | | | | | 2,827,227 | | |
Hang Seng Index | | | | | 2,337,932 | | | | | | 618,856 | | |
Japan TOPIX Index® | | | | | 7,903,612 | | | | | | 1,331,242 | | |
For the six months ended June 30, 2015, the above Portfolios used forward foreign currency contracts to protect their non-U.S. dollar denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or
38
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
enhanced return. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts as of June 30, 2015.
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. Open futures contracts are reported on a table following each Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary 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 six months ended June 30, 2015, 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. Australia Index also uses futures contracts as a substitute for purchasing additional securities in the index to increase market exposure. 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 six months ended June 30, 2015, the Portfolios had average notional values on futures contracts purchased as disclosed below. Please refer to the tables following each respective Summary Portfolio of Investments for open futures contracts as of June 30, 2015.
| Australia Index | | | | $ | 3,541,003 | | |
| Emerging Markets Index | | | | | 13,712,628 | | |
| Euro STOXX 50® Index | | | | | 6,248,494 | | |
| FTSE 100 Index® | | | | | 8,507,024 | | |
| Hang Seng Index | | | | | 3,226,709 | | |
| International Index | | | | | 14,819,500 | | |
| Japan TOPIX Index® | | | | | 7,816,730 | | |
| Russell™ Large Cap Growth Index | | | | | 11,720,573 | | |
| Russell™ Large Cap Index | | | | | 21,869,747 | | |
| Russell™ Large Cap Value Index | | | | | 6,819,053 | | |
| Russell™ Mid Cap Growth Index | | | | | 8,339,110 | | |
| Russell™ Mid Cap Index | | | | | 32,111,020 | | |
| Russell™ Small Cap Index | | | | | 25,868,357 | | |
J. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties may enter into swap 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 return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Summary Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The
39
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
fair value of OTC swap contracts is recorded on the Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the 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 Statements of Operations. Upfront payments made and/or received on OTC swaps 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 until termination. These upfront payments represent the amounts paid or received when initially entering into the contract to offset the differences between the swap agreements and the prevailing market conditions at time of contract. Upon termination, these upfront payments are recorded as a realized gain or loss on the Statement of Operations. A Portfolio also records periodic payments made 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 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 Summary 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 facilitated auction
40
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
In assessing the status of payment or performance risk for a seller of protection, unrealized losses imply widening credit spreads when selling protection. A decrease in fair value and a resulting unrealized loss position suggests a deterioration of the referenced entity’s credit soundness. As the notional amount represents the total obligation that would be due upon a credit event, fair values that approach this loss, offset by any upfront payments received, 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. Unrealized losses, fair values, and upfront payments for all credit default swap agreements in which a Portfolio is a seller of protection have been disclosed in the Summary Portfolio of Investments.
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
For the six months ended June 30, 2015, U.S. Bond Index had an average notional amount of $40,000,000 on credit default swaps to sell protection on credit default swap indices (“CDX”). The Portfolio enters into credit default swaps on CDX indices to gain additional exposure to certain sectors of the credit market. There were no open credit default swaps to sell protection at June 30, 2015.
K. Securities Lending. Each Portfolio may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: The Bank of New York Mellon (“BNY”) provides the Portfolios indemnification from loss with respect to the investment of collateral provided that the
cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“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, as defined by the Act, determined in good faith under procedures approved by the Board.
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 Summary 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 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 June 30, 2015, U.S. Bond Index had pledged $2,560,410 in cash collateral to certain counterparties for 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
41
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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 six months ended June 30, 2015, 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 | | ||||||
Australia Index | | | | $ | 9,422,365 | | | | | $ | 13,982,057 | | |
Emerging Markets Index | | | | | 16,317,604 | | | | | | 69,034,587 | | |
Euro STOXX 50® Index | | | | | 4,790,069 | | | | | | 25,424,970 | | |
FTSE 100 Index® | | | | | 7,358,890 | | | | | | 34,304,145 | | |
Hang Seng Index | | | | | 2,550,273 | | | | | | 15,989,199 | | |
International Index | | | | | 15,980,818 | | | | | | 99,894,724 | | |
Japan TOPIX Index® | | | | | 328,201 | | | | | | 47,546,770 | | |
Russell™ Large Cap Growth Index | | | | | 80,768,546 | | | | | | 91,068,212 | | |
Russell™ Large Cap Index | | | | | 41,175,746 | | | | | | 62,676,358 | | |
Russell™ Large Cap Value Index | | | | | 46,514,997 | | | | | | 38,287,964 | | |
Russell™ Mid Cap Growth Index | | | | | 96,493,619 | | | | | | 159,839,872 | | |
Russell™ Mid Cap Index | | | | | 211,853,633 | | | | | | 349,599,959 | | |
Russell™ Small Cap Index | | | | | 101,533,607 | | | | | | 131,607,824 | | |
U.S. Bond Index | | | | | 105,283,190 | | | | | | 59,569,485 | | |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales | | ||||||
U.S. Bond Index | | | | $ | 4,559,346,986 | | | | | $ | 4,629,218,103 | | |
NOTE 4 — INVESTMENT MANAGEMENT AND LICENSING FEES
Prior to May 1, 2015, the Portfolios had entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Management Agreement compensated 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. Amounts paid to the Investment Adviser through April 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
| Australia Index(1) | | | 0.60% | |
| Emerging Markets Index(2) | | | 0.55% | |
| Euro STOXX 50® Index(1) | | | 0.60% | |
| FTSE 100 Index®(1) | | | 0.60% | |
| Hang Seng Index(3) | | | 0.60% on the first $250 million; 0.50% on the next $250 million; and 0.45% thereafter | |
| International Index(4) | | | 0.38% on the first $500 million; 0.36% on the next $500 million; and 0.34% on the next $500 million; and 0.32% thereafter | |
| Japan TOPIX Index®(1) | | | 0.60% | |
| Russell™ Large Cap Growth Index(5)(6) | | | 0.40% on the first $500 million; 0.38% on the next $500 million; and 0.36% thereafter | |
| Russell™ Large Cap Index | | | 0.25% on the first $1 billion; 0.23% on the next $1 billion; and 0.21% thereafter | |
| Russell™ Large Cap Value Index(5)(7) | | | 0.40% on the first $250 million; 0.30% on the next $250 million; and 0.25% thereafter | |
| Russell™ Mid Cap Growth Index(5)(6) | | | 0.40% on the first $500 million; 0.38% on the next $500 million; and 0.36% thereafter | |
| Russell™ Mid Cap Index | | | 0.31% on the first $2 billion; 0.24% on the next $2 billion; and 0.18% thereafter | |
| Russell™ Small Cap Index | | | 0.33% on the first $1 billion; 0.31% on the next $1 billion; and 0.29% thereafter | |
| U.S. Bond Index(8) | | | 0.32% on the first $500 million; 0.30% on the next $500 million; 0.28% on the next $1 billion; 0.26% on the next $2 billion; 0.24% on the next $2 billion; and 0.22% thereafter | |
(1)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.25% 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.
(2)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.15% 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.
(3)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.20% of the Portfolio’s management fee. Prior to January 1, 2015, the management fee waiver was 0.10%. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.
(4)
Prior to January 1, 2015, the management fee for International Index was 0.38% on the first $500 million; 0.36% on the next $500 million; and 0.34% thereafter.
(5)
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.
(6)
Prior to January 1, 2015, the management fees for Russell™ Large Cap Growth Index and Russell™ Mid Cap Growth Index were 0.45% on the first $500 million; 0.43% on the next $500 million; and 0.41% thereafter.
(7)
Prior to January 1, 2015, the management fee for Russell™ Large Cap Value Index was 0.45% on the first $250 million; 0.35% on the next $250 million; and 0.30% thereafter.
(8)
Prior to January 1, 2015, the management fee for U.S. Bond Index was 0.32% on the first $500 million; 0.30% on the next $500 million; 0.28% on the next $1 billion; 0.26% on the next $2 billion; and 0.24% thereafter.
42
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT AND LICENSING FEES (continued)
Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”) with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and was responsible for the supervision of other service providers. For its services, the Administrator was entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Pursuant to a side letter agreement, the Adminstrator had agreed to waive the administration fee for Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100 Index®, and Japan TOPIX Index®. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.
Effective May 1, 2015, the terms of the Portfolios’ Management Agreement and Administrative Agreement were combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under the Portfolios’ Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolios and there is no change to the investment management or administrative services provided.
The Amended and Restated Investment 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. Single management fee amounts paid to the Investment Adviser from May 1, 2015 through June 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
| Australia Index(1) | | | 0.70% | |
| Emerging Markets Index(2) | | | 0.65% | |
| Euro STOXX 50® Index(1) | | | 0.70% | |
| FTSE 100 Index®(1) | | | 0.70% | |
| Hang Seng Index(3) | | | 0.70% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter | |
| International Index | | | 0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; and 0.42% thereafter | |
| Japan TOPIX Index®(1) | | | 0.70% | |
| Russell™ Large Cap Growth Index(4) | | | 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(4) | | | 0.50% on the first $250 million; 0.40% on the next $250 million; and 0.35% thereafter | |
| Russell™ Mid Cap Growth Index(4) | | | 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 | | | 0.42% on the first $500 million; 0.40% on the next $500 million; 0.38% on the next $1 billion; 0.36% on the next $2 billion; 0.34% on the next $2 billion; and 0.32% thereafter | |
(1)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.35% 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.
(2)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.25% 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.
(3)
Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.20% 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.
(4)
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. 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.
Hang Seng Data Services Limited receives an annual licensing fee for the Hang Seng Index. MSCI Inc. receives an annual licensing fee for Emerging Markets Index and International Index. Standard & Poor’s Financial Services LLC, STOXX Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., FTSE International Limited, and Tokyo Stock Exchange, Inc. receive an annual licensing fee for Australia Index, Euro STOXX 50® Index, FTSE 100 Index® and Japan TOPIX Index®, respectively.
43
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV and Class S2 shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% and an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. Termination or modification of this obligation requires approval by the Board. The Distributor has also contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 shares of the respective Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board.
Class S shares of the Portfolios have a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 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 12b-1 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 12b-1 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 June 30, 2015, 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 | | | | | 31.45% | | |
| | | Russell™ Large Cap Value Index | | | | | 15.83 | | |
Security Life of Denver Insurance Company | | | Russell™ Large Cap Growth Index | | | | | 9.68 | | |
Voya Index Solution 2025 Portfolio | | | International Index | | | | | 5.10 | | |
Subsidiary/Affiliated Investment Company | | | Portfolio | | | Percentage | | |||
Voya Index Solution 2035 Portfolio | | | International Index | | | | | 5.74 | | |
Voya Institutional Trust Company | | | Russell™ Large Cap Growth Index | | | | | 5.69 | | |
| | | Russell™ Large Cap Index | | | | | 11.32 | | |
| | | Russell™ Large Cap Value Index | | | | | 16.03 | | |
| | | Russell™ Mid Cap Index | | | | | 7.19 | | |
| | | Russell™ Small Cap Index | | | | | 8.13 | | |
Voya Insurance and Annuity Company | | | Euro STOXX 50® Index | | | | | 8.18 | | |
| | | Hang Seng Index | | | | | 35.43 | | |
| | | International Index | | | | | 60.94 | | |
| | | Japan TOPIX Index® | | | | | 6.14 | | |
| | | Russell™ Large Cap Growth Index | | | | | 41.12 | | |
| | | Russell™ Large Cap Index | | | | | 53.82 | | |
| | | Russell™ Large Cap Value Index | | | | | 53.81 | | |
| | | Russell™ Mid Cap Growth Index | | | | | 79.74 | | |
| | | Russell™ Mid Cap Index | | | | | 10.49 | | |
| | | Russell™ Small Cap Index | | | | | 22.62 | | |
| | | U.S. Bond Index | | | | | 5.92 | | |
Voya Retirement Conservative Portfolio | | | U.S. Bond Index | | | | | 6.24 | | |
Voya Retirement Growth Portfolio | | | Australia Index | | | | | 55.35 | | |
| | | Emerging Markets Index | | | | | 40.65 | | |
| | | Euro STOXX 50® Index | | | | | 50.55 | | |
| | | FTSE 100 Index® | | | | | 54.32 | | |
| | | Hang Seng Index | | | | | 34.23 | | |
| | | Japan TOPIX Index® | | | | | 51.75 | | |
| | | Russell™ Mid Cap Index | | | | | 29.13 | | |
| | | Russell™ Small Cap Index | | | | | 25.00 | | |
| | | U.S. Bond Index | | | | | 27.51 | | |
Voya Retirement Insurance and Annuity Company | | | International Index | | | | | 6.25 | | |
| | | Russell™ Large Cap Growth Index | | | | | 10.38 | | |
| | | Russell™ Large Cap Index | | | | | 31.17 | | |
| | | Russell™ Large Cap Value Index | | | | | 9.05 | | |
| | | Russell™ Mid Cap Index | | | | | 18.96 | | |
| | | Russell™ Small Cap Index | | | | | 23.64 | | |
Voya Retirement Moderate Growth Portfolio | | | Australia Index | | | | | 30.13 | | |
| | | Emerging Markets Index | | | | | 23.36 | | |
| | | Euro STOXX 50® Index | | | | | 27.54 | | |
| | | FTSE 100 Index® | | | | | 29.57 | | |
| | | Hang Seng Index | | | | | 18.63 | | |
| | | Japan TOPIX Index® | | | | | 28.17 | | |
| | | Russell™ Mid Cap Index | | | | | 17.59 | | |
| | | Russell™ Small Cap Index | | | | | 11.51 | | |
| | | U.S. Bond Index | | | | | 26.56 | | |
Voya Retirement Moderate Portfolio | | | Australia Index | | | | | 13.11 | | |
| | | Emerging Markets Index | | | | | 10.16 | | |
| | | Euro STOXX 50® Index | | | | | 11.98 | | |
| | | FTSE 100 Index® | | | | | 12.86 | | |
| | | Hang Seng Index | | | | | 8.12 | | |
| | | Japan TOPIX Index® | | | | | 12.26 | | |
| | | Russell™ Mid Cap Index | | | | | 6.84 | | |
| | | U.S. Bond Index | | | | | 15.27 | | |
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies
44
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
that are under common control. Therefore, if certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.
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 “Plan”), which allows eligible non-affiliated directors, as described in the 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 Plan, the amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting in a Porfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of directors’ fees under the Plan will not affect net assets of the Portfolio, 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 Plan.
NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES
At June 30, 2015, the following Portfolio had the below payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceed 5% of total liabilities:
Portfolio | | | Accrued Expenses | | | Amount | | |||
Voya Hang Seng Index | | | Custody | | | | $ | 38,612 | | |
| License | | | | | 18,005 | | |
NOTE 8 — EXPENSE LIMITATION AGREEMENT
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:
Portfolio | | | Class ADV | | | Class I | | | Class S | | | Class S2 | | ||||||||||||
Hang Seng Index | | | | | 1.25% | | | | | | 0.75% | | | | | | 1.00% | | | | | | 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 | | | | | 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 | | | | | N/A | | | | | | 0.50% | | | | | | 0.75% | | | | | | 0.90% | | |
Russell™ Mid Cap Index | | | | | 0.93% | | | | | | 0.43% | | | | | | 0.68% | | | | | | 0.83% | | |
Russell™ Small Cap Index | | | | | 0.95% | | | | | | 0.45% | | | | | | 0.70% | | | | | | 0.85% | | |
U.S. Bond Index(3) | | | | | 0.90% | | | | | | 0.40% | | | | | | 0.65% | | | | | | 0.80% | | |
(1)
Pursuant to a side letter agreement through May 1, 2016, the Investment Adviser has further lowered the expense limits for International Index to 0.98%, 0.48%, 0.73% and 0.88% 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, 2016, the Investment Adviser has agreed to waive all or a portion of the advisory fee so that the expense limits are 1.00%, 0.50%, and 0.75% 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)
Prior to January 1, 2015, the expense limits were 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively.
The Investment Adviser may at a later date recoup from a Portfolio for management fees waived and other expenses assumed 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 June 30, 2015, the amount of waived and reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:
| | | June 30, | | | | | | | | |||||||||||||||
| | | 2016 | | | 2017 | | | 2018 | | | Total | | ||||||||||||
International Index | | | | $ | 400,077 | | | | | $ | 362,844 | | | | | $ | 1,178,537 | | | | | $ | 1,941,458 | | |
Russell™ Large Cap Index | | | | | 38,035 | | | | | | 63,450 | | | | | | 78,935 | | | | | | 180,420 | | |
Russell™ Mid Cap Index | | | | | 42,411 | | | | | | — | | | | | | — | | | | | | 42,411 | | |
Russell™ Small Cap Index | | | | | 124,320 | | | | | | 21,395 | | | | | | 103,837 | | | | | | 249,552 | | |
U.S. Bond Index | | | | | — | | | | | | — | | | | | | 88,663 | | | | | | 88,663 | | |
The Expense Limitation Agreement is contractual through May 1, 2016 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
45
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 9 — LINE OF CREDIT
The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement with BNY (the “Credit Agreement”) for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
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 six months ended June 30, 2015:
Portfolio | | | Days Utilized | | | Approximate Average Daily Balance For Days Utilized | | | Approximate Weighted Average Interest Rate For Days Utilized | | |||||||||
Australia Index | | | | | 9 | | | | | $ | 561,889 | | | | | | 1.12% | | |
Emerging Markets Index | | | | | 10 | | | | | | 2,799,400 | | | | | | 1.12 | | |
Hang Seng Index | | | | | 2 | | | | | | 374,000 | | | | | | 1.12 | | |
International Index | | | | | 5 | | | | | | 6,370,400 | | | | | | 1.13 | | |
Russell™ Large Cap Value Index | | | | | 5 | | | | | | 3,170,000 | | | | | | 1.12 | | |
Russell™ Mid Cap Index | | | | | 3 | | | | | | 2,285,333 | | | | | | 1.12 | | |
Russell™ Small Cap Index | | | | | 10 | | | | | | 1,243,000 | | | | | | 1.13 | | |
U.S. Bond Index | | | | | 10 | | | | | | 766,200 | | | | | | 1.12 | | |
NOTE 10 — CAPITAL SHARES
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | ||||||||||||||||||||||||||||||
Australia Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | (300) | | | | | | (300) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,625) | | | | | | (2,625) | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 873,857 | | | | | | — | | | | | | 1,064,438 | | | | | | (1,654,548) | | | | | | 283,747 | | | | | | 7,765,021 | | | | | | — | | | | | | 9,771,538 | | | | | | (15,333,407) | | | | | | 2,203,152 | | |
12/31/2014 | | | | | 3,324,972 | | | | | | — | | | | | | 778,244 | | | | | | (3,662,441) | | | | | | 440,775 | | | | | | 31,929,453 | | | | | | — | | | | | | 7,992,562 | | | | | | (37,180,306) | | | | | | 2,741,709 | | |
Emerging Markets Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 114 | | | | | | — | | | | | | —* | | | | | | (414) | | | | | | (300) | | | | | | 1,312 | | | | | | — | | | | | | —* | | | | | | (4,575) | | | | | | (3,263) | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,557,295 | | | | | | — | | | | | | 1,099,214 | | | | | | (7,047,995) | | | | | | (4,391,486) | | | | | | 17,012,284 | | | | | | — | | | | | | 12,673,939 | | | | | | (78,507,456) | | | | | | (48,821,233) | | |
12/31/2014 | | | | | 20,366,082 | | | | | | — | | | | | | 764,107 | | | | | | (15,672,627) | | | | | | 5,457,562 | | | | | | 228,468,026 | | | | | | — | | | | | | 8,397,538 | | | | | | (173,824,044) | | | | | | 63,041,520 | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 260 | | | | | | — | | | | | | — | | | | | | (114) | | | | | | 146 | | | | | | 2,822 | | | | | | — | | | | | | — | | | | | | (1,248) | | | | | | 1,574 | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class S2(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | (300) | | | | | | (300) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,324) | | | | | | (3,324) | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Euro STOXX 50® Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,112,312 | | | | | | — | | | | | | 97,418 | | | | | | (223,039) | | | | | | 986,691 | | | | | | 12,201,575 | | | | | | — | | | | | | 1,063,805 | | | | | | (2,363,427) | | | | | | 10,901,953 | | |
12/31/2014 | | | | | 1,336,805 | | | | | | — | | | | | | 83,530 | | | | | | (1,803,290) | | | | | | (382,955) | | | | | | 15,602,799 | | | | | | — | | | | | | 1,000,682 | | | | | | (20,340,400) | | | | | | (3,736,919) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 202,672 | | | | | | — | | | | | | 1,260,091 | | | | | | (3,908,979) | | | | | | (2,446,216) | | | | | | 2,046,103 | | | | | | — | | | | | | 13,860,998 | | | | | | (42,535,436) | | | | | | (26,628,335) | | |
12/31/2014 | | | | | 5,705,261 | | | | | | — | | | | | | 1,397,910 | | | | | | (7,078,150) | | | | | | 25,021 | | | | | | 61,677,034 | | | | | | — | | | | | | 16,844,821 | | | | | | (81,375,380) | | | | | | (2,853,525) | | |
FTSE 100 Index® | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 129,143 | | | | | | — | | | | | | 55,100 | | | | | | (88,976) | | | | | | 95,267 | | | | | | 1,451,124 | | | | | | — | | | | | | 600,587 | | | | | | (999,796) | | | | | | 1,051,915 | | |
12/31/2014 | | | | | 319,337 | | | | | | — | | | | | | 61,386 | | | | | | (235,216) | | | | | | 145,507 | | | | | | 4,061,215 | | | | | | — | | | | | | 771,009 | | | | | | (2,870,545) | | | | | | 1,961,679 | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 173,850 | | | | | | — | | | | | | 3,496,062 | | | | | | (3,969,645) | | | | | | (299,733) | | | | | | 1,908,788 | | | | | | — | | | | | | 38,351,805 | | | | | | (44,913,106) | | | | | | (4,652,513) | | |
12/31/2014 | | | | | 4,604,145 | | | | | | — | | | | | | 3,940,650 | | | | | | (6,346,742) | | | | | | 2,198,053 | | | | | | 54,228,933 | | | | | | — | | | | | | 49,809,818 | | | | | | (80,557,944) | | | | | | 23,480,807 | | |
46
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 10 — CAPITAL SHARES (continued)
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | ||||||||||||||||||||||||||||||
Hang Seng Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 247 | | | | | | — | | | | | | 2,253 | | | | | | (19,608) | | | | | | (17,108) | | | | | | 3,829 | | | | | | — | | | | | | 37,556 | | | | | | (298,410) | | | | | | (257,025) | | |
12/31/2014 | | | | | 101,635 | | | | | | — | | | | | | 3,068 | | | | | | (117,674) | | | | | | (12,971) | | | | | | 1,501,443 | | | | | | — | | | | | | 40,226 | | | | | | (1,680,908) | | | | | | (139,239) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 23,301 | | | | | | — | | | | | | 138,678 | | | | | | (941,108) | | | | | | (779,129) | | | | | | 340,855 | | | | | | — | | | | | | 2,322,850 | | | | | | (15,112,548) | | | | | | (12,448,843) | | |
12/31/2014 | | | | | 475,521 | | | | | | — | | | | | | 160,848 | | | | | | (1,055,296) | | | | | | (418,927) | | | | | | 6,637,812 | | | | | | — | | | | | | 2,121,591 | | | | | | (15,053,271) | | | | | | (6,293,868) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 640,525 | | | | | | — | | | | | | 63,686 | | | | | | (471,817) | | | | | | 232,394 | | | | | | 10,148,937 | | | | | | — | | | | | | 1,065,471 | | | | | | (7,189,445) | | | | | | 4,024,963 | | |
12/31/2014 | | | | | 883,102 | | | | | | — | | | | | | 64,834 | | | | | | (1,392,894) | | | | | | (444,958) | | | | | | 12,819,845 | | | | | | — | | | | | | 853,855 | | | | | | (19,620,552) | | | | | | (5,946,852) | | |
International Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,511,877 | | | | | | — | | | | | | 2,465,661 | | | | | | (8,090,527) | | | | | | (4,112,989) | | | | | | 14,772,425 | | | | | | — | | | | | | 24,237,441 | | | | | | (78,063,928) | | | | | | (39,054,062) | | |
12/31/2014 | | | | | 4,454,498 | | | | | | 109,979,612 | | | | | | 863,686 | | | | | | (16,629,107) | | | | | | 98,668,689 | | | | | | 42,472,687 | | | | | | 1,058,745,439 | | | | | | 8,654,053 | | | | | | (162,556,267) | | | | | | 947,315,912 | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 4,315,572 | | | | | | — | | | | | | 1,507,066 | | | | | | (10,593,734) | | | | | | (4,771,096) | | | | | | 42,701,981 | | | | | | — | | | | | | 15,085,728 | | | | | | (106,818,514) | | | | | | (49,030,805) | | |
12/31/2014 | | | | | 20,402,523 | | | | | | — | | | | | | 389,258 | | | | | | (17,424,222) | | | | | | 3,367,559 | | | | | | 203,550,636 | | | | | | — | | | | | | 3,966,540 | | | | | | (172,627,018) | | | | | | 34,890,158 | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 453,763 | | | | | | — | | | | | | 254,324 | | | | | | (1,026,817) | | | | | | (318,730) | | | | | | 4,467,479 | | | | | | — | | | | | | 2,530,530 | | | | | | (10,082,079) | | | | | | (3,084,070) | | |
12/31/2014 | | | | | 1,424,879 | | | | | | — | | | | | | 69,514 | | | | | | (3,887,500) | | | | | | (2,393,107) | | | | | | 13,854,671 | | | | | | — | | | | | | 704,877 | | | | | | (38,696,714) | | | | | | (24,137,166) | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 18,696 | | | | | | — | | | | | | 3,437 | | | | | | (95,212) | | | | | | (73,079) | | | | | | 180,685 | | | | | | — | | | | | | 34,160 | | | | | | (940,702) | | | | | | (725,857) | | |
12/31/2014 | | | | | 36,137 | | | | | | — | | | | | | 1,338 | | | | | | (77,536) | | | | | | (40,061) | | | | | | 355,270 | | | | | | — | | | | | | 13,516 | | | | | | (753,360) | | | | | | (384,574) | | |
Japan TOPIX Index® | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,146,428 | | | | | | — | | | | | | 38,618 | | | | | | (169,645) | | | | | | 1,015,401 | | | | | | 12,886,689 | | | | | | — | | | | | | 430,201 | | | | | | (1,816,543) | | | | | | 11,500,347 | | |
12/31/2014 | | | | | 756,537 | | | | | | — | | | | | | 110,625 | | | | | | (1,095,012) | | | | | | (227,850) | | | | | | 8,006,762 | | | | | | — | | | | | | 1,080,807 | | | | | | (11,365,249) | | | | | | (2,277,680) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 163,354 | | | | | | — | | | | | | 736,240 | | | | | | (6,083,965) | | | | | | (5,184,371) | | | | | | 1,636,104 | | | | | | — | | | | | | 8,290,062 | | | | | | (68,179,140) | | | | | | (58,252,974) | | |
12/31/2014 | | | | | 4,027,931 | | | | | | — | | | | | | 3,321,992 | | | | | | (5,678,030) | | | | | | 1,671,893 | | | | | | 43,232,472 | | | | | | — | | | | | | 32,721,625 | | | | | | (59,465,649) | | | | | | 16,488,448 | | |
Russell™ Large Cap Growth Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | (25) | | | | | | (25) | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | (1,076) | | | | | | (1,076) | | | | | | 10 | | | | | | — | | | | | | — | | | | | | (23,036) | | | | | | (23,026) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 229,645 | | | | | | — | | | | | | 130,969 | | | | | | (585,171) | | | | | | (224,557) | | | | | | 5,756,750 | | | | | | — | | | | | | 3,321,385 | | | | | | (14,688,389) | | | | | | (5,610,254) | | |
12/31/2014 | | | | | 397,187 | | | | | | — | | | | | | 161,582 | | | | | | (1,403,436) | | | | | | (844,667) | | | | | | 9,105,712 | | | | | | — | | | | | | 3,525,724 | | | | | | (31,882,901) | | | | | | (19,251,465) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 858,333 | | | | | | — | | | | | | 99,108 | | | | | | (1,446,680) | | | | | | (489,239) | | | | | | 21,327,510 | | | | | | — | | | | | | 2,504,465 | | | | | | (36,194,851) | | | | | | (12,362,876) | | |
12/31/2014 | | | | | 4,035,593 | | | | | | — | | | | | | 103,632 | | | | | | (2,917,958) | | | | | | 1,221,267 | | | | | | 91,233,257 | | | | | | — | | | | | | 2,253,990 | | | | | | (64,755,952) | | | | | | 28,731,295 | | |
Russell™ Large Cap Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 321,128 | | | | | | — | | | | | | 26,556 | | | | | | (333,317) | | | | | | 14,367 | | | | | | 5,083,527 | | | | | | — | | | | | | 422,251 | | | | | | (5,256,334) | | | | | | 249,444 | | |
12/31/2014 | | | | | 506,710 | | | | | | — | | | | | | 28,915 | | | | | | (583,243) | | | | | | (47,618) | | | | | | 7,441,609 | | | | | | — | | | | | | 411,173 | | | | | | (8,486,071) | | | | | | (633,289) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 708,228 | | | | | | — | | | | | | 192,094 | | | | | | (960,151) | | | | | | (59,829) | | | | | | 11,354,125 | | | | | | — | | | | | | 3,100,399 | | | | | | (15,380,801) | | | | | | (926,277) | | |
12/31/2014 | | | | | 1,623,545 | | | | | | — | | | | | | 192,284 | | | | | | (1,715,507) | | | | | | 100,322 | | | | | | 24,199,917 | | | | | | — | | | | | | 2,772,734 | | | | | | (25,501,832) | | | | | | 1,470,819 | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,986,085 | | | | | | — | | | | | | 526,249 | | | | | | (4,495,684) | | | | | | (1,983,350) | | | | | | 31,418,548 | | | | | | — | | | | | | 8,446,304 | | | | | | (72,207,371) | | | | | | (32,342,519) | | |
12/31/2014 | | | | | 5,495,583 | | | | | | — | | | | | | 560,188 | | | | | | (6,716,355) | | | | | | (660,584) | | | | | | 82,105,305 | | | | | | — | | | | | | 8,038,695 | | | | | | (99,547,346) | | | | | | (9,403,346) | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 32,658 | | | | | | — | | | | | | 3,236 | | | | | | (82,695) | | | | | | (46,801) | | | | | | 528,683 | | | | | | — | | | | | | 52,561 | | | | | | (1,325,105) | | | | | | (743,861) | | |
12/31/2014 | | | | | 110,966 | | | | | | — | | | | | | 3,268 | | | | | | (52,998) | | | | | | 61,236 | | | | | | 1,653,343 | | | | | | — | | | | | | 47,422 | | | | | | (783,281) | | | | | | 917,484 | | |
Russell™ Large Cap Value Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | (1) | | | | | | — | | | | | | —* | | | | | | 0 | | | | | | (1) | | | | | | (18) | | | | | | — | | | | | | —* | | | | | | 0 | | | | | | (18) | | |
12/31/2014 | | | | | 1 | | | | | | — | | | | | | —* | | | | | | (2,736) | | | | | | (2,735) | | | | | | 17 | | | | | | — | | | | | | —* | | | | | | (49,385) | | | | | | (49,368) | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 59,152 | | | | | | — | | | | | | 72,887 | | | | | | (185,160) | | | | | | (53,121) | | | | | | 1,155,620 | | | | | | — | | | | | | 1,427,863 | | | | | | (3,651,533) | | | | | | (1,068,050) | | |
12/31/2014 | | | | | 172,564 | | | | | | — | | | | | | 81,757 | | | | | | (403,464) | | | | | | (149,143) | | | | | | 3,270,211 | | | | | | — | | | | | | 1,501,063 | | | | | | (7,615,120) | | | | | | (2,843,846) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,332,639 | | | | | | — | | | | | | 225,258 | | | | | | (1,275,771) | | | | | | 282,126 | | | | | | 26,096,790 | | | | | | — | | | | | | 4,392,527 | | | | | | (25,093,645) | | | | | | 5,395,672 | | |
12/31/2014 | | | | | 2,946,015 | | | | | | — | | | | | | 209,359 | | | | | | (1,454,733) | | | | | | 1,700,641 | | | | | | 55,701,063 | | | | | | — | | | | | | 3,829,184 | | | | | | (27,384,162) | | | | | | 32,146,085 | | |
47
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 10 — CAPITAL SHARES (continued)
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | ||||||||||||||||||||||||||||||
Russell™ Mid Cap Growth Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | (300) | | | | | | (300) | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (8,571) | | | | | | (8,570) | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 268,061 | | | | | | — | | | | | | 16,218 | | | | | | (2,442,625) | | | | | | (2,158,346) | | | | | | 7,595,280 | | | | | | — | | | | | | 463,018 | | | | | | (70,173,756) | | | | | | (62,115,458) | | |
12/31/2014 | | | | | 4,840,571 | | | | | | — | | | | | | 21,245 | | | | | | (997,569) | | | | | | 3,864,247 | | | | | | 116,692,748 | | | | | | — | | | | | | 523,892 | | | | | | (25,881,643) | | | | | | 91,334,997 | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 930,588 | | | | | | — | | | | | | 74,329 | | | | | | (779,308) | | | | | | 225,609 | | | | | | 26,009,573 | | | | | | — | | | | | | 2,118,372 | | | | | | (22,019,872) | | | | | | 6,108,073 | | |
12/31/2014 | | | | | 678,655 | | | | | | — | | | | | | 28,981 | | | | | | (2,551,613) | | | | | | (1,843,977) | | | | | | 17,435,996 | | | | | | — | | | | | | 713,505 | | | | | | (64,874,642) | | | | | | (46,725,141) | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 6,274 | | | | | | — | | | | | | 327 | | | | | | (14,965) | | | | | | (8,364) | | | | | | 178,823 | | | | | | — | | | | | | 9,312 | | | | | | (429,164) | | | | | | (241,029) | | |
12/31/2014 | | | | | 4,676 | | | | | | — | | | | | | 80 | | | | | | (9,400) | | | | | | (4,644) | | | | | | 117,803 | | | | | | — | | | | | | 1,972 | | | | | | (238,918) | | | | | | (119,143) | | |
Russell™ Mid Cap Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,221,627 | | | | | | — | | | | | | 762,524 | | | | | | (378,005) | | | | | | 1,606,146 | | | | | | 20,693,392 | | | | | | — | | | | | | 12,246,138 | | | | | | (6,445,248) | | | | | | 26,494,282 | | |
12/31/2014 | | | | | 1,970,592 | | | | | | — | | | | | | 268,032 | | | | | | (640,018) | | | | | | 1,598,606 | | | | | | 31,805,389 | | | | | | — | | | | | | 4,157,168 | | | | | | (10,258,622) | | | | | | 25,703,935 | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 3,278,440 | | | | | | — | | | | | | 9,156,306 | | | | | | (12,438,399) | | | | | | (3,653) | | | | | | 56,546,158 | | | | | | — | | | | | | 150,163,421 | | | | | | (217,557,797) | | | | | | (10,848,218) | | |
12/31/2014 | | | | | 5,486,772 | | | | | | — | | | | | | 4,930,497 | | | | | | (28,520,332) | | | | | | (18,103,063) | | | | | | 90,007,360 | | | | | | — | | | | | | 77,852,541 | | | | | | (470,334,161) | | | | | | (302,474,260) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,003,415 | | | | | | — | | | | | | 2,078,988 | | | | | | (1,620,206) | | | | | | 2,462,197 | | | | | | 34,815,368 | | | | | | — | | | | | | 33,825,130 | | | | | | (27,518,843) | | | | | | 41,121,655 | | |
12/31/2014 | | | | | 6,072,468 | | | | | | — | | | | | | 835,090 | | | | | | (5,055,299) | | | | | | 1,852,259 | | | | | | 99,250,157 | | | | | | — | | | | | | 13,094,206 | | | | | | (81,598,447) | | | | | | 30,745,916 | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | �� | | | | 187,557 | | | | | | — | | | | | | 103,041 | | | | | | (159,401) | | | | | | 131,197 | | | | | | 3,164,246 | | | | | | — | | | | | | 1,659,982 | | | | | | (2,729,502) | | | | | | 2,094,726 | | |
12/31/2014 | | | | | 346,577 | | | | | | — | | | | | | 41,303 | | | | | | (421,223) | | | | | | (33,343) | | | | | | 5,596,080 | | | | | | — | | | | | | 641,844 | | | | | | (6,800,996) | | | | | | (563,072) | | |
Russell™ Small Cap Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 747,351 | | | | | | — | | | | | | 510,816 | | | | | | (276,555) | | | | | | 981,612 | | | | | | 11,951,100 | | | | | | — | | | | | | 7,621,373 | | | | | | (4,435,597) | | | | | | 15,136,876 | | |
12/31/2014 | | | | | 988,089 | | | | | | — | | | | | | 303,398 | | | | | | (493,103) | | | | | | 798,384 | | | | | | 15,636,888 | | | | | | — | | | | | | 4,550,967 | | | | | | (7,701,033) | | | | | | 12,486,822 | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,237,259 | | | | | | — | | | | | | 3,648,991 | | | | | | (2,943,840) | | | | | | 1,942,410 | | | | | | 20,094,981 | | | | | | — | | | | | | 55,683,606 | | | | | | (47,955,539) | | | | | | 27,823,048 | | |
12/31/2014 | | | | | 3,752,135 | | | | | | — | | | | | | 2,832,013 | | | | | | (9,524,339) | | | | | | (2,940,191) | | | | | | 60,600,999 | | | | | | — | | | | | | 43,329,797 | | | | | | (153,739,037) | | | | | | (49,808,241) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,092,479 | | | | | | — | | | | | | 1,862,908 | | | | | | (1,438,642) | | | | | | 2,516,745 | | | | | | 33,993,204 | | | | | | — | | | | | | 28,241,681 | | | | | | (23,393,466) | | | | | | 38,841,419 | | |
12/31/2014 | | | | | 2,621,760 | | | | | | — | | | | | | 1,336,994 | | | | | | (6,455,028) | | | | | | (2,496,274) | | | | | | 41,988,629 | | | | | | — | | | | | | 20,335,677 | | | | | | (103,453,228) | | | | | | (41,128,922) | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 55,191 | | | | | | — | | | | | | 61,888 | | | | | | (62,145) | | | | | | 54,934 | | | | | | 890,744 | | | | | | — | | | | | | 925,850 | | | | | | (981,047) | | | | | | 835,547 | | |
12/31/2014 | | | | | 130,459 | | | | | | — | | | | | | 44,071 | | | | | | (389,488) | | | | | | (214,958) | | | | | | 2,068,645 | | | | | | — | | | | | | 662,390 | | | | | | (6,279,192) | | | | | | (3,548,157) | | |
U.S. Bond Index | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 649,733 | | | | | | — | | | | | | 14,353 | | | | | | (211,200) | | | | | | 452,886 | | | | | | 6,997,218 | | | | | | — | | | | | | 155,279 | | | | | | (2,275,017) | | | | | | 4,877,480 | | |
12/31/2014 | | | | | 747,242 | | | | | | — | | | | | | 22,613 | | | | | | (287,381) | | | | | | 482,474 | | | | | | 7,924,084 | | | | | | — | | | | | | 239,938 | | | | | | (3,046,342) | | | | | | 5,117,680 | | |
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 28,407,602 | | | | | | — | | | | | | 2,660,182 | | | | | | (39,294,753) | | | | | | (8,226,969) | | | | | | 307,302,746 | | | | | | — | | | | | | 28,905,161 | | | | | | (425,032,255) | | | | | | (88,824,348) | | |
12/31/2014 | | | | | 44,982,966 | | | | | | — | | | | | | 6,865,484 | | | | | | (81,696,836) | | | | | | (29,848,386) | | | | | | 479,830,423 | | | | | | — | | | | | | 73,018,279 | | | | | | (870,252,634) | | | | | | (317,403,932) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,022,545 | | | | | | — | | | | | | 173,599 | | | | | | (2,356,997) | | | | | | (160,853) | | | | | | 21,858,725 | | | | | | — | | | | | | 1,880,826 | | | | | | (25,424,653) | | | | | | (1,685,102) | | |
12/31/2014 | | | | | 8,602,034 | | | | | | — | | | | | | 366,689 | | | | | | (6,065,053) | | | | | | 2,903,670 | | | | | | 91,462,216 | | | | | | — | | | | | | 3,891,510 | | | | | | (64,479,947) | | | | | | 30,873,779 | | |
Class S2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 56,744 | | | | | | — | | | | | | 1,618 | | | | | | (83,119) | | | | | | (24,757) | | | | | | 613,433 | | | | | | — | | | | | | 17,536 | | | | | | (906,638) | | | | | | (275,669) | | |
12/31/2014 | | | | | 97,815 | | | | | | — | | | | | | 3,752 | | | | | | (42,978) | | | | | | 58,589 | | | | | | 1,034,647 | | | | | | — | | | | | | 39,819 | | | | | | (457,516) | | | | | | 616,950 | | |
*
Share amount is less than 0.500 or $0.50.
(1)
Class liquidated on May 28, 2015.
(2)
Class liquidated on June 30, 2015.
48
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
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 the close of business 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 provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
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 is a summary of the Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2015:
Australia Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | |||||||||
Barclays Capital Inc. | | | | $ | 86,769 | | | | | $ | (86,769) | | | | | $ | — | | |
Barclays Capital Securities Ltd. | | | | | 411,287 | | | | | | (411,287) | | | | | | — | | |
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | |||||||||||
Commerzbank AG | | | | | 152,198 | | | | | | (152,198) | | | | | | — | |||
Credit Suisse Securities (Europe) Limited | | | | | 349,249 | | | | | | (349,249) | | | | | | — | |||
Credit Suisse Securities (USA) LLC | | | | | 93,701 | | | | | | (93,701) | | | | | | — | |||
Goldman Sachs & Company | | | | | 496,749 | | | | | | (496,749) | | | | | | — | |||
JP Morgan Clearing Corp | | | | | 269,667 | | | | | | (269,667) | | | | | | — | |||
JPMorgan Securities PLC | | | | | 24,359 | | | | | | (24,359) | | | | | | — | |||
Macquarie Bank Ltd. | | | | | 3,509,210 | | | | | | (3,509,210) | | | | | | — | |||
Merrill Lynch International Ltd. | | | | | 120,064 | | | | | | (120,064) | | | | | | — | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 83,941 | | | | | | (83,941) | | | | | | — | |||
Morgan Stanley & Co. LLC | | | | | 1,351,121 | | | | | | (1,351,121) | | | | | | — | |||
Scotia Capital | | | | | 52,264 | | | | | | (52,264) | | | | | | — | |||
UBS Securities, LLC | | | | | 228,849 | | | | | | (228,849) | | | | | | — | |||
Total | | | | $ | 7,229,429 | | | | | $ | (7,229,429) | | | | | $ | — | |||
|
(1)
Collateral with a fair value of $7,676,878 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Emerging Markets Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Barclays Capital Inc. | | | | $ | 191,642 | | | | | $ | (191,642) | | | | | $ | — | | | |||
Barclays Capital Securities Ltd. | | | | | 401,946 | | | | | | (401,946) | | | | | | — | | | |||
Citadel Securities LLC | | | | | 98,120 | | | | | | (98,120) | | | | | | — | | | |||
Citigroup Global Markets Ltd. | | | | | 98,527 | | | | | | (98,527) | | | | | | — | | | |||
Commerzbank AG | | | | | 46,125 | | | | | | (46,125) | | | | | | — | | | |||
Credit Suisse Securities (Europe) Limited | | | | | 7,751 | | | | | | (7,751) | | | | | | — | | | |||
Credit Suisse Securities | | | | | 283,210 | | | | | | (283,210) | | | | | | — | | | |||
Deutsche Bank Securities Inc. | | | | | 267,859 | | | | | | (267,859) | | | | | | — | | | |||
Deutsche Bank AG | | | | | 280,380 | | | | | | (280,380) | | | | | | — | | | |||
Goldman Sachs International | | | | | 1,207,669 | | | | | | (1,207,669) | | | | | | — | | | |||
Goldman, Sachs & Co. | | | | | 84,653 | | | | | | (84,653) | | | | | | — | | | |||
HSBC Bank PLC | | | | | 104,526 | | | | | | (104,526) | | | | | | — | | | |||
JPMorgan Securities PLC | | | | | 304,078 | | | | | | (304,078) | | | | | | — | | | |||
Macquarie Bank Ltd. | | | | | 510,886 | | | | | | (510,886) | | | | | | — | | | |||
Merrill Lynch International Ltd. | | | | | 151,417 | | | | | | (151,417) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 1,382,382 | | | | | | (1,382,382) | | | | | | — | | | |||
Nomura Securities International, Inc. | | | | | 22,258 | | | | | | (22,258) | | | | | | — | | | |||
RBC Capital Markets, LLC | | | | | 160,060 | | | | | | (160,060) | | | | | | — | | | |||
Scotia Capital (USA) INC | | | | | 249,150 | | | | | | (249,150) | | | | | | — | | | |||
UBS AG | | | | | 292,157 | | | | | | (292,157) | | | | | | — | | | |||
Total | | | | $ | 6,144,796 | | | | | $ | (6,144,796) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $6,625,177 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
49
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 11 — SECURITIES LENDING (continued)
Euro STOXX 50 Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Goldman, Sachs & Co. | | | | $ | 2,798,631 | | | | | $ | (2,798,631) | | | | | $ | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 9,540 | | | | | | (9,540) | | | | | | — | | | |||
Total | | | | $ | 2,808,171 | | | | | $ | (2,808,171) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $7,673,478 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
FTSE 100 Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Morgan Stanley & Co. International PLC | | | | $ | 604,822 | | | | | $ | (604,822) | | | | | $ | — | | | |||
Total | | | | $ | 604,822 | | | | | $ | (604,822) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $635,742 has been received in connection with the above securities lending transactions. Excess 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 | | ||||||||||||
ABN AMRO Bank N.V. | | | | $ | 20,281 | | | | | $ | (20,281) | | | | | $ | — | | | |||
Barclays Capital Inc. | | | | | 90,108 | | | | | | (90,108) | | | | | | — | | | |||
Citigroup Global Markets Limited | | | | | 608,216 | | | | | | (608,216) | | | | | | — | | | |||
Credit Suisse Securities (Europe) Limited | | | | | 569,667 | | | | | | (569,667) | | | | | | — | | | |||
Credit Suisse Securities (USA) LLC | | | | | 33,632 | | | | | | (33,632) | | | | | | — | | | |||
Deutsche Bank Securities Inc. | | | | | 4,703 | | | | | | (4,703) | | | | | | — | | | |||
Deutsche Bank, AG | | | | | 59,010 | | | | | | (59,010) | | | | | | — | | | |||
Goldman Sachs International | | | | | 342,214 | | | | | | (342,214) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 2,875,075 | | | | | | (2,875,075) | | | | | | — | | | |||
JP Morgan Clearing Corp | | | | | 1,264,407 | | | | | | (1,264,407) | | | | | | — | | | |||
JP Morgan Securities, Plc. | | | | | 60,194 | | | | | | (60,194) | | | | | | — | | | |||
Macquarie Bank Limited | | | | | 3,564,028 | | | | | | (3,564,028) | | | | | | — | | | |||
Merrill Lynch International | | | | | 241,174 | | | | | | (241,174) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 586,119 | | | | | | (586,119) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 963,376 | | | | | | (963,376) | | | | | | — | | | |||
Nomura International PLC | | | | | 456,918 | | | | | | (456,918) | | | | | | — | | | |||
Total | | | | $ | 11,739,123 | | | | | $ | (11,739,123) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $13,684,148 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Japan TOPIX Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Barclays Capital Securities Ltd. | | | | $ | 117,189 | | | | | $ | (117,189) | | | | | $ | — | | | |||
Citigroup Global Markets Inc. | | | | | 124,706 | | | | | | (124,706) | | | | | | — | | | |||
Citigroup Global Markets Limited | | | | | 22,096 | | | | | | (22,096) | | | | | | — | | | |||
Credit Suisse Securities (Europe) Ltd. | | | | | 233,868 | | | | | | (233,868) | | | | | | — | | | |||
Credit Suisse Securities (USA) LLC | | | | | 109,022 | | | | | | (109,022) | | | | | | — | | | |||
Deutsche Bank Securities Inc. | | | | | 269,026 | | | | | | (269,026) | | | | | | — | | | |||
Deutsche Bank, AG | | | | | 23,607 | | | | | | (23,607) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 1,024,873 | | | | | | (1,024,873) | | | | | | — | | | |||
Merrill Lynch International | | | | | 204,175 | | | | | | (204,175) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 171,366 | | | | | | (171,366) | | | | | | — | | | |||
Mizuho Securities USA Inc. | | | | | 43,643 | | | | | | (43,643) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 90,673 | | | | | | (90,673) | | | | | | — | | | |||
Nomura International PLC | | | | | 550,840 | | | | | | (550,840) | | | | | | — | | | |||
UBS AG | | | | | 47,940 | | | | | | (47,940) | | | | | | — | | | |||
UBS Securities, LLC | | | | | 130,192 | | | | | | (130,192) | | | | | | — | | | |||
Total | | | | $ | 3,163,218 | | | | | $ | (3,163,218) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $3,413,556 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Russell™ Large Cap Growth Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Scotia Capital (USA) INC | | | | $ | 80,634 | | | | | $ | (80,634) | | | | | $ | — | | | |||
Total | | | | $ | 80,634 | | | | | $ | (80,634) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $82,791 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Russell™ Large Cap Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Goldman Sachs & Co. | | | | $ | 58,165 | | | | | $ | (58,165) | | | | | $ | — | | | |||
Total | | | | $ | 58,165 | | | | | $ | (58,165) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $183,793 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
50
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 11 — SECURITIES LENDING (continued)
Russell™ Mid Cap Growth Index
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Barclays Capital Inc. | | | | $ | 206,569 | | | | | $ | (206,569) | | | | | $ | — | | | |||
BNP Prime Brokerage, Inc. | | | | | 207,056 | | | | | | (207,056) | | | | | | — | | | |||
Citigroup Global Markets | | | | | 50,346 | | | | | | (50,346) | | | | | | — | | | |||
Credit Suisse Securities (USA) LLC | | | | | 23,368 | | | | | | (23,368) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 392,086 | | | | | | (392,086) | | | | | | — | | | |||
HSBC Bank PLC | | | | | 436,552 | | | | | | (436,552) | | | | | | — | | | |||
JPMorgan Clearing Corp. | | | | | 366,329 | | | | | | (366,329) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 279,803 | | | | | | (279,803) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 291,013 | | | | | | (291,013) | | | | | | — | | | |||
RBC Dominion Securities Inc | | | | | 1,056,918 | | | | | | (1,056,918) | | | | | | — | | | |||
Scotia Capital | | | | | 77,314 | | | | | | (77,314) | | | | | | — | | | |||
SG Americas Securities, LLC | | | | | 93,740 | | | | | | (93,740) | | | | | | — | | | |||
UBS Securities LLC. | | | | | 1,858,740 | | | | | | (1,858,740) | | | | | | — | | | |||
Wells Fargo Securities LLC | | | | | 441,066 | | | | | | (441,066) | | | | | | — | | | |||
Total | | | | $ | 5,780,898 | | | | | $ | (5,780,898) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $5,924,697 has been received in connection with the above securities lending transactions. Excess 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 | | ||||||||||||
Barclays Capital Inc. | | | | $ | 338,237 | | | | | $ | (338,237) | | | | | $ | — | | | |||
BNP Prime Brokerage, Inc. | | | | | 23,811 | | | | | | (23,811) | | | | | | — | | | |||
Citigroup Global Markets | | | | | 100,894 | | | | | | (100,894) | | | | | | — | | | |||
Deutsche Bank Securities | | | | | 796,047 | | | | | | (796,047) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 1,600,987 | | | | | | (1,600,987) | | | | | | — | | | |||
HSBC Bank PLC | | | | | 1,114,297 | | | | | | (1,114,297) | | | | | | — | | | |||
JPMorgan Clearing Corp. | | | | | 9,675,272 | | | | | | (9,675,272) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 329,515 | | | | | | (329,515) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 1,755,725 | | | | | | (1,755,725) | | | | | | — | | | |||
National Financial Services LLC | | | | | 220,732 | | | | | | (220,732) | | | | | | — | | | |||
RBC Dominion Securities Inc | | | | | 4,152,659 | | | | | | (4,152,659) | | | | | | — | | | |||
Scotia Capital (USA) INC | | | | | 390,952 | | | | | | (390,952) | | | | | | — | | | |||
SG Americas Securities, LLC | | | | | 357,039 | | | | | | (357,039) | | | | | | — | | | |||
Total | | | | $ | 20,856,170 | | | | | $ | (20,856,170) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $21,416,619 has been received in connection with the above securities lending transactions. Excess 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. | | | | $ | 2,349,028 | | | | | $ | (2,349,028) | | | | | $ | — | | | |||
BMO Capital Markets Corp | | | | | 94,271 | | | | | | (94,271) | | | | | | — | | | |||
BNP Prime Brokerage, Inc. | | | | | 297,332 | | | | | | (297,332) | | | | | | — | | | |||
Citadel Clearing LLC | | | | | 745,237 | | | | | | (745,237) | | | | | | — | | | |||
Citadel Securities LLC | | | | | 25,697 | | | | | | (25,697) | | | | | | — | | | |||
Citigroup Global Markets Inc. | | | | | 705,233 | | | | | | (705,233) | | | | | | — | | | |||
Commerz Markets LLC | | | | | 93,366 | | | | | | (93,366) | | | | | | — | | | |||
Deutsche Bank Securities Inc. | | | | | 2,563,405 | | | | | | (2,563,405) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 6,781,718 | | | | | | (6,781,718) | | | | | | — | | | |||
HSBC Bank PLC | | | | | 440,714 | | | | | | (440,714) | | | | | | — | | | |||
Janney Montgomery Scott | | | | | 102,334 | | | | | | (102,334) | | | | | | — | | | |||
JP Morgan Clearing Corp | | | | | 12,401,555 | | | | | | (12,401,555) | | | | | | — | | | |||
Maple Securities USA Inc. | | | | | 87,153 | | | | | | (87,153) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 455,123 | | | | | | (455,123) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 15,058,623 | | | | | | (15,058,623) | | | | | | — | | | |||
National Financial Services LLC | | | | | 1,671,471 | | | | | | (1,671,471) | | | | | | — | | | |||
RBC Dominion Securities Inc | | | | | 3,949,141 | | | | | | (3,949,141) | | | | | | — | | | |||
Scotia Capital (USA) INC | | | | | 3,960,212 | | | | | | (3,960,212) | | | | | | — | | | |||
SG Americas Securities, LLC | | | | | 2,140,977 | | | | | | (2,140,977) | | | | | | — | | | |||
Wells Fargo Securities LLC | | | | | 116,462 | | | | | | (116,462) | | | | | | — | | | |||
Total | | | | $ | 54,039,052 | | | | | $ | (54,039,052) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $55,801,986 has been received in connection with the above securities lending transactions. Excess 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 Capital Inc. | | | | $ | 2,846,707 | | | | | $ | (2,846,707) | | | | | $ | — | | | |||
Citigroup Global Markets | | | | | 1,206,189 | | | | | | (1,206,189) | | | | | | — | | | |||
Credit Suisse Securities (USA) LLC | | | | | 335,415 | | | | | | (335,415) | | | | | | — | | | |||
First Clearing, LLC | | | | | 117,747 | | | | | | (117,747) | | | | | | — | | | |||
Goldman, Sachs & Co. | | | | | 1,035 | | | | | | (1,035) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 468,832 | | | | | | (468,832) | | | | | | — | | | |||
Scotia Capital (USA) INC | | | | | 5,513,415 | | | | | | (5,513,415) | | | | | | — | | | |||
UBS Securities LLC. | | | | | 633,521 | | | | | | (633,521) | | | | | | — | | | |||
Wells Fargo Securities LLC | | | | | 244,886 | | | | | | (244,886) | | | | | | — | | | |||
Total | | | | $ | 11,367,746 | | | | | $ | (11,367,746) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $11,652,190 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
51
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 12 — CONCENTRATION OF INVESTMENT RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.
Foreign Securities (Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100® Index, Hang Seng Index, International Index, and Japan TOPIX Index®). Investing in foreign (non-U.S.) securities may result in the Portfolios experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures by the United States or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region.
Emerging Markets Investments (Emerging Markets Index, Hang Seng Index, and International Index). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.
Non-Diversified (Australia Index, FTSE 100® Index and Hang Seng Index). The Portfolios are classified as non-diversified investment companies under the 1940 Act, which means that each Portfolio is not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Portfolio. The investment of a large percentage of a Portfolio’s assets in the securities of a small number of issuers may cause a Portfolio’s share price to fluctuate
more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Portfolio may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Portfolio would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.
Investment by Funds-of-Funds (Australia Index, Emerging Markets Index, Euro STOXX 50® Index, FTSE 100® Index, Hang Seng Index, Japan TOPIX Index®, Russell™ Mid Cap Index, Russell™ Mid Cap Growth Index, Russell™ Small Cap Index and U.S. Bond Index). As an underlying fund (“Underlying Fund”) of a fund-of-fund, shares of each Portfolio may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse effects of the Underlying Funds and the fund-of-fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.
NOTE 13 — 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 U.S. 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, income from passive foreign investment companies (PFICs), paydown gains, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
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.
52
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 13 — FEDERAL INCOME TAXES (continued)
The tax composition of dividends and distributions to shareholders was as follows:
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||||
| | | Ordinary Income | | | Long-term Capital Gains | | | Ordinary Income | | | Long-term Capital Gains | | ||||||||||||
Australia Index | | | | $ | 9,771,670 | | | | | $ | — | | | | | $ | 7,992,667 | | | | | $ | — | | |
Emerging Markets Index | | | | | 12,674,109 | | | | | | — | | | | | | 8,397,648 | | | | | | — | | |
Euro STOXX 50® Index | | | | | 14,924,804 | | | | | | — | | | | | | 17,845,503 | | | | | | — | | |
FTSE 100 Index® | | | | | 27,896,588 | | | | | | 11,055,804 | | | | | | 17,437,022 | | | | | | 33,143,805 | | |
Hang Seng Index | | | | | 3,425,877 | | | | | | — | | | | | | 3,015,672 | | | | | | — | | |
International Index | | | | | 41,887,859 | | | | | | — | | | | | | 13,338,986 | | | | | | — | | |
Japan TOPIX Index | | | | | 4,940,570 | | | | | | 3,779,693 | | | | | | 8,379,694 | | | | | | 25,422,738 | | |
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||||
| | | Ordinary Income | | | Long-term Capital Gains | | | Ordinary Income | | | Long-term Capital Gains | | ||||||||||||
Russell™ Large Cap Growth Index | | | | | 5,825,850 | | | | | | — | | | | | | 5,779,714 | | | | | | — | | |
Russell™ Large Cap Index | | | | | 12,021,515 | | | | | | — | | | | | | 11,270,024 | | | | | | — | | |
Russell™ Large Cap Value Index | | | | | 3,103,269 | | | | | | 2,717,121 | | | | | | 2,594,596 | | | | | | 2,735,651 | | |
Russell™ Mid Cap Growth Index | | | | | 2,590,738 | | | | | | — | | | | | | 1,239,371 | | | | | | — | | |
Russell™ Mid Cap Index | | | | | 52,298,538 | | | | | | 145,596,134 | | | | | | 35,543,704 | | | | | | 60,202,055 | | |
Russell™ Small Cap Index | | | | | 12,640,674 | | | | | | 79,831,837 | | | | | | 17,246,488 | | | | | | 51,632,343 | | |
U.S. Bond Index | | | | | 30,958,802 | | | | | | — | | | | | | 77,189,546 | | | | | | — | | |
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, 2014 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
| | | Undistributed Ordinary Income | | | Undistributed Long-term Capital Gains | | | Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | |||||||||||||||||||||
| Amount | | | Character | | | Expiration | | ||||||||||||||||||||||||||
Australia Index | | | | $ | 9,770,236 | | | | | $ | — | | | | | $ | (12,428,307) | | | | | $ | (55,951) | | | | Short-term | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | (4,675,040) | | | | Long-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (4,730,991) | | | | | |||||||||
Emerging Markets Index | | | | | 12,670,196 | | | | | | — | | | | | | (46,863,077) | | | | | | (4,992,348) | | | | Short-term | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | (2,406,436) | | | | Long-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (7,398,784) | | | | | |||||||||
Euro STOXX 50® Index | | | | | 14,923,243 | | | | | | — | | | | | | 53,638,071 | | | | | | (805,470) | | | | Short-term | | | | | 2018 | | |
| | | | | | | | | | | | | | | | | | | | | (33,294,343) | | | | Long-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (34,099,813) | | | | | |||||||||
FTSE 100 Index® | | | | | 27,895,816 | | | | | | 11,053,547 | | | | | | 55,873,193 | | | | | | — | | | | — | | | | | — | | |
Hang Seng Index | | | | | 3,424,784 | | | | | | — | | | | | | 19,284,941 | | | | | | (348,360) | | | | Short-term | | | | | 2016 | | |
| | | | | | | | | | | | | | | | | | | | | (211,429) | | | | Short-term | | | | | 2017 | | | ||
| | | | | | | | | | | | | | | | | | | | | (1,702,575) | | | | Short-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (2,262,364) | | | | | |||||||||
International Index | | | | | 41,883,527 | | | | | | — | | | | | | 32,714,943 | | | | | | (48,436,202) | | | | Short-term | | | | | 2015 | | |
| | | | | | | | | | | | | | | | | | | | | (14,301,357) | | | | Short-term | | | | | 2016 | | | ||
| | | | | | | | | | | | | | | | | | | | | (91,978,946) | | | | Short-term | | | | | 2017 | | | ||
| | | | | | | | | | | | | | | | | | | | | (1,826,920) | | | | Short-term | | | | | 2018 | | | ||
| | | | | | | | | | | | | | | | | | | | | (6,154,952) | | | | Short-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | | (8,243,398) | | | | Long-term | | | | | None | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (170,941,775)* | | | | | |||||||||
Japan TOPIX Index | | | | | 4,938,883 | | | | | | 3,776,485 | | | | | | 23,160,246 | | | | | | — | | | | — | | | | | — | | |
Russell™ Large Cap Growth Index | | | | | 5,825,405 | | | | | | — | | | | | | 246,786,430 | | | | | | (127,765,687) | | | | Short-term | | | | | 2016 | | |
Russell™ Large Cap Index | | | | | 12,021,323 | | | | | | — | | | | | | 460,785,290 | | | | | | (2,318,650) | | | | Short-term | | | | | 2015 | | |
| | | | | | | | | | | | | | | | | | | | | (64,791,606) | | | | Short-term | | | | | 2016 | | | ||
| | | | | | | | | | | | | | | | | | | | | (125,559,316) | | | | Short-term | | | | | 2017 | | | ||
| | | | | | | | | | | | | | | | | | | | | (8,688,924) | | | | Short-term | | | | | 2018 | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (201,358,496)* | | | | | |||||||||
|
53
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 13 — FEDERAL INCOME TAXES (continued)
| | | Undistributed Ordinary Income | | | Undistributed Long-term Capital Gains | | | Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | |||||||||||||||||||||
| Amount | | | Character | | | Expiration | | ||||||||||||||||||||||||||
Russell™ Large Cap Value Index | | | | | 3,103,203 | | | | | | 2,716,935 | | | | | | 66,745,178 | | | | | | (3,099,362) | | | | Short-term | | | | | 2015 | | |
| | | | | | | | | | | | | | | | | | | | | (3,099,362) | | | | Short-term | | | | | 2016 | | | ||
| | | | | | | | | | | | | | | | | | | | $ | (6,198,724)* | | | | | |||||||||
Russell™ Mid Cap Growth Index | | | | | 2,571,402 | | | | | | — | | | | | | 166,801,030 | | | | | | (77,599,248) | | | | Short-term | | | | | 2016 | | |
Russell™ Mid Cap Index | | | | | 52,233,020 | | | | | | 145,590,799 | | | | | | 1,065,995,160 | | | | | | — | | | | — | | | | | — | | |
Russell™ Small Cap Index | | | | | 12,635,197 | | | | | | 79,828,828 | | | | | | 351,213,538 | | | | | | — | | | | — | | | | | — | | |
U.S. Bond Index | | | | | 11,590,242 | | | | | | — | | | | | | 104,540,081 | | | | | | — | | | | — | | | | | — | | |
*
Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules.
The Portfolios’ major tax jurisdictions are U.S. federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2010.
As of June 30, 2015, 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.
NOTE 14 — RESTRUCTURING PLAN
Prior to May 2013, Voya Financial, Inc. was a wholly-owned subsidiary of ING Groep N.V. (“ING Groep”). In October 2009, ING Groep submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc. (formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep was required to divest at least 25% of Voya Financial, Inc. by the end of 2013 and more than 50% by the end of 2014, and was required to divest its remaining interest by the end of 2016 (such divestment, the “Separation Plan”).
In May 2013, Voya Financial, Inc. conducted an initial public offering of its common stock (the “IPO”). In October 2013, March 2014, and September 2014, ING Groep divested additional shares in several secondary offerings of common stock of Voya Financial, Inc. and concurrent share repurchases by Voya Financial, Inc. These transactions reduced ING Groep’s ownership interest in Voya Financial, Inc. to 32%. Voya Financial, Inc. did not receive any proceeds from these offerings.
In November 2014, through an additional secondary offering and the concurrent repurchase of shares by Voya Financial, Inc., ING Groep further reduced its interest in
Voya Financial, Inc. below 25% to approximately 19% (the “November 2014 Offering”). The November 2014 Offering was deemed by the Investment Adviser to be a change of control (the “Change of Control”), which resulted in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and Sub-Adviser provide services to the Portfolios. In anticipation of this termination, and in order to ensure that the existing investment advisory and sub-advisory services could continue uninterrupted, in 2013 the Board approved new advisory and sub-advisory agreements for the Portfolios, as applicable, in connection with the IPO. In addition, in 2013, shareholders of each Portfolio approved new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and that have terms not materially different from the current agreements. This meant that shareholders would not have another opportunity to vote on a new agreement with the Investment Adviser or the current affiliated sub-adviser even upon a change of control prompted by the Separation Plan, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.
On November 18, 2014, in response to the Change of Control, the Board, at an in-person meeting, approved new investment advisory and sub-advisory agreements. At that meeting, the Investment Adviser represented that the new investment advisory and affiliated sub-advisory agreements approved by the Board were not materially
54
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 14 — RESTRUCTURING PLAN (continued)
different from the agreements approved by shareholders in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on the new agreements with the Investment Adviser and affiliated sub-adviser.
In March 2015, ING Groep divested the remainder of its interest in Voya Financial, Inc. through a secondary offering of Voya Financial, Inc.’s common stock and a concurrent share repurchase by Voya Financial, Inc. Voya Financial, Inc. did not receive any proceeds from these transactions.
NOTE 15 — REORGANIZATIONS
On March 14, 2014, International Index (“Acquiring Portfolio”) acquired all of the net assets of ING American Funds International Portfolio (“Acquired Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolio on February 27, 2014. The purposes of the transaction were to combine two portfolios with comparable portfolio holdings and management and to lower the net expense ratio for shareholders of the Acquired 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, 2014, 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, 2014, are as follows:
| Net investment income | | | | $ | 36,483,562 | | |
| Net realized and unrealized loss on investments | | | | $ | (153,818,419) | | |
| Net decrease in net assets resulting from operations | | | | $ | (117,334,857) | | |
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 March 14, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Total Net Assets of Acquired Portfolio (000s) | | | Total Net Assets of Acquiring Portfolio (000s) | | | Acquired Portfolio’s Capital Loss Carryforwards (000s) | | | Acquired Portfolio’s Unrealized Depreciation (000s) | | | Portfolios’ Conversion Ratio | | ||||||||||||
| $1,058,745 | | | | $ | 624,495 | | | | | $ | — | | | | | $ | (32,588) | | | | | | 1.8740 | | |
The net assets of the Acquiring Portfolio after the acquisition were $1,683,240,361.
NOTE 16 — SUBSEQUENT EVENTS
Dividends: Subsequent to June 30, 2015, the following Portfolio declared dividends from net investment income of:
| | | Per Share Amount | | | Payable Date | | | Record Date | | |||
U.S. Bond Index | | | | | |||||||||
Class ADV | | | | $ | 0.0431 | | | | July 2, 2015 | | | June 30, 2015 | |
Class I | | | | $ | 0.0558 | | | | July 2, 2015 | | | June 30, 2015 | |
Class S | | | | $ | 0.0491 | | | | July 2, 2015 | | | June 30, 2015 | |
Class S2 | | | | $ | 0.0451 | | | | July 2, 2015 | | | June 30, 2015 | |
Class ADV re-launch. Effective July 13, 2015, Class ADV shares for Russell™ Large Cap Growth Index and Russell™ Large Cap Value Index were re-launched.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“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.
55
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 46.7% | |
| Materials | | | 14.4% | |
| Industrials | | | 7.0% | |
| Consumer Staples | | | 6.5% | |
| Health Care | | | 5.9% | |
| Telecommunication Services | | | 5.8% | |
| Energy | | | 5.0% | |
| Consumer Discretionary | | | 3.9% | |
| Utilities | | | 2.0% | |
| Information Technology | | | 0.7% | |
| Assets in Excess of Other Liabilities* | | | 2.1% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 97.9% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 3.9% | | ||||||||||||
| | 2,830,489 | | | | Other Securities(a) | | | | $ | 7,058,070 | | | | | | 3.9 | | |
| | | | | | Consumer Staples: 6.5% | | ||||||||||||
| | 184,499 | | | | Wesfarmers Ltd. | | | | | 5,548,473 | | | | | | 3.1 | | |
| | 207,949 | | | | Woolworths Ltd. | | | | | 4,321,033 | | | | | | 2.4 | | |
| | 552,076 | | | | Other Securities(a) | | | | | 1,726,334 | | | | | | 1.0 | | |
| | | | | | | | | | | 11,595,840 | | | | | | 6.5 | | |
| | | | | | Energy: 5.0% | | ||||||||||||
| | 44,321 | | | | Caltex Australia Ltd. | | | | | 1,088,000 | | | | | | 0.6 | | |
| | 191,999 | | | | Oil Search Ltd. | | | | | 1,055,360 | | | | | | 0.6 | | |
| | 182,172 | | | | Origin Energy Ltd. | | | | | 1,681,321 | | | | | | 0.9 | | |
| | 164,575 | | | | Santos Ltd. | | | | | 993,654 | | | | | | 0.6 | | |
| | 116,312 | | | | Woodside Petroleum Ltd. | | | | | 3,069,092 | | | | | | 1.7 | | |
| | 936,126 | | | | Other Securities(a) | | | | | 1,027,353 | | | | | | 0.6 | | |
| | | | | | | | | | | 8,914,780 | | | | | | 5.0 | | |
| | | | | | Financials: 46.7% | | ||||||||||||
| | 485,516 | | | | AMP Ltd. | | | | | 2,252,949 | | | | | | 1.3 | | |
| | 31,776 | | | | ASX Ltd. | | | | | 977,253 | | | | | | 0.5 | | |
| | 453,616 | | | | Australia & New Zealand Banking Group Ltd. | | | | | 11,257,480 | | | | | | 6.3 | | |
| | 73,523 | | | | Bendigo Bank Ltd. | | | | | 695,211 | | | | | | 0.4 | | |
| | 267,213 | | | | Commonwealth Bank of Australia | | | | | 17,523,040 | | | | | | 9.8 | | |
| | 157,612 | | | | Dexus Property Group | | | | | 886,885 | | | | | | 0.5 | | |
| | 536,388 | | | | Federation Centres Ltd | | | | | 1,206,933 | | | | | | 0.7 | | |
| | 256,138 L | | | | Goodman Group | | | | | 1,237,067 | | | | | | 0.7 | | |
| | 289,639 L | | | | GPT Group | | | | | 954,843 | | | | | | 0.5 | | |
| | 384,380 | | | | Insurance Australia Group Ltd. | | | | | 1,652,596 | | | | | | 0.9 | | |
| | 87,057 | | | | Lend Lease Corp., Ltd. | | | | | 1,006,577 | | | | | | 0.6 | | |
| | 54,749 | | | | Macquarie Group Ltd. | | | | | 3,430,327 | | | | | | 1.9 | | |
| | 452,073 @ | | | | Medibank Pvt Ltd. | | | | | 700,494 | | | | | | 0.4 | | |
| | 599,480 | | | | Mirvac Group | | | | | 854,069 | | | | | | 0.5 | | |
| | 429,220 | | | | National Australia Bank Ltd. | | | | | 11,024,136 | | | | | | 6.2 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Financials (continued) | | |||||||||||||||
| | 224,058 | | | | QBE Insurance Group Ltd. | | | | $ | 2,359,357 | | | | | | 1.3 | | | |||
| | 873,989 | | | | Scentre Group | | | | | 2,524,702 | | | | | | 1.4 | | | |||
| | 385,550 | | | | Stockland | | | | | 1,217,462 | | | | | | 0.7 | | | |||
| | 211,197 | | | | Suncorp Group Ltd | | | | | 2,185,062 | | | | | | 1.2 | | | |||
| | 313,797 | | | | Westfield Corp. | | | | | 2,204,030 | | | | | | 1.2 | | | |||
| | 512,260 | | | | Westpac Banking Corp. | | | | | 12,674,373 | | | | | | 7.1 | | | |||
| | 1,529,251 | | | | Other Securities(a) | | | | | 4,661,619 | | | | | | 2.6 | | | |||
| | | | | | | | | | | 83,486,465 | | | | | | 46.7 | | | |||
| | | | | | Health Care: 5.9% | | |||||||||||||||
| | 76,524 | | | | CSL Ltd. | | | | | 5,101,587 | | | | | | 2.8 | | | |||
| | 21,164 | | | | Ramsay Health Care Ltd. | | | | | 1,002,496 | | | | | | 0.6 | | | |||
| | 123,966 | | | | ResMed, Inc. | | | | | 688,435 | | | | | | 0.4 | | | |||
| | 65,891 | | | | Sonic Healthcare Ltd. | | | | | 1,085,008 | | | | | | 0.6 | | | |||
| | 763,433 | | | | Other Securities(a) | | | | | 2,664,282 | | | | | | 1.5 | | | |||
| | | | | | | | | | | 10,541,808 | | | | | | 5.9 | | | |||
| | | | | | Industrials: 7.0% | | |||||||||||||||
| | 160,108 | | | | Asciano Group | | | | | 820,436 | | | | | | 0.4 | | | |||
| | 348,647 | | | | Aurizon Holdings Ltd. | | | | | 1,377,267 | | | | | | 0.8 | | | |||
| | 256,647 | | | | Brambles Ltd. | | | | | 2,093,657 | | | | | | 1.2 | | | |||
| | 360,530 | | | | Qantas Airways Ltd. | | | | | 876,084 | | | | | | 0.5 | | | |||
| | 363,795 L | | | | Sydney Airport | | | | | 1,395,951 | | | | | | 0.8 | | | |||
| | 314,261 L | | | | Transurban Group | | | | | 2,253,132 | | | | | | 1.3 | | | |||
| | 1,593,700 | | | | Other Securities(a) | | | | | 3,664,577 | | | | | | 2.0 | | | |||
| | | | | | | | | | | 12,481,104 | | | | | | 7.0 | | | |||
| | | | | | Information Technology: 0.7% | | |||||||||||||||
| | 83,586 | | | | Computershare Ltd. | | | | | 752,816 | | | | | | 0.4 | | | |||
| | 88,703 | | | | Other Securities | | | | | 529,377 | | | | | | 0.3 | | | |||
| | | | | | | | | | | 1,282,193 | | | | | | 0.7 | | | |||
| | | | | | Materials: 14.4% | | |||||||||||||||
| | 195,932 | | | | Amcor Ltd. | | | | | 2,070,515 | | | | | | 1.2 | | | |||
| | 526,791 | | | | BHP Billiton Ltd. | | | | | 10,745,933 | | | | | | 6.0 | | | |||
| | 275,055 | | | | Incitec Pivot Ltd. | | | | | 815,468 | | | | | | 0.5 | | | |||
| | 72,783 | | | | James Hardie Industries SE | | | | | 968,758 | | | | | | 0.5 | | | |||
| | 125,303 | | | | Newcrest Mining Ltd. | | | | | 1,261,695 | | | | | | 0.7 | | | |||
| | 60,442 L | | | | Orica Ltd. | | | | | 992,149 | | | | | | 0.5 | | | |||
| | 69,643 | | | | Rio Tinto Ltd. | | | | | 2,880,910 | | | | | | 1.6 | | | |||
| | 873,490 @ | | | | South32 Ltd. | | | | | 1,206,357 | | | | | | 0.7 | | | |||
| | 2,461,369 | | | | Other Securities(a) | | | | | 4,867,388 | | | | | | 2.7 | | | |||
| | | | | | | | | | | 25,809,173 | | | | | | 14.4 | | | |||
| | | | | | Telecommunication Services: 5.8% | | |||||||||||||||
| | 2,006,855 | | | | Telstra Corp., Ltd. | | | | | 9,497,556 | | | | | | 5.3 | | | |||
| | 170,707 | | | | Other Securities(a) | | | | | 974,600 | | | | | | 0.5 | | | |||
| | | | | | | | | | | 10,472,156 | | | | | | 5.8 | | | |||
| | | | | | Utilities: 2.0% | | |||||||||||||||
| | 110,511 | | | | AGL Energy Ltd. | | | | | 1,323,803 | | | | | | 0.7 | | | |||
| | 182,920 | | | | APA Group | | | | | 1,161,828 | | | | | | 0.7 | | | |||
| | 713,365 | | | | Other Securities | | | | | 1,019,053 | | | | | | 0.6 | | | |||
| | | | | | | | | | | 3,504,684 | | | | | | 2.0 | | | |||
| | | | | | Total Common Stock (Cost $189,829,236) | | | | | 175,146,273 | | | | | | 97.9 | | | |||
|
56
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 5.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 4.3% | | ||||||||||||
| | 66,753 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $66,753, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $68,088, due 02/28/17- 05/15/44) | | | | $ | 66,753 | | | | | | 0.1 | | |
| | 1,823,265 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,823,272, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,859,730, due 07/15/15-05/20/65) | | | | | 1,823,265 | | | | | | 1.0 | | |
| | 1,823,265 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,823,274, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,859,721, due 11/15/15-03/01/48) | | | | | 1,823,265 | | | | | | 1.0 | | |
| | 317,030 | | | | HSBC Securities USA, Repurchase Agreement dated 06/30/15, 0.12%, due 07/01/15 (Repurchase Amount $317,031, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $323,371, due 07/01/18-07/01/45) | | | | | 317,030 | | | | | | 0.2 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,823,300 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,823,308, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,859,766, due 01/15/17- 08/15/42) | | | | $ | 1,823,300 | | | | | | 1.0 | | |
| | 1,823,265 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,823,272, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,859,731, due 07/31/15-05/20/65) | | | | | 1,823,265 | | | | | | 1.0 | | |
| | | | | | | | | | | 7,676,878 | | | | | | 4.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 1,987,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $1,987,000) | | | | | 1,987,000 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $9,663,878) | | | | | 9,663,878 | | | | | | 5.4 | | | |||
| | | | | | Total Investments in Securities (Cost $199,493,114) | | | | $ | 184,810,151 | | | | | | 103.3 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (5,903,533) | | | | | | (3.3) | | | |||
| | | | | | Net Assets | | | | $ | 178,906,618 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
57
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $204,641,609.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 15,043,692 | | | |
| Gross Unrealized Depreciation | | | | | (34,875,150) | | | |
| Net Unrealized Depreciation | | | | $ | (19,831,458) | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | — | | | | | $ | 7,058,070 | | | | | $ | — | | | | | $ | 7,058,070 | | | ||||
Consumer Staples | | | | | — | | | | | | 11,595,840 | | | | | | — | | | | | | 11,595,840 | | | ||||
Energy | | | | | — | | | | | | 8,914,780 | | | | | | — | | | | | | 8,914,780 | | | ||||
Financials | | | | | 68,131 | | | | | | 83,418,334 | | | | | | — | | | | | | 83,486,465 | | | ||||
Health Care | | | | | 100,724 | | | | | | 10,441,084 | | | | | | — | | | | | | 10,541,808 | | | ||||
Industrials | | | | | — | | | | | | 12,481,104 | | | | | | — | | | | | | 12,481,104 | | | ||||
Information Technology | | | | | — | | | | | | 1,282,193 | | | | | | — | | | | | | 1,282,193 | | | ||||
Materials | | | | | 1,206,357 | | | | | | 24,602,816 | | | | | | — | | | | | | 25,809,173 | | | ||||
Telecommunication Services | | | | | — | | | | | | 10,472,156 | | | | | | — | | | | | | 10,472,156 | | | ||||
Utilities | | | | | — | | | | | | 3,504,684 | | | | | | — | | | | | | 3,504,684 | | | ||||
Total Common Stock | | | | | 1,375,212 | | | | | | 173,771,061 | | | | | | — | | | | | | 175,146,273 | | | ||||
Short-Term Investments | | | | | 1,987,000 | | | | | | 7,676,878 | | | | | | — | | | | | | 9,663,878 | | | ||||
Total Investments, at fair value | | | | $ | 3,362,212 | | | | | $ | 181,447,939 | | | | | $ | — | | | | | $ | 184,810,151 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 3,388 | | | | | | — | | | | | | 3,388 | | | ||||
Total Assets | | | | $ | 3,362,212 | | | | | $ | 181,451,327 | | | | | $ | — | | | | | $ | 184,813,539 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | (17,817) | | | | | $ | — | | | | | $ | (17,817) | | | ||||
Futures | | | | | (56,316) | | | | | | — | | | | | | — | | | | | | (56,316) | | | ||||
Total Liabilities | | | | $ | (56,316) | | | | | $ | (17,817) | | | | | $ | — | | | | | $ | (74,133) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Australia Index Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||||||||
Bank of America | | | Australian Dollar | | | | | 4,840,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | $ | 3,736,407 | | | | | $ | 3,718,590 | | | | | $ | (17,817) | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (17,817) | | | ||||||
Barclays Bank PLC | | | Australian Dollar | | | | | 600,000 | | | | | | Sell | | | | | | 09/16/15 | | | | | $ | 463,805 | | | | | $ | 460,983 | | | | | $ | 2,822 | | | ||||||
Citigroup, Inc. | | | Australian Dollar | | | | | 640,000 | | | | | | Sell | | | | | | 09/16/15 | | | | | | 492,280 | | | | | | 491,714 | | | | | | 566 | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,388 | | | ||||||
|
58
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
At June 30, 2015, the following futures contracts were outstanding for Voya Australia Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
ASX SPI 200® Index | | | | | 38 | | | | | | 09/17/15 | | | | | $ | 3,955,860 | | | | | $ | (56,316) | | | ||||
| | | | | | | | | | | | | | | | $ | 3,955,860 | | | | | $ | (56,316) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 3,388 | | | |
Total Asset Derivatives | | | | | | | $ | 3,388 | | | |
Liability Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 17,817 | | | |
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | | 56,316 | | | |
Total Liability Derivatives | | | | | | | $ | 74,133 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (297,019) | | | | | $ | — | | | | | $ | (297,019) | | | |||
Equity contracts | | | | | — | | | | | | (59,614) | | | | | | (59,614) | | | |||
Total | | | | $ | (297,019) | | | | | $ | (59,614) | | | | | $ | (356,633) | | | |||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (5,800) | | | | | $ | — | | | | | $ | (5,800) | | | |||
Equity contracts | | | | | — | | | | | | (60,506) | | | | | | (60,506) | | | |||
Total | | | | $ | (5,800) | | | | | $ | (60,506) | | | | | $ | (66,306) | | | |||
|
*
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
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 June 30, 2015:
| | | Citigroup, Inc. | | | Bank of America | | | Barclays Bank PLC | | | Totals | | ||||||||||||||||
Assets: | | | | | | ||||||||||||||||||||||||
Forward foreign currency contracts | | | | $ | 566 | | | | | $ | — | | | | | $ | 2,822 | | | | | $ | 3,388 | | | ||||
Total Assets | | | | $ | 566 | | | | | $ | — | | | | | $ | 2,822 | | | | | $ | 3,388 | | | ||||
Liabilities: | | | | | | ||||||||||||||||||||||||
Forward foreign currency contracts | | | | $ | — | | | | | $ | 17,817 | | | | | $ | — | | | | | $ | 17,817 | | | ||||
Total Liabilities | | | | $ | — | | | | | $ | 17,817 | | | | | $ | — | | | | | $ | 17,817 | | | ||||
Net OTC derivative instruments by counterparty, at fair value | | | | $ | 566 | | | | | $ | (17,817) | | | | | $ | 2,822 | | | | | | (14,429) | | | ||||
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||
Net Exposure(1) | | | | $ | 566 | | | | | $ | (17,817) | | | | | $ | 2,822 | | | | | $ | (14,429) | | | ||||
|
(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.
59
Voya Emerging Markets | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 29.1% | |
| Information Technology | | | 17.4% | |
| Consumer Discretionary | | | 8.7% | |
| Energy | | | 8.3% | |
| Consumer Staples | | | 8.0% | |
| Telecommunication Services | | | 7.1% | |
| Industrials | | | 7.0% | |
| Materials | | | 6.8% | |
| Utilities | | | 3.1% | |
| Health Care | | | 2.5% | |
| Assets in Excess of Other Liabilities* | | | 2.0% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 95.1% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 8.5% | | ||||||||||||
| | | 267,800 | | | | Grupo Televisa S.A. | | | | $ | 2,079,188 | | | | | | 0.3 | | |
| | | 17,710 | | | | Grupo Televisa SAB ADR | | | | | 687,502 | | | | | | 0.1 | | |
| | | 9,941 | | | | Hyundai Mobis | | | | | 1,887,275 | | | | | | 0.3 | | |
| | | 22,519 | | | | Hyundai Motor Co. | | | | | 2,741,384 | | | | | | 0.5 | | |
| | | 57,959 | | | | Naspers Ltd. | | | | | 9,012,879 | | | | | | 1.5 | | |
| | | 332,722 | | | | Steinhoff International Holdings Ltd. | | | | | 2,105,705 | | | | | | 0.4 | | |
| | | 16,422,010 | | | | Other Securities(a) | | | | | 32,388,176 | | | | | | 5.4 | | |
| | | | | | | | | | | | 50,902,109 | | | | | | 8.5 | | |
| | | | | | | Consumer Staples: 8.0% | | ||||||||||||
| | | 545,800 | | | | AMBEV SA | | | | | 3,345,968 | | | | | | 0.6 | | |
| | | 4,909 | | | | Amorepacific Corp. | | | | | 1,835,774 | | | | | | 0.3 | | |
| | | 4,206 | | | | Amorepacific Group | | | | | 703,871 | | | | | | 0.1 | | |
| | | 70,600 | | | | BRF - Brasil Foods SA | | | | | 1,491,431 | | | | | | 0.2 | | |
| | | 25,314 @ | | | | BRF SA ADR | | | | | 529,316 | | | | | | 0.1 | | |
| | | 6,017 @ | | | | Fomento Economico Mexicano SAB de CV ADR | | | | | 536,054 | | | | | | 0.1 | | |
| | | 204,600 | | | | Fomento Economico Mexicano SAB de CV UBD | | | | | 1,822,948 | | | | | | 0.3 | | |
| | | 38,058 @ | | | | Magnit PJSC GDR | | | | | 2,116,939 | | | | | | 0.4 | | |
| | | 766,500 | | | | Wal-Mart de Mexico SAB de CV | | | | | 1,872,177 | | | | | | 0.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 10,905,207 | | | | Other Securities(a) | | | | $ | 33,157,956 | | | | | | 5.6 | | |
| | | | | | | | | | | | 47,412,434 | | | | | | 8.0 | | |
| | | | | | | Energy: 7.7% | | ||||||||||||
| | | 3,727,600 | | | | China Petroleum & Chemical Corp. | | | | | 3,198,511 | | | | | | 0.5 | | |
| | | 2,604,000 | | | | CNOOC Ltd. | | | | | 3,693,715 | | | | | | 0.6 | | |
| | | 284,258 @ | | | | Gazprom OAO ADR | | | | | 1,498,040 | | | | | | 0.3 | | |
| | | 1,146,133 | | | | Gazprom OAO | | | | | 3,030,335 | | | | | | 0.5 | | |
| | | 28,159 @ | | | | Lukoil OAO ADR | | | | | 1,264,621 | | | | | | 0.2 | | |
| | | 46,096 | | | | Lukoil OAO | | | | | 2,064,905 | | | | | | 0.3 | | |
| | | 3,080,000 | | | | PetroChina Co., Ltd. | | | | | 3,430,187 | | | | | | 0.6 | | |
| | | 55,617 @ | | | | Petroleo Brasileiro SA ADR | | | | | 453,835 | | | | | | 0.1 | | |
| | | 449,700 | | | | Petroleo Brasileiro SA | | | | | 2,035,084 | | | | | | 0.3 | | |
| | | 23,541 | | | | Reliance Industries Ltd. | | | | | 369,374 | | | | | | 0.1 | | |
| | | 85,534 @ | | | | Reliance Industries Ltd. GDR | | | | | 2,664,384 | | | | | | 0.4 | | |
| | | 81,225 | | | | Sasol Ltd. | | | | | 3,007,740 | | | | | | 0.5 | | |
| | | 10,205,928 | | | | Other Securities(a) | | | | | 19,370,898 | | | | | | 3.3 | | |
| | | | | | | | | | | | 46,081,629 | | | | | | 7.7 | | |
| | | | | | | Financials: 27.9% | | ||||||||||||
| | | 106,304 @ | | | | Banco Bradesco SA ADR | | | | | 973,745 | | | | | | 0.2 | | |
| | | 11,630,000 | | | | Bank of China Ltd. | | | | | 7,547,653 | | | | | | 1.3 | | |
| | | 1,198,611 | | | | Cathay Financial Holding Co., Ltd. | | | | | 2,092,716 | | | | | | 0.3 | | |
| | | 12,139,000 | | | | China Construction Bank | | | | | 11,072,662 | | | | | | 1.9 | | |
| | | 1,091,000 | | | | China Life Insurance Co., Ltd. | | | | | 4,735,202 | | | | | | 0.8 | | |
| | | 452,976 | | | | China Life Insurance Co., Ltd. (TWD) | | | | | 463,492 | | | | | | 0.1 | | |
| | | 674,880 | | | | China Merchants Bank Co., Ltd. | | | | | 1,960,297 | ��� | | | | | 0.3 | | |
| | | 588,000 | | | | China Overseas Land & Investment Ltd. | | | | | 2,069,830 | | | | | | 0.3 | | |
| | | 387,400 | | | | China Pacific Insurance Group Co., Ltd. | | | | | 1,855,908 | | | | | | 0.3 | | |
| | | 32,800 # | | | | Dalian Wanda Commercial Properties Co. Ltd. | | | | | 263,829 | | | | | | 0.0 | | |
| | | 494,391 | | | | FirstRand Ltd. | | | | | 2,166,033 | | | | | | 0.4 | | |
| | | 983,000 | | | | Fubon Financial Holding Co., Ltd. | | | | | 1,953,601 | | | | | | 0.3 | | |
| | | 366,200 | | | | Grupo Financiero Banorte | | | | | 2,013,488 | | | | | | 0.3 | | |
| | | 220,507 | | | | Housing Development Finance Corp. | | | | | 4,485,324 | | | | | | 0.8 | | |
| | | 124,000 #,@ | | | | Huatai Securities Co. Ltd. | | | | | 350,330 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
60
Voya Emerging Markets | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 10,787,000 | | | | Industrial & Commercial Bank of China | | | | $ | 8,559,767 | | | | | | 1.4 | | |
| | 121,617 @ | | | | Itau Unibanco Holding S.A. ADR | | | | | 1,331,706 | | | | | | 0.2 | | |
| | 56,755 | | | | KB Financial Group, Inc. | | | | | 1,874,499 | | | | | | 0.3 | | |
| | 383,000 | | | | Ping An Insurance Group Co. of China Ltd. | | | | | 5,168,786 | | | | | | 0.9 | | |
| | 371,000 | | | | Public Bank BHD | | | | | 1,840,742 | | | | | | 0.3 | | |
| | 62,041 | | | | Shinhan Financial Group Co., Ltd. | | | | | 2,309,288 | | | | | | 0.4 | | |
| | 178,683 | | | | Standard Bank Group Ltd. | | | | | 2,351,359 | | | | | | 0.4 | | |
| | 899,195,953 | | | | Other Securities(a) | | | | | 98,744,421 | | | | | | 16.6 | | |
| | | | | | | | | | | 166,184,678 | | | | | | 27.9 | | |
| | | | | | Health Care: 2.5% | | ||||||||||||
| | 7,468,244 | | | | Other Securities | | | | | 14,797,090 | | | | | | 2.5 | | |
| | | | | | Industrials: 7.0% | | ||||||||||||
| | 17,233,820 | | | | Other Securities(a) | | | | | 41,537,374 | | | | | | 7.0 | | |
| | | | | | Information Technology: 17.0% | | ||||||||||||
| | 1,904,107 | | | | Hon Hai Precision Industry Co., Ltd. | | | | | 5,983,436 | | | | | | 1.0 | | |
| | 84,751 | | | | SK Hynix, Inc. | | | | | 3,212,192 | | | | | | 0.5 | | |
| | 36,456 | | | | Infosys Ltd. | | | | | 566,531 | | | | | | 0.1 | | |
| | 230,610 @ | | | | Infosys Ltd. ADR | | | | | 3,655,169 | | | | | | 0.6 | | |
| | 216,820 | | | | MediaTek, Inc. | | | | | 2,963,840 | | | | | | 0.5 | | |
| | 4,106 | | | | NAVER Corp. | | | | | 2,330,716 | | | | | | 0.4 | | |
| | 16,109 | | | | Samsung Electronics Co., Ltd. | | | | | 18,277,049 | | | | | | 3.1 | | |
| | 3,593,000 | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 16,343,190 | | | | | | 2.7 | | |
| | 69,709 | | | | Tata Consultancy Services Ltd. | | | | | 2,792,465 | | | | | | 0.5 | | |
| | 753,100 | | | | Tencent Holdings Ltd. | | | | | 15,059,389 | | | | | | 2.5 | | |
| | 19,561,918 | | | | Other Securities(a) | | | | | 30,036,058 | | | | | | 5.1 | | |
| | | | | | | | | | | 101,220,035 | | | | | | 17.0 | | |
| | | | | | Materials: 6.5% | | ||||||||||||
| | 6,801 | | | | LG Chem Ltd. | | | | | 1,696,075 | | | | | | 0.3 | | |
| | 10,015 | | | | POSCO | | | | | 2,005,400 | | | | | | 0.3 | | |
| | 94,171 @ | | | | Vale SA ADR | | | | | 475,564 | | | | | | 0.1 | | |
| | 179,900 | | | | Vale SA | | | | | 1,062,354 | | | | | | 0.2 | | |
| | 15,044,783 | | | | Other Securities(a) | | | | | 33,381,422 | | | | | | 5.6 | | |
| | | | | | | | | | | 38,620,815 | | | | | | 6.5 | | |
| | | | | | Telecommunication Services: 7.0% | | ||||||||||||
| | 69,580 @ | | | | America Movil SAB de CV ADR | | | | | 1,482,750 | | | | | | 0.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Telecommunication Services (continued) | | |||||||||||||||
| | | 3,361,200 | | | | America Movil SAB de CV | | | | $ | 3,592,694 | | | | | | 0.6 | | | |||
| | | 896,500 | | | | China Mobile Ltd. | | | | | 11,469,745 | | | | | | 1.9 | | | |||
| | | 242,987 | | | | MTN Group Ltd. | | | | | 4,564,309 | | | | | | 0.8 | | | |||
| | | 17,731,670 | | | | Other Securities(a) | | | | | 20,377,104 | | | | | | 3.4 | | | |||
| | | | | | | | | | | | 41,486,602 | | | | | | 7.0 | | | |||
| | | | | | | Utilities: 3.0% | | |||||||||||||||
| | | 885,000 # | | | | CGN Power Co. Ltd. | | | | | 462,531 | | | | | | 0.1 | | | |||
| | | 31,670,943 | | | | Other Securities | | | | | 17,226,733 | | | | | | 2.9 | | | |||
| | | | | | | | | | | | 17,689,264 | | | | | | 3.0 | | | |||
| | | | | | | Total Common Stock (Cost $577,162,365) | | | | | 565,932,030 | | | | | | 95.1 | | | |||
| PREFERRED STOCK: 2.9% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 0.2% | | |||||||||||||||
| | | 3,458 | | | | Hyundai Motor Co. | | | | | 316,041 | | | | | | 0.0 | | | |||
| | | 5,484 | | | | Hyundai Motor Co.- Series 2 | | | | | 515,712 | | | | | | 0.1 | | | |||
| | | 84,250 | | | | Other Securities | | | | | 472,858 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 1,304,611 | | | | | | 0.2 | | | |||
| | | | | | | Energy: 0.6% | | |||||||||||||||
| | | 448,900 | | | | Petroleo Brasileiro SA | | | | | 1,839,434 | | | | | | 0.3 | | | |||
| | | 1,014,193 | | | | Other Securities | | | | | 1,442,882 | | | | | | 0.3 | | | |||
| | | | | | | | | | | | 3,282,316 | | | | | | 0.6 | | | |||
| | | | | | | Financials: 1.2% | | |||||||||||||||
| | | 260,880 | | | | Banco Bradesco SA | | | | | 2,391,393 | | | | | | 0.4 | | | |||
| | | 279,430 | | | | Itau Unibanco Holding S.A. | | | | | 3,078,215 | | | | | | 0.5 | | | |||
| | | 544,831 | | | | Other Securities | | | | | 1,689,081 | | | | | | 0.3 | | | |||
| | | | | | | | | | | | 7,158,689 | | | | | | 1.2 | | | |||
| | | | | | | Information Technology: 0.4% | | |||||||||||||||
| | | 2,997 | | | | Samsung Electronics Co., Ltd. | | | | | 2,663,496 | | | | | | 0.4 | | | |||
| | | | | | | Materials: 0.3% | | |||||||||||||||
| | | 1,125 | | | | LG Chem Ltd. | | | | | 189,483 | | | | | | 0.0 | | | |||
| | | 196,500 | | | | Vale SA | | | | | 989,736 | | | | | | 0.2 | | | |||
| | | 169,200 | | | | Other Securities | | | | | 365,499 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 1,544,718 | | | | | | 0.3 | | | |||
| | | | | | | Telecommunication Services: 0.1% | | |||||||||||||||
| | | 46,600 | | | | Other Securities | | | | | 651,240 | | | | | | 0.1 | | | |||
| | | | | | | Utilities: 0.1% | | |||||||||||||||
| | | 147,559 | | | | Other Securities | | | | | 635,629 | | | | | | 0.1 | | | |||
| | | | | | | Total Preferred Stock (Cost $25,134,236) | | | | | 17,240,699 | | | | | | 2.9 | | | |||
| | | | | | | Total Long-Term Investments (Cost $602,296,601) | | | | | 583,172,729 | | | | | | 98.0 | | | |||
|
See Accompanying Notes to Financial Statements
61
Voya Emerging Markets | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.1% | | ||||||||||||
| | 331,241 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $331,243, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $337,866, due 02/28/17-05/15/44) | | | | $ | 331,241 | | | | | | 0.0 | | |
| | 1,573,484 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,573,490, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,604,954, due 07/15/15-05/20/65) | | | | | 1,573,484 | | | | | | 0.3 | | |
| | 1,573,484 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,573,492, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,604,946, due 11/15/15-03/01/48) | | | | | 1,573,484 | | | | | | 0.3 | | |
| | 1,573,484 | | | | HSBC Securities USA, Repurchase Agreement dated 06/30/15, 0.10%, due 07/01/15 (Repurchase Amount $1,573,488, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.375%, Market Value plus accrued interest $1,604,960, due 07/15/15-01/15/37) | | | | | 1,573,484 | | | | | | 0.2 | | |
| | 1,573,484 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,573,490, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,604,954, due 07/31/15-05/20/65) | | | | | 1,573,484 | | | | | | 0.3 | | |
| | | | | | | | | | | 6,625,177 | | | | | | 1.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Mutual Funds: 1.3% | | |||||||||||||||
| | 7,411,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $7,411,000) | | | | $ | 7,411,000 | | | | | | 1.3 | | | |||
| | | | | | Total Short-Term Investments (Cost $14,036,177) | | | | | 14,036,177 | | | | | | 2.4 | | | |||
| | | | | | Total Investments in Securities (Cost $616,332,778) | | | | $ | 597,208,906 | | | | | | 100.4 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (2,634,751) | | | | | | (0.4) | | | |||
| | | | | | Net Assets | | | | $ | 594,574,155 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
@
Non-income producing security.
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $622,812,610.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 71,971,204 | | | |
| Gross Unrealized Depreciation | | | | | (97,574,908) | | | |
| Net Unrealized Depreciation | | | | $ | (25,603,704) | | | |
|
See Accompanying Notes to Financial Statements
62
Voya Emerging Markets | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the assets and liabilities:(1)
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 9,272,909 | | | | | $ | 41,629,200 | | | | | $ | — | | | | | $ | 50,902,109 | | | ||||
Consumer Staples | | | | | 22,028,031 | | | | | | 25,384,403 | | | | | | — | | | | | | 47,412,434 | | | ||||
Energy | | | | | 10,600,141 | | | | | | 35,481,488 | | | | | | — | | | | | | 46,081,629 | | | ||||
Financials | | | | | 23,984,208 | | | | | | 142,200,470 | | | | | | — | | | | | | 166,184,678 | | | ||||
Health Care | | | | | 3,039,993 | | | | | | 11,379,904 | | | | | | 377,193 | | | | | | 14,797,090 | | | ||||
Industrials | | | | | 8,237,799 | | | | | | 33,299,575 | | | | | | — | | | | | | 41,537,374 | | | ||||
Information Technology | | | | | 10,458,152 | | | | | | 90,651,118 | | | | | | 110,765 | | | | | | 101,220,035 | | | ||||
Materials | | | | | 10,505,130 | | | | | | 28,115,685 | | | | | | — | | | | | | 38,620,815 | | | ||||
Telecommunication Services | | | | | 7,601,885 | | | | | | 33,884,717 | | | | | | — | | | | | | 41,486,602 | | | ||||
Utilities | | | | | 5,283,454 | | | | | | 12,399,324 | | | | | | 6,486 | | | | | | 17,689,264 | | | ||||
Total Common Stock | | | | | 111,011,702 | | | | | | 454,425,884 | | | | | | 494,444 | | | | | | 565,932,030 | | | ||||
Preferred Stock | | | | | 12,772,612 | | | | | | 4,468,087 | | | | | | — | | | | | | 17,240,699 | | | ||||
Short-Term Investments | | | | | 7,411,000 | | | | | | 6,625,177 | | | | | | — | | | | | | 14,036,177 | | | ||||
Total Investments, at fair value | | | | $ | 131,195,314 | | | | | $ | 465,519,148 | | | | | $ | 494,444 | | | | | $ | 597,208,906 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | | 34,728 | | | | | | — | | | | | | — | | | | | | 34,728 | | | ||||
Total Assets | | | | $ | 131,230,042 | | | | | $ | 465,519,148 | | | | | $ | 494,444 | | | | | $ | 597,243,634 | | | ||||
|
(1)
For the period ended June 30, 2015, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At June 30, 2015, securities valued at $12,434,592 and $21,527,199 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. At June 30, 2015, securities valued at $775,457 transferred from Level 1 to Level 3 due to significant unobservable inputs. In addidtion, securities valued at $486,896 transferred from Level 2 to Level 3 due to significant unobservable inputs.
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Mini MSCI Emerging Markets Index | | | | | 243 | | | | | | 09/18/15 | | | | | $ | 11,656,710 | | | | | $ | 34,728 | | | ||||
| | | | | | | | | | | | | | | | $ | 11,656,710 | | | | | $ | 34,728 | | | ||||
|
See Accompanying Notes to Financial Statements
63
Voya Emerging Markets | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized appreciation* | | | | $ | 34,728 | | | |
Total Asset Derivatives | | | | | | | $ | 34,728 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 686,928 | | | |
Total | | | | $ | 686,928 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (152,285) | | | |
Total | | | | $ | (152,285) | | | |
|
See Accompanying Notes to Financial Statements
64
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Euro STOXX 50® Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 26.9% | |
| Industrials | | | 10.6% | |
| Health Care | | | 10.5% | |
| Consumer Staples | | | 10.5% | |
| Consumer Discretionary | | | 9.9% | |
| Energy | | | 7.4% | |
| Telecommunication Services | | | 7.2% | |
| Utilities | | | 5.6% | |
| Information Technology | | | 5.3% | |
| Materials | | | 5.1% | |
| Rights | | | 0.0% | |
| Assets in Excess of Other Liabilities* | | | 1.0% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 97.5% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 8.4% | | ||||||||||||
| | 58,640 | | | | Bayerische Motoren Werke AG | | | | $ | 6,421,943 | | | | | | 1.4 | | |
| | 182,146 | | | | Daimler AG | | | | | 16,592,737 | | | | | | 3.7 | | |
| | 192,065 | | | | Inditex SA | | | | | 6,264,657 | | | | | | 1.4 | | |
| | 49,679 | | | | LVMH Moet Hennessy Louis Vuitton SE | | | | | 8,734,103 | | | | | | 1.9 | | |
| | | | | | | | | | | 38,013,440 | | | | | | 8.4 | | |
| | | | | | Consumer Staples: 10.5% | | ||||||||||||
| | 140,492 | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | | 16,906,906 | | | | | | 3.8 | | |
| | 101,605 | | | | Carrefour S.A. | | | | | 3,264,932 | | | | | | 0.7 | | |
| | 109,670 | | | | Danone | | | | | 7,103,827 | | | | | | 1.6 | | |
| | 44,751 | | | | L’Oreal S.A. | | | | | 8,006,911 | | | | | | 1.8 | | |
| | 285,424 | | | | Unilever NV | | | | | 11,933,356 | | | | | | 2.6 | | |
| | | | | | | | | | | 47,215,932 | | | | | | 10.5 | | |
| | | | | | Energy: 7.4% | | ||||||||||||
| | 493,079 | | | | ENI S.p.A. | | | | | 8,757,899 | | | | | | 1.9 | | |
| | 184,381 L | | | | Repsol YPF S.A. | | | | | 3,249,840 | | | | | | 0.7 | | |
| | 437,891 | | | | Total S.A. | | | | | 21,479,019 | | | | | | 4.8 | | |
| | | | | | | | | | | 33,486,758 | | | | | | 7.4 | | |
| | | | | | Financials: 26.9% | | ||||||||||||
| | 83,520 | | | | Allianz SE | | | | | 13,025,062 | | | | | | 2.9 | | |
| | 246,829 | | | | Assicurazioni Generali S.p.A. | | | | | 4,448,800 | | | | | | 1.0 | | |
| | 384,693 | | | | AXA S.A. | | | | | 9,752,698 | | | | | | 2.2 | | |
| | 2,616,767 | | | | Banco Santander SA | | | | | 18,406,426 | | | | | | 4.1 | | |
| | 1,151,939 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | 11,351,180 | | | | | | 2.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 204,298 | | | | BNP Paribas | | | | $ | 12,397,386 | | | | | | 2.8 | | |
| | 237,376 | | | | Deutsche Bank AG | | | | | 7,137,129 | | | | | | 1.6 | | |
| | 706,866 | | | | ING Groep NV | | | | | 11,737,800 | | | | | | 2.6 | | |
| | 2,628,002 | | | | Intesa Sanpaolo S.p.A. | | | | | 9,543,569 | | | | | | 2.1 | | |
| | 26,830 | | | | Muenchener Rueckversicherungs- Gesellschaft AG | | | | | 4,756,819 | | | | | | 1.1 | | |
| | 147,154 | | | | Societe Generale | | | | | 6,905,038 | | | | | | 1.5 | | |
| | 17,999 L | | | | Unibail-Rodamco SE | | | | | 4,571,843 | | | | | | 1.0 | | |
| | 1,019,653 L | | | | UniCredit SpA | | | | | 6,852,977 | | | | | | 1.5 | | |
| | | | | | | | | | | 120,886,727 | | | | | | 26.9 | | |
| | | | | | Health Care: 10.5% | | ||||||||||||
| | 151,130 | | | | Bayer AG | | | | | 21,164,306 | | | | | | 4.7 | | |
| | 39,456 | | | | Essilor International SA | | | | | 4,726,859 | | | | | | 1.0 | | |
| | 217,613 | | | | Sanofi | | | | | 21,528,486 | | | | | | 4.8 | | |
| | | | | | | | | | | 47,419,651 | | | | | | 10.5 | | |
| | | | | | Industrials: 10.6% | | ||||||||||||
| | 90,522 | | | | Cie de Saint-Gobain | | | | | 4,086,297 | | | | | | 0.9 | | |
| | 174,955 | | | | Deutsche Post AG | | | | | 5,112,074 | | | | | | 1.1 | | |
| | 106,614 | | | | Airbus Group SE | | | | | 6,944,568 | | | | | | 1.5 | | |
| | 170,900 | | | | Koninklijke Philips NV | | | | | 4,361,800 | | | | | | 1.0 | | |
| | 106,827 | | | | Schneider Electric SE | | | | | 7,396,611 | | | | | | 1.7 | | |
| | 141,850 | | | | Siemens AG | | | | | 14,351,195 | | | | | | 3.2 | | |
| | 95,809 | | | | Vinci S.A. | | | | | 5,560,548 | | | | | | 1.2 | | |
| | | | | | | | | | | 47,813,093 | | | | | | 10.6 | | |
| | | | | | Information Technology: 5.3% | | ||||||||||||
| | 68,581 | | | | ASML Holding NV | | | | | 7,133,634 | | | | | | 1.6 | | |
| | 672,850 | | | | Nokia OYJ | | | | | 4,586,804 | | | | | | 1.0 | | |
| | 173,371 | | | | SAP SE | | | | | 12,149,222 | | | | | | 2.7 | | |
| | | | | | | | | | | 23,869,660 | | | | | | 5.3 | | |
| | | | | | Materials: 5.1% | | ||||||||||||
| | 62,864 | | | | Air Liquide SA | | | | | 7,976,862 | | | | | | 1.8 | | |
| | 167,858 | | | | BASF SE | | | | | 14,770,350 | | | | | | 3.3 | | |
| | | | | | | | | | | 22,747,212 | | | | | | 5.1 | | |
| | | | | | Telecommunication Services: 7.2% | | ||||||||||||
| | 566,141 | | | | Deutsche Telekom AG | | | | | 9,760,458 | | | | | | 2.2 | | |
| | 363,012 | | | | Orange SA | | | | | 5,610,128 | | | | | | 1.2 | | |
| | 792,423 | | | | Telefonica S.A. | | | | | 11,288,400 | | | | | | 2.5 | | |
| | 223,692 | | | | Vivendi | | | | | 5,672,080 | | | | | | 1.3 | | |
| | | | | | | | | | | 32,331,066 | | | | | | 7.2 | | |
| | | | | | Utilities: 5.6% | | ||||||||||||
| | 365,695 | | | | E.ON AG | | | | | 4,876,358 | | | | | | 1.1 | | |
| | 1,279,831 | | | | Enel S.p.A. | | | | | 5,800,584 | | | | | | 1.3 | | |
| | 296,902 | | | | GDF Suez | | | | | 5,527,837 | | | | | | 1.2 | | |
| | 1,033,783 | | | | Iberdrola S.A. | | | | | 6,979,650 | | | | | | 1.6 | | |
See Accompanying Notes to Financial Statements
65
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Euro STOXX 50® Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities (continued) | | |||||||||||||||
| | | 88,228 | | | | RWE AG | | | | $ | 1,897,645 | | | | | | 0.4 | | | |||
| | | | | | | | | | | | 25,082,074 | | | | | | 5.6 | | | |||
| | | | | | | Total Common Stock (Cost $359,124,898) | | | | | 438,865,613 | | | | | | 97.5 | | | |||
| PREFERRED STOCK: 1.5% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 1.5% | | |||||||||||||||
| | | 28,788 | | | | Volkswagen AG | | | | | 6,681,096 | | | | | | 1.5 | | | |||
| | | | | | | Total Preferred Stock (Cost $5,257,967) | | | | | 6,681,096 | | | | | | 1.5 | | | |||
| RIGHTS: 0.0% | | |||||||||||||||||||||
| | | | | | | : 0.0% | | |||||||||||||||
| | | 184,367 | | | | Other Securities(a) | | | | | 95,577 | | | | | | 0.0 | | | |||
| | | | | | | Total Rights (Cost $101,490) | | | | | 95,577 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $364,484,355) | | | | | 445,642,286 | | | | | | 99.0 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.7% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.7% | | ||||||||||||
| | 383,598 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $383,600, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $391,270, due 02/28/17- 05/15/44) | | | | | 383,598 | | | | | | 0.1 | | |
| | 1,822,460 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,822,467, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,858,909, due 07/15/15-05/20/65) | | | | | 1,822,460 | | | | | | 0.4 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 1,822,460 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,822,469, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,858,900, due 11/15/15-03/01/48) | | | | $ | 1,822,460 | | | | | | 0.4 | | | |||
| | 1,822,500 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,822,508, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,858,950, due 01/15/17- 08/15/42) | | | | | 1,822,500 | | | | | | 0.4 | | | |||
| | 1,822,460 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,822,467, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,858,910, due 07/31/15-05/20/65) | | | | | 1,822,460 | | | | | | 0.4 | | | |||
| | | | | | | | | | | 7,673,478 | | | | | | 1.7 | | | |||
| | | | | | Total Short-Term Investments (Cost $7,673,478) | | | | | 7,673,478 | | | | | | 1.7 | | | |||
| | | | | | Total Investments in Securities (Cost $372,157,833) | | | | $ | 453,315,764 | | | | | | 100.7 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (3,262,326) | | | | | | (0.7) | | | |||
| | | | | | Net Assets | | | | $ | 450,053,438 | | | | | | 100.0 | | | |||
|
See Accompanying Notes to Financial Statements
66
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Euro STOXX 50® Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $398,183,167.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 91,550,535 | | | |
| Gross Unrealized Depreciation | | | | | (36,417,938) | | | |
| Net Unrealized Appreciation | | | | $ | 55,132,597 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | — | | | | | $ | 38,013,440 | | | | | $ | — | | | | | $ | 38,013,440 | | | ||||
Consumer Staples | | | | | — | | | | | | 47,215,932 | | | | | | — | | | | | | 47,215,932 | | | ||||
Energy | | | | | — | | | | | | 33,486,758 | | | | | | — | | | | | | 33,486,758 | | | ||||
Financials | | | | | — | | | | | | 120,886,727 | | | | | | — | | | | | | 120,886,727 | | | ||||
Health Care | | | | | — | | | | | | 47,419,651 | | | | | | — | | | | | | 47,419,651 | | | ||||
Industrials | | | | | — | | | | | | 47,813,093 | | | | | | — | | | | | | 47,813,093 | | | ||||
Information Technology | | | | | — | | | | | | 23,869,660 | | | | | | — | | | | | | 23,869,660 | �� | | ||||
Materials | | | | | — | | | | | | 22,747,212 | | | | | | — | | | | | | 22,747,212 | | | ||||
Telecommunication Services | | | | | — | | | | | | 32,331,066 | | | | | | — | | | | | | 32,331,066 | | | ||||
Utilities | | | | | — | | | | | | 25,082,074 | | | | | | — | | | | | | 25,082,074 | | | ||||
Total Common Stock | | | | | — | | | | | | 438,865,613 | | | | | | — | | | | | | 438,865,613 | | | ||||
Preferred Stock | | | | | — | | | | | | 6,681,096 | | | | | | — | | | | | | 6,681,096 | | | ||||
Rights | | | | | 95,577 | | | | | | — | | | | | | — | | | | | | 95,577 | | | ||||
Short-Term Investments | | | | | — | | | | | | 7,673,478 | | | | | | — | | | | | | 7,673,478 | | | ||||
Total Investments, at fair value | | | | $ | 95,577 | | | | | $ | 453,220,187 | | | | | $ | — | | | | | $ | 453,315,764 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | | 33,357 | | | | | | — | | | | | | — | | | | | | 33,357 | | | ||||
Total Assets | | | | $ | 128,934 | | | | | $ | 453,220,187 | | | | | $ | — | | | | | $ | 453,349,121 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | (35,231) | | | | | $ | — | | | | | $ | (35,231) | | | ||||
Total Liabilities | | | | $ | — | | | | | $ | (35,231) | | | | | $ | — | | | | | $ | (35,231) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
67
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Euro STOXX 50® Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||||||||||||
Bank of America | | | | | EU Euro | | | | | | 3,700,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | $ | 4,164,665 | | | | | $ | 4,129,434 | | | | | $ | (35,231) | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (35,231) | | | |||||||
|
At June 30, 2015, the following futures contracts were outstanding for Voya Euro STOXX 50® Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
EURO STOXX 50® | | | | | 126 | | | | | | 09/18/15 | | | | | $ | 4,826,596 | | | | | $ | 33,357 | | | ||||
| | | | | | | | | | | | | | | | $ | 4,826,596 | | | | | $ | 33,357 | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized appreciation* | | | | $ | 33,357 | | | |
Total Asset Derivatives | | | | | | | $ | 33,357 | | | |
Liability Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 35,231 | | | |
Total Liability Derivatives | | | | | | | $ | 35,231 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (150,918) | | | | | $ | — | | | | | $ | (150,918) | | | |||
Equity contracts | | | | | — | | | | | | 388,145 | | | | | | 388,145 | | | |||
Total | | | | $ | (150,918) | | | | | $ | 388,145 | | | | | $ | 237,227 | | | |||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | 83,157 | | | | | $ | — | | | | | $ | 83,157 | | | |||
Equity contracts | | | | | — | | | | | | (71,610) | | | | | | (71,610) | | | |||
Total | | | | $ | 83,157 | | | | | $ | (71,610) | | | | | $ | 11,547 | | | |||
|
*
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
68
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Euro STOXX 50® Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
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 June 30, 2015:
| | | Bank of America | | ||||
Liabilities: | | | ||||||
Forward foreign currency contracts | | | | $ | 35,231 | | | |
Total Liabilities | | | | $ | 35,231 | | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (35,231) | | | |
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | |
Net Exposure(1) | | | | $ | (35,231) | | | |
|
(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 Wcredit related contingent features.
See Accompanying Notes to Financial Statements
69
SUMMARY PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 23.0% | |
| Consumer Staples | | | 16.3% | |
| Energy | | | 13.4% | |
| Consumer Discretionary | | | 10.2% | |
| Health Care | | | 9.3% | |
| Materials | | | 7.8% | |
| Industrials | | | 7.1% | |
| Telecommunication Services | | | 6.1% | |
| Utilities | | | 4.1% | |
| Information Technology | | | 1.2% | |
| Assets in Excess of Other Liabilities* | | | 1.5% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.5% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 10.2% | | ||||||||||||
| | | 153,254 | | | | Sky PLC | | | | $ | 2,496,130 | | | | | | 0.6 | | |
| | | 243,835 | | | | Compass Group PLC | | | | | 4,032,799 | | | | | | 1.0 | | |
| | | 547,133 | | | | ITV PLC | | | | | 2,263,714 | | | | | | 0.6 | | |
| | | 240,477 | | | | Marks & Spencer Group PLC | | | | | 2,028,635 | | | | | | 0.5 | | |
| | | 103,712 # | | | | Merlin Entertainments PLC | | | | | 695,577 | | | | | | 0.2 | | |
| | | 21,520 | | | | Next PLC | | | | | 2,518,727 | | | | | | 0.7 | | |
| | | 118,835 | | | | Pearson PLC | | | | | 2,250,063 | | | | | | 0.6 | | |
| | | 165,431 | | | | Reed Elsevier PLC | | | | | 2,688,350 | | | | | | 0.7 | | |
| | | 26,353 | | | | Whitbread PLC | | | | | 2,047,333 | | | | | | 0.5 | | |
| | | 191,939 | | | | WPP PLC | | | | | 4,308,271 | | | | | | 1.1 | | |
| | | 1,619,543 | | | | Other Securities | | | | | 14,193,686 | | | | | | 3.7 | | |
| | | | | | | | | | | | 39,523,285 | | | | | | 10.2 | | |
| | | | | | | Consumer Staples: 16.3% | | ||||||||||||
| | | 50,931 | | | | Associated British Foods PLC | | | | | 2,295,049 | | | | | | 0.6 | | |
| | | 272,426 | | | | British American Tobacco PLC | | | | | 14,668,008 | | | | | | 3.8 | | |
| | | 368,112 | | | | Diageo PLC | | | | | 10,660,379 | | | | | | 2.7 | | |
| | | 140,804 | | | | Imperial Tobacco Group PLC | | | | | 6,781,391 | | | | | | 1.7 | | |
| | | 92,912 | | | | Reckitt Benckiser Group PLC | | | | | 8,012,153 | | | | | | 2.1 | | |
| | | 138,165 | | | | SABMiller PLC | | | | | 7,163,867 | | | | | | 1.8 | | |
| | | 1,187,178 | | | | Tesco PLC | | | | | 3,955,393 | | | | | | 1.0 | | |
| | | 176,324 | | | | Unilever PLC | | | | | 7,571,156 | | | | | | 2.0 | | |
| | | 551,571 | | | | Other Securities(a) | | | | | 2,376,267 | | | | | | 0.6 | | |
| | | | | | | | | | | | 63,483,663 | | | | | | 16.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy: 13.4% | | ||||||||||||
| | 497,398 | | | | BG Group PLC | | | | $ | 8,284,017 | | | | | | 2.1 | | |
| | 2,665,394 | | | | BP PLC | | | | | 17,689,256 | | | | | | 4.6 | | |
| | 569,287 | | | | Royal Dutch Shell PLC - Class A | | | | | 16,096,012 | | | | | | 4.1 | | |
| | 358,446 | | | | Royal Dutch Shell PLC - Class B | | | | | 10,205,081 | | | | | | 2.6 | | |
| | | | | | | | | | | 52,274,366 | | | | | | 13.4 | | |
| | | | | | Financials: 23.0% | | ||||||||||||
| | 591,248 | | | | Aviva PLC | | | | | 4,579,414 | | | | | | 1.2 | | |
| | 2,447,563 | | | | Barclays PLC | | | | | 10,031,639 | | | | | | 2.6 | | |
| | 2,852,257 | | | | HSBC Holdings PLC | | | | | 25,540,128 | | | | | | 6.6 | | |
| | 114,976 | | | | Land Securities Group PLC | | | | | 2,174,076 | | | | | | 0.6 | | |
| | 867,814 | | | | Legal & General Group PLC | | | | | 3,393,186 | | | | | | 0.9 | | |
| | 8,419,103 | | | | Lloyds Banking Group Plc | | | | | 11,300,044 | | | | | | 2.9 | | |
| | 714,267 | | | | Old Mutual PLC | | | | | 2,260,893 | | | | | | 0.6 | | |
| | 372,929 | | | | Prudential PLC | | | | | 8,987,367 | | | | | | 2.3 | | |
| | 305,116 | | | | Standard Chartered PLC | | | | | 4,886,222 | | | | | | 1.2 | | |
| | 285,863 | | | | Standard Life PLC | | | | | 1,993,321 | | | | | | 0.5 | | |
| | 1,549,785 | | | | Other Securities | | | | | 14,211,615 | | | | | | 3.6 | | |
| | | | | | | | | | | 89,357,905 | | | | | | 23.0 | | |
| | | | | | Health Care: 9.3% | | ||||||||||||
| | 184,435 | | | | AstraZeneca PLC | | | | | 11,672,864 | | | | | | 3.0 | | |
| | 710,545 | | | | GlaxoSmithKline PLC | | | | | 14,773,521 | | | | | | 3.8 | | |
| | 85,912 | | | | Shire PLC | | | | | 6,902,948 | | | | | | 1.8 | | |
| | 131,048 | | | | Smith & Nephew PLC | | | | | 2,216,963 | | | | | | 0.6 | | |
| | 19,675 | | | | Other Securities | | | | | 597,638 | | | | | | 0.1 | | |
| | | | | | | | | | | 36,163,934 | | | | | | 9.3 | | |
| | | | | | Industrials: 7.1% | | ||||||||||||
| | 462,254 | | | | BAE Systems PLC | | | | | 3,275,246 | | | | | | 0.9 | | |
| | 145,037 | | | | Experian PLC | | | | | 2,637,973 | | | | | | 0.7 | | |
| | 267,803 @ | | | | International Consolidated Airlines Group SA | | | | | 2,081,112 | | | | | | 0.5 | | |
| | 268,712 | | | | Rolls-Royce Holdings PLC | | | | | 3,670,381 | | | | | | 1.0 | | |
| | 40,822,320 @ | | | | Rolls-Royce Holdings PLC - C shares | | | | | 64,142 | | | | | | 0.0 | | |
| | 38,042 | | | | Wolseley PLC | | | | | 2,426,089 | | | | | | 0.6 | | |
| | 930,869 | | | | Other Securities | | | | | 13,247,821 | | | | | | 3.4 | | |
| | | | | | | | | | | 27,402,764 | | | | | | 7.1 | | |
| | | | | | Information Technology: 1.2% | | ||||||||||||
| | 206,288 | | | | ARM Holdings PLC | | | | | 3,375,652 | | | | | | 0.9 | | |
| | 157,408 | | | | Other Securities | | | | | 1,267,052 | | | | | | 0.3 | | |
| | | | | | | | | | | 4,642,704 | | | | | | 1.2 | | |
| | | | | | Materials: 7.8% | | ||||||||||||
| | 190,972 | | | | Anglo American PLC | | | | | 2,758,847 | | | | | | 0.7 | | |
| | 308,680 | | | | BHP Billiton PLC | | | | | 6,069,131 | | | | | | 1.6 | | |
| | 119,085 | | | | CRH PLC - London | | | | | 3,341,113 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
70
SUMMARY PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials (continued) | | |||||||||||||||
| | | 1,559,790 @ | | | | Glencore PLC | | | | $ | 6,255,036 | | | | | | 1.6 | | | |||
| | | 182,342 | | | | Rio Tinto PLC | | | | | 7,500,224 | | | | | | 1.9 | | | |||
| | | 173,832 | | | | Other Securities | | | | | 4,325,440 | | | | | | 1.1 | | | |||
| | | | | | | | | | | | 30,249,791 | | | | | | 7.8 | | | |||
| | | | | | | Telecommunication Services: 6.1% | | |||||||||||||||
| | | 1,223,164 | | | | BT Group PLC | | | | | 8,661,590 | | | | | | 2.2 | | | |||
| | | 3,882,683 | | | | Vodafone Group PLC | | | | | 14,163,533 | | | | | | 3.7 | | | |||
| | | 65,464 | | | | Other Securities | | | | | 941,072 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 23,766,195 | | | | | | 6.1 | | | |||
| | | | | | | Utilities: 4.1% | | |||||||||||||||
| | | 726,403 | | | | Centrica PLC | | | | | 3,014,178 | | | | | | 0.8 | | | |||
| | | 551,283 | | | | National Grid PLC | | | | | 7,095,425 | | | | | | 1.8 | | | |||
| | | 144,310 | | | | Scottish & Southern Energy PLC | | | | | 3,482,813 | | | | | | 0.9 | | | |||
| | | 134,441 | | | | Other Securities | | | | | 2,532,656 | | | | | | 0.6 | | | |||
| | | | | | | | | | | | 16,125,072 | | | | | | 4.1 | | | |||
| | | | | | | Total Common Stock (Cost $326,494,049) | | | | | 382,989,679 | | | | | | 98.5 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 0.2% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.2% | | ||||||||||||
| | 742 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $742, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $757, due 07/15/15-05/20/65) | | | | | 742 | | | | | | 0.0 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 635,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $635,003, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $647,700, due 01/15/17-08/15/42) | | | | $ | 635,000 | | | | | | 0.2 | | | |||
| | | | | | | | | | | 635,742 | | | | | | 0.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $635,742) | | | | | 635,742 | | | | | | 0.2 | | | |||
| | | | | | Total Investments in Securities (Cost $327,129,791) | | | | $ | 383,625,421 | | | | | | 98.7 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 5,071,274 | | | | | | 1.3 | | | |||
| | | | | | Net Assets | | | | $ | 388,696,695 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015. The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
#
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.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $330,294,494.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 83,548,622 | | | |
| Gross Unrealized Depreciation | | | | | (30,217,695) | | | |
| Net Unrealized Appreciation | | | | $ | 53,330,927 | | | |
|
See Accompanying Notes to Financial Statements
71
SUMMARY PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the assets and liabilities:(1)
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | — | | | | | $ | 39,523,285 | | | | | $ | — | | | | | $ | 39,523,285 | | | ||||
Consumer Staples | | | | | — | | | | | | 63,483,663 | | | | | | — | | | | | | 63,483,663 | | | ||||
Energy | | | | | — | | | | | | 52,274,366 | | | | | | — | | | | | | 52,274,366 | | | ||||
Financials | | | | | — | | | | | | 89,357,905 | | | | | | — | | | | | | 89,357,905 | | | ||||
Health Care | | | | | — | | | | | | 36,163,934 | | | | | | — | | | | | | 36,163,934 | | | ||||
Industrials | | | | | — | | | | | | 27,402,764 | | | | | | — | | | | | | 27,402,764 | | | ||||
Information Technology | | | | | — | | | | | | 4,642,704 | | | | | | — | | | | | | 4,642,704 | | | ||||
Materials | | | | | — | | | | | | 30,249,791 | | | | | | — | | | | | | 30,249,791 | | | ||||
Telecommunication Services | | | | | — | | | | | | 23,766,195 | | | | | | — | | | | | | 23,766,195 | | | ||||
Utilities | | | | | 3,482,813 | | | | | | 12,642,259 | | | | | | — | | | | | | 16,125,072 | | | ||||
Total Common Stock | | | | | 3,482,813 | | | | | | 379,506,866 | | | | | | — | | | | | | 382,989,679 | | | ||||
Short-Term Investments | | | | | — | | | | | | 635,742 | | | | | | — | | | | | | 635,742 | | | ||||
Total Investments, at fair value | | | | $ | 3,482,813 | | | | | $ | 380,142,608 | | | | | $ | — | | | | | $ | 383,625,421 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 8,010 | | | | | | — | | | | | | 8,010 | | | ||||
Total Assets | | | | $ | 3,482,813 | | | | | $ | 380,150,618 | | | | | $ | — | | | | | $ | 383,633,431 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | (20,078) | | | | | $ | — | | | | | $ | (20,078) | | | ||||
Futures | | | | | (202,886) | | | | | | — | | | | | | — | | | | | | (202,886) | | | ||||
Total Liabilities | | | | $ | (202,886) | | | | | $ | (20,078) | | | | | $ | — | | | | | $ | (222,964) | | | ||||
|
(1)
For the period ended June 30, 2015, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At June 30, 2015, securities valued at $1,065,112 and $3,924,543 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya FTSE 100 Index® Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||||||||
Bank of America | | | British Pound | | | | | 500,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | $ | 777,185 | | | | | $ | 785,195 | | | | | $ | 8,010 | | | ||||||
Citigroup, Inc. | | | British Pound | | | | | 2,000,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | | 3,160,857 | | | | | | 3,140,779 | | | | | | (20,078) | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (12,068) | | | ||||||
|
See Accompanying Notes to Financial Statements
72
SUMMARY PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
At June 30, 2015, the following futures contracts were outstanding for Voya FTSE 100 Index® Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
FTSE 100 Index | | | | | 60 | | | | | | 09/18/15 | | | | | $ | 6,122,180 | | | | | $ | (202,886) | | | ||||
| | | | | | | | | | | | | | | | $ | 6,122,180 | | | | | $ | (202,886) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 8,010 | | | |
Total Asset Derivatives | | | | | | | $ | 8,010 | | | |
Liability Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 20,078 | | | |
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | | 202,886 | | | |
Total Liability Derivatives | | | | | | | $ | 222,964 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (282,775) | | | | | $ | — | | | | | $ | (282,775) | | | |||
Equity contracts | | | | | — | | | | | | 589,817 | | | | | | 589,817 | | | |||
Total | | | | $ | (282,775) | | | | | $ | 589,817 | | | | | $ | 307,042 | | | |||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (4,450) | | | | | $ | — | | | | | $ | (4,450) | | | |||
Equity contracts | | | | | — | | | | | | (429,714) | | | | | | (429,714) | | | |||
Total | | | | $ | (4,450) | | | | | $ | (429,714) | | | | | $ | (434,164) | | | |||
|
*
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
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 June 30, 2015:
| | | Bank of America | | | Citigroup, Inc. | | | Totals | | ||||||||||||
Assets: | | | | | ||||||||||||||||||
Forward foreign currency contracts | | | | $ | 8,010 | | | | | $ | — | | | | | $ | 8,010 | | | |||
Total Assets | | | | $ | 8,010 | | | | | $ | — | | | | | $ | 8,010 | | | |||
Liabilities: | | | | | ||||||||||||||||||
Forward foreign currency contracts | | | | $ | — | | | | | $ | 20,078 | | | | | $ | 20,078 | | | |||
Total Liabilities | | | | $ | — | | | | | $ | 20,078 | | | | | $ | 20,078 | | | |||
Net OTC derivative instruments by counterparty, at fair value | | | | $ | 8,010 | | | | | $ | (20,078) | | | | | | (12,068) | | | |||
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
Net Exposure(1) | | | | $ | 8,010 | | | | | $ | (20,078) | | | | | $ | (12,068) | | | |||
|
(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.
See Accompanying Notes to Financial Statements
73
PORTFOLIO OF INVESTMENTS
Voya Hang Seng Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 59.2% | |
| Information Technology | | | 10.2% | |
| Telecommunication Services | | | 7.4% | |
| Energy | | | 6.7% | |
| Utilities | | | 4.1% | |
| Consumer Staples | | | 2.7% | |
| Consumer Discretionary | | | 2.5% | |
| Industrials | | | 2.0% | |
| Assets in Excess of Other Liabilities* | | | 5.2% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 94.8% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 2.5% | | ||||||||||||
| | 637,000 | | | | Belle International Holdings | | | | $ | 733,842 | | | | | | 0.7 | | |
| | 220,000 | | | | Galaxy Entertainment Group Ltd. | | | | | 875,372 | | | | | | 0.7 | | |
| | 553,028 | | | | Li & Fung Ltd. | | | | | 438,425 | | | | | | 0.4 | | |
| | 227,200 | | | | Sands China Ltd. | | | | | 763,574 | | | | | | 0.7 | | |
| | | | | | | | | | | 2,811,213 | | | | | | 2.5 | | |
| | | | | | Consumer Staples: 2.7% | | ||||||||||||
| | 129,000 | | | | China Mengniu Diary Co., Ltd. | | | | | 643,207 | | | | | | 0.6 | | |
| | 113,286 | | | | China Resources Enterprise | | | | | 364,882 | | | | | | 0.3 | | |
| | 75,500 | | | | Hengan International Group Co., Ltd. | | | | | 896,192 | | | | | | 0.8 | | |
| | 184,000 | | | | Tingyi Cayman Islands Holding Corp. | | | | | 375,403 | | | | | | 0.3 | | |
| | 687,000 | | | | Want Want China Holdings Ltd. | | | | | 725,356 | | | | | | 0.7 | | |
| | | | | | | | | | | 3,005,040 | | | | | | 2.7 | | |
| | | | | | Energy: 6.7% | | ||||||||||||
| | 2,286,438 | | | | China Petroleum & Chemical Corp. | | | | | 1,961,905 | | | | | | 1.7 | | |
| | 321,841 | | | | China Shenhua Energy Co., Ltd. | | | | | 732,971 | | | | | | 0.6 | | |
| | 1,685,714 | | | | CNOOC Ltd. | | | | | 2,391,147 | | | | | | 2.1 | | |
| | 304,000 | | | | Kunlun Energy Co. Ltd. | | | | | 308,954 | | | | | | 0.3 | | |
| | 1,990,604 | | | | PetroChina Co., Ltd. | | | | | 2,216,930 | | | | | | 2.0 | | |
| | | | | | | | | | | 7,611,907 | | | | | | 6.7 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials: 59.2% | | ||||||||||||
| | 1,135,400 | | | | AIA Group Ltd. | | | | $ | 7,423,993 | | | | | | 6.6 | | |
| | 7,493,746 | | | | Bank of China Ltd. | | | | | 4,863,301 | | | | | | 4.3 | | |
| | 822,451 | | | | Bank of Communications Co., Ltd. | | | | | 856,072 | | | | | | 0.8 | | |
| | 135,584 | | | | Bank of East Asia Ltd. | | | | | 592,339 | | | | | | 0.5 | | |
| | 348,129 | | | | BOC Hong Kong Holdings Ltd. | | | | | 1,448,931 | | | | | | 1.3 | | |
| | 255,036 @ | | | | Cheung Kong Property Holdings Ltd. | | | | | 2,115,553 | | | | | | 1.9 | | |
| | 7,938,107 | | | | China Construction Bank | | | | | 7,240,792 | | | | | | 6.4 | | |
| | 700,911 | | | | China Life Insurance Co., Ltd. | | | | | 3,042,122 | | | | | | 2.7 | | |
| | 384,991 | | | | China Overseas Land & Investment Ltd. | | | | | 1,355,214 | | | | | | 1.2 | | |
| | 216,444 | | | | China Resources Land Ltd. | | | | | 700,489 | | | | | | 0.6 | | |
| | 255,036 | | | | CK Hutchison Holdings Ltd. | | | | | 3,749,534 | | | | | | 3.3 | | |
| | 210,706 | | | | Hang Lung Properties Ltd. | | | | | 626,202 | | | | | | 0.6 | | |
| | 71,943 | | | | Hang Seng Bank Ltd. | | | | | 1,405,116 | | | | | | 1.2 | | |
| | 109,172 | | | | Henderson Land Development Co., Ltd. | | | | | 746,293 | | | | | | 0.7 | | |
| | 104,741 | | | | Hong Kong Exchanges and Clearing Ltd. | | | | | 3,690,504 | | | | | | 3.3 | | |
| | 1,298,828 | | | | HSBC Holdings PLC | | | | | 11,659,893 | | | | | | 10.4 | | |
| | 6,954,340 | | | | Industrial & Commercial Bank of China | | | | | 5,518,451 | | | | | | 4.9 | | |
| | 216,000 | | | | Link REIT | | | | | 1,264,018 | | | | | | 1.1 | | |
| | 503,100 | | | | New World Development Ltd. | | | | | 657,374 | | | | | | 0.6 | | |
| | 246,216 | | | | Ping An Insurance Group Co. of China Ltd. | | | | | 3,322,814 | | | | | | 2.9 | | |
| | 285,265 | | | | Sino Land Co. | | | | | 476,141 | | | | | | 0.4 | | |
| | 148,555 | | | | Sun Hung Kai Properties Ltd. | | | | | 2,404,033 | | | | | | 2.1 | | |
| | 56,091 | | | | Swire Pacific Ltd. | | | | | 704,334 | | | | | | 0.6 | | |
| | 128,637 | | | | Wharf Holdings Ltd. | | | | | 854,863 | | | | | | 0.8 | | |
| | | | | | | | | | | 66,718,376 | | | | | | 59.2 | | |
| | | | | | Industrials: 2.0% | | ||||||||||||
| | 111,818 | | | | Cathay Pacific Airways Ltd. | | | | | 274,727 | | | | | | 0.2 | | |
| | 121,593 | | | | China Merchants Holdings International Co., Ltd. | | | | | 520,886 | | | | | | 0.5 | | |
| | 468,811 | | | | Citic Pacific Ltd. | | | | | 840,738 | | | | | | 0.7 | | |
| | 136,643 | | | | MTR Corp. | | | | | 635,742 | | | | | | 0.6 | | |
| | | | | | | | | | | 2,272,093 | | | | | | 2.0 | | |
| | | | | | Information Technology: 10.2% | | ||||||||||||
| | 682,000 | | | | Lenovo Group Ltd. | | | | | 942,909 | | | | | | 0.8 | | |
| | 530,575 | | | | Tencent Holdings Ltd. | | | | | 10,609,660 | | | | | | 9.4 | | |
| | | | | | | | | | | 11,552,569 | | | | | | 10.2 | | |
See Accompanying Notes to Financial Statements
74
PORTFOLIO OF INVESTMENTS
Voya Hang Seng Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Telecommunication Services: 7.4% | | ||||||||||||
| | 579,601 | | | | China Mobile Ltd. | | | | $ | 7,415,366 | | | | | | 6.6 | | |
| | 565,110 | | | | China Unicom Hong Kong Ltd. | | | | | 883,485 | | | | | | 0.8 | | |
| | | | | | | | | | | 8,298,851 | | | | | | 7.4 | | |
| | | | | | Utilities: 4.1% | | ||||||||||||
| | 181,654 | | | | China Resources Power Holdings Co. | | | | | 506,277 | | | | | | 0.5 | | |
| | 178,431 | | | | CLP Holdings Ltd. | | | | | 1,516,494 | | | | | | 1.3 | | |
| | 655,561 | | | | Hong Kong & China Gas | | | | | 1,373,634 | | | | | | 1.2 | | |
| | 130,322 | | | | Power Assets Holdings Ltd. | | | | | 1,188,198 | | | | | | 1.1 | | |
| | | | | | | | | | | 4,584,603 | | | | | | 4.1 | | |
| | | | | | Total Common Stock (Cost $75,325,957) | | | | | 106,854,652 | | | | | | 94.8 | | |
SHORT-TERM INVESTMENTS: 1.3% | | ||||||||||||||||||
| | | | | | Mutual Funds: 1.3% | | ||||||||||||
| | 1,421,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $1,421,000) | | | | | 1,421,000 | | | | | | 1.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||
| | | Mutual Funds (continued) | | ||||||||||||||
| | | Total Short-Term Investments (Cost $1,421,000) | | | | $ | 1,421,000 | | | | | | 1.3 | | | ||
| | | Total Investments in Securities (Cost $76,746,957) | | | | $ | 108,275,652 | | | | | | 96.1 | | | ||
| | | Assets in Excess of Other Liabilities | | | | | 4,378,911 | | | | | | 3.9 | | | ||
| | | Net Assets | | | | $ | 112,654,563 | | | | | | 100.0 | | | ||
|
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
Cost for federal income tax purposes is $79,724,134.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 32,842,285 | | | |
| Gross Unrealized Depreciation | | | | | (4,290,767) | | | |
| Net Unrealized Appreciation | | | | $ | 28,551,518 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the assets and liabilities:(1)
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 733,842 | | | | | $ | 2,077,371 | | | | | $ | — | | | | | $ | 2,811,213 | | | ||||
Consumer Staples | | | | | 643,207 | | | | | | 2,361,833 | | | | | | — | | | | | | 3,005,040 | | | ||||
Energy | | | | | — | | | | | | 7,611,907 | | | | | | — | | | | | | 7,611,907 | | | ||||
Financials | | | | | 2,115,553 | | | | | | 64,602,823 | | | | | | — | | | | | | 66,718,376 | | | ||||
Industrials | | | | | — | | | | | | 2,272,093 | | | | | | — | | | | | | 2,272,093 | | | ||||
Information Technology | | | | | — | | | | | | 11,552,569 | | | | | | — | | | | | | 11,552,569 | | | ||||
Telecommunication Services | | | | | — | | | | | | 8,298,851 | | | | | | — | | | | | | 8,298,851 | | | ||||
Utilities | | | | | — | | | | | | 4,584,603 | | | | | | — | | | | | | 4,584,603 | | | ||||
Total Common Stock | | | | | 3,492,602 | | | | | | 103,362,050 | | | | | | — | | | | | | 106,854,652 | | | ||||
Short-Term Investments | | | | | 1,421,000 | | | | | | — | | | | | | — | | | | | | 1,421,000 | | | ||||
Total Investments, at fair value | | | | $ | 4,913,602 | | | | | $ | 103,362,050 | | | | | $ | — | | | | | $ | 108,275,652 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 345 | | | | | | — | | | | | | 345 | | | ||||
Total Assets | | | | $ | 4,913,602 | | | | | $ | 103,362,395 | | | | | $ | — | | | | | $ | 108,275,997 | | | ||||
|
See Accompanying Notes to Financial Statements
75
PORTFOLIO OF INVESTMENTS
Voya Hang Seng Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (162,684) | | | | | $ | — | | | | | $ | — | | | | | $ | (162,684) | | | ||||
Total Liabilities | | | | $ | (162,684) | | | | | $ | — | | | | | $ | — | | | | | $ | (162,684) | | | ||||
|
(1)
For the period ended June 30, 2015, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At June 30, 2015, securities valued at $3,328,850 and $1,169,039 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Hang Seng Index Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||||||||
Goldman Sachs & Co. | | | Hong Kong Sar Dollar | | | | | 14,000,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | $ | 1,805,597 | | | | | $ | 1,805,942 | | | | | $ | 345 | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 345 | | | ||||||
|
At June 30, 2015, the following futures contracts were outstanding for Voya Hang Seng Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Hang Seng Index | | | | | 26 | | | | | | 07/30/15 | | | | | $ | 4,394,631 | | | | | $ | (162,684) | | | ||||
| | | | | | | | | | | | | | | | $ | 4,394,631 | | | | | $ | (162,684) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 345 | | | |
Total Asset Derivatives | | | | | | | $ | 345 | | | |
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 162,684 | | | |
Total Liability Derivatives | | | | | | | $ | 162,684 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
See Accompanying Notes to Financial Statements
76
PORTFOLIO OF INVESTMENTS
Voya Hang Seng Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | |||||||||||
Foreign exchange contracts | | | | $ | (1,191) | | | | | $ | — | | | | | $ | (1,191) | |||
Equity contracts | | | | | — | | | | | | 236,772 | | | | | | 236,772 | |||
Total | | | | $ | (1,191) | | | | | $ | 236,772 | | | | | $ | 235,581 | |||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | 486 | | | | | $ | — | | | | | $ | 486 | | | |||
Equity contracts | | | | | — | | | | | | (191,944) | | | | | | (191,944) | | | |||
Total | | | | $ | 486 | | | | | $ | (191,944) | | | | | $ | (191,458) | | | |||
|
*
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
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 June 30, 2015:
| | | Goldman Sachs & Co. | | ||||
Assets: | | | ||||||
Forward foreign currency contracts | | | | $ | 345 | | | |
Total Assets | | | | $ | 345 | | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | 345 | | | |
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | |
Net Exposure(1) | | | | $ | 345 | | | |
|
(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.
See Accompanying Notes to Financial Statements
77
SUMMARY PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 26.3% | |
| Consumer Discretionary | | | 12.7% | |
| Industrials | | | 12.6% | |
| Health Care | | | 11.0% | |
| Consumer Staples | | | 10.9% | |
| Materials | | | 7.3% | |
| Energy | | | 5.1% | |
| Telecommunication Services | | | 5.1% | |
| Information Technology | | | 4.7% | |
| Utilities | | | 3.5% | |
| Rights | | | 0.0% | |
| Assets in Excess of Other Liabilities* | | | 0.8% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.6% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 12.3% | | ||||||||||||
| | | 110,686 | | | | Daimler AG | | | | $ | 10,083,030 | | | | | | 0.7 | | |
| | | 187,242 | | | | Honda Motor Co., Ltd. | | | | | 6,051,634 | | | | | | 0.4 | | |
| | | 46,504 # | | | | Merlin Entertainments PLC | | | | | 311,894 | | | | | | 0.0 | | |
| | | 73,415 | | | | Mitsubishi Motors Corp. | | | | | 624,323 | | | | | | 0.0 | | |
| | | 313,962 | | | | Toyota Motor Corp. | | | | | 21,009,484 | | | | | | 1.4 | | |
| | | 9,357,979 | | | | Other Securities(a) | | | | | 147,193,379 | | | | | | 9.8 | | |
| | | | | | | | | | | | 185,273,744 | | | | | | 12.3 | | |
| | | | | | | Consumer Staples: 10.7% | | ||||||||||||
| | | 92,392 | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | | 11,118,518 | | | | | | 0.7 | | |
| | | 212,793 | | | | British American Tobacco PLC | | | | | 11,457,237 | | | | | | 0.8 | | |
| | | 287,148 | | | | Diageo PLC | | | | | 8,315,693 | | | | | | 0.6 | | |
| | | 104,932 | | | | Koninklijke Ahold NV | | | | | 1,969,857 | | | | | | 0.1 | | |
| | | 368,364 | | | | Nestle S.A. | | | | | 26,577,695 | | | | | | 1.8 | | |
| | | 73,841 | | | | Reckitt Benckiser Group PLC | | | | | 6,367,589 | | | | | | 0.4 | | |
| | | 110,754 | | | | SABMiller PLC | | | | | 5,742,604 | | | | | | 0.4 | | |
| | | 187,096 | | | | Unilever NV | | | | | 7,822,338 | | | | | | 0.5 | | |
| | | 147,041 | | | | Unilever PLC | | | | | 6,313,777 | | | | | | 0.4 | | |
| | | 570,500 #,@ | | | | WH Group Ltd. | | | | | 388,289 | | | | | | 0.0 | | |
| | | 4,267,104 | | | | Other Securities | | | | | 75,008,610 | | | | | | 5.0 | | |
| | | | | | | | | | | | 161,082,207 | | | | | | 10.7 | | |
| | | | | | | Energy: 5.1% | | ||||||||||||
| | | 391,373 | | | | BG Group PLC | | | | | 6,518,202 | | | | | | 0.4 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy (continued) | | ||||||||||||
| | 2,086,833 | | | | BP PLC | | | | $ | 13,849,556 | | | | | | 0.9 | | |
| | 445,707 | | | | Royal Dutch Shell PLC - Class A | | | | | 12,601,913 | | | | | | 0.9 | | |
| | 278,674 | | | | Royal Dutch Shell PLC - Class B | | | | | 7,933,944 | | | | | | 0.5 | | |
| | 245,901 | | | | Total S.A. | | | | | 12,061,706 | | | | | | 0.8 | | |
| | 1,861,427 | | | | Other Securities(a) | | | | | 24,353,798 | | | | | | 1.6 | | |
| | | | | | | | | | | 77,319,119 | | | | | | 5.1 | | |
| | | | | | Financials: 26.3% | | ||||||||||||
| | 1,386,099 | | | | AIA Group Ltd. | | | | | 9,063,228 | | | | | | 0.6 | | |
| | 52,392 | | | | Allianz SE | | | | | 8,170,606 | | | | | | 0.5 | | |
| | 317,988 | | | | Australia & New Zealand Banking Group Ltd. | | | | | 7,891,572 | | | | | | 0.5 | | |
| | 1,654,239 | | | | Banco Santander SA | | | | | 11,635,972 | | | | | | 0.8 | | |
| | 1,890,374 | | | | Barclays PLC | | | | | 7,747,932 | | | | | | 0.5 | | |
| | 728,480 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | 7,178,425 | | | | | | 0.5 | | |
| | 121,708 | | | | BNP Paribas | | | | | 7,385,589 | | | | | | 0.5 | | |
| | 186,817 | | | | Commonwealth Bank of Australia | | | | | 12,250,908 | | | | | | 0.8 | | |
| | 2,197,739 | | | | HSBC Holdings PLC | | | | | 19,679,340 | | | | | | 1.3 | | |
| | 443,496 | | | | ING Groep NV | | | | | 7,364,433 | | | | | | 0.5 | | |
| | 6,535,604 | | | | Lloyds Banking Group Plc | | | | | 8,772,028 | | | | | | 0.6 | | |
| | 144,327 | | | | Mitsubishi Estate Co., Ltd. | | | | | 3,108,528 | | | | | | 0.2 | | |
| | 1,462,106 | | | | Mitsubishi UFJ Financial Group, Inc. | | | | | 10,519,073 | | | | | | 0.7 | | |
| | 59,976 | | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | | 327,976 | | | | | | 0.0 | | |
| | 294,982 | | | | National Australia Bank Ltd. | | | | | 7,576,352 | | | | | | 0.5 | | |
| | 295,051 | | | | Prudential PLC | | | | | 7,110,553 | | | | | | 0.5 | | |
| | 145,551 | | | | Sumitomo Mitsui Financial Group, Inc. | | | | | 6,479,815 | | | | | | 0.4 | | |
| | 382,859 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,751,427 | | | | | | 0.1 | | |
| | 419,559 | | | | UBS Group AG | | | | | 8,901,564 | | | | | | 0.6 | | |
| | 358,334 | | | | Westpac Banking Corp. | | | | | 8,865,925 | | | | | | 0.6 | | |
| | 35,683,320 | | | | Other Securities(a) | | | | | 235,279,749 | | | | | | 15.6 | | |
| | | | | | | | | | | 397,060,995 | | | | | | 26.3 | | |
| | | | | | Health Care: 11.0% | | ||||||||||||
| | 144,340 | | | | AstraZeneca PLC | | | | | 9,135,257 | | | | | | 0.6 | | |
| | 95,116 | | | | Bayer AG | | | | | 13,320,083 | | | | | | 0.9 | | |
| | 554,849 | | | | GlaxoSmithKline PLC | | | | | 11,536,318 | | | | | | 0.7 | | |
| | 262,789 | | | | Novartis AG | | | | | 25,848,048 | | | | | | 1.7 | | |
| | 218,860 | | | | Novo Nordisk A/S | | | | | 12,009,916 | | | | | | 0.8 | | |
| | 80,268 | | | | Roche Holding AG | | | | | 22,506,466 | | | | | | 1.5 | | |
| | 137,328 | | | | Sanofi | | | | | 13,585,879 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
78
SUMMARY PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Health Care (continued) | | |||||||||||||||
| | 100,715 | | | | Teva Phaemaceutical Industries Ltd. | | | | $ | 5,960,110 | | | | | | 0.4 | | | |||
| | 1,449,653 | | | | Other Securities(a) | | | | | 52,616,793 | | | | | | 3.5 | | | |||
| | | | | | | | | | | 166,518,870 | | | | | | 11.0 | | | |||
| | | | | | Industrials: 12.6% | | |||||||||||||||
| | 7,070 #,@ | | | | Aena SA | | | | | 737,526 | | | | | | 0.1 | | | |||
| | 111,430 L | | | | Koninklijke Philips NV | | | | | 2,843,975 | | | | | | 0.2 | | | |||
| | 159,993 | | | | Mitsubishi Corp. | | | | | 3,517,287 | | | | | | 0.2 | | | |||
| | 225,361 | | | | Mitsubishi Electric Corp. | | | | | 2,910,020 | | | | | | 0.2 | | | |||
| | 353,193 | | | | Mitsubishi Heavy Industries Ltd. | | | | | 2,147,045 | | | | | | 0.1 | | | |||
| | 14,490 | | | | Mitsubishi Logistics Corp. | | | | | 190,175 | | | | | | 0.0 | | | |||
| | 90,936 | | | | Siemens AG | | | | | 9,200,143 | | | | | | 0.6 | | | |||
| | 45,190,532 | | | | Other Securities(a) | | | | | 168,809,267 | | | | | | 11.2 | | | |||
| | | | | | | | | | | 190,355,438 | | | | | | 12.6 | | | |||
| | | | | | Information Technology: 4.7% | | |||||||||||||||
| | 108,341 | | | | SAP SE | | | | | 7,592,151 | | | | | | 0.5 | | | |||
| | 4,032,308 | | | | Other Securities | | | | | 63,788,275 | | | | | | 4.2 | | | |||
| | | | | | | | | | | 71,380,426 | | | | | | 4.7 | | | |||
| | | | | | Materials: 7.3% | | |||||||||||||||
| | 105,286 | | | | BASF SE | | | | | 9,264,444 | | | | | | 0.6 | | | |||
| | 370,088 | | | | BHP Billiton Ltd. | | | | | 7,549,371 | | | | | | 0.5 | | | |||
| | 242,587 | | | | BHP Billiton PLC | | | | | 4,769,640 | | | | | | 0.3 | | | |||
| | 19,888 | | | | Koninklijke DSM NV | | | | | 1,154,704 | | | | | | 0.1 | | | |||
| | 50,704 | | | | Rio Tinto Ltd. | | | | | 2,097,463 | | | | | | 0.2 | | | |||
| | 146,202 | | | | Rio Tinto PLC | | | | | 6,013,687 | | | | | | 0.4 | | | |||
| | 7,383,043 | | | | Other Securities(a) | | | | | 78,877,674 | | | | | | 5.2 | | | |||
| | | | | | | | | | | 109,726,983 | | | | | | 7.3 | | | |||
| | | | | | Telecommunication Services: 5.1% | | |||||||||||||||
| | 940,715 | | | | BT Group PLC | | | | | 6,661,484 | | | | | | 0.5 | | | |||
| | 365,253 | | | | Deutsche Telekom AG | | | | | 6,297,082 | | | | | | 0.4 | | | |||
| | 376,681 | | | | Koninklijke KPN NV | | | | | 1,444,137 | | | | | | 0.1 | | | |||
| | 109,946 | | | | Softbank Corp. | | | | | 6,476,149 | | | | | | 0.4 | | | |||
| | 515,284 | | | | Telefonica S.A. | | | | | 7,340,438 | | | | | | 0.5 | | | |||
| | 3,038,018 | | | | Vodafone Group PLC | | | | | 11,082,303 | | | | | | 0.7 | | | |||
| | 5,881,125 | | | | Other Securities(a) | | | | | 37,163,889 | | | | | | 2.5 | | | |||
| | | | | | | | | | | 76,465,482 | | | | | | 5.1 | | | |||
| | | | | | Utilities: 3.5% | | |||||||||||||||
| | 6,644,977 | | | | Other Securities(a) | | | | | 52,419,804 | | | | | | 3.5 | | | |||
| | | | | | Total Common Stock (Cost $1,368,261,269) | | | | | 1,487,603,068 | | | | | | 98.6 | | | |||
|
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| PREFERRED STOCK: 0.6% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 0.4% | | |||||||||||||||
| | | 42,585 | | | | Other Securities | | | | $ | 6,347,679 | | | | | | 0.4 | | | |||
| | | | | | | Consumer Staples: 0.2% | | |||||||||||||||
| | | 20,437 | | | | Other Securities | | | | | 2,293,364 | | | | | | 0.2 | | | |||
| | | | | | | Materials: 0.0% | | |||||||||||||||
| | | 7,773 | | | | Other Securities | | | | | 328,665 | | | | | | 0.0 | | | |||
| | | | | | | Total Preferred Stock (Cost $7,792,297) | | | | | 8,969,708 | | | | | | 0.6 | | | |||
| RIGHTS: 0.0% | | |||||||||||||||||||||
| | | | | | | : 0.0% | | |||||||||||||||
| | | 182,086 | | | | Other Securities(a) | | | | | 137,736 | | | | | | 0.0 | | | |||
| | | | | | | Total Rights (Cost $67,340) | | | | | 137,736 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $1,376,120,906) | | | | | 1,496,710,512 | | | | | | 99.2 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.8% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.9% | | ||||||||||||
| | 3,249,999 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $3,250,012, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,314,999, due 07/15/15-05/20/65) | | | | | 3,249,999 | | | | | | 0.2 | | |
| | 2,459,491 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,459,503, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,508,669, due 11/15/15-03/01/48) | | | | | 2,459,491 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
79
SUMMARY PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 3,250,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,250,015, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,315,000, due 01/15/17-08/15/42) | | | | $ | 3,250,000 | | | | | | 0.2 | | |
| | 3,249,999 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,250,011, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,315,000, due 07/31/15-05/20/65) | | | | | 3,249,999 | | | | | | 0.2 | | |
| | 1,474,659 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,474,667, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,504,717, due 01/15/17-01/15/29) | | | | | 1,474,659 | | | | | | 0.1 | | |
| | | | | | | | | | | 13,684,148 | | | | | | 0.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | 13,929,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $13,929,000) | | | | $ | 13,929,000 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $27,613,148) | | | | | 27,613,148 | | | | | | 1.8 | | | |||
| | | | | | Total Investments in Securities (Cost $1,403,734,054) | | | | $ | 1,524,323,660 | | | | | | 101.0 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (14,507,720) | | | | | | (1.0) | | | |||
| | | | | | Net Assets | | | | $ | 1,509,815,940 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $1,415,763,265.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 197,262,107 | | | |
| Gross Unrealized Depreciation | | | | | (88,701,712) | | | |
| Net Unrealized Appreciation | | | | $ | 108,560,395 | | | |
|
See Accompanying Notes to Financial Statements
80
SUMMARY PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the assets and liabilities:(1)
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 1,975,400 | | | | | $ | 183,298,344 | | | | | $ | — | | | | | $ | 185,273,744 | | | ||||
Consumer Staples | | | | | 1,884,374 | | | | | | 159,197,833 | | | | | | — | | | | | | 161,082,207 | | | ||||
Energy | | | | | — | | | | | | 77,319,119 | | | | | | — | | | | | | 77,319,119 | | | ||||
Financials | | | | | 4,234,697 | | | | | | 392,826,298 | | | | | | — | | | | | | 397,060,995 | | | ||||
Health Care | | | | | 255,538 | | | | | | 166,263,332 | | | | | | — | | | | | | 166,518,870 | | | ||||
Industrials | | | | | 1,782,038 | | | | | | 188,573,400 | | | | | | — | | | | | | 190,355,438 | | | ||||
Information Technology | | | | | — | | | | | | 71,380,426 | | | | | | — | | | | | �� | 71,380,426 | | | ||||
Materials | | | | | 838,920 | | | | | | 108,888,063 | | | | | | — | | | | | | 109,726,983 | | | ||||
Telecommunication Services | | | | | 1,048,785 | | | | | | 75,416,697 | | | | | | — | | | | | | 76,465,482 | | | ||||
Utilities | | | | | 2,963,542 | | | | | | 49,456,262 | | | | | | — | | | | | | 52,419,804 | | | ||||
Total Common Stock | | | | | 14,983,294 | | | | | | 1,472,619,774 | | | | | | — | | | | | | 1,487,603,068 | | | ||||
Preferred Stock | | | | | — | | | | | | 8,969,708 | | | | | | — | | | | | | 8,969,708 | | | ||||
Rights | | | | | 71,294 | | | | | | 66,442 | | | | | | — | | | | | | 137,736 | | | ||||
Short-Term Investments | | | | | 13,929,000 | | | | | | 13,684,148 | | | | | | — | | | | | | 27,613,148 | | | ||||
Total Investments, at fair value | | | | $ | 28,983,588 | | | | | $ | 1,495,340,072 | | | | | $ | — | | | | | $ | 1,524,323,660 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (316,619) | | | | | $ | — | | | | | $ | — | | | | | $ | (316,619) | | | ||||
Total Liabilities | | | | $ | (316,619) | | | | | $ | — | | | | | $ | — | | | | | $ | (316,619) | | | ||||
|
(1)
For the period ended June 30, 2015, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels at the beginning of the reporting period. At June 30, 2015, securities valued at $15,614,849 and $6,126,744 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following futures contracts were outstanding for Voya International Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Mini MSCI EAFE Index | | | | | 173 | | | | | | 09/18/15 | | | | | $ | 15,864,100 | | | | | $ | (316,619) | | | ||||
| | | | | | | | | | | | | | | | $ | 15,864,100 | | | | | $ | (316,619) | | | ||||
|
See Accompanying Notes to Financial Statements
81
SUMMARY PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 316,619 | | | |
Total Liability Derivatives | | | | | | | $ | 316,619 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 1,019,814 | | | |
Total | | | | $ | 1,019,814 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (352,963) | | | |
Total | | | | $ | (352,963) | | | |
|
See Accompanying Notes to Financial Statements
82
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Industrials | | | 20.8% | |
| Consumer Discretionary | | | 20.8% | |
| Financials | | | 18.2% | |
| Information Technology | | | 10.5% | |
| Consumer Staples | | | 7.8% | |
| Materials | | | 6.8% | |
| Health Care | | | 6.1% | |
| Telecommunication Services | | | 4.9% | |
| Utilities | | | 2.1% | |
| Energy | | | 0.9% | |
| Assets in Excess of Other Liabilities* | | | 1.1% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.9% | | | | ||||||||||||||||
| | | | | | Consumer Discretionary: 20.8% | | ||||||||||||
| | 60,200 | | | | Bridgestone Corp. | | | | $ | 2,225,148 | | | | | | 0.6 | | |
| | 45,200 | | | | Denso Corp. | | | | | 2,248,841 | | | | | | 0.6 | | |
| | 3,600 | | | | Fast Retailing Co., Ltd. | | | | | 1,632,496 | | | | | | 0.5 | | |
| | 62,500 | | | | Fuji Heavy Industries Ltd. | | | | | 2,298,174 | | | | | | 0.6 | | |
| | 164,400 | | | | Honda Motor Co., Ltd. | | | | | 5,313,384 | | | | | | 1.5 | | |
| | 67,400 | | | | Mitsubishi Motors Corp. | | | | | 573,172 | | | | | | 0.2 | | |
| | 256,100 | | | | Nissan Motor Co., Ltd. | | | | | 2,675,465 | | | | | | 0.7 | | |
| | 223,200 | | | | Panasonic Corp. | | | | | 3,056,995 | | | | | | 0.9 | | |
| | 119,712 | | | | Sony Corp. | | | | | 3,399,445 | | | | | | 0.9 | | |
| | 252,460 | | | | Toyota Motor Corp. | | | | | 16,893,937 | | | | | | 4.7 | | |
| | 3,438,697 | | | | Other Securities(a) | | | | | 34,833,523 | | | | | | 9.6 | | |
| | | | | | | | | | | 75,150,580 | | | | | | 20.8 | | |
| | | | | | Consumer Staples: 7.8% | | ||||||||||||
| | 113,500 | | | | Japan Tobacco, Inc. | | | | | 4,034,843 | | | | | | 1.1 | | |
| | 51,600 | | | | Kao Corp. | | | | | 2,399,761 | | | | | | 0.7 | | |
| | 75,500 | | | | Seven & I Holdings Co., Ltd. | | | | | 3,240,885 | | | | | | 0.9 | | |
| | 1,063,472 | | | | Other Securities(a) | | | | | 18,562,736 | | | | | | 5.1 | | |
| | | | | | | | | | | 28,238,225 | | | | | | 7.8 | | |
| | | | | | Energy: 0.9% | | ||||||||||||
| | 486,410 | | | | Other Securities(a) | | | | | 3,258,472 | | | | | | 0.9 | | |
| | | | | | Financials: 18.2% | | ||||||||||||
| | 115,900 | | | | Dai-ichi Life Insurance Co., Ltd. | | | | | 2,275,989 | | | | | | 0.6 | | |
| | 134,000 | | | | Mitsubishi Estate Co., Ltd. | | | | | 2,886,104 | | | | | | 0.8 | | |
| | 1,448,900 | | | | Mitsubishi UFJ Financial Group, Inc. | | | | | 10,424,062 | | | | | | 2.9 | | |
| | 44,900 | | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | | 245,534 | | | | | | 0.1 | | |
| | 96,000 | | | | Mitsui Fudosan Co., Ltd. | | | | | 2,686,359 | | | | | | 0.7 | | |
| | 57,811 | | | | MS&AD Insurance Group Holdings, Inc. | | | | | 1,799,558 | | | | | | 0.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | | | ||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 2,511,500 | | | | Mizuho Financial Group, Inc. | | | | $ | 5,434,214 | | | | | | 1.5 | | |
| | 40,350 | | | | NKSJ Holdings, Inc. | | | | | 1,477,465 | | | | | | 0.4 | | |
| | 368,900 | | | | Nomura Holdings, Inc. | | | | | 2,490,757 | | | | | | 0.7 | | |
| | 10,900 | | | | Nomura Real Estate Holdings, Inc. | | | | | 228,776 | | | | | | 0.1 | | |
| | 128,000 | | | | ORIX Corp. | | | | | 1,900,734 | | | | | | 0.5 | | |
| | 26,700 | | | | Osaka Securities Exchange Co. Ltd. | | | | | 865,590 | | | | | | 0.2 | | |
| | 136,452 | | | | Sumitomo Mitsui Financial Group, Inc. | | | | | 6,074,734 | | | | | | 1.7 | | |
| | 399,440 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,827,279 | | | | | | 0.5 | | |
| | 43,000 | | | | Sumitomo Realty & Development Co., Ltd. | | | | | 1,507,018 | | | | | | 0.4 | | |
| | 73,300 | | | | Tokio Marine Holdings, Inc. | | | | | 3,048,481 | | | | | | 0.9 | | |
| | 3,093,835 | | | | Other Securities(a) | | | | | 20,772,564 | | | | | | 5.7 | | |
| | | | | | | | | | | 65,945,218 | | | | | | 18.2 | | |
| | | | | | Health Care: 6.1% | | ||||||||||||
| | 218,500 | | | | Astellas Pharma, Inc. | | | | | 3,112,717 | | | | | | 0.9 | | |
| | 25,400 | | | | Eisai Co., Ltd. | | | | | 1,702,934 | | | | | | 0.5 | | |
| | 71,800 | | | | Takeda Pharmaceutical Co., Ltd. | | | | | 3,465,689 | | | | | | 0.9 | | |
| | 553,940 | | | | Other Securities(a) | | | | | 13,786,831 | | | | | | 3.8 | | |
| | | | | | | | | | | 22,068,171 | | | | | | 6.1 | | |
| | | | | | Industrials: 20.8% | | ||||||||||||
| | 16,400 | | | | Central Japan Railway Co. | | | | | 2,959,455 | | | | | | 0.8 | | |
| | 26,700 | | | | Daikin Industries Ltd. | | | | | 1,919,420 | | | | | | 0.5 | | |
| | 33,600 | | | | East Japan Railway Co. | | | | | 3,020,614 | | | | | | 0.8 | | |
| | 19,000 | | | | Fanuc Ltd. | | | | | 3,887,696 | | | | | | 1.1 | | |
| | 151,100 | | | | Itochu Corp. | | | | | 1,995,610 | | | | | | 0.6 | | |
| | 93,800 | | | | Komatsu Ltd. | | | | | 1,881,939 | | | | | | 0.5 | | |
| | 138,100 | | | | Mitsubishi Corp. | | | | | 3,035,991 | | | | | | 0.8 | | |
| | 183,000 | | | | Mitsubishi Electric Corp. | | | | | 2,363,025 | | | | | | 0.7 | | |
| | 307,000 | | | | Mitsubishi Heavy Industries Ltd. | | | | | 1,866,240 | | | | | | 0.5 | | |
| | 12,000 | | | | Mitsubishi Logistics Corp. | | | | | 157,495 | | | | | | 0.0 | | |
| | 152,400 | | | | Mitsui & Co., Ltd. | | | | | 2,070,526 | | | | | | 0.6 | | |
| | 20,114 | | | | Nidec Corp. | | | | | 1,505,288 | | | | | | 0.4 | | |
| | 5,800 | | | | SMC Corp. | | | | | 1,745,331 | | | | | | 0.5 | | |
| | 6,366,434 | | | | Other Securities(a) | | | | | 47,040,064 | | | | | | 13.0 | | |
| | | | | | | | | | | 75,448,694 | | | | | | 20.8 | | |
| | | | | | Information Technology: 10.5% | | ||||||||||||
| | 105,966 | | | | Canon, Inc. | | | | | 3,437,365 | | | | | | 1.0 | | |
| | 44,100 | | | | Fuji Photo Film Co., Ltd. | | | | | 1,573,842 | | | | | | 0.5 | | |
| | 441,146 | | | | Hitachi Ltd. | | | | | 2,906,071 | | | | | | 0.8 | | |
| | 43,800 | | | | Hoya Corp. | | | | | 1,754,179 | | | | | | 0.5 | | |
| | 4,200 | | | | Keyence Corp. | | | | | 2,263,703 | | | | | | 0.6 | | |
| | 30,100 | | | | Kyocera Corp. | | | | | 1,564,973 | | | | | | 0.4 | | |
| | 19,220 | | | | Murata Manufacturing Co., Ltd. | | | | | 3,354,187 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
83
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | | | |||||||||||||||||||
| | | | | | Information Technology (continued) | | |||||||||||||||
| | 11,300 | | | | Nintendo Co., Ltd. | | | | $ | 1,885,151 | | | | | | 0.5 | | | |||
| | 10,600 | | | | Nomura Research Institute Ltd. | | | | | 414,501 | | | | | | 0.1 | | | |||
| | 300 | | | | Panasonic Information Systems Co., Ltd. | | | | | 10,300 | | | | | | 0.0 | | | |||
| | 1,683,697 | | | | Other Securities(a) | | | | | 18,717,732 | | | | | | 5.2 | | | |||
| | | | | | | | | | | 37,882,004 | | | | | | 10.5 | | | |||
| | | | | | Materials: 6.8% | | |||||||||||||||
| | 809,355 | | | | Nippon Steel Corp. | | | | | 2,098,540 | | | | | | 0.6 | | | |||
| | 1,400 | | | | Osaka Steel Co., Ltd. | | | | | 26,046 | | | | | | 0.0 | | | |||
| | 34,400 | | | | Shin-Etsu Chemical Co., Ltd. | | | | | 2,133,175 | | | | | | 0.6 | | | |||
| | 3,355,930 | | | | Other Securities(a) | | | | | 20,182,687 | | | | | | 5.6 | | | |||
| | | | | | | | | | | 24,440,448 | | | | | | 6.8 | | | |||
| | | | | | Telecommunication Services: 4.9% | | |||||||||||||||
| | 183,600 | | | | KDDI Corp. | | | | | 4,430,627 | | | | | | 1.2 | | | |||
| | 141,400 | | | | Nippon Telegraph & Telephone Corp. | | | | | 5,120,908 | | | | | | 1.4 | | | |||
| | 138,900 | | | | NTT DoCoMo, Inc. | | | | | 2,666,680 | | | | | | 0.7 | | | |||
| | 95,550 | | | | Softbank Corp. | | | | | 5,628,181 | | | | | | 1.6 | | | |||
| | | | | | | | | | | 17,846,396 | | | | | | 4.9 | | | |||
| | | | | | Utilities: 2.1% | | |||||||||||||||
| | 189,000 | | | | Osaka Gas Co., Ltd. | | | | | 745,945 | | | | | | 0.2 | | | |||
| | 772,150 | | | | Other Securities(a) | | | | | 6,807,788 | | | | | | 1.9 | | | |||
| | | | | | | | | | | 7,553,733 | | | | | | 2.1 | | | |||
| | | | | | Total Common Stock (Cost $286,668,830) | | | | | 357,831,941 | | | | | | 98.9 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.9% | | ||||||||||||
| | 1,000,000 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 07/15/15-05/20/65) | | | | | 1,000,000 | | | | | | 0.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 413,556 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $413,558, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $421,825, due 11/15/15-03/01/48) | | | | $ | 413,556 | | | | | | 0.1 | | | |||
| | 1,000,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,020,000, due 01/15/17-08/15/42) | | | | | 1,000,000 | | | | | | 0.2 | | | |||
| | 1,000,000 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,020,000, due 07/31/15-05/20/65) | | | | | 1,000,000 | | | | | | 0.3 | | | |||
| | | | | | | | | | | 3,413,556 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $3,413,556) | | | | | 3,413,556 | | | | | | 0.9 | | | |||
| | | | | | Total Investments in Securities (Cost $290,082,386) | | | | $ | 361,245,497 | | | | | | 99.8 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 553,758 | | | | | | 0.2 | | | |||
| | | | | | Net Assets | | | | $ | 361,799,255 | | | | | | 100.0 | | | |||
|
See Accompanying Notes to Financial Statements
84
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $293,823,179.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 90,749,772 | | | |
| Gross Unrealized Depreciation | | | | | (23,327,454) | | | |
| Net Unrealized Appreciation | | | | $ | 67,422,318 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 34,542 | | | | | $ | 75,116,038 | | | | | $ | — | | | | | $ | 75,150,580 | | | ||||
Consumer Staples | | | | | 40,479 | | | | | | 28,197,746 | | | | | | — | | | | | | 28,238,225 | | | ||||
Energy | | | | | — | | | | | | 3,258,472 | | | | | | — | | | | | | 3,258,472 | | | ||||
Financials | | | | | — | | | | | | 65,945,218 | | | | | | — | | | | | | 65,945,218 | | | ||||
Health Care | | | | | — | | | | | | 22,068,171 | | | | | | — | | | | | | 22,068,171 | | | ||||
Industrials | | | | | — | | | | | | 75,448,694 | | | | | | — | | | | | | 75,448,694 | | | ||||
Information Technology | | | | | 99,713 | | | | | | 37,782,291 | | | | | | — | | | | | | 37,882,004 | | | ||||
Materials | | | | | — | | | | | | 24,440,448 | | | | | | — | | | | | | 24,440,448 | | | ||||
Telecommunication Services | | | | | — | | | | | | 17,846,396 | | | | | | — | | | | | | 17,846,396 | | | ||||
Utilities | | | | | — | | | | | | 7,553,733 | | | | | | — | | | | | | 7,553,733 | | | ||||
Total Common Stock | | | | | 174,734 | | | | | | 357,657,207 | | | | | | — | | | | | | 357,831,941 | | | ||||
Short-Term Investments | | | | | — | | | | | | 3,413,556 | | | | | | — | | | | | | 3,413,556 | | | ||||
Total Investments, at fair value | | | | $ | 174,734 | | | | | $ | 361,070,763 | | | | | $ | — | | | | | $ | 361,245,497 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 39,314 | | | | | | — | | | | | | 39,314 | | | ||||
Total Assets | | | | $ | 174,734 | | | | | $ | 361,110,077 | | | | | $ | — | | | | | $ | 361,284,811 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | (9,600) | | | | | $ | — | | | | | $ | (9,600) | | | ||||
Futures | | | | | (16,742) | | | | | | — | | | | | | — | | | | | | (16,742) | | | ||||
Total Liabilities | | | | $ | (16,742) | | | | | $ | (9,600) | | | | | $ | — | | | | | $ | (26,342) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
85
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Japan TOPIX Index® Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||||||||
Bank of America | | | Japanese Yen | | | | | 540,000,000 | | | | | | Buy | | | | | | 09/16/15 | | | | | $ | 4,377,489 | | | | | $ | 4,416,803 | | | | | $ | 39,314 | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 39,314 | | | ||||||
Bank of America | | | Japanese Yen | | | | | 100,000,000 | | | | | | Sell | | | | | | 09/16/15 | | | | | $ | 810,832 | | | | | $ | 817,926 | | | | | $ | (7,094) | | | ||||||
The Bank of New York | | | Japanese Yen | | | | | 120,000,000 | | | | | | Sell | | | | | | 09/16/15 | | | | | | 979,006 | | | | | | 981,512 | | | | | | (2,506) | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (9,600) | | | ||||||
|
At June 30, 2015, the following futures contracts were outstanding for Voya Japan TOPIX Index® Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Tokyo Price Index (TOPIX) | | | | | 32 | | | | | | 09/10/15 | | | | | $ | 4,263,268 | | | | | $ | (16,742) | | | ||||
| | | | | | | | | | | | | | | | $ | 4,263,268 | | | | | $ | (16,742) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 39,314 | | | |
Total Asset Derivatives | | | | | | | $ | 39,314 | | | |
Liability Derivatives | | | | ||||||||
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 9,600 | | | |
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | | 16,742 | | | |
Total Liability Derivatives | | | | | | | $ | 26,342 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | (229,205) | | | | | $ | — | | | | | $ | (229,205) | | | |||
Equity contracts | | | | | — | | | | | | 812,630 | | | | | | 812,630 | | | |||
Total | | | | $ | (229,205) | | | | | $ | 812,630 | | | | | $ | 583,425 | | | |||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Foreign currency related transactions* | | | Futures | | | Total | | ||||||||||||
Foreign exchange contracts | | | | $ | 82,091 | | | | | $ | — | | | | | $ | 82,091 | | | |||
Equity contracts | | | | | — | | | | | | 2,315 | | | | | | 2,315 | | | |||
Total | | | | $ | 82,091 | | | | | $ | 2,315 | | | | | $ | 84,406 | | | |||
|
*
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
86
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
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 June 30, 2015:
| | | Bank of America | | | The Bank of New York | | | Totals | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | |||
Forward foreign currency contracts | | | | $ | 39,314 | | | | | $ | — | | | | | $ | 39,314 | | | |||
Total Assets | | | | $ | 39,314 | | | | | $ | — | | | | | $ | 39,314 | | | |||
Liabilities: | | | | | | | | | | | | | | | | | | | | |||
Forward foreign currency contracts | | | | $ | 7,094 | | | | | $ | 2,506 | | | | | $ | 9,600 | | | |||
Total Liabilities | | | | $ | 7,094 | | | | | $ | 2,506 | | | | | $ | 9,600 | | | |||
Net OTC derivative instruments by counterparty, at fair value | | | | $ | 32,220 | | | | | $ | (2,506) | | | | | | 29,714 | | | |||
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
Net Exposure(1) | | | | $ | 32,220 | | | | | $ | (2,506) | | | | | $ | 29,714 | | | |||
|
(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.
See Accompanying Notes to Financial Statements
87
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Information Technology | | | 29.8% | |
| Health Care | | | 19.8% | |
| Consumer Discretionary | | | 19.4% | |
| Consumer Staples | | | 11.7% | |
| Industrials | | | 9.2% | |
| Materials | | | 3.2% | |
| Financials | | | 2.8% | |
| Telecommunication Services | | | 2.4% | |
| Energy | | | 0.8% | |
| Utilities | | | 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. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 99.1% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 19.4% | | ||||||||||||
| | 27,515 @ | | | | Amazon.com, Inc. | | | | $ | 11,943,986 | | | | | | 2.2 | | |
| | 138,378 | | | | Comcast Corp. - Class A | | | | | 8,322,053 | | | | | | 1.6 | | |
| | 93,767 | | | | Home Depot, Inc. | | | | | 10,420,327 | | | | | | 1.9 | | |
| | 68,695 | | | | Lowe’s Cos, Inc. | | | | | 4,600,504 | | | | | | 0.9 | | |
| | 69,188 | | | | McDonald’s Corp. | | | | | 6,577,703 | | | | | | 1.2 | | |
| | 48,947 | | | | Nike, Inc. | | | | | 5,287,255 | | | | | | 1.0 | | |
| | 3,742 @ | | | | Priceline.com, Inc. | | | | | 4,308,427 | | | | | | 0.8 | | |
| | 108,311 | | | | Starbucks Corp. | | | | | 5,807,094 | | | | | | 1.1 | | |
| | 20,404 | | | | Time Warner Cable, Inc. | | | | | 3,635,381 | | | | | | 0.7 | | |
| | 30,654 | | | | Time Warner, Inc. | | | | | 2,679,466 | | | | | | 0.5 | | |
| | 49,116 | | | | TJX Cos., Inc. | | | | | 3,250,006 | | | | | | 0.6 | | |
| | 122,479 | | | | Walt Disney Co. | | | | | 13,979,753 | | | | | | 2.6 | | |
| | 323,583 | | | | Other Securities | | | | | 23,261,542 | | | | | | 4.3 | | |
| | | | | | | | | | | 104,073,497 | | | | | | 19.4 | | |
| | | | | | Consumer Staples: 11.7% | | ||||||||||||
| | 133,575 | | | | Altria Group, Inc. | | | | | 6,533,153 | | | | | | 1.2 | | |
| | 283,053 | | | | Coca-Cola Co. | | | | | 11,104,169 | | | | | | 2.1 | | |
| | 57,265 | | | | Colgate-Palmolive Co. | | | | | 3,745,704 | | | | | | 0.7 | | |
| | 31,761 | | | | Costco Wholesale Corp. | | | | | 4,289,641 | | | | | | 0.8 | | |
| | 75,499 | | | | CVS Health | | | | | 7,918,335 | | | | | | 1.5 | | |
| | 42,731 | | | | Kraft Foods Group, Inc. | | | | | 3,638,117 | | | | | | 0.7 | | |
| | 106,548 | | | | PepsiCo, Inc. | | | | | 9,945,190 | | | | | | 1.8 | | |
| | 55,691 | | | | Philip Morris International, Inc. | | | | | 4,464,748 | | | | | | 0.8 | | |
| | 153,578 | | | | Other Securities | | | | | 11,500,991 | | | | | | 2.1 | | |
| | | | | | | | | | | 63,140,048 | | | | | | 11.7 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy: 0.8% | | ||||||||||||
| | 71,516 | | | | Other Securities | | | | $ | 4,511,658 | | | | | | 0.8 | | |
| | | | | | Financials: 2.8% | | ||||||||||||
| | 22,468 | | | | Simon Property Group, Inc. | | | | | 3,887,413 | | | | | | 0.7 | | |
| | 154,224 | | | | Other Securities | | | | | 11,326,265 | | | | | | 2.1 | | |
| | | | | | | | | | | 15,213,678 | | | | | | 2.8 | | |
| | | | | | Health Care: 19.8% | | ||||||||||||
| | 126,322 | | | | AbbVie, Inc. | | | | | 8,487,575 | | | | | | 1.6 | | |
| | 12,805 @ | | | | Allergan plc | | | | | 3,885,805 | | | | | | 0.7 | | |
| | 54,882 | | | | Amgen, Inc. | | | | | 8,425,485 | | | | | | 1.6 | | |
| | 16,981 @ | | | | Biogen, Inc. | | | | | 6,859,305 | | | | | | 1.3 | | |
| | 120,330 | | | | Bristol-Myers Squibb Co. | | | | | 8,006,758 | | | | | | 1.5 | | |
| | 57,250 @ | | | | Celgene Corp. | | | | | 6,625,829 | | | | | | 1.2 | | |
| | 70,634 | | | | Eli Lilly & Co. | | | | | 5,897,233 | | | | | | 1.1 | | |
| | 44,219 @ | | | | Express Scripts Holding Co. | | | | | 3,932,838 | | | | | | 0.7 | | |
| | 106,082 | | | | Gilead Sciences, Inc. | | | | | 12,420,080 | | | | | | 2.3 | | |
| | 16,715 | | | | McKesson Corp. | | | | | 3,757,699 | | | | | | 0.7 | | |
| | 65,275 | | | | UnitedHealth Group, Inc. | | | | | 7,963,550 | | | | | | 1.5 | | |
| | 248,115 | | | | Other Securities | | | | | 30,364,328 | | | | | | 5.6 | | |
| | | | | | | | | | | 106,626,485 | | | | | | 19.8 | | |
| | | | | | Industrials: 9.2% | | ||||||||||||
| | 45,791 | | | | 3M Co. | | | | | 7,065,551 | | | | | | 1.3 | | |
| | 49,918 | | | | Boeing Co. | | | | | 6,924,625 | | | | | | 1.3 | | |
| | 56,426 | | | | Honeywell International, Inc. | | | | | 5,753,759 | | | | | | 1.1 | | |
| | 63,201 | | | | Union Pacific Corp. | | | | | 6,027,480 | | | | | | 1.1 | | |
| | 50,642 | | | | United Parcel Service, Inc. - Class B | | | | | 4,907,716 | | | | | | 0.9 | | |
| | 255,234 | | | | Other Securities | | | | | 18,554,213 | | | | | | 3.5 | | |
| | | | | | | | | | | 49,233,344 | | | | | | 9.2 | | |
| | | | | | Information Technology: 29.8% | | ||||||||||||
| | 45,341 | | | | Accenture PLC | | | | | 4,388,102 | | | | | | 0.8 | | |
| | 415,851 | | | | Apple, Inc. | | | | | 52,158,112 | | | | | | 9.7 | | |
| | 87,688 @ | | | | eBay, Inc. | | | | | 5,282,325 | | | | | | 1.0 | | |
| | 156,207 @ | | | | Facebook, Inc. | | | | | 13,397,093 | | | | | | 2.5 | | |
| | 20,809 @ | | | | Google, Inc. - Class A | | | | | 11,237,692 | | | | | | 2.1 | | |
| | 21,233 | | | | Google, Inc. - Class C | | | | | 11,051,989 | | | | | | 2.1 | | |
| | 36,378 | | | | International Business Machines Corp. | | | | | 5,917,245 | | | | | | 1.1 | | |
| | 72,159 | | | | Mastercard, Inc. | | | | | 6,745,423 | | | | | | 1.3 | | |
| | 331,094 | | | | Microsoft Corp. | | | | | 14,617,800 | | | | | | 2.7 | | |
| | 137,226 | | | | Oracle Corp. | | | | | 5,530,208 | | | | | | 1.0 | | |
| | 47,350 @ | | | | Salesforce.com, Inc. | | | | | 3,296,981 | | | | | | 0.6 | | |
| | 75,096 | | | | Texas Instruments, Inc. | | | | | 3,868,195 | | | | | | 0.7 | | |
| | 141,292 | | | | Visa, Inc. | | | | | 9,487,758 | | | | | | 1.8 | | |
| | 194,258 | | | | Other Securities | | | | | 13,188,499 | | | | | | 2.4 | | |
| | | | | | | | | | | 160,167,422 | | | | | | 29.8 | | |
See Accompanying Notes to Financial Statements
88
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Materials: 3.2% | | |||||||||||||||
| | 34,365 | | | | Monsanto Co. | | | | $ | 3,662,965 | | | | | | 0.7 | | | |||
| | 140,360 | | | | Other Securities(a) | | | | | 13,669,333 | | | | | | 2.5 | | | |||
| | | | | | | | | | | 17,332,298 | | | | | | 3.2 | | | |||
| | | | | | Telecommunication Services: 2.4% | | |||||||||||||||
| | 273,201 | | | | Verizon Communications, Inc. | | | | | 12,733,899 | | | | | | 2.4 | | | |||
| | | | | | Utilities: 0.0% | | |||||||||||||||
| | 2,139 | | | | Other Securities | | | | | 143,035 | | | | | | 0.0 | | | |||
| | | | | | Total Common Stock (Cost $293,323,465) | | | | | 533,175,364 | | | | | | 99.1 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.1% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.0% | | ||||||||||||
| | 791 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $791, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $807, due 07/15/15- 05/20/65) | | | | | 791 | | | | | | 0.0 | | |
| | 82,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $82,000, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $83,640, due 01/15/17- 08/15/42) | | | | | 82,000 | | | | | | 0.0 | | |
| | | | | | | | | | | 82,791 | | | | | | 0.0 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 5,697,055 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $5,697,055) | | | | $ | 5,697,055 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $5,779,846) | | | | | 5,779,846 | | | | | | 1.1 | | | |||
| | | | | | Total Investments in Securities (Cost $299,103,311) | | | | $ | 538,955,210 | | | | | | 100.2 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (1,280,750) | | | | | | (0.2) | | | |||
| | | | | | Net Assets | | | | $ | 537,674,460 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $299,153,089.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 241,177,852 | | | |
| Gross Unrealized Depreciation | | | | | (1,375,731) | | | |
| Net Unrealized Appreciation | | | | $ | 239,802,121 | | | |
|
See Accompanying Notes to Financial Statements
89
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 533,175,364 | | | | | $ | — | | | | | $ | — | | | | | $ | 533,175,364 | | | ||||
Short-Term Investments | | | | | 5,697,055 | | | | | | 82,791 | | | | | | — | | | | | | 5,779,846 | | | ||||
Total Investments, at fair value | | | | $ | 538,872,419 | | | | | $ | 82,791 | | | | | $ | — | | | | | $ | 538,955,210 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (61,009) | | | | | $ | — | | | | | $ | — | | | | | $ | (61,009) | | | ||||
Total Liabilities | | | | $ | (61,009) | | | | | $ | — | | | | | $ | — | | | | | $ | (61,009) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P 500 E-Mini | | | | | 52 | | | | | | 09/18/15 | | | | | $ | 5,341,440 | | | | | $ | (61,009) | | | ||||
| | | | | | | | | | | | | | | | $ | 5,341,440 | | | | | $ | (61,009) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 61,009 | | | |
Total Liability Derivatives | | | | | | | $ | 61,009 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 690,910 | | | |
Total | | | | $ | 690,910 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (391,044) | | | |
Total | | | | $ | (391,044) | | | |
|
See Accompanying Notes to Financial Statements
90
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Information Technology | | | 20.8% | |
| Health Care | | | 16.9% | |
| Financials | | | 15.3% | |
| Consumer Discretionary | | | 11.8% | |
| Consumer Staples | | | 9.8% | |
| Industrials | | | 9.6% | |
| Energy | | | 8.2% | |
| Telecommunication Services | | | 2.6% | |
| Materials | | | 2.3% | |
| Utilities | | | 1.7% | |
| Assets in Excess of Other Liabilities* | | | 1.0% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 99.0% | | | | ||||||||||||||||
| | | | | | Consumer Discretionary: 11.8% | | ||||||||||||
| | 21,077 @ | | | | Amazon.com, Inc. | | | | $ | 9,149,315 | | | | | | 1.1 | | |
| | 117,378 | | | | Comcast Corp. - Class A | | | | | 7,059,113 | | | | | | 0.9 | | |
| | 71,824 | | | | Home Depot, Inc. | | | | | 7,981,801 | | | | | | 1.0 | | |
| | 52,999 | | | | McDonald’s Corp. | | | | | 5,038,615 | | | | | | 0.6 | | |
| | 15,632 | | | | Time Warner Cable, Inc. | | | | | 2,785,154 | | | | | | 0.4 | | |
| | 45,600 | | | | Time Warner, Inc. | | | | | 3,985,896 | | | | | | 0.5 | | |
| | 93,817 | | | | Walt Disney Co. | | | | | 10,708,272 | | | | | | 1.3 | | |
| | 905,685 | | | | Other Securities | | | | | 49,130,611 | | | | | | 6.0 | | |
| | | | | | | | | | | 95,838,777 | | | | | | 11.8 | | |
| | | | | | Consumer Staples: 9.8% | | ||||||||||||
| | 108,745 | | | | Altria Group, Inc. | | | | | 5,318,718 | | | | | | 0.7 | | |
| | 216,812 | | | | Coca-Cola Co. | | | | | 8,505,535 | | | | | | 1.0 | | |
| | 62,392 | | | | CVS Health | | | | | 6,543,673 | | | | | | 0.8 | | |
| | 81,614 | | | | PepsiCo, Inc. | | | | | 7,617,851 | | | | | | 0.9 | | |
| | 85,656 | | | | Philip Morris International, Inc. | | | | | 6,867,041 | | | | | | 0.8 | | |
| | 150,012 | | | | Procter & Gamble Co. | | | | | 11,736,939 | | | | | | 1.4 | | |
| | 87,346 | | | | Wal-Mart Stores, Inc. | | | | | 6,195,452 | | | | | | 0.8 | | |
| | 393,476 | | | | Other Securities | | | | | 27,356,824 | | | | | | 3.4 | | |
| | | | | | | | | | | 80,142,033 | | | | | | 9.8 | | |
| | | | | | Energy: 8.2% | | ||||||||||||
| | 103,977 | | | | Chevron Corp. | | | | | 10,030,661 | | | | | | 1.2 | | |
| | 231,184 | | | | ExxonMobil Corp. | | | | | 19,234,509 | | | | | | 2.4 | | |
| | 70,211 | | | | Schlumberger Ltd. | | | | | 6,051,486 | | | | | | 0.7 | | |
| | 549,120 | | | | Other Securities | | | | | 31,524,196 | | | | | | 3.9 | | |
| | | | | | | | | | | 66,840,852 | | | | | | 8.2 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | | | ||||||||||||||||
| | | | | | Financials: 15.3% | | ||||||||||||
| | 580,685 | | | | Bank of America Corp. | | | | $ | 9,883,259 | | | | | | 1.2 | | |
| | 102,837 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 13,997,144 | | | | | | 1.7 | | |
| | 167,762 | | | | Citigroup, Inc. | | | | | 9,267,173 | | | | | | 1.1 | | |
| | 205,194 | | | | JPMorgan Chase & Co. | | | | | 13,903,945 | | | | | | 1.7 | | |
| | 257,601 | | | | Wells Fargo & Co. | | | | | 14,487,480 | | | | | | 1.8 | | |
| | 910,957 | | | | Other Securities | | | | | 63,058,275 | | | | | | 7.8 | | |
| | | | | | | | | | | 124,597,276 | | | | | | 15.3 | | |
| | | | | | Health Care: 16.9% | | ||||||||||||
| | 96,761 | | | | AbbVie, Inc. | | | | | 6,501,372 | | | | | | 0.8 | | |
| | 21,700 @ | | | | Allergan plc | | | | | 6,585,082 | | | | | | 0.8 | | |
| | 42,040 | | | | Amgen, Inc. | | | | | 6,453,981 | | | | | | 0.8 | | |
| | 13,006 @ | | | | Biogen, Inc. | | | | | 5,253,644 | | | | | | 0.6 | | |
| | 92,174 | | | | Bristol-Myers Squibb Co. | | | | | 6,133,258 | | | | | | 0.8 | | |
| | 43,855 @ | | | | Celgene Corp. | | | | | 5,075,558 | | | | | | 0.6 | | |
| | 81,263 | | | | Gilead Sciences, Inc. | | | | | 9,514,272 | | | | | | 1.2 | | |
| | 153,329 | | | | Johnson & Johnson | | | | | 14,943,444 | | | | | | 1.8 | | |
| | 78,793 | | | | Medtronic PLC | | | | | 5,838,561 | | | | | | 0.7 | | |
| | 156,223 | | | | Merck & Co., Inc. | | | | | 8,893,775 | | | | | | 1.1 | | |
| | 340,483 | | | | Pfizer, Inc. | | | | | 11,416,395 | | | | | | 1.4 | | |
| | 52,637 | | | | UnitedHealth Group, Inc. | | | | | 6,421,714 | | | | | | 0.8 | | |
| | 425,264 | | | | Other Securities | | | | | 44,637,440 | | | | | | 5.5 | | |
| | | | | | | | | | | 137,668,496 | | | | | | 16.9 | | |
| | | | | | Industrials: 9.6% | | ||||||||||||
| | 35,074 | | | | 3M Co. | | | | | 5,411,918 | | | | | | 0.7 | | |
| | 38,237 | | | | Boeing Co. | | | | | 5,304,236 | | | | | | 0.6 | | |
| | 557,128 | | | | General Electric Co. | | | | | 14,802,891 | | | | | | 1.8 | | |
| | 49,219 | | | | United Technologies Corp. | | | | | 5,459,864 | | | | | | 0.7 | | |
| | 568,129 | | | | Other Securities | | | | | 47,364,166 | | | | | | 5.8 | | |
| | | | | | | | | | | 78,343,075 | | | | | | 9.6 | | |
| | | | | | Information Technology: 20.8% | | ||||||||||||
| | 318,549 | | | | Apple, Inc. | | | | | 39,954,008 | | | | | | 4.9 | | |
| | 281,218 | | | | Cisco Systems, Inc. | | | | | 7,722,246 | | | | | | 0.9 | | |
| | 119,653 @ | | | | Facebook, Inc. | | | | | 10,262,039 | | | | | | 1.3 | | |
| | 15,940 @ | | | | Google, Inc. - Class A | | | | | 8,608,238 | | | | | | 1.1 | | |
| | 16,266 | | | | Google, Inc. - Class C | | | | | 8,466,616 | | | | | | 1.0 | | |
| | 50,209 | | | | International Business Machines Corp. | | | | | 8,166,996 | | | | | | 1.0 | | |
| | 262,304 | | | | Intel Corp. | | | | | 7,977,976 | | | | | | 1.0 | | |
| | 55,273 | | | | Mastercard, Inc. | | | | | 5,166,920 | | | | | | 0.6 | | |
| | 447,307 | | | | Microsoft Corp. | | | | | 19,748,604 | | | | | | 2.4 | | |
| | 175,184 | | | | Oracle Corp. | | | | | 7,059,915 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
91
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | | | |||||||||||||||||||
| | | | | | Information Technology (continued) | | |||||||||||||||
| | 90,136 | | | | Qualcomm, Inc. | | | | $ | 5,645,218 | | | | | | 0.7 | | | |||
| | 108,237 | | | | Visa, Inc. | | | | | 7,268,115 | | | | | | 0.9 | | | |||
| | 721,508 | | | | Other Securities | | | | | 33,517,196 | | | | | | 4.1 | | | |||
| | | | | | | | | | | 169,564,087 | | | | | | 20.8 | | | |||
| | | | | | Materials: 2.3% | | |||||||||||||||
| | 225,176 | | | | Other Securities(a) | | | | | 18,564,212 | | | | | | 2.3 | | | |||
| | | | | | Telecommunication Services: 2.6% | | |||||||||||||||
| | 287,143 | | | | AT&T, Inc. | | | | | 10,199,320 | | | | | | 1.2 | | | |||
| | 225,513 | | | | Verizon Communications, Inc. | | | | | 10,511,161 | | | | | | 1.3 | | | |||
| | 15,177 | | | | Other Securities | | | | | 588,412 | | | | | | 0.1 | | | |||
| | | | | | | | | | | 21,298,893 | | | | | | 2.6 | | | |||
| | | | | | Utilities: 1.7% | | |||||||||||||||
| | 247,101 | | | | Other Securities | | | | | 13,641,537 | | | | | | 1.7 | | | |||
| | | | | | Total Common Stock (Cost $366,085,518) | | | | | 806,499,238 | | | | | | 99.0 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.0% | | ||||||||||||
| | 793 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $793, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $809, due 07/15/15-05/20/65) | | | | | 793 | | | | | | 0.0 | | |
| | 183,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $183,001, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $186,660, due 01/15/17-08/15/42) | | | | | 183,000 | | | | | | 0.0 | | |
| | | | | | | | | | | 183,793 | | | | | | 0.0 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | 6,973,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $6,973,000) | | | | $ | 6,973,000 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $7,156,793) | | | | | 7,156,793 | | | | | | 0.9 | | | |||
| | | | | | Total Investments in Securities (Cost $373,242,311) | | | | $ | 813,656,031 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 408,409 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 814,064,440 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $377,569,975.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 442,748,211 | | | |
| Gross Unrealized Depreciation | | | | | (6,662,155) | | | |
| Net Unrealized Appreciation | | | | $ | 436,086,056 | | | |
|
See Accompanying Notes to Financial Statements
92
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 806,499,238 | | | | | $ | — | | | | | $ | — | | | | | $ | 806,499,238 | | | ||||
Short-Term Investments | | | | | 6,973,000 | | | | | | 183,793 | | | | | | — | | | | | | 7,156,793 | | | ||||
Total Investments, at fair value | | | | $ | 813,472,238 | | | | | $ | 183,793 | | | | | $ | — | | | | | $ | 813,656,031 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (115,020) | | | | | $ | — | | | | | $ | — | | | | | $ | (115,020) | | | ||||
Total Liabilities | | | | $ | (115,020) | | | | | $ | — | | | | | $ | — | | | | | $ | (115,020) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||
S&P 500 E-Mini | | | | | 79 | | | | | | 09/18/15 | | | | | $ | 8,114,880 | | | | | $ | (115,020) | | |
| | | | | | | | | | | | | | | | $ | 8,114,880 | | | | | $ | (115,020) | | |
| | | | | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | | | | | | | | |
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 115,020 | | | |
Total Liability Derivatives | | | | | | | $ | 115,020 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 1,328,281 | | | |
Total | | | | $ | 1,328,281 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (642,726) | | | |
Total | | | | $ | (642,726) | | | |
|
See Accompanying Notes to Financial Statements
93
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Value Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 28.1% | |
| Energy | | | 15.7% | |
| Health Care | | | 13.9% | |
| Information Technology | | | 11.6% | |
| Industrials | | | 10.1% | |
| Consumer Staples | | | 7.9% | |
| Consumer Discretionary | | | 4.0% | |
| Utilities | | | 3.4% | |
| Telecommunication Services | | | 2.9% | |
| Materials | | | 1.3% | |
| Assets in Excess of Other Liabilities* | | | 1.1% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.9% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 4.0% | | ||||||||||||
| | | 109,303 | | | | Ford Motor Co. | | | | $ | 1,640,638 | | | | | | 0.8 | | |
| | | 44,995 | | | | General Motors Co. | | | | | 1,499,684 | | | | | | 0.7 | | |
| | | 16,391 | | | | Target Corp. | | | | | 1,337,997 | | | | | | 0.7 | | |
| | | 71,187 | | | | Other Securities | | | | | 3,681,623 | | | | | | 1.8 | | |
| | | | | | | | | | | | 8,159,942 | | | | | | 4.0 | | |
| | | | | | | Consumer Staples: 7.9% | | ||||||||||||
| | | 45,538 | | | | Mondelez International, Inc. | | | | | 1,873,433 | | | | | | 0.9 | | |
| | | 21,772 | | | | Philip Morris International, Inc. | | | | | 1,745,461 | | | | | | 0.9 | | |
| | | 75,950 | | | | Procter & Gamble Co. | | | | | 5,942,328 | | | | | | 2.9 | | |
| | | 20,434 | | | | Walgreens Boots Alliance, Inc. | | | | | 1,725,447 | | | | | | 0.9 | | |
| | | 44,219 | | | | Wal-Mart Stores, Inc. | | | | | 3,136,454 | | | | | | 1.5 | | |
| | | 28,146 | | | | Other Securities | | | | | 1,665,595 | | | | | | 0.8 | | |
| | | | | | | | | | | | 16,088,718 | | | | | | 7.9 | | |
| | | | | | | Energy: 15.7% | | ||||||||||||
| | | 52,644 | | | | Chevron Corp. | | | | | 5,078,567 | | | | | | 2.5 | | |
| | | 34,517 | | | | ConocoPhillips | | | | | 2,119,689 | | | | | | 1.0 | | |
| | | 14,046 | | | | EOG Resources, Inc. | | | | | 1,229,727 | | | | | | 0.6 | | |
| | | 117,049 | | | | ExxonMobil Corp. | | | | | 9,738,477 | | | | | | 4.8 | | |
| | | 49,986 | | | | Kinder Morgan, Inc. | | | | | 1,918,962 | | | | | | 0.9 | | |
| | | 21,502 | | | | Occidental Petroleum Corp. | | | | | 1,672,210 | | | | | | 0.8 | | |
| | | 15,163 | | | | Phillips 66 | | | | | 1,221,531 | | | | | | 0.6 | | |
| | | 31,246 | | | | Schlumberger Ltd. | | | | | 2,693,093 | | | | | | 1.3 | | |
| | | 119,381 | | | | Other Securities | | | | | 6,419,954 | | | | | | 3.2 | | |
| | | | | | | | | | | | 32,092,210 | | | | | | 15.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials: 28.1% | | ||||||||||||
| | | 37,329 | | | | American International Group, Inc. | | | | $ | 2,307,679 | | | | | | 1.1 | | |
| | | 19,500 | | | | American Express Co. | | | | | 1,515,540 | | | | | | 0.7 | | |
| | | 294,006 | | | | Bank of America Corp. | | | | | 5,003,982 | | | | | | 2.5 | | |
| | | 48,682 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 6,626,107 | | | | | | 3.3 | | |
| | | 15,298 | | | | Capital One Financial Corp. | | | | | 1,345,765 | | | | | | 0.7 | | |
| | | 84,939 | | | | Citigroup, Inc. | | | | | 4,692,030 | | | | | | 2.3 | | |
| | | 12,094 | | | | Goldman Sachs Group, Inc. | | | | | 2,525,106 | | | | | | 1.2 | | |
| | | 103,889 | | | | JPMorgan Chase & Co. | | | | | 7,039,519 | | | | | | 3.5 | | |
| | | 26,226 | | | | Metlife, Inc. | | | | | 1,468,394 | | | | | | 0.7 | | |
| | | 42,917 | | | | Morgan Stanley | | | | | 1,664,750 | | | | | | 0.8 | | |
| | | 14,500 | | | | PNC Financial Services Group, Inc. | | | | | 1,386,925 | | | | | | 0.7 | | |
| | | 46,897 | | | | US Bancorp | | | | | 2,035,330 | | | | | | 1.0 | | |
| | | 130,422 | | | | Wells Fargo & Co. | | | | | 7,334,933 | | | | | | 3.6 | | |
| | | 181,318 | | | | Other Securities | | | | | 12,237,582 | | | | | | 6.0 | | |
| | | | | | | | | | | | 57,183,642 | | | | | | 28.1 | | |
| | | | | | | Health Care: 13.9% | | ||||||||||||
| | | 41,679 | | | | Abbott Laboratories | | | | | 2,045,605 | | | | | | 1.0 | | |
| | | 6,021 @ | | | | Allergan plc | | | | | 1,827,133 | | | | | | 0.9 | | |
| | | 67,617 | | | | Johnson & Johnson | | | | | 6,589,953 | | | | | | 3.2 | | |
| | | 39,894 | | | | Medtronic PLC | | | | | 2,956,145 | | | | | | 1.5 | | |
| | | 70,073 | | | | Merck & Co., Inc. | | | | | 3,989,256 | | | | | | 2.0 | | |
| | | 172,381 | | | | Pfizer, Inc. | | | | | 5,779,935 | | | | | | 2.8 | | |
| | | 46,758 | | | | Other Securities | | | | | 5,161,804 | | | | | | 2.5 | | |
| | | | | | | | | | | | 28,349,831 | | | | | | 13.9 | | |
| | | | | | | Industrials: 10.1% | | ||||||||||||
| | | 13,987 | | | | Danaher Corp. | | | | | 1,197,147 | | | | | | 0.6 | | |
| | | 282,070 | | | | General Electric Co. | | | | | 7,494,600 | | | | | | 3.7 | | |
| | | 22,628 | | | | United Technologies Corp. | | | | | 2,510,124 | | | | | | 1.2 | | |
| | | 110,944 | | | | Other Securities | | | | | 9,370,057 | | | | | | 4.6 | | |
| | | | | | | | | | | | 20,571,928 | | | | | | 10.1 | | |
| | | | | | | Information Technology: 11.6% | | ||||||||||||
| | | 142,377 | | | | Cisco Systems, Inc. | | | | | 3,909,672 | | | | | | 1.9 | | |
| | | 49,911 | | | | EMC Corp. | | | | | 1,317,151 | | | | | | 0.6 | | |
| | | 50,885 | | | | Hewlett-Packard Co. | | | | | 1,527,059 | | | | | | 0.8 | | |
| | | 11,313 | | | | International Business Machines Corp. | | | | | 1,840,173 | | | | | | 0.9 | | |
| | | 123,511 | | | | Intel Corp. | | | | | 3,756,587 | | | | | | 1.8 | | |
| | | 98,058 | | | | Microsoft Corp. | | | | | 4,329,261 | | | | | | 2.1 | | |
| | | 35,481 | | | | Oracle Corp. | | | | | 1,429,884 | | | | | | 0.7 | | |
| | | 38,698 | | | | Qualcomm, Inc. | | | | | 2,423,656 | | | | | | 1.2 | | |
See Accompanying Notes to Financial Statements
94
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Value Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Information Technology (continued) | | |||||||||||||||
| | 106,324 | | | | Other Securities | | | | $ | 3,198,873 | | | | | | 1.6 | | | |||
| | | | | | | | | | | 23,732,316 | | | | | | 11.6 | | | |||
| | | | | | Materials: 1.3% | | |||||||||||||||
| | 28,046 | | | | Dow Chemical Co. | | | | | 1,435,114 | | | | | | 0.7 | | | |||
| | 18,200 | | | | Other Securities | | | | | 1,242,181 | | | | | | 0.6 | | | |||
| | | | | | | | | | | 2,677,295 | | | | | | 1.3 | | | |||
| | | | | | Telecommunication Services: 2.9% | | |||||||||||||||
| | 145,376 | | | | AT&T, Inc. | | | | | 5,163,755 | | | | | | 2.5 | | | |||
| | 15,908 | | | | Other Securities | | | | | 681,198 | | | | | | 0.4 | | | |||
| | | | | | | | | | | 5,844,953 | | | | | | 2.9 | | | |||
| | | | | | Utilities: 3.4% | | |||||||||||||||
| | 19,359 | | | | Duke Energy Corp. | | | | | 1,367,133 | | | | | | 0.7 | | | |||
| | 12,434 | | | | NextEra Energy, Inc. | | | | | 1,218,905 | | | | | | 0.6 | | | |||
| | 92,478 | | | | Other Securities | | | | | 4,264,858 | | | | | | 2.1 | | | |||
| | | | | | | | | | | 6,850,896 | | | | | | 3.4 | | | |||
| | | | | | Total Common Stock | | | | |||||||||||||
| | | | | | (Cost $145,465,189) | | | | | 201,551,731 | | | | | | 98.9 | | | |||
SHORT-TERM INVESTMENTS: 0.9% | | |||||||||||||||||||||
| | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | 1,910,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $1,910,000) | | | | | 1,910,000 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $1,910,000) | | | | | 1,910,000 | | | | | | 0.9 | | | |||
|
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
| | | Total Investments in Securities | | | | ||||||||||||
| | | (Cost $147,375,189) | | | | $ | 203,461,731 | | | | | | 99.8 | | | ||
| | | Assets in Excess of Other Liabilities | | | | | 499,767 | | | | | | 0.2 | | | ||
| | | Net Assets | | | | $ | 203,961,498 | | | | | | 100.0 | | | ||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
Cost for federal income tax purposes is $150,972,048.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 57,149,331 | | | |
| Gross Unrealized Depreciation | | | | | (4,659,648) | | | |
| Net Unrealized Appreciation | | | | $ | 52,489,683 | | | |
|
See Accompanying Notes to Financial Statements
95
Voya Russell™ Large Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Value Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 201,551,731 | | | | | $ | — | | | | | $ | — | | | | | $ | 201,551,731 | | | ||||
Short-Term Investments | | | | | 1,910,000 | | | | | | — | | | | | | — | | | | | | 1,910,000 | | | ||||
Total Investments, at fair value | | | | $ | 203,461,731 | | | | | $ | — | | | | | $ | — | | | | | $ | 203,461,731 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (43,504) | | | | | $ | — | | | | | $ | — | | | | | $ | (43,504) | | | ||||
Total Liabilities | | | | $ | (43,504) | | | | | $ | — | | | | | $ | — | | | | | $ | (43,504) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P 500 E-Mini | | | | | 26 | | | | | | 09/18/15 | | | | | $ | 2,670,720 | | | | | $ | (43,504) | | | ||||
| | | | | | | | | | | | | | | | $ | 2,670,720 | | | | | $ | (43,504) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 43,504 | | | |
Total Liability Derivatives | | | | | | | $ | 43,504 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 229,469 | | | |
Total | | | | $ | 229,469 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (170,740) | | | |
Total | | | | $ | (170,740) | | | |
|
See Accompanying Notes to Financial Statements
96
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Consumer Discretionary | | | 25.1% | |
| Information Technology | | | 19.4% | |
| Industrials | | | 15.4% | |
| Health Care | | | 14.1% | |
| Financials | | | 10.1% | |
| Consumer Staples | | | 7.2% | |
| Materials | | | 5.2% | |
| Energy | | | 1.1% | |
| Telecommunication Services | | | 0.4% | |
| Utilities | | | 0.1% | |
| Assets in Excess of Other Liabilities* | | | 1.9% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.1% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 25.1% | | ||||||||||||
| | 3,697 @ | | | | Autozone, Inc. | | | | $ | 2,465,529 | | | | | | 0.6 | | |
| | 3,675 @ | | | | Chipotle Mexican Grill, Inc. | | | | | 2,223,338 | | | | | | 0.6 | | |
| | 34,174 @ | | | | Delphi Automotive PLC | | | | | 2,907,866 | | | | | | 0.8 | | |
| | 35,941 | | | | Dollar General Corp. | | | | | 2,794,053 | | | | | | 0.7 | | |
| | 24,401 @ | | | | Dollar Tree, Inc. | | | | | 1,927,435 | | | | | | 0.5 | | |
| | 61,472 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 1,693,554 | | | | | | 0.4 | | |
| | 29,288 | | | | L Brands, Inc. | | | | | 2,510,860 | | | | | | 0.7 | | |
| | 29,151 | | | | Macy’s, Inc. | | | | | 1,966,818 | | | | | | 0.5 | | |
| | 24,800 | | | | Marriott International, Inc. | | | | | 1,844,872 | | | | | | 0.5 | | |
| | 32,392 | | | | McGraw-Hill Cos., Inc. | | | | | 3,253,777 | | | | | | 0.8 | | |
| | 28,915 | | | | Omnicom Group, Inc. | | | | | 2,009,303 | | | | | | 0.5 | | |
| | 11,952 @ | | | | O’Reilly Automotive, Inc. | | | | | 2,700,913 | | | | | | 0.7 | | |
| | 48,973 | | | | Ross Stores, Inc. | | | | | 2,380,578 | | | | | | 0.6 | | |
| | 21,143 @ | | | | Under Armour, Inc. | | | | | 1,764,172 | | | | | | 0.5 | | |
| | 1,506,069 | | | | Other Securities(a) | | | | | 64,691,483 | | | | | | 16.7 | | |
| | | | | | | | | | | 97,134,551 | | | | | | 25.1 | | |
| | | | | | Consumer Staples: 7.2% | | ||||||||||||
| | 16,888 | | | | Brown-Forman Corp. | | | | | 1,725,673 | | | | | | 0.4 | | |
| | 19,360 | | | | Constellation Brands, Inc. | | | | | 2,246,147 | | | | | | 0.6 | | |
| | 23,973 | | | | Mead Johnson Nutrition Co. | | | | | 2,162,844 | | | | | | 0.6 | | |
| | 17,707 @ | | | | Monster Beverage Corp. | | | | | 2,373,092 | | | | | | 0.6 | | |
| | 402,307 | | | | Other Securities(a) | | | | | 19,309,227 | | | | | | 5.0 | | |
| | | | | | | | | | | 27,816,983 | | | | | | 7.2 | | |
| | | | | | Energy: 1.1% | | ||||||||||||
| | 114,088 | | | | Other Securities(a) | | | | | 4,296,718 | | | | | | 1.1 | | |
| | | | | | Financials: 10.1% | | ||||||||||||
| | 17,882 | | | | Ameriprise Financial, Inc. | | | | | 2,233,998 | | | | | | 0.6 | | |
| | 33,355 @ | | | | Aon PLC | | | | | 3,324,826 | | | | | | 0.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 16,576 | | | | Boston Properties, Inc. | | | | $ | 2,006,359 | | | | | | 0.5 | | |
| | 39,502 | | | | Crown Castle International Corp. | | | | | 3,172,010 | | | | | | 0.8 | | |
| | 6,737 | | | | Equinix, Inc. | | | | | 1,711,198 | | | | | | 0.4 | | |
| | 21,010 | | | | Moody’s Corp. | | | | | 2,268,240 | | | | | | 0.6 | | |
| | 30,842 | | | | T. Rowe Price Group, Inc. | | | | | 2,397,349 | | | | | | 0.6 | | |
| | 427,646 | | | | Other Securities(a) | | | | | 21,845,164 | | | | | | 5.7 | | |
| | | | | | | | | | | 38,959,144 | | | | | | 10.1 | | |
| | | | | | Health Care: 14.1% | | ||||||||||||
| | 26,000 | | | | AmerisourceBergen Corp. | | | | | 2,764,840 | | | | | | 0.7 | | |
| | 18,977 @ | | | | BioMarin Pharmaceutical, Inc. | | | | | 2,595,674 | | | | | | 0.7 | | |
| | 35,466 | | | | Cerner Corp. | | | | | 2,449,282 | | | | | | 0.6 | | |
| | 12,729 @ | | | | Edwards Lifesciences Corp. | | | | | 1,812,991 | | | | | | 0.5 | | |
| | 18,514 @ | | | | Incyte Corp., Ltd. | | | | | 1,929,344 | | | | | | 0.5 | | |
| | 4,362 @ | | | | Intuitive Surgical, Inc. | | | | | 2,113,389 | | | | | | 0.5 | | |
| | 59,172 | | | | Zoetis, Inc. | | | | | 2,853,274 | | | | | | 0.7 | | |
| | 527,782 | | | | Other Securities(a) | | | | | 38,166,266 | | | | | | 9.9 | | |
| | | | | | | | | | | 54,685,060 | | | | | | 14.1 | | |
| | | | | | Industrials: 15.4% | | ||||||||||||
| | 37,957 | | | | Paccar, Inc. | | | | | 2,422,036 | | | | | | 0.6 | | |
| | 15,927 | | | | Rockwell Automation, Inc. | | | | | 1,985,141 | | | | | | 0.5 | | |
| | 79,090 | | | | Southwest Airlines Co. | | | | | 2,617,088 | | | | | | 0.7 | | |
| | 43,549 @ | | | | Tyco International Plc | | | | | 1,675,766 | | | | | | 0.5 | | |
| | 45,212 @ | | | | United Continental Holdings, Inc. | | | | | 2,396,688 | | | | | | 0.6 | | |
| | 7,921 | | | | WW Grainger, Inc. | | | | | 1,874,505 | | | | | | 0.5 | | |
| | 763,169 | | | | Other Securities | | | | | 46,509,169 | | | | | | 12.0 | | |
| | | | | | | | | | | 59,480,393 | | | | | | 15.4 | | |
| | | | | | Information Technology: 19.4% | | ||||||||||||
| | 7,344 @ | | | | Alliance Data Systems Corp. | | | | | 2,144,007 | | | | | | 0.6 | | |
| | 36,563 | | | | Amphenol Corp. | | | | | 2,119,557 | | | | | | 0.6 | | |
| | 33,952 | | | | Analog Devices, Inc. | | | | | 2,179,209 | | | | | | 0.6 | | |
| | 37,233 @ | | | | Electronic Arts, Inc. | | | | | 2,475,995 | | | | | | 0.6 | | |
| | 28,024 @ | | | | Fiserv, Inc. | | | | | 2,321,228 | | | | | | 0.6 | | |
| | 10,866 @ | | | | FleetCor Technologies, Inc. | | | | | 1,695,748 | | | | | | 0.4 | | |
| | 32,626 | | | | Intuit, Inc. | | | | | 3,287,722 | | | | | | 0.9 | | |
| | 12,951 @ | | | | LinkedIn Corp. | | | | | 2,676,065 | | | | | | 0.7 | | |
| | 22,618 | | | | Skyworks Solutions, Inc. | | | | | 2,354,534 | | | | | | 0.6 | | |
| | 66,892 @ | | | | Twitter, Inc. | | | | | 2,422,828 | | | | | | 0.6 | | |
| | 1,135,448 | | | | Other Securities(a) | | | | | 51,153,962 | | | | | | 13.2 | | |
| | | | | | | | | | | 74,830,855 | | | | | | 19.4 | | |
| | | | | | Materials: 5.2% | | ||||||||||||
| | 27,854 | | | | CF Industries Holdings, Inc. | | | | | 1,790,455 | | | | | | 0.4 | | |
| | 47,325 | | | | International Paper Co. | | | | | 2,252,197 | | | | | | 0.6 | | |
| | 9,584 | | | | Sherwin-Williams Co. | | | | | 2,635,791 | | | | | | 0.7 | | |
| | 228,478 | | | | Other Securities | | | | | 13,450,888 | | | | | | 3.5 | | |
| | | | | | | | | | | 20,129,331 | | | | | | 5.2 | | |
See Accompanying Notes to Financial Statements
97
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Telecommunication Services: 0.4% | | |||||||||||||||
| | | 26,333 | | | | Other Securities | | | | $ | 1,461,354 | | | | | | 0.4 | | | |||
| | | | | | | Utilities: 0.1% | | |||||||||||||||
| | | 12,195 | | | | Other Securities | | | | | 321,845 | | | | | | 0.1 | | | |||
| | | | | | | Total Common Stock | | | | |||||||||||||
| | | | | | | (Cost $239,785,269) | | | | | 379,116,234 | | | | | | 98.1 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 5.1% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.5% | | ||||||||||||
| | 236,734 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $236,735, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $241,469, due 02/28/17-05/15/44) | | | | | 236,734 | | | | | | 0.0 | | |
| | 1,407,121 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,407,127, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,435,263, due 07/15/15-05/20/65) | | | | | 1,407,121 | | | | | | 0.3 | | |
| | 1,407,121 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,407,128, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,435,257, due 11/15/15-03/01/48) | | | | | 1,407,121 | | | | | | 0.4 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,466,600 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,466,607, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,495,932, due 01/15/17-08/15/42) | | | | $ | 1,466,600 | | | | | | 0.4 | | |
| | 1,407,121 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,407,126, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,435,264, due 07/31/15-05/20/65) | | | | | 1,407,121 | | | | | | 0.4 | | |
| | | | | | | | | | | 5,924,697 | | | | | | 1.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 3.6% | | |||||||||||||||
| | 13,913,001 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $13,913,001) | | | | | 13,913,001 | | | | | | 3.6 | | | |||
| | | | | | Total Short-Term Investments (Cost $19,837,698) | | | | | 19,837,698 | | | | | | 5.1 | | | |||
| | | | | | Total Investments in Securities (Cost $259,622,967) | | | | $ | 398,953,932 | | | | | | 103.2 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (12,396,362) | | | | | | (3.2) | | | |||
| | | | | | Net Assets | | | | $ | 386,557,570 | | | | | | 100.0 | | | |||
|
See Accompanying Notes to Financial Statements
98
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $260,021,202.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 142,722,650 | | | |
| Gross Unrealized Depreciation | | | | | (3,789,920) | | | |
| Net Unrealized Appreciation | | | | $ | 138,932,730 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 379,116,234 | | | | | $ | — | | | | | $ | — | | | | | $ | 379,116,234 | | | ||||
Short-Term Investments | | | | | 13,913,001 | | | | | | 5,924,697 | | | | | | — | | | | | | 19,837,698 | | | ||||
Total Investments, at fair value | | | | $ | 393,029,235 | | | | | $ | 5,924,697 | | | | | $ | — | | | | | $ | 398,953,932 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (175,337) | | | | | $ | — | | | | | $ | — | | | | | $ | (175,337) | | | ||||
Total Liabilities | | | | $ | (175,337) | | | | | $ | — | | | | | $ | — | | | | | $ | (175,337) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P Mid 400 E-Mini | | | | | 69 | | | | | | 09/18/15 | | | | | $ | 10,336,890 | | | | | $ | (175,337) | | | ||||
| | | | | | | | | | | | | | | | $ | 10,336,890 | | | | | $ | (175,337) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 175,337 | | | |
Total Liability Derivatives | | | | | | | $ | 175,337 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
See Accompanying Notes to Financial Statements
99
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 1,013,366 | | | |
Total | | | | $ | 1,013,366 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (321,887) | | | |
Total | | | | $ | (321,887) | | | |
|
See Accompanying Notes to Financial Statements
100
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 21.0% | |
| Consumer Discretionary | | | 16.8% | |
| Information Technology | | | 14.2% | |
| Industrials | | | 12.7% | |
| Health Care | | | 10.5% | |
| Materials | | | 5.9% | |
| Energy | | | 5.5% | |
| Utilities | | | 5.4% | |
| Consumer Staples | | | 5.4% | |
| Telecommunication Services | | | 1.0% | |
| Assets in Excess of Other Liabilities* | | | 1.6% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.4% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 16.8% | | ||||||||||||
| | 10,664 @ | | | | Autozone, Inc. | | | | $ | 7,111,822 | | | | | | 0.3 | | |
| | 10,599 @ | | | | Chipotle Mexican Grill, Inc. | | | | | 6,412,289 | | | | | | 0.3 | | |
| | 98,573 @ | | | | Delphi Automotive PLC | | | | | 8,387,577 | | | | | | 0.4 | | |
| | 103,689 | | | | Dollar General Corp. | | | | | 8,060,783 | | | | | | 0.4 | | |
| | 84,467 | | | | L Brands, Inc. | | | | | 7,241,356 | | | | | | 0.3 | | |
| | 161,370 | | | | Liberty Interactive Corp. QVC Group | | | | | 4,478,017 | | | | | | 0.2 | | |
| | 35,678 | | | | Liberty Media Corp. - A | | | | | 1,285,835 | | | | | | 0.1 | | |
| | 68,445 | | | | Liberty Media Corp. - C | | | | | 2,457,175 | | | | | | 0.1 | | |
| | 116,620 | | | | Macy’s, Inc. | | | | | 7,868,351 | | | | | | 0.4 | | |
| | 93,450 | | | | McGraw-Hill Cos., Inc. | | | | | 9,387,053 | | | | | | 0.4 | | |
| | 34,480 @ | | | | O’Reilly Automotive, Inc. | | | | | 7,791,790 | | | | | | 0.3 | | |
| | 141,277 | | | | Ross Stores, Inc. | | | | | 6,867,475 | | | | | | 0.3 | | |
| | 7,236,539 | | | | Other Securities(a) | | | | | 295,462,911 | | | | | | 13.3 | | |
| | | | | | | | | | | 372,812,434 | | | | | | 16.8 | | |
| | | | | | Consumer Staples: 5.4% | | ||||||||||||
| | 145,798 | | | | ConAgra Foods, Inc. | | | | | 6,374,289 | | | | | | 0.3 | | |
| | 55,852 | | | | Constellation Brands, Inc. | | | | | 6,479,949 | | | | | | 0.3 | | |
| | 51,077 @ | | | | Monster Beverage Corp. | | | | | 6,845,339 | | | | | | 0.3 | | |
| | 202,685 | | | | Sysco Corp. | | | | | 7,316,928 | | | | | | 0.3 | | |
| | 1,897,266 | | | | Other Securities(a) | | | | | 93,216,387 | | | | | | 4.2 | | |
| | | | | | | | | | | 120,232,892 | | | | | | 5.4 | | |
| | | | | | Energy: 5.5% | | ||||||||||||
| | 132,416 | | | | National Oilwell Varco, Inc. | | | | | 6,393,044 | | | | | | 0.3 | | |
| | 50,975 | | | | Pioneer Natural Resources Co. | | | | | 7,069,723 | | | | | | 0.3 | | |
| | 3,512,767 | | | | Other Securities(a) | | | | | 109,433,362 | | | | | | 4.9 | | |
| | | | | | | | | | | 122,896,129 | | | | | | 5.5 | | |
| | | | | | Financials: 21.0% | | ||||||||||||
| | 61,928 | | | | Ameriprise Financial, Inc. | | | | | 7,736,665 | | | | | | 0.4 | | |
| | 96,219 @ | | | | Aon PLC | | | | | 9,591,110 | | | | | | 0.4 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 45,132 | | | | AvalonBay Communities, Inc. | | | | $ | 7,215,253 | | | | | | 0.3 | | |
| | | 113,942 | | | | Crown Castle International Corp. | | | | | 9,149,543 | | | | | | 0.4 | | |
| | | 119,686 | | | | Health Care REIT, Inc. | | | | | 7,854,992 | | | | | | 0.4 | | |
| | | 38,002 | | | | Intercontinental Exchange, Inc. | | | | | 8,497,627 | | | | | | 0.4 | | |
| | | 60,603 | | | | Moody’s Corp. | | | | | 6,542,700 | | | | | | 0.3 | | |
| | | 178,910 | | | | ProLogis, Inc. | | | | | 6,637,561 | | | | | | 0.3 | | |
| | | 176,251 | | | | SunTrust Bank | | | | | 7,582,318 | | | | | | 0.3 | | |
| | | 88,956 | | | | T. Rowe Price Group, Inc. | | | | | 6,914,550 | | | | | | 0.3 | | |
| | | 112,962 | | | | Ventas, Inc. | | | | | 7,013,811 | | | | | | 0.3 | | |
| | | 78,152 ** | | | | Voya Financial, Inc. | | | | | 3,631,723 | | | | | | 0.2 | | |
| | | 11,619,073 | | | | Other Securities(a) | | | | | 377,253,834 | | | | | | 17.0 | | |
| | | | | | | | | | | | 465,621,687 | | | | | | 21.0 | | |
| | | | | | | Health Care: 10.5% | | ||||||||||||
| | | 74,990 | | | | AmerisourceBergen Corp. | | | | | 7,974,437 | | | | | | 0.4 | | |
| | | 54,739 @ | | | | BioMarin Pharmaceutical, Inc. | | | | | 7,487,200 | | | | | | 0.3 | | |
| | | 457,757 @ | | | | Boston Scientific Corp. | | | | | 8,102,299 | | | | | | 0.4 | | |
| | | 102,296 @ | | | | Cerner Corp. | | | | | 7,064,562 | | | | | | 0.3 | | |
| | | 49,934 @ | | | | Perrigo Co. PLC | | | | | 9,229,301 | | | | | | 0.4 | | |
| | | 95,990 | | | | St. Jude Medical, Inc. | | | | | 7,013,989 | | | | | | 0.3 | | |
| | | 170,695 | | | | Zoetis, Inc. | | | | | 8,230,913 | | | | | | 0.4 | | |
| | | 2,372,609 | | | | Other Securities(a) | | | | | 176,780,854 | | | | | | 8.0 | | |
| | | | | | | | | | | | 231,883,555 | | | | | | 10.5 | | |
| | | | | | | Industrials: 12.7% | | ||||||||||||
| | | 121,122 | | | | Paccar, Inc. | | | | | 7,728,795 | | | | | | 0.4 | | |
| | | 228,127 | | | | Southwest Airlines Co. | | | | | 7,548,723 | | | | | | 0.3 | | |
| | | 130,408 @ | | | | United Continental Holdings, Inc. | | | | | 6,912,928 | | | | | | 0.3 | | |
| | | 4,610,619 | | | | Other Securities(a) | | | | | 260,352,886 | | | | | | 11.7 | | |
| | | | | | | | | | | | 282,543,332 | | | | | | 12.7 | | |
| | | | | | | Information Technology: 14.2% | | ||||||||||||
| | | 107,058 | | | | Analog Devices, Inc. | | | | | 6,871,517 | | | | | | 0.3 | | |
| | | 420,481 | | | | Applied Materials, Inc. | | | | | 8,081,645 | | | | | | 0.4 | | |
| | | 107,416 @ | | | | Electronic Arts, Inc. | | | | | 7,143,164 | | | | | | 0.3 | | |
| | | 80,841 @ | | | | Fiserv, Inc. | | | | | 6,696,060 | | | | | | 0.3 | | |
| | | 94,114 | | | | Intuit, Inc. | | | | | 9,483,868 | | | | | | 0.4 | | |
| | | 37,357 @ | | | | LinkedIn Corp. | | | | | 7,719,077 | | | | | | 0.3 | | |
| | | 65,249 | | | | Skyworks Solutions, Inc. | | | | | 6,792,421 | | | | | | 0.3 | | |
| | | 192,960 @ | | | | Twitter, Inc. | | | | | 6,989,011 | | | | | | 0.3 | | |
| | | 6,704,571 | | | | Other Securities(a) | | | | | 256,468,588 | | | | | | 11.6 | | |
| | | | | | | | | | | | 316,245,351 | | | | | | 14.2 | | |
| | | | | | | Materials: 5.9% | | ||||||||||||
| | | 355,117 | | | | Freeport-McMoRan, Inc. | | | | | 6,612,279 | | | | | | 0.3 | | |
| | | 143,716 | | | | International Paper Co. | | | | | 6,839,444 | | | | | | 0.3 | | |
| | | 27,647 | | | | Sherwin-Williams Co. | | | | | 7,603,478 | | | | | | 0.3 | | |
| | | 2,467,270 | | | | Other Securities | | | | | 110,345,594 | | | | | | 5.0 | | |
| | | | | | | | | | | | 131,400,795 | | | | | | 5.9 | | |
| | | | | | | Telecommunication Services: 1.0% | | ||||||||||||
| | | 1,016,935 | | | | Other Securities | | | | | 21,159,146 | | | | | | 1.0 | | |
See Accompanying Notes to Financial Statements
101
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Utilities: 5.4% | | |||||||||||||||
| | 228,119 | | | | PPL Corp. | | | | $ | 6,722,667 | | | | | | 0.3 | | | |||
| | 172,687 | | | | Public Service Enterprise Group, Inc. | | | | | 6,783,145 | | | | | | 0.3 | | | |||
| | 84,531 | | | | Sempra Energy | | | | | 8,363,497 | | | | | | 0.4 | | | |||
| | 2,803,152 | | | | Other Securities | | | | | 98,762,483 | | | | | | 4.4 | | | |||
| | | | | | | | | | | 120,631,792 | | | | | | 5.4 | | | |||
| | | | | | Total Common Stock (Cost $1,243,332,913) | | | | | 2,185,427,113 | | | | | | 98.4 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.2% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.0% | | ||||||||||||
| | 5,086,465 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $5,086,486, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $5,188,194, due 07/15/15-05/20/65) | | | | | 5,086,465 | | | | | | 0.2 | | |
| | 3,485,726 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $3,485,743, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $3,555,423, due 11/15/15-03/01/48) | | | | | 3,485,726 | | | | | | 0.2 | | |
| | 5,248,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $5,248,024, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $5,352,960, due 01/15/17-08/ 15/42) | | | | | 5,248,000 | | | | | | 0.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 5,086,465 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $5,086,485, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $5,188,196, due 07/31/15-05/20/65) | | | | $ | 5,086,465 | | | | | | 0.2 | | |
| | 2,509,963 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $2,509,977, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,561,123, due 01/15/17-01/ 15/29) | | | | | 2,509,963 | | | | | | 0.1 | | |
| | | | | | | | | | | 21,416,619 | | | | | | 1.0 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.2% | | |||||||||||||||
| | 26,466,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,466,000) | | | | | 26,466,000 | | | | | | 1.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $47,882,619) | | | | | 47,882,619 | | | | | | 2.2 | | | |||
| | | | | | Total Investments in Securities (Cost $1,291,215,532) | | | | $ | 2,233,309,732 | | | | | | 100.6 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (13,118,215) | | | | | | (0.6) | | | |||
| | | | | | Net Assets | | | | $ | 2,220,191,517 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
See Accompanying Notes to Financial Statements
102
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
**
Investment in affiliate
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $1,299,996,214.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 988,716,823 | | | |
| Gross Unrealized Depreciation | | | | | (55,403,305) | | | |
| Net Unrealized Appreciation | | | | $ | 933,313,518 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 2,185,427,113 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,185,427,113 | | | ||||
Short-Term Investments | | | | | 26,466,000 | | | | | | 21,416,619 | | | | | | — | | | | | | 47,882,619 | | | ||||
Total Investments, at fair value | | | | $ | 2,211,893,113 | | | | | $ | 21,416,619 | | | | | $ | — | | | | | $ | 2,233,309,732 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (598,668) | | | | | $ | — | | | | | $ | — | | | | | $ | (598,668) | | | ||||
Total Liabilities | | | | $ | (598,668) | | | | | $ | — | | | | | $ | — | | | | | $ | (598,668) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P Mid 400 E-Mini | | | | | 236 | | | | | | 09/18/15 | | | | | $ | 35,355,160 | | | | | $ | (598,668) | | | ||||
| | | | | | | | | | | | | | | | $ | 35,355,160 | | | | | $ | (598,668) | | | ||||
|
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended June 30, 2015, where the following issuers were considered an affiliate:
Issuer | | | Beginning Fair Value at 12/31/14 | | | Purchases at Cost | | | Sales at Cost | | | Change in Unrealized Appreciation/ (Depreciation) | | | Ending Fair Value at 6/30/2015 | | | Investment Income | | | Realized Gains/(Losses) | | | Net Capital Gain Distributions | | ||||||||||||||||||||||||||||||||
Voya Financial, Inc. | | | | $ | 2,035,893 | | | | | $ | 1,634,794 | | | | | $ | (148,323) | | | | | $ | 109,359 | | | | | $ | 3,631,723 | | | | | $ | 920 | | | | | $ | 27,536 | | | | | $ | — | | | ||||||||
| | | | $ | 2,035,893 | | | | | $ | 1,634,794 | | | | | $ | (148,323) | | | | | $ | 109,359 | | | | | $ | 3,631,723 | | | | | $ | 920 | | | | | $ | 27,536 | | | | | $ | — | | | ||||||||
|
See Accompanying Notes to Financial Statements
103
Voya Russell™ Mid Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 598,668 | | | |
Total Liability Derivatives | | | | | | | $ | 598,668 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 3,210,012 | | | |
Total | | | | $ | 3,210,012 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (1,444,865) | | | |
Total | | | | $ | (1,444,865) | | | |
|
See Accompanying Notes to Financial Statements
104
Voya Russell™ Small Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 23.7% | |
| Information Technology | | | 16.3% | |
| Health Care | | | 15.4% | |
| Consumer Discretionary | | | 14.1% | |
| Industrials | | | 12.7% | |
| Materials | | | 3.9% | |
| Energy | | | 3.7% | |
| Utilities | | | 3.1% | |
| Consumer Staples | | | 3.0% | |
| Telecommunication Services | | | 0.9% | |
| Telecommunications | | | 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. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 96.8% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 14.1% | | ||||||||||||
| | 35,788 @ | | | | Burlington Stores, Inc. | | | | $ | 1,832,346 | | | | | | 0.2 | | |
| | 20,538 | | | | Jack in the Box, Inc. | | | | | 1,810,630 | | | | | | 0.2 | | |
| | 30,010 @ | | | | Tenneco, Inc. | | | | | 1,723,774 | | | | | | 0.2 | | |
| | 19,660 | | | | Vail Resorts, Inc. | | | | | 2,146,872 | | | | | | 0.2 | | |
| | 5,062,169 | | | | Other Securities(a) | | | �� | | 131,904,166 | | | | | | 13.3 | | |
| | | | | | | | | | | 139,417,788 | | | | | | 14.1 | | |
| | | | | | Consumer Staples: 3.0% | | ||||||||||||
| | 20,073 | | | | Casey’s General Stores, Inc. | | | | | 1,921,789 | | | | | | 0.2 | | |
| | 23,236 @ | | | | TreeHouse Foods, Inc. | | | | | 1,882,813 | | | | | | 0.2 | | |
| | 831,895 | | | | Other Securities(a) | | | | | 26,293,404 | | | | | | 2.6 | | |
| | | | | | | | | | | 30,098,006 | | | | | | 3.0 | | |
| | | | | | Energy: 3.7% | | ||||||||||||
| | 23,500 | | | | SemGroup Corp. - Class A | | | | | 1,867,780 | | | | | | 0.2 | | |
| | 3,667,041 | | | | Other Securities(a) | | | | | 35,178,510 | | | | | | 3.5 | | |
| | | | | | | | | | | 37,046,290 | | | | | | 3.7 | | |
| | | | | | Financials: 23.7% | | ||||||||||||
| | 40,560 | | | | Bank of the Ozarks, Inc. | | | | | 1,855,620 | | | | | | 0.2 | | |
| | 102,150 | | | | CNO Financial Group, Inc. | | | | | 1,874,453 | | | | | | 0.2 | | |
| | 90,982 | | | | CubeSmart | | | | | 2,107,143 | | | | | | 0.2 | | |
| | 32,248 | | | | EPR Properties | | | | | 1,766,545 | | | | | | 0.2 | | |
| | 52,163 | | | | First American Financial Corp. | | | | | 1,940,985 | | | | | | 0.2 | | |
| | 85,532 | | | | FirstMerit Corp. | | | | | 1,781,632 | | | | | | 0.2 | | |
| | 43,488 | | | | Highwoods Properties, Inc. | | | | | 1,737,346 | | | | | | 0.1 | | |
| | 171,658 | | | | Investors Bancorp, Inc. | | | | | 2,111,393 | | | | | | 0.2 | | |
| | 53,300 | | | | LaSalle Hotel Properties | | | | | 1,890,018 | | | | | | 0.2 | | |
| | 20,053 | | | | MarketAxess Holdings, Inc. | | | | | 1,860,317 | | | | | | 0.2 | | |
| | 177,290 @ | | | | MGIC Investment Corp. | | | | | 2,017,560 | | | | | | 0.2 | | |
| | 34,920 | | | | Prosperity Bancshares, Inc. | | | | | 2,016,281 | | | | | | 0.2 | | |
| | 100,750 | | | | Radian Group, Inc. | | | | | 1,890,070 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 65,681 | | | | RLJ Lodging Trust | | | | $ | 1,955,980 | | | | | | 0.2 | | |
| | | 33,915 @ | | | | Stifel Financial Corp. | | | | | 1,958,252 | | | | | | 0.2 | | |
| | | 98,908 | | | | Umpqua Holdings Corp. | | | | | 1,779,355 | | | | | | 0.2 | | |
| | | 46,823 | | | | Webster Financial Corp. | | | | | 1,851,850 | | | | | | 0.2 | | |
| | | 10,079,177 | | | | Other Securities(a) | | | | | 202,182,868 | | | | | | 20.4 | | |
| | | | | | | | | | | | 234,577,668 | | | | | | 23.7 | | |
| | | | | | | Health Care: 15.4% | | ||||||||||||
| | | 41,164 @ | | | | Acadia Pharmaceuticals, Inc. | | | | | 1,723,948 | | | | | | 0.2 | | |
| | | 36,713 @ | | | | Cepheid, Inc. | | | | | 2,245,000 | | | | | | 0.2 | | |
| | | 75,109 @ | | | | Dyax, Corp. | | | | | 1,990,389 | | | | | | 0.2 | | |
| | | 48,454 | | | | Healthsouth Corp. | | | | | 2,231,791 | | | | | | 0.2 | | |
| | | 37,360 @ | | | | Impax Laboratories, Inc. | | | | | 1,715,571 | | | | | | 0.2 | | |
| | | 41,219 @ | | | | Neurocrine Biosciences, Inc. | | | | | 1,968,619 | | | | | | 0.2 | | |
| | | 28,759 @ | | | | Parexel International Corp. | | | | | 1,849,491 | | | | | | 0.2 | | |
| | | 29,603 | | | | Steris Corp. | | | | | 1,907,617 | | | | | | 0.2 | | |
| | | 35,831 @ | | | | Team Health Holdings, Inc. | | | | | 2,340,839 | | | | | | 0.2 | | |
| | | 17,754 @ | | | | Ultragenyx Pharmaceutical, Inc. | | | | | 1,817,832 | | | | | | 0.2 | | |
| | | 23,838 @ | | | | WellCare Health Plans, Inc. | | | | | 2,022,178 | | | | | | 0.2 | | |
| | | 35,912 | | | | West Pharmaceutical Services, Inc. | | | | | 2,085,769 | | | | | | 0.2 | | |
| | | 7,438,229 | | | | Other Securities(a) | | | | | 128,356,080 | | | | | | 13.0 | | |
| | | | | | | | | | | | 152,255,124 | | | | | | 15.4 | | |
| | | | | | | Industrials: 12.7% | | ||||||||||||
| | | 21,768 | | | | Belden CDT, Inc. | | | | | 1,768,215 | | | | | | 0.2 | | |
| | | 23,639 | | | | Curtiss-Wright Corp. | | | | | 1,712,409 | | | | | | 0.2 | | |
| | | 17,603 @ | | | | Teledyne Technologies, Inc. | | | | | 1,857,292 | | | | | | 0.2 | | |
| | | 32,512 | | | | Woodward, Inc. | | | | | 1,787,835 | | | | | | 0.2 | | |
| | | 4,564,996 | | | | Other Securities(a) | | | | | 118,676,264 | | | | | | 11.9 | | |
| | | | | | | | | | | | 125,802,015 | | | | | | 12.7 | | |
| | | | | | | Information Technology: 16.3% | | ||||||||||||
| | | 43,978 @ | | | | Aspen Technology, Inc. | | | | | 2,003,198 | | | | | | 0.2 | | |
| | | 27,666 @ | | | | Cavium, Inc. | | | | | 1,903,697 | | | | | | 0.2 | | |
| | | 21,143 | | | | FEI Co. | | | | | 1,753,389 | | | | | | 0.2 | | |
| | | 32,806 @ | | | | Guidewire Software, Inc. | | | | | 1,736,422 | | | | | | 0.2 | | |
| | | 38,228 @ | | | | Manhattan Associates, Inc. | | | | | 2,280,300 | | | | | | 0.2 | | |
| | | 34,534 | | | | MAXIMUS, Inc. | | | | | 2,269,920 | | | | | | 0.2 | | |
| | | 17,102 @ | | | | Tyler Technologies, Inc. | | | | | 2,212,657 | | | | | | 0.2 | | |
| | | 29,517 @ | | | | Verint Systems, Inc. | | | | | 1,793,010 | | | | | | 0.2 | | |
| | | 7,015,624 | | | | Other Securities(a) | | | | | 146,070,429 | | | | | | 14.7 | | |
| | | | | | | | | | | | 162,023,022 | | | | | | 16.3 | | |
| | | | | | | Materials: 3.9% | | ||||||||||||
| | | 53,359 @ | | | | Berry Plastics Group, Inc. | | | | | 1,728,832 | | | | | | 0.2 | | |
| | | 1,867,176 | | | | Other Securities(a) | | | | | 37,081,863 | | | | | | 3.7 | | |
| | | | | | | | | | | | 38,810,695 | | | | | | 3.9 | | |
| | | | | | | Telecommunication Services: 0.9% | | ||||||||||||
| | | 1,072,055 | | | | Other Securities(a) | | | | | 8,801,296 | | | | | | 0.9 | | |
| | | | | | | Telecommunications: 0.0% | | ||||||||||||
| | | 18,949 | | | | Other Securities | | | | | 156,519 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
105
Voya Russell™ Small Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities: 3.1% | | |||||||||||||||
| | | 62,294 @ | | | | Dynegy, Inc. | | | | $ | 1,822,099 | | | | | | 0.2 | | | |||
| | | 911,635 | | | | Other Securities(a) | | | | | 29,369,719 | | | | | | 2.9 | | | |||
| | | | | | | | | | | | 31,191,818 | | | | | | 3.1 | | | |||
| | | | | | | Total Common Stock (Cost $625,030,121) | | | | | 960,180,241 | | | | | | 96.8 | | | |||
| RIGHTS: —% | | |||||||||||||||||||||
| | | | | | | Health Care: —% | | |||||||||||||||
| | | — | | | | Other Securities | | | | | — | | | | | | — | | | |||
| | | | | | | Total Rights (Cost $—) | | | | | — | | | | | | — | | | |||
| WARRANTS: 0.0% | | |||||||||||||||||||||
| | | | | | | Energy: 0.0% | | |||||||||||||||
| | | 11,987 | | | | Other Securities | | | | | 496 | | | | | | 0.0 | | | |||
| | | | | | | Total Warrants (Cost $—) | | | | | 496 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $625,030,121) | | | | | 960,180,737 | | | | | | 96.8 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 8.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 5.6% | | ||||||||||||
| | 13,253,018 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $13,253,072, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $13,518,079, due 07/15/15-05/20/65) | | | | | 13,253,018 | | | | | | 1.3 | | |
| | 9,704,996 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $9,705,044, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $9,899,048, due 11/15/15-03/01/48) | | | | | 9,704,996 | | | | | | 1.0 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 13,321,100 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $13,321,162, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $13,587,522, due 01/15/17-08/15/42) | | | | $ | 13,321,100 | | | | | | 1.4 | | |
| | 13,253,018 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $13,253,069, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $13,518,082, due 07/31/15-05/20/65) | | | | | 13,253,018 | | | | | | 1.3 | | |
| | 6,269,854 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $6,269,888, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $6,397,652, due 01/15/17-01/15/29) | | | | | 6,269,854 | | | | | | 0.6 | | |
| | | | | | | | | | | 55,801,986 | | | | | | 5.6 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 2.7% | | |||||||||||||||
| | 26,638,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,638,000) | | | | | 26,638,000 | | | | | | 2.7 | | | |||
| | | | | | Total Short-Term Investments (Cost $82,439,986) | | | | | 82,439,986 | | | | | | 8.3 | | | |||
|
See Accompanying Notes to Financial Statements
106
Voya Russell™ Small Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
| | | Total Investments in Securities (Cost $707,470,107) | | | | $ | 1,042,620,723 | | | | | | 105.1 | | | ||
| | | Liabilities in Excess of Other Assets | | | | | (50,893,052) | | | | | | (5.1) | | | ||
| | | Net Assets | | | | $ | 991,727,671 | | | | | | 100.0 | | | ||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $708,959,923.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 382,524,873 | | | |
| Gross Unrealized Depreciation | | | | | (48,864,072) | | | |
| Net Unrealized Appreciation | | | | $ | 333,660,801 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 139,417,788 | | | | | $ | — | | | | | $ | — | | | | | $ | 139,417,788 | | | ||||
Consumer Staples | | | | | 30,098,006 | | | | | | — | | | | | | — | | | | | | 30,098,006 | | | ||||
Energy | | | | | 37,046,290 | | | | | | — | | | | | | — | | | | | | 37,046,290 | | | ||||
Financials | | | | | 234,577,668 | | | | | | — | | | | | | — | | | | | | 234,577,668 | | | ||||
Health Care | | | | | 152,203,812 | | | | | | — | | | | | | 51,312 | | | | | | 152,255,124 | | | ||||
Industrials | | | | | 125,303,235 | | | | | | 498,780 | | | | | | — | | | | | | 125,802,015 | | | ||||
Information Technology | | | | | 162,023,022 | | | | | | — | | | | | | — | | | | | | 162,023,022 | | | ||||
Materials | | | | | 38,810,695 | | | | | | — | | | | | | — | | | | | | 38,810,695 | | | ||||
Telecommunication Services | | | | | 8,694,530 | | | | | | — | | | | | | 106,766 | | | | | | 8,801,296 | | | ||||
Telecommunications | | | | | 156,519 | | | | | | — | | | | | | — | | | | | | 156,519 | | | ||||
Utilities | | | | | 31,191,818 | | | | | | — | | | | | | — | | | | | | 31,191,818 | | | ||||
Total Common Stock | | | | | 959,523,383 | | | | | | 498,780 | | | | | | 158,078 | | | | | | 960,180,241 | | | ||||
Rights | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Warrants | | | | | — | | | | | | 496 | | | | | | — | | | | | | 496 | | | ||||
Short-Term Investments | | | | | 26,638,000 | | | | | | 55,801,986 | | | | | | — | | | | | | 82,439,986 | | | ||||
Total Investments, at fair value | | | | $ | 986,161,383 | | | | | $ | 56,301,262 | | | | | $ | 158,078 | | | | | $ | 1,042,620,723 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (180,692) | | | | | $ | — | | | | | $ | — | | | | | $ | (180,692) | | | ||||
Total Liabilities | | | | $ | (180,692) | | | | | $ | — | | | | | $ | — | | | | | $ | (180,692) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
See Accompanying Notes to Financial Statements
107
Voya Russell™ Small Cap | SUMMARY PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Russell 2000® Mini Index | | | | | 264 | | | | | | 09/18/15 | | | | | $ | 33,010,560 | | | | | $ | (180,692) | | | ||||
| | | | | | | | | | | | | | | | $ | 33,010,560 | | | | | $ | (180,692) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 180,692 | | | |
Total Liability Derivatives | | | | | | | $ | 180,692 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 2,365,258 | | | |
Total | | | | $ | 2,365,258 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (432,307) | | | |
Total | | | | $ | (432,307) | | | |
|
See Accompanying Notes to Financial Statements
108
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) |
| Investment Type Allocation as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| U.S. Treasury Obligations | | | 39.1% | |
| U.S. Government Agency Obligations | | | 32.5% | |
| Corporate Bonds/Notes | | | 26.9% | |
| Foreign Government Bonds | | | 3.7% | |
| Collateralized Mortgage Obligations | | | 1.5% | |
| Municipal Bonds | | | 0.8% | |
| Asset-Backed Securities | | | 0.6% | |
| Liabilities in Excess of Other Assets* | | | (5.1)% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: 26.9% | | ||||||||||||||||||
| | | | | | | Basic Materials: 1.8% | | ||||||||||||
| | | 4,365,000 | | | | Rio Tinto Finance USA Ltd., 6.500%, 07/15/18 | | | | $ | 4,949,810 | | | | | | 0.1 | | |
| | | 1,240,000 | | | | Rio Tinto Finance USA PLC, 1.375%-2.250%, 06/17/16- 12/14/18 | | | | | 1,243,573 | | | | | | 0.1 | | |
| | | 5,600,000 | | | | Southern Copper Corp., 5.375%-6.750%, 04/16/20- 04/23/45 | | | | | 6,075,134 | | | | | | 0.2 | | |
| | | 3,000,000 | | | | Teck Resources Ltd., 4.750%, 01/15/22 | | | | | 2,788,365 | | | | | | 0.0 | | |
| | | 3,350,000 | | | | Teck Resources Ltd, 2.500%, 02/01/18 | | | | | 3,277,204 | | | | | | 0.1 | | |
| | | 1,500,000 # | | | | Xstrata Finance Canada Ltd., 2.700%, 10/25/17 | | | | | 1,516,131 | | | | | | 0.0 | | |
| | | 47,125,000 | | | | Other Securities(a) | | | | | 47,687,881 | | | | | | 1.3 | | |
| | | | | | | | | | | | 67,538,098 | | | | | | 1.8 | | |
| | | | | | | Communications: 3.7% | | ||||||||||||
| | | 21,255,000 | | | | AT&T, Inc., 1.400%-6.500%, 05/15/16-05/15/46 | | | | | 21,625,075 | | | | | | 0.6 | | |
| | | 7,585,000 | | | | Comcast Corp., 3.375%-6.500%, 11/15/17- 08/15/45 | | | | | 7,820,748 | | | | | | 0.2 | | |
| | | 300,000 # | | | | Cox Communications, Inc., 3.250%, 12/15/22 | | | | | 286,095 | | | | | | 0.0 | | |
| | | 1,500,000 # | | | | NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 | | | | | 1,489,042 | | | | | | 0.0 | | |
| | | 6,105,000 | | | | Telefonica Emisiones SAU, 3.192%-5.462%, 02/16/16- 02/16/21 | | | | | 6,449,449 | | | | | | 0.2 | | |
| | | 9,150,000 | | | | Time Warner Cable, Inc., 4.125%-6.500%, 05/01/17- 12/15/43 | | | | | 9,689,218 | | | | | | 0.3 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 5,000,000 | | | | Time Warner, Inc., 2.100%-4.875%, 06/01/19- 06/01/44 | | | | $ | 5,280,195 | | | | | | 0.1 | | |
| | | 655,000 # | | | | Verizon Communications, Inc., 4.522%, 09/15/48 | | | | | 579,283 | | | | | | 0.0 | | |
| | | 22,220,000 | | | | Verizon Communications, Inc., 1.100%-6.550%, 11/01/17-08/21/54 | | | | | 22,862,928 | | | | | | 0.6 | | |
| | | 7,900,000 | | | | Viacom, Inc., 2.200%-5.850%, 12/15/16- 04/01/44 | | | | | 7,859,080 | | | | | | 0.2 | | |
| | | 51,605,000 | | | | Other Securities(a) | | | | | 54,056,671 | | | | | | 1.5 | | |
| | | | | | | | | | | | 137,997,784 | | | | | | 3.7 | | |
| | | | | | | Consumer, Cyclical: 1.6% | | ||||||||||||
| | | 500,000 # | | | | Daimler Finance North America LLC, 1.450%, 08/01/16 | | | | | 502,004 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Daimler Finance North America LLC, 2.375%, 08/01/18 | | | | | 506,901 | | | | | | 0.0 | | |
| | | 300,000 | | | | Ford Motor Co., 4.750%, 01/15/43 | | | | | 292,932 | | | | | | 0.0 | | |
| | | 6,350,000 | | | | Ford Motor Credit Co. LLC, 1.700%-7.450%, 01/15/16-07/16/31 | | | | | 6,601,040 | | | | | | 0.2 | | |
| | | 2,050,000 | | | | Ford Motor Credit Co., LLC, 4.250%-5.875%, 08/02/21-09/20/22 | | | | | 2,261,776 | | | | | | 0.0 | | |
| | | 1,000,000 # | | | | Hyundai Capital America, 1.875%, 08/09/16 | | | | | 1,006,039 | | | | | | 0.0 | | |
| | | 1,000,000 # | | | | Hyundai Capital America, 2.875%, 08/09/18 | | | | | 1,023,533 | | | | | | 0.1 | | |
| | | 4,125,000 # | | | | Hyundai Capital America, 3.750%, 04/06/16 | | | | | 4,202,055 | | | | | | 0.1 | | |
| | | 750,000 # | | | | Nissan Motor Acceptance Corp., 1.000%, 03/15/16 | | | | | 751,520 | | | | | | 0.0 | | |
| | | 400,000 # | | | | Nissan Motor Acceptance Corp., 1.950%, 09/12/17 | | | | | 402,837 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Volkswagen Group of America Finance LLC, 2.400%, 05/22/20 | | | | | 497,341 | | | | | | 0.0 | | |
| | | 42,053,448 | | | | Other Securities | | | | | 44,009,995 | | | | | | 1.2 | | |
| | | | | | | | | | | | 62,057,973 | | | | | | 1.6 | | |
| | | | | | | Consumer, Non-cyclical: 3.7% | | ||||||||||||
| | | 6,311,000 | | | | Amgen, Inc., 3.625%-6.375%, 11/15/21-05/01/45 | | | | | 6,572,280 | | | | | | 0.2 | | |
| | | 6,195,000 | | | | Celgene Corp., 1.900%-4.625%, 08/15/17- 05/15/44 | | | | | 6,401,173 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
109
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | 500,000 # | | | | ERAC USA Finance LLC, 2.350%, 10/15/19 | | | | $ | 496,839 | | | | | | 0.0 | | |
| | 500,000 # | | | | ERAC USA Finance LLC, 3.850%, 11/15/24 | | | | | 502,085 | | | | | | 0.0 | | |
| | 500,000 # | | | | HJ Heinz Co., 5.000%, 07/15/35 | | | | | 507,999 | | | | | | 0.0 | | |
| | 500,000 # | | | | HJ Heinz Co., 5.200%, 07/15/45 | | | | | 513,595 | | | | | | 0.0 | | |
| | 6,350,000 | | | | UnitedHealth Group, Inc., 0.850%-6.000%, 10/15/15-03/15/23 | | | | | 6,467,761 | | | | | | 0.2 | | |
| | 111,661,000 | | | | Other Securities | | | | | 115,774,464 | | | | | | 3.1 | | |
| | | | | | | | | | | 137,236,196 | | | | | | 3.7 | | |
| | | | | | Energy: 3.2% | | ||||||||||||
| | 2,350,000 | | | | Enterprise Products Operating LLC, 3.700%- 4.900%, 02/15/26-05/15/46 | | | | | 2,232,175 | | | | | | 0.1 | | |
| | 5,105,000 | | | | Enterprise Products Operating, LLC, 3.200%- 4.450%, 2/01/16-02/15/43 | | | | | 5,135,219 | | | | | | 0.1 | | |
| | 667,000 | | | | Kinder Morgan Energy Partners LP, 3.950%, 09/01/22 | | | | | 652,510 | | | | | | 0.0 | | |
| | 4,225,000 | | | | Kinder Morgan Energy Partners L.P., 3.500%- 6.950%, 03/01/21-09/01/44 | | | | | 4,359,440 | | | | | | 0.1 | | |
| | 1,800,000 | | | | Kinder Morgan, Inc./DE, 3.050%-5.550%, 12/01/19-02/15/46 | | | | | 1,681,254 | | | | | | 0.1 | | |
| | 6,420,000 | | | | ONEOK Partners L.P., 2.000%-6.200%, 02/01/16-09/15/43 | | | | | 6,444,956 | | | | | | 0.2 | | |
| | 500,000 | | | | Total Capital Canada Ltd., 2.750%, 07/15/23 | | | | | 482,965 | | | | | | 0.0 | | |
| | 3,500,000 | | | | Total Capital S.A., 4.450%, 06/24/20 | | | | | 3,845,859 | | | | | | 0.1 | | |
| | 500,000 | | | | Total Capital SA, 2.125%, 08/10/18 | | | | | 507,592 | | | | | | 0.0 | | |
| | 1,500,000 | | | | Total Capital International SA, 0.750%-2.750%, 01/25/16-06/19/21 | | | | | 1,505,887 | | | | | | 0.0 | | |
| | 92,668,000 | | | | Other Securities(a) | | | | | 92,597,375 | | | | | | 2.5 | | |
| | | | | | | | | | | 119,445,232 | | | | | | 3.2 | | |
| | | | | | Financial: 7.7% | | ||||||||||||
| | 6,177,000 | | | | American International Group, Inc., 2.300%-6.400%, 08/24/15-07/16/44 | | | | | 6,546,437 | | | | | | 0.2 | | |
| | 6,325,000 | | | | American Express Co., 7.000%, 03/19/18 | | | | | 7,174,321 | | | | | | 0.2 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | Financial (continued) | | ||||||||||||
| | 500,000 | | | | American Express Credit Corp., 2.125%, 07/27/18 | | | | $ | 505,562 | | | | | | 0.0 | | |
| | 500,000 # | | | | American Honda Finance Corp., 1.000%, 08/11/15 | | | | | 500,334 | | | | | | 0.0 | | |
| | 500,000 # | | | | American Honda Finance Corp., 1.500%, 09/11/17 | | | | | 502,381 | | | | | | 0.0 | | |
| | 30,735,000 | | | | Bank of America Corp., 1.500%-6.500%, 10/09/15-10/22/26 | | | | | 31,902,343 | | | | | | 0.8 | | |
| | 9,994,000 | | | | Citigroup, Inc., 2.500%-8.125%, 07/29/19-05/06/44 | | | | | 11,008,178 | | | | | | 0.3 | | |
| | 5,500,000 | | | | Credit Suisse New York, 6.000%, 02/15/18 | | | | | 6,037,163 | | | | | | 0.2 | | |
| | 9,000,000 | | | | General Electric Capital Corp., 1.625%-6.750%, 07/02/15-01/14/38 | | | | | 11,234,904 | | | | | | 0.3 | | |
| | 23,090,000 | | | | Goldman Sachs Group, Inc., 2.550%-6.750%, 02/07/16-05/22/45 | | | | | 24,539,739 | | | | | | 0.7 | | |
| | 3,500,000 # | | | | Hyundai Capital Services, Inc., 4.375%, 07/27/16 | | | | | 3,612,504 | | | | | | 0.1 | | |
| | 16,250,000 | | | | JPMorgan Chase & Co., 1.100%-5.500%, 10/15/15-10/15/40 | | | | | 17,348,035 | | | | | | 0.5 | | |
| | 7,695,000 | | | | MetLife, Inc., 3.048%-6.750%, 06/01/16-03/01/45 | | | | | 7,912,929 | | | | | | 0.2 | | |
| | 14,800,000 | | | | Morgan Stanley, 2.125%-6.625%, 04/01/18-09/08/26 | | | | | 16,133,310 | | | | | | 0.4 | | |
| | 12,983,000 | | | | Wells Fargo & Co., 3.450%-5.606%, 04/01/21-01/15/44 | | | | | 14,120,883 | | | | | | 0.4 | | |
| | 125,126,000 | | | | Other Securities(a) | | | | | 128,712,878 | | | | | | 3.4 | | |
| | | | | | | | | | | 287,791,901 | | | | | | 7.7 | | |
| | | | | | Industrial: 1.7% | | ||||||||||||
| | 5,900,000 | | | | Burlington Northern Santa Fe, LLC, 3.000%-4.900%, 09/15/21-04/01/44 | | | | | 6,003,167 | | | | | | 0.2 | | |
| | 1,379,000 | | | | General Electric Co., 2.700%-5.250%, 12/06/17-10/09/22 | | | | | 1,446,781 | | | | | | 0.0 | | |
| | 53,860,000 | | | | Other Securities | | | | | 55,009,884 | | | | | | 1.5 | | |
| | | | | | | | | | | 62,459,832 | | | | | | 1.7 | | |
See Accompanying Notes to Financial Statements
110
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Technology: 1.3% | | ||||||||||||
| | | 1,500,000 | | | | Apple Inc., 1.000%, 05/03/18 | | | | $ | 1,483,855 | | | | | | 0.0 | | |
| | | 6,750,000 | | | | Apple, Inc., 0.450%- 4.450%, 05/03/16-02/09/45 | | | | | 6,539,072 | | | | | | 0.2 | | |
| | | 9,540,000 | | | | International Business Machines Corp., 1.625%-3.375%, 07/22/16-08/01/23 | | | | | 9,618,766 | | | | | | 0.2 | | |
| | | 6,850,000 | | | | Oracle Corp., 1.200%-5.375%, 10/15/17-05/15/45 | | | | | 6,912,139 | | | | | | 0.2 | | |
| | | 25,885,000 | | | | Other Securities | | | | | 25,993,660 | | | | | | 0.7 | | |
| | | | | | | | | | | | 50,547,492 | | | | | | 1.3 | | |
| | | | | | | Utilities: 2.2% | | ||||||||||||
| | | 250,000 # | | | | Monongahela Power Co., 5.400%, 12/15/43 | | | | | 276,151 | | | | | | 0.0 | | |
| | | 5,850,000 | | | | Pacific Gas & Electric Co., 3.250%-4.750%, 10/01/20-03/15/45 | | | | | 6,008,194 | | | | | | 0.2 | | |
| | | 73,860,213 | | | | Other Securities(a) | | | | | 76,881,534 | | | | | | 2.0 | | |
| | | | | | | | | | | | 83,165,879 | | | | | | 2.2 | | |
| | | | | | | Total Corporate Bonds/Notes (Cost $990,668,685) | | | | | 1,008,240,387 | | | | | | 26.9 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 1.5% | | ||||||||||||||||||
| | | 4,994,000 | | | | Citigroup Commercial Mortgage Trust, 4.023%-5.899%, 03/10/47-12/10/49 | | | | | 5,324,875 | | | | | | 0.1 | | |
| | | 5,480,087 | | | | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.380%-5.886%, 07/15/44-11/15/44 | | | | | 5,580,658 | | | | | | 0.2 | | |
| | | 820,000 # | | | | Ford Credit Auto Owner Trust/Ford Credit 2014-2 A, 2.310%, 04/15/26 | | | | | 829,956 | | | | | | 0.0 | | |
| | | 6,722,841 | | | | Greenwich Capital Commercial Funding Corp., 5.224%-6.013%, 04/10/37-03/10/39 | | | | | 6,970,797 | | | | | | 0.2 | | |
| | | 5,399,912 | | | | JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%-5.885%, 05/15/47-02/12/51 | | | | | 5,677,886 | | | | | | 0.2 | | |
| | | 3,200,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, 3.134%, 12/15/48 | | | | | 3,226,323 | | | | | | 0.1 | | |
| | | 533,997 | | | | Morgan Stanley Capital I, 5.331%, 03/15/44 | | | | | 533,717 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 2,000,000 # | | | | Morgan Stanley Capital I Trust 2011-C3, 5.355%, 07/15/49 | | | | $ | 2,114,440 | | | | | | 0.1 | | |
| | | 23,221,215 | | | | Other Securities | | | | | 24,090,507 | | | | | | 0.6 | | |
| | | | | | | Total Collateralized Mortgage Obligations (Cost $49,806,088) | | | | | 54,349,159 | | | | | | 1.5 | | |
| MUNICIPAL BONDS: 0.8% | | ||||||||||||||||||
| | | | | | | California: 0.2% | | ||||||||||||
| | | 4,335,000 | | | | State of California, 7.550%, 04/01/39 | | | | | 6,268,107 | | | | | | 0.2 | | |
| | | | | | | Connecticut: 0.1% | | ||||||||||||
| | | 3,735,000 | | | | Other Securities | | | | | 4,436,582 | | | | | | 0.1 | | |
| | | | | | | New Jersey: 0.2% | | ||||||||||||
| | | 5,760,000 | | | | Other Securities | | | | | 7,053,619 | | | | | | 0.2 | | |
| | | | | | | New York: 0.1% | | ||||||||||||
| | | 3,495,000 | | | | Other Securities | | | | | 4,564,610 | | | | | | 0.1 | | |
| | | | | | | Ohio: 0.1% | | ||||||||||||
| | | 3,355,000 | | | | Other Securities | | | | | 4,639,864 | | | | | | 0.1 | | |
| | | | | | | Washington: 0.1% | | ||||||||||||
| | | 3,900,000 | | | | Other Securities | | | | | 4,488,120 | | | | | | 0.1 | | |
| | | | | | | Total Municipal Bonds (Cost $27,092,229) | | | | | 31,450,902 | | | | | | 0.8 | | |
| ASSET-BACKED SECURITIES: 0.6% | | ||||||||||||||||||
| | | | | | | Automobile Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 1,000,000 # | | | | Bank of The West Auto Trust 2015-1, 1.660%, 09/15/20 | | | | | 1,000,063 | | | | | | 0.0 | | |
| | | 2,100,000 # | | | | Hyundai Auto Lease Securitization Trust 2015-A A4, 1.650%, 08/15/19 | | | | | 2,108,885 | | | | | | 0.1 | | |
| | | 8,160,000 | | | | Other Securities | | | | | 8,191,821 | | | | | | 0.2 | | |
| | | | | | | | | | | | 11,300,769 | | | | | | 0.3 | | |
| | | | | | | Credit Card Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 10,248,000 | | | | Other Securities | | | | | 10,660,799 | | | | | | 0.3 | | |
| | | | | | | Other Asset-Backed Securities: 0.0% | | ||||||||||||
| | | 889,248 | | | | Other Securities | | | | | 894,639 | | | | | | 0.0 | | |
| | | | | | | Total Asset-Backed Securities (Cost $22,955,581) | | | | | 22,856,207 | | | | | | 0.6 | | |
| U.S. TREASURY OBLIGATIONS: 39.1% | | ||||||||||||||||||
| | | | | | | U.S. Treasury Bonds: 5.5% | | ||||||||||||
| | | 67,838,000 | | | | 2.125%, due 05/15/25 | | | | | 66,502,405 | | | | | | 1.8 | | |
| | | 18,576,000 | | | | 2.500%, due 02/15/45 | | | | | 16,274,322 | | | | | | 0.4 | | |
| | | 23,645,000 | | | | 3.500%, due 02/15/39 | | | | | 25,385,130 | | | | | | 0.7 | | |
| | | 18,888,000 | | | | 3.625%, due 08/15/43 | | | | | 20,686,780 | | | | | | 0.6 | | |
| | | 14,092,000 | | | | 3.625%, due 02/15/44 | | | | | 15,426,343 | | | | | | 0.4 | | |
| | | 13,251,000 | | | | 3.750%, due 11/15/43 | | | | | 14,836,986 | | | | | | 0.4 | | |
| | | 43,672,000 | | | | 2.750%-6.000%, due 02/15/26-11/15/44 | | | | | 45,987,206 | | | | | | 1.2 | | |
| | | | | | | | | | | | 205,099,172 | | | | | | 5.5 | | |
See Accompanying Notes to Financial Statements
111
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
U.S. TREASURY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | U.S. Treasury Notes: 33.6% | | ||||||||||||
| | 10,000,000 | | | | 0.625%, due 05/31/17 | | | | $ | 9,995,310 | | | | | | 0.3 | | |
| | 25,975,000 | | | | 0.250%, due 10/15/15 | | | | | 25,990,221 | | | | | | 0.7 | | |
| | 27,732,000 | | | | 0.250%, due 12/15/15 | | | | | 27,751,496 | | | | | | 0.7 | | |
| | 15,697,000 | | | | 0.375%, due 02/15/16 | | | | | 15,721,519 | | | | | | 0.4 | | |
| | 33,823,000 | | | | 0.375%, due 03/15/16 | | | | | 33,860,002 | | | | | | 0.9 | | |
| | 30,595,000 | | | | 0.500%, due 09/30/16 | | | | | 30,626,084 | | | | | | 0.8 | | |
| | 51,172,000 | | | | 0.625%, due 07/15/16 | | | | | 51,307,913 | | | | | | 1.4 | | |
| | 16,290,000 | | | | 0.625%, due 11/15/16 | | | | | 16,326,913 | | | | | | 0.4 | | |
| | 29,512,000 | | | | 0.625%, due 06/30/17 | | | | | 29,498,159 | | | | | | 0.8 | | |
| | 36,269,100 | | | | 0.625%, due 09/30/17 | | | | | 36,161,417 | | | | | | 1.0 | | |
| | 21,817,000 | | | | 0.750%, due 02/28/18 | | | | | 21,719,849 | | | | | | 0.6 | | |
| | 27,497,000 | | | | 1.000%, due 08/31/19 | | | | | 26,998,617 | | | | | | 0.7 | | |
| | 46,620,000 | | | | 1.250%, due 10/31/15 | | | | | 46,798,461 | | | | | | 1.3 | | |
| | 29,467,000 | | | | 1.250%, due 11/30/18 | | | | | 29,524,549 | | | | | | 0.8 | | |
| | 26,756,000 | | | | 1.375%, due 09/30/18 | | | | | 26,960,844 | | | | | | 0.7 | | |
| | 19,814,000 | | | | 1.500%, due 12/31/18 | | | | | 19,998,211 | | | | | | 0.5 | | |
| | 19,814,000 | | | | 1.625%, due 07/31/19 | | | | | 19,973,443 | | | | | | 0.5 | | |
| | 22,705,000 | | | | 1.750%, due 09/30/19 | | | | | 22,960,431 | | | | | | 0.6 | | |
| | 28,376,000 | | | | 1.750%, due 10/31/20 | | | | | 28,378,213 | | | | | | 0.8 | | |
| | 48,163,000 | | | | 1.875%, due 09/30/17 | | | | | 49,363,318 | | | | | | 1.3 | | |
| | 24,900,000 | | | | 2.000%, due 11/30/20 | | | | | 25,199,572 | | | | | | 0.7 | | |
| | 20,498,000 | | | | 2.125%, due 01/31/21 | | | | | 20,829,494 | | | | | | 0.6 | | |
| | 26,650,000 | | | | 2.125%, due 06/30/22 | | | | | 26,737,439 | | | | | | 0.7 | | |
| | 26,457,000 | | | | 2.250%, due 11/15/24 | | | | | 26,252,382 | | | | | | 0.7 | | |
| | 42,155,000 | | | | 2.375%, due 07/31/17 | | | | | 43,613,942 | | | | | | 1.2 | | |
| | 19,590,000 | | | | 2.375%, due 12/31/20 | | | | | 20,186,888 | | | | | | 0.5 | | |
| | 18,650,000 | | | | 2.625%, due 04/30/18 | | | | | 19,515,472 | | | | | | 0.5 | | |
| | 26,255,000 | | | | 2.750%, due 02/15/19 | | | | | 27,625,196 | | | | | | 0.7 | | |
| | 36,569,500 | | | | 2.750%, due 11/15/23 | | | | | 37,975,158 | | | | | | 1.0 | | |
| | 42,052,000 | | | | 2.750%, due 02/15/24 | | | | | 43,605,948 | | | | | | 1.2 | | |
| | 394,411,700 L | | | | 0.250%-8.125%, due 07/31/15-05/15/24 | | | | | 396,601,143 | | | | | | 10.6 | | |
| | | | | | | | | | | 1,258,057,604 | | | | | | 33.6 | | |
| | | | | | Total U.S. Treasury Obligations (Cost $1,449,673,821) | | | | | 1,463,156,776 | | | | | | 39.1 | | |
FOREIGN GOVERNMENT BONDS: 3.7% | | ||||||||||||||||||
| | 5,775,000 | | | | Export-Import Bank of Korea, 2.625%-4.000%, 10/20/16-08/12/26 | | | | | 5,954,309 | | | | | | 0.2 | | |
| | 10,010,000 L | | | | Brazil Government International Bond, 6.000%, 01/17/17 | | | | | 10,710,700 | | | | | | 0.3 | | |
| | 10,000,000 | | | | KFW, 2.625%, 01/25/22 | | | | | 10,279,210 | | | | | | 0.3 | | |
| | 12,080,000 | | | | Mexico Government International Bond, 4.750%, 03/08/44 | | | | | 11,596,800 | | | | | | 0.3 | | |
| | 125,000 # | | | | Petroleos Mexicanos, 4.250%, 01/15/25 | | | | | 122,050 | | | | | | 0.0 | | |
| | 500,000 # | | | | Petroleos Mexicanos, 5.500%, 06/27/44 | | | | | 462,500 | | | | | | 0.0 | | |
| | 7,395,000 | | | | Province of British Columbia Canada, 2.100%, 05/18/16 | | | | | 7,500,645 | | | | | | 0.2 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
FOREIGN GOVERNMENT BONDS: (continued) | | |||||||||||||||||||||
| | 14,308,000 | | | | Province of Ontario Canada, 1.875%-4.400%, 04/14/20- 05/21/20 | | | | $ | 15,799,027 | | | | | | 0.4 | | | |||
| | 71,109,000 | | | | Other Securities(a) | | | | | 76,715,508 | | | | | | 2.0 | | | |||
| | | | | | Total Foreign Government Bonds (Cost $137,940,199) | | | | | 139,140,749 | | | | | | 3.7 | | | |||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 32.5% | | |||||||||||||||||||||
| | | | | | Federal Home Loan Bank: 0.2% | | |||||||||||||||
| | 8,000,000 | | | | 2.000%, due 04/15/21 | | | | | 7,870,360 | | | | | | 0.2 | | | |||
| | | | | | Federal Home Loan Mortgage Corporation: 8.2%## | | |||||||||||||||
| | 21,246,000 | | | | 1.000%, due 09/29/17 | | | | | 21,299,412 | | | | | | 0.5 | | | |||
| | 48,564,000 W | | | | 3.000%, due 07/01/43 | | | | | 48,277,547 | | | | | | 1.3 | | | |||
| | 68,495,000 W | | | | 3.500%, due 08/01/45 | | | | | 70,286,305 | | | | | | 1.9 | | | |||
| | 155,382,908 | | | | 1.000%-6.750%, due 05/27/16-05/01/45 | | | | | 166,514,888 | | | | | | 4.5 | | | |||
| | | | | | | | | | | 306,378,152 | | | | | | 8.2 | | | |||
| | | | | | Federal National Mortgage Association: 15.5%## | | |||||||||||||||
| | 46,588,000 W | | | | 0.400%, due 08/01/45 | | | | | 49,249,882 | | | | | | 1.3 | | | |||
| | 20,400,000 | | | | 2.230%, due 12/06/22 | | | | | 19,771,272 | | | | | | 0.5 | | | |||
| | 72,046,000 W | | | | 2.500%, due 08/01/29 | | | | | 72,772,415 | | | | | | 1.9 | | | |||
| | 47,967,097 | | | | 3.000%, due 05/01/43 | | | | | 48,023,923 | | | | | | 1.3 | | | |||
| | 15,939,636 | | | | 3.000%, due 07/01/43 | | | | | 15,953,635 | | | | | | 0.4 | | | |||
| | 23,620,472 | | | | 3.500%, due 11/01/42 | | | | | 24,423,883 | | | | | | 0.7 | | | |||
| | 20,123,882 | | | | 4.000%, due 06/01/45 | | | | | 21,411,628 | | | | | | 0.6 | | | |||
| | 290,267,761 W | | | | 0.300%-7.250%, due 03/15/16-07/01/45 | | | | | 312,723,430 | | | | | | 8.4 | | | |||
| | 15,238,000 W | | | | 3.000%, due 07/01/29 | | | | | 15,787,877 | | | | | | 0.4 | | | |||
| | | | | | | | | | | 580,117,945 | | | | | | 15.5 | | | |||
| | | | | | Government National Mortgage Association: 7.8% | | |||||||||||||||
| | 27,235,000 | | | | 3.000%, due 08/01/44 | | | | | 27,425,433 | | | | | | 0.7 | | | |||
| | 107,439,000 | | | | 3.500%, due 01/20/45 | | | | | 111,224,562 | | | | | | 3.0 | | | |||
| | 15,634,938 | | | | 4.000%, due 02/20/45 | | | | | 16,578,914 | | | | | | 0.4 | | | |||
| | 128,852,299 | | | | 1.750%-7.000%, due 10/15/36-05/16/51 | | | | | 138,457,409 | | | | | | 3.7 | | | |||
| | | | | | | | | | | 293,686,318 | | | | | | 7.8 | | | |||
| | | | | | Other U.S. Agency Obligations: 0.8% | | |||||||||||||||
| | 22,990,000 | | | | 1.100%, due 11/06/18 | | | | | 22,707,453 | | | | | | 0.6 | | | |||
| | 6,585,000 | | | | 1.875%-7.125%, due 08/25/16-01/15/38 | | | | | 8,660,504 | | | | | | 0.2 | | | |||
| | | | | | | | | | | 31,367,957 | | | | | | 0.8 | | | |||
| | | | | | Total U.S. Government Agency Obligations (Cost $1,204,308,373) | | | | | 1,219,420,732 | | | | | | 32.5 | | | |||
| | | | | | Total Long-Term Investments (Cost $3,882,444,976) | | | | | 3,938,614,912 | | | | | | 105.1 | | | |||
|
See Accompanying Notes to Financial Statements
112
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: 5.9% | | ||||||||||||||||||
| | | | | | | Commercial Paper: 5.3% | | ||||||||||||
| | | 6,000,000 | | | | American E Pwr 0.250%, 07/13/15 | | | | $ | 5,999,460 | | | | | | 0.2 | | |
| | | 5,000,000 | | | | Campbell Soup 0.300%, 09/17/15 | | | | | 4,996,800 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | Campbell Soup 0.310%, 09/21/15 | | | | | 4,996,450 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | Campbell Soup 0.450%, 12/07/15 | | | | | 4,990,200 | | | | | | 0.1 | | |
| | | 22,500,000 | | | | Consolidtd Edsn 0.180%, 07/06/15 | | | | | 22,499,325 | | | | | | 0.6 | | |
| | | 8,000,000 | | | | Crown Pt C 0.000% 07/01/15 | | | | | 8,000,000 | | | | | | 0.2 | | |
| | | 7,000,000 | | | | CVS 0.260%, 07/24/15 | | | | | 6,998,810 | | | | | | 0.2 | | |
| | | 10,000,000 | | | | CVS Caremark 0.270%, 07/31/15 | | | | | 9,997,700 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | Dominion Res, 0.028%, 08/03/15 | | | | | 4,998,700 | | | | | | 0.1 | | |
| | | 12,500,000 | | | | Duke Energy 0.240%, 07/06/15 | | | | | 12,499,500 | | | | | | 0.4 | | |
| | | 7,500,000 | | | | Duke Energy 0.280%, 08/03/15 | | | | | 7,498,050 | | | | | | 0.2 | | |
| | | 10,000,000 | | | | Kellogg Disc 0.260%, 07/10/15 | | | | | 9,999,300 | | | | | | 0.3 | | |
| | | 27,000,000 | | | | Kroger, 0.240%, 07/01/15 | | | | | 26,999,820 | | | | | | 0.7 | | |
| | | 10,000,000 | | | | Kroger 0.260%, 07/20/15 | | | | | 9,998,600 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | McDonalds Corp 0.180%, 07/14/15 | | | | | 4,999,650 | | | | | | 0.1 | | |
| | | 11,000,000 | | | | Mondelez Disc 0.320%, 09/09/15 | | | | | 10,993,180 | | | | | | 0.3 | | |
| | | 3,000,000 | | | | Mondelez Intl 0.230%, 07/14/15 | | | | | 2,999,730 | | | | | | 0.1 | | |
| | | 4,050,000 | | | | Mondelez Intl Inc., 0.0028%, 07/29/15 | | | | | 4,049,109 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | Mondelez Intl Inc., 0.0028%, 08/04/15 | | | | | 4,998,650 | | | | | | 0.1 | | |
| | | 10,000,000 | | | | Monsanto Co 0.290%, 08/17/15 | | | | | 9,996,200 | | | | | | 0.3 | | |
| | | 10,000,000 | | | | Monsanto Co 0.290%, 08/10/15 | | | | | 9,996,800 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | Monsanto Disc 0.300%, 08/24/15 | | | | | 4,997,750 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | Virginia Elc Pwr, 0.290%, 09/08/15 | | | | | 4,997,250 | | | | | | 0.1 | | |
| | | | | | | | | | | | 198,501,034 | | | | | | 5.3 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc: 0.3% | | ||||||||||||
| | | 2,767,405 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,767,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,822,753, due 07/15/15-05/20/65) | | | | $ | 2,767,405 | | | | | | 0.1 | | |
| | | 2,037,781 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,037,791, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,078,527, due 11/15/15-03/01/48) | | | | | 2,037,781 | | | | | | 0.0 | | |
| | | 2,767,400 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,767,413, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,822,748, due 01/15/17-08/15/42) | | | | | 2,767,400 | | | | | | 0.1 | | |
| | | 2,767,405 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,767,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,822,754, due 07/31/15-05/20/65) | | | | | 2,767,405 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
113
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 1,312,199 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,312,206, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,338,945, due 01/15/17- 01/15/29) | | | | $ | 1,312,199 | | | | | | 0.0 | | |
| | | | | | | | | | | | 11,652,190 | | | | | | 0.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.3% | | |||||||||||||||
| | 11,783,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $11,783,000) | | | | | 11,783,000 | | | | | | 0.3 | | | |||
| | | | | | Total Short-Term Investments (Cost $221,905,237) | | | | | 221,936,224 | | | | | | 5.9 | | | |||
| | | | | | Total Investments in Securities (Cost $4,104,350,213) | | | | $ | 4,160,551,136 | | | | | | 111.0 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (412,775,290) | | | | | | (11.0) | | | |||
| | | | | | Net Assets | | | | $ | 3,747,775,846 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
##
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.
cc
Represents securities purchased with cash collateral received for securities on loan.
W
Settlement is on a when-issued or delayed-delivery basis.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $4,109,447,922.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 82,453,542 | | | |
| Gross Unrealized Depreciation | | | | | (31,350,328) | | | |
| Net Unrealized Appreciation | | | | $ | 51,103,214 | | | |
|
See Accompanying Notes to Financial Statements
114
SUMMARY PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Corporate Bonds/Notes | | | | $ | — | | | | | $ | 1,008,240,387 | | | | | $ | — | | | | | $ | 1,008,240,387 | | | ||||
Collateralized Mortgage Obligations | | | | | — | | | | | | 54,349,159 | | | | | | — | | | | | | 54,349,159 | | | ||||
Municipal Bonds | | | | | — | | | | | | 31,450,902 | | | | | | — | | | | | | 31,450,902 | | | ||||
Short-Term Investments | | | | | 11,783,000 | | | | | | 210,153,224 | | | | | | — | | | | | | 221,936,224 | | | ||||
U.S. Treasury Obligations | | | | | — | | | | | | 1,463,156,776 | | | | | | — | | | | | | 1,463,156,776 | | | ||||
Foreign Government Bonds | | | | | — | | | | | | 139,140,749 | | | | | | — | | | | | | 139,140,749 | | | ||||
U.S. Government Agency Obligations | | | | | — | | | | | | 1,219,420,732 | | | | | | — | | | | | | 1,219,420,732 | | | ||||
Asset-Backed Securities | | | | | — | | | | | | 22,856,207 | | | | | | — | | | | | | 22,856,207 | | | ||||
Total Investments, at fair value | | | | $ | 11,783,000 | | | | | $ | 4,148,768,136 | | | | | $ | — | | | | | $ | 4,160,551,136 | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Swaps | | ||||
Credit Contracts | | | | $ | 150,271 | | | |
Total | | | | $ | 150,271 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Swaps | | ||||
Credit Contracts | | | | $ | (80,611) | | | |
Total | | | | $ | (80,611) | | | |
|
See Accompanying Notes to Financial Statements
115
ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
APPROVAL OF AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENTS
At a meeting held on March 12, 2015, the Board of Directors (the “Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of Board members who have no direct or indirect interest in the advisory agreements (“Independent Directors”) of Voya Australia Index Portfolio, Voya Emerging Markets Index Portfolio, Voya Euro STOXX 50® Index Portfolio, Voya FTSE 100 Index® Portfolio, Voya Hang Seng Index Portfolio, Voya International Index Portfolio, Voya Japan TOPIX 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 “Portfolio” and collectively, the “Portfolios”), each a series of the Company, approved amending and restating the Investment Management Agreements between the Company, on behalf of the Portfolios, and Voya Investments, LLC (the “Adviser”) so that, effective May 1, 2015, the terms of each Portfolio’s Investment Management Agreement and its Administration Agreement are combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under each Portfolio’s Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolio and, under each Portfolio’s Amended and Restated Investment Management Agreement, there was no change to the investment management or administrative services provided or the fees charged to the Portfolio.
In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Portfolios’ advisory agreements because it had reviewed, among other matters, the nature, extent and quality of services being provided and, as applicable, actions taken in certain instances to improve the relationship between the costs and the quality of services being provided, on September 12, 2014, when it renewed the Agreements. On September 12, 2014, the Board concluded, in light of all factors it considered, to renew the Agreements and that the fee rates set forth in the Agreements were fair and reasonable. Among other factors considered at that
meeting, the Board considered: (1) the nature, extent and quality of services provided under the Agreements; (2) the extent to which economies of scale are reflected in fee rate schedules under the Agreements; (3) the existence of any “fall-out” benefits to the Adviser and its affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the Agreements on September 12, 2014, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios’ annual report to shareholders for the period ended December 31, 2014.
On March 12, 2015, the Board, including the Independent Directors, approved the Amended and Restated Investment Management Agreements. In analyzing whether to approve the Amended and Restated Investment Management Agreements, the Board did consider, among other things: (1) a memorandum and related materials outlining the terms of these Agreements and Management’s rationale for proposing the amendments that combine the terms of each Portfolio’s investment management and administrative services arrangements under a single agreement; (2) Management’s representations that, under the Amended and Restated Investment Management Agreements, there would be no change in the fees payable for the combination of advisory and administrative services provided to the Portfolios; (3) Management’s confirmation that the implementation of the Amended and Restated Investment Management Agreements would result in no change in the scope of services that the Adviser provides to the Portfolios and that the personnel who have provided administrative and advisory services to the Portfolios previously would continue to do so after the Amended and Restated Investment Management Agreements become effective; and (4) representations from Management that the combination of the Agreements better aligns the Portfolios’ contracts with the manner in which the Adviser and its affiliates provide such services to the Portfolios. In approving the amendments to the Portfolios’ Investment Management Agreements, different Board members may have given different weight to different individual factors and related conclusions.
116
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
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 universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract 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
VPSAR-VIPALL (0615-082415)
Semi-Annual Report
June 30, 2015
Classes I and S
Domestic Equity Index Portfolios
■
Voya Index Plus LargeCap Portfolio
■
Voya Index Plus MidCap Portfolio
■
Voya Index Plus SmallCap Portfolio
| | 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. | | |
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 N-Q. This report contains a summary portfolio of investments for the Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.
PRESIDENT’S LETTER
Should I Stay or Should I Go?
Dear Shareholder,
The lyrics of The Clash’s 1981 hit referenced in the title of this letter seem to fit the current impasse between Greece and the leadership of the euro zone: “If I go there will be trouble / and if I stay it will be double.”
In a referendum on July 5, Greek voters decisively rejected what they perceived as unreasonable demands by the European Union: further tax increases and spending cuts as a condition for continued support. The country then missed a scheduled debt payment to the International Monetary Fund; Greek citizens endured more than three weeks of intensified hardship as banks closed and money got scarce. As of this writing, Greece has accepted the terms of a third bailout offer. Approval of the new offer forestalls a Greek euro zone exit and keep Greek banks open, but it remains unclear whether Greece can live up to the demands of the deal and reform its economy.
Will the problems in Greece spill over into the global financial markets? We believe that some investors may seek perceived safety by bidding up the prices of U.S. Treasury securities. Also, there may be volatility in European and Asian equity markets, where the Greek situation might amplify other, local challenges. In aggregate, however, we believe the effects on the global economy and financial markets will be contained.
As always, it’s important to keep focused on your long-term reasons for investing and not get distracted by day-to-day market gyrations. We believe that attempting to time markets is more often than not an exercise in futility and can impair your portfolio’s potential to help achieve your long-term goals. Please thoroughly discuss any contemplated changes with your investment advisor before taking any action.
At Voya Investment Management, we seek to be a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Shaun Mathews
President and Chief Executive Officer
August 5, 2015
President and Chief Executive Officer
August 5, 2015
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
1
Market Perspective: Six Months Ended June 30, 2015
After a volatile last few months of 2014, global equities, represented by the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, maintained an uneven advance in the first half of our fiscal year. The Index rose 4.14% over the six months, but by the end the forces driving financial markets had substantially changed. (The Index returned 2.63% for the six-months ended June 30, 2015, measured in U.S. dollars.)
For much of 2014 it seemed that the only credible major growth story in the world was that the U.S. Markets took the October end of U.S. quantitative easing in stride and much of the economic data remained positive into 2015. In particular, employment was a source of strength. While reservations remained about the low labor force participation rate and sluggish wage growth, by June more than 200,000 jobs had been created in 14 out of the previous 15 months and the unemployment rate was down to 5.5%. New and existing home sales ended the period at the highest rates since before 2010.
But other reports painted a less optimistic picture. Gross domestic product (“GDP”) fell 0.2% annualized in the first quarter of 2015, in part due to the effects of another harsh winter, after rising 2.2% in the previous quarter. Industrial production and factory orders seemed to be in a downward drift. Other series showed no clear pattern, like retail sales, despite lower gasoline prices. As for oil prices, the price of a barrel of oil bounced from its mid-March low, but still ended June at two thirds of its level nine months earlier. While this would boost consumption in time, the more immediate effect was to reduce profits and investment in the energy sector and in industries that service it.
Superimposed on this was the prospect of rising U.S. interest rates. The U.S. Federal Reserve Board’s (“Fed’s”) June report suggested at least one increase by the end of 2015, while stressing that the process would be data driven and the trajectory of increases low. But the Fed had not increased rates for nine years and many investors feared that it would feel pressed to act before the economy was really ready.
Outside of the U.S., annual GDP growth in China decelerated to 7.0% in the first quarter of 2015, the slowest in six years, depressing in addition demand in the world’s commodity supplying countries. Japan was still struggling to create inflation despite the central bank’s accumulation of 20% of all in-force Japanese government bonds.
But it was the euro zone that attracted most of the attention. The region entered 2015 after growth of barely 1% in 2014, unemployment perched at 11.5% and consumer prices falling. In Greece, a new government was mandated in January to ease the terms of its €240 billion bailout and roll back reforms. Its attempts to do so were repelled by creditors and as June ended, Greece, with its banks shuttered, faced ejection from the euro zone, with unknowable side effects. But by then the European Central Bank had at last implemented a program of quantitative easing, the elixir that despite all else, might drive asset prices higher, judging from the experience of the U.S. and Japan. The euro and its interest rates fell: good for business, and within a few weeks it seemed, the gloomy euro zone data were turning. The unemployment rate edged down to 11.1%, prices stopped falling
and GDP rose 0.4% in the first quarter of 2015. Increasingly, buy euro zone equities, preferably currency-hedged, sell U.S., was the trade in the news.
In U.S. fixed income markets, the Treasury yield curve steepened through June and the Barclays Long-Term U.S. Treasury sub-index returned -4.67%. The Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) of investment grade bonds, lost just 0.10%, reflecting small moves in major sub-indices: Barclays U.S. Corporate Investment Grade Bond -0.92%; Barclays U.S. Mortgage Backed Securities 0.31% and Barclays U.S. Treasury Bond 0.03%. The Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) returned 2.53%.
U.S. equities, represented by the S&P 500® Index including dividends, gained 1.23% in the first half of the fiscal year. The mergers and acquisitions driven health care sector did best, soaring 24.17%. Three sectors lost ground: not surprisingly led by energy, down 22.20%. S&P 500® earnings per share were still edging up, despite the effect of lower energy prices and the strong dollar on the value of overseas revenues. They were boosted in part by continuing high levels of share buybacks: $553 billion in 2014, the highest since 2007.
In currencies, the dollar rallied strongly against the euro, up 8.53% on the euro, as euro zone quantitative easing drove down interest rates. The dollar gained 2.27% on the yen, after continued monetary easing in Japan and a partial re-allocation into non-yen securities for the giant Government Pension Investment Fund (“GPIF”). But the dollar slipped 0.86% against the pound. The UK has a comparable growth story to the U.S., and an acceleration in average wages reported in June, brought forward the likelihood of a rate increase.
In international markets, the MSCI Japan® Index surged 15.96%, with exporters benefiting from the lower yen and all sectors from the GPIF’s rebalancing into stocks. The MSCI Europe ex UK® Index gained 10.16%, eclipsing in April its previous record from 2007. Quantitative easing, plus the declining euro that went with it, ultimately trumped the still weak economic data and Greece-driven uncertainties that prevailed through most of the period. The MSCI UK® Index added just 1.13%, with sizeable losses from the energy and materials sectors. The 15 largest names in the UK index: multinationals accounting for half of its value, returned an average of -1.05%.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
2
Benchmark Descriptions
| | Index | | | | Description | | |
| | Barclays High Yield Bond — 2% Issuer Constrained Composite Index | | | | An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | | |
| | Barclays Long Term U.S. Treasury Index | | | | The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. | | |
| | Barclays U.S. Aggregate Bond Index | | | | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | Barclays U.S. Corporate Investment Grade Bond Index | | | | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | | |
| | Barclays U.S. Mortgage Backed Securities Index | | | | The Index tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). | | |
| | Barclays U.S. Treasury Bond Index | | | | A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more. | | |
| | MSCI Europe ex UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | | |
| | MSCI Japan® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | | |
| | MSCI UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | | |
| | MSCI World IndexSM | | | | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | | |
| | S&P 500® Index | | | | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | | |
3
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 January 1, 2015 to June 30, 2015. 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 Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | ||||||||||||||||||||||||
Voya Index Plus LargeCap Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,012.00 | | | | | | 0.44% | | | | | $ | 2.20 | | | | | $ | 1,000.00 | | | | | $ | 1,022.61 | | | | | | 0.44% | | | | | $ | 2.21 | | |
Class S | | | | | 1,000.00 | | | | | | 1,010.80 | | | | | | 0.69 | | | | | | 3.44 | | | | | | 1,000.00 | | | | | | 1,021.37 | | | | | | 0.69 | | | | | | 3.46 | | |
Voya Index Plus MidCap Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,042.70 | | | | | | 0.49% | | | | | $ | 2.48 | | | | | $ | 1,000.00 | | | | | $ | 1,022.36 | | | | | | 0.49% | | | | | $ | 2.46 | | |
Class S | | | | | 1,000.00 | | | | | | 1,041.20 | | | | | | 0.74 | | | | | | 3.75 | | | | | | 1,000.00 | | | | | | 1,021.12 | | | | | | 0.74 | | | | | | 3.71 | | |
Voya Index Plus SmallCap Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,038.40 | | | | | | 0.50% | | | | | $ | 2.53 | | | | | $ | 1,000.00 | | | | | $ | 1,022.32 | | | | | | 0.50% | | | | | $ | 2.51 | | |
Class S | | | | | 1,000.00 | | | | | | 1,036.80 | | | | | | 0.75 | | | | | | 3.79 | | | | | | 1,000.00 | | | | | | 1,021.08 | | | | | | 0.75 | | | | | | 3.76 | | |
*
Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by
181/365 to reflect the most recent fiscal half-year.
181/365 to reflect the most recent fiscal half-year.
4
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Index Plus LargeCap Portfolio | | | Voya Index Plus MidCap Portfolio | | | Voya Index Plus SmallCap Portfolio | | |||||||||
ASSETS: | | | | | |||||||||||||||
Investments in securities at fair value+* | | | | $ | 723,188,830 | | | | | $ | 685,618,847 | | | | | $ | 306,906,731 | | |
Short-term investments at fair value** | | | | | 10,288,916 | | | | | | 16,116,564 | | | | | | 19,646,016 | | |
Total investments at fair value | | | | $ | 733,477,746 | | | | | $ | 701,735,411 | | | | | $ | 326,552,747 | | |
Cash | | | | | 86,826 | | | | | | 39 | | | | | | 48 | | |
Cash collateral for futures | | | | | 239,750 | | | | | | 227,040 | | | | | | 150,930 | | |
Receivables: | | | | | |||||||||||||||
Investment securities sold | | | | | — | | | | | | 11,758,592 | | | | | | 4,819,502 | | |
Fund shares sold | | | | | 130,083 | | | | | | 112,571 | | | | | | 55,864 | | |
Dividends | | | | | 867,837 | | | | | | 771,167 | | | | | | 279,500 | | |
Prepaid expenses | | | | | 2,935 | | | | | | 2,719 | | | | | | 1,225 | | |
Other assets | | | | | 139,007 | | | | | | 73,824 | | | | | | 36,217 | | |
Total assets | | | | | 734,944,184 | | | | | | 714,681,363 | | | | | | 331,896,033 | | |
LIABILITIES: | | | | | |||||||||||||||
Payable for investment securities purchased | | | | | — | | | | | | 11,472,113 | | | | | | 5,476,689 | | |
Payable for fund shares redeemed | | | | | 340,374 | | | | | | 318,252 | | | | | | 119,797 | | |
Payable upon receipt of securities loaned | | | | | 2,521,201 | | | | | | 8,345,956 | | | | | | 14,166,457 | | |
Payable for investment management fees | | | | | 249,410 | | | | | | 264,548 | | | | | | 118,022 | | |
Payable for distribution and shareholder service fees | | | | | 25,167 | | | | | | 24,529 | | | | | | 18,189 | | |
Payable for directors fees | | | | | 3,805 | | | | | | 3,527 | | | | | | 1,581 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 139,007 | | | | | | 73,824 | | | | | | 36,217 | | |
Other accrued expenses and liabilities | | | | | 125,185 | | | | | | 121,994 | | | | | | 60,281 | | |
Total liabilities | | | | | 3,404,149 | | | | | | 20,624,743 | | | | | | 19,997,233 | | |
NET ASSETS | | | | $ | 731,540,035 | | | | | $ | 694,056,620 | | | | | $ | 311,898,800 | | |
NET ASSETS WERE COMPRISED OF: | | | | | |||||||||||||||
Paid-in capital | | | | $ | 674,104,473 | | | | | $ | 562,548,637 | | | | | $ | 261,191,692 | | |
Undistributed net investment income | | | | | 5,907,632 | | | | | | 3,038,947 | | | | | | 1,004,661 | | |
Accumulated net realized gain (loss) | | | | | (41,860,562) | | | | | | 47,216,684 | | | | | | (4,241,605) | | |
Net unrealized appreciation | | | | | 93,388,492 | | | | | | 81,252,352 | | | | | | 53,944,052 | | |
NET ASSETS | | | | $ | 731,540,035 | | | | | $ | 694,056,620 | | | | | $ | 311,898,800 | | |
+ Including securities loaned at value | | | | $ | 2,469,238 | | | | | $ | 8,143,961 | | | | | $ | 13,814,687 | | |
* Cost of investments in securities | | | | $ | 629,729,180 | | | | | $ | 604,273,207 | | | | | $ | 252,950,208 | | |
** Cost of short-term investments | | | | $ | 10,288,916 | | | | | $ | 16,116,564 | | | | | $ | 19,646,016 | | |
Class I | | | | | |||||||||||||||
Net assets | | | | $ | 612,262,216 | | | | | $ | 577,349,424 | | | | | $ | 224,868,804 | | |
Shares authorized | | | | | 200,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 27,332,237 | | | | | | 26,218,469 | | | | | | 9,539,983 | | |
Net asset value and redemption price per share | | | | $ | 22.40 | | | | | $ | 22.02 | | | | | $ | 23.57 | | |
Class S | | | | | |||||||||||||||
Net assets | | | | $ | 119,277,819 | | | | | $ | 116,707,196 | | | | | $ | 87,029,996 | | |
Shares authorized | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 5,362,041 | | | | | | 5,365,278 | | | | | | 3,727,132 | | |
Net asset value and redemption price per share | | | | $ | 22.24 | | | | | $ | 21.75 | | | | | $ | 23.35 | | |
See Accompanying Notes to Financial Statements
5
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Index Plus LargeCap Portfolio | | | Voya Index Plus MidCap Portfolio | | | Voya Index Plus SmallCap Portfolio | | |||||||||
INVESTMENT INCOME: | | | | | |||||||||||||||
Dividends, net of foreign taxes withheld* | | | | $ | 7,888,516 | | | | | $ | 4,648,495 | | | | | $ | 1,783,217 | | |
Securities lending income, net | | | | | 10,593 | | | | | | 270,643 | | | | | | 150,971 | | |
Total investment income | | | | | 7,899,109 | | | | | | 4,919,138 | | | | | | 1,934,188 | | |
EXPENSES: | | | | | |||||||||||||||
Investment management fees(1) | | | | | 1,447,257 | | | | | | 1,517,376 | | | | | | 679,590 | | |
Distribution and shareholder service fees: | | | | | | | | | | | | | | | | | | | |
Class S | | | | | 156,424 | | | | | | 150,793 | | | | | | 112,100 | | |
Transfer agent fees | | | | | 432 | | | | | | 341 | | | | | | 217 | | |
Administrative service fees(1) | | | | | 251,132 | | | | | | 231,547 | | | | | | 104,203 | | |
Shareholder reporting expense | | | | | 32,942 | | | | | | 36,200 | | | | | | 16,652 | | |
Professional fees | | | | | 30,770 | | | | | | 30,408 | | | | | | 17,376 | | |
Custody and accounting expense | | | | | 40,906 | | | | | | 38,915 | | | | | | 20,453 | | |
Directors fees | | | | | 11,416 | | | | | | 10,581 | | | | | | 4,742 | | |
Miscellaneous expense | | | | | 19,698 | | | | | | 16,718 | | | | | | 10,765 | | |
Interest expense | | | | | 39 | | | | | | 196 | | | | | | 26 | | |
Total expenses | | | | | 1,991,016 | | | | | | 2,033,075 | | | | | | 966,124 | | |
Net waived and reimbursed fees | | | | | (169,843) | | | | | | (157,406) | | | | | | (70,543) | | |
Net expenses | | | | | 1,821,173 | | | | | | 1,875,669 | | | | | | 895,581 | | |
Net investment income | | | | | 6,077,936 | | | | | | 3,043,469 | | | | | | 1,038,607 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | |||||||||||||||
Net realized gain (loss) on: | | | | | |||||||||||||||
Investments | | | | | 36,270,016 | | | | | | 47,764,553 | | | | | | 18,867,369 | | |
Futures | | | | | 265,153 | | | | | | 467,141 | | | | | | 318,410 | | |
Net realized gain | | | | | 36,535,169 | | | | | | 48,231,694 | | | | | | 19,185,779 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | |||||||||||||||
Investments | | | | | (32,905,046) | | | | | | (21,705,259) | | | | | | (8,302,563) | | |
Futures | | | | | (180,663) | | | | | | (274,673) | | | | | | (153,065) | | |
Net change in unrealized appreciation (depreciation) | | | | | (33,085,709) | | | | | | (21,979,932) | | | | | | (8,455,628) | | |
Net realized and unrealized gain | | | | | 3,449,460 | | | | | | 26,251,762 | | | | | | 10,730,151 | | |
Increase in net assets resulting from operations | | | | $ | 9,527,396 | | | | | $ | 29,295,231 | | | | | $ | 11,768,758 | | |
* Foreign taxes withheld | | | | $ | 18,276 | | | | | $ | — | | | | | $ | 485 | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
See Accompanying Notes to Financial Statements
6
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Index Plus LargeCap Portfolio | | | Voya Index Plus MidCap Portfolio | | ||||||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||
FROM OPERATIONS: | | | | | | ||||||||||||||||||||||||
Net investment income | | | | $ | 6,077,936 | | | | | $ | 11,296,677 | | | | | $ | 3,043,469 | | | | | $ | 5,960,671 | | | ||||
Net realized gain | | | | | 36,535,169 | | | | | | 89,023,369 | | | | | | 48,231,694 | | | | | | 94,429,299 | | | ||||
Net change in unrealized appreciation (depreciation) | | | | | (33,085,709) | | | | | | (5,374,025) | | | | | | (21,979,932) | | | | | | (36,203,378) | | | ||||
Increase in net assets resulting from operations | | | | | 9,527,396 | | | | | | 94,946,021 | | | | | | 29,295,231 | | | | | | 64,186,592 | | | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Net investment income: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Class I | | | | | (9,833,495) | | | | | | (9,040,215) | | | | | | (5,175,436) | | | | | | (4,524,218) | | | ||||
Class S | | | | | (1,620,104) | | | | | | (1,721,169) | | | | | | (760,762) | | | | | | (701,737) | | | ||||
Net realized gains: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Class I | | | | | — | | | | | | — | | | | | | (76,949,367) | | | | | | (24,423,502) | | | ||||
Class S | | | | | — | | | | | | — | | | | | | (16,110,252) | | | | | | (5,528,242) | | | ||||
Total distributions | | | | | (11,453,599) | | | | | | (10,761,384) | | | | | | (98,995,817) | | | | | | (35,177,699) | | | ||||
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | ||||||||||||||||||||||||
Net proceeds from sale of shares | | | | | 4,197,272 | | | | | | 32,926,545 | | | | | | 5,308,309 | | | | | | 10,163,257 | | | ||||
Reinvestment of distributions | | | | | 11,453,599 | | | | | | 10,761,384 | | | | | | 98,995,817 | | | | | | 35,177,699 | | | ||||
| | | | | 15,650,871 | | | | | | 43,687,929 | | | | | | 104,304,126 | | | | | | 45,340,956 | | | ||||
Cost of shares redeemed | | | | | (51,382,207) | | | | | | (97,050,073) | | | | | | (40,895,983) | | | | | | (97,019,449) | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (35,731,336) | | | | | | (53,362,144) | | | | | | 63,408,143 | | | | | | (51,678,493) | | | ||||
Net increase (decrease) in net assets | | | | | (37,657,539) | | | | | | 30,822,493 | | | | | | (6,292,443) | | | | | | (22,669,600) | | | ||||
NET ASSETS: | | | | | | ||||||||||||||||||||||||
Beginning of year or period | | | | | 769,197,574 | | | | | | 738,375,081 | | | | | | 700,349,063 | | | | | | 723,018,663 | | | ||||
End of year or period | | | | $ | 731,540,035 | | | | | $ | 769,197,574 | | | | | $ | 694,056,620 | | | | | $ | 700,349,063 | | | ||||
Undistributed net investment income at end of year or period | | | | $ | 5,907,632 | | | | | $ | 11,283,295 | | | | | $ | 3,038,947 | | | | | $ | 5,931,676 | | | ||||
|
See Accompanying Notes to Financial Statements
7
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
| | | Voya Index Plus SmallCap Portfolio | | |||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||
FROM OPERATIONS: | | | | ||||||||||||
Net investment income | | | | $ | 1,038,607 | | | | | $ | 2,500,738 | | | ||
Net realized gain | | | | | 19,185,779 | | | | | | 31,893,649 | | | ||
Net change in unrealized appreciation (depreciation) | | | | | (8,455,628) | | | | | | (18,152,905) | | | ||
Increase in net assets resulting from operations | | | | | 11,768,758 | | | | | | 16,241,482 | | | ||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | ||
Net investment income: | | | | | | | | | | | | | | ||
Class I | | | | | (1,956,235) | | | | | | (1,491,399) | | | ||
Class S | | | | | (544,211) | | | | | | (406,155) | | | ||
Total distributions | | | | | (2,500,446) | | | | | | (1,897,554) | | | ||
FROM CAPITAL SHARE TRANSACTIONS: | | | | ||||||||||||
Net proceeds from sale of shares | | | | | 2,098,366 | | | | | | 6,075,360 | | | ||
Reinvestment of distributions | | | | | 2,500,446 | | | | | | 1,897,554 | | | ||
| | | | | 4,598,812 | | | | | | 7,972,914 | | | ||
Cost of shares redeemed | | | | | (20,818,754) | | | | | | (53,142,438) | | | ||
Net decrease in net assets resulting from capital share transactions | | | | | (16,219,942) | | | | | | (45,169,524) | | | ||
Net decrease in net assets | | | | | (6,951,630) | | | | | | (30,825,596) | | | ||
NET ASSETS: | | | | ||||||||||||
Beginning of year or period | | | | | 318,850,430 | | | | | | 349,676,026 | | | ||
End of year or period | | | | $ | 311,898,800 | | | | | $ | 318,850,430 | | | ||
Undistributed net investment income at end of year or period | | | | $ | 1,004,661 | | | | | $ | 2,466,500 | | | ||
|
See Accompanying Notes to Financial Statements
8
Financial Highlights (Unaudited)
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 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Index Plus LargeCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.48 | | | | | | 0.19• | | | | | | 0.09 | | | | | | 0.28 | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 22.40 | | | | | | 1.20 | | | | | | 0.49 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 1.65 | | | | | | 612,262 | | | | | | 30 | | |
12-31-14 | | | | | 20.05 | | | | | | 0.33• | | | | | | 2.41 | | | | | | 2.74 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 22.48 | | | | | | 13.86 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 1.58 | | | | | | 639,454 | | | | | | 72 | | |
12-31-13 | | | | | 15.37 | | | | | | 0.28• | | | | | | 4.72 | | | | | | 5.00 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 20.05 | | | | | | 32.92 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 1.60 | | | | | | 601,491 | | | | | | 80 | | |
12-31-12 | | | | | 13.64 | | | | | | 0.27• | | | | | | 1.70 | | | | | | 1.97 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 15.37 | | | | | | 14.45 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 0.45 | | | | | | 1.84 | | | | | | 516,227 | | | | | | 166 | | |
12-31-11 | | | | | 13.89 | | | | | | 0.21• | | | | | | (0.20) | | | | | | 0.01 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 13.64 | | | | | | (0.09) | | | | | | 0.44 | | | | | | 0.44 | | | | | | 0.44 | | | | | | 1.54 | | | | | | 544,124 | | | | | | 130 | | |
12-31-10 | | | | | 12.42 | | | | | | 0.22• | | | | | | 1.50 | | | | | | 1.72 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 13.89 | | | | | | 13.96 | | | | | | 0.44 | | | | | | 0.44† | | | | | | 0.44† | | | | | | 1.75† | | | | | | 631,278 | | | | | | 157 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.29 | | | | | | 0.16• | | | | | | 0.09 | | | | | | 0.25 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 22.24 | | | | | | 1.08 | | | | | | 0.74 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.40 | | | | | | 119,278 | | | | | | 30 | | |
12-31-14 | | | | | 19.89 | | | | | | 0.28• | | | | | | 2.38 | | | | | | 2.66 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 22.29 | | | | | | 13.54 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.33 | | | | | | 129,744 | | | | | | 72 | | |
12-31-13 | | | | | 15.24 | | | | | | 0.24• | | | | | | 4.68 | | | | | | 4.92 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 19.89 | | | | | | 32.67 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.35 | | | | | | 136,884 | | | | | | 80 | | |
12-31-12 | | | | | 13.53 | | | | | | 0.23• | | | | | | 1.68 | | | | | | 1.91 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 15.24 | | | | | | 14.11 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 0.70 | | | | | | 1.59 | | | | | | 127,156 | | | | | | 166 | | |
12-31-11 | | | | | 13.78 | | | | | | 0.18• | | | | | | (0.21) | | | | | | (0.03) | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 13.53 | | | | | | (0.34) | | | | | | 0.69 | | | | | | 0.69 | | | | | | 0.69 | | | | | | 1.28 | | | | | | 132,939 | | | | | | 130 | | |
12-31-10 | | | | | 12.33 | | | | | | 0.19• | | | | | | 1.48 | | | | | | 1.67 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 13.78 | | | | | | 13.63 | | | | | | 0.69 | | | | | | 0.69† | | | | | | 0.69† | | | | | | 1.50† | | | | | | 171,456 | | | | | | 157 | | |
Voya Index Plus MidCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 24.58 | | | | | | 0.11• | | | | | | 0.94 | | | | | | 1.05 | | | | | | 0.23 | | | | | | 3.38 | | | | | | — | | | | | | 3.61 | | | | | | — | | | | | | 22.02 | | | | | | 4.27 | | | | | | 0.54 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.91 | | | | | | 577,349 | | | | | | 46 | | |
12-31-14 | | | | | 23.62 | | | | | | 0.21• | | | | | | 1.95 | | | | | | 2.16 | | | | | | 0.19 | | | | | | 1.01 | | | | | | — | | | | | | 1.20 | | | | | | — | | | | | | 24.58 | | | | | | 9.56 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.89 | | | | | | 577,230 | | | | | | 72 | | |
12-31-13 | | | | | 17.76 | | | | | | 0.17• | | | | | | 5.92 | | | | | | 6.09 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 23.62 | | | | | | 34.56 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.81 | | | | | | 588,001 | | | | | | 66 | | |
12-31-12 | | | | | 15.22 | | | | | | 0.21• | | | | | | 2.48 | | | | | | 2.69 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 17.76 | | | | | | 17.70 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 1.24 | | | | | | 491,445 | | | | | | 164 | | |
12-31-11 | | | | | 15.51 | | | | | | 0.14 | | | | | | (0.30) | | | | | | (0.16) | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 15.22 | | | | | | (1.15) | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.83 | | | | | | 482,378 | | | | | | 101 | | |
12-31-10 | | | | | 12.85 | | | | | | 0.11• | | | | | | 2.70 | | | | | | 2.81 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 15.51 | | | | | | 21.91 | | | | | | 0.48 | | | | | | 0.48† | | | | | | 0.48† | | | | | | 0.84† | | | | | | 549,499 | | | | | | 162 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 24.29 | | | | | | 0.08• | | | | | | 0.92 | | | | | | 1.00 | | | | | | 0.16 | | | | | | 3.38 | | | | | | — | | | | | | 3.54 | | | | | | — | | | | | | 21.75 | | | | | | 4.12 | | | | | | 0.79 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.66 | | | | | | 116,707 | | | | | | 46 | | |
12-31-14 | | | | | 23.35 | | | | | | 0.15• | | | | | | 1.93 | | | | | | 2.08 | | | | | | 0.13 | | | | | | 1.01 | | | | | | — | | | | | | 1.14 | | | | | | — | | | | | | 24.29 | | | | | | 9.30 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.63 | | | | | | 123,119 | | | | | | 72 | | |
12-31-13 | | | | | 17.56 | | | | | | 0.12• | | | | | | 5.85 | | | | | | 5.97 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 23.35 | | | | | | 34.23 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.56 | | | | | | 135,017 | | | | | | 66 | | |
12-31-12 | | | | | 15.05 | | | | | | 0.17• | | | | | | 2.44 | | | | | | 2.61 | | | | | | 0.10 | | | | | | — | | | | | | — | | | | | | 0.10 | | | | | | — | | | | | | 17.56 | | | | | | 17.38 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.99 | | | | | | 117,845 | | | | | | 164 | | |
12-31-11 | | | | | 15.34 | | | | | | 0.09• | | | | | | (0.29) | | | | | | (0.20) | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 15.05 | | | | | | (1.39) | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.58 | | | | | | 117,222 | | | | | | 101 | | |
12-31-10 | | | | | 12.72 | | | | | | 0.08• | | | | | | 2.66 | | | | | | 2.74 | | | | | | 0.12 | | | | | | — | | | | | | — | | | | | | 0.12 | | | | | | — | | | | | | 15.34 | | | | | | 21.57 | | | | | | 0.73 | | | | | | 0.73† | | | | | | 0.73† | | | | | | 0.59† | | | | | | 144,975 | | | | | | 162 | | |
See Accompanying Notes to Financial Statements
9
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Index Plus SmallCap Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.90 | | | | | | 0.09• | | | | | | 0.78 | | | | | | 0.87 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 23.57 | | | | | | 3.84 | | | | | | 0.55 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.73 | | | | | | 224,869 | | | | | | 23 | | |
12-31-14 | | | | | 21.86 | | | | | | 0.18• | | | | | | 1.00 | | | | | | 1.18 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 22.90 | | | | | | 5.44 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.84 | | | | | | 226,277 | | | | | | 40 | | |
12-31-13 | | | | | 15.48 | | | | | | 0.13• | | | | | | 6.43 | | | | | | 6.56 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 21.86 | | | | | | 42.70 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.70 | | | | | | 243,564 | | | | | | 55 | | |
12-31-12 | | | | | 13.85 | | | | | | 0.16• | | | | | | 1.55 | | | | | | 1.71 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 15.48 | | | | | | 12.38 | | | | | | 0.51 | | | | | | 0.51 | | | | | | 0.51 | | | | | | 1.06 | | | | | | 176,644 | | | | | | 144 | | |
12-31-11 | | | | | 14.06 | | | | | | 0.08 | | | | | | (0.17) | | | | | | (0.09) | | | | | | 0.12 | | | | | | — | | | | | | — | | | | | | 0.12 | | | | | | — | | | | | | 13.85 | | | | | | (0.74) | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.52 | | | | | | 186,300 | | | | | | 115 | | |
12-31-10 | | | | | 11.52 | | | | | | 0.12• | | | | | | 2.51 | | | | | | 2.63 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 14.06 | | | | | | 22.84 | | | | | | 0.49 | | | | | | 0.49† | | | | | | 0.49† | | | | | | 0.99† | | | | | | 215,343 | | | | | | 160 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.66 | | | | | | 0.06• | | | | | | 0.77 | | | | | | 0.83 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 23.35 | | | | | | 3.68 | | | | | | 0.80 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.48 | | | | | | 87,030 | | | | | | 23 | | |
12-31-14 | | | | | 21.62 | | | | | | 0.13• | | | | | | 1.00 | | | | | | 1.13 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 22.66 | | | | | | 5.24 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.59 | | | | | | 92,574 | | | | | | 40 | | |
12-31-13 | | | | | 15.32 | | | | | | 0.08• | | | | | | 6.36 | | | | | | 6.44 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 21.62 | | | | | | 42.28 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.45 | | | | | | 106,112 | | | | | | 55 | | |
12-31-12 | | | | | 13.70 | | | | | | 0.12• | | | | | | 1.54 | | | | | | 1.66 | | | | | | 0.04 | | | | | | — | | | | | | — | | | | | | 0.04 | | | | | | — | | | | | | 15.32 | | | | | | 12.14 | | | | | | 0.76 | | | | | | 0.76 | | | | | | 0.76 | | | | | | 0.82 | | | | | | 87,102 | | | | | | 144 | | |
12-31-11 | | | | | 13.91 | | | | | | 0.05 | | | | | | (0.18) | | | | | | (0.13) | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 13.70 | | | | | | (0.98) | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.26 | | | | | | 90,025 | | | | | | 115 | | |
12-31-10 | | | | | 11.41 | | | | | | 0.09• | | | | | | 2.47 | | | | | | 2.56 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 13.91 | | | | | | 22.47 | | | | | | 0.74 | | | | | | 0.74† | | | | | | 0.74† | | | | | | 0.74† | | | | | | 109,387 | | | | | | 160 | | |
(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 by an 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 an Investment Adviser and/or Distributor 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 period.
†
Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.
See Accompanying Notes to Financial Statements
10
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited)
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 nineteen 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 Portfolios’ Prospectus.
The Company is authorized to offer four classes of shares, referred to as Adviser Class (“Class ADV”), Class I, Class S and Service 2 (“Class S2”); however, the Portfolios do not currently offer all classes. Each class has equal rights as to voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear 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 applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments oversees all investment advisory 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. 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. The net asset value (“NAV”) per share for each class of each Portfolio is determined each business day as of the close of regular trading (“Market Close”) on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time unless otherwise designated by the NYSE) each day on which the NYSE is open for trading. The Portfolios are open for business every day the NYSE is open. Portfolio shares will not be priced on days when the NYSE is closed. 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.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the normal trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the mean of the closing bid and ask price on that day. Bank loans are valued at the average of the averages between the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, a Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Board of Directors (“Board”). Such procedures provide, for example, that: (a) Debt obligations
11
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (b) Securities traded in the over-the-counter market are valued based on prices provided by independent pricing services or market makers; (c) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (d) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (e) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (f) Forward foreign currency contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (g) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
The prospectuses of the open-end registered investment companies in which a Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the NYSE. Multiple factors may be considered by the independent pricing service in
determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. 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 a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine a 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 a Portfolio.
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 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 following the Summary Portfolio of Investments.
U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents
12
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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. The beginning of period timing recognition is used for the transfers between Levels of a Portfolio’s assets and liabilities. A reconciliation of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
For the six months ended June 30, 2015, there have been no significant changes to the fair valuation methodologies.
B. Security 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 the end of the day.
(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 the end of the day, 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.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gains, 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 U.S. GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with 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 their 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 or expire.
F. Use of Estimates. The preparation of financial statements in conformity with U.S. 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 market risk factors. This may allow a Portfolio to pursue its objectives
13
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market 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.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
H. Foreign Currency Transactions and Futures Contracts. Each Portfolio 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 currency forward contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon date. The Portfolios either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use 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. There were no forward foreign currency contracts entered into by any Portfolio during the period ended June 30, 2015.
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. Open futures contracts are reported on a table following each Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary 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. During the six months ended June 30, 2015, each Portfolio has purchased
14
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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 six months ended June 30, 2015, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $5,720,620, $4,913,150 and $3,209,930, respectively.
I. Securities Lending. Each Portfolio may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Each Portfolio bears the risk of loss with respect to the investment of collateral with the following exception: The Bank of New York Mellon (“BNY”) provides each portfolio indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
J. Restricted Securities. Each Portfolio may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“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, as defined in the Act, determined in good faith under procedures approved by the Board.
K. 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 six months ended June 30, 2015, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:
| | | Purchases | | | Sales | | ||||||
Index Plus LargeCap | | | | $ | 226,613,742 | | | | | $ | 263,864,566 | | |
Index Plus MidCap | | | | | 321,347,094 | | | | | | 354,121,002 | | |
Index Plus SmallCap | | | | | 69,953,740 | | | | | | 88,061,600 | | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
Prior to May 1, 2015, the Portfolios had entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Management Agreement compensated 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. Amounts paid to the Investment Adviser through April 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
| Index Plus LargeCap | | | 0.35% | |
| Index Plus MidCap | | | 0.40% | |
| Index Plus SmallCap | | | 0.40% | |
Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”) with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and was responsible for the supervision of other service providers. Effective January 1, 2015, the Administrator was entitled to receive from each Portfolio a fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. The Administrator was contractually obligated to waive a portion of the administration fee equal to 0.045% on the first $5 billion and 0.070% thereafter of each Portfolio’s average daily net assets for at least two years from the effective date of January 1, 2015. This waiver was not
15
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
eligible for recoupment. Prior to January 1, 2015, the Administrator received from each Portfolio a fee at an annual rate of 0.055% on the first $5 billion and 0.030% thereafter of each Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.
Effective May 1, 2015, the terms of the Portfolios’ Management Agreement and Administrative Agreement were combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under the Portfolios’ Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolios and there is no change to the investment management or administrative services provided.
The Amended and Restated Investment Management Agreement compensates the Investment Adviser with a with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates. Single management fee amounts paid to the Investment Adviser from May 1, 2015 through June 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
| Index Plus LargeCap(1) | | | | | 0.45% | | |
| Index Plus MidCap(1) | | | | | 0.50% | | |
| Index Plus SmallCap(1) | | | | | 0.50% | | |
(1)
Effective May 1, 2015, 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 each Portfolio’s average daily net assets through January 1, 2017. This waiver is 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. 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 FEES
Class S shares of the Portfolios have a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of
each Portfolio’s Class S shares. Pursuant to the 12b-1 Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s 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 12b-1 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 June 30, 2015, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
Subsidiary | | | Portfolio | | | Percentage | | |||
Voya Insurance and Annuity Company | | | Index Plus LargeCap | | | | | 15.64% | | |
| Index Plus MidCap | | | | | 15.59 | | | ||
| Index Plus SmallCap | | | | | 26.53 | | | ||
Voya Retirement Insurance and Annuity Company | | | Index Plus LargeCap | | | | | 76.68 | | |
| Index Plus MidCap | | | | | 78.90 | | | ||
| Index Plus SmallCap | | | | | 64.68 | | |
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, if certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.
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 “Plan”), which allows eligible non-affiliated directors, as described in the 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 Plan, the
16
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
amounts deferred are invested in shares of the funds selected by the director (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’ deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of directors’ fees under the Plan will not affect net assets of the Portfolio, 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 Plan.
NOTE 7 — EXPENSE LIMITATION AGREEMENT
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:
Portfolio | | | Class I | | | Class S | | ||||||
Index Plus LargeCap | | | | | 0.55% | | | | | | 0.80% | | |
Index Plus MidCap | | | | | 0.60% | | | | | | 0.85% | | |
Index Plus SmallCap | | | | | 0.60% | | | | | | 0.85% | | |
The Investment Adviser may at a later date recoup from a Portfolio for management fees waived and other expenses assumed 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 June 30, 2015, the Portfolios did not have any amount of waived or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.
The Expense Limitation Agreement is contractual through May 1, 2016 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 8 — LINE OF CREDIT
The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with BNY for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
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 six months ended June 30, 2015:
Portfolio | | | Days Utilized | | | Approximate Average Daily Balance For Days Utilized | | | Approximate Weighted Average Interest Rate For Days Utilized | | |||||||||
Index Plus LargeCap | | | | | 1 | | | | | $ | 705,000 | | | | | | 1.11% | | |
Index Plus MidCap | | | | | 1 | | | | | | 5,895,000 | | | | | | 1.12 | | |
Index Plus SmallCap | | | | | 1 | | | | | | 824,000 | | | | | | 1.13 | | |
17
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | ||||||||||||||||||||||||||||||
Index Plus LargeCap | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 163,868 | | | | | | — | | | | | | 429,410 | | | | | | (1,707,636) | | | | | | (1,114,358) | | | | | | 3,702,201 | | | | | | — | | | | | | 9,833,495 | | | | | | (38,924,306) | | | | | | (25,388,610) | | |
12/31/2014 | | | | | 1,446,183 | | | | | | — | | | | | | 447,757 | | | | | | (3,442,278) | | | | | | (1,548,338) | | | | | | 31,875,889 | | | | | | — | | | | | | 9,040,215 | | | | | | (72,052,277) | | | | | | (31,136,173) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 21,927 | | | | | | — | | | | | | 71,213 | | | | | | (550,674) | | | | | | (457,534) | | | | | | 495,071 | | | | | | — | | | | | | 1,620,104 | | | | | | (12,457,901) | | | | | | (10,342,726) | | |
12/31/2014 | | | | | 50,102 | | | | | | — | | | | | | 85,844 | | | | | | (1,198,176) | | | | | | (1,062,230) | | | | | | 1,050,656 | | | | | | — | | | | | | 1,721,169 | | | | | | (24,997,796) | | | | | | (22,225,971) | | |
Index Plus MidCap | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 191,555 | | | | | | — | | | | | | 3,727,862 | | | | | | (1,180,161) | | | | | | 2,739,256 | | | | | | 4,561,167 | | | | | | — | | | | | | 82,124,803 | | | | | | (28,729,307) | | | | | | 57,956,663 | | |
12/31/2014 | | | | | 349,312 | | | | | | — | | | | | | 1,280,873 | | | | | | (3,044,828) | | | | | | (1,414,643) | | | | | | 8,254,099 | | | | | | — | | | | | | 28,947,720 | | | | | | (71,823,634) | | | | | | (34,621,815) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 32,195 | | | | | | — | | | | | | 774,966 | | | | | | (510,344) | | | | | | 296,817 | | | | | | 747,142 | | | | | | — | | | | | | 16,871,014 | | | | | | (12,166,676) | | | | | | 5,451,480 | | |
12/31/2014 | | | | | 82,857 | | | | | | — | | | | | | 278,497 | | | | | | (1,075,070) | | | | | | (713,716) | | | | | | 1,909,158 | | | | | | — | | | | | | 6,229,979 | | | | | | (25,195,815) | | | | | | (17,056,678) | | |
Index Plus SmallCap | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 88,313 | | | | | | — | | | | | | 84,430 | | | | | | (512,571) | | | | | | (339,828) | | | | | | 2,041,034 | | | | | | — | | | | | | 1,956,235 | | | | | | (11,907,673) | | | | | | (7,910,404) | | |
12/31/2014 | | | | | 238,367 | | | | | | — | | | | | | 69,888 | | | | | | (1,572,091) | | | | | | (1,263,836) | | | | | | 5,223,155 | | | | | | — | | | | | | 1,491,399 | | | | | | (34,190,742) | | | | | | (27,476,188) | | |
Class S | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,493 | | | | | | — | | | | | | 23,703 | | | | | | (385,028) | | | | | | (358,832) | | | | | | 57,332 | | | | | | — | | | | | | 544,211 | | | | | | (8,911,081) | | | | | | (8,309,538) | | |
12/31/2014 | | | | | 39,954 | | | | | | — | | | | | | 19,213 | | | | | | (880,275) | | | | | | (821,108) | | | | | | 852,205 | | | | | | — | | | | | | 406,155 | | | | | | (18,951,696) | | | | | | (17,693,336) | | |
NOTE 10 — 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 the close of business 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 provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury;
United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
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 is a summary of the Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2015:
18
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
Index Plus LargeCap
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
HSBC Bank PLC | | | | $ | 2,469,238 | | | | | $ | (2,469,238) | | | | | $ | — | | | |||
Total | | | | $ | 2,469,238 | | | | | $ | (2,469,238) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $2,521,201 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Index Plus MidCap
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Barclays Capital Inc. | | | | $ | 2,146,686 | | | | | $ | (2,146,686) | | | | | $ | — | | | |||
Citigroup Global Markets Inc. | | | | | 41,496 | | | | | | (41,496) | | | | | | — | | | |||
Credit Suisse Securities USA | | | | | 162,429 | | | | | | (162,429) | | | | | | — | | | |||
Goldman Sachs & Company | | | | | 2,186,305 | | | | | | (2,186,305) | | | | | | — | | | |||
Janney Montgomery Scott LLC | | | | | 87,110 | | | | | | (87,110) | | | | | | — | | | |||
JPMorgan Clearing Corp. | | | | | 1,758,855 | | | | | | (1,758,855) | | | | | | — | | | |||
Maple Securities USA Inc. | | | | | 117,040 | | | | | | (117,040) | | | | | | — | | | |||
Merrill Lynch, Pierce, Fenner & Smith Inc. | | | | | 83,088 | | | | | | (83,088) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 128,833 | | | | | | (128,833) | | | | | | — | | | |||
RBC Capital Markets, LLC | | | | | 19,152 | | | | | | (19,152) | | | | | | — | | | |||
RBC Dominion Securities Inc | | | | | 1,344,690 | | | | | | (1,344,690) | | | | | | — | | | |||
SG Americas Securities, LLC | | | | | 68,277 | | | | | | (68,277) | | | | | | — | | | |||
Total | | | | $ | 8,143,961 | | | | | $ | (8,143,961) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $8,345,956 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Index Plus SmallCap
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | |||||||||
Barclays Capital Inc. | | | | $ | 210,332 | | | | | $ | (210,332) | | | | | $ | — | | |
Citadel Clearing LLC | | | | | 43,739 | | | | | | (43,739) | | | | | | — | | |
Citigroup Global Markets Inc. | | | | | 786,621 | | | | | | (786,621) | | | | | | — | | |
Credit Suisse Securities (USA) LLC | | | | | 1,455,893 | | | | | | (1,455,893) | | | | | | — | | |
Deutsche Bank Securities | | | | | 1,631,919 | | | | | | (1,631,919) | | | | | | — | | |
Goldman Sachs & Company | | | | | 2,400,954 | | | | | | (2,400,954) | | | | | | — | | |
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Janney Montgomery Scott LLC | | | | | 74,600 | | | | | | (74,600) | | | | | | — | | | |||
JP Morgan Clearing Corp | | | | | 1,292,922 | | | | | | (1,292,922) | | | | | | — | | | |||
Morgan Stanley & Co. LLC | | | | | 1,853,756 | | | | | | (1,853,756) | | | | | | — | | | |||
National Financial Services LLC | | | | | 408,403 | | | | | | (408,403) | | | | | | — | | | |||
SG Americas Securities, LLC | | | | | 1,860,479 | | | | | | (1,860,479) | | | | | | — | | | |||
UBS Securities LLC. | | | | | 1,795,069 | | | | | | (1,795,069) | | | | | | — | | | |||
Total | | | | $ | 13,814,687 | | | | | $ | (13,814,687) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $14,166,457 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
NOTE 11 — 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 U.S. 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, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
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:
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||||
| | | Ordinary Income | | | Long-term Capital Gains | | | Ordinary Income | | | Long-term Capital Gains | | ||||||||||||
Index Plus LargeCap | | | | $ | 11,453,599 | | | | | $ | — | | | | | $ | 10,761,384 | | | | | $ | — | | |
Index Plus MidCap | | | | | 17,813,399 | | | | | | 81,182,418 | | | | | | 5,225,955 | | | | | | 29,951,744 | | |
Index Plus SmallCap | | | | | 2,500,446 | | | | | | — | | | | | | 1,897,554 | | | | | | — | | |
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, 2014 are detailed below.
19
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 11 — FEDERAL INCOME TAXES (continued)
The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
| | | Undistributed Ordinary Income | | | Undistributed Long-term Capital Gains | | | Unrealized Appreciation/ (Depreciation) | | | Short-term Capital Loss Carryforwards | | | Expiration | | |||||||||||||||
Index Plus LargeCap | | | | $ | 11,409,863 | | | | | $ | — | | | | | $ | 124,909,191 | | | | | $ | (76,830,721) | | | | | | 2017 | | |
Index Plus MidCap | | | | | 17,954,020 | | | | | | 80,963,622 | | | | | | 102,356,173 | | | | | | — | | | | | | — | | |
Index Plus SmallCap | | | | | 2,500,310 | | | | | | — | | | | | | 61,498,142 | | | | | | (22,525,846) | | | | | | 2017 | | |
The Portfolios’ major tax jurisdictions are U.S. federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2010.
As of June 30, 2015, 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.
NOTE 12 — CONCENTRATION OF INVESTMENT RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Portfolios and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.
NOTE 13 — RESTRUCTURING PLAN
Prior to May 2013, Voya Financial, Inc. was a wholly-owned subsidiary of ING Groep N.V. (“ING Groep”). In October 2009, ING Groep submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses,
including Voya Financial, Inc. (formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep was required to divest at least 25% of Voya Financial, Inc. by the end of 2013 and more than 50% by the end of 2014, and was required to divest its remaining interest by the end of 2016 (such divestment, the “Separation Plan”).
In May 2013, Voya Financial, Inc. conducted an initial public offering of its common stock (the “IPO”). In October 2013, March 2014, and September 2014, ING Groep divested additional shares in several secondary offerings of common stock of Voya Financial, Inc. and concurrent share repurchases by Voya Financial, Inc. These transactions reduced ING Groep’s ownership interest in Voya Financial, Inc. to 32%. Voya Financial, Inc. did not receive any proceeds from these offerings.
In November 2014, through an additional secondary offering and the concurrent repurchase of shares by Voya Financial, Inc., ING Groep further reduced its interest in Voya Financial, Inc. below 25% to approximately 19% (the “November 2014 Offering”). The November 2014 Offering was deemed by the Investment Adviser to be a change of control (the “Change of Control”), which resulted in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and Sub-Adviser provide services to the Portfolios. In anticipation of this termination, and in order to ensure that the existing investment advisory and sub-advisory services could continue uninterrupted, in 2013 the Board approved new advisory and sub-advisory agreements for the Portfolios, as applicable, in connection with the IPO. In addition, in 2013, shareholders of each Portfolio approved new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and that have terms not materially different from the current agreements. This meant that shareholders would not have another opportunity to vote on a new agreement with the Investment Adviser or the current affiliated sub-adviser even upon a change of control prompted by the Separation Plan, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.
On November 18, 2014, in response to the Change of Control, the Board, at an in-person meeting, approved new investment advisory and sub-advisory agreements. At that meeting, the Investment Adviser represented that the new investment advisory and affiliated sub-advisory agreements approved by the Board were not materially
20
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 13 — RESTRUCTURING PLAN (continued)
different from the agreements approved by shareholders in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on the new agreements with the Investment Adviser and affiliated sub-adviser.
In March 2015, ING Groep divested the remainder of its interest in Voya Financial, Inc. through a secondary offering of Voya Financial, Inc.’s common stock and a concurrent share repurchase by Voya Financial, Inc. Voya Financial, Inc. did not receive any proceeds from these transactions.
NOTE 14 — SUBSEQUENT EVENTS
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.
21
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Information Technology | | | 19.3% | |
| Financials | | | 16.8% | |
| Health Care | | | 14.7% | |
| Consumer Discretionary | | | 12.1% | |
| Industrials | | | 10.3% | |
| Consumer Staples | | | 8.9% | |
| Energy | | | 8.5% | |
| Materials | | | 3.1% | |
| Utilities | | | 3.0% | |
| Telecommunication Services | | | 2.2% | |
| Assets in Excess of Other Liabilities* | | | 1.1% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.9% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 12.1% | | ||||||||||||
| | 149,919 | | | | Coach, Inc. | | | | $ | 5,188,697 | | | | | | 0.7 | | |
| | 190,925 | | | | Comcast Corp. - Class A | | | | | 11,482,229 | | | | | | 1.6 | | |
| | 100,726 | | | | Home Depot, Inc. | | | | | 11,193,680 | | | | | | 1.5 | | |
| | 64,329 | | | | Nike, Inc. | | | | | 6,948,819 | | | | | | 1.0 | | |
| | 62,973 | | | | Walt Disney Co. | | | | | 7,187,738 | | | | | | 1.0 | | |
| | 709,590 | | | | Other Securities | | | | | 46,273,994 | | | | | | 6.3 | | |
| | | | | | | | | | | 88,275,157 | | | | | | 12.1 | | |
| | | | | | Consumer Staples: 8.9% | | ||||||||||||
| | 132,541 | | | | Altria Group, Inc. | | | | | 6,482,580 | | | | | | 0.9 | | |
| | 154,294 | | | | ConAgra Foods, Inc. | | | | | 6,745,734 | | | | | | 0.9 | | |
| | 98,834 | | | | CVS Health | | | | | 10,365,710 | | | | | | 1.4 | | |
| | 43,511 @ | | | | Monster Beverage Corp. | | | | | 5,831,344 | | | | | | 0.8 | | |
| | 105,646 | | | | PepsiCo, Inc. | | | | | 9,860,997 | | | | | | 1.4 | | |
| | 85,536 | | | | Procter & Gamble Co. | | | | | 6,692,337 | | | | | | 0.9 | | |
| | 324,156 | | | | Other Securities | | | | | 19,107,091 | | | | | | 2.6 | | |
| | | | | | | | | | | 65,085,793 | | | | | | 8.9 | | |
| | | | | | Energy: 8.5% | | ||||||||||||
| | 139,610 | | | | ExxonMobil Corp. | | | | | 11,615,552 | | | | | | 1.6 | | |
| | 78,541 | | | | Occidental Petroleum Corp. | | | | | 6,108,134 | | | | | | 0.8 | | |
| | 93,700 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 5,341,837 | | | | | | 0.7 | | |
| | 69,932 | | | | Schlumberger Ltd. | | | | | 6,027,439 | | | | | | 0.8 | | |
| | 91,055 | | | | Valero Energy Corp. | | | | | 5,700,043 | | | | | | 0.8 | | |
| | 438,264 | | | | Other Securities | | | | | 27,529,773 | | | | | | 3.8 | | |
| | | | | | | | | | | 62,322,778 | | | | | | 8.5 | | |
| | | | | | Financials: 16.8% | | ||||||||||||
| | 42,170 | | | | Ameriprise Financial, Inc. | | | | | 5,268,298 | | | | | | 0.7 | | |
| | 47,965 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 6,528,516 | | | | | | 0.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 171,487 | | | | Citigroup, Inc. | | | | $ | 9,472,942 | | | | | | 1.3 | | |
| | 105,143 | | | | Discover Financial Services | | | | | 6,058,340 | | | | | | 0.8 | | |
| | 309,226 | | | | Host Hotels & Resorts, Inc. | | | | | 6,131,952 | | | | | | 0.9 | | |
| | 201,965 | | | | JPMorgan Chase & Co. | | | | | 13,685,148 | | | | | | 1.9 | | |
| | 359,117 | | | | Keycorp | | | | | 5,393,937 | | | | | | 0.7 | | |
| | 155,788 | | | | ProLogis, Inc. | | | | | 5,779,735 | | | | | | 0.8 | | |
| | 65,812 | | | | Prudential Financial, Inc. | | | | | 5,759,866 | | | | | | 0.8 | | |
| | 178,539 | | | | Wells Fargo & Co. | | | | | 10,041,033 | | | | | | 1.4 | | |
| | 1,493,979 | | | | Other Securities | | | | | 48,518,856 | | | | | | 6.6 | | |
| | | | | | | | | | | 122,638,623 | | | | | | 16.8 | | |
| | | | | | Health Care: 14.7% | | ||||||||||||
| | 61,282 | | | | Amgen, Inc. | | | | | 9,408,013 | | | | | | 1.3 | | |
| | 31,302 | | | | Anthem, Inc. | | | | | 5,137,910 | | | | | | 0.7 | | |
| | 121,208 | | | | Bristol-Myers Squibb Co. | | | | | 8,065,181 | | | | | | 1.1 | | |
| | 100,424 | | | | Gilead Sciences, Inc. | | | | | 11,757,642 | | | | | | 1.6 | | |
| | 76,105 | | | | Johnson & Johnson | | | | | 7,417,193 | | | | | | 1.0 | | |
| | 123,721 | | | | Medtronic PLC | | | | | 9,167,726 | | | | | | 1.2 | | |
| | 205,654 | | | | Merck & Co., Inc. | | | | | 11,707,882 | | | | | | 1.6 | | |
| | 410,901 | | | | Pfizer, Inc. | | | | | 13,777,511 | | | | | | 1.9 | | |
| | 81,948 | | | | UnitedHealth Group, Inc. | | | | | 9,997,656 | | | | | | 1.4 | | |
| | 179,636 | | | | Other Securities | | | | | 20,968,796 | | | | | | 2.9 | | |
| | | | | | | | | | | 107,405,510 | | | | | | 14.7 | | |
| | | | | | Industrials: 10.3% | | ||||||||||||
| | 65,162 | | | | Boeing Co. | | | | | 9,039,273 | | | | | | 1.2 | | |
| | 89,179 | | | | Danaher Corp. | | | | | 7,632,831 | | | | | | 1.0 | | |
| | 51,617 | | | | General Dynamics Corp. | | | | | 7,313,613 | | | | | | 1.0 | | |
| | 271,815 | | | | General Electric Co. | | | | | 7,222,124 | | | | | | 1.0 | | |
| | 90,960 | | | | Union Pacific Corp. | | | | | 8,674,855 | | | | | | 1.2 | | |
| | 635,369 | | | | Other Securities(a) | | | | | 35,479,804 | | | | | | 4.9 | | |
| | | | | | | | | | | 75,362,500 | | | | | | 10.3 | | |
| | | | | | Information Technology: 19.3% | | ||||||||||||
| | 276,871 | | | | Apple, Inc. | | | | | 34,726,545 | | | | | | 4.8 | | |
| | 389,486 | | | | Cisco Systems, Inc. | | | | | 10,695,286 | | | | | | 1.5 | | |
| | 62,568 @ | | | | Facebook, Inc. | | | | | 5,366,144 | | | | | | 0.7 | | |
| | 11,412 @ | | | | Google, Inc. - Class A | | | | | 6,162,936 | | | | | | 0.8 | | |
| | 5,817 | | | | Google, Inc. - Class C | | | | | 3,027,807 | | | | | | 0.4 | | |
| | 365,345 | | | | Intel Corp. | | | | | 11,111,968 | | | | | | 1.5 | | |
| | 404,680 | | | | Microsoft Corp. | | | | | 17,866,622 | | | | | | 2.4 | | |
| | 244,402 | | | | Oracle Corp. | | | | | 9,849,401 | | | | | | 1.4 | | |
| | 885,013 | | | | Other Securities | | | | | 42,306,451 | | | | | | 5.8 | | |
| | | | | | | | | | | 141,113,160 | | | | | | 19.3 | | |
| | | | | | Materials: 3.1% | | ||||||||||||
| | 116,908 | | | | International Paper Co. | | | | | 5,563,652 | | | | | | 0.7 | | |
| | 135,356 | | | | Mosaic Co. | | | | | 6,341,428 | | | | | | 0.9 | | |
| | 169,648 | | | | Other Securities | | | | | 10,881,147 | | | | | | 1.5 | | |
| | | | | | | | | | | 22,786,227 | | | | | | 3.1 | | |
See Accompanying Notes to Financial Statements
22
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Telecommunication Services: 2.2% | | |||||||||||||||
| | 218,449 | | | | Verizon Communications, Inc. | | | | $ | 10,181,908 | | | | | | 1.4 | | | |||
| | 427,388 | | | | Other Securities | | | | | 5,804,483 | | | | | | 0.8 | | | |||
| | | | | | | | | | | 15,986,391 | | | | | | 2.2 | | | |||
| | | | | | Utilities: 3.0% | | |||||||||||||||
| | 423,187 | | | | Other Securities | | | | | 22,212,691 | | | | | | 3.0 | | | |||
| | | | | | Total Common Stock (Cost $629,729,180) | | | | | 723,188,830 | | | | | | 98.9 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.3% | | ||||||||||||
| | 1,000,000 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 07/15/15-05/20/65) | | | | | 1,000,000 | | ��� | | | | 0.1 | | |
| | 1,000,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,020,000, due 01/15/17-08/15/42) | | | | | 1,000,000 | | | | | | 0.1 | | |
| | 521,201 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $521,203, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $531,625, due 07/31/15-05/20/65) | | | | | 521,201 | | | | | | 0.1 | | |
| | | | | | | | | | | 2,521,201 | | | | | | 0.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 7,767,715 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $7,767,715) | | | | $ | 7,767,715 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $10,288,916) | | | | | 10,288,916 | | | | | | 1.4 | | | |||
| | | | | | Total Investments in Securities (Cost $640,018,096) | | | | $ | 733,477,746 | | | | | | 100.3 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (1,937,711) | | | | | | (0.3) | | | |||
| | | | | | Net Assets | | | | $ | 731,540,035 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $641,733,731.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 108,481,289 | | | |
| Gross Unrealized Depreciation | | | | | (16,737,274) | | | |
| Net Unrealized Appreciation | | | | $ | 91,744,015 | | | |
|
See Accompanying Notes to Financial Statements
23
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 723,188,830 | | | | | $ | — | | | | | $ | — | | | | | $ | 723,188,830 | | | ||||
Short-Term Investments | | | | | 7,767,715 | | | | | | 2,521,201 | | | | | | — | | | | | | 10,288,916 | | | ||||
Total Investments, at fair value | | | | $ | 730,956,545 | | | | | $ | 2,521,201 | | | | | $ | — | | | | | $ | 733,477,746 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (71,158) | | | | | $ | — | | | | | $ | — | | | | | $ | (71,158) | | | ||||
Total Liabilities | | | | $ | (71,158) | | | | | $ | — | | | | | $ | — | | | | | $ | (71,158) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P 500 E-Mini | | | | | 50 | | | | | | 09/18/15 | | | | | $ | 5,136,000 | | | | | $ | (71,158) | | | ||||
| | | | | | | | | | | | | | | | $ | 5,136,000 | | | | | $ | (71,158) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 71,158 | | | |
Total Liability Derivatives | | | | | | | $ | 71,158 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 265,153 | | | |
Total | | | | $ | 265,153 | | | |
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (180,663) | | | |
Total | | | | $ | (180,663) | | | |
|
See Accompanying Notes to Financial Statements
24
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 24.5% | |
| Industrials | | | 16.1% | |
| Information Technology | | | 15.5% | |
| Consumer Discretionary | | | 14.2% | |
| Health Care | | | 10.3% | |
| Materials | | | 5.7% | |
| Consumer Staples | | | 4.5% | |
| Energy | | | 4.1% | |
| Utilities | | | 3.9% | |
| Assets in Excess of Other Liabilities* | | | 1.2% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.8% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 14.2% | | ||||||||||||
| | 104,547 | | | | Brinker International, Inc. | | | | $ | 6,027,134 | | | | | | 0.9 | | |
| | 104,770 | | | | Foot Locker, Inc. | | | | | 7,020,638 | | | | | | 1.0 | | |
| | 136,862 | | | | Jarden Corp. | | | | | 7,082,608 | | | | | | 1.0 | | |
| | 270,819 @ | | | | LKQ Corp. | | | | | 8,190,921 | | | | | | 1.2 | | |
| | 1,870,540 | | | | Other Securities(a) | | | | | 70,334,451 | | | | | | 10.1 | | |
| | | | | | | | | | | 98,655,752 | | | | | | 14.2 | | |
| | | | | | Consumer Staples: 4.5% | | ||||||||||||
| | 236,346 | | | | Flowers Foods, Inc. | | | | | 4,998,718 | | | | | | 0.7 | | |
| | 100,178 | | | | Hain Celestial Group, Inc. | | | | | 6,597,723 | | | | | | 0.9 | | |
| | 710,148 | | | | Other Securities(a) | | | | | 19,837,104 | | | | | | 2.9 | | |
| | | | | | | | | | | 31,433,545 | | | | | | 4.5 | | |
| | | | | | Energy: 4.1% | | ||||||||||||
| | 1,654,805 | | | | Other Securities(a) | | | | | 28,445,995 | | | | | | 4.1 | | |
| | | | | | Financials: 24.5% | | ||||||||||||
| | 34,219 @ | | | | Everest Re Group Ltd. | | | | | 6,228,200 | | | | | | 0.9 | | |
| | 118,840 | | | | Extra Space Storage, Inc. | | | | | 7,750,745 | | | | | | 1.1 | | |
| | 144,516 | | | | Highwoods Properties, Inc. | | | | | 5,773,414 | | | | | | 0.9 | | |
| | 333,051 | | | | Keycorp | | | | | 5,002,426 | | | | | | 0.7 | | |
| | 162,172 | | | | LaSalle Hotel Properties | | | | | 5,750,619 | | | | | | 0.8 | | |
| | 111,061 | | | | PacWest Bancorp | | | | | 5,193,212 | | | | | | 0.8 | | |
| | 57,241 | | | | Reinsurance Group of America, Inc. | | | | | 5,430,454 | | | | | | 0.8 | | |
| | 98,415 | | | | SEI Investments Co. | | | | | 4,825,288 | | | | | | 0.7 | | |
| | 55,116 @ | | | | Signature Bank | | | | | 8,068,431 | | | | | | 1.2 | | |
| | 58,947 @ | | | | SVB Financial Group | | | | | 8,487,189 | | | | | | 1.2 | | |
| | 148,994 | | | | Weingarten Realty Investors | | | | | 4,870,614 | | | | | | 0.7 | | |
| | 3,296,847 | | | | Other Securities(a) | | | | | 102,221,249 | | | | | | 14.7 | | |
| | | | | | | | | | | 169,601,841 | | | | | | 24.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Health Care: 10.3% | | ||||||||||||
| | 99,192 | | | | Centene Corp. | | | | $ | 7,975,037 | | | | | | 1.1 | | |
| | 78,500 @ | | | | Charles River Laboratories International, Inc. | | | | | 5,521,690 | | | | | | 0.8 | | |
| | 115,993 @ | | | | Community Health Systems, Inc. | | | | | 7,304,079 | | | | | | 1.1 | | |
| | 77,609 @ | | | | Health Net, Inc. | | | | | 4,976,289 | | | | | | 0.7 | | |
| | 196,031 @ | | | | Hologic, Inc. | | | | | 7,460,940 | | | | | | 1.1 | | |
| | 106,670 @ | | | | Mednax, Inc. | | | | | 7,905,314 | | | | | | 1.1 | | |
| | 21,858 @ | | | | Mettler Toledo International, Inc. | | | | | 7,463,633 | | | | | | 1.1 | | |
| | 328,748 | | | | Other Securities | | | | | 22,621,529 | | | | | | 3.3 | | |
| | | | | | | | | | | 71,228,511 | | | | | | 10.3 | | |
| | | | | | Industrials: 16.1% | | ||||||||||||
| | 108,250 | | | | Alaska Air Group, Inc. | | | | | 6,974,547 | | | | | | 1.0 | | |
| | 140,642 | | | | Fortune Brands Home & Security, Inc. | | | | | 6,444,216 | | | | | | 0.9 | | |
| | 51,157 | | | | Hubbell, Inc. | | | | | 5,539,280 | | | | | | 0.8 | | |
| | 283,797 @ | | | | JetBlue Airways Corp. | | | | | 5,891,626 | | | | | | 0.9 | | |
| | 95,703 | | | | Lincoln Electric Holdings, Inc. | | | | | 5,827,356 | | | | | | 0.8 | | |
| | 55,898 | | | | Manpower, Inc. | | | | | 4,996,163 | | | | | | 0.7 | | |
| | 69,525 @ | | | | Old Dominion Freight Line | | | | | 4,769,763 | | | | | | 0.7 | | |
| | 82,477 | | | | Orbital ATK, Inc. | | | | | 6,050,513 | | | | | | 0.9 | | |
| | 80,069 | | | | Regal-Beloit Corp. | | | | | 5,812,209 | | | | | | 0.8 | | |
| | 27,899 | | | | Roper Technologies, Inc. | | | | | 4,811,461 | | | | | | 0.7 | | |
| | 49,268 @ | | | | Teledyne Technologies, Inc. | | | | | 5,198,267 | | | | | | 0.8 | | |
| | 153,769 | | | | Waste Connections, Inc. | | | | | 7,245,595 | | | | | | 1.0 | | |
| | 1,130,253 | | | | Other Securities | | | | | 42,067,287 | | | | | | 6.1 | | |
| | | | | | | | | | | 111,628,283 | | | | | | 16.1 | | |
| | | | | | Information Technology: 15.5% | | ||||||||||||
| | 89,138 @ | | | | Ansys, Inc. | | | | | 8,132,951 | | | | | | 1.2 | | |
| | 123,382 | | | | Broadridge Financial Solutions, Inc. ADR | | | | | 6,170,334 | | | | | | 0.9 | | |
| | 72,464 @ | | | | Gartner, Inc. | | | | | 6,215,962 | | | | | | 0.9 | | |
| | 192,339 @ | | | | Ingram Micro, Inc. | | | | | 4,814,245 | | | | | | 0.7 | | |
| | 93,576 | | | | Plantronics, Inc. | | | | | 5,269,265 | | | | | | 0.7 | | |
| | 422,179 @ | | | | Polycom, Inc. | | | | | 4,829,728 | | | | | | 0.7 | | |
| | 122,678 @ | | | | SolarWinds, Inc. | | | | | 5,659,136 | | | | | | 0.8 | | |
| | 33,671 @ | | | | Ultimate Software Group, Inc. | | | | | 5,533,492 | | | | | | 0.8 | | |
| | 1,879,004 | | | | Other Securities(a) | | | | | 61,125,559 | | | | | | 8.8 | | |
| | | | | | | | | | | 107,750,672 | | | | | | 15.5 | | |
| | | | | | Materials: 5.7% | | ||||||||||||
| | 326,066 | | | | Commercial Metals Co. | | | | | 5,243,141 | | | | | | 0.8 | | |
| | 104,099 | | | | Packaging Corp. of America | | | | | 6,505,147 | | | | | | 0.9 | | |
| | 318,359 | | | | Steel Dynamics, Inc. | | | | | 6,594,807 | | | | | | 0.9 | | |
| | 464,663 | | | | Other Securities | | | | | 21,352,175 | | | | | | 3.1 | | |
| | | | | | | | | | | 39,695,270 | | | | | | 5.7 | | |
See Accompanying Notes to Financial Statements
25
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities: 3.9% | | |||||||||||||||
| | | 240,914 | | | | Great Plains Energy, Inc. | | | | $ | 5,820,482 | | | | | | 0.9 | | | |||
| | | 120,421 | | | | ONE Gas, Inc. | | | | | 5,125,118 | | | | | | 0.7 | | | |||
| | | 147,666 | | | | Westar Energy, Inc. | | | | | 5,053,131 | | | | | | 0.7 | | | |||
| | | 251,220 | | | | Other Securities | | | | | 11,180,247 | | | | | | 1.6 | | | |||
| | | | | | | | | | | | 27,178,978 | | | | | | 3.9 | | | |||
| | | | | | | Total Common Stock (Cost $604,273,207) | | | | | 685,618,847 | | | | | | 98.8 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.2% | | ||||||||||||
| | 319,940 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $319,942, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $326,339, due 02/28/17-05/15/44) | | | | | 319,940 | | | | | | 0.0 | | |
| | 1,982,172 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,982,180, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,021,815, due 07/15/15-05/20/65) | | | | | 1,982,172 | | | | | | 0.3 | | |
| | 1,982,172 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,982,182, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,021,806, due 11/15/15-03/01/48) | | | | | 1,982,172 | | | | | | 0.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 2,079,500 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,079,510, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,121,090, due 01/15/17-08/15/42) | | | | $ | 2,079,500 | | | | | | 0.3 | | |
| | 1,982,172 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,982,180, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,021,816, due 07/31/15-05/20/65) | | | | | 1,982,172 | | | | | | 0.3 | | |
| | | | | | | | | | | 8,345,956 | | | | | | 1.2 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 7,770,608 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $7,770,608) | | | | | 7,770,608 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $16,116,564) | | | | | 16,116,564 | | | | | | 2.3 | | | |||
| | | | | | Total Investments in Securities (Cost $620,389,771) | | | | $ | 701,735,411 | | | | | | 101.1 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (7,678,791) | | | | | | (1.1) | | | |||
| | | | | | Net Assets | | | | $ | 694,056,620 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
See Accompanying Notes to Financial Statements
26
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $620,829,193.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 100,090,293 | | | |
| Gross Unrealized Depreciation | | | | | (19,184,075) | | | |
| Net Unrealized Appreciation | | | | $ | 80,906,218 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 685,618,847 | | | | | $ | — | | | | | $ | — | | | | | $ | 685,618,847 | | | ||||
Short-Term Investments | | | | | 7,770,608 | | | | | | 8,345,956 | | | | | | — | | | | | | 16,116,564 | | | ||||
Total Investments, at fair value | | | | $ | 693,389,455 | | | | | $ | 8,345,956 | | | | | $ | — | | | | | $ | 701,735,411 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (93,288) | | | | | $ | — | | | | | $ | — | | | | | $ | (93,288) | | | ||||
Total Liabilities | | | | $ | (93,288) | | | | | $ | — | | | | | $ | — | | | | | $ | (93,288) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
S&P Mid 400 E-Mini | | | | | 33 | | | | | | 09/18/15 | | | | | $ | 4,943,730 | | | | | $ | (93,288) | | | ||||
| | | | | | | | | | | | | | | | $ | 4,943,730 | | | | | $ | (93,288) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 93,288 | | | |
Total Liability Derivatives | | | | | | | $ | 93,288 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
See Accompanying Notes to Financial Statements
27
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 467,141 | | | |
Total | | | | $ | 467,141 | | | |
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (274,673) | | | |
Total | | | | $ | (274,673) | | | |
|
See Accompanying Notes to Financial Statements
28
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 23.0% | |
| Industrials | | | 16.9% | |
| Information Technology | | | 15.5% | |
| Consumer Discretionary | | | 14.8% | |
| Health Care | | | 13.4% | |
| Materials | | | 5.4% | |
| Energy | | | 3.4% | |
| Utilities | | | 2.8% | |
| Consumer Staples | | | 2.1% | |
| Telecommunication Services | | | 1.1% | |
| Assets in Excess of Other Liabilities* | | | 1.6% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.8% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 14.8% | | ||||||||||||
| | 38,485 | | | | Childrens Place Retail Stores, Inc. | | | | $ | 2,517,304 | | | | | | 0.8 | | |
| | 86,860 | | | | Finish Line, Inc. | | | | | 2,416,445 | | | | | | 0.8 | | |
| | 38,899 | | | | Jack in the Box, Inc. | | | | | 3,429,336 | | | | | | 1.1 | | |
| | 90,300 | | | | La-Z-Boy, Inc. | | | | | 2,378,502 | | | | | | 0.8 | | |
| | 28,802 | | | | Marriott Vacations Worldwide Corp. | | | | | 2,642,583 | | | | | | 0.8 | | |
| | 46,225 | | | | Monro Muffler Brake, Inc. | | | | | 2,873,346 | | | | | | 0.9 | | |
| | 37,195 | | | | Papa John’s International, Inc. | | | | | 2,812,314 | | | | | | 0.9 | | |
| | 43,989 | | | | Pool Corp. | | | | | 3,087,148 | | | | | | 1.0 | | |
| | 93,623 | | | | Wolverine World Wide, Inc. | | | | | 2,666,383 | | | | | | 0.8 | | |
| | 603,348 | | | | Other Securities(a) | | | | | 21,400,457 | | | | | | 6.9 | | |
| | | | | | | | | | | 46,223,818 | | | | | | 14.8 | | |
| | | | | | Consumer Staples: 2.1% | | ||||||||||||
| | 27,377 L | | | | Sanderson Farms, Inc. | | | | | 2,057,655 | | | | | | 0.6 | | |
| | 91,856 | | | | Other Securities | | | | | 4,566,094 | | | | | | 1.5 | | |
| | | | | | | | | | | 6,623,749 | | | | | | 2.1 | | |
| | | | | | Energy: 3.4% | | ||||||||||||
| | 48,197 @ | | | | Carrizo Oil & Gas, Inc. | | | | | 2,373,220 | | | | | | 0.7 | | |
| | 1,272,198 | | | | Other Securities(a) | | | | | 8,397,554 | | | | | | 2.7 | | |
| | | | | | | | | | | 10,770,774 | | | | | | 3.4 | | |
| | | | | | Financials: 23.0% | | ||||||||||||
| | 50,125 | | | | Coresite Realty Corp. | | | | | 2,277,680 | | | | | | 0.7 | | |
| | 185,472 | | | | DiamondRock Hospitality Co. | | | | | 2,375,896 | | | | | | 0.8 | | |
| | 46,052 | | | | Evercore Partners, Inc. | | | | | 2,484,966 | | | | | | 0.8 | | |
| | 55,859 L | | | | Financial Engines, Inc. | | | | | 2,372,890 | | | | | | 0.8 | | |
| | 35,164 | | | | MarketAxess Holdings, Inc. | | | | | 3,262,164 | | | | | | 1.0 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 83,014 | | | | MB Financial, Inc. | | | | $ | 2,859,002 | | | | | | 0.9 | | |
| | 45,427 | | | | Post Properties, Inc. | | | | | 2,469,866 | | | | | | 0.8 | | |
| | 50,897 @ | | | | PRA Group, Inc. | | | | | 3,171,392 | | | | | | 1.0 | | |
| | 72,941 | | | | PrivateBancorp, Inc. | | | | | 2,904,511 | | | | | | 0.9 | | |
| | 87,501 | | | | Selective Insurance Group | | | | | 2,454,403 | | | | | | 0.8 | | |
| | 77,303 | | | | The Geo Group, Inc. | | | | | 2,640,671 | | | | | | 0.8 | | |
| | 1,640,131 | | | | Other Securities(a) | | | | | 42,580,911 | | | | | | 13.7 | | |
| | | | | | | | | | | 71,854,352 | | | | | | 23.0 | | |
| | | | | | Health Care: 13.4% | | ||||||||||||
| | 91,092 @ | | | | AMN Healthcare Services, Inc. | | | | | 2,877,596 | | | | | | 0.9 | | |
| | 50,915 @ | | | | Cynosure, Inc. | | | | | 1,964,301 | | | | | | 0.6 | | |
| | 41,192 @ | | | | Greatbatch, Inc. | | | | | 2,221,073 | | | | | | 0.7 | | |
| | 93,310 @ | | | | Merit Medical Systems, Inc. | | | | | 2,009,897 | | | | | | 0.7 | | |
| | 68,211 @ | | | | Omnicell, Inc. | | | | | 2,572,237 | | | | | | 0.8 | | |
| | 147,741 @ | | | | Select Medical Holdings Corp. | | | | | 2,393,404 | | | | | | 0.8 | | |
| | 782,937 | | | | Other Securities(a) | | | | | 27,834,851 | | | | | | 8.9 | | |
| | | | | | | | | | | 41,873,359 | | | | | | 13.4 | | |
| | | | | | Industrials: 16.9% | | ||||||||||||
| | 62,951 | | | | ABM Industries, Inc. | | | | | 2,069,199 | | | | | | 0.7 | | |
| | 36,707 @ | | | | Atlas Air Worldwide Holdings, Inc. | | | | | 2,017,417 | | | | | | 0.7 | | |
| | 51,282 | | | | Barnes Group, Inc. | | | | | 1,999,485 | | | | | | 0.6 | | |
| | 79,652 | | | | Brady Corp. | | | | | 1,970,591 | | | | | | 0.6 | | |
| | 32,084 | | | | Curtiss-Wright Corp. | | | | | 2,324,165 | | | | | | 0.7 | | |
| | 57,680 @ | | | | On Assignment, Inc. | | | | | 2,265,670 | | | | | | 0.7 | | |
| | 69,414 | | | | Simpson Manufacturing Co., Inc. | | | | | 2,360,076 | | | | | | 0.8 | | |
| | 86,569 | | | | Tetra Tech, Inc. | | | | | 2,219,629 | | | | | | 0.7 | | |
| | 50,199 | | | | Toro Co. | | | | | 3,402,488 | | | | | | 1.1 | | |
| | 40,727 | | | | Watts Water Technologies, Inc. | | | | | 2,111,695 | | | | | | 0.7 | | |
| | 775,543 | | | | Other Securities | | | | | 29,882,560 | | | | | | 9.6 | | |
| | | | | | | | | | | 52,622,975 | | | | | | 16.9 | | |
| | | | | | Information Technology: 15.5% | | ||||||||||||
| | 82,219 @ | | | | Advanced Energy Industries, Inc. | | | | | 2,260,200 | | | | | | 0.7 | | |
| | 65,621 @ | | | | Cardtronics, Inc. | | | | | 2,431,258 | | | | | | 0.8 | | |
| | 35,222 @ | | | | Coherent, Inc. | | | | | 2,235,892 | | | | | | 0.7 | | |
| | 46,755 | | | | j2 Global, Inc. | | | | | 3,176,535 | | | | | | 1.0 | | |
| | 91,668 @ | | | | Microsemi Corp. | | | | | 3,203,797 | | | | | | 1.0 | | |
| | 74,286 | | | | MKS Instruments, Inc. | | | | | 2,818,411 | | | | | | 0.9 | | |
| | 67,758 @ | | | | Netgear, Inc. | | | | | 2,034,095 | | | | | | 0.7 | | |
| | 52,928 @ | | | | Plexus Corp. | | | | | 2,322,481 | | | | | | 0.7 | | |
| | 51,382 @ | | | | Synchronoss Technologies, Inc. | | | | | 2,349,699 | | | | | | 0.8 | | |
| | 1,102,025 | | | | Other Securities(a) | | | | | 25,415,225 | | | | | | 8.2 | | |
| | | | | | | | | | | 48,247,593 | | | | | | 15.5 | | |
See Accompanying Notes to Financial Statements
29
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials: 5.4% | | |||||||||||||||
| | | 63,093 @ | | | | Boise Cascade Co. | | | | $ | 2,314,251 | | | | | | 0.8 | | | |||
| | | 63,741 | | | | HB Fuller Co. | | | | | 2,589,159 | | | | | | 0.8 | | | |||
| | | 425,021 | | | | Other Securities | | | | | 11,838,395 | | | | | | 3.8 | | | |||
| | | | | | | | | | | | 16,741,805 | | | | | | 5.4 | | | |||
| | | | | | | Telecommunication Services: 1.1% | | |||||||||||||||
| | | 122,862 | | | | Other Securities | | | | | 3,332,794 | | | | | | 1.1 | | | |||
| | | | | | | Utilities: 2.8% | | |||||||||||||||
| | | 62,860 | | | | El Paso Electric Co. | | | | | 2,178,728 | | | | | | 0.7 | | | |||
| | | 167,618 | | | | Other Securities | | | | | 6,436,784 | | | | | | 2.1 | | | |||
| | | | | | | | | | | | 8,615,512 | | | | | | 2.8 | | | |||
| | | | | | | Total Common Stock (Cost $252,950,208) | | | | | 306,906,731 | | | | | | 98.4 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 6.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 4.5% | | ||||||||||||
| | 3,364,545 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $3,364,559, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,431,836, due 07/15/15-05/20/65) | | | | | 3,364,545 | | | | | | 1.1 | | |
| | 2,405,671 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,405,683, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,453,773, due 11/15/15-03/01/48) | | | | | 2,405,671 | | | | | | 0.7 | | |
| | 3,398,600 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,398,616, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,466,572, due 01/15/17-08/15/42) | | | | | 3,398,600 | | | | | | 1.1 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 3,364,545 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,364,558, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,431,837, due 07/31/15-05/20/65) | | | | $ | 3,364,545 | | | | | | 1.1 | | |
| | 1,633,096 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,633,105, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,666,383, due 01/15/17-01/15/29) | | | | | 1,633,096 | | | | | | 0.5 | | |
| | | | | | | | | | | 14,166,457 | | | | | | 4.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.8% | | |||||||||||||||
| | 5,479,559 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $5,479,559) | | | | | 5,479,559 | | | | | | 1.8 | | | |||
| | | | | | Total Short-Term Investments (Cost $19,646,016) | | | | | 19,646,016 | | | | | | 6.3 | | | |||
| | | | | | Total Investments in Securities (Cost $272,596,224) | | | | $ | 326,552,747 | | | | | | 104.7 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (14,653,947) | | | | | | (4.7) | | | |||
| | | | | | Net Assets | | | | $ | 311,898,800 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
See Accompanying Notes to Financial Statements
30
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $272,798,700.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 66,876,093 | | | |
| Gross Unrealized Depreciation | | | | | (13,122,046) | | | |
| Net Unrealized Appreciation | | | | $ | 53,754,047 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 306,906,731 | | | | | $ | — | | | | | $ | — | | | | | $ | 306,906,731 | | | ||||
Short-Term Investments | | | | | 5,479,559 | | | | | | 14,166,457 | | | | | | — | | | | | | 19,646,016 | | | ||||
Total Investments, at fair value | | | | $ | 312,386,290 | | | | | $ | 14,166,457 | | | | | $ | — | | | | | $ | 326,552,747 | | | ||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Futures | | | | $ | (12,471) | | | | | $ | — | | | | | $ | — | | | | | $ | (12,471) | | | ||||
Total Liabilities | | | | $ | (12,471) | | | | | $ | — | | | | | $ | — | | | | | $ | (12,471) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
*
For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments.
At June 30, 2015, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
Russell 2000® Mini Index | | | | | 27 | | | | | | 09/18/15 | | | | | $ | 3,376,080 | | | | | $ | (12,471) | | | ||||
| | | | | | | | | | | | | | | | $ | 3,376,080 | | | | | $ | (12,471) | | | ||||
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Liability Derivatives | | | | ||||||||
Equity contracts | | | Net Assets — Unrealized depreciation* | | | | $ | 12,471 | | | |
Total Liability Derivatives | | | | | | | $ | 12,471 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
See Accompanying Notes to Financial Statements
31
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 318,410 | | | |
Total | | | | $ | 318,410 | | | |
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (153,065) | | | |
Total | | | | $ | (153,065) | | | |
|
See Accompanying Notes to Financial Statements
32
aDVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
APPROVAL OF AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENTS
At a meeting held on March 12, 2015, the Board of Directors (the “Board”) of Voya Variable Portfolios, Inc. (the “Company”), including a majority of Board members who have no direct or indirect interest in the advisory agreements (“Independent Directors”) of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio (each a “Portfolio” and collectively, the “Portfolios”), each a series of the Company, approved amending and restating the Investment Management Agreements between the Company, on behalf of the Portfolios, and Voya Investments, LLC (the “Adviser”) so that, effective May 1, 2015, the terms of each Portfolio’s Investment Management Agreement and its Administration Agreement are combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under each Portfolio’s Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolio and, under each Portfolio’s Amended and Restated Investment Management Agreement, there was no change to the investment management or administrative services provided or the fees charged to the Portfolio.
In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Portfolios’ advisory agreements because it had reviewed, among other matters, the nature, extent and quality of services being provided and, as applicable, actions taken in certain instances to improve the relationship between the costs and the quality of services being provided, on September 12, 2014, when it renewed the Agreements. On September 12, 2014, the Board concluded, in light of all factors it considered, to renew the Agreements and that the fee rates set forth in the Agreements were fair and reasonable. Among other factors considered at that meeting, the Board considered: (1) the nature, extent and quality of services provided under the Agreements; (2) the extent to which economies of scale are reflected in fee rate schedules under the Agreements; (3) the existence of any
“fall-out” benefits to the Adviser and its affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the Agreements on September 12, 2014, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios’ annual report to shareholders for the period ended December 31, 2014.
On March 12, 2015, the Board, including the Independent Directors, approved the Amended and Restated Investment Management Agreements. In analyzing whether to approve the Amended and Restated Investment Management Agreements, the Board did consider, among other things: (1) a memorandum and related materials outlining the terms of these Agreements and Management’s rationale for proposing the amendments that combine the terms of each Portfolio’s investment management and administrative services arrangements under a single agreement; (2) Management’s representations that, under the Amended and Restated Investment Management Agreements, there would be no change in the fees payable for the combination of advisory and administrative services provided to the Portfolios; (3) Management’s confirmation that the implementation of the Amended and Restated Investment Management Agreements would result in no change in the scope of services that the Adviser provides to the Portfolios and that the personnel who have provided administrative and advisory services to the Portfolios previously would continue to do so after the Amended and Restated Investment Management Agreements become effective; and (4) representations from Management that the combination of the Agreements better aligns the Portfolios’ contracts with the manner in which the Adviser and its affiliates provide such services to the Portfolios. In approving the amendments to the Portfolios’ Investment Management Agreements, different Board members may have given different weight to different individual factors and related conclusions.
33
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
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 universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract 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
VPSAR-AIP (0615-081815)
Semi-Annual Report
June 30, 2015
Classes ADV, I, S, S2 and T
Voya Variable Product Funds
■
Voya Balanced Portfolio
■
Voya Global Value Advantage Portfolio
■
Voya Growth and Income Portfolio
■
Voya Intermediate Bond Portfolio
■
Voya Money Market Portfolio
■
Voya Small Company Portfolio
| | | E-Delivery Sign-up – details inside | |
| | 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. | | |
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 N-Q. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.
PRESIDENT’S LETTER
Should I Stay or Should I Go?
Dear Shareholder,
The lyrics of The Clash’s 1981 hit referenced in the title of this letter seem to fit the current impasse between Greece and the leadership of the euro zone: “If I go there will be trouble / and if I stay it will be double.”
In a referendum on July 5, Greek voters decisively rejected what they perceived as unreasonable demands by the European Union: further tax increases and spending cuts as a condition for continued support. The country then missed a scheduled debt payment to the International Monetary Fund; Greek citizens endured more than three weeks of intensified hardship as banks closed and money got scarce. As of this writing, Greece has accepted the terms of a third bailout offer. Approval of the new offer forestalls a Greek euro zone exit and keep Greek banks open, but it remains unclear whether Greece can live up to the demands of the deal and reform its economy.
Will the problems in Greece spill over into the global financial markets? We believe that some investors may seek perceived safety by bidding up the prices of U.S. Treasury securities. Also, there may be volatility in European and Asian equity markets, where the Greek situation might amplify other, local challenges. In aggregate, however, we believe the effects on the global economy and financial markets will be contained.
As always, it’s important to keep focused on your long-term reasons for investing and not get distracted by day-to-day market gyrations. We believe that attempting to time markets is more often than not an exercise in futility and can impair your portfolio’s potential to help achieve your long-term goals. Please thoroughly discuss any contemplated changes with your investment advisor before taking any action.
At Voya Investment Management, we seek to be a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Shaun Mathews
President and Chief Executive Officer
August 5, 2015
President and Chief Executive Officer
August 5, 2015
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
1
Market Perspective: Six Months Ended June 30, 2015
After a volatile last few months of 2014, global equities, represented by the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvested dividends, maintained an uneven advance in the first half of our fiscal year. The Index rose 4.14% over the six months, but by the end the forces driving financial markets had substantially changed. (The Index returned 2.63% for the six-months ended June 30, 2015, measured in U.S. dollars.)
For much of 2014 it seemed that the only credible major growth story in the world was that the U.S. Markets took the October end of U.S. quantitative easing in stride and much of the economic data remained positive into 2015. In particular, employment was a source of strength. While reservations remained about the low labor force participation rate and sluggish wage growth, by June more than 200,000 jobs had been created in 14 out of the previous 15 months and the unemployment rate was down to 5.5%. New and existing home sales ended the period at the highest rates since before 2010.
But other reports painted a less optimistic picture. Gross domestic product (“GDP”) fell 0.2% annualized in the first quarter of 2015, in part due to the effects of another harsh winter, after rising 2.2% in the previous quarter. Industrial production and factory orders seemed to be in a downward drift. Other series showed no clear pattern, like retail sales, despite lower gasoline prices. As for oil prices, the price of a barrel of oil bounced from its mid-March low, but still ended June at two thirds of its level nine months earlier. While this would boost consumption in time, the more immediate effect was to reduce profits and investment in the energy sector and in industries that service it.
Superimposed on this was the prospect of rising U.S. interest rates. The U.S. Federal Reserve Board’s (“Fed’s”) June report suggested at least one increase by the end of 2015, while stressing that the process would be data driven and the trajectory of increases low. But the Fed had not increased rates for nine years and many investors feared that it would feel pressed to act before the economy was really ready.
Outside of the U.S., annual GDP growth in China decelerated to 7.0% in the first quarter of 2015, the slowest in six years, depressing in addition demand in the world’s commodity supplying countries. Japan was still struggling to create inflation despite the central bank’s accumulation of 20% of all in-force Japanese government bonds.
But it was the euro zone that attracted most of the attention. The region entered 2015 after growth of barely 1% in 2014, unemployment perched at 11.5% and consumer prices falling. In Greece, a new government was mandated in January to ease the terms of its €240 billion bailout and roll back reforms. Its attempts to do so were repelled by creditors and as June ended, Greece, with its banks shuttered, faced ejection from the euro zone, with unknowable side effects. But by then the European Central Bank had at last implemented a program of quantitative easing, the elixir that despite all else, might drive asset prices higher, judging from the experience of the U.S. and Japan. The euro and its interest rates fell: good for business, and within a few weeks it seemed, the gloomy euro zone data were turning. The unemployment rate edged down to 11.1%, prices stopped falling
and GDP rose 0.4% in the first quarter of 2015. Increasingly, buy euro zone equities, preferably currency-hedged, sell U.S., was the trade in the news.
In U.S. fixed income markets, the Treasury yield curve steepened through June and the Barclays Long-Term U.S. Treasury sub-index returned -4.67%. The Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) of investment grade bonds, lost just 0.10%, reflecting small moves in major sub-indices: Barclays U.S. Corporate Investment Grade Bond -0.92%; Barclays U.S. Mortgage Backed Securities 0.31% and Barclays U.S. Treasury Bond 0.03%. The Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) returned 2.53%.
U.S. equities, represented by the S&P 500® Index including dividends, gained 1.23% in the first half of the fiscal year. The mergers and acquisitions driven health care sector did best, soaring 24.17%. Three sectors lost ground: not surprisingly led by energy, down 22.20%. S&P 500® earnings per share were still edging up, despite the effect of lower energy prices and the strong dollar on the value of overseas revenues. They were boosted in part by continuing high levels of share buybacks: $553 billion in 2014, the highest since 2007.
In currencies, the dollar rallied strongly against the euro, up 8.53% on the euro, as euro zone quantitative easing drove down interest rates. The dollar gained 2.27% on the yen, after continued monetary easing in Japan and a partial re-allocation into non-yen securities for the giant Government Pension Investment Fund (“GPIF”). But the dollar slipped 0.86% against the pound. The UK has a comparable growth story to the U.S., and an acceleration in average wages reported in June, brought forward the likelihood of a rate increase.
In international markets, the MSCI Japan® Index surged 15.96%, with exporters benefiting from the lower yen and all sectors from the GPIF’s rebalancing into stocks. The MSCI Europe ex UK® Index gained 10.16%, eclipsing in April its previous record from 2007. Quantitative easing, plus the declining euro that went with it, ultimately trumped the still weak economic data and Greece-driven uncertainties that prevailed through most of the period. The MSCI UK® Index added just 1.13%, with sizeable losses from the energy and materials sectors. The 15 largest names in the UK index: multinationals accounting for half of its value, returned an average of -1.05%.
All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
2
Benchmark Descriptions
| | Index | | | | Description | | |
| | Barclays High Yield Bond — 2% Issuer Constrained Composite Index | | | | An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | | |
| | Barclays Long-Term U.S. Treasury Index | | | | The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. | | |
| | Barclays U.S. Aggregate Bond Index | | | | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | Barclays U.S. Corporate Investment Grade Bond Index | | | | An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | | |
| | Barclays U.S. Mortgage Backed Securities Index | | | | The Index tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). | | |
| | Barclays U.S. Treasury Bond Index | | | | A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more. | | |
| | MSCI Europe ex UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | | |
| | MSCI Japan® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | | |
| | MSCI UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | | |
| | MSCI World IndexSM | | | | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | | |
| | S&P 500® Index | | | | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | | |
3
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 January 1, 2015 to June 30, 2015. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. 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 Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | ||||||||||||||||||||||||
Voya Balanced Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,012.70 | | | | | | 0.62% | | | | | $ | 3.09 | | | | | $ | 1,000.00 | | | | | $ | 1,021.72 | | | | | | 0.62% | | | | | $ | 3.11 | | |
Class S | | | | | 1,000.00 | | | | | | 1,011.40 | | | | | | 0.87 | | | | | | 4.34 | | | | | | 1,000.00 | | | | | | 1,020.48 | | | | | | 0.87 | | | | | | 4.36 | | |
Voya Global Value Advantage Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,042.80 | | | | | | 1.09% | | | | | $ | 5.52 | | | | | $ | 1,000.00 | | | | | $ | 1,019.39 | | | | | | 1.09% | | | | | $ | 5.46 | | |
Class I(1) | | | | | 1,000.00 | | | | | | 998.30 | | | | | | 0.59 | | | | | | 1.89 | | | | | | 1,000.00 | | | | | | 1,014.14 | | | | | | 0.59 | | | | | | 1.90 | | |
Class S | | | | | 1,000.00 | | | | | | 1,045.20 | | | | | | 0.84 | | | | | | 4.26 | | | | | | 1,000.00 | | | | | | 1,020.63 | | | | | | 0.84 | | | | | | 4.21 | | |
Class S2(1) | | | | | 1,000.00 | | | | | | 997.30 | | | | | | 0.99 | | | | | | 3.17 | | | | | | 1,000.00 | | | | | | 1,012.85 | | | | | | 0.99 | | | | | | 3.19 | | |
Class T(1) | | | | | 1,000.00 | | | | | | 997.30 | | | | | | 1.19 | | | | | | 3.81 | | | | | | 1,000.00 | | | | | | 1,012.21 | | | | | | 1.19 | | | | | | 3.84 | | |
Voya Growth and Income Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,014.90 | | | | | | 1.03% | | | | | $ | 5.15 | | | | | $ | 1,000.00 | | | | | $ | 1,019.69 | | | | | | 1.03% | | | | | $ | 5.16 | | |
Class I | | | | | 1,000.00 | | | | | | 1,016.70 | | | | | | 0.58 | | | | | | 2.90 | | | | | | 1,000.00 | | | | | | 1,021.92 | | | | | | 0.58 | | | | | | 2.91 | | |
Class S | | | | | 1,000.00 | | | | | | 1,015.50 | | | | | | 0.83 | | | | | | 4.15 | | | | | | 1,000.00 | | | | | | 1,020.68 | | | | | | 0.83 | | | | | | 4.16 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,014.90 | | | | | | 0.98 | | | | | | 4.90 | | | | | | 1,000.00 | | | | | | 1,019.93 | | | | | | 0.98 | | | | | | 4.91 | | |
4
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
| | | Actual Portfolio Return | | | Hypothetical (5% return before expenses) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | | Beginning Account Value January 1, 2015 | | | Ending Account Value June 30, 2015 | | | Annualized Expense Ratio | | | Expenses Paid During the Period Ended June 30, 2015* | | ||||||||||||||||||||||||
Voya Intermediate Bond Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,000.30 | | | | | | 0.98% | | | | | $ | 4.86 | | | | | $ | 1,000.00 | | | | | $ | 1,019.93 | | | | | | 0.98% | | | | | $ | 4.91 | | |
Class I | | | | | 1,000.00 | | | | | | 1,002.60 | | | | | | 0.48 | | | | | | 2.38 | | | | | | 1,000.00 | | | | | | 1,022.41 | | | | | | 0.48 | | | | | | 2.41 | | |
Class S | | | | | 1,000.00 | | | | | | 1,001.10 | | | | | | 0.73 | | | | | | 3.62 | | | | | | 1,000.00 | | | | | | 1,021.17 | | | | | | 0.73 | | | | | | 3.66 | | |
Class S2 | | | | | 1,000.00 | | | | | | 1,001.10 | | | | | | 0.88 | | | | | | 4.37 | | | | | | 1,000.00 | | | | | | 1,020.43 | | | | | | 0.88 | | | | | | 4.41 | | |
Voya Money Market Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | $ | 1,000.00 | | | | | $ | 1,000.10 | | | | | | 0.22% | | | | | $ | 1.09 | | | | | $ | 1,000.00 | | | | | $ | 1,023.70 | | | | | | 0.22% | | | | | $ | 1.10 | | |
Class S | | | | | 1,000.00 | | | | | | 1,000.10 | | | | | | 0.22 | | | | | | 1.09 | | | | | | 1,000.00 | | | | | | 1,023.70 | | | | | | 0.22 | | | | | | 1.10 | | |
Voya Small Company Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | $ | 1,000.00 | | | | | $ | 1,052.90 | | | | | | 1.34% | | | | | $ | 6.82 | | | | | $ | 1,000.00 | | | | | $ | 1,018.15 | | | | | | 1.34% | | | | | $ | 6.71 | | |
Class I | | | | | 1,000.00 | | | | | | 1,055.00 | | | | | | 0.84 | | | | | | 4.28 | | | | | | 1,000.00 | | | | | | 1,020.63 | | | | | | 0.84 | | | | | | 4.21 | | |
Class S | | | | | 1,000.00 | | | | | | 1,053.80 | | | | | | 1.09 | | | | | | 5.55 | | | | | | 1,000.00 | | | | | | 1,019.39 | | | | | | 1.09 | | | | | | 5.46 | | |
*
Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.
(1)
Commencement of operations was March 5, 2015. Expenses paid for the actual Portfolio’s return reflect the 117-day period ended June 30, 2015.
5
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Balanced Portfolio | | | Voya Global Value Advantage Portfolio | | | Voya Growth and Income Portfolio | | |||||||||
ASSETS: | | | | | | | | | | | | | | | | | | | |
Investments in securities at fair value+* | | | | $ | 451,713,689 | | | | | $ | 747,166,331 | | | | | $ | 3,946,030,409 | | |
Investments in affiliated underlying funds at fair value** | | | | | 12,487,390 | | | | | | — | | | | | | — | | |
Short-term investments at fair value*** | | | | | 26,752,485 | | | | | | 21,052,117 | | | | | | 17,960,186 | | |
Total investments at fair value | | | | $ | 490,953,564 | | | | | $ | 768,218,448 | | | | | $ | 3,963,990,595 | | |
Cash | | | | | 22,776,770 | | | | | | 15,873 | | | | | | 102,207 | | |
Cash collateral for futures | | | | | 2,726,333 | | | | | | — | | | | | | — | | |
Cash pledged for centrally cleared swaps (Note 2) | | | | | 550,000 | | | | | | — | | | | | | — | | |
Cash pledged as collateral for OTC derivatives (Note 2) | | | | | 500,000 | | | | | | — | | | | | | — | | |
Foreign currencies at value**** | | | | | 261,953 | | | | | | 323,984 | | | | | | — | | |
Foreign cash collateral for futures***** | | | | | 33,792 | | | | | | — | | | | | | — | | |
Receivables: | | | | | | | | | | | | | | | | | | | |
Investment in affiliated underlying funds sold | | | | | 12,649,049 | | | | | | — | | | | | | — | | |
Investment securities sold | | | | | — | | | | | | 33,772,080 | | | | | | 97,445,314 | | |
Investment securities sold on a delayed-delivery or when-issued basis | | | | | 9,816,962 | | | | | | — | | | | | | — | | |
Fund shares sold | | | | | 101,193 | | | | | | 77,817 | | | | | | 79,707 | | |
Dividends | | | | | 534,320 | | | | | | 2,362,521 | | | | | | 7,499,131 | | |
Interest | | | | | 843,716 | | | | | | — | | | | | | — | | |
Foreign tax reclaims | | | | | 91,766 | | | | | | 577,209 | | | | | | — | | |
Variation margin | | | | | 4,827 | | | | | | — | | | | | | — | | |
Unrealized appreciation on forward foreign currency contracts | | | | | 303,182 | | | | | | — | | | | | | — | | |
Variation margin receivable on centrally cleared swaps | | | | | 81,736 | | | | | | — | | | | | | — | | |
Prepaid expenses | | | | | 1,895 | | | | | | 669 | | | | | | 17,167 | | |
Other assets | | | | | 128,074 | | | | | | 10,228 | | | | | | 523,138 | | |
Total assets | | | | | 542,359,132 | | | | | | 805,358,829 | | | | | | 4,069,657,259 | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | |
Payable for investments in affiliated underlying funds purchased | | | | | 11,785,659 | | | | | | — | | | | | | — | | |
Payable for investment securities purchased | | | | | — | | | | | | 22,748,214 | | | | | | 3,842,742 | | |
Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | | | 20,274,695 | | | | | | — | | | | | | — | | |
Payable for fund shares redeemed | | | | | 78,085 | | | | | | 461,030 | | | | | | 770,798 | | |
Payable upon receipt of securities loaned | | | | | 16,243,485 | | | | | | 12,053,117 | | | | | | — | | |
Unrealized depreciation on forward foreign currency contracts | | | | | 819,706 | | | | | | — | | | | | | — | | |
Cash received as collateral for OTC derivatives (Note 2) | | | | | 280,000 | | | | | | — | | | | | | — | | |
Payable for investment management fees | | | | | 228,796 | | | | | | 356,923 | | | | | | 1,894,590 | | |
Payable for distribution and shareholder service fees | | | | | 972 | | | | | | 147,897 | | | | | | 632,558 | | |
Payable for directors fees | | | | | 2,555 | | | | | | 3,337 | | | | | | 21,218 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 128,074 | | | | | | 10,228 | | | | | | 523,138 | | |
Payable for proxy and solicitation costs (Note 6) | | | | | — | | | | | | 145,900 | | | | | | — | | |
Other accrued expenses and liabilities | | | | | 183,062 | | | | | | 109,945 | | | | | | 518,621 | | |
Written options, at fair value^ | | | | | 799,491 | | | | | | — | | | | | | — | | |
Total liabilities | | | | | 50,824,580 | | | | | | 36,036,591 | | | | | | 8,203,665 | | |
NET ASSETS | | | | $ | 491,534,552 | | | | | $ | 769,322,238 | | | | | $ | 4,061,453,594 | | |
NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 477,679,069 | | | | | $ | 772,242,885 | | | | | $ | 3,057,718,413 | | |
Undistributed net investment income | | | | | 5,204,360 | | | | | | 9,630,531 | | | | | | 34,789,982 | | |
Accumulated net realized gain (loss) | | | | | (11,124,422) | | | | | | 320,901 | | | | | | 152,603,649 | | |
Net unrealized appreciation (depreciation) | | | | | 19,775,545 | | | | | | (12,872,079) | | | | | | 816,341,550 | | |
NET ASSETS | | | | $ | 491,534,552 | | | | | $ | 769,322,238 | | | | | $ | 4,061,453,594 | | |
+ Including securities loaned at value | | | | $ | 15,885,439 | | | | | $ | 11,630,335 | | | | | $ | — | | |
* Cost of investments in securities | | | | $ | 430,766,944 | | | | | $ | 759,979,245 | | | | | $ | 3,129,688,859 | | |
** Cost of investments in affiliated underlying funds | | | | $ | 12,582,809 | | | | | $ | — | | | | | $ | — | | |
*** Cost of short-term investments | | | | $ | 26,752,485 | | | | | $ | 21,052,117 | | | | | $ | 17,960,186 | | |
**** Cost of foreign currencies | | | | $ | 261,642 | | | | | $ | 336,089 | | | | | $ | — | | |
***** Cost of foreign cash collateral for futures | | | | $ | 33,792 | | | | | $ | — | | | | | $ | — | | |
^ Premiums received on written options | | | | $ | 784,948 | | | | | $ | — | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
6
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | Voya Balanced Portfolio | | | Voya Global Value Advantage Portfolio | | | Voya Growth and Income Portfolio | | |||||||||
Class ADV | | | | | |||||||||||||||
Net assets | | | | | n/a | | | | | $ | 24,817,499 | | | | | $ | 1,262,187,944 | | |
Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | unlimited | | |
Par value | | | | | n/a | | | | | $ | 0.001 | | | | | $ | 1.000 | | |
Shares outstanding | | | | | n/a | | | | | | 2,612,832 | | | | | | 41,077,384 | | |
Net asset value and redemption price per share | | | | | n/a | | | | | $ | 9.50 | | | | | $ | 30.73 | | |
Class I | | | | | |||||||||||||||
Net assets | | | | $ | 486,883,923 | | | | | $ | 189,505,027 | | | | | $ | 2,062,215,871 | | |
Shares authorized | | | | | 500,000,000 | | | | | | 100,000,000 | | | | | | unlimited | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 1.000 | | |
Shares outstanding | | | | | 33,455,273 | | | | | | 19,814,902 | | | | | | 66,218,072 | | |
Net asset value and redemption price per share | | | | $ | 14.55 | | | | | $ | 9.56 | | | | | $ | 31.14 | | |
Class S | | | | | |||||||||||||||
Net assets | | | | $ | 4,650,629 | | | | | $ | 486,760,940 | | | | | $ | 736,811,288 | | |
Shares authorized | | | | | 500,000,000 | | | | | | 200,000,000 | | | | | | unlimited | | |
Par value | | | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 1.000 | | |
Shares outstanding | | | | | 321,180 | | | | | | 50,889,629 | | | | | | 23,937,570 | | |
Net asset value and redemption price per share | | | | $ | 14.48 | | | | | $ | 9.57 | | | | | $ | 30.78 | | |
Class S2 | | | | | |||||||||||||||
Net assets | | | | | n/a | | | | | $ | 306,298 | | | | | $ | 238,491 | | |
Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | unlimited | | |
Par value | | | | | n/a | | | | | $ | 0.001 | | | | | $ | 1.000 | | |
Shares outstanding | | | | | n/a | | | | | | 32,450 | | | | | | 7,803 | | |
Net asset value and redemption price per share | | | | | n/a | | | | | $ | 9.44 | | | | | $ | 30.56 | | |
Class T | | | | | |||||||||||||||
Net assets | | | | | n/a | | | | | $ | 67,932,474 | | | | | | n/a | | |
Shares authorized | | | | | n/a | | | | | | 100,000,000 | | | | | | n/a | | |
Par value | | | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | |
Shares outstanding | | | | | n/a | | | | | | 7,192,766 | | | | | | n/a | | |
Net asset value and redemption price per share | | | | | n/a | | | | | $ | 9.44 | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
7
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited)
| | | Voya Intermediate Bond Portfolio | | | Voya Money Market Portfolio | | | Voya Small Company Portfolio | | |||||||||
ASSETS: | | | | | |||||||||||||||
Investments in securities at fair value+* | | | | $ | 4,321,255,036 | | | | | $ | — | | | | | $ | 622,409,393 | | |
Investments in affiliates at fair value** | | | | | 567,447,359 | | | | | | — | | | | | | — | | |
Short-term investments at fair value*** | | | | | 343,424,448 | | | | | | — | | | | | | 37,774,708 | | |
Total investments at fair value | | | | $ | 5,232,126,843 | | | | | $ | — | | | | | $ | 660,184,101 | | |
Short-term investments at amortized cost | | | | | — | | | | | | 571,238,808 | | | | | | — | | |
Cash | | | | | 89,079 | | | | | | 478 | | | | | | 717 | | |
Cash collateral for futures | | | | | 2,900,831 | | | | | | — | | | | | | — | | |
Cash pledged for centrally cleared swaps (Note 2) | | | | | 4,407,000 | | | | | | — | | | | | | — | | |
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) | | | | | 4,026,318 | | | | | | — | | | | | | — | | |
Receivables: | | | | | | | | | | | | | | | | | | | |
Investment securities sold | | | | | 99,528,834 | | | | | | — | | | | | | 2,488,379 | | |
Investment securities sold on a delayed-delivery or when-issued basis | | | | | 1,025,390,471 | | | | | | — | | | | | | — | | |
Fund shares sold | | | | | 770,454 | | | | | | 437,410 | | | | | | 37,820 | | |
Dividends | | | | | 979,469 | | | | | | 3,238 | | | | | | 702,810 | | |
Interest | | | | | 23,430,246 | | | | | | 261,744 | | | | | | — | | |
Unrealized appreciation on forward foreign currency contracts | | | | | 947,562 | | | | | | — | | | | | | — | | |
Prepaid expenses | | | | | 19,129 | | | | | | 2,639 | | | | | | 2,445 | | |
Other assets | | | | | 343,499 | | | | | | 197,098 | | | | | | 53,584 | | |
Total assets | | | | | 6,394,959,735 | | | | | | 572,141,415 | | | | | | 663,469,856 | | |
LIABILITIES: | | | | | |||||||||||||||
Payable for investment securities purchased | | | | | 157,585,438 | | | | | | — | | | | | | 3,828,146 | | |
Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | | | 1,697,853,850 | | | | | | — | | | | | | — | | |
Payable for fund shares redeemed | | | | | 5,058,438 | | | | | | 216,111 | | | | | | 1,118,927 | | |
Payable upon receipt of securities loaned | | | | | 14,034,788 | | | | | | — | | | | | | 11,640,708 | | |
Unrealized depreciation on forward foreign currency contracts | | | | | 2,024,444 | | | | | | — | | | | | | — | | |
Variation margin payable on centrally cleared swaps | | | | | 995 | | | | | | — | | | | | | — | | |
Payable for investment management fees | | | | | 1,688,964 | | | | | | 143,716 | | | | | | 431,681 | | |
Payable for distribution and shareholder service fees | | | | | 764,690 | | | | | | 13 | | | | | | 26,397 | | |
Payable to custodian due to foreign currency overdraft**** | | | | | 7,331,557 | | | | | | — | | | | | | — | | |
Payable for directors fees | | | | | 95,419 | | | | | | 2,931 | | | | | | 3,215 | | |
Payable to directors under the deferred compensation plan (Note 6) | | | | | 343,499 | | | | | | 197,098 | | | | | | 53,584 | | |
Other accrued expenses and liabilities | | | | | 74,574 | | | | | | 56,358 | | | | | | 87,959 | | |
Total liabilities | | | | | 1,886,856,656 | | | | | | 616,227 | | | | | | 17,190,617 | | |
NET ASSETS | | | | $ | 4,508,103,079 | | | | | $ | 571,525,188 | | | | | $ | 646,279,239 | | |
NET ASSETS WERE COMPRISED OF: | | | | | |||||||||||||||
Paid-in capital | | | | $ | 4,594,944,490 | | | | | $ | 571,633,336 | | | | | $ | 487,779,429 | | |
Undistributed (distributions in excess of) net investment income | | | | | 65,070,629 | | | | | | (139,822) | | | | | | 803,057 | | |
Accumulated net realized gain (loss) | | | | | (165,396,169) | | | | | | 31,674 | | | | | | 34,258,105 | | |
Net unrealized appreciation | | | | | 13,484,129 | | | | | | — | | | | | | 123,438,648 | | |
NET ASSETS | | | | $ | 4,508,103,079 | | | | | $ | 571,525,188 | | | | | $ | 646,279,239 | | |
+ Including securities loaned at value | | | | $ | 13,685,074 | | | | | $ | — | | | | | $ | 11,382,397 | | |
* Cost of investments in securities | | | | $ | 4,274,730,459 | | | | | $ | — | | | | | $ | 498,970,745 | | |
** Cost of investments in affiliates | | | | $ | 593,382,834 | | | | | $ | — | | | | | $ | — | | |
*** Cost of short-term investments | | | | $ | 343,390,679 | | | | | $ | — | | | | | $ | 37,774,708 | | |
**** Cost of foreign currency overdraft | | | | $ | 7,331,556 | | | | | $ | — | | | | | $ | — | | |
See Accompanying Notes to Financial Statements
8
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2015 (Unaudited) (continued)
| | | Voya Intermediate Bond Portfolio | | | Voya Money Market Portfolio | | | Voya Small Company Portfolio | | |||||||||
Class ADV | | | | | |||||||||||||||
Net assets | | | | $ | 191,442,553 | | | | | | n/a | | | | | $ | 5,836,262 | | |
Shares authorized | | | | | unlimited | | | | | | n/a | | | | | | 100,000,000 | | |
Par value | | | | $ | 1.000 | | | | | | n/a | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 14,973,199 | | | | | | n/a | | | | | | 288,277 | | |
Net asset value and redemption price per share | | | | $ | 12.79 | | | | | | n/a | | | | | $ | 20.25 | | |
Class I | | | | | |||||||||||||||
Net assets | | | | $ | 1,019,816,145 | | | | | $ | 571,419,113 | | | | | $ | 524,640,247 | | |
Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | 100,000,000 | | |
Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 78,968,498 | | | | | | 571,269,113 | | | | | | 25,000,828 | | |
Net asset value and redemption price per share | | | | $ | 12.91 | | | | | $ | 1.00 | | | | | $ | 20.98 | | |
Class S | | | | | |||||||||||||||
Net assets | | | | $ | 3,268,512,344 | | | | | $ | 106,075 | | | | | $ | 115,802,730 | | |
Shares authorized | | | | | unlimited | | | | | | unlimited | | | | | | 100,000,000 | | |
Par value | | | | $ | 1.000 | | | | | $ | 1.000 | | | | | $ | 0.001 | | |
Shares outstanding | | | | | 254,893,945 | | | | | | 106,051 | | | | | | 5,625,651 | | |
Net asset value and redemption price per share | | | | $ | 12.82 | | | | | $ | 1.00 | | | | | $ | 20.58 | | |
Class S2 | | | | | |||||||||||||||
Net assets | | | | $ | 28,332,037 | | | | | | n/a | | | | | | n/a | | |
Shares authorized | | | | | unlimited | | | | | | n/a | | | | | | n/a | | |
Par value | | | | $ | 1.000 | | | | | | n/a | | | | | | n/a | | |
Shares outstanding | | | | | 2,216,567 | | | | | | n/a | | | | | | n/a | | |
Net asset value and redemption price per share | | | | $ | 12.78 | | | | | | n/a | | | | | | n/a | | |
See Accompanying Notes to Financial Statements
9
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Balanced Portfolio | | | Voya Global Value Advantage Portfolio | | | Voya Growth and Income Portfolio | | | Voya Intermediate Bond Portfolio | | ||||||||||||
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | |||||
Dividends from affiliated underlying funds | | | | $ | 4,388,555 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,993,328 | | |
Dividends, net of foreign taxes withheld* | | | | | — | | | | | | 11,788,375 | | | | | | 51,468,713 | | | | | | 55,646 | | |
Interest | | | | | 2,023,881 | | | | | | 782 | | | | | | 1,499 | | | | | | 70,701,655 | | |
Securities lending income, net | | | | | 60,917 | | | | | | 202,217 | | | | | | 2,936 | | | | | | 448,269 | | |
Total investment income | | | | | 6,473,353 | | | | | | 11,991,374 | | | | | | 51,473,148 | | | | | | 84,198,898 | | |
EXPENSES: | | | | | | ||||||||||||||||||||
Investment management fees(1) | | | | | 1,351,537 | | | | | | 1,413,485 | | | | | | 11,226,549 | | | | | | 9,945,413 | | |
Distribution and shareholder service fees: | | | | | | ||||||||||||||||||||
Class ADV | | | | | — | | | | | | 41,933 | | | | | | 3,292,218 | | | | | | 482,094 | | |
Class S | | | | | 5,984 | | | | | | 477,369 | | | | | | 966,495 | | | | | | 4,240,104 | | |
Class S2 | | | | | — | | | | | | 667 | | | | | | 587 | | | | | | 54,790 | | |
Class T | | | | | — | | | | | | 173,022 | | | | | | — | | | | | | — | | |
Transfer agent fees | | | | | 300 | | | | | | 180 | | | | | | 5,715 | | | | | | 5,107 | | |
Administrative service fees(1) | | | | | 168,681 | | | | | | 150,033 | | | | | | 1,404,051 | | | | | | 1,545,047 | | |
Shareholder reporting expense | | | | | 32,432 | | | | | | 10,040 | | | | | | 117,845 | | | | | | 127,173 | | |
Professional fees | | | | | 20,806 | | | | | | 10,995 | | | | | | 82,786 | | | | | | 91,611 | | |
Custody and accounting expense | | | | | 95,021 | | | | | | 72,345 | | | | | | 196,616 | | | | | | 207,221 | | |
Directors fees | | | | | 7,664 | | | | | | 10,011 | | | | | | 63,656 | | | | | | 69,911 | | |
Miscellaneous expense | | | | | 14,344 | | | | | | 6,473 | | | | | | 93,250 | | | | | | 68,343 | | |
Interest expense | | | | | 84 | | | | | | 644 | | | | | | 1,907 | | | | | | 491 | | |
Total expenses | | | | | 1,696,853 | | | | | | 2,367,197 | | | | | | 17,451,675 | | | | | | 16,837,305 | | |
Net waived and reimbursed fees | | | | | (114,019) | | | | | | (34,738) | | | | | | (1,276,663) | | | | | | (1,051,018) | | |
Net expenses | | | | | 1,582,834 | | | | | | 2,332,459 | | | | | | 16,175,012 | | | | | | 15,786,287 | | |
Net investment income | | | | | 4,890,519 | | | | | | 9,658,915 | | | | | | 35,298,136 | | | | | | 68,412,611 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 17,079,332 | | | | | | 23,168,224 | | | | | | 277,158,885 | | | | | | 6,252,285 | | |
Sale of investments in affiliates | | | | | — | | | | | | — | | | | | | — | | | | | | (2,019,122) | | |
Foreign currency related transactions | | | | | (604,074) | | | | | | 49,410 | | | | | | 12,250 | | | | | | 580,640 | | |
Futures | | | | | 894,179 | | | | | | — | | | | | | 963,331 | | | | | | (14,955,841) | | |
Swaps | | | | | 87,707 | | | | | | — | | | | | | — | | | | | | 3,708,912 | | |
Written options | | | | | 161,065 | | | | | | — | | | | | | — | | | | | | (1,886,618) | | |
Net realized gain (loss) | | | | | 17,618,209 | | | | | | 23,217,634 | | | | | | 278,134,466 | | | | | | (8,319,744) | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | (15,264,374) | | | | | | (17,601,134) | | | | | | (241,652,689) | | | | | | (40,465,698) | | |
Affiliated underlying funds | | | | | (75,910) | | | | | | — | | | | | | — | | | | | | (3,155,040) | | |
Foreign currency related transactions | | | | | (5,009) | | | | | | (24,641) | | | | | | 2,758 | | | | | | (840,881) | | |
Futures | | | | | (144,686) | | | | | | — | | | | | | (726,481) | | | | | | (7,929,475) | | |
Swaps | | | | | (152,484) | | | | | | — | | | | | | — | | | | | | 2,275,667 | | |
Written options | | | | | (17,991) | | | | | | — | | | | | | — | | | | | | — | | |
Net change in unrealized appreciation (depreciation) | | | | | (15,660,454) | | | | | | (17,625,775) | | | | | | (242,376,412) | | | | | | (50,115,427) | | |
Net realized and unrealized gain (loss) | | | | | 1,957,755 | | | | | | 5,591,859 | | | | | | 35,758,054 | | | | | | (58,435,171) | | |
Increase in net assets resulting from operations | | | | $ | 6,848,274 | | | | | $ | 15,250,774 | | | | | $ | 71,056,190 | | | | | $ | 9,977,440 | | |
* Foreign taxes withheld | | | | $ | 150,515 | | | | | $ | 862,333 | | | | | $ | 183,114 | | | | | $ | — | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
See Accompanying Notes to Financial Statements
10
STATEMENTS OF OPERATIONS for the six months ended June 30, 2015 (Unaudited)
| | | Voya Money Market Portfolio | | | Voya Small Company Portfolio | | ||||||
INVESTMENT INCOME: | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld* | | | | $ | 17,579 | | | | | $ | 3,607,820 | | |
Interest, net of foreign taxes withheld* | | | | | 606,810 | | | | | | — | | |
Securities lending income, net | | | | | — | | | | | | 75,422 | | |
Total investment income | | | | | 624,389 | | | | | | 3,683,242 | | |
EXPENSES: | | | | | | | | | | | | | |
Investment management fees(1) | | | | | 822,717 | | | | | | 2,499,533 | | |
Distribution and shareholder service fees: | | | | ||||||||||
Class ADV | | | | | — | | | | | | 14,457 | | |
Class S | | | | | 131 | | | | | | 142,877 | | |
Class S2(2) | | | | | — | | | | | | 11 | | |
Transfer agent fees | | | | | 388 | | | | | | 521 | | |
Administrative service fees(1) | | | | | 194,439 | | | | | | 210,498 | | |
Shareholder reporting expense | | | | | 24,210 | | | | | | 20,634 | | |
Professional fees | | | | | 15,020 | | | | | | 20,350 | | |
Custody and accounting expense | | | | | 34,530 | | | | | | 39,820 | | |
Directors fees | | | | | 8,795 | | | | | | 9,644 | | |
Miscellaneous expense | | | | | 15,370 | | | | | | 16,999 | | |
Interest expense | | | | | 524 | | | | | | 72 | | |
Total expenses | | | | | 1,116,124 | | | | | | 2,975,416 | | |
Net waived and reimbursed fees | | | | | (491,735) | | | | | | (143,478) | | |
Net expenses | | | | | 624,389 | | | | | | 2,831,938 | | |
Net investment income | | | | | — | | | | | | 851,304 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | |
Investments | | | | | 31,775 | | | | | | 41,750,145 | | |
Net realized gain | | | | | 31,775 | | | | | | 41,750,145 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | |
Investments | | | | | — | | | | | | (8,274,173) | | |
Net change in unrealized appreciation (depreciation) | | | | | — | | | | | | (8,274,173) | | |
Net realized and unrealized gain | | | | | 31,775 | | | | | | 33,475,972 | | |
Increase in net assets resulting from operations | | | | $ | 31,775 | | | | | $ | 34,327,276 | | |
* Foreign taxes withheld | | | | $ | 267 | | | | | $ | 12,824 | | |
(1)
Effective May 1, 2015, the investment management fee and administration fee were combined under a single amended and restated investment management agreement. Please see Note 4 for further information.
(2)
Class S2 for Voya Small Company Portfolio liquidated on May 28, 2015.
See Accompanying Notes to Financial Statements
11
Statements of Changes in Net Assets (Unaudited)
| | | Voya Balanced Portfolio | | | Voya Global Value Advantage Portfolio | | ||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 4,890,519 | | | | | $ | 11,612,453 | | | | | $ | 9,658,915 | | | | | $ | 4,050,134 | | |
Net realized gain | | | | | 17,618,209 | | | | | | 36,367,262 | | | | | | 23,217,634 | | | | | | 11,266,385 | | |
Net change in unrealized appreciation (depreciation) | | | | | (15,660,454) | | | | | | (15,716,533) | | | | | | (17,625,775) | | | | | | (6,805,584) | | |
Increase in net assets resulting from operations | | | | | 6,848,274 | | | | | | 32,263,182 | | | | | | 15,250,774 | | | | | | 8,510,935 | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||
Class ADV | | | | | — | | | | | | — | | | | | | — | | | | | | (34,754) | | |
Class I | | | | | (9,483,192) | | | | | | (8,604,651) | | | | | | (1,130,564) | | | | | | — | | |
Class S | | | | | (77,986) | | | | | | (78,141) | | | | | | (2,463,068) | | | | | | (5,096,647) | | |
Class S2 | | | | | — | | | | | | — | | | | | | (1,762) | | | | | | — | | |
Class T | | | | | — | | | | | | — | | | | | | (416,187) | | | | | | — | | |
Total distributions | | | | | (9,561,178) | | | | | | (8,682,792) | | | | | | (4,011,581) | | | | | | (5,131,401) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sale of shares | | | | | 1,817,106 | | | | | | 7,209,160 | | | | | | 119,911,040 | | | | | | 7,948,827 | | |
Proceeds from shares issued in merger (Note 15) | | | | | — | | | | | | — | | | | | | 646,506,805 | | | | | | — | | |
Reinvestment of distributions | | | | | 9,561,178 | | | | | | 8,682,792 | | | | | | 4,011,581 | | | | | | 5,131,401 | | |
| | | | | 11,378,284 | | | | | | 15,891,952 | | | | | | 770,429,426 | | | | | | 13,080,228 | | |
Cost of shares redeemed | | | | | (29,140,627) | | | | | | (71,405,477) | | | | | | (182,106,671) | | | | | | (27,339,058) | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (17,762,343) | | | | | | (55,513,525) | | | | | | 588,322,755 | | | | | | (14,258,830) | | |
Net increase (decrease) in net assets | | | | | (20,475,247) | | | | | | (31,933,135) | | | | | | 599,561,948 | | | | | | (10,879,296) | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year or period | | | | | 512,009,799 | | | | | | 543,942,934 | | | | | | 169,760,290 | | | | | | 180,639,586 | | |
End of year or period | | | | $ | 491,534,552 | | | | | $ | 512,009,799 | | | | | $ | 769,322,238 | | | | | $ | 169,760,290 | | |
Undistributed net investment income at end of year or period | | | | $ | 5,204,360 | | | | | $ | 9,875,019 | | | | | $ | 9,630,531 | | | | | $ | 3,983,197 | | |
See Accompanying Notes to Financial Statements
12
Statements of Changes in Net Assets (Unaudited)
| | | Voya Growth and Income Portfolio | | | Voya Intermediate Bond Portfolio | | ||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 35,298,136 | | | | | $ | 77,340,845 | | | | | $ | 68,412,611 | | | | | $ | 135,438,503 | | |
Net realized gain (loss) | | | | | 278,134,466 | | | | | | 526,847,895 | | | | | | (8,319,744) | | | | | | 87,219,936 | | |
Net change in unrealized appreciation (depreciation) | | | | | (242,376,412) | | | | | | (164,946,310) | | | | | | (50,115,427) | | | | | | 19,693,504 | | |
Increase in net assets resulting from operations | | | | | 71,056,190 | | | | | | 439,242,430 | | | | | | 9,977,440 | | | | | | 242,351,943 | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | ||||||||||||||||||||
Net investment income: | | | | | | ||||||||||||||||||||
Class ADV | | | | | — | | | | | | (20,253,935) | | | | | | (358,856) | | | | | | (5,558,145) | | |
Class I | | | | | — | | | | | | (41,711,859) | | | | | | (1,901,678) | | | | | | (31,200,782) | | |
Class S | | | | | — | | | | | | (13,490,161) | | | | | | (6,230,709) | | | | | | (106,574,035) | | |
Class S2 | | | | | — | | | | | | (3,255) | | | | | | (50,471) | | | | | | (161,042) | | |
Net realized gains: | | | | | | ||||||||||||||||||||
Class ADV | | | | | — | | | | | | (149,931,317) | | | | | | — | | | | | | — | | |
Class I | | | | | — | | | | | | (235,869,791) | | | | | | — | | | | | | — | | |
Class S | | | | | — | | | | | | (87,990,084) | | | | | | — | | | | | | — | | |
Class S2 | | | | | — | | | | | | (34,844) | | | | | | — | | | | | | — | | |
Total distributions | | | | | — | | | | | | (549,285,246) | | | | | | (8,541,714) | | | | | | (143,494,004) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sale of shares | | | | | 10,771,320 | | | | | | 46,421,375 | | | | | | 187,286,534 | | | | | | 215,719,028 | | |
Proceeds from shares issued in merger (Note 15) | | | | | — | | | | | | — | | | | | | — | | | | | | 2,882,928,925 | | |
Reinvestment of distributions | | | | | — | | | | | | 548,990,972 | | | | | | 8,541,141 | | | | | | 143,483,422 | | |
| | | | | 10,771,320 | | | | | | 595,412,347 | | | | | | 195,827,675 | | | | | | 3,242,131,375 | | |
Cost of shares redeemed | | | | | (304,100,255) | | | | | | (692,572,215) | | | | | | (322,721,093) | | | | | | (733,223,928) | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (293,328,935) | | | | | | (97,159,868) | | | | | | (126,893,418) | | | | | | 2,508,907,447 | | |
Net increase (decrease) in net assets | | | | | (222,272,745) | | | | | | (207,202,684) | | | | | | (125,457,692) | | | | | | 2,607,765,386 | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year or period | | | | | 4,283,726,339 | | | | | | 4,490,929,023 | | | | | | 4,633,560,771 | | | | | | 2,025,795,385 | | |
End of year or period | | | | $ | 4,061,453,594 | | | | | $ | 4,283,726,339 | | | | | $ | 4,508,103,079 | | | | | $ | 4,633,560,771 | | |
Distributions in excess of net investment income/Accumulated net investment loss at end of year or period | | | | $ | 34,789,982 | | | | | $ | (508,154) | | | | | $ | 65,070,629 | | | | | $ | 5,199,732 | | |
See Accompanying Notes to Financial Statements
13
Statements of Changes in Net Assets (Unaudited)
| | | Voya Money Market Portfolio | | | Voya Small Company Portfolio | | ||||||||||||||||||
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | — | | | | | $ | — | | | | | $ | 851,304 | | | | | $ | 1,863,729 | | |
Net realized gain | | | | | 31,775 | | | | | | 65,891 | | | | | | 41,750,145 | | | | | | 94,017,009 | | |
Net change in unrealized appreciation (depreciation) | | | | | — | | | | | | — | | | | | | (8,274,173) | | | | | | (55,993,316) | | |
Increase in net assets resulting from operations | | | | | 31,775 | | | | | | 65,891 | | | | | | 34,327,276 | | | | | | 39,887,422 | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | — | | | | | | — | | | | | | (2,508,306) | | | | | | (1,995,917) | | |
Class S | | | | | — | | | | | | — | | | | | | (277,275) | | | | | | (116,064) | | |
Net realized gains: | | | | | | ||||||||||||||||||||
Class ADV | | | | | — | | | | | | — | | | | | | (833,677) | | | | | | (780,154) | | |
Class I | | | | | (65,980) | | | | | | (109,900) | | | | | | (72,451,613) | | | | | | (61,891,884) | | |
Class S | | | | | (12) | | | | | | (16) | | | | | | (16,327,083) | | | | | | (13,010,836) | | |
Class S2 | | | | | — | | | | | | — | | | | | | — | | | | | | (3,725) | | |
Total distributions | | | | | (65,992) | | | | | | (109,916) | | | | | | (92,397,954) | | | | | | (77,798,580) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sale of shares | | | | | 40,791,713 | | | | | | 70,333,921 | | | | | | 14,166,006 | | | | | | 60,263,113 | | |
Reinvestment of distributions | | | | | 65,992 | | | | | | 109,916 | | | | | | 92,397,954 | | | | | | 77,798,580 | | |
| | | | | 40,857,705 | | | | | | 70,443,837 | | | | | | 106,563,960 | | | | | | 138,061,693 | | |
Cost of shares redeemed | | | | | (86,149,145) | | | | | | (222,207,656) | | | | | | (44,047,017) | | | | | | (164,207,275) | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | (45,291,440) | | | | | | (151,763,819) | | | | | | 62,516,943 | | | | | | (26,145,582) | | |
Net increase (decrease) in net assets | | | | | (45,325,657) | | | | | | (151,807,844) | | | | | | 4,446,265 | | | | | | (64,056,740) | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year or period | | | | | 616,850,845 | | | | | | 768,658,689 | | | | | | 641,832,974 | | | | | | 705,889,714 | | |
End of year or period | | | | $ | 571,525,188 | | | | | $ | 616,850,845 | | | | | $ | 646,279,239 | | | | | $ | 641,832,974 | | |
Undistributed (distributions in excess of) net investment income at end of year or period | | | | $ | (139,822) | | | | | $ | (139,822) | | | | | $ | 803,057 | | | | | $ | 2,737,334 | | |
See Accompanying Notes to Financial Statements
14
Financial Highlights (Unaudited)
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 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Balanced Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 14.64 | | | | | | 0.14• | | | | | | 0.05 | | | | | | 0.19 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 14.55 | | | | | | 1.27 | | | | | | 0.67 | | | | | | 0.62 | | | | | | 0.62 | | | | | | 1.93 | | | | | | 486,884 | | | | | | 104 | | |
12-31-14 | | | | | 14.01 | | | | | | 0.31• | | | | | | 0.55 | | | | | | 0.86 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 14.64 | | | | | | 6.22 | | | | | | 0.63 | | | | | | 0.63 | | | | | | 0.63 | | | | | | 2.18 | | | | | | 507,213 | | | | | | 192 | | |
12-31-13 | | | | | 12.27 | | | | | | 0.28• | | | | | | 1.74 | | | | | | 2.02 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 14.01 | | | | | | 16.71 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 2.13 | | | | | | 538,114 | | | | | | 210 | | |
12-31-12 | | | | | 11.13 | | | | | | 0.30• | | | | | | 1.20 | | | | | | 1.50 | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 12.27 | | | | | | 13.64 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 2.57 | | | | | | 520,249 | | | | | | 234 | | |
12-31-11 | | | | | 11.58 | | | | | | 0.29• | | | | | | (0.43) | | | | | | (0.14) | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 11.13 | | | | | | (1.40) | | | | | | 0.65 | | | | | | 0.65 | | | | | | 0.65 | | | | | | 2.51 | | | | | | 524,887 | | | | | | 259 | | |
12-31-10 | | | | | 10.42 | | | | | | 0.27• | | | | | | 1.19 | | | | | | 1.46 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 11.58 | | | | | | 14.22 | | | | | | 0.62 | | | | | | 0.62† | | | | | | 0.62† | | | | | | 2.47† | | | | | | 614,261 | | | | | | 328 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 14.55 | | | | | | 0.12• | | | | | | 0.05 | | | | | | 0.17 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 14.48 | | | | | | 1.14 | | | | | | 0.92 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 1.68 | | | | | | 4,651 | | | | | | 104 | | |
12-31-14 | | | | | 13.92 | | | | | | 0.28• | | | | | | 0.55 | | | | | | 0.83 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 14.55 | | | | | | 5.99 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 1.94 | | | | | | 4,797 | | | | | | 192 | | |
12-31-13 | | | | | 12.20 | | | | | | 0.24• | | | | | | 1.73 | | | | | | 1.97 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 13.92 | | | | | | 16.33 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 1.88 | | | | | | 5,829 | | | | | | 210 | | |
12-31-12 | | | | | 11.05 | | | | | | 0.27• | | | | | | 1.21 | | | | | | 1.48 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 12.20 | | | | | | 13.49 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 2.32 | | | | | | 5,567 | | | | | | 234 | | |
12-31-11 | | | | | 11.50 | | | | | | 0.26• | | | | | | (0.43) | | | | | | (0.17) | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 11.05 | | | | | | (1.66) | | | | | | 0.90 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 2.25 | | | | | | 5,953 | | | | | | 259 | | |
12-31-10 | | | | | 10.36 | | | | | | 0.24 | | | | | | 1.18 | | | | | | 1.42 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 11.50 | | | | | | 13.87 | | | | | | 0.87 | | | | | | 0.87† | | | | | | 0.87† | | | | | | 2.22† | | | | | | 7,933 | | | | | | 328 | | |
Voya Global Value Advantage Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.11 | | | | | | 0.16• | | | | | | 0.23 | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9.50 | | | | | | 4.28 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 3.44 | | | | | | 24,817 | | | | | | 51 | | |
12-31-14 | | | | | 8.94 | | | | | | 0.19 | | | | | | 0.22 | | | | | | 0.41 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 9.11 | | | | | | 4.65 | | | | | | 1.12 | | | | | | 1.12 | | | | | | 1.12 | | | | | | 2.03 | | | | | | 1,279 | | | | | | 88 | | |
12-31-13 | | | | | 8.15 | | | | | | 0.23• | | | | | | 0.85 | | | | | | 1.08 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 8.94 | | | | | | 13.46 | | | | | | 1.27 | | | | | | 1.28 | | | | | | 1.28 | | | | | | 2.70 | | | | | | 1,312 | | | | | | 122 | | |
12-31-12 | | | | | 7.38 | | | | | | 0.25• | | | | | | 0.81 | | | | | | 1.06 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 8.15 | | | | | | 14.74 | | | | | | 1.33 | | | | | | 1.34 | | | | | | 1.34 | | | | | | 3.25 | | | | | | 1,485 | | | | | | 23 | | |
12-31-11 | | | | | 7.93 | | | | | | 0.27• | | | | | | (0.56) | | | | | | (0.29) | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 7.38 | | | | | | (4.18) | | | | | | 1.34 | | | | | | 1.34 | | | | | | 1.34 | | | | | | 3.48 | | | | | | 812 | | | | | | 25 | | |
12-31-10 | | | | | 7.76 | | | | | | 0.20• | | | | | | 0.24 | | | | | | 0.44 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 7.93 | | | | | | 5.80 | | | | | | 1.37 | | | | | | 1.34† | | | | | | 1.34† | | | | | | 2.67† | | | | | | 695 | | | | | | 47 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
03-05-15(5) - 06-30-15 | | | | | 9.63 | | | | | | 0.12• | | | | | | (0.13) | | | | | | (0.01) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.56 | | | | | | (0.17) | | | | | | 0.59 | | | | | | 0.59 | | | | | | 0.59 | | | | | | 3.80 | | | | | | 189,505 | | | | | | 51 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 9.20 | | | | | | 0.16• | | | | | | 0.26 | | | | | | 0.42 | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | 0.05 | | | | | | — | | | | | | 9.57 | | | | | | 4.52 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 3.28 | | | | | | 486,761 | | | | | | 51 | | |
12-31-14 | | | | | 9.03 | | | | | | 0.21• | | | | | | 0.22 | | | | | | 0.43 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 9.20 | | | | | | 4.87 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 2.28 | | | | | | 168,482 | | | | | | 88 | | |
12-31-13 | | | | | 8.23 | | | | | | 0.25• | | | | | | 0.85 | | | | | | 1.10 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 9.03 | | | | | | 13.63 | | | | | | 1.02 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 2.96 | | | | | | 179,327 | | | | | | 122 | | |
12-31-12 | | | | | 7.44 | | | | | | 0.27• | | | | | | 0.83 | | | | | | 1.10 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 8.23 | | | | | | 15.12 | | | | | | 1.08 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 3.54 | | | | | | 180,208 | | | | | | 23 | | |
12-31-11 | | | | | 7.96 | | | | | | 0.30• | | | | | | (0.57) | | | | | | (0.27) | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 7.44 | | | | | | (3.87) | | | | | | 1.09 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 3.76 | | | | | | 173,576 | | | | | | 25 | | |
12-31-10 | | | | | 7.77 | | | | | | 0.24• | | | | | | 0.20 | | | | | | 0.44 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 7.96 | | | | | | 5.86 | | | | | | 1.12 | | | | | | 1.09† | | | | | | 1.09† | | | | | | 3.23† | | | | | | 206,216 | | | | | | 47 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
03-05-15(5) - 06-30-15 | | | | | 9.52 | | | | | | 0.06• | | | | | | (0.08) | | | | | | (0.02) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.44 | | | | | | (0.27) | | | | | | 1.09 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 2.03 | | | | | | 306 | | | | | | 51 | | |
Class T | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
03-05-15(5) - 06-30-15 | | | | | 9.52 | | | | | | 0.10• | | | | | | (0.12) | | | | | | (0.02) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.44 | | | | | | (0.27) | | | | | | 1.34 | | | | | | 1.19 | | | | | | 1.19 | | | | | | 3.14 | | | | | | 67,932 | | | | | | 51 | | |
See Accompanying Notes to Financial Statements
15
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Growth and Income Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 30.28 | | | | | | 0.22• | | | | | | 0.23 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30.73 | | | | | | 1.49 | | | | | | 1.13 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 1.41 | | | | | | 1,262,188 | | | | | | 31 | | |
12-31-14 | | | | | 31.36 | | | | | | 0.49• | | | | | | 2.77 | | | | | | 3.26 | | | | | | 0.52 | | | | | | 3.82 | | | | | | — | | | | | | 4.34 | | | | | | — | | | | | | 30.28 | | | | | | 10.19 | | | | | | 1.08 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 1.49 | | | | | | 1,348,687 | | | | | | 87 | | |
12-31-13 | | | | | 24.31 | | | | | | 0.22• | | | | | | 7.09 | | | | | | 7.31 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 31.36 | | | | | | 30.07 | | | | | | 1.09 | | | | | | 1.04 | | | | | | 1.04 | | | | | | 0.80 | | | | | | 1,441,995 | | | | | | 49 | | |
12-31-12 | | | | | 21.39 | | | | | | 0.29• | | | | | | 2.97 | | | | | | 3.26 | | | | | | 0.34 | | | | | | — | | | | | | — | | | | | | 0.34 | | | | | | — | | | | | | 24.31 | | | | | | 15.24 | | | | | | 1.09 | | | | | | 1.04 | | | | | | 1.04 | | | | | | 1.23 | | | | | | 1,251,577 | | | | | | 57 | | |
12-31-11 | | | | | 21.74 | | | | | | 0.22 | | | | | | (0.38) | | | | | | (0.16) | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 21.39 | | | | | | (0.72) | | | | | | 1.08 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 1.03 | | | | | | 1,221,084 | | | | | | 75 | | |
12-31-10 | | | | | 19.31 | | | | | | 0.15• | | | | | | 2.47 | | | | | | 2.62 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 21.74 | | | | | | 13.55 | | | | | | 1.10 | | | | | | 1.10† | | | | | | 1.10† | | | | | | 0.77† | | | | | | 6,037 | | | | | | 117 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 30.63 | | | | | | 0.29• | | | | | | 0.22 | | | | | | 0.51 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31.14 | | | | | | 1.67 | | | | | | 0.63 | | | | | | 0.58 | | | | ��� | | 0.58 | | | | | | 1.87 | | | | | | 2,062,216 | | | | | | 31 | | |
12-31-14 | | | | | 31.67 | | | | | | 0.64• | | | | | | 2.82 | | | | | | 3.46 | | | | | | 0.68 | | | | | | 3.82 | | | | | | — | | | | | | 4.50 | | | | | | — | | | | | | 30.63 | | | | | | 10.72 | | | | | | 0.58 | | | | | | 0.58 | | | | | | 0.58 | | | | | | 1.94 | | | | | | 2,140,398 | | | | | | 87 | | |
12-31-13 | | | | | 24.54 | | | | | | 0.35• | | | | | | 7.17 | | | | | | 7.52 | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 31.67 | | | | | | 30.66 | | | | | | 0.59 | | | | | | 0.59 | | | | | | 0.59 | | | | | | 1.25 | | | | | | 2,182,314 | | | | | | 49 | | |
12-31-12 | | | | | 21.59 | | | | | | 0.40• | | | | | | 3.00 | | | | | | 3.40 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 24.54 | | | | | | 15.78 | | | | | | 0.59 | | | | | | 0.59 | | | | | | 0.59 | | | | | | 1.68 | | | | | | 1,865,425 | | | | | | 57 | | |
12-31-11 | | | | | 21.94 | | | | | | 0.31• | | | | | | (0.37) | | | | | | (0.06) | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 21.59 | | | | | | (0.27) | | | | | | 0.58 | | | | | | 0.58 | | | | | | 0.58 | | | | | | 1.39 | | | | | | 1,873,712 | | | | | | 75 | | |
12-31-10 | | | | | 19.42 | | | | | | 0.22 | | | | | | 2.53 | | | | | | 2.75 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 21.94 | | | | | | 14.14 | | | | | | 0.60 | | | | | | 0.60† | | | | | | 0.60† | | | | | | 1.12† | | | | | | 2,253,794 | | | | | | 117 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 30.31 | | | | | | 0.25• | | | | | | 0.22 | | | | | | 0.47 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30.78 | | | | | | 1.55 | | | | | | 0.88 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.61 | | | | | | 736,811 | | | | | | 31 | | |
12-31-14 | | | | | 31.38 | | | | | | 0.56• | | | | | | 2.78 | | | | | | 3.34 | | | | | | 0.59 | | | | | | 3.82 | | | | | | — | | | | | | 4.41 | | | | | | — | | | | | | 30.31 | | | | | | 10.44 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.70 | | | | | | 794,327 | | | | | | 87 | | |
12-31-13 | | | | | 24.32 | | | | | | 0.28• | | | | | | 7.10 | | | | | | 7.38 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 31.38 | | | | | | 30.34 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 1.00 | | | | | | 865,453 | | | | | | 49 | | |
12-31-12 | | | | | 21.40 | | | | | | 0.34• | | | | | | 2.97 | | | | | | 3.31 | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 24.32 | | | | | | 15.47 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 1.42 | | | | | | 772,713 | | | | | | 57 | | |
12-31-11 | | | | | 21.77 | | | | | | 0.24• | | | | | | (0.35) | | | | | | (0.11) | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 21.40 | | | | | | (0.51) | | | | | | 0.83 | | | | | | 0.83 | | | | | | 0.83 | | | | | | 1.13 | | | | | | 795,131 | | | | | | 75 | | |
12-31-10 | | | | | 19.28 | | | | | | 0.18 | | | | | | 2.48 | | | | | | 2.66 | | | | | | 0.17 | | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | 21.77 | | | | | | 13.81 | | | | | | 0.85 | | | | | | 0.85† | | | | | | 0.85† | | | | | | 0.87† | | | | | | 480,529 | | | | | | 117 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 30.11 | | | | | | 0.23• | | | | | | 0.22 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30.56 | | | | | | 1.49 | | | | | | 1.13 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 1.52 | | | | | | 238 | | | | | | 31 | | |
12-31-14 | | | | | 31.05 | | | | | | 0.54• | | | | | | 2.70 | | | | | | 3.24 | | | | | | 0.36 | | | | | | 3.82 | | | | | | — | | | | | | 4.18 | | | | | | — | | | | | | 30.11 | | | | | | 10.24 | | | | | | 1.08 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 1.68 | | | | | | 314 | | | | | | 87 | | |
12-31-13 | | | | | 24.08 | | | | | | 0.22 | | | | | | 7.04 | | | | | | 7.26 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 31.05 | | | | | | 30.17 | | | | | | 1.09 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 0.85 | | | | | | 1,167 | | | | | | 49 | | |
12-31-12 | | | | | 21.23 | | | | | | 0.35• | | | | | | 2.90 | | | | | | 3.25 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 24.08 | | | | | | 15.30 | | | | | | 1.09 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 1.47 | | | | | | 728 | | | | | | 57 | | |
12-31-11 | | | | | 21.52 | | | | | | 0.41• | | | | | | (0.54) | | | | | | (0.13) | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 21.23 | | | | | | (0.59) | | | | | | 1.08 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 1.99 | | | | | | 217 | | | | | | 75 | | |
12-31-10 | | | | | 19.26 | | | | | | 0.14 | | | | | | 2.28 | | | | | | 2.42 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 21.52 | | | | | | 12.55 | | | | | | 1.10 | | | | | | 1.00† | | | | | | 1.00† | | | | | | 0.72† | | | | | | 5 | | | | | | 117 | | |
Voya Intermediate Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 12.81 | | | | | | 0.17• | | | | | | (0.17) | | | | | | 0.00* | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 12.79 | | | | | | 0.03 | | | | | | 1.02 | | | | | | 0.98 | | | | | | 0.98 | | | | | | 2.67 | | | | | | 191,443 | | | | | | 184 | | |
12-31-14 | | | | | 12.42 | | | | | | 0.38• | | | | | | 0.39 | | | | | | 0.77 | | | | | | 0.38 | | | | | | — | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 12.81 | | | | | | 6.21 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 0.97 | | | | | | 2.97 | | | | | | 191,895 | | | | | | 428 | | |
12-31-13 | | | | | 12.88 | | | | | | 0.39 | | | | | | (0.47) | | | | | | (0.08) | | | | | | 0.38 | | | | | | — | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 12.42 | | | | | | (0.62) | | | | | | 0.99 | | | | | | 0.99 | | | | | | 0.99 | | | | | | 3.05 | | | | | | 37,058 | | | | | | 389 | | |
12-31-12 | | | | | 12.34 | | | | | | 0.42• | | | | | | 0.67 | | | | | | 1.09 | | | | | | 0.55 | | | | | | — | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 12.88 | | | | | | 8.85 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 3.25 | | | | | | 34,473 | | | | | | 425 | | |
12-31-11 | | | | | 12.04 | | | | | | 0.47• | | | | | | 0.38 | | | | | | 0.85 | | | | | | 0.55 | | | | | | — | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 12.34 | | | | | | 7.04 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 1.00 | | | | | | 3.76 | | | | | | 16,953 | | | | | | 456 | | |
12-31-10 | | | | | 11.62 | | | | | | 0.57• | | | | | | 0.48 | | | | | | 1.05 | | | | | | 0.63 | | | | | | — | | | | | | — | | | | | | 0.63 | | | | | | — | | | | | | 12.04 | | | | | | 9.01 | | | | | | 1.00 | | | | | | 1.00† | | | | | | 1.00† | | | | | | 4.56† | | | | | | 4,315 | | | | | | 438 | | |
See Accompanying Notes to Financial Statements
16
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Intermediate Bond Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 12.90 | | | | | | 0.21• | | | | | | (0.18) | | | | | | 0.03 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 12.91 | | | | | | 0.26 | | | | | | 0.52 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 3.17 | | | | | | 1,019,816 | | | | | | 184 | | |
12-31-14 | | | | | 12.50 | | | | | | 0.44 | | | | | | 0.39 | | | | | | 0.83 | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 12.90 | | | | | | 6.67 | | | | | | 0.47 | | | | | | 0.47 | | | | | | 0.47 | | | | | | 3.46 | | | | | | 958,412 | | | | | | 428 | | |
12-31-13 | | | | | 12.96 | | | | | | 0.45* | | | | | | (0.47) | | | | | | (0.02) | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 12.50 | | | | | | (0.12) | | | | | | 0.49 | | | | | | 0.49 | | | | | | 0.49 | | | | | | 3.57 | | | | | | 846,916 | | | | | | 389 | | |
12-31-12 | | | | | 12.40 | | | | | | 0.49• | | | | | | 0.67 | | | | | | 1.16 | | | | | | 0.60 | | | | | | — | | | | | | — | | | | | | 0.60 | | | | | | — | | | | | | 12.96 | | | | | | 9.39 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 3.78 | | | | | | 1,001,255 | | | | | | 425 | | |
12-31-11 | | | | | 12.07 | | | | | | 0.54• | | | | | | 0.37 | | | | | | 0.91 | | | | | | 0.58 | | | | | | — | | | | | | — | | | | | | 0.58 | | | | | | — | | | | | | 12.40 | | | | | | 7.54 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 0.50 | | | | | | 4.31 | | | | | | 1,205,691 | | | | | | 456 | | |
12-31-10 | | | | | 11.57 | | | | | | 0.61• | | | | | | 0.53 | | | | | | 1.14 | | | | | | 0.64 | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | 12.07 | | | | | | 9.84 | | | | | | 0.50 | | | | | | 0.50† | | | | | | 0.50† | | | | | | 4.93† | | | | | | 1,217,280 | | | | | | 438 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 12.83 | | | | | | 0.19• | | | | | | (0.18) | | | | | | 0.01 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 12.82 | | | | | | 0.11 | | | | | | 0.77 | | | | | | 0.73 | | | | | | 0.73 | | | | | | 2.92 | | | | | | 3,268,512 | | | | | | 184 | | |
12-31-14 | | | | | 12.43 | | | | | | 0.42• | | | | | | 0.38 | | | | | | 0.80 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 12.83 | | | | | | 6.48 | | | | | | 0.72 | | | | | | 0.72 | | | | | | 0.72 | | | | | | 3.21 | | | | | | 3,477,973 | | | | | | 428 | | |
12-31-13 | | | | | 12.89 | | | | | | 0.44 | | | | | | (0.49) | | | | | | (0.05) | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 12.43 | | | | | | (0.38) | | | | | | 0.74 | | | | | | 0.74 | | | | | | 0.74 | | | | | | 3.31 | | | | | | 1,140,317 | | | | | | 389 | | |
12-31-12 | | | | | 12.34 | | | | | | 0.45• | | | | | | 0.67 | | | | | | 1.12 | | | | | | 0.57 | | | | | | — | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 12.89 | | | | | ��� | 9.08 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 3.52 | | | | | | 1,221,680 | | | | | | 425 | | |
12-31-11 | | | | | 12.01 | | | | | | 0.51• | | | | | | 0.37 | | | | | | 0.88 | | | | | | 0.55 | | | | | | — | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 12.34 | | | | | | 7.30 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 0.75 | | | | | | 4.09 | | | | | | 1,247,149 | | | | | | 456 | | |
12-31-10 | | | | | 11.52 | | | | | | 0.57• | | | | | | 0.52 | | | | | | 1.09 | | | | | | 0.60 | | | | | | — | | | | | | — | | | | | | 0.60 | | | | | | — | | | | | | 12.01 | | | | | | 9.51 | | | | | | 0.75 | | | | | | 0.75† | | | | | | 0.75† | | | | | | 4.67† | | | | | | 1,292,731 | | | | | | 438 | | |
Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 12.79 | | | | | | 0.18• | | | | | | (0.17) | | | | | | 0.01 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 12.78 | | | | | | 0.11 | | | | | | 1.02 | | | | | | 0.88 | | | | | | 0.88 | | | | | | 2.80 | | | | | | 28,332 | | | | | | 184 | | |
12-31-14 | | | | | 12.43 | | | | | | 0.37• | | | | | | 0.40 | | | | | | 0.77 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 12.79 | | | | | | 6.17 | | | | | | 0.97 | | | | | | 0.87 | | | | | | 0.87 | | | | | | 2.87 | | | | | | 5,281 | | | | | | 428 | | |
12-31-13 | | | | | 12.92 | | | | | | 0.44* | | | | | | (0.50) | | | | | | (0.06) | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 12.43 | | | | | | (0.44) | | | | | | 0.99 | | | | | | 0.89 | | | | | | 0.89 | | | | | | 3.45 | | | | | | 1,505 | | | | | | 389 | | |
12-31-12 | | | | | 12.37 | | | | | | 0.41 | | | | | | 0.69 | | | | | | 1.10 | | | | | | 0.55 | | | | | | — | | | | | | — | | | | | | 0.55 | | | | | | — | | | | | | 12.92 | | | | | | 8.93 | | | | | | 1.00 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 3.37 | | | | | | 1,277 | | | | | | 425 | | |
12-31-11 | | | | | 12.08 | | | | | | 0.52• | | | | | | 0.34 | | | | | | 0.86 | | | | | | 0.57 | | | | | | — | | | | | | — | | | | | | 0.57 | | | | | | — | | | | | | 12.37 | | | | | | 7.14 | | | | | | 1.00 | | | | | | 0.90 | | | | | | 0.90 | | | | | | 4.20 | | | | | | 1,001 | | | | | | 456 | | |
12-31-10 | | | | | 11.59 | | | | | | 0.55• | | | | | | 0.53 | | | | | | 1.08 | | | | | | 0.59 | | | | | | — | | | | | | — | | | | | | 0.59 | | | | | | — | | | | | | 12.08 | | | | | | 9.29 | | | | | | 1.00 | | | | | | 0.90† | | | | | | 0.90† | | | | | | 4.50† | | | | | | 3 | | | | | | 438 | | |
Voya Money Market Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 1.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.38 | | | | | | 0.22 | | | | | | 0.22 | | | | | | 0.00 | | | | | | 571,419 | | | | | | — | | |
12-31-14 | | | | | 1.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.34 | | | | | | 0.19 | | | | | | 0.19 | | | | | | 0.00 | | | | | | 616,745 | | | | | | — | | |
12-31-13 | | | | | 1.00 | | | | | | (0.00)* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.34 | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.00 | | | | | | 768,521 | | | | | | — | | |
12-31-12 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.03 | | | | | | 0.34 | | | | | | 0.34 | | | | | | 0.34 | | | | | | 0.03 | | | | | | 975,469 | | | | | | — | | |
12-31-11 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.34 | | | | | | 0.26 | | | | | | 0.26 | | | | | | 0.00* | | | | | | 1,176,157 | | | | | | — | | |
12-31-10 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.24 | | | | | | 0.34 | | | | | | 0.31† | | | | | | 0.31† | | | | | | 0.02† | | | | | | 1,069,947 | | | | | | — | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 1.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.63 | | | | | | 0.22 | | | | | | 0.22 | | | | | | 0.00 | | | | | | 106 | | | | | | — | | |
12-31-14 | | | | | 1.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.59 | | | | | | 0.19 | | | | | | 0.19 | | | | | | 0.00 | | | | | | 106 | | | | | | — | | |
12-31-13 | | | | | 1.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.59 | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.00 | | | | | | 138 | | | | | | — | | |
12-31-12 | | | | | 1.00 | | | | | | (0.00)* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1.00 | | | | | | 0.00 | | | | | | 0.59 | | | | | | 0.36 | | | | | | 0.36 | | | | | | 0.01 | | | | | | 134 | | | | | | — | | |
12-31-11 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.59 | | | | | | 0.26 | | | | | | 0.26 | | | | | | 0.00 | | | | | | 314 | | | | | | — | | |
03-15-10(5) - 12-31-10 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | | | 0.00 | | | | | | 0.59 | | | | | | 0.36† | | | | | | 0.36† | | | | | | 0.00*† | | | | | | 313 | | | | | | — | | |
See Accompanying Notes to Financial Statements
17
Financial Highlights (Unaudited) (continued)
| | | | | | | | | Income (loss) from investment operations | | | | | | | | | Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental Data | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/additions(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | | Expense net of all reductions/additions(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Small Company Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.49 | | | | | | (0.03) | | | | | | 1.15 | | | | | | 1.12 | | | | | | — | | | | | | 3.36 | | | | | | — | | | | | | 3.36 | | | | | | — | | | | | | 20.25 | | | | | | 5.29 | | | | | | 1.38 | | | | | | 1.34 | | | | | | 1.34 | | | | | | (0.18) | | | | | | 5,836 | | | | | | 17 | | |
12-31-14 | | | | | 23.94 | | | | | | (0.03) | | | | | | 1.26 | | | | | | 1.23 | | | | | | — | | | | | | 2.68 | | | | | | — | | | | | | 2.68 | | | | | | — | | | | | | 22.49 | | | | | | 6.00 | | | | | | 1.34 | | | | | | 1.34 | | | | | | 1.34 | | | | | | (0.18) | | | | | | 5,861 | | | | | | 30 | | |
12-31-13 | | | | | 19.13 | | | | | | (0.02) | | | | | | 6.64 | | | | | | 6.62 | | | | | | 0.01 | | | | | | 1.80 | | | | | | — | | | | | | 1.81 | | | | | | — | | | | | | 23.94 | | | | | | 37.04 | | | | | | 1.34 | | | | | | 1.34 | | | | | | 1.34 | | | | | | (0.13) | | | | | | 7,233 | | | | | | 36 | | |
12-31-12 | | | | | 17.39 | | | | | | 0.01 | | | | | | 2.41 | | | | | | 2.42 | | | | | | — | | | | | | 0.68 | | | | | | — | | | | | | 0.68 | | | | | | — | | | | | | 19.13 | | | | | | 14.01 | | | | | | 1.35 | | | | | | 1.35 | | | | | | 1.35 | | | | | | 0.06 | | | | | | 6,213 | | | | | | 49 | | |
12-31-11 | | | | | 17.98 | | | | | | (0.02)• | | | | | | (0.51) | | | | | | (0.53) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 17.39 | | | | | | (2.99) | | | | | | 1.35 | | | | | | 1.35 | | | | | | 1.35 | | | | | | (0.10) | | | | | | 5,938 | | | | | | 61 | | |
12-31-10 | | | | | 14.60 | | | | | | 0.04• | | | | | | 3.42 | | | | | | 3.46 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 17.98 | | | | | | 23.75 | | | | | | 1.34 | | | | | | 1.34† | | | | | | 1.34† | | | | | | 0.25† | | | | | | 3,253 | | | | | | 86 | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 23.25 | | | | | | 0.04• | | | | | | 1.17 | | | | | | 1.21 | | | | | | 0.12 | | | | | | 3.36 | | | | | | — | | | | | | 3.48 | | | | | | — | | | | | | 20.98 | | | | | | 5.50 | | | | | | 0.88 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.32 | | | | | | 524,640 | | | | | | 17 | | |
12-31-14 | | | | | 24.63 | | | | | | 0.08 | | | | | | 1.31 | | | | | | 1.39 | | | | | | 0.09 | | | | | | 2.68 | | | | | | — | | | | | | 2.77 | | | | | | — | | | | | | 23.25 | | | | | | 6.54 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.33 | | | | | | 520,298 | | | | | | 30 | | |
12-31-13 | | | | | 19.63 | | | | | | 0.08• | | | | | | 6.84 | | | | | | 6.92 | | | | | | 0.12 | | | | | | 1.80 | | | | | | — | | | | | | 1.92 | | | | | | — | | | | | | 24.63 | | | | | | 37.76 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.84 | | | | | | 0.38 | | | | | | 571,880 | | | | | | 36 | | |
12-31-12 | | | | | 17.82 | | | | | | 0.10• | | | | | | 2.47 | | | | | | 2.57 | | | | | | 0.08 | | | | | | 0.68 | | | | | | — | | | | | | 0.76 | | | | | | — | | | | | | 19.63 | | | | | | 14.52 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.55 | | | | | | 472,254 | | | | | | 49 | | |
12-31-11 | | | | | 18.34 | | | | | | 0.07 | | | | | | (0.52) | | | | | | (0.45) | | | | | | 0.07 | | | | | | — | | | | | | — | | | | | | 0.07 | | | | | | — | | | | | | 17.82 | | | | | | (2.49) | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.85 | | | | | | 0.38 | | | | | | 483,473 | | | | | | 61 | | |
12-31-10 | | | | | 14.82 | | | | | | 0.09 | | | | | | 3.52 | | | | | | 3.61 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | 0.09 | | | | | | — | | | | | | 18.34 | | | | | | 24.38 | | | | | | 0.84 | | | | | | 0.84† | | | | | | 0.84† | | | | | | 0.51† | | | | | | 503,739 | | | | | | 86 | | |
Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
06-30-15 | | | | | 22.84 | | | | | | 0.00* | | | | | | 1.16 | | | | | | 1.16 | | | | | | 0.06 | | | | | | 3.36 | | | | | | — | | | | | | 3.42 | | | | | | — | | | | | | 20.58 | | | | | | 5.38 | | | | | | 1.13 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 0.07 | | | | | | 115,803 | | | | | | 17 | | |
12-31-14 | | | | | 24.24 | | | | | | 0.02 | | | | | | 1.28 | | | | | | 1.30 | | | | | | 0.02 | | | | | | 2.68 | | | | | | — | | | | | | 2.70 | | | | | | — | | | | | | 22.84 | | | | | | 6.26 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 0.08 | | | | | | 115,635 | | | | | | 30 | | |
12-31-13 | | | | | 19.35 | | | | | | 0.03 | | | | | | 6.72 | | | | | | 6.75 | | | | | | 0.06 | | | | | | 1.80 | | | | | | — | | | | | | 1.86 | | | | | | — | | | | | | 24.24 | | | | | | 37.37 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 0.12 | | | | | | 126,746 | | | | | | 36 | | |
12-31-12 | | | | | 17.57 | | | | | | 0.05• | | | | | | 2.44 | | | | | | 2.49 | | | | | | 0.03 | | | | | | 0.68 | | | | | | — | | | | | | 0.71 | | | | | | — | | | | | | 19.35 | | | | | | 14.26 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 0.28 | | | | | | 101,041 | | | | | | 49 | | |
12-31-11 | | | | | 18.09 | | | | | | 0.02 | | | | | | (0.50) | | | | | | (0.48) | | | | | | 0.04 | | | | | | — | | | | | | — | | | | | | 0.04 | | | | | | — | | | | | | 17.57 | | | | | | (2.68) | | | | | | 1.10 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 0.12 | | | | | | 108,502 | | | | | | 61 | | |
12-31-10 | | | | | 14.64 | | | | | | 0.04 | | | | | | 3.47 | | | | | | 3.51 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 18.09 | | | | | | 24.00 | | | | | | 1.09 | | | | | | 1.09† | | | | | | 1.09† | | | | | | 0.29† | | | | | | 122,286 | | | | | | 86 | | |
(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 by an 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 an Investment Adviser and/or Distributor 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 period.
*
Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
†
Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.
See Accompanying Notes to Financial Statements
18
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited)
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 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 nineteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global Value Advantage Portfolio (“Global Value Advantage”) 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 Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Money Market Portfolio (“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 Portfolios’ Prospectus.
Each Portfolio offers at least two of the following classes of shares: Adviser Class (“Class ADV”), Class I, Class S, Service 2 Class (“Class S2”) and Class T. Each class has equal rights as to voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear 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 applicable.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments oversees all investment advisory 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. 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.
On July 23, 2014, the SEC has adopted amendments to money market fund regulation, which when implemented may, among other things, require Money Market to change the manner in which it values its securities, impose new liquidity fees on redemptions in certain circumstances, and permit Money Market to limit redemptions in certain circumstances. These changes may result in reduced yields for money market funds, including Money Market. Compliance with the amended money market fund regulation is generally required in 2016. The SEC or other regulators may adopt additional money market reforms, which may impact the operation or performance of Money Market. At this time, management is evaluating the potential implications of these amendments to Money Market.
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. The net asset value (“NAV”) per share for each class of each Portfolio, (except Money Market), is determined each business day as of the close of regular trading (“Market Close”) on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time unless otherwise designated by the NYSE) each day on which the NYSE is open for trading. The Portfolios are open for business every day the NYSE is open. Portfolio shares will not be priced on days when the NYSE is closed.
19
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the normal trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the mean of the closing bid and ask price on that day. Bank loans are valued at the average of the averages between the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, a Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Board of Directors/Trustees (“Board”). Such procedures provide, for example, that: (a) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (b) Securities traded in the over-the-counter market are valued based on prices provided by independent pricing services or market makers; (c) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (d) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (e) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (f) Forward foreign currency contracts are valued utilizing current and forward rates obtained from an independent
pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (g) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
The prospectuses of the open-end registered investment companies in which a Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the NYSE. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. 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
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the 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 a Portfolio.
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 Money Market, there can be no assurance that the Money Market’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 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 the Portfolios’ investments under these levels of classification is included following the Summary Portfolio of Investments.
U.S. 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. The beginning of period timing recognition is used for the transfers between Levels of a Portfolio’s assets and liabilities. A reconciliation
of Level 3 investments is presented only when a Portfolio has a significant amount of Level 3 investments.
For the six months ended June 30, 2015, there have been no significant changes to the fair valuation methodologies.
B. Security 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 the end of the day.
(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 the end of the day, 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
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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. 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 market 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 factors.
Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with
longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market 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.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because a Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
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
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“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 June 30, 2015, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to its derivative transactions failed to perform would be $1,128,567 and $947,562, respectively, which represents the gross payments to be received by the Portfolios on open forward foreign currency contracts and purchased options were they to be unwound as of June 30, 2015. At June 30, 2015, certain counterparties have posted $500,000 in cash collateral to Balanced for open OTC derivatives.
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 June 30, 2015, Balanced and Intermediate Bond had a net liability position of $1,619,198 and $2,024,444, respectively, on forward foreign currency contracts and written options with credit related contingent features. If a
contingent feature would have been triggered as of June 30, 2015, the Portfolios could have been required to pay this amount in cash to its counterparties. At June 30, 2015, Balanced had pledged $280,000 in cash collateral for open OTC derivatives.
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 period ended June 30, 2015, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:
| | | Buy | | | Sell | | ||||||
Balanced | | | | $ | 50,726,538 | | | | | $ | 28,980,733 | | |
Intermediate Bond | | | | | 36,652,022 | | | | | | 108,975,963 | | |
The above Portfolios entered into forward foreign currency contracts to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at June 30, 2015.
Each Portfolio, with the exception of 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.
Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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. Open futures contracts are reported on a table following each Portfolio’s Summary Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Summary 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 period ended June 30, 2015, Balanced and Intermediate Bond have purchased and sold futures contracts on various equity indices (Balanced only), bonds, and notes. Balanced purchased equity futures to “equitize” cash. Both Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Balanced and Growth and Income entered into equity futures to “equitize” cash. 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 period ended June 30, 2015, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:
| | | Purchased | | | Sold | | ||||||
Balanced | | | | $ | 94,589,298 | | | | | $ | 55,181,114 | | |
Intermediate Bond | | | | | 395,882,284 | | | | | | 706,925,531 | | |
Growth and Income | | | | | 33,709,294 | | | | | | — | | |
Please refer to the tables following each respective Summary Portfolio of Investments for the above Portfolio’s for open futures contracts at June 30, 2015. There were no open futures contracts for Growth and Income at June 30, 2015.
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. Certain options may be written with premiums to be determined on a future date. 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 period ended June 30, 2015, Balanced had purchased and written foreign currency options to gain exposure to currencies and to generate income. Please refer to the Summary Portfolio of Investments for open purchased foreign currency options at June 30, 2015. Please refer to the table following the Summary Portfolio of Investments for open written foreign currency options at June 30, 2015.
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
During the period ended June 30, 2015, Balanced and Intermediate Bond had both purchased and written interest rate swaptions to gain exposure to interest rates and to generate income. Please refer to the Summary Portfolio of Investments for open purchased interest rate swaptions and the table following for open written interest rate swaptions. There were no open swaptions for Intermediate Bond at June 30, 2015.
Please refer to Note 9 for the volume of both purchased and written option activity during the period ended June 30, 2015.
G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Balanced, Global Value Advantage, and Small Company declare and pay dividends annually. Growth and Income and Intermediate Bond declare and pay dividends semi-annually. Money Market declares dividends daily and pays dividends, if any, monthly. Each Portfolio distributes capital gains, 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 U.S. GAAP for investment companies.
H. Federal Income Taxes. It is the policy of the Portfolios 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 their net investment income and any net realized capital gains to their 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 or expire.
I. Use of Estimates. The preparation of financial statements in conformity with U.S. 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 following the Portfolio of Investments for Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2015.
K. Securities Lending. Each Portfolio (except Money Market) may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. The Portfolio bears the risk of loss with respect to the investment of collateral with the following exception: The Bank of New York Mellon (“BNY”) provides the Portfolio indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933
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NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, as defined by the Act, determined in good faith under procedures approved by the Board.
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 Summary 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 June 30, 2015, Intermediate Bond had posted $4,026,318 in cash collateral for open 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.
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). 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 return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Summary 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
26
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
margin are footnoted as pledged on the Summary 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 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 Summary Portfolio of Investment 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
27
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
For the period ended June 30, 2015, both Balanced and Intermediate Bond had purchased 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. The Portfolios use CDX swaps to hedge the credit risk associated with various sectors within the credit markets. For the period ended June 30, 2015, Balanced and Intermediate Bond had average notional amounts of $7,342,000 and $97,966,000, respectively, on credit default swaps to buy protection. There were no open credit default swaps to buy protection at June 30, 2015.
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 period ended June 30, 2015, Balanced and Intermediate Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on Long interest rate swaps were $153,731,699 and $1,136,617,000, respectively.
For the period ended June 30, 2015, Balanced and Intermediate Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on Short interest rate swaps were $109,312,284 and $924,278,000, respectively.
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 table following each respective the Summary Portfolio of Investments for Balanced and Intermediate Bond for open interest rate swaps at June 30, 2015.
At June 30, 2015, Balanced and Intermediate Bond had posted $550,000 and $4,407,000, respectively, in cash collateral for open centrally cleared interest rate 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 period ended June 30, 2015, the cost of purchases and proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:
| | | Purchases | | | Sales | | ||||||
Balanced | | | | $ | 243,800,214 | | | | | $ | 267,702,896 | | |
Global Value Advantage | | | | | 266,354,592 | | | | | | 313,740,798 | | |
Growth and Income | | | | | 1,289,007,316 | | | | | | 1,566,420,472 | | |
Intermediate Bond | | | | | 914,653,114 | | | | | | 968,219,872 | | |
Small Company | | | | | 106,113,126 | | | | | | 147,344,115 | | |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales | | ||||||
Balanced | | | | $ | 250,231,056 | | | | | $ | 242,195,394 | | |
Intermediate Bond | | | | | 8,498,536,165 | | | | | | 8,234,804,388 | | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
Prior to May 1, 2015, the Portfolios had entered into investment management agreements (“Management Agreements”) with the Investment Adviser. The Management Agreements compensated 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. Amounts paid to the Investment Adviser through April 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
Portfolio | | | Fee | |
Balanced | | | 0.500% | |
Global Value Advantage | | | 0.46% on the first $500 million; 0.43% on the next $500 million; 0.41% thereafter | |
Growth and Income | | | 0.500% on the first $10 billion; 0.450% on the next $5 billion; 0.425% thereafter | |
Intermediate Bond | | | 0.400% on first $4 billion; 0.380% on next $3 billion; 0.360% thereafter | |
Money Market | | | 0.250% | |
Small Company | | | 0.750% | |
Also, prior to May 1, 2015, the Portfolios had entered into an administrative agreement (“Administrative Agreement”)
28
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
with Voya Funds Services, LLC (the “Administrator”), a Delaware limited liability company. The Administrator provided certain administrative and shareholder services necessary for each Portfolio’s operations and was responsible for the supervision of other service providers. Effective January 1, 2015, the Administrator was entitled to receive from Balanced, Growth and Income, Intermediate Bond, Money Market and Small Company a fee at an annual rate of 0.10% of each Portfolios average daily net assets. The Administrator was contractually obligated to waive a portion of the administration fee equal to 0.045% on the first $5 billion and 0.070% thereafter of each Portfolio’s average daily net assets for at least two years from the effective date of January 1, 2015. This waiver was not eligible for recoupment. Prior to January 1, 2015, the Administrator was entitled to receive from each Portfolio (except Global Value Advantage) a fee at an annual rate of 0.055% on the first $5 billion of each Portfolio’s average daily net assets and 0.030% thereafter. Prior to May 1, 2015, the Administrator was entitled to receive from Global Value Advantage a fee at an annual rate of 0.10% of the Portfolio’s average daily net assets. Amounts paid to the Administrator through April 30, 2015 are reflected as administrative service fees on the accompanying Statements of Operations.
Effective May 1, 2015, the terms of the Portfolios’ Management Agreement and Administrative Agreement were combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under the Portfolios’ Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolios and there is no change to the investment management or administrative services provided.
The Amended and Restated Investment 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. Single management fee amounts paid to the Investment Adviser from May 1, 2015 through June 30, 2015 are reflected as investment management fees on the accompanying Statements of Operations.
Portfolio | | | Fee | |
Balanced(1) | | | 0.60% | |
Global Value Advantage | | | 0.56% on the first $500 million; 0.53% on the next $500 million; 0.51% thereafter | |
Portfolio | | | Fee | |
Growth and Income(1) | | | 0.600% on the first $10 billion; 0.550% on the next $5 billion; 0.525% thereafter | |
Intermediate Bond(1) | | | 0.50% on first $4 billion; 0.48% on next $3 billion; 0.46% thereafter | |
Money Market(1) | | | 0.35% | |
Small Company(1) | | | 0.85% | |
(1)
Effective May 1, 2015, 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 through January 1, 2017. 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. Voya IM acts as sub-adviser to all Portfolios. 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, Class S2 and Class T shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan (the “Plan”). Under the Plan, 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, Class S2 and Class T shares. The Distributor is paid an annual distribution fee at the rate of 0.25%, 0.25% and 0.50% of the average daily net assets attributable to its Class ADV, Class S2 and Class T shares, respectively. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 shares of the Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. Additionally, the Distributor has contractually agreed to waive a portion of its fee equal to 0.05% and 0.15% of the average daily net assets attributable to the distribution fee paid by Class ADV shares of Growth and Income and Class T shares of Global Value Advantage, respectively, so that the actual fee paid by the Portfolios are an annual rate of 0.20% and 0.35%, respectively. Termination or modification of these obligations requires approval by the Board.
Class S shares of the respective Portfolios have adopted either a Distribution Plan or a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the “12b-1 Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for Shareholder Servicing and/or the distribution of each Portfolio’s shares. Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month to
29
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)
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 12b-1 Plans, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets. For Money Market, the Distributor agreed to waive 0.10% of average daily net assets attributable to distribution fees for Class S shares, so that the actual fee paid by Money Market is an annual rate of 0.15%. Termination or modification of this obligation requires approval by the Board.
The Distributor and Voya Investments 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 Money Market in maintaining a yield of not less than zero. There is no guarantee that Money Market will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by Voya Investments, as applicable, within three years subject to certain restrictions. For the six months ended June 30, 2015, the Distributor waived $79 of Class S specific distribution fees and Voya Investments waived $360,824 of management fees for Money Market to maintain 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 June 30, 2015, amounts of waived fees that are subject to possible recoupment by Voya Investments, and the related expiration dates are as follows:
| | | June 30, | | | | | | | | |||||||||||||||
| | | 2016 | | | 2017 | | | 2018 | | | Total | | ||||||||||||
Money Market | | | | $ | 388,140 | | | | | $ | 1,135,492 | | | | | $ | 843,906 | | | | | $ | 2,367,538 | | |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
For the period ended June 30, 2015, Global Value Advantage assumed a payable of $145,900 for proxy and solicitation costs associated with its acquisition of Voya Global Resources Portfolio and Voya International Value Portfolio.
At June 30, 2015, 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 | | |||
Voya Institutional Trust Company | | | Intermediate Bond | | | | | 5.43% | | |
| | | Money Market | | | | | 6.50 | | |
| | | Small Company | | | | | 7.15 | | |
Voya Insurance and Annuity Company | | | Global Value Advantage | | | | | 63.62 | | |
| | | Growth and Income | | | | | 45.54 | | |
| | | Intermediate Bond | | | | | 70.00 | | |
| | | Small Company | | | | | 14.89 | | |
Voya Retirement Insurance and Annuity Company | | | Balanced | | | | | 89.17 | | |
| | | Global Value Advantage | | | | | 25.17 | | |
| | | Growth and Income | | | | | 48.09 | | |
| | | Intermediate Bond | | | | | 20.30 | | |
| | | Money Market | | | | | 91.67 | | |
| | | Small Company | | | | | 53.46 | | |
Voya Solution 2025 Portfolio | | | Small Company | | | | | 5.33 | | |
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, if certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.
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 “Plan”), which allows eligible non-affiliated directors/trustees, as described in the 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 Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). The Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, resulting in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of directors’/
30
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
trustees’ fees under the 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 Plan.
NOTE 7 — EXPENSE LIMITATION AGREEMENT
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:
| | | Class ADV | | | Class I | | | Class S | | | Class S2 | | | Class T | | |||||||||||||||
Global Value Advantage(1) | | | | | 1.34% | | | | | | 0.84% | | | | | | 1.09% | | | | | | 1.24% | | | | | | 1.44% | | |
Growth and Income | | | | | 1.30% | | | | | | 0.70% | | | | | | 0.95% | | | | | | 1.10% | | | | | | N/A | | |
Intermediate Bond | | | | | 1.05% | | | | | | 0.55% | | | | | | 0.80% | | | | | | 0.95% | | | | | | N/A | | |
Small Company | | | | | 1.45% | | | | | | 0.95% | | | | | | 1.20% | | | | | | N/A | | | | | | N/A | | |
(1)
Effective close of business on March 6, 2015, pursuant to a side letter agreement, through May 1, 2017, the Investment Adviser has further lowered the expense limits for Global Value Advantage to 1.14%, 0.64%, 0.89%, 1.04% and 1.24% for Class ADV, Class I, Class S, Class S2 and Class T, respectively. Prior to close of business on March 6, 2015, the side letter agreement expense limits were 1.15%, 0.65%, 0.90%, 1.05% and 1.25% for Class ADV, Class I, Class S, Class S2 and Class T, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.
The Investment Adviser may at a later date recoup from a Portfolio management fees waived and other expenses assumed 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 June 30, 2015, the Portfolios did not have any amount of waived or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.
The Expense Limitation Agreements are contractual through May 1, 2016 (except for Global Value Advantage and Intermediate Bond, which are through May 1, 2017) and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 8 — LINE OF CREDIT
The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with BNY for an aggregate amount of $200,000,000. The proceeds may be used only to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 22, 2015, the funds to which the Credit Agreement is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
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 six months ended June 30, 2015:
Portfolio | | | Days Utilized | | | Approximate Average Daily Balance For Days Utilized | | | Approximate Weighted Average Interest Rate For Days Utilized | | |||||||||
Balanced | | | | | 4 | | | | | $ | 670,000 | | | | | | 1.12% | | |
Global Value Advantage | | | | | 7 | | | | | | 2,757,000 | | | | | | 1.12 | | |
Growth and Income | | | | | 3 | | | | | | 20,136,000 | | | | | | 1.12 | | |
Intermediate Bond | | | | | 16 | | | | | | 987,875 | | | | | | 1.12 | | |
Money Market | | | | | 1 | | | | | | 17,079,000 | | | | | | 1.12 | | |
NOTE 9 — OTHER ACCRUED EXPENSES & LIABILITIES
At June 30, 2015, the following Portfolio had the below payables included in Other Accrued Expenses and Liabilities that exceeded 5% of total liabilities:
Portfolio | | | Accrued Expenses | | | Amount | | |||
Money Market | | | Custody | | | | $ | 30,669 | | |
| | | Shareholder Reporting | | | | | 50,305 | | |
NOTE 10 — PURCHASED AND WRITTEN OPTIONS
Transactions in purchased foreign currency options for Balanced during the period ended June 30, 2015 were as follows:
| | | USD Notional | | | Cost | | ||||||
Balance at 12/31/2014 | | | | | 2,843,000 | | | | | $ | 13,078 | | |
Options Purchased | | | | | 18,334,058 | | | | | | 199,020 | | |
31
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 10 — PURCHASED AND WRITTEN OPTIONS (continued)
| | | USD Notional | | | Cost | | ||||||||
Options Terminated in Closing Sell Transactions | | | | | (5,184,686) | | | | | | (59,935) | | | ||
Options Expired | | | | | (2,843,000) | | | | | | (13,078) | | | ||
Balance at 06/30/2015 | | | | | 13,149,372 | | | | | $ | 139,085 | | | ||
|
Transactions in purchased interest rate swaptions for Balanced during the period ended June 30, 2015 were as follows:
| | | USD Notional | | | Cost | | ||||||||
Balance at 12/31/2014 | | | | | 27,549,598 | | | | | $ | 124,003 | | | ||
Options Purchased | | | | | 251,784,000 | | | | | | 2,047,632 | | | ||
Options Terminated in Closing Sell Transactions | | | | | (177,124,000) | | | | | | (1,069,550) | | | ||
Options Expired | | | | | (61,759,598) | | | | | | (230,018) | | | ||
Balance at 06/30/2015 | | | | | 40,450,000 | | | | | $ | 872,067 | | | ||
|
Transactions in written foreign currency options for Balanced during the period ended June 30, 2015 were as follows:
| | | USD Notional | | | Premiums Received | | ||||||||
Balance at 12/31/2014 | | | | | — | | | | | $ | — | | | ||
Options Written | | | | | 18,738,686 | | | | | | 85,909 | | | ||
Options Terminated in Closing Purchase Transactions | | | | | (11,863,686) | | | | | | (52,424) | | | ||
Options Expired | | | | | (4,095,000) | | | | | | (10,355) | | | ||
Balance at 06/30/2015 | | | | | 2,780,000 | | | | | $ | 23,130 | | | ||
|
Transactions in written interest rate swaptions for Balanced during the period ended June 30, 2015 were as follows:
| | | EUR Notional | | | USD Notional | | | Premiums Received | | ||||||||||||
| | | | | ||||||||||||||||||
Balance at 12/31/2014 | | | | | — | | | | | | 29,492,000 | | | | | $ | 85,907 | | | |||
Options Written | | | | | 50,298,000 | | | | | | 401,532,000 | | | | | | 1,531,504 | | | |||
Options Terminated in Closing Purchase Transactions | | | | | — | | | | | | (183,061,000) | | | | | | (633,685) | | | |||
Options Expired | | | | | — | | | | | | (49,535,000) | | | | | | (221,908) | | | |||
Balance at 06/30/2015 | | | | | 50,298,000 | | | | | | 198,428,000 | | | | | $ | 761,818 | | | |||
|
Transactions in purchased interest rate swaptions for Intermediate Bond during the period ended June 30, 2015 were as follows:
| | | USD Notional | | | Cost | | ||||||||
Balance at 12/31/2014 | | | | | 993,819,485 | | | | | $ | 4,869,715 | | | ||
Options Purchased | | | | | 1,077,188,000 | | | | | | 2,635,813 | | | ||
Options Terminated in Closing Sell Transactions | | | | | (1,077,188,000) | | | | | | (2,635,813) | | | ||
Options Expired | | | | | (993,819,485) | | | | | | (4,869,715) | | | ||
Balance at 6/30/2015 | | | | | — | | | | | $ | — | | | ||
|
Transactions in written interest rate swaptions for Intermediate Bond during the period ended June 30, 2015 were as follows:
| | | USD Notional | | | Premiums Received | | ||||||||
Balance at 12/31/2014 | | | | | — | | | | | $ | — | | | ||
Options Written | | | | | 1,077,188,000 | | | | | | 3,723,993 | | | ||
Options Terminated in Closing Purchase Transactions | | | | | (1,077,188,000) | | | | | | (3,723,993) | | | ||
Balance at 6/30/2015 | | | | | — | | | | | $ | — | | | ||
|
NOTE 11 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | ||||||||||||||||||||||||||||||
Balanced | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class I | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 119,223 | | | | | | — | | | | | �� | 636,456 | | | | | | (1,943,629) | | | | | | (1,187,950) | | | | | | 1,772,724 | | | | | | — | | | | | | 9,483,192 | | | | | | (28,890,352) | | | | | | (17,634,436) | | |
12/31/2014 | | | | | 490,372 | | | | | | — | | | | | | 612,403 | | | | | | (4,861,806) | | | | | | (3,759,031) | | | | | | 6,967,759 | | | | | | — | | | | | | 8,604,651 | | | | | | (69,819,472) | | | | | | (54,247,062) | | |
Class S | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,998 | | | | | | — | | | | | | 5,259 | | | | | | (16,850) | | | | | | (8,593) | | | | | | 44,382 | | | | | | — | | | | | | 77,986 | | | | | | (250,275) | | | | | | (127,907) | | |
12/31/2014 | | | | | 16,786 | | | | | | — | | | | | | 5,585 | | | | | | (111,231) | | | | | | (88,860) | | | | | | 241,401 | | | | | | — | | | | | | 78,141 | | | | | | (1,586,005) | | | | | | (1,266,463) | | |
Class S2 | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
12/31/2014 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
32
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 11 — CAPITAL SHARES (continued)
| | | Shares sold | | | Shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) in shares outstanding | | | Shares sold | | | Proceeds from shares issued in merger | | | Reinvestment of distributions | | | Shares redeemed | | | Net increase (decrease) | ||||||||||||||||||||||||||||||
Year or period ended | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | ||||||||||||||||||||||||||||||
Global Value Advantage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,597,997 | | | | | | 141,353 | | | | | | — | | | | | | (266,924) | | | | | | 2,472,426 | | | | | | 24,444,586 | | | | | | 1,329,705 | | | | | | — | | | | | | (2,580,792) | | | | | | 23,193,499 | |
12/31/2014 | | | | | 28,485 | | | | | | — | | | | | | 3,901 | | | | | | (38,773) | | | | | | (6,387) | | | | | | 259,356 | | | | | | — | | | | | | 34,754 | | | | | | (352,057) | | | | | | (57,947) | |
Class I | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
3/5/2015(1) - 6/30/2015 | | | | | 7,817,334 | | | | | | 13,113,754 | | | | | | 113,968 | | | | | | (1,230,154) | | | | | | 19,814,902 | | | | | | 74,359,970 | | | | | | 124,711,936 | | | | | | 1,130,564 | | | | | | (12,000,702) | | | | | | 188,201,768 | |
Class S | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,076,733 | | | | | | 42,621,132 | | | | | | 248,043 | | | | | | (12,365,007) | | | | | | 32,580,901 | | | | | | 19,827,076 | | | | | | 405,349,847 | | | | | | 2,463,068 | | | | | | (118,431,033) | | | | | | 309,208,958 | |
12/31/2014 | | | | | 832,547 | | | | | | — | | | | | | 566,924 | | | | | | (2,946,785) | | | | | | (1,547,314) | | | | | | 7,689,471 | | | | | | — | | | | | | 5,096,647 | | | | | | (26,987,001) | | | | | | (14,200,883) | |
Class S2 | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
3/5/2015(1) - 6/30/2015 | | | | | 2,073 | | | | | | 1,501,436 | | | | | | 180 | | | | | | (1,471,239) | | | | | | 32,450 | | | | | | 19,968 | | | | | | 14,128,522 | | | | | | 1,762 | | | | | | (13,844,526) | | | | | | 305,726 | |
Class T | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
3/5/2015(1) - 6/30/2015 | | | | | 130,243 | | | | | | 10,731,841 | | | | | | 42,425 | | | | | | (3,711,743) | | | | | | 7,192,766 | | | | | | 1,259,440 | | | | | | 100,986,795 | | | | | | 416,187 | | | | | | (35,249,618) | | | | | | 67,412,804 | |
Growth and Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 91,078 | | | | | | — | | | | | | — | | | | | | (3,547,800) | | | | | | (3,456,722) | | | | | | 2,826,615 | | | | | | — | | | | | | — | | | | | | (110,189,632) | | | | | | (107,363,017) | |
12/31/2014 | | | | | 400,469 | | | | | | — | | | | | | 5,534,480 | | | | | | (7,386,574) | | | | | | (1,451,625) | | | | | | 13,212,287 | | | | | | — | | | | | | 170,185,252 | | | | | | (241,956,332) | | | | | | (58,558,793) | |
Class I | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 168,636 | | | | | | — | | | | | | — | | | | | | (3,839,588) | | | | | | (3,670,952) | | | | | | 5,321,338 | | | | | | — | | | | | | — | | | | | | (120,552,182) | | | | | | (115,230,844) | |
12/31/2014 | | | | | 799,962 | | | | | | — | | | | | | 8,918,861 | | | | | | (8,742,866) | | | | | | 975,957 | | | | | | 25,620,199 | | | | | | — | | | | | | 277,287,376 | | | | | | (288,762,379) | | | | | | 14,145,196 | |
Class S | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 79,654 | | | | | | — | | | | | | — | | | | | | (2,351,469) | | | | | | (2,271,815) | | | | | | 2,468,327 | | | | | | — | | | | | | — | | | | | | (73,125,527) | | | | | | (70,657,200) | |
12/31/2014 | | | | | 227,145 | | | | | | — | | | | | | 3,298,025 | | | | | | (4,897,593) | | | | | | (1,372,423) | | | | | | 7,362,201 | | | | | | — | | | | | | 101,480,245 | | | | | | (160,678,902) | | | | | | (51,836,456) | |
Class S2 | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 4,963 | | | | | | — | | | | | | — | | | | | | (7,599) | | | | | | (2,636) | | | | | | 155,040 | | | | | | — | | | | | | — | | | | | | (232,914) | | | | | | (77,874) | |
12/31/2014 | | | | | 6,900 | | | | | | — | | | | | | 1,246 | | | | | | (35,280) | | | | | | (27,134) | | | | | | 226,688 | | | | | | — | | | | | | 38,099 | | | | | | (1,174,602) | | | | | | (909,815) | |
Intermediate Bond | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 692,032 | | | | | | — | | | | | | 27,668 | | | | | | (731,940) | | | | | | (12,240) | | | | | | 8,969,950 | | | | | | — | | | | | | 358,856 | | | | | | (9,472,839) | | | | | | (144,033) | |
12/31/2014 | | | | | 1,008,851 | | | | | | 12,168,090 | | | | | | 434,533 | | | | | | (1,609,142) | | | | | | 12,002,332 | | | | | | 13,074,243 | | | | | | 154,197,567 | | | | | | 5,558,145 | | | | | | (20,800,864) | | | | | | 152,029,091 | |
Class I | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 8,884,224 | | | | | | — | | | | | | 145,233 | | | | | | (4,344,256) | | | | | | 4,685,201 | | | | | | 115,826,904 | | | | | | — | | | | | | 1,901,105 | | | | | | (56,653,861) | | | | | | 61,074,148 | |
12/31/2014 | | | | | 5,701,375 | | | | | | 7,270,005 | | | | | | 2,419,543 | | | | | | (8,856,545) | | | | | | 6,534,378 | | | | | | 74,750,108 | | | | | | 92,812,192 | | | | | | 31,190,200 | | | | | | (115,079,220) | | | | | | 83,673,280 | |
Class S | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 2,834,597 | | | | | | — | | | | | | 479,285 | | | | | | (19,566,225) | | | | | | (16,252,343) | | | | | | 36,715,406 | | | | | | — | | | | | | 6,230,709 | | | | | | (254,052,587) | | | | | | (211,106,472) | |
12/31/2014 | | | | | 9,546,315 | | | | | | 203,703,912 | | | | | | 8,318,881 | | | | | | (42,127,562) | | | | | | 179,441,546 | | | | | | 123,095,452 | | | | | | 2,585,587,889 | | | | | | 106,574,035 | | | | | | (547,039,572) | | | | | | 2,268,217,804 | |
Class S2 | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 1,995,036 | | | | | | — | | | | | | 3,894 | | | | | | (195,083) | | | | | | 1,803,847 | | | | | | 25,774,274 | | | | | | — | | | | | | 50,471 | | | | | | (2,541,806) | | | | | | 23,282,939 | |
12/31/2014 | | | | | 368,717 | | | | | | 3,875,395 | | | | | | 12,601 | | | | | | (3,965,115) | | | | | | 291,598 | | | | | | 4,799,225 | | | | | | 50,331,277 | | | | | | 161,042 | | | | | | (50,304,272) | | | | | | 4,987,272 | |
Money Market | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 40,791,280 | | | | | | — | | | | | | 65,980 | | | | | | (86,148,759) | | | | | | (45,291,499) | | | | | | 40,791,281 | | | | | | — | | | | | | 65,980 | | | | | | (86,148,759) | | | | | | (45,291,498) | |
12/31/2014 | | | | | 70,331,752 | | | | | | — | | | | | | 109,900 | | | | | | (222,173,820) | | | | | | (151,732,168) | | | | | | 70,331,752 | | | | | | — | | | | | | 109,900 | | | | | | (222,173,820) | | | | | | (151,732,168) | |
Class S | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 432 | | | | | | — | | | | | | 12 | | | | | | (386) | | | | | | 58 | | | | | | 432 | | | | | | — | | | | | | 12 | | | | | | (386) | | | | | | 58 | |
12/31/2014 | | | | | 2,169 | | | | | | — | | | | | | 16 | | | | | | (33,837) | | | | | | (31,652) | | | | | | 2,169 | | | | | | — | | | | | | 16 | | | | | | (33,836) | | | | | | (31,651) | |
Small Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 16,227 | | | | | | — | | | | | | 42,062 | | | | | | (30,607) | | | | | | 27,682 | | | | | | 360,618 | | | | | | — | | | | | | 833,677 | | | | | | (685,934) | | | | | | 508,361 | |
12/31/2014 | | | | | 31,232 | | | | | | — | | | | | | 37,382 | | | | | | (110,097) | | | | | | (41,483) | | | | | | 701,029 | | | | | | — | | | | | | 780,154 | | | | | | (2,416,034) | | | | | | (934,851) | |
Class I | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 439,540 | | | | | | — | | | | | | 3,651,238 | | | | | | (1,469,437) | | | | | | 2,621,341 | | | | | | 9,959,841 | | | | | | — | | | | | | 74,959,920 | | | | | | (33,643,761) | | | | | | 51,276,000 | |
12/31/2014 | | | | | 2,074,599 | | | | | | — | | | | | | 2,971,526 | | | | | | (5,881,293) | | | | | | (835,168) | | | | | | 48,553,568 | | | | | | — | | | | | | 63,887,801 | | | | | | (133,003,794) | | | | | | (20,562,425) | |
Class S | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | 170,181 | | | | | | — | | | | | | 824,447 | | | | | | (431,688) | | | | | | 562,940 | | | | | | 3,845,547 | | | | | | — | | | | | | 16,604,357 | | | | | | (9,678,248) | | | | | | 10,771,656 | |
12/31/2014 | | | | | 493,548 | | | | | | — | | | | | | 620,364 | | | | | | (1,279,303) | | | | | | (165,391) | | | | | | 11,001,481 | | | | | | — | | | | | | 13,126,900 | | | | | | (28,787,447) | | | | | | (4,659,066) | |
Class S2(2) | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2015 | | | | | — | | | | | | — | | | | | | — | | | | | | (1,782) | | | | | | (1,782) | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,074) | | | | | | (39,074) | |
12/31/2014 | | | | | 319 | | | | | | — | | | | | | 177 | | | | | | 0 | | | | | | 496 | | | | | | 7,035 | | | | | | — | | | | | | 3,725 | | | | | | — | | | | | | 10,760 |
(1)
Commencement of operations.
(2)
Class S2 liquidated on May 28, 2015.
33
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 12 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, each Portfolio (except 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 the close of business 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 provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
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 is a summary of the Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2015:
Balanced
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | |||||||||
Barclays Capital Inc. | | | | $ | 65,631 | | | | | $ | (65,631) | | | | | $ | — | | |
Citigroup Global Markets Inc. | | | | | 483,459 | | | | | | (483,459) | | | | | | — | | |
Citigroup Global Markets Limited | | | | | 541,407 | | | | | | (541,407) | | | | | | — | | |
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | |||||||||||
Credit Suisse Securities (USA) LLC | | | | | 69,630 | | | | | | (69,630) | | | | | | — | |||
Goldman Sachs & Company | | | | | 1,301,595 | | | | | | (1,301,595) | | | | | | — | |||
HSBC Securities (USA) Inc. | | | | | 232,432 | | | | | | (232,432) | | | | | | — | |||
Merrill Lynch International | | | | | 275,524 | | | | | | (275,524) | | | | | | — | |||
Morgan Stanley & Co. LLC | | | | | 360,620 | | | | | | (360,620) | | | | | | — | |||
Scotia Capital (USA) INC | | | | | 98,908 | | | | | | (98,908) | | | | | | — | |||
UBS Securities LLC. | | | | | 12,456,232 | | | | | | (12,456,232) | | | | | | — | |||
Total | | | | $ | 15,885,439 | | | | | $ | (15,885,439) | | | | | $ | — | |||
|
(1)
Collateral with a fair value of $16,243,485 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Global Value Advantage
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | | ||||||||||||
Citigroup Global Markets Limited | | | | $ | 2,762,859 | | | | | $ | (2,762,859) | | | | | $ | — | | | |||
Goldman Sachs & Co. | | | | | 8,867,476 | | | | | | (8,867,476) | | | | | | — | | | |||
Total | | | | $ | 11,630,335 | | | | | $ | (11,630,335) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $12,053,117 has been received in connection with the above securities lending transactions. Excess 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. | | | | $ | 4,833,528 | | | | | $ | (4,833,528) | | | | | $ | — | | | |||
Citigroup Global Markets Inc. | | | | | 1,507,880 | | | | | | (1,507,880) | | | | | | — | | | |||
Credit Suisse Securities (USA) LLC | | | | | 166,314 | | | | | | (166,314) | | | | | | — | | | |||
Deutsche Bank Securities Inc. | | | | | 5,242,495 | | | | | | (5,242,495) | | | | | | — | | | |||
Goldman Sachs & Co. | | | | | 1,504,255 | | | | | | (1,504,255) | | | | | | — | | | |||
Scotia Capital (USA) INC | | | | | 430,601 | | | | | | (430,601) | | | | | | — | | | |||
Total | | | | $ | 13,685,074 | | | | | $ | (13,685,074) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $14,034,788 has been received in connection with the above securities lending transactions. Excess 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 | | |||||||||
Barclays Capital Inc. | | | | $ | 218,152 | | | | | $ | (218,152) | | | | | $ | — | | |
Citadel Clearing LLC | | | | | 179,898 | | | | | | (179,898) | | | | | | — | | |
Goldman Sachs & Co. | | | | | 3,462,372 | | | | | | (3,462,372) | | | | | | — | | |
HSBC Bank PLC | | | | | 743,400 | | | | | | (743,400) | | | | | | — | | |
34
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 12 — SECURITIES LENDING (continued)
Counterparty | | | Securities Loaned at Value | | | Cash Collateral Received(1) | | | Net Amount | |||||||||||
JP Morgan Clearing Corp | | | | | 3,178,791 | | | | | | (3,178,791) | | | | | | — | |||
RBC Capital Markets, LLC | | | | | 7,828 | | | | | | (7,828) | | | | | | — | |||
RBC Dominion Securities Inc | | | | | 133,812 | | | | | | (133,812) | | | | | | — | |||
UBS Securities LLC. | | | | | 3,458,144 | | | | | | (3,458,144) | | | | | | — | |||
Total | | | | $ | 11,382,397 | | | | | $ | (11,382,397) | | | | | $ | — | |||
|
(1)
Collateral with a fair value of $11,640,708 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
NOTE 13 — CONCENTRATION OF INVESTMENT RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.
Foreign Investments and/or Developing and Emerging Markets. Investing in foreign (non-U.S.) securities may result in the Portfolios experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures by the United States or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.
Regulatory (Money Market). Changes in government regulations may adversely affect the value of a security
held by the Portfolio. In addition, the SEC has adopted amendments to money market fund regulation, which when implemented may, among other things, require the Portfolio to change the manner in which it values its securities, impose new liquidity fees on redemptions in certain circumstances, and permit the Portfolio to limit redemptions in certain circumstances. These changes may result in reduced yields for money market funds, including the Portfolio. Compliance with amended money market fund regulation is required in 2016. The SEC or other regulators may adopt additional money market reforms, which may impact the operations or performance of the Portfolio.
NOTE 14 — 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 U.S. 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, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
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:
| | | Six Months Ended June 30, 2015 | | | Year Ended December 31, 2014 | | ||||||||||||||||||
| | | Ordinary Income | | | Long-term Capital Gains | | | Ordinary Income | | | Long-term Capital Gains | | ||||||||||||
Balanced | | | | $ | 9,561,178 | | | | | $ | — | | | | | $ | 8,682,792 | | | | | $ | — | | |
Global Value Advantage | | | | | 4,011,581 | | | | | | — | | | | | | 5,131,401 | | | | | | — | | |
Growth and Income | | | | | — | | | | | | — | | | | | | 84,492,933 | | | | | | 464,792,313 | | |
Intermediate Bond | | | | | 8,541,714 | | | | | | — | | | | | | 143,494,004 | | | | | | — | | |
Money Market | | | | | 65,992 | | | | | | — | | | | | | 109,916 | | | | | | — | | |
Small Company | | | | | 11,222,451 | | | | | | 81,175,503 | | | | | | 14,880,846 | | | | | | 62,917,734 | | |
35
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 14 — FEDERAL INCOME TAXES (continued)
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, 2014 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
| | | Undistributed Ordinary Income | | | Late Year Ordinary Losses Deferred | | | Undistributed Long-term Capital Gains | | | Post-October Capital Losses Deferred | | | Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | ||||||||||||||||||||||||||||||||||
| Amount | | | Character | | | Expiration | | |||||||||||||||||||||||||||||||||||||||||||||
Balanced | | | | $ | 9,628,574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 34,890,371 | | | | | $ | (27,823,239) | | | | Short-term | | | | | 2017 | | | |||||||
Global Value Advantage | | | | | 3,989,014 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,919,031 | | | | | | (16,195,194) | | | | Short-term | | | | | 2017 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,695,973) | | | | Short-term | | | | | 2018 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (22,891,167) | | | | | | | | | | | | |||||||
Growth and Income | | | | | — | | | | | | (6,631) | | | | | | — | | | | | | (20,869,570) | | | | | | 1,041,328,238 | | | | | | (16,483,874) | | | | Short-term | | | | | 2015 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (70,550,465) | | | | Short-term | | | | | 2016 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (237,184) | | | | Long-term | | | | | None | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (87,271,523)* | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Intermediate Bond | | | | | 8,536,949 | | | | | | — | | | | | | — | | | | | | (532,231) | | | | | | 57,705,286 | | | | | | (152,830,543)* | | | | Short-term | | | | | 2017 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Money Market | | | | | 57,517 | | | | | | — | | | | | | 9,705 | | | | | | — | | | | | | (101) | | | | | | — | | | | — | | | | | — | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Small Company | | | | | 11,219,286 | | | | | | — | | | | | | 81,173,807 | | | | | | — | | | | | | 127,885,590 | | | | | | (1,570,777) | | | | Short-term | | | | | 2015 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,570,776) | | | | Short-term | | | | | 2016 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (520,509) | | | | Short-term | | | | | 2017 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (3,662,062)* | | | | | | | | | | | | |||||||
|
*
Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona, and Massachusetts. The earliest tax year that remains subject to examination by these jurisdictions is 2010.
As of June 30, 2015, 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.
NOTE 15 — REORGANIZATIONS
On March 14, 2014, Intermediate Bond (“Acquiring Portfolio”) acquired all of the net assets of ING Bond Portfolio (“Acquired 1 Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired 1 Portfolio on February 27, 2014. The purposes of the transaction were to combine two portfolios with comparable investment objectives, policies, restrictions, portfolio holdings and management. 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 1 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, 2014, 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, 2014, are as follows:
| Net investment income | | | | $ | 140,371,277 | | |
| Net realized and unrealized gain on investments | | | | $ | 111,508,006 | | |
| Net increase in net assets resulting from operations | | | | $ | 251,879,283 | | |
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 1 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 14, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
36
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 15 — REORGANIZATIONS (continued)
| Total Net Assets of Acquired 1 Portfolio (000s) | | | Total Net Assets of Acquiring Portfolio (000s) | | | Acquired 1 Portfolio’s Capital Loss Carryforwards (000s) | | | Acquired 1 Portfolio’s Unrealized Appreciation (000s) | | | Portfolios’ Conversion Ratio | |
| $401,363 | | | $2,027,068 | | | $6,819 | | | $1,198 | | | 0.7080 | |
The net assets of the Acquiring Portfolio after the acquisition of Acquired 1 Portfolio were $2,428,431,449.
On March 21, 2014, Intermediate Bond (“Acquiring Portfolio”) acquired all of the net assets of ING Total Return Bond Portfolio (“Acquired 2 Portfolio”), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired 2 Portfolio on January 28, 2014. The purposes of the transaction were to combine two portfolios with comparable investment objectives and policies. 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 2 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, 2014, 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, 2014, are as follows:
| Net investment income | | | | $ | 150,250,860 | | |
| Net realized and unrealized gain on investments | | | | $ | 133,073,443 | | |
| Net increase in net assets resulting from operations | | | | $ | 283,324,303 | | |
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 2 Portfolio that have been included in the Acquiring Portfolio’s statement of operations since March 21, 2014. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Total Net Assets of Acquired 2 Portfolio (000s) | | | Total Net Assets of Acquiring Portfolio (000s) | | | Acquired 2 Portfolio’s Capital Loss Carryforwards (000s) | | | Acquired 2 Portfolio’s Unrealized Appreciation (000s) | | | Portfolios’ Conversion Ratio | |
| $2,481,566 | | | $2,412,823 | | | $ — | | | $37,067 | | | 0.8585 | |
The net assets of the Acquiring Portfolio after the acquisition of Acquired 2 Portfolio were $4,894,389,260.
On March 6, 2015, Global Value Advantage (“Acquiring Portfolio”) acquired all of the net assets of, and assumed all the liabilities, for each of Voya Global Resources Portfolio (“Acquired 1 Portfolio”) and Voya International
Value Portfolio (“Acquired 2 Portfolio”), collectively, “Acquired Portfolios,” each an open-end investment company in a tax-free reorganization, in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of the Acquired Portfolios, voting separately, on February 17, 2015. The transaction was intended to enhance the efficiency and reduce the complexity of Voya family of funds by, among other things, eliminating sector funds from the Voya family of funds. Furthermore, the Acquired Portfolios were expected to benefit from a reduction in gross and net expenses as shareholders of Global Value Advantage 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, 2015, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended June 30, 2015, are as follows:
| Net investment income | | | | $ | 11,755,533 | | |
| Net realized and unrealized loss on investments | | | | $ | (6,128,327) | | |
| Net increase in net assets resulting from operations | | | | $ | 5,627,206 | | |
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 Portfolios that have been included in the Acquiring Portfolio’s statement of operations since March 6, 2015. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Acquired Portfolio | | | Total Net Assets of Acquired Portfolios (000s) | | | Total Net Assets of Acquiring Portfolios (000s) | | | Acquired Capital Loss Carryforwards (000s) | | | Acquired Unrealized Appreciation/ (Depreciation) (000s) | | | Portfolio Conversion Ratio | | |||||||||||||||
| Acquired 1 Portfolio | | | | $ | 534,681 | | | | | $ | 169,240 | | | | | $ | 154,807 | | | | | $ | (12,803) | | | | | | 1.8507 | | |
| Acquired 2 Portfolio | | | | $ | 111,826 | | | | | $ | 169,240 | | | | | $ | 173,391 | | | | | $ | 4,632 | | | | | | 0.9631 | | |
The net assets of the Acquiring Portfolio after the acquisition were $815,746,881.
NOTE 16 — RESTRUCTURING PLAN
Prior to May 2013, Voya Financial, Inc. was a wholly-owned subsidiary of ING Groep N.V. (“ING Groep”). In October 2009, ING Groep submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING
37
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 16 — RESTRUCTURING PLAN (continued)
Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc. (formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep was required to divest at least 25% of Voya Financial, Inc. by the end of 2013 and more than 50% by the end of 2014, and was required to divest its remaining interest by the end of 2016 (such divestment, the “Separation Plan”).
In May 2013, Voya Financial, Inc. conducted an initial public offering of its common stock (the “IPO”). In October 2013, March 2014, and September 2014, ING Groep divested additional shares in several secondary offerings of common stock of Voya Financial, Inc. and concurrent share repurchases by Voya Financial, Inc. These transactions reduced ING Groep’s ownership interest in Voya Financial, Inc. to 32%. Voya Financial, Inc. did not receive any proceeds from these offerings.
In November 2014, through an additional secondary offering and the concurrent repurchase of shares by Voya Financial, Inc., ING Groep further reduced its interest in Voya Financial, Inc. below 25% to approximately 19% (the “November 2014 Offering”). The November 2014 Offering was deemed by the Investment Adviser to be a change of control (the “Change of Control”), which resulted in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and Sub-Adviser provide services to the Portfolios. In anticipation of this termination, and in order to ensure that the existing investment advisory and sub-advisory services could continue uninterrupted, in 2013 the Board approved new advisory and sub-advisory agreements for the Portfolios, as applicable, in connection with the IPO. In addition, in 2013, shareholders of each Portfolio approved new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and that have terms not materially different from the current agreements. This meant that shareholders would not have another opportunity to vote on a new agreement with the Investment Adviser or the current affiliated sub-adviser even upon a change of control prompted by the Separation Plan, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.
On November 18, 2014, in response to the Change of Control, the Board, at an in-person meeting, approved new investment advisory and sub-advisory agreements. At that meeting, the Investment Adviser represented that the new investment advisory and affiliated sub-advisory agreements approved by the Board were not materially different from the agreements approved by shareholders in 2013 and no single person or group of persons acting together was expected to gain “control” (as defined in the 1940 Act) of Voya Financial, Inc. As a result, shareholders of the Portfolios will not be asked to vote again on the new agreements with the Investment Adviser and affiliated sub-adviser.
In March 2015, ING Groep divested the remainder of its interest in Voya Financial, Inc. through a secondary offering of Voya Financial, Inc.’s common stock and a concurrent share repurchase by Voya Financial, Inc. Voya Financial, Inc. did not receive any proceeds from these transactions.
NOTE 17 — SUBSEQUENT EVENTS
Reorganization: On November 20, 2014, the Board approved a proposal to reorganize Voya Aggregate Bond Portfolio, which is not included in this report (the “Disappearing Portfolio”) with and into Intermediate Bond (the “Reorganization”). The proposed Reorganization was approved by shareholders of the Disappearing Portfolio at a shareholder meeting held on August 6, 2015. The Reorganization took place on close of business August 14, 2015.
Reorganization: On March 12, 2015, the Board approved a proposal to reorganize VY® DFA World Equity Portfolio, which is not included in this report (the “Disappearing Portfolio”) with and into Global Value Advantage (the “Reorganization”). The proposed Reorganization was approved by shareholders of the Disappearing Portfolio at a shareholder meeting held on July 28, 2015. The Reorganization took place on close of business August 14, 2015 and a new side letter agreement for Global Value Advantage was implemented. The new side letter agreement supersedes the side letter agreement described in Note 7 and establishes the following expense limits through May 1, 2017: 1.11%, 0.61%, 0.86%, 1.01% and 1.21% for Class ADV, Class I, Class S, Class S2 and Class T shares, respectively.
Merger: On August 14, 2015, Intermediate Bond (“Acquiring Portfolio”) acquired all of the net assets of, and assumed all the liabilities for, Voya Aggregate Bond Portfolio (“Acquired Portfolio”), an open-end investment company in a tax-free reorganization, in exchange for shares of the Acquiring Portfolio, pursuant to a plan of
38
NOTES TO FINANCIAL STATEMENTS as of June 30, 2015 (Unaudited) (continued)
NOTE 17 — SUBSEQUENT EVENTS (continued)
reorganization approved by the shareholders of the Acquired Portfolio on August 6, 2015. The reorganization could provide Voya Aggregate Bond Portfolio shareholders with the potential for improved performance and an immediate benefit through lower gross and net expenses. 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, 2015, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended June 30, 2015, are as follows:
| Net investment income | | | | $ | 75,388,591 | | |
| Net realized and unrealized loss on investments | | | | $ | (63,200,313) | | |
| Net increase in net assets resulting from operations | | | | $ | 12,188,278 | | |
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 August 14, 2015. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Acquired Portfolio | | | Total Net Assets of Acquired Portfolios (000s) | | | Total Net Assets of Acquiring Portfolio (000s) | | | Acquired Capital Loss Carryforwards (000s) | | | Acquired Unrealized Appreciation/ (Depreciation) (000s) | | | Portfolio Conversion Ratio | | |||||||||||||||
| Voya Aggregate Bond Portfolio | | | | $ | 567,665 | | | | | $ | 4,449,177 | | | | | $ | — | | | | | $ | (1,127) | | | | | | 0.8214 | | |
The net assets of the Acquiring Portfolio after the acquisition were $5,016,842,393.
Merger: On August 14, 2015, Global Value Advantage (“Acquiring Portfolio”) acquired all of the net assets of, and assumed all the liabilities for, VY® DFA World Equity Portfolio (“Acquired Portfolio”), an open-end investment company in a tax-free reorganization, in exchange for shares of the Acquiring Portfolio, pursuant to a plan of
reorganization approved by the shareholders of the Acquired Portfolio on July 28, 2015. The transaction is intended to enhance the efficiency and reduce the complexity of the Voya family of funds. Furthermore, shareholders of VY® DFA World Equity Portfolio are expected to benefit from a reduction in gross and net expenses as shareholders of Global Value Advantage. 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, 2015, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended June 30, 2015, are as follows:
| Net investment income | | | | $ | 10,511,658 | | |
| Net realized and unrealized loss on investments | | | | $ | 11,510,828 | | |
| Net increase in net assets resulting from operations | | | | $ | 22,022,486 | | |
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 August 14, 2015. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
| Acquired Portfolio | | | Total Net Assets of Acquired Portfolios (000s) | | | Total Net Assets of Acquiring Portfolio (000s) | | | Acquired Capital Loss Carryforwards (000s) | | | Acquired Unrealized Appreciation/ (Depreciation) (000s) | | | Portfolio Conversion Ratio | | |||||||||||||||
| VY® DFA World Equity Portfolio | | | | $ | 171,489 | | | | | $ | 734,035 | | | | | $ | — | | | | | $ | (2,082) | | | | | | 1.0286 | | |
The net assets of the Acquiring Portfolio after the acquisition were $905,524,087.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (“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.
39
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) |
| Investment Type Allocation as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Common Stock | | | 56.4% | |
| Exchange-Traded Funds | | | 8.6% | |
| Corporate Bonds/Notes | | | 8.6% | |
| U.S. Government Agency Obligations | | | 6.1% | |
| U.S. Treasury Obligations | | | 4.3% | |
| Mutual Funds | | | 3.6% | |
| Collateralized Mortgage Obligations | | | 2.9% | |
| Foreign Government Bonds | | | 1.9% | |
| Asset-Backed Securities | | | 1.8% | |
| Purchased Options | | | 0.2% | |
| Preferred Stock | | | 0.1% | |
| Assets in Excess of Other Liabilities* | | | 5.5% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 56.4% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 8.2% | | ||||||||||||
| | | 5,329 @ | | | | Amazon.com, Inc. | | | | $ | 2,313,266 | | | | | | 0.5 | | |
| | | 91,334 | | | | Coach, Inc. | | | | | 3,161,070 | | | | | | 0.6 | | |
| | | 36,539 | | | | Comcast Corp. - Class A | | | | | 2,197,455 | | | | | | 0.4 | | |
| | | 30,239 @ | | | | Dish Network Corp. - Class A | | | | | 2,047,483 | | | | | | 0.4 | | |
| | | 103,454 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 2,850,158 | | | | | | 0.6 | | |
| | | 25,993 | | | | Home Depot, Inc. | | | | | 2,888,602 | | | | | | 0.6 | | |
| | | 47,663 | | | | Kohl’s Corp. | | | | | 2,984,180 | | | | | | 0.6 | | |
| | | 17,915 | | | | Nike, Inc. | | | | | 1,935,178 | | | | | | 0.4 | | |
| | | 11,702 @ | | | | Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 1,807,374 | | | | | | 0.4 | | |
| | | 16,158 | | | | Walt Disney Co. | | | | | 1,844,274 | | | | | | 0.4 | | |
| | | 506,593 | | | | Other Securities | | | | | 16,039,550 | | | | | | 3.3 | | |
| | | | | | | | | | | | 40,068,590 | | | | | | 8.2 | | |
| | | | | | | Consumer Staples: 4.7% | | ||||||||||||
| | | 17,051 | | | | CVS Health | | | | | 1,788,309 | | | | | | 0.4 | | |
| | | 25,468 | | | | PepsiCo, Inc. | | | | | 2,377,183 | | | | | | 0.5 | | |
| | | 379,323 | | | | Other Securities | | | | | 18,946,761 | | | | | | 3.8 | | |
| | | | | | | | | | | | 23,112,253 | | | | | | 4.7 | | |
| | | | | | | Energy: 4.1% | | ||||||||||||
| | | 43,486 | | | | Halliburton Co. | | | | | 1,872,942 | | | | | | 0.4 | | |
| | | 30,891 | | | | Royal Dutch Shell PLC - Class A | | | | | 873,412 | | | | | | 0.2 | | |
| | | 17,913 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 1,021,220 | | | | | | 0.2 | | |
| | | 10,022 | | | | Royal Dutch Shell PLC - Class B | | | | | 285,330 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 21,060 | | | | Schlumberger Ltd. | | | | $ | 1,815,161 | | | | | | 0.4 | | |
| | | 327,077 | | | | Other Securities(a) | | | | | 14,177,305 | | | | | | 2.9 | | |
| | | | | | | | | | | | 20,045,370 | | | | | | 4.1 | | |
| | | | | | | Financials: 10.6% | | ||||||||||||
| | | 16,382 | | | | Ameriprise Financial, Inc. | | | | | 2,046,603 | | | | | | 0.4 | | |
| | | 19,568 @ | | | | Aon PLC | | | | | 1,950,538 | | | | | | 0.4 | | |
| | | 38,213 | | | | Citigroup, Inc. | | | | | 2,110,886 | | | | | | 0.4 | | |
| | | 35,364 | | | | Discover Financial Services | | | | | 2,037,674 | | | | | | 0.4 | | |
| | | 8,242 | | | | Intercontinental Exchange, Inc. | | | | | 1,842,994 | | | | | | 0.4 | | |
| | | 51,442 | | | | Invesco Ltd. | | | | | 1,928,561 | | | | | | 0.4 | | |
| | | 41,285 | | | | JPMorgan Chase & Co. | | | | | 2,797,472 | | | | | | 0.6 | | |
| | | 29,735 | | | | Lincoln National Corp. | | | | | 1,760,907 | | | | | | 0.3 | | |
| | | 58,469 | | | | Wells Fargo & Co. | | | | | 3,288,296 | | | | | | 0.7 | | |
| | | 2,644,100 | | | | Other Securities(a) | | | | | 32,387,069 | | | | | | 6.6 | | |
| | | | | | | | | | | | 52,151,000 | | | | | | 10.6 | | |
| | | | | | | Health Care: 7.7% | | ||||||||||||
| | | 7,461 @ | | | | Allergan plc | | | | | 2,264,115 | | | | | | 0.5 | | |
| | | 44,707 | | | | Bristol-Myers Squibb Co. | | | | | 2,974,804 | | | | | | 0.6 | | |
| | | 28,939 | | | | Gilead Sciences, Inc. | | | | | 3,388,178 | | | | | | 0.7 | | |
| | | 63,035 | | | | Merck & Co., Inc. | | | | | 3,588,582 | | | | | | 0.7 | | |
| | | 323,130 | | | | Other Securities | | | | | 25,780,553 | | | | | | 5.2 | | |
| | | | | | | | | | | | 37,996,232 | | | | | | 7.7 | | |
| | | | | | | Industrials: 6.7% | | ||||||||||||
| | | 101,701 | | | | General Electric Co. | | | | | 2,702,196 | | | | | | 0.6 | | |
| | | 26,867 | | | | Union Pacific Corp. | | | | | 2,562,306 | | | | | | 0.5 | | |
| | | 644,994 | | | | Other Securities | | | | | 27,624,613 | | | | | | 5.6 | | |
| | | | | | | | | | | | 32,889,115 | | | | | | 6.7 | | |
| | | | | | | Information Technology: 8.8% | | ||||||||||||
| | | 55,959 | | | | Apple, Inc. | | | | | 7,018,658 | | | | | | 1.4 | | |
| | | 71,328 | | | | Cisco Systems, Inc. | | | | | 1,958,667 | | | | | | 0.4 | | |
| | | 31,690 @ | | | | Electronic Arts, Inc. | | | | | 2,107,385 | | | | | | 0.5 | | |
| | | 21,302 @ | | | | Facebook, Inc. | | | | | 1,826,966 | | | | | | 0.4 | | |
| | | 64,694 | | | | Intel Corp. | | | | | 1,967,668 | | | | | | 0.4 | | |
| | | 20,847 | | | | Intuit, Inc. | | | | | 2,100,752 | | | | | | 0.4 | | |
| | | 19,326 | | | | Mastercard, Inc. | | | | | 1,806,594 | | | | | | 0.4 | | |
| | | 90,436 | | | | Microsoft Corp. | | | | | 3,992,749 | | | | | | 0.8 | | |
| | | 30,881 | | | | Visa, Inc. | | | | | 2,073,659 | | | | | | 0.4 | | |
| | | 452,141 | | | | Other Securities(a) | | | | | 18,264,436 | | | | | | 3.7 | | |
| | | | | | | | | | | | 43,117,534 | | | | | | 8.8 | | |
| | | | | | | Materials: 2.9% | | ||||||||||||
| | | 602,119 | | | | Other Securities | | | | | 14,469,645 | | | | | | 2.9 | | |
| | | | | | | Telecommunication Services: 1.0% | | ||||||||||||
| | | 47,463 | | | | AT&T, Inc. | | | | | 1,685,886 | | | | | | 0.3 | | |
| | | 456,463 | | | | Other Securities | | | | | 3,220,542 | | | | | | 0.7 | | |
| | | | | | | | | | | | 4,906,428 | | | | | | 1.0 | | |
See Accompanying Notes to Financial Statements
40
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities: 1.7% | | |||||||||||||||
| | | 301,872 | | | | Other Securities(a) | | | | $ | 8,381,390 | | | | | | 1.7 | | | |||
| | | | | | | Total Common Stock (Cost $253,913,619) | | | | | 277,137,557 | | | | | | 56.4 | | | |||
| EXCHANGE-TRADED FUNDS: 8.6% | | |||||||||||||||||||||
| | | 39,600 | | | | iShares Barclays 20+ Year Treasury Bond Fund | | | | | 4,651,416 | | | | | | 0.9 | | | |||
| | | 2,190 | | | | iShares MSCI EAFE Index Fund | | | | | 139,043 | | | | | | 0.0 | | | |||
| | | 374,000 | | | | iShares MSCI Emerging Markets Index Fund | | | | | 14,817,880 | | | | | | 3.0 | | | |||
| | | 2,611 | | | | iShares Russell 1000 Value Index Fund | | | | | 269,325 | | | | | | 0.1 | | | |||
| | | 4,008 | | | | iShares Russell Midcap Value Index Fund | | | | | 295,630 | | | | | | 0.1 | | | |||
| | | 429,565 | | | | PowerShares Senior Loan Portfolio | | | | | 10,219,351 | | | | | | 2.1 | | | |||
| | | 311,914 L | | | | SPDR Barclays Capital High Yield Bond ETF | | | | | 11,986,855 | | | | | | 2.4 | | | |||
| | | | | | | Total Exchange-Traded Funds (Cost $45,139,533) | | | | | 42,379,500 | | | | | | 8.6 | | | |||
| MUTUAL FUNDS: 3.6% | | |||||||||||||||||||||
| | | | | | | Affiliated Investment Companies: 2.6% | | |||||||||||||||
| | | 1,549,304 | | | | Voya High Yield Bond Fund - Class P | | | | | 12,487,390 | | | | | | 2.6 | | | |||
| | | | | | | Unaffiliated Investment Companies: 1.0% | | |||||||||||||||
| | | 865,546 @ | | | | Credit Suisse Commodity Return Strategy Fund - Class I | | | | | 5,089,412 | | | | | | 1.0 | | | |||
| | | | | | | Total Mutual Funds (Cost $17,732,809) | | | | | 17,576,802 | | | | | | 3.6 | | | |||
| PREFERRED STOCK: 0.1% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 0.1% | | |||||||||||||||
| | | 1,765 | | | | Other Securities | | | | | 409,620 | | | | | | 0.1 | | | |||
| | | | | | | Total Preferred Stock (Cost $438,388) | | | | | 409,620 | | | | | | 0.1 | | | |||
|
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: 8.6% | | ||||||||||||||||||
| | | | | | | Basic Materials: 0.7% | | ||||||||||||
| | | 340,000 # | | | | Anglo American Capital PLC, 2.625%, 09/27/17 | | | | | 341,992 | | | | | | 0.1 | | |
| | | 45,000 # | | | | FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22 | | | | | 31,725 | | | | | | 0.0 | | |
| | | 67,000 # | | | | Georgia-Pacific LLC, 2.539%, 11/15/19 | | | | | 66,951 | | | | | | 0.0 | | |
| | | 70,000 # | | | | Georgia-Pacific LLC, 3.600%, 03/01/25 | | | | | 69,348 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Basic Materials (continued) | | ||||||||||||
| | | 135,000 # | | | | Glencore Funding LLC, 2.500%, 01/15/19 | | | | $ | 133,509 | | | | | | 0.1 | | |
| | | 84,000 # | | | | Glencore Funding LLC, 2.875%, 04/16/20 | | | | | 82,354 | | | | | | 0.0 | | |
| | | 75,000 # | | | | NOVA Chemicals Corp., 5.250%, 08/01/23 | | | | | 76,406 | | | | | | 0.0 | | |
| | | 127,000 # | | | | Xstrata Finance Canada Ltd., 4.950%, 11/15/21 | | | | | 133,408 | | | | | | 0.0 | | |
| | | 2,445,000 | | | | Other Securities | | | | | 2,448,010 | | | | | | 0.5 | | |
| | | | | | | | | | | | 3,383,703 | | | | | | 0.7 | | |
| | | | | | | Communications: 1.5% | | ||||||||||||
| | | 200,000 # | | | | Alibaba Group Holding Ltd., 3.600%, 11/28/24 | | | | | 192,938 | | | | | | 0.0 | | |
| | | 347,000 | | | | AT&T, Inc., 3.000%-5.350%, 06/30/22-06/15/44 | | | | | 335,614 | | | | | | 0.1 | | |
| | | 33,000 # | | | | CommScope, Inc., 5.000%, 06/15/21 | | | | | 32,422 | | | | | | 0.0 | | |
| | | 40,000 # | | | | CommScope, Inc., 5.500%, 06/15/24 | | | | | 39,050 | | | | | | 0.0 | | |
| | | 103,000 # | | | | Cox Communications, Inc., 3.850%, 02/01/25 | | | | | 99,036 | | | | | | 0.0 | | |
| | | 142,000 # | | | | COX Communications, Inc., 2.950%, 06/30/23 | | | | | 130,927 | | | | | | 0.1 | | |
| | | 200,000 # | | | | Millicom International Cellular SA, 4.750%, 05/22/20 | | | | | 193,306 | | | | | | 0.0 | | |
| | | 20,000 # | | | | Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/22 | | | | | 19,725 | | | | | | 0.0 | | |
| | | 200,000 # | | | | Numericable Group SA, 6.000%, 05/15/22 | | | | | 197,625 | | | | | | 0.0 | | |
| | | 170,000 # | | | | Sinclair Television Group, Inc., 5.625%, 08/01/24 | | | | | 166,812 | | | | | | 0.0 | | |
| | | 209,000 # | | | | Sirius XM Radio, Inc., 5.875%, 10/01/20 | | | | | 214,748 | | | | | | 0.1 | | |
| | | 200,000 # | | | | SoftBank Group Corp., 4.500%, 04/15/20 | | | | | 201,250 | | | | | | 0.1 | | |
| | | 400,000 # | | | | Telefonica Chile SA, 3.875%, 10/12/22 | | | | | 392,885 | | | | | | 0.1 | | |
| | | 110,000 # | | | | West Corp., 5.375%, 07/15/22 | | | | | 103,263 | | | | | | 0.0 | | |
| | | 4,801,000 | | | | Other Securities(a) | | | | | 4,853,173 | | | | | | 1.0 | | |
| | | | | | | | | | | | 7,172,774 | | | | | | 1.5 | | |
| | | | | | | Consumer, Cyclical: 0.3% | | ||||||||||||
| | | 1,196,000 | | | | Other Securities | | | | | 1,252,610 | | | | | | 0.3 | | |
| | | | | | | Consumer, Non-cyclical: 1.3% | | ||||||||||||
| | | 95,000 # | | | | Alliance Data Systems Corp., 5.375%, 08/01/22 | | | | | 93,812 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
41
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 60,000 # | | | | BAT International Finance PLC, 3.500%, 06/15/22 | | | | $ | 60,793 | | | | | | 0.0 | | |
| | | 41,000 # | | | | Baxalta, Inc., 3.600%, 06/23/22 | | | | | 41,023 | | | | | | 0.0 | | |
| | | 104,000 # | | | | Baxalta, Inc., 4.000%, 06/23/25 | | | | | 103,530 | | | | | | 0.1 | | |
| | | 80,000 | | | | Gilead Sciences, Inc., 3.500%, 02/01/25 | | | | | 80,092 | | | | | | 0.0 | | |
| | | 80,000 # | | | | HJ Heinz Co., 2.800%, 07/02/20 | | | | | 80,082 | | | | | | 0.0 | | |
| | | 240,000 # | | | | HJ Heinz Co., 3.950%, 07/15/25 | | | | | 241,838 | | | | | | 0.1 | | |
| | | 95,000 # | | | | JBS USA LLC / JBS USA Finance, Inc., 5.875%, 07/15/24 | | | | | 95,831 | | | | | | 0.0 | | |
| | | 80,000 # | | | | JM Smucker Co, 3.000%, 03/15/22 | | | | | 78,612 | | | | | | 0.0 | | |
| | | 60,000 # | | | | JM Smucker Co, 3.500%, 03/15/25 | | | | | 58,715 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Marfrig Overseas Ltd., 9.500%, 05/04/20 | | | | | 102,670 | | | | | | 0.0 | | |
| | | 160,000 # | | | | Medtronic, Inc., 3.150%, 03/15/22 | | | | | 160,711 | | | | | | 0.0 | | |
| | | 169,000 # | | | | Medtronic, Inc., 3.500%, 03/15/25 | | | | | 168,644 | | | | | | 0.1 | | |
| | | 72,000 # | | | | Medtronic, Inc., 4.375%, 03/15/35 | | | | | 71,369 | | | | | | 0.0 | | |
| | | 53,000 # | | | | Medtronic, Inc., 4.625%, 03/15/45 | | | | | 53,581 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | | | | | 104,250 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | | | | | 106,625 | | | | | | 0.1 | | |
| | | 67,000 # | | | | WM Wrigley Jr Co., 2.400%, 10/21/18 | | | | | 67,965 | | | | | | 0.0 | | |
| | | 4,414,000 | | | | Other Securities | | | | | 4,422,955 | | | | | | 0.9 | | |
| | | | | | | | | | | | 6,193,098 | | | | | | 1.3 | | |
| | | | | | | Diversified: 0.0% | | ||||||||||||
| | | 90,000 | | | | Other Securities | | | | | 88,946 | | | | | | 0.0 | | |
| | | | | | | Energy: 1.1% | | ||||||||||||
| | | 60,000 # | | | | Columbia Pipeline Group, Inc., 3.300%, 06/01/20 | | | | | 60,248 | | | | | | 0.0 | | |
| | | 60,000 # | | | | Columbia Pipeline Group, Inc., 4.500%, 06/01/25 | | | | | 59,217 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 79,000 # | | | | Enable Midstream Partners L.P., 3.900%, 05/15/24 | �� | | | $ | 73,399 | | | | | | 0.0 | | |
| | | 25,000 # | | | | Hilcorp Energy I L.P./ Hilcorp Finance Co., 5.000%, 12/01/24 | | | | | 23,567 | | | | | | 0.0 | | |
| | | 80,000 # | | | | Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18 | | | | | 86,688 | | | | | | 0.0 | | |
| | | 400,000 # | | | | Reliance Industries Ltd., 5.875%, 12/31/49 | | | | | 402,500 | | | | | | 0.1 | | |
| | | 150,000 # | | | | YPF SA, 8.500%, 07/28/25 | | | | | 148,875 | | | | | | 0.0 | | |
| | | 200,000 # | | | | YPF SA, 8.875%, 12/19/18 | | | | | 213,000 | | | | | | 0.1 | | |
| | | 4,605,000 | | | | Other Securities(a) | | | | | 4,598,090 | | | | | | 0.9 | | |
| | | | | | | | | | | | 5,665,584 | | | | | | 1.1 | | |
| | | | | | | Financial: 2.5% | | ||||||||||||
| | | 736,000 | | | | Bank of America Corp., 3.300%-5.000%, 01/11/23-04/21/45 | | | | | 739,472 | | | | | | 0.2 | | |
| | | 200,000 # | | | | Bank of Tokyo-Mitsubishi UFJ Ltd/The, 2.300%, 03/05/20 | | | | | 199,195 | | | | | | 0.1 | | |
| | | 197,000 # | | | | Barclays Bank PLC, 6.050%, 12/04/17 | | | | | 214,548 | | | | | | 0.1 | | |
| | | 200,000 # | | | | BPCE SA, 5.150%, 07/21/24 | | | | | 202,950 | | | | | | 0.0 | | |
| | | 200,000 # | | | | BPCE SA, 5.700%, 10/22/23 | | | | | 211,423 | | | | | | 0.1 | | |
| | | 89,000 # | | | | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | | | | | 113,141 | | | | | | 0.0 | | |
| | | 200,000 # | | | | Credit Agricole SA, 4.375%, 03/17/25 | | | | | 191,984 | | | | | | 0.0 | | |
| | | 200,000 # | | | | Credit Suisse AG, 6.500%, 08/08/23 | | | | | 219,222 | | | | | | 0.0 | | |
| | | 132,000 # | | | | Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20 | | | | | 130,461 | | | | | | 0.0 | | |
| | | 79,000 # | | | | Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25 | | | | | 76,088 | | | | | | 0.0 | | |
| | | 250,000 | | | | Credit Suisse/New York NY, 1.750%, 01/29/18 | | | | | 249,005 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
42
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 117,000 | | | | Discover Financial Services, 5.200%, 04/27/22 | | | | $ | 124,470 | | | | | | 0.0 | | |
| | | 113,000 # | | | | Five Corners Funding Trust, 4.419%, 11/15/23 | | | | | 116,774 | | | | | | 0.0 | | |
| | | 100,000 # | | | | HBOS PLC, 6.750%, 05/21/18 | | | | | 111,070 | | | | | | 0.0 | | |
| | | 181,000 # | | | | International Lease Finance Corp., 7.125%, 09/01/18 | | | | | 202,268 | | | | | | 0.1 | | |
| | | 591,000 | | | | JPMorgan Chase & Co., 1.625%-6.125%, 05/15/18-12/29/49 | | | | | 587,289 | | | | | | 0.1 | | |
| | | 400,000 # | | | | Mizuho Bank Ltd., 3.200%, 03/26/25 | | | | | 392,585 | | | | | | 0.1 | | |
| | | 624,000 | | | | Morgan Stanley, 2.800%-4.300%, 06/16/20-01/27/45 | | | | | 622,102 | | | | | | 0.1 | | |
| | | 70,000 # | | | | Scentre Group Trust 1 / Scentre Group Trust 2, 3.250%, 10/28/25 | | | | | 66,765 | | | | | | 0.0 | | |
| | | 73,000 # | | | | Scentre Group Trust 1 / Scentre Group Trust 2, 3.500%, 02/12/25 | | | | | 71,680 | | | | | | 0.0 | | |
| | | 200,000 # | | | | Swedbank AB, 2.200%, 03/04/20 | | | | | 198,711 | | | | | | 0.0 | | |
| | | 60,000 | | | | Wells Fargo & Co., 3.900%, 05/01/45 | | | | | 53,921 | | | | | | 0.0 | | |
| | | 7,293,000 | | | | Other Securities | | | | | 7,448,579 | | | | | | 1.5 | | |
| | | | | | | | | | | | 12,543,703 | | | | | | 2.5 | | |
| | | | | | | Industrial: 0.3% | | ||||||||||||
| | | 80,000 # | | | | AP Moeller - Maersk A/S, 2.550%, 09/22/19 | | | | | 80,568 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Sanmina Corp., 4.375%, 06/01/19 | | | | | 100,000 | | | | | | 0.0 | | |
| | | 150,000 # | | | | Siemens Financieringsmaatschappij NV, 2.900%, 05/27/22 | | | | | 148,098 | | | | | | 0.1 | | |
| | | 60,000 # | | | | Siemens Financieringsmaatschappij NV, 3.250%, 05/27/25 | | | | | 58,974 | | | | | | 0.0 | | |
| | | 953,000 | | | | Other Securities | | | | | 953,779 | | | | | | 0.2 | | |
| | | | | | | | | | | | 1,341,419 | | | | | | 0.3 | | |
| | | | | | | Technology: 0.4% | | ||||||||||||
| | | 55,000 # | | | | Activision Blizzard, Inc., 5.625%, 09/15/21 | | | | | 57,750 | | | | | | 0.0 | | |
| | | 180,000 | | | | Apple, Inc., 3.200%, 05/13/25 | | | | | 179,010 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Technology (continued) | | ||||||||||||
| | | 85,000 # | | | | Audatex North America, Inc., 6.000%, 06/15/21 | | | | $ | 87,656 | | | | | | 0.0 | | |
| | | 200,000 # | | | | NXP BV / NXP Funding LLC, 5.750%, 02/15/21 | | | | | 208,750 | | | | | | 0.1 | | |
| | | 60,000 # | | | | Seagate HDD Cayman, 4.875%, 06/01/27 | | | | | 58,356 | | | | | | 0.0 | | |
| | | 1,448,000 | | | | Other Securities | | | | | 1,415,771 | | | | | | 0.3 | | |
| | | | | | | | | | | | 2,007,293 | | | | | | 0.4 | | |
| | | | | | | Utilities: 0.5% | | ||||||||||||
| | | 200,000 # | | | | Abu Dhabi National Energy Co., 5.875%, 12/13/21 | | | | | 231,760 | | | | | | 0.0 | | |
| | | 225,000 # | | | | Calpine Corp., 6.000%, 01/15/22 | | | | | 239,063 | | | | | | 0.1 | | |
| | | 58,000 # | | | | Duquesne Light Holdings, Inc., 5.900%, 12/01/21 | | | | | 66,474 | | | | | | 0.0 | | |
| | | 86,000 # | | | | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | | | | | 99,665 | | | | | | 0.0 | | |
| | | 200,000 # | | | | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | | | | | 212,000 | | | | | | 0.0 | | |
| | | 47,000 # | | | | Jersey Central Power & Light Co., 4.700%, 04/01/24 | | | | | 49,313 | | | | | | 0.0 | | |
| | | 1,669,000 | | | | Other Securities | | | | | 1,771,044 | | | | | | 0.4 | | |
| | | | | | | | | | | | 2,669,319 | | | | | | 0.5 | | |
| | | | | | | Total Corporate Bonds/Notes (Cost $41,998,577) | | | | | 42,318,449 | | | | | | 8.6 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 2.9% | | ||||||||||||||||||
| | | 190,000 # | | | | BAMLL Commercial Mortgage Securities Trust 2015-ASHF, 2.186%, 01/15/28 | | | | | 190,004 | | | | | | 0.0 | | |
| | | 93,127 | | | | Banc of America Alternative Loan Trust 2004-1 4A1, 4.750%, 02/25/19 | | | | | 93,827 | | | | | | 0.0 | | |
| | | 250,000 | | | | Banc of America Commercial Mortgage Trust 2007-3 AJ, 5.749%, 06/10/49 | | | | | 259,592 | | | | | | 0.1 | | |
| | | 120,000 | | | | Banc of America Commercial Mortgage Trust 2007-3 B, 5.749%, 06/10/49 | | | | | 122,056 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
43
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 180,000 | | | | Banc of America Commercial Mortgage Trust 2007-4 AJ, 6.003%, 02/10/51 | | | | $ | 187,690 | | | | | | 0.1 | | |
| | | 190,000 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.582%, 07/10/42 | | | | | 194,133 | | | | | | 0.1 | | |
| | | 50,000 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.582%, 07/10/42 | | | | | 49,545 | | | | | | 0.0 | | |
| | | 74,000 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.952%, 03/11/41 | | | | | 81,850 | | | | | | 0.0 | | |
| | | 42,717 | | | | Banc of America Mortgage 2005-J Trust 2A4, 2.712%, 11/25/35 | | | | | 39,582 | | | | | | 0.0 | | |
| | | 13,884 # | | | | Bank of America Merrill Lynch Commercial Mortgage, Inc., 5.291%, 07/10/43 | | | | | 13,875 | | | | | | 0.0 | | |
| | | 170,000 # | | | | Bank of America Merrill Lynch Commercial Mortgage, Inc., 6.234%, 11/10/38 | | | | | 172,159 | | | | | | 0.0 | | |
| | | 196,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 6.078%, 06/11/41 | | | | | 209,378 | | | | | | 0.0 | | |
| | | 70,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.406%, 11/11/41 | | | | | 76,690 | | | | | | 0.0 | | |
| | | 130,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.882%, 11/11/41 | | | | | 142,769 | | | | | | 0.1 | | |
| | | 140,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18, 5.921%, 02/13/42 | | | | | 136,741 | | | | | | 0.0 | | |
| | | 110,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22, 5.766%, 04/12/38 | | | | | 115,007 | | | | | | 0.0 | | |
| | | 219,154 # | | | | Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18 | | | | | 240,960 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 50,000 # | | | | Citigroup Commercial Mortgage Trust 2012-GC8, 4.877%, 09/10/45 | | | | $ | 49,999 | | | | | | 0.0 | | |
| | | 110,000 # | | | | COMM 2004-LNB2 H Mortgage Trust, 6.067%, 03/10/39 | | | | | 121,495 | | | | | | 0.0 | | |
| | | 1,830,482 #,^ | | | | COMM 2012 - LTRT XA, 1.208%, 10/05/30 | | | | | 104,653 | | | | | | 0.0 | | |
| | | 1,748,589 ^ | | | | COMM 2012-CCRE4 XA Mortgage Trust, 2.103%, 10/15/45 | | | | | 167,757 | | | | | | 0.1 | | |
| | | 628,219 ^ | | | | COMM 2013-LC6 XA Mortgage Trust, 1.900%, 01/10/46 | | | | | 49,103 | | | | | | 0.0 | | |
| | | 749,508 ^ | | | | Commercial Mortgage Pass Through Certificates, 1.572%, 04/10/47 | | | | | 58,276 | | | | | | 0.0 | | |
| | | 80,000 # | | | | Commercial Mortgage Trust 2004-GG1 F, 6.236%, 06/10/36 | | | | | 81,374 | | | | | | 0.0 | | |
| | | 1,457,413 ^ | | | | Commercial Mortgage Trust, 1.575%, 10/10/46 | | | | | 115,582 | | | | | | 0.1 | | |
| | | 956,462 ^ | | | | Commercial Mortgage Trust, 2.050%, 08/15/45 | | | | | 88,105 | | | | | | 0.0 | | |
| | | 2,380,000 #,^ | | | | Commercial Mortgage Trust, 0.748%, 10/15/45 | | | | | 96,456 | | | | | | 0.0 | | |
| | | 70,000 # | | | | Credit Suisse Commercial Mortgage Trust Series-K1A, 5.415%, 02/25/21 | | | | | 70,018 | | | | | | 0.0 | | |
| | | 11,941 # | | | | Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36 | | | | | 11,953 | | | | | | 0.0 | | |
| | | 177,180 # | | | | Credit Suisse First Boston Mortgage Securities Corp., 5.861%, 04/12/49 | | | | | 176,976 | | | | | | 0.1 | | |
| | | 50,000 # | | | | Credit Suisse First Boston Mortgage Securities Corp., 6.467%, 05/15/36 | | | | | 56,467 | | | | | | 0.0 | | |
| | | 51,953 # | | | | Credit Suisse Mortgage Capital Certificates 2009-3R 30A1, 2.289%, 07/27/37 | | | | | 52,150 | | | | | | 0.0 | | |
| | | 890,788 #,^ | | | | DBUBS 2011-LC1 XA Mortgage Trust, 1.531%, 11/10/46 | | | | | 16,198 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
44
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 100,000 # | | | | DBUBS 2011-LC2 Mortgage Trust, 5.640%, 07/10/44 | | | | $ | 104,794 | | | | | | 0.0 | | |
| | | 185,000 | | | | Fannie Mae Connecticut Avenue Securities 2013-CO1 M2, 4.737%, 02/25/25 | | | | | 187,080 | | | | | | 0.1 | | |
| | | 80,000 | | | | Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.087%, 07/25/24 | | | | | 74,125 | | | | | | 0.0 | | |
| | | 70,000 | | | | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.187%, 05/25/25 | | | | | 68,497 | | | | | | 0.0 | | |
| | | 40,000 | | | | Fannie Mae Connecticut Avenue Securities 2015- C02 2M2, 4.187%, 05/25/25 | | | | | 39,066 | | | | | | 0.0 | | |
| | | 66,000 | | | | Fannie Mae Connecticut Avenue Securities 2015- CO1 M2, 4.487%, 02/25/25 | | | | | 66,086 | | | | | | 0.0 | | |
| | | 1,926,717 ^ | | | | Fannie Mae Series 2011-M3 X, 0.154%, 07/25/21 | | | | | 29,065 | | | | | | 0.0 | | |
| | | 500,000 | | | | Fannie Mae Connecticut Avenue Securities, 5.087%-5.187%, 11/25/24 | | | | | 516,518 | | | | | | 0.1 | | |
| | | 133,142 ^ | | | | First Horizon Alternative Mortgage Securities, 6.513%, 12/25/36 | | | | | 33,586 | | | | | | 0.0 | | |
| | | 100,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 4.937%, 10/25/24 | | | | | 103,892 | | | | | | 0.0 | | |
| | | 80,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 2.387%, 03/25/25 | | | | | 79,501 | | | | | | 0.0 | | |
| | | 110,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 3.987%, 03/25/25 | | | | | 108,600 | | | | | | 0.0 | | |
| | | 710,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes, 3.787%-4.737%, 04/25/24-01/25/25 | | | | | 714,887 | | | | | | 0.2 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 7,348,555 #,^ | | | | FREMF Mortgage Trust, 0.100%, 12/25/44 | | | | $ | 37,691 | | | | | | 0.0 | | |
| | | 7,050 # | | | | GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Trust, 5.000%, 05/10/36 | | | | | 7,069 | | | | | | 0.0 | | |
| | | 952,202 ^ | | | | GS Mortgage Securities Corp. II, 2.724%, 05/10/45 | | | | | 97,024 | | | | | | 0.0 | | |
| | | 100,000 # | | | | GS Mortgage Securities Trust 2010-C2, 5.396%, 12/10/43 | | | | | 104,699 | | | | | | 0.0 | | |
| | | 1,000,000 #,^ | | | | JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.443%, 12/15/47 | | | | | 23,494 | | | | | | 0.0 | | |
| | | 40,000 # | | | | JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Thr, 5.740%, 05/15/41 | | | | | 41,730 | | | | | | 0.0 | | |
| | | 3,131,353 ^ | | | | JP Morgan Chase Commercial Mortgage Securities Corp., 0.762%, 01/15/46 | | | | | 65,109 | | | | | | 0.0 | | |
| | | 30,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC10, 5.097%, 01/12/37 | | | | | 29,942 | | | | | | 0.0 | | |
| | | 40,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.847%, 06/12/41 | | | | | 39,075 | | | | | | 0.0 | | |
| | | 180,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, 5.040%, 10/15/42 | | | | | 180,405 | | | | | | 0.1 | | |
| | | 90,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8, 5.618%, 05/15/45 | | | | | 90,356 | | | | | | 0.0 | | |
| | | 1,480,816 ^ | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.926%, 06/15/45 | | | | | 105,969 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
45
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 1,584,003 ^ | | | | JPMBB Commercial Mortgage Securities Trust 2013-C14, 1.142%, 08/15/46 | | | | $ | 63,075 | | | | | | 0.0 | | |
| | | 1,287,221 ^ | | | | JPMBB Commercial Mortgage Securities Trust, 1.432%, 04/15/47 | | | | | 67,940 | | | | | | 0.0 | | |
| | | 90,000 | | | | JP Morgan Chase Commercial Mortgage Securities Corp., 5.520%, 05/15/45 | | | | | 92,110 | | | | | | 0.0 | | |
| | | 1,373,640 #,^ | | | | LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36 | | | | | 16,579 | | | | | | 0.0 | | |
| | | 190,000 # | | | | LB-UBS Commercial Mortgage Trust 2005-C1 G, 5.454%, 02/15/40 | | | | | 189,834 | | | | | | 0.1 | | |
| | | 30,000 # | | | | LB-UBS Commercial Mortgage Trust 2005-C5, 5.350%, 09/15/40 | | | | | 29,921 | | | | | | 0.0 | | |
| | | 60,000 # | | | | LB-UBS Commercial Mortgage Trust 2006-C6 JR14, 6.096%, 09/15/39 | | | | | 61,240 | | | | | | 0.0 | | |
| | | 60,000 # | | | | LB-UBS Commercial Mortgage Trust 2006-C6 JR15, 6.096%, 09/15/39 | | | | | 60,908 | | | | | | 0.0 | | |
| | | 60,000 # | | | | LB-UBS Commercial Mortgage Trust 2006-C6 JR16, 6.096%, 09/15/39 | | | | | 59,898 | | | | | | 0.0 | | |
| | | 7,679,806 #,^ | | | | LB-UBS Commercial Mortgage Trust, 0.854%, 11/15/38 | | | | | 59,985 | | | | | | 0.0 | | |
| | | 90,000 # | | | | LB-UBS Commercial Mortgage Trust, 5.328%, 10/15/36 | | | | | 94,853 | | | | | | 0.0 | | |
| | | 180,000 # | | | | LB-UBS Commercial Mortgage Trust, 6.096%, 09/15/39 | | | | | 185,629 | | | | | | 0.1 | | |
| | | 89,317 # | | | | LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32 | | | | | 89,633 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Merrill Lynch Mortgage Trust 2005-MKB2, 6.310%, 09/12/42 | | | | | 105,108 | | | | | | 0.0 | | |
| | | 2,007,082 ^ | | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, 1.823%, 02/15/46 | | | | | 159,846 | | | | | | 0.0 | | |
| | | 80,000 # | | | | Morgan Stanley Capital I Trust 2005-HQ6, 5.379%, 08/13/42 | | | | | 79,843 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 47,426 | | | | Morgan Stanley Capital I Trust 2007-HQ13 A2, 5.649%, 12/15/44 | | | | $ | 47,705 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Morgan Stanley Capital I Trust 2011-C1 D, 5.418%, 09/15/47 | | | | | 107,975 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Morgan Stanley Capital I Trust 2011-C1 E, 5.418%, 09/15/47 | | | | | 106,345 | | | | | | 0.0 | | |
| | | 130,000 # | | | | Morgan Stanley Capital I Trust 2011-C1, 5.418%, 09/15/47 | | | | | 143,055 | | | | | | 0.0 | | |
| | | 344,389 # | | | | Morgan Stanley Re-REMIC Trust 2010-C30 A3B, 5.246%, 12/17/43 | | | | | 344,192 | | | | | | 0.1 | | |
| | | 200,000 # | | | | Morgan Stanley Re-REMIC Trust, 0.250%, 07/27/49 | | | | | 178,620 | | | | | | 0.1 | | |
| | | 190,373 # | | | | Springleaf Mortgage Loan Trust 2013-3A A, 1.870%, 09/25/57 | | | | | 190,394 | | | | | | 0.0 | | |
| | | 150,000 # | | | | TIAA CMBS I Trust 2001-C1A L, 5.770%, 06/19/33 | | | | | 155,682 | | | | | | 0.0 | | |
| | | 951,907 #,^ | | | | UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.276%, 08/10/49 | | | | | 97,213 | | | | | | 0.0 | | |
| | | 60,000 # | | | | Wachovia Bank Commercial Mortgage Trust Series 2005-C17 G, 5.703%, 03/15/42 | | | �� | | 59,867 | | | | | | 0.0 | | |
| | | 957,276 #,^ | | | | Wells Fargo Commercial Mortgage Trust 2012-LC5 XA, 2.241%, 10/15/45 | | | | | 92,938 | | | | | | 0.0 | | |
| | | 1,390,715 #,^ | | | | WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.346%, 08/15/45 | | | | | 131,178 | | | | | | 0.1 | | |
| | | 5,518,757 | | | | Other Securities | | | | | 4,822,099 | | | | | | 1.0 | | |
| | | | | | | Total Collateralized Mortgage Obligations (Cost $14,238,463) | | | | | 14,484,345 | | | | | | 2.9 | | |
| U.S. TREASURY OBLIGATIONS: 4.3% | | ||||||||||||||||||
| | | | | | | U.S. Treasury Bonds: 1.6% | | ||||||||||||
| | | 6,601,000 | | | | 2.125%, due 05/15/25 | | | | | 6,471,040 | | | | | | 1.3 | | |
| | | 1,791,000 | | | | 2.500%, due 02/15/45 | | | | | 1,569,084 | | | | | | 0.3 | | |
| | | | | | | | | | | | 8,040,124 | | | | | | 1.6 | | |
| | | | | | | U.S. Treasury Notes: 2.7% | | ||||||||||||
| | | 2,792,000 | | | | 0.625%, due 06/30/17 | | | | | 2,790,691 | | | | | | 0.6 | | |
See Accompanying Notes to Financial Statements
46
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. TREASURY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | U.S. Treasury Notes (continued) | | ||||||||||||
| | | 4,005,000 | | | | 1.125%, due 06/15/18 | | | | $ | 4,018,140 | | | | | | 0.8 | | |
| | | 3,222,000 | | | | 1.500%, due 07/31/16 | | | | | 3,261,015 | | | | | | 0.7 | | |
| | | 3,173,500 L | | | | 1.375%-2.125%, due 09/30/18-06/30/22 | | | | | 3,175,180 | | | | | | 0.6 | | |
| | | | | | | | | | | | 13,245,026 | | | | | | 2.7 | | |
| | | | | | | Total U.S. Treasury Obligations (Cost $21,321,160) | | | | | 21,285,150 | | | | | | 4.3 | | |
| ASSET-BACKED SECURITIES: 1.8% | | ||||||||||||||||||
| | | | | | | Automobile Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 40,000 # | | | | AmeriCredit Automobile Receivables Trust 2011-3, 5.760%, 12/10/18 | | | | | 40,651 | | | | | | 0.0 | | |
| | | 190,000 # | | | | AmeriCredit Automobile Receivables Trust, 3.290%, 05/08/20 | | | | | 193,188 | | | | | | 0.1 | | |
| | | 40,000 # | | | | MMCA Automobile Trust, 2.260%, 10/15/20 | | | | | 40,332 | | | | | | 0.0 | | |
| | | 120,000 # | | | | Oscar US Funding Trust 2014-1, 2.550%, 12/15/21 | | | | | 122,297 | | | | | | 0.0 | | |
| | | 160,000 # | | | | Santander Drive Auto Receivables Trust 2013-A, 3.780%, 10/15/19 | | | | | 166,486 | | | | | | 0.1 | | |
| | | 110,000 # | | | | Santander Drive Auto Receivables Trust 2013-A, 4.710%, 01/15/21 | | | | | 116,534 | | | | | | 0.0 | | |
| | | 30,000 # | | | | SunTrust Auto Receivables Trust 2015-1, 2.200%, 02/15/21 | | | | | 29,991 | | | | | | 0.0 | | |
| | | 700,000 | | | | Other Securities | | | | | 704,980 | | | | | | 0.1 | | |
| | | | | | | | | | | | 1,414,459 | | | | | | 0.3 | | |
| | | | | | | Other Asset-Backed Securities: 1.5% | | ||||||||||||
| | | 500,000 # | | | | Ares XII CLO Ltd. 2007- 12A C, 2.282%, 11/25/20 | | | | | 494,851 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Atrium V, 3.976%, 07/20/20 | | | | | 246,511 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Black Diamond CLO 2005-1A C, 1.051%, 06/20/17 | | | | | 248,011 | | | | | | 0.1 | | |
| | | 250,000 # | | | | BlackRock Senior Income Series V Ltd. 2007-5A D, 2.527%, 08/13/19 | | | | | 242,430 | | | | | | 0.0 | | |
| | | 250,000 # | | | | Bluemountain CLO III Ltd. 2007-3A C, 0.973%, 03/17/21 | | | | | 242,007 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Carlyle High Yield Partners IX Ltd., 0.688%, 08/01/21 | | | | | 480,018 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| | | 200,000 # | | | | Castle Garden Funding 2005-1A C1, 2.034%, 10/27/20 | | | | $ | 198,136 | | | | | | 0.1 | | |
| | | 100,000 # | | | | Castle Garden Funding, 6.560%, 10/27/20 | | | | | 106,652 | | | | | | 0.0 | | |
| | | 200,000 # | | | | CIFC Funding 2006-I Ltd., 1.875%, 10/20/20 | | | | | 197,265 | | | | | | 0.0 | | |
| | | 200,000 # | | | | CIFC Funding 2006-II Ltd., 1.884%, 03/01/21 | | | | | 194,917 | | | | | | 0.1 | | |
| | | 96,297 # | | | | CIFC Funding 2006-II Ltd., 4.284%, 03/01/21 | | | | | 94,966 | | | | | | 0.0 | | |
| | | 250,000 # | | | | ColumbusNova CLO IV Ltd 2007-2A C, 2.525%, 10/15/21 | | | | | 243,804 | | | | | | 0.0 | | |
| | | 500,000 # | | | | ColumbusNova CLO Ltd 2006-2A E, 4.029%, 04/04/18 | | | | | 494,168 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Gulf Stream - Compass CLO 2007-1A D Ltd., 3.729%, 10/28/19 | | | | | 250,144 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Katonah IX CLO Ltd., 0.997%, 01/25/19 | | | | | 243,516 | | | | | | 0.0 | | |
| | | 330,000 # | | | | Kingsland III Ltd., 0.932%, 08/24/21 | | | | | 316,187 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Madison Park Funding Ltd., 1.277%, 07/26/21 | | | | | 239,852 | | | | | | 0.0 | | |
| | | 250,000 # | | | | Momentum Capital Fund Ltd., 1.675%, 09/18/21 | | | | | 246,532 | | | | | | 0.1 | | |
| | | 250,000 # | | | | MSIM Peconic Bay Ltd., 2.275%, 07/20/19 | | | | | 248,669 | | | | | | 0.1 | | |
| | | 500,000 # | | | | Muir Grove CLO Ltd. 2007-1A B, 2.277%, 03/25/20 | | | | | 499,702 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Northwoods Capital VIII Ltd., 2.279%, 07/28/22 | | | | | 246,683 | | | | | | 0.1 | | |
| | | 300,000 # | | | | Progress Residential 2015-SFR2 Trust, 4.427%, 06/12/32 | | | | | 300,407 | | | | | | 0.1 | | |
| | | 100,000 # | | | | Springleaf Funding Trust 2015-A, 3.160%, 11/15/24 | | | | | 101,267 | | | | ��� | | 0.0 | | |
| | | 250,000 # | | | | St James River CLO Ltd. 2007-1A D, 2.586%, 06/11/21 | | | | | 246,250 | | | | | | 0.0 | | |
| | | 100,000 # | | | | Telos CLO 2006-1A E Ltd., 4.526%, 10/11/21 | | | | | 100,296 | | | | | | 0.0 | | |
| | | 50,000 # | | | | Trade MAPS 1 Ltd., 2.439%, 12/10/18 | | | | | 49,675 | | | | | | 0.0 | | |
| | | 703,613 | | | | Other Securities | | | | | 618,124 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
47
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||||||||
| | | | | | | Other Asset-Backed Securities (continued) | | |||||||||||||||
| | | | | | | | | | | $ | 7,191,040 | | | | | | 1.5 | | | |||
| | | | | | | Total Asset-Backed Securities (Cost $8,571,623) | | | | | 8,605,499 | | | | | | 1.8 | | | |||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.1% | | |||||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation: 2.0%## | | |||||||||||||||
| | | 13,812,132 ^,W | | | | 0.100%-21.817%, due 12/15/17-08/01/45 | | | | | 9,574,052 | | | | | | 2.0 | | | |||
| | | | | | | Federal National Mortgage Association: 3.4%## | | |||||||||||||||
| | | 2,514,000 W | | | | 0.300%, due 08/01/44 | | | | | 2,498,140 | | | | | | 0.5 | | | |||
| | | 2,236,028 ^ | | | | 3.000%, due 02/25/33 | | | | | 369,221 | | | | | | 0.1 | | | |||
| | | 2,499,000 W | | | | 3.500%, due 08/01/44 | | | | | 2,568,894 | | | | | | 0.5 | | | |||
| | | 1,026,794 ^ | | | | 4.500%, due 07/25/30 | | | | | 161,637 | | | | | | 0.0 | | | |||
| | | 3,211,428 ^ | | | | 5.963%, due 07/25/33 | | | | | 688,838 | | | | | | 0.1 | | | |||
| | | 4,249,739 ^ | | | | 6.383%, due 06/25/36 | | | | | 801,198 | | | | | | 0.2 | | | |||
| | | 8,634,514 W | | | | 0.400%-7.500%, due 06/01/16-08/01/45 | | | | | 9,094,964 | | | | | | 1.9 | | | |||
| | | 485,000 W | | | | 3.000%, due 07/01/29 | | | | | 502,502 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 16,685,394 | | | | | | 3.4 | | | |||
| | | | | | | Government National Mortgage Association: 0.7% | | |||||||||||||||
| | | 20,673,363 ^ | | | | 0.630%-7.000%, due 12/20/29-10/20/60 | | | | | 3,664,087 | | | | | | 0.7 | | | |||
| | | | | | | Total U.S. Government Agency Obligations (Cost $29,237,824) | | | | | 29,923,533 | | | | | | 6.1 | | | |||
| FOREIGN GOVERNMENT BONDS: 1.9% | | |||||||||||||||||||||
| | | EUR1,175,000 # | | | | Austria Government Bond, 1.650%, 10/21/24 | | | | | 1,384,672 | | | | | | 0.3 | | | |||
| | | 200,000 # | | | | Dominican Republic International Bond, 5.500%, 01/27/25 | | | | | 201,500 | | | | | | 0.1 | | | |||
| | | 200,000 # | | | | El Fondo MIVIVIENDA S.A., 3.500%, 01/31/23 | | | | | 190,700 | | | | | | 0.0 | | | |||
| | | 10,000 # | | | | Romanian Government International Bond, 4.375%, 08/22/23 | | | | | 10,299 | | | | | | 0.0 | | | |||
| | | EUR410,000 # | | | | Spain Government Bond, 2.750%, 10/31/24 | | | | | 475,487 | | | | | | 0.1 | | | |||
| | | EUR12,260,246 | | | | Other Securities(a) | | | | | 6,992,581 | | | | | | 1.4 | | | |||
| | | | | | | Total Foreign Government Bonds (Cost $9,746,605) | | | | | 9,255,239 | | | | | | 1.9 | | | |||
|
# of Contracts | | | Value | | | Percentage of Net Assets | | |||||||||||||||
PURCHASED OPTIONS: 0.2% | | |||||||||||||||||||||
| | | | | | Options on Currencies: 0.0% | | |||||||||||||||
| | 2,780,000 @ | | | | Put CNH vs Call USD, Strike @ 6.463, Exp. 08/03/15 Counterparty: JPMorgan Chase & Co. | | | | $ | 241 | | | | | | 0.0 | | | |||
| | 10,369,372 @ | | | | Put EUR vs. Call USD, Strike @ 1.055, Exp. 08/12/15 Counterparty: Bank of America | | | | | 41,621 | | | | | | 0.0 | | | |||
| | | | | | | | | | | 41,862 | | | | | | 0.0 | | | |||
| | | | | | OTC Interest Rate Swaptions: 0.2% | | |||||||||||||||
| | 15,325,000 @ | | | | Pay a fixed rate equal to 1.667% and receive a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 09/11/15 Counterparty: JPMorgan Chase & Co. | | | | | 17,472 | | | | | | 0.0 | | | |||
| | 4,900,000 @ | | | | Pay a fixed rate equal to 3.140% and receive a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 05/19/25 Counterparty: Morgan Stanley | | | | | 342,795 | | | | | | 0.1 | | | |||
| | 15,325,000 @ | | | | Receive a fixed rate equal to 1.667% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 09/11/15 Counterparty: JPMorgan Chase & Co. | | | | | 146,878 | | | | | | 0.0 | | | |||
| | 4,900,000 @ | | | | Receive a fixed rate equal to 3.140% and pay a floating rate based on the 3-month USD-LIBOR-BBA, Exp. 05/19/25 Counterparty: Morgan Stanley | | | | | 276,378 | | | | | | 0.1 | | | |||
| | | | | | | | | | | 783,523 | | | | | | 0.2 | | | |||
| | | | | | Total Purchased Options (Cost $1,011,152) | | | | | 825,385 | | | | | | 0.2 | | | |||
| | | | | | Total Long-Term Investments (Cost $443,349,753) | | | | | 464,201,079 | | | | | | 94.5 | | | |||
|
See Accompanying Notes to Financial Statements
48
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 5.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 3.3% | | ||||||||||||
| | 3,857,839 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $3,857,855, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,934,996, due 07/15/15-05/20/65) | | | | $ | 3,857,839 | | | | | | 0.8 | | |
| | 2,841,131 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,841,145, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,897,940, due 11/15/15-03/01/48) | | | | | 2,841,131 | | | | | | 0.6 | | |
| | 3,857,800 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,857,818, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,934,956, due 01/15/17- 08/15/42) | | | | | 3,857,800 | | | | | | 0.8 | | |
| | 3,857,839 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,857,854, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,934,997, due 07/31/15-05/20/65) | | | | | 3,857,839 | | | | | | 0.8 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,828,876 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,828,886, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,866,154, due 01/15/17- 01/15/29) | | | | $ | 1,828,876 | | | | | | 0.3 | | |
| | | | | | | | | | | 16,243,485 | | | | | | 3.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 2.1% | | |||||||||||||||
| | 10,509,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $10,509,000) | | | | | 10,509,000 | | | | | | 2.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $26,752,485) | | | | | 26,752,485 | | | | | | 5.4 | | | |||
| | | | | | Total Investments in Securities (Cost $470,102,238) | | | | $ | 490,953,564 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 580,988 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 491,534,552 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
See Accompanying Notes to Financial Statements
49
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
##
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.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
W
Settlement is on a when-issued or delayed-delivery basis.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
^
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.
(a)
This grouping contains securities on loan.
CAD
Canadian Dollar
EUR
EU Euro
GBP
British Pound
MXN
Mexican Peso
Cost for federal income tax purposes is $471,256,357.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 33,269,142 | | | |
| Gross Unrealized Depreciation | | | | | (13,571,935) | | | |
| Net Unrealized Appreciation | | | | $ | 19,697,207 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||||||
Consumer Discretionary | | | | $ | 34,041,667 | | | | | $ | 6,026,923 | | | | | $ | — | | | | | $ | 40,068,590 | | | ||||
Consumer Staples | | | | | 18,173,430 | | | | | | 4,938,823 | | | | | | — | | | | | | 23,112,253 | | | ||||
Energy | | | | | 17,340,754 | | | | | | 2,704,616 | | | | | | — | | | | | | 20,045,370 | | | ||||
Financials | | | | | 38,042,509 | | | | | | 14,108,491 | | | | | | — | | | | | | 52,151,000 | | | ||||
Health Care | | | | | 31,337,859 | | | | | | 6,658,373 | | | | | | — | | | | | | 37,996,232 | | | ||||
Industrials | | | | | 26,271,242 | | | | | | 6,617,873 | | | | | | — | | | | | | 32,889,115 | | | ||||
Information Technology | | | | | 40,262,050 | | | | | | 2,855,484 | | | | | | — | | | | | | 43,117,534 | | | ||||
Materials | | | | | 10,710,118 | | | | | | 3,759,527 | | | | | | — | | | | | | 14,469,645 | �� | | ||||
Telecommunication Services | | | | | 2,529,971 | | | | | | 2,376,457 | | | | | | — | | | | | | 4,906,428 | | | ||||
Utilities | | | | | 6,671,823 | | | | | | 1,709,567 | | | | | | — | | | | | | 8,381,390 | | | ||||
Total Common Stock | | | | | 225,381,423 | | | | | | 51,756,134 | | | | | | — | | | | | | 277,137,557 | | | ||||
Exchange-Traded Funds | | | | | 42,379,500 | | | | | | — | | | | | | — | | | | | | 42,379,500 | | | ||||
Mutual Funds | | | | | 17,576,802 | | | | | | — | | | | | | — | | | | | | 17,576,802 | | | ||||
Preferred Stock | | | | | — | | | | | | 409,620 | | | | | | — | | | | | | 409,620 | | | ||||
Purchased Options | | | | | — | | | | | | 825,385 | | | | | | — | | | | | | 825,385 | | | ||||
Corporate Bonds/Notes | | | | | — | | | | | | 42,318,449 | | | | | | — | | | | | | 42,318,449 | | | ||||
Collateralized Mortgage Obligations | | | | | — | | | | | | 14,484,345 | | | | | | — | | | | | | 14,484,345 | | | ||||
Short-Term Investments | | | | | 10,509,000 | | | | | | 16,243,485 | | | | | | — | | | | | | 26,752,485 | | | ||||
Asset-Backed Securities | | | | | — | | | | | | 8,605,499 | | | | | | — | | | | | | 8,605,499 | | | ||||
U.S. Treasury Obligations | | | | | — | | | | | | 21,285,150 | | | | | | — | | | | | | 21,285,150 | | | ||||
Foreign Government Bonds | | | | | — | | | | | | 9,255,239 | | | | | | — | | | | | | 9,255,239 | | | ||||
U.S. Government Agency Obligations | | | | | — | | | | | | 29,923,533 | | | | | | — | | | | | | 29,923,533 | | | ||||
Total Investments, at fair value | | | | $ | 295,846,725 | | | | | $ | 195,106,839 | | | | | $ | — | | | | | $ | 490,953,564 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Centrally Cleared Swaps | | | | | — | | | | | | 1,025,981 | | | | | | — | | | | | | 1,025,981 | | | ||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 303,182 | | | | | | — | | | | | | 303,182 | | | ||||
Futures | | | | | 59,257 | | | | | | — | | | | | | — | | | | | | 59,257 | | | ||||
Total Assets | | | | $ | 295,905,982 | | | | | $ | 196,436,002 | | | | | $ | — | | | | | $ | 492,341,984 | | | ||||
|
See Accompanying Notes to Financial Statements
50
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Centrally Cleared Swaps | | | | $ | — | | | | | $ | (1,221,882) | | | | | $ | — | | | | | $ | (1,221,882) | | | ||||
Forward Foreign Currency Contracts | | | | | — | | | | | | (819,706) | | | | | | — | | | | | | (819,706) | | | ||||
Futures | | | | | (404,681) | | | | | | — | | | | | | — | | | | | | (404,681) | | | ||||
Written Options | | | | | — | | | | | | (799,492) | | | | | | — | | | | | | (799,492) | | | ||||
Total Liabilities | | | | $ | (404,681) | | | | | $ | (2,841,080) | | | | | $ | — | | | | | $ | (3,245,761) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the year ended June 30, 2015, where the following issuers were considered an affiliate:
Issuer | | | Beginning Market Value at 12/31/14 | | | Purchases at Cost | | | Sales at Cost | | | Change in Unrealized Appreciation/ (Depreciation) | | | Ending Market Value at 6/30/2015 | | | Investment Income | | | Realized Gains/ (Losses) | | | Net Capital Gain Distributions | | ||||||||||||||||||||||||||||||||
Voya High Yield Bond Fund - Class P | | | | $ | 1,113,245 | | | | | $ | 11,450,055 | | | | | $ | — | | | | | $ | (75,910) | | | | | $ | 12,487,390 | | | | | $ | 231,059 | | | | | $ | — | | | | | $ | — | | | ||||||||
| | | | $ | 1,113,245 | | | | | $ | 11,450,055 | | | | | $ | — | | | | | $ | (75,910) | | | | | $ | 12,487,390 | | | | | $ | 231,059 | | | | | $ | — | | | | | $ | — | | | ||||||||
|
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Barclays Bank PLC | | | Norwegian Krone | | | | | 3,117,463 | | | | Buy | | | | | 08/14/15 | | | | | $ | 396,000 | | | | | $ | 397,202 | | | | | $ | 1,202 | | |
Barclays Bank PLC | | | EU Euro | | | | | 317,105 | | | | Buy | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 353,738 | | | | | | (6,012) | | |
Barclays Bank PLC | | | Swedish Krona | | | | | 1,046,780 | | | | Buy | | | | | 08/14/15 | | | | | | 129,000 | | | | | | 126,388 | | | | | | (2,612) | | |
Barclays Bank PLC | | | Japanese Yen | | | | | 12,921,712 | | | | Buy | | | | | 08/14/15 | | | | | | 104,000 | | | | | | 105,637 | | | | | | 1,637 | | |
Barclays Bank PLC | | | Swedish Krona | | | | | 953,007 | | | | Buy | | | | | 08/14/15 | | | | | | 112,000 | | | | | | 115,066 | | | | | | 3,066 | | |
Barclays Bank PLC | | | Turkish Lira | | | | | 211,898 | | | | Buy | | | | | 09/11/15 | | | | | | 76,419 | | | | | | 77,447 | | | | | | 1,028 | | |
Barclays Bank PLC | | | Singapore Dollar | | | | | 110,734 | | | | Buy | | | | | 08/14/15 | | | | | | 83,503 | | | | | | 82,161 | | | | | | (1,342) | | |
Barclays Bank PLC | | | Swedish Krona | | | | | 1,929,848 | | | | Buy | | | | | 08/14/15 | | | | | | 236,000 | | | | | | 233,009 | | | | | | (2,991) | | |
Citigroup, Inc. | | | EU Euro | | | | | 479,629 | | | | Buy | | | | | 08/14/15 | | | | | | 538,000 | | | | | | 535,037 | | | | | | (2,963) | | |
Citigroup, Inc. | | | EU Euro | | | | | 247,969 | | | | Buy | | | | | 08/14/15 | | | | | | 278,000 | | | | | | 276,615 | | | | | | (1,385) | | |
Citigroup, Inc. | | | EU Euro | | | | | 1,375,860 | | | | Buy | | | | | 08/14/15 | | | | | | 1,568,000 | | | | | | 1,534,803 | | | | | | (33,197) | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 195,213 | | | | Buy | | | | | 08/14/15 | | | | | | 159,000 | | | | | | 156,202 | | | | | | (2,798) | | |
Citigroup, Inc. | | | EU Euro | | | | | 288,835 | | | | Buy | | | | | 08/14/15 | | | | | | 326,000 | | | | | | 322,202 | | | | | | (3,798) | | |
Citigroup, Inc. | | | Japanese Yen | | | | | 15,174,482 | | | | Buy | | | | | 08/14/15 | | | | | | 123,000 | | | | | | 124,054 | | | | | | 1,054 | | |
Citigroup, Inc. | | | British Pound | | | | | 146,615 | | | | Buy | | | | | 08/14/15 | | | | | | 228,000 | | | | | | 230,298 | | | | | | 2,298 | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 335,836 | | | | Buy | | | | | 08/14/15 | | | | | | 272,000 | | | | | | 268,722 | | | | | | (3,278) | | |
Citigroup, Inc. | | | British Pound | | | | | 129,468 | | | | Buy | | | | | 08/14/15 | | | | | | 199,000 | | | | | | 203,365 | | | | | | 4,365 | | |
See Accompanying Notes to Financial Statements
51
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Citigroup, Inc. | | | British Pound | | | | | 206,926 | | | | Buy | | | | | 08/14/15 | | | | | | 316,000 | | | | | | 325,033 | | | | | | 9,033 | | |
Citigroup, Inc. | | | Australian Dollar | | | | | 167,847 | | | | Buy | | | | | 08/14/15 | | | | | | 130,000 | | | | | | 129,182 | | | | | | (818) | | |
Citigroup, Inc. | | | EU Euro | | | | | 171,005 | | | | Buy | | | | | 08/14/15 | | | | | | 187,000 | | | | | | 190,760 | | | | | | 3,760 | | |
Citigroup, Inc. | | | Japanese Yen | | | | | 16,208,791 | | | | Buy | | | | | 08/14/15 | | | | | | 130,000 | | | | | | 132,510 | | | | | | 2,510 | | |
Citigroup, Inc. | | | Australian Dollar | | | | | 144,453 | | | | Buy | | | | | 08/14/15 | | | | | | 110,000 | | | | | | 111,176 | | | | | | 1,176 | | |
Citigroup, Inc. | | | Israeli New Shekel | | | | | 191,464 | | | | Buy | | | | | 09/11/15 | | | | | | 50,178 | | | | | | 50,749 | | | | | | 571 | | |
Citigroup, Inc. | | | Mexican Peso | | | | | 12,109,326 | | | | Buy | | | | | 09/11/15 | | | | | | 791,902 | | | | | | 766,503 | | | | | | (25,399) | | |
Citigroup, Inc. | | | Australian Dollar | | | | | 1,047,581 | | | | Buy | | | | | 08/14/15 | | | | | | 834,228 | | | | | | 806,260 | | | | | | (27,968) | | |
Deutsche Bank AG | | | EU Euro | | | | | 15,436 | | | | Buy | | | | | 08/14/15 | | | | | | 17,300 | | | | | | 17,219 | | | | | | (81) | | |
Deutsche Bank AG | | | Norwegian Krone | | | | | 2,147,036 | | | | Buy | | | | | 08/14/15 | | | | | | 280,000 | | | | | | 273,558 | | | | | | (6,442) | | |
Deutsche Bank AG | | | Swedish Krona | | | | | 1,491,089 | | | | Buy | | | | | 08/14/15 | | | | | | 184,000 | | | | | | 180,034 | | | | | | (3,966) | | |
Deutsche Bank AG | | | British Pound | | | | | 186,336 | | | | Buy | | | | | 08/14/15 | | | | | | 289,000 | | | | | | 292,691 | | | | | | 3,691 | | |
Deutsche Bank AG | | | EU Euro | | | | | 112,035 | | | | Buy | | | | | 08/14/15 | | | | | | 125,000 | | | | | | 124,978 | | | | | | (22) | | |
Deutsche Bank AG | | | Malaysian Ringgit | | | | | 352,023 | | | | Buy | | | | | 08/14/15 | | | | | | 98,037 | | | | | | 93,443 | | | | | | (4,594) | | |
Goldman Sachs & Co. | | | British Pound | | | | | 219,898 | | | | Buy | | | | | 08/14/15 | | | | | | 346,000 | | | | | | 345,408 | | | | | | (592) | | |
Goldman Sachs & Co. | | | British Pound | | | | | 175,430 | | | | Buy | | | | | 08/14/15 | | | | | | 276,000 | | | | | | 275,561 | | | | | | (439) | | |
Goldman Sachs & Co. | | | British Pound | | | | | 419,036 | | | | Buy | | | | | 08/14/15 | | | | | | 657,000 | | | | | | 658,208 | | | | | | 1,208 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 317,143 | | | | Buy | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 353,780 | | | | | | (5,970) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 320,062 | | | | Buy | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 357,037 | | | | | | (2,713) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 320,031 | | | | Buy | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 357,002 | | | | | | (2,748) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 1,391,699 | | | | Buy | | | | | 08/14/15 | | | | | | 1,571,000 | | | | | | 1,552,472 | | | | | | (18,528) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 1,372,265 | | | | Buy | | | | | 08/14/15 | | | | | | 1,527,000 | | | | | | 1,530,793 | | | | | | 3,793 | | |
HSBC Bank PLC | | | Peruvian Nuevo Sol | | | | | 11,796 | | | | Buy | | | | | 09/11/15 | | | | | | 3,677 | | | | | | 3,671 | | | | | | (6) | | |
HSBC Bank PLC | | | South Korean Won | | | | | 649,483,611 | | | | Buy | | | | | 08/14/15 | | | | | | 591,434 | | | | | | 579,362 | | | | | | (12,072) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 178,034 | | | | Buy | | | | | 08/14/15 | | | | | | 137,000 | | | | | | 137,022 | | | | | | 22 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 202,314 | | | | Buy | | | | | 08/14/15 | | | | | | 156,000 | | | | | | 155,709 | | | | | | (291) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 530,607 | | | | Buy | | | | | 08/14/15 | | | | | | 411,000 | | | | | | 408,377 | | | | | | (2,623) | | |
JPMorgan Chase & Co. | | | Japanese Yen | | | | | 37,495,141 | | | | Buy | | | | | 08/14/15 | | | | | | 306,000 | | | | | | 306,530 | | | | | | 530 | | |
JPMorgan Chase & Co. | | | New Zealand Dollar | | | | | 120,843 | | | | Buy | | | | | 08/14/15 | | | | | | 83,000 | | | | | | 81,572 | | | | | | (1,428) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 383,078 | | | | Buy | | | | | 08/14/15 | | | | | | 296,000 | | | | | | 294,832 | | | | | | (1,168) | | |
JPMorgan Chase & Co. | | | Canadian Dollar | | | | | 406,551 | | | | Buy | | | | | 08/14/15 | | | | | | 332,000 | | | | | | 325,306 | | | | | | (6,694) | | |
JPMorgan Chase & Co. | | | British Pound | | | | | 285,117 | | | | Buy | | | | | 08/14/15 | | | | | | 437,000 | | | | | | 447,853 | | | | | | 10,853 | | |
JPMorgan Chase & Co. | | | Japanese Yen | | | | | 10,221,603 | | | | Buy | | | | | 08/14/15 | | | | | | 82,000 | | | | | | 83,564 | | | | | | 1,564 | | |
JPMorgan Chase & Co. | | | British Pound | | | | | 429,033 | | | | Buy | | | | | 08/14/15 | | | | | | 659,000 | | | | | | 673,911 | | | | | | 14,911 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 262,261 | | | | Buy | | | | | 08/14/15 | | | | | | 203,000 | | | | | | 201,846 | | | | | | (1,154) | | |
JPMorgan Chase & Co. | | | Canadian Dollar | | | | | 296,848 | | | | Buy | | | | | 08/14/15 | | | | | | 239,000 | | | | | | 237,526 | | | | | | (1,474) | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 143,615 | | | | Buy | | | | | 08/14/15 | | | | | | 158,000 | | | | | | 160,206 | | | | | | 2,206 | | |
JPMorgan Chase & Co. | | | Canadian Dollar | | | | | 2,450 | | | | Buy | | | | | 08/14/15 | | | | | | 1,965 | | | | | | 1,960 | | | | | | (5) | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 326,817 | | | | Buy | | | | | 08/14/15 | | | | | | 358,000 | | | | | | 364,572 | | | | | | 6,572 | | |
JPMorgan Chase & Co. | | | Brazilian Real | | | | | 5,294 | | | | Buy | | | | | 09/11/15 | | | | | | 1,687 | | | | | | 1,659 | | | | | | (28) | | |
JPMorgan Chase & Co. | | | Hong Kong Sar Dollar | | | | | 83,689 | | | | Buy | | | | | 08/14/15 | | | | | | 10,796 | | | | | | 10,796 | | | | | | — | | |
JPMorgan Chase & Co. | | | Indonesian Rupiah | | | | | 841,602,000 | | | | Buy | | | | | 08/14/15 | | | | | | 62,309 | | | | | | 62,406 | | | | | | 97 | | |
JPMorgan Chase & Co. | | | Canadian Dollar | | | | | 2,893,116 | | | | Buy | | | | | 08/14/15 | | | | | | 2,398,453 | | | | | | 2,314,954 | | | | | | (83,499) | | |
JPMorgan Chase & Co. | | | Danish Krone | | | | | 849,772 | | | | Buy | | | | | 08/14/15 | | | | | | 129,353 | | | | | | 127,147 | | | | | | (2,206) | | |
JPMorgan Chase & Co. | | | British Pound | | | | | 1,578,586 | | | | Buy | | | | | 08/14/15 | | | | | | 2,480,218 | | | | | | 2,479,595 | | | | | | (623) | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 285,052 | | | | Buy | | | | | 08/14/15 | | | | | | 198,000 | | | | | | 192,418 | | | | | | (5,582) | | |
Morgan Stanley | | | British Pound | | | | | 146,403 | | | | Buy | | | | | 08/14/15 | | | | | | 228,000 | | | | | | 229,966 | | | | | | 1,966 | | |
Morgan Stanley | | | Australian Dollar | | | | | 277,931 | | | | Buy | | | | | 08/14/15 | | | | | | 214,000 | | | | | | 213,906 | | | | | | (94) | | |
Morgan Stanley | | | EU Euro | | | | | 1,180,630 | | | | Buy | | | | | 08/14/15 | | | | | | 1,337,000 | | | | | | 1,317,019 | | | | | | (19,981) | | |
Morgan Stanley | | | Norwegian Krone | | | | | 2,126,129 | | | | Buy | | | | | 08/14/15 | | | | | | 273,000 | | | | | | 270,894 | | | | | | (2,106) | | |
See Accompanying Notes to Financial Statements
52
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Morgan Stanley | | | New Zealand Dollar | | | | | 284,714 | | | | Buy | | | | | 08/14/15 | | | | | | 202,000 | | | | | | 192,189 | | | | | | (9,811) | | |
Morgan Stanley | | | Swedish Krona | | | | | 1,515,379 | | | | Buy | | | | | 08/14/15 | | | | | | 183,000 | | | | | | 182,966 | | | | | | (34) | | |
Morgan Stanley | | | EU Euro | | | | | 187,135 | | | | Buy | | | | | 08/14/15 | | | | | | 211,000 | | | | | | 208,753 | | | | | | (2,247) | | |
Morgan Stanley | | | EU Euro | | | | | 225,480 | | | | Buy | | | | | 08/14/15 | | | | | | 254,000 | | | | | | 251,528 | | | | | | (2,472) | | |
Morgan Stanley | | | British Pound | | | | | 348,742 | | | | Buy | | | | | 08/14/15 | | | | | | 534,000 | | | | | | 547,793 | | | | | | 13,793 | | |
Morgan Stanley | | | EU Euro | | | | | 460,411 | | | | Buy | | | | | 08/14/15 | | | | | | 512,000 | | | | | | 513,598 | | | | | | 1,598 | | |
Morgan Stanley | | | EU Euro | | | | | 1,473,206 | | | | Buy | | | | | 08/14/15 | | | | | | 1,619,000 | | | | | | 1,643,394 | | | | | | 24,394 | | |
Morgan Stanley | | | EU Euro | | | | | 77,806 | | | | Buy | | | | | 08/14/15 | | | | | | 85,240 | | | | | | 86,794 | | | | | | 1,554 | | |
Morgan Stanley | | | EU Euro | | | | | 140,494 | | | | Buy | | | | | 08/14/15 | | | | | | 153,000 | | | | | | 156,724 | | | | | | 3,724 | | |
Morgan Stanley | | | Chilean Peso | | | | | 4,391,763 | | | | Buy | | | | | 09/11/15 | | | | | | 6,910 | | | | | | 6,824 | | | | | | (86) | | |
Morgan Stanley | | | Colombian Peso | | | | | 995,085 | | | | Buy | | | | | 09/11/15 | | | | | | 389 | | | | | | 378 | | | | | | (11) | | |
Morgan Stanley | | | Czech Koruna | | | | | 1,154,548 | | | | Buy | | | | | 09/11/15 | | | | | | 48,280 | | | | | | 47,248 | | | | | | (1,032) | | |
Morgan Stanley | | | British Pound | | | | | 58,727 | | | | Buy | | | | | 08/14/15 | | | | | | 92,000 | | | | | | 92,247 | | | | | | 247 | | |
Morgan Stanley | | | Hungarian Forint | | | | | 401,990 | | | | Buy | | | | | 09/11/15 | | | | | | 1,470 | | | | | | 1,419 | | | | | | (51) | | |
Morgan Stanley | | | Norwegian Krone | | | | | 1,807,208 | | | | Buy | | | | | 08/14/15 | | | | | | 239,000 | | | | | | 230,260 | | | | | | (8,740) | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 424,625 | | | | Buy | | | | | 08/14/15 | | | | | | 309,000 | | | | | | 286,633 | | | | | | (22,367) | | |
Morgan Stanley | | | Polish Zloty | | | | | 422,687 | | | | Buy | | | | | 09/11/15 | | | | | | 115,396 | | | | | | 112,200 | | | | | | (3,196) | | |
Morgan Stanley | | | Russian Ruble | | | | | 2,847,623 | | | | Buy | | | | | 09/11/15 | | | | | | 51,606 | | | | | | 50,300 | | | | | | (1,306) | | |
Morgan Stanley | | | South African Rand | | | | | 969,568 | | | | Buy | | | | | 09/11/15 | | | | | | 78,567 | | | | | | 78,691 | | | | | | 124 | | |
Morgan Stanley | | | British Pound | | | | | 139,430 | | | | Buy | | | | | 08/14/15 | | | | | | 216,000 | | | | | | 219,012 | | | | | | 3,012 | | |
Morgan Stanley | | | Thai Baht | | | | | 4,334,011 | | | | Buy | | | | | 08/14/15 | | | | | | 128,969 | | | | | | 128,123 | | | | | | (846) | | |
Morgan Stanley | | | EU Euro | | | | | 8,027,858 | | | | Buy | | | | | 08/14/15 | | | | | | 9,112,163 | | | | | | 8,955,256 | | | | | | (156,907) | | |
Morgan Stanley | | | British Pound | | | | | 109,341 | | | | Buy | | | | | 08/14/15 | | | | | | 172,000 | | | | | | 171,750 | | | | | | (250) | | |
Morgan Stanley | | | Japanese Yen | | | | | 978,651,093 | | | | Buy | | | | | 08/14/15 | | | | | | 8,174,441 | | | | | | 8,000,663 | | | | | | (173,778) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (557,265) | | |
Barclays Bank PLC | | | Norwegian Krone | | | | | 4,274,688 | | | | Sell | | | | | 08/14/15 | | | | | $ | 542,000 | | | | | $ | 544,646 | | | | | $ | (2,646) | | |
Barclays Bank PLC | | | EU Euro | | | | | 161,897 | | | | Sell | | | | | 08/14/15 | | | | | | 184,000 | | | | | | 180,600 | | | | | | 3,400 | | |
Barclays Bank PLC | | | Japanese Yen | | | | | 44,372,770 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 362,756 | | | | | | (3,006) | | |
Barclays Bank PLC | | | Japanese Yen | | | | | 190,154,996 | | | | Sell | | | | | 08/14/15 | | | | | | 1,532,000 | | | | | | 1,554,554 | | | | | | (22,554) | | |
Barclays Bank PLC | | | Swedish Krona | | | | | 992,186 | | | | Sell | | | | | 08/14/15 | | | | | | 116,000 | | | | | | 119,796 | | | | | | (3,796) | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 268,451 | | | | Sell | | | | | 08/14/15 | | | | | | 217,000 | | | | | | 214,804 | | | | | | 2,196 | | |
Citigroup, Inc. | | | Norwegian Krone | | | | | 589,491 | | | | Sell | | | | | 08/14/15 | | | | | | 75,000 | | | | | | 75,108 | | | | | | (108) | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 96,316 | | | | Sell | | | | | 08/14/15 | | | | | | 78,000 | | | | | | 77,068 | | | | | | 932 | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 148,818 | | | | Sell | | | | | 08/14/15 | | | | | | 120,000 | | | | | | 119,078 | | | | | | 922 | | |
Citigroup, Inc. | | | British Pound | | | | | 98,878 | | | | Sell | | | | | 08/14/15 | | | | | | 157,000 | | | | | | 155,315 | | | | | | 1,685 | | |
Citigroup, Inc. | | | Swedish Krona | | | | | 1,419,530 | | | | Sell | | | | | 08/14/15 | | | | | | 174,000 | | | | | | 171,394 | | | | | | 2,606 | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 172,525 | | | | Sell | | | | | 08/14/15 | | | | | | 140,000 | | | | | | 138,048 | | | | | | 1,952 | | |
Citigroup, Inc. | | | British Pound | | | | | 156,940 | | | | Sell | | | | | 08/14/15 | | | | | | 243,000 | | | | | | 246,516 | | | | | | (3,516) | | |
Citigroup, Inc. | | | Canadian Dollar | | | | | 173,411 | | | | Sell | | | | | 08/14/15 | | | | | | 141,000 | | | | | | 138,756 | | | | | | 2,244 | | |
Citigroup, Inc. | | | Swedish Krona | | | | | 1,313,168 | | | | Sell | | | | | 08/14/15 | | | | | | 158,000 | | | | | | 158,552 | | | | | | (552) | | |
Citigroup, Inc. | | | British Pound | | | | | 154,615 | | | | Sell | | | | | 08/14/15 | | | | | | 237,000 | | | | | | 242,865 | | | | | | (5,865) | | |
Citigroup, Inc. | | | British Pound | | | | | 107,931 | | | | Sell | | | | | 08/14/15 | | | | | | 165,000 | | | | | | 169,535 | | | | | | (4,535) | | |
Citigroup, Inc. | | | British Pound | | | | | 297,921 | | | | Sell | | | | | 08/14/15 | | | | | | 456,000 | | | | | | 467,965 | | | | | | (11,965) | | |
Citigroup, Inc. | | | British Pound | | | | | 111,093 | | | | Sell | | | | | 08/14/15 | | | | | | 171,000 | | | | | | 174,502 | | | | | | (3,502) | | |
Citigroup, Inc. | | | EU Euro | | | | | 46,885 | | | | Sell | | | | | 08/14/15 | | | | | | 52,000 | | | | | | 52,302 | | | | | | (302) | | |
Citigroup, Inc. | | | Philippine Peso | | | | | 800,028 | | | | Sell | | | | | 08/14/15 | | | | | | 17,894 | | | | | | 17,711 | | | | | | 183 | | |
Deutsche Bank AG | | | EU Euro | | | | | 322,550 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 359,812 | | | | | | (62) | | |
Deutsche Bank AG | | | Swedish Krona | | | | | 806,859 | | | | Sell | | | | | 08/14/15 | | | | | | 98,000 | | | | | | 97,420 | | | | | | 580 | | |
Deutsche Bank AG | | | Japanese Yen | | | | | 44,371,856 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 362,749 | | | | | | (2,999) | | |
See Accompanying Notes to Financial Statements
53
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Deutsche Bank AG | | | Japanese Yen | | | | | 44,373,295 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 362,760 | | | | | | (3,010) | | |
Deutsche Bank AG | | | Norwegian Krone | | | | | 2,126,943 | | | | Sell | | | | | 08/14/15 | | | | | | 271,000 | | | | | | 270,998 | | | | | | 2 | | |
Deutsche Bank AG | | | Australian Dollar | | | | | 459,715 | | | | Sell | | | | | 08/14/15 | | | | | | 352,000 | | | | | | 353,815 | | | | | | (1,815) | | |
Deutsche Bank AG | | | Norwegian Krone | | | | | 1,819,244 | | | | Sell | | | | | 08/14/15 | | | | | | 234,000 | | | | | | 231,793 | | | | | | 2,207 | | |
Deutsche Bank AG | | | Romanian New Leu | | | | | 4,811 | | | | Sell | | | | | 09/11/15 | | | | | | 1,221 | | | | | | 1,197 | | | | | | 24 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 322,397 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 359,641 | | | | | | 109 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 322,403 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 359,648 | | | | | | 102 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 322,426 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 359,674 | | | | | | 76 | | |
Goldman Sachs & Co. | | | Canadian Dollar | | | | | 319,899 | | | | Sell | | | | | 08/14/15 | | | | | | 258,000 | | | | | | 255,970 | | | | | | 2,030 | | |
Goldman Sachs & Co. | | | Japanese Yen | | | | | 44,367,932 | | | | Sell | | | | | 08/14/15 | | | | | | 359,750 | | | | | | 362,716 | | | | | | (2,966) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 1,571,908 | | | | Sell | | | | | 08/14/15 | | | | | | 1,768,000 | | | | | | 1,753,498 | | | | | | 14,502 | | |
Goldman Sachs & Co. | | | Japanese Yen | | | | | 9,695,985 | | | | Sell | | | | | 08/14/15 | | | | | | 78,000 | | | | | | 79,267 | | | | | | (1,267) | | |
Goldman Sachs & Co. | | | Canadian Dollar | | | | | 155,837 | | | | Sell | | | | | 08/14/15 | | | | | | 125,000 | | | | | | 124,695 | | | | | | 305 | | |
Goldman Sachs & Co. | | | Swedish Krona | | | | | 1,003,238 | | | | Sell | | | | | 08/14/15 | | | | | | 120,000 | | | | | | 121,131 | | | | | | (1,131) | | |
Goldman Sachs & Co. | | | Swedish Krona | | | | | 1,009,802 | | | | Sell | | | | | 08/14/15 | | | | | | 123,161 | | | | | | 121,924 | | | | | | 1,237 | | |
JPMorgan Chase & Co. | | | British Pound | | | | | 329,046 | | | | Sell | | | | | 08/14/15 | | | | | | 517,000 | | | | | | 516,855 | | | | | | 145 | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 475,148 | | | | Sell | | | | | 08/14/15 | | | | | | 530,000 | | | | | | 530,038 | | | | | | (38) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 491,585 | | | | Sell | | | | | 08/14/15 | | | | | | 377,000 | | | | | | 378,343 | | | | | | (1,343) | | |
JPMorgan Chase & Co. | | | Japanese Yen | | | | | 17,336,200 | | | | Sell | | | | | 08/14/15 | | | | | | 140,000 | | | | | | 141,727 | | | | | | (1,727) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 183,516 | | | | Sell | | | | | 08/14/15 | | | | | | 140,000 | | | | | | 141,241 | | | | | | (1,241) | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 115,267 | | | | Sell | | | | | 08/14/15 | | | | | | 129,000 | | | | | | 128,583 | | | | | | 417 | | |
JPMorgan Chase & Co. | | | Swiss Franc | | | | | 98,087 | | | | Sell | | | | | 08/14/15 | | | | | | 107,000 | | | | | | 105,089 | | | | | | 1,911 | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 325,346 | | | | Sell | | | | | 08/14/15 | | | | | | 369,000 | | | | | | 362,930 | | | | | | 6,070 | | |
JPMorgan Chase & Co. | | | British Pound | | | | | 296,633 | | | | Sell | | | | | 08/14/15 | | | | | | 464,000 | | | | | | 465,941 | | | | | | (1,941) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 390,145 | | | | Sell | | | | | 08/14/15 | | | | | | 302,000 | | | | | | 300,271 | | | | | | 1,729 | | |
JPMorgan Chase & Co. | | | Canadian Dollar | | | | | 407,762 | | | | Sell | | | | | 08/14/15 | | | | | | 331,000 | | | | | | 326,275 | | | | | | 4,725 | | |
JPMorgan Chase & Co. | | | New Zealand Dollar | | | | | 298,580 | | | | Sell | | | | | 08/14/15 | | | | | | 208,000 | | | | | | 201,549 | | | | | | 6,451 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 161,659 | | | | Sell | | | | | 08/14/15 | | | | | | 125,000 | �� | | | | | 124,419 | | | | | | 581 | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 139,556 | | | | Sell | | | | | 08/14/15 | | | | | | 158,000 | | | | | | 155,678 | | | | | | 2,322 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 232,801 | | | | Sell | | | | | 08/14/15 | | | | | | 177,000 | | | | | | 179,173 | | | | | | (2,173) | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 169,678 | | | | Sell | | | | | 08/14/15 | | | | | | 189,000 | | | | | | 189,280 | | | | | | (280) | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 177,734 | | | | Sell | | | | | 08/14/15 | | | | | | 136,000 | | | | | | 136,791 | | | | | | (791) | | |
JPMorgan Chase & Co. | | | Japanese Yen | | | | | 77,274,775 | | | | Sell | | | | | 08/14/15 | | | | | | 639,000 | | | | | | 631,736 | | | | | | 7,264 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 251,723 | | | | Sell | | | | | 08/14/15 | | | | | | 197,000 | | | | | | 193,736 | | | | | | 3,264 | | |
JPMorgan Chase & Co. | | | Australian Dollar | | | | | 261,499 | | | | Sell | | | | | 08/14/15 | | | | | | 206,000 | | | | | | 201,260 | | | | | | 4,740 | | |
JPMorgan Chase & Co. | | | EU Euro | | | | | 362,670 | | | | Sell | | | | | 08/14/15 | | | | | | 405,000 | | | | | | 404,566 | | | | | | 434 | | |
JPMorgan Chase & Co. | | | Norwegian Krone | | | | | 1,035,918 | | | | Sell | | | | | 08/14/15 | | | | | | 139,862 | | | | | | 131,988 | | | | | | 7,874 | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 172,785 | | | | Sell | | | | | 08/14/15 | | | | | | 118,000 | | | | | | 116,635 | | | | | | 1,365 | | |
Morgan Stanley | | | Australian Dollar | | | | | 260,076 | | | | Sell | | | | | 08/14/15 | | | | | | 201,000 | | | | | | 200,165 | | | | | | 835 | | |
Morgan Stanley | | | Japanese Yen | | | | | 9,015,415 | | | | Sell | | | | | 08/14/15 | | | | | | 73,000 | | | | | | 73,703 | | | | | | (703) | | |
Morgan Stanley | | | Japanese Yen | | | | | 188,649,760 | | | | Sell | | | | | 08/14/15 | | | | | | 1,532,000 | | | | | | 1,542,249 | | | | | | (10,249) | | |
Morgan Stanley | | | British Pound | | | | | 106,182 | | | | Sell | | | | | 08/14/15 | | | | | | 168,000 | | | | | | 166,787 | | | | | | 1,213 | | |
Morgan Stanley | | | British Pound | | | | | 161,858 | | | | Sell | | | | | 08/14/15 | | | | | | 256,000 | | | | | | 254,242 | | | | | | 1,758 | | |
Morgan Stanley | | | Japanese Yen | | | | | 10,978,661 | | | | Sell | | | | | 08/14/15 | | | | | | 89,000 | | | | | | 89,753 | | | | | | (753) | | |
Morgan Stanley | | | Norwegian Krone | | | | | 2,123,336 | | | | Sell | | | | | 08/14/15 | | | | | | 273,000 | | | | | | 270,538 | | | | | | 2,462 | | |
Morgan Stanley | | | Australian Dollar | | | | | 287,461 | | | | Sell | | | | | 08/14/15 | | | | | | 222,000 | | | | | | 221,241 | | | | | | 759 | | |
Morgan Stanley | | | EU Euro | | | | | 447,371 | | | | Sell | | | | | 08/14/15 | | | | | | 505,000 | | | | | | 499,052 | | | | | | 5,948 | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 262,729 | | | | Sell | | | | | 08/14/15 | | | | | | 186,000 | | | | | | 177,348 | | | | | | 8,652 | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 253,154 | | | | Sell | | | | | 08/14/15 | | | | | | 179,000 | | | | | | 170,886 | | | | | | 8,114 | | |
Morgan Stanley | | | Canadian Dollar | | | | | 246,359 | | | | Sell | | | | | 08/14/15 | | | | | | 197,000 | | | | | | 197,127 | | | | | | (127) | | |
See Accompanying Notes to Financial Statements
54
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Morgan Stanley | | | Japanese Yen | | | | | 189,691,304 | | | | Sell | | | | | 08/14/15 | | | | | | 1,525,000 | | | | | | 1,550,763 | | | | | | (25,763) | | |
Morgan Stanley | | | British Pound | | | | | 94,799 | | | | Sell | | | | | 08/14/15 | | | | | | 144,000 | | | | | | 148,908 | | | | | | (4,908) | | |
Morgan Stanley | | | Canadian Dollar | | | | | 368,138 | | | | Sell | | | | | 08/14/15 | | | | | | 296,000 | | | | | | 294,569 | | | | | | 1,431 | | |
Morgan Stanley | | | British Pound | | | | | 72,405 | | | | Sell | | | | | 08/14/15 | | | | | | 112,000 | | | | | | 113,731 | | | | | | (1,731) | | |
Morgan Stanley | | | Japanese Yen | | | | | 10,192,890 | | | | Sell | | | | | 08/14/15 | | | | | | 84,000 | | | | | | 83,329 | | | | | | 671 | | |
Morgan Stanley | | | EU Euro | | | | | 230,682 | | | | Sell | | | | | 08/14/15 | | | | | | 257,000 | | | | | | 257,331 | | | | | | (331) | | |
Morgan Stanley | | | Australian Dollar | | | | | 296,577 | | | | Sell | | | | | 08/14/15 | | | | | | 233,000 | | | | | | 228,258 | | | | | | 4,742 | | |
Morgan Stanley | | | Canadian Dollar | | | | | 411,685 | | | | Sell | | | | | 08/14/15 | | | | | | 337,000 | | | | | | 329,414 | | | | | | 7,586 | | |
Morgan Stanley | | | Swedish Krona | | | | | 922,295 | | | | Sell | | | | | 08/14/15 | | | | | | 111,000 | | | | | | 111,358 | | | | | | (358) | | |
Morgan Stanley | | | Canadian Dollar | | | | | 276,449 | | | | Sell | | | | | 08/14/15 | | | | | | 226,000 | | | | | | 221,203 | | | | | | 4,797 | | |
Morgan Stanley | | | British Pound | | | | | 218,201 | | | | Sell | | | | | 08/14/15 | | | | | | 338,000 | | | | | | 342,744 | | | | | | (4,744) | | |
Morgan Stanley | | | New Zealand Dollar | | | | | 550,986 | | | | Sell | | | | | 08/14/15 | | | | | | 406,300 | | | | | | 371,930 | | | | | | 34,370 | | |
Morgan Stanley | | | Swiss Franc | | | | | 67,544 | | | | Sell | | | | | 08/14/15 | | | | | | 73,306 | | | | | | 72,366 | | | | | | 940 | | |
Morgan Stanley | | | EU Euro | | | | | 152,611 | | | | Sell | | | | | 08/14/15 | | | | | | 175,000 | | | | | | 170,241 | | | | | | 4,759 | | |
Morgan Stanley | | | South African Rand | | | | | 661,064 | | | | Sell | | | | | 09/11/15 | | | | | | 53,568 | | | | | | 53,652 | | | | | | (84) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 40,741 | | |
| | | | | | | | |
At June 30, 2015, the following futures contracts were outstanding for Voya Balanced Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||||||
30-year German Government Bond | | | | | 8 | | | | | | 09/08/15 | | | | | $ | 1,325,693 | | | | | $ | (16,749) | | | ||||
Australia 10-Year Bond | | | | | 2 | | | | | | 09/15/15 | | | | | | 193,291 | | | | | | 1,171 | | | ||||
Australia 3-Year Bond | | | | | 7 | | | | | | 09/15/15 | | | | | | 601,351 | | | | | | 991 | | | ||||
Canada 10-Year Bond | | | | | 6 | | | | | | 09/21/15 | | | | | | 672,538 | | | | | | 5,983 | | | ||||
Euro-Bobl 5-Year | | | | | 17 | | | | | | 09/08/15 | | | | | | 2,455,863 | | | | | | 9,879 | | | ||||
Euro-Schatz | | | | | 25 | | | | | | 09/08/15 | | | | | | 3,101,379 | | | | | | 2,188 | | | ||||
Japanese Government Bonds 10-Year Mini | | | | | 5 | | | | | | 09/09/15 | | | | | | 600,319 | | | | | | 1,115 | | | ||||
Long Gilt | | | | | 10 | | | | | | 09/28/15 | | | | | | 1,818,396 | | | | | | (20,149) | | | ||||
Long-Term Euro-BTP | | | | | 12 | | | | | | 09/08/15 | | | | | | 1,741,979 | | | | | | (17,824) | | | ||||
S&P 500 E-Mini | | | | | 249 | | | | | | 09/18/15 | | | | | | 25,577,280 | | | | | | (233,476) | | | ||||
U.S. Treasury 10-Year Note | | | | | 8 | | | | | | 09/21/15 | | | | | | 1,009,375 | | | | | | 7,534 | | | ||||
U.S. Treasury 2-Year Note | | | | | 81 | | | | | | 09/30/15 | | | | | | 17,733,938 | | | | | | 30,241 | | | ||||
U.S. Treasury Long Bond | | | | | 7 | | | | | | 09/21/15 | | | | | | 1,055,906 | | | | | | (23,955) | | | ||||
U.S. Treasury Ultra Long Bond | | | | | 22 | | | | | | 09/21/15 | | | | | | 3,389,375 | | | | | | (86,607) | | | ||||
| | | | | | | | | | | | | | | | $ | 61,276,683 | | | | | $ | (339,658) | | | ||||
Short Contracts | | | | | | ||||||||||||||||||||||||
Euro-Bund | | | | | (4) | | | | | | 09/08/15 | | | | | | (677,830) | | | | | | (454) | | | ||||
Short Gilt | | | | | (1) | | | | | | 09/28/15 | | | | | | (164,195) | | | | | | 155 | | | ||||
U.S. Treasury 5-Year Note | | | | | (144) | | | | | | 09/30/15 | | | | | | (17,173,125) | | | | | | (5,467) | | | ||||
| | | | | | | | | | | | | | | | $ | (18,015,150) | | | | | $ | (5,766) | | | ||||
|
See Accompanying Notes to Financial Statements
55
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
At June 30, 2015, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:
| | | Clearinghouse | | | Termination Date | | | Notional Amount | | | Fair Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||||
Receive a floating rate equal to the 6-month EUR-EURIBOR-Reuters and pay a fixed rate equal to 0.237% | | | Chicago Mercantile Exchange | | | | | 10/03/17 | | | | | | EUR | | | | | | 1,500,000 | | | | | $ | (3,166) | | | | | $ | (3,316) | | |
Receive a fixed rate equal to 0.754% and pay a floating rate based on the 6-month JPY-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/21/24 | | | | | | JPY | | | | | | 259,000,000 | | | | | | 36,555 | | | | | | 43,685 | | |
Receive a fixed rate equal to 1.289% and pay a floating rate based on the 6-month JPY-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 02/04/45 | | | | | | JPY | | | | | | 183,000,000 | | | | | | (73,275) | | | | | | (75,375) | | |
Receive a floating rate equal to the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 0.558% | | | Chicago Mercantile Exchange | | | | | 02/24/45 | | | | | | JPY | | | | | | 192,978,870 | | | | | | (8,205) | | | | | | (8,160) | | |
Receive a floating rate equal to the 6-month JPY-LIBOR-BBA and pay a fixed rate equal to 1.443% | | | Chicago Mercantile Exchange | | | | | 02/24/45 | | | | | | JPY | | | | | | 83,385,931 | | | | | | 6,735 | | | | | | 6,692 | | |
Receive a fixed rate equal to 0.347% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 10/09/15 | | | | | | USD | | | | | | 7,000,000 | | | | | | 928 | | | | | | 928 | | |
Receive a fixed rate equal to 0.771% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 10/09/16 | | | | | | USD | | | | | | 17,800,000 | | | | | | (36,970) | | | | | | (36,970) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.119% | | | Chicago Mercantile Exchange | | | | | 08/08/17 | | | | | | USD | | | | | | 5,000,000 | | | | | | (19,466) | | | | | | (19,466) | | |
Receive a fixed rate equal to 1.178% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/15/18 | | | | | | USD | | | | | | 10,400,000 | | | | | | (6,520) | | | | | | (6,520) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.166% | | | Chicago Mercantile Exchange | | | | | 05/20/18 | | | | | | USD | | | | | | 5,200,000 | | | | | | 5,901 | | | | | | 5,901 | | |
Receive a fixed rate equal to 1.208% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/21/18 | | | | | | USD | | | | | | 3,100,000 | | | | | | 235 | | | | | | 235 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.231% | | | Chicago Mercantile Exchange | | | | | 05/27/18 | | | | | | USD | | | | | | 6,100,000 | | | | | | (3,174) | | | | | | (3,174) | | |
Receive a fixed rate equal to 1.224% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/27/18 | | | | | | USD | | | | | | 4,300,000 | | | | | | 1,310 | | | | | | 1,310 | | |
Receive a fixed rate equal to 1.206% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/01/18 | | | | | | USD | | | | | | 3,100,000 | | | | | | (897) | | | | | | (897) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.257% | | | Chicago Mercantile Exchange | | | | | 06/04/18 | | | | | | USD | | | | | | 3,100,000 | | | | | | (3,482) | | | | | | (3,482) | | |
Receive a fixed rate equal to 1.323% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/10/18 | | | | | | USD | | | | | | 2,500,000 | | | | | | 7,175 | | | | | | 7,175 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.347% | | | Chicago Mercantile Exchange | | | | | 06/11/18 | | | | | | USD | | | | | | 3,100,000 | | | | | | (11,053) | | | | | | (11,053) | | |
See Accompanying Notes to Financial Statements
56
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Clearinghouse | | | Termination Date | | | Notional Amount | | | Fair Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.374% | | | Chicago Mercantile Exchange | | | | | 06/12/18 | | | | | | USD | | | | | | 6,000,000 | | | | | | (25,886) | | | | | | (25,886) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.267% | | | Chicago Mercantile Exchange | | | | | 06/19/18 | | | | | | USD | | | | | | 6,384,000 | | | | | | (6,666) | | | | | | (6,666) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.283% | | | Chicago Mercantile Exchange | | | | | 06/26/18 | | | | | | USD | | | | | | 2,200,000 | | | | | | (3,023) | | | | | | (3,023) | | |
Receive a fixed rate equal to 1.525% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/11/19 | | | | | | USD | | | | | | 7,000,000 | | | | | | 7,605 | | | | | | 7,605 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.465% | | | Chicago Mercantile Exchange | | | | | 05/18/19 | | | | | | USD | | | | | | 4,000,000 | | | | | | 5,483 | | | | | | 5,483 | | |
Receive a fixed rate equal to 1.460% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/01/19 | | | | | | USD | | | | | | 6,100,000 | | | | | | (12,164) | | | | | | (12,164) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.659% | | | Chicago Mercantile Exchange | | | | | 06/09/19 | | | | | | USD | | | | | | 3,100,000 | | | | | | (17,088) | | | | | | (17,088) | | |
Receive a fixed rate equal to 1.640% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/09/19 | | | | | | USD | | | | | | 3,100,000 | | | | | | 14,814 | | | | | | 14,814 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.682% | | | Chicago Mercantile Exchange | | | | | 06/15/19 | | | | | | USD | | | | | | 3,100,000 | | | | | | (19,277) | | | | | | (19,277) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.686% | | | Chicago Mercantile Exchange | | | | | 06/15/19 | | | | | | USD | | | | | | 3,100,000 | | | | | | (19,818) | | | | | | (19,818) | | |
Receive a fixed rate equal to 1.609% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/17/19 | | | | | | USD | | | | | | 3,100,000 | | | | | | 10,554 | | | | | | 10,554 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.794% | | | Chicago Mercantile Exchange | | | | | 08/08/19 | | | | | | USD | | | | | | 3,500,000 | | | | | | (32,898) | | | | | | (32,898) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.668% | | | Chicago Mercantile Exchange | | | | | 10/30/19 | | | | | | USD | | | | | | 17,090,000 | | | | | | (37,626) | | | | | | (37,626) | | |
Receive a fixed rate equal to 2.000% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 11/05/19 | | | | | | USD | | | | | | 34,860,000 | | | | | | 557,608 | | | | | | 557,608 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.882% | | | Chicago Mercantile Exchange | | | | | 06/30/20 | | | | | | USD | | | | | | 5,230,000 | | | | | | (28,082) | | | | | | (28,082) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.507% | | | Chicago Mercantile Exchange | | | | | 10/09/24 | | | | | | USD | | | | | | 1,800,000 | | | | | | (17,402) | | | | | | (17,402) | | |
Receive a fixed rate equal to 2.408% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 10/30/24 | | | | | | USD | | | | | | 8,880,000 | | | | | | 8,084 | | | | | | 8,084 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.760% | | | Chicago Mercantile Exchange | | | | | 11/05/24 | | | | | | USD | | | | | | 18,480,000 | | | | | | (569,566) | | | | | | (569,566) | | |
See Accompanying Notes to Financial Statements
57
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Clearinghouse | | | Termination Date | | | Notional Amount | | | Fair Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.189% | | | Chicago Mercantile Exchange | | | | | 05/05/25 | | | | | | USD | | | | | | 7,000,000 | | | | | | 160,490 | | | | | | 160,490 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.168% | | | Chicago Mercantile Exchange | | | | | 05/05/25 | | | | | | USD | | | | | | 7,000,000 | | | | | | (173,713) | | | | | | (173,713) | | |
Receive a fixed rate equal to 2.488% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/15/25 | | | | | | USD | | | | | | 3,800,000 | | | | | | 12,276 | | | | | | 12,276 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.460% | | | Chicago Mercantile Exchange | | | | | 06/15/25 | | | | | | USD | | | | | | 3,800,000 | | | | | | (3,992) | | | | | | (3,992) | | |
Receive a fixed rate equal to 2.455% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/17/25 | | | | | | USD | | | | | | 3,800,000 | | | | | | 990 | | | | | | 990 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.467% | | | Chicago Mercantile Exchange | | | | | 06/19/25 | | | | | | USD | | | | | | 692,000 | | | | | | (880) | | | | | | (880) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.382% | | | Chicago Mercantile Exchange | | | | | 06/23/25 | | | | | | USD | | | | | | 950,000 | | | | | | 6,191 | | | | | | 6,191 | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.294% | | | Chicago Mercantile Exchange | | | | | 06/10/35 | | | | | | USD | | | | | | 1,900,000 | | | | | | 9,591 | | | | | | 9,591 | | |
Receive a fixed rate equal to 3.285% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/15/35 | | | | | | USD | | | | | | 3,800,000 | | | | | | (21,469) | | | | | | (21,469) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.834% | | | Chicago Mercantile Exchange | | | | | 06/15/35 | | | | | | USD | | | | | | 3,800,000 | | | | | | 6,182 | | | | | | 6,182 | | |
Receive a fixed rate equal to 2.805% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/15/35 | | | | | | USD | | | | | | 3,800,000 | | | | | | (23,678) | | | | | | (23,678) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.810% | | | Chicago Mercantile Exchange | | | | | 06/17/35 | | | | | | USD | | | | | | 3,800,000 | | | | | | 20,170 | | | | | | 20,170 | | |
Receive a fixed rate equal to 2.815% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/19/35 | | | | | | USD | | | | | | 793,000 | | | | | | (3,619) | | | | | | (3,619) | | |
Receive a fixed rate equal to 2.753% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/23/35 | | | | | | USD | | | | | | 950,000 | | | | | | (13,766) | | | | | | (13,766) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.715% | | | Chicago Mercantile Exchange | | | | | 05/11/45 | | | | | | USD | | | | | | 1,300,000 | | | | | | 60,640 | | | | | | 60,640 | | |
Receive a fixed rate equal to 2.810% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 05/18/45 | | | | | | USD | | | | | | 700,000 | | | | | | (18,679) | | | | | | (18,679) | | |
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.659% | | | Chicago Mercantile Exchange | | | | | 06/01/45 | | | | | | USD | | | | | | 1,100,000 | | | | | | 64,095 | | | | | | 64,095 | | |
Receive a fixed rate equal to 2.905% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/09/45 | | | | | | USD | | | | | | 600,000 | | | | | | (4,177) | | | | | | (4,177) | | |
See Accompanying Notes to Financial Statements
58
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Clearinghouse | | | Termination Date | | | Notional Amount | | | Fair Value | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.926% | | | Chicago Mercantile Exchange | | | | | 06/09/45 | | | | | | USD | | | | | | 600,000 | | | | | | 1,610 | | | | | | 1,610 | | | |||||
Receive a fixed rate equal to 2.959% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/15/45 | | | | | | USD | | | | | | 600,000 | | | | | | 2,580 | | | | | | 2,580 | | | |||||
Receive a fixed rate equal to 2.980% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 06/15/45 | | | | | | USD | | | | | | 600,000 | | | | | | 5,147 | | | | | | 5,148 | | | |||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.891% | | | Chicago Mercantile Exchange | | | | | 06/17/45 | | | | | | USD | | | | | | 600,000 | | | | | | 5,944 | | | | | | 5,944 | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (200,784) | | | | | $ | (195,901) | | | |||||
|
At June 30, 2015, the following over-the-counter written options were outstanding for Voya Balanced Portfolio:
| Notional Amount | | | Counterparty | | | Description | | | Exercise Price | | | Expiration Date | | | Premiums Received | | | Fair Value | | ||||||||||||||
| Options on Currencies | | | | | | | | ||||||||||||||||||||||||||
| 2,780,000 | | | JPMorgan Chase & Co. | | | Put CNH vs Call USD | | | | | 6.690USD | | | | | | 08/03/15 | | | | | $ | 23,130 | | | | | $ | (64) | | | ||
| Total Written OTC Options | | | | $ | 23,130 | | | | | $ | (64) | | | ||||||||||||||||||||
|
At June 30, 2015, the following over-the-counter written interest rate swaptions were outstanding for Voya Balanced Portfolio:
Description | | | Counterparty | | | Floating Rate Index/Underlying Reference Entity | | | Pay/ Receive Floating | | | Exercise Rate | | | Expiration Date | | | Notional Amount | | | Premiums Received | | | Fair Value | ||||||||||||
Put OTC Swaption | | | Barclays Bank PLC | | | 6-month EUR- EURIBOR-Reuters | | | Pay | | | | | 1.157% | | | | | | 09/24/15 | | | | EUR18,862,000 | | | | $ | 29,303 | | | | | $ | (38,757) | |
Put OTC Swaption | | | BNP Paribas Bank | | | 6-month EUR- EURIBOR-Reuters | | | Pay | | | | | 1.170% | | | | | | 09/23/15 | | | | EUR31,436,000 | | | | | 49,576 | | | | | | (62,166) | |
Put OTC Swaption | | | BNP Paribas Bank | | | 3-month USD- LIBOR-BBA | | | Pay | | | | | 0.730% | | | | | | 01/09/17 | | | | USD59,319,000 | | | | | 257,148 | | | | | | (425,861) | |
Put OTC Swaption | | | Morgan Stanley | | | 3-month USD- LIBOR-BBA | | | Pay | | | | | 0.580% | | | | | | 12/12/16 | | | | USD14,746,000 | | | | | 42,954 | | | | | | (49,072) | |
Call OTC Swaption | | | Barclays Bank PLC | | | 6-month EUR- EURIBOR-Reuters | | | Receive | | | | | 1.157% | | | | | | 09/24/20 | | | | EUR18,862,000 | | | | | 29,303 | | | | | | (31,672) | |
Call OTC Swaption | | | BNP Paribas Bank | | | 6-month EUR- EURIBOR-Reuters | | | Receive | | | | | 1.170% | | | | | | 09/23/15 | | | | EUR31,436,000 | | | | | 49,576 | | | | | | (54,728) | |
Call OTC Swaption | | | BNP Paribas Bank | | | 3-month USD- LIBOR-BBA | | | Receive | | | | | 0.730% | | | | | | 01/09/17 | | | | USD59,319,000 | | | | | 261,004 | | | | | | (109,336) | |
Call OTC Swaption | | | Morgan Stanley | | | 3-month USD- LIBOR-BBA | | | Receive | | | | | 0.580% | | | | | | 12/12/16 | | | | USD14,746,000 | | | | | 42,954 | | | | | | (27,836) | |
Total Written Swaptions | | | | $ | 761,818 | | | | | $ | (799,428) | |||||||||||||||||||||||||
| | | | | | | | | |
See Accompanying Notes to Financial Statements
59
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of March 31, 2015 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* | | | | $ | 41,862 | | | |
Interest rate contracts | | | Investments in securities at value* | | | | | 783,523 | | | |
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | | 303,182 | | | |
Interest rate contracts | | | Net Assets — Unrealized appreciation** | | | | | 59,257 | | | |
Interest rate contracts | | | Net Assets — Unrealized appreciation*** | | | | | 1,025,981 | | | |
Total Asset Derivatives | | | | | | | $ | 2,213,805 | | | |
Liability Derivatives | | | | | | | | | | | |
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 819,706 | | | |
Interest rate contracts | | | Net Assets — Unrealized depreciation** | | | | | 171,205 | | | |
Equity contracts | | | Net Assets — Unrealized depreciation** | | | | | 233,476 | | | |
Interest rate contracts | | | Net Assets — Unrealized depreciation*** | | | | | 1,221,882 | | | |
Foreign exchange contracts | | | Written Options, at fair value | | | | | 64 | | | |
Interest rate contracts | | | Written Options, at fair value | | | | | 799,428 | | | |
Total Liability Derivatives | | | | | | | $ | 3,245,761 | | | |
|
*
Includes purchased options.
**
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
***
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Investments* | | | Foreign currency related transactions** | | | Futures | | | Swaps | | | Written options | | | Total | | ||||||||||||||||||||||||
Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 89,102 | | | | | $ | — | | | | | $ | 89,102 | | | ||||||
Equity contract | | | | | — | | | | | | — | | | | | | 463,818 | | | | | | — | | | | | | — | | | | | | 463,818 | | | ||||||
Foreign exchange contracts | | | | | 26,430 | | | | | | (662,476) | | | | | | — | | | | | | — | | | | | | 33,877 | | | | | | (602,169) | | | ||||||
Interest rate contracts | | | | | (277,203) | | | | | | — | | | | | | 430,361 | | | | | | (1,395) | | | | | | 127,188 | | | | | | 278,951 | | | ||||||
Total | | | | $ | (250,773) | | | | | $ | (662,476) | | | | | $ | 894,179 | | | | | $ | 87,707 | | | | | $ | 161,066 | | | | | $ | 229,702 | | | ||||||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Investments* | | | Foreign currency related transactions** | | | Futures | | | Swaps | | | Written options | | | Total | | ||||||||||||||||||||||||
Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (47,406) | | | | | $ | — | | | | | $ | (47,406) | | | ||||||
Equity contract | | | | | — | | | | | | — | | | | | | 105,732 | | | | | | — | | | | | | — | | | | | | 105,732 | | | ||||||
Foreign exchange contracts | | | | | (84,145) | | | | | | (42,691) | | | | | | — | | | | | | — | | | | | | 23,066 | | | | | | (103,770) | | | ||||||
Interest rate contracts | | | | | 31,567 | | | | | | — | | | | | | (250,418) | | | | | | (105,078) | | | | | | (41,057) | | | | | | (364,986) | | | ||||||
Total | | | | $ | (52,578) | | | | | $ | (42,691) | | | | | $ | (144,686) | | | | | $ | (152,484) | | | | | $ | (17,991) | | | | | $ | (410,430) | | | ||||||
|
*
Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.
**
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
60
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Balanced Portfolio | as of June 30, 2015 (Unaudited) (continued) |
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 June 30, 2015:
| | | Bank of America | | | Barclays Bank PLC | | | BNP Paribas Bank | | | Citigroup, Inc. | | | Deutsche Bank AG | | | Goldman Sachs & Co. | | | HSBC Bank PLC | | | JPMorgan Chase & Co. | | | Morgan Stanley | | | Totals | | ||||||||||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased options | | | | $ | 41,621 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 164,591 | | | | | $ | 619,173 | | | | | $ | 825,385 | | | ||||||||||
Forward foreign currency contracts | | | | | — | | | | | | 10,333 | | | | | | — | | | | | | 37,487 | | | | | | 6,504 | | | | | | 23,362 | | | | | | — | | | | | | 84,682 | | | | | | 140,814 | | | | | | 303,182 | | | ||||||||||
Total Assets | | | | $ | 41,621 | | | | | $ | 10,333 | | | | | $ | — | | | | | $ | 37,487 | | | | | $ | 6,504 | | | | | $ | 23,362 | | | | | $ | — | | | | | $ | 249,273 | | | | | $ | 759,987 | | | | | $ | 1,128,567 | | | ||||||||||
Liabilities: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | | | | $ | — | | | | | $ | 44,959 | | | | | $ | — | | | | | $ | 131,949 | | | | | $ | 22,991 | | | | | $ | 36,354 | | | | | $ | 12,078 | | | | | $ | 110,727 | | | | | $ | 460,648 | | | | | $ | 819,706 | | | ||||||||||
Written options | | | | | — | | | | | | 70,429 | | | | | | 652,091 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64 | | | | | | 76,908 | | | | | | 799,492 | | | ||||||||||
Total Liabilities | | | | $ | — | | | | | $ | 115,388 | | | | | $ | 652,091 | | | | | $ | 131,949 | | | | | $ | 22,991 | | | | | $ | 36,354 | | | | | $ | 12,078 | | | | | $ | 110,791 | | | | | $ | 537,556 | | | | | $ | 1,619,198 | | | ||||||||||
Net OTC derivative instruments by counterparty, at fair value | | | | $ | 41,621 | | | | | $ | (105,055) | | | | | $ | (652,091) | | | | | $ | (94,462) | | | | | $ | (16,487) | | | | | $ | (12,992) | | | | | $ | (12,078) | | | | | $ | 138,482 | | | | | $ | 222,431 | | | | | | (490,631) | | | ||||||||||
Total collateral pledged by the Portfolio/ (Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | 500,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (280,000) | | | | | $ | 220,000 | | | ||||||||||
Net Exposure(1) | | | | $ | 41,621 | | | | | $ | (105,055) | | | | | $ | (152,091) | | | | | $ | (94,462) | | | | | $ | (16,487) | | | | | $ | (12,992) | | | | | $ | (12,078) | | | | | $ | 138,482 | | | | | $ | (57,569) | | | | | $ | (270,631) | | | ||||||||||
|
(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.
See Accompanying Notes to Financial Statements
61
Voya Global Value Advantage | SUMMARY PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 20.9% | |
| Consumer Discretionary | | | 13.9% | |
| Health Care | | | 11.8% | |
| Industrials | | | 11.7% | |
| Information Technology | | | 10.7% | |
| Consumer Staples | | | 8.9% | |
| Energy | | | 7.2% | |
| Materials | | | 5.0% | |
| Telecommunication Services | | | 4.2% | |
| Utilities | | | 2.9% | |
| Assets in Excess of Other Liabilities* | | | 2.8% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 96.0% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 13.9% | | ||||||||||||
| | | 327,622 | | | | Coach, Inc. | | | | $ | 11,338,997 | | | | | | 1.5 | | |
| | | 160,900 | | | | Denso Corp. | | | | | 8,005,276 | | | | | | 1.0 | | |
| | | 97,945 | | | | Home Depot, Inc. | | | | | 10,884,628 | | | | | | 1.4 | | |
| | | 151,190 | | | | Kohl’s Corp. | | | | | 9,466,006 | | | | | | 1.2 | | |
| | | 96,683 | | | | Nike, Inc. | | | | | 10,443,698 | | | | | | 1.4 | | |
| | | 78,366 | | | | Renault S.A. | | | | | 8,216,490 | | | | | | 1.1 | | |
| | | 199,200 | | | | Toyota Motor Corp. | | | | | 13,329,923 | | | | | | 1.7 | | |
| | | 147,564 | | | | Viacom - Class B | | | | | 9,538,537 | | | | | | 1.3 | | |
| | | 110,416 | | | | Walt Disney Co. | | | | | 12,602,882 | | | | | | 1.6 | | |
| | | 507,190 | | | | Other Securities | | | | | 13,060,929 | | | | | | 1.7 | | |
| | | | | | | | | | | | 106,887,366 | | | | | | 13.9 | | |
| | | | | | | Consumer Staples: 8.9% | | ||||||||||||
| | | 118,574 | | | | Casino Guichard Perrachon S.A. | | | | | 9,000,082 | | | | | | 1.2 | | |
| | | 205,921 | | | | ConAgra Foods, Inc. | | | | | 9,002,866 | | | | | | 1.2 | | |
| | | 129,450 | | | | Dr Pepper Snapple Group, Inc. | | | | | 9,436,905 | | | | | | 1.2 | | |
| | | 92,309 | | | | Kimberly-Clark Corp. | | | | | 9,781,985 | | | | | | 1.3 | | |
| | | 114,296 | | | | Kraft Foods Group, Inc. | | | | | 9,731,161 | | | | | | 1.2 | | |
| | | 97,871 | | | | Philip Morris International, Inc. | | | | | 7,846,318 | | | | | | 1.0 | | |
| | | 217,446 | | | | Unilever NV | | | | | 9,091,248 | | | | | | 1.2 | | |
| | | 57,533 | | | | Other Securities | | | | | 4,894,780 | | | | | | 0.6 | | |
| | | | | | | | | | | | 68,785,345 | | | | | | 8.9 | | |
| | | | | | | Energy: 7.2% | | ||||||||||||
| | | 127,601 | | | | Occidental Petroleum Corp. | | | | | 9,923,530 | | | | | | 1.3 | | |
| | | 167,141 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 9,528,708 | | | | | | 1.2 | | |
| | | 148,745 | | | | Schlumberger Ltd. | | | | | 12,820,332 | | | | | | 1.7 | | |
| | | 229,617 | | | | Total S.A. | | | | | 11,262,958 | | | | | | 1.5 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | �� | Energy (continued) | | ||||||||||||
| | | 226,431 | | | | Other Securities | | | | $ | 11,579,225 | | | | | | 1.5 | | |
| | | | | | | | | | | | 55,114,753 | | | | | | 7.2 | | |
| | | | | | | Financials: 20.2% | | ||||||||||||
| | | 343,972 | | | | Admiral Group PLC | | | | | 7,495,209 | | | | | | 1.0 | | |
| | | 12,513,000 | | | | Bank of China Ltd. | | | | | 8,120,703 | | | | | | 1.1 | | |
| | | 205,800 | | | | Blackstone Group LP | | | | | 8,411,046 | | | | | | 1.1 | | |
| | | 1,512,770 | | | | Challenger Financial Services Group Ltd. | | | | | 7,841,598 | | | | | | 1.0 | | |
| | | 8,691,000 | | | | China Construction Bank | | | | | 7,927,548 | | | | | | 1.0 | | |
| | | 2,455,825 | | | | Intesa Sanpaolo S.p.A. | | | | | 8,918,310 | | | | | | 1.2 | | |
| | | 217,237 | | | | JPMorgan Chase & Co. | | | | | 14,719,979 | | | | | | 1.9 | | |
| | | 2,488,271 | | | | Legal & General Group PLC | | | | | 9,729,236 | | | | | | 1.3 | | |
| | | 173,101 | | | | Macquarie Group Ltd. | | | | | 10,845,731 | | | | | | 1.4 | | |
| | | 1,068,299 | | | | Natixis SA | | | | | 7,710,300 | | | | | | 1.0 | | |
| | | 253,600 | | | | NKSJ Holdings, Inc. | | | | | 9,285,877 | | | | | | 1.2 | | |
| | | 136,192 | | | | Prudential Financial, Inc. | | | | | 11,919,524 | | | | | | 1.6 | | |
| | | 2,255,000 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 10,315,727 | | | | | | 1.3 | | |
| | | 106,679 | | | | Swiss Re Ltd. | | | | | 9,443,519 | | | | | | 1.2 | | |
| | | 258,308 | | | | Wells Fargo & Co. | | | | | 14,527,242 | | | | | | 1.9 | | |
| | | 393,149 | | | | Other Securities | | | | | 8,137,200 | | | | | | 1.0 | | |
| | | | | | | | | | | | 155,348,749 | | | | | | 20.2 | | |
| | | | | | | Health Care: 11.8% | | ||||||||||||
| | | 171,817 | | | | AstraZeneca PLC | | | | | 10,874,273 | | | | | | 1.4 | | |
| | | 241,510 | | | | Bristol-Myers Squibb Co. | | | | | 16,070,076 | | | | | | 2.1 | | |
| | | 99,252 | | | | Gilead Sciences, Inc. | | | | | 11,620,424 | | | | | | 1.5 | | |
| | | 147,732 | | | | Medtronic PLC | | | | | 10,946,941 | | | | | | 1.4 | | |
| | | 156,444 | | | | Novartis AG | | | | | 15,387,904 | | | | | | 2.0 | | |
| | | 50,498 | | | | Roche Holding AG | | | | | 14,159,210 | | | | | | 1.8 | | |
| | | 98,146 | | | | UnitedHealth Group, Inc. | | | | | 11,973,812 | | | | | | 1.6 | | |
| | | | | | | | | | | | 91,032,640 | | | | | | 11.8 | | |
| | | | | | | Industrials: 11.7% | | ||||||||||||
| | | 3,962 | | | | AP Moller - Maersk A/S - Class B | | | | | 7,163,462 | | | | | | 1.0 | | |
| | | 83,623 | | | | Boeing Co. | | | | | 11,600,183 | | | | | | 1.5 | | |
| | | 385,592 | | | | General Electric Co. | | | | | 10,245,179 | | | | | | 1.3 | | |
| | | 498,000 | | | | LIXIL Group Corp. | | | | | 9,878,152 | | | | | | 1.3 | | |
| | | 392,574 | | | | Koninklijke Philips NV | | | | | 10,019,481 | | | | | | 1.3 | | |
| | | 514,900 | | | | Mitsubishi Corp. | | | | | 11,319,566 | | | | | | 1.5 | | |
| | | 98,596 | | | | Siemens AG | | | | | 9,975,117 | | | | | | 1.3 | | |
| | | 68,791 | | | | United Technologies Corp. | | | | | 7,630,986 | | | | | | 1.0 | | |
| | | 3,203,761 | | | | Other Securities | | | | | 11,876,347 | | | | | | 1.5 | | |
| | | | | | | | | | | | 89,708,473 | | | | | | 11.7 | | |
| | | | | | | Information Technology: 10.7% | | ||||||||||||
| | | 189,882 | | | | Apple, Inc. | | | | | 23,815,950 | | | | | | 3.1 | | |
| | | 386,754 | | | | Cisco Systems, Inc. | | | | | 10,620,265 | | | | | | 1.4 | | |
| | | 346,621 | | | | Intel Corp. | | | | | 10,542,478 | | | | | | 1.4 | | |
See Accompanying Notes to Financial Statements
62
Voya Global Value Advantage | SUMMARY PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Information Technology (continued) | | |||||||||||||||
| | | 174,298 L | | | | Microchip Technology, Inc. | | | | $ | 8,266,082 | | | | | | 1.1 | | | |||
| | | 338,212 | | | | Microsoft Corp. | | | | | 14,932,060 | | | | | | 1.9 | | | |||
| | | 329,951 @ | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | | | 7,493,187 | | | | | | 1.0 | | | |||
| | | 461,000 | | | | Other Securities | | | | | 6,301,680 | | | | | | 0.8 | | | |||
| | | | | | | | | | | | 81,971,702 | | | | | | 10.7 | | | |||
| | | | | | | Materials: 5.0% | | |||||||||||||||
| | | 115,337 | | | | BASF SE | | | | | 10,148,863 | | | | | | 1.3 | | | |||
| | | 565,643 | | | | BHP Billiton Ltd. | | | | | 11,538,469 | | | | | | 1.5 | | | |||
| | | 155,907 | | | | Dow Chemical Co. | | | | | 7,977,761 | | | | | | 1.0 | | | |||
| | | 151,629 | | | | Koninklijke DSM NV | | | | | 8,803,632 | | | | | | 1.2 | | | |||
| | | | | | | | | | | | 38,468,725 | | | | | | 5.0 | | | |||
| | | | | | | Telecommunication Services: 4.2% | | |||||||||||||||
| | | 221,044 | | | | AT&T, Inc. | | | | | 7,851,483 | | | | | | 1.0 | | | |||
| | | 4,967,197 | | | | Bezeq Israeli Telecommunication Corp., Ltd. | | | | | 8,459,002 | | | | | | 1.1 | | | |||
| | | 745,000 | | | | China Mobile Ltd. | | | | | 9,531,467 | | | | | | 1.3 | | | |||
| | | 334,253 | | | | Other Securities | | | | | 6,278,665 | | | | | | 0.8 | | | |||
| | | | | | | | | | | | 32,120,617 | | | | | | 4.2 | | | |||
| | | | | | | Utilities: 2.4% | | |||||||||||||||
| | | 344,381 L | | | | Gas Natural SDG S.A. | | | | | 7,819,964 | | | | | | 1.0 | | | |||
| | | 257,715 | | | | Southern Co. | | | | | 10,798,259 | | | | | | 1.4 | | | |||
| | | | | | | | | | | | 18,618,223 | | | | | | 2.4 | | | |||
| | | | | | | Total Common Stock (Cost $749,892,598) | | | | | 738,056,593 | | | | | | 96.0 | | | |||
| PREFERRED STOCK: 1.2% | | |||||||||||||||||||||
| | | | | | | Financials: 0.7% | | |||||||||||||||
| | | 474,660 | | | | Other Securities | | | | | 5,228,878 | | | | | | 0.7 | | | |||
| | | | | | | Utilities: 0.5% | | |||||||||||||||
| | | 1,023,408 | | | | Other Securities | | | | | 3,880,860 | | | | | | 0.5 | | | |||
| | | | | | | Total Preferred Stock (Cost $10,086,647) | | | | | 9,109,738 | | | | | | 1.2 | | | |||
| | | | | | | Total Long-Term Investments (Cost $759,979,245) | | | | | 747,166,331 | | | | | | 97.2 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.5% | | ||||||||||||
| | 2,862,620 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,862,632, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,919,873, due 07/15/15-05/20/65) | | | | $ | 2,862,620 | | | | | | 0.3 | | |
| | 2,862,620 | | | | Citigroup, Inc., Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,862,631, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.625%-6.500%, Market Value plus accrued interest $2,919,873, due 11/15/16-07/01/45) | | | | | 2,862,620 | | | | | | 0.4 | | |
| | 2,862,620 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,862,634, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,919,858, due 11/15/15-03/01/48) | | | | | 2,862,620 | | | | | | 0.3 | | |
| | 2,108,249 | | | | Royal Bank of Canada, Repurchase Agreement dated 06/30/15, 0.10%, due 07/01/15 (Repurchase Amount $2,108,255, collateralized by various U.S. Government Agency Obligations, 2.375%-6.500%, Market Value plus accrued interest $2,150,414, due 03/01/19-02/20/65) | | | | | 2,108,249 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
63
Voya Global Value Advantage | SUMMARY PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,357,008 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,357,015, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,384,668, due 01/15/17-01/15/29) | | | | $ | 1,357,008 | | | | | | 0.2 | | |
| | | | | | | | | | | 12,053,117 | | | | | | 1.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.2% | | |||||||||||||||
| | 8,999,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $8,999,000) | | | | $ | 8,999,000 | | | | | | 1.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $21,052,117) | | | | | 21,052,117 | | | | | | 2.7 | | | |||
| | | | | | Total Investments in Securities (Cost $781,031,362) | | | | $ | 768,218,448 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 1,103,790 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 769,322,238 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $782,655,721.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 24,265,898 | | | |
| Gross Unrealized Depreciation | | | | | (38,703,171) | | | |
| Net Unrealized Depreciation | | | | $ | (14,437,273) | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||
Asset Table | | | | | | ||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||
Consumer Discretionary | | | | $ | 71,571,916 | | | | | $ | 35,315,450 | | | | | $ | — | | | | | $ | 106,887,366 | | |
Consumer Staples | | | | | 50,694,015 | | | | | | 18,091,330 | | | | | | — | | | | | | 68,785,345 | | |
Energy | | | | | 39,430,001 | | | | | | 15,684,752 | | | | | | — | | | | | | 55,114,753 | | |
Financials | | | | | 57,714,991 | | | | | | 97,633,758 | | | | | | — | | | | | | 155,348,749 | | |
Health Care | | | | | 50,611,253 | | | | | | 40,421,387 | | | | | | — | | | | | | 91,032,640 | | |
Industrials | | | | | 36,520,471 | | | | | | 53,188,002 | | | | | | — | | | | | | 89,708,473 | | |
Information Technology | | | | | 75,670,022 | | | | | | 6,301,680 | | | | | | — | | | | | | 81,971,702 | | |
See Accompanying Notes to Financial Statements
64
Voya Global Value Advantage | SUMMARY PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs# (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Materials | | | | | 7,977,761 | | | | | | 30,490,964 | | | | | | — | | | | | | 38,468,725 | | | ||||
Telecommunication Services | | | | | 7,851,483 | | | | | | 24,269,134 | | | | | | — | | | | | | 32,120,617 | | | ||||
Utilities | | | | | 10,798,259 | | | | | | 7,819,964 | | | | | | — | | | | | | 18,618,223 | | | ||||
Total Common Stock | | | | | 408,840,172 | | | | | | 329,216,421 | | | | | | — | | | | | | 738,056,593 | | | ||||
Preferred Stock | | | | | 9,109,738 | | | | | | — | | | | | | — | | | | | | 9,109,738 | | | ||||
Short-Term Investments | | | | | 8,999,000 | | | | | | 12,053,117 | | | | | | — | | | | | | 21,052,117 | | | ||||
Total Investments, at fair value | | | | $ | 426,948,910 | | | | | $ | 341,269,538 | | | | | $ | — | | | | | $ | 768,218,448 | | | ||||
|
^
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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
65
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Growth and Income Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Information Technology | | | 17.8% | |
| Health Care | | | 15.2% | |
| Financials | | | 15.1% | |
| Consumer Discretionary | | | 13.8% | |
| Industrials | | | 10.5% | |
| Consumer Staples | | | 8.7% | |
| Energy | | | 8.4% | |
| Materials | | | 3.4% | |
| Utilities | | | 2.5% | |
| Telecommunication Services | | | 1.8% | |
| Assets in Excess of Other Liabilities* | | | 2.8% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 97.2% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 13.8% | | ||||||||||||
| | 1,715,932 | | | | Coach, Inc. | | | | $ | 59,388,407 | | | | | | 1.5 | | |
| | 1,064,211 | | | | Comcast Corp. - Class A | | | | | 64,001,650 | | | | | | 1.6 | | |
| | 643,817 @ | | | | Delphi Automotive PLC | | | | | 54,782,389 | | | | | | 1.4 | | |
| | 689,342 @ | | | | Dish Network Corp. - Class A | | | | | 46,675,347 | | | | | | 1.2 | | |
| | 562,034 | | | | Home Depot, Inc. | | | | | 62,458,838 | | | | | | 1.5 | | |
| | 936,015 | | | | Kohl’s Corp. | | | | | 58,603,899 | | | | | | 1.4 | | |
| | 416,369 | | | | Nike, Inc. | | | | | 44,976,179 | | | | | | 1.1 | | |
| | 841,321 | | | | Viacom - Class B | | | | | 54,382,989 | | | | | | 1.3 | | |
| | 690,830 | | | | Walt Disney Co. | | | | | 78,851,336 | | | | | | 1.9 | | |
| | 1,376,161 | | | | Other Securities | | | | | 37,913,236 | | | | | | 0.9 | | |
| | | | | | | | | | | 562,034,270 | | | | | | 13.8 | | |
| | | | | | Consumer Staples: 8.7% | | ||||||||||||
| | 1,026,820 | | | | Coca-Cola Co. | | | | | 40,282,148 | | | | | | 1.0 | | |
| | 1,351,395 | | | | ConAgra Foods, Inc. | | | | | 59,082,989 | | | | | | 1.5 | | |
| | 759,128 | | | | CVS Health | | | | | 79,617,345 | | | | | | 2.0 | | |
| | 484,638 | | | | Kimberly-Clark Corp. | | | | | 51,357,089 | | | | | | 1.3 | | |
| | 475,070 | | | | Kraft Foods Group, Inc. | | | | | 40,447,460 | | | | | | 1.0 | | |
| | 635,281 | | | | Philip Morris International, Inc. | | | | | 50,930,478 | | | | | | 1.2 | | |
| | 403,252 | | | | Other Securities | | | | | 29,397,071 | | | | | | 0.7 | | |
| | | | | | | | | | | 351,114,580 | | | | | | 8.7 | | |
| | | | | | Energy: 8.4% | | ||||||||||||
| | 621,505 | | | | Anadarko Petroleum Corp. | | | | | 48,514,680 | | | | | | 1.2 | | |
| | 593,197 | | | | EOG Resources, Inc. | | | | | 51,934,397 | | | | | | 1.3 | | |
| | 804,660 | | | | Occidental Petroleum Corp. | | | | | 62,578,408 | | | | | | 1.5 | | |
| | 885,287 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 50,470,212 | | | | | | 1.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy (continued) | | ||||||||||||
| | 950,297 | | | | Schlumberger Ltd. | | | | $ | 81,906,099 | | | | | | 2.0 | | |
| | 716,251 | | | | Valero Energy Corp. | | | | | 44,837,313 | | | | | | 1.1 | | |
| | | | | | | | | | | 340,241,109 | | | | | | 8.4 | | |
| | | | | | Financials: 15.1% | | ||||||||||||
| | 886,917 | | | | Arthur J. Gallagher & Co. | | | | | 41,951,174 | | | | | | 1.0 | | |
| | 1,034,946 | | | | Blackstone Group LP | | | | | 42,298,243 | | | | | | 1.0 | | |
| | 1,152,656 | | | | Citigroup, Inc. | | | | | 63,672,717 | | | | | | 1.6 | | |
| | 913,071 | | | | Discover Financial Services | | | | | 52,611,151 | | | | | | 1.3 | | |
| | 1,100,532 | | | | Gaming and Leisure Properties, Inc. | | | | | 40,345,503 | | | | | | 1.0 | | |
| | 1,464,228 | | | | Invesco Ltd. | | | | | 54,893,908 | | | | | | 1.4 | | |
| | 1,123,015 | | | | JPMorgan Chase & Co. | | | | | 76,095,496 | | | | | | 1.9 | | |
| | 666,385 | | | | Prudential Financial, Inc. | | | | | 58,322,015 | | | | | | 1.4 | | |
| | 1,687,865 | | | | Wells Fargo & Co. | | | | | 94,925,528 | | | | | | 2.3 | | |
| | 1,560,429 @ | | | | XL Group PLC | | | | | 58,047,959 | | | | | | 1.4 | | |
| | 1,461,850 | | | | Other Securities | | | | | 31,532,105 | | | | | | 0.8 | | |
| | | | | | | | | | | 614,695,799 | | | | | | 15.1 | | |
| | | | | | Health Care: 15.2% | | ||||||||||||
| | 461,107 | | | | Amgen, Inc. | | | | | 70,789,146 | | | | | | 1.8 | | |
| | 1,167,239 | | | | Bristol-Myers Squibb Co. | | | | | 77,668,083 | | | | | | 1.9 | | |
| | 786,883 | | | | Gilead Sciences, Inc. | | | | | 92,128,262 | | | | | | 2.3 | | |
| | 963,630 | | | | Medtronic PLC | | | | | 71,404,983 | | | | | | 1.8 | | |
| | 1,949,017 | | | | Merck & Co., Inc. | | | | | 110,957,538 | | | | | | 2.7 | | |
| | 3,421,213 | | | | Pfizer, Inc. | | | | | 114,713,272 | | | | | | 2.8 | | |
| | 643,615 | | | | UnitedHealth Group, Inc. | | | | | 78,521,030 | | | | | | 1.9 | | |
| | | | | | | | | | | 616,182,314 | | | | | | 15.2 | | |
| | | | | | Industrials: 10.5% | | ||||||||||||
| | 480,815 | | | | Boeing Co. | | | | | 66,698,657 | | | | | | 1.6 | | |
| | 548,052 | | | | Deere & Co. | | | | | 53,188,446 | | | | | | 1.3 | | |
| | 392,598 | | | | General Dynamics Corp. | | | | | 55,627,210 | | | | | | 1.4 | | |
| | 3,276,517 | | | | General Electric Co. | | | | | 87,057,057 | | | | | | 2.1 | | |
| | 181,716 @ | | | | TransDigm Group, Inc. | | | | | 40,826,134 | | | | | | 1.0 | | |
| | 663,021 | | | | Union Pacific Corp. | | | | | 63,232,313 | | | | | | 1.6 | | |
| | 536,381 | | | | United Technologies Corp. | | | | | 59,500,744 | | | | | | 1.5 | | |
| | | | | | | | | | | 426,130,561 | | | | | | 10.5 | | |
| | | | | | Information Technology: 17.8% | | ||||||||||||
| | 1,644,177 | | | | Apple, Inc. | | | | | 206,220,900 | | | | | | 5.1 | | |
| | 2,048,069 | | | | Applied Materials, Inc. | | | | | 39,363,886 | | | | | | 1.0 | | |
| | 690,329 | | | | Automatic Data Processing, Inc. | | | | | 55,385,096 | | | | | | 1.4 | | |
| | 2,579,338 | | | | Cisco Systems, Inc. | | | | | 70,828,621 | | | | | | 1.7 | | |
| | 1,049,436 | | | | Fidelity National Information Services, Inc. | | | | | 64,855,145 | | | | | | 1.6 | | |
| | 2,374,558 | | | | Intel Corp. | | | | | 72,222,182 | | | | | | 1.8 | | |
| | 859,692 | | | | Microchip Technology, Inc. | | | | | 40,770,893 | | | | | | 1.0 | | |
| | 2,761,860 | | | | Microsoft Corp. | | | | | 121,936,119 | | | | | | 3.0 | | |
See Accompanying Notes to Financial Statements
66
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Growth and Income Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Information Technology (continued) | | |||||||||||||||
| | 794,058 @ | | | | TE Connectivity Ltd. | | | | $ | 51,057,929 | | | | | | 1.2 | | | |||
| | | | | | | | | | | 722,640,771 | | | | | | 17.8 | | | |||
| | | | | | Materials: 3.4% | | |||||||||||||||
| | 861,563 | | | | Dow Chemical Co. | | | | | 44,086,179 | | | | | | 1.1 | | | |||
| | 1,189,997 | | | | Mosaic Co. | | | | | 55,751,359 | | | | | | 1.4 | | | |||
| | 827,891 | | | | Other Securities | | | | | 39,399,333 | | | | | | 0.9 | | | |||
| | | | | | | | | | | 139,236,871 | | | | | | 3.4 | | | |||
| | | | | | Telecommunication Services: 1.8% | | |||||||||||||||
| | 2,027,961 | | | | AT&T, Inc. | | | | | 72,033,175 | | | | | | 1.8 | | | |||
| | | | | | Utilities: 2.5% | | |||||||||||||||
| | 545,739 | | | | DTE Energy Co. | | | | | 40,733,959 | | | | | | 1.0 | | | |||
| | 1,455,537 | | | | Southern Co. | | | | | 60,987,000 | | | | | | 1.5 | | | |||
| | | | | | | | | | | 101,720,959 | | | | | | 2.5 | | | |||
| | | | | | Total Common Stock (Cost $3,129,688,859) | | | | | 3,946,030,409 | | | | | | 97.2 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
CORPORATE BONDS/NOTES: —% | | |||||||||||||||||||||
| | | | | | Utilities: —% | | |||||||||||||||
| | 30,000,000 | | | | Other Securities | | | | | — | | | | | | — | | | |||
| | | | | | Total Corporate Bonds/Notes (Cost $ —) | | | | | — | | | | | | — | | | |||
| | | | | | Total Long-Term Investments (Cost $3,129,688,859) | | | | | 3,946,030,409 | | | | | | 97.2 | | | |||
|
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: 0.4% | | |||||||||||||||||||||
| | | | | | Mutual Funds: 0.4% | | |||||||||||||||
| | 17,960,186 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $17,960,186) | | | | $ | 17,960,186 | | | | | | 0.4 | | | |||
| | | | | | Total Short-Term Investments (Cost $17,960,186) | | | | | 17,960,186 | | | | | | 0.4 | | | |||
| | | | | | Total Investments in Securities (Cost $3,147,649,045) | | | | $ | 3,963,990,595 | | | | | | 97.6 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 97,462,999 | | | | | | 2.4 | | | |||
| | | | | | Net Assets | | | | $ | 4,061,453,594 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
Cost for federal income tax purposes is $3,165,057,907.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 895,241,377 | | | |
| Gross Unrealized Depreciation | | | | | (96,308,689) | | | |
| Net Unrealized Appreciation | | | | $ | 798,932,688 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 3,946,030,409 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,946,030,409 | | | ||||
Corporate Bonds/Notes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Short-Term Investments | | | | | 17,960,186 | | | | | | — | | | | | | — | | | | | | 17,960,186 | | | ||||
Total Investments, at fair value | | | | $ | 3,963,990,595 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,963,990,595 | | | ||||
|
See Accompanying Notes to Financial Statements
67
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Growth and Income Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | 963,331 | | | |
Total | | | | $ | 963,331 | | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | ||||
Derivatives not accounted for as hedging instruments | | | Futures | | ||||
Equity contracts | | | | $ | (726,481) | | | |
Total | | | | $ | (726,481) | | | |
|
See Accompanying Notes to Financial Statements
68
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) |
| Investment Type Allocation as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| U.S. Government Agency Obligations | | | 34.6% | |
| Corporate Bonds/Notes | | | 30.9% | |
| Mutual Funds | | | 12.6% | |
| Collateralized Mortgage Obligations | | | 10.5% | |
| U.S. Treasury Obligations | | | 10.2% | |
| Asset-Backed Securities | | | 9.2% | |
| Foreign Government Bonds | | | 0.5% | |
| Preferred Stock | | | 0.0% | |
| Liabilities in Excess of Other Assets* | | | (8.5)% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: 30.9% | | ||||||||||||||||||
| | | | | | | Basic Materials: 1.9% | | ||||||||||||
| | | 2,587,000 # | | | | Anglo American Capital PLC, 2.625%, 09/27/17 | | | | $ | 2,602,157 | | | | | | 0.1 | | |
| | | 1,135,000# | | | | FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22 | | | | | 800,175 | | | | | | 0.0 | | |
| | | 4,300,000 | | | | Freeport-McMoRan, Inc., 4.000%, 11/14/21 | | | | | 4,223,752 | | | | | | 0.1 | | |
| | | 10,768,000 | | | | Freeport-McMoRan Copper & Gold, Inc., 2.375%-3.550%, 03/15/18-03/01/22 | | | | | 10,562,448 | | | | | | 0.2 | | |
| | | 4,500,000 # | | | | Georgia-Pacific LLC, 2.539%, 11/15/19 | | | | | 4,496,729 | | | | | | 0.1 | | |
| | | 4,490,000 # | | | | Georgia-Pacific LLC, 3.600%, 03/01/25 | | | | | 4,448,144 | | | | | | 0.1 | | |
| | | 5,349,000 # | | | | Glencore Funding LLC, 2.875%, 04/16/20 | | | | | 5,244,186 | | | | | | 0.1 | | |
| | | 2,368,000 # | | | | Glencore Funding LLC, 4.125%, 05/30/23 | | | | | 2,291,765 | | | | | | 0.1 | | |
| | | 3,517,000 # | | | | Xstrata Finance Canada Ltd., 4.250%, 10/25/22 | | | | | 3,457,140 | | | | | | 0.1 | | |
| | | 1,733,000 # | | | | Xstrata Finance Canada Ltd., 4.950%, 11/15/21 | | | | | 1,820,444 | | | | | | 0.0 | | |
| | | 47,141,000 | | | | Other Securities | | | | | 47,259,398 | | | | | | 1.0 | | |
| | | | | | | | | | | | 87,206,338 | | | | | | 1.9 | | |
| | | | | | | Communications: 3.6% | | ||||||||||||
| | | 6,026,000 # | | | | Alibaba Group Holding Ltd., 3.600%, 11/28/24 | | | | | 5,813,216 | | | | | | 0.1 | | |
| | | 14,261,000 L | | | | AT&T, Inc., 3.400%-5.350%, 03/11/24-06/15/44 | | | | | 13,837,068 | | | | | | 0.3 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 6,316,000 # | | | | Cox Communications, Inc., 3.850%, 02/01/25 | | | | $ | 6,072,897 | | | | | | 0.1 | | |
| | | 2,350,000 # | | | | Sable International Finance Ltd., 8.750%, 02/01/20 | | | | | 2,526,250 | | | | | | 0.1 | | |
| | | 2,500,000 # | | | | Sirius XM Radio, Inc., 5.875%, 10/01/20 | | | | | 2,568,750 | | | | | | 0.1 | | |
| | | 17,666,000 | | | | Time Warner Cable, Inc., 4.050%-6.500%, 12/15/23-12/15/43 | | | | | 18,032,797 | | | | | | 0.4 | | |
| | | 12,707,000 | | | | Verizon Communications, Inc., 5.150%, 09/15/23 | | | | | 13,946,009 | | | | | | 0.3 | | |
| | | 25,545,000 | | | | Verizon Communications, Inc., 3.000%-6.550%, 11/01/21-08/21/54 | | | | | 25,168,319 | | | | | | 0.6 | | |
| | | 73,425,000 | | | | Other Securities | | | | | 72,891,737 | | | | | | 1.6 | | |
| | | | | | | | | | | | 160,857,043 | | | | | | 3.6 | | |
| | | | | | | Consumer, Cyclical: 1.1% | | ||||||||||||
| | | 2,105,000 # | | | | Carlson Wagonlit BV, 6.875%, 06/15/19 | | | | | 2,223,932 | | | | | | 0.1 | | |
| | | 46,072,000 | | | | Other Securities | | | | | 45,690,969 | | | | | | 1.0 | | |
| | | | | | | | | | | | 47,914,901 | | | | | | 1.1 | | |
| | | | | | | Consumer, Non-cyclical: 6.2% | | ||||||||||||
| | | 14,330,000 | | | | AbbVie, Inc., 2.500%-4.700%, 05/14/20-05/14/45 | | | | | 14,187,064 | | | | | | 0.3 | | |
| | | 22,553,000 | | | | Actavis Funding SCS, 3.450%-4.850%, 03/15/22-06/15/44 | | | | | 22,123,040 | | | | | | 0.5 | | |
| | | 3,650,000 # | | | | BAT International Finance PLC, 3.500%, 06/15/22 | | | | | 3,698,220 | | | | | | 0.1 | | |
| | | 2,606,000 # | | | | Baxalta, Inc., 3.600%, 06/23/22 | | | | | 2,607,436 | | | | | | 0.1 | | |
| | | 6,552,000 # | | | | Baxalta, Inc., 4.000%, 06/23/25 | | | | | 6,522,418 | | | | | | 0.1 | | |
| | | 2,494,000 # | | | | Bayer US Finance LLC, 3.000%, 10/08/21 | | | | | 2,511,488 | | | | | | 0.0 | | |
| | | 3,146,000 | | | | Becton Dickinson & Co., 3.734%, 12/15/24 | | | | | 3,136,924 | | | | | | 0.0 | | |
| | | 7,948,000 | | | | Becton Dickinson and Co., 1.800%-2.675%, 12/15/17-12/15/19 | | | | | 7,950,686 | | | | | | 0.2 | | |
| | | 3,000,000 | | | | HJ Heinz Co., 4.250%, 10/15/20 | | | | | 3,063,750 | | | | | | 0.1 | | |
| | | 5,210,000 # | | | | HJ Heinz Co., 2.800%, 07/02/20 | | | | | 5,215,351 | | | | | | 0.1 | | |
| | | 9,070,000 # | | | | HJ Heinz Co., 3.950%, 07/15/25 | | | | | 9,139,476 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
69
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | 3,802,000 # | | | | JM Smucker Co, 3.500%, 03/15/25 | | | | $ | 3,720,569 | | | | | | 0.1 | | |
| | 16,976,000 | | | | Laboratory Corp. of America Holdings, 2.200%-3.200%, 08/23/17-02/01/22 | | | | | 16,893,203 | | | | | | 0.4 | | |
| | 5,843,000 # | | | | Medtronic, Inc., 3.150%, 03/15/22 | | | | | 5,868,955 | | | | | | 0.1 | | |
| | 6,119,000 # | | | | Medtronic, Inc., 3.500%, 03/15/25 | | | | | 6,106,126 | | | | | | 0.1 | | |
| | 4,439,000 # | | | | Medtronic, Inc., 4.375%, 03/15/35 | | | | | 4,400,065 | | | | | | 0.1 | | |
| | 3,387,000 # | | | | Medtronic, Inc., 4.625%, 03/15/45 | | | | | 3,424,152 | | | | | | 0.1 | | |
| | 10,070,000 | | | | Merck & Co., Inc., 2.350%, 02/10/22 | | | | | 9,739,261 | | | | | | 0.2 | | |
| | 8,260,000 | | | | Merck & Co., Inc., 1.850%-2.750%, 02/10/20-02/10/25 | | | | | 8,047,810 | | | | | | 0.2 | | |
| | 21,500,000 # | | | | President and Fellows of Harvard College, 6.500%, 01/15/39 | | | | | 29,515,071 | | | | | | 0.6 | | |
| | 7,076,000 | | | | Synchrony Financial, 3.000%-3.750%, 08/15/19-08/15/21 | | | | | 7,129,756 | | | | | | 0.2 | | |
| | 4,000,000 # | | | | Valeant Pharmaceuticals International, 5.625%, 12/01/21 | | | | | 4,120,400 | | | | | | 0.1 | | |
| | 3,222,000 # | | | | WM Wrigley Jr Co., 2.400%, 10/21/18 | | | | | 3,268,397 | | | | | | 0.1 | | |
| | 97,437,000 | | | | Other Securities | | | | | 97,283,080 | | | | | | 2.2 | | |
| | | | | | | | | | | 279,672,698 | | | | | | 6.2 | | |
| | | | | | Diversified: 0.1% | | ||||||||||||
| | 5,460,000 | | | | Other Securities | | | | | 5,396,069 | | | | | | 0.1 | | |
| | | | | | Energy: 3.7% | | ||||||||||||
| | 3,700,000 # | | | | Columbia Pipeline Group, Inc., 3.300%, 06/01/20 | | | | | 3,715,318 | | | | | | 0.1 | | |
| | 3,700,000 # | | | | Columbia Pipeline Group, Inc., 4.500%, 06/01/25 | | | | | 3,651,689 | | | | | | 0.1 | | |
| | 4,760,000 # | | | | Enable Midstream Partners L.P., 3.900%, 05/15/24 | | | | | 4,422,511 | | | | | | 0.1 | | |
| | 159,205,000 | | | | Other Securities(a) | | | | | 154,149,963 | | | | | | 3.4 | | |
| | | | | | | | | | | 165,939,481 | | | | | | 3.7 | | |
| | | | | | Financial: 10.4% | | ||||||||||||
| | 12,060,000 | | | | Air Lease Corp., 3.750%-4.250%, 04/01/21-09/15/24 | | | | | 12,070,188 | | | | | | 0.3 | | |
| | 30,315,000 | | | | Bank of America Corp., 3.950%-5.000%, 01/22/24-04/21/45 | | | | | 30,298,428 | | | | | | 0.7 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 5,493,000 # | | | | Barclays Bank PLC, 6.050%, 12/04/17 | | | | $ | 5,982,294 | | | | | | 0.1 | | |
| | | 5,766,000 # | | | | BPCE SA, 5.150%, 07/21/24 | | | | | 5,851,043 | | | | | | 0.1 | | |
| | | 21,638,000 | | | | Citigroup, Inc., 1.800%-6.675%, 02/05/18-09/13/43 | | | | | 22,783,005 | | | | | | 0.5 | | |
| | | 12,047,000 | | | | Citizens Bank NA/Providence RI, 2.450%, 12/04/19 | | | | | 11,971,393 | | | | | | 0.3 | | |
| | | 1,778,000 # | | | | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | | | | | 2,260,283 | | | | | | 0.0 | | |
| | | 7,376,000 # | | | | Credit Agricole SA, 4.375%, 03/17/25 | | | | | 7,080,370 | | | | | | 0.1 | | |
| | | 13,581,000 # | | | | Credit Suisse AG, 6.500%, 08/08/23 | | | | | 14,886,283 | | | | | | 0.3 | | |
| | | 5,029,000 # | | | | Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25 | | | | | 4,843,651 | | | | | | 0.1 | | |
| | | 8,150,000 | | | | Credit Suisse/New York NY, 1.750%, 01/29/18 | | | | | 8,117,547 | | | | | | 0.2 | | |
| | | 11,823,000 | | | | Deutsche Bank AG/London, 1.875%, 02/13/18 | | | | | 11,788,678 | | | | | | 0.3 | | |
| | | 4,483,000 # | | | | Five Corners Funding Trust, 4.419%, 11/15/23 | | | | | 4,632,737 | | | | | | 0.1 | | |
| | | 10,500,000 | | | | General Electric Capital Corp., 6.250%-7.125%, 12/15/49 | | | | | 11,995,500 | | | | | | 0.3 | | |
| | | 23,745,000 | | | | Goldman Sachs Group, Inc., 2.600%-6.750%, 07/19/ 18-05/22/45 | | | | | 24,815,604 | | | | | | 0.5 | | |
| | | 5,994,000 # | | | | HBOS PLC, 6.750%, 05/21/18 | | | | | 6,657,560 | | | | | | 0.1 | | |
| | | 2,300,000 # | | | | International Lease Finance Corp., 6.750%, 09/01/16 | | | | | 2,423,625 | | | | | | 0.0 | | |
| | | 3,437,000 # | | | | International Lease Finance Corp., 7.125%, 09/01/18 | | | | | 3,840,848 | | | | | | 0.1 | | |
| | | 22,790,000 | | | | JPMorgan Chase & Co., 3.875%-6.125%, 09/10/24-12/29/49 | | | | | 22,615,599 | | | | | | 0.5 | | |
| | | 3,607,000 # | | | | Mizuho Bank Ltd., 3.200%, 03/26/25 | | | | | 3,540,137 | | | | | | 0.1 | | |
| | | 11,494,000 | | | | Morgan Stanley, 3.875%, 04/29/24 | | | | | 11,613,101 | | | | | | 0.2 | | |
| | | 13,778,000 | | | | Morgan Stanley, 2.800%-4.300%, 06/16/20-01/27/45 | | | | | 13,423,943 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
70
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | Financial (continued) | | ||||||||||||
| | 3,455,000 # | | | | Nordea Bank AB, 6.125%, 12/29/49 | | | | $ | 3,419,369 | | | | | | 0.1 | | |
| | 2,757,000 # | | | | RBS Citizens Financial Group, Inc., 4.150%, 09/28/ 22 | | | | | 2,816,413 | | | | | | 0.1 | | |
| | 7,787,000 | | | | Santander Bank NA, 2.000%, 01/12/18 | | | | | 7,787,047 | | | | | | 0.2 | | |
| | 4,370,000 # | | | | Scentre Group Trust 1 / Scentre Group Trust 2, 3.250%, 10/28/25 | | | | | 4,168,040 | | | | | | 0.1 | | |
| | 3,698,000 # | | | | Scentre Group Trust 1 / Scentre Group Trust 2, 3.500%, 02/12/25 | | | | | 3,631,155 | | | | | | 0.1 | | |
| | 4,487,000 # | | | | Societe Generale SA, 4.250%, 04/14/25 | | | | | 4,220,961 | | | | | | 0.1 | | |
| | 3,787,000 | | | | Synchrony Financial, 2.700%, 02/03/20 | | | | | 3,741,715 | | | | | | 0.1 | | |
| | 4,072,000 # | | | | WEA Finance LLC / Westfield UK & Europe Finance PLC, 2.700%, 09/17/19 | | | | | 4,078,849 | | | | | | 0.1 | | |
| | 5,719,000 # | | | | WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.750%, 09/17/24 | | | | | 5,654,999 | | | | | | 0.1 | | |
| | 21,713,000 | | | | Wells Fargo & Co., 2.150%-5.900%, 01/30/20-12/29/49 | | | | | 21,834,983 | | | | | | 0.5 | | |
| | 163,658,400 | | | | Other Securities | | | | | 165,275,078 | | | | | | 3.7 | | |
| | | | | | | | | | | 470,120,426 | | | | | | 10.4 | | |
| | | | | | Industrial: 1.0% | | ||||||||||||
| | 4,853,000 # | | | | AP Moeller - Maersk A/S, 2.550%, 09/22/19 | | | | | 4,887,481 | | | | | | 0.1 | | |
| | 3,940,000 # | | | | Siemens Financieringsmaatschappij NV, 3.250%, 05/27/25 | | | | | 3,872,598 | | | | | | 0.1 | | |
| | 36,483,000 | | | | Other Securities | | | | | 36,307,597 | | | | | | 0.8 | | |
| | | | | | | | | | | 45,067,676 | | | | | | 1.0 | | |
| | | | | | Technology: 1.6% | | ||||||||||||
| | 12,040,000 | | | | Apple, Inc., 1.550%, 02/07/20 | | | | | 11,792,614 | | | | | | 0.3 | | |
| | 7,590,000 | | | | Apple, Inc., 2.150%-2.500%, 02/09/22-02/09/25 | | | | | 7,218,732 | | | | | | 0.1 | | |
| | 14,506,000 | | | | Oracle Corp., 2.950%-4.125%, 07/15/23-05/15/45 | | | | | 14,089,513 | | | | | | 0.3 | | |
| | 3,690,000 # | | | | Seagate HDD Cayman, 4.875%, 06/01/27 | | | | | 3,588,868 | | | | | | 0.1 | | |
| | 35,898,000 | | | | Other Securities | | | | | 35,337,816 | | | | | | 0.8 | | |
| | | | | | | | | | | 72,027,543 | | | | | | 1.6 | | |
| | | | | | Utilities: 1.3% | | ||||||||||||
| | 4,390,000 # | | | | Calpine Corp., 6.000%, 01/15/22 | | | | | 4,664,375 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | 2,192,000 # | | | | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | | | | $ | 2,540,309 | | | | | | 0.1 | | |
| | | 48,551,000 | | | | Other Securities | | | | | 49,845,063 | | | | | | 1.1 | | |
| | | | | | | | | | | | 57,049,747 | | | | | | 1.3 | | |
| | | | | | | Total Corporate Bonds/Notes (Cost $1,388,293,218) | | | | | 1,391,251,922 | | | | | | 30.9 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 10.5% | | ||||||||||||||||||
| | | 11,021,907 | | | | Alternative Loan Trust 2005-10CB, 0.687%, 05/25/35 | | | | | 9,323,243 | | | | | | 0.2 | | |
| | | 5,054,434 | | | | Alternative Loan Trust 2005-6CB, 5.250%, 04/25/35 | | | | | 4,735,131 | | | | | | 0.1 | | |
| | | 3,330,348 | | | | Alternative Loan Trust 2006-18CB A11, 0.687%, 07/25/36 | | | | | 2,374,948 | | | | | | 0.1 | | |
| | | 3,315,000 # | | | | American General Mortgage Loan Trust, 5.650%, 03/25/58 | | | | | 3,383,327 | | | | | | 0.1 | | |
| | | 4,760,000 # | | | | BAMLL Re-REMIC Trust 2015-FRR11, 1.903%, 09/27/44 | | | | | 4,348,741 | | | | | | 0.1 | | |
| | | 3,050,000 | | | | Banc of America Commercial Mortgage Trust 2007-3 AJ, 5.749%, 06/10/49 | | | | | 3,167,021 | | | | | | 0.1 | | |
| | | 4,190,000 | | | | Banc of America Commercial Mortgage Trust 2007-3 B, 5.749%, 06/10/49 | | | | | 4,261,779 | | | | | | 0.1 | | |
| | | 2,510,000 | | | | Banc of America Commercial Mortgage Trust 2007-4 AJ, 6.003%, 02/10/51 | | | | | 2,617,226 | | | | | | 0.1 | | |
| | | 5,040,243 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2004-4 G, 5.582%, 07/10/42 | | | | | 5,149,878 | | | | | | 0.1 | | |
| | | 2,550,000 | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-6 C, 5.328%, 09/10/47 | | | | | 2,577,743 | | | | | | 0.0 | | |
| | | 3,130,000 | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.328%, 09/10/47 | | | | | 3,155,162 | | | | | | 0.1 | | |
| | | 3,590,000 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.582%, 07/10/42 | | | | | 3,557,310 | | | | | | 0.1 | | |
| | | 2,219,000 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.952%, 03/11/41 | | | | | 2,454,389 | | | | | | 0.0 | | |
| | | 101,496 # | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.952%, 03/11/41 | | | | | 101,727 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
71
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 1,303,464 | | | | Banc of America Mortgage 2005-J Trust 2A4, 2.712%, 11/25/35 | | | | $ | 1,207,816 | | | | | | 0.0 | | |
| | | 96,345 | | | | Banc of America Mortgage Securities, Inc., 2.689%, 07/25/33 | | | | | 96,970 | | | | | | 0.0 | | |
| | | 315,358 # | | | | Bank of America Merrill Lynch Commercial Mortgage, Inc., 5.291%, 07/10/43 | | | | | 315,168 | | | | | | 0.0 | | |
| | | 3,150,000 # | | | | Bank of America Merrill Lynch Commercial Mortgage, Inc., 6.234%, 11/10/38 | | | | | 3,190,008 | | | | | | 0.1 | | |
| | | 1,402,992 | | | | Banc of America Funding Corp., 2.699%-6.000%, 05/25/35-08/25/37 | | | | | 1,351,063 | | | | | | 0.0 | | |
| | | 5,000,000 # | | | | Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 6.078%, 06/11/41 | | | | | 5,341,262 | | | | | | 0.1 | | |
| | | 1,353,000 | | | | Bear Stearns Commercial Mortgage Securities Trust 2005-PWR8, 4.858%, 06/11/41 | | | | | 1,352,872 | | | | | | 0.1 | | |
| | | 3,950,000 | | | | Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.256%, 10/12/42 | | | | | 3,978,203 | | | | | | 0.1 | | |
| | | 5,741,449 | | | | Bear Stearns Adjustable Rate Mortgage Trust, 2.410%-2.752%, 01/25/34-07/25/36 | | | | | 5,243,777 | | | | | | 0.1 | | |
| | | 5,981,414 | | | | Bear Stearns Alternative-A Trust, 2.584%-2.720%, 05/25/35-11/25/36 | | | | | 4,813,019 | | | | | | 0.1 | | |
| | | 3,985,870 # | | | | Beckman Coulter, Inc. 2000-A A, 7.498%, 12/15/18 | | | | | 4,382,464 | | | | | | 0.1 | | |
| | | 920,280 | | | | Citicorp Mortgage Securities, Inc., 5.500%, 08/25/36 | | | | | 953,244 | | | | | | 0.0 | | |
| | | 8,285,000 # | | | | Citigroup Commercial Mortgage Trust 2012-GC8, 4.877%, 09/10/45 | | | | | 8,284,834 | | | | | | 0.2 | | |
| | | 719,919 | | | | Citimortgage Alternative Loan Trust, 6.000%, 02/25/37 | | | | | 640,988 | | | | | | 0.0 | | |
| | | 17,770,896 | | | | Citigroup Mortgage Loan Trust, Inc., 2.570%-5.500%, 09/25/35-09/25/37 | | | | | 17,290,689 | | | | | | 0.4 | | |
| | | 5,000,000 # | | | | COMM 2007-C9 Mortgage Trust, 0.879%, 12/10/49 | | | | | 4,865,138 | | | | | | 0.1 | | |
| | | 28,294,475 ^ | | | | COMM 2012-CCRE4 XA Mortgage Trust, 2.103%, 10/15/45 | | | | | 2,714,538 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 49,131,009 ^ | | | | COMM 2012-CCRE5 XA Mortgage Trust, 2.024%, 12/10/45 | | | | $ | 4,272,413 | | | | | | 0.1 | | |
| | | 55,991,461 ^ | | | | Commercial Mortgage Pass Through Certificates, 1.590%, 03/10/47 | | | | | 4,609,844 | | | | | | 0.1 | | |
| | | 3,454,000 | | | | Commercial Mortgage Trust 2007-GG11 AJ, 6.254%, 12/10/49 | | | | | 3,599,859 | | | | | | 0.1 | | |
| | | 61,076,905 ^ | | | | Commercial Mortgage Trust, 1.418%, 08/10/46 | | | | | 4,119,185 | | | | | | 0.1 | | |
| | | 88,252,279 ^ | | | | Commercial Mortgage Trust, 1.575%, 10/10/46 | | | | | 6,998,953 | | | | | | 0.1 | | |
| | | 65,166,000 #,^ | | | | Commercial Mortgage Trust, 0.748%, 10/15/45 | | | | | 2,641,041 | | | | | | 0.0 | | |
| | | 2,730,000 | | | | Commercial Mortgage Trust, 5.380%, 07/15/44 | | | | | 2,746,108 | | | | | | 0.1 | | |
| | | 1,579,471 ^ | | | | Countrywide Alternative Loan Trust, 4.813%, 05/25/35 | | | | | 173,359 | | | | | | 0.0 | | |
| | | 2,497,909 # | | | | Countrywide Commercial Mortgage Trust 2007-MF1, 6.274%, 11/12/43 | | | | | 2,605,069 | | | | | | 0.1 | | |
| | | 6,649,809 | | | | Countrywide Home Loan Mortgage Pass-through Trust, 2.429%, 11/25/34 | | | | | 6,329,894 | | | | | | 0.1 | | |
| | | 11,961,384 | | | | Countrywide Alternative Loan Trust, 0.307%-5.500%, 12/25/35-06/25/36 | | | | | 10,665,841 | | | | | | 0.2 | | |
| | | 3,270,000 | | | | Credit Suisse Commercial Mortgage Trust Series 2007-C4, 6.147%, 09/15/39 | | | | | 3,398,697 | | | | | | 0.1 | | |
| | | 202,994# | | | | Credit Suisse First Boston Mortgage Securities Corp. 2003-C4 J, 5.322%, 08/15/36 | | | | | 203,195 | | | | | | 0.0 | | |
| | | 1,222,540# | | | | Credit Suisse First Boston Mortgage Securities Corp., 5.861%, 04/12/49 | | | | | 1,221,137 | | | | | | 0.0 | | |
| | | 3,450,000# | | | | DBUBS 2011-LC2 Mortgage Trust, 5.640%, 07/10/44 | | | | | 3,615,398 | | | | | | 0.1 | | |
| | | 4,177,661# | | | | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1, 4.345%, 06/27/37 | | | | | 4,188,176 | | | | | | 0.1 | | |
| | | 12,995,817 | | | | Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.307%-0.377%, 08/25/36-10/25/36 | | | | | 8,813,492 | | | | | | 0.2 | | |
| | | 5,063,000 | | | | Fannie Mae Connecticut Avenue Securities 2013-CO1 M2, 4.737%, 02/25/25 | | | | | 5,119,921 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
72
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | 3,810,000 | | | | Fannie Mae Connecticut Avenue Securities 2014-C03 2M2, 3.087%, 07/25/24 | | | | $ | 3,530,195 | | | | | | 0.1 | | |
| | 4,260,000 | | | | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.187%, 05/25/25 | | | | | 4,168,546 | | | | | | 0.1 | | |
| | 2,660,000 | | | | Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.187%, 05/25/25 | | | | | 2,597,925 | | | | | | 0.1 | | |
| | 4,122,000 | | | | Fannie Mae Connecticut Avenue Securities 2015-CO1 M2, 4.487%, 02/25/25 | | | | | 4,127,381 | | | | | | 0.1 | | |
| | 6,110,000 | | | | Fannie Mae Connecticut Avenue Securities, 5.087%, 11/25/24 | | | | | 6,311,447 | | | | | | 0.1 | | |
| | 120,052,612 ^ | | | | Fannie Mae Series 2011-M3 X, 0.154%, 07/25/21 | | | | | 1,811,018 | | | | | | 0.0 | | |
| | 24,271,450 ^ | | | | First Horizon Alternative Mortgage Securities, 4.513%, 01/25/36 | | | | | 2,794,190 | | | | | | 0.1 | | |
| | 3,490,017 ^ | | | | First Horizon Alternative Mortgage Securities, 6.513%, 12/25/36 | | | | | 880,386 | | | | | | 0.0 | | |
| | 17,841,405 ^ | | | | Freddie Mac Series K015 X3, 2.886%, 08/25/39 | | | | | 2,609,341 | | | | | | 0.0 | | |
| | 3,320,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2014-HQ3 M3, 4.937%, 10/25/24 | | | | | 3,449,211 | | | | | | 0.1 | | |
| | 3,300,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M2, 2.387%, 03/25/25 | | | | | 3,279,408 | | | | | | 0.1 | | |
| | 3,700,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 3.987%, 03/25/25 | | | | | 3,652,910 | | | | | | 0.1 | | |
| | 7,650,000 | | | | Freddie Mac Structured Agency Credit Risk Debt Notes, 4.337%, 01/25/25 | | | | | 7,783,531 | | | | | | 0.2 | | |
| | 652,102,659 #,^ | | | | FREMF Mortgage Trust, 0.100%, 12/25/44 | | | | | 3,344,634 | | | | | | 0.1 | | |
| | 215,739 # | | | | GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Trust, 5.000%, 05/10/36 | | | | | 216,304 | | | | | | 0.0 | | |
| | 99,912,494 ^ | | | | GS Mortgage Securities Corp. II 2012-GCJ9 XA, 2.507%, 11/10/45 | | | | | 10,917,618 | | | | | | 0.2 | | |
| | 15,115,552 ^ | | | | GS Mortgage Securities Corp. II, 1.710%, 11/10/46 | | | | | 1,094,466 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 20,618,102 ^ | | | | GS Mortgage Securities Corp. II, 2.724%, 05/10/45 | | | | $ | 2,100,873 | | | | | | 0.1 | | |
| | | 6,410,000 # | | | | GS Mortgage Securities Trust 2010-C2, 5.396%, 12/10/43 | | | | | 6,711,174 | | | | | | 0.2 | | |
| | | 4,768,863 | | | | HomeBanc Mortgage Trust 2005-3, 0.497%, 07/25/35 | | | | | 4,433,503 | | | | | | 0.1 | | |
| | | 3,985,154 | | | | HomeBanc Mortgage Trust 2006-2 A2, 0.407%, 12/25/36 | | | | | 3,486,344 | | | | | | 0.1 | | |
| | | 12,988,419 | | | | Homebanc Mortgage Trust, 0.427%, 07/25/35 | | | | | 12,018,807 | | | | | | 0.3 | | |
| | | 788,962 | | | | Homebanc Mortgage Trust, 1.047%, 08/25/29 | | | | | 742,903 | | | | | | 0.0 | | |
| | | 19,880,000 #,^ | | | | JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.443%, 12/15/47 | | | | | 467,051 | | | | | | 0.0 | | |
| | | 1,270,000 # | | | | JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Thr, 5.740%, 05/15/41 | | | | | 1,324,939 | | | | | | 0.0 | | |
| | | 91,061,897 ^ | | | | JP Morgan Chase Commercial Mortgage Securities Corp., 0.762%, 01/15/46 | | | | | 1,893,423 | | | | | | 0.0 | | |
| | | 2,832,956 # | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2003-LN1 H, 5.623%, 10/15/37 | | | | | 2,846,027 | | | | | | 0.1 | | |
| | | 2,740,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC10, 5.097%, 01/12/37 | | | | | 2,734,727 | | | | | | 0.1 | | |
| | | 3,809,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.847%, 06/12/41 | | | | | 3,720,942 | | | | | | 0.1 | | |
| | | 2,260,000 | | | | JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8, 5.618%, 05/15/45 | | | | | 2,268,931 | | | | | | 0.1 | | |
| | | 5,993,123 | | | | JP Morgan Mortgage Trust 2005-S3, 6.000%, 01/25/36 | | | | | 5,386,685 | | | | | | 0.1 | | |
| | | 61,985 | | | | JP Morgan Mortgage Trust, 5.750%, 01/25/36 | | | | | 55,400 | | | | | | 0.0 | | |
| | | 39,375,113 #,^ | | | | LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36 | | | | | 475,242 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
73
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | 1,310,000 # | | | | LB-UBS Commercial Mortgage Trust 2005-C1 G, 5.454%, 02/15/40 | | | | $ | 1,308,855 | | | | | | 0.0 | | |
| | 4,290,000 | | | | LB-UBS Commercial Mortgage Trust 2005-C3 E, 4.983%, 07/15/40 | | | | | 4,318,507 | | | | | | 0.1 | | |
| | 2,550,000 # | | | | LB-UBS Commercial Mortgage Trust 2005-C5, 5.350%, 09/15/40 | | | | | 2,543,306 | | | | | | 0.1 | | |
| | 2,100,000 | | | | LB-UBS Commercial Mortgage Trust 2006-C4 D, 6.048%, 06/15/38 | | | | | 2,143,983 | | | | | | 0.1 | | |
| | 5,977,000 | | | | LB-UBS Commercial Mortgage Trust 2006-C4 E, 6.048%, 06/15/38 | | | | | 6,071,467 | | | | | | 0.1 | | |
| | 1,820,000 | | | | LB-UBS Commercial Mortgage Trust, 4.954%, 07/15/40 | | | | | 1,820,374 | | | | | | 0.0 | | |
| | 31,330,321 #,^ | | | | LB-UBS Commercial Mortgage Trust, 0.854%, 11/15/38 | | | | | 243,430 | | | | | | 0.0 | | |
| | 159,981,119 #,^ | | | | LB-UBS Commercial Mortgage Trust, 0.854%, 11/15/38 | | | | | 1,249,565 | | | | | | 0.0 | | |
| | 1,500,000 # | | | | LB-UBS Commercial Mortgage Trust, 5.175%, 10/15/36 | | | | | 1,560,106 | | | | | | 0.0 | | |
| | 3,390,000 # | | | | LB-UBS Commercial Mortgage Trust, 5.328%, 10/15/36 | | | | | 3,572,802 | | | | | | 0.1 | | |
| | 4,450,000 # | | | | LB-UBS Commercial Mortgage Trust, 6.096%, 09/15/39 | | | | | 4,608,843 | | | | | | 0.1 | | |
| | 4,210,000 # | | | | LB-UBS Commercial Mortgage Trust, 6.096%, 09/15/39 | | | | | 4,341,668 | | | | | | 0.1 | | |
| | 2,421,496 # | | | | LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32 | | | | | 2,430,039 | | | | | | 0.1 | | |
| | 3,850,000 # | | | | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5, 4.845%, 08/15/45 | | | | | 3,955,975 | | | | | | 0.1 | | |
| | 65,540,779 ^ | | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, 1.823%, 02/15/46 | | | | | 5,219,720 | | | | | | 0.1 | | |
| | 2,590,000 # | | | | Morgan Stanley Capital I Trust 2005-HQ6, 5.379%, 08/13/42 | | | | | 2,584,913 | | | | | | 0.1 | | |
| | 1,160,000 # | | | | Morgan Stanley Capital I Trust 2008-TOP29, 6.460%, 01/11/43 | | | | | 1,205,374 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 3,305,000 # | | | | Morgan Stanley Capital I Trust 2011-C1 D, 5.418%, 09/15/47 | | | | $ | 3,568,582 | | | | | | 0.1 | | |
| | | 3,325,000 # | | | | Morgan Stanley Capital I Trust 2011-C1 E, 5.418%, 09/15/47 | | | | | 3,535,972 | | | | | | 0.1 | | |
| | | 718,400 # | | | | Morgan Stanley Capital I, Inc., 5.910%, 11/15/31 | | | | | 730,186 | | | | | | 0.0 | | |
| | | 25,263 # | | | | Morgan Stanley Capital I, 7.350%, 07/15/32 | | | | | 25,319 | | | | | | 0.0 | | |
| | | 1,160,000 # | | | | Morgan Stanley Dean Witter Capital I, 7.762%, 07/15/33 | | | | | 1,308,967 | | | | | | 0.0 | | |
| | | 2,409,659 | | | | Morgan Stanley Mortgage Loan Trust 2006-3AR 2A1, 2.798%, 03/25/36 | | | | | 1,992,220 | | | | | | 0.0 | | |
| | | 475,585 # | | | | Morgan Stanley Re-REMIC Trust 2010-C30 A3B, 5.246%, 12/17/43 | | | | | 475,313 | | | | | | 0.0 | | |
| | | 4,300,000 # | | | | Morgan Stanley Re-REMIC Trust, 0.250%, 07/27/49 | | | | | 3,840,330 | | | | | | 0.1 | | |
| | | 37,526 # | | | | Nomura Asset Acceptance Corp., 6.842%, 02/19/30 | | | | | 37,174 | | | | | | 0.0 | | |
| | | 3,390,963 # | | | | N-Star Real Estate CDO Ltd. 2013-1A A, 2.037%, 08/25/29 | | | | | 3,389,268 | | | | | | 0.1 | | |
| | | 2,775,151 # | | | | RBSSP Resecuritization Trust, 0.435%, 02/26/37 | | | | | 2,618,055 | | | | | | 0.0 | | |
| | | 33,654,663 #,^ | | | | UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 2.276%, 08/10/49 | | | | | 3,436,976 | | | | | | 0.1 | | |
| | | 9,554,000 | | | | Wachovia Bank Commercial Mortgage Trust 2005-C21 AM, 5.432%, 10/15/44 | | | | | 9,591,605 | | | | | | 0.2 | | |
| | | 2,100,000 # | | | | Wachovia Bank Commercial Mortgage Trust Series 2005-C17 G, 5.703%, 03/15/42 | | | | | 2,095,346 | | | | | | 0.0 | | |
| | | 2,662,000 | | | | Wachovia Bank Commercial Mortgage Trust Series 2006-C25, 5.897%, 05/15/43 | | | | | 2,684,079 | | | | | | 0.1 | | |
| | | 6,192,000 | | | | Wachovia Bank Commercial Mortgage Trust Series 2007-C33 AJ, 6.150%, 02/15/51 | | | | | 6,413,646 | | | | | | 0.1 | | |
| | | 11,872,000 | | | | Wachovia Bank Commercial Mortgage Trust Series, 5.897%-6.150%, 05/15/43-02/15/51 | | | | | 12,016,800 | | | | | | 0.3 | | |
| | | 638,958 | | | | WaMu Alternative Mortgage Pass-Through Certificates, 5.500%, 10/25/35 | | | | | 600,576 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
74
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 3,004,712 | | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust, 2.021%, 12/25/36 | | | | $ | 2,655,291 | | | | | | 0.1 | | |
| | | 2,577,683 | | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 Trust, 1.943%, 04/25/37 | | | | | 2,249,392 | | | | | | 0.0 | | |
| | | 4,537,670 | | | | WaMu Mortgage Pass-Through Certificates, 2.156%, 07/25/37 | | | | | 3,884,204 | | | | | | 0.1 | | |
| | | 2,016,585 | | | | WaMu Mortgage Pass Through Certificates, 1.558%-1.740%, 10/25/36-06/25/42 | | | | | 1,701,814 | | | | | | 0.0 | | |
| | | 2,721,946 | | | | Wells Fargo Mortgage Backed Securities 2005-AR15 Trust, 2.613%, 09/25/35 | | | | | 2,596,981 | | | | | | 0.1 | | |
| | | 2,533,137 | | | | Wells Fargo Mortgage Backed Securities 2006-AR6 Trust 3A1, 2.581%, 03/25/36 | | | | | 2,466,091 | | | | | | 0.0 | | |
| | | 2,785,594 #,^ | | | | Wells Fargo Mortgage Backed Securities Trust, 1.717%, 06/15/45 | | | | | 219,867 | | | | | | 0.0 | | |
| | | 85,338 | | | | Wells Fargo Mortgage-Backed Securities Trust, 2.613%, 10/25/33 | | | | | 86,127 | | | | | | 0.0 | | |
| | | 37,722,625 #,^ | | | | WFRBS Commercial Mortgage Trust 2012-C8 XA, 2.346%, 08/15/45 | | | | | 3,558,153 | | | | | | 0.1 | | |
| | | 6,353,746 | | | | Wells Fargo Mortgage Backed Securities Trust, 2.621%-5.676%, 05/25/35-04/25/36 | | | | | 6,200,646 | | | | | | 0.1 | | |
| | | 37,136,696 | | | | Other Securities | | | | | 32,874,511 | | | | | | 0.7 | | |
| | | | | | | Total Collateralized Mortgage Obligations (Cost $460,494,906) | | | | | 471,819,160 | | | | | | 10.5 | | |
| ASSET-BACKED SECURITIES: 9.2% | | ||||||||||||||||||
| | | | | | | Automobile Asset-Backed Securities: 1.8% | | ||||||||||||
| | | 2,410,000 # | | | | AmeriCredit Automobile Receivables Trust 2011-3, 5.760%, 12/10/18 | | | | | 2,449,234 | | | | | | 0.1 | | |
| | | 2,680,000 | | | | AmeriCredit Automobile Receivables Trust 2012-5, 2.350%, 12/10/18 | | | | | 2,719,447 | | | | | | 0.1 | | |
| | | 4,855,000 | | | | AmeriCredit Automobile Receivables Trust 2013-1, 2.090%, 02/08/19 | | | | | 4,844,982 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Automobile Asset-Backed Securities (continued) | | ||||||||||||
| | | 4,270,000 | | | | AmeriCredit Automobile Receivables Trust 2013-4, 3.310%, 10/08/19 | | | | $ | 4,384,071 | | | | | | 0.1 | | |
| | | 5,470,000 | | | | AmeriCredit Automobile Receivables Trust 2013-5, 2.860%, 12/08/19 | | | | | 5,532,664 | | | | | | 0.1 | | |
| | | 5,640,000 # | | | | AmeriCredit Automobile Receivables Trust, 3.290%, 05/08/20 | | | | | 5,734,619 | | | | | | 0.1 | | |
| | | 2,570,000 # | | | | MMCA Automobile Trust, 1.920%, 12/16/19 | | | | | 2,600,186 | | | | | | 0.1 | | |
| | | 2,360,000 # | | | | MMCA Automobile Trust, 2.260%, 10/15/20 | | | | | 2,379,586 | | | | | | 0.0 | | |
| | | 4,670,000 | | | | Santander Drive Auto Receivables Trust 2013-1, 2.270%, 01/15/19 | | | | | 4,656,298 | | | | | | 0.1 | | |
| | | 3,135,000 | | | | Santander Drive Auto Receivables Trust 2013-2, 2.570%, 03/15/19 | | | | | 3,180,296 | | | | | | 0.1 | | |
| | | 2,775,000 | | | | Santander Drive Auto Receivables Trust 2013-4, 3.920%, 01/15/20 | | | | | 2,875,970 | | | | | | 0.1 | | |
| | | 10,500,000 # | | | | Santander Drive Auto Receivables Trust 2013-A, 3.780%, 10/15/19 | | | | | 10,925,633 | | | | | | 0.2 | | |
| | | 7,030,000 # | | | | Santander Drive Auto Receivables Trust 2013-A, 4.710%, 01/15/21 | | | | | 7,447,565 | | | | | | 0.2 | | |
| | | 4,650,000 | | | | Santander Drive Auto Receivables Trust 2014-3, 2.650%, 08/17/20 | | | | | 4,622,560 | | | | | | 0.1 | | |
| | | 1,630,000 # | | | | SunTrust Auto Receivables Trust 2015-1, 2.200%, 02/15/21 | | | | | 1,629,511 | | | | | | 0.0 | | |
| | | 15,330,000 | | | | Other Securities | | | | | 15,377,068 | | | | | | 0.3 | | |
| | | | | | | | | | | | 81,359,690 | | | | | | 1.8 | | |
| | | | | | | Home Equity Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 2,400,000 | | | | Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2, 1.102%, 03/25/35 | | | | | 2,041,512 | | | | | | 0.0 | | |
| | | 12,265,523 | | | | Other Securities | | | | | 11,537,338 | | | | | | 0.3 | | |
| | | | | | | | | | | | 13,578,850 | | | | | | 0.3 | | |
| | | | | | | Other Asset-Backed Securities: 7.1% | | ||||||||||||
| | | 7,500,000 # | | | | 1776 CLO Ltd. 2006-1A D, 2.026%, 05/08/20 | | | | | 7,451,663 | | | | | | 0.2 | | |
| | | 2,000,000 # | | | | American Homes 4 Rent 2015-SFR1, 5.639%, 04/17/45 | | | | | 2,082,684 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
75
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| | | 5,150,000 # | | | | Ares XII CLO Ltd. 2007-12A C, 2.282%, 11/25/20 | | | | $ | 5,096,965 | | | | | | 0.1 | | |
| | | 1,500,000 # | | | | Ares XII CLO Ltd., 3.532%, 11/25/20 | | | | | 1,486,218 | | | | | | 0.0 | | |
| | | 6,750,000 # | | | | Atrium V, 0.966%, 07/20/20 | | | | | 6,525,090 | | | | | | 0.2 | | |
| | | 1,750,000 # | | | | Atrium V, 3.976%, 07/20/20 | | | | | 1,725,580 | | | | | | 0.0 | | |
| | | 625,000 # | | | | Babson CLO, Inc. 2005-III, 0.679%, 11/10/19 | | | | | 618,897 | | | | | | 0.0 | | |
| | | 2,600,000 # | | | | Babson CLO, Inc. 2005-III, 0.979%, 11/10/19 | | | | | 2,545,408 | | | | | | 0.1 | | |
| | | 2,000,000 # | | | | Babson CLO, Inc. 2005-III, 1.979%, 11/10/19 | | | | | 1,977,324 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Babson Mid-Market CLO, Inc. 2007-II, 3.925%, 04/15/21 | | | | | 1,473,783 | | | | | | 0.0 | | |
| | | 1,000,000 # | | | | Babson Mid-Market CLO, Inc. 2007-II, 1.125%, 04/15/21 | | | | | 981,448 | | | | | | 0.0 | | |
| | | 7,350,000 # | | | | Babson Mid-Market CLO, Inc. 2007-II, 1.975%, 04/15/21 | | | | | 7,141,238 | | | | | | 0.2 | | |
| | | 1,549,061 # | | | | Black Diamond CLO 2005-1 Delaware Corp., 0.701%, 06/20/17 | | | | | 1,542,640 | | | | | | 0.0 | | |
| | | 270,818 # | | | | Black Diamond CLO Ltd., 0.631%, 06/20/17 | | | | | 270,503 | | | | | | 0.0 | | |
| | | 1,250,000 # | | | | BlackRock Senior Income Series V Ltd. 2007-5A D, 2.527%, 08/13/19 | | | | | 1,212,150 | | | | | | 0.0 | | |
| | | 10,000,000 # | | | | Bluemountain CLO III Ltd. 2007-3A C, 0.973%, 03/17/ 21 | | | | | 9,680,280 | | | | | | 0.2 | | |
| | | 7,101,818 # | | | | Callidus Debt Partners CLO Fund VI Ltd. 6A A1T, 0.537%, 10/23/21 | | | | | 6,985,745 | | | | | | 0.2 | | |
| | | 1,750,000 # | | | | Callidus Debt Partners CLO Fund VI Ltd., 3.277%, 10/23/21 | | | | | 1,716,992 | | | | | | 0.0 | | |
| | | 3,000,000 # | | | | Canaras Summit CLO Ltd., 0.766%, 06/19/21 | | | | | 2,918,427 | | | | | | 0.1 | | |
| | | 7,000,000 # | | | | Canaras Summit CLO Ltd., 1.086%, 06/19/21 | | | | | 6,739,838 | | | | | | 0.1 | | |
| | | 4,250,000 # | | | | Carlyle High Yield Partners IX Ltd., 0.688%, 08/01/21 | | | | | 4,080,153 | | | | | | 0.1 | | |
| | | 5,800,000 # | | | | Carlyle High Yield Partners IX Ltd., 1.888%, 08/01/21 | | | | | 5,595,376 | | | | | | 0.1 | | |
| | | 3,100,000 # | | | | Castle Garden Funding, 1.034%, 10/27/20 | | | | | 3,047,018 | | | | | | 0.1 | | |
| | | 3,550,000 # | | | | Castle Garden Funding, 5.034%, 10/27/20 | | | | | 3,548,797 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| | | 2,500,000 # | | | | Castle Garden Funding, 6.560%, 10/27/20 | | | | $ | 2,666,292 | | | | | | 0.0 | | |
| | | 4,450,000 # | | | | CIFC Funding 2006-I Ltd., 1.875%, 10/20/20 | | | | | 4,389,155 | | | | | | 0.1 | | |
| | | 2,101,184 # | | | | CIFC Funding 2006-I Ltd., 4.275%, 10/20/20 | | | | | 2,096,532 | | | | | | 0.1 | | |
| | | 10,400,000 # | | | | CIFC Funding 2006-II Ltd., 1.884%, 03/01/21 | | | | | 10,135,694 | | | | | | 0.2 | | |
| | | 5,344,486 # | | | | CIFC Funding 2006-II Ltd., 4.284%, 03/01/21 | | | | | 5,270,604 | | | | | | 0.1 | | |
| | | 3,000,000 # | | | | Clydesdale CLO 2006 Ltd, 0.954%, 12/19/18 | | | | | 2,903,745 | | | | | | 0.1 | | |
| | | 4,700,000 # | | | | ColumbusNova CLO IV Ltd 2007-2A C, 2.525%, 10/15/ 21 | | | | | 4,583,520 | | | | | | 0.1 | | |
| | | 2,500,000 # | | | | ColumbusNova CLO Ltd 2006-2A E, 4.029%, 04/04/18 | | | | | 2,470,840 | | | | | | 0.0 | | |
| | | 2,500,000 # | | | | ColumbusNova CLO Ltd 2006-II, 1.029%, 04/04/18 | | | | | 2,475,042 | | | | | | 0.1 | | |
| | | 1,000,000 # | | | | ColumbusNova CLO Ltd 2006-II, 1.779%, 04/04/18 | | | | | 981,708 | | | | | | 0.0 | | |
| | | 3,100,000 # | | | | Diamond Lake CLO Ltd., 1.883%, 12/01/19 | | | | | 3,032,280 | | | | | | 0.1 | | |
| | | 6,500,000 # | | | | Duane Street CLO II Ltd., 1.926%, 08/20/18 | | | | | 6,360,445 | | | | | | 0.1 | | |
| | | 7,500,000 # | | | | Eaton Vance CDO IX Ltd. 2007-9A D, 1.775%, 04/20/19 | | | | | 7,444,462 | | | | | | 0.2 | | |
| | | 10,500,000 # | | | | Eaton Vance CDO IX Ltd., 0.925%, 04/20/19 | | | | | 10,370,619 | | | | | | 0.2 | | |
| | | 5,645,000 # | | | | Fraser Sullivan CLO I Ltd., 2.086%, 03/15/20 | | | | | 5,530,694 | | | | | | 0.1 | | |
| | | 5,100,000 # | | | | Fraser Sullivan CLO II Ltd., 0.681%, 12/20/20 | | | | | 5,010,097 | | | | | | 0.1 | | |
| | | 6,500,000 # | | | | Fraser Sullivan CLO II Ltd., 1.001%, 12/20/20 | | | | | 6,357,949 | | | | | | 0.1 | | |
| | | 3,250,000 # | | | | Fraser Sullivan CLO II Ltd., 1.781%, 12/20/20 | | | | | 3,166,196 | | | | | | 0.1 | | |
| | | 521,235 # | | | | FRASR 2006-1A B 3/20, 0.756%, 03/15/20 | | | | | 520,054 | | | | | | 0.0 | | |
| | | 1,600,000 # | | | | Gale Force 3 CLO Ltd. 2007-3A D, 1.675%, 04/19/21 | | | | | 1,519,072 | | | | | | 0.0 | | |
| | | 6,600,000 # | | | | Gallatin CLO III 2007-1 Ltd., 1.524%, 05/15/21 | | | | | 6,591,743 | | | | | | 0.2 | | |
| | | 2,875,000 # | | | | GoldenTree Loan Opportunities III Ltd., 1.528%, 05/01/22 | | | | | 2,758,499 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
76
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| | | 4,125,000 # | | | | Goldentree Loan Opportunities V Ltd., 3.525%, 10/18/21 | | | | $ | 4,124,827 | | | | | | 0.1 | | |
| | | 2,500,000 # | | | | Greens Creek Funding Ltd., 2.525%, 04/18/21 | | | | | 2,488,797 | | | | | | 0.1 | | |
| | | 2,150,000 # | | | | GSC Group CDO Fund VIII Ltd, 1.024%, 04/17/21 | | | | | 2,127,610 | | | | | | 0.1 | | |
| | | 5,050,000 # | | | | Gulf Stream - Compass CLO 2007-1A D Ltd., 3.729%, 10/28/19 | | | | | 5,052,914 | | | | | | 0.1 | | |
| | | 3,825,000 # | | | | Gulf Stream - Compass CLO, 2.279%, 10/28/19 | | | | | 3,825,161 | | | | | | 0.1 | | |
| | | 1,900,000 # | | | | Gulf Stream-Rashinban CLO 2006-1A C Ltd., 0.962%, 11/26/20 | | | | | 1,850,630 | | | | | | 0.0 | | |
| | | 2,600,000 # | | | | Invitation Homes Trust 2014-SFR2 E, 3.335%, 06/17/32 | | | | | 2,543,085 | | | | | | 0.1 | | |
| | | 1,200,000 # | | | | Katonah IX CLO Ltd., 0.997%, 01/25/19 | | | | | 1,168,876 | | | | | | 0.0 | | |
| | | 2,975,711 # | | | | Kennecott Funding Ltd., 2.076%, 01/13/18 | | | | | 2,965,103 | | | | | | 0.1 | | |
| | | 4,250,000 # | | | | Kingsland III Ltd., 0.932%, 08/24/21 | | | | | 4,072,099 | | | | | | 0.1 | | |
| | | 1,500,000 # | | | | Landmark IX CDO Ltd., 1.725%, 04/15/21 | | | | | 1,435,226 | | | | | | 0.0 | | |
| | | 1,250,000 # | | | | LCM V Ltd., 3.681%, 03/21/19 | | | | | 1,222,823 | | | | | | 0.0 | | |
| | | 1,500,000 # | | | | LCM V Ltd, 1.631%, 03/21/19 | | | | | 1,446,463 | | | | | | 0.1 | | |
| | | 1,800,000 # | | | | LightPoint CLO V, 0.989%, 08/05/19 | | | | | 1,771,825 | | | | | | 0.0 | | |
| | | 2,000,000 # | | | | LightPoint CLO V, 1.859%, 08/05/19 | | | | | 1,968,180 | | | | | | 0.1 | | |
| | | 5,500,000 # | | | | Madison Park Funding II Ltd. 2006-2A D, 5.031%, 03/25/20 | | | | | 5,411,406 | | | | | | 0.1 | | |
| | | 1,500,000 # | | | | Madison Park Funding III Ltd. 2006-3A D, 3.727%, 10/25/20 | | | | | 1,503,281 | | | | | | 0.1 | | |
| | | 1,000,000 # | | | | Madison Park Funding Ltd., 2.081%, 03/25/20 | | | | | 983,860 | | | | | | 0.0 | | |
| | | 3,500,000 # | | | | Madison Park Funding Ltd., 5.527%, 07/26/21 | | | | | 3,500,969 | | | | | | 0.1 | | |
| | | 2,900,000 # | | | | Momentum Capital Fund Ltd., 1.675%, 09/18/21 | | | | | 2,859,765 | | | | | | 0.1 | | |
| | | 7,170,000 # | | | | MSIM Peconic Bay Ltd., 2.275%, 07/20/19 | | | | | 7,131,820 | | | | | | 0.2 | | |
| | | 416,881 # | | | | Mountain Capital CLO V Ltd, 1.836%, 09/15/18 | | | | | 415,272 | | | | | | 0.0 | | |
| | | 12,750,000 # | | | | Muir Grove CLO Ltd. 2007-1A B, 2.277%, 03/25/20 | | | | | 12,742,388 | | | | | | 0.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| | 4,650,000 # | | | | Muir Grove CLO Ltd., 3.277%, 03/25/20 | | | | $ | 4,603,556 | | | | | | 0.1 | | |
| | 2,500,000 # | | | | Ocean Trails CLO I, 1.026%, 10/12/20 | | | | | 2,393,953 | | | | | | 0.1 | | |
| | 6,500,000 # | | | | Progress Residential 2015-SFR2 Trust, 4.427%, 06/12/32 | | | | | 6,508,824 | | | | | | 0.1 | | |
| | 3,500,000 # | | | | Race Point IV CLO Ltd., 1.028%, 08/01/21 | | | | | 3,491,289 | | | | | | 0.1 | | |
| | 1,600,000 # | | | | Regatta Funding Ltd, 1.586%, 06/15/20 | | | | | 1,534,792 | | | | | | 0.0 | | |
| | 1,750,000 # | | | | Sierra CLO II Ltd., 1.676%, 01/22/21 | | | | | 1,700,032 | | | | | | 0.0 | | |
| | 4,630,000 # | | | | Springleaf Funding Trust 2015-A, 3.160%, 11/15/24 | | | | | 4,688,664 | | | | | | 0.1 | | |
| | 2,500,000 # | | | | St James River CLO Ltd. 2007-1A D, 2.586%, 06/11/21 | | | | | 2,462,503 | | | | | | 0.1 | | |
| | 2,000,000 # | | | | Telos CLO 2006-1A D Ltd., 1.976%, 10/11/21 | | | | | 1,960,556 | | | | | | 0.0 | | |
| | 1,400,000 # | | | | Telos CLO 2006-1A E Ltd., 4.526%, 10/11/21 | | | | | 1,404,137 | | | | | | 0.0 | | |
| | 2,010,000 # | | | | Trade MAPS 1 Ltd., 2.439%, 12/10/18 | | | | | 1,996,935 | | | | | | 0.0 | | |
| | 32,259,805 | | | | Other Securities | | | | | 30,285,870 | | | | | | 0.7 | | |
| | | | | | | | | | | 318,722,950 | | | | | | 7.1 | | |
| | | | | | Total Asset-Backed Securities (Cost $410,280,909) | | | | | 413,661,490 | | | | | | 9.2 | | |
U.S. TREASURY OBLIGATIONS: 10.2% | | ||||||||||||||||||
| | | | | | U.S. Treasury Bonds: 4.8% | | ||||||||||||
| | 172,000,000 | | | | 2.125%, due 05/15/25 | | | | | 168,613,664 | | | | | | 3.7 | | |
| | 54,010,000 | | | | 2.500%, due 02/15/45 | | | | | 47,317,837 | | | | | | 1.1 | | |
| | | | | | | | | | | 215,931,501 | | | | | | 4.8 | | |
| | | | | | U.S. Treasury Notes: 5.4% | | ||||||||||||
| | 40,306,000 | | | | 0.625%, due 06/30/17 | | | | | 40,287,097 | | | | | | 0.9 | | |
| | 58,816,000 | | | | 1.125%, due 06/15/18 | | | | | 59,008,975 | | | | | | 1.3 | | |
| | 44,471,000 | | | | 1.500%, due 07/31/16 | | | | | 45,009,499 | | | | | | 1.0 | | |
| | 66,437,000 | | | | 1.625%, due 06/30/20 | | | | | 66,374,682 | | | | | | 1.5 | | |
| | 17,882,000 | | | | 1.875%, due 05/31/22 | | | | | 17,666,862 | | | | | | 0.4 | | |
| | 14,202,000 | | | | 2.125%, due 06/30/22 | | | | | 14,248,597 | | | | | | 0.3 | | |
| | | | | | | | | | | 242,595,712 | | | | | | 5.4 | | |
| | | | | | Total U.S. Treasury Obligations (Cost $459,114,634) | | | | | 458,527,213 | | | | | | 10.2 | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS: 34.6% | | ||||||||||||||||||
| | | | | | Agency Collat CMO: 0.0% | | ||||||||||||
| | 5,460,926 ^ | | | | 6.413%, due 09/25/40 | | | | | 1,061,148 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
77
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | Federal Home Loan Bank: 0.0% | | ||||||||||||
| | 1,915,000 | | | | Other Securities | | | | $ | 1,854,666 | | | | | | 0.0 | | |
| | | | | | Federal Home Loan Mortgage Corporation: 11.2%## | | ||||||||||||
| | 13,600,000 | | | | 1.000%, due 07/28/17 | | | | | 13,665,321 | | | | | | 0.3 | | |
| | 94,212,000 W | | | | 3.000%, due 07/01/43 | | | | | 93,656,293 | | | | | | 2.1 | | |
| | 152,057,000 W | | | | 3.500%, due 08/01/45 | | | | | 156,033,648 | | | | | | 3.5 | | |
| | 5,000,000 ^ | | | | 4.000%, due 11/15/38 | | | | | 1,353,372 | | | | | | 0.0 | | |
| | 1,896,542 ^ | | | | 4.000%, due 04/15/43 | | | | | 362,213 | | | | | | 0.0 | | |
| | 6,311,930 ^ | | | | 4.500%, due 12/15/40 | | | | | 1,073,028 | | | | | | 0.0 | | |
| | 6,938,818 ^ | | | | 4.500%, due 08/15/42 | | | | | 1,225,361 | | | | | | 0.0 | | |
| | 860,333 ^ | | | | 4.954%, due 03/15/33 | | | | | 907,975 | | | | | | 0.0 | | |
| | 3,272,027 ^ | | | | 5.000%, due 02/15/40 | | | | | 632,414 | | | | | | 0.0 | | |
| | 4,131,954 ^ | | | | 5.000%, due 12/15/43 | | | | | 848,521 | | | | | | 0.0 | | |
| | 3,884,193 ^ | | | | 5.500%, due 12/15/18 | | | | | 188,642 | | | | | | 0.0 | | |
| | 9,144,969 | | | | 5.500%, due 02/15/36 | | | | | 10,256,504 | | | | | | 0.2 | | |
| | 21,252,975 ^ | | | | 5.765%, due 08/15/43 | | | | | 4,715,504 | | | | | | 0.1 | | |
| | 4,097,373 ^ | | | | 5.815%, due 05/15/36 | | | | | 430,224 | | | | | | 0.0 | | |
| | 5,572,930 ^ | | | | 5.865%, due 07/15/40 | | | | | 876,488 | | | | | | 0.0 | | |
| | 27,717,603 ^ | | | | 5.865%, due 01/15/41 | | | | | 4,511,591 | | | | | | 0.1 | | |
| | 13,413,828 ^ | | | | 5.915%, due 09/15/44 | | | | | 2,674,382 | | | | | | 0.1 | | |
| | 41,921,080 ^ | | | | 5.965%, due 03/15/44 | | | | | 6,784,688 | | | | | | 0.2 | | |
| | 27,447,312 ^ | | | | 5.965%, due 03/15/44 | | | | | 4,576,507 | | | | | | 0.1 | | |
| | 957,233 ^ | | | | 6.000%, due 04/15/33 | | | | | 241,656 | | | | | | 0.0 | | |
| | 16,624,234 ^ | | | | 6.015%, due 07/15/39 | | | | | 2,472,855 | | | | | | 0.1 | | |
| | 18,386,588 ^ | | | | 6.015%, due 10/15/39 | | | | | 3,085,109 | | | | | | 0.1 | | |
| | 3,636,669 ^ | | | | 6.300%, due 06/15/36 | | | | | 591,457 | | | | | | 0.0 | | |
| | 12,665,929 ^ | | | | 6.365%, due 05/15/41 | | | | | 2,779,418 | | | | | | 0.1 | | |
| | 30,105,269 ^ | | | | 6.365%, due 11/15/41 | | | | | 6,735,660 | | | | | | 0.2 | | |
| | 4,400,855 ^ | | | | 6.415%, due 09/15/33 | | | | | 841,352 | | | | | | 0.0 | | |
| | 10,413,915 ^ | | | | 6.415%, due 03/15/35 | | | | | 1,544,389 | | | | | | 0.0 | | |
| | 6,543,250 ^ | | | | 6.415%, due 12/15/39 | | | | | 834,296 | | | | | | 0.0 | | |
| | 16,484,188 ^ | | | | 6.415%, due 01/15/40 | | | | | 2,761,101 | | | | | | 0.1 | | |
| | 23,060,678 ^ | | | | 6.415%, due 09/15/42 | | | | | 5,316,155 | | | | | | 0.1 | | |
| | 15,866,020 ^ | | | | 6.515%, due 11/15/25 | | | | | 2,202,457 | | | | | | 0.0 | | |
| | 13,149,859 ^ | | | | 6.515%, due 04/15/40 | | | | | 2,392,742 | | | | | | 0.1 | | |
| | 3,142,533 ^ | | | | 23.887%, due 01/15/36 | | | | | 1,712,681 | | | | | | 0.0 | | |
| | 155,642,097 | | | | 0.536%-19.304%, due 08/23/17-06/01/45 | | | | | 166,836,608 | | | | | | 3.7 | | |
| | | | | | | | | | | 505,120,612 | | | | | | 11.2 | | |
| | | | | | Federal National Mortgage Association: 17.5%## | | ||||||||||||
| | 82,414,000 W | | | | 0.300%, due 08/01/44 | | | | | 81,894,081 | | | | | | 1.8 | | |
| | 13,462,308 | | | | 0.387%, due 10/27/37 | | | | | 13,306,515 | | | | | | 0.3 | | |
| | 137,068,000 W | | | | 0.400%, due 08/01/45 | | | | | 144,899,606 | | �� | | | | 3.2 | | |
| | 11,700,000 | | | | 0.875%, due 08/28/17 | | | | | 11,729,519 | | | | | | 0.3 | | |
| | 21,000,000 | | | | 0.875%, due 12/20/17 | | | | | 20,982,591 | | | | | | 0.5 | | |
| | 49,148,000 W | | | | 2.500%, due 08/01/29 | | | | | 49,643,542 | | | | | | 1.1 | | |
| | 9,745,954 ^ | | | | 3.000%, due 10/25/32 | | | | | 1,151,221 | | | | | | 0.0 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | 10,682,969 | | | | 3.000%, due 05/01/43 | | | | $ | 10,695,625 | | | | | | 0.2 | | |
| | 22,738,567 | | | | 3.000%, due 07/01/43 | | | | | 22,758,537 | | | | | | 0.5 | | |
| | 16,627,181 | | | | 3.000%, due 04/01/45 | | | | | 16,597,931 | | | | | | 0.4 | | |
| | 748,166 ^ | | | | 3.500%, due 08/25/43 | | | | | 139,778 | | | | | | 0.0 | | |
| | 987,934 ^ | | | | 4.000%, due 11/01/18 | | | | | 46,700 | | | | | | 0.0 | | |
| | 22,914,986 | | | | 4.000%, due 12/01/39 | | | | | 24,302,682 | | | | | | 0.5 | | |
| | 8,313,556 ^ | | | | 4.000%, due 09/25/41 | | | | | 1,189,427 | | | | | | 0.0 | | |
| | 1,119,995 ^ | | | | 4.000%, due 08/25/43 | | | | | 221,959 | | | | | | 0.0 | | |
| | 13,378,000 W | | | | 4.500%, due 07/01/44 | | | | | 14,464,963 | | | | | | 0.3 | | |
| | 2,659,624 ^ | | | | 5.000%, due 05/25/18 | | | | | 125,269 | | | | | | 0.0 | | |
| | 26,995,337 ^ | | | | 5.000%, due 01/25/41 | | | | | 3,750,316 | | | | | | 0.1 | | |
| | 8,961,321 ^ | | | | 5.000%, due 04/25/42 | | | | | 1,907,764 | | | | | | 0.0 | | |
| | 10,069,704 | | | | 5.500%, due 06/01/38 | | | | | 11,298,380 | | | | | | 0.3 | | |
| | 9,081,229 ^ | | | | 5.500%, due 11/25/40 | | | | | 1,974,720 | | | | | | 0.0 | | |
| | 31,871,517 ^ | | | | 5.883%, due 11/25/40 | | | | | 4,336,601 | | | | | | 0.1 | | |
| | 26,861,294 ^ | | | | 5.913%, due 10/25/42 | | | | | 5,633,351 | | | | | | 0.1 | | |
| | 34,561,154 ^ | | | | 5.913%, due 12/25/42 | | | | | 6,946,792 | | | | | | 0.2 | | |
| | 701,549 ^ | | | | 5.963%, due 03/25/42 | | | | | 116,549 | | | | | | 0.0 | | |
| | 16,566,080 ^ | | | | 5.963%, due 11/25/42 | | | | | 3,874,818 | | | | | | 0.1 | | |
| | 15,459,644 ^ | | | | 5.963%, due 02/25/43 | | | | | 3,768,288 | | | | | | 0.1 | | |
| | 1,687,994 ^ | | | | 6.000%, due 08/25/33 | | | | | 415,745 | | | | | | 0.0 | | |
| | 20,131,781 ^ | | | | 6.013%, due 06/25/33 | | | | | 4,456,363 | | | | | | 0.1 | | |
| | 12,403,742 ^ | | | | 6.233%, due 06/25/40 | | | | | 2,130,132 | | | | | | 0.1 | | |
| | 6,022,582 ^ | | | | 6.263%, due 02/25/42 | | | | | 1,042,659 | | | | | | 0.0 | | |
| | 7,469,929 ^ | | | | 6.413%, due 10/25/40 | | | | | 1,433,283 | | | | | | 0.0 | | |
| | 13,711,530 ^ | | | | 6.433%, due 06/25/40 | | | | | 2,387,893 | | | | | | 0.1 | | |
| | 13,455,182 ^ | | | | 6.493%, due 10/25/35 | | | | | 2,590,123 | | | | | | 0.1 | | |
| | 2,080,151 ^ | | | | 6.513%, due 08/25/26 | | | | | 281,884 | | | | | | 0.0 | | |
| | 7,268,952 ^ | | | | 6.553%, due 01/25/37 | | | | | 1,520,767 | | | | | | 0.0 | | |
| | 17,260,687 ^ | | | | 6.563%, due 10/25/35 | | | | | 3,171,651 | | | | | | 0.1 | | |
| | 271,849,694 | | | | 0.687%-32.515%, due 06/01/16-07/01/45 | | | | | 297,485,477 | | | | | | 6.6 | | |
| | 14,128,000 W | | | | 3.000%, due 07/01/29 | | | | | 14,637,822 | | | | | | 0.3 | | |
| | | | | | | | | | | 789,311,324 | | | | | | 17.5 | | |
| | | | | | Government National Mortgage Association: 5.9% | | ||||||||||||
| | 123,677,000 | | | | 3.500%, due 01/20/45 | | | | | 128,034,700 | | | | | | 2.9 | | |
| | 11,564,555 ^ | | | | 4.000%, due 08/16/26 | | | | | 1,486,371 | | | | | | 0.0 | | |
| | 17,758,498 | | | | 4.000%, due 03/20/45 | | | | | 18,939,646 | | | | | | 0.4 | | |
| | 7,350,903 ^ | | | | 4.500%, due 12/20/37 | | | | | 532,940 | | | | | | 0.0 | | |
| | 4,647,459 ^ | | | | 4.500%, due 05/20/40 | | | | | 679,250 | | | | | | 0.0 | | |
| | 3,334,075 ^ | | | | 5.000%, due 11/20/39 | | | | | 551,530 | | | | | | 0.0 | | |
| | 11,445,174 ^ | | | | 5.000%, due 01/20/40 | | | | | 2,906,061 | | | | | | 0.1 | | |
| | 7,525,611 ^ | | | | 5.000%, due 03/20/40 | | | | | 1,245,178 | | | | | | 0.0 | | |
| | 4,037,531 ^ | | | | 5.000%, due 10/20/40 | | | | | 686,380 | | | | | | 0.0 | | |
| | 10,697,243 ^ | | | | 5.413%, due 06/20/44 | | | | | 2,219,880 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
78
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | |||||||||||||||||||||
| | | | | | | Government National Mortgage Association (continued) | | |||||||||||||||
| | | 24,604,924 ^ | | | | 5.415%, due 04/16/44 | | | | $ | 3,900,835 | | | | | | 0.1 | | | |||
| | | 31,379,851 ^ | | | | 5.500%, due 11/20/43 | | | | | 6,928,363 | | | | | | 0.2 | | | |||
| | | 7,507,398 ^ | | | | 5.663%, due 06/20/40 | | | | | 1,163,382 | | | | | | 0.0 | | | |||
| | | 27,674,658 ^ | | | | 5.863%, due 07/20/39 | | | | | 4,341,099 | | | | | | 0.1 | | | |||
| | | 31,682,887 ^ | | | | 5.915%, due 05/16/40 | | | | | 4,475,208 | | | | | | 0.1 | | | |||
| | | 28,807,913 ^ | | | | 6.000%, due 05/16/44 | | | | | 7,908,224 | | | | | | 0.2 | | | |||
| | | 26,882,172 ^ | | | | 6.013%, due 05/20/37 | | | | | 4,660,995 | | | | | | 0.1 | | | |||
| | | 5,069,379 ^ | | | | 6.013%, due 06/20/38 | | | | | 617,211 | | | | | | 0.0 | | | |||
| | | 9,541,263 ^ | | | | 6.013%, due 04/20/39 | | | | | 1,639,905 | | | | | | 0.1 | | | |||
| | | 34,027,563 ^ | | | | 6.015%, due 12/16/39 | | | | | 5,465,677 | | | | | | 0.1 | | | |||
| | | 34,330,078 ^ | | | | 6.015%, due 04/16/44 | | | | | 5,568,239 | | | | | | 0.1 | | | |||
| | | 5,798,703 ^ | | | | 6.113%, due 05/20/39 | | | | | 669,998 | | | | | | 0.0 | | | |||
| | | 4,480,567 ^ | | | | 6.213%, due 04/20/38 | | | | | 736,541 | | | | | | 0.0 | | | |||
| | | 3,441,280 ^ | | | | 6.315%, due 05/16/38 | | | | | 639,869 | | | | | | 0.0 | | | |||
| | | 9,770,996 ^ | | | | 6.315%, due 01/16/39 | | | | | 1,624,428 | | | | | | 0.0 | | | |||
| | | 13,966,011 ^ | | | | 6.433%, due 08/20/40 | | | | | 2,951,313 | | | | | | 0.1 | | | |||
| | | 6,213,491 ^ | | | | 6.465%, due 09/16/40 | | | | | 1,115,382 | | | | | | 0.0 | | | |||
| | | 14,037,381 ^ | | | | 6.483%, due 06/20/41 | | | | | 2,675,876 | | | | | | 0.1 | | | |||
| | | 2,609,463 ^ | | | | 6.585%, due 02/16/35 | | | | | 461,875 | | | | | | 0.0 | | | |||
| | | 4,793,626 ^ | | | | 6.813%, due 04/20/36 | | | | | 414,927 | | | | | | 0.0 | | | |||
| | | 43,571,163 | | | | 1.625%-24.623%, due 01/20/27-10/20/60 | | | | | 48,160,836 | | | | | | 1.1 | | | |||
| | | | | | | | | | | | 263,402,119 | | | | | | 5.9 | | | |||
| | | | | | | Total U.S. Government Agency Obligations (Cost $1,531,512,193) | | | | | 1,560,749,869 | | | | | | 34.6 | | | |||
| FOREIGN GOVERNMENT BONDS: 0.5% | | |||||||||||||||||||||
| | | 13,848,000 | | | | European Investment Bank, 1.000%, 03/15/18 | | | | | 13,820,955 | | | | | | 0.3 | | | |||
| | | 10,705,000 | | | | Other Securities | | | | | 10,661,810 | | | | | | 0.2 | | | |||
| | | | | | | Total Foreign Government Bonds (Cost $24,311,761) | | | | | 24,482,765 | | | | | | 0.5 | | | |||
|
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
MUTUAL FUNDS: 12.6% | | ||||||||||||||||||
| | | | | | Affiliated Investment Companies: 12.6% | | ||||||||||||
| | 7,099,238 | | | | Voya Emerging Markets Corporate Debt Fund - Class P | | | | | 69,430,552 | | | | | | 1.5 | | |
| | 10,882,452 | | | | Voya Emerging Markets Hard Currency Debt Fund - Class P | | | | | 101,424,450 | | | | | | 2.3 | | |
| | 7,042,918 | | | | Voya Emerging Markets Local Currency Debt Fund - Class P | | | | | 53,174,033 | | | | | | 1.2 | | |
| | 2,148,924 | | | | Voya Floating Rate Fund - Class P | | | | | 21,618,171 | | | | | | 0.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
MUTUAL FUNDS: (continued) | | |||||||||||||||||||||
| | | | | | Affiliated Investment Companies (continued) | | |||||||||||||||
| | 13,078,888 | | | | Voya High Yield Bond Fund - Class P | | | | $ | 105,415,840 | | | | | | 2.3 | | | |||
| | 10,503,823 | | | | Voya Investment Grade Credit Fund - Class P | | | | | 111,445,557 | | | | | | 2.5 | | | |||
| | 10,267,980 | | | | Voya Securitized Credit Fund - Class P | | | | | 104,938,756 | | | | | | 2.3 | | | |||
| | | | | | Total Mutual Funds (Cost $593,382,834) | | | | | 567,447,359 | | | | | | 12.6 | | | |||
PREFERRED STOCK: 0.0% | | |||||||||||||||||||||
| | | | | | Financials: 0.0% | | |||||||||||||||
| | 751 #,P | | | | Ally Financial, Inc. | | | | | 762,617 | | | | | | 0.0 | | | |||
| | | | | | Total Preferred Stock (Cost $722,838) | | | | | 762,617 | | | | | | 0.0 | | | |||
| | | | | | Total Long-Term Investments (Cost $4,868,113,293) | | | | | 4,888,702,395 | | | | | | 108.5 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 7.6% | | ||||||||||||||||||
| | | | | | Commercial Paper: 6.9% | | ||||||||||||
| | 5,000,000 | | | | American Elec Power, 0.220%, 07/15/15 | | | | | 4,999,550 | | | | | | 0.1 | | |
| | 15,000,000 | | | | American Elec Power, 0.250%, 07/13/15 | | | | | 14,998,650 | | | | | | 0.4 | | |
| | 5,000,000 | | | | Autozone Inc., 0.240%, 07/06/15 | | | | | 4,999,800 | | | | | | 0.1 | | |
| | 5,000,000 | | | | Autozone Inc., 0.260%, 07/20/15 | | | | | 4,999,300 | | | | | | 0.1 | | |
| | 4,000,000 | | | | Autozone Inc., 0.260%, 07/21/15 | | | | | 3,999,400 | | | | | | 0.1 | | |
| | 10,000,000 | | | | Campbell Soup Co., 0.300%, 09/17/15 | | | | | 9,993,600 | | | | | | 0.2 | | |
| | 5,000,000 | | | | Campbell Soup Co., 0.450%, 12/07/15 | | | | | 4,990,200 | | | | | | 0.1 | | |
| | 22,500,000 | | | | Consolidated Edison Inc., 0.180%, 07/06/15 | | | | | 22,499,325 | | | | | | 0.5 | | |
| | 61,558,000 | | | | Crown PT, 07/01/15 | | | | | 61,558,000 | | | | | | 1.4 | | |
| | 5,000,000 | | | | CVS Health, 0.270%, 07/31/15 | | | | | 4,998,850 | | | | | | 0.1 | | |
| | 10,000,000 | | | | CVS Health, 0.260%, 07/24/15 | | | | | 9,998,300 | | | | | | 0.2 | | |
| | 12,500,000 | | | | Duke Energy, 0.240%, 07/06/15 | | | | | 12,499,500 | | | | | | 0.3 | | |
| | 7,500,000 | | | | Duke Energy, 0.280%, 08/03/15 | | | | | 7,498,050 | | | | | | 0.1 | | |
| | 17,000,000 | | | | Kellogg Co., 0.260%, 07/10/15 | | | | | 16,998,810 | | | | | | 0.4 | | |
| | 10,000,000 | | | | Kroger, 0.260%, 07/20/15 | | | | | 9,998,600 | | | | | | 0.2 | | |
| | 34,500,000 | | | | Kroger, 0.240%, 07/01/15 | | | | | 34,499,770 | | | | | | 0.8 | | |
See Accompanying Notes to Financial Statements
79
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Commercial Paper (continued) | | ||||||||||||
| | 6,000,000 | | | | McDonalds Corp., 0.180%, 07/14/15 | | | | $ | 5,999,580 | | | | | | 0.1 | | |
| | 4,500,000 | | | | Mondelez Intl., 0.270%, 07/28/15 | | | | | 4,499,055 | | | | | | 0.1 | | |
| | 13,000,000 | | | | Mondelez Intl., 0.320%, 09/09/15 | | | | | 12,991,940 | | | | | | 0.3 | | |
| | 3,000,000 | | | | Mondelez Intl., 0.230%, 07/14/15 | | | | | 2,999,730 | | | | | | 0.1 | | |
| | 10,000,000 | | | | Monsanto Co., 0.290%, 08/10/15 | | | | | 9,996,800 | | | | | | 0.2 | | |
| | 5,000,000 | | | | Monsanto Co., 0.290%, 08/17/15 | | | | | 4,998,100 | | | | | | 0.1 | | |
| | 5,000,000 | | | | Monsanto Co., 0.300%, 08/24/15 | | | | | 4,997,750 | | | | | | 0.1 | | |
| | 20,000,000 | | | | NBC Universal Enterprise, 0.250%, 07/13/15 | | | | | 19,998,200 | | | | | | 0.5 | | |
| | 5,000,000 | | | | Virginia Electric & Power Co., 0.260%, 08/17/15 | | | | | 4,998,300 | | | | | | 0.1 | | |
| | 10,000,000 | | | | Virginia Electric & Power Co., 0.290%, 09/08/15 | | | | | 9,994,500 | | | | | | 0.2 | | |
| | | | | | | | | | | 311,003,660 | | | | | | 6.9 | | |
| | | | | | Securities Lending Collateralcc: 0.3% | | ||||||||||||
| | 3,333,273 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $3,333,287, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,399,938, due 07/15/15-05/20/65) | | | | | 3,333,273 | | | | | | 0.1 | | |
| | 2,454,811 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,454,823, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,503,895, due 11/15/15-03/01/48) | | | | | 2,454,811 | | | | | | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 3,333,300 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,333,316, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,399,966, due 01/15/17- 08/15/42) | | | | $ | 3,333,300 | | | | | | 0.1 | | |
| | | 3,333,273 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,333,286, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,399,939, due 07/31/15-05/20/65) | | | | | 3,333,273 | | | | | | 0.1 | | |
| | | 1,580,131 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,580,140, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,612,339, due 01/15/17- 01/15/29) | | | | | 1,580,131 | | | | | | 0.0 | | |
| | | | | | | | | | | | 14,034,788 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
80
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.4% | | |||||||||||||||
| | 18,386,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $18,386,000) | | | | $ | 18,386,000 | | | | | | 0.4 | | | |||
| | | | | | Total Short-Term Investments (Cost $343,390,679) | | | | | 343,424,448 | | | | | | 7.6 | | | |||
| | | | | | Total Investments in Securities (Cost $5,211,503,972) | | | | $ | 5,232,126,843 | | | | | | 116.1 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (724,023,764) | | | | | | (16.1) | | | |||
| | | | | | Net Assets | | | | $ | 4,508,103,079 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
##
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.
P
Preferred Stock may be called prior to convertible date.
cc
Represents securities purchased with cash collateral received for securities on loan.
W
Settlement is on a when-issued or delayed-delivery basis.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
^
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.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $5,214,949,560.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 80,496,831 | | | |
| Gross Unrealized Depreciation | | | | | (63,319,548) | | | |
| Net Unrealized Appreciation | | | | $ | 17,177,283 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Mutual Funds | | | | $ | 567,447,359 | | | | | $ | — | | | | | $ | — | | | | | $ | 567,447,359 | | | ||||
Preferred Stock | | | | | — | | | | | | 762,617 | | | | | | — | | | | | | 762,617 | | | ||||
Corporate Bonds/Notes | | | | | — | | | | | | 1,391,251,922 | | | | | | — | | | | | | 1,391,251,922 | | | ||||
Collateralized Mortgage Obligations | | | | | — | | | | | | 471,819,160 | | | | | | — | | | | | | 471,819,160 | | | ||||
Short-Term Investments | | | | | 18,386,000 | | | | | | 325,038,448 | | | | | | — | | | | | | 343,424,448 | | | ||||
U.S. Treasury Obligations | | | | | — | | | | | | 458,527,213 | | | | | | — | | | | | | 458,527,213 | | | ||||
U.S. Government Agency Obligations | | | | | — | | | | | | 1,560,749,869 | | | | | | — | | | | | | 1,560,749,869 | | | ||||
Asset-Backed Securities | | | | | — | | | | | | 413,661,490 | | | | | | — | | | | | | 413,661,490 | | | ||||
Foreign Government Bonds | | | | | — | | | | | | 24,482,765 | | | | | | — | | | | | | 24,482,765 | | | ||||
Total Investments, at fair value | | | | $ | 585,833,359 | | | | | $ | 4,646,293,484 | | | | | $ | — | | | | | $ | 5,232,126,843 | | | ||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Centrally Cleared Swaps | | | | | — | | | | | | 14,700,651 | | | | | | — | | | | | | 14,700,651 | | | ||||
Forward Foreign Currency Contracts | | | | | — | | | | | | 947,562 | | | | | | — | | | | | | 947,562 | | | ||||
Futures | | | | | 627,498 | | | | | | — | | | | | | — | | | | | | 627,498 | | | ||||
Total Assets | | | | $ | 586,460,857 | | | | | $ | 4,661,941,697 | | | | | $ | — | | | | | $ | 5,248,402,554 | | | ||||
|
See Accompanying Notes to Financial Statements
81
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| | | Quoted Prices in Active Markets for Identical Investments (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Fair Value at June 30, 2015 | | ||||||||||||||||
Liabilities Table | | | | | | ||||||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||||||
Centrally Cleared Swaps | | | | $ | — | | | | | $ | (15,775,785) | | | | | $ | — | | | | | $ | (15,775,785) | | | ||||
Forward Foreign Currency Contracts | | | | | — | | | | | | (2,024,444) | | | | | | — | | | | | | (2,024,444) | | | ||||
Futures | | | | | (5,614,222) | | | | | | — | | | | | | — | | | | | | (5,614,222) | | | ||||
Total Liabilities | | | | $ | (5,614,222) | | | | | $ | (17,800,229) | | | | | $ | — | | | | | $ | (23,414,451) | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) 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 results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended June 30, 2015, where the following issuers were considered an affiliate:
Issuer | | | Beginning Fair Value at 12/31/14 | | | Purchases at Cost | | | Sales at Cost | | | Change in Unrealized Appreciation/ (Depreciation) | | | Ending Fair Value at 6/30/2015 | | | Investment Income | | | Realized Gains/ (Losses) | | | Net Capital Gain Distributions | | ||||||||||||||||||||||||||||||||
Voya Emerging Markets Corporate Debt Fund – Class P | | | | $ | 67,321,662 | | | | | $ | 1,699,148 | | | | | $ | — | | | | | $ | 409,742 | | | | | $ | 69,430,552 | | | | | $ | 1,699,147 | | | | | $ | — | | | | | $ | — | | | ||||||||
Voya Emerging Markets Hard Currency Debt Fund – Class P | | | | | 127,656,962 | | | | | | 3,231,026 | | | | | | (30,545,122) | | | | | | 1,081,584 | | | | | | 101,424,450 | | | | | | 3,231,026 | | | | | | (2,019,122) | | | | | | — | | | ||||||||
Voya Emerging Markets Local Currency Debt Fund – Class P | | | | | 55,850,342 | | | | | | — | | | | | | — | | | | | | (2,676,309) | | | | | | 53,174,033 | | | | | | — | | | | | | — | | | | | | — | | | ||||||||
Voya Floating Rate Fund – Class P | | | | | 21,006,226 | | | | | | 487,034 | | | | | | — | | | | | | 124,911 | | | | | | 21,618,171 | | | | | | 487,034 | | | | | | — | | | | | | — | | | ||||||||
Voya High Yield Bond Fund – Class P | | | | | 97,142,654 | | | | | | 8,126,359 | | | | | | — | | | | | | 146,827 | | | | | | 105,415,840 | | | | | | 3,126,164 | | | | | | — | | | | | | — | | | ||||||||
Voya Investment Grade Credit Fund – Class P | | | | | 111,937,388 | | | | | | 2,150,098 | | | | | | — | | | | | | (2,641,929) | | | | | | 111,445,557 | | | | | | 2,150,117 | | | | | | — | | | | | | — | | | ||||||||
Voya Securitized Credit Fund – Class P | | | | | 102,238,782 | | | | | | 2,299,840 | | | | | | — | | | | | | 400,134 | | | | | | 104,938,756 | | | | | | 2,299,840 | | | | | | — | | | | | | — | | | ||||||||
| | | | $ | 583,154,016 | | | | | $ | 17,993,505 | | | | | $ | (30,545,122) | | | | | $ | (3,155,040) | | | | | $ | 567,447,359 | | | | | $ | 12,993,328 | | | | | $ | (2,019,122) | | | | | $ | — | | | ||||||||
|
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At June 30, 2015, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||
Barclays Bank PLC | | | EU Euro | | | | | 19,957,775 | | | | | | Buy | | | | | | 08/14/15 | | | | | $ | 22,641,750 | | | | | $ | 22,263,345 | | | | | $ | (378,405) | | |
Barclays Bank PLC | | | Singapore Dollar | | | | | 1,301,141 | | | | | | Buy | | | | | | 08/14/15 | | | | | | 981,172 | | | | | | 965,406 | | | | | | (15,766) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 19,960,164 | | | | | | Buy | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,266,011 | | | | | | (375,739) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 20,143,904 | | | | | | Buy | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,470,977 | | | | | | (170,773) | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 20,141,933 | | | | | | Buy | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,468,778 | | | | | | (172,972) | | |
Morgan Stanley | | | Czech Koruna | | | | | 19,403,537 | | | | | | Buy | | | | | | 09/11/15 | | | | | | 811,396 | | | | | | 794,048 | | | | | | (17,348) | | |
Morgan Stanley | | | EU Euro | | | | | 3,402,925 | | | | | | Buy | | | | | | 08/14/15 | | | | | | 3,861,729 | | | | | | 3,796,039 | | | | | | (65,690) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,196,693) | | |
Barclays Bank PLC | | | Japanese Yen | | | | | 2,792,709,295 | | | | | | Sell | | | | | | 08/14/15 | | | | | $ | 22,641,750 | | | | | $ | 22,830,943 | | | | | $ | (189,193) | | |
Barclays Bank PLC | | | Turkish Lira | | | | | 11,701,978 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 4,220,190 | | | | | | 4,276,971 | | | | | | (56,781) | | |
Citigroup, Inc. | | | Mexican Peso | | | | | 78,679,027 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 5,145,295 | | | | | | 4,980,266 | | | | | | 165,029 | | |
Citigroup, Inc. | | | Philippine Peso | | | | | 30,666,070 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 685,888 | | | | | | 678,885 | | | | | | 7,003 | | |
Deutsche Bank AG | | | EU Euro | | | | | 20,300,476 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,645,636 | | | | | | (3,886) | | |
Deutsche Bank AG | | | Japanese Yen | | | | | 2,792,651,785 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,830,473 | | | | | | (188,723) | | |
Deutsche Bank AG | | | Japanese Yen | | | | | 2,792,742,352 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,831,213 | | | | | | (189,463) | | |
Deutsche Bank AG | | | Romanian New Leu | | | | | 2,063,414 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 523,778 | | | | | | 513,522 | | | | | | 10,256 | | |
Deutsche Bank AG | | | Malaysian Ringgit | | | | | 20,214,909 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 5,629,796 | | | | | | 5,365,973 | | | | | | 263,823 | | |
See Accompanying Notes to Financial Statements
82
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Counterparty | | | Currency | | | Contract Amount | | | Buy/Sell | | | Settlement Date | | | In Exchange For | | | Fair Value | | | Unrealized Appreciation (Depreciation) | | ||||||||||||||||||
Goldman Sachs & Co. | | | EU Euro | | | | | 20,291,243 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,635,337 | | | | | | 6,413 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 20,290,866 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,634,917 | | | | | | 6,833 | | |
Goldman Sachs & Co. | | | EU Euro | | | | | 20,292,692 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,636,953 | | | | | | 4,797 | | |
Goldman Sachs & Co. | | | Japanese Yen | | | | | 2,792,404,763 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 22,641,750 | | | | | | 22,828,453 | | | | | | (186,703) | | |
HSBC Bank PLC | | | Peruvian Nuevo Sol | | | | | 6,689,361 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 2,085,212 | | | | | | 2,081,890 | | | | | | 3,322 | | |
JPMorgan Chase & Co. | | | Brazilian Real | | | | | 10,946,559 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 3,488,387 | | | | | | 3,429,908 | | | | | | 58,479 | | |
JPMorgan Chase & Co. | | | Indonesian Rupiah | | | | | 50,194,746,125 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 3,716,202 | | | | | | 3,721,990 | | | | | | (5,788) | | |
Morgan Stanley | | | Colombian Peso | | | | | 6,651,495,118 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 2,603,325 | | | | | | 2,533,016 | | | | | | 70,309 | | |
Morgan Stanley | | | Chilean Peso | | | | | 200,391,584 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 315,279 | | | | | | 311,350 | | | | | | 3,929 | | |
Morgan Stanley | | | South African Rand | | | | | 56,586,342 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 4,585,356 | | | | | | 4,592,570 | | | | | | (7,214) | | |
Morgan Stanley | | | Hungarian Forint | | | | | 884,306,740 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 3,233,860 | | | | | | 3,121,629 | | | | | | 112,231 | | |
Morgan Stanley | | | Polish Zloty | | | | | 13,782,743 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 3,762,759 | | | | | | 3,658,548 | | | | | | 104,211 | | |
Morgan Stanley | | | Russian Ruble | | | | | 225,086,922 | | | | | | Sell | | | | | | 09/11/15 | | | | | | 4,079,140 | | | | | | 3,975,945 | | | | | | 103,195 | | |
Morgan Stanley | | | Thai Baht | | | | | 142,019,697 | | | | | | Sell | | | | | | 08/14/15 | | | | | | 4,226,148 | | | | | | 4,198,416 | | | | | | 27,732 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 119,811 | | |
| | | | | | | | |
At June 30, 2015, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:
Contract Description | | | Number of Contracts | | | Expiration Date | | | Notional Value | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Long Contracts | | | | | | ||||||||||||||||||||
U.S. Treasury 10-Year Note | | | | | 437 | | | | | | 09/21/15 | | | | | $ | 55,137,112 | | | | | $ | 411,542 | | |
U.S. Treasury 2-Year Note | | | | | 570 | | | | | | 09/30/15 | | | | | | 124,794,375 | | | | | | 215,956 | | |
U.S. Treasury Long Bond | | | | | 137 | | | | | | 09/21/15 | | | | | | 20,665,594 | | | | | | (478,916) | | |
U.S. Treasury Ultra Long Bond | | | | | 917 | | | | | | 09/21/15 | | | | | | 141,275,312 | | | | | | (4,822,700) | | |
| | | | | | | | | | | | | | | | $ | 341,872,393 | | | | | $ | (4,674,118) | | |
Short Contracts | | | | | | ||||||||||||||||||||
U.S. Treasury 5-Year Note | | | | | (5,792) | | | | | | 09/30/15 | | | | | | (690,741,236) | | | | | | (312,606) | | |
| | | | | | | | | | | | | | | | $ | (690,741,236) | | | | | $ | (312,606) | | |
| | | | | |
At June 30, 2015, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:
| | | Clearinghouse | | | Termination Date | | | Notional Amount | | | Fair Value | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||||||||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 1.668% | | | Chicago Mercantile Exchange | | | | | 10/30/19 | | | | | | USD | | | | | | 444,148,000 | | | | | $ | (977,861) | | | | | $ | (977,861) | | | |||||
Receive a fixed rate equal to 2.000% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 11/05/19 | | | | | | USD | | | | | | 905,910,000 | | | | | | 14,490,621 | | | | | | 14,490,621 | | | |||||
Receive a fixed rate equal to 2.408% and pay a floating rate based on the 3-month USD-LIBOR-BBA | | | Chicago Mercantile Exchange | | | | | 10/30/24 | | | | | | USD | | | | | | 230,707,000 | | | | | | 210,030 | | | | | | 210,030 | | | |||||
Receive a floating rate equal to the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.760% | | | Chicago Mercantile Exchange | | | | | 11/05/24 | | | | | | USD | | | | | | 480,130,000 | | | | | | (14,797,924) | | | | | | (14,797,924) | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,075,134) | | | | | $ | (1,075,134) | | | |||||
|
See Accompanying Notes to Financial Statements
83
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of March 31, 2015 was as follows:
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | ||||
Asset Derivatives | | | | | | | | | | | |
Foreign exchange contracts | | | Unrealized appreciation on forward foreign currency contracts | | | | $ | 947,562 | | | |
Interest rate contracts | | | Net Assets — Unrealized appreciation* | | | | | 627,498 | | | |
Interest rate contracts | | | Net Assets — Unrealized appreciation** | | | | | 14,700,651 | | | |
Total Asset Derivatives | | | | | | | $ | 16,275,711 | | | |
Liability Derivatives | | | | | | | | | | | |
Foreign exchange contracts | | | Unrealized depreciation on forward foreign currency contracts | | | | $ | 2,024,444 | | | |
Interest rate contracts | | | Net Assets — Unrealized depreciation* | | | | | 5,614,222 | | | |
Interest rate contracts | | | Net Assets — Unrealized depreciation** | | | | | 15,775,785 | | | |
Total Liability Derivatives | | | | | | | $ | 23,414,451 | | | |
|
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments.
**
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2015 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Investments* | | | Foreign currency related transactions** | | | Futures | | | Swaps | | | Written options | | | Total | | ||||||||||||||||||||||||
Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,476,621 | | | | | $ | — | | | | | $ | 2,476,621 | | | ||||||
Foreign exchange contracts | | | | | — | | | | | | 455,350 | | | | | | — | | | | | | — | | | | | | — | | | | | | 455,350 | | | ||||||
Interest rate contracts | | | | | (4,404,986) | | | | | | — | | | | | | (14,955,841) | | | | | | 1,232,291 | | | | | | (1,886,618) | | | | | | (20,015,154) | | | ||||||
Total | | | | $ | (4,404,986) | | | | | $ | 455,350 | | | | | $ | (14,955,841) | | | | | $ | 3,708,912 | | | | | $ | (1,886,618) | | | | | $ | (17,083,183) | | | ||||||
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | | | Investments* | | | Foreign currency related transactions** | | | Futures | | | Swaps | | | Total | | ||||||||||||||||||||
Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2,438,471) | | | | | $ | (2,438,471) | | | |||||
Foreign exchange contracts | | | | | — | | | | | | (798,760) | | | | | | — | | | | | | — | | | | | | (798,760) | | | |||||
Interest rate contracts | | | | | 4,856,184 | | | | | | — | | | | | | (7,929,475) | | | | | | 4,714,138 | | | | | | 1,640,847 | | | |||||
Total | | | | $ | 4,856,184 | | | | | $ | (798,760) | | | | | $ | (7,929,475) | | | | | $ | 2,275,667 | | | | | $ | (1,596,384) | | | |||||
|
*
Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.
**
Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
84
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Portfolio | as of June 30, 2015 (Unaudited) (continued) |
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 June 30, 2015:
| | | Barclays Bank PLC | | | Citigroup, Inc. | | | Deutsche Bank AG | | | Goldman Sachs & Co. | | | HSBC Bank PLC | | | JPMorgan Chase & Co. | | | Morgan Stanley | | | Totals | | ||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | | | | $ | — | | | | | $ | 172,032 | | | | | $ | 274,079 | | | | | $ | 18,043 | | | | | $ | 3,322 | | | | | $ | 58,479 | | | | | $ | 421,607 | | | | | $ | 947,562 | | | ||||||||
Total Assets | | | | $ | — | | | | | $ | 172,032 | | | | | $ | 274,079 | | | | | $ | 18,043 | | | | | $ | 3,322 | | | | | $ | 58,479 | | | | | $ | 421,607 | | | | | $ | 947,562 | | | ||||||||
Liabilities: | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | | | | $ | 640,145 | | | | | $ | — | | | | | $ | 382,072 | | | | | $ | 906,187 | | | | | $ | — | | | | | $ | 5,788 | | | | | $ | 90,252 | | | | | $ | 2,024,444 | | | ||||||||
Total Liabilities | | | | $ | 640,145 | | | | | $ | — | | | | | $ | 382,072 | | | | | $ | 906,187 | | | | | $ | — | | | | | $ | 5,788 | | | | | $ | 90,252 | | | | | $ | 2,024,444 | | | ||||||||
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (640,145) | | | | | $ | 172,032 | | | | | $ | (107,993) | | | | | $ | (888,144) | | | | | $ | 3,322 | | | | | $ | 52,691 | | | | | $ | 331,355 | | | | | | (1,076,882) | | | ||||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||||||
Net Exposure(1) | | | | $ | (640,145) | | | | | $ | 172,032 | | | | | $ | (107,993) | | | | | $ | (888,144) | | | | | $ | 3,322 | | | | | $ | 52,691 | | | | | $ | 331,355 | | | | | $ | (1,076,882) | | | ||||||||
|
(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.
See Accompanying Notes to Financial Statements
85
PORTFOLIO OF INVESTMENTS
Voya Money Market Portfolio | as of June 30, 2015 (Unaudited) |
| Investment Type Allocation as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Certificates of Deposit | | | 21.7% | |
| Asset Backed Commercial Paper | | | 18.7% | |
| Other Note | | | 17.9% | |
| Financial Company Commercial Paper | | | 13.5% | |
| Government Agency Debt | | | 9.4% | |
| Investment Companies | | | 8.0% | |
| Treasury Debt | | | 7.7% | |
| Other Commercial Paper | | | 1.7% | |
| Government Agency Repurchase Agreement | | | 1.3% | |
| Assets in Excess of Other Liabilities | | | 0.1% | |
| Net Assets | | | 100.0% | |
| Portfolio holdings are subject to change daily. | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
Asset Backed Commercial Paper: 18.7% | | |||||||||||||||||||||
| | 5,200,000 | | | | Barton Capital LLC, 0.132%, due 07/02/15 | | | | $ | 5,199,981 | | | | | | 0.9 | | | |||
| | 250,000 | | | | Barton Capital LLC, 0.203%, due 08/03/15 | | | | | 249,954 | | | | | | 0.0 | | | |||
| | 600,000 | | | | Barton Capital LLC, 0.216%, due 08/06/15 | | | | | 599,880 | | | | | | 0.1 | | | |||
| | 11,900,000 # | | | | Barton Capital LLC, 0.265%, due 07/16/15 | | | | | 11,900,000 | | | | | | 2.1 | | | |||
| | 12,750,000 | | | | Concord Minutemen Capital Co., 0.238%, due 07/06/15 | | | | | 12,749,584 | | | | | | 2.2 | | | |||
| | 10,450,000 | | | | Concord Minutemen Capital Co., 0.325%, due 07/01/15 | | | | | 10,450,000 | | | | | | 1.8 | | | |||
| | 7,100,000 | | | | Crown Point Capital Co., 0.184%, due 07/06/15 | | | | | 7,099,825 | | | | | | 1.2 | | | |||
| | 16,500,000 | | | | Crown Point Capital Co., 0.325%, due 07/01/15 | | | | | 16,500,000 | | | | | | 2.9 | | | |||
| | 7,850,000 | | | | Jupiter Securitization Company LLC, 0.183%, due 07/06/15 | | | | | 7,849,804 | | | | | | 1.4 | | | |||
| | 9,200,000 | | | | Jupiter Securitization Company LLC, 0.284%, due 09/24/15 | | | | | 9,193,918 | | | | | | 1.6 | | | |||
| | 15,500,000 | | | | Old Line Funding LLC, 0.264%, due 07/07/15 | | | | | 15,499,328 | | | | | | 2.7 | | | |||
| | 7,700,000 # | | | | Old Line Funding LLC, 0.305%, due 07/20/15 | | | | | 7,700,000 | | | | | | 1.4 | | | |||
| | 2,000,000 | | | | Thunder Bay Funding LLC, 0.162%, due 07/01/15 | | | | | 2,000,000 | | | | | | 0.4 | | | |||
| | | | | | Total Asset Backed Commercial Paper (Cost $106,992,274) | | | | | 106,992,274 | | | | | | 18.7 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
Certificates of Deposit: 21.7% | | ||||||||||||||||||
| | 10,150,000 | | | | Bank of Tokyo - Mitsubishi UFJ NY, 0.250%, due 08/05/ 15 | | | | $ | 10,150,492 | | | | | | 1.8 | | |
| | 5,050,000 # | | | | Barton Capital LLC, 0.214%, due 07/15/15 | | | | | 5,050,000 | | | | | | 0.9 | | |
| | 7,400,000 | | | | Credit Suisse New York, 0.230%, due 08/03/15 | | | | | 7,400,000 | | | | | | 1.3 | | |
| | 10,250,000 | | | | Mizuho Bank Ltd./NY, 0.250%, due 08/03/15 | | | | | 10,250,469 | | | | | | 1.8 | | |
| | 350,000 | | | | Mizuho Bank Ltd./NY, 0.260%, due 07/13/15 | | | | | 350,007 | | | | | | 0.1 | | |
| | 6,900,000 | | | | Mizuho Bank Ltd./NY, 0.260%, due 08/07/15 | | | | | 6,900,212 | | | | | | 1.2 | | |
| | 5,250,000 | | | | Mizuho Bank Ltd./NY, 0.270%, due 07/31/15 | | | | | 5,250,262 | | | | | | 0.9 | | |
| | 6,850,000 | | | | Nordea Bank Finland NY, 0.185%, due 07/07/15 | | | | | 6,850,040 | | | | | | 1.2 | | |
| | 16,250,000 | | | | Nordea Bank Finland NY, 0.214%, due 07/15/15 | | | | | 16,250,000 | | | | | | 2.8 | | |
| | 7,450,000 | | | | Skandinav Enskilda Bank NY, 0.250%, due 07/02/15 | | | | | 7,450,019 | | | | | | 1.3 | | |
| | 2,000,000 | | | | Skandinaviska Enskilda Banken AB, 0.122%, due 07/07/15 | | | | | 1,999,960 | | | | | | 0.4 | | |
| | 10,800,000 | | | | Sumitomo Mitsui Bank NY, 0.160%, due 07/06/15 | | | | | 10,800,000 | | | | | | 1.9 | | |
| | 12,000,000 | | | | Sumitomo Mitsui Bank NY, 0.180%, due 07/06/15 | | | | | 12,000,000 | | | | | | 2.1 | | |
| | 1,200,000 | | | | Svenska Handelsbanken NY, 0.190%, due 07/01/15 | | | | | 1,200,000 | | | | | | 0.2 | | |
| | 750,000 | | | | Svenska Handelsbanken NY, 0.205%, due 08/06/15 | | | | | 750,034 | | | | | | 0.1 | | |
| | 21,250,000 # | | | | Thunder Bay Funding LLC, 0.288%, due 07/13/15 | | | | | 21,250,000 | | | | | | 3.7 | | |
| | | | | | Total Certificates of Deposit (Cost $123,901,495) | | | | | 123,901,495 | | | | | | 21.7 | | |
Financial Company Commercial Paper: 13.5% | | ||||||||||||||||||
| | 14,500,000 # | | | | Australia & New Zealand Banking Group Ltd., 0.338%, due 07/20/15 | | | | | 14,500,000 | | | | | | 2.5 | | |
| | 13,000,000 | | | | Bank of Tokyo - Mitsubishi UFJ NY, 0.167%, due 07/01/ 15 | | | | | 13,000,000 | | | | | | 2.3 | | |
| | 15,500,000 | | | | Credit Suisse New York, 0.260%, due 07/02/15 | | | | | 15,499,890 | | | | | | 2.7 | | |
| | 500,000 | | | | Nordea Bank AB, 0.203%, due 07/06/15 | | | | | 499,986 | | | | | | 0.1 | | |
| | 5,000,000 | | | | PNC Bank NA, 0.203%, due 07/01/15 | | | | | 5,000,000 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
86
PORTFOLIO OF INVESTMENTS
Voya Money Market Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
Financial Company Commercial Paper: (continued) | | |||||||||||||||||||||
| | 4,500,000 | | | | Skandinaviska Enskilda Banken AB, 0.152%, due 07/06/15 | | | | $ | 4,499,906 | | | | | | 0.8 | | | |||
| | 22,400,000 | | | | Societe Generale, 0.204%, due 08/03/15 | | | | | 22,395,876 | | | | | | 3.9 | | | |||
| | 1,235,000 | | | | Societe Generale, 0.234%, due 07/02/15 | | | | | 1,234,992 | | | | | | 0.2 | | | |||
| | 600,000 | | | | UBS Finance Delaware LLC, 0.203%, due 08/03/15 | | | | | 599,890 | | | | | | 0.1 | | | |||
| | | | | | Total Financial Company Commercial Paper (Cost $77,230,540) | | | | | 77,230,540 | | | | | | 13.5 | | | |||
Government Agency Debt: 9.4% | | |||||||||||||||||||||
| | 7,620,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.066%, due 08/14/15 | | | | | 7,619,398 | | | | | | 1.3 | | | |||
| | 2,000,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.066%, due 08/19/15 | | | | | 1,999,823 | | | | | | 0.4 | | | |||
| | 6,000,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.067%, due 08/21/15 | | | | | 5,999,439 | | | | | | 1.0 | | | |||
| | 12,170,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.071%, due 08/12/15 | | | | | 12,168,998 | | | | | | 2.1 | | | |||
| | 4,000,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.071%, due 08/05/15 | | | | | 3,999,728 | | | | | | 0.7 | | | |||
| | 750,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.081%, due 08/26/15 | | | | | 749,906 | | | | | | 0.1 | | | |||
| | 2,000,000 Z | | | | Federal Home Loan Bank Discount Notes, 0.091%, due 09/15/15 | | | | | 1,999,620 | | | | | | 0.3 | | | |||
| | 500,000 Z | | | | Freddie Mac Discount Notes, 0.056%, due 08/28/15 | | | | | 499,952 | | | | | | 0.1 | | | |||
| | 1,560,000 Z | | | | Freddie Mac Discount Notes, 0.071%, due 07/24/15 | | | | | 1,559,930 | | | | | | 0.3 | | | |||
| | 2,000,000 Z | | | | Freddie Mac Discount Notes, 0.071%, due 07/27/15 | | | | | 1,999,899 | | | | | | 0.4 | | | |||
| | 12,100,000 Z | | | | Freddie Mac Discount Notes, 0.071%, due 09/17/15 | | | | | 12,098,165 | | | | | | 2.1 | | | |||
| | 3,250,000 Z | | | | Freddie Mac Discount Notes, 0.117%, due 08/14/15 | | | | | 3,249,543 | | | | | | 0.6 | | | |||
| | | | | | Total Government Agency Debt (Cost $53,944,401) | | | | | 53,944,401 | | | | | | 9.4 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
Government Agency Repurchase Agreement: 1.3% | | ||||||||||||||||||
| | 7,204,000 | | | | Morgan Stanley Repurchase Agreement dated 6/30/2015, 0.07%, due 7/01/15, $7,204,014 to be received upon repurchase (Collateralized by $7,499,470, Various US Gov Agency Oblig, 0.0-2.83%, Market Value plus accrued interest $7,348,082 due 7/23/15-4/15/ 30) | | | | $ | 7,204,000 | | | | | | 1.3 | | |
| | | | | | Total Government Agency Repurchase Agreement (Cost $7,204,000) | | | | | 7,204,000 | | | | | | 1.3 | | |
Investment Companies: 8.0% | | ||||||||||||||||||
| | 23,000,000 | | | | BlackRock Liquidity Funds, TempCash, Institutional, 0.088%, due 07/01/15 | | | | | 23,000,000 | | | | | | 4.0 | | |
| | 23,000,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional, 0.084%, due 07/01/15 | | | | | 23,000,000 | | | | | | 4.0 | | |
| | | | | | Total Investment Companies (Cost $46,000,000) | | | | | 46,000,000 | | | | | | 8.0 | | |
Other Commercial Paper: 1.7% | | ||||||||||||||||||
| | 3,000,000 | | | | Cargill, Inc., 0.081%, due 07/08/15 | | | | | 2,999,953 | | | | | | 0.5 | | |
| | 6,772,000 | | | | Cargill, Inc., 0.112%, due 07/06/15 | | | | | 6,771,897 | | | | | | 1.2 | | |
| | | | | | Total Other Commercial Paper (Cost $9,771,850) | | | | | 9,771,850 | | | | | | 1.7 | | |
Other Note: 17.9% | | ||||||||||||||||||
| | 1,250,000 | | | | General Electric Capital Corp., 0.474%, due 07/10/15 | | | | | 1,251,365 | | | | | | 0.2 | | |
| | 11,600,000 | | | | JPMorgan Chase Bank NA, 0.356%, due 07/22/15 | | | | | 11,600,192 | | | | | | 2.0 | | |
| | 15,250,000 # | | | | Royal Bank of Canada, 0.408%, due 07/01/15 | | | | | 15,250,000 | | | | | | 2.7 | | |
| | 12,000,000 | | | | Svenska Handelsbanken AB, 0.386%, due 07/07/15 | | | | | 12,000,000 | | | | | | 2.1 | | |
| | 3,000,000 # | | | | Svenska Handelsbanken AB, 0.456%, due 07/06/15 | | | | | 3,000,000 | | | | | | 0.5 | | |
| | 11,350,000 # | | | | Toronto-Dominion Bank, 2.200%, due 07/29/15 | | | | | 11,366,700 | | | | | | 2.0 | | |
| | 8,500,000 | | | | Toyota Motor Credit Corp., 0.302%, due 09/14/15 | | | | | 8,500,000 | | | | | | 1.5 | | |
See Accompanying Notes to Financial Statements
87
PORTFOLIO OF INVESTMENTS
Voya Money Market Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
Other Note: (continued) | | |||||||||||||||||||||
| | 16,750,000 | | | | Wells Fargo Bank NA, 0.380%, due 09/24/15 | | | | $ | 16,750,000 | | | | | | 2.9 | | | |||
| | 7,825,000 # | | | | Westpac Banking Corp., 1.375%, due 07/17/15 | | | | | 7,828,823 | | | | | | 1.4 | | | |||
| | 14,750,000 | | | | Westpac Banking Corp, 0.533%, due 07/28/15 | | | | | 14,750,000 | | | | | | 2.6 | | | |||
| | | | | | Total Other Note (Cost $102,297,080) | | | | | 102,297,080 | | | | | | 17.9 | | | |||
Treasury Debt: 7.7% | | |||||||||||||||||||||
| | 43,911,000 | | | | United States Treasury Bill, 0.065%, due 12/24/15 | | | | | 43,897,168 | | | | | | 7.7 | | | |||
| | | | | | Total Treasury Debt (Cost $43,897,168) | | | | | 43,897,168 | | | | | | 7.7 | | | |||
| | | | | | Total Investments in Securities (Cost $571,238,808) | | | | $ | 571,238,808 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 286,380 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 571,525,188 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
#
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.
Z
Indicates Zero Coupon Bond; rate shown reflects current effective yield.
Cost for federal income tax purposes is the same as for financial statement purposes.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | — | | | |
| Gross Unrealized Depreciation | | | | | — | | | |
| Net Unrealized Depreciation | | | | $ | — | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Other Note | | | | $ | — | | | | | $ | 102,297,080 | | | | | $ | — | | | | | $ | 102,297,080 | | | ||||
Government Agency Debt | | | | | — | | | | | | 53,944,401 | | | | | | — | | | | | | 53,944,401 | | | ||||
Government Agency Repurchase Agreement | | | | | — | | | | | | 7,204,000 | | | | | | — | | | | | | 7,204,000 | | | ||||
Treasury Debt | | | | | — | | | | | | 43,897,168 | | | | | | — | | | | | | 43,897,168 | | | ||||
Other Commercial Paper | | | | | — | | | | | | 9,771,850 | | | | | | — | | | | | | 9,771,850 | | | ||||
Certificates of Deposit | | | | | — | | | | | | 123,901,495 | | | | | | — | | | | | | 123,901,495 | | | ||||
Financial Company Commercial Paper | | | | | — | | | | | | 77,230,540 | | | | | | — | | | | | | 77,230,540 | | | ||||
Investment Companies | | | | | 46,000,000 | | | | | | — | | | | | | — | | | | | | 46,000,000 | | | ||||
Asset Backed Commercial Paper | | | | | — | | | | | | 106,992,274 | | | | | | — | | | | | | 106,992,274 | | | ||||
Total Investments, at fair value | | | | $ | 46,000,000 | | | | | $ | 525,238,808 | | | | | $ | — | | | | | $ | 571,238,808 | | | ||||
|
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
See Accompanying Notes to Financial Statements
88
PORTFOLIO OF INVESTMENTS
Voya Money Market Portfolio | as of June 30, 2015 (Unaudited) (continued) |
The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of June 30, 2015.
Counterparty | | | Repurchase Agreement, at fair value | | | Fair Value of Non-Cash Collateral Received Including Accrued Interest(1) | | | Net Amount | | ||||||||||||
Morgan Stanley | | | | $ | 7,204,000 | | | | | $ | (7,204,000) | | | | | $ | — | | | |||
Totals | | | | $ | 7,204,000 | | | | | $ | (7,204,000) | | | | | $ | — | | | |||
|
(1)
Collateral with a fair value of $7,499,470 has been pledged in connection with the above repurchase agreement.
Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
See Accompanying Notes to Financial Statements
89
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) |
| Sector Diversification as of June 30, 2015 (as a percentage of net assets) | | |||
| | | | | |
| Financials | | | 23.8% | |
| Information Technology | | | 17.0% | |
| Industrials | | | 16.6% | |
| Consumer Discretionary | | | 13.6% | |
| Health Care | | | 13.4% | |
| Materials | | | 4.4% | |
| Energy | | | 3.0% | |
| Utilities | | | 2.0% | |
| Consumer Staples | | | 2.0% | |
| Exchange-Traded Funds | | | 0.6% | |
| Assets in Excess of Other Liabilities* | | | 3.6% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| Portfolio holdings are subject to change daily. | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 95.8% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 13.6% | | ||||||||||||
| | | 407,901 @ | | | | Belmond Ltd | | | | $ | 5,094,684 | | | | | | 0.8 | | |
| | | 91,800 | | | | Cheesecake Factory | | | | | 5,006,313 | | | | | | 0.8 | | |
| | | 74,800 | | | | Childrens Place Retail Stores, Inc. | | | | | 4,892,668 | | | | | | 0.7 | | |
| | | 178,600 | | | | Finish Line, Inc. | | | | | 4,968,652 | | | | | | 0.8 | | |
| | | 60,400 | | | | Jack in the Box, Inc. | | | | | 5,324,864 | | | | | | 0.8 | | |
| | | 89,950 | | | | Monro Muffler Brake, Inc. | | | | | 5,591,292 | | | | | | 0.9 | | |
| | | 67,900 | | | | Papa John’s International, Inc. | | | | | 5,133,919 | | | | | | 0.8 | | |
| | | 48,300 | | | | Vail Resorts, Inc. | | | | | 5,274,360 | | | | | | 0.8 | | |
| | | 192,200 | | | | Wolverine World Wide, Inc. | | | | | 5,473,856 | | | | | | 0.8 | | |
| | | 1,279,430 | | | | Other Securities(a) | | | | | 41,345,784 | | | | | | 6.4 | | |
| | | | | | | | | | | | 88,106,392 | | | | | | 13.6 | | |
| | | | | | | Consumer Staples: 2.0% | | ||||||||||||
| | | 333,810 | | | | Other Securities | | | | | 12,667,438 | | | | | | 2.0 | | |
| | | | | | | Energy: 3.0% | | ||||||||||||
| | | 106,300 @ | | | | Carrizo Oil & Gas, Inc. | | | | | 5,234,212 | | | | | | 0.8 | | |
| | | 2,495,742 | | | | Other Securities(a) | | | | | 14,526,052 | | | | | | 2.2 | | |
| | | | | | | | | | | | 19,760,264 | | | | | | 3.0 | | |
| | | | | | | Financials: 23.8% | | ||||||||||||
| | | 124,535 @ | | | | Encore Capital Group, Inc. | | | | | 5,322,626 | | | | | | 0.8 | | |
| | | 98,603 | | | | Evercore Partners, Inc. | | | | | 5,320,618 | | | | | | 0.8 | | |
| | | 161,979 | | | | First American Financial Corp. | | | | | 6,027,239 | | | | | | 0.9 | | |
| | | 153,518 | | | | LaSalle Hotel Properties | | | | | 5,443,748 | | | | | | 0.9 | | |
| | | 185,300 | | | | MB Financial, Inc. | | | | | 6,381,732 | | | | | | 1.0 | | |
| | | 111,100 | | | | PacWest Bancorp | | | | | 5,195,036 | | | | | | 0.8 | | |
| | | 349,700 | | | | Radian Group, Inc. | | | | | 6,560,372 | | | | | | 1.0 | | |
| | | 33,533 @ | | | | Signature Bank | | | | | 4,908,896 | | | | | | 0.8 | | |
| | | 78,200 | | | | South State Corp. | | | | | 5,942,418 | | | | | | 0.9 | | |
| | | 100,785 @ | | | | Stifel Financial Corp. | | | | | 5,819,326 | | | | | | 0.9 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 34,624 @ | | | | SVB Financial Group | | | | $ | 4,985,163 | | | | | | 0.8 | | |
| | | 124,700 | | | | Webster Financial Corp. | | | | | 4,931,885 | | | | | | 0.8 | | |
| | | 3,329,388 | | | | Other Securities | | | | | 86,740,588 | | | | | | 13.4 | | |
| | | | | | | | | | | | 153,579,647 | | | | | | 23.8 | | |
| | | | | | | Health Care: 13.4% | | ||||||||||||
| | | 82,249 @ | | | | Amsurg Corp. | | | | | 5,753,317 | | | | | | 0.9 | | |
| | | 98,100 @ | | | | Greatbatch, Inc. | | | | | 5,289,552 | | | | | | 0.8 | | |
| | | 151,949 | | | | Healthsouth Corp. | | | | | 6,998,771 | | | | | | 1.1 | | |
| | | 94,800 | | | | Hill-Rom Holdings, Inc. | | | | | 5,150,484 | | | | | | 0.8 | | |
| | | 80,480 | | | | Steris Corp. | | | | | 5,186,131 | | | | | | 0.8 | | |
| | | 61,700 @ | | | | WellCare Health Plans, Inc. | | | | | 5,234,011 | | | | | | 0.8 | | |
| | | 1,448,839 | | | | Other Securities(a) | | | | | 52,902,282 | | | | | | 8.2 | | |
| | | | | | | | | | | | 86,514,548 | | | | | | 13.4 | | |
| | | | | | | Industrials: 16.6% | | ||||||||||||
| | | 140,700 | | | | Barnes Group, Inc. | | | | | 5,485,893 | | | | | | 0.8 | | |
| | | 205,600 | | | | Brady Corp. | | | | | 5,086,544 | | | | | | 0.8 | | |
| | | 89,000 | | | | Clarcor, Inc. | | | | | 5,539,360 | | | | | | 0.9 | | |
| | | 151,517 | | | | Healthcare Services Group, Inc. | | | | | 5,007,637 | | | | | | 0.8 | | |
| | | 73,700 | | | | Orbital ATK, Inc. | | | | | 5,406,632 | | | | | | 0.8 | | |
| | | 86,900 | | | | Toro Co. | | | | | 5,890,082 | | | | | | 0.9 | | |
| | | 106,100 | | | | Watts Water Technologies, Inc. | | | | | 5,501,285 | | | | | | 0.9 | | |
| | | 93,200 | | | | Woodward, Inc. | | | | | 5,125,068 | | | | | | 0.8 | | |
| | | 1,967,630 | | | | Other Securities | | | | | 64,005,631 | | | | | | 9.9 | | |
| | | | | | | | | | | | 107,048,132 | | | | | | 16.6 | | |
| | | | | | | Information Technology: 17.0% | | ||||||||||||
| | | 127,012 @ | | | | Blackhawk Network Holdings, Inc. | | | | | 5,232,895 | | | | | | 0.8 | | |
| | | 162,866 @ | | | | Cardtronics, Inc. | | | | | 6,034,185 | | | | | | 0.9 | | |
| | | 118,500 @ | | | | Commvault Systems, Inc. | | | | | 5,025,585 | | | | | | 0.8 | | |
| | | 185,100 @ | | | | Cornerstone OnDemand, Inc. | | | | | 6,441,480 | | | | | | 1.0 | | |
| | | 84,700 | | | | j2 Global, Inc. | | | | | 5,754,518 | | | | | | 0.9 | | |
| | | 63,200 | | | | Littelfuse, Inc. | | | | | 5,997,048 | | | | | | 0.9 | | |
| | | 184,800 @ | | | | Microsemi Corp. | | | | | 6,458,760 | | | | | | 1.0 | | |
| | | 87,600 | | | | Plantronics, Inc. | | | | | 4,932,756 | | | | | | 0.8 | | |
| | | 165,900 @ | | | | QLIK Technologies, Inc. | | | | | 5,799,864 | | | | | | 0.9 | | |
| | | 33,100 @ | | | | Ultimate Software Group, Inc. | | | | | 5,439,654 | | | | | | 0.8 | | |
| | | 45,300 @ | | | | WEX, Inc. | | | | | 5,162,841 | | | | | | 0.8 | | |
| | | 1,761,745 | | | | Other Securities | | | | | 47,543,687 | | | | | | 7.4 | | |
| | | | | | | | | | | | 109,823,273 | | | | | | 17.0 | | |
| | | | | | | Materials: 4.4% | | ||||||||||||
| | | 327,100 | | | | Commercial Metals Co. | | | | | 5,259,768 | | | | | | 0.8 | | |
| | | 151,800 | | | | HB Fuller Co. | | | | | 6,166,116 | | | | | | 0.9 | | |
| | | 82,300 | | | | Minerals Technologies, Inc. | | | | | 5,607,099 | | | | | | 0.9 | | |
| | | 1,402,900 | | | | Other Securities | | | | | 11,526,756 | | | | | | 1.8 | | |
| | | | | | | | | | | | 28,559,739 | | | | | | 4.4 | | |
See Accompanying Notes to Financial Statements
90
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities: 2.0% | | |||||||||||||||
| | | 342,468 | | | | Other Securities | | | | $ | 12,991,226 | | | | | | 2.0 | | | |||
| | | | | | | Total Common Stock (Cost $495,898,924) | | | | | 619,050,659 | | | | | | 95.8 | | | |||
| EXCHANGE-TRADED FUNDS: 0.6% | | |||||||||||||||||||||
| | | 26,900 | | | | Other Securities | | | | | 3,358,734 | | | | | | 0.6 | | | |||
| | | | | | | Total Exchange- Traded Funds (Cost $3,071,821) | | | | | 3,358,734 | | | | | | 0.6 | | | |||
| | | | | | | Total Long-Term Investments (Cost $498,970,745) | | | | | 622,409,393 | | | | | | 96.4 | | | |||
|
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: 5.8% | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc: 1.8% | | ||||||||||||
| | | 2,764,674 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,764,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,819,967, due 07/15/15-05/20/65) | | | | | 2,764,674 | | | | | | 0.4 | | |
| | | 2,243,337 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,243,348, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,288,193, due 11/15/15-03/01/48) | | | | | 2,243,337 | | | | | | 0.4 | | |
| | | 2,764,700 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,764,713, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,819,994, due 01/15/17-08/15/42) | | | | | 2,764,700 | | | | | | 0.4 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 2,764,674 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,764,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,819,968, due 07/31/15-05/20/65) | | | | $ | 2,764,674 | | | | | | 0.4 | | |
| | | 1,103,323 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,103,329, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,125,812, due 01/15/17-01/15/29) | | | | | 1,103,323 | | | | | | 0.2 | | |
| | | | | | | | | | | | 11,640,708 | | | | | | 1.8 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 4.0% | | |||||||||||||||
| | 26,134,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,134,000) | | | | | 26,134,000 | | | | | | 4.0 | | | |||
| | | | | | Total Short-Term Investments (Cost $37,774,708) | | | | | 37,774,708 | | | | | | 5.8 | | | |||
| | | | | | Total Investments in Securities (Cost $536,745,453) | | | | $ | 660,184,101 | | | | | | 102.2 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (13,904,862) | | �� | | | | (2.2) | | | |||
| | | | | | Net Assets | | | | $ | 646,279,239 | | | | | | 100.0 | | | |||
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2015.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
See Accompanying Notes to Financial Statements
91
SUMMARY PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) (continued) |
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
(a)
This grouping contains securities on loan.
Cost for federal income tax purposes is $539,803,744.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 151,756,724 | | | |
| Gross Unrealized Depreciation | | | | | (31,376,367) | | | |
| Net Unrealized Appreciation | | | | $ | 120,380,357 | | | |
|
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 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 June 30, 2015 | | ||||||||||||||||
Asset Table | | | | | | ||||||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||||||
Common Stock* | | | | $ | 619,050,659 | | | | | $ | — | | | | | $ | — | | | | | $ | 619,050,659 | | | ||||
Exchange-Traded Funds | | | | | 3,358,734 | | | | | | — | | | | | | — | | | | | | 3,358,734 | | | ||||
Short-Term Investments | | | | | 26,134,000 | | | | | | 11,640,708 | | | | | | — | | | | | | 37,774,708 | | | ||||
Total Investments, at fair value | | | | $ | 648,543,393 | | | | | $ | 11,640,708 | | | | | $ | — | | | | | $ | 660,184,101 | | | ||||
|
^
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 Summary Portfolio of Investments.
See Accompanying Notes to Financial Statements
92
ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
APPROVAL OF AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENTS
At a meeting held on March 12, 2015, the Boards of Directors/Trustees (the “Board”) of Voya Balanced Portfolio, Inc., Voya Intermediate Bond Portfolio, Voya Money Market Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (each a “Registrant” and collectively, the “Registrants”), including a majority of Board members who have no direct or indirect interest in the advisory agreements (“Independent Directors/Trustees”) of Voya Balanced Portfolio, Voya Global Value Advantage Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, Voya Money Market Portfolio, and Voya Small Company Portfolio (each a “Portfolio” and collectively, the “Portfolios”), each a Registrant or a series of a Registrant, approved amending and restating the Investment Management Agreements on behalf of the Portfolios with Voya Investments, LLC (the “Adviser”) so that, effective May 1, 2015, the terms of each Portfolio’s Investment Management Agreement and its Administration Agreement are combined under a single Amended and Restated Investment Management Agreement with a single management fee. The single management fee rate under each Portfolio’s Amended and Restated Investment Management Agreement does not exceed the former combined investment management and administrative services fee rates for the Portfolio and, under each Portfolio’s Amended and Restated Investment Management Agreement, there was no change to the investment management or administrative services provided or the fees charged to the Portfolio.
In connection with its review, the Board determined that it did not need to consider certain factors it typically considers during its review of the Portfolios’ advisory agreements because it had reviewed, among other matters, the nature, extent and quality of services being provided and, as applicable, actions taken in certain instances to improve the relationship between the costs and the quality of services being provided, on September 12, 2014, when it renewed the Agreements. On September 12, 2014, the Board concluded, in light of all factors it considered, to renew the Agreements and that the fee rates set forth in the Agreements were fair and reasonable. Among other factors considered at that meeting, the Board considered: (1) the nature, extent and quality of services provided under the Agreements; (2) the
extent to which economies of scale are reflected in fee rate schedules under the Agreements; (3) the existence of any “fall-out” benefits to the Adviser and its affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser and its affiliates with respect to their services to the Portfolios. A further description of the process followed by the Board in approving the Agreements on September 12, 2014, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth in the Portfolios’ annual report to shareholders for the period ended December 31, 2014.
On March 12, 2015, the Board, including the Independent Directors/Trustees, approved the Amended and Restated Investment Management Agreements. In analyzing whether to approve the Amended and Restated Investment Management Agreements, the Board did consider, among other things: (1) a memorandum and related materials outlining the terms of these Agreements and Management’s rationale for proposing the amendments that combine the terms of each Portfolio’s investment management and administrative services arrangements under a single agreement; (2) Management’s representations that, under the Amended and Restated Investment Management Agreements, there would be no change in the fees payable for the combination of advisory and administrative services provided to the Portfolios; (3) Management’s confirmation that the implementation of the Amended and Restated Investment Management Agreements would result in no change in the scope of services that the Adviser provides to the Portfolios and that the personnel who have provided administrative and advisory services to the Portfolios previously would continue to do so after the Amended and Restated Investment Management Agreements become effective; and (4) representations from Management that the combination of the Agreements better aligns the Portfolios’ contracts with the manner in which the Adviser and its affiliates provide such services to the Portfolios. In approving the amendments to the Portfolios’ Investment Management Agreements, different Board members may have given different weight to different individual factors and related conclusions.
93
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
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 universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract 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
VPSAR-CAPAPALL (0615-082515)
Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.
PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 97.9% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 3.9% | | ||||||||||||
| | | 18,220 L | | | | Ainsworth Game Technology Ltd. | | | | $ | 36,087 | | | | | | 0.0 | | |
| | | 142,173 L | | | | APN News & Media Ltd. | | | | | 77,655 | | | | | | 0.0 | | |
| | | 11,164 | | | | ARB Corp. Ltd. | | | | | 112,135 | | | | | | 0.1 | | |
| | | 71,878 | | | | Ardent Leisure Group | | | | | 120,205 | | | | | | 0.1 | | |
| | | 96,055 | | | | Aristocrat Leisure Ltd. | | | | | 566,427 | | | | | | 0.3 | | |
| | | 37,237 | | | | Automotive Holdings Group Ltd. | | | | | 114,525 | | | | | | 0.1 | | |
| | | 14,913 | | | | Breville Group Ltd. | | | | | 71,434 | | | | | | 0.0 | | |
| | | 10,600 | | | | Corporate Travel Management Ltd. | | | | | 84,286 | | | | | | 0.1 | | |
| | | 62,175 | | | | Crown Ltd. | | | | | 584,197 | | | | | | 0.3 | | |
| | | 36,000 | | | | Dick Smith Holdings Ltd. | | | | | 57,685 | | | | | | 0.0 | | |
| | | 10,359 | | | | Domino’s Pizza Enterprises Ltd. | | | | | 284,471 | | | | | | 0.2 | | |
| | | 128,171 | | | | Echo Entertainment Group Ltd. | | | | | 430,258 | | | | | | 0.2 | | |
| | | 391,983 | | | | John Fairfax Holdings Ltd. | | | | | 246,067 | | | | | | 0.1 | | |
| | | 9,260 L | | | | Flight Centre Ltd. | | | | | 243,380 | | | | | | 0.1 | | |
| | | 13,192 | | | | G.U.D. Holdings Ltd. | | | | | 90,095 | | | | | | 0.1 | | |
| | | 56,520 L | | | | G8 Education Ltd. | | | | | 142,046 | | | | | | 0.1 | | |
| | | 98,103 | | | | Harvey Norman Holdings Ltd. | | | | | 340,655 | | | | | | 0.2 | | |
| | | 17,541 | | | | Invocare Ltd. | | | | | 163,436 | | | | | | 0.1 | | |
| | | 15,957 L | | | | JB Hi-Fi Ltd. | | | | | 239,565 | | | | | | 0.1 | | |
| | | 33,700 | | | | Kathmandu Holdings Ltd. | | | | | 40,753 | | | | | | 0.0 | | |
| | | 94,010 L | | | | Myer Holdings Ltd. | | | | | 88,524 | | | | | | 0.1 | | |
| | | 49,691 L | | | | Navitas Ltd. | | | | | 163,960 | | | | | | 0.1 | | |
| | | 5,424 @ | | | | News Corp. | | | | | 75,936 | | | | | | 0.0 | | |
| | | 110,043 | | | | Nine Entertainment Co. Holdings Ltd. | | | | | 131,352 | | | | | | 0.1 | | |
| | | 150,570 | | | | Pacific Brands Ltd. | | | | | 37,095 | | | | | | 0.0 | | |
| | | 15,025 | | | | Premier Investments Ltd. | | | | | 147,734 | | | | | | 0.1 | | |
| | | 7,877 | | | | REA Group Ltd. | | | | | 237,596 | | | | | | 0.1 | | |
| | | 20,066 | | | | Retail Food Group Ltd. | | | | | 83,983 | | | | | | 0.0 | | |
| | | 176,999 | | | | Seven West Media Ltd. | | | | | 139,036 | | | | | | 0.1 | | |
| | | 23,901 | | | | Sky Network Television Ltd. | | | | | 98,935 | | | | | | 0.1 | | |
| | | 29,059 | | | | SKYCITY Entertainment Group Ltd. | | | | | 83,963 | | | | | | 0.0 | | |
| | | 51,444 | | | | Slater & Gordon Ltd. | | | | | 140,360 | | | | | | 0.1 | | |
| | | 97,084 | | | | Southern Cross Media Group Ltd. | | | | | 72,537 | | | | | | 0.0 | | |
| | | 22,680 L | | | | Super Retail Group Ltd. | | | | | 159,611 | | | | | | 0.1 | | |
| | | 135,677 | | | | TABCORP Holdings Ltd. | | | | | 475,582 | | | | | | 0.3 | | |
| | | 239,831 | | | | Tattersall’s Ltd. | | | | | 687,658 | | | | | | 0.4 | | |
| | | 276,308 | | | | Ten Network Holdings Ltd. | | | | | 40,338 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 36,639 | | | | Trade Me Ltd. | | | | $ | 85,289 | | | | | | 0.1 | | |
| | | 12,960 L | | | | Village Roadshow Ltd. | | | | | 63,219 | | | | | | 0.0 | | |
| | | | | | | | | | | | 7,058,070 | | | | | | 3.9 | | |
| | | | | | | Consumer Staples: 6.5% | | ||||||||||||
| | | 66,410 | | | | Asaleo Care Ltd. | | | | | 97,221 | | | | | | 0.1 | | |
| | | 57,630 | | | | Australian Agricultural Co. Ltd. | | | | | 54,866 | | | | | | 0.0 | | |
| | | 22,545 L | | | | Bega Cheese Ltd. | | | | | 75,194 | | | | | | 0.1 | | |
| | | 86,711 | | | | Coca-Cola Amatil Ltd. | | | | | 611,655 | | | | | | 0.3 | | |
| | | 29,974 L | | | | GrainCorp Ltd. | | | | | 197,353 | | | | | | 0.1 | | |
| | | 148,280 L | | | | Metcash Ltd. | | | | | 126,167 | | | | | | 0.1 | | |
| | | 11,647 | | | | Select Harvests Ltd. | | | | | 98,719 | | | | | | 0.1 | | |
| | | 23,439 | | | | Tassal Group Ltd. | | | | | 60,235 | | | | | | 0.0 | | |
| | | 105,440 | | | | Treasury Wine Estates Ltd. | | | | | 404,924 | | | | | | 0.2 | | |
| | | 184,499 | | | | Wesfarmers Ltd. | | | | | 5,548,473 | | | | | | 3.1 | | |
| | | 207,949 | | | | Woolworths Ltd. | | | | | 4,321,033 | | | | | | 2.4 | | |
| | | | | | | | | | | | 11,595,840 | | | | | | 6.5 | | |
| | | | | | | Energy: 5.0% | | ||||||||||||
| | | 87,987 | | | | Australian Worldwide Exploration Ltd. | | | | | 82,134 | | | | | | 0.1 | | |
| | | 180,718 | | | | Beach Petroleum Ltd. | | | | | 146,326 | | | | | | 0.1 | | |
| | | 44,321 | | | | Caltex Australia Ltd. | | | | | 1,088,000 | | | | | | 0.6 | | |
| | | 57,400 | | | | Drillsearch Energy Ltd. | | | | | 45,812 | | | | | | 0.0 | | |
| | | 31,391 L | | | | Karoon Gas Australia Ltd. | | | | | 54,452 | | | | | | 0.0 | | |
| | | 81,881 @ | | | | Liquefied Natural Gas Ltd. | | | | | 239,926 | | | | | | 0.1 | | |
| | | 191,999 | | | | Oil Search Ltd. | | | | | 1,055,360 | | | | | | 0.6 | | |
| | | 182,172 | | | | Origin Energy Ltd. | | | | | 1,681,321 | | | | | | 0.9 | | |
| | | 214,704 @,L | | | | Paladin Resources Ltd. | | | | | 40,570 | | | | | | 0.0 | | |
| | | 164,575 | | | | Santos Ltd. | | | | | 993,653 | | | | | | 0.6 | | |
| | | 150,057 | | | | Senex Energy Ltd. | | | | | 32,469 | | | | | | 0.0 | | |
| | | 96,051 L | | | | Whitehaven Coal Ltd. | | | | | 97,134 | | | | | | 0.1 | | |
| | | 116,312 | | | | Woodside Petroleum Ltd. | | | | | 3,069,092 | | | | | | 1.7 | | |
| | | 35,937 | | | | WorleyParsons Ltd. | | | | | 288,531 | | | | | | 0.2 | | |
| | | | | | | | | | | | 8,914,780 | | | | | | 5.0 | | |
| | | | | | | Financials: 46.7% | | ||||||||||||
| | | 44,419 | | | | Abacus Property Group | | | | | 99,956 | | | | | | 0.0 | | |
| | | 485,516 | | | | AMP Ltd. | | | | | 2,252,949 | | | | | | 1.3 | | |
| | | 31,776 | | | | ASX Ltd. | | | | | 977,253 | | | | | | 0.5 | | |
| | | 453,616 | | | | Australia & New Zealand Banking Group Ltd. | | | | | 11,257,480 | | | | | | 6.3 | | |
| | | 57,346 | | | | Aveo Group | | | | | 113,982 | | | | | | 0.1 | | |
| | | 60,241 | | | | Bank of Queensland Ltd. | | | | | 592,740 | | | | | | 0.3 | | |
| | | 73,523 | | | | Bendigo Bank Ltd. | | | | | 695,210 | | | | | | 0.4 | | |
| | | 79,353 L | | | | BWP Trust | | | | | 187,062 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
1
PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 92,592 | | | | Challenger Financial Services Group Ltd. | | | | $ | 479,960 | | | | | | 0.3 | | |
| | | 72,917 @ | | | | Chapter Hall Units Contingent | | | | | — | | | | | | — | | |
| | | 51,249 L | | | | Charter Hall Group | | | | | 178,497 | | | | | | 0.1 | | |
| | | 49,714 | | | | Charter Hall Retail REIT | | | | | 162,454 | | | | | | 0.1 | | |
| | | 267,213 | | | | Commonwealth Bank of Australia | | | | | 17,523,040 | | | | | | 9.8 | | |
| | | 52,226 L | | | | Cover-More Group Ltd. | | | | | 95,795 | | | | | | 0.0 | | |
| | | 208,552 | | | | Cromwell Property Group | | | | | 164,844 | | | | | | 0.1 | | |
| | | 157,612 | | | | Dexus Property Group | | | | | 886,885 | | | | | | 0.5 | | |
| | | 536,388 | | | | Federation Centres Ltd | | | | | 1,206,933 | | | | | | 0.7 | | |
| | | 36,385 L | | | | FlexiGroup Ltd./Australia | | | | | 81,605 | | | | | | 0.0 | | |
| | | 50,692 | | | | Genworth Mortgage Insurance Australia Ltd. | | | | | 122,583 | | | | | | 0.1 | | |
| | | 256,138 L | | | | Goodman Group | | | | | 1,237,067 | | | | | | 0.7 | | |
| | | 289,639 L | | | | GPT Group | | | | | 954,843 | | | | | | 0.5 | | |
| | | 28,212 | | | | Growthpoint Properties Australia Ltd. | | | | | 68,131 | | | | | | 0.1 | | |
| | | 119,391 | | | | Henderson Group PLC | | | | | 488,076 | | | | | | 0.3 | | |
| | | 100,797 L | | | | Investa Office Fund | | | | | 295,277 | | | | | | 0.2 | | |
| | | 384,380 | | | | Insurance Australia Group Ltd. | | | | | 1,652,596 | | | | | | 0.9 | | |
| | | 43,356 | | | | IOOF Holdings Ltd. | | | | | 300,237 | | | | | | 0.2 | | |
| | | 87,057 | | | | Lend Lease Corp., Ltd. | | | | | 1,006,577 | | | | | | 0.6 | | |
| | | 54,749 | | | | Macquarie Group Ltd. | | | | | 3,430,327 | | | | | | 1.9 | | |
| | | 20,720 | | | | Magellan Financial Group Ltd. | | | | | 277,439 | | | | | | 0.1 | | |
| | | 452,073 @ | | | | Medibank Pvt Ltd. | | | | | 700,494 | | | | | | 0.4 | | |
| | | 599,480 | | | | Mirvac Group | | | | | 854,069 | | | | | | 0.5 | | |
| | | 429,220 | | | | National Australia Bank Ltd. | | | | | 11,024,136 | | | | | | 6.2 | | |
| | | 49,981 | | | | National Storage REIT | | | | | 64,553 | | | | | | 0.0 | | |
| | | 35,890 L | | | | Ozforex Group Ltd. | | | | | 61,281 | | | | | | 0.0 | | |
| | | 7,750 | | | | Perpetual Ltd. | | | | | 288,556 | | | | | | 0.2 | | |
| | | 35,146 | | | | Platinum Asset Management Ltd. | | | | | 202,548 | | | | | | 0.1 | | |
| | | 224,058 | | | | QBE Insurance Group Ltd. | | | | | 2,359,357 | | | | | | 1.3 | | |
| | | 873,989 | | | | Scentre Group | | | | | 2,524,702 | | | | | | 1.4 | | |
| | | 118,425 | | | | Shopping Centres Australasia Property Group | | | | | 194,328 | | | | | | 0.1 | | |
| | | 113,897 | | | | Steadfast Group Ltd. | | | | | 141,716 | | | | | | 0.1 | | |
| | | 385,550 | | | | Stockland | | | | | 1,217,462 | | | | | | 0.7 | | |
| | | 211,197 | | | | Suncorp Group Ltd | | | | | 2,185,062 | | | | | | 1.2 | | |
| | | 313,797 | | | | Westfield Corp. | | | | | 2,204,030 | | | | | | 1.2 | | |
| | | 512,260 | | | | Westpac Banking Corp. | | | | | 12,674,373 | | | | | | 7.1 | | |
| | | | | | | | | | | | 83,486,465 | | | | | | 46.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care: 5.9% | | ||||||||||||
| | | 25,232 | | | | Ansell Ltd. | | | | $ | 468,082 | | | | | | 0.3 | | |
| | | 9,281 | | | | Cochlear Ltd. | | | | | 573,552 | | | | | | 0.3 | | |
| | | 76,524 | | | | CSL Ltd. | | | | | 5,101,587 | | | | | | 2.9 | | |
| | | 21,758 @ | | | | Estia Health Ltd. | | | | | 100,724 | | | | | | 0.1 | | |
| | | 13,128 | | | | Fisher & Paykel Healthcare Corp. Ltd. | | | | | 61,498 | | | | | | 0.0 | | |
| | | 15,795 L | | | | Greencross Ltd. | | | | | 69,927 | | | | | | 0.0 | | |
| | | 176,282 | | | | Healthscope Ltd. | | | | | 369,128 | | | | | | 0.2 | | |
| | | 40,556 | | | | Japara Healthcare Ltd. | | | | | 80,344 | | | | | | 0.0 | | |
| | | 117,825 | | | | Mayne Pharma Group Ltd. | | | | | 89,322 | | | | | | 0.0 | | |
| | | 31,969 L | | | | Mesoblast Ltd. | | | | | 92,596 | | | | | | 0.1 | | |
| | | 82,131 | | | | Primary Health Care Ltd. | | | | | 318,779 | | | | | | 0.2 | | |
| | | 21,164 | | | | Ramsay Health Care Ltd. | | | | | 1,002,496 | | | | | | 0.6 | | |
| | | 21,481 @ | | | | Regis Healthcare Ltd. | | | | | 85,402 | | | | | | 0.0 | | |
| | | 123,966 | | | | ResMed, Inc. | | | | | 688,435 | | | | | | 0.4 | | |
| | | 188,707 | | | | Sigma Pharmaceuticals Ltd. | | | | | 111,976 | | | | | | 0.1 | | |
| | | 8,945 | | | | Sirtex Medical Ltd. | | | | | 200,140 | | | | | | 0.1 | | |
| | | 65,891 | | | | Sonic Healthcare Ltd. | | | | | 1,085,008 | | | | | | 0.6 | | |
| | | 10,343 | | | | Virtus Health Ltd. | | | | | 42,812 | | | | | | 0.0 | | |
| | | | | | | | | | | | 10,541,808 | | | | | | 5.9 | | |
| | | | | | | Industrials: 7.0% | | ||||||||||||
| | | 64,717 | | | | ALS Ltd. | | | | | 291,643 | | | | | | 0.2 | | |
| | | 160,108 | | | | Asciano Group | | | | | 820,436 | | | | | | 0.5 | | |
| | | 348,647 | | | | Aurizon Holdings Ltd. | | | | | 1,377,267 | | | | | | 0.8 | | |
| | | 27,799 | | | | Bradken Ltd. | | | | | 30,744 | | | | | | 0.0 | | |
| | | 256,647 | | | | Brambles Ltd. | | | | | 2,093,657 | | | | | | 1.2 | | |
| | | 17,906 | | | | Cabcharge Australia Ltd. | | | | | 50,535 | | | | | | 0.0 | | |
| | | 25,960 L | | | | Cardno Ltd. | | | | | 64,721 | | | | | | 0.0 | | |
| | | 16,538 | | | | CIMIC Group Ltd. | | | | | 277,048 | | | | | | 0.2 | | |
| | | 7,353 | | | | Credit Corp. Group Ltd. | | | | | 69,048 | | | | | | 0.0 | | |
| | | 71,363 | | | | Downer EDI Ltd. | | | | | 262,669 | | | | | | 0.1 | | |
| | | 44,574 L | | | | GWA Group Ltd. | | | | | 78,126 | | | | | | 0.0 | | |
| | | 61,773 | | | | Macquarie Atlas Roads Group | | | | | 151,379 | | | | | | 0.1 | | |
| | | 11,085 | | | | McMillan Shakespeare Ltd. | | | | | 103,306 | | | | | | 0.1 | | |
| | | 60,421 L | | | | Mermaid Marine Australia Ltd. | | | | | 24,930 | | | | | | 0.0 | | |
| | | 25,391 L | | | | Mineral Resources Ltd. | | | | | 129,083 | | | | | | 0.1 | | |
| | | 14,883 L | | | | Monadelphous Group Ltd. | | | | | 107,336 | | | | | | 0.1 | | |
| | | 360,530 | | | | Qantas Airways Ltd. | | | | | 876,084 | | | | | | 0.5 | | |
| | | 113,884 | | | | Qube Logistics Holdings Ltd. | | | | | 206,246 | | | | | | 0.1 | | |
| | | 50,970 | | | | Recall Holdings Ltd. | | | | | 272,048 | | | | | | 0.2 | | |
| | | 34,071 | | | | SAI Global Ltd. | | | | | 109,351 | | | | | | 0.1 | | |
| | | 56,490 | | | | Seek Ltd. | | | | | 612,168 | | | | | | 0.3 | | |
| | | 16,016 | | | | Seven Group Holdings Ltd. | | | | | 80,707 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
2
PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 137,017 | | | | Spotless Group Holdings Ltd. | | | | $ | 220,558 | | | | | | 0.1 | | |
| | | 363,795 L | | | | Sydney Airport | | | | | 1,395,950 | | | | | | 0.8 | | |
| | | 82,846 | | | | Transfield Services Ltd. | | | | | 90,932 | | | | | | 0.0 | | |
| | | 256,522 | | | | Transpacific Industries Group Ltd. | | | | | 152,484 | | | | | | 0.1 | | |
| | | 314,261 L | | | | Transurban Group | | | | | 2,253,132 | | | | | | 1.3 | | |
| | | 26,467 L | | | | UGL Ltd. | | | | | 43,185 | | | | | | 0.0 | | |
| | | 138,225 | | | | Veda Group Ltd. | | | | | 236,331 | | | | | | 0.1 | | |
| | | 231,429 @ | | | | Virgin Australia Holdings Ltd. | | | | | — | | | | | | — | | |
| | | | | | | | | | | | 12,481,104 | | | | | | 7.0 | | |
| | | | | | | Information Technology: 0.7% | | ||||||||||||
| | | 35,008 | | | | carsales.com Ltd. | | | | | 274,689 | | | | | | 0.2 | | |
| | | 83,586 | | | | Computershare Ltd. | | | | | 752,816 | | | | | | 0.4 | | |
| | | 20,823 | | | | Iress Market Technology Ltd. | | | | | 162,337 | | | | | | 0.1 | | |
| | | 32,872 | | | | Technology One Ltd. | | | | | 92,351 | | | | | | 0.0 | | |
| | | | | | | | | | | | 1,282,193 | | | | | | 0.7 | | |
| | | | | | | Materials: 14.4% | | ||||||||||||
| | | 72,981 | | | | Adelaide Brighton Ltd. | | | | | 242,346 | | | | | | 0.1 | | |
| | | 405,835 | | | | Alumina Ltd. | | | | | 477,710 | | | | | | 0.3 | | |
| | | 195,932 | | | | Amcor Ltd. | | | | | 2,070,515 | | | | | | 1.2 | | |
| | | 440,780 | | | | Arrium Ltd. | | | | | 45,998 | | | | | | 0.0 | | |
| | | 526,791 | | | | BHP Billiton Ltd. | | | | | 10,745,933 | | | | | | 6.0 | | |
| | | 92,783 | | | | BlueScope Steel Ltd. | | | | | 214,119 | | | | | | 0.1 | | |
| | | 128,487 | | | | Boral Ltd. | | | | | 578,817 | | | | | | 0.3 | | |
| | | 84,718 | | | | CSR Ltd. | | | | | 237,637 | | | | | | 0.1 | | |
| | | 62,557 | | | | DuluxGroup Ltd. | | | | | 275,689 | | | | | | 0.1 | | |
| | | 131,083 | | | | Evolution Mining Ltd. | | | | | 117,031 | | | | | | 0.1 | | |
| | | 32,524 | | | | Fletcher Building Ltd. | | | | | 180,719 | | | | | | 0.1 | | |
| | | 279,279 L | | | | Fortescue Metals Group Ltd. | | | | | 411,310 | | | | | | 0.2 | | |
| | | 68,694 | | | | Iluka Resources Ltd. | | | | | 406,237 | | | | | | 0.2 | | |
| | | 275,055 | | | | Incitec Pivot Ltd. | | | | | 815,468 | | | | | | 0.5 | | |
| | | 37,795 | | | | Independence Group NL | | | | | 121,594 | | | | | | 0.1 | | |
| | | 72,783 | | | | James Hardie Industries SE | | | | | 968,758 | | | | | | 0.5 | | |
| | | 125,303 | | | | Newcrest Mining Ltd. | | | | | 1,261,695 | | | | | | 0.7 | | |
| | | 93,267 L | | | | Northern Star Resources Ltd | | | | | 159,783 | | | | | | 0.1 | | |
| | | 29,076 | | | | Nufarm Ltd. | | | | | 161,971 | | | | | | 0.1 | | |
| | | 60,442 L | | | | Orica Ltd. | | | | | 992,149 | | | | | | 0.6 | | |
| | | 198,079 | | | | Orora Ltd. | | | | | 319,143 | | | | | | 0.2 | | |
| | | 51,646 | | | | OZ Minerals Ltd. | | | | | 158,376 | | | | | | 0.1 | | |
| | | 28,037 | | | | Pact Group Holdings Ltd. | | | | | 101,183 | | | | | | 0.1 | | |
| | | 66,386 L | | | | Regis Resources Ltd. | | | | | 55,494 | | | | | | 0.0 | | |
| | | 69,643 | | | | Rio Tinto Ltd. | | | | | 2,880,910 | | | | | | 1.6 | | |
| | | 25,468 | | | | Sandfire Resources NL | | | | | 112,787 | | | | | | 0.1 | | |
| | | 27,293 | | | | Sims Group Ltd. | | | | | 218,295 | | | | | | 0.1 | | |
| | | 47,279 | | | | Sirius Resources NL | | | | | 119,848 | | | | | | 0.1 | | |
| | | 873,490 @ | | | | South32 Ltd. | | | | | 1,206,357 | | | | | | 0.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials (continued) | | |||||||||||||||
| | | 22,153 @,L | | | | Syrah Resources Ltd. | | | | $ | 63,815 | | | | | | 0.0 | | | |||
| | | 35,169 | | | | Western Areas Ltd | | | | | 87,486 | | | | | | 0.0 | | | |||
| | | | | | | | | | | | 25,809,173 | | | | | | 14.4 | | | |||
| | | | | | | Telecommunication Services: 5.8% | | |||||||||||||||
| | | 25,581 L | | | | iiNET Ltd. | | | | | 187,532 | | | | | | 0.1 | | | |||
| | | 29,447 | | | | M2 Group Ltd | | | | | 242,818 | | | | | | 0.1 | | | |||
| | | 34,870 | | | | Telecom Corp. of New Zealand Ltd. | | | | | 66,588 | | | | | | 0.0 | | | |||
| | | 2,006,855 | | | | Telstra Corp., Ltd. | | | | | 9,497,556 | | | | | | 5.3 | | | |||
| | | 48,096 | | | | TPG Telecom Ltd. | | | | | 332,210 | | | | | | 0.2 | | | |||
| | | 32,713 L | | | | Vocus Communications Ltd. | | | | | 145,452 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 10,472,156 | | | | | | 5.8 | | | |||
| | | | | | | Utilities: 2.0% | | |||||||||||||||
| | | 110,511 | | | | AGL Energy Ltd. | | | | | 1,323,803 | | | | | | 0.7 | | | |||
| | | 182,920 | | | | APA Group | | | | | 1,161,828 | | | | | | 0.7 | | | |||
| | | 271,290 | | | | AusNet Services | | | | | 291,833 | | | | | | 0.2 | | | |||
| | | 222,383 | | | | DUET Group | | | | | 396,392 | | | | | | 0.2 | | | |||
| | | 219,692 | | | | Spark Infrastructure Group | | | | | 330,828 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 3,504,684 | | | | | | 2.0 | | | |||
| | | | | | | Total Common Stock (Cost $189,829,236) | | | | | 175,146,273 | | | | | | 97.9 | | | |||
|
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: 5.4% | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc: 4.3% | | ||||||||||||
| | | 66,753 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $66,753, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $68,088, due 02/28/17- 05/15/44) | | | | | 66,753 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
3
PORTFOLIO OF INVESTMENTS
Voya Australia Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 1,823,265 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,823,272, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $1,859,730, due 07/15/15-05/20/65) | | | | $ | 1,823,265 | | | | | | 1.0 | | |
| | | 1,823,265 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,823,274, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest $1,859,721, due 11/15/15-03/01/48) | | | | | 1,823,265 | | | | | | 1.0 | | |
| | | 317,030 | | | | HSBC Securities USA, Repurchase Agreement dated 06/30/15, 0.12%, due 07/01/15 (Repurchase Amount $317,031, collateralized by various U.S. Government Agency Obligations, 2.500%- 6.500%, Market Value plus accrued interest $323,371, due 07/01/18- 07/01/45) | | | | | 317,030 | | | | | | 0.2 | | |
| | | 1,823,300 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,823,308, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,859,766, due 01/15/17-08/15/42) | | | | | 1,823,300 | | | | | | 1.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 1,823,265 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,823,272, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $1,859,731, due 07/31/15-05/20/65) | | | | $ | 1,823,265 | | | | | | 1.0 | | |
| | | | | | | | | | | | 7,676,878 | | | | | | 4.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | | 1,987,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $1,987,000) | | | | | 1,987,000 | | | | | | 1.1 | | | |||
| | | | | | | Total Short-Term Investments (Cost $9,663,878) | | | | | 9,663,878 | | | | | | 5.4 | | | |||
| | | | | | | Total Investments in Securities (Cost $199,493,114) | | | | $ | 184,810,151 | | | | | | 103.3 | | | |||
| | | | | | | Liabilities in Excess of Other Assets | | | | | (5,903,533) | | | | | | (3.3) | | | |||
| | | | | | | Net Assets | | | | $ | 178,906,618 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $204,641,609.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 15,043,692 | | | |
| Gross Unrealized Depreciation | | | | | (34,875,150) | | | |
| Net Unrealized Depreciation | | | | $ | (19,831,458) | | | |
|
See Accompanying Notes to Financial Statements
4
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 95.1% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 8.5% | | ||||||||||||
| | | 1,470,000 L | | | | Alibaba Pictures Group Ltd. | | | | $ | 569,377 | | | | | | 0.1 | | |
| | | 164,000 | | | | Anta Sports Products Ltd. | | | | | 397,753 | | | | | | 0.1 | | |
| | | 39,344 | | | | Arcelik A/S | | | | | 213,396 | | | | | | 0.0 | | |
| | | 2,976,900 | | | | Astra International Tbk PT | | | | | 1,575,716 | | | | | | 0.3 | | |
| | | 267,400 | | | | Astro Malaysia Holdings Bhd | | | | | 218,216 | | | | | | 0.0 | | |
| | | 13,600 | | | | B2W Cia Digital | | | | | 88,885 | | | | | | 0.0 | | |
| | | 14,203 | | | | Bajaj Auto Ltd. | | | | | 566,465 | | | | | | 0.1 | | |
| | | 144,200 | | | | BEC World PCL | | | | | 159,662 | | | | | | 0.0 | | |
| | | 692,000 | | | | Belle International Holdings | | | | | 797,203 | | | | | | 0.1 | | |
| | | 11,474 | | | | Bharat Forge Ltd. | | | | | 191,222 | | | | | | 0.0 | | |
| | | 857 | | | | Bosch Ltd. | | | | | 294,086 | | | | | | 0.1 | | |
| | | 448,000 | | | | Brilliance China Automotive Holdings Ltd. | | | | | 698,207 | | | | | | 0.1 | | |
| | | 94,500 L | | | | Byd Co., Ltd. | | | | | 566,197 | | | | | | 0.1 | | |
| | | 2,228 | | | | CCC SA | | | | | 103,172 | | | | | | 0.0 | | |
| | | 12,620 | | | | Cheil Communications, Inc. | | | | | 195,364 | | | | | | 0.0 | | |
| | | 245,650 | | | | Cheng Shin Rubber Industry Co. Ltd. | | | | | 543,878 | | | | | | 0.1 | | |
| | | 126,600 | | | | Chongqing Changan Automobile Co. Ltd. | | | | | 323,306 | | | | | | 0.1 | | |
| | | 31,083 @ | | | | Cyfrowy Polsat SA | | | | | 195,404 | | | | | | 0.0 | | |
| | | 48,500 | | | | Cyrela Brazil Realty SA | | | | | 155,058 | | | | | | 0.0 | | |
| | | 410,000 | | | | Dongfeng Motor Group Co., Ltd. | | | | | 549,271 | | | | | | 0.1 | | |
| | | 29,240 | | | | Eclat Textile Co. Ltd | | | | | 479,778 | | | | | | 0.1 | | |
| | | 29,100 | | | | El Puerto de Liverpool SAB de CV | | | | | 336,055 | | | | | | 0.1 | | |
| | | 42,500 | | | | Estacio Participacoes SA | | | | | 245,368 | | | | | | 0.0 | | |
| | | 34,000 | | | | Feng TAY Enterprise Co., Ltd. | | | | | 197,335 | | | | | | 0.0 | | |
| | | 4,548 | | | | Folli Follie Group | | | | | 116,452 | | | | | | 0.0 | | |
| | | 30,714 | | | | Foschini Group Ltd./The | | | | | 401,499 | | | | | | 0.1 | | |
| | | 795,000 | | | | Geely Automobile Holdings Ltd. | | | | | 423,828 | | | | | | 0.1 | | |
| | | 331,900 | | | | Genting Bhd | | | | | 708,847 | | | | | | 0.1 | | |
| | | 457,400 | | | | Genting Malaysia BHD | | | | | 508,810 | | | | | | 0.1 | | |
| | | 42,000 | | | | Giant Manufacturing Co., Ltd. | | | | | 355,518 | | | | | | 0.1 | | |
| | | 586,600 | | | | Global Mediacom Tbk PT | | | | | 51,371 | | | | | | 0.0 | | |
| | | 1,626,000 | | | | GOME Electrical Appliances Holdings Ltd. | | | | | 358,319 | | | | | | 0.1 | | |
| | | 152,500 | | | | Great Wall Motor Co. Ltd. | | | | | 747,250 | | | | | | 0.1 | | |
| | | 267,800 | | | | Grupo Televisa S.A. | | | | | 2,079,188 | | | | | | 0.4 | | |
| | | 17,710 | | | | Grupo Televisa SAB ADR | | | | | 687,502 | | | | | | 0.1 | | |
| | | 346,000 | | | | Guangzhou Automobile Group Co. Ltd. | | | | | 320,016 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 185,000 | | | | Haier Electronics Group Co. Ltd. | | | | $ | 498,111 | | | | | | 0.1 | | |
| | | 5,753 | | | | Halla Visteon Climate Control Corp. | | | | | 198,714 | | | | | | 0.0 | | |
| | | 11,251 | | | | Hankook Tire Co. Ltd. | | | | | 423,133 | | | | | | 0.1 | | |
| | | 1,200 | | | | Hanssem Co. Ltd. | | | | | 302,150 | | | | | | 0.1 | | |
| | | 7,391 | | | | Hero Honda Motors Ltd | | | | | 292,799 | | | | | | 0.1 | | |
| | | 487,751 | | | | Home Product Center PCL | | | | | 97,302 | | | | | | 0.0 | | |
| | | 37,000 | | | | Hotai Motor Co. Ltd. | | | | | 524,303 | | | | | | 0.1 | | |
| | | 4,864 | | | | Hotel Shilla Co. Ltd. | | | | | 486,254 | | | | | | 0.1 | | |
| | | 2,368 | | | | Hyundai Department Store Co. Ltd. | | | | | 311,662 | | | | | | 0.1 | | |
| | | 9,941 | | | | Hyundai Mobis | | | | | 1,887,275 | | | | | | 0.3 | | |
| | | 22,519 | | | | Hyundai Motor Co. | | | | | 2,741,384 | | | | | | 0.5 | | |
| | | 2,426 | | | | Hyundai Wia Corp. | | | | | 223,558 | | | | | | 0.0 | | |
| | | 28,679 | | | | Imperial Holdings Ltd. | | | | | 436,710 | | | | | | 0.1 | | |
| | | 68,460 | | | | Jollibee Foods Corp. | | | | | 299,488 | | | | | | 0.1 | | |
| | | 16,334 | | | | Jumbo SA | | | | | 121,085 | | | | | | 0.0 | | |
| | | 17,634 | | | | Kangwon Land, Inc. | | | | | 584,329 | | | | | | 0.1 | | |
| | | 38,879 | | | | Kia Motors Corp. | | | | | 1,577,320 | | | | | | 0.3 | | |
| | | 204,504 | | | | Kroton Educacional SA | | | | | 781,418 | | | | | | 0.1 | | |
| | | 15,474 | | | | LG Electronics, Inc. | | | | | 654,243 | | | | | | 0.1 | | |
| | | 20,100 | | | | Lojas Renner SA | | | | | 734,412 | | | | | | 0.1 | | |
| | | 1,644 | | | | Lotte Shopping Co. Ltd. | | | | | 345,239 | | | | | | 0.1 | | |
| | | 151 | | | | LPP SA | | | | | 266,965 | | | | | | 0.0 | | |
| | | 12,120 | | | | Mahindra & Mahindra Ltd. | | | | | 243,892 | | | | | | 0.0 | | |
| | | 41,511 | | | | Mahindra & Mahindra Ltd. GDR | | | | | 842,673 | | | | | | 0.1 | | |
| | | 304,900 | | | | Matahari Department Store Tbk PT | | | | | 377,892 | | | | | | 0.1 | | |
| | | 663,000 | | | | Media Nusantara Citra Tbk PT | | | | | 96,326 | | | | | | 0.0 | | |
| | | 33,850 | | | | Merida Industry Co. Ltd. | | | | | 219,497 | | | | | | 0.0 | | |
| | | 303,600 | | | | Minor International PCL | | | | | 268,935 | | | | | | 0.0 | | |
| | | 22,058 | | | | Motherson Sumi Systems Ltd. | | | | | 179,219 | | | | | | 0.0 | | |
| | | 35,893 | | | | Mr Price Group Ltd. | | | | | 738,784 | | | | | | 0.1 | | |
| | | 57,959 | | | | Naspers Ltd. | | | | | 9,012,879 | | | | | | 1.5 | | |
| | | 34,206 | | | | OPAP S.A. | | | | | 272,798 | | | | | | 0.1 | | |
| | | 6,333 | | | | Paradise Co. Ltd | | | | | 136,433 | | | | | | 0.0 | | |
| | | 353,000 | | | | POU Chen Corp. | | | | | 503,553 | | | | | | 0.1 | | |
| | | 89,081 | | | | Ruentex Industries Ltd. | | | | | 203,949 | | | | | | 0.0 | | |
| | | 72,295 | | | | SACI Falabella | | | | | 505,123 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
5
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 92,000 | | | | Shenzhou International Group Holdings Ltd. | | | | $ | 447,446 | | | | | | 0.1 | | |
| | | 1,095 | | | | Shinsegae Co., Ltd. | | | | | 262,682 | | | | | | 0.0 | | |
| | | 332,722 | | | | Steinhoff International Holdings Ltd. | | | | | 2,105,705 | | | | | | 0.4 | | |
| | | 849,700 | | | | Surya Citra Media Tbk PT | | | | | 182,867 | | | | | | 0.0 | | |
| | | 32,569 | | | | Tata Motors Ltd. | | | | | 220,683 | | | | | | 0.0 | | |
| | | 17,806 @ | | | | Tata Motors Ltd. ADR | | | | | 613,773 | | | | | | 0.1 | | |
| | | 60,316 | | | | Truworths International Ltd. | | | | | 424,444 | | | | | | 0.1 | | |
| | | 31,812 | | | | Tsogo Sun Holdings Ltd. | | | | | 63,860 | | | | | | 0.0 | | |
| | | 100,300 | | | | UMW Holdings Bhd | | | | | 269,346 | | | | | | 0.0 | | |
| | | 144,655 | | | | Woolworths Holdings Ltd./South Africa | | | | | 1,172,153 | | | | | | 0.2 | | |
| | | 8,188 | | | | Coway Co., Ltd. | | | | | 670,380 | | | | | | 0.1 | | |
| | | 150,000 | | | | Yulon Motor Co., Ltd. | | | | | 174,023 | | | | | | 0.0 | | |
| | | 84,198 | | | | Zee Telefilms Ltd. | | | | | 485,966 | | | | | | 0.1 | | |
| | | | | | | | | | | | 50,902,109 | | | | | | 8.5 | | |
| | | | | | | Consumer Staples: 8.0% | | ||||||||||||
| | | 29,104 | | | | Almacenes Exito SA | | | | | 253,815 | | | | | | 0.0 | | |
| | | 138,831 @ | | | | Ambev SA ADR | | | | | 846,869 | | | | | | 0.1 | | |
| | | 545,800 | | | | AMBEV SA | | | | | 3,345,968 | | | | | | 0.6 | | |
| | | 921 | | | | Amorepacific Corp. | | | | | 169,263 | | | | | | 0.0 | | |
| | | 4,909 | | | | Amorepacific Corp. | | | | | 1,835,774 | | | | | | 0.3 | | |
| | | 4,206 | | | | Amorepacific Group | | | | | 703,871 | | | | | | 0.1 | | |
| | | 32,862 | | | | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | | | 296,386 | | | | | | 0.0 | | |
| | | 61,000 | | | | Arca Continental SAB de CV | | | | | 346,420 | | | | | | 0.1 | | |
| | | 32,500 | | | | Astra Agro Lestari Tbk PT | | | | | 55,825 | | | | | | 0.0 | | |
| | | 33,771 | | | | BIM Birlesik Magazalar AS | | | | | 604,831 | | | | | | 0.1 | | |
| | | 70,600 | | | | BRF - Brasil Foods SA | | | | | 1,491,431 | | | | | | 0.3 | | |
| | | 25,314 @ | | | | BRF SA ADR | | | | | 529,316 | | | | | | 0.1 | | |
| | | 20,300 | | | | British American Tobacco Malaysia Bhd | | | | | 333,267 | | | | | | 0.1 | | |
| | | 191,865 | | | | Cencosud SA | | | | | 461,658 | | | | | | 0.1 | | |
| | | 470,300 | | | | Charoen Pokphand Foods PCL | | | | | 333,566 | | | | | | 0.1 | | |
| | | 1,096,400 | | | | Charoen Pokphand Indonesia Tbk PT | | | | | 225,592 | | | | | | 0.0 | | |
| | | 221,000 | | | | China Agri-Industries Holdings Ltd. | | | | | 125,777 | | | | | | 0.0 | | |
| | | 706,000 L | | | | China Huishan Dairy Holdings Co. Ltd | | | | | 161,077 | | | | | | 0.0 | | |
| | | 205,000 | | | | China Mengniu Diary Co., Ltd. | | | | | 1,022,150 | | | | | | 0.2 | | |
| | | 180,000 | | | | China Resources Enterprise | | | | | 579,761 | | | | | | 0.1 | | |
| | | 23,000 | | | | Cia Brasileira de Distribuicao Grupo Pao de Acucar | | | | | 543,061 | | | | | | 0.1 | | |
| | | 23,801 | | | | Cia Cervecerias Unidas SA | | | | | 252,599 | | | | | | 0.0 | | |
| | | 1,211 | | | | CJ CheilJedang Corp. | | | | | 478,385 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 65,100 | | | | Coca-Cola Femsa SAB de CV | | | | $ | 517,321 | | | | | | 0.1 | | |
| | | 11,274 | | | | Coca-Cola Icecek AS | | | | | 187,613 | | | | | | 0.0 | | |
| | | 67,300 | | | | Controladora Comercial Mexicana SA de CV | | | | | 210,881 | | | | | | 0.0 | | |
| | | 688,900 | | | | CP ALL PCL | | | | | 941,890 | | | | | | 0.2 | | |
| | | 61,151 | | | | Dabur India Ltd. | | | | | 268,661 | | | | | | 0.0 | | |
| | | 3,129 | | | | E-Mart Co. Ltd. | | | | | 647,723 | | | | | | 0.1 | | |
| | | 18,604 | | | | Embotelladora Andina SA | | | | | 62,921 | | | | | | 0.0 | | |
| | | 11,461 | | | | Eurocash SA | | | | | 113,788 | | | | | | 0.0 | | |
| | | 180,400 | | | | Felda Global Ventures Holdings Bhd | | | | | 77,821 | | | | | | 0.0 | | |
| | | 6,017 @ | | | | Fomento Economico Mexicano SAB de CV ADR | | | | | 536,054 | | | | | | 0.1 | | |
| | | 204,600 | | | | Fomento Economico Mexicano SAB de CV UBD | | | | | 1,822,948 | | | | | | 0.3 | | |
| | | 344 | | | | GlaxoSmithKline Consumer Healthcare Ltd | | | | | 33,881 | | | | | | 0.0 | | |
| | | 17,105 | | | | Godrej Consumer Products Ltd. | | | | | 332,312 | | | | | | 0.1 | | |
| | | 28,400 | | | | Gruma SA de CV | | | | | 366,350 | | | | | | 0.1 | | |
| | | 234,700 @ | | | | Grupo Bimbo SAB de CV | | | | | 606,405 | | | | | | 0.1 | | |
| | | 49,900 | | | | Grupo Comercial Chedraui, S.A. de C.V. | | | | | 141,819 | | | | | | 0.0 | | |
| | | 99,300 | | | | Grupo Lala SAB de CV | | | | | 207,666 | | | | | | 0.0 | | |
| | | 73,900 | | | | Gudang Garam Tbk PT | | | | | 249,442 | | | | | | 0.0 | | |
| | | 110,000 | | | | Hengan International Group Co., Ltd. | | | | | 1,305,710 | | | | | | 0.2 | | |
| | | 113,253 | | | | Hindustan Lever Ltd. | | | | | 1,629,965 | | | | | | 0.3 | | |
| | | 51,400 | | | | Hypermarcas SA | | | | | 374,783 | | | | | | 0.1 | | |
| | | 186,700 | | | | Indofood CBP Sukses Makmur TBK PT | | | | | 174,267 | | | | | | 0.0 | | |
| | | 678,900 | | | | Indofood Sukses Makmur Tbk PT | | | | | 334,070 | | | | | | 0.1 | | |
| | | 427,000 | | | | IOI Corp. Bhd | | | | | 459,480 | | | | | | 0.1 | | |
| | | 331,995 | | | | ITC Ltd. | | | | | 1,641,001 | | | | | | 0.3 | | |
| | | 118,000 | | | | JBS SA | | | | | 621,292 | | | | | | 0.1 | | |
| | | 235,400 | | | | Kimberly-Clark de Mexico SA de CV | | | | | 509,066 | | | | | | 0.1 | | |
| | | 16,170 | | | | KT&G Corp. | | | | | 1,375,708 | | | | | | 0.2 | | |
| | | 65,700 | | | | Kuala Lumpur Kepong BHD | | | | | 372,090 | | | | | | 0.1 | | |
| | | 1,418 | | | | LG Household & Health Care Ltd. | | | | | 982,949 | | | | | | 0.2 | | |
| | | 114 | | | | Lotte Confectionery Co. Ltd. | | | | | 198,408 | | | | | | 0.0 | | |
| | | 5,400 | | | | M Dias Branco SA | | | | | 142,230 | | | | | | 0.0 | | |
| | | 38,058 @ | | | | Magnit PJSC GDR | | | | | 2,116,939 | | | | | | 0.4 | | |
| | | 22,647 | | | | Marico Ltd. | | | | | 159,676 | | | | | | 0.0 | | |
| | | 16,757 | | | | Massmart Holdings Ltd. | | | | | 206,177 | | | | | | 0.0 | | |
| | | 26,900 | | | | Natura Cosmeticos S.A. | | | | | 240,786 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
6
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 3,785 | | | | Nestle India Ltd. | | | | $ | 377,561 | | | | | | 0.1 | | |
| | | 530 | | | | Orion Corp. | | | | | 497,001 | | | | | | 0.1 | | |
| | | 36,093 L | | | | Pick n Pay Stores Ltd. | | | | | 170,546 | | | | | | 0.0 | | |
| | | 76,000 | | | | PPB Group Bhd | | | | | 304,208 | | | | | | 0.0 | | |
| | | 83,000 | | | | President Chain Store Corp. | | | | | 583,527 | | | | | | 0.1 | | |
| | | 34,900 | | | | Raia Drogasil SA | | | | | 450,015 | | | | | | 0.1 | | |
| | | 67,661 | | | | Shoprite Holdings Ltd. | | | | | 964,438 | | | | | | 0.2 | | |
| | | 57,000 | | | | Souza Cruz S.A. | | | | | 450,082 | | | | | | 0.1 | | |
| | | 26,399 | | | | Spar Group Ltd. | | | | | 411,533 | | | | | | 0.1 | | |
| | | 30,720 | | | | Standard Foods Corp. | | | | | 91,861 | | | | | | 0.0 | | |
| | | 365,500 L | | | | Sun Art Retail Group Ltd. | | | | | 329,120 | | | | | | 0.1 | | |
| | | 305,700 | | | | Thai Union Frozen Products PCL | | | | | 196,909 | | | | | | 0.0 | | |
| | | 24,310 | | | | Tiger Brands Ltd. | | | | | 567,106 | | | | | | 0.1 | | |
| | | 294,000 | | | | Tingyi Cayman Islands Holding Corp. | | | | | 599,829 | | | | | | 0.1 | | |
| | | 58,000 | | | | Tsingtao Brewery Co., Ltd. | | | | | 351,648 | | | | | | 0.1 | | |
| | | 26,784 | | | | Ulker Biskuvi Sanayi AS | | | | | 186,881 | | | | | | 0.0 | | |
| | | 228,400 | | | | Unilever Indonesia Tbk PT | | | | | 675,223 | | | | | | 0.1 | | |
| | | 625,201 | | | | Uni-President Enterprises Corp. | | | | | 1,108,677 | | | | | | 0.2 | | |
| | | 6,059 | | | | United Breweries Ltd. | | | | | 88,714 | | | | | | 0.0 | | |
| | | 7,294 | | | | United Spirits Ltd. | | | | | 386,858 | | | | | | 0.1 | | |
| | | 132,750 | | | | Universal Robina Corp. | | | | | 570,800 | | | | | | 0.1 | | |
| | | 44,533 | | | | Vina Concha y Toro SA | | | | | 77,610 | | | | | | 0.0 | | |
| | | 766,500 | | | | Wal-Mart de Mexico SAB de CV | | | | | 1,872,177 | | | | | | 0.3 | | |
| | | 884,000 | | | | Want Want China Holdings Ltd. | | | | | 933,355 | | | | | | 0.2 | | |
| | | | | | | | | | | | 47,412,434 | | | | | | 8.0 | | |
| | | | | | | Energy: 7.7% | | ||||||||||||
| | | 2,035,400 | | | | Adaro Energy Tbk PT | | | | | 115,670 | | | | | | 0.0 | | |
| | | 123,200 | | | | Banpu PCL | | | | | 92,779 | | | | | | 0.0 | | |
| | | 30,830 | | | | Bharat Petroleum Corp. Ltd. | | | | | 425,447 | | | | | | 0.1 | | |
| | | 80,807 | | | | Cairn India Ltd. | | | | | 230,274 | | | | | | 0.0 | | |
| | | 417,000 L | | | | China Coal Energy Co. - Class H | | | | | 248,671 | | | | | | 0.0 | | |
| | | 272,000 | | | | China Oilfield Services Ltd. | | | | | 432,555 | | | | | | 0.1 | | |
| | | 3,727,600 | | | | China Petroleum & Chemical Corp. | | | | | 3,198,511 | | | | | | 0.5 | | |
| | | 490,500 | | | | China Shenhua Energy Co., Ltd. | | | | | 1,117,080 | | | | | | 0.2 | | |
| | | 2,604,000 | | | | CNOOC Ltd. | | | | | 3,693,715 | | | | | | 0.6 | | |
| | | 91,377 | | | | Coal India Ltd. | | | | | 603,654 | | | | | | 0.1 | | |
| | | 19,100 | | | | Cosan SA Industria e Comercio | | | | | 154,380 | | | | | | 0.0 | | |
| | | 692,876 | | | | Ecopetrol SA | | | | | 460,106 | | | | | | 0.1 | | |
| | | 62,831 | | | | Empresas COPEC SA | | | | | 667,285 | | | | | | 0.1 | | |
| | | 141,000 | | | | Energy Absolute PCL | | | | | 97,928 | | | | | | 0.0 | | |
| | | 23,606 | | | | Exxaro Resources Ltd. | | | | | 168,758 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 176,000 | | | | Formosa Petrochemical Corp. | | | | $ | 451,845 | | | | | | 0.1 | | |
| | | 284,258 @ | | | | Gazprom OAO ADR | | | | | 1,498,040 | | | | | | 0.3 | | |
| | | 1,146,133 | | | | Gazprom OAO | | | | | 3,030,335 | | | | | | 0.5 | | |
| | | 7,815 | | | | GS Holdings Corp. | | | | | 347,753 | | | | | | 0.1 | | |
| | | 8,017 | | | | Gulf International Services QSC | | | | | 175,523 | | | | | | 0.0 | | |
| | | 158,547 | | | | Inner Mongolia Yitai Coal Co. | | | | | 227,673 | | | | | | 0.0 | | |
| | | 1,568,700 | | | | IRPC PCL | | | | | 207,594 | | | | | | 0.0 | | |
| | | 502,000 L | | | | Kunlun Energy Co. Ltd. | | | | | 510,181 | | | | | | 0.1 | | |
| | | 28,159 @ | | | | Lukoil OAO ADR | | | | | 1,264,621 | | | | | | 0.2 | | |
| | | 46,096 | | | | Lukoil OAO | | | | | 2,064,905 | | | | | | 0.3 | | |
| | | 5,772 | | | | MOL Hungarian Oil & Gas PLC | | | | | 295,333 | | | | | | 0.1 | | |
| | | 14,121 @ | | | | NovaTek OAO GDR | | | | | 1,437,612 | | | | | | 0.2 | | |
| | | 122,564 | | | | Oil & Natural Gas Corp., Ltd. | | | | | 594,975 | | | | | | 0.1 | | |
| | | 14,782 | | | | Oil India Ltd. | | | | | 103,603 | | | | | | 0.0 | | |
| | | 3,080,000 | | | | PetroChina Co., Ltd. | | | | | 3,430,188 | | | | | | 0.6 | | |
| | | 55,617 @ | | | | Petroleo Brasileiro SA ADR | | | | | 453,835 | | | | | | 0.1 | | |
| | | 449,700 | | | | Petroleo Brasileiro SA | | | | | 2,035,084 | | | | | | 0.3 | | |
| | | 37,200 | | | | Petronas Dagangan BHD | | | | | 202,807 | | | | | | 0.0 | | |
| | | 48,592 L | | | | Polski Koncern Naftowy Orlen | | | | | 954,402 | | | | | | 0.2 | | |
| | | 274,335 | | | | Polskie Gornictwo Naftowe I Gazownictwo SA | | | | | 481,667 | | | | | | 0.1 | | |
| | | 204,500 | | | | PTT Exploration & Production PCL | | | | | 657,798 | | | | | | 0.1 | | |
| | | 147,600 | | | | PTT PCL | | | | | 1,564,466 | | | | | | 0.3 | | |
| | | 23,541 | | | | Reliance Industries Ltd. | | | | | 369,374 | | | | | | 0.1 | | |
| | | 85,534 @ | | | | Reliance Industries Ltd. GDR | | | | | 2,664,384 | | | | | | 0.5 | | |
| | | 179,786 | | | | Rosneft OAO | | | | | 755,699 | | | | | | 0.1 | | |
| | | 498,600 | | | | Sapurakencana Petroleum Bhd | | | | | 311,429 | | | | | | 0.1 | | |
| | | 81,225 | | | | Sasol Ltd. | | | | | 3,007,740 | | | | | | 0.5 | | |
| | | 9,418 | | | | SK Innovation Co. Ltd. | | | | | 1,026,835 | | | | | | 0.2 | | |
| | | 6,825 | | | | S-Oil Corp. | | | | | 412,494 | | | | | | 0.1 | | |
| | | 1,055,951 | | | | Surgutneftegas OAO | | | | | 633,930 | | | | | | 0.1 | | |
| | | 204,655 | | | | Tatneft OAO | | | | | 1,099,822 | | | | | | 0.2 | | |
| | | 136,400 | | | | Thai Oil PCL | | | | | 221,600 | | | | | | 0.0 | | |
| | | 19,621 | | | | Tupras Turkiye Petrol Rafine | | | | | 497,070 | | | | | | 0.1 | | |
| | | 55,600 | | | | Ultrapar Participacoes SA | | | | | 1,174,733 | | | | | | 0.2 | | |
| | | 268,000 | | | | Yanzhou Coal Mining Co., Ltd. | | | | | 209,466 | | | | | | 0.0 | | |
| | | | | | | | | | | | 46,081,629 | | | | | | 7.7 | | |
See Accompanying Notes to Financial Statements
7
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials: 27.9% | | ||||||||||||
| | | 237,149 | | | | Abu Dhabi Commercial Bank PJSC | | | | $ | 493,841 | | | | | | 0.1 | | |
| | | 265,182 | | | | African Bank Investments Ltd. | | | ��� | | — | | | | | | — | | |
| | | 3,226,000 | | | | Agricultural Bank of China Ltd. | | | | | 1,733,053 | | | | | | 0.3 | | |
| | | 302,066 | | | | Akbank TAS | | | | | 873,146 | | | | | | 0.2 | | |
| | | 570,962 | | | | Aldar Properties PJSC | | | | | 418,629 | | | | | | 0.1 | | |
| | | 6,493 @ | | | | Alior Bank SA | | | | | 154,035 | | | | | | 0.0 | | |
| | | 164,700 | | | | Alliance Financial Group Bhd | | | | | 191,456 | | | | | | 0.0 | | |
| | | 695,810 | | | | Alpha Bank AE | | | | | 209,918 | | | | | | 0.0 | | |
| | | 303,200 | | | | AMMB Holdings Bhd | | | | | 484,074 | | | | | | 0.1 | | |
| | | 33,570 | | | | Ayala Corp. | | | | | 587,952 | | | | | | 0.1 | | |
| | | 1,016,800 | | | | Ayala Land, Inc. | | | | | 840,568 | | | | | | 0.1 | | |
| | | 106,304 @ | | | | Banco Bradesco SA ADR | | | | | 973,745 | | | | | | 0.2 | | |
| | | 109,300 | | | | Banco Bradesco SA | | | | | 979,415 | | | | | | 0.2 | | |
| | | 12,381 | | | | Banco Davivienda SA | | | | | 127,079 | | | | | | 0.0 | | |
| | | 3,548,128 | | | | Banco de Chile | | | | | 388,905 | | | | | | 0.1 | | |
| | | 5,029 | | | | Banco de Credito e Inversiones | | | | | 221,086 | | | | | | 0.0 | | |
| | | 126,900 | | | | Banco do Brasil S.A. | | | | | 985,698 | | | | | | 0.2 | | |
| | | 65,600 | | | | Banco Santander Brasil S.A. | | | | | 354,680 | | | | | | 0.1 | | |
| | | 9,760,416 | | | | Banco Santander Chile S.A. | | | | | 493,307 | | | | | | 0.1 | | |
| | | 15,545 @ | | | | BanColombia SA ADR | | | | | 668,435 | | | | | | 0.1 | | |
| | | 43,100 | | | | Bangkok Bank PCL | | | | | 226,671 | | | | | | 0.0 | | |
| | | 39,200 | | | | Bangkok Bank PCL - Foreign | | | | | 206,760 | | | | | | 0.0 | | |
| | | 1,813,800 | | | | Bank Central Asia Tbk PT | | | | | 1,831,715 | | | | | | 0.3 | | |
| | | 513,700 | | | | Bank Danamon Indonesia Tbk PT | | | | | 165,501 | | | | | | 0.0 | | |
| | | 4,738 L | | | | Bank Handlowy w Warszawie | | | | | 125,960 | | | | | | 0.0 | | |
| | | 1,384,300 | | | | Bank Mandiri Persero TBK PT | | | | | 1,040,620 | | | | | | 0.2 | | |
| | | 74,455 L | | | | Bank Millennium SA | | | | | 129,676 | | | | | | 0.0 | | |
| | | 11,630,000 | | | | Bank of China Ltd. | | | | | 7,547,653 | | | | | | 1.3 | | |
| | | 1,292,000 | | | | Bank of Communications Co., Ltd. | | | | | 1,344,816 | | | | | | 0.2 | | |
| | | 128,490 | | | | Bank of the Philippine Islands | | | | | 269,191 | | | | | | 0.0 | | |
| | | 19,884 L | | | | Bank Pekao S.A. | | | | | 951,506 | | | | | | 0.2 | | |
| | | 1,628,000 | | | | Bank Rakyat Indonesia | | | | | 1,260,020 | | | | | | 0.2 | | |
| | | 5,169 | | | | Bank Zachodni WBK SA | | | | | 468,844 | | | | | | 0.1 | | |
| | | 50,439 | | | | Barclays Africa Group Ltd. | | | | | 758,261 | | | | | | 0.1 | | |
| | | 16,834 | | | | Barwa Real Estate Co. | | | | | 243,793 | | | | | | 0.0 | | |
| | | 104,200 | | | | BB Seguridade Participacoes SA | | | | | 1,147,537 | | | | | | 0.2 | | |
| | | 243,080 | | | | BDO Unibank, Inc. | | | | | 583,857 | | | | | | 0.1 | | |
| | | 259,400 | | | | BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | | | | | 978,663 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 1,151,900 | | | | Bank Negara Indonesia Persero Tbk PT | | | | $ | 456,685 | | | | | | 0.1 | | |
| | | 71,600 | | | | BR Malls Participacoes S.A. | | | | | 338,529 | | | | | | 0.1 | | |
| | | 51,817 | | | | Brait SE | | | | | 525,341 | | | | | | 0.1 | | |
| | | 2,624 | | | | BRE Bank SA | | | | | 287,673 | | | | | | 0.1 | | |
| | | 32,770 | | | | BS Financial Group, Inc. | | | | | 416,630 | | | | | | 0.1 | | |
| | | 1,293,100 | | | | Bumi Serpong Damai PT | | | | | 161,599 | | | | | | 0.0 | | |
| | | 2,943 L | | | | Capitec Bank Holdings Ltd. | | | | | 117,314 | | | | | | 0.0 | | |
| | | 1,198,611 | | | | Cathay Financial Holding Co., Ltd. | | | | | 2,092,715 | | | | | | 0.4 | | |
| | | 213,400 | | | | Central Pattana PCL | | | | | 299,503 | | | | | | 0.1 | | |
| | | 33,141 | | | | CETIP SA - Balcao Organizado de Ativos e Derivativos | | | | | 363,484 | | | | | | 0.1 | | |
| | | 160,700 | | | | Chailease Holding Co. Ltd. | | | | | 387,488 | | | | | | 0.1 | | |
| | | 667,813 | | | | Chang Hwa Commercial Bank | | | | | 383,019 | | | | | | 0.1 | | |
| | | 1,055,000 | | | | China Cinda Asset Management Co. Ltd. | | | | | 586,750 | | | | | | 0.1 | | |
| | | 1,213,000 | | | | China Citic Bank | | | | | 965,794 | | | | | | 0.2 | | |
| | | 12,139,000 | | | | China Construction Bank | | | | | 11,072,662 | | | | | | 1.9 | | |
| | | 2,089,000 | | | | China Development Financial Holding Corp. | | | | | 791,550 | | | | | | 0.1 | | |
| | | 436,000 | | | | China Everbright Bank Co. Ltd | | | | | 261,143 | | | | | | 0.0 | | |
| | | 136,000 | | | | China Everbright Ltd. | | | | | 470,943 | | | | | | 0.1 | | |
| | | 463,500 | | | | China Galaxy Securities Co. Ltd. | | | | | 602,444 | | | | | | 0.1 | | |
| | | 1,091,000 | | | | China Life Insurance Co., Ltd. | | | | | 4,735,202 | | | | | | 0.8 | | |
| | | 452,976 | | | | China Life Insurance Co., Ltd. (TWD) | | | | | 463,492 | | | | | | 0.1 | | |
| | | 674,880 | | | | China Merchants Bank Co., Ltd. | | | | | 1,960,297 | | | | | | 0.3 | | |
| | | 877,500 | | | | China Minsheng Banking Corp. Ltd. | | | | | 1,148,242 | | | | | | 0.2 | | |
| | | 588,000 | | | | China Overseas Land & Investment Ltd. | | | | | 2,069,830 | | | | | | 0.4 | | |
| | | 387,400 | | | | China Pacific Insurance Group Co., Ltd. | | | | | 1,855,908 | | | | | | 0.3 | | |
| | | 372,444 | | | | China Resources Land Ltd. | | | | | 1,205,359 | | | | | | 0.2 | | |
| | | 216,428 | | | | China Taiping Insurance Holdings Co., Ltd. | | | | | 774,850 | | | | | | 0.1 | | |
| | | 195,200 | | | | China Vanke Co. Ltd | | | | | 479,263 | | | | | | 0.1 | | |
| | | 2,029,303 | | | | CTBC Financial Holding Co. Ltd. | | | | | 1,598,420 | | | | | | 0.3 | | |
| | | 391,000 | | | | Chongqing Rural Commercial Bank | | | | | 312,749 | | | | | | 0.1 | | |
| | | 751,700 | | | | CIMB Group Holdings Bhd | | | | | 1,089,111 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
8
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 288,500 | | | | CITIC Securities Co. Ltd. | | | | $ | 1,037,734 | | | | | | 0.2 | | |
| | | 7,014 | | | | Commercial Bank of Qatar | | | | | 105,752 | | | | | | 0.0 | | |
| | | 120,031 | | | | Commercial International Bank | | | | | 880,633 | | | | | | 0.2 | | |
| | | 163,300 L | | | | Compartamos SAB de CV | | | | | 290,392 | | | | | | 0.1 | | |
| | | 33,938 | | | | Coronation Fund Managers Ltd | | | | | 229,744 | | | | | | 0.0 | | |
| | | 12,785 | | | | Corp Financiera Colombiana SA | | | | | 179,122 | | | | | | 0.0 | | |
| | | 22,906,027 | | | | Corpbanca | | | | | 252,897 | | | | | | 0.0 | | |
| | | 836,133 | | | | Country Garden Holdings Co. Ltd. | | | | | 367,080 | | | | | | 0.1 | | |
| | | 9,956 @ | | | | Credicorp Ltd. | | | | | 1,383,088 | | | | | | 0.2 | | |
| | | 28,017 | | | | Daewoo Securities Co., Ltd. | | | | | 381,919 | | | | | | 0.1 | | |
| | | 32,800 # | | | | Dalian Wanda Commercial Properties Co. Ltd. | | | | | 263,829 | | | | | | 0.1 | | |
| | | 26,085 | | | | DGB Financial Group, Inc. | | | | | 273,179 | | | | | | 0.1 | | |
| | | 56,822 | | | | Discovery Holdings Ltd. | | | | | 590,128 | | | | | | 0.1 | | |
| | | 46,816 | | | | DLF Ltd. | | | | | 85,531 | | | | | | 0.0 | | |
| | | 8,869 | | | | Doha Bank QSC | | | | | 129,176 | | | | | | 0.0 | | |
| | | 6,394 | | | | Dongbu Insurance Co., Ltd. | | | | | 323,330 | | | | | | 0.1 | | |
| | | 367,882 | | | | Dubai Financial Market | | | | | 196,519 | | | | | | 0.0 | | |
| | | 139,884 | | | | Dubai Islamic Bank PJSC | | | | | 258,912 | | | | | | 0.0 | | |
| | | 978,487 | | | | E.Sun Financial Holding Co., Ltd. | | | | | 653,041 | | | | | | 0.1 | | |
| | | 151,053 @ | | | | Emaar Malls Group PJSC | | | | | 136,802 | | | | | | 0.0 | | |
| | | 552,867 | | | | Emaar Properties PJSC | | | | | 1,175,364 | | | | | | 0.2 | | |
| | | 316,390 | | | | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | | | 325,798 | | | | | | 0.1 | | |
| | | 1,120,823 | | | | Eurobank Ergasias SA | | | | | 149,736 | | | | | | 0.0 | | |
| | | 791,000 | | | | Evergrande Real Estate Group Ltd. | | | | | 471,269 | | | | | | 0.1 | | |
| | | 87,005 | | | | Ezdan Holding Group QSC | | | | | 426,439 | | | | | | 0.1 | | |
| | | 205,000 | | | | Far East Horizon Ltd. | | | | | 194,831 | | | | | | 0.0 | | |
| | | 340,100 | | | | Fibra Uno Administracion SA de CV | | | | | 808,840 | | | | | | 0.1 | | |
| | | 1,118,306 | | | | First Financial Holding Co., Ltd. | | | | | 685,036 | | | | | | 0.1 | | |
| | | 132,060 | | | | First Gulf Bank PJSC | | | | | 544,949 | | | | | | 0.1 | | |
| | | 494,391 | | | | FirstRand Ltd. | | | | | 2,166,033 | | | | | | 0.4 | | |
| | | 458,000 | | | | Franshion Properties China Ltd. | | | | | 163,459 | | | | | | 0.0 | | |
| | | 983,000 | | | | Fubon Financial Holding Co., Ltd. | | | | | 1,953,601 | | | | | | 0.3 | | |
| | | 93,200 @ | | | | GF Securities Co. Ltd. | | | | | 239,747 | | | | | | 0.0 | | |
| | | 204,000 L | | | | Goldin Properties Holdings Ltd. | | | | | 215,174 | | | | | | 0.0 | | |
| | | 335,887 | | | | Growthpoint Properties Ltd. | | | | | 730,147 | | | | | | 0.1 | | |
| | | 453,664 | | | | Grupo Aval Acciones y Valores | | | | | 222,025 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 38,151 | | | | Grupo de Inversiones Suramericana SA | | | | $ | 539,781 | | | | | | 0.1 | | |
| | | 366,200 | | | | Grupo Financiero Banorte | | | | | 2,013,488 | | | | | | 0.3 | | |
| | | 332,400 | | | | Grupo Financiero Inbursa SA | | | | | 753,940 | | | | | | 0.1 | | |
| | | 269,300 | | | | Grupo Financiero Santander Mexico SAB de CV | | | | | 497,222 | | | | | | 0.1 | | |
| | | 6,780 | | | | GT Capital Holdings, Inc. | | | | | 205,228 | | | | | | 0.0 | | |
| | | 149,200 | | | | Guangzhou R&F Properties Co., Ltd. | | | | | 182,647 | | | | | | 0.0 | | |
| | | 137,479 | | | | Haci Omer Sabanci Holding AS | | | | | 517,896 | | | | | | 0.1 | | |
| | | 372,400 | | | | Haitong Securities Co. Ltd. | | | | | 982,216 | | | | | | 0.2 | | |
| | | 42,753 | | | | Hana Financial Group, Inc. | | | | | 1,111,818 | | | | | | 0.2 | | |
| | | 34,005 | | | | Hanwha Life Insurance Co. Ltd. | | | | | 241,781 | | | | | | 0.0 | | |
| | | 56,000 | | | | Highwealth Construction Corp. | | | | | 133,510 | | | | | | 0.0 | | |
| | | 83,300 | | | | Hong Leong Bank BHD | | | | | 295,549 | | | | | | 0.1 | | |
| | | 27,400 | | | | Hong Leong Financial Group Bhd | | | | | 110,019 | | | | | | 0.0 | | |
| | | 220,507 | | | | Housing Development Finance Corp. | | | | | 4,485,324 | | | | | | 0.8 | | |
| | | 922,916 | | | | Hua Nan Financial Holdings Co. Ltd. | | | | | 530,902 | | | | | | 0.1 | | |
| | | 124,000 #,@ | | | | Huatai Securities Co. Ltd. | | | | | 350,330 | | | | | | 0.1 | | |
| | | 20,760 | | | | Hyprop Investments Ltd. | | | | | 206,474 | | | | | | 0.0 | | |
| | | 10,890 | | | | Hyundai Marine & Fire Insurance Co., Ltd. | | | | | 287,663 | | | | | | 0.1 | | |
| | | 48,637 | | | | ICICI Bank Ltd. | | | | | 236,024 | | | | | | 0.0 | | |
| | | 51,777 @ | | | | ICICI Bank Ltd. ADR | | | | | 539,516 | | | | | | 0.1 | | |
| | | 10,787,000 | | | | Industrial & Commercial Bank of China | | | | | 8,559,767 | | | | | | 1.4 | | |
| | | 38,195 | | | | Industrial Bank Of Korea | | | | | 494,107 | | | | | | 0.1 | | |
| | | 40,287 | | | | Investec Ltd. | | | | | 362,446 | | | | | | 0.1 | | |
| | | 300,532 | | | | IOI Properties Group Bhd | | | | | 147,187 | | | | | | 0.0 | | |
| | | 121,617 @ | | | | Itau Unibanco Holding S.A. ADR | | | | | 1,331,706 | | | | | | 0.2 | | |
| | | 4,600 | | | | Kasikornbank PCL | | | | | 25,663 | | | | | | 0.0 | | |
| | | 262,500 | | | | Kasikornbank PCL - Foreign | | | | | 1,464,187 | | | | | | 0.3 | | |
| | | 56,755 | | | | KB Financial Group, Inc. | | | | | 1,874,499 | | | | | | 0.3 | | |
| | | 2,313 | | | | Komercni Banka AS | | | | | 512,741 | | | | | | 0.1 | | |
| | | 6,183 | | | | Korea Investment Holdings Co., Ltd. | | | | | 352,228 | | | | | | 0.1 | | |
| | | 517,200 | | | | Krung Thai Bank PCL | | | | | 261,290 | | | | | | 0.0 | | |
| | | 15,738 | | | | Liberty Holdings Ltd. | | | | | 187,793 | | | | | | 0.0 | | |
| | | 48,644 | | | | LIC Housing Finance Ltd. | | | | | 343,893 | | | | | | 0.1 | | |
| | | 3,113,900 | | | | Lippo Karawaci Tbk PT | | | | | 275,292 | | | | | | 0.1 | | |
| | | 241,000 | | | | Longfor Properties Co., Ltd. | | | | | 382,975 | | | | | | 0.1 | | |
| | | 49,950 | | | | Mahindra & Mahindra Financial Services Ltd. | | | | | 219,525 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
9
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 657,600 | | | | Malayan Banking BHD | | | | $ | 1,592,316 | | | | | | 0.3 | | |
| | | 58,308 | | | | Masraf Al Rayan | | | | | 741,109 | | | | | | 0.1 | | |
| | | 1,478,839 | | | | Mega Financial Holdings Co., Ltd. | | | | | 1,332,034 | | | | | | 0.2 | | |
| | | 1,530,000 | | | | Megaworld Corp. | | | | | 161,329 | | | | | | 0.0 | | |
| | | 1,805,000 | | | | Metro Pacific Investments Corp. | | | | | 189,414 | | | | | | 0.0 | | |
| | | 3,517 | | | | Mirae Asset Securities Co., Ltd. | | | | | 158,758 | | | | | | 0.0 | | |
| | | 169,604 | | | | MMI Holdings Ltd. | | | | | 420,316 | | | | | | 0.1 | | |
| | | 178,575 | | | | Moscow Exchange MICEX-RTS OAO | | | | | 226,045 | | | | | | 0.0 | | |
| | | 11,100 | | | | Multiplan Empreendimentos Imobiliarios SA | | | | | 171,689 | | | | | | 0.0 | | |
| | | 103,205 | | | | National Bank of Abu Dhabi PJSC | | | | | 308,509 | | | | | | 0.1 | | |
| | | 241,928 | | | | National Bank of Greece SA | | | | | 266,338 | | | | | | 0.0 | | |
| | | 30,011 | | | | Nedbank Group Ltd. | | | | | 595,947 | | | | | | 0.1 | | |
| | | 111,300 | | | | New China Life Insurance Co. Ltd. | | | | | 664,744 | | | | | | 0.1 | | |
| | | 414,000 | | | | New World China Land Ltd. | | | | | 244,179 | | | | | | 0.0 | | |
| | | 21,268 | | | | NH Investment & Securities Co., Ltd | | | | | 231,827 | | | | | | 0.0 | | |
| | | 33,878 | | | | OTP Bank Nyrt | | | | | 669,566 | | | | | | 0.1 | | |
| | | 981,000 | | | | People’s Insurance Co. Group of China Ltd. | | | | | 627,153 | | | | | | 0.1 | | |
| | | 517,496 | | | | PICC Property & Casualty Co., Ltd. | | | | | 1,178,027 | | | | | | 0.2 | | |
| | | 383,000 | | | | Ping An Insurance Group Co. of China Ltd. | | | | | 5,168,786 | | | | | | 0.9 | | |
| | | 236,329 | | | | Piraeus Bank SA | | | | | 87,239 | | | | | | 0.0 | | |
| | | 17,500 | | | | Porto Seguro SA | | | | | 232,857 | | | | | | 0.0 | | |
| | | 46,894 | | | | Power Finance Corp. Ltd | | | | | 188,261 | | | | | | 0.0 | | |
| | | 132,451 | | | | Powszechna Kasa Oszczednosci Bank Polski S.A. | | | | | 1,095,101 | | | | | | 0.2 | | |
| | | 5,469 | | | | PSG Group Ltd. | | | | | 92,004 | | | | | | 0.0 | | |
| | | 371,000 | | | | Public Bank BHD | | | | | 1,840,742 | | | | | | 0.3 | | |
| | | 8,195 | | | | Powszechny Zaklad Ubezpieczen SA | | | | | 942,970 | | | | | | 0.2 | | |
| | | 9,472 | | | | Qatar Insurance Co. SAQ | | | | | 250,533 | | | | | | 0.0 | | |
| | | 9,384 | | | | Qatar Islamic Bank SAQ | | | | | 276,458 | | | | | | 0.1 | | |
| | | 26,356 | | | | Qatar National Bank | | | | | 1,394,507 | | | | | | 0.2 | | |
| | | 566,602 | | | | Redefine Properties Ltd. | | | | | 475,287 | | | | | | 0.1 | | |
| | | 70,917 | | | | Remgro Ltd. | | | | | 1,490,481 | | | | | | 0.3 | | |
| | | 24,263 | | | | Resilient Property Income Fund Ltd. | | | | | 192,272 | | | | | | 0.0 | | |
| | | 71,800 | | | | RHB Capital Bhd | | | | | 140,221 | | | | | | 0.0 | | |
| | | 106,283 | | | | RMB Holdings Ltd. | | | | | 580,402 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 106,565 | | | | RMI Holdings | | | | $ | 371,618 | | | | | | 0.1 | | |
| | | 106,126 | | | | Ruentex Development Co. Ltd. | | | | | 167,761 | | | | | | 0.0 | | |
| | | 56,547 | | | | Rural Electrification Corp. Ltd. | | | | | 244,153 | | | | | | 0.0 | | |
| | | 5,320 | | | | Samsung Card Co. | | | | | 176,202 | | | | | | 0.0 | | |
| | | 5,243 | | | | Samsung Fire & Marine Insurance Co. Ltd. | | | | | 1,381,537 | | | | | | 0.2 | | |
| | | 10,260 | | | | Samsung Life Insurance Co. Ltd. | | | | | 988,569 | | | | | | 0.2 | | |
| | | 8,813 | | | | Samsung Securities Co. Ltd. | | | | | 430,354 | | | | | | 0.1 | | |
| | | 255,397 | | | | Sanlam Ltd. | | | | | 1,390,272 | | | | | | 0.2 | | |
| | | 147,265 @ | | | | Sberbank of Russia ADR | | | | | 781,977 | | | | | | 0.1 | | |
| | | 1,075,042 | | | | Sberbank RF | | | | | 1,411,785 | | | | | | 0.2 | | |
| | | 218,000 | | | | Shimao Property Holdings Ltd. | | | | | 429,132 | | | | | | 0.1 | | |
| | | 1,328,613 | | | | Shin Kong Financial Holding Co., Ltd. | | | | | 405,563 | | | | | | 0.1 | | |
| | | 62,041 | | | | Shinhan Financial Group Co., Ltd. | | | | | 2,309,288 | | | | | | 0.4 | | |
| | | 24,471 | | | | Shriram Transport Finance Co. Ltd. | | | | | 327,896 | | | | | | 0.1 | | |
| | | 422,500 | | | | Shui On Land Ltd. | | | | | 119,760 | | | | | | 0.0 | | |
| | | 229,100 | | | | Siam Commercial Bank PCL | | | | | 1,052,240 | | | | | | 0.2 | | |
| | | 516,500 | | | | Sino-Ocean Land Holdings Ltd. | | | | | 389,486 | | | | | | 0.1 | | |
| | | 1,190,598 | | | | SinoPac Financial Holdings Co., Ltd. | | | | | 526,611 | | | | | | 0.1 | | |
| | | 1,165,300 | | | | SM Prime Holdings, Inc. | | | | | 516,356 | | | | | | 0.1 | | |
| | | 283,500 | | | | Soho China Ltd. | | | | | 184,484 | | | | | | 0.0 | | |
| | | 178,683 | | | | Standard Bank Group Ltd. | | | | | 2,351,359 | | | | | | 0.4 | | |
| | | 59,052 | | | | State Bank of India | | | | | 243,331 | | | | | | 0.0 | | |
| | | 15,747 @ | | | | State Bank of India Ltd. GDR | | | | | 651,138 | | | | | | 0.1 | | |
| | | 935,700 | | | | Summarecon Agung Tbk PT | | | | | 114,380 | | | | | | 0.0 | | |
| | | 234,000 L | | | | Sunac China Holdings Ltd. | | | | | 255,894 | | | | | | 0.0 | | |
| | | 1,209,317 | | | | Taishin Financial Holdings Co., Ltd. | | | | | 503,837 | | | | | | 0.1 | | |
| | | 624,040 | | | | Taiwan Business Bank | | | | | 192,312 | | | | | | 0.0 | | |
| | | 1,022,974 | | | | Taiwan Cooperative Financial Holding Co. Ltd. | | | | | 535,297 | | | | | | 0.1 | | |
| | | 152,948 | | | | Talaat Moustafa Group | | | | | 177,217 | | | | | | 0.0 | | |
| | | 1,772,400 | | | | TMB Bank PCL | | | | | 122,482 | | | | | | 0.0 | | |
| | | 350,032 | | | | Turkiye Garanti Bankasi A/S | | | | | 1,091,699 | | | | | | 0.2 | | |
| | | 97,481 | | | | Turkiye Halk Bankasi AS | | | | | 449,057 | | | | | | 0.1 | | |
| | | 251,217 | | | | Turkiye Is Bankasi | | | | | 528,295 | | | | | | 0.1 | | |
| | | 123,230 | | | | Turkiye Vakiflar Bankasi Tao | | | | | 198,016 | | | | | | 0.0 | | |
| | | 791,237,930 | | | | VTB Bank OJSC | | | | | 1,133,713 | | | | | | 0.2 | | |
| | | 45,294 | | | | Woori Bank | | | | | 397,262 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
10
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 143,074 | | | | Yapi Ve Kredi Bankasi | | | | $ | 210,210 | | | | | | 0.0 | | |
| | | 1,302,425 | | | | Yuanta Financial Holding Co., Ltd. | | | | | 704,411 | | | | | | 0.1 | | |
| | | 1,150,000 | | | | Yuexiu Property Co. Ltd | | | | | 250,365 | | | | | | 0.0 | | |
| | | | | | | | | | | | 166,184,678 | | | | | | 27.9 | | |
| | | | | | | Health Care: 2.5% | | ||||||||||||
| | | 14,021 | | | | Apollo Hospitals Enterprise Ltd. | | | | | 289,378 | | | | | | 0.0 | | |
| | | 49,963 | | | | Aspen Pharmacare Holdings Ltd. | | | | | 1,477,528 | | | | | | 0.2 | | |
| | | 20,429 | | | | Aurobindo Pharma Ltd | | | | | 465,588 | | | | | | 0.1 | | |
| | | 565,700 | | | | Bangkok Dusit Medical Services PCL | | | | | 329,452 | | | | | | 0.1 | | |
| | | 59,200 | | | | Bumrungrad Hospital PCL | | | | | 327,025 | | | | | | 0.1 | | |
| | | 9,143 | | | | Celltrion, Inc. | | | | | 639,449 | | | | | | 0.1 | | |
| | | 143,000 | | | | China Medical System Holdings Ltd. | | | | | 200,344 | | | | | | 0.0 | | |
| | | 464,000 | | | | China Pharmaceutical Group Ltd. | | | | | 458,150 | | | | | | 0.1 | | |
| | | 56,184 | | | | Cipla Ltd. | | | | | 542,472 | | | | | | 0.1 | | |
| | | 6,314 | | | | Divis Laboratories Ltd. | | | | | 186,366 | | | | | | 0.0 | | |
| | | 5,098 | | | | Dr. Reddys Laboratories Ltd. | | | | | 283,797 | | | | | | 0.0 | | |
| | | 12,946 @ | | | | Dr. Reddy’s Laboratories Ltd. ADR | | | | | 716,173 | | | | | | 0.1 | | |
| | | 700 @ | | | | Hanmi Pharm Co. Ltd. | | | | | 292,059 | | | | | | 0.0 | | |
| | | 374,100 | | | | IHH Healthcare Bhd | | | | | 560,821 | | | | | | 0.1 | | |
| | | 3,191,300 | | | | Kalbe Farma Tbk PT | | | | | 400,336 | | | | | | 0.1 | | |
| | | 140,731 | | | | Life Healthcare Group Holdings Ltd. | | | | | 433,751 | | | | | | 0.1 | | |
| | | 31,617 | | | | Lupin Ltd. | | | | | 935,641 | | | | | | 0.2 | | |
| | | 140,500 @ | | | | Luye Pharma Group Ltd | | | | | 150,202 | | | | | | 0.0 | | |
| | | 57,955 | | | | Mediclinic International Ltd. | | | | | 487,188 | | | | | | 0.1 | | |
| | | 146,380 | | | | Netcare Ltd. | | | | | 460,534 | | | | | | 0.1 | | |
| | | 32,100 | | | | Odontoprev SA | | | | | 111,815 | | | | | | 0.0 | | |
| | | 4,223 | | | | Piramal Healthcare Ltd. | | | | | 61,544 | | | | | | 0.0 | | |
| | | 35,900 | | | | Qualicorp SA | | | | | 226,201 | | | | | | 0.1 | | |
| | | 19,617 | | | | Richter Gedeon Nyrt | | | | | 294,681 | | | | | | 0.0 | | |
| | | 284,000 | | | | Shandong Weigao Group Medical Polymer Co., Ltd. | | | | | 211,916 | | | | | | 0.0 | | |
| | | 58,500 | | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. | | | | | 216,725 | | | | | | 0.0 | | |
| | | 111,600 | | | | Shanghai Pharmaceuticals Holding Co. Ltd. | | | | | 310,537 | | | | | | 0.1 | | |
| | | 663,000 | | | | Sihuan Pharmaceutical Holdings Group Ltd | | | | | 377,193 | | | | | | 0.1 | | |
| | | 472,000 | | | | Sino Biopharmaceutical | | | | | 547,223 | | | | | | 0.1 | | |
| | | 171,200 | | | | Sinopharm Group Co. | | | | | 760,245 | | | | | | 0.1 | | |
| | | 125,519 | | | | Sun Pharmaceutical Industries Ltd. | | | | | 1,723,915 | | | | | | 0.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 1,304 | | | | Yuhan Corp. | | | | $ | 318,841 | | | | | | 0.1 | | |
| | | | | | | | | | | | 14,797,090 | | | | | | 2.5 | | |
| | | | | | | Industrials: 7.0% | | ||||||||||||
| | | 303,060 | | | | Aboitiz Equity Ventures, Inc. | | | | | 390,441 | | | | | | 0.1 | | |
| | | 2,223 | | | | Aditya Birla Nuvo Ltd. | | | | | 62,319 | | | | | | 0.0 | | |
| | | 298,000 | | | | Air China Ltd. | | | | | 336,769 | | | | | | 0.1 | | |
| | | 201,000 | | | | AirAsia BHD | | | | | 82,041 | | | | | | 0.0 | | |
| | | 64,300 | | | | Airports of Thailand PCL | | | | | 575,548 | | | | | | 0.1 | | |
| | | 419,700 | | | | Alfa SA de CV | | | | | 804,286 | | | | | | 0.1 | | |
| | | 318,300 | | | | Alliance Global Group, Inc. | | | | | 153,227 | | | | | | 0.0 | | |
| | | 227,766 | | | | Arabtec Holding Co. | | | | | 161,324 | | | | | | 0.0 | | |
| | | 332,000 | | | | AviChina Industry & Technology Co. Ltd. | | | | | 323,980 | | | | | | 0.1 | | |
| | | 37,237 | | | | Barloworld Ltd. | | | | | 295,499 | | | | | | 0.1 | | |
| | | 238,000 | | | | Beijing Capital International Airport Co., Ltd. | | | | | 274,037 | | | | | | 0.1 | | |
| | | 79,000 | | | | Beijing Enterprises Holdings Ltd. | | | | | 593,641 | | | | | | 0.1 | | |
| | | 97,805 | | | | Bharat Heavy Electricals Ltd. | | | | | 380,198 | | | | | | 0.1 | | |
| | | 61,180 | | | | Bharti Infratel Ltd. | | | | | 429,451 | | | | | | 0.1 | | |
| | | 47,698 | | | | Bidvest Group Ltd. | | | | | 1,206,914 | | | | | | 0.2 | | |
| | | 911,600 | | | | BTS Group Holdings PCL | | | | | 269,549 | | | | | | 0.1 | | |
| | | 3,552 @ | | | | Cheil Industries, Inc. | | | | | 565,081 | | | | | | 0.1 | | |
| | | 319,000 | | | | China Airlines Ltd. | | | | | 135,956 | | | | | | 0.0 | | |
| | | 655,000 | | | | China Communications Construction Co., Ltd. | | | | | 978,025 | | | | | | 0.2 | | |
| | | 82,500 | | | | China Conch Venture Holdings Ltd. | | | | | 189,254 | | | | | | 0.0 | | |
| | | 414,500 L | | | | China COSCO Holdings Co., Ltd. | | | | | 267,264 | | | | | | 0.0 | | |
| | | 385,000 | | | | China Everbright International Ltd. | | | | | 689,534 | | | | | | 0.1 | | |
| | | 84,100 | | | | China International Marine Containers Group Co. Ltd. | | | | | 216,120 | | | | | | 0.0 | | |
| | | 181,129 | | | | China Merchants Holdings International Co., Ltd. | | | | | 775,930 | | | | | | 0.1 | | |
| | | 305,500 | | | | China Railway Construction Corp. Ltd. | | | | | 471,659 | | | | | | 0.1 | | |
| | | 612,000 | | | | China Railway Group Ltd. | | | | | 659,779 | | | | | | 0.1 | | |
| | | 563,000 | | | | China Shipping Container Lines Co., Ltd. | | | | | 219,611 | | | | | | 0.0 | | |
| | | 230,000 | | | | China Southern Airlines Co., Ltd. | | | | | 269,427 | | | | | | 0.0 | | |
| | | 280,000 | | | | China State Construction International Holdings Ltd. | | | | | 503,717 | | | | | | 0.1 | | |
| | | 132,300 | | | | CCR SA | | | | | 637,011 | | | | | | 0.1 | | |
| | | 331,000 | | | | Citic Pacific Ltd. | | | | | 593,596 | | | | | | 0.1 | | |
| | | 2,274 | | | | CJ Corp. | | | | | 602,460 | | | | | | 0.1 | | |
| | | 9,831 | | | | Container Corp. Of India Ltd. | | | | | 258,573 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
11
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 284,000 | | | | COSCO Pacific Ltd. | | | | $ | 385,016 | | | | | | 0.1 | | |
| | | 623,000 | | | | CRRC Corp. Ltd | | | | | 955,804 | | | | | | 0.2 | | |
| | | 88,000 | | | | CTCI Corp. | | | | | 142,288 | | | | | | 0.0 | | |
| | | 4,491 | | | | Daelim Industrial Co., Ltd. | | | | | 329,670 | | | | | | 0.1 | | |
| | | 7,044 | | | | Daewoo International Corp. | | | | | 162,764 | | | | | | 0.0 | | |
| | | 16,280 | | | | Daewoo Shipbuilding & Marine Engineering Co., Ltd. | | | | | 193,553 | | | | | | 0.0 | | |
| | | 621,742 | | | | Dialog Group BHD | | | | | 261,741 | | | | | | 0.0 | | |
| | | 704,950 | | | | DMCI Holdings, Inc. | | | | | 206,267 | | | | | | 0.0 | | |
| | | 641 | | | | Doosan Corp. | | | | | 62,601 | | | | | | 0.0 | | |
| | | 7,006 | | | | Doosan Heavy Industries and Construction Co. Ltd. | | | | | 150,531 | | | | | | 0.0 | | |
| | | 19,979 | | | | Doosan Infracore Co., Ltd. | | | | | 175,193 | | | | | | 0.0 | | |
| | | 25,972 | | | | DP World Ltd. | | | | | 555,801 | | | | | | 0.1 | | |
| | | 33,300 | | | | EcoRodovias Infraestrutura e Logistica SA | | | | | 83,328 | | | | | | 0.0 | | |
| | | 1,393 | | | | Eicher Motors Ltd. | | | | | 427,966 | | | | | | 0.1 | | |
| | | 99,900 | | | | Embraer SA | | | | | 755,732 | | | | | | 0.1 | | |
| | | 45,922 | | | | Enka Insaat Ve Sanayi AS | | | | | 87,360 | | | | | | 0.0 | | |
| | | 298,449 | | | | Eva Airways Corp. | | | | | 203,788 | | | | | | 0.0 | | |
| | | 262,000 | | | | Evergreen Marine Corp. | | | | | 136,016 | | | | | | 0.0 | | |
| | | 484,986 | | | | Far Eastern New Century Corp. | | | | | 513,726 | | | | | | 0.1 | | |
| | | 272,400 | | | | Gamuda BHD | | | | | 336,912 | | | | | | 0.1 | | |
| | | 2,733 | | | | Glovis Co. Ltd. | | | | | 494,144 | | | | | | 0.1 | | |
| | | 48,400 | | | | Grupo Aeroportuario del Pacifico SA de CV | | | | | 331,340 | | | | | | 0.1 | | |
| | | 33,300 | | | | Grupo Aeroportuario del Sureste SA de CV | | | | | 473,096 | | | | | | 0.1 | | |
| | | 84,400 | | | | Grupo Carso SAB de CV | | | | | 351,723 | | | | | | 0.1 | | |
| | | 7,720 | | | | GS Engineering & Construction Corp. | | | | | 184,947 | | | | | | 0.0 | | |
| | | 107,000 | | | | Haitian International Holdings Ltd. | | | | | 251,186 | | | | | | 0.0 | | |
| | | 30,947 | | | | Hiwin Technologies Corp. | | | | | 203,546 | | | | | | 0.0 | | |
| | | 8,629 | | | | Hyundai Development Co-Engineering & Construction | | | | | 511,184 | | | | | | 0.1 | | |
| | | 11,028 | | | | Hyundai Engineering & Construction Co. Ltd. | | | | | 405,139 | | | | | | 0.1 | | |
| | | 6,227 | | | | Hyundai Heavy Industries | | | | | 618,114 | | | | | | 0.1 | | |
| | | 8,837 | | | | Hyundai Merchant Marine Co., Ltd. | | �� | | | 54,664 | | | | | | 0.0 | | |
| | | 1,168 | | | | Hyundai Mipo Dockyard Co., Ltd. | | | | | 67,700 | | | | | | 0.0 | | |
| | | 225,300 | | | | IJM Corp. Bhd | | | | | 389,399 | | | | | | 0.1 | | |
| | | 21,982 | | | | Industries Qatar QSC | | | | | 864,409 | | | | | | 0.2 | | |
| | | 84,340 | | | | International Container Terminal Services, Inc. | | | | | 205,927 | | | | | | 0.0 | | |
| | | 322,000 | | | | Jasa Marga Persero Tbk PT | | | | | 131,866 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 395,070 | | | | JG Summit Holdings, Inc. | | | | $ | 628,222 | | | | | | 0.1 | | |
| | | 206,000 | | | | Jiangsu Expressway Co. Ltd. | | | | | 270,256 | | | | | | 0.1 | | |
| | | 873 | | | | KCC Corp. | | | | | 384,144 | | | | | | 0.1 | | |
| | | 1,848 | | | | KEPCO Plant Service & Engineering Co. Ltd. | | | | | 195,494 | | | | | | 0.0 | | |
| | | 96,370 | | | | KOC Holding AS | | | | | 445,641 | | | | | | 0.1 | | |
| | | 6,756 | | | | Korea Aerospace Industries Ltd | | | | | 480,791 | | | | | | 0.1 | | |
| | | 815 | | | | Korea Express Co., Ltd. | | | | | 141,504 | | | | | | 0.0 | | |
| | | 5,329 | | | | Korean Air Lines Co. Ltd. | | | | | 193,314 | | | | | | 0.0 | | |
| | | 44,308 @ | | | | Lan Airlines SA | | | | | 315,838 | | | | | | 0.1 | | |
| | | 8,990 | | | | Larsen & Toubro Ltd. | | | | | 251,276 | | | | | | 0.0 | | |
| | | 39,035 @ | | | | Larsen & Toubro Ltd. GDR | | | | | 1,087,636 | | | | | | 0.2 | | |
| | | 14,043 | | | | LG Corp. | | | | | 776,893 | | | | | | 0.1 | | |
| | | 24,210 | | | | Localiza Rent a Car SA | | | | | 239,678 | | | | | | 0.0 | | |
| | | 1,186 | | | | LS Industrial Systems Co. Ltd. | | | | | 48,520 | | | | | | 0.0 | | |
| | | 121,400 | | | | Malaysia Airports Holdings Bhd | | | | | 199,610 | | | | | | 0.0 | | |
| | | 169,100 | | | | MISC Bhd | | | | | 345,922 | | | | | | 0.1 | | |
| | | 96,969 | | | | Adani Ports and Special Economic Zone | | | | | 468,009 | | | | | | 0.1 | | |
| | | 110,500 @ | | | | OHL Mexico SAB de CV | | | | | 143,420 | | | | | | 0.0 | | |
| | | 37,900 @ | | | | Promotora y Operadora de Infraestructura SAB de CV | | | | | 405,585 | | | | | | 0.1 | | |
| | | 2,997 | | | | S-1 Corp. | | | | | 210,702 | | | | | | 0.0 | | |
| | | 18,342 | | ��� | | Samsung Corp. | | | | | 1,088,565 | | | | | | 0.2 | | |
| | | 22,566 | | | | Samsung Heavy Industries Co., Ltd. | | | | | 344,119 | | | | | | 0.1 | | |
| | | 418,000 | | | | Shanghai Electric Group Co., Ltd. | | | | | 340,721 | | | | | | 0.1 | | |
| | | 86,000 | | | | Shanghai Industrial Holdings Ltd. | | | | | 291,180 | | | | | | 0.1 | | |
| | | 7,584 | | | | Siemens India Ltd. | | | | | 160,407 | | | | | | 0.0 | | |
| | | 450,000 | | | | Sime Darby Bhd | | | | | 1,015,982 | | | | | | 0.2 | | |
| | | 126,000 | | | | Sinopec Engineering Group Co. Ltd. | | | | | 116,586 | | | | | | 0.0 | | |
| | | 235,000 | | | | Sinotrans Ltd. | | | | | 156,471 | | | | | | 0.0 | | |
| | | 3,085 | | | | SK Holdings Co. Ltd. | | | | | 546,815 | | | | | | 0.1 | | |
| | | 18,083 | | | | SK Networks Co. Ltd. | | | | | 145,429 | | | | | | 0.0 | | |
| | | 22,998 | | | | SM Investments Corp. | | | | | 456,372 | | | | | | 0.1 | | |
| | | 26,735 | | | | TAV Havalimanlari Holding AS | | | | | 226,968 | | | | | | 0.0 | | |
| | | 302,000 | | | | Teco Electric and Machinery Co. Ltd. | | | | | 234,442 | | | | | | 0.0 | | |
| | | 90,228 | | | | Turk Hava Yollari | | | | | 296,172 | | | | | | 0.1 | | |
| | | 249,100 | | | | United Tractors Tbk PT | | | | | 379,908 | | | | | | 0.1 | | |
| | | 85,580 | | | | Weg S.A. | | | | | 526,566 | | | | | | 0.1 | | |
| | | 74,000 | | | | Weichai Power Co. Ltd. | | | | | 246,321 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
12
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 46,300 | | | | Westports Holdings Bhd | | | | $ | 51,922 | | | | | | 0.0 | | |
| | | 118,000 | | | | ENN Energy Holdings Ltd. | | | | | 709,574 | | | | | | 0.1 | | |
| | | 234,000 | | | | Zhejiang Expressway Co., Ltd. | | | | | 324,521 | | | | | | 0.1 | | |
| | | 81,500 | | | | Zhuzhou CSR Times Electric Co., Ltd. | | | | | 609,216 | | | | | | 0.1 | | |
| | | | | | | | | | | | 41,537,374 | | | | | | 7.0 | | |
| | | | | | | Information Technology: 17.0% | | ||||||||||||
| | | 110,000 | | | | AAC Technologies Holdings, Inc. | | | | | 620,324 | | | | | | 0.1 | | |
| | | 472,462 | | | | Acer, Inc. | | | | | 228,754 | | | | | | 0.0 | | |
| | | 926,000 | | | | Advanced Semiconductor Engineering, Inc. | | | | | 1,254,643 | | | | | | 0.2 | | |
| | | 52,269 | | | | Advantech Co. Ltd. | | | | | 358,897 | | | | | | 0.1 | | |
| | | 103,000 | | | | Asustek Computer, Inc. | | | | | 1,003,114 | | | | | | 0.2 | | |
| | | 1,298,000 | | | | AU Optronics Corp. | | | | | 575,891 | | | | | | 0.1 | | |
| | | 97,000 | | | | Catcher Technology Co., Ltd. | | | | | 1,212,695 | | | | | | 0.2 | | |
| | | 78,169 | | | | Chicony Electronics Co. Ltd. | | | | | 209,812 | | | | | | 0.0 | | |
| | | 1,291,439 | | | | InnoLux Display Corp. | | | | | 672,858 | | | | | | 0.1 | | |
| | | 126,120 | | | | Cielo SA | | | | | 1,782,823 | | | | | | 0.3 | | |
| | | 638,000 | | | | Compal Electronics, Inc. | | | | | 485,290 | | | | | | 0.1 | | |
| | | 3,938 | | | | Daum Kakao Corp. | | | | | 445,249 | | | | | | 0.1 | | |
| | | 264,000 | | | | Delta Electronics, Inc. | | | | | 1,350,590 | | | | | | 0.2 | | |
| | | 65,800 | | | | Delta Electronics Thailand PCL | | | | | 175,915 | | | | | | 0.0 | | |
| | | 170,000 | | | | Epistar Corp. | | | | | 227,208 | | | | | | 0.0 | | |
| | | 141,282 | | | | Foxconn Technology Co., Ltd. | | | | | 512,605 | | | | | | 0.1 | | |
| | | 1,491,000 L | | | | GCL Poly Energy Holdings Ltd. | | | | | 343,568 | | | | | | 0.1 | | |
| | | 1,908,000 L | | | | Hanergy Thin Film Power Group Ltd. | | | | | 110,765 | | | | | | 0.0 | | |
| | | 75,772 | | | | HCL Technologies Ltd. | | | | | 1,094,399 | | | | | | 0.2 | | |
| | | 6,000 | | | | Hermes Microvision, Inc. | | | | | 389,624 | | | | | | 0.1 | | |
| | | 1,904,107 | | | | Hon Hai Precision Industry Co., Ltd. | | | | | 5,983,436 | | | | | | 1.0 | | |
| | | 105,000 | | | | HTC Corp. | | | | | 244,530 | | | | | | 0.0 | | |
| | | 84,751 | | | | SK Hynix, Inc. | | | | | 3,212,192 | | | | | | 0.5 | | |
| | | 36,456 | | | | Infosys Ltd. | | | | | 566,531 | | | | | | 0.1 | | |
| | | 230,610 @ | | | | Infosys Ltd. ADR | | | | | 3,655,168 | | | | | | 0.6 | | |
| | | 336,000 | | | | Inotera Memories, Inc. | | | | | 267,575 | | | | | | 0.1 | | |
| | | 354,000 | | | | Inventec Co., Ltd. | | | | | 244,933 | | | | | | 0.0 | | |
| | | 99,000 L | | | | Kingsoft Corp. Ltd | | | | | 333,343 | | | | | | 0.1 | | |
| | | 32,000 | | | | Kinsus Interconnect Technology Corp. | | | | | 87,686 | | | | | | 0.0 | | |
| | | 15,000 | | | | Largan Precision Co. Ltd. | | | | | 1,712,262 | | | | | | 0.3 | | |
| | | 984,000 | | | | Lenovo Group Ltd. | | | | | 1,360,444 | | | | | | 0.2 | | |
| | | 33,898 | | | | LG Display Co., Ltd. | | | | | 782,658 | | | | | | 0.1 | | |
| | | 2,088 | | | | LG Innotek Co. Ltd. | | | | | 187,434 | | | | | | 0.0 | | |
| | | 323,331 | | | | Lite-On Technology Corp. | | | | | 379,342 | | | | | | 0.1 | | |
| | | 216,820 | | | | MediaTek, Inc. | | | | | 2,963,840 | | | | | | 0.5 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 2,323 | | | | NCSoft Corp. | | | | $ | 412,791 | | | | | | 0.1 | | |
| | | 4,106 | | | | NAVER Corp. | | | | | 2,330,716 | | | | | | 0.4 | | |
| | | 89,000 | | | | Novatek Microelectronics Corp., Ltd. | | | | | 429,281 | | | | | | 0.1 | | |
| | | 250,000 | | | | Pegatron Corp. | | | | | 731,486 | | | | | | 0.1 | | |
| | | 20,000 | | | | Phison Electronics Corp. | | | | | 173,123 | | | | | | 0.0 | | |
| | | 129,000 | | | | Powertech Technology, Inc. | | | | | 279,134 | | | | | | 0.1 | | |
| | | 395,000 | | | | Quanta Computer, Inc. | | | | | 934,050 | | | | | | 0.2 | | |
| | | 72,340 | | | | Radiant Opto-Electronics Corp. | | | | | 268,258 | | | | | | 0.1 | | |
| | | 73,760 | | | | Realtek Semiconductor Corp. | | | | | 189,032 | | | | | | 0.0 | | |
| | | 8,033 | | | | Samsung SDI Co., Ltd. | | | | | 796,713 | | | | | | 0.1 | | |
| | | 4,252 | | | | Samsung SDS Co. Ltd. | | | | | 987,532 | | | | | | 0.2 | | |
| | | 9,013 | | | | Samsung Electro-Mechanics Co. Ltd. | | | | | 412,260 | | | | | | 0.1 | | |
| | | 16,109 | | | | Samsung Electronics Co., Ltd. | | | | | 18,277,049 | | | | | | 3.1 | | |
| | | 3,384,000 | | | | Semiconductor Manufacturing International Corp. | | | | | 368,877 | | | | | | 0.1 | | |
| | | 440,000 | | | | Siliconware Precision Industries Co. | | | | | 671,349 | | | | | | 0.1 | | |
| | | 45,000 | | | | Simplo Technology Co. Ltd. | | | | | 208,138 | | | | | | 0.0 | | |
| | | 3,007 | | | | SK C&C Co. Ltd. | | | | | 744,038 | | | | | | 0.1 | | |
| | | 40,000 | | | | SONDA SA | | | | | 83,545 | | | | | | 0.0 | | |
| | | 204,000 | | | | Synnex Technology International Corp. | | | | | 302,438 | | | | | | 0.1 | | |
| | | 3,593,000 | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 16,343,190 | | | | | | 2.8 | | |
| | | 69,709 | | | | Tata Consultancy Services Ltd. | | | | | 2,792,465 | | | | | | 0.5 | | |
| | | 26,366 | | | | Tech Mahindra Ltd. | | | | | 197,828 | | | | | | 0.0 | | |
| | | 753,100 | | | | Tencent Holdings Ltd. | | | | | 15,059,389 | | | | | | 2.5 | | |
| | | 19,900 | | | | Totvs S.A. | | | | | 249,558 | | | | | | 0.1 | | |
| | | 39,000 | | | | TPK Holding Co. Ltd. | | | | | 225,882 | | | | | | 0.0 | | |
| | | 1,768,000 | | | | United Microelectronics Corp. | | | | | 746,706 | | | | | | 0.1 | | |
| | | 138,000 | | | | Vanguard International Semiconductor Corp. | | | | | 220,224 | | | | | | 0.0 | | |
| | | 26,049 | | | | Wipro Ltd. | | | | | 223,569 | | | | | | 0.0 | | |
| | | 50,323 @ | | | | Wipro Ltd. ADR | | | | | 602,366 | | | | | | 0.1 | | |
| | | 348,144 | | | | Wistron Corp. | | | | | 263,915 | | | | | | 0.0 | | |
| | | 248,000 | | | | WPG Holdings Ltd | | | | | 310,631 | | | | | | 0.1 | | |
| | | 27,000 | | | | Zhen Ding Technology Holding Ltd. | | | | | 94,593 | | | | | | 0.0 | | |
| | | 99,840 | | | | ZTE Corp. | | | | | 253,511 | | | | | | 0.0 | | |
| | | | | | | | | | | | 101,220,035 | | | | | | 17.0 | | |
See Accompanying Notes to Financial Statements
13
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials: 6.5% | | ||||||||||||
| | | 1,409 | | | | ACC Ltd. | | | | $ | 31,921 | | | | | | 0.0 | | |
| | | 17,395 | | | | African Rainbow Minerals Ltd. | | | | | 118,288 | | | | | | 0.0 | | |
| | | 277,900 | | | | Alrosa AO | | | | | 317,927 | | | | | | 0.1 | | |
| | | 616,000 L | | | | Aluminum Corp. of China Ltd. | | | | | 308,085 | | | | | | 0.1 | | |
| | | 117,741 | | | | Ambuja Cements Ltd. | | | | | 424,641 | | | | | | 0.1 | | |
| | | 7,421 | | | | Anglo American Platinum Ltd. | | | | | 167,335 | | | | | | 0.0 | | |
| | | 60,734 | | | | AngloGold Ashanti Ltd. | | | | | 543,680 | | | | | | 0.1 | | |
| | | 182,500 | | | | Anhui Conch Cement Co., Ltd. | | | | | 639,432 | | | | | | 0.1 | | |
| | | 356,356 | | | | Asia Cement Corp. | | | | | 421,412 | | | | | | 0.1 | | |
| | | 48,450 | | | | Asian Paints Ltd. | | | | | 574,228 | | | | | | 0.1 | | |
| | | 113,000 | | | | BBMG Corp. | | | | | 114,263 | | | | | | 0.0 | | |
| | | 69,594 | | | | Cementos Argos SA | | | | | 247,098 | | | | | | 0.0 | | |
| | | 1,878,719 | | | | Cemex SA de CV | | | | | 1,723,628 | | | | | | 0.3 | | |
| | | 490,000 | | | | China National Building Material Co., Ltd. | | | | | 462,648 | | | | | | 0.1 | | |
| | | 344,000 | | | | China Resources Cement Holdings Ltd. | | | | | 191,736 | | | | | | 0.0 | | |
| | | 1,684,535 | | | | China Steel Corp. | | | | | 1,345,711 | | | | | | 0.2 | | |
| | | 29,349 @ | | | | Cia de Minas Buenaventura SAA ADR | | | | | 304,643 | | | | | | 0.1 | | |
| | | 106,600 | | | | Cia Siderurgica Nacional S.A. | | | | | 177,261 | | | | | | 0.0 | | |
| | | 21,300 | | | | Duratex SA | | | | | 49,874 | | | | | | 0.0 | | |
| | | 190,056 | | | | Empresas CMPC SA | | | | | 517,152 | | | | | | 0.1 | | |
| | | 212,363 | | | | Eregli Demir ve Celik Fabrikalari TAS | | | | | 343,575 | | | | | | 0.1 | | |
| | | 39,500 | | | | Fibria Celulose SA | | | | | 541,218 | | | | | | 0.1 | | |
| | | 473,600 | | | | Formosa Chemicals & Fibre Co. | | | | | 1,139,182 | | | | | | 0.2 | | |
| | | 577,600 | | | | Formosa Plastics Corp. | | | | | 1,360,059 | | | | | | 0.2 | | |
| | | 259,000 | | | | Fosun International | | | | | 609,073 | | | | | | 0.1 | | |
| | | 118,319 | | | | Gold Fields Ltd. | | | | | 378,481 | | | | | | 0.1 | | |
| | | 44,301 | | | | Grupo Argos SA/Colombia | | | | | 289,081 | | | | | | 0.0 | | |
| | | 544,200 | | | | Grupo Mexico SA de CV Series B | | | | | 1,637,361 | | | | | | 0.3 | | |
| | | 15,589 | | | | Hanwha Chemical Corp. | | | | | 260,902 | | | | | | 0.0 | | |
| | | 7,548 | | | | Hanwha Corp. | | | | | 319,097 | | | | | | 0.1 | | |
| | | 173,285 | | | | Hindalco Industries Ltd | | | | | 303,906 | | | | | | 0.1 | | |
| | | 2,310 | | | | Lotte Chemical Corp. | | | | | 597,626 | | | | | | 0.1 | | |
| | | 3,616 | | | | Hyosung Corp. | | | | | 465,623 | | | | | | 0.1 | | |
| | | 10,385 | | | | Hyundai Steel Co. | | | | | 630,040 | | | | | | 0.1 | | |
| | | 76,705 | | | | Impala Platinum Holdings Ltd. | | | | | 342,281 | | | | | | 0.1 | | |
| | | 219,500 | | | | Indocement Tunggal Prakarsa Tbk PT | | | | | 343,076 | | | | | | 0.1 | | |
| | | 157,700 | | | | Indorama Ventures PCL | | | | | 129,292 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 18,445 | | | | Industrias Penoles SAB de CV | | | | $ | 301,774 | | | | | | 0.1 | | |
| | | 195,000 | | | | Jiangxi Copper Co., Ltd. | | | | | 324,910 | | | | | | 0.1 | | |
| | | 54,279 | | | | Jindal Steel & Power Ltd. | | | | | 73,190 | | | | | | 0.0 | | |
| | | 13,720 | | | | Jsw Steel Ltd. | | | | | 187,502 | | | | | | 0.0 | | |
| | | 20,097 | | | | KGHM Polska Miedz SA | | | | | 569,255 | | | | | | 0.1 | | |
| | | 74,800 | | | | Klabin SA | | | | | 457,591 | | | | | | 0.1 | | |
| | | 1,240 | | | | Korea Zinc Co., Ltd. | | | | | 603,246 | | | | | | 0.1 | | |
| | | 6,518 L | | | | Kumba Iron Ore Ltd. | | | | | 80,849 | | | | | | 0.0 | | |
| | | 2,281 | | | | Kumho Petrochemical Co. Ltd | | | | | 144,583 | | | | | | 0.0 | | |
| | | 64,600 | | | | Lafarge Malaysia Bhd | | | | | 144,849 | | | | | | 0.0 | | |
| | | 6,801 | | | | LG Chem Ltd. | | | | | 1,696,076 | | | | | | 0.3 | | |
| | | 157,900 | | | | Mexichem SA de CV | | | | | 456,094 | | | | | | 0.1 | | |
| | | 8,067 | | | | MMC Norilsk Nickel OJSC | | | | | 1,387,690 | | | | | | 0.2 | | |
| | | 12,111 | | | | Mondi Ltd. | | | | | 265,473 | | | | | | 0.0 | | |
| | | 91,343 L | | | | Nampak Ltd. | | | | | 253,689 | | | | | | 0.0 | | |
| | | 692,890 | | | | Nan Ya Plastics Corp. | | | | | 1,626,353 | | | | | | 0.3 | | |
| | | 242,000 | | | | Nine Dragons Paper Holdings Ltd. | | | | | 211,100 | | | | | | 0.0 | | |
| | | 2,563 | | | | OCI Co. Ltd | | | | | 206,496 | | | | | | 0.0 | | |
| | | 415,000 | | | | Petronas Chemicals Group Bhd | | | | | 694,193 | | | | | | 0.1 | | |
| | | 10,015 | | | | POSCO | | | | | 2,005,400 | | | | | | 0.3 | | |
| | | 269,300 | | | | PTT Global Chemical PCL | | | | | 550,878 | | | | | | 0.1 | | |
| | | 83,010 | | | | Sappi Ltd. | | | | | 294,417 | | | | | | 0.1 | | |
| | | 446,300 | | | | Semen Gresik Persero Tbk PT | | | | | 400,914 | | | | | | 0.1 | | |
| | | 58,270 | | | | Sesa Goa Ltd. | | | | | 158,243 | | | | | | 0.0 | | |
| | | 32,451 | | | | Severstal OAO | | | | | 349,271 | | | | | | 0.1 | | |
| | | 733 | | | | Shree Cement Ltd | | | | | 130,543 | | | | | | 0.0 | | |
| | | 2,200 | | | | Siam Cement PCL | | | | | 33,793 | | | | | | 0.0 | | |
| | | 45,500 | | | | Siam Cement PCL - Foreign | | | | | 696,416 | | | | | | 0.1 | | |
| | | 546,000 | | | | Sinopec Shanghai Petrochemical Co. Ltd. | | | | | 295,293 | | | | | | 0.0 | | |
| | | 13,944 | | | | Sociedad Quimica y Minera de Chile SA | | | | | 225,669 | | | | | | 0.0 | | |
| | | 22,701 L | | | | Southern Copper Corp. | | | | | 667,636 | | | | | | 0.1 | | |
| | | 56,700 | | | | Suzano Papel e Celulose | | | | | 302,184 | | | | | | 0.1 | | |
| | | 56,545 | | | | Synthos SA | | | | | 69,905 | | | | | | 0.0 | | |
| | | 496,000 | | | | Taiwan Cement Corp. | | | | | 626,207 | | | | | | 0.1 | | |
| | | 129,000 | | | | Taiwan Fertilizer Co., Ltd. | | | | | 213,294 | | | | | | 0.0 | | |
| | | 252,249 | | | | Tata Steel Ltd. | | | | | 249,317 | | | | | | 0.0 | | |
| | | 6,892 | | | | Titan Cement Co. SA | | | | | 156,345 | | | | | | 0.0 | | |
| | | 6,393 | | | | Ultratech Cement Ltd | | | | | 300,269 | | | | | | 0.1 | | |
| | | 36,872 | | | | UPL Ltd. | | | | | 309,663 | | | | | | 0.1 | | |
| | | 106,888 | | | | Uralkali OJSC | | | | | 283,983 | | | | | | 0.0 | | |
| | | 94,171 @ | | | | Vale SA ADR | | | | | 475,563 | | | | | | 0.1 | | |
| | | 179,900 | | | | Vale SA | | | | | 1,062,354 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
14
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 19,799 @ | | | | Vedanta Ltd. ADR | | | | $ | 213,829 | | | | | | 0.0 | | |
| | | 7,602 | | | | Zaklady Azotowe w Tarnowie-Moscicach SA | | | | | 167,022 | | | | | | 0.0 | | |
| | | 928,000 | | | | Zijin Mining Group Co., Ltd. | | | | | 326,658 | | | | | | 0.1 | | |
| | | | | | | | | | | | 38,620,815 | | | | | | 6.5 | | |
| | | | | | | Telecommunication Services: 7.0% | | ||||||||||||
| | | 152,300 | | | | Advanced Info Service PCL | | | | | 1,079,245 | | | | | | 0.2 | | |
| | | 376,000 | | | | Alibaba Health Information Technology Ltd. | | | | | 390,317 | | | | | | 0.1 | | |
| | | 69,580 @ | | | | America Movil SAB de CV ADR | | | | | 1,482,750 | | | | | | 0.3 | | |
| | | 3,361,200 | | | | America Movil SAB de CV | | | | | 3,592,694 | | | | | | 0.6 | | |
| | | 212,000 | | | | Asia Pacific Telecom Co. Ltd. | | | | | 85,166 | | | | | | 0.0 | | |
| | | 373,500 | | | | Axiata Group Bhd | | | | | 633,305 | | | | | | 0.1 | | |
| | | 158,733 | | | | Bharti Airtel Ltd. | | | | | 1,045,616 | | | | | | 0.2 | | |
| | | 374,000 | | | | China Communications Services Corp., Ltd. | | | | | 188,872 | | | | | | 0.0 | | |
| | | 896,500 | | | | China Mobile Ltd. | | | | | 11,469,745 | | | | | | 1.9 | | |
| | | 2,038,000 | | | | China Telecom Corp., Ltd. | | | | | 1,193,657 | | | | | | 0.2 | | |
| | | 884,000 | | | | China Unicom Hong Kong Ltd. | | | | | 1,382,033 | | | | | | 0.2 | | |
| | | 546,000 | | | | Chunghwa Telecom Co., Ltd. | | | | | 1,742,460 | | | | | | 0.3 | | |
| | | 492,100 | | | | Digi.Com BHD | | | | | 698,445 | | | | | | 0.1 | | |
| | | 18,112 | | | | Empresa Nacional de Telecomunicaciones SA | | | | | 200,521 | | | | | | 0.0 | | |
| | | 241,000 | | | | Far EasTone Telecommunications Co., Ltd. | | | | | 582,552 | | | | | | 0.1 | | |
| | | 5,810 | | | | Globe Telecom, Inc. | | | | | 323,205 | | | | | | 0.1 | | |
| | | 37,489 | | | | Hellenic Telecommunications Organization S.A. | | | | | 315,945 | | | | | | 0.1 | | |
| | | 156,231 | | | | Idea Cellular Ltd. | | | | | 431,327 | | | | | | 0.1 | | |
| | | 2,711 | | | | KT Corp. | | | | | 69,080 | | | | | | 0.0 | | |
| | | 32,498 | | | | LG Telecom Ltd. | | | | | 287,086 | | | | | | 0.0 | | |
| | | 285,000 | | | | Maxis Bhd | | | | | 480,544 | | | | | | 0.1 | | |
| | | 13,466 @ | | | | MegaFon OAO GDR | | | | | 187,178 | | | | | | 0.0 | | |
| | | 76,708 @ | | | | Mobile Telesystems OJSC ADR | | | | | 750,204 | | | | | | 0.1 | | |
| | | 242,987 | | | | MTN Group Ltd. | | | | | 4,564,309 | | | | | | 0.8 | | |
| | | 40,780 | | | | Oi SA | | | | | 77,386 | | | | | | 0.0 | | |
| | | 13,007 | | | | Ooredoo QSC | | | | | 309,047 | | | | | | 0.1 | | |
| | | 406,342 | | | | Global Telecom Holding | | | | | 133,728 | | | | | | 0.0 | | |
| | | 14,010 | | | | Philippine Long Distance Telephone Co. | | | | | 872,903 | | | | | | 0.1 | | |
| | | 134,466 @ | | | | Reliance Communications Ltd. | | | | | 130,960 | | | | | | 0.0 | | |
| | | 126,164 | | | | Rostelecom OJSC | | | | | 207,680 | | | | | | 0.0 | | |
| | | 23,132 @ | | | | Sistema JSFC GDR | | | | | 204,718 | | | | | | 0.0 | | |
| | | 1,412 | | | | SK Telecom Co., Ltd. | | | | | 315,944 | | | | | | 0.1 | | |
| | | 250,000 | | | | Taiwan Mobile Co., Ltd. | | | | | 834,771 | | | | | | 0.1 | | |
| | | 170,100 | | | | Telekom Malaysia BHD | | | | | 294,284 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Telecommunication Services (continued) | | ||||||||||||
| | | 105,634 L | | | | Orange Polska SA | | | | $ | 228,782 | | | | | | 0.0 | | |
| | | 7,356,900 | | | | Telekomunikasi Indonesia Persero Tbk PT | | | | | 1,612,590 | | | | | | 0.3 | | |
| | | 26,853 | | | | Telkom SA Ltd. | | | | | 141,507 | | | | | | 0.0 | | |
| | | 122,100 | | | | Tim Participacoes SA | | | | | 400,965 | | | | | | 0.1 | | |
| | | 291,400 @ | | | | Tower Bersama Infrastructure Tbk PT | | | | | 201,625 | | | | | | 0.0 | | |
| | | 1,287,002 | | | | True Corp. PCL | | | | | 432,759 | | | | | | 0.1 | | |
| | | 81,869 | | | | Turk Telekomunikasyon AS | | | | | 215,356 | | | | | | 0.1 | | |
| | | 135,640 | | | | Turkcell Iletisim Hizmet AS | | | | | 624,020 | | | | | | 0.1 | | |
| | | 55,343 L | | | | Vodacom Group Pty Ltd. | | | | | 631,131 | | | | | | 0.1 | | |
| | | 63,858 | | | | Vodafone Qatar | | | | | 288,490 | | | | | | 0.1 | | |
| | | 550,000 | | | | XL Axiata Tbk PT | | | | | 151,700 | | | | | | 0.0 | | |
| | | | | | | | | | | | 41,486,602 | | | | | | 7.0 | | |
| | | | | | | Utilities: 3.0% | | ||||||||||||
| | | 251,200 | | | | Aboitiz Power Corp. | | | | | 253,307 | | | | | | 0.0 | | |
| | | 20,078 @ | | | | Adani Transmissions Ltd. | | | | | 6,486 | | | | | | 0.0 | | |
| | | 421,876 | | | | AES Gener SA | | | | | 240,320 | | | | | | 0.0 | | |
| | | 425,112 | | | | Aguas Andinas SA | | | | | 241,891 | | | | | | 0.0 | | |
| | | 662,000 | | | | Beijing Enterprises Water Group Ltd. | | | | | 542,223 | | | | | | 0.1 | | |
| | | 23,009 | | | | CEZ AS | | | | | 534,231 | | | | | | 0.1 | | |
| | | 885,000 # | | | | CGN Power Co. Ltd. | | | | | 462,531 | | | | | | 0.1 | | |
| | | 272,000 | | | | China Gas Holdings Ltd. | | | | | 435,213 | | | | | | 0.1 | | |
| | | 457,000 | | | | China Longyuan Power Group Corp. | | | | | 507,248 | | | | | | 0.1 | | |
| | | 333,000 | | | | China Power International Development Ltd. | | | | | 253,546 | | | | | | 0.1 | | |
| | | 134,000 | | | | China Resources Gas Group Ltd. | | | | | 396,808 | | | | | | 0.1 | | |
| | | 286,000 | | | | China Resources Power Holdings Co. | | | | | 797,094 | | | | | | 0.1 | | |
| | | 54,800 | | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | | | 289,061 | | | | | | 0.1 | | |
| | | 15,900 | | | | Cia Paranaense de Energia | | | | | 176,280 | | | | | | 0.0 | | |
| | | 1,239,904 | | | | Colbun SA | | | | | 352,901 | | | | | | 0.1 | | |
| | | 35,134 | | | | CPFL Energia S.A. | | | | | 216,289 | | | | | | 0.0 | | |
| | | 448,000 | | | | Datang International Power Generation Co., Ltd. | | | | | 229,477 | | | | | | 0.0 | | |
| | | 19,200 | | | | Centrais Eletricas Brasileiras SA | | | | | 52,306 | | | | | | 0.0 | | |
| | | 477,256 | | | | Empresa Nacional de Electricidad S.A. | | | | | 660,965 | | | | | | 0.1 | | |
| | | 39,724 | | | | Enea SA | | | | | 168,510 | | | | | | 0.0 | | |
| | | 34,190 | | | | Energa SA | | | | | 206,880 | | | | | | 0.0 | | |
| | | 1,615,700 | | | | Energy Development Corp. | | | | | 267,928 | | | | | | 0.1 | | |
| | | 2,869,071 | | | | Enersis SA | | | | | 912,053 | | | | | | 0.2 | | |
| | | 58,139 | | | | GAIL India Ltd. | | | | | 358,062 | | | | | | 0.1 | | |
| | | 45,400 | | | | Glow Energy PCL | | | | | 114,262 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
15
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | 416,000 | | | | Guangdong Investment Ltd. | | | | $ | 582,127 | | | | | | 0.1 | | |
| | | 182,000 | | | | Huadian Power International Co. | | | | | 201,096 | | | | | | 0.0 | | |
| | | 524,000 | | | | Huaneng Power International, Inc. | | | | | 729,278 | | | | | | 0.1 | | |
| | | 400,000 | | | | Huaneng Renewables Corp. Ltd. | | | | | 161,289 | | | | | | 0.0 | | |
| | | 56,154 | | | | Interconexion Electrica SA ESP | | | | | 158,425 | | | | | | 0.0 | | |
| | | 109,581 | | | | Isagen SA ESP | | | | | 116,933 | | | | | | 0.0 | | |
| | | 37,449 | | | | Korea Electric Power Corp. | | | | | 1,530,732 | | | | | | 0.3 | | |
| | | 4,901 | | | | Korea Gas Corp. | | | | | 189,788 | | | | | | 0.0 | | |
| | | 189,449 | | | | NTPC Ltd. | | | | | 408,899 | | | | | | 0.1 | | |
| | | 1,620,100 | | | | Perusahaan Gas Negara PT | | | | | 523,305 | | | | | | 0.1 | | |
| | | 103,600 | | | | Petronas Gas BHD | | | | | 583,763 | | | | | | 0.1 | | |
| | | 122,863 | | | | PGE Polska Grupa Energetyczna SA | | | | | 602,528 | | | | | | 0.1 | | |
| | | 5,343 | | | | Qatar Electricity & Water Co. | | | | | 333,203 | | | | | | 0.1 | | |
| | | 15,963,910 | | | | RusHydro JSC | | | | | 159,603 | | | | | | 0.0 | | |
| | | 190,663 | | | | Tata Power Co. Ltd. | | | | | 221,680 | | | | | | 0.0 | | |
| | | 177,842 | | | | Tauron Polska Energia SA | | | | | 207,077 | | | | | | 0.0 | | |
| | | 494,900 | | | | Tenaga Nasional BHD | | | | | 1,657,858 | | | | | | 0.3 | | |
| | | 28,700 | | | | Tractebel Energia S.A. | | | | | 312,745 | | | | | | 0.1 | | |
| | | 649,400 | | | | YTL Corp. Bhd | | | | | 266,782 | | | | | | 0.1 | | |
| | | 156,395 | | | | YTL Power International | | | | | 66,281 | | | | | | 0.0 | | |
| | | | | | | | | | | | 17,689,264 | | | | | | 3.0 | | |
| | | | | | | Total Common Stock (Cost $577,162,365) | | | | | 565,932,030 | | | | | | 95.1 | | |
| PREFERRED STOCK: 2.9% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 0.2% | | ||||||||||||
| | | 3,458 | | | | Hyundai Motor Co. | | | | | 316,041 | | | | | | 0.0 | | |
| | | 5,484 | | | | Hyundai Motor Co. - Series 2 | | | | | 515,712 | | | | | | 0.1 | | |
| | | 84,250 | | | | Lojas Americanas SA | | | | | 472,858 | | | | | | 0.1 | | |
| | | | | | | | | | | | 1,304,611 | | | | | | 0.2 | | |
| | | | | | | Energy: 0.6% | | ||||||||||||
| | | 270 | | | | AK Transneft OAO | | | | | 659,527 | | | | | | 0.1 | | |
| | | 448,900 | | | | Petroleo Brasileiro SA | | | | | 1,839,434 | | | | | | 0.3 | | |
| | | 1,013,923 | | | | Surgutneftegas OAO | | | | | 783,355 | | | | | | 0.2 | | |
| | | | | | | | | | | | 3,282,316 | | | | | | 0.6 | | |
| | | | | | | Financials: 1.2% | | ||||||||||||
| | | 260,880 | | | | Banco Bradesco SA | | | | | 2,391,393 | | | | | | 0.4 | | |
| | | 15,800 | | | | Banco do Estado do Rio Grande do Sul | | | | | 45,584 | | | | | | 0.0 | | |
| | | 11,322 | | | | Grupo de Inversiones Suramericana SA | | | | | 158,191 | | | | | | 0.0 | | |
| | | 279,430 | | | | Itau Unibanco Holding S.A. | | | | | 3,078,215 | | | | | | 0.5 | | |
| | | 517,709 | | | | Investimentos Itau SA | | | | | 1,485,306 | | | | | | 0.3 | | |
| | | | | | | | | | | | 7,158,689 | | | | | | 1.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| PREFERRED STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Information Technology: 0.4% | | |||||||||||||||
| | | 2,997 | | | | Samsung Electronics Co., Ltd. | | | | $ | 2,663,496 | | | | | | 0.4 | | | |||
| | | | | | | Materials: 0.3% | | |||||||||||||||
| | | 131,800 | | | | Gerdau SA | | | | | 315,818 | | | | | | 0.0 | | | |||
| | | 1,125 | | | | LG Chem Ltd. | | | | | 189,483 | | | | | | 0.1 | | | |||
| | | 37,400 | | | | Usinas Siderurgicas de Minas Gerais SA | | | | | 49,681 | | | | | | 0.0 | | | |||
| | | 196,500 | | | | Vale SA | | | | | 989,736 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 1,544,718 | | | | | | 0.3 | | | |||
| | | | | | | Telecommunication Services: 0.1% | | |||||||||||||||
| | | 46,600 | | | | Telefonica Brasil SA | | | | | 651,240 | | | | | | 0.1 | | | |||
| | | | | | | Utilities: 0.1% | | |||||||||||||||
| | | 117,159 | | | | Cia Energetica de Minas Gerais | | | | | 444,278 | | | | | | 0.1 | | | |||
| | | 30,400 | | | | Cia Energetica de Sao Paulo | | | | | 191,351 | | | | | | 0.0 | | | |||
| | | | | | | | | | | | 635,629 | | | | | | 0.1 | | | |||
| | | | | | | Total Preferred Stock (Cost $25,134,236) | | | | | 17,240,699 | | | | | | 2.9 | | | |||
| | | | | | | Total Long-Term Investments (Cost $602,296,601) | | | | | 583,172,729 | | | | | | 98.0 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.1% | | ||||||||||||
| | 331,241 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $331,243, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $337,866, due 02/28/17-05/15/44) | | | | | 331,241 | | | | | | 0.0 | | |
| | 1,573,484 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,573,490, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,604,954, due 07/15/15-05/20/65) | | | | | 1,573,484 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
16
Voya Emerging Markets Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,573,484 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,573,492, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,604,946, due 11/15/15-03/01/48) | | | | $ | 1,573,484 | | | | | | 0.3 | | |
| | 1,573,484 | | | | HSBC Securities USA, Repurchase Agreement dated 06/30/15, 0.10%, due 07/01/15 (Repurchase Amount $1,573,488, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.375%, Market Value plus accrued interest $1,604,960, due 07/15/15-01/15/37) | | | | | 1,573,484 | | | | | | 0.2 | | |
| | 1,573,484 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,573,490, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,604,954, due 07/31/15-05/20/65) | | | | | 1,573,484 | | | | | | 0.3 | | |
| | | | | | | | | | | 6,625,177 | | | | | | 1.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.3% | | |||||||||||||||
| | 7,411,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090% †† (Cost $7,411,000) | | | | $ | 7,411,000 | | | | | | 1.3 | | | |||
| | | | | | Total Short-Term Investments (Cost $14,036,177) | | | | | 14,036,177 | | | | | | 2.4 | | | |||
| | | | | | Total Investments in Securities (Cost $616,332,778) | | | ��� | $ | 597,208,906 | | | | | | 100.4 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (2,634,751) | | | | | | (0.4) | | | |||
| | | | | | Net Assets | | | | $ | 594,574,155 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
@
Non-income producing security.
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $622,750,221.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 71,971,204 | | | |
| Gross Unrealized Depreciation | | | | | (97,574,908) | | | |
| Net Unrealized Depreciation | | | | $ | (25,603,704) | | | |
|
See Accompanying Notes to Financial Statements
17
Voya Euro STOXX 50® Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 97.5% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 8.4% | | ||||||||||||
| | | 58,640 | | | | Bayerische Motoren Werke AG | | | | $ | 6,421,943 | | | | | | 1.4 | | |
| | | 182,146 | | | | Daimler AG | | | | | 16,592,737 | | | | | | 3.7 | | |
| | | 192,065 | | | | Inditex SA | | | | | 6,264,657 | | | | | | 1.4 | | |
| | | 49,679 | | | | LVMH Moet Hennessy Louis Vuitton SE | | | | | 8,734,103 | | | | | | 1.9 | | |
| | | | | | | | | | | | 38,013,440 | | | | | | 8.4 | | |
| | | | | | | Consumer Staples: 10.5% | | ||||||||||||
| | | 140,492 | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | | 16,906,906 | | | | | | 3.8 | | |
| | | 101,605 | | | | Carrefour S.A. | | | | | 3,264,932 | | | | | | 0.7 | | |
| | | 109,670 | | | | Danone | | | | | 7,103,827 | | | | | | 1.6 | | |
| | | 44,751 | | | | L'Oreal S.A. | | | | | 8,006,911 | | | | | | 1.8 | | |
| | | 285,424 | | | | Unilever NV | | | | | 11,933,356 | | | | | | 2.6 | | |
| | | | | | | | | | | | 47,215,932 | | | | | | 10.5 | | |
| | | | | | | Energy: 7.4% | | ||||||||||||
| | | 493,079 | | | | ENI S.p.A. | | | | | 8,757,899 | | | | | | 1.9 | | |
| | | 184,381 L | | | | Repsol YPF S.A. | | | | | 3,249,840 | | | | | | 0.7 | | |
| | | 437,891 | | | | Total S.A. | | | | | 21,479,019 | | | | | | 4.8 | | |
| | | | | | | | | | | | 33,486,758 | | | | | | 7.4 | | |
| | | | | | | Financials: 26.9% | | ||||||||||||
| | | 83,520 | | | | Allianz SE | | | | | 13,025,062 | | | | | | 2.9 | | |
| | | 246,829 | | | | Assicurazioni Generali S.p.A. | | | | | 4,448,800 | | | | | | 1.0 | | |
�� | | | 384,693 | | | | AXA S.A. | | | | | 9,752,698 | | | | | | 2.2 | | |
| | | 2,616,767 | | | | Banco Santander SA | | | | | 18,406,426 | | | | | | 4.1 | | |
| | | 1,151,939 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | 11,351,180 | | | | | | 2.5 | | |
| | | 204,298 | | | | BNP Paribas | | | | | 12,397,386 | | | | | | 2.8 | | |
| | | 237,376 | | | | Deutsche Bank AG | | | | | 7,137,129 | | | | | | 1.6 | | |
| | | 706,866 | | | | ING Groep NV | | | | | 11,737,800 | | | | | | 2.6 | | |
| | | 2,628,002 | | | | Intesa Sanpaolo S.p.A. | | | | | 9,543,569 | | | | | | 2.1 | | |
| | | 26,830 | | | | Muenchener Rueckversicherungs- Gesellschaft AG | | | | | 4,756,819 | | | | | | 1.1 | | |
| | | 147,154 | | | | Societe Generale | | | | | 6,905,038 | | | | | | 1.5 | | |
| | | 17,999 L | | | | Unibail-Rodamco SE | | | | | 4,571,8443 | | | | | | 1.0 | | |
| | | 1,019,653 L | | | | UniCredit SpA | | | | | 6,852,977 | | | | | | 1.5 | | |
| | | | | | | | | | | | 120,886,727 | | | | | | 26.9 | | |
| | | | | | | Health Care: 10.5% | | ||||||||||||
| | | 151,130 | | | | Bayer AG | | | | | 21,164,306 | | | | | | 4.7 | | |
| | | 39,456 | | | | Essilor International SA | | | | | 4,726,859 | | | | | | 1.0 | | |
| | | 217,613 | | | | Sanofi | | | | | 21,528,486 | | | | | | 4.8 | | |
| | | | | | | | | | | | 47,419,651 | | | | | | 10.5 | | |
| | | | | | | Industrials: 10.6% | | ||||||||||||
| | | 90,522 | | | | Cie de Saint-Gobain | | | | | 4,086,297 | | | | | | 0.9 | | |
| | | 174,955 | | | | Deutsche Post AG | | | | | 5,112,074 | | | | | | 1.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Industrials (continued) | | |||||||||||||||
| | | 106,614 | | | | Airbus Group SE | | | | $ | 6,944,568 | | | | | | 1.5 | | | |||
| | | 170,900 | | | | Koninklijke Philips NV | | | | | 4,361,800 | | | | | | 1.0 | | | |||
| | | 106,827 | | | | Schneider Electric SE | | | | | 7,396,611 | | | | | | 1.7 | | | |||
| | | 141,850 | | | | Siemens AG | | | | | 14,351,195 | | | | | | 3.2 | | | |||
| | | 95,809 | | | | Vinci S.A. | | | | | 5,560,548 | | | | | | 1.2 | | | |||
| | | | | | | | | | | | 47,813,093 | | | | | | 10.6 | | | |||
| | | | | | | Information Technology: 5.3% | | |||||||||||||||
| | | 68,581 | | | | ASML Holding NV | | | | | 7,133,634 | | | | | | 1.6 | | | |||
| | | 672,850 | | | | Nokia OYJ | | | | | 4,586,804 | | | | | | 1.0 | | | |||
| | | 173,371 | | | | SAP SE | | | | | 12,149,222 | | | | | | 2.7 | | | |||
| | | | | | | | | | | | 23,869,660 | | | | | | 5.3 | | | |||
| | | | | | | Materials: 5.1% | | |||||||||||||||
| | | 62,864 | | | | Air Liquide SA | | | | | 7,976,862 | | | | | | 1.8 | | | |||
| | | 167,858 | | | | BASF SE | | | | | 14,770,350 | | | | | | 3.3 | | | |||
| | | | | | | | | | | | 22,747,212 | | | | | | 5.1 | | | |||
| | | | | | | Telecommunication Services: 7.2% | | |||||||||||||||
| | | 566,141 | | | | Deutsche Telekom AG | | | | | 9,760,458 | | | | | | 2.2 | | | |||
| | | 363,012 | | | | Orange SA | | | | | 5,610,128 | | | | | | 1.2 | | | |||
| | | 792,423 | | | | Telefonica S.A. | | | | | 11,288,400 | | | | | | 2.5 | | | |||
| | | 223,692 | | | | Vivendi | | | | | 5,672,080 | | | | | | 1.3 | | | |||
| | | | | | | | | | | | 32,331,066 | | | | | | 7.2 | | | |||
| | | | | | | Utilities: 5.6% | | |||||||||||||||
| | | 365,695 | | | | E.ON AG | | | | | 4,876,358 | | | | | | 1.1 | | | |||
| | | 1,279,831 | | | | Enel S.p.A. | | | | | 5,800,584 | | | | | | 1.3 | | | |||
| | | 296,902 | | | | GDF Suez | | | | | 5,527,837 | | | | | | 1.2 | | | |||
| | | 1,033,783 | | | | Iberdrola S.A. | | | | | 6,979,650 | | | | | | 1.6 | | | |||
| | | 88,228 | | | | RWE AG | | | | | 1,897,645 | | | | | | 0.4 | | | |||
| | | | | | | | | | | | 25,082,074 | | | | | | 5.6 | | | |||
| | | | | | | Total Common Stock (Cost $359,124,898) | | | | | 438,865,613 | | | | | | 97.5 | | | |||
| PREFERRED STOCK: 1.5% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 1.5% | | |||||||||||||||
| | | 28,788 | | | | Volkswagen AG | | | | | 6,681,096 | | | | | | 1.5 | | | |||
| | | | | | | Total Preferred Stock (Cost $5,257,967) | | | | | 6,681,096 | | | | | | 1.5 | | | |||
| RIGHTS: 0.0% | | |||||||||||||||||||||
| | | | | | | : 0.0% | | |||||||||||||||
| | | 184,367 @,L | | | | Repsol SA | | | | | 95,577 | | | | | | 0.0 | | | |||
| | | | | | | Total Rights (Cost $101,490) | | | | | 95,577 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $364,484,355) | | | | | 445,642,286 | | | | | | 99.0 | | | |||
|
See Accompanying Notes to Financial Statements
18
Voya Euro STOXX 50® Index | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.7% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.7% | | ||||||||||||
| | 383,598 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $383,600, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $391,270, due 02/28/17-05/15/44) | | | | $ | 383,598 | | | | | | 0.1 | | |
| | 1,822,460 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15% due 07/01/15 (Repurchase Amount $1,822,467, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $1,858,909, due 07/15/15-05/20/65) | | | | | 1,822,460 | | | | | | 0.4 | | |
| | 1,822,460 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,822,469, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest $1,858,900, due 11/15/15-03/01/48) | | | | | 1,822,460 | | | | | | 0.4 | | |
| | 1,822,500 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,822,508, collateralized by various U.S. Government Securities, 0.750%- 2.750%, Market Value plus accrued interest $1,858,950, due 01/15/17-08/15/42) | | | | | 1,822,500 | | | | | | 0.4 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 1,822,460 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,822,467, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $1,858,910, due 07/31/15-05/20/65) | | | | $ | 1,822,460 | | | | | | 0.4 | | | |||
| | | | | | | | | | | 7,673,478 | | | | | | 1.7 | | | |||
| | | | | | Total Short-Term Investments (Cost $7,673,478) | | | | | 7,673,478 | | | | | | 1.7 | | | |||
| | | | | | Total Investments in Securities (Cost $372,157,833) | | | | $ | 453,315,764 | | | | | | 100.7 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (3,262,326) | | | | | | (0.7) | | | |||
| | | | | | Net Assets | | | | $ | 450,053,438 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $398,183,167.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 91,550,535 | | | |
| Gross Unrealized Depreciation | | | | | (36,417,938) | | | |
| Net Unrealized Appreciation | | | | $ | 55,132,597 | | | |
|
See Accompanying Notes to Financial Statements
19
PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.5% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 10.2% | | ||||||||||||
| | 143,967 | | | | Barratt Developments PLC | | | | $ | 1,388,600 | | | | | | 0.4 | | |
| | 153,254 | | | | Sky PLC | | | | | 2,496,130 | | | | | | 0.6 | | |
| | 64,749 | | | | Burberry Group PLC | | | | | 1,597,372 | | | | | | 0.4 | | |
| | 26,670 | | | | Carnival PLC | | | | | 1,363,621 | | | | | | 0.3 | | |
| | 243,835 | | | | Compass Group PLC | | | | | 4,032,799 | | | | | | 1.0 | | |
| | 145,405 | | | | Dixons Carphone PLC | | | | | 1,033,954 | | | | | | 0.3 | | |
| | 240,864 | | | | GKN PLC | | | | | 1,265,449 | | | | | | 0.3 | | |
| | 34,549 | | | | InterContinental Hotels Group PLC | | | | | 1,392,895 | | | | | | 0.4 | | |
| | 547,133 | | | | ITV PLC | | | | | 2,263,714 | | | | | | 0.6 | | |
| | 340,865 | | | | Kingfisher PLC | | | | | 1,859,234 | | | | | | 0.5 | | |
| | 240,477 | | | | Marks & Spencer Group PLC | | | | | 2,028,635 | | | | | | 0.5 | | |
| | 103,712 # | | | | Merlin Entertainments PLC | | | | | 695,577 | | | | | | 0.2 | | |
| | 21,520 | | | | Next PLC | | | | | 2,518,727 | | | | | | 0.6 | | |
| | 118,835 | | | | Pearson PLC | | | | | 2,250,063 | | | | | | 0.6 | | |
| | 44,702 | | | | Persimmon PLC | | | | | 1,386,914 | | | | | | 0.4 | | |
| | 165,431 | | | | Reed Elsevier PLC | | | | | 2,688,350 | | | | | | 0.7 | | |
| | 36,745 | | | | Sports Direct International PLC | | | | | 414,293 | | | | | | 0.1 | | |
| | 472,150 | | | | Taylor Wimpey PLC | | | | | 1,376,912 | | | | | | 0.4 | | |
| | 68,877 | | | | TUI AG | | | | | 1,114,442 | | | | | | 0.3 | | |
| | 26,353 | | | | Whitbread PLC | | | | | 2,047,333 | | | | | | 0.5 | | |
| | 191,939 | | | | WPP PLC | | | | | 4,308,271 | | | | | | 1.1 | | |
| | | | | | | | | | | 39,523,285 | | | | | | 10.2 | | |
| | | | | | Consumer Staples: 16.3% | | ||||||||||||
| | 50,931 | | | | Associated British Foods PLC | | | | | 2,295,049 | | | | | | 0.6 | | |
| | 272,426 | | | | British American Tobacco PLC | | | | | 14,668,008 | | | | | | 3.8 | | |
| | 28,849 | | | | Coca-Cola HBC AG | | | | | 619,129 | | | | | | 0.2 | | |
| | 368,112 | | | | Diageo PLC | | | | | 10,660,379 | | | | | | 2.7 | | |
| | 140,804 | | | | Imperial Tobacco Group PLC | | | | | 6,781,391 | | | | | | 1.7 | | |
| | 206,396 L | | | | J Sainsbury PLC | | | | | 859,165 | | | | | | 0.2 | | |
| | 92,912 | | | | Reckitt Benckiser Group PLC | | | | | 8,012,153 | | | | | | 2.1 | | |
| | 138,165 | | | | SABMiller PLC | | | | | 7,163,867 | | | | | | 1.8 | | |
| | 1,187,178 | | | | Tesco PLC | | | | | 3,955,393 | | | | | | 1.0 | | |
| | 176,324 | | | | Unilever PLC | | | | | 7,571,156 | | | | | | 2.0 | | |
| | 316,326 | | | | WM Morrison Supermarkets PLC | | | | | 897,973 | | | | | | 0.2 | | |
| | | | | | | | | | | 63,483,663 | | | | | | 16.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy: 13.4% | | ||||||||||||
| | 497,398 | | | | BG Group PLC | | | | $ | 8,284,017 | | | | | | 2.1 | | |
| | 2,665,394 | | | | BP PLC | | | | | 17,689,256 | | | | | | 4.6 | | |
| | 569,287 | | | | Royal Dutch Shell PLC - Class A | | | | | 16,096,012 | | | | | | 4.1 | | |
| | 358,446 | | | | Royal Dutch Shell PLC - Class B | | | | | 10,205,081 | | | | | | 2.6 | | |
| | | | | | | | | | | 52,274,366 | | | | | | 13.4 | | |
| | | | | | Financials: 23.0% | | ||||||||||||
| | 139,954 | | | | 3i Group PLC | | | | | 1,135,606 | | | | | | 0.3 | | |
| | 145,962 | | | | Aberdeen Asset Management PLC | | | | | 925,837 | | | | | | 0.2 | | |
| | 29,091 | | | | Admiral Group PLC | | | | | 633,898 | | | | | | 0.2 | | |
| | 591,248 | | | | Aviva PLC | | | | | 4,579,414 | | | | | | 1.2 | | |
| | 2,447,563 | | | | Barclays PLC | | | | | 10,031,639 | | | | | | 2.6 | | |
| | 147,846 | | | | British Land Co. PLC | | | | | 1,841,574 | | | | | | 0.5 | | |
| | 134,159 | | | | Capital Shopping Centres Group PLC | | | | | 648,072 | | | | | | 0.2 | | |
| | 200,957 | | | | Direct Line Insurance Group PLC | | | | | 1,060,757 | | | | | | 0.3 | | |
| | 114,622 | | | | Hammerson PLC | | | | | 1,107,735 | | | | | | 0.3 | | |
| | 31,889 | | | | Hargreaves Lansdown PLC | | | | | 577,762 | | | | | | 0.1 | | |
| | 2,852,257 | | | | HSBC Holdings PLC | | | | | 25,540,128 | | | | | | 6.6 | | |
| | 114,976 | | | | Land Securities Group PLC | | | | | 2,174,076 | | | | | | 0.6 | | |
| | 867,814 | | | | Legal & General Group PLC | | | | | 3,393,186 | | | | | | 0.9 | | |
| | 8,419,103 | | | | Lloyds Banking Group Plc | | | | | 11,300,044 | | | | | | 2.9 | | |
| | 45,603 | | | | London Stock Exchange Group PLC | | | | | 1,696,451 | | | | | | 0.4 | | |
| | 714,267 | | | | Old Mutual PLC | | | | | 2,260,893 | | | | | | 0.6 | | |
| | 372,929 | | | | Prudential PLC | | | | | 8,987,367 | | | | | | 2.3 | | |
| | 319,792 | | | | Royal Bank of Scotland Group PLC | | | | | 1,768,283 | | | | | | 0.4 | | |
| | 148,431 | | | | RSA Insurance Group PLC | | | | | 925,580 | | | | | | 0.2 | | |
| | 16,517 | | | | Schroders PLC | | | | | 824,140 | | | | | | 0.2 | | |
| | 74,962 | | | | St. James’s Place PLC | | | | | 1,065,920 | | | | | | 0.3 | | |
| | 305,116 | | | | Standard Chartered PLC | | | | | 4,886,222 | | | | | | 1.2 | | |
| | 285,863 | | | | Standard Life PLC | | | | | 1,993,321 | | | | | | 0.5 | | |
| | | | | | | | | | | 89,357,905 | | | | | | 23.0 | | |
See Accompanying Notes to Financial Statements
20
PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Health Care: 9.3% | | ||||||||||||
| | 184,435 | | | | AstraZeneca PLC | | | | $ | 11,672,864 | | | | | | 3.0 | | |
| | 710,545 | | | | GlaxoSmithKline PLC | | | | | 14,773,521 | | | | | | 3.8 | | |
| | 19,675 | | | | Hikma Pharmaceuticals PLC | | | | | 597,638 | | | | | | 0.1 | | |
| | 85,912 | | | | Shire PLC | | | | | 6,902,948 | | | | | | 1.8 | | |
| | 131,048 | | | | Smith & Nephew PLC | | | | | 2,216,963 | | | | | | 0.6 | | |
| | | | | | | | | | | 36,163,934 | | | | | | 9.3 | | |
| | | | | | Industrials: 7.1% | | ||||||||||||
| | 73,562 | | | | Ashtead Group PLC | | | | | 1,267,818 | | | | | | 0.3 | | |
| | 73,397 | | | | Babcock International Group | | | | | 1,243,517 | | | | | | 0.3 | | |
| | 462,254 | | | | BAE Systems PLC | | | | | 3,275,246 | | | | | | 0.9 | | |
| | 48,524 | | | | Bunzl PLC | | | | | 1,323,700 | | | | | | 0.4 | | |
| | 96,735 | | | | Capita Group PLC | | | | | 1,879,610 | | | | | | 0.5 | | |
| | 36,310 | | | | easyJet PLC | | | | | 882,638 | | | | | | 0.2 | | |
| | 145,037 | | | | Experian PLC | | | | | 2,637,973 | | | | | | 0.7 | | |
| | 226,766 | | | | Group 4 Securicor PLC | | | | | 956,160 | | | | | | 0.3 | | |
| | 267,803 @ | | | | International Consolidated Airlines Group SA | | | | | 2,081,112 | | | | | | 0.5 | | |
| | 23,494 | | | | Intertek Group PLC | | | | | 903,338 | | | | | | 0.2 | | |
| | 115,110 | | | | Meggitt PLC | | | | | 842,914 | | | | | | 0.2 | | |
| | 268,712 | | | | Rolls-Royce Holdings PLC | | | | | 3,670,381 | | | | | | 1.0 | | |
| | 40,822,320 @ | | | | Rolls-Royce Holdings PLC - C shares | | | | | 64,142 | | | | | | 0.0 | | |
| | 112,536 | | | | Royal Mail PLC | | | | | 909,793 | | | | | | 0.2 | | |
| | 57,297 | | | | Smiths Group PLC | | | | | 1,015,620 | | | | | | 0.3 | | |
| | 36,080 | | | | Travis Perkins PLC | | | | | 1,194,954 | | | | | | 0.3 | | |
| | 31,058 | | | | Weir Group PLC | | | | | 827,759 | | | | | | 0.2 | | |
| | 38,042 | | | | Wolseley PLC | | | | | 2,426,089 | | | | | | 0.6 | | |
| | | | | | | | | | | 27,402,764 | | | | | | 7.1 | | |
| | | | | | Information Technology: 1.2% | | ||||||||||||
| | 206,288 | | | | ARM Holdings PLC | | | | | 3,375,652 | | | | | | 0.9 | | |
| | 157,408 | | | | Sage Group PLC | | | | | 1,267,052 | | | | | | 0.3 | | |
| | | | | | | | | | | 4,642,704 | | | | | | 1.2 | | |
| | | | | | Materials: 7.8% | | ||||||||||||
| | 190,972 | | | | Anglo American PLC | | | | | 2,758,847 | | | | | | 0.7 | | |
| | 51,870 | | | | Antofagasta PLC | | | | | 561,429 | | | | | | 0.1 | | |
| | 308,680 | | | | BHP Billiton PLC | | | | | 6,069,131 | | | | | | 1.6 | | |
| | 119,085 | | | | CRH PLC - London | | | | | 3,341,113 | | | | | | 0.9 | | |
| | 24,771 | | | | Fresnillo PLC | | | | | 270,121 | | | | | | 0.1 | | |
| | 1,559,790 @ | | | | Glencore PLC | | | | | 6,255,036 | | | | | | 1.6 | | |
| | 29,949 | | | | Johnson Matthey PLC | | | | | 1,428,204 | | | | | | 0.4 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Materials (continued) | | |||||||||||||||
| | 53,673 | | | | Mondi PLC | | | | $ | 1,155,533 | | | | | | 0.3 | | | |||
| | 13,569 | | | | Randgold Resources Ltd. | | | | | 910,153 | | | | | | 0.2 | | | |||
| | 182,342 | | | | Rio Tinto PLC | | | | | 7,500,224 | | | | | | 1.9 | | | |||
| | | | | | | | | | | 30,249,791 | | | | | | 7.8 | | | |||
| | | | | | Telecommunication Services: 6.1% | | |||||||||||||||
| | 1,223,164 | | | | BT Group PLC | | | | | 8,661,590 | | | | | | 2.2 | | | |||
| | 65,464 | | | | Inmarsat PLC | | | | | 941,072 | | | | | | 0.2 | | | |||
| | 3,882,683 | | | | Vodafone Group PLC | | | | | 14,163,533 | | | | | | 3.7 | | | |||
| | | | | | | | | | | 23,766,195 | | | | | | 6.1 | | | |||
| | | | | | Utilities: 4.1% | | |||||||||||||||
| | 726,403 | | | | Centrica PLC | | | | | 3,014,177 | | | | | | 0.8 | | | |||
| | 551,283 | | | | National Grid PLC | | | | | 7,095,425 | | | | | | 1.8 | | | |||
| | 144,310 | | | | Scottish & Southern Energy PLC | | | | | 3,482,813 | | | | | | 0.9 | | | |||
| | 34,796 | | | | Severn Trent PLC | | | | | 1,137,000 | | | | | | 0.3 | | | |||
| | 99,645 | | | | United Utilities Group PLC | | | | | 1,395,657 | | | | | | 0.3 | | | |||
| | | | | | | | | | | 16,125,072 | | | | | | 4.1 | | | |||
| | | | | | Total Common Stock (Cost $326,494,049) | | | | | 382,989,679 | | | | | | 98.5 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||
SHORT-TERM INVESTMENTS: 0.2% | | |||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.2% | | |||||||||
| | 742 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $742, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $757, due 07/15/15-05/20/65) | | | 742 | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
21
PORTFOLIO OF INVESTMENTS
Voya FTSE 100 Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 635,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $635,003, collateralized by various U.S. Government Securities, 0.750%- 2.750%, Market Value plus accrued interest $647,700, due 01/15/17- 08/15/42) | | | | $ | 635,000 | | | | | | 0.2 | | | |||
| | | | | | | | | | | 635,742 | | | | | | 0.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $635,742) | | | | | 635,742 | | | | | | 0.2 | | | |||
| | | | | | Total Investments in Securities (Cost $327,129,791) | | | | $ | 383,625,421 | | | | | | 98.7 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 5,071,274 | | | | | | 1.3 | | | |||
| | | | | | Net Assets | | | | $ | 388,696,695 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
#
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.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $330,294,494.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 83,548,622 | | | |
| Gross Unrealized Depreciation | | | | | (30,217,695) | | | |
| Net Unrealized Appreciation | | | | $ | 53,330,927 | | | |
|
See Accompanying Notes to Financial Statements
22
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.6% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 12.3% | | ||||||||||||
| | | 21,379 | | | | Accor S.A. | | | | $ | 1,081,997 | | | | | | 0.1 | | |
| | | 24,164 | | | | Adidas AG | | | | | 1,848,897 | | | | | | 0.1 | | |
| | | 22,711 | | | | Aisin Seiki Co., Ltd. | | | | | 965,655 | | | | | | 0.1 | | |
| | | 9,993 @ | | | | Altice SA | | | | | 1,376,435 | | | | | | 0.1 | | |
| | | 48,024 | | | | Aristocrat Leisure Ltd. | | | | | 283,193 | | | | | | 0.0 | | |
| | | 18,849 | | | | Asics Corp. | | | | | 486,930 | | | | | | 0.0 | | |
| | | 4,635 | | | | Axel Springer AG | | | | | 243,429 | | | | | | 0.0 | | |
| | | 95,669 | | | | Barratt Developments PLC | | | | | 922,753 | | | | | | 0.1 | | |
| | | 38,060 | | | | Bayerische Motoren Werke AG | | | | | 4,168,130 | | | | | | 0.3 | | |
| | | 7,037 | | | | Benesse Holdings, Inc. | | | | | 176,413 | | | | | | 0.0 | | |
| | | 75,243 | | | | Bridgestone Corp. | | | | | 2,781,176 | | | | | | 0.2 | | |
| | | 119,845 | | | | Sky PLC | | | | | 1,951,980 | | | | | | 0.1 | | |
| | | 52,364 | | | | Burberry Group PLC | | | | | 1,291,831 | | | | | | 0.1 | | |
| | | 22,011 | | | | Carnival PLC | | | | | 1,125,409 | | | | | | 0.1 | | |
| | | 23,987 L | | | | Casio Computer Co., Ltd. | | | | | 473,137 | | | | | | 0.0 | | |
| | | 6,321 | | | | Christian Dior S.A. | | | | | 1,237,458 | | | | | | 0.1 | | |
| | | 60,021 | | | | Cie Financiere Richemont SA | | | | | 4,878,379 | | | | | | 0.3 | | |
| | | 21,596 | | | | Cie Generale des Etablissements Michelin | | | | | 2,272,419 | | | | | | 0.2 | | |
| | | 195,133 | | | | Compass Group PLC | | | | | 3,227,314 | | | | | | 0.2 | | |
| | | 12,739 | | | | Continental AG | | | | | 3,016,313 | | | | | | 0.2 | | |
| | | 43,281 | | | | Crown Ltd. | | | | | 406,668 | | | | | | 0.0 | | |
| | | 22,511 | | | | Daihatsu Motor Co., Ltd. | | | | | 320,403 | | | | | | 0.0 | | |
| | | 110,686 | | | | Daimler AG | | | | | 10,083,031 | | | | | | 0.7 | | |
| | | 56,567 | | | | Denso Corp. | | | | | 2,814,384 | | | | | | 0.2 | | |
| | | 25,703 | | | | Dentsu, Inc. | | | | | 1,329,682 | | | | | | 0.1 | | |
| | | 116,139 | | | | Dixons Carphone PLC | | | | | 825,847 | | | | | | 0.1 | | |
| | | 13,642 | | | | Don Quijote Holdings Co. Ltd. | | | | | 580,453 | | | | | | 0.0 | | |
| | | 27,826 | | | | Electrolux AB | | | | | 871,876 | | | | | | 0.1 | | |
| | | 18,209 | | | | Eutelsat Communications | | | | | 588,211 | | | | | | 0.0 | | |
| | | 6,142 | | | | Fast Retailing Co., Ltd. | | | | | 2,785,219 | | | | | | 0.2 | | |
| | | 104,252 | | | | Fiat Chrysler Automobiles NV | | | | | 1,529,397 | | | | | | 0.1 | | |
| | | 6,299 L | | | | Flight Centre Ltd. | | | | | 165,556 | | | | | | 0.0 | | |
| | | 67,835 | | | | Fuji Heavy Industries Ltd. | | | | | 2,494,346 | | | | | | 0.2 | | |
| | | 272,159 | | | | Galaxy Entertainment Group Ltd. | | | | | 1,082,911 | | | | | | 0.1 | | |
| | | 732,812 | | | | Genting International PLC | | | | | 486,546 | | | | | | 0.0 | | |
| | | 192,785 | | | | GKN PLC | | | | | 1,012,852 | | | | | | 0.1 | | |
| | | 108,745 | | | | Hennes & Mauritz AB | | | | | 4,185,458 | | | | | | 0.3 | | |
| | | 2,946 | | | | Hermes International | | | | | 1,099,979 | | | | | | 0.1 | | |
| | | 187,242 | | | | Honda Motor Co., Ltd. | | | | | 6,051,634 | | | | | | 0.4 | | |
| | | 7,801 | | | | Hugo Boss AG | | | | | 872,124 | | | | | | 0.1 | | |
| | | 47,890 | | | | Husqvarna AB - B Shares | | | | | 360,738 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 18,391 | | | | Iida Group Holdings Co. Ltd. | | | | $ | 292,368 | | | | | | 0.0 | | |
| | | 126,094 | | | | Inditex SA | | | | | 4,112,856 | | | | | | 0.3 | | |
| | | 28,012 | | | | InterContinental Hotels Group PLC | | | | | 1,129,346 | | | | | | 0.1 | | |
| | | 40,766 | | | | Isetan Mitsukoshi Holdings Ltd. | | | | | 728,313 | | | | | | 0.1 | | |
| | | 70,468 | | | | Isuzu Motors Ltd. | | | | | 924,509 | | | | | | 0.1 | | |
| | | 447,201 | | | | ITV PLC | | | | | 1,850,254 | | | | | | 0.1 | | |
| | | 29,152 | | | | J Front Retailing Co., Ltd. | | | | | 548,678 | | | | | | 0.0 | | |
| | | 12,070 | | | | Jardine Cycle & Carriage Ltd. | | | | | 296,323 | | | | | | 0.0 | | |
| | | 7,986 | | | | JC Decaux SA | | | | | 333,962 | | | | | | 0.0 | | |
| | | 2,812 | | | | Kabel Deutschland Holding AG | | | | | 376,289 | | | | | | 0.0 | | |
| | | 276,123 | | | | Kingfisher PLC | | | | | 1,506,102 | | | | | | 0.1 | | |
| | | 11,500 | | | | Koito Manufacturing Co., Ltd. | | | | | 447,778 | | | | | | 0.0 | | |
| | | 13,879 | | | | Lagardere SCA | | | | | 406,112 | | | | | | 0.0 | | |
| | | 668,194 | | | | Li & Fung Ltd. | | | | | 529,726 | | | | | | 0.0 | | |
| | | 19,610 | | | | Luxottica Group S.p.A. | | | | | 1,304,419 | | | | | | 0.1 | | |
| | | 32,087 | | | | LVMH Moet Hennessy Louis Vuitton SE | | | | | 5,641,240 | | | | | | 0.4 | | |
| | | 191,481 | | | | Marks & Spencer Group PLC | | | | | 1,615,311 | | | | | | 0.1 | | |
| | | 28,519 | | | | Marui Group Co., Ltd. | | | | | 385,308 | | | | | | 0.0 | | |
| | | 62,766 | | | | Mazda Motor Corp. | | | | | 1,228,255 | | | | | | 0.1 | | |
| | | 46,504 # | | | | Merlin Entertainments PLC | | | | | 311,894 | | | | | | 0.0 | | |
| | | 106,068 | | | | MGM China Holdings Ltd. | | | | | 173,195 | | | | | | 0.0 | | |
| | | 73,415 | | | | Mitsubishi Motors Corp. | | | | | 624,323 | | | | | | 0.1 | | |
| | | 20,693 | | | | Namco Bandai Holdings, Inc. | | | | | 399,883 | | | | | | 0.0 | | |
| | | 17,326 | | | | Next PLC | | | | | 2,027,856 | | | | | | 0.1 | | |
| | | 20,985 | | | | NGK Spark Plug Co., Ltd. | | | | | 581,162 | | | | | | 0.0 | | |
| | | 38,569 L | | | | Nikon Corp. | | | | | 445,730 | | | | | | 0.0 | | |
| | | 288,192 | | | | Nissan Motor Co., Ltd. | | | | | 3,010,729 | | | | | | 0.2 | | |
| | | 8,406 | | | | Nitori Co., Ltd. | | | | | 685,329 | | | | | | 0.1 | | |
| | | 7,600 | | | | NOK Corp. | | | | | 235,477 | | | | | | 0.0 | | |
| | | 12,178 | | | | Nokian Renkaat OYJ | | | | | 381,542 | | | | | | 0.0 | | |
| | | 11,300 | | | | Numericable-SFR | | | | | 598,964 | | | | | | 0.0 | | |
| | | 23,580 | | | | Oriental Land Co., Ltd. | | | | | 1,504,148 | | | | | | 0.1 | | |
| | | 254,431 | | | | Panasonic Corp. | | | | | 3,484,741 | | | | | | 0.2 | | |
| | | 13,655 | | | | Pandora A/S | | | | | 1,465,239 | | | | | | 0.1 | | |
| | | 95,641 | | | | Pearson PLC | | | | | 1,810,900 | | | | | | 0.1 | | |
| | | 35,921 | | | | Persimmon PLC | | | | | 1,114,477 | | | | | | 0.1 | | |
| | | 47,690 | | | | Peugeot S.A. | | | | | 983,458 | | | | | | 0.1 | | |
| | | 27,171 | | | | Pirelli & C S.p.A. | | | | | 458,570 | | | | | | 0.0 | | |
| | | 8,835 | | | | Kering | | | | | 1,579,588 | | | | | | 0.1 | | |
| | | 25,593 | | | | ProSiebenSat.1 Media AG | | | | | 1,264,147 | | | | | | 0.1 | | |
| | | 21,915 | | | | Publicis Groupe | | | | | 1,624,409 | | | | | | 0.1 | | |
| | | 92,970 | | | | Rakuten, Inc. | | | | | 1,500,920 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
23
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 5,999 | | | | REA Group Ltd. | | | | $ | 180,950 | | | | | | 0.0 | | |
| | | 80,250 | | | | Reed Elsevier NV | | | | | 1,908,806 | | | | | | 0.1 | | |
| | | 133,276 | | | | Reed Elsevier PLC | | | | | 2,165,813 | | | | | | 0.2 | | |
| | | 22,228 | | | | Renault S.A. | | | | | 2,330,553 | | | | | | 0.2 | | |
| | | 4,266 | | | | Rinnai Corp. | | | | | 335,927 | | | | | | 0.0 | | |
| | | 4,449 | | | | RTL Group SA | | | | | 404,493 | | | | | | 0.0 | | |
| | | 279,202 | | | | Sands China Ltd. | | | | | 938,342 | | | | | | 0.1 | | |
| | | 5,288 | | | | Sankyo Co., Ltd. | | | | | 187,215 | | | | | | 0.0 | | |
| | | 5,380 L | | | | Sanrio Co., Ltd. | | | | | 146,177 | | | | | | 0.0 | | |
| | | 20,410 | | | | Sega Sammy Holdings, Inc. | | | | | 266,867 | | | | | | 0.0 | | |
| | | 51,519 | | | | Sekisui Chemical Co., Ltd. | | | | | 632,449 | | | | | | 0.1 | | |
| | | 65,585 | | | | Sekisui House Ltd. | | | | | 1,041,553 | | | | | | 0.1 | | |
| | | 169 @ | | | | SES S.A. - France | | | | | 5,739 | | | | | | 0.0 | | |
| | | 35,495 | | | | SES S.A. - Luxembourg | | | | | 1,193,273 | | | | | | 0.1 | | |
| | | 127,385 | | | | Shangri-La Asia Ltd. | | | | | 177,606 | | | | | | 0.0 | | |
| | | 177,500 L | | | | Sharp Corp. | | | | | 215,683 | | | | | | 0.0 | | |
| | | 2,661 | | | | Shimamura Co., Ltd. | | | | | 279,376 | | | | | | 0.0 | | |
| | | 9,455 | | | | Shimano, Inc. | | | | | 1,290,233 | | | | | | 0.1 | | |
| | | 202,327 | | | | Singapore Press Holdings Ltd. | | | | | 612,586 | | | | | | 0.0 | | |
| | | 208,365 | | | | SJM Holdings Ltd. | | | | | 225,295 | | | | | | 0.0 | | |
| | | 11,235 | | | | Sodexo SA | | | | | 1,069,549 | | | | | | 0.1 | | |
| | | 129,770 | | | | Sony Corp. | | | | | 3,685,061 | | | | | | 0.3 | | |
| | | 31,131 | | | | Sports Direct International PLC | | | | | 350,996 | | | | | | 0.0 | | |
| | | 17,088 | | | | Stanley Electric Co., Ltd. | | | | | 355,889 | | | | | | 0.0 | | |
| | | 19,059 | | | | Sumitomo Rubber Industries, Inc. | | | | | 295,230 | | | | | | 0.0 | | |
| | | 42,844 | | | | Suzuki Motor Corp. | | | | | 1,445,962 | | | | | | 0.1 | | |
| | | 3,549 | | | | Swatch Group AG - BR | | | | | 1,382,967 | | | | | | 0.1 | | |
| | | 5,458 | | | | Swatch Group AG - Reg | | | | | 409,979 | | | | | | 0.0 | | |
| | | 88,886 | | | | TABCORP Holdings Ltd. | | | | | 311,568 | | | | | | 0.0 | | |
| | | 33,689 | | | | Takashimaya Co., Ltd. | | | | | 305,371 | | | | | | 0.0 | | |
| | | 179,369 | | | | Tattersall’s Ltd. | | | | | 514,298 | | | | | | 0.0 | | |
| | | 311,722 | | | | Taylor Wimpey PLC | | | | | 909,062 | | | | | | 0.1 | | |
| | | 161,500 | | | | Techtronic Industries Co. | | | | | 528,045 | | | | | | 0.0 | | |
| | | 6,287 | | | | Telenet Group Holding NV | | | | | 342,061 | | | | | | 0.0 | | |
| | | 14,800 | | | | Toho Co., Ltd. | | | | | 368,004 | | | | | | 0.0 | | |
| | | 19,205 | | | | Toyota Industries Corp. | | | | | 1,093,656 | | | | | | 0.1 | | |
| | | 313,962 | | | | Toyota Motor Corp. | | | | | 21,009,484 | | | | | | 1.4 | | |
| | | 53,458 | | | | TUI AG | | | | | 864,960 | | | | | | 0.1 | | |
| | | 27,226 | | | | USS Co., Ltd. | | | | | 491,024 | | | | | | 0.0 | | |
| | | 8,929 | | | | Valeo SA | | | | | 1,412,419 | | | | | | 0.1 | | |
| | | 3,398 | | | | Volkswagen AG | | | | | 786,797 | | | | | | 0.1 | | |
| | | 21,743 | | | | Whitbread PLC | | | | | 1,689,187 | | | | | | 0.1 | | |
| | | 101,853 | | | | William Hill PLC | | | | | 645,176 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 36,795 | | | | Wolters Kluwer NV | | | | $ | 1,095,160 | | | | | | 0.1 | | |
| | | 152,176 | | | | WPP PLC | | | | | 3,415,749 | | | | | | 0.2 | | |
| | | 177,679 | | | | Wynn Macau Ltd. | | | | | 296,060 | | | | | | 0.0 | | |
| | | 85,937 L | | | | Yamada Denki Co., Ltd. | | | | | 343,772 | | | | | | 0.0 | | |
| | | 19,807 | | | | Yamaha Corp. | | | | | 399,202 | | | | | | 0.0 | | |
| | | 31,304 | | | | Yamaha Motor Co., Ltd. | | | | | 683,983 | | | | | | 0.1 | | |
| | | 12,769 | | | | Yokohama Rubber Co., Ltd. | | | | | 256,218 | | | | | | 0.0 | | |
| | | 88,949 | | | | Yue Yuen Industrial Holdings | | | | | 297,526 | | | | | | 0.0 | | |
| | | | | | | | | | | | 185,273,744 | | | | | | 12.3 | | |
| | | | | | | Consumer Staples: 10.7% | | ||||||||||||
| | | 75,880 | | | | Aeon Co., Ltd. | | | | | 1,076,744 | | | | | | 0.1 | | |
| | | 66,428 | | | | Ajinomoto Co., Inc. | | | | | 1,436,523 | | | | | | 0.1 | | |
| | | 92,392 | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | | 11,118,518 | | | | | | 0.7 | | |
| | | 10,023 | | | | Aryzta AG | | | | | 493,165 | | | | | | 0.0 | | |
| | | 44,958 | | | | Asahi Group Holdings, Ltd. | | | | | 1,427,784 | | | | | | 0.1 | | |
| | | 41,418 | | | | Associated British Foods PLC | | | | | 1,866,375 | | | | | | 0.1 | | |
| | | 258 | | | | Barry Callebaut AG | | | | | 293,887 | | | | | | 0.0 | | |
| | | 11,475 | | | | Beiersdorf AG | | | | | 961,496 | | | | | | 0.1 | | |
| | | 212,793 | | | | British American Tobacco PLC | | | | | 11,457,237 | | | | | | 0.8 | | |
| | | 9,301 | | | | Calbee, Inc. | | | | | 391,833 | | | | | | 0.0 | | |
| | | 12,883 | | | | Carlsberg A/S | | | | | 1,167,273 | | | | | | 0.1 | | |
| | | 63,459 | | | | Carrefour S.A. | | | | | 2,039,165 | | | | | | 0.1 | | |
| | | 6,370 | | | | Casino Guichard Perrachon S.A. | | | | | 483,500 | | | | | | 0.0 | | |
| | | 67,564 | | | | Coca-Cola Amatil Ltd. | | | | | 476,593 | | | | | | 0.0 | | |
| | | 22,111 | | | | Coca-Cola HBC AG | | | | | 474,525 | | | | | | 0.0 | | |
| | | 8,261 | | | | Colruyt S.A. | | | | | 370,572 | | | | | | 0.0 | | |
| | | 12,227 | | | | Delhaize Group | | | | | 994,513 | | | | | | 0.1 | | |
| | | 287,148 | | | | Diageo PLC | | | | | 8,315,693 | | | | | | 0.6 | | |
| | | 71,006 | | | | Distribuidora Internacional de Alimentacion SA | | | | | 544,161 | | | | | | 0.0 | | |
| | | 6,838 | | | | FamilyMart Co., Ltd. | | | | | 314,446 | | | | | | 0.0 | | |
| | | 761,469 | | | | Golden Agri-Resources Ltd. | | | | | 231,861 | | | | | | 0.0 | | |
| | | 66,673 | | | | Danone | | | | | 4,318,715 | | | | | | 0.3 | | |
| | | 7,195 | | | | ICA Gruppen AB | | | | | 255,258 | | | | | | 0.0 | | |
| | | 11,828 | | | | Heineken Holding NV | | | | | 829,020 | | | | | | 0.1 | | |
| | | 26,913 | | | | Heineken NV | | | | | 2,046,130 | | | | | | 0.1 | | |
| | | 13,043 | | | | Henkel AG & Co. KGaA | | | | | 1,243,730 | | | | | | 0.1 | | |
| | | 110,169 | | | | Imperial Tobacco Group PLC | | | | | 5,305,951 | | | | | | 0.4 | | |
| | | 140,792 | | | | J Sainsbury PLC | | | | | 586,075 | | | | | | 0.0 | | |
| | | 125,902 | | | | Japan Tobacco, Inc. | | | | | 4,475,725 | | | | | | 0.3 | | |
| | | 27,926 | | | | Jeronimo Martins | | | | | 360,077 | | | | | | 0.0 | | |
| | | 58,275 | | | | Kao Corp. | | | | | 2,710,195 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
24
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 7,297 | | | | Kerry Group PLC | | | | $ | 541,298 | | | | | | 0.0 | | |
| | | 12,042 | | | | Kerry Group PLC KYGA | | | | | 887,127 | | | | | | 0.1 | | |
| | | 18,834 | | | | Kikkoman Corp. | | | | | 588,066 | | | | | | 0.0 | | |
| | | 95,556 | | | | Kirin Brewery Co., Ltd. | | | | | 1,316,205 | | | | | | 0.1 | | |
| | | 104,932 | | | | Koninklijke Ahold NV | | | | | 1,969,856 | | | | | | 0.1 | | |
| | | 7,664 | | | | Lawson, Inc. | | | | | 524,457 | | | | | | 0.0 | | |
| | | 106 | | | | Lindt & Spruengli AG - PC | | | | | 560,674 | | | | | | 0.0 | | |
| | | 11 | | | | Lindt & Spruengli AG - Reg | | | | | 688,495 | | | | | | 0.1 | | |
| | | 28,789 | | | | L’Oreal S.A. | | | | | 5,150,968 | | | | | | 0.4 | | |
| | | 7,394 | | | | MEIJI Holdings Co., Ltd. | | | | | 954,049 | | | | | | 0.1 | | |
| | | 18,500 | | | | Metro AG | | | | | 584,308 | | | | | | 0.0 | | |
| | | 368,364 | | | | Nestle S.A. | | | | | 26,577,695 | | | | | | 1.8 | | |
| | | 20,419 | | | | NH Foods Ltd. | | | | | 465,649 | | | | | | 0.0 | | |
| | | 27,867 | | | | Nisshin Seifun Group, Inc. | | | | | 370,388 | | | | | | 0.0 | | |
| | | 6,917 | | | | Nissin Food Products Co., Ltd. | | | | | 303,056 | | | | | | 0.0 | | |
| | | 24,753 | | | | Pernod Ricard SA | | | | | 2,861,514 | | | | | | 0.2 | | |
| | | 73,841 | | | | Reckitt Benckiser Group PLC | | | | | 6,367,589 | | | | | | 0.4 | | |
| | | 2,550 | | | | Remy Cointreau SA | | | | | 184,227 | | | | | | 0.0 | | |
| | | 110,754 | | | | SABMiller PLC | | | | | 5,742,604 | | | | | | 0.4 | | |
| | | 86,671 | | | | Seven & I Holdings Co., Ltd. | | | | | 3,720,407 | | | | | | 0.3 | | |
| | | 42,462 | | | | Shiseido Co., Ltd. | | | | | 963,094 | | | | | | 0.1 | | |
| | | 16,834 | | | | Suntory Beverage & Food Ltd. | | | | | 670,178 | | | | | | 0.1 | | |
| | | 67,751 | | | | Svenska Cellulosa AB SCA | | | | | 1,722,785 | | | | | | 0.1 | | |
| | | 23,054 | | | | Swedish Match AB | | | | | 655,440 | | | | | | 0.1 | | |
| | | 54,897 | | | | Tate & Lyle PLC | | | | | 448,102 | | | | | | 0.0 | | |
| | | 926,305 | | | | Tesco PLC | | | | | 3,086,227 | | | | | | 0.2 | | |
| | | 11,488 | | | | Toyo Suisan Kaisha Ltd. | | | | | 418,587 | | | | | | 0.0 | | |
| | | 76,914 | | | | Treasury Wine Estates Ltd. | | | | | 295,375 | | | | | | 0.0 | | |
| | | 43,378 | | | | Uni-Charm Corp. | | | | | 1,030,424 | | | | | | 0.1 | | |
| | | 187,096 | | | | Unilever NV | | | | | 7,822,338 | | | | | | 0.5 | | |
| | | 147,041 | | | | Unilever PLC | | | | | 6,313,777 | | | | | | 0.4 | | |
| | | 130,773 | | | | Wesfarmers Ltd. | | | | | 3,932,761 | | | | | | 0.3 | | |
| | | 570,500 #,@ | | | | WH Group Ltd. | | | | | 388,288 | | | | | | 0.0 | | |
| | | 227,976 | | | | Wilmar International Ltd. | | | | | 554,868 | | | | | | 0.0 | | |
| | | 242,180 | | | | WM Morrison Supermarkets PLC | | | | | 687,490 | | | | | | 0.1 | | |
| | | 146,592 | | | | Woolworths Ltd. | | | | | 3,046,078 | | | | | | 0.2 | | |
| | | 10,485 | | | | Yakult Honsha Co., Ltd. | | | | | 621,023 | | | | | | 0.1 | | |
| | | | | | | | | | | | 161,082,207 | | | | | | 10.7 | | |
| | | | | | | Energy: 5.1% | | ||||||||||||
| | | 31,368 | | | | Subsea 7 SA | | | | | 306,820 | | | | | | 0.0 | | |
| | | 38,952 | | | | Amec PLC | | | | | 500,265 | | | | | | 0.0 | | |
| | | 391,373 | | | | BG Group PLC | | | | | 6,518,202 | | | | | | 0.4 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 2,086,833 | | | | BP PLC | | | | $ | 13,849,556 | | | | | | 0.9 | | |
| | | 31,768 | | | | Caltex Australia Ltd. | | | | | 779,846 | | | | | | 0.1 | | |
| | | 292,403 | | | | ENI S.p.A. | | | | | 5,193,561 | | | | | | 0.4 | | |
| | | 45,304 | | | | Galp Energia SGPS SA | | | | | 533,287 | | | | | | 0.0 | | |
| | | 44 | | | | Idemitsu Kosan Co., Ltd. | | | | | 863 | | | | | | 0.0 | | |
| | | 103,816 | | | | Inpex Corp. | | | | | 1,178,410 | | | | | | 0.1 | | |
| | | 266,466 | | | | JX Holdings, Inc. | | | | | 1,148,829 | | | | | | 0.1 | | |
| | | 24,453 | | | | Lundin Petroleum AB | | | | | 419,529 | | | | | | 0.0 | | |
| | | 15,398 | | | | Neste Oyj | | | | | 392,804 | | | | | | 0.0 | | |
| | | 17,834 | | | | OMV AG | | | | | 490,966 | | | | | | 0.0 | | |
| | | 133,412 | | | | Origin Energy Ltd. | | | | | 1,231,300 | | | | | | 0.1 | | |
| | | 30,009 | | | | Petrofac Ltd. | | | | | 436,650 | | | | | | 0.0 | | |
| | | 122,332 L | | | | Repsol YPF S.A. | | | | | 2,156,184 | | | | | | 0.1 | | |
| | | 445,707 | | | | Royal Dutch Shell PLC - Class A | | | | | 12,601,913 | | | | | | 0.8 | | |
| | | 278,674 | | | | Royal Dutch Shell PLC - Class B | | | | | 7,933,944 | | | | | | 0.5 | | |
| | | 31,659 L | | | | Saipem S.p.A. | | | | | 334,544 | | | | | | 0.0 | | |
| | | 113,535 | | | | Santos Ltd. | | | | | 685,489 | | | | | | 0.1 | | |
| | | 44,451 L | | | | SeaDrill Ltd. | | | | | 461,649 | | | | | | 0.0 | | |
| | | 22,519 | | | | Showa Shell Sekiyu KK | | | | | 196,761 | | | | | | 0.0 | | |
| | | 128,895 | | | | Statoil ASA | | | | | 2,305,031 | | | | | | 0.2 | | |
| | | 11,972 | | | | Technip S.A. | | | | | 741,956 | | | | | | 0.1 | | |
| | | 57,248 | | | | Tenaris S.A. | | | | | 772,178 | | | | | | 0.1 | | |
| | | 37,470 | | | | TonenGeneral Sekiyu KK | | | | | 348,545 | | | | | | 0.0 | | |
| | | 245,901 | | | | Total S.A. | | | | | 12,061,706 | | | | | | 0.8 | | |
| | | 41,792 | | | | Transocean Ltd - RIGN | | | | | 677,525 | | | | | | 0.1 | | |
| | | 105,177 | | | | Tullow Oil PLC | | | | | 562,092 | | | | | | 0.0 | | |
| | | 86,625 | | | | Woodside Petroleum Ltd. | | | | | 2,285,750 | | | | | | 0.2 | | |
| | | 26,525 | | | | WorleyParsons Ltd. | | | | | 212,964 | | | | | | 0.0 | | |
| | | | | | | | | | | | 77,319,119 | | | | | | 5.1 | | |
| | | | | | | Financials: 26.3% | | ||||||||||||
| | | 115,338 | | | | 3i Group PLC | | | | | 935,868 | | | | | | 0.1 | | |
| | | 105,166 | | | | Aberdeen Asset Management PLC | | | | | 667,068 | | | | | | 0.0 | | |
| | | 45,443 L | | | | Acom Co., Ltd. | | | | | 174,201 | | | | | | 0.0 | | |
| | | 22,488 | | | | Admiral Group PLC | | | | | 490,017 | | | | | | 0.0 | | |
| | | 211,258 | | | | Aegon NV | | | | | 1,558,706 | | | | | | 0.1 | | |
| | | 13,598 | | | | AEON Financial Service Co., Ltd. | | | | | 377,270 | | | | | | 0.0 | | |
| | | 12,042 | | | | Aeon Mall Co., Ltd. | | | | | 225,496 | | | | | | 0.0 | | |
| | | 25,708 | | | | Ageas | | | | | 991,903 | | | | | | 0.1 | | |
| | | 1,386,099 | | | | AIA Group Ltd. | | | | | 9,063,228 | | | | | | 0.6 | | |
| | | 52,392 | | | | Allianz SE | | | | | 8,170,606 | | | | | | 0.5 | | |
| | | 350,784 | | | | AMP Ltd. | | | | | 1,627,750 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
25
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 142,682 | | | | Aozora Bank Ltd. | | | | $ | 538,341 | | | | | | 0.0 | | |
| | | 249,297 | | | | Ascendas Real Estate Investment Trust | | | | | 455,148 | | | | | | 0.0 | | |
| | | 135,994 | | | | Assicurazioni Generali S.p.A. | | | | | 2,451,131 | | | | | | 0.2 | | |
| | | 23,550 | | | | ASX Ltd. | | | | | 724,267 | | | | | | 0.1 | | |
| | | 317,988 | | | | Australia & New Zealand Banking Group Ltd. | | | | | 7,891,572 | | | | | | 0.5 | | |
| | | 459,909 | | | | Aviva PLC | | | | | 3,562,149 | | | | | | 0.2 | | |
| | | 213,688 | | | | AXA S.A. | | | | | 5,417,396 | | | | | | 0.4 | | |
| | | 5,722 | | | | Baloise Holding AG | | | | | 697,689 | | | | | | 0.1 | | |
| | | 248,160 @ | | | | Banca Monte dei Paschi di Siena SpA | | | | | 483,547 | | | | | | 0.0 | | |
| | | 4,040,826 @ | | | | Banco Comercial Portugues SA | | | | | 353,218 | | | | | | 0.0 | | |
| | | 9,822 @ | | | | Banco de Sabadell SA | | | | | 23,707 | | | | | | 0.0 | | |
| | | 582,019 | | | | Banco de Sabadell SA | | | | | 1,409,761 | | | | | | 0.1 | | |
| | | 41,944 | | | | Banco Popolare SC | | | | | 690,634 | | | | | | 0.1 | | |
| | | — | | | | Banco Popular Espanol S.A. | | | | | — | | | | | | — | | |
| | | 205,822 | | | | Banco Popular Espanol SA | | | | | 1,001,454 | | | | | | 0.1 | | |
| | | 1,654,239 | | | | Banco Santander SA | | | | | 11,635,972 | | | | | | 0.8 | | |
| | | 139,262 | | | | Bank Hapoalim BM | | | | | 749,502 | | | | | | 0.1 | | |
| | | 173,356 | | | | Bank Leumi Le-Israel BM | | | | | 732,517 | | | | | | 0.1 | | |
| | | 148,552 | | | | Bank of East Asia Ltd. | | | | | 648,993 | | | | | | 0.0 | | |
| | | 43,557 | | | | Bank of Kyoto Ltd. | | | | | 501,042 | | | | | | 0.0 | | |
| | | 42,609 | | | | Bank of Queensland Ltd. | | | | | 419,250 | | | | | | 0.0 | | |
| | | 142,809 | | | | Bank of Yokohama Ltd. | | | | | 874,559 | | | | | | 0.1 | | |
| | | 546,447 | | | | Bankia SA | | | | | 695,699 | | | | | | 0.1 | | |
| | | 75,624 | | | | Bankinter S.A. | | | | | 560,898 | | | | | | 0.0 | | |
| | | 1,890,374 | | | | Barclays PLC | | | | | 7,747,932 | | | | | | 0.5 | | |
| | | 728,480 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | 7,178,425 | | | | | | 0.5 | | |
| | | 53,801 | | | | Bendigo Bank Ltd. | | | | | 508,725 | | | | | | 0.0 | | |
| | | 874,585 @ | | | | BGP Holdings PLC | | | | | — | | | | | | — | | |
| | | 121,708 | | | | BNP Paribas | | | | | 7,385,589 | | | | | | 0.5 | | |
| | | 435,917 | | | | BOC Hong Kong Holdings Ltd. | | | | | 1,814,309 | | | | | | 0.1 | | |
| | | 113,242 | | | | British Land Co. PLC | | | | | 1,410,545 | | | | | | 0.1 | | |
| | | 160,000 | | | | CapitaCommercial Trust | | | | | 185,181 | | | | | | 0.0 | | |
| | | 101,444 | | | | Capital Shopping Centres Group PLC | | | | | 490,038 | | | | | | 0.0 | | |
| | | 309,696 | | | | CapitaLand Ltd. | | | | | 804,208 | | | | | | 0.1 | | |
| | | 296,801 | | | | CapitaMall Trust | | | | | 473,423 | | | | | | 0.0 | | |
| | | 328,699 @ | | | | Cheung Kong Property Holdings Ltd. | | | | | 2,726,596 | | | | | | 0.2 | | |
| | | 91,266 | | | | Chiba Bank Ltd. | | | | | 694,972 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 22,006 | | | | Chugoku Bank Ltd. | | | | $ | 346,855 | | | | | | 0.0 | | |
| | | 50,681 | | | | City Developments Ltd. | | | | | 367,769 | | | | | | 0.0 | | |
| | | 328,699 | | | | CK Hutchison Holdings Ltd. | | | | | 4,832,526 | | | | | | 0.3 | | |
| | | 18,565 | | | | CNP Assurances | | | | | 310,718 | | | | | | 0.0 | | |
| | | 112,565 | | | | Commerzbank AG | | | | | 1,438,991 | | | | | | 0.1 | | |
| | | 186,817 | | | | Commonwealth Bank of Australia | | | | | 12,250,908 | | | | | | 0.8 | | |
| | | 118,801 | | | | Credit Agricole SA | | | | | 1,773,697 | | | | | | 0.1 | | |
| | | 17,524 | | | | Credit Saison Co., Ltd. | | | | | 375,201 | | | | | | 0.0 | | |
| | | 175,348 | | | | Credit Suisse Group AG | | | | | 4,837,412 | | | | | | 0.3 | | |
| | | 265,713 | | | | CaixaBank SA | | | | | 1,236,445 | | | | | | 0.1 | | |
| | | 124,883 | | | | Dai-ichi Life Insurance Co., Ltd. | | | | | 2,452,393 | | | | | | 0.2 | | |
| | | 8,481 | | | | Daito Trust Construction Co., Ltd. | | | | | 877,744 | | | | | | 0.1 | | |
| | | 69,454 | | | | Daiwa House Industry Co., Ltd. | | | | | 1,618,136 | | | | | | 0.1 | | |
| | | 190,121 | | | | Daiwa Securities Group, Inc. | | | | | 1,422,240 | | | | | | 0.1 | | |
| | | 78,987 | | | | Danske Bank A/S | | | | | 2,321,980 | | | | | | 0.2 | | |
| | | 206,620 | | | | DBS Group Holdings Ltd. | | | | | 3,170,306 | | | | | | 0.2 | | |
| | | 24,482 | | | | Delta Lloyd NV | | | | | 401,901 | | | | | | 0.0 | | |
| | | 40,336 | | | | Deutsche Annington Immobilien SE | | | | | 1,138,202 | | | | | | 0.1 | | |
| | | 158,704 | | | | Deutsche Bank AG | | | | | 4,771,717 | | | | | | 0.3 | | |
| | | 22,712 | | | | Deutsche Boerse AG | | | | | 1,881,186 | | | | | | 0.1 | | |
| | | 39,336 | | | | Deutsche Wohnen AG | | | | | 901,816 | | | | | | 0.1 | | |
| | | 110,927 | | | | Dexus Property Group | | | | | 624,188 | | | | | | 0.0 | | |
| | | 159,585 | | | | Direct Line Insurance Group PLC | | | | | 842,374 | | | | | | 0.1 | | |
| | | 112,193 | | | | DnB NOR ASA | | | | | 1,868,419 | | | | | | 0.1 | | |
| | | 32,922 L | | | | Erste Bank der Oesterreichischen Sparkassen AG | | | | | 937,998 | | | | | | 0.1 | | |
| | | 4,527 | | | | Eurazeo SA | | | | | 300,686 | | | | | | 0.0 | | |
| | | 11,951 | | | | Exor S.p.A. | | | | | 570,899 | | | | | | 0.0 | | |
| | | 394,260 | | | | Federation Centres Ltd | | | | | 887,129 | | | | | | 0.1 | | |
| | | 251,541 | | | | First Pacific Co. | | | | | 212,226 | | | | | | 0.0 | | |
| | | 3,247 | | | | Fonciere Des Regions | | | | | 276,254 | | | | | | 0.0 | | |
| | | 94,719 | | | | Fukuoka Financial Group, Inc. | | | | | 490,939 | | | | | | 0.0 | | |
| | | 3,130 | | | | Gecina S.A. | | | | | 385,763 | | | | | | 0.0 | | |
| | | 22,766 | | | | Gjensidige Forsikring ASA | | | | | 366,573 | | | | | | 0.0 | | |
| | | 376,197 | | | | Global Logistic Properties Ltd. | | | | | 706,223 | | | | | | 0.1 | | |
| | | 210,380 L | | | | Goodman Group | | | | | 1,016,070 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
26
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 3,216,856 | | | | Governor & Co. of the Bank of Ireland | | | | $ | 1,302,174 | | | | | | 0.1 | | |
| | | 206,363 L | | | | GPT Group | | | | | 680,310 | | | | | | 0.0 | | |
| | | 9,590 | | | | Groupe Bruxelles Lambert S.A. | | | | | 773,308 | | | | | | 0.1 | | |
| | | 52,145 | | | | Gunma Bank Ltd. | | | | | 384,744 | | | | | | 0.0 | | |
| | | 57,047 | | | | Hachijuni Bank Ltd. | | | | | 430,137 | | | | | | 0.0 | | |
| | | 87,058 | | | | Hammerson PLC | | | | | 841,350 | | | | | | 0.1 | | |
| | | 253,823 | | | | Hang Lung Properties Ltd. | | | | | 754,343 | | | | | | 0.1 | | |
| | | 90,136 | | | | Hang Seng Bank Ltd. | | | | | 1,760,443 | | | | | | 0.1 | | |
| | | 7,265 | | | | Hannover Rueck SE | | | | | 703,157 | | | | | | 0.1 | | |
| | | 26,655 | | | | Hargreaves Lansdown PLC | | | | | 482,933 | | | | | | 0.0 | | |
| | | 134,029 | | | | Henderson Land Development Co., Ltd. | | | | | 916,214 | | | | | | 0.1 | | |
| | | 18,000 | | | | Hiroshima Bank Ltd. | | | | | 107,482 | | | | | | 0.0 | | |
| | | 50,000 | | | | Hokugin Financial Group, Inc. | | | | | 117,962 | | | | | | 0.0 | | |
| | | 127,588 | | | | Hong Kong Exchanges and Clearing Ltd. | | | | | 4,495,509 | | | | | | 0.3 | | |
| | | 2,197,739 | | | | HSBC Holdings PLC | | | | | 19,679,340 | | | | | | 1.3 | | |
| | | 77,644 | | | | Hysan Development Co., Ltd. | | | | | 336,236 | | | | | | 0.0 | | |
| | | 3,958 | | | | ICADE | | | | | 283,111 | | | | | | 0.0 | | |
| | | 64,008 | | | | ICAP PLC | | | | | 532,414 | | | | | | 0.0 | | |
| | | 8,717 | | | | Industrivarden AB | | | | | 164,277 | | | | | | 0.0 | | |
| | | 443,496 | | | | ING Groep NV | | | | | 7,364,433 | | | | | | 0.5 | | |
| | | 279,183 | | | | Insurance Australia Group Ltd. | | | | | 1,200,314 | | | | | | 0.1 | | |
| | | 1,447,254 | | | | Intesa Sanpaolo S.p.A. | | | | | 5,255,692 | | | | | | 0.4 | | |
| | | 58,136 | | | | Intesa Sanpaolo SpA | | | | | 185,607 | | | | | | 0.0 | | |
| | | 65,024 | | | | Investec PLC - INVP - GBP | | | | | 584,236 | | | | | | 0.0 | | |
| | | 53,612 | | | | Investor AB | | | | | 1,998,960 | | | | | | 0.1 | | |
| | | 35,356 | | | | Iyo Bank Ltd. | | | | | 434,064 | | | | | | 0.0 | | |
| | | 98 | | | | Japan Prime Realty Investment Corp. | | | | | 304,276 | | | | | | 0.0 | | |
| | | 144 | | | | Japan Real Estate Investment Corp. | | | | | 653,512 | | | | | | 0.0 | | |
| | | 276 | | | | Japan Retail Fund Investment Corp. | | | | | 551,914 | | | | | | 0.0 | | |
| | | 87,344 | | | | Joyo Bank Ltd. | | | | | 489,076 | | | | | | 0.0 | | |
| | | 26,560 | | | | Julius Baer Group Ltd. | | | | | 1,490,387 | | | | | | 0.1 | | |
| | | 29,150 | | | | KBC Groep NV | | | | | 1,954,167 | | | | | | 0.1 | | |
| | | 72,560 | | | | Kerry Properties Ltd. | | | | | 284,421 | | | | | | 0.0 | | |
| | | 27,530 | | | | Kinnevik Investment AB | | | | | 870,770 | | | | | | 0.1 | | |
| | | 20,009 | | | | Klepierre | | | | | 882,188 | | | | | | 0.1 | | |
| | | 93,111 | | | | Land Securities Group PLC | | | | | 1,760,632 | | | | | | 0.1 | | |
| | | 691,828 | | | | Legal & General Group PLC | | | | | 2,705,074 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 66,564 | | | | Lend Lease Corp., Ltd. | | | | $ | 769,631 | | | | | | 0.1 | | |
| | | 270,032 | | | | Link REIT | | | | | 1,580,210 | | | | | | 0.1 | | |
| | | 6,535,604 | | | | Lloyds Banking Group Plc | | | | | 8,772,028 | | | | | | 0.6 | | |
| | | 28,657 | | | | London Stock Exchange Group PLC | | | | | 1,066,053 | | | | | | 0.1 | | |
| | | 34,078 | | | | Macquarie Group Ltd. | | | | | 2,135,174 | | | | | | 0.1 | | |
| | | 107,391 L | | | | Corp. Mapfre S.A. | | | | | 371,155 | | | | | | 0.0 | | |
| | | 250,000 @ | | | | Medibank Pvt Ltd. | | | | | 387,379 | | | | | | 0.0 | | |
| | | 71,750 | | | | Mediobanca S.p.A. | | | | | 703,486 | | | | | | 0.1 | | |
| | | 443,942 | | | | Mirvac Group | | | | | 632,477 | | | | | | 0.0 | | |
| | | 144,327 | | | | Mitsubishi Estate Co., Ltd. | | | | | 3,108,528 | | | | | | 0.2 | | |
| | | 1,462,106 | | | | Mitsubishi UFJ Financial Group, Inc. | | | | | 10,519,073 | | | | | | 0.7 | | |
| | | 59,976 | | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | | 327,976 | | | | | | 0.0 | | |
| | | 108,619 | | | | Mitsui Fudosan Co., Ltd. | | | | | 3,039,475 | | | | | | 0.2 | | |
| | | 59,554 | | | | MS&AD Insurance Group Holdings, Inc. | | | | | 1,853,815 | | | | | | 0.1 | | |
| | | 2,653,461 | | | | Mizuho Financial Group, Inc. | | | | | 5,741,380 | | | | | | 0.4 | | |
| | | 19,934 | | | | Muenchener Rueckversicherungs- Gesellschaft AG | | | | | 3,534,194 | | | | | | 0.2 | | |
| | | 294,982 | | | | National Australia Bank Ltd. | | | | | 7,576,352 | | | | | | 0.5 | | |
| | | 108,870 | | | | Natixis SA | | | | | 785,754 | | | | | | 0.1 | | |
| | | 579,094 | | | | New World Development Ltd. | | | | | 756,672 | | | | | | 0.1 | | |
| | | 162 | | | | Nippon Prologis REIT, Inc. | | | | | 298,103 | | | | | | 0.0 | | |
| | | 164 | | | | Nippon Building Fund, Inc. | | | | | 717,750 | | | | | | 0.1 | | |
| | | 39,313 | | | | NKSJ Holdings, Inc. | | | | | 1,439,494 | | | | | | 0.1 | | |
| | | 16,024 | | | | NN Group NV | | | | | 451,273 | | | | | | 0.0 | | |
| | | 415,226 | | | | Nomura Holdings, Inc. | | | | | 2,803,543 | | | | | | 0.2 | | |
| | | 13,745 | | | | Nomura Real Estate Holdings, Inc. | | | | | 288,489 | | | | | | 0.0 | | |
| | | 346,381 | | | | Nordea Bank AB | | | | | 4,319,979 | | | | | | 0.3 | | |
| | | 568,970 | | | | Old Mutual PLC | | | | | 1,800,980 | | | | | | 0.1 | | |
| | | 152,263 | | | | ORIX Corp. | | | | | 2,261,027 | | | | | | 0.2 | | |
| | | 30,907 | | | | Osaka Securities Exchange Co. Ltd. | | | | | 1,001,977 | | | | | | 0.1 | | |
| | | 357,022 | | | | Oversea-Chinese Banking Corp. | | | | | 2,696,216 | | | | | | 0.2 | | |
| | | 2,448 | | | | Pargesa Holding SA | | | | | 164,834 | | | | | | 0.0 | | |
| | | 2,093 | | | | Partners Group | | | | | 625,572 | | | | | | 0.0 | | |
| | | 295,051 | | | | Prudential PLC | | | | | 7,110,553 | | | | | | 0.5 | | |
| | | 159,601 | | | | QBE Insurance Group Ltd. | | | | | 1,680,617 | | | | | | 0.1 | | |
| | | 12,113 L | | | | Raiffeisen International Bank Holding AG | | | | | 176,259 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
27
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 255,813 | | | | Resona Holdings, Inc. | | | | $ | 1,395,237 | | | | | | 0.1 | | |
| | | 292,641 | | | | Royal Bank of Scotland Group PLC | | | | | 1,618,152 | | | | | | 0.1 | | |
| | | 118,534 | | | | RSA Insurance Group PLC | | | | | 739,149 | | | | | | 0.1 | | |
| | | 51,235 | | | | Sampo OYJ | | | | | 2,414,556 | | | | | | 0.2 | | |
| | | 23,870 | | | | Softbank Investment Corp. | | | | | 328,151 | | | | | | 0.0 | | |
| | | 628,503 | | | | Scentre Group | | | | | 1,815,564 | | | | | | 0.1 | | |
| | | 13,306 | | | | Schroders PLC | | | | | 663,923 | | | | | | 0.0 | | |
| | | 18,398 | | | | Scor S.A. | | | | | 650,581 | | | | | | 0.0 | | |
| | | 88,090 | | | | Segro PLC | | | | | 561,253 | | | | | | 0.0 | | |
| | | 67,407 | | | | Seven Bank Ltd. | | | | | 312,041 | | | | | | 0.0 | | |
| | | 188,940 | | | | Shinsei Bank Ltd. | | | | | 380,764 | | | | | | 0.0 | | |
| | | 66,181 | | | | Shizuoka Bank Ltd. | | | | | 690,845 | | | | | | 0.1 | | |
| | | 26,664 | | | | Hulic Co. Ltd. | | | | | 236,300 | | | | | | 0.0 | | |
| | | 106,551 | | | | Singapore Exchange Ltd. | | | | | 618,971 | | | | | | 0.0 | | |
| | | 344,626 | | | | Sino Land Co. | | | | | 575,221 | | | | | | 0.0 | | |
| | | 173,883 | | | | Skandinaviska Enskilda Banken AB | | | | | 2,224,197 | | | | | | 0.2 | | |
| | | 83,388 | | | | Societe Generale | | | | | 3,912,889 | | | | | | 0.3 | | |
| | | 21,398 | | | | Sony Financial Holdings, Inc. | | | | | 374,653 | | | | | | 0.0 | | |
| | | 283,284 | | | | Standard Chartered PLC | | | | | 4,536,597 | | | | | | 0.3 | | |
| | | 228,960 | | | | Standard Life PLC | | | | | 1,596,537 | | | | | | 0.1 | | |
| | | 280,377 | | | | Stockland | | | | | 885,354 | | | | | | 0.1 | | |
| | | 145,551 | | | | Sumitomo Mitsui Financial Group, Inc. | | | | | 6,479,815 | | | | | | 0.4 | | |
| | | 382,859 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,751,428 | | | | | | 0.1 | | |
| | | 41,496 | | | | Sumitomo Realty & Development Co., Ltd. | | | | | 1,454,307 | | | | | | 0.1 | | |
| | | 195,471 | | | | Sun Hung Kai Properties Ltd. | | | | | 3,163,265 | | | | | | 0.2 | | |
| | | 156,065 | | | | Suncorp Group Ltd | | | | | 1,614,662 | | | | | | 0.1 | | |
| | | 109,000 | | | | Suntec Real Estate Investment Trust | | | | | 139,614 | | | | | | 0.0 | | |
| | | 21,761 | | | | Suruga Bank Ltd. | | | | | 466,145 | | | | | | 0.0 | | |
| | | 172,326 | | | | Svenska Handelsbanken AB | | | | | 2,515,659 | | | | | | 0.2 | | |
| | | 103,499 | | | | Swedbank AB | | | | | 2,413,019 | | | | | | 0.2 | | |
| | | 73,620 | | | | Swire Pacific Ltd. | | | | | 924,445 | | | | | | 0.1 | | |
| | | 135,825 | | | | Swire Properties Ltd. | | | | | 433,212 | | | | | | 0.0 | | |
| | | 3,822 | | | | Swiss Life Holding | | | | | 875,165 | | | | | | 0.1 | | |
| | | 6,697 @ | | | | Swiss Prime Site AG | | | | | 508,211 | | | | | | 0.1 | | |
| | | 40,714 | | | | Swiss Re Ltd. | | | | | 3,604,115 | | | | | | 0.2 | | |
| | | 69,111 | | | | T&D Holdings, Inc. | | | | | 1,030,274 | | | | | | 0.1 | | |
| | | 80,188 | | | | Tokio Marine Holdings, Inc. | | | | | 3,334,947 | | | | | | 0.2 | | |
| | | 23,411 | | | | Tokyo Tatemono Co., Ltd. | | | | | 324,937 | | | | | | 0.0 | | |
| | | 54,335 | | | | Tokyu Fudosan Holdings Corp. | | | | | 418,766 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 6,685 | | | | Tryg A/S | | | | $ | 139,382 | | | | | | 0.0 | | |
| | | 419,559 | | | | UBS Group AG | | | | | 8,901,564 | | | | | | 0.6 | | |
| | | 11,252 | | | | Unibail-Rodamco SE | | | | | 2,858,068 | | | | | | 0.2 | | |
| | | 533,271 | | | | UniCredit SpA | | | | | 3,584,056 | | | | | | 0.2 | | |
| | | 101,428 | | | | Unione di Banche Italiane SCPA | | | | | 813,877 | | | | | | 0.1 | | |
| | | 100,871 L | | | | UnipolSai SpA | | | | | 249,895 | | | | | | 0.0 | | |
| | | 152,556 | | | | United Overseas Bank Ltd. | | | | | 2,610,077 | | | | | | 0.2 | | |
| | | 302 | | | | United Urban Investment Corp. | | | | | 426,477 | | | | | | 0.0 | | |
| | | 3,641 | | | | Wendel | | | | | 447,405 | | | | | | 0.0 | | |
| | | 234,673 | | | | Westfield Corp. | | | | | 1,648,283 | | | | | | 0.1 | | |
| | | 358,334 | | | | Westpac Banking Corp. | | | | | 8,865,925 | | | | | | 0.6 | | |
| | | 168,857 | | | | Wharf Holdings Ltd. | | | | | 1,122,147 | | | | | | 0.1 | | |
| | | 105,504 | | | | Wheelock & Co., Ltd. | | | | | 538,352 | | | | | | 0.0 | | |
| | | 17,165 | | | | Zurich Insurance Group AG | | | | | 5,225,535 | | | | | | 0.4 | | |
| | | | | | | | | | | | 397,060,995 | | | | | | 26.3 | | |
| | | | | | | Health Care: 11.0% | | ||||||||||||
| | | 11,887 | | | | Actelion Ltd. - Reg | | | | | 1,740,869 | | | | | | 0.1 | | |
| | | 21,568 | | | | Alfresa Holdings Corp. | | | | | 335,623 | | | | | | 0.0 | | |
| | | 246,420 | | | | Astellas Pharma, Inc. | | | | | 3,510,461 | | | | | | 0.2 | | |
| | | 144,340 | | | | AstraZeneca PLC | | | | | 9,135,257 | | | | | | 0.6 | | |
| | | 95,116 | | | | Bayer AG | | | | | 13,320,083 | | | | | | 0.9 | | |
| | | 25,706 | | | | Chugai Pharmaceutical Co., Ltd. | | | | | 886,687 | | | | | | 0.1 | | |
| | | 7,040 | | | | Cochlear Ltd. | | | | | 435,062 | | | | | | 0.0 | | |
| | | 13,835 | | | | Coloplast A/S | | | | | 907,344 | | | | | | 0.1 | | |
| | | 54,519 | | | | CSL Ltd. | | | | | 3,634,591 | | | | | | 0.2 | | |
| | | 73,493 | | | | Daiichi Sankyo Co., Ltd. | | | | | 1,358,192 | | | | | | 0.1 | | |
| | | 18,409 | | | | Dainippon Sumitomo Pharma Co., Ltd. | | | | | 202,873 | | | | | | 0.0 | | |
| | | 29,079 | | | | Eisai Co., Ltd. | | | | | 1,949,591 | | | | | | 0.1 | | |
| | | 40,738 L | | | | Elekta AB | | | | | 255,539 | | | | | | 0.0 | | |
| | | 23,859 | | | | Essilor International SA | | | | | 2,858,326 | | | | | | 0.2 | | |
| | | 44,774 | | | | Fresenius AG | | | | | 2,874,784 | | | | | | 0.2 | | |
| | | 25,668 | | | | Fresenius Medical Care AG & Co. KGaA | | | | | 2,124,963 | | | | | | 0.1 | | |
| | | 22,967 | | | | Getinge AB | | | | | 552,954 | | | | | | 0.0 | | |
| | | 554,849 | | | | GlaxoSmithKline PLC | | | | | 11,536,318 | | | | | | 0.8 | | |
| | | 17,414 | | | | Grifols SA | | | | | 703,211 | | | | | | 0.0 | | |
| | | 7,229 | | | | Hisamitsu Pharmaceutical Co., Inc. | | | | | 280,632 | | | | | | 0.0 | | |
| | | 26,714 | | | | Kyowa Hakko Kogyo Co., Ltd. | | | | | 349,095 | | | | | | 0.0 | | |
| | | 6,339 | | | | Lonza Group AG | | | | | 847,304 | | | | | | 0.1 | | |
| | | 22,100 | | | | M3, Inc. | | | | | 444,242 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
28
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 15,162 | | | | Merck KGaA | | | | $ | 1,511,506 | | | | | | 0.1 | | |
| | | 7,432 | | | | Miraca Holdings, Inc. | | | | | 371,334 | | | | | | 0.0 | | |
| | | 29,213 | | | | Mitsubishi Tanabe Pharma Corp. | | | | | 437,664 | | | | | | 0.0 | | |
| | | 262,789 | | | | Novartis AG | | | | | 25,848,048 | | | | | | 1.7 | | |
| | | 218,860 | | | | Novo Nordisk A/S | | | | | 12,009,916 | | | | | | 0.8 | | |
| | | 28,757 | | | | Olympus Corp. | | | | | 992,836 | | | | | | 0.1 | | |
| | | 9,618 | | | | Ono Pharmaceutical Co., Ltd. | | | | | 1,049,756 | | | | | | 0.1 | | |
| | | 11,104 | | | | Orion Oyj | | | | | 388,956 | | | | | | 0.0 | | |
| | | 45,146 | | | | Otsuka Holdings Co. Ltd. | | | | | 1,438,496 | | | | | | 0.1 | | |
| | | 28,520 | | | | Qiagen NV | | | | | 700,930 | | | | | | 0.0 | | |
| | | 16,464 | | | | Ramsay Health Care Ltd. | | | | | 779,866 | | | | | | 0.1 | | |
| | | 80,268 | | | | Roche Holding AG | | | | | 22,506,465 | | | | | | 1.5 | | |
| | | 45,693 | | | | Ryman Healthcare Ltd. | | | | | 245,235 | | | | | | 0.0 | | |
| | | 137,328 | | | | Sanofi | | | | | 13,585,879 | | | | | | 0.9 | | |
| | | 44,645 | | | | Santen Pharmaceutical Co., Ltd. | | | | | 631,670 | | | | | | 0.0 | | |
| | | 35,232 | | | | Shionogi & Co., Ltd. | | | | | 1,365,354 | | | | | | 0.1 | | |
| | | 67,702 | | | | Shire PLC | | | | | 5,439,792 | | | | | | 0.4 | | |
| | | 104,071 | | | | Smith & Nephew PLC | | | | | 1,760,588 | | | | | | 0.1 | | |
| | | 46,615 | | | | Sonic Healthcare Ltd. | | | | | 767,596 | | | | | | 0.1 | | |
| | | 6,312 | | | | Sonova Holding AG - Reg | | | | | 853,539 | | | | | | 0.1 | | |
| | | 9,317 | | | | Suzuken Co., Ltd. | | | | | 298,079 | | | | | | 0.0 | | |
| | | 17,438 | | | | Sysmex Corp. | | | | | 1,038,564 | | | | | | 0.1 | | |
| | | 90,362 | | | | Takeda Pharmaceutical Co., Ltd. | | | | | 4,361,652 | | | | | | 0.3 | | |
| | | 36,364 | | | | Terumo Corp. | | | | | 872,016 | | | | | | 0.1 | | |
| | | 100,715 | | | | Teva Phaemaceutical Industries Ltd. | | | | | 5,960,110 | | | | | | 0.4 | | |
| | | 14,728 | | | | UCB S.A. | | | | | 1,059,022 | | | | | | 0.1 | | |
| | | | | | | | | | | | 166,518,870 | | | | | | 11.0 | | |
| | | | | | | Industrials: 12.6% | | ||||||||||||
| | | 252,592 | | | | ABB Ltd. | | | | | 5,293,908 | | | | | | 0.4 | | |
| | | 46,868 | | | | Abertis Infraestructuras S.A. | | | | | 769,674 | | | | | | 0.1 | | |
| | | 2,343 @ | | | | Abertis Infraestructuras SA | | | | | 38,424 | | | | | | 0.0 | | |
| | | 21,198 | | | | ACS Actividades de Construccion y Servicios S.A. | | | | | 683,763 | | | | | | 0.1 | | |
| | | 19,523 | | | | Adecco S.A. | | | | | 1,584,438 | | | | | | 0.1 | | |
| | | 7,070 #,@ | | | | Aena SA | | | | | 737,526 | | | | | | 0.1 | | |
| | | 3,387 | | | | Aeroports de Paris | | | | | 382,599 | | | | | | 0.0 | | |
| | | 29,629 | | | | Aggreko PLC | | | | | 669,235 | | | | | | 0.1 | | |
| | | 35,885 | | | | Alfa Laval AB | | | | | 631,611 | | | | | | 0.0 | | |
| | | 141,895 | | | | All Nippon Airways Ltd. | | | | | 384,724 | | | | | | 0.0 | | |
| | | 25,213 | | | | Alstom SA | | | | | 716,158 | | | | | | 0.1 | | |
| | | 40,389 | | | | Amada Holdings Co., Ltd. | | | | | 426,310 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 8,945 | | | | Andritz AG | | | | $ | 495,340 | | | | | | 0.0 | | |
| | | 423 | | | | AP Moller - Maersk A/S - Class A | | | | | 741,860 | | | | | | 0.1 | | |
| | | 830 | | | | AP Moller - Maersk A/S - Class B | | | | | 1,500,675 | | | | | | 0.1 | | |
| | | 122,107 | | | | Asahi Glass Co., Ltd. | | | | | 733,074 | | | | | | 0.1 | | |
| | | 113,673 | | | | Asciano Group | | | | | 582,491 | | | | | | 0.0 | | |
| | | 54,691 | | | | Ashtead Group PLC | | | | | 942,582 | | | | | | 0.1 | | |
| | | 118,788 | | | | Assa Abloy AB | | | | | 2,236,280 | | | | | | 0.2 | | |
| | | 47,971 | | | | Altantia S.p.A. | | | | | 1,185,264 | | | | | | 0.1 | | |
| | | 44,929 | | | | Atlas Copco AB | | | | | 1,119,210 | | | | | | 0.1 | | |
| | | 77,708 | | | | Atlas Copco AB | | | | | 2,174,139 | | | | | | 0.2 | | |
| | | 119,731 | | | | Auckland International Airport Ltd. | | | | | 400,726 | | | | | | 0.0 | | |
| | | 251,794 | | | | Aurizon Holdings Ltd. | | | | | 994,667 | | | | | | 0.1 | | |
| | | 28,935 | | | | Babcock International Group | | | | | 490,227 | | | | | | 0.0 | | |
| | | 366,641 | | | | BAE Systems PLC | | | | | 2,597,791 | | | | | | 0.2 | | |
| | | 82,988 | | | | Bollore Investissement | | | | | 443,939 | | | | | | 0.0 | | |
| | | 20,996 | | | | Bouygues S.A. | | | | | 784,968 | | | | | | 0.1 | | |
| | | 187,310 | | | | Brambles Ltd. | | | | | 1,528,024 | | | | | | 0.1 | | |
| | | 18,424 | | | | Brenntag AG | | | | | 1,057,198 | | | | | | 0.1 | | |
| | | 40,631 | | | | Bunzl PLC | | | | | 1,108,384 | | | | | | 0.1 | | |
| | | 28,039 | | | | Bureau Veritas SA | | | | | 646,356 | | | | | | 0.0 | | |
| | | 78,118 | | | | Capita Group PLC | | | | | 1,517,872 | | | | | | 0.1 | | |
| | | 135,879 | | | | Cathay Pacific Airways Ltd. | | | | | 333,842 | | | | | | 0.0 | | |
| | | 16,628 | | | | Central Japan Railway Co. | | | | | 3,000,598 | | | | | | 0.2 | | |
| | | 17,646 | | | | Chiyoda Corp. | | | | | 156,183 | | | | | | 0.0 | | |
| | | 51,850 L | | | | Cie de Saint-Gobain | | | | | 2,340,586 | | | | | | 0.2 | | |
| | | 13,084 | | | | CIMIC Group Ltd. | | | | | 219,186 | | | | | | 0.0 | | |
| | | 110,890 | | | | CNH Industrial NV | | | | | 1,011,867 | | | | | | 0.1 | | |
| | | 134,751 | | | | Cobham PLC | | | | | 556,519 | | | | | | 0.0 | | |
| | | 256,402 | | | | ComfortDelgro Corp., Ltd. | | | | | 595,455 | | | | | | 0.0 | | |
| | | 68,748 | | | | Dai Nippon Printing Co., Ltd. | | | | | 709,401 | | | | | | 0.1 | | |
| | | 27,198 | | | | Daikin Industries Ltd. | | | | | 1,955,220 | | | | | | 0.1 | | |
| | | 26,607 | | | | Deutsche Lufthansa AG | | | | | 343,285 | | | | | | 0.0 | | |
| | | 110,704 | | | | Deutsche Post AG | | | | | 3,234,701 | | | | | | 0.2 | | |
| | | 22,274 | | | | DSV A/S | | | | | 721,253 | | | | | | 0.1 | | |
| | | 38,633 | | | | East Japan Railway Co. | | | | | 3,473,077 | | | | | | 0.2 | | |
| | | 18,274 | | | | easyJet PLC | | | | | 444,212 | | | | | | 0.0 | | |
| | | 24,374 | | | | Edenred | | | | | 602,253 | | | | | | 0.0 | | |
| | | 67,916 | | | | Airbus Group SE | | | | | 4,423,877 | | | | | | 0.3 | | |
| | | 115,662 | | | | Experian PLC | | | | | 2,103,692 | | | | | | 0.1 | | |
| | | 22,393 | | | | Fanuc Ltd. | | | | | 4,581,957 | | | | | | 0.3 | | |
| | | 51,181 | | | | Ferrovial SA | | | | | 1,111,983 | | | | | | 0.1 | | |
| | | 48,679 | | | | Finmeccanica S.p.A. | | | | | 612,339 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
29
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 3,751 | | | | Fraport AG Frankfurt Airport Services Worldwide | | | | $ | 235,609 | | | | | | 0.0 | | |
| | | 67,617 | | | | Fuji Electric Holdings Co., Ltd. | | | | | 290,817 | | | | | | 0.0 | | |
| | | 184,790 | | | | Group 4 Securicor PLC | | | | | 779,168 | | | | | | 0.1 | | |
| | | 21,606 | | | | GEA Group AG | | | | | 963,910 | | | | | | 0.1 | | |
| | | 4,545 | | | | Geberit AG - Reg | | | | | 1,515,279 | | | | | | 0.1 | | |
| | | 56,566 | | | | Groupe Eurotunnel S.A. | | | | | 820,164 | | | | | | 0.1 | | |
| | | 141,788 | | | | Hankyu Hanshin Holdings, Inc. | | | | | 836,970 | | | | | | 0.1 | | |
| | | 29,836 | | | | Hexagon AB | | | | | 1,080,676 | | | | | | 0.1 | | |
| | | 29,132 | | | | Hino Motors Ltd. | | | | | 360,137 | | | | | | 0.0 | | |
| | | 12,410 | | | | Hitachi Construction Machinery Co., Ltd. | | | | | 217,243 | | | | | | 0.0 | | |
| | | 693,673 | | | | Hutchison Port Holdings Trust | | | | | 437,014 | | | | | | 0.0 | | |
| | | 158,424 | | | | IHI Corp. | | | | | 737,650 | | | | | | 0.1 | | |
| | | 31,108 | | | | IMI PLC | | | | | 549,908 | | | | | | 0.0 | | |
| | | 106,283 @ | | | | International Consolidated Airlines Group SA | | | | | 829,170 | | | | | | 0.1 | | |
| | | 18,726 | | | | Intertek Group PLC | | | | | 720,010 | | | | | | 0.1 | | |
| | | 12,943 | | | | ISS A/S | | | | | 426,284 | | | | | | 0.0 | | |
| | | 180,716 | | | | Itochu Corp. | | | | | 2,386,755 | | | | | | 0.2 | | |
| | | 14,678 | | | | Japan Airlines Co. Ltd. | | | | | 511,520 | | | | | | 0.0 | | |
| | | 3,600 | | | | Japan Airport Terminal Co., Ltd. | | | | | 195,932 | | | | | | 0.0 | | |
| | | 24,639 | | | | JGC Corp. | | | | | 465,114 | | | | | | 0.0 | | |
| | | 30,992 | | | | LIXIL Group Corp. | | | | | 614,746 | | | | | | 0.0 | | |
| | | 24,765 | | | | JTEKT Corp. | | | | | 468,317 | | | | | | 0.0 | | |
| | | 98,909 | | | | Kajima Corp. | | | | | 464,554 | | | | | | 0.0 | | |
| | | 29,520 | | | | Kamigumi Co., Ltd. | | | | | 277,100 | | | | | | 0.0 | | |
| | | 170,535 | | | | Kawasaki Heavy Industries Ltd. | | | | | 794,896 | | | | | | 0.1 | | |
| | | 23,000 | | | | Keihan Electric Railway Co., Ltd. | | | | | 133,937 | | | | | | 0.0 | | |
| | | 57,217 | | | | Keihin Electric Express Railway Co., Ltd. | | | | | 431,609 | | | | | | 0.0 | | |
| | | 72,343 | | | | Keio Corp. | | | | | 517,458 | | | | | | 0.0 | | |
| | | 34,996 | | | | Keisei Electric Railway Co., Ltd. | | | | | 416,082 | | | | | | 0.0 | | |
| | | 169,604 | | | | Keppel Corp., Ltd. | | | | | 1,033,758 | | | | | | 0.1 | | |
| | | 221,972 | | | | Kintetsu Group Holdings Co., Ltd. | | | | | 755,901 | | | | | | 0.1 | | |
| | | 107,783 | | | | Komatsu Ltd. | | | | | 2,162,484 | | | | | | 0.1 | | |
| | | 36,125 L | | | | Kone OYJ | | | | | 1,466,318 | | | | | | 0.1 | | |
| | | 111,430 L | | | | Koninklijke Philips NV | | | | | 2,843,975 | | | | | | 0.2 | | |
| | | 10,462 | | | | Boskalis Westminster NV | | | | | 513,556 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 8,090 | | | | Koninklijke Vopak NV | | | | $ | 409,171 | | | | | | 0.0 | | |
| | | 131,222 | | | | Kubota Corp. | | | | | 2,080,706 | | | | | | 0.1 | | |
| | | 6,244 | | | | Kuehne & Nagel International AG | | | | | 829,098 | | | | | | 0.1 | | |
| | | 11,248 | | | | Kurita Water Industries Ltd. | | | | | 262,010 | | | | | | 0.0 | | |
| | | 31,056 | | | | Legrand S.A. | | | | | 1,747,894 | | | | | | 0.1 | | |
| | | 3,800 | | | | Mabuchi Motor Co., Ltd. | | | | | 240,359 | | | | | | 0.0 | | |
| | | 13,904 | | | | Makita Corp. | | | | | 753,024 | | | | | | 0.1 | | |
| | | 4,449 | | | | MAN SE | | | | | 458,362 | | | | | | 0.0 | | |
| | | 191,456 | | | | Marubeni Corp. | | | | | 1,098,700 | | | | | | 0.1 | | |
| | | 95,958 | | | | Meggitt PLC | | | | | 702,670 | | | | | | 0.1 | | |
| | | 115,373 | | | | Melrose Industries PLC | | | | | 448,421 | | | | | | 0.0 | | |
| | | 12,260 | | | | Metso OYJ | | | | | 336,955 | | | | | | 0.0 | | |
| | | 32,000 | | | | Minebea Co., Ltd. | | | | | 528,268 | | | | | | 0.0 | | |
| | | 159,993 | | | | Mitsubishi Corp. | | | | | 3,517,288 | | | | | | 0.2 | | |
| | | 225,361 | | | | Mitsubishi Electric Corp. | | | | | 2,910,020 | | | | | | 0.2 | | |
| | | 353,193 | | | | Mitsubishi Heavy Industries Ltd. | | | | | 2,147,045 | | | | | | 0.1 | | |
| | | 14,490 | | | | Mitsubishi Logistics Corp. | | | | | 190,175 | | | | | | 0.0 | | |
| | | 196,501 | | | | Mitsui & Co., Ltd. | | | | | 2,669,688 | | | | | | 0.2 | | |
| | | 124,930 | | | | Mitsui OSK Lines Ltd. | | | | | 399,900 | | | | | | 0.0 | | |
| | | 168,144 | | | | MTR Corp. | | | | | 782,303 | | | | | | 0.1 | | |
| | | 13,521 | | | | Nabtesco Corp. | | | | | 339,157 | | | | | | 0.0 | | |
| | | 102,000 | | | | Nagoya Railroad Co., Ltd. | | | | | 381,383 | | | | | | 0.0 | | |
| | | 30,769 | | | | NGK Insulators Ltd. | | | | | 791,719 | | | | | | 0.1 | | |
| | | 24,692 | | | | Nidec Corp. | | | | | 1,847,895 | | | | | | 0.1 | | |
| | | 101,220 | | | | Nippon Express Co., Ltd. | | | | | 497,337 | | | | | | 0.0 | | |
| | | 192,030 | | | | Nippon Yusen KK | | | | | 534,622 | | | | | | 0.0 | | |
| | | 527,011 | | | | Noble Group Ltd. | | | | | 296,911 | | | | | | 0.0 | | |
| | | 55,549 | | | | NSK Ltd. | | | | | 856,522 | | | | | | 0.1 | | |
| | | 178,600 L | | | | NWS Holdings Ltd. | | | | | 258,175 | | | | | | 0.0 | | |
| | | 77,015 | | | | Obayashi Corp. | | | | | 561,605 | | | | | | 0.0 | | |
| | | 9,780 @ | | | | OCI | | | | | 277,181 | | | | | | 0.0 | | |
| | | 76,654 | | | | Odakyu Electric Railway Co., Ltd. | | | | | 715,200 | | | | | | 0.1 | | |
| | | 5,496 @ | | | | Orascom Construction Ltd. | | | | | 70,729 | | | | | | 0.0 | | |
| | | 92,433 | | | | Orkla ASA | | | | | 725,239 | | | | | | 0.1 | | |
| | | 10,412 | | | | Osram Licht AG | | | | | 498,119 | | | | | | 0.0 | | |
| | | 11,799 | | | | Park24 Co., Ltd. | | | | | 201,993 | | | | | | 0.0 | | |
| | | 23,718 | | | | Prysmian S.p.A. | | | | | 512,698 | | | | | | 0.0 | | |
| | | 54,663 | | | | Qantas Airways Ltd. | | | | | 132,830 | | | | | | 0.0 | | |
| | | 14,909 | | | | Randstad Holdings NV | | | | | 970,093 | | | | | | 0.1 | | |
| | | 11,800 | | | | Recruit Holdings Co. Ltd. | | | | | 359,832 | | | | | | 0.0 | | |
| | | 30,576 | | | | Rexel SA | | | | | 493,395 | | | | | | 0.0 | | |
| | | 214,227 | | | | Rolls-Royce Holdings PLC | | | | | 2,926,162 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
30
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 32,008,269 @ | | | | Rolls-Royce Holdings PLC - C shares | | | | $ | 50,293 | | | | | | 0.0 | | |
| | | 74,647 | | | | Royal Mail PLC | | | | | 603,481 | | | | | | 0.0 | | |
| | | 32,793 | | | | Safran S.A. | | | | | 2,228,597 | | | | | | 0.2 | | |
| | | 123,683 | | | | Sandvik AB | | | | | 1,367,352 | | | | | | 0.1 | | |
| | | 5,358 | | | | Schindler Holding AG - Part Cert | | | | | 876,307 | | | | | | 0.1 | | |
| | | 2,679 | | | | Schindler Holding AG - Reg | | | | | 437,518 | | | | | | 0.0 | | |
| | | 60,465 | | | | Schneider Electric SE | | | | | 4,186,546 | | | | | | 0.3 | | |
| | | 25,006 | | | | Secom Co., Ltd. | | | | | 1,624,529 | | | | | | 0.1 | | |
| | | 37,506 | | | | Securitas AB | | | | | 495,339 | | | | | | 0.0 | | |
| | | 39,012 | | | | Seek Ltd. | | | | | 422,763 | | | | | | 0.0 | | |
| | | 11,000 | | | | Seibu Holdings, Inc. | | | | | 254,732 | | | | | | 0.0 | | |
| | | 115,094 | | | | SembCorp Industries Ltd. | | | | | 332,187 | | | | | | 0.0 | | |
| | | 89,438 L | | | | SembCorp Marine Ltd. | | | | | 188,431 | | | | | | 0.0 | | |
| | | 633 | | | | SGS S.A. | | | | | 1,154,336 | | | | | | 0.1 | | |
| | | 71,692 | | | | Shimizu Corp. | | | | | 603,327 | | | | | | 0.0 | | |
| | | 90,936 | | | | Siemens AG | | | | | 9,200,143 | | | | | | 0.6 | | |
| | | 71,560 | | | | Singapore Airlines Ltd. | | | | | 569,762 | | | | | | 0.0 | | |
| | | 44,566 | | | | Skanska AB | | | | | 903,087 | | | | | | 0.1 | | |
| | | 46,369 | | | | SKF AB - B Shares | | | | | 1,058,049 | | | | | | 0.1 | | |
| | | 6,336 | | | | SMC Corp. | | | | | 1,906,624 | | | | | | 0.1 | | |
| | | 45,512 | | | | Smiths Group PLC | | | | | 806,725 | | | | | | 0.1 | | |
| | | 238,873 L | | | | Snam Rete Gas S.p.A. | | | | | 1,136,805 | | | | | | 0.1 | | |
| | | 3,513 | | | | Societe BIC S.A. | | | | | 560,056 | | | | | | 0.0 | | |
| | | 189,406 | | | | Singapore Technologies Engineering Ltd. | | | | | 463,744 | | | | | | 0.0 | | |
| | | 2,620 | | | | Sulzer AG | | | | | 269,498 | | | | | | 0.0 | | |
| | | 131,555 | | | | Sumitomo Corp. | | | | | 1,531,224 | | | | | | 0.1 | | |
| | | 89,033 | | | | Sumitomo Electric Industries Ltd. | | | | | 1,377,995 | | | | | | 0.1 | | |
| | | 68,982 | | | | Sumitomo Heavy Industries | | | | | 401,775 | | | | | | 0.0 | | |
| | | 126,308 L | | | | Sydney Airport | | | | | 484,668 | | | | | | 0.0 | | |
| | | 120,809 | | | | Taisei Corp. | | | | | 693,564 | | | | | | 0.1 | | |
| | | 10,923 | | | | Thales S.A. | | | | | 659,980 | | | | | | 0.0 | | |
| | | 13,878 | | | | THK Co., Ltd. | | | | | 299,490 | | | | | | 0.0 | | |
| | | 49,570 | | | | TNT Express NV | | | | | 420,987 | | | | | | 0.0 | | |
| | | 118,927 | | | | Tobu Railway Co., Ltd. | | | | | 510,848 | | | | | | 0.0 | | |
| | | 132,389 | | | | Tokyu Corp. | | | | | 886,033 | | | | | | 0.1 | | |
| | | 73,432 | | | | Toppan Printing Co., Ltd. | | | | | 613,888 | | | | | | 0.0 | | |
| | | 472,619 | | | | Toshiba Corp. | | | | | 1,620,751 | | | | | | 0.1 | | |
| | | 32,869 | | | | Toto Ltd. | | | | | 592,427 | | | | | | 0.0 | | |
| | | 25,754 | | | | Toyota Tsusho Corp. | | | | | 691,061 | | | | | | 0.1 | | |
| | | 201,438 L | | | | Transurban Group | | | | | 1,444,234 | | | | | | 0.1 | | |
| | | 29,333 | | | | Travis Perkins PLC | | | | | 971,496 | | | | | | 0.1 | | |
| | | 12,320 | | | | Vallourec | | | | | 251,694 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 26,356 | | | | Vestas Wind Systems A/S | | | | $ | 1,313,676 | | | | | | 0.1 | | |
| | | 54,375 | | | | Vinci S.A. | | | | | 3,155,808 | | | | | | 0.2 | | |
| | | 177,423 | | | | Volvo AB - B Shares | | | | | 2,203,154 | | | | | | 0.2 | | |
| | | 16,971 | | | | Wartsila OYJ | | | | | 795,212 | | | | | | 0.1 | | |
| | | 24,551 | | | | Weir Group PLC | | | | | 654,334 | | | | | | 0.0 | | |
| | | 19,721 | | | | West Japan Railway Co. | | | | | 1,261,732 | | | | | | 0.1 | | |
| | | 30,835 | | | | Wolseley PLC | | | | | 1,966,470 | | | | | | 0.1 | | |
| | | 41,301 | | | | Yamato Holdings Co., Ltd. | | | | | 798,581 | | | | | | 0.1 | | |
| | | 18,069 | | | | Zardoya Otis SA | | | | | 197,208 | | | | | | 0.0 | | |
| | | 21,831 | | | | Zodiac Aerospace | | | | | 711,119 | | | | | | 0.1 | | |
| | | | | | | | | | | | 190,355,438 | | | | | | 12.6 | | |
| | | | | | | Information Technology: 4.7% | | ||||||||||||
| | | 17,356 | | | | Advantest Corp. | | | | | 180,460 | | | | | | 0.0 | | |
| | | 326,901 | | | | Alcatel-Lucent | | | | | 1,192,287 | | | | | | 0.1 | | |
| | | 50,069 | | | | Amadeus IT Holding S.A. | | | | | 1,998,769 | | | | | | 0.1 | | |
| | | 162,121 | | | | ARM Holdings PLC | | | | | 2,652,913 | | | | | | 0.2 | | |
| | | 26,300 | | | | ASM Pacific Technology Ltd. | | | | | 260,273 | | | | | | 0.0 | | |
| | | 40,352 | | | | ASML Holding NV | | | | | 4,197,320 | | | | | | 0.3 | | |
| | | 9,338 | | | | Atos SE | | | | | 697,768 | | | | | | 0.1 | | |
| | | 27,686 | | | | Brother Industries Ltd. | | | | | 391,661 | | | | | | 0.0 | | |
| | | 122,193 | | | | Canon, Inc. | | | | | 3,963,743 | | | | | | 0.3 | | |
| | | 17,078 | | | | Capgemini S.A. | | | | | 1,515,104 | | | | | | 0.1 | | |
| | | 31,467 | | | | Citizen Holdings Co., Ltd. | | | | | 219,537 | | | | | | 0.0 | | |
| | | 58,883 | | | | Computershare Ltd. | | | | | 530,329 | | | | | | 0.0 | | |
| | | 15,438 | | | | Dassault Systemes SA | | | | | 1,120,712 | | | | | | 0.1 | | |
| | | 349,459 | | | | Telefonaktiebolaget LM Ericsson | | | | | 3,639,663 | | | | | | 0.2 | | |
| | | 54,360 | | | | Fuji Photo Film Co., Ltd. | | | | | 1,940,001 | | | | | | 0.1 | | |
| | | 218,135 | | | | Fujitsu Ltd. | | | | | 1,218,796 | | | | | | 0.1 | | |
| | | 9,392 | | | | Gemalto NV | | | | | 839,532 | | | | | | 0.1 | | |
| | | 42,596 | | | | GungHo Online Entertainment, Inc. | | | | | 165,765 | | | | | | 0.0 | | |
| | | 17,442 | | | | Hamamatsu Photonics KK | | | | | 514,315 | | | | | | 0.0 | | |
| | | 3,680 | | | | Hirose Electric Co., Ltd. | | | | | 527,266 | | | | | | 0.0 | | |
| | | 554,956 | | | | Hitachi Ltd. | | | | | 3,655,800 | | | | | | 0.3 | | |
| | | 50,237 | | | | Hoya Corp. | | | | | 2,011,979 | | | | | | 0.1 | | |
| | | 13,461 | | | | Ibiden Co., Ltd. | | | | | 227,644 | | | | | | 0.0 | | |
| | | 131,870 | | | | Infineon Technologies AG | | | | | 1,636,456 | | | | | | 0.1 | | |
| | | 38,300 | | | | Japan Display, Inc. | | | | | 144,567 | | | | | | 0.0 | | |
| | | 17,323 | | | | Kakaku.com, Inc. | | | | | 250,641 | | | | | | 0.0 | | |
| | | 5,322 | | | | Keyence Corp. | | | | | 2,868,435 | | | | | | 0.2 | | |
| | | 11,566 | | | | Konami Corp. | | | | | 214,989 | | | | | | 0.0 | | |
| | | 55,923 | | | | Konica Minolta Holdings, Inc. | | | | | 651,791 | | | | | | 0.1 | | |
| | | 37,594 | | | | Kyocera Corp. | | | | | 1,954,605 | | | | | | 0.1 | | |
| | | 4,200 | | | | Mixi, Inc. | | | | | 208,374 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
31
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 23,448 | | | | Murata Manufacturing Co., Ltd. | | | | $ | 4,092,038 | | | | | | 0.3 | | |
| | | 302,207 | | | | NEC Corp. | | | | | 914,524 | | | | | | 0.1 | | |
| | | 11,200 | | | | Nexon Co. Ltd. | | | | | 154,196 | | | | | | 0.0 | | |
| | | 7,777 | | | | NICE Systems Ltd. | | | | | 493,932 | | | | | | 0.0 | | |
| | | 12,394 | | | | Nintendo Co., Ltd. | | | | | 2,067,661 | | | | | | 0.1 | | |
| | | 45,414 | | | | Nippon Electric Glass Co., Ltd. | | | | | 229,658 | | | | | | 0.0 | | |
| | | 422,940 | | | | Nokia OYJ | | | | | 2,883,173 | | | | | | 0.2 | | |
| | | 13,188 | | | | Nomura Research Institute Ltd. | | | | | 515,702 | | | | | | 0.0 | | |
| | | 14,884 | | | | NTT Data Corp. | | | | | 649,994 | | | | | | 0.1 | | |
| | | 23,323 | | | | Omron Corp. | | | | | 1,013,111 | | | | | | 0.1 | | |
| | | 5,861 | | | | Otsuka Corp. | | | | | 273,601 | | | | | | 0.0 | | |
| | | 81,732 | | | | Ricoh Co., Ltd. | | | | | 846,659 | | | | | | 0.1 | | |
| | | 11,450 | | | | Rohm Co., Ltd. | | | | | 767,140 | | | | | | 0.1 | | |
| | | 130,261 | | | | Sage Group PLC | | | | | 1,048,533 | | | | | | 0.1 | | |
| | | 108,341 | | | | SAP SE | | | | | 7,592,151 | | | | | | 0.5 | | |
| | | 30,216 | | | | Seiko Epson Corp. | | | | | 535,440 | | | | | | 0.0 | | |
| | | 28,172 | | | | Shimadzu Corp. | | | | | 382,355 | | | | | | 0.0 | | |
| | | 72,292 | | | | STMicroelectronics NV | | | | | 591,851 | | | | | | 0.0 | | |
| | | 14,812 | | | | TDK Corp. | | | | | 1,134,192 | | | | | | 0.1 | | |
| | | 19,765 | | | | Tokyo Electron Ltd. | | | | | 1,256,206 | | | | | | 0.1 | | |
| | | 12,453 | | | | Trend Micro, Inc. | | | | | 425,976 | | | | | | 0.0 | | |
| | | 14,162 | | | | United Internet AG | | | | | 629,432 | | | | | | 0.0 | | |
| | | 164,444 | | | | Yahoo! Japan Corp. | | | | | 663,704 | | | | | | 0.1 | | |
| | | 25,742 | | | | Yaskawa Electric Corp. | | | | | 329,252 | | | | | | 0.0 | | |
| | | 23,173 | | | | Yokogawa Electric Corp. | | | | | 298,450 | | | | | | 0.0 | | |
| | | | | | | | | | | | 71,380,426 | | | | | | 4.7 | | |
| | | | | | | Materials: 7.3% | | ||||||||||||
| | | 39,661 | | | | Air Liquide SA | | | | | 5,032,615 | | | | | | 0.3 | | |
| | | 20,043 | | | | Air Water, Inc. | | | | | 366,433 | | | | | | 0.0 | | |
| | | 28,578 | | | | Akzo Nobel NV | | | | | 2,086,457 | | | | | | 0.1 | | |
| | | 290,935 | | | | Alumina Ltd. | | | | | 342,461 | | | | | | 0.0 | | |
| | | 143,625 | | | | Amcor Ltd. | | | | | 1,517,760 | | | | | | 0.1 | | |
| | | 161,567 | | | | Anglo American PLC | | | | | 2,334,053 | | | | | | 0.2 | | |
| | | 43,524 | | | | Antofagasta PLC | | | | | 471,094 | | | | | | 0.0 | | |
| | | 116,775 | | | | ArcelorMittal | | | | | 1,134,076 | | | | | | 0.1 | | |
| | | 7,673 | | | | Arkema | | | | | 554,664 | | | | | | 0.0 | | |
| | | 152,653 | | | | Asahi Kasei Corp. | | | | | 1,252,149 | | | | | | 0.1 | | |
| | | 105,286 | | | | BASF SE | | | | | 9,264,444 | | | | | | 0.6 | | |
| | | 370,088 | | | | BHP Billiton Ltd. | | | | | 7,549,371 | | | | | | 0.5 | | |
| | | 242,587 | | | | BHP Billiton PLC | | | | | 4,769,640 | | | | | | 0.3 | | |
| | | 32,575 | | | | Boliden AB | | | | | 593,865 | | | | | | 0.0 | | |
| | | 99,008 | | | | Boral Ltd. | | | | | 446,018 | | | | | | 0.0 | | |
| | | 31,412 | | | | CRH PLC - Dublin | | | | | 885,599 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 60,857 | | | | CRH PLC - London | | | | $ | 1,707,437 | | | | | | 0.1 | | |
| | | 16,093 | | | | Croda International | | | | | 695,843 | | | | | | 0.1 | | |
| | | 33,384 | | | | Daicel Corp. | | | | | 428,390 | | | | | | 0.0 | | |
| | | 941 | | | | EMS-Chemie Holding AG | | | | | 397,567 | | | | | | 0.0 | | |
| | | 4,611 | | | | Evonik Industries AG | | | | | 176,064 | | | | | | 0.0 | | |
| | | 81,134 | | | | Fletcher Building Ltd. | | | | | 446,457 | | | | | | 0.0 | | |
| | | 183,287 L | | | | Fortescue Metals Group Ltd. | | | | | 269,937 | | | | | | 0.0 | | |
| | | 24,474 | | | | Fresnillo PLC | | | | | 266,883 | | | | | | 0.0 | | |
| | | 1,091 | | | | Givaudan | | | | | 1,888,855 | | | | | | 0.1 | | |
| | | 1,269,189 @ | | | | Glencore PLC | | | | | 5,089,674 | | | | | | 0.3 | | |
| | | 16,321 | | | | HeidelbergCement AG | | | | | 1,293,554 | | | | | | 0.1 | | |
| | | 25,910 | | | | Hitachi Metals Ltd. | | | | | 398,326 | | | | | | 0.0 | | |
| | | 26,308 | | | | Holcim Ltd. | | | | | 1,941,150 | | | | | | 0.1 | | |
| | | 49,610 | | | | Iluka Resources Ltd. | | | | | 293,379 | | | | | | 0.0 | | |
| | | 3,929 | | | | Imerys SA | | | | | 301,406 | | | | | | 0.0 | | |
| | | 203,741 | | | | Incitec Pivot Ltd. | | | | | 604,040 | | | | | | 0.0 | | |
| | | 50,293 | | | | Israel Chemicals Ltd. | | | | | 351,268 | | | | | | 0.0 | | |
| | | 54,118 | | | | James Hardie Industries SE | | | | | 720,323 | | | | | | 0.1 | | |
| | | 57,102 | | | | JFE Holdings, Inc. | | | | | 1,265,146 | | | | | | 0.1 | | |
| | | 23,992 | | | | Johnson Matthey PLC | | | | | 1,144,127 | | | | | | 0.1 | | |
| | | 20,435 | | | | JSR Corp. | | | | | 360,745 | | | | | | 0.0 | | |
| | | 20,042 | | | | K+S AG | | | | | 845,129 | | | | | | 0.1 | | |
| | | 28,553 | | | | Kansai Paint Co., Ltd. | | | | | 442,377 | | | | | | 0.0 | | |
| | | 377,769 | | | | Kobe Steel Ltd. | | | | | 635,563 | | | | | | 0.0 | | |
| | | 19,888 | | | | Koninklijke DSM NV | | | | | 1,154,704 | | | | | | 0.1 | | |
| | | 42,467 | | | | Kuraray Co., Ltd. | | | | | 518,750 | | | | | | 0.0 | | |
| | | 21,528 @ | | | | Lafarge S.A. | | | | | 1,423,372 | | | | | | 0.1 | | |
| | | 10,403 | | | | Lanxess | | | | | 613,800 | | | | | | 0.0 | | |
| | | 21,484 | | | | Linde AG | | | | | 4,071,517 | | | | | | 0.3 | | |
| | | 163,748 | | | | Mitsubishi Chemical Holdings Corp. | | | | | 1,029,423 | | | | | | 0.1 | | |
| | | 46,678 | | | | Mitsubishi Gas Chemical Co., Inc. | | | | | 261,362 | | | | | | 0.0 | | |
| | | 130,515 | | | | Mitsubishi Materials Corp. | | | | | 501,141 | | | | | | 0.0 | | |
| | | 99,074 | | | | Mitsui Chemicals, Inc. | | | | | 368,087 | | | | | | 0.0 | | |
| | | 33,504 | | | | Mondi PLC | | | | | 721,312 | | | | | | 0.1 | | |
| | | 89,995 | | | | Newcrest Mining Ltd. | | | | | 906,174 | | | | | | 0.1 | | |
| | | 17,717 | | | | Nippon Paint Co., Ltd. | | | | | 499,276 | | | | | | 0.0 | | |
| | | 871,800 | | | | Nippon Steel Corp. | | | | | 2,260,451 | | | | | | 0.2 | | |
| | | 18,442 | | | | Nitto Denko Corp. | | | | | 1,514,500 | | | | | | 0.1 | | |
| | | 156,038 | | | | Norsk Hydro ASA | | | | | 654,881 | | | | | | 0.1 | | |
| | | 28,688 | | | | Novozymes A/S | | | | | 1,362,985 | | | | | | 0.1 | | |
| | | 96,826 | | | | OJI Paper Co., Ltd. | | | | | 420,789 | | | | | | 0.0 | | |
| | | 43,625 L | | | | Orica Ltd. | | | | | 716,100 | | | | | | 0.1 | | |
| | | 10,498 | | | | Randgold Resources Ltd. | | | | | 704,163 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
32
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 80,610 | | | | Rexam PLC | | | | $ | 699,130 | | | | | | 0.1 | | |
| | | 50,704 | | | | Rio Tinto Ltd. | | | | | 2,097,463 | | | | | | 0.1 | | |
| | | 146,202 | | | | Rio Tinto PLC | | | | | 6,013,687 | | | | | | 0.4 | | |
| | | 47,689 | | | | Shin-Etsu Chemical Co., Ltd. | | | | | 2,957,238 | | | | | | 0.2 | | |
| | | 254 | | | | Sika AG | | | | | 895,829 | | | | | | 0.1 | | |
| | | 6,850 | | | | Solvay S.A. | | | | | 943,695 | | | | | | 0.1 | | |
| | | 242,587 @ | | | | South32 Ltd. | | | | | 327,800 | | | | | | 0.0 | | |
| | | 370,088 @ | | | | South32 Ltd. | | | | | 511,120 | | | | | | 0.1 | | |
| | | 62,276 | | | | Stora Enso OYJ (Euro Denominated Security) | | | | | 641,771 | | | | | | 0.1 | | |
| | | 179,171 | | | | Sumitomo Chemical Co., Ltd. | | | | | 1,076,532 | | | | | | 0.1 | | |
| | | 58,561 | | | | Sumitomo Metal Mining Co., Ltd. | | | | | 890,653 | | | | | | 0.1 | | |
| | | 12,690 | | | | Symrise AG | | | | | 788,116 | | | | | | 0.1 | | |
| | | 10,735 | | | | Syngenta AG | | | | | 4,380,115 | | | | | | 0.3 | | |
| | | 137,001 | | | | Taiheiyo Cement Corp. | | | | | 400,644 | | | | | | 0.0 | | |
| | | 16,725 | | | | Taiyo Nippon Sanso Corp. | | | | | 202,402 | | | | | | 0.0 | | |
| | | 106,509 | | | | Teijin Ltd. | | | | | 413,304 | | | | | | 0.0 | | |
| | | 45,353 | | | | ThyssenKrupp AG | | | | | 1,179,835 | | | | | | 0.1 | | |
| | | 175,903 | | | | Toray Industries, Inc. | | | | | 1,486,854 | | | | | | 0.1 | | |
| | | 19,885 | | | | Toyo Seikan Kaisha Ltd. | | | | | 319,023 | | | | | | 0.0 | | |
| | | 10,826 | | | | Umicore | | | | | 514,090 | | | | | | 0.0 | | |
| | | 60,919 | | | | UPM-Kymmene OYJ | | | | | 1,078,019 | | | | | | 0.1 | | |
| | | 13,220 L | | | | Voestalpine AG | | | | | 550,976 | | | | | | 0.0 | | |
| | | 20,948 | | | | Yara International ASA | | | | | 1,091,561 | | | | | | 0.1 | | |
| | | | | | | | | | | | 109,726,983 | | | | | | 7.3 | | |
| | | | | | | Telecommunication Services: 5.1% | | ||||||||||||
| | | 18,013 | | | | Proximus | | | | | 637,426 | | | | | | 0.1 | | |
| | | 230,545 | | | | Bezeq Israeli Telecommunication Corp., Ltd. | | | | | 392,612 | | | | | | 0.0 | | |
| | | 940,715 | | | | BT Group PLC | | | | | 6,661,484 | | | | | | 0.5 | | |
| | | 365,253 | | | | Deutsche Telekom AG | | | | | 6,297,082 | | | | | | 0.4 | | |
| | | 17,002 | | | | Elisa OYJ | | | | | 538,677 | | | | | | 0.0 | | |
| | | 214,015 | | | | Orange SA | | | | | 3,307,471 | | | | | | 0.2 | | |
| | | 320,867 | | | | HKT Trust / HKT Ltd. | | | | | 377,513 | | | | | | 0.0 | | |
| | | 3,028 | | | | Iliad SA | | | | | 671,272 | | | | | | 0.1 | | |
| | | 51,643 | | | | Inmarsat PLC | | | | | 742,390 | | | | | | 0.1 | | |
| | | 201,701 | | | | KDDI Corp. | | | | | 4,867,439 | | | | | | 0.3 | | |
| | | 376,681 | | | | Koninklijke KPN NV | | | | | 1,444,137 | | | | | | 0.1 | | |
| | | 7,827 | | | | Millicom International Cellular S.A. | | | | | 577,397 | | | | | | 0.1 | | |
| | | 86,598 | | | | Nippon Telegraph & Telephone Corp. | | | | | 3,136,212 | | | | | | 0.2 | | |
| | | 176,254 | | | | NTT DoCoMo, Inc. | | | | | 3,383,823 | | | | | | 0.2 | | |
| | | 234,000 | | | | PCCW Ltd. | | | | | 139,571 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Telecommunication Services (continued) | | ||||||||||||
| | | 946,950 | | | | Singapore Telecommunications Ltd. | | | | $ | 2,955,165 | | | | | | 0.2 | | |
| | | 109,946 | | | | Softbank Corp. | | | | | 6,476,149 | | | | | | 0.4 | | |
| | | 2,726 | | | | Swisscom AG | | | | | 1,527,778 | | | | | | 0.1 | | |
| | | 100,627 | | | | TDC A/S | | | | | 737,631 | | | | | | 0.1 | | |
| | | 38,355 L | | | | Tele2 AB | | | | | 446,658 | | | | | | 0.0 | | |
| | | 233,509 | | | | Spark New Zealand Ltd. | | | | | 441,979 | | | | | | 0.0 | | |
| | | 1,189,628 | | | | Telecom Italia S.p.A. | | | | | 1,511,796 | | | | | | 0.1 | | |
| | | 705,731 | | | | Telecom Italia S.p.A. RNC | | | | | 719,679 | | | | | | 0.1 | | |
| | | 53,237 | | | | Telefonica Deutschland Holding AG | | | | | 306,686 | | | | | | 0.0 | | |
| | | 515,284 | | | | Telefonica S.A. | | | | | 7,340,438 | | | | | | 0.5 | | |
| | | 87,296 | | | | Telenor ASA | | | | | 1,913,952 | | | | | | 0.1 | | |
| | | 288,685 | | | | TeliaSonera AB | | | | | 1,701,434 | | | | | | 0.1 | | |
| | | 508,538 | | | | Telstra Corp., Ltd. | | | | | 2,406,685 | | | | | | 0.2 | | |
| | | 24,105 | | | | TPG Telecom Ltd. | | | | | 166,499 | | | | | | 0.0 | | |
| | | 140,245 | | | | Vivendi | | | | | 3,556,144 | | | | | | 0.2 | | |
| | | 3,038,018 | | | | Vodafone Group PLC | | | | | 11,082,303 | ��� | | | | | 0.7 | | |
| | | | | | | | | | | | 76,465,482 | | | | | | 5.1 | | |
| | | | | | | Utilities: 3.5% | | ||||||||||||
| | | 80,277 | | | | AGL Energy Ltd. | | | | | 961,632 | | | | | | 0.1 | | |
| | | 113,263 | | | | APA Group | | | | | 719,397 | | | | | | 0.0 | | |
| | | 575,871 | | | | Centrica PLC | | | | | 2,389,552 | | | | | | 0.2 | | |
| | | 74,402 | | | | Cheung Kong Infrastructure Holdings Ltd. | | | | | 577,538 | | | | | | 0.0 | | |
| | | 79,642 | | | | Chubu Electric Power Co., Inc. | | | | | 1,186,996 | | | | | | 0.1 | | |
| | | 35,272 | | | | Chugoku Electric Power Co., Inc. | | | | | 514,529 | | | | | | 0.0 | | |
| | | 224,365 | | | | CLP Holdings Ltd. | | | | | 1,906,890 | | | | | | 0.1 | | |
| | | 231,035 | | | | E.ON AG | | | | | 3,080,735 | | | | | | 0.2 | | |
| | | 15,642 | | | | Electric Power Development Co., Ltd. | | | | | 552,568 | | | | | | 0.0 | | |
| | | 27,656 | | | | Electricite de France SA | | | | | 618,628 | | | | | | 0.0 | | |
| | | 24,342 | | | | Enagas | | | | | 662,650 | | | | | | 0.0 | | |
| | | 28,013 L | | | | Endesa S.A. | | | | | 536,497 | | | | | | 0.0 | | |
| | | 206,230 | | | | Enel Green Power SpA | | | | | 403,141 | | | | | | 0.0 | | |
| | | 757,724 | | | | Enel S.p.A. | | | | | 3,434,236 | | | | | | 0.2 | | |
| | | 276,246 | | | | EDP - Energias de Portugal SA | | | | | 1,052,498 | | | | | | 0.1 | | |
| | | 51,060 | | | | Fortum OYJ | | | | | 907,081 | | | | | | 0.1 | | |
| | | 41,496 L | | | | Gas Natural SDG S.A. | | | | | 942,262 | | | | | | 0.1 | | |
| | | 166,497 | | | | GDF Suez | | | | | 3,099,906 | | | | | | 0.2 | | |
| | | 21,281 | | | | Hokuriku Electric Power Co. | | | | | 316,996 | | | | | | 0.0 | | |
| | | 831,726 | | | | Hong Kong & China Gas | | | | | 1,742,762 | | | | | | 0.1 | | |
| | | 165,345 | | | | Power Assets Holdings Ltd. | | | | | 1,507,517 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
33
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities (continued) | | |||||||||||||||
| | | 602,793 | | | | Iberdrola S.A. | | | | $ | 4,069,794 | | | | | | 0.3 | | | |||
| | | 85,262 | | | | Kansai Electric Power Co., Inc. | | | | | 943,896 | | | | | | 0.1 | | | |||
| | | 50,660 | | | | Kyushu Electric Power Co., Inc. | | | | | 587,348 | | | | | | 0.0 | | | |||
| | | 131,000 @ | | | | Meridian Energy Ltd. | | | | | 191,748 | | | | | | 0.0 | | | |||
| | | 433,401 | | | | National Grid PLC | | | | | 5,578,195 | | | | | | 0.4 | | | |||
| | | 230,828 | | | | Osaka Gas Co., Ltd. | | | | | 911,032 | | | | | | 0.1 | | | |||
| | | 13,222 | | | | Red Electrica de Espana | | | | | 1,061,727 | | | | | | 0.1 | | | |||
| | | 56,436 | | | | RWE AG | | | | | 1,213,849 | | | | | | 0.1 | | | |||
| | | 114,849 | | | | Scottish & Southern Energy PLC | | | | | 2,771,794 | | | | | | 0.2 | | | |||
| | | 28,088 | | | | Severn Trent PLC | | | | | 917,808 | | | | | | 0.1 | | | |||
| | | 21,044 | | | | Shikoku Electric Power Co., Inc. | | | | | 315,026 | | | | | | 0.0 | | | |||
| | | 33,942 | | | | Suez Environnement S.A. | | | | | 633,665 | | | | | | 0.0 | | | |||
| | | 178,835 | | | | Terna S.p.A | | | | | 790,764 | | | | | | 0.1 | | | |||
| | | 54,413 | | | | Tohoku Electric Power Co., Inc. | | | | | 736,724 | | | | | | 0.0 | | | |||
| | | 171,266 | | | | Tokyo Electric Power Co., Inc. | | | | | 933,040 | | | | | | 0.1 | | | |||
| | | 280,361 | | | | Tokyo Gas Co., Ltd. | | | | | 1,488,347 | | | | | | 0.1 | | | |||
| | | 81,175 | | | | United Utilities Group PLC | | | | | 1,136,961 | | | | | | 0.1 | | | |||
| | | 50,017 | | | | Veolia Environnement | | | | | 1,024,075 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 52,419,804 | | | | | | 3.5 | | | |||
| | | | | | | Total Common Stock (Cost $1,368,261,269) | | | | | 1,487,603,068 | | | | | | 98.6 | | | |||
| PREFERRED STOCK: 0.6% | | |||||||||||||||||||||
| | | | | | | Consumer Discretionary: 0.4% | | |||||||||||||||
| | | 6,079 | | | | Bayerische Motoren Werke AG | | | | | 514,728 | | | | | | 0.0 | | | |||
| | | 17,862 | | | | Porsche AG | | | | | 1,506,066 | | | | | | 0.1 | | | |||
| | | 18,644 | | | | Volkswagen AG | | | | | 4,326,885 | | | | | | 0.3 | | | |||
| | | | | | | | | | | | 6,347,679 | | | | | | 0.4 | | | |||
| | | | | | | Consumer Staples: 0.2% | | |||||||||||||||
| | | 20,437 | | | | Henkel AG & Co. KGaA | | | | | 2,293,364 | | | | | | 0.2 | | | |||
| | | | | | | Materials: 0.0% | | |||||||||||||||
| | | 7,773 | | | | Fuchs Petrolub AG | | | | | 328,665 | | | | | | 0.0 | | | |||
| | | | | | | Total Preferred Stock (Cost $7,792,297) | | | | | 8,969,708 | | | | | | 0.6 | | | |||
|
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| RIGHTS: 0.0% | | |||||||||||||||||||||
| | | | | | | : 0.0% | | |||||||||||||||
| | | 8 @ | | | | Abertis Infraestructuras SA | | | | $ | 6 | | | | | | 0.0 | | | |||
| | | 40,336 @ | | | | Deutsche Annington Immobilien SE | | | | | 59,359 | | | | | | 0.0 | | | |||
| | | 1,341 @ | | | | Jardine Cycle & Carriage Ltd. | | | | | 7,077 | | | | | | 0.0 | | | |||
| | | 122,332 @,L | | | | Repsol SA | | | | | 63,418 | | | | | | 0.0 | | | |||
| | | 18,069 @ | | | | Zardoya Otis SA | | | | | 7,876 | | | | | | 0.0 | | | |||
| | | | | | | Total Rights (Cost $67,340) | | | | | 137,736 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $1,376,120,906) | | | | | 1,496,710,512 | | | | | | 99.2 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.8% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.9% | | ||||||||||||
| | 3,249,999 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 Repurchase Amount 3,250,012, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest 3,314,999, due 07/15/15-05/20/65) | | | | | 3,249,999 | | | | | | 0.2 | | |
| | 2,459,491 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 Repurchase Amount 2,459,503, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest 2,508,669, due 11/15/15-03/01/48) | | | | | 2,459,491 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
34
PORTFOLIO OF INVESTMENTS
Voya International Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | |||||||||||||||
| | 3,250,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,250,015, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,315,000, due 01/15/17-08/15/42) | | | | $ | 3,250,000 | | | | | | 0.2 | | | |||
| | 3,249,999 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,250,011, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $3,315,000, due 07/31/15-05/20/65) | | | | | 3,249,999 | | | | | | 0.2 | | | |||
| | 1,474,659 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,474,667, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,504,717, due 01/15/17-01/15/29) | | | | | 1,474,659 | | | | | | 0.1 | | | |||
| | | | | | | | | | | 13,684,148 | | | | | | 0.9 | | | |||
|
Shares | | | Value | | | Percentage Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | 13,929,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $13,929,000) | | | | $ | 13,929,000 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $27,613,148) | | | | | 27,613,148 | | | | | | 1.8 | | | |||
| | | | | | Total Investments in Securities (Cost $1,403,734,054) | | | | $ | 1,524,323,660 | | | | | | 101.0 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (14,507,720) | | | | | | (1.0) | | | |||
| | | | | | Net Assets | | | | $ | 1,509,815,940 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $1,415,763,265.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 197,262,107 | | | |
| Gross Unrealized Depreciation | | | | | (88,701,712) | | | |
| Net Unrealized Appreciation | | | | $ | 108,560,395 | | | |
|
See Accompanying Notes to Financial Statements
35
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.9% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 20.8% | | ||||||||||||
| | | 2,700 | | | | ABC-Mart, Inc. | | | | $ | 165,247 | | | | | | 0.1 | | |
| | | 8,000 | | | | Accordia Golf Co., Ltd. | | | | | 75,517 | | | | | | 0.0 | | |
| | | 700 | | | | Aeon Fantasy Co., Ltd. | | | | | 13,047 | | | | | | 0.0 | | |
| | | 1,900 | | | | Aisan Industry Co., Ltd. | | | | | 17,820 | | | | | | 0.0 | | |
| | | 16,800 | | | | Aisin Seiki Co., Ltd. | | | | | 714,324 | | | | | | 0.2 | | |
| | | 8,000 L | | | | Akebono Brake Industry Co., Ltd. | | | | | 25,664 | | | | | | 0.0 | | |
| | | 2,300 | | | | Alpen Co., Ltd. | | | | | 36,886 | | | | | | 0.0 | | |
| | | 4,600 | | | | Alpine Electronics, Inc. | | | | | 88,601 | | | | | | 0.0 | | |
| | | 500 | | | | Amiyaki Tei Co., Ltd. | | | | | 20,180 | | | | | | 0.0 | | |
| | | 400 | | | | Amuse, Inc. | | | | | 13,664 | | | | | | 0.0 | | |
| | | 4,300 | | | | AOKI Holdings, Inc. | | | | | 61,321 | | | | | | 0.0 | | |
| | | 4,600 | | | | Aoyama Trading Co., Ltd. | | | | | 185,837 | | | | | | 0.1 | | |
| | | 3,000 | | | | Arata Corp. | | | | | 10,342 | | | | | | 0.0 | | |
| | | 1,900 | | | | Arc Land Sakamoto Co., Ltd. | | | | | 42,896 | | | | | | 0.0 | | |
| | | 1,200 | | | | Asahi Co., Ltd. | | | | | 12,661 | | | | | | 0.0 | | |
| | | 3,700 | | | | Asatsu-DK, Inc. | | | | | 87,540 | | | | | | 0.0 | | |
| | | 18,300 | | | | Asics Corp. | | | | | 472,748 | | | | | | 0.2 | | |
| | | 2,100 | | | | ASKUL Corp. | | | | | 66,255 | | | | | | 0.0 | | |
| | | 18,000 | | | | Atsugi Co., Ltd. | | | | | 17,053 | | | | | | 0.0 | | |
| | | 6,600 | | | | Autobacs Seven Co., Ltd. | | | | | 110,372 | | | | | | 0.0 | | |
| | | 3,600 | | | | Avex Group Holdings, Inc. | | | | | 63,169 | | | | | | 0.0 | | |
| | | 7,900 | | | | Belluna Co., Ltd. | | | | | 43,020 | | | | | | 0.0 | | |
| | | 7,000 | | | | Benesse Holdings, Inc. | | | | | 175,486 | | | | | | 0.1 | | |
| | | 6,400 | | | | Best Denki Co., Ltd. | | | | | 7,995 | | | | | | 0.0 | | |
| | | 8,700 | | | | BIC Camera, Inc. | | | | | 109,612 | | | | | | 0.0 | | |
| | | 60,200 | | | | Bridgestone Corp. | | | | | 2,225,148 | | | | | | 0.6 | | |
| | | 14,000 | | | | Calsonic Kansei Corp. | | | | | 99,552 | | | | | | 0.0 | | |
| | | 1,400 | | | | Can Do Co., Ltd. | | | | | 17,935 | | | | | | 0.0 | | |
| | | 4,900 | | | | Canon Sales Co., Inc. | | | | | 83,329 | | | | | | 0.0 | | |
| | | 18,500 L | | | | Casio Computer Co., Ltd. | | | | | 364,907 | | | | | | 0.1 | | |
| | | 700 | | | | Central Sports Co., Ltd. | | | | | 13,144 | | | | | | 0.0 | | |
| | | 2,300 | | | | Chiyoda Co., Ltd. | | | | | 53,982 | | | | | | 0.0 | | |
| | | 2,300 | | | | Chofu Seisakusho Co., Ltd. | | | | | 54,042 | | | | | | 0.0 | | |
| | | 700 | | | | Chori Co., Ltd. | | | | | 11,103 | | | | | | 0.0 | | |
| | | 9,000 | | | | Clarion Co., Ltd. | | | | | 26,234 | | | | | | 0.0 | | |
| | | 2,700 | | | | Cleanup Corp. | | | | | 19,671 | | | | | | 0.0 | | |
| | | 6,700 | | | | Colowide Co., Ltd. | | | | | 101,525 | | | | | | 0.0 | | |
| | | 3,300 | | | | COOKPAD, Inc. | | | | | 59,834 | | | | | | 0.0 | | |
| | | 1,200 | | | | Corona Corp. | | | | | 11,688 | | | | | | 0.0 | | |
| | | 1,000 | | | | Create Restaurants Holdings, Inc. | | | | | 22,799 | | | | | | 0.0 | | |
| | | 3,700 | | | | CyberAgent, Inc. | | | | | 175,530 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 2,000 | | | | Daido Metal Co., Ltd. | | | | $ | 19,227 | | | | | | 0.0 | | |
| | | 4,300 | | | | Daidoh Ltd. | | | | | 17,911 | | | | | | 0.0 | | |
| | | 21,400 | | | | Daihatsu Motor Co., Ltd. | | | | | 304,590 | | | | | | 0.1 | | |
| | | 1,300 | | | | Daikoku Denki Co., Ltd. | | | | | 18,457 | | | | | | 0.0 | | |
| | | 400 | | | | Daikyonishikawa Corp. | | | | | 13,669 | | | | | | 0.0 | | |
| | | 1,500 | | | | Dainichi Co., Ltd. | | | | | 9,544 | | | | | | 0.0 | | |
| | | 1,300 | | | | Daisyo Corp. | | | | | 15,926 | | | | | | 0.0 | | |
| | | 9,300 | | | | DCM Holdings Co., Ltd. | | | | | 91,064 | | | | | | 0.0 | | |
| | | 9,600 | | | | Dena Co., Ltd. | | | | | 188,666 | | | | | | 0.1 | | |
| | | 45,200 | | | | Denso Corp. | | | | | 2,248,841 | | | | | | 0.6 | | |
| | | 21,400 | | | | Dentsu, Inc. | | | | | 1,107,077 | | | | | | 0.3 | | |
| | | 4,800 | | | | Descente Ltd. | | | | | 72,032 | | | | | | 0.0 | | |
| | | 12,000 | | | | Don Quijote Holdings Co. Ltd. | | | | | 510,588 | | | | | | 0.2 | | |
| | | 1,900 | | | | Doshisha Co., Ltd. | | | | | 33,691 | | | | | | 0.0 | | |
| | | 3,700 | | | | Doutor Nichires Holdings Co., Ltd. | | | | | 64,848 | | | | | | 0.0 | | |
| | | 2,200 | | | | Dunlop Sports Co. Ltd. | | | | | 21,245 | | | | | | 0.0 | | |
| | | 5,000 | | | | Dynic Corp. | | | | | 7,711 | | | | | | 0.0 | | |
| | | 3,000 | | | | Eagle Industry Co., Ltd. | | | | | 69,759 | | | | | | 0.0 | | |
| | | 8,700 L | | | | EDION Corp. | | | | | 61,593 | | | | | | 0.0 | | |
| | | 2,600 | | | | Exedy Corp. | | | | | 64,918 | | | | | | 0.0 | | |
| | | 1,600 | | | | Yondoshi Holdings, Inc. | | | | | 38,850 | | | | | | 0.0 | | |
| | | 3,600 | | | | Fast Retailing Co., Ltd. | | | | | 1,632,496 | | | | | | 0.5 | | |
| | | 3,100 | | | | FCC Co., Ltd. | | | | | 47,315 | | | | | | 0.0 | | |
| | | 1,000 | | | | Felissimo Corp. | | | | | 10,260 | | | | | | 0.0 | | |
| | | 2,000 | | | | Foster Electric Co., Ltd. | | | | | 44,932 | | | | | | 0.0 | | |
| | | 8,000 | | | | France Bed Holdings Co., Ltd. | | | | | 12,351 | | | | | | 0.0 | | |
| | | 1,200 | | | | F-Tech, Inc. | | | | | 12,140 | | | | | | 0.0 | | |
| | | 2,300 | | | | Fuji Co., Ltd. | | | | | 43,664 | | | | | | 0.0 | | |
| | | 62,500 | | | | Fuji Heavy Industries Ltd. | | | | | 2,298,174 | | | | | | 0.7 | | |
| | | 3,000 | | | | Fuji Kiko Co., Ltd. | | | | | 16,291 | | | | | | 0.0 | | |
| | | 6,000 L | | | | Fuji Kyuko Co., Ltd. | | | | | 51,983 | | | | | | 0.0 | | |
| | | 18,900 | | | | Fuji Television Network, Inc. | | | | | 250,757 | | | | | | 0.1 | | |
| | | 10,000 | | | | Fujibo Holdings, Inc. | | | | | 23,179 | | | | | | 0.0 | | |
| | | 2,500 | | | | Fujikura Rubber Ltd. | | | | | 14,389 | | | | | | 0.0 | | |
| | | 8,000 | | | | Fujita Kanko, Inc. | | | | | 25,822 | | | | | | 0.0 | | |
| | | 5,000 | | | | Fujitsu General Ltd. | | | | | 64,070 | | | | | | 0.0 | | |
| | | 1,700 | | | | Funai Electric Co., Ltd. | | | | | 18,907 | | | | | | 0.0 | | |
| | | 1,000 | | | | Furukawa Battery Co., Ltd. | | | | | 6,795 | | | | | | 0.0 | | |
| | | 4,600 | | | | Futaba Industrial Co., Ltd. | | | | | 22,345 | | | | | | 0.0 | | |
| | | 8,000 | | | | Gakken Holdings Co., Ltd. | | | | | 16,453 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
36
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 1,100 L | | | | Genki Sushi Co., Ltd. | | | | $ | 22,277 | | | | | | 0.0 | | |
| | | 2,900 | | | | Geo Corp. | | | | | 35,670 | | | | | | 0.0 | | |
| | | 11,000 | | | | GLOBERIDE, Inc. | | | | | 15,625 | | | | | | 0.0 | | |
| | | 4,000 | | | | Goldwin, Inc. | | | | | 28,642 | | | | | | 0.0 | | |
| | | 1,000 | | | | Gourmet Kineya Co., Ltd. | | | | | 7,980 | | | | | | 0.0 | | |
| | | 5,900 | | | | Gulliver International Co., Ltd. | | | | | 54,907 | | | | | | 0.0 | | |
| | | 16,000 | | | | Gunze Ltd. | | | | | 43,764 | | | | | | 0.0 | | |
| | | 8,335 | | | | H2O Retailing Corp. | | | | | 173,567 | | | | | | 0.1 | | |
| | | 27,000 | | | | Hakuhodo DY Holdings, Inc. | | | | | 288,750 | | | | | | 0.1 | | |
| | | 300 | | | | Hakuyosha Co., Ltd. | | | | | 686 | | | | | | 0.0 | | |
| | | 2,000 | | | | Happinet Corp. | | | | | 20,986 | | | | | | 0.0 | | |
| | | 1,500 | | | | Hard Off Corp. Co., Ltd. | | | | | 17,042 | | | | | | 0.0 | | |
| | | 1,400 | | | | Haruyama Trading Co., Ltd. | | | | | 8,734 | | | | | | 0.0 | | |
| | | 26,000 | | | | Haseko Corp. | | | | | 306,256 | | | | | | 0.1 | | |
| | | 3,900 | | | | Heiwa Corp. | | | | | 77,634 | | | | | | 0.0 | | |
| | | 1,756 | | | | Hiday Hidaka Corp. | | | | | 43,078 | | | | | | 0.0 | | |
| | | 1,600 | | | | Hikari Tsushin, Inc. | | | | | 107,837 | | | | | | 0.0 | | |
| | | 1,500 | | | | Hiramatsu, Inc. | | | | | 10,106 | | | | | | 0.0 | | |
| | | 3,000 | | | | HIS Co., Ltd. | | | | | 102,171 | | | | | | 0.0 | | |
| | | 4,800 | | | | Hitachi Koki Co., Ltd. | | | | | 39,998 | | | | | | 0.0 | | |
| | | 164,400 | | | | Honda Motor Co., Ltd. | | | | | 5,313,384 | | | | | | 1.5 | | |
| | | 1,210 | | | | Honeys Co., Ltd. | | | | | 10,277 | | | | | | 0.0 | | |
| | | 3,400 | | | | Hoosiers Holdings Co. Ltd. | | | | | 14,029 | | | | | | 0.0 | | |
| | | 900 L | | | | Ichibanya Co., Ltd. | | | | | 37,031 | | | | | | 0.0 | | |
| | | 3,000 | | | | Ichikawa Co., Ltd. | | | | | 9,083 | | | | | | 0.0 | | |
| | | 7,000 | | | | Ichikoh Industries Ltd. | | | | | 18,174 | | | | | | 0.0 | | |
| | | 11,320 | | | | Iida Group Holdings Co. Ltd. | | | | | 179,958 | | | | | | 0.1 | | |
| | | 1,600 | | | | Ikyu Corp. | | | | | 34,169 | | | | | | 0.0 | | |
| | | 2,500 | | | | Imasen Electric Industrial | | | | | 26,886 | | | | | | 0.0 | | |
| | | 2,000 | | | | Intage, Inc. | | | | | 31,879 | | | | | | 0.0 | | |
| | | 36,200 | | | | Isetan Mitsukoshi Holdings Ltd. | | | | | 646,738 | | | | | | 0.2 | | |
| | | 58,100 | | | | Isuzu Motors Ltd. | | | | | 762,247 | | | | | | 0.2 | | |
| | | 4,100 | | | | Izumi Co., Ltd. | | | | | 173,082 | | | | | | 0.1 | | |
| | | 20,000 | | | | Izutsuya Co., Ltd. | | | | | 13,390 | | | | | | 0.0 | | |
| | | 22,900 | | | | J Front Retailing Co., Ltd. | | | | | 431,007 | | | | | | 0.1 | | |
| | | 30,000 | | | | Janome Sewing Machine Co., Ltd. | | | | | 31,603 | | | | | | 0.0 | | |
| | | 2,000 | | | | Japan Vilene Co. Ltd. | | | | | 13,090 | | | | | | 0.0 | | |
| | | 8,000 | | | | Japan Wool Textile Co., Ltd. | | | | | 61,617 | | | | | | 0.0 | | |
| | | 1,000 | | | | Jin Co. Ltd. | | | | | 43,104 | | | | | | 0.0 | | |
| | | 700 | | | | Joban Kosan Co. Ltd. | | | | | 880 | | | | | | 0.0 | | |
| | | 5,000 | | | | Joshin Denki Co., Ltd. | | | | | 38,516 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 1,800 | | | | Joyful Honda Co. Ltd. | | | | $ | 37,863 | | | | | | 0.0 | | |
| | | 5,500 L | | | | JP-Holdings, Inc. | | | | | 15,140 | | | | | | 0.0 | | |
| | | 15,670 | | | | JVC Kenwood Holdings, Inc. | | | | | 42,756 | | | | | | 0.0 | | |
| | | 4,186 | | | | Kadokawa Dwango Corp. | | | | | 54,301 | | | | | | 0.0 | | |
| | | 4,600 | | | | Kappa Create Co., Ltd. | | | | | 43,390 | | | | | | 0.0 | | |
| | | 2,600 | | | | Kasai Kogyo Co., Ltd. | | | | | 27,477 | | | | | | 0.0 | | |
| | | 400 | | | | Kawai Musical Instruments Manufacturing Co., Ltd. | | | | | 7,469 | | | | | | 0.0 | | |
| | | 22,000 | | | | KYB Co. Ltd. | | | | | 76,183 | | | | | | 0.0 | | |
| | | 4,700 | | | | Keihin Corp. | | | | | 67,344 | | | | | | 0.0 | | |
| | | 6,700 | | | | Keiyo Co., Ltd. | | | | | 30,820 | | | | | | 0.0 | | |
| | | 120,000 @ | | | | Kimuratan Corp. | | | | | 8,825 | | | | | | 0.0 | | |
| | | 11,000 | | | | KNT-CT Holdings Co., Ltd. | | | | | 14,554 | | | | | | 0.0 | | |
| | | 5,000 | | | | Kintetsu Department Store Co. Ltd | | | | | 14,052 | | | | | | 0.0 | | |
| | | 7,000 | | | | Kinugawa Rubber Industrial Co., Ltd. | | | | | 38,052 | | | | | | 0.0 | | |
| | | 1,800 L | | | | Kisoji Co., Ltd. | | | | | 29,706 | | | | | | 0.0 | | |
| | | 2,900 | | | | Kohnan Shoji Co., Ltd. | | | | | 37,652 | | | | | | 0.0 | | |
| | | 11,200 | | | | Koito Manufacturing Co., Ltd. | | | | | 436,096 | | | | | | 0.1 | | |
| | | 3,800 | | | | Kojima Co., Ltd. | | | | | 11,768 | | | | | | 0.0 | | |
| | | 4,000 | | | | Komatsu Seiren Co., Ltd. | | | | | 18,149 | | | | | | 0.0 | | |
| | | 2,900 | | | | Komeri Co., Ltd. | | | | | 66,277 | | | | | | 0.0 | | |
| | | 2,400 | | | | Konaka Co., Ltd. | | | | | 14,212 | | | | | | 0.0 | | |
| | | 2,200 L | | | | Kourakuen Corp. | | | | | 27,820 | | | | | | 0.0 | | |
| | | 4,260 | | | | Ks Holdings Corp. | | | | | 153,431 | | | | | | 0.1 | | |
| | | 700 | | | | Kura Corp. | | | | | 22,229 | | | | | | 0.0 | | |
| | | 23,000 | | | | Kurabo Industries Ltd. | | | | | 49,243 | | | | | | 0.0 | | |
| | | 1,360 | | | | Kyoritsu Maintenance Co., Ltd. | | | | | 87,419 | | | | | | 0.0 | | |
| | | 1,300 | | | | LEC, Inc. | | | | | 14,481 | | | | | | 0.0 | | |
| | | 5,200 | | | | Look, Inc. | | | | | 9,427 | | | | | | 0.0 | | |
| | | 900 | | | | Mars Engineering Corp. | | | | | 15,945 | | | | | | 0.0 | | |
| | | 19,200 | | | | Marui Group Co., Ltd. | | | | | 259,403 | | | | | | 0.1 | | |
| | | 3,700 L | | | | Matsuya Co., Ltd. | | | | | 69,468 | | | | | | 0.0 | | |
| | | 800 L | | | | Matsuya Foods Co., Ltd. | | | | | 15,376 | | | | | | 0.0 | | |
| | | 54,600 | | | | Mazda Motor Corp. | | | | | 1,068,457 | | | | | | 0.3 | | |
| | | 3,700 | | | | Meiko Network Japan Co., Ltd. | | | | | 43,639 | | | | | | 0.0 | | |
| | | 1,800 | | | | Meiwa Estate Co., Ltd. | | | | | 9,525 | | | | | | 0.0 | | |
| | | 3,000 | | | | Misawa Homes Co., Ltd. | | | | | 26,098 | | | | | | 0.0 | | |
| | | 3,600 | | | | Mitsuba Corp. | | | | | 94,461 | | | | | | 0.0 | | |
| | | 67,400 | | | | Mitsubishi Motors Corp. | | | | | 573,172 | | | | | | 0.2 | | |
| | | 2,000 | | | | Mitsui Home Co., Ltd. | | | | | 9,249 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
37
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 11,000 | | | | Mizuno Corp. | | | | $ | 52,092 | | | | | | 0.0 | | |
| | | 600 | | | | Monogatari Corp. | | | | | 20,105 | | | | | | 0.0 | | |
| | | 3,000 | | | | MOS Food Services, Inc. | | | | | 62,339 | | | | | | 0.0 | | |
| | | 2,600 | | | | Musashi Seimitsu Industry Co., Ltd. | | | | | 50,380 | | | | | | 0.0 | | |
| | | 15,000 | | | | Naigai Co., Ltd. | | | | | 8,079 | | | | | | 0.0 | | |
| | | 1,800 | | | | Nakayamafuku Co., Ltd. | | | | | 12,784 | | | | | | 0.0 | | |
| | | 20,300 | | | | Namco Bandai Holdings, Inc. | | | | | 392,288 | | | | | | 0.1 | | |
| | | 4,800 | | | | Next Co. Ltd | | | | | 33,640 | | | | | | 0.0 | | |
| | | 16,800 | | | | NGK Spark Plug Co., Ltd. | | | | | 465,262 | | | | | | 0.1 | | |
| | | 17,100 | | | | NHK Spring Co., Ltd. | | | | | 188,277 | | | | | | 0.1 | | |
| | | 10,000 | | | | Nice Holdings, Inc. | | | | | 16,694 | | | | | | 0.0 | | |
| | | 4,500 | | | | Nifco, Inc. | | | | | 195,040 | | | | | | 0.1 | | |
| | | 1,300 | | | | Nihon Eslead Corp. | | | | | 13,475 | | | | | | 0.0 | | |
| | | 34,200 | | | | Nikon Corp. | | | | | 395,239 | | | | | | 0.1 | | |
| | | 50 | | | | Nippon Columbia Co. Ltd. | | | | | 167 | | | | | | 0.0 | | |
| | | 1,800 | | | | Nippon Felt Co., Ltd. | | | | | 7,775 | | | | | | 0.0 | | |
| | | 9,000 | | | | Nippon Piston Ring Co., Ltd. | | | | | 16,892 | | | | | | 0.0 | | |
| | | 16,600 | | | | Nippon Television Network Corp. | | | | | 293,231 | | | | | | 0.1 | | |
| | | 4,100 | | | | Nishimatsuya Chain Co., Ltd. | | | | | 41,249 | | | | | | 0.0 | | |
| | | 256,100 | | | | Nissan Motor Co., Ltd. | | | | | 2,675,465 | | | | | | 0.8 | | |
| | | 7,500 | | | | Nissan Shatai Co., Ltd. | | | | | 102,601 | | | | | | 0.0 | | |
| | | 11,000 | | | | Nissei Build Kogyo Co., Ltd. | | | | | 34,826 | | | | | | 0.0 | | |
| | | 2,900 | | | | Nissen Holdings Co., Ltd. | | | | | 5,943 | | | | | | 0.0 | | |
| | | 12,000 | | | | Nisshinbo Industries, Inc. | | | | | 134,120 | | | | | | 0.1 | | |
| | | 3,800 | | | | Nissin Kogyo Co., Ltd. | | | | | 62,688 | | | | | | 0.0 | | |
| | | 7,900 | | | | Nitori Co., Ltd. | | | | | 644,075 | | | | | | 0.2 | | |
| | | 9,000 | | | | NOK Corp. | | | | | 278,854 | | | | | | 0.1 | | |
| | | 2,800 | | | | Noritsu Koki Co., Ltd. | | | | | 16,094 | | | | | | 0.0 | | |
| | | 2,000 | | | | Ohashi Technica, Inc. | | | | | 26,618 | | | | | | 0.0 | | |
| | | 600 | | | | Ohsho Food Service Corp. | | | | | 20,684 | | | | | | 0.0 | | |
| | | 15,000 | | | | Onward Kashiyama Co., Ltd. | | | | | 103,421 | | | | | | 0.0 | | |
| | | 20,800 | | | | Oriental Land Co., Ltd. | | | | | 1,326,815 | | | | | | 0.4 | | |
| | | 4,300 | | | | Pacific Industrial Co., Ltd. | | | | | 41,080 | | | | | | 0.0 | | |
| | | 1,000 | | | | Pal Co., Ltd. | | | | | 32,837 | | | | | | 0.0 | | |
| | | 2,500 | | | | Paltac Corp. | | | | | 44,244 | | | | | | 0.0 | | |
| | | 8,000 | | | | PanaHome Corp. | | | | | 56,939 | | | | | | 0.0 | | |
| | | 223,200 | | | | Panasonic Corp. | | | | | 3,056,995 | | | | | | 0.9 | | |
| | | 2,600 | | | | Parco Co., Ltd. | | | | | 25,755 | | | | | | 0.0 | | |
| | | 4,400 | | | | Paris Miki Holdings, Inc. | | | | | 17,210 | | | | | | 0.0 | | |
| | | 2,200 | | | | PGM Holdings K K | | | | | 23,484 | | | | | | 0.0 | | |
| | | 1,100 | | | | PIA Corp. | | | | | 20,393 | | | | | | 0.0 | | |
| | | 900 | | | | Piolax, Inc. | | | | | 46,052 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 30,200 | | | | Pioneer Corp. | | | | $ | 54,986 | | | | | | 0.0 | | |
| | | 1,900 | | | | Plenus Co., Ltd. | | | | | 34,201 | | | | | | 0.0 | | |
| | | 1,850 | | | | Adastria Co. Ltd | | | | | 66,138 | | | | | | 0.0 | | |
| | | 9,000 | | | | Press Kogyo Co., Ltd. | | | | | 42,081 | | | | | | 0.0 | | |
| | | 83,400 | | | | Rakuten, Inc. | | | | | 1,346,421 | | | | | | 0.4 | | |
| | | 1,300 | | | | Renaissance, Inc. | | | | | 13,942 | | | | | | 0.0 | | |
| | | 7,400 | | | | Resorttrust, Inc. | | | | | 179,901 | | | | | | 0.1 | | |
| | | 2,200 | | | | Right On Co., Ltd. | | | | | 18,183 | | | | | | 0.0 | | |
| | | 8,000 | | | | Riken Corp. | | | | | 30,828 | | | | | | 0.0 | | |
| | | 1,600 L | | | | Ringer Hut Co., Ltd. | | | | | 33,953 | | | | | | 0.0 | | |
| | | 3,600 | | | | Rinnai Corp. | | | | | 283,482 | | | | | | 0.1 | | |
| | | 3,940 | | | | Riso Kyoiku Co. Ltd. | | | | | 10,079 | | | | | | 0.0 | | |
| | | 6,600 | | | | Round One Corp. | | | | | 32,165 | | | | | | 0.0 | | |
| | | 3,700 L | | | | Royal Holdings Co., Ltd. | | | | | 61,713 | | | | | | 0.0 | | |
| | | 2,300 | | | | Ryohin Keikaku Co., Ltd. | | | | | 446,013 | | | | | | 0.1 | | |
| | | 4,000 | | | | Sagami Chain Co., Ltd. | | | | | 40,530 | | | | | | 0.0 | | |
| | | 1,900 | | | | Saizeriya Co., Ltd. | | | | | 42,152 | | | | | | 0.0 | | |
| | | 9,000 | | | | Sakai Ovex Co., Ltd. | | | | | 15,514 | | | | | | 0.0 | | |
| | | 600 | | | | San Holdings, Inc. | | | | | 8,519 | | | | | | 0.0 | | |
| | | 12,000 | | | | Sanden Holdings Corp. | | | | | 55,815 | | | | | | 0.0 | | |
| | | 6,600 | | | | Sangetsu Co., Ltd. | | | | | 100,495 | | | | | | 0.0 | | |
| | | 5,000 | | | | Sankyo Co., Ltd. | | | | | 177,019 | | | | | | 0.1 | | |
| | | 4,700 | | | | Sankyo Seiko Co., Ltd. | | | | | 19,451 | | | | | | 0.0 | | |
| | | 5,200 L | | | | Sanrio Co., Ltd. | | | | | 141,286 | | | | | | 0.1 | | |
| | | 811,000 L | | | | Sansui Electric Co., Ltd. | | | | | — | | | | | | — | | |
| | | 5,000 | | | | Sanyo Electric Railway Co. Ltd | | | | | 19,280 | | | | | | 0.0 | | |
| | | 11,000 | | | | Sanyo Shokai Ltd. | | | | | 30,258 | | | | | | 0.0 | | |
| | | 4,700 | | | | Scroll Corp. | | | | | 11,564 | | | | | | 0.0 | | |
| | | 19,500 | | | | Sega Sammy Holdings, Inc. | | | | | 254,968 | | | | | | 0.1 | | |
| | | 14,000 | | | | Seiko Holdings Corp. | | | | | 70,794 | | | | | | 0.0 | | |
| | | 5,200 | | | | Seiren Co., Ltd. | | | | | 54,962 | | | | | | 0.0 | | |
| | | 45,000 | | | | Sekisui Chemical Co., Ltd. | | | | | 552,422 | | | | | | 0.2 | | |
| | | 63,600 | | | | Sekisui House Ltd. | | | | | 1,010,029 | | | | | | 0.3 | | |
| | | 4,500 | | | | Senshukai Co., Ltd. | | | | | 31,546 | | | | | | 0.0 | | |
| | | 156,000 L | | | | Sharp Corp. | | | | | 189,558 | | | | | | 0.1 | | |
| | | 4,500 | | | | Shimachu Co., Ltd. | | | | | 129,738 | | | | | | 0.1 | | |
| | | 2,100 | | | | Shimamura Co., Ltd. | | | | | 220,477 | | | | | | 0.1 | | |
| | | 7,900 | | | | Shimano, Inc. | | | | | 1,078,037 | | | | | | 0.3 | | |
| | | 900 | | | | Shimojima Co., Ltd. | | | | | 7,682 | | | | | | 0.0 | | |
| | | 5,000 | | | | Shinyei Kaisha | | | | | 7,880 | | | | | | 0.0 | | |
| | | 5,000 | | | | Shiroki Corp. | | | | | 15,069 | | | | | | 0.0 | | |
| | | 1,400 | | | | Shobunsha Publications, Inc. | | | | | 9,919 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
38
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 14,000 | | | | Shochiku Co., Ltd. | | | | $ | 125,277 | | | | | | 0.1 | | |
| | | 4,500 | | | | Showa Corp. | | | | | 44,779 | | | | | | 0.0 | | |
| | | 13,800 | | | | Sky Perfect Jsat Corp. | | | | | 74,058 | | | | | | 0.0 | | |
| | | 2,800 | | | | Skylark Co. Ltd. | | | | | 36,885 | | | | | | 0.0 | | |
| | | 119,712 | | | | Sony Corp. | | | | | 3,399,445 | | | | | | 1.0 | | |
| | | 1,800 | | | | St. Marc Holdings Co., Ltd. | | | | | 59,244 | | | | | | 0.0 | | |
| | | 13,300 | | | | Stanley Electric Co., Ltd. | | | | | 276,997 | | | | | | 0.1 | | |
| | | 5,700 | | | | Start Today Co. Ltd. | | | | | 159,410 | | | | | | 0.1 | | |
| | | 1,800 | | | | Starts Corp., Inc. | | | | | 28,053 | | | | | | 0.0 | | |
| | | 1,300 | | | | Studio Alice Co., Ltd. | | | | | 22,832 | | | | | | 0.0 | | |
| | | 5,000 | | | | Suminoe Textile Co., Ltd. | | | | | 13,833 | | | | | | 0.0 | | |
| | | 15,400 | | | | Sumitomo Forestry Co., Ltd. | | | | | 189,914 | | | | | | 0.1 | | |
| | | 15,100 | | | | Sumitomo Rubber Industries, Inc. | | | | | 233,904 | | | | | | 0.1 | | |
| | | 38,400 | | | | Suzuki Motor Corp. | | | | | 1,295,980 | | | | | | 0.4 | | |
| | | 5,000 | | | | Yamada SxL Home Co. Ltd | | | | | 3,879 | | | | | | 0.0 | | |
| | | 7,000 | | | | T RAD Co., Ltd. | | | | | 13,891 | | | | | | 0.0 | | |
| | | 2,600 | | | | Tachi-S Co., Ltd. | | | | | 37,095 | | | | | | 0.0 | | |
| | | 2,500 | | | | Taiho Kogyo Co., Ltd. | | | | | 33,203 | | | | | | 0.0 | | |
| | | 1,600 | | | | Takamatsu Construction Group Co., Ltd. | | | | | 34,929 | | | | | | 0.0 | | |
| | | 26,000 | | | | Takashimaya Co., Ltd. | | | | | 235,674 | | | | | | 0.1 | | |
| | | 3,800 L | | | | Takata Corp. | | | | | 41,359 | | | | | | 0.0 | | |
| | | 1,040 | | | | Take And Give Needs Co., Ltd. | | | | | 6,783 | | | | | | 0.0 | | |
| | | 2,000 | | | | Takihyo Co., Ltd. | | | | | 7,777 | | | | | | 0.0 | | |
| | | 1,600 | | | | Tamron Co., Ltd. | | | | | 33,767 | | | | | | 0.0 | | |
| | | 4,000 | | | | TBK Co., Ltd. | | | | | 18,392 | | | | | | 0.0 | | |
| | | 2,000 | | | | TPR Co., Ltd. | | | | | 60,042 | | | | | | 0.0 | | |
| | | 1,800 | | | | T-Gaia Corp. | | | | | 28,489 | | | | | | 0.0 | | |
| | | 1,900 | | | | Toa Corp./Hyogo | | | | | 19,966 | | | | | | 0.0 | | |
| | | 1,100 | | | | Toabo Corp. | | | | | 6,387 | | | | | | 0.0 | | |
| | | 7,000 | | | | Toei Co., Ltd. | | | | | 49,853 | | | | | | 0.0 | | |
| | | 13,100 | | | | Toho Co., Ltd. | | | | | 325,733 | | | | | | 0.1 | | |
| | | 4,800 | | | | Tokai Rika Co., Ltd. | | | | | 119,893 | | | | | | 0.1 | | |
| | | 3,000 | | | | Tokai Rubber Industries, Inc. | | | | | 23,922 | | | | | | 0.0 | | |
| | | 820 | | | | Token Corp. | | | | | 51,765 | | | | | | 0.0 | | |
| | | 10,900 | | | | Tokyo Broadcasting System, Inc. | | | | | 150,393 | | | | | | 0.1 | | |
| | | 1,050 | | | | Tokyo Derica Co. Ltd. | | | | | 18,942 | | | | | | 0.0 | | |
| | | 15,000 | | | | Tokyo Dome Corp. | | | | | 62,320 | | | | | | 0.0 | | |
| | | 17,000 L | | | | Tokyotokeiba Co., Ltd. | | | | | 40,228 | | | | | | 0.0 | | |
| | | 5,900 | | | | Tomy Co., Ltd. | | | | | 30,807 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 4,000 | | | | Nissan Tokyo Sales Holdings Co., Ltd. | | | | $ | 12,085 | | | | | | 0.0 | | |
| | | 4,000 | | | | Topre Corp. | | | | | 72,182 | | | | | | 0.0 | | |
| | | 2,200 | | | | Toridoll.corp | | | | | 29,076 | | | | | | 0.0 | | |
| | | 8,700 | | | | Toyo Tire & Rubber Co., Ltd. | | | | | 183,849 | | | | | | 0.1 | | |
| | | 5,700 | | | | Toyoda Gosei Co., Ltd. | | | | | 137,394 | | | | | | 0.1 | | |
| | | 6,500 | | | | Toyota Boshoku Corp. | | | | | 109,537 | | | | | | 0.0 | | |
| | | 16,700 | | | | Toyota Industries Corp. | | | | | 951,005 | | | | | | 0.3 | | |
| | | 252,460 | | | | Toyota Motor Corp. | | | | | 16,893,937 | | | | | | 4.7 | | |
| | | 3,800 | | | | TS Tech Co., Ltd. | | | | | 101,611 | | | | | | 0.0 | | |
| | | 9,350 L | | | | TSI Holdings Co. Ltd. | | | | | 64,698 | | | | | | 0.0 | | |
| | | 600 | | | | Tsutsumi Jewelry Co., Ltd. | | | | | 14,108 | | | | | | 0.0 | | |
| | | 4,600 | | | | TV Asahi Corp. | | | | | 77,223 | | | | | | 0.0 | | |
| | | 1,500 | | | | Tv Tokyo Holdings Corp. | | | | | 23,829 | | | | | | 0.0 | | |
| | | 3,700 | | | | Unipres Corp. | | | | | 77,354 | | | | | | 0.0 | | |
| | | 2,600 | | | | United Arrows Ltd. | | | | | 81,467 | | | | | | 0.0 | | |
| | | 75,000 | | | | Unitika Ltd. | | | | | 35,534 | | | | | | 0.0 | | |
| | | 3,100 L | | | | U-Shin Ltd. | | | | | 19,048 | | | | | | 0.0 | | |
| | | 23,300 | | | | USS Co., Ltd. | | | | | 420,218 | | | | | | 0.1 | | |
| | | 1,200 | | | | ValueCommerce Co. Ltd. | | | | | 5,483 | | | | | | 0.0 | | |
| | | 12,000 | | | | Wacoal Holdings Corp. | | | | | 140,241 | | | | | | 0.1 | | |
| | | 2,600 L | | | | WATAMI Co., Ltd. | | | | | 21,422 | | | | | | 0.0 | | |
| | | 600 | | | | Wowow, Inc. | | | | | 18,562 | | | | | | 0.0 | | |
| | | 2,500 | | | | Xebio Co., Ltd. | | | | | 48,834 | | | | | | 0.0 | | |
| | | 71,100 L | | | | Yamada Denki Co., Ltd. | | | | | 284,420 | | | | | | 0.1 | | |
| | | 13,400 | | | | Yamaha Corp. | | | | | 270,072 | | | | | | 0.1 | | |
| | | 28,000 | | | | Yamaha Motor Co., Ltd. | | | | | 611,791 | | | | | | 0.2 | | |
| | | 1,500 | | | | Yellow Hat Ltd. | | | | | 29,176 | | | | | | 0.0 | | |
| | | 5,300 | | | | Yokohama Reito Co., Ltd. | | | | | 41,343 | | | | | | 0.0 | | |
| | | 10,500 | | | | Yokohama Rubber Co., Ltd. | | | | | 210,689 | | | | | | 0.1 | | |
| | | 5,000 | | | | Yomiuri Land Co., Ltd. | | | | | 17,462 | | | | | | 0.0 | | |
| | | 1,600 | | | | Yorozu Corp. | | | | | 35,295 | | | | | | 0.0 | | |
| | | 5,600 L | | | | Yoshinoya D&C Co., Ltd. | | | | | 67,839 | | | | | | 0.0 | | |
| | | 2,400 | | | | Zenrin Co., Ltd. | | | | | 31,375 | | | | | | 0.0 | | |
| | | 8,200 L | | | | Zensho Holdings Co., Ltd. | | | | | 78,077 | | | | | | 0.0 | | |
| | | | | | | | | | | | 75,150,580 | | | | | | 20.8 | | |
| | | | | | | Consumer Staples: 7.8% | | ||||||||||||
| | | 74,645 | | | | Aeon Co., Ltd. | | | | | 1,059,219 | | | | | | 0.3 | | |
| | | 2,300 | | | | Aeon Hokkaido Corp. | | | | | 12,321 | | | | | | 0.0 | | |
| | | 2,300 | | | | Ain Pharmaciez, Inc. | | | | | 106,665 | | | | | | 0.0 | | |
| | | 48,000 | | | | Ajinomoto Co., Inc. | | | | | 1,038,013 | | | | | | 0.3 | | |
| | | 3,600 | | | | Arcs Co., Ltd. | | | | | 78,403 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
39
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 2,000 | | | | Ariake Japan Co., Ltd. | | | | $ | 81,846 | | | | | | 0.0 | | |
| | | 2,300 | | | | Artnature, Inc. | | | | | 21,453 | | | | | | 0.0 | | |
| | | 41,200 | | | | Asahi Group Holdings, Ltd. | | | | | 1,308,437 | | | | | | 0.4 | | |
| | | 600 | | | | Belc Co., Ltd. | | | | | 18,721 | | | | | | 0.0 | | |
| | | 7,700 | | | | Calbee, Inc. | | | | | 324,386 | | | | | | 0.1 | | |
| | | 2,100 | | | | Cawachi Ltd. | | | | | 31,590 | | | | | | 0.0 | | |
| | | 2,200 | | | | CFS Corp. | | | | | 19,910 | | | | | | 0.0 | | |
| | | 3,300 | | | | Chubu Shiryo Co., Ltd. | | | | | 24,865 | | | | | | 0.0 | | |
| | | 5,970 | | | | Coca-Cola Central Japan Co., Ltd. | | | | | 110,390 | | | | | | 0.0 | | |
| | | 6,500 | | | | Coca-Cola West Co., Ltd. | | | | | 117,317 | | | | | | 0.0 | | |
| | | 2,120 | | | | Cocokara Fine Holdings, Inc. | | | | | 72,928 | | | | | | 0.0 | | |
| | | 1,000 | | | | Cosmos Pharmaceutical Corp. | | | | | 135,691 | | | | | | 0.1 | | |
| | | 900 | | | | Create SD Holdings | | | | | 41,534 | | | | | | 0.0 | | |
| | | 800 | | | | Daikokutenbussan Co., Ltd. | | | | | 30,818 | | | | | | 0.0 | | |
| | | 1,600 L | | | | Dr Ci:Labo Co., Ltd. | | | | | 56,158 | | | | | | 0.0 | | |
| | | 1,200 | | | | Dydo Drinco, Inc. | | | | | 52,143 | | | | | | 0.0 | | |
| | | 3,000 L | | | | Euglena Co. Ltd. | | | | | 42,071 | | | | | | 0.0 | | |
| | | 4,700 | | | | Ezaki Glico Co., Ltd. | | | | | 233,415 | | | | | | 0.1 | | |
| | | 6,200 | | | | FamilyMart Co., Ltd. | | | | | 285,108 | | | | | | 0.1 | | |
| | | 5,200 | | | | Fancl Corp. | | | | | 72,359 | | | | | | 0.0 | | |
| | | 24,680 | | | | Feed One Holdings Co. Ltd. | | | | | 27,213 | | | | | | 0.0 | | |
| | | 5,500 | | | | Fuji Oil Co., Ltd. | | | | | 96,382 | | | | | | 0.0 | | |
| | | 2,000 | | | | Fujicco Co., Ltd. | | | | | 40,479 | | | | | | 0.0 | | |
| | | 19,000 | | | | Fujiya Co., Ltd. | | | | | 30,120 | | | | | | 0.0 | | |
| | | 200 L | | | | Genky Stores, Inc. | | | | | 16,074 | | | | | | 0.0 | | |
| | | 900 | | | | Harashin Narus Holdings Co., Ltd. | | | | | 25,313 | | | | | | 0.0 | | |
| | | 12,000 L | | | | Hayashikane Sangyo Co., Ltd. | | | | | 15,990 | | | | | | 0.0 | | |
| | | 3,800 | | | | Heiwado Co., Ltd. | | | | | 94,386 | | | | | | 0.0 | | |
| | | 2,900 | | | | Hokuto Corp. | | | | | 59,412 | | | | | | 0.0 | | |
| | | 7,900 | | | | House Foods Corp. | | | | | 150,136 | | | | | | 0.1 | | |
| | | 3,300 | | | | Inageya Co., Ltd. | | | | | 40,375 | | | | | | 0.0 | | |
| | | 6,000 | | | | Ito En Ltd. | | | | | 125,857 | | | | | | 0.1 | | |
| | | 500 | | | | Itochu-Shokuhin Co., Ltd. | | | | | 17,299 | | | | | | 0.0 | | |
| | | 12,000 | | | | Itoham Foods, Inc. | | | | | 64,660 | | | | | | 0.0 | | |
| | | 113,500 | | | | Japan Tobacco, Inc. | | | | | 4,034,843 | | | | | | 1.1 | | |
| | | 12,000 | | | | J-Oil Mills, Inc. | | | | | 41,127 | | | | | | 0.0 | | |
| | | 8,400 L | | | | Kagome Co., Ltd. | | | | | 135,380 | | | | | | 0.1 | | |
| | | 1,100 | | | | Kameda Seika Co. Ltd. | | | | | 42,564 | | | | | | 0.0 | | |
| | | 51,600 | | | | Kao Corp. | | | | | 2,399,761 | | | | | | 0.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 2,800 | | | | Kato Sangyo Co., Ltd. | | | | $ | 65,521 | | | | | | 0.0 | | |
| | | 10,600 | | | | Kewpie Corp. | | | | | 224,436 | | | | | | 0.1 | | |
| | | 2,600 | | | | KEY Coffee, Inc. | | | | | 43,542 | | | | | | 0.0 | | |
| | | 17,000 | | | | Kikkoman Corp. | | | | | 530,801 | | | | | | 0.2 | | |
| | | 82,900 | | | | Kirin Brewery Co., Ltd. | | | | | 1,141,879 | | | | | | 0.3 | | |
| | | 3,200 | | | | Kobayashi Pharmaceutical Co., Ltd. | | | | | 217,324 | | | | | | 0.1 | | |
| | | 3,200 | | | | Kose Corp. | | | | | 263,177 | | | | | | 0.1 | | |
| | | 1,400 | | | | Kusuri No Aoki Co. Ltd. | | | | | 61,967 | | | | | | 0.0 | | |
| | | 10,000 | | | | Kyokuyo Co. Ltd. | | | | | 23,113 | | | | | | 0.0 | | |
| | | 7,000 | | | | Lawson, Inc. | | | | | 479,019 | | | | | | 0.1 | | |
| | | 1,100 | | | | Life Corp. | | | | | 25,204 | | | | | | 0.0 | | |
| | | 23,000 L | | | | Lion Corp. | | | | | 184,317 | | | | | | 0.1 | | |
| | | 2,100 | | | | Mandom Corp. | | | | | 93,467 | | | | | | 0.0 | | |
| | | 7,000 | | | | Marudai Food Co., Ltd. | | | | | 26,179 | | | | | | 0.0 | | |
| | | 4,900 | | | | Maruha Nichiro Corp. | | | | | 79,169 | | | | | | 0.0 | | |
| | | 4,100 | | | | Matsumotokiyoshi Holdings Co., Ltd. | | | | | 189,149 | | | | | | 0.1 | | |
| | | 4,900 | | | | Megmilk Snow Brand Co., Ltd. | | | | | 62,803 | | | | | | 0.0 | | |
| | | 6,100 | | | | MEIJI Holdings Co., Ltd. | | | | | 787,084 | | | | | | 0.2 | | |
| | | 700 | | | | Meito Sangyo Co., Ltd. | | | | | 7,374 | | | | | | 0.0 | | |
| | | 1,512 | | | | Milbon Co., Ltd. | | | | | 48,113 | | | | | | 0.0 | | |
| | | 700 | | | | Ministop Co., Ltd. | | | | | 12,126 | | | | | | 0.0 | | |
| | | 1,700 | | | | Mitsubishi Shokuhin Co. Ltd. | | | | | 38,049 | | | | | | 0.0 | | |
| | | 10,000 | | | | Mitsui Sugar Co., Ltd. | | | | | 39,833 | | | | | | 0.0 | | |
| | | 14,000 | | | | Miyoshi Oil & Fat Co., Ltd. | | | | | 16,575 | | | | | | 0.0 | | |
| | | 21,000 | | | | Morinaga & Co., Ltd. | | | | | 89,872 | | | | | | 0.0 | | |
| | | 18,000 | | | | Morinaga Milk Industry Co., Ltd. | | | | | 66,002 | | | | | | 0.0 | | |
| | | 3,000 | | | | Morozoff Ltd. | | | | | 9,733 | | | | | | 0.0 | | |
| | | 1,000 | | | | Nagatanien Co., Ltd. | | | | | 8,940 | | | | | | 0.0 | | |
| | | 2,000 | | | | Nakamuraya Co., Ltd. | | | | | 7,386 | | | | | | 0.0 | | |
| | | 1,000 | | | | Natori Co., Ltd. | | | | | 12,210 | | | | | | 0.0 | | |
| | | 23,000 | | | | Nichirei Corp. | | | | | 158,729 | | | | | | 0.1 | | |
| | | 310 | | | | Nihon Chouzai Co., Ltd. | | | | | 15,089 | | | | | | 0.0 | | |
| | | 18,000 | | | | Nippon Beet Sugar Manufacturing Co., Ltd. | | | | | 29,697 | | | | | | 0.0 | | |
| | | 13,000 | | | | Nippon Flour Mills Co., Ltd. | | | | | 78,659 | | | | | | 0.0 | | |
| | | 15,000 | | | | NH Foods Ltd. | | | | | 342,070 | | | | | | 0.1 | | |
| | | 25,800 | | | | Nippon Suisan Kaisha Ltd. | | | | | 73,732 | | | | | | 0.0 | | |
| | | 12,000 | | | | Nisshin Oillio Group Ltd. | | | | | 49,207 | | | | | | 0.0 | | |
| | | 22,545 | | | | Nisshin Seifun Group, Inc. | | | | | 299,652 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
40
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 8,700 | | | | Nissin Food Products Co., Ltd. | | | | $ | 381,175 | | | | | | 0.1 | | |
| | | 1,000 | | | | Noevir Holdings Co. Ltd. | | | | | 21,536 | | | | | | 0.0 | | |
| | | 9,000 | | | | Oenon Holdings, Inc. | | | | | 16,101 | | | | | | 0.0 | | |
| | | 1,000 | | | | OIE Sangyo Co., Ltd. | | | | | 7,295 | | | | | | 0.0 | | |
| | | 2,000 | | | | Okuwa Co., Ltd. | | | | | 16,910 | | | | | | 0.0 | | |
| | | 500 | | | | Olympic Group Corp. | | | | | 3,207 | | | | | | 0.0 | | |
| | | 10,500 | | | | Pigeon Corp. | | | | | 330,676 | | | | | | 0.1 | | |
| | | 2,300 | | | | Pola Orbis Holdings, Inc. | | | | | 130,210 | | | | | | 0.1 | | |
| | | 9,000 | | | | Prima Meat Packers Ltd. | | | | | 27,565 | | | | | | 0.0 | | |
| | | 1,500 | | | | Rock Field Co., Ltd. | | | | | 35,705 | | | | | | 0.0 | | |
| | | 1,100 | | | | S Foods, Inc. | | | | | 22,255 | | | | | | 0.0 | | |
| | | 1,800 | | | | Sakata Seed Corp. | | | | | 34,352 | | | | | | 0.0 | | |
| | | 1,400 | | | | San-A Co., Ltd. | | | | | 61,959 | | | | | | 0.0 | | |
| | | 34,000 | | | | Sapporo Holdings Ltd. | | | | | 126,306 | | | | | | 0.1 | | |
| | | 75,500 | | | | Seven & I Holdings Co., Ltd. | | | | | 3,240,885 | | | | | | 0.9 | | |
| | | 34,100 | | | | Shiseido Co., Ltd. | | | | | 773,432 | | | | | | 0.2 | | |
| | | 4,000 | | | | Showa Sangyo Co., Ltd. | | | | | 16,261 | | | | | | 0.0 | | |
| | | 1,200 | | | | Sogo Medical Co., Ltd. | | | | | 33,751 | | | | | | 0.0 | | |
| | | 2,400 | | | | ST Corp. | | | | | 21,515 | | | | | | 0.0 | | |
| | | 5,000 | | | | Starzen Co., Ltd. | | | | | 15,673 | | | | | | 0.0 | | |
| | | 3,300 | | | | Sugi Holdings Co., Ltd. | | | | | 168,363 | | | | | | 0.1 | | |
| | | 3,900 | | | | Sundrug Co., Ltd. | | | | | 232,227 | | | | | | 0.1 | | |
| | | 12,300 | | | | Suntory Beverage & Food Ltd. | | | | | 489,675 | | | | | | 0.2 | | |
| | | 15,500 | | | | Takara Holdings, Inc. | | | | | 121,295 | | | | | | 0.0 | | |
| | | 4,000 | | | | Tobu Store Co., Ltd. | | | | | 10,521 | | | | | | 0.0 | | |
| | | 7,000 | | | | Toho Co., Ltd./Hyogo | | | | | 28,587 | | | | | | 0.0 | | |
| | | 2,900 | | | | Torigoe Co., Ltd. | | | | | 16,825 | | | | | | 0.0 | | |
| | | 10,800 | | | | Toyo Suisan Kaisha Ltd. | | | | | 393,518 | | | | | | 0.1 | | |
| | | 4,000 | | | | Tsuruha Holdings, Inc. | | | | | 311,140 | | | | | | 0.1 | | |
| | | 39,000 | | | | Uni-Charm Corp. | | | | | 926,427 | | | | | | 0.3 | | |
| | | 3,700 | | | | Aderans Co. Ltd. | | | | | 31,952 | | | | | | 0.0 | | |
| | | 6,180 | | | | United Super Markets Holdings, Inc. | | | | | 53,180 | | | | | | 0.0 | | |
| | | 17,100 | | | | UNY Co., Ltd. | | | | | 109,365 | | | | | | 0.0 | | |
| | | 3,900 | | | | Valor Co., Ltd. | | | | | 97,625 | | | | | | 0.0 | | |
| | | 1,600 | | | | Warabeya Nichiyo Co., Ltd. | | | | | 38,560 | | | | | | 0.0 | | |
| | | 1,680 | | | | Welcia Holdings Co. Ltd. | | | | | 76,690 | | | | | | 0.0 | | |
| | | 1,500 | | | | Yaizu Suisankagaku Industry Co., Ltd. | | | | | 12,352 | | | | | | 0.0 | | |
| | | 11,100 | | | | Yakult Honsha Co., Ltd. | | | | | 657,449 | | | | | | 0.2 | | |
| | | 11,000 | | | | Yamatane Corp. | | | | | 19,127 | | | | | | 0.0 | | |
| | | 630 | | | | Yamaya Corp. | | | | | 10,573 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 15,000 | | | | Yamazaki Baking Co., Ltd. | | | | $ | 249,765 | | | | | | 0.1 | | |
| | | 2,100 | | | | Yaoko Co., Ltd. | | | | | 97,530 | | | | | | 0.0 | | |
| | | 2,000 | | | | Yomeishu Seizo Co., Ltd. | | | | | 16,530 | | | | | | 0.0 | | |
| | | 1,000 | | | | Yonekyu Corp. | | | | | 17,849 | | | | | | 0.0 | | |
| | | | | | | | | | | | 28,238,225 | | | | | | 7.8 | | |
| | | | | | | Energy: 0.9% | | ||||||||||||
| | | 4,700 | | | | AOC Holdings, Inc. | | | | | 18,482 | | | | | | 0.0 | | |
| | | 53,000 | | | | Cosmo Oil Co., Ltd. | | | | | 86,151 | | | | | | 0.0 | | |
| | | 9,200 | | | | Idemitsu Kosan Co., Ltd. | | | | | 180,485 | | | | | | 0.1 | | |
| | | 107,600 | | | | Inpex Corp. | | | | | 1,221,363 | | | | | | 0.3 | | |
| | | 2,600 | | | | Itochu Enex Co., Ltd. | | | | | 24,980 | | | | | | 0.0 | | |
| | | 700 L | | | | Japan Drilling Co. Ltd. | | | | | 20,144 | | | | | | 0.0 | | |
| | | 4,000 | | | | Japan Oil Transportation Co., Ltd. | | | | | 7,909 | | | | | | 0.0 | | |
| | | 2,900 | | | | Japan Petroleum Exploration Co. | | | | | 92,220 | | | | | | 0.0 | | |
| | | 212,810 | | | | JX Holdings, Inc. | | | | | 917,499 | | | | | | 0.3 | | |
| | | 3,800 | | | | Mitsuuroko Co., Ltd. | | | | | 19,084 | | | | | | 0.0 | | |
| | | 2,300 L | | | | Modec, Inc. | | | | | 35,242 | | | | | | 0.0 | | |
| | | 9,500 | | | | Nippon Coke & Engineering Co., Ltd. | | | | | 9,153 | | | | | | 0.0 | | |
| | | 3,000 | | | | Nippon Gas Co., Ltd. | | | | | 93,897 | | | | | | 0.0 | | |
| | | 1,000 | | | | Sala Corp. | | | | | 4,936 | | | | | | 0.0 | | |
| | | 4,000 | | | | San-Ai Oil Co., Ltd. | | | | | 25,916 | | | | | | 0.0 | | |
| | | 5,100 | | | | Shinko Plantech Co., Ltd. | | | | | 45,013 | | | | | | 0.0 | | |
| | | 17,200 | | | | Showa Shell Sekiyu KK | | | | | 150,286 | | | | | | 0.1 | | |
| | | 5,000 | | | | Sinanen Co., Ltd. | | | | | 19,644 | | | | | | 0.0 | | |
| | | 29,000 | | | | TonenGeneral Sekiyu KK | | | | | 269,758 | | | | | | 0.1 | | |
| | | 9,000 | | | | Toyo Kanetsu K K | | | | | 16,310 | | | | | | 0.0 | | |
| | | | | | | | | | | | 3,258,472 | | | | | | 0.9 | | |
| | | | | | | Financials: 18.2% | | ||||||||||||
| | | 30,000 | | | | 77 Bank Ltd. | | | | | 182,895 | | | | | | 0.1 | | |
| | | 34,800 L | | | | Acom Co., Ltd. | | | | | 133,402 | | | | | | 0.1 | | |
| | | 11,900 | | | | AEON Financial Service Co., Ltd. | | | | | 330,160 | | | | | | 0.1 | | |
| | | 11,670 | | | | Aeon Mall Co., Ltd. | | | | | 218,530 | | | | | | 0.1 | | |
| | | 700 | | | | Aichi Bank Ltd. | | | | | 39,398 | | | | | | 0.0 | | |
| | | 32,600 | | | | Aiful Corp. | | | | | 105,002 | | | | | | 0.0 | | |
| | | 3,700 | | | | Airport Facilities Co., Ltd. | | | | | 19,821 | | | | | | 0.0 | | |
| | | 14,000 | | | | Akita Bank Ltd. | | | | | 45,268 | | | | | | 0.0 | | |
| | | 1,000 | | | | Anicom Holdings, Inc. | | | | | 18,323 | | | | | | 0.0 | | |
| | | 20,000 | | | | Aomori Bank Ltd. | | | | | 65,967 | | | | | | 0.0 | | |
| | | 121,000 | | | | Aozora Bank Ltd. | | | | | 456,535 | | | | | | 0.1 | | |
| | | 9,400 | | | | Ashikaga Holdings Co. Ltd. | | | | | 40,518 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
41
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 15,000 | | | | Awa Bank Ltd. | | | | $ | 95,516 | | | | | | 0.0 | | |
| | | 1,300 | | | | Bank of Iwate Ltd. | | | | | 58,511 | | | | | | 0.0 | | |
| | | 35,000 | | | | Bank of Kyoto Ltd. | | | | | 402,610 | | | | | | 0.1 | | |
| | | 16,000 L | | | | Bank of Nagoya Ltd. | | | | | 62,582 | | | | | | 0.0 | | |
| | | 1,700 | | | | Bank of Okinawa Ltd. | | | | | 72,544 | | | | | | 0.0 | | |
| | | 12,000 | | | | Bank of Saga Ltd. | | | | | 30,576 | | | | | | 0.0 | | |
| | | 4,300 | | | | Bank of the Ryukyus Ltd. | | | | | 64,095 | | | | | | 0.0 | | |
| | | 121,000 | | | | Bank of Yokohama Ltd. | | | | | 741,001 | | | | | | 0.2 | | |
| | | 4,300 | | | | Century Leasing System, Inc. | | | | | 138,883 | | | | | | 0.1 | | |
| | | 70,000 | | | | Chiba Bank Ltd. | | | | | 533,036 | | | | | | 0.2 | | |
| | | 5,100 | | | | Chiba Kogyo Bank Ltd. | | | | | 38,540 | | | | | | 0.0 | | |
| | | 12,700 | | | | Chugoku Bank Ltd. | | | | | 200,175 | | | | | | 0.1 | | |
| | | 15,000 | | | | Chukyo Bank Ltd. | | | | | 28,058 | | | | | | 0.0 | | |
| | | 14,800 | | | | Credit Saison Co., Ltd. | | | | | 316,878 | | | | | | 0.1 | | |
| | | 4,800 | | | | Daibiru Corp. | | | | | 44,363 | | | | | | 0.0 | | |
| | | 115,900 | | | | Dai-ichi Life Insurance Co., Ltd. | | | | | 2,275,989 | | | | | | 0.6 | | |
| | | 31,000 | | | | Daikyo, Inc. | | | | | 49,850 | | | | | | 0.0 | | |
| | | 12,000 | | | | Daisan Bank Ltd. | | | | | 19,494 | | | | | | 0.0 | | |
| | | 22,000 | | | | Daishi Bank Ltd. | | | | | 92,852 | | | | | | 0.0 | | |
| | | 13,000 | | | | Daito Bank Ltd. | | | | | 18,996 | | | | | | 0.0 | | |
| | | 7,700 | | | | Daito Trust Construction Co., Ltd. | | | | | 796,914 | | | | | | 0.2 | | |
| | | 60,100 | | | | Daiwa House Industry Co., Ltd. | | | | | 1,400,207 | | | | | | 0.4 | | |
| | | 169,000 | | | | Daiwa Securities Group, Inc. | | | | | 1,264,240 | | | | | | 0.4 | | |
| | | 500 | | | | eGuarantee, Inc. | | | | | 10,375 | | | | | | 0.0 | | |
| | | 17,000 | | | | Ehime Bank Ltd. | | | | | 37,062 | | | | | | 0.0 | | |
| | | 14,000 | | | | Eighteenth Bank Ltd. | | | | | 42,895 | | | | | | 0.0 | | |
| | | 11,800 L | | | | FIDEA Holdings Co., Ltd. | | | | | 25,800 | | | | | | 0.0 | | |
| | | 2,700 | | | | Financial Products Group Co. Ltd. | | | | | 20,474 | | | | | | 0.0 | | |
| | | 19,000 | | | | Fukui Bank Ltd. | | | | | 41,559 | | | | | | 0.0 | | |
| | | 75,000 | | | | Fukuoka Financial Group, Inc. | | | | | 388,733 | | | | | | 0.1 | | |
| | | 34,000 | | | | Fukushima Bank Ltd. | | | | | 28,326 | | | | | | 0.0 | | |
| | | 1,900 | | | | Fuyo General Lease Co., Ltd. | | | | | 81,125 | | | | | | 0.0 | | |
| | | 900 | | | | GCA Savvian Corp. | | | | | 11,177 | | | | | | 0.0 | | |
| | | 1,720 | | | | Goldcrest Co., Ltd. | | | | | 33,934 | | | | | | 0.0 | | |
| | | 43,000 | | | | Gunma Bank Ltd. | | | | | 317,269 | | | | | | 0.1 | | |
| | | 34,000 | | | | Hachijuni Bank Ltd. | | | | | 256,362 | | | | | | 0.1 | | |
| | | 4,600 | | | | Heiwa Real Estate Co., Ltd. | | | | | 63,063 | | | | | | 0.0 | | |
| | | 8,000 | | | | Higashi-Nippon Bank Ltd. | | | | | 28,939 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 15,000 | | | | Higo Bank Ltd. | | | | $ | 97,602 | | | | | | 0.0 | | |
| | | 55,000 | | | | Hiroshima Bank Ltd. | | | | | 328,418 | | | | | | 0.1 | | |
| | | 3,600 | | | | Hitachi Capital Corp. | | | | | 95,186 | | | | | | 0.0 | | |
| | | 21,000 | | | | Hokkoku Bank Ltd. | | | | | 76,976 | | | | | | 0.0 | | |
| | | 29,000 | | | | Hokuetsu Bank Ltd. | | | | | 60,370 | | | | | | 0.0 | | |
| | | 123,000 | | | | Hokugin Financial Group, Inc. | | | | | 290,187 | | | | | | 0.1 | | |
| | | 17,000 | | | | Hyakugo Bank Ltd. | | | | | 84,235 | | | | | | 0.0 | | |
| | | 21,000 | | | | Hyakujushi Bank Ltd. | | | | | 75,053 | | | | | | 0.0 | | |
| | | 3,500 | | | | IBJ Leasing Co., Ltd. | | | | | 81,262 | | | | | | 0.0 | | |
| | | 4,500 | | | | Ichiyoshi Securities Co., Ltd. | | | | | 43,938 | | | | | | 0.0 | | |
| | | 2,500 | | | | IwaiCosmo Holdings, Inc. | | | | | 31,897 | | | | | | 0.0 | | |
| | | 19,000 | | | | Iyo Bank Ltd. | | | | | 233,262 | | | | | | 0.1 | | |
| | | 12,000 | | | | Jaccs Co., Ltd. | | | | | 57,707 | | | | | | 0.0 | | |
| | | 2,400 | | | | Jafco Co., Ltd. | | | | | 95,645 | | | | | | 0.0 | | |
| | | 20,000 | | | | Japan Asia Investment Co., Ltd. | | | | | 9,959 | | | | | | 0.0 | | |
| | | 8,111 | | | | Japan Securities Finance Co., Ltd. | | | | | 47,198 | | | | | | 0.0 | | |
| | | 13,700 | | | | Jimoto Holdings, Inc. | | | | | 24,285 | | | | | | 0.0 | | |
| | | 800 | | | | Jowa Holdings Co. Ltd | | | | | 37,037 | | | | | | 0.0 | | |
| | | 66,000 | | | | Joyo Bank Ltd. | | | | | 369,562 | | | | | | 0.1 | | |
| | | 22,000 | | | | Juroku Bank Ltd. | | | | | 89,963 | | | | | | 0.0 | | |
| | | 16,400 | | | | kabu.com Securities Co., Ltd. | | | | | 54,847 | | | | | | 0.0 | | |
| | | 12,000 | | | | Kagoshima Bank Ltd. | | | | | 86,682 | | | | | | 0.0 | | |
| | | 2,700 | | | | Kansai Urban Banking Corp. | | | | | 32,774 | | | | | | 0.0 | | |
| | | 5,900 | | | | Keihanshin Building Co. Ltd. | | | | | 36,302 | | | | | | 0.0 | | |
| | | 15,000 | | | | Keiyo Bank Ltd. | | | | | 78,809 | | | | | | 0.0 | | |
| | | 26,500 | | | | Kenedix, Inc. | | | | | 101,828 | | | | | | 0.0 | | |
| | | 800 | | | | Kita-Nippon Bank Ltd. | | | | | 23,123 | | | | | | 0.0 | | |
| | | 7,000 | | | | Kiyo Bank Ltd./The | | | | | 106,821 | | | | | | 0.0 | | |
| | | 7,000 | | | | Kosei Securities Co., Ltd. | | | | | 12,789 | | | | | | 0.0 | | |
| | | 3,100 | | | | Kyokuto Securities Co., Ltd. | | | | | 44,895 | | | | | | 0.0 | | |
| | | 20,400 @ | | | | Leopalace21 Corp. | | | | | 125,027 | | | | | | 0.1 | | |
| | | 6,400 | | | | Marusan Securities Co., Ltd. | | | | | 68,806 | | | | | | 0.0 | | |
| | | 8,000 | | | | Matsui Securities Co., Ltd. | | | | | 70,178 | | | | | | 0.0 | | |
| | | 17,000 | | | | Michinoku Bank Ltd. | | | | | 29,704 | | | | | | 0.0 | | |
| | | 5,000 | | | | Mie Bank Ltd. | | | | | 11,798 | | | | | | 0.0 | | |
| | | 8,000 | | | | Minato Bank Ltd. | | | | | 20,511 | | | | | | 0.0 | | |
| | | 5,000 | | | | Mito Securities Co., Ltd. | | | | | 17,857 | | | | | | 0.0 | | |
| | | 134,000 | | | | Mitsubishi Estate Co., Ltd. | | | | | 2,886,104 | | | | | | 0.8 | | |
| | | 1,448,900 | | | | Mitsubishi UFJ Financial Group, Inc. | | | | | 10,424,062 | | | | | | 2.9 | | |
See Accompanying Notes to Financial Statements
42
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 44,900 | | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | $ | 245,534 | | | | | | 0.1 | | |
| | | 96,000 | | | | Mitsui Fudosan Co., Ltd. | | | | | 2,686,359 | | | | | | 0.8 | | |
| | | 57,811 | | | | MS&AD Insurance Group Holdings, Inc. | | | | | 1,799,558 | | | | | | 0.5 | | |
| | | 12,000 | | | | Miyazaki Bank Ltd. | | | | | 44,869 | | | | | | 0.0 | | |
| | | 2,511,500 | | | | Mizuho Financial Group, Inc. | | | | | 5,434,214 | | | | | | 1.5 | | |
| | | 800 | | | | Mone Square Holdings, Inc. | | | | | 8,719 | | | | | | 0.0 | | |
| | | 21,300 | | | | Monex Beans Holdings, Inc. | | | | | 58,531 | | | | | | 0.0 | | |
| | | 3,100 | | | | Musashino Bank Ltd. | | | | | 122,316 | | | | | | 0.1 | | |
| | | 6,000 | | | | Nagano Bank Ltd. | | | | | 11,316 | | | | | | 0.0 | | |
| | | 18,000 | | | | Nanto Bank Ltd. | | | | | 64,368 | | | | | | 0.0 | | |
| | | 64,000 | | | | Nishi-Nippon City Bank Ltd. | | | | | 184,397 | | | | | | 0.1 | | |
| | | 40,350 | | | | NKSJ Holdings, Inc. | | | | | 1,477,465 | | | | | | 0.4 | | |
| | | 368,900 | | | | Nomura Holdings, Inc. | | | | | 2,490,757 | | | | | | 0.7 | | |
| | | 10,900 | | | | Nomura Real Estate Holdings, Inc. | | | | | 228,776 | | | | | | 0.1 | | |
| | | 24,900 | | | | North Pacific Bank Ltd. | | | | | 111,167 | | | | | | 0.1 | | |
| | | 10,600 | | | | NTT Urban Development Corp. | | | | | 105,288 | | | | | | 0.0 | | |
| | | 22,000 | | | | Ogaki Kyoritsu Bank Ltd. | | | | | 80,294 | | | | | | 0.0 | | |
| | �� | 11,000 | | | | Oita Bank Ltd. | | | | | 46,868 | | | | | | 0.0 | | |
| | | 16,000 | | | | Okasan Securities Group, Inc. | | | | | 112,391 | | | | | | 0.1 | | |
| | | 1,600 | | | | Open House Co. Ltd. | | | | | 27,013 | | | | | | 0.0 | | |
| | | 44,500 | | | | Orient Corp. | | | | | 79,142 | | | | | | 0.0 | | |
| | | 128,000 | | | | ORIX Corp. | | | | | 1,900,734 | | | | | | 0.5 | | |
| | | 26,700 | | | | Osaka Securities Exchange Co. Ltd. | | | | | 865,590 | | | | | | 0.3 | | |
| | | 1,800 | | | | Pocket Card Co., Ltd. | | | | | 8,154 | | | | | | 0.0 | | |
| | | 800 | | | | Relo Holdings, Inc. | | | | | 79,014 | | | | | | 0.0 | | |
| | | 210,900 | | | | Resona Holdings, Inc. | | | | | 1,150,276 | | | | | | 0.3 | | |
| | | 1,800 | | | | Ricoh Leasing Co., Ltd. | | | | | 55,165 | | | | | | 0.0 | | |
| | | 12,000 | | | | San-In Godo Bank Ltd. | | | | | 115,694 | | | | | | 0.1 | | |
| | | 21,860 | | | | Softbank Investment Corp. | | | | | 300,519 | | | | | | 0.1 | | |
| | | 15,930 | | | | Senshu Ikeda Holdings, Inc. | | | | | 72,222 | | | | | | 0.0 | | |
| | | 61,600 | | | | Seven Bank Ltd. | | | | | 285,159 | | | | | | 0.1 | | |
| | | 19,000 | | | | Shiga Bank Ltd. | | | | | 102,341 | | | | | | 0.0 | | |
| | | 13,000 | | | | Shikoku Bank Ltd. | | | | | 29,620 | | | | | | 0.0 | | |
| | | 1,200 | | | | Shimizu Bank Ltd. | | | | | 33,053 | | | | | | 0.0 | | |
| | | 171,000 | | | | Shinsei Bank Ltd. | | | | | 344,610 | | | | | | 0.1 | | |
| | | 54,000 | | | | Shizuoka Bank Ltd. | | | | | 563,691 | | | | | | 0.2 | | |
| | | 33,000 | | | | Hulic Co. Ltd. | | | | | 292,451 | | | | | | 0.1 | | |
| | | 17,400 | | | | Sony Financial Holdings, Inc. | | | | | 304,653 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 136,452 | | | | Sumitomo Mitsui Financial Group, Inc. | | | | $ | 6,074,734 | | | | | | 1.7 | | |
| | | 399,440 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,827,279 | | | | | | 0.5 | | |
| | | 920 | | | | Sumitomo Real Estate Sales Co., Ltd. | | | | | 23,206 | | | | | | 0.0 | | |
| | | 43,000 | | | | Sumitomo Realty & Development Co., Ltd. | | | | | 1,507,018 | | | | | | 0.4 | | |
| | | 2,300 | | | | Sun Frontier Fudousan Co., Ltd. | | | | | 18,612 | | | | | | 0.0 | | |
| | | 19,300 | | | | Suruga Bank Ltd. | | | | | 413,428 | | | | | | 0.1 | | |
| | | 66,300 | | | | T&D Holdings, Inc. | | | | | 988,369 | | | | | | 0.3 | | |
| | | 7,000 | | | | Taiko Bank Ltd. | | | | | 13,774 | | | | | | 0.0 | | |
| | | 8,000 | | | | Takara Leben Co., Ltd. | | | | | 47,568 | | | | | | 0.0 | | |
| | | 6,000 | | | | TOC Co., Ltd. | | | | | 41,955 | | | | | | 0.0 | | |
| | | 10,000 | | | | Tochigi Bank Ltd. | | | | | 56,948 | | | | | | 0.0 | | |
| | | 16,000 | | | | Toho Bank Ltd. | | | | | 71,451 | | | | | | 0.0 | | |
| | | 18,000 | | | | Tohoku Bank Ltd. | | | | | 24,995 | | | | | | 0.0 | | |
| | | 20,700 | | | | Tokai Tokyo Financial Holdings | | | | | 150,463 | | | | | | 0.1 | | |
| | | 73,300 | | | | Tokio Marine Holdings, Inc. | | | | | 3,048,481 | | | | | | 0.9 | | |
| | | 5,000 | | | | Tokyo Rakutenchi Co., Ltd. | | | | | 20,669 | | | | | | 0.0 | | |
| | | 20,500 | | | | Tokyo Tatemono Co., Ltd. | | | | | 284,533 | | | | | | 0.1 | | |
| | | 5,000 | | | | Tokyo Theatres Co., Inc. | | | | | 5,758 | | | | | | 0.0 | | |
| | | 2,328 | | | | Tokyo TY Financial Group, Inc. | | | | | 79,071 | | | | | | 0.0 | | |
| | | 46,996 | | | | Tokyu Fudosan Holdings Corp. | | | | | 362,203 | | | | | | 0.1 | | |
| | | 11,000 | | | | Tomato Bank Ltd. | | | | | 17,968 | | | | | | 0.0 | | |
| | | 15,600 | | | | TOMONY Holdings, Inc. | | | | | 71,325 | | | | | | 0.0 | | |
| | | 3,600 | | | | Tosei Corp. | | | | | 25,566 | | | | | | 0.0 | | |
| | | 6,000 | | | | Tottori Bank Ltd. | | | | | 11,215 | | | | | | 0.0 | | |
| | | 13,000 | | | | Towa Bank Ltd. | | | | | 12,746 | | | | | | 0.0 | | |
| | | 11,000 | | | | Toyo Securities Co., Ltd. | | | | | 34,260 | | | | | | 0.0 | | |
| | | 10,300 | | | | Tsukuba Bank Ltd. | | | | | 34,573 | | | | | | 0.0 | | |
| | | 11,000 | | | | Yamagata Bank Ltd. | | | | | 48,020 | | | | | | 0.0 | | |
| | | 18,000 | | | | Yamaguchi Financial Group, Inc. | | | | | 224,141 | | | | | | 0.1 | | |
| | | 12,000 | | | | Yamanashi Chuo Bank Ltd. | | | | | 56,712 | | | | | | 0.0 | | |
| | | 4,900 | | | | Zenkoku Hosho Co. Ltd. | | | | | 174,408 | | | | | | 0.1 | | |
| | | | | | | | | | | | 65,945,218 | | | | | | 18.2 | | |
See Accompanying Notes to Financial Statements
43
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care: 6.1% | | ||||||||||||
| | | 21,500 | | | | Alfresa Holdings Corp. | | | | $ | 334,565 | | | | | | 0.1 | | |
| | | 1,600 | | | | As One Corp. | | | | | 55,097 | | | | | | 0.0 | | |
| | | 2,200 | | | | ASKA Pharmaceutical Co., Ltd. | | | | | 24,108 | | | | | | 0.0 | | |
| | | 218,500 | | | | Astellas Pharma, Inc. | | | | | 3,112,717 | | | | | | 0.9 | | |
| | | 1,300 | | | | BML, Inc. | | | | | 40,654 | | | | | | 0.0 | | |
| | | 19,200 | | | | Chugai Pharmaceutical Co., Ltd. | | | | | 662,273 | | | | | | 0.2 | | |
| | | 1,400 | | | | CMIC Co., Ltd. | | | | | 19,538 | | | | | | 0.0 | | |
| | | 900 | | | | Create Medic Co., Ltd. | | | | | 7,447 | | | | | | 0.0 | | |
| | | 64,400 | | | | Daiichi Sankyo Co., Ltd. | | | | | 1,190,148 | | | | | | 0.3 | | |
| | | 1,000 | | | | Daiken Medical Co. Ltd | | | | | 9,955 | | | | | | 0.0 | | |
| | | 13,400 | | | | Dainippon Sumitomo Pharma Co., Ltd. | | | | | 147,672 | | | | | | 0.1 | | |
| | | 660 | | | | Daito Pharmaceutical Co. Ltd. | | | | | 14,705 | | | | | | 0.0 | | |
| | | 2,200 | | | | Eiken Chemical Co., Ltd. | | | | | 44,008 | | | | | | 0.0 | | |
| | | 25,400 | | | | Eisai Co., Ltd. | | | | | 1,702,934 | | | | | | 0.5 | | |
| | | 2,100 | | | | EPS Co., Ltd. | | | | | 25,459 | | | | | | 0.0 | | |
| | | 1,700 | | | | FALCO SD Holdings Co., Ltd. | | | | | 21,271 | | | | | | 0.0 | | |
| | | 6,000 | | | | Fuso Pharmaceutical Industries Ltd. | | | | | 14,318 | | | | | | 0.0 | | |
| | | 5,400 | | | | Hisamitsu Pharmaceutical Co., Inc. | | | | | 209,630 | | | | | | 0.1 | | |
| | | 1,400 | | | | Hogy Medical Co., Ltd. | | | | | 71,818 | | | | | | 0.0 | | |
| | | 1,400 | | | | JCR Pharmaceuticals Co. Ltd. | | | | | 34,114 | | | | | | 0.0 | | |
| | | 9,000 | | | | Jeol Ltd. | | | | | 40,789 | | | | | | 0.0 | | |
| | | 7,000 | | | | Kaken Pharmaceutical Co., Ltd. | | | | | 244,380 | | | | | | 0.1 | | |
| | | 3,800 | | | | Kissei Pharmaceutical Co., Ltd. | | | | | 96,429 | | | | | | 0.0 | | |
| | | 5,100 | | | | Kyorin Co., Ltd. | | | | | 103,980 | | | | | | 0.0 | | |
| | | 23,000 | | | | Kyowa Hakko Kogyo Co., Ltd. | | | | | 300,561 | | | | | | 0.1 | | |
| | | 16,700 | | | | M3, Inc. | | | | | 335,694 | | | | | | 0.1 | | |
| | | 500 | | | | Mani, Inc. | | | | | 33,191 | | | | | | 0.0 | | |
| | | 18,200 | | | | Medipal Holdings Corp. | | | | | 296,434 | | | | | | 0.1 | | |
| | | 5,100 | | | | Miraca Holdings, Inc. | | | | | 254,817 | | | | | | 0.1 | | |
| | | 21,500 | | | | Mitsubishi Tanabe Pharma Corp. | | | | | 322,109 | | | | | | 0.1 | | |
| | | 1,400 | | | | Mochida Pharmaceutical Co., Ltd. | | | | | 79,207 | | | | | | 0.0 | | |
| | | 2,700 | | | | Nagaileben Co., Ltd. | | | | | 51,851 | | | | | | 0.0 | | |
| | | 4,300 | | | | Nichii Gakkan Co. | | | | | 34,544 | | | | | | 0.0 | | |
| | | 4,850 | | | | Nichi-iko Pharmaceutical Co., Ltd. | | | | | 131,575 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 8,100 | | | | Nihon Kohden Corp. | | | | $ | 200,396 | | | | | | 0.1 | | |
| | | 6,500 | | | | Nikkiso Co., Ltd. | | | | | 68,144 | | | | | | 0.0 | | |
| | | 3,000 | | | | Nippon Chemiphar Co., Ltd. | | | | | 15,260 | | | | | | 0.0 | | |
| | | 5,000 | | | | Nippon Shinyaku Co., Ltd. | | | | | 153,178 | | | | | | 0.1 | | |
| | | 11,900 | | | | Nipro Corp. | | | | | 121,796 | | | | | | 0.0 | | |
| | | 1,400 | | | | Nissui Pharmaceutical Co., Ltd. | | | | | 15,979 | | | | | | 0.0 | | |
| | | 27,500 | | | | Olympus Corp. | | | | | 949,438 | | | | | | 0.3 | | |
| | | 8,700 | | | | Ono Pharmaceutical Co., Ltd. | | | | | 949,561 | | | | | | 0.3 | | |
| | | 38,000 | | | | Otsuka Holdings Co. Ltd. | | | | | 1,210,801 | | | | | | 0.3 | | |
| | | 1,900 | | | | Paramount Bed Holdings Co. Ltd. | | | | | 56,098 | | | | | | 0.0 | | |
| | | 8,900 | | | | Rohto Pharmaceutical Co., Ltd. | | | | | 146,810 | | | | | | 0.1 | | |
| | | 35,600 | | | | Santen Pharmaceutical Co., Ltd. | | | | | 503,695 | | | | | | 0.1 | | |
| | | 3,200 | | | | Sawai Pharmaceutical Co., Ltd. | | | | | 186,240 | | | | | | 0.1 | | |
| | | 3,700 | | | | Seikagaku Corp. | | | | | 60,708 | | | | | | 0.0 | | |
| | | 2,600 | | | | Shin Nippon Biomedical Laboratories Ltd. | | | | | 15,485 | | | | | | 0.0 | | |
| | | 30,100 | | | | Shionogi & Co., Ltd. | | | | | 1,166,473 | | | | | | 0.3 | | |
| | | 3,100 | | | | Ship Healthcare Holdings, Inc. | | | | | 64,062 | | | | | | 0.0 | | |
| | | 8,330 | | | | Suzuken Co., Ltd. | | | | | 266,502 | | | | | | 0.1 | | |
| | | 14,300 | | | | Sysmex Corp. | | | | | 851,672 | | | | | | 0.2 | | |
| | | 1,500 | | | | Taiko Pharmaceutical Co. Ltd. | | | | | 21,881 | | | | | | 0.0 | | |
| | | 4,600 | | | | Taisho Pharmaceutical Holdings Co. Ltd. | | | | | 310,740 | | | | | | 0.1 | | |
| | | 71,800 | | | | Takeda Pharmaceutical Co., Ltd. | | | | | 3,465,689 | | | | | | 1.0 | | |
| | | 28,200 | | | | Terumo Corp. | | | | | 676,242 | | | | | | 0.2 | | |
| | | 6,300 | | | | Toho Holdings Co., Ltd. | | | | | 145,022 | | | | | | 0.0 | | |
| | | 1,100 | | | | Tokai Corp./Gifu | | | | | 39,831 | | | | | | 0.0 | | |
| | | 1,400 | | | | Torii Pharmaceutical Co., Ltd. | | | | | 37,198 | | | | | | 0.0 | | |
| | | 1,000 L | | | | Towa Pharmaceutical Co., Ltd. | | | | | 63,983 | | | | | | 0.0 | | |
| | | 2,000 | | | | Tsukui Corp. | | | | | 15,681 | | | | | | 0.0 | | |
| | | 5,800 | | | | Tsumura & Co. | | | | | 124,774 | | | | | | 0.0 | | |
| | | 5,300 | | | | Vital KSK Holdings, Inc. | | | | | 38,436 | | | | | | 0.0 | | |
| | | 4,000 | | | | ZERIA Pharmaceutical Co., Ltd. | | | | | 58,404 | | | | | | 0.0 | | |
| | | | | | | | | | | | 22,068,171 | | | | | | 6.1 | | |
See Accompanying Notes to Financial Statements
44
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials: 20.8% | | ||||||||||||
| | | 1,800 | | | | Advan Co., Ltd. | | | | $ | 23,869 | | | | | | 0.0 | | |
| | | 1,800 | | | | Aeon Delight Co., Ltd. | | | | | 55,155 | | | | | | 0.0 | | |
| | | 6,300 | | | | Aica Kogyo Co., Ltd. | | | | | 146,342 | | | | | | 0.1 | | |
| | | 4,800 | | | | Aichi Corp. | | | | | 28,393 | | | | | | 0.0 | | |
| | | 4,400 | | | | Aida Engineering Ltd. | | | | | 48,236 | | | | | | 0.0 | | |
| | | 361,000 | | | | All Nippon Airways Co., Ltd. | | | | | 978,790 | | | | | | 0.3 | | |
| | | 28,600 | | | | Amada Holdings Co., Ltd. | | | | | 301,876 | | | | | | 0.1 | | |
| | | 3,000 | | | | Anest Iwata Corp. | | | | | 18,739 | | | | | | 0.0 | | |
| | | 6,000 | | | | Arrk Corp. | | | | | 6,417 | | | | | | 0.0 | | |
| | | 6,300 | | | | Asahi Diamond Industrial Co., Ltd. | | | | | 70,979 | | | | | | 0.0 | | |
| | | 95,000 | | | | Asahi Glass Co., Ltd. | | | | | 570,336 | | | | | | 0.2 | | |
| | | 3,600 | | | | Asahi Kogyosha Co., Ltd. | | | | | 13,152 | | | | | | 0.0 | | |
| | | 6,000 | | | | Asanuma Corp. | | | | | 9,012 | | | | | | 0.0 | | |
| | | 1,500 | | | | Asunaro Aoki Construction Co., Ltd. | | | | | 10,448 | | | | | | 0.0 | | |
| | | 3,000 | | | | Bando Chemical Industries Ltd. | | | | | 12,498 | | | | | | 0.0 | | |
| | | 4,000 | | | | Bunka Shutter Co., Ltd. | | | | | 31,542 | | | | | | 0.0 | | |
| | | 20,000 | | | | Central Glass Co., Ltd. | | | | | 83,755 | | | | | | 0.0 | | |
| | | 16,400 | | | | Central Japan Railway Co. | | | | | 2,959,455 | | | | | | 0.8 | | |
| | | 800 | | | | Central Security Patrols Co., Ltd. | | | | | 9,081 | | | | | | 0.0 | | |
| | | 14,000 | | | | Chiyoda Corp. | | | | | 123,913 | | | | | | 0.0 | | |
| | | 1,300 | | | | Chiyoda Integre Co., Ltd. | | | | | 36,244 | | | | | | 0.0 | | |
| | | 3,200 | | | | Chudenko Corp. | | | | | 61,415 | | | | | | 0.0 | | |
| | | 5,000 | | | | Chugai Ro Co., Ltd. | | | | | 11,271 | | | | | | 0.0 | | |
| | | 5,900 | | | | CKD Corp. | | | | | 67,616 | | | | | | 0.0 | | |
| | | 9,000 | | | | COMSYS Holdings Corp. | | | | | 133,878 | | | | | | 0.1 | | |
| | | 4,000 | | | | Cosel Co., Ltd. | | | | | 48,481 | | | | | | 0.0 | | |
| | | 1,000 | | | | CTI Engineering Co., Ltd. | | | | | 9,459 | | | | | | 0.0 | | |
| | | 56,000 | | | | Dai Nippon Printing Co., Ltd. | | | | | 577,856 | | | | | | 0.2 | | |
| | | 4,000 | | | | Dai-Dan Co., Ltd. | | | | | 27,452 | | | | | | 0.0 | | |
| | | 9,500 | | | | Daifuku Co., Ltd. | | | | | 146,143 | | | | | | 0.1 | | |
| | | 12,000 | | | | Daihen Corp. | | | | | 61,238 | | | | | | 0.0 | | |
| | | 7,000 | | | | Daiho Corp. | | | | | 34,526 | | | | | | 0.0 | | |
| | | 21,000 L | | | | Daiichi Chuo KK | | | | | 6,518 | | | | | | 0.0 | | |
| | | 7,000 | | | | Daiichi Jitsugyo Co., Ltd. | | | | | 37,443 | | | | | | 0.0 | | |
| | | 26,700 | | | | Daikin Industries Ltd. | | | | | 1,919,420 | | | | | | 0.5 | | |
| | | 3,500 | | | | Daiseki Co., Ltd. | | | | | 67,704 | | | | | | 0.0 | | |
| | | 2,000 | | | | Daiwa Industries Ltd. | | | | | 13,162 | | | | | | 0.0 | | |
| | | 1,400 | | | | Daiwa Odakyu Construction Co. | | | | | 12,923 | | | | | | 0.0 | | |
| | | 1,200 | | | | Denyo Co., Ltd. | | | | | 19,449 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 600 | | | | Dream Incubator, Inc. | | | | $ | 12,075 | | | | | | 0.0 | | |
| | | 5,900 | | | | Duskin Co., Ltd. | | | | | 101,914 | | | | | | 0.0 | | |
| | | 33,600 | | | | East Japan Railway Co. | | | | | 3,020,614 | | | | | | 0.9 | | |
| | | 41,000 | | | | Ebara Corp. | | | | | 198,403 | | | | | | 0.1 | | |
| | | 700 | | | | Ebara Jitsugyo Co. Ltd. | | | | | 8,153 | | | | | | 0.0 | | |
| | | 700 | | | | Endo Lighting Corp. | | | | | 7,693 | | | | | | 0.0 | | |
| | | 10,000 | | | | Enshu Ltd. | | | | | 9,471 | | | | | | 0.0 | | |
| | | 19,000 | | | | Fanuc Ltd. | | | | | 3,887,696 | | | | | | 1.1 | | |
| | | 13,800 | | | | Fudo Tetra Corp. | | | | | 22,428 | | | | | | 0.0 | | |
| | | 51,000 | | | | Fuji Electric Holdings Co., Ltd. | | | | | 219,348 | | | | | | 0.1 | | |
| | | 6,300 L | | | | Fuji Machine Manufacturing Co., Ltd. | | | | | 65,928 | | | | | | 0.0 | | |
| | | 27,000 | | | | Fujikura Ltd. | | | | | 150,953 | | | | | | 0.1 | | |
| | | 5,600 | | | | Fujitec Co., Ltd. | | | | | 69,685 | | | | | | 0.0 | | |
| | | 3,000 | | | | Fukuda Corp. | | | | | 19,517 | | | | | | 0.0 | | |
| | | 1,600 | | | | Fukushima Industries Corp. | | | | | 29,299 | | | | | | 0.0 | | |
| | | 10,000 | | | | Fukuyama Transporting Co., Ltd. | | | | | 55,431 | | | | | | 0.0 | | |
| | | 4,000 | | | | FULLCAST Holdings Co., Ltd. | | | | | 25,037 | | | | | | 0.0 | | |
| | | 3,800 | | | | Funai Soken Holdings, Inc. | | | | | 44,423 | | | | | | 0.0 | | |
| | | 35,000 | | | | Furukawa Co., Ltd. | | | | | 62,287 | | | | | | 0.0 | | |
| | | 55,000 | | | | Furukawa Electric Co., Ltd. | | | | | 97,961 | | | | | | 0.0 | | |
| | | 3,000 | | | | Futaba Corp. | | | | | 54,365 | | | | | | 0.0 | | |
| | | 1,000 | | | | Gakujo Co., Ltd. | | | | | 10,654 | | | | | | 0.0 | | |
| | | 1,100 | | | | Gecoss Corp. | | | | | 11,307 | | | | | | 0.0 | | |
| | | 5,900 | | | | Glory Ltd. | | | | | 174,547 | | | | | | 0.1 | | |
| | | 37,000 | | | | GS Yuasa Corp. | | | | | 145,289 | | | | | | 0.1 | | |
| | | 600 | | | | Hamakyorex Co., Ltd. | | | | | 23,999 | | | | | | 0.0 | | |
| | | 123,000 | | | | Hankyu Hanshin Holdings, Inc. | | | | | 726,065 | | | | | | 0.2 | | |
| | | 19,000 | | | | Hanwa Co., Ltd. | | | | | 89,183 | | | | | | 0.0 | | |
| | | 14,800 | | | | Hazama Ando Corp. | | | | | 80,128 | | | | | | 0.0 | | |
| | | 2,200 | | | | Hibiya Engineering Ltd. | | | | | 29,553 | | | | | | 0.0 | | |
| | | 25,900 | | | | Hino Motors Ltd. | | | | | 320,182 | | | | | | 0.1 | | |
| | | 3,400 | | | | Hisaka Works Ltd. | | | | | 30,903 | | | | | | 0.0 | | |
| | | 8,300 | | | | Hitachi Construction Machinery Co., Ltd. | | | | | 145,295 | | | | | | 0.1 | | |
| | | 3,900 | | | | Hitachi Transport System Ltd. | | | | | 64,733 | | | | | | 0.0 | | |
| | | 14,600 | | | | Hitachi Zosen Corp. | | | | | 83,179 | | | | | | 0.0 | | |
| | | 1,000 | | | | Hokuetsu Industries Co. Ltd. | | | | | 7,429 | | | | | | 0.0 | | |
| | | 4,100 | | | | Hoshizaki Electric Co., Ltd. | | | | | 241,160 | | | | | | 0.1 | | |
| | | 5,000 | | | | Hosokawa Micron Corp. | | | | | 24,320 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
45
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 2,000 | | | | Howa Machinery Ltd. | | | | $ | 12,120 | | | | | | 0.0 | | |
| | | 4,000 | | | | Ichinen Holdings Co., Ltd. | | | | | 38,038 | | | | | | 0.0 | | |
| | | 1,000 | | | | Idec Corp. | | | | | 9,014 | | | | | | 0.0 | | |
| | | 133,000 | | | | IHI Corp. | | | | | 619,271 | | | | | | 0.2 | | |
| | | 8,200 | | | | Iino Kaiun Kaisha Ltd. | | | | | 39,091 | | | | | | 0.0 | | |
| | | 2,800 | | | | Inaba Denki Sangyo Co., Ltd. | | | | | 97,405 | | | | | | 0.0 | | |
| | | 500 | | | | Inaba Seisakusho Co., Ltd. | | | | | 6,188 | | | | | | 0.0 | | |
| | | 5,200 | | | | Inabata & Co., Ltd. | | | | | 56,859 | | | | | | 0.0 | | |
| | | 1,330 | | | | Inui Warehouse Co. Ltd. | | | | | 10,394 | | | | | | 0.0 | | |
| | | 22,000 L | | | | Iseki & Co., Ltd. | | | | | 43,460 | | | | | | 0.0 | | |
| | | 151,100 | | | | Itochu Corp. | | | | | 1,995,610 | | | | | | 0.6 | | |
| | | 2,600 | | | | Itoki Corp. | | | | | 14,841 | | | | | | 0.0 | | |
| | | 6,000 | | | | Iwasaki Electric Co., Ltd. | | | | | 13,294 | | | | | | 0.0 | | |
| | | 20,000 | | | | Iwatani International Corp. | | | | | 126,754 | | | | | | 0.1 | | |
| | | 35,200 | | | | Japan Airlines Co. Ltd. | | | | | 1,226,700 | | | | | | 0.4 | | |
| | | 6,400 | | | | Japan Airport Terminal Co., Ltd. | | | | | 348,324 | | | | | | 0.1 | | |
| | | 50 | | | | Japan Bridge Corp. | | | | | 102 | | | | | | 0.0 | | |
| | | 16,000 | | | | Japan Pulp & Paper Co., Ltd. | | | | | 43,992 | | | | | | 0.0 | | |
| | | 28,000 | | | | Japan Steel Works Ltd. | | | | | 115,708 | | | | | | 0.0 | | |
| | | 7,000 | | | | Japan Transcity Corp. | | | | | 24,283 | | | | | | 0.0 | | |
| | | 21,000 | | | | JGC Corp. | | | | | 396,420 | | | | | | 0.1 | | |
| | | 2,600 | | | | JK Holdings Co., Ltd. | | | | | 12,451 | | | | | | 0.0 | | |
| | | 28,470 | | | | LIXIL Group Corp. | | | | | 564,721 | | | | | | 0.2 | | |
| | | 19,600 | | | | JTEKT Corp. | | | | | 370,644 | | | | | | 0.1 | | |
| | | 3,000 | | | | Juki Corp. | | | | | 40,322 | | | | | | 0.0 | | |
| | | 91,000 | | | | Kajima Corp. | | | | | 427,407 | | | | | | 0.1 | | |
| | | 22,000 | | | | Kamigumi Co., Ltd. | | | | | 206,511 | | | | | | 0.1 | | |
| | | 2,000 | | | | Kanaden Corp. | | | | | 16,100 | | | | | | 0.0 | | |
| | | 3,000 | | | | Kanagawa Chuo Kotsu Co., Ltd. | | | | | 14,362 | | | | | | 0.0 | | |
| | | 2,900 | | | | Kanamoto Co., Ltd. | | | | | 73,519 | | | | | | 0.0 | | |
| | | 10,000 | | | | Kandenko Co., Ltd. | | | | | 62,454 | | | | | | 0.0 | | |
| | | 42,000 | | | | Kanematsu Corp. | | | | | 73,510 | | | | | | 0.0 | | |
| | | 3,400 | | | | Katakura Industries Co., Ltd. | | | | | 36,962 | | | | | | 0.0 | | |
| | | 6,000 | | | | Kato Works Co., Ltd. | | | | | 35,247 | | | | | | 0.0 | | |
| | | 700 | | | | Kawada Technologies, Inc. | | | | | 24,327 | | | | | | 0.0 | | |
| | | 134,000 | | | | Kawasaki Heavy Industries Ltd. | | | | | 624,600 | | | | | | 0.2 | | |
| | | 81,000 | | | | Kawasaki Kisen Kaisha Ltd. | | | | | 191,091 | | | | | | 0.1 | | |
| | | 43,000 | | | | Keihan Electric Railway Co., Ltd. | | | | | 250,405 | | | | | | 0.1 | | |
| | | 51,000 | | | | Keihin Electric Express Railway Co., Ltd. | | | | | 384,712 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 51,000 | | | | Keio Corp. | | | | $ | 364,795 | | | | | | 0.1 | | |
| | | 28,000 | | | | Keisei Electric Railway Co., Ltd. | | | | | 332,904 | | | | | | 0.1 | | |
| | | 3,300 | | | | Kimura Chemical Plants Co., Ltd. | | | | | 13,259 | | | | | | 0.0 | | |
| | | 900 | | | | Kimura Unity Co., Ltd. | | | | | 9,017 | | | | | | 0.0 | | |
| | | 14,000 | | | | Kinden Corp. | | | | | 185,128 | | | | | | 0.1 | | |
| | | 2,000 | | | | King Jim Co., Ltd. | | | | | 13,924 | | | | | | 0.0 | | |
| | | 3,000 | | | | Kinki Sharyo Co., Ltd. | | | | | 8,272 | | | | | | 0.0 | | |
| | | 186,000 | | | | Kintetsu Group Holdings Co., Ltd. | | | | | 633,402 | | | | | | 0.2 | | |
| | | 1,600 | | | | Kintetsu World Express, Inc. | | | | | 71,804 | | | | | | 0.0 | | |
| | | 14,000 | | | | Kitagawa Iron Works Co., Ltd. | | | | | 35,883 | | | | | | 0.0 | | |
| | | 8,000 | | | | Kitano Construction Corp. | | | | | 21,093 | | | | | | 0.0 | | |
| | | 2,200 | | | | Kito Corp. | | | | | 21,427 | | | | | | 0.0 | | |
| | | 7,700 | | | | Kitz Corp. | | | | | 38,478 | | | | | | 0.0 | | |
| | | 4,000 | | | | Kobe Electric Railway Co. Ltd | | | | | 11,697 | | | | | | 0.0 | | |
| | | 10,600 | | | | Kokuyo Co., Ltd. | | | | | 91,258 | | | | | | 0.0 | | |
| | | 3,950 | | | | Komai Tekko, Inc. | | | | | 8,163 | | | | | | 0.0 | | |
| | | 93,800 | | | | Komatsu Ltd. | | | | | 1,881,939 | | | | | | 0.5 | | |
| | | 900 | | | | Komatsu Wall Industry Co., Ltd. | | | | | 17,860 | | | | | | 0.0 | | |
| | | 4,400 | | | | Komori Corp. | | | | | 59,751 | | | | | | 0.0 | | |
| | | 1,800 | | | | Konoike Transport Co. Ltd. | | | | | 21,899 | | | | | | 0.0 | | |
| | | 800 | | | | KRS Corp. | | | | | 13,651 | | | | | | 0.0 | | |
| | | 92,000 | | | | Kubota Corp. | | | | | 1,458,787 | | | | | | 0.4 | | |
| | | 27,000 | | | | Kumagai Gumi Co., Ltd. | | | | | 79,586 | | | | | | 0.0 | | |
| | | 11,000 | | | | Kurita Water Industries Ltd. | | | | | 256,233 | | | | | | 0.1 | | |
| | | 3,200 | | | | Kuroda Electric Co., Ltd. | | | | | 59,553 | | | | | | 0.0 | | |
| | | 3,000 | | | | Kyodo Printing Co., Ltd. | | | | | 8,515 | | | | | | 0.0 | | |
| | | 4,100 | | | | Kyokuto Kaihatsu Kogyo Co. Ltd. | | | | | 44,567 | | | | | | 0.0 | | |
| | | 8,800 | | | | Kyowa Exeo Corp. | | | | | 102,402 | | | | | | 0.0 | | |
| | | 4,000 | | | | Kyudenko Corp. | | | | | 71,833 | | | | | | 0.0 | | |
| | | 5,700 | | | | Mabuchi Motor Co., Ltd. | | | | | 360,539 | | | | | | 0.1 | | |
| | | 14,000 | | | | Maeda Corp. | | | | | 97,027 | | | | | | 0.0 | | |
| | | 1,200 | | | | Maeda Kosen Co. Ltd | | | | | 10,652 | | | | | | 0.0 | | |
| | | 7,000 | | | | Maeda Road Construction Co., Ltd. | | | | | 128,796 | | | | | | 0.1 | | |
| | | 2,800 | | | | Maezawa Industries, Inc. | | | | | 11,752 | | | | | | 0.0 | | |
| | | 1,600 | | | | Maezawa Kasei Industries Co., Ltd. | | | | | 16,323 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
46
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 600 | | | | Maezawa Kyuso Industries Co., Ltd. | | | | $ | 8,186 | | | | | | 0.0 | | |
| | | 10,000 | | | | Makino Milling Machine Co., Ltd. | | | | | 100,820 | | | | | | 0.0 | | |
| | | 12,000 | | | | Makita Corp. | | | | | 649,906 | | | | | | 0.2 | | |
| | | 157,500 | | | | Marubeni Corp. | | | | | 903,838 | | | | | | 0.3 | | |
| | | 700 | | | | Maruka Machinery Co. Ltd. | | | | | 11,428 | | | | | | 0.0 | | |
| | | 12,000 | | | | Maruzen Showa Unyu Co., Ltd. | | | | | 42,430 | | | | | | 0.0 | | |
| | | 1,500 | | | | Matsuda Sangyo Co., Ltd. | | | | | 18,344 | | | | | | 0.0 | | |
| | | 4,000 | | | | Matsui Construction Co., Ltd. | | | | | 21,289 | | | | | | 0.0 | | |
| | | 2,000 | | | | Max Co., Ltd. | | | | | 21,411 | | | | | | 0.0 | | |
| | | 19,000 | | | | Meidensha Corp. | | | | | 71,356 | | | | | | 0.0 | | |
| | | 3,000 | | | | Meisei Industrial Co. Ltd | | | | | 15,507 | | | | | | 0.0 | | |
| | | 2,900 | | | | Meitec Corp. | | | | | 108,114 | | | | | | 0.0 | | |
| | | 2,400 | | | | Meiwa Corp. | | | | | 8,207 | | | | | | 0.0 | | |
| | | 28,000 | | | | Minebea Co., Ltd. | | | | | 462,234 | | | | | | 0.1 | | |
| | | 6,710 | | | | Mirait Holdings Corp. | | | | | 78,194 | | | | | | 0.0 | | |
| | | 20,700 | | | | MISUMI Group, Inc. | | | | | 293,872 | | | | | | 0.1 | | |
| | | 138,100 | | | | Mitsubishi Corp. | | | | | 3,035,992 | | | | | | 0.9 | | |
| | | 183,000 | | | | Mitsubishi Electric Corp. | | | | | 2,363,025 | | | | | | 0.7 | | |
| | | 307,000 | | | | Mitsubishi Heavy Industries Ltd. | | | | | 1,866,240 | | | | | | 0.5 | | |
| | | 12,000 | | | | Mitsubishi Logistics Corp. | | | | | 157,495 | | | | | | 0.1 | | |
| | | 9,000 L | | | | Mitsubishi Kakoki Kaisha Ltd. | | | | | 27,474 | | | | | | 0.0 | | |
| | | 1,600 | | | | Mitsubishi Pencil Co., Ltd. | | | | | 75,554 | | | | | | 0.0 | | |
| | | 3,000 | | | | Mitsuboshi Belting Co., Ltd. | | | | | 23,770 | | | | | | 0.0 | | |
| | | 152,400 | | | | Mitsui & Co., Ltd. | | | | | 2,070,526 | | | | | | 0.6 | | |
| | | 70,000 | | | | Mitsui Engineering & Shipbuilding Co., Ltd. | | | | | 121,103 | | | | | | 0.0 | | |
| | | 17,000 | | | | Mitsui Matsushima Co., Ltd. | | | | | 18,341 | | | | | | 0.0 | | |
| | | 96,000 | | | | Mitsui OSK Lines Ltd. | | | | | 307,295 | | | | | | 0.1 | | |
| | | 13,000 | | | | Mitsui-Soko Co., Ltd. | | | | | 41,183 | | | | | | 0.0 | | |
| | | 8,300 | | | | Miura Co., Ltd. | | | | | 96,074 | | | | | | 0.0 | | |
| | | 11,000 | | | | Miyaji Engineering Group, Inc. | | | | | 15,901 | | | | | | 0.0 | | |
| | | 3,500 | | | | MonotaRO Co. Ltd. | | | | | 153,642 | | | | | | 0.1 | | |
| | | 12,100 | | | | DMG Mori Co. Ltd | | | | | 233,342 | | | | | | 0.1 | | |
| | | 4,000 | | | | Morita Holdings Corp. | | | | | 39,044 | | | | | | 0.0 | | |
| | | 4,700 | | | | Moshi Moshi Hotline, Inc. | | | | | 52,589 | | | | | | 0.0 | | |
| | | 11,800 | | | | Nabtesco Corp. | | | | | 295,988 | | | | | | 0.1 | | |
| | | 1,900 | | | | NAC Co., Ltd. | | | | | 15,964 | | | | | | 0.0 | | |
| | | 17,000 | | | | Nachi-Fujikoshi Corp. | | | | | 100,139 | | | | | | 0.0 | | |
| | | 10,100 | | | | Nagase & Co., Ltd. | | | | | 139,192 | | | | | | 0.1 | | |
| | | 67,000 | | | | Nagoya Railroad Co., Ltd. | | | | | 250,516 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 5,844 | | | | Namura Shipbuilding Co., Ltd. | | | | $ | 50,085 | | | | | | 0.0 | | |
| | | 42,000 | | | | Nankai Electric Railway Co., Ltd. | | | | | 188,523 | | | | | | 0.1 | | |
| | | 800 | | | | NEC Capital Solutions Ltd. | | | | | 12,317 | | | | | | 0.0 | | |
| | | 24,000 | | | | NGK Insulators Ltd. | | | | | 617,546 | | | | | | 0.2 | | |
| | | 10,000 | | | | Nichias Corp. | | | | | 61,944 | | ��� | | | | 0.0 | | |
| | | 1,100 | | | | Nichiden Corp. | | | | | 27,409 | | | | | | 0.0 | | |
| | | 3,300 | | | | Nichiha Corp. | | | | | 50,676 | | | | | | 0.0 | | |
| | | 4,000 | | | | Nichireki Co., Ltd. | | | | | 33,346 | | | | | | 0.0 | | |
| | | 20,114 | | | | Nidec Corp. | | | | | 1,505,288 | | | | | | 0.4 | | |
| | | 3,200 | | | | Nihon M&A Center, Inc. | | | | | 131,919 | | | | | | 0.1 | | |
| | | 600 | | | | Nihon Trim Co., Ltd. | | | | | 15,816 | | | | | | 0.0 | | |
| | | 4,000 | | | | Nikko Co. Ltd./Hyogo | | | | | 14,332 | | | | | | 0.0 | | |
| | | 5,000 | | | | Nippo Corp. | | | | | 85,715 | | | | | | 0.0 | | |
| | | 12,000 | | | | Nippon Carbon Co., Ltd. | | | | | 39,496 | | | | | | 0.0 | | |
| | | 8,300 L | | | | Nippon Conveyor Co., Ltd. | | | | | 13,284 | | | | | | 0.0 | | |
| | | 3,000 | | | | Nippon Densetsu Kogyo Co., Ltd. | | | | | 52,803 | | | | | | 0.0 | | |
| | | 72,000 | | | | Nippon Express Co., Ltd. | | | | | 353,767 | | | | | | 0.1 | | |
| | | 2,100 | | | | Nippon Hume Corp. | | | | | 14,334 | | | | | | 0.0 | | |
| | | 1,700 | | | | Nippon Kanzai Co., Ltd. | | | | | 38,484 | | | | | | 0.0 | | |
| | | 10,000 | | | | Nippon Koei Co. Ltd. | | | | | 39,354 | | | | | | 0.0 | | |
| | | 6,300 | | | | Nippon Konpo Unyu Soko Co., Ltd. | | | | | 109,829 | | | | | | 0.0 | | |
| | | 17,600 | | | | Nippon Parking Development Co. Ltd. | | | | | 25,522 | | | | | | 0.0 | | |
| | | 8,000 | | | | Nippon Road Co., Ltd. | | | | | 39,919 | | | | | | 0.0 | | |
| | | 2,000 | | | | Nippon Seisen Co., Ltd. | | | | | 9,701 | | | | | | 0.0 | | |
| | | 8,000 | | | | Nippon Sharyo Ltd. | | | | | 21,560 | | | | | | 0.0 | | |
| | | 96,000 | | | | Nippon Sheet Glass Co., Ltd. | | | | | 101,930 | | | | | | 0.0 | | |
| | | 9,280 | | | | Nippon Steel & Sumikin Bussan Corp. | | | | | 33,865 | | | | | | 0.0 | | |
| | | 6,000 | | | | Nippon Thompson Co., Ltd. | | | | | 33,579 | | | | | | 0.0 | | |
| | | 154,880 | | | | Nippon Yusen KK | | | | | 431,194 | | | | | | 0.1 | | |
| | | 4,000 | | | | Nippon Yusoki Co., Ltd. | | | | | 20,109 | | | | | | 0.0 | | |
| | | 23,000 | | | | Nishimatsu Construction Co., Ltd. | | | | | 86,183 | | | | | | 0.0 | | |
| | | 24,000 | | | | Nishi-Nippon Railroad Co., Ltd. | | | | | 110,165 | | | | | | 0.0 | | |
| | | 1,300 | | | | Nishio Rent All Co., Ltd. | | | | | 32,482 | | | | | | 0.0 | | |
| | | 600 | | | | Nissei ASB Machine Co. Ltd | | | | | 11,769 | | | | | | 0.0 | | |
| | | 2,100 | | | | Nissei Plastic Industrial Co., Ltd. | | | | | 19,196 | | | | | | 0.0 | | |
| | | 3,200 | | | | Nissha Printing Co., Ltd. | | | | | 54,172 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
47
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 12,000 | | | | Nissin Corp. | | | | $ | 35,874 | | | | | | 0.0 | | |
| | | 5,000 | | | | Nissin Electric Co., Ltd. | | | | | 35,476 | | | | | | 0.0 | | |
| | | 2,400 | | | | Nitta Corp. | | | | | 66,525 | | | | | | 0.0 | | |
| | | 15,000 | | | | Nitto Boseki Co., Ltd. | | | | | 66,124 | | | | | | 0.0 | | |
| | | 3,100 | | | | Nitto Kogyo Corp. | | | | | 69,767 | | | | | | 0.0 | | |
| | | 500 | | | | Nitto Kohki Co., Ltd. | | | | | 11,316 | | | | | | 0.0 | | |
| | | 2,900 | | | | Nittoc Construction Co. Ltd | | | | | 11,421 | | | | | | 0.0 | | |
| | | 5,000 | | | | Nomura Co., Ltd. | | | | | 60,744 | | | | | | 0.0 | | |
| | | 13,000 | | | | Noritake Co., Ltd. | | | | | 30,259 | | | | | | 0.0 | | |
| | | 4,200 | | | | Noritz Corp. | | | | | 79,209 | | | | | | 0.0 | | |
| | | 12,000 L | | | | NS United Kaiun Kaisha Ltd. | | | | | 25,947 | | | | | | 0.0 | | |
| | | 38,100 | | | | NSK Ltd. | | | | | 587,472 | | | | | | 0.2 | | |
| | | 43,000 | | | | NTN Corp. | | | | | 270,133 | | | | | | 0.1 | | |
| | | 1,300 | | | | Obara Corp. | | | | | 69,862 | | | | | | 0.0 | | |
| | | 63,000 | | | | Obayashi Corp. | | | | | 459,405 | | | | | | 0.1 | | |
| | | 3,000 | | | | Obayashi Road Corp. | | | | | 16,119 | | | | | | 0.0 | | |
| | | 59,000 | | | | Odakyu Electric Railway Co., Ltd. | | | | | 550,484 | | | | | | 0.2 | | |
| | | 2,280 | | | | Oiles Corp. | | | | | 43,272 | | | | | | 0.0 | | |
| | | 8,000 | | | | Okamura Corp. | | | | | 69,674 | | | | | | 0.0 | | |
| | | 7,000 | | | | OKK Corp. | | | | | 10,802 | | | | | | 0.0 | | |
| | | 13,000 | | | | Okuma Corp. | | | | | 146,696 | | | | | | 0.1 | | |
| | | 20,000 L | | | | Okumura Corp. | | | | | 102,033 | | | | | | 0.0 | | |
| | | 1,900 | | | | Onoken Co., Ltd. | | | | | 18,891 | | | | | | 0.0 | | |
| | | 4,000 | | | | Organo Corp. | | | | | 16,986 | | | | | | 0.0 | | |
| | | 9,100 | | | | OSG Corp. | | | | | 195,066 | | | | | | 0.1 | | |
| | | 800 | | | | Outsourcing, Inc. | | | | | 13,684 | | | | | | 0.0 | | |
| | | 2,600 | | | | Oyo Corp. | | | | | 34,927 | | | | | | 0.0 | | |
| | | 9,400 | | | | Park24 Co., Ltd. | | | | | 160,923 | | | | | | 0.1 | | |
| | | 2,800 | | | | Pegasus Sewing Machine Manufacturing Co., Ltd. | | | | | 13,386 | | | | | | 0.0 | | |
| | | 23,500 | | | | Penta-Ocean Construction Co., Ltd. | | | | | 97,015 | | | | | | 0.0 | | |
| | | 3,400 | | | | Pilot Corp. | | | | | 132,828 | | | | | | 0.1 | | |
| | | 1,400 | | | | Prestige International, Inc. | | | | | 10,732 | | | | | | 0.0 | | |
| | | 2,500 | | | | Pronexus, Inc. | | | | | 16,067 | | | | | | 0.0 | | |
| | | 3,400 | | | | PS Mitsubishi Construction Co., Ltd. | | | | | 11,451 | | | | | | 0.0 | | |
| | | 3,100 | | | | Raito Kogyo Co., Ltd. | | | | | 25,119 | | | | | | 0.0 | | |
| | | 10,000 | | | | Rasa Industries Ltd. | | | | | 12,158 | | | | | | 0.0 | | |
| | | 29,000 | | | | Recruit Holdings Co. Ltd. | | | | | 884,334 | | | | | | 0.3 | | |
| | | 2,200 | | | | Rheon Automatic Machinery Co., Ltd. | | | | | 10,046 | | | | | | 0.0 | | |
| | | 13,000 | | | | Ryobi Ltd. | | | | | 50,706 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 7,000 | | | | Sakai Heavy Industries Ltd. | | | | $ | 15,094 | | | | | | 0.0 | | |
| | | 600 | | | | Sakai Moving Service Co., Ltd. | | | | | 23,406 | | | | | | 0.0 | | |
| | | 3,800 | | | | Sanix, Inc. | | | | | 10,963 | | | | | | 0.0 | | |
| | | 3,000 | | | | Sanki Engineering Co., Ltd. | | | | | 23,671 | | | | | | 0.0 | | |
| | | 2,500 | | | | Sankyo Tateyama, Inc. | | | | | 42,212 | | | | | | 0.0 | | |
| | | 23,000 | | | | Sankyu, Inc. | | | | | 125,601 | | | | | | 0.1 | | |
| | | 17,400 | | | | Sanwa Holdings Corp. | | | | | 146,380 | | | | | | 0.1 | | |
| | | 3,000 | | | | Sanyo Denki Co. Ltd. | | | | | 24,034 | | | | | | 0.0 | | |
| | | 9,000 | | | | Sata Construction Co., Ltd. | | | | | 9,703 | | | | | | 0.0 | | |
| | | 2,400 | | | | Sato Holding Corp. | | | | | 67,778 | | | | | | 0.0 | | |
| | | 2,300 | | | | Sato Shoji Corp. | | | | | 15,342 | | | | | | 0.0 | | |
| | | 1,300 | | | | SBS Holdings, Inc. | | | | | 10,535 | | | | | | 0.0 | | |
| | | 18,600 | | | | Secom Co., Ltd. | | | | | 1,208,360 | | | | | | 0.3 | | |
| | | 2,000 | | | | Seibu Electric Industry Co., Ltd. | | | | | 7,496 | | | | | | 0.0 | | |
| | | 14,700 | | | | Seibu Holdings, Inc. | | | | | 340,414 | | | | | | 0.1 | | |
| | | 2,600 | | | | Seikitokyu Kogyo Co., Ltd. | | | | | 11,929 | | | | | | 0.0 | | |
| | | 13,900 | | | | Seino Holdings Corp. | | | | | 155,612 | | | | | | 0.1 | | |
| | | 3,600 | | | | Sekisui Jushi Corp. | | | | | 46,827 | | | | | | 0.0 | | |
| | | 10,000 | | | | Senko Co., Ltd. | | | | | 63,312 | | | | | | 0.0 | | |
| | | 6,000 | | | | Shibusawa Warehouse Co., Ltd. | | | | | 17,142 | | | | | | 0.0 | | |
| | | 1,800 | | | | Shibuya Kogyo Co., Ltd. | | | | | 32,281 | | | | | | 0.0 | | |
| | | 2,600 | | | | Shima Seiki Manufacturing Ltd. | | | | | 41,406 | | | | | | 0.0 | | |
| | | 63,000 | | | | Shimizu Corp. | | | | | 530,179 | | | | | | 0.2 | | |
| | | 1,900 | | | | Shin Nippon Air Technologies Co. Ltd. | | | | | 16,707 | | | | | | 0.0 | | |
| | | 2,000 | | | | Shin-Keisei Electric Railway Co., Ltd. | | | | | 6,696 | | | | | | 0.0 | | |
| | | 9,000 | | | | Shinmaywa Industries Ltd. | | | | | 82,382 | | | | | | 0.0 | | |
| | | 2,100 | | | | Shinnihon Corp. | | | | | 9,733 | | | | | | 0.0 | | |
| | | 9,000 | | | | Shinsho Corp. | | | | | 20,683 | | | | | | 0.0 | | |
| | | 900 | | | | Shinwa Co., Ltd./Nagoya | | | | | 15,941 | | | | | | 0.0 | | |
| | | 2,100 | | | | SHO-BOND Holdings Co., Ltd. | | | | | 87,652 | | | | | | 0.0 | | |
| | | 6,000 | | | | Sinfonia Technology Co. Ltd. | | | | | 12,153 | | | | | | 0.0 | | |
| | | 4,900 | | | | Sintokogio Ltd. | | | | | 43,396 | | | | | | 0.0 | | |
| | | 5,800 | | | | SMC Corp. | | | | | 1,745,331 | | | | | | 0.5 | | |
| | | 2,000 | | | | Soda Nikka Co., Ltd. | | | | | 8,726 | | | | | | 0.0 | | |
| | | 6,500 | | | | Sohgo Security Services Co., Ltd. | | | | | 256,707 | | | | | | 0.1 | | |
| | | 121,300 | | | | Sojitz Corp. | | | | | 294,596 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
48
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 34,000 | | | | Sotetsu Holdings, Inc. | | | | $ | 177,117 | | | | | | 0.1 | | |
| | | 3,800 | | | | Star Micronics Co., Ltd. | | | | | 64,726 | | | | | | 0.0 | | |
| | | 1,000 | | | | Subaru Enterprise Co., Ltd. | | | | | 3,543 | | | | | | 0.0 | | |
| | | 800 | | | | Sugimoto & Co., Ltd. | | | | | 9,800 | | | | | | 0.0 | | |
| | | 8,600 | | | | Sumiseki Holdings, Inc. | | | | | 8,426 | | | | | | 0.0 | | |
| | | 105,800 | | | | Sumitomo Corp. | | | | | 1,231,451 | | | | | | 0.4 | | |
| | | 1,200 | | | | Sumitomo Densetsu Co., Ltd. | | | | | 17,262 | | | | | | 0.0 | | |
| | | 72,400 | | | | Sumitomo Electric Industries Ltd. | | | | | 1,120,560 | | | | | | 0.3 | | |
| | | 52,700 | | | | Sumitomo Heavy Industries | | | | | 306,943 | | | | | | 0.1 | | |
| | | 84,900 L | | | | Sumitomo Mitsui Construction Co., Ltd. | | | | | 110,943 | | | | | | 0.0 | | |
| | | 6,000 | | | | Sumitomo Precision Products | | | | | 22,387 | | | | | | 0.0 | | |
| | | 14,000 | | | | Sumitomo Warehouse Co., Ltd. | | | | | 78,140 | | | | | | 0.0 | | |
| | | 20,000 | | | | SWCC Showa Holdings Co., Ltd. | | | | | 15,517 | | | | | | 0.0 | | |
| | | 9,000 | | | | Tadano Ltd. | | | | | 134,423 | | | | | | 0.1 | | |
| | | 3,000 | | | | Taihei Dengyo Kaisha Ltd. | | | | | 29,606 | | | | | | 0.0 | | |
| | | 3,000 | | | | Nippon Steel & Sumikin Texeng Co., Ltd. | | | | | 16,222 | | | | | | 0.0 | | |
| | | 14,000 | | | | Taiheiyo Kouhatsu, Inc. | | | | | 10,970 | | | | | | 0.0 | | |
| | | 3,300 | | | | Taikisha Ltd. | | | | | 79,559 | | | | | | 0.0 | | |
| | | 107,500 | | | | Taisei Corp. | | | | | 617,157 | | | | | | 0.2 | | |
| | | 1,800 | | | | Takaoka Toko Co. Ltd | | | | | 23,916 | | | | | | 0.0 | | |
| | | 800 L | | | | Takara Printing Co., Ltd. | | | | | 7,423 | | | | | | 0.0 | | |
| | | 8,000 | | | | Takara Standard Co., Ltd. | | | | | 56,635 | | | | | | 0.0 | | |
| | | 6,000 | | | | Takasago Thermal Engineering Co., Ltd. | | | | | 72,762 | | | | | | 0.0 | | |
| | | 1,800 | | | | Takeei Corp. | | | | | 18,228 | | | | | | 0.0 | | |
| | | 7,000 | | | | Takisawa Machine Tool Co., Ltd. | | | | | 13,713 | | | | | | 0.0 | | |
| | | 7,000 | | | | Takuma Co., Ltd. | | | | | 44,546 | | | | | | 0.0 | | |
| | | 3,900 | | | | Tanseisha Co., Ltd. | | | | | 45,233 | | | | | | 0.0 | | |
| | | 4,100 | | | | Tatsuta Electric Wire and Cable Co., Ltd. | | | | | 17,011 | | | | | | 0.0 | | |
| | | 1,600 | | | | Teikoku Electric Manufacturing Co., Ltd. | | | | | 13,858 | | | | | | 0.0 | | |
| | | 2,500 | | | | Teikoku Sen-I Co., Ltd. | | | | | 35,590 | | | | | | 0.0 | | |
| | | 14,000 L | | | | Tekken Corp. | | | | | 41,632 | | | | | | 0.0 | | |
| | | 3,800 | | | | Temp Holdings Co., Ltd. | | | | | 137,136 | | | | | | 0.1 | | |
| | | 12,200 | | | | THK Co., Ltd. | | | | | 263,279 | | | | | | 0.1 | | |
| | | 24,000 | | | | Toa Corp. | | | | | 38,798 | | | | | | 0.0 | | |
| | | 4,000 | | | | TOA Road Corp. | | | | | 15,518 | | | | | | 0.0 | | |
| | | 17,200 L | | | | Tobishima Corp. | | | | | 29,632 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 98,000 | | | | Tobu Railway Co., Ltd. | | | | $ | 420,957 | | | | | | 0.1 | | |
| | | 1,700 | | | | Tocalo Co., Ltd. | | | | | 39,716 | | | | | | 0.0 | | |
| | | 26,000 | | | | Toda Corp. | | | | | 119,325 | | | | | | 0.0 | | |
| | | 5,000 | | | | Toenec Corp. | | | | | 31,067 | | | | | | 0.0 | | |
| | | 11,600 L | | | | TOKAI Holdings Corp. | | | | | 47,186 | | | | | | 0.0 | | |
| | | 2,000 | | | | Tokyo Energy & Systems, Inc. | | | | | 20,367 | | | | | | 0.0 | | |
| | | 8,000 | | | | TOKYO KEIKI INC. | | | | | 17,285 | | | | | | 0.0 | | |
| | | 2,500 | | | | Tokyo Sangyo Co. Ltd. | | | | | 10,284 | | | | | | 0.0 | | |
| | | 8,190 | | | | Tokyu Construction Co., Ltd. | | | | | 58,378 | | | | | | 0.0 | | |
| | | 99,000 | | | | Tokyu Corp. | | | | | 662,572 | | | | | | 0.2 | | |
| | | 9,000 | | | | Toli Corp. | | | | | 24,094 | | | | | | 0.0 | | |
| | | 1,900 | | | | Tomoe Corp. | | | | | 6,523 | | | | | | 0.0 | | |
| | | 3,400 | | | | Toppan Forms Co., Ltd. | | | | | 46,809 | | | | | | 0.0 | | |
| | | 53,000 | | | | Toppan Printing Co., Ltd. | | | | | 443,077 | | | | | | 0.1 | | |
| | | 2,200 | | | | Torishima Pump Manufacturing Co., Ltd. | | | | | 17,167 | | | | | | 0.0 | | |
| | | 387,000 | | | | Toshiba Corp. | | | | | 1,327,138 | | | | | | 0.4 | | |
| | | 12,000 | | | | Toshiba Machine Co., Ltd. | | | | | 54,964 | | | | | | 0.0 | | |
| | | 3,200 | | | | Toshiba Plant Systems & Services Corp. | | | | | 38,967 | | | | | | 0.0 | | |
| | | 5,000 | | | | Tosho Printing Co., Ltd. | | | | | 16,844 | | | | | | 0.0 | | |
| | | 2,800 | | | | Totetsu Kogyo Co., Ltd. | | | | | 57,950 | | | | | | 0.0 | | |
| | | 28,000 | | | | Toto Ltd. | | | | | 504,669 | | | | | | 0.2 | | |
| | | 50 | | | | Totoku Electric Co., Ltd. | | | | | 526 | | | | | | 0.0 | | |
| | | 9,600 | | | | Toyo Construction Co., Ltd. | | | | | 36,137 | | | | | | 0.0 | | |
| | | 13,000 L | | | | Toyo Engineering Corp. | | | | | 30,879 | | | | | | 0.0 | | |
| | | 5,000 | | | | Toyo Logistics Co., Ltd. | | | | | 11,854 | | | | | | 0.0 | | |
| | | 1,200 | | | | Toyo Tanso Co., Ltd. | | | | | 19,989 | | | | | | 0.0 | | |
| | | 5,000 | | | | Toyo Wharf & Warehouse Co., Ltd. | | | | | 8,536 | | | | | | 0.0 | | |
| | | 20,100 | | | | Toyota Tsusho Corp. | | | | | 539,346 | | | | | | 0.2 | | |
| | | 500 | | | | Trancom Co. Ltd. | | | | | 27,300 | | | | | | 0.0 | | |
| | | 2,300 | | | | Trusco Nakayama Corp. | | | | | 78,217 | | | | | | 0.0 | | |
| | | 10,000 | | | | Tsubakimoto Chain Co. | | | | | 97,685 | | | | | | 0.0 | | |
| | | 3,000 | | | | Tsubakimoto Kogyo Co., Ltd. | | | | | 9,407 | | | | | | 0.0 | | |
| | | 8,000 | | | | Tsugami Corp. | | | | | 44,013 | | | | | | 0.0 | | |
| | | 3,000 | | | | Tsukishima Kikai Co., Ltd. | | | | | 31,859 | | | | | | 0.0 | | |
| | | 2,100 | | | | Tsurumi Manufacturing Co., Ltd. | | | | | 33,201 | | | | | | 0.0 | | |
| | | 4,000 | | | | Uchida Yoko Co., Ltd. | | | | | 14,376 | | | | | | 0.0 | | |
| | | 4,100 | | | | Ueki Corp. | | | | | 8,264 | | | | | | 0.0 | | |
| | | 1,000 | | | | Union Tool Co. | | | | | 32,122 | | | | | | 0.0 | | |
| | | 11,000 | | | | Ushio, Inc. | | | | | 143,183 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
49
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 12,000 | | | | Wakachiku Construction Co., Ltd. | | | | $ | 17,151 | | | | | | 0.0 | | |
| | | 3,000 | | | | Wakita & Co. Ltd. | | | | | 30,583 | | | | | | 0.0 | | |
| | | 600 | | | | Weathernews, Inc. | | | | | 18,934 | | | | | | 0.0 | | |
| | | 17,700 | | | | West Japan Railway Co. | | | | | 1,132,430 | | | | | | 0.3 | | |
| | | 4,000 | | | | Yahagi Construction Co., Ltd. | | | | | 28,330 | | | | | | 0.0 | | |
| | | 800 | | | | YAMABIKO Corp. | | | | | 36,586 | | | | | | 0.0 | | |
| | | 32,300 | | | | Yamato Holdings Co., Ltd. | | | | | 624,541 | | | | | | 0.2 | | |
| | | 6,900 | | | | Yamazen Corp. | | | | | 62,944 | | | | | | 0.0 | | |
| | | 2,100 | | | | Yasuda Logistics Corp. | | | | | 17,320 | | | | | | 0.0 | | |
| | | 4,000 | | | | Yokogawa Bridge Corp. | | | | | 39,862 | | | | | | 0.0 | | |
| | | 1,000 | | | | Yondenko Corp. | | | | | 3,601 | | | | | | 0.0 | | |
| | | 2,400 | | | | Yuasa Trading Co., Ltd. | | | | | 57,398 | | | | | | 0.0 | | |
| | | 4,000 | | | | Yuken Kogyo Co., Ltd. | | | | | 8,849 | | | | | | 0.0 | | |
| | | 1,500 | | | | Yusen Logistics Co. Ltd. | | | | | 17,411 | | | | | | 0.0 | | |
| | | 900 | | | | Yushin Precision Equipment Co., Ltd. | | | | | 20,233 | | | | | | 0.0 | | |
| | | | | | | | | | | | 75,448,694 | | | | | | 20.8 | | |
| | | | | | | Information Technology: 10.5% | | ||||||||||||
| | | 2,300 | | | | A&D Co., Ltd. | | | | | 9,555 | | | | | | 0.0 | | |
| | | 12,700 | | | | Advantest Corp. | | | | | 132,049 | | | | | | 0.0 | | |
| | | 3,000 | | | | Ai Holdings Corp. | | | | | 53,017 | | | | | | 0.0 | | |
| | | 4,000 | | | | Aichi Tokei Denki Co., Ltd. | | | | | 11,578 | | | | | | 0.0 | | |
| | | 2,100 | | | | Aiphone Co., Ltd. | | | | | 37,525 | | | | | | 0.0 | | |
| | | 480 | | | | Alpha Systems, Inc. | | | | | 7,687 | | | | | | 0.0 | | |
| | | 14,800 | | | | Alps Electric Co., Ltd. | | | | | 456,425 | | | | | | 0.1 | | |
| | | 7,200 | | | | Amano Corp. | | | | | 94,093 | | | | | | 0.0 | | |
| | | 11,700 | | | | Anritsu Corp. | | | | | 78,872 | | | | | | 0.0 | | |
| | | 500 | | | | Argo Graphics, Inc. | | | | | 8,084 | | | | | | 0.0 | | |
| | | 3,100 | | | | Arisawa Manufacturing Co., Ltd. | | | | | 22,943 | | | | | | 0.0 | | |
| | | 3,000 | | | | Asahi Net, Inc. | | | | | 12,865 | | | | | | 0.0 | | |
| | | 400 | | | | Ateam, Inc. | | | | | 7,860 | | | | | | 0.0 | | |
| | | 825 | | | | Axell Corp. | | | | | 11,518 | | | | | | 0.0 | | |
| | | 1,800 | | | | Broadleaf Co. Ltd. | | | | | 24,223 | | | | | | 0.0 | | |
| | | 24,200 | | | | Brother Industries Ltd. | | | | | 342,347 | | | | | | 0.1 | | |
| | | 1,100 | | | | CAC Holdings Corp. | | | | | 10,077 | | | | | | 0.0 | | |
| | | 1,600 | | | | Canon Electronics, Inc. | | | | | 31,274 | | | | | | 0.0 | | |
| | | 105,966 | | | | Canon, Inc. | | | | | 3,437,365 | | | | | | 1.0 | | |
| | | 5,100 | | | | Capcom Co., Ltd. | | | | | 98,731 | | | | | | 0.0 | | |
| | | 3,000 | | | | Computer Institute of Japan Ltd. | | | | | 12,985 | | | | | | 0.0 | | |
| | | 23,200 | | | | Citizen Holdings Co., Ltd. | | | | | 161,861 | | | | | | 0.1 | | |
| | | 6,200 | | | | CMK Corp. | | | | | 16,237 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 3,400 L | | | | COLOPL, Inc. | | | | $ | 68,702 | | | | | | 0.0 | | |
| | | 2,700 | | | | Cybernet Systems Co., Ltd. | | | | | 10,024 | | | | | | 0.0 | | |
| | | 3,600 | | | | Cybozu, Inc. | | | | | 9,901 | | | | | | 0.0 | | |
| | | 1,200 | | | | Dai-ichi Seiko Co. Ltd | | | | | 19,869 | | | | | | 0.0 | | |
| | | 18,000 | | | | Dainippon Screen Manufacturing Co., Ltd. | | | | | 113,278 | | | | | | 0.0 | | |
| | | 21,000 | | | | Daiwabo Holdings Co., Ltd. | | | | | 41,700 | | | | | | 0.0 | | |
| | | 5,000 L | | | | Denki Kogyo Co., Ltd. | | | | | 23,870 | | | | | | 0.0 | | |
| | | 1,200 | | | | Digital Arts, Inc. | | | | | 14,778 | | | | | | 0.0 | | |
| | | 400 | | | | Dip Corp. | | | | | 38,029 | | | | | | 0.0 | | |
| | | 2,300 | | | | Disco Corp. | | | | | 190,138 | | | | | | 0.1 | | |
| | | 2,100 | | | | DTS Corp. | | | | | 47,398 | | | | | | 0.0 | | |
| | | 1,900 | | | | Eizo Nanao Corp. | | | | | 43,681 | | | | | | 0.0 | | |
| | | 500 | | | | enish inc | | | | | 5,079 | | | | | | 0.0 | | |
| | | 900 | | | | Enplas Corp. | | | | | 36,593 | | | | | | 0.0 | | |
| | | 1,000 | | | | ESPEC Corp. | | | | | 11,433 | | | | | | 0.0 | | |
| | | 1,000 L | | | | Excel Co., Ltd. | | | | | 11,435 | | | | | | 0.0 | | |
| | | 3,900 | | | | F N Communications, Inc. | | | | | 28,845 | | | | | | 0.0 | | |
| | | 870 | | | | Faith, Inc. | | | | | 10,998 | | | | | | 0.0 | | |
| | | 2,300 | | | | Fuji Soft, Inc. | | | | | 46,816 | | | | | | 0.0 | | |
| | | 44,100 | | | | Fuji Photo Film Co., Ltd. | | | | | 1,573,842 | | | | | | 0.4 | | |
| | | 177,000 | | | | Fujitsu Ltd. | | | | | 988,961 | | | | | | 0.3 | | |
| | | 2,700 | | | | Furuno Electric Co., Ltd. | | | | | 20,068 | | | | | | 0.0 | | |
| | | 6,800 | | | | GMO internet, Inc. | | | | | 91,168 | | | | | | 0.0 | | |
| | | 1,900 | | | | GMO Payment Gateway, Inc. | | | | | 61,332 | | | | | | 0.0 | | |
| | | 2,000 | | | | Gurunavi, Inc. | | | | | 32,874 | | | | | | 0.0 | | |
| | | 11,500 | | | | Gree, Inc. | | | | | 67,157 | | | | | | 0.0 | | |
| | | 14,500 | | | | Hamamatsu Photonics KK | | | | | 427,563 | | | | | | 0.1 | | |
| | | 400 | | | | Hearts United Group Co. Ltd | | | | | 6,042 | | | | | | 0.0 | | |
| | | 1,200 | | | | Hioki EE Corp. | | | | | 25,084 | | | | | | 0.0 | | |
| | | 3,265 | | | | Hirose Electric Co., Ltd. | | | | | 467,805 | | | | | | 0.1 | | |
| | | 6,400 | | | | Hitachi High-Technologies Corp. | | | | | 179,915 | | | | | | 0.1 | | |
| | | 5,000 | | | | Hitachi Kokusai Electric, Inc. | | | | | 75,956 | | | | | | 0.0 | | |
| | | 441,146 | | | | Hitachi Ltd. | | | | | 2,906,071 | | | | | | 0.8 | | |
| | | 3,900 | | | | Hitachi Maxell Ltd. | | | | | 62,975 | | | | | | 0.0 | | |
| | | 1,300 | | | | Hochiki Corp. | | | | | 9,521 | | | | | | 0.0 | | |
| | | 8,000 | | | | Hokuriku Electric Industry Co., Ltd. | | | | | 11,707 | | | | | | 0.0 | | |
| | | 3,600 | | | | Horiba Ltd. | | | | | 146,234 | | | | | | 0.1 | | |
| | | 6,400 | | | | Hosiden Corp. | | | | | 39,173 | | | | | | 0.0 | | |
| | | 43,800 | | | | Hoya Corp. | | | | | 1,754,178 | | | | | | 0.5 | | |
| | | 12,200 | | | | Ibiden Co., Ltd. | | | | | 206,319 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
50
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 1,800 | | | | Icom, Inc. | | | | $ | 45,331 | | | �� | | | 0.0 | | |
| | | 2,600 | | | | Ines Corp. | | | | | 28,967 | | | | | | 0.0 | | |
| | | 1,300 | | | | I-Net Corp. | | | | | 12,083 | | | | | | 0.0 | | |
| | | 2,600 | | | | Innotech Corp. | | | | | 10,313 | | | | | | 0.0 | | |
| | | 3,000 | | | | Internet Initiative Japan, Inc. | | | | | 52,685 | | | | | | 0.0 | | |
| | | 900 | | | | Information Services International-Dentsu Ltd. | | | | | 10,094 | | | | | | 0.0 | | |
| | | 6,400 | | | | IT Holdings Corp. | | | | | 135,914 | | | | | | 0.1 | | |
| | | 3,900 | | | | Itfor, Inc. | | | | | 15,173 | | | | | | 0.0 | | |
| | | 4,400 | | | | Itochu Techno-Solutions Corp. | | | | | 109,576 | | | | | | 0.0 | | |
| | | 9,000 | | | | Iwatsu Electric Co., Ltd. | | | | | 6,905 | | | | | | 0.0 | | |
| | | 6,000 | | | | Japan Aviation Electronics Industry Ltd. | | | | | 163,111 | | | | | | 0.1 | | |
| | | 2,300 L | | | | Japan Cash Machine Co., Ltd. | | | | | 31,272 | | | | | | 0.0 | | |
| | | 2,200 | | | | Japan Digital Laboratory Co. | | | | | 30,738 | | | | | | 0.0 | | |
| | | 33,400 | | | | Japan Display, Inc. | | | | | 126,071 | | | | | | 0.0 | | |
| | | 600 | | | | Japan Material Co. Ltd | | | | | 8,492 | | | | | | 0.0 | | |
| | | 5,000 | | | | Japan Radio Co., Ltd. | | | | | 17,235 | | | | | | 0.0 | | |
| | | 1,700 | | | | Jastec Co., Ltd. | | | | | 14,702 | | | | | | 0.0 | | |
| | | 1,600 | | | | JBCC Holdings, Inc. | | | | | 10,433 | | | | | | 0.0 | | |
| | | 2,500 | | | | Justsystems Corp. | | | | | 16,193 | | | | | | 0.0 | | |
| | | 2,900 | | | | Kaga Electronics Co., Ltd. | | | | | 37,596 | | | | | | 0.0 | | |
| | | 13,000 | | | | Kakaku.com, Inc. | | | | | 188,093 | | | | | | 0.1 | | |
| | | 1,500 | | | | Kanematsu Electronics Ltd. | | | | | 24,867 | | | | | | 0.0 | | |
| | | 4,200 | | | | Keyence Corp. | | | | | 2,263,703 | | | | | | 0.6 | | |
| | | 1,800 | | | | KLab, Inc. | | | | | 26,265 | | | | | | 0.0 | | |
| | | 1,500 | | | | Koa Corp. | | | | | 16,121 | | | | | | 0.0 | | |
| | | 7,223 | | | | Konami Corp. | | | | | 134,261 | | | | | | 0.1 | | |
| | | 44,000 | | | | Konica Minolta Holdings, Inc. | | | | | 512,827 | | | | | | 0.2 | | |
| | | 30,100 | | | | Kyocera Corp. | | | | | 1,564,973 | | | | | | 0.4 | | |
| | | 1,200 | | | | Lasertec Corp. | | | | | 16,582 | | | | | | 0.0 | | |
| | | 1,000 L | | | | Livesense, Inc. | | | | | 5,179 | | | | | | 0.0 | | |
| | | 2,000 | | | | Macnica Fuji Electronics Holdings, Inc. | | | | | 24,709 | | | | | | 0.0 | | |
| | | 1,700 | | | | Mamezou Holdings Co. Ltd | | | | | 8,672 | | | | | | 0.0 | | |
| | | 2,000 | | | | Marubun Corp. | | | | | 15,734 | | | | | | 0.0 | | |
| | | 800 | | | | Maruwa Co., Ltd./Aichi | | | | | 16,910 | | | | | | 0.0 | | |
| | | 3,300 | | | | Marvelous, Inc. | | | | | 41,471 | | | | | | 0.0 | | |
| | | 2,300 | | | | Megachips Corp. | | | | | 28,578 | | | | | | 0.0 | | |
| | | 1,300 | | | | Melco Holdings, Inc. | | | | | 24,543 | | | | | | 0.0 | | |
| | | 1,700 | | | | Mimasu Semiconductor Industry Co., Ltd. | | | | | 17,095 | | | | | | 0.0 | | |
| | | 6,000 | | | | Mitsumi Electric Co., Ltd. | | | | | 40,684 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 19,220 | | | | Murata Manufacturing Co., Ltd. | | | | $ | 3,354,187 | | | | | | 0.9 | | |
| | | 3,200 | | | | Mutoh Holdings Co., Ltd. | | | | | 9,930 | | | | | | 0.0 | | |
| | | 1,600 | | | | Nagano Keiki Co., Ltd. | | | | | 10,532 | | | | | | 0.0 | | |
| | | 238,000 | | | | NEC Corp. | | | | | 720,224 | | | | | | 0.2 | | |
| | | 2,300 | | | | NEC Networks & System Integration Corp. | | | | | 50,188 | | | | | | 0.0 | | |
| | | 9,200 | | | | Net One systems Co., Ltd. | | | | | 64,586 | | | | | | 0.0 | | |
| | | 17,400 | | | | Nexon Co. Ltd. | | | | | 239,555 | | | | | | 0.1 | | |
| | | 5,800 | | | | Nichicon Corp. | | | | | 47,164 | | | | | | 0.0 | | |
| | | 2,000 | | | | Nihon Dempa Kogyo Co., Ltd. | | | | | 14,924 | | | | | | 0.0 | | |
| | | 4,900 | | | | Nihon Unisys Ltd. | | | | | 50,310 | | | | | | 0.0 | | |
| | | 11,300 | | | | Nintendo Co., Ltd. | | | | | 1,885,151 | | | | | | 0.5 | | |
| | | 1,900 L | | | | Nippon Ceramic Co., Ltd. | | | | | 26,436 | | | | | | 0.0 | | |
| | | 15,000 | | | | Nippon Chemi-Con Corp. | | | | | 45,150 | | | | | | 0.0 | | |
| | | 37,000 | | | | Nippon Electric Glass Co., Ltd. | | | | | 187,109 | | | | | | 0.1 | | |
| | | 5,700 | | | | Nippon Signal Co., Ltd. | | | | | 62,547 | | | | | | 0.0 | | |
| | | 3,300 | | | | Nohmi Bosai Ltd. | | | | | 39,342 | | | | | | 0.0 | | |
| | | 10,600 | | | | Nomura Research Institute Ltd. | | | | | 414,501 | | | | | | 0.1 | | |
| | | 1,700 | | | | NS Solutions Corp. | | | | | 56,212 | | | | | | 0.0 | | |
| | | 4,950 | | | | NSD CO., Ltd. | | | | | 65,416 | | | | | | 0.0 | | |
| | | 11,400 | | | | NTT Data Corp. | | | | | 497,846 | | | | | | 0.2 | | |
| | | 1,200 | | | | OBIC Business Consultants Ltd. | | | | | 45,199 | | | | | | 0.0 | | |
| | | 6,400 | | | | Obic Co., Ltd. | | | | | 285,329 | | | | | | 0.1 | | |
| | | 1,100 | | | | Oizumi Corp. | | | | | 6,940 | | | | | | 0.0 | | |
| | | 67,000 | | | | Oki Electric Industry Ltd. | | | | | 140,562 | | | | | | 0.1 | | |
| | | 19,900 | | | | Omron Corp. | | | | | 864,422 | | | | | | 0.3 | | |
| | | 700 | | | | Optex Co., Ltd. | | | | | 14,455 | | | | | | 0.0 | | |
| | | 3,000 | | | | Oracle Corp. Japan | | | | | 125,417 | | | | | | 0.0 | | |
| | | 3,000 L | | | | Origin Electric Co. Ltd. | | | | | 10,875 | | | | | | 0.0 | | |
| | | 4,000 | | | | Osaki Electric Co., Ltd. | | | | | 21,977 | | | | | | 0.0 | | |
| | | 5,100 | | | | Otsuka Corp. | | | | | 238,076 | | | | | | 0.1 | | |
| | | 300 | | | | Panasonic Information Systems Co., Ltd. | | | | | 10,300 | | | | | | 0.0 | | |
| | | 1,000 | | | | Poletowin Pitcrew Holdings, Inc. | | | | | 9,719 | | | | | | 0.0 | | |
| | | 9,300 L | | | | Renesas Electronics Corp. | | | | | 66,387 | | | | | | 0.0 | | |
| | | 55,300 | | | | Ricoh Co., Ltd. | | | | | 572,851 | | | | | | 0.2 | | |
| | | 2,500 | | | | Riso Kagaku Corp. | | | | | 47,288 | | | | | | 0.0 | | |
| | | 9,200 | | | | Rohm Co., Ltd. | | | | | 616,392 | | | | | | 0.2 | | |
| | | 600 | | | | Roland DG Corp. | | | | | 16,925 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
51
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 3,100 | | | | Ryosan Co., Ltd. | | | | $ | 81,468 | | | | | | 0.0 | | |
| | | 2,000 | | | | Ryoyo Electro Corp. | | | | | 25,774 | | | | | | 0.0 | | |
| | | 10,000 | | | | Sanken Electric Co., Ltd. | | | | | 61,788 | | | | | | 0.0 | | |
| | | 1,800 | | | | Sanshin Electronics Co., Ltd. | | | | | 18,420 | | | | | | 0.0 | | |
| | | 2,800 | | | | Satori Electric Co., Ltd. | | | | | 20,144 | | | | | | 0.0 | | |
| | | 7,000 | | | | Saxa Holdings, Inc. | | | | | 13,303 | | | | | | 0.0 | | |
| | | 25,100 | | | | Seiko Epson Corp. | | | | | 444,783 | | | | | | 0.1 | | |
| | | 5,000 | | | | Shibaura Mechatronics Corp. | | | | | 11,635 | | | | | | 0.0 | | |
| | | 22,000 | | | | Shimadzu Corp. | | | | | 298,588 | | | | | | 0.1 | | |
| | | 6,000 | | | | Shindengen Electric Manufacturing Co., Ltd. | | | | | 30,024 | | | | | | 0.0 | | |
| | | 1,500 | | | | Shinkawa Ltd. | | | | | 13,316 | | | | | | 0.0 | | |
| | | 6,500 | | | | Shinko Electric Industries | | | | | 46,868 | | | | | | 0.0 | | |
| | | 1,300 | | | | Shinko Shoji Co., Ltd. | | | | | 13,752 | | | | | | 0.0 | | |
| | | 1,500 | | | | Siix Corp. | | | | | 39,327 | | | | | | 0.0 | | |
| | | 7,000 | | | | SMK Corp. | | | | | 28,091 | | | | | | 0.0 | | |
| | | 2,400 | | | | SMS Co. Ltd. | | | | | 31,826 | | | | | | 0.0 | | |
| | | 600 | | | | Softbank Technology Corp. | | | | | 6,954 | | | | | | 0.0 | | |
| | | 1,700 | | | | Sourcenext Corp. | | | | | 9,689 | | | | | | 0.0 | | |
| | | 7,000 | | | | Square Enix Holdings Co., Ltd. | | | | | 154,756 | | | | | | 0.1 | | |
| | | 1,800 | | | | SRA Holdings | | | | | 33,533 | | | | | | 0.0 | | |
| | | 14,500 | | | | Sumco Corp. | | | | | 181,352 | | | | | | 0.1 | | |
| | | 4,644 | | | | SCSK Corp. | | | | | 141,616 | | | | | | 0.1 | | |
| | | 2,600 | | | | Systena Corp. | | | | | 22,292 | | | | | | 0.0 | | |
| | | 2,640 | | | | Tachibana Eletech Co., Ltd. | | | | | 30,757 | | | | | | 0.0 | | |
| | | 9,600 | | | | Taiyo Yuden Co., Ltd. | | | | | 134,566 | | | | | | 0.1 | | |
| | | 800 | | | | Takachiho Koheki Co. Ltd | | | | | 7,216 | | | | | | 0.0 | | |
| | | 9,000 | | | | Tamura Corp. | | | | | 35,909 | | | | | | 0.0 | | |
| | | 11,200 | | | | TDK Corp. | | | | | 857,612 | | | | | | 0.3 | | |
| | | 20,000 L | | | | Teac Corp. | | | | | 7,679 | | | | | | 0.0 | | |
| | | 4,300 | | | | Koei Tecmo Holdings Co. Ltd | | | | | 73,956 | | | | | | 0.0 | | |
| | | 1,900 | | | | TKC | | | | | 53,938 | | | | | | 0.0 | | |
| | | 5,000 | | | | Toko, Inc. | | | | | 13,652 | | | | | | 0.0 | | |
| | | 15,400 | | | | Tokyo Electron Ltd. | | | | | 978,779 | | | | | | 0.3 | | |
| | | 3,400 | | | | Tokyo Seimitsu Co., Ltd. | | | | | 74,496 | | | | | | 0.0 | | |
| | | 5,800 | | | | Topcon Corp. | | | | | 139,749 | | | | | | 0.1 | | |
| | | 14,000 | | | | Toshiba Tec Corp. | | | | | 75,746 | | | | | | 0.0 | | |
| | | 100 | | | | Toukei Computer Co., Ltd. | | | | | 1,646 | | | | | | 0.0 | | |
| | | 1,100 | | | | Towa Corp. | | | | | 8,754 | | | | | | 0.0 | | |
| | | 3,600 | | | | Toyo Corp./Chuo-ku | | | | | 30,297 | | | | | | 0.0 | | |
| | | 2,700 | | | | Transcosmos, Inc. | | | | | 71,821 | | | | | | 0.0 | | |
| | | 9,800 | | | | Trend Micro, Inc. | | | | | 335,226 | | | | | | 0.1 | | |
| | | 1,200 | | | | UKC Holdings Corp. | | | | | 25,666 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 3,500 | | | | Ulvac, Inc. | | | | $ | 53,863 | | | | | | 0.0 | | |
| | | 8,000 | | | | Uniden Corp. | | | | | 15,281 | | | | | | 0.0 | | |
| | | 600 | | | | V Technology Co. Ltd | | | | | 18,817 | | | | | | 0.0 | | |
| | | 14,300 L | | | | Wacom Co., Ltd. | | | | | 51,874 | | | | | | 0.0 | | |
| | | 130,800 | | | | Yahoo! Japan Corp. | | | | | 527,915 | | | | | | 0.2 | | |
| | | 2,900 | | | | Yamaichi Electronics Co., Ltd. | | | | | 31,237 | | | | | | 0.0 | | |
| | | 6,300 | | | | Yamatake Corp. | | | | | 162,896 | | | | | | 0.1 | | |
| | | 22,500 L | | | | Yaskawa Electric Corp. | | | | | 287,785 | | | | | | 0.1 | | |
| | | 18,500 | | | | Yokogawa Electric Corp. | | | | | 238,265 | | | | | | 0.1 | | |
| | | 2,200 | | | | Yokowo Co., Ltd. | | | | | 13,049 | | | | | | 0.0 | | |
| | | | | | | | | | | | 37,882,004 | | | | | | 10.5 | | |
| | | | | | | Materials: 6.8% | | ||||||||||||
| | | 10,000 | | | | Achilles Corp. | | | | | 12,815 | | | | | | 0.0 | | |
| | | 9,300 | | | | ADEKA Corp. | | | | | 128,979 | | | | | | 0.1 | | |
| | | 13,000 | | | | Aichi Steel Corp. | | | | | 58,087 | | | | | | 0.0 | | |
| | | 17,000 | | | | Air Water, Inc. | | | | | 310,799 | | | | | | 0.1 | | |
| | | 1,000 | | | | Alconix Corp. | | | | | 16,679 | | | | | | 0.0 | | |
| | | 1,000 | | | | Araya Industrial Co., Ltd. | | | | | 1,479 | | | | | | 0.0 | | |
| | | 3,100 | | | | Asahi Holdings, Inc. | | | | | 52,781 | | | | | | 0.0 | | |
| | | 120,000 | | | | Asahi Kasei Corp. | | | | | 984,310 | | | | | | 0.3 | | |
| | | 6,000 | | | | Asahi Organic Chemicals Industry Co., Ltd. | | | | | 12,630 | | | | | | 0.0 | | |
| | | 1,800 | | | | Carlit Holdings Co. Ltd. | | | | | 9,097 | | | | | | 0.0 | | |
| | | 6,000 | | | | Chuetsu Pulp & Paper Co., Ltd. | | | | | 11,397 | | | | | | 0.0 | | |
| | | 6,000 | | | | Chugoku Marine Paints Ltd. | | | | | 44,555 | | | | | | 0.0 | | |
| | | 18,000 | | | | Dai Nippon Toryo Co., Ltd. | | | | | 27,033 | | | | | | 0.0 | | |
| | | 27,000 | | | | Daicel Corp. | | | | | 346,469 | | | | | | 0.1 | | |
| | | 33,000 | | | | Daido Steel Co., Ltd. | | | | | 137,461 | | | | | | 0.1 | | |
| | | 4,000 | | | | DKS Co. Ltd | | | | | 11,752 | | | | | | 0.0 | | |
| | | 8,000 | | | | Daiken Corp. | | | | | 20,183 | | | | | | 0.0 | | |
| | | 4,000 | | | | Daiki Aluminium Industry Co., Ltd. | | | | | 12,950 | | | | | | 0.0 | | |
| | | 8,000 | | | | Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | | | | | 40,270 | | | | | | 0.0 | | |
| | | 8,000 | | | | Daio Paper Corp. | | | | | 80,392 | | | | | | 0.0 | | |
| | | 9,000 | | | | Daiso Co., Ltd. | | | | | 32,468 | | | | | | 0.0 | | |
| | | 3,000 | | | | DC Co., Ltd. | | | | | 10,776 | | | | | | 0.0 | | |
| | | 39,000 | | | | Denki Kagaku Kogyo K K | | | | | 173,298 | | | | | | 0.1 | | |
| | | 75,000 | | | | Dainippon Ink & Chemicals | | | | | 187,243 | | | | | | 0.1 | | |
| | | 23,000 | | | | Dowa Holdings Co., Ltd. | | | | | 217,355 | | | | | | 0.1 | | |
| | | 1,900 | | | | Earth Chemical Co., Ltd. | | | | | 72,053 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
52
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 800 | | | | Ebara-Udylite Co., Ltd. | | | | $ | 33,260 | | | | | | 0.0 | | |
| | | 1,800 | | | | FP Corp. | | | | | 65,537 | | | | | | 0.0 | | |
| | | 2,200 | | | | Fuji Seal International, Inc. | | | | | 64,861 | | | | | | 0.0 | | |
| | | 2,000 | | | | Fujikura Kasei Co., Ltd. | | | | | 9,465 | | | | | | 0.0 | | |
| | | 1,400 | | | | Fujimi, Inc. | | | | | 21,060 | | | | | | 0.0 | | |
| | | 1,800 | | | | Fujimori Kogyo Co., Ltd. | | | | | 54,388 | | | | | | 0.0 | | |
| | | 23,338 | | | | Furukawa-Sky Aluminum Corp. | | | | | 59,305 | | | | | | 0.0 | | |
| | | 15,000 | | | | Godo Steel Ltd. | | | | | 27,961 | | | | | | 0.0 | | |
| | | 5,000 | | | | Gun-Ei Chemical Industry Co., Ltd. | | | | | 13,589 | | | | | | 0.0 | | |
| | | 1,000 | | | | Hakudo Co., Ltd. | | | | | 12,048 | | | | | | 0.0 | | |
| | | 3,000 | | | | Harima Chemicals, Inc. | | | | | 12,106 | | | | | | 0.0 | | |
| | | 9,000 | | | | Hitachi Chemical Co., Ltd. | | | | | 162,099 | | | | | | 0.1 | | |
| | | 20,720 | | | | Hitachi Metals Ltd. | | | | | 318,538 | | | | | | 0.1 | | |
| | | 5,000 | | | | Hokkan Holdings Ltd. | | | | | 12,216 | | | | | | 0.0 | | |
| | | 13,100 | | | | Hokuetsu Kishu Paper Co. Ltd. | | | | | 72,352 | | | | | | 0.0 | | |
| | | 2,000 | | | | Ihara Chemical Industry Co., Ltd. | | | | | 24,396 | | | | | | 0.0 | | |
| | | 45,000 | | | | Ishihara Sangyo Kaisha Ltd. | | | | | 45,537 | | | | | | 0.0 | | |
| | | 2,700 | | | | Japan Pile Corp. | | | | | 15,826 | | | | | | 0.0 | | |
| | | 500 | | | | Japan Pure Chemical Co. Ltd. | | | | | 10,295 | | | | | | 0.0 | | |
| | | 48,847 | | | | JFE Holdings, Inc. | | | | | 1,082,249 | | | | | | 0.3 | | |
| | | 1,600 | | | | JSP Corp. | | | | | 25,766 | | | | | | 0.0 | | |
| | | 18,900 | | | | JSR Corp. | | | | | 333,647 | | | | | | 0.1 | | |
| | | 26,000 | | | | Kaneka Corp. | | | | | 189,877 | | | | | | 0.1 | | |
| | | 23,000 | | | | Kansai Paint Co., Ltd. | | | | | 356,344 | | | | | | 0.1 | | |
| | | 5,000 | | | | Kanto Denka Kogyo Co., Ltd. | | | | | 33,631 | | | | | | 0.0 | | |
| | | 5,800 | | | | Kimoto Co., Ltd. | | | | | 13,404 | | | | | | 0.0 | | |
| | | 2,000 | | | | Koatsu Gas Kogyo Co., Ltd. | | | | | 10,336 | | | | | | 0.0 | | |
| | | 331,000 | | | | Kobe Steel Ltd. | | | | | 556,878 | | | | | | 0.2 | | |
| | | 1,100 | | | | Kohsoku Corp. | | | | | 8,041 | | | | | | 0.0 | | |
| | | 2,300 | | | | Konishi Co., Ltd. | | | | | 43,508 | | | | | | 0.0 | | |
| | | 7,000 | | | | Krosaki Harima Corp. | | | | | 15,081 | | | | | | 0.0 | | |
| | | 5,000 | | | | Kumiai Chemical Industry Co., Ltd. | | | | | 39,094 | | | | | | 0.0 | | |
| | | 32,700 | | | | Kuraray Co., Ltd. | | | | | 399,442 | | | | | | 0.1 | | |
| | | 14,000 | | | | Kureha Corp. | | | | | 55,014 | | | | | | 0.0 | | |
| | | 12,000 | | | | Kurimoto Ltd. | | | | | 24,804 | | | | | | 0.0 | | |
| | | 2,500 | | | | Kyoei Steel Ltd. | | | | | 46,196 | | | | | | 0.0 | | |
| | | 1,100 | | | | Kyowa Leather Cloth Co., Ltd. | | | | | 8,780 | | | | | | 0.0 | | |
| | | 4,200 | | | | Lintec Corp. | | | | | 96,034 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 5,800 | | | | Maruichi Steel Tube Ltd. | | | | $ | 143,958 | | | | | | 0.1 | | |
| | | 1,800 | | | | MEC Co., Ltd./Japan | | | | | 13,372 | | | | | | 0.0 | | |
| | | 1,000 | | | | Mitani Sekisan Co. Ltd | | | | | 14,000 | | | | | | 0.0 | | |
| | | 120,400 | | | | Mitsubishi Chemical Holdings Corp. | | | | | 756,910 | | | | | | 0.2 | | |
| | | 32,000 | | | | Mitsubishi Gas Chemical Co., Inc. | | | | | 179,176 | | | | | | 0.1 | | |
| | | 120,520 | | | | Mitsubishi Materials Corp. | | | | | 462,763 | | | | | | 0.1 | | |
| | | 51,000 | | | | Mitsubishi Paper Mills Ltd. | | | | | 38,393 | | | | | | 0.0 | | |
| | | 11,000 | | | | Mitsubishi Steel Manufacturing Co., Ltd. | | | | | 23,839 | | | | | | 0.0 | | |
| | | 88,000 | | | | Mitsui Chemicals, Inc. | | | | | 326,944 | | | | | | 0.1 | | |
| | | 50,000 | | | | Mitsui Mining & Smelting Co., Ltd. | | | | | 135,338 | | | | | | 0.1 | | |
| | | 800 | | | | MORESCO Corp. | | | | | 14,696 | | | | | | 0.0 | | |
| | | 4,000 | | | | Nakabayashi Co. Ltd. | | | | | 7,850 | | | | | | 0.0 | | |
| | | 17,000 | | | | Nakayama Steel Works Ltd. | | | | | 12,339 | | | | | | 0.0 | | |
| | | 4,700 | | | | Neturen Co., Ltd. | | | | | 33,884 | | | | | | 0.0 | | |
| | | 4,400 | | | | Nihon Nohyaku Co., Ltd. | | | | | 42,658 | | | | | | 0.0 | | |
| | | 8,900 | | | | Nihon Parkerizing Co., Ltd. | | | | | 90,277 | | | | | | 0.0 | | |
| | | 12,000 | | | | Nihon Yamamura Glass Co., Ltd. | | | | | 18,536 | | | | | | 0.0 | | |
| | | 6,000 | | | | Nippon Carbide Industries Co., Inc. | | | | | 10,824 | | | | | | 0.0 | | |
| | | 5,000 | | | | Nippon Concrete Industries Co., Ltd. | | | | | 19,716 | | | | | | 0.0 | | |
| | | 11,000 | | | | Nippon Denko Co., Ltd. | | | | | 25,580 | | | | | | 0.0 | | |
| | | 2,300 | | | | Nippon Fine Chemical Co., Ltd. | | | | | 17,742 | | | | | | 0.0 | | |
| | | 13,000 | | | | Nippon Kayaku Co., Ltd. | | | | | 140,156 | | | | | | 0.1 | | |
| | | 7,000 | | | | Nippon Kinzoku Co., Ltd. | | | | | 8,928 | | | | | | 0.0 | | |
| | | 4,000 | | | | Nippon Koshuha Steel Co., Ltd. | | | | | 3,761 | | | | | | 0.0 | | |
| | | 46,900 | | | | Nippon Light Metal Holdings Co. Ltd. | | | | | 80,718 | | | | | | 0.0 | | |
| | | 16,700 | | | | Nippon Paint Co., Ltd. | | | | | 470,616 | | | | | | 0.1 | | |
| | | 8,829 | | | | Nippon Paper Industries Co. Ltd. | | | | | 154,640 | | | | | | 0.1 | | |
| | | 3,000 | | | | Nippon Pillar Packing Co., Ltd. | | | | | 26,862 | | | | | | 0.0 | | |
| | | 16,000 | | | | Nippon Shokubai Co., Ltd. | | | | | 218,865 | | | | | | 0.1 | | |
| | | 14,000 | | | | Nippon Soda Co., Ltd. | | | | | 89,988 | | | | | | 0.0 | | |
| | | 809,355 | | | | Nippon Steel Corp. | | | | | 2,098,540 | | | | | | 0.6 | | |
| | | 5,000 | | | | Nippon Synthetic Chemical Industry Co., Ltd. | | | | | 33,945 | | | | | | 0.0 | | |
| | | 14,000 | | | | Nippon Valqua Industries Ltd. | | | | | 37,846 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
53
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 19,000 L | | | | Nippon Yakin Kogyo Co., Ltd. | | | | $ | 35,690 | | | | | | 0.0 | | |
| | | 12,700 | | | | Nissan Chemical Industries Ltd. | | | | | 280,250 | | | | | | 0.1 | | |
| | | 7,876 | | | | Nisshin Steel Holdings Co. Ltd. | | | | | 97,584 | | | | | | 0.0 | | |
| | | 6,000 | | | | Nittetsu Mining Co., Ltd. | | | | | 29,352 | | | | | | 0.0 | | |
| | | 14,800 | | | | Nitto Denko Corp. | | | | | 1,215,411 | | | | | | 0.4 | | |
| | | 16,000 | | | | NOF Corp. | | | | | 128,363 | | | | | | 0.0 | | |
| | | 77,000 | | | | OJI Paper Co., Ltd. | | | | | 334,629 | | | | | | 0.1 | | |
| | | 4,900 | | | | Okabe Co., Ltd. | | | | | 38,373 | | | | | | 0.0 | | |
| | | 9,000 | | | | Okamoto Industries, Inc. | | | | | 33,651 | | | | | | 0.0 | | |
| | | 4,000 | | | | Okura Industrial Co., Ltd. | | | | | 11,267 | | | | | | 0.0 | | |
| | | 1,400 | | | | Osaka Steel Co., Ltd. | | | | | 26,046 | | | | | | 0.0 | | |
| | | 2,000 L | | | | OSAKA Titanium Technologies Co. | | | | | 53,656 | | | | | | 0.0 | | |
| | | 13,000 L | | | | Pacific Metals Co., Ltd. | | | | | 39,476 | | | | | | 0.0 | | |
| | | 2,200 | | | | Pack Corp. | | | | | 43,957 | | | | | | 0.0 | | |
| | | 17,000 | | | | Rengo Co., Ltd. | | | | | 70,452 | | | | | | 0.0 | | |
| | | 3,000 | | | | Riken Technos Corp. | | | | | 12,036 | | | | | | 0.0 | | |
| | | 5,000 | | | | Sakai Chemical Industry Co. Ltd. | | | | | 17,913 | | | | | | 0.0 | | |
| | | 4,000 | | | | Sakata INX Corp. | | | | | 35,344 | | | | | | 0.0 | | |
| | | 7,000 | | | | Sanyo Chemical Industries Ltd. | | | | | 49,189 | | | | | | 0.0 | | |
| | | 12,000 | | | | Sanyo Special Steel Co., Ltd. | | | | | 55,936 | | | | | | 0.0 | | |
| | | 1,100 L | | | | Seiko PMC Corp. | | | | | 8,608 | | | | | | 0.0 | | |
| | | 9,000 | | | | Sekisui Plastics Co., Ltd. | | | | | 32,983 | | | | | | 0.0 | | |
| | | 2,000 | | | | Shikoku Chemicals Corp. | | | | | 17,212 | | | | | | 0.0 | | |
| | | 4,000 | | | | Shinagawa Refractories Co., Ltd. | | | | | 9,499 | | | | | | 0.0 | | |
| | | 34,400 | | | | Shin-Etsu Chemical Co., Ltd. | | | | | 2,133,175 | | | | | | 0.6 | | |
| | | 6,500 | | | | Shin-Etsu Polymer Co., Ltd. | | | | | 30,919 | | | | | | 0.0 | | |
| | | 127,000 | | | | Showa Denko KK | | | | | 168,179 | | | | | | 0.1 | | |
| | | 1,600 | | | | Stella Chemifa Corp. | | | | | 16,986 | | | | | | 0.0 | | |
| | | 18,000 | | | | Sumitomo Bakelite Co., Ltd. | | | | | 81,542 | | | | | | 0.0 | | |
| | | 142,000 | | | | Sumitomo Chemical Co., Ltd. | | | | | 853,194 | | | | | | 0.3 | | |
| | | 54,000 | | | | Sumitomo Metal Mining Co., Ltd. | | | | | 821,284 | | | | | | 0.2 | | |
| | | 37,000 | | | | Sumitomo Osaka Cement Co., Ltd. | | | | | 136,849 | | | | | | 0.1 | | |
| | | 5,000 | | | | Sumitomo Seika Chemicals Co., Ltd. | | | | | 32,838 | | | | | | 0.0 | | |
| | | 2,400 | | | | T Hasegawa Co., Ltd. | | | | | 34,801 | | | | | | 0.0 | | |
| | | 120,000 | | | | Taiheiyo Cement Corp. | | | | | 350,926 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 800 | | | | Taisei Lamick Co., Ltd. | | | | $ | 18,742 | | | | | | 0.0 | | |
| | | 1,600 | | | | Taiyo Ink Manufacturing Co., Ltd. | | | | | 66,881 | | | | | | 0.0 | | |
| | | 25,000 L | | | | Taiyo Nippon Sanso Corp. | | | | | 302,543 | | | | | | 0.1 | | |
| | | 8,000 | | | | Takasago International Corp. | | | | | 33,427 | | | | | | 0.0 | | |
| | | 5,000 | | | | Takiron Co., Ltd. | | | | | 22,199 | | | | | | 0.0 | | |
| | | 4,000 | | | | Tayca Corp. | | | | | 16,033 | | | | | | 0.0 | | |
| | | 80,000 | | | | Teijin Ltd. | | | | | 310,437 | | | | | | 0.1 | | |
| | | 2,200 | | | | Tenma Corp. | | | | | 37,849 | | | | | | 0.0 | | |
| | | 12,500 | | | | Toagosei Co., Ltd. | | | | | 104,164 | | | | | | 0.0 | | |
| | | 4,000 L | | | | Toda Kogyo Corp. | | | | | 11,005 | | | | | | 0.0 | | |
| | | 3,000 | | | | Toho Titanium Co., Ltd. | | | | | 34,585 | | | | | | 0.0 | | |
| | | 12,000 | | | | Toho Zinc Co., Ltd. | | | | | 37,583 | | | | | | 0.0 | | |
| | | 19,000 | | | | Tokai Carbon Co., Ltd. | | | | | 59,562 | | | | | | 0.0 | | |
| | | 11,000 | | | | Tokushu Tokai Holdings Co., Ltd. | | | | | 27,483 | | | | | | 0.0 | | |
| | | 32,000 | | | | Tokuyama Corp. | | | | | 61,617 | | | | | | 0.0 | | |
| | | 4,000 | | | | Tokyo Ohka Kogyo Co., Ltd. | | | | | 113,473 | | | | | | 0.0 | | |
| | | 11,000 | | | | Tokyo Rope Manufacturing Co., Ltd. | | | | | 20,314 | | | | | | 0.0 | | |
| | | 9,900 L | | | | Tokyo Steel Manufacturing Co., Ltd. | | | | | 72,831 | | | | | | 0.0 | | |
| | | 6,000 | | | | Tokyo Tekko Co., Ltd. | | | | | 30,491 | | | | | | 0.0 | | |
| | | 6,000 L | | | | Tomoegawa Co., Ltd. | | | | | 12,204 | | | | | | 0.0 | | |
| | | 6,000 | | | | Tomoku Co., Ltd. | | | | | 13,779 | | | | | | 0.0 | | |
| | | 12,000 | | | | Topy Industries Ltd. | | | | | 30,665 | | | | | | 0.0 | | |
| | | 149,000 | | | | Toray Industries, Inc. | | | | | 1,259,451 | | | | | | 0.4 | | |
| | | 48,000 | | | | Tosoh Corp. | | | | | 298,252 | | | | | | 0.1 | | |
| | | 18,000 | | | | Toyo Ink Manufacturing Co., Ltd. | | | | | 72,117 | | | | | | 0.0 | | |
| | | 7,000 | | | | Toyo Kohan Co., Ltd. | | | | | 34,733 | | | | | | 0.0 | | |
| | | 13,200 | | | | Toyo Seikan Kaisha Ltd. | | | | | 211,773 | | | | | | 0.1 | | |
| | | 77,000 | | | | Toyobo Co., Ltd. | | | | | 122,650 | | | | | | 0.0 | | |
| | | 4,000 | | | | TYK Corp. | | | | | 7,195 | | �� | | | | 0.0 | | |
| | | 97,000 | | | | Ube Industries Ltd | | | | | 182,978 | | | | | | 0.1 | | |
| | | 5,000 | | | | Wood One Co., Ltd. | | | | | 11,557 | | | | | | 0.0 | | |
| | | 4,000 | | | | Yamato Kogyo Co., Ltd. | | | | | 93,432 | | | | | | 0.0 | | |
| | | 14,000 | | | | Yodogawa Steel Works Ltd. | | | | | 61,059 | | | | | | 0.0 | | |
| | | 1,100 | | | | Yushiro Chemical Industry Co., Ltd. | | | | | 13,092 | | | | | | 0.0 | | |
| | | 17,000 | | | | Zeon Corp. | | | | | 156,786 | | | | | | 0.1 | | |
| | | | | | | | | | | | 24,440,448 | | | | | | 6.8 | | |
See Accompanying Notes to Financial Statements
54
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Telecommunication Services: 4.9% | | |||||||||||||||
| | | 183,600 | | | | KDDI Corp. | | | | $ | 4,430,627 | | | | | | 1.2 | | | |||
| | | 141,400 | | | | Nippon Telegraph & Telephone Corp. | | | | | 5,120,908 | | | | | | 1.4 | | | |||
| | | 138,900 | | | | NTT DoCoMo, Inc. | | | | | 2,666,680 | | | | | | 0.7 | | | |||
| | | 95,550 | | | | Softbank Corp. | | | | | 5,628,181 | | | | | | 1.6 | | | |||
| | | | | | | | | | | | 17,846,396 | | | | | | 4.9 | | | |||
| | | | | | | Utilities: 2.1% | | |||||||||||||||
| | | 56,200 | | | | Chubu Electric Power Co., Inc. | | | | | 837,613 | | | | | | 0.2 | | | |||
| | | 25,300 | | | | Chugoku Electric Power Co., Inc. | | | | | 369,063 | | | | | | 0.1 | | | |||
| | | 13,000 | | | | Electric Power Development Co., Ltd. | | | | | 459,237 | | | | | | 0.1 | | | |||
| | | 17,400 L | | | | Hokkaido Electric Power Co., Inc. | | | | | 197,389 | | | | | | 0.1 | | | |||
| | | 6,000 L | | | | Hokkaido Gas Co., Ltd. | | | | | 14,313 | | | | | | 0.0 | | | |||
| | | 18,100 | | | | Hokuriku Electric Power Co. | | | | | 269,613 | | | | | | 0.1 | | | |||
| | | 2,000 | | | | K&O Energy Group, Inc. | | | | | 31,433 | | | | | | 0.0 | | | |||
| | | 75,000 | | | | Kansai Electric Power Co., Inc. | | | | | 830,290 | | | | | | 0.2 | | | |||
| | | 40,800 | | | | Kyushu Electric Power Co., Inc. | | | | | 473,032 | | | | | | 0.1 | | | |||
| | | 1,950 | | | | Okinawa Electric Power Co., Inc. | | | | | 48,789 | | | | | | 0.0 | | | |||
| | | 189,000 | | | | Osaka Gas Co., Ltd. | | | | | 745,945 | | | | | | 0.2 | | | |||
| | | 22,000 | | | | Saibu Gas Co., Ltd. | | | | | 52,495 | | | | | | 0.0 | | | |||
| | | 16,500 | | | | Shikoku Electric Power Co., Inc. | | | | | 247,003 | | | | | | 0.1 | | | |||
| | | 6,000 | | | | Shizuoka Gas Co., Ltd. | | | | | 41,872 | | | | | | 0.0 | | | |||
| | | 48,000 | | | | Toho Gas Co., Ltd. | | | | | 284,166 | | | | | | 0.1 | | | |||
| | | 46,100 | | | | Tohoku Electric Power Co., Inc. | | | | | 624,170 | | | | | | 0.2 | | | |||
| | | 155,800 | | | | Tokyo Electric Power Co., Inc. | | | | | 848,783 | | | | | | 0.3 | | | |||
| | | 222,000 | | | | Tokyo Gas Co., Ltd. | | | | | 1,178,527 | | | | | | 0.3 | | | |||
| | | | | | | | | | | | 7,553,733 | | | | | | 2.1 | | | |||
| | | | | | | Total Common Stock (Cost $286,668,830) | | | | | 357,831,941 | | | | | | 98.9 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.9% | | ||||||||||||
| | 1,000,000 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 07/15/15-05/20/65) | | | | $ | 1,000,000 | | | | | | 0.3 | | |
| | 413,556 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $413,558, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $421,825, due 11/15/15-03/01/48) | | | | | 413,556 | | | | | | 0.1 | | |
| | 1,000,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,020,000, due 01/15/17-08/15/42) | | | | | 1,000,000 | | | | | | 0.2 | | |
| | 1,000,000 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,020,000, due 07/31/15-05/20/65) | | | | | 1,000,000 | | | | | | 0.3 | | |
| | | | | | | | | | | 3,413,556 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
55
PORTFOLIO OF INVESTMENTS
Voya Japan TOPIX Index® Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||
| | | Securities Lending Collateralcc (continued) | | ||||||||||||||
| | | Total Short-Term Investments (Cost $3,413,556) | | | | $ | 3,413,556 | | | | | | 0.9 | | | ||
| | | Total Investments in Securities (Cost $290,082,386) | | | | $ | 361,245,497 | | | | | | 99.8 | | | ||
| | | Assets inExcess of Other Liabilities | | | | | 553,758 | | | | | | 0.2 | | | ||
| | | Net Assets | | | | $ | 361,799,255 | | | | | | 100.0 | | | ||
|
†
Unless otherwise indicated, principal amount is shown in USD.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $293,823,179.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 90,749,772 | | | |
| Gross Unrealized Depreciation | | | | | (23,327,454) | | | |
| Net Unrealized Appreciation | | | | $ | 67,422,318 | | | |
|
See Accompanying Notes to Financial Statements
56
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 99.1% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 19.4% | | ||||||||||||
| | 27,515 @ | | | | Amazon.com, Inc. | | | | $ | 11,943,986 | | | | | | 2.2 | | |
| | 35,528 | | | | CBS Corp. - Class B | | | | | 1,971,804 | | | | | | 0.4 | | |
| | 138,378 | | | | Comcast Corp. - Class A | | | | | 8,322,053 | | | | | | 1.5 | | |
| | 24,846 | | | | Comcast Corp. - Special Class A | | | | | 1,489,269 | | | | | | 0.3 | | |
| | 34,124 @ | | | | DirecTV Group | | | | | 3,166,366 | | | | | | 0.6 | | |
| | 10,572 @ | | | | Dish Network Corp. - Class A | | | | | 715,830 | | | | | | 0.1 | | |
| | 93,767 | | | | Home Depot, Inc. | | | | | 10,420,327 | | | | | | 1.9 | | |
| | 10,355 | | | | Johnson Controls, Inc. | | | | | 512,883 | | | | | | 0.1 | | |
| | 26,393 | | | | Las Vegas Sands Corp. | | | | | 1,387,480 | | | | | | 0.3 | | |
| | 68,695 | | | | Lowe’s Cos, Inc. | | | | | 4,600,504 | | | | | | 0.9 | | |
| | 69,188 | | | | McDonald’s Corp. | | | | | 6,577,703 | | | | | | 1.2 | | |
| | 4,376 @ | | | | NetFlix, Inc. | | | | | 2,874,770 | | | | | | 0.5 | | |
| | 48,947 | | | | Nike, Inc. | | | | | 5,287,255 | | | | | | 1.0 | | |
| | 3,742 @ | | | | Priceline.com, Inc. | | | | | 4,308,427 | | | | | | 0.8 | | |
| | 108,311 | | | | Starbucks Corp. | | | | | 5,807,094 | | | | | | 1.1 | | |
| | 3,824 | | | | Target Corp. | | | | | 312,153 | | | | | | 0.1 | | |
| | 7,040 @ | | | | Tesla Motors, Inc. | | | | | 1,888,551 | | | | | | 0.4 | | |
| | 20,404 | | | | Time Warner Cable, Inc. | | | | | 3,635,381 | | | | | | 0.7 | | |
| | 30,654 | | | | Time Warner, Inc. | | | | | 2,679,466 | | | | | | 0.5 | | |
| | 49,116 | | | | TJX Cos., Inc. | | | | | 3,250,006 | | | | | | 0.6 | | |
| | 61,518 | | | | Twenty-First Century Fox, Inc. - Class A | | | | | 2,002,103 | | | | | | 0.4 | | |
| | 23,628 | | | | Twenty-First Century Fox, Inc. Class B | | | | | 761,294 | | | | | | 0.1 | | |
| | 24,396 | | | | VF Corp. | | | | | 1,701,377 | | | | | | 0.3 | | |
| | 25,022 | | | | Viacom - Class B | | | | | 1,617,422 | | | | | | 0.3 | | |
| | 746 | | | | Viacom, Inc. | | | | | 48,393 | | | | | | 0.0 | | |
| | 122,479 | | | | Walt Disney Co. | | | | | 13,979,753 | | | | | | 2.6 | | |
| | 31,215 | | | | Yum! Brands, Inc. | | | | | 2,811,847 | | | | | | 0.5 | | |
| | | | | | | | | | | 104,073,497 | | | | | | 19.4 | | |
| | | | | | Consumer Staples: 11.7% | | ||||||||||||
| | 133,575 | | | | Altria Group, Inc. | | | | | 6,533,153 | | | | | | 1.2 | | |
| | 283,053 | | | | Coca-Cola Co. | | | | | 11,104,169 | | | | | | 2.1 | | |
| | 57,265 | | | | Colgate-Palmolive Co. | | | | | 3,745,704 | | | | | | 0.7 | | |
| | 31,761 | | | | Costco Wholesale Corp. | | | | | 4,289,641 | | | | | | 0.8 | | |
| | 75,499 | | | | CVS Health | | | | | 7,918,335 | | | | | | 1.5 | | |
| | 15,143 | | | | Estee Lauder Cos., Inc. | | | | | 1,312,292 | | | | | | 0.2 | | |
| | 43,032 | | | | General Mills, Inc. | | | | | 2,397,743 | | | | | | 0.4 | | |
| | 20,842 | | | | Kimberly-Clark Corp. | | | | | 2,208,627 | | | | | | 0.4 | | |
| | 42,731 | | | | Kraft Foods Group, Inc. | | | | | 3,638,117 | | | | | | 0.7 | | |
| | 35,383 | | | | Kroger Co. | | | | | 2,565,621 | | | | | | 0.5 | | |
| | 106,548 | | | | PepsiCo, Inc. | | | | | 9,945,190 | | | | | | 1.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Consumer Staples (continued) | | ||||||||||||
| | 55,691 | | | | Philip Morris International, Inc. | | | | $ | 4,464,748 | | | | | | 0.8 | | |
| | 29,804 | | | | Reynolds American, Inc. | | | | | 2,225,167 | | | | | | 0.4 | | |
| | 9,374 | | | | Walgreens Boots Alliance, Inc. | | | | | 791,541 | | | | | | 0.1 | | |
| | | | | | | | | | | 63,140,048 | | | | | | 11.7 | | |
| | | | | | Energy: 0.8% | | ||||||||||||
| | 3,411 | | | | EOG Resources, Inc. | | | | | 298,633 | | | | | | 0.0 | | |
| | 2,947 | | | | Marathon Petroleum Corp. | | | | | 154,158 | | | | | | 0.0 | | |
| | 11,092 | | | | Schlumberger Ltd. | | | | | 956,019 | | | | | | 0.2 | | |
| | 54,066 | | | | Williams Cos., Inc. | | | | | 3,102,848 | | | | | | 0.6 | | |
| | | | | | | | | | | 4,511,658 | | | | | | 0.8 | | |
| | | | | | Financials: 2.8% | | ||||||||||||
| | 12,103 | | | | American Express Co. | | | | | 940,645 | | | | | | 0.2 | | |
| | 30,541 | | | | American Tower Corp. | | | | | 2,849,170 | | | | | | 0.5 | | |
| | 8,743 | | | | Bank of New York Mellon Corp. | | | | | 366,944 | | | | | | 0.1 | | |
| | 8,726 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 1,187,696 | | | | | | 0.2 | | |
| | 2,880 | | | | Blackrock, Inc. | | | | | 996,422 | | | | | | 0.2 | | |
| | 58,473 | | | | Charles Schwab Corp. | | | | | 1,909,144 | | | | | | 0.4 | | |
| | 23,211 | | | | Marsh & McLennan Cos., Inc. | | | | | 1,316,064 | | | | | | 0.2 | | |
| | 9,547 | | | | Public Storage, Inc. | | | | | 1,760,180 | | | | | | 0.3 | | |
| | 22,468 | | | | Simon Property Group, Inc. | | | | | 3,887,413 | | | | | | 0.7 | | |
| | | | | | | | | | | 15,213,678 | | | | | | 2.8 | | |
| | | | | | Health Care: 19.8% | | ||||||||||||
| | 126,322 | | | | AbbVie, Inc. | | | | | 8,487,575 | | | | | | 1.6 | | |
| | 6,201 | | | | Aetna, Inc. | | | | | 790,379 | | | | | | 0.2 | | |
| | 15,575 @ | | | | Alexion Pharmaceuticals, Inc. | | | | | 2,815,493 | | | | | | 0.5 | | |
| | 12,805 @ | | | | Allergan plc | | | | | 3,885,805 | | | | | | 0.7 | | |
| | 54,882 | | | | Amgen, Inc. | | | | | 8,425,485 | | | | | | 1.6 | | |
| | 3,785 | | | | Anthem, Inc. | | | | | 621,270 | | | | | | 0.1 | | |
| | 24,950 | | | | Baxter International, Inc. | | | | | 1,744,753 | | | | | | 0.3 | | |
| | 15,113 | | | | Becton Dickinson & Co. | | | | | 2,140,756 | | | | | | 0.4 | | |
| | 16,981 @ | | | | Biogen, Inc. | | | | | 6,859,305 | | | | | | 1.3 | | |
| | 120,330 | | | | Bristol-Myers Squibb Co. | | | | | 8,006,758 | | | | | | 1.5 | | |
| | 21,588 | | | | Cardinal Health, Inc. | | | | | 1,805,836 | | | | | | 0.3 | | |
| | 57,250 @ | | | | Celgene Corp. | | | | | 6,625,829 | | | | | | 1.2 | | |
| | 18,579 | | | | Cigna Corp. | | | | | 3,009,798 | | | | | | 0.6 | | |
| | 70,634 | | | | Eli Lilly & Co. | | | | | 5,897,233 | | | | | | 1.1 | | |
| | 44,219 @ | | | | Express Scripts Holding Co. | | | | | 3,932,838 | | | | | | 0.7 | | |
| | 106,082 | | | | Gilead Sciences, Inc. | | | | | 12,420,081 | | | | | | 2.3 | | |
| | 1,807 @ | | | | HCA Holdings, Inc. | | | | | 163,931 | | | | | | 0.0 | | |
| | 10,012 | | | | Humana, Inc. | | | | | 1,915,095 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
57
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Health Care (continued) | | ||||||||||||
| | 10,401 @ | | | | Illumina, Inc. | | | | $ | 2,271,162 | | | | | | 0.4 | | |
| | 25,824 | | | | Johnson & Johnson | | | | | 2,516,807 | | | | | | 0.5 | | |
| | 16,715 | | | | McKesson Corp. | | | | | 3,757,699 | | | | | | 0.7 | | |
| | 23,249 | | | | Merck & Co., Inc. | | | | | 1,323,566 | | | | | | 0.3 | | |
| | 25,724 @ | | | | Mylan NV | | | | | 1,745,631 | | | | | | 0.3 | | |
| | 5,663 @ | | | | Regeneron Pharmaceuticals, Inc. | | | | | 2,888,866 | | | | | | 0.5 | | |
| | 12,364 | | | | Stryker Corp. | | | | | 1,181,627 | | | | | | 0.2 | | |
| | 9,685 | | | | Thermo Fisher Scientific, Inc. | | | | | 1,256,726 | | | | | | 0.2 | | |
| | 65,275 | | | | UnitedHealth Group, Inc. | | | | | 7,963,550 | | | | | | 1.5 | | |
| | 17,595 @ | | | | Vertex Pharmaceuticals, Inc. | | | | | 2,172,631 | | | | | | 0.4 | | |
| | | | | | | | | | | 106,626,485 | | | | | | 19.8 | | |
| | | | | | Industrials: 9.2% | | ||||||||||||
| | 45,791 | | | | 3M Co. | | | | | 7,065,551 | | | | | | 1.3 | | |
| | 50,014 | | | | American Airlines Group, Inc. | | | | | 1,997,309 | | | | | | 0.4 | | |
| | 49,918 | | | | Boeing Co. | | | | | 6,924,625 | | | ��� | | | 1.3 | | |
| | 7,580 | | | | Caterpillar, Inc. | | | | | 642,936 | | | | | | 0.1 | | |
| | 18,405 | | | | CSX Corp. | | | | | 600,923 | | | | | | 0.1 | | |
| | 9,739 | | | | Cummins, Inc. | | | | | 1,277,660 | | | | | | 0.2 | | |
| | 8,626 | | | | Danaher Corp. | | | | | 738,299 | | | | | | 0.1 | | |
| | 4,339 | | | | Deere & Co. | | | | | 421,100 | | | | | | 0.1 | | |
| | 58,929 | | | | Delta Airlines, Inc. | | | | | 2,420,803 | | | | | | 0.5 | | |
| | 33,238 | | | | Emerson Electric Co. | | | | | 1,842,382 | | | | | | 0.4 | | |
| | 7,416 | | | | FedEx Corp. | | | | | 1,263,687 | | | | | | 0.2 | | |
| | 6,439 | | | | General Dynamics Corp. | | | | | 912,342 | | | | | | 0.2 | | |
| | 56,426 | | | | Honeywell International, Inc. | | | | | 5,753,759 | | | | | | 1.1 | | |
| | 21,597 | | | | Illinois Tool Works, Inc. | | | | | 1,982,389 | | | | | | 0.4 | | |
| | 14,063 | | | | Lockheed Martin Corp. | | | | | 2,614,312 | | | | | | 0.5 | | |
| | 4,252 | | | | Northrop Grumman Corp. | | | | | 674,495 | | | | | | 0.1 | | |
| | 1,906 | | | | Precision Castparts Corp. | | | | | 380,952 | | | | | | 0.1 | | |
| | 63,201 | | | | Union Pacific Corp. | | | | | 6,027,479 | | | | | | 1.1 | | |
| | 50,642 | | | | United Parcel Service, Inc. - Class B | | | | | 4,907,716 | | | | | | 0.9 | | |
| | 5,912 | | | | United Technologies Corp. | | | | | 655,818 | | | | | | 0.1 | | |
| | 2,779 | | | | Waste Management, Inc. | | | | | 128,807 | | | | | | 0.0 | | |
| | | | | | | | | | | 49,233,344 | | | | | | 9.2 | | |
| | | | | | Information Technology: 29.8% | | ||||||||||||
| | 45,341 | | | | Accenture PLC | | | | | 4,388,102 | | | | | | 0.8 | | |
| | 36,109 @ | | | | Adobe Systems, Inc. | | | | | 2,925,190 | | | | | | 0.5 | | |
| | 415,851 | | | | Apple, Inc. | | | | | 52,158,112 | | | | | | 9.7 | | |
| | 27,219 | | | | Automatic Data Processing, Inc. | | | | | 2,183,780 | | | | | | 0.4 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Information Technology (continued) | | |||||||||||||||
| | 18,520 @ | | | | Avago Technologies Ltd. | | | | $ | 2,461,864 | | | | | | 0.5 | | | |||
| | 2,907 | | | | Broadcom Corp. | | | | | 149,681 | | | | | | 0.0 | | | |||
| | 44,067 @ | | | | Cognizant Technology Solutions Corp. | | | | | 2,692,053 | | | | | | 0.5 | | | |||
| | 87,688 @ | | | | eBay, Inc. | | | | | 5,282,325 | | | | | | 1.0 | | | |||
| | 11,490 | | | | EMC Corp. | | | | | 303,221 | | | | | | 0.1 | | | |||
| | 156,207 @ | | | | Facebook, Inc. | | | | | 13,397,093 | | | | | | 2.5 | | | |||
| | 20,809 @ | | | | Google, Inc. - Class A | | | | | 11,237,692 | | | | | | 2.1 | | | |||
| | 21,233 | | | | Google, Inc. - Class C | | | | | 11,051,989 | | | | | | 2.1 | | | |||
| | 36,378 | | | | International Business Machines Corp. | | | | | 5,917,245 | | | | | | 1.1 | | | |||
| | 23,977 | | | | Intel Corp. | | | | | 729,260 | | | | | | 0.1 | | | |||
| | 72,159 | | | | Mastercard, Inc. | | | | | 6,745,423 | | | | | | 1.3 | | | |||
| | 6,171 @ | | | | Micron Technology, Inc. | | | | | 116,262 | | | | | | 0.0 | | | |||
| | 331,094 | | | | Microsoft Corp. | | | | | 14,617,800 | | | | | | 2.7 | | | |||
| | 137,226 | | | | Oracle Corp. | | | | | 5,530,208 | | | | | | 1.0 | | | |||
| | 17,882 | | | | Qualcomm, Inc. | | | | | 1,119,950 | | | | | | 0.2 | | | |||
| | 47,350 @ | | | | Salesforce.com, Inc. | | | | | 3,296,981 | | | | | | 0.6 | | | |||
| | 75,096 | | | | Texas Instruments, Inc. | | | | | 3,868,195 | | | | | | 0.7 | | | |||
| | 141,292 | | | | Visa, Inc. | | | | | 9,487,758 | | | | | | 1.8 | | | |||
| | 5,916 @ | | | | VMware, Inc. | | | | | 507,238 | | | | | | 0.1 | | | |||
| | | | | | | | | | | 160,167,422 | | | | | | 29.8 | | | |||
| | | | | | Materials: 3.2% | | |||||||||||||||
| | 12,759 | | | | Air Products & Chemicals, Inc. | | | | | 1,745,814 | | | | | | 0.3 | | | |||
| | 10,907 | | | | Dow Chemical Co. | | | | | 558,111 | | | | | | 0.1 | | ��� | |||
| | 19,056 | | | | Ecolab, Inc. | | | | | 2,154,662 | | | | | | 0.4 | | | |||
| | 30,188 | | | | Du Pont E I de Nemours & Co. | | | | | 1,930,523 | | | | | | 0.4 | | | |||
| | 27,794 @ | | | | LyondellBasell Industries NV - Class A | | | | | 2,877,235 | | | | | | 0.5 | | | |||
| | 34,365 | | | | Monsanto Co. | | | | | 3,662,965 | | | | | | 0.7 | | | |||
| | 19,623 | | | | PPG Industries, Inc. | | | | | 2,251,150 | | | | | | 0.4 | | | |||
| | 17,336 | | | | Praxair, Inc. | | | | | 2,072,519 | | | | | | 0.4 | | | |||
| | 2,697 L | | | | Southern Copper Corp. | | | | | 79,319 | | | | | | 0.0 | | | |||
| | | | | | | | | | | 17,332,298 | | | | | | 3.2 | | | |||
| | | | | | Telecommunication Services: 2.4% | | |||||||||||||||
| | 273,201 | | | | Verizon Communications, Inc. | | | | | 12,733,899 | | | | | | 2.4 | | | |||
| | | | | | Utilities: 0.0% | | |||||||||||||||
| | 2,139 | | | | Dominion Resources, Inc. | | | | | 143,035 | | | | | | 0.0 | | | |||
| | | | | | Total Common Stock (Cost $293,323,465) | | | | | 533,175,364 | | | | | | 99.1 | | | |||
|
See Accompanying Notes to Financial Statements
58
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.1% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.0% | | ||||||||||||
| | 791 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $791, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $807, due 07/15/15-05/20/65) | | | | $ | 791 | | | | | | 0.0 | | |
| | 82,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $82,000, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $83,640, due 01/15/17-08/15/42) | | | | | 82,000 | | | | | | 0.0 | | |
| | | | | | | | | | | 82,791 | | | | | | 0.0 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| | | | | | Mutual Funds: 1.1% | | ||||||||||||
| | 5,697,055 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $5,697,055) | | | | | 5,697,055 | | | | | | 1.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
| | | Mutual Funds (continued) | | ||||||||||||||
| | | Total Short-Term Investments (Cost $5,779,846) | | | | $ | 5,779,846 | | | | | | 1.1 | | | ||
| | | Total Investments in Securities (Cost $299,103,311) | | | | $ | 538,955,210 | | | | | | 100.2 | | | ||
| | | Liabilities in Excess of Other Assets | | | | | (1,280,750) | | | | | | (0.2) | | | ||
| | | Net Assets | | | | $ | 537,674,460 | | | | | | 100.0 | | | ||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $299,153,089.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 241,177,852 | | | |
| Gross Unrealized Depreciation | | | | | (1,375,731) | | | |
| Net Unrealized Appreciation | | | | $ | 239,802,121 | | | |
|
See Accompanying Notes to Financial Statements
59
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 99.0% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 11.8% | | ||||||||||||
| | | 21,077 @ | | | | Amazon.com, Inc. | | | | $ | 9,149,315 | | | | | | 1.1 | | |
| | | 23,489 @ | | | | Carnival Corp. | | | | | 1,160,122 | | | | | | 0.1 | | |
| | | 27,210 | | | | CBS Corp. - Class B | | | | | 1,510,155 | | | | | | 0.2 | | |
| | | 117,378 | | | | Comcast Corp. - Class A | | | | | 7,059,113 | | | | | | 0.9 | | |
| | | 21,083 | | | | Comcast Corp. - Special Class A | | | | | 1,263,715 | | | | | | 0.2 | | |
| | | 26,141 @ | | | | DirecTV Group | | | | | 2,425,623 | | | | | | 0.3 | | |
| | | 12,036 @ | | | | Dish Network Corp. - Class A | | | | | 814,958 | | | | | | 0.1 | | |
| | | 215,897 | | | | Ford Motor Co. | | | | | 3,240,614 | | | | | | 0.4 | | |
| | | 88,874 | | | | General Motors Co. | | | | | 2,962,170 | | | | | | 0.4 | | |
| | | 71,824 | | | | Home Depot, Inc. | | | | | 7,981,801 | | | | | | 1.0 | | |
| | | 36,207 | | | | Johnson Controls, Inc. | | | | | 1,793,333 | | | | | | 0.2 | | |
| | | 20,207 | | | | Las Vegas Sands Corp. | | | | | 1,062,282 | | | | | | 0.1 | | |
| | | 52,618 | | | | Lowe’s Cos, Inc. | | | | | 3,523,828 | | | | | | 0.4 | | |
| | | 52,999 | | | | McDonald’s Corp. | | | | | 5,038,615 | | | | | | 0.6 | | |
| | | 3,352 @ | | | | NetFlix, Inc. | | | | | 2,202,063 | | | | | | 0.3 | | |
| | | 37,492 | | | | Nike, Inc. | | | | | 4,049,886 | | | | | | 0.5 | | |
| | | 2,867 @ | | | | Priceline.com, Inc. | | | | | 3,300,978 | | | | | | 0.4 | | |
| | | 82,966 | | | | Starbucks Corp. | | | | | 4,448,222 | | | | | | 0.5 | | |
| | | 35,302 | | | | Target Corp. | | | | | 2,881,702 | | | | | | 0.4 | | |
| | | 5,394 @ | | | | Tesla Motors, Inc. | | | | | 1,446,995 | | | | | | 0.2 | | |
| | | 18,221 @ | | | | Thomson Reuters Corp. | | | | | 693,674 | | | | | | 0.1 | | |
| | | 15,632 | | | | Time Warner Cable, Inc. | | | | | 2,785,153 | | | | | | 0.3 | | |
| | | 45,600 | | | | Time Warner, Inc. | | | | | 3,985,896 | | | | | | 0.5 | | |
| | | 37,620 | | | | TJX Cos., Inc. | | | | | 2,489,315 | | | | | | 0.3 | | |
| | | 69,619 | | | | Twenty-First Century Fox, Inc. - Class A | | | | | 2,265,750 | | | | | | 0.3 | | |
| | | 26,752 | | | | Twenty-First Century Fox, Inc. Class B | | | | | 861,949 | | | | | | 0.1 | | |
| | | 18,691 | | | | VF Corp. | | | | | 1,303,510 | | | | | | 0.2 | | |
| | | 19,171 | | | | Viacom - Class B | | | | | 1,239,213 | | | | | | 0.1 | | |
| | | 565 | | | | Viacom, Inc. | | | | | 36,652 | | | | | | 0.0 | | |
| | | 93,817 | | | | Walt Disney Co. | | | | | 10,708,272 | | | | | | 1.3 | | |
| | | 23,911 | | | | Yum! Brands, Inc. | | | | | 2,153,903 | | | | | | 0.3 | | |
| | | | | | | | | | | | 95,838,777 | | | | | | 11.8 | | |
| | | | | | | Consumer Staples: 9.8% | | ||||||||||||
| | | 108,745 | | | | Altria Group, Inc. | | | | | 5,318,718 | | | | | | 0.7 | | |
| | | 34,299 | | | | Archer-Daniels-Midland Co. | | | | | 1,653,898 | | | | | | 0.2 | | |
| | | 216,812 | | | | Coca-Cola Co. | | | | | 8,505,535 | | | | | | 1.1 | | |
| | | 50,020 | | | | Colgate-Palmolive Co. | | | | | 3,271,808 | | | | | | 0.4 | | |
| | | 24,327 | | | | Costco Wholesale Corp. | | | | | 3,285,605 | | | | | | 0.4 | | |
| | | 62,392 | | | | CVS Health | | | | | 6,543,673 | | | | | | 0.8 | | |
| | | 11,603 | | | | Estee Lauder Cos., Inc. | | | | | 1,005,516 | | | | | | 0.1 | | |
| | | 32,954 | | | | General Mills, Inc. | | | | | 1,836,197 | | | | | | 0.2 | | |
| | | 20,132 | | | | Kimberly-Clark Corp. | | | | | 2,133,388 | | | | | | 0.3 | | |
| | | 32,727 | | | | Kraft Foods Group, Inc. | | | | | 2,786,377 | | | | | | 0.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 27,108 | | | | Kroger Co. | | | | $ | 1,965,601 | | | | | | 0.2 | | |
| | | 89,944 | | | | Mondelez International, Inc. | | | | | 3,700,296 | | | | | | 0.5 | | |
| | | 81,614 | | | | PepsiCo, Inc. | | | | | 7,617,851 | | | | | | 0.9 | | |
| | | 85,656 | | | | Philip Morris International, Inc. | | | | | 6,867,041 | | | | | | 0.8 | | |
| | | 150,012 | | | | Procter & Gamble Co. | | | | | 11,736,939 | | | | | | 1.4 | | |
| | | 22,825 | | | | Reynolds American, Inc. | | | | | 1,704,114 | | | | | | 0.2 | | |
| | | 47,537 | | | | Walgreens Boots Alliance, Inc. | | | | | 4,014,024 | | | | | | 0.5 | | |
| | | 87,346 | | | | Wal-Mart Stores, Inc. | | | | | 6,195,452 | | | | | | 0.8 | | |
| | | | | | | | | | | | 80,142,033 | | | | | | 9.8 | | |
| | | | | | | Energy: 8.2% | | ||||||||||||
| | | 28,089 | | | | Anadarko Petroleum Corp. | | | | | 2,192,627 | | | | | | 0.3 | | |
| | | 20,852 | | | | Apache Corp. | | | | | 1,201,701 | | | | | | 0.1 | | |
| | | 24,029 | | | | Baker Hughes, Inc. | | | | | 1,482,589 | | | | | | 0.2 | | |
| | | 103,977 | | | | Chevron Corp. | | | | | 10,030,661 | | | | | | 1.2 | | |
| | | 68,170 | | | | ConocoPhillips | | | | | 4,186,320 | | | | | | 0.5 | | |
| | | 22,737 | | | | Devon Energy Corp. | | | | | 1,352,624 | | | | | | 0.2 | | |
| | | 30,356 | | | | EOG Resources, Inc. | | | | | 2,657,668 | | | | | | 0.3 | | |
| | | 231,184 | | | | ExxonMobil Corp. | | | | | 19,234,509 | | | | | | 2.4 | | |
| | | 47,047 | | | | Halliburton Co. | | | | | 2,026,314 | | | | | | 0.3 | | |
| | | 98,735 | | | | Kinder Morgan, Inc. | | | | | 3,790,437 | | | | | | 0.5 | | |
| | | 30,033 | | | | Marathon Petroleum Corp. | | | | | 1,571,026 | | | | | | 0.2 | | |
| | | 42,469 | | | | Occidental Petroleum Corp. | | | | | 3,302,814 | | | | | | 0.4 | | |
| | | 29,951 | | | | Phillips 66 | | | | | 2,412,853 | | | | | | 0.3 | | |
| | | 70,211 | | | | Schlumberger Ltd. | | | | | 6,051,486 | | | | | | 0.7 | | |
| | | 37,114 | | | | Spectra Energy Corp. | | | | | 1,209,916 | | | | | | 0.1 | | |
| | | 28,123 | | | | Valero Energy Corp. | | | | | 1,760,500 | | | | | | 0.2 | | |
| | | 41,415 | | | | Williams Cos., Inc. | | | | | 2,376,807 | | | | | | 0.3 | | |
| | | | | | | | | | | | 66,840,852 | | | | | | 8.2 | | |
| | | | | | | Financials: 15.3% | | ||||||||||||
| | | 18,062 @ | | | | ACE Ltd. | | | | | 1,836,544 | | | | | | 0.2 | | |
| | | 23,985 | | | | Aflac, Inc. | | | | | 1,491,867 | | | | | | 0.2 | | |
| | | 73,729 | | | | American International Group, Inc. | | | | | 4,557,927 | | | | | | 0.6 | | |
| | | 22,611 | | | | Allstate Corp. | | | | | 1,466,776 | | | | | | 0.2 | | |
| | | 47,783 | | | | American Express Co. | | | | | 3,713,695 | | | | | | 0.5 | | |
| | | 23,395 | | | | American Tower Corp. | | | | | 2,182,520 | | | | | | 0.3 | | |
| | | 580,685 | | | | Bank of America Corp. | | | | | 9,883,259 | | | | | | 1.2 | | |
| | | 62,021 | | | | Bank of New York Mellon Corp. | | | | | 2,603,021 | | | | | | 0.3 | | |
| | | 40,351 | | | | BB&T Corp. | | | | | 1,626,549 | | | | | | 0.2 | | |
| | | 102,837 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 13,997,144 | | | | | | 1.7 | | |
| | | 6,937 | | | | Blackrock, Inc. | | | | | 2,400,063 | | | | | | 0.3 | | |
| | | 30,211 | | | | Capital One Financial Corp. | | | | | 2,657,662 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
60
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 63,351 | | | | Charles Schwab Corp. | | | | $ | 2,068,410 | | | | | | 0.2 | | |
| | | 12,702 | | | | Chubb Corp. | | | | | 1,208,468 | | | | | | 0.1 | | |
| | | 167,762 | | | | Citigroup, Inc. | | | | | 9,267,173 | | | | | | 1.1 | | |
| | | 17,724 | | | | CME Group, Inc. | | | | | 1,649,396 | | | | | | 0.2 | | |
| | | 24,471 | | | | Discover Financial Services | | | | | 1,410,019 | | | | | | 0.2 | | |
| | | 20,126 | | | | Equity Residential | | | | | 1,412,241 | | | | | | 0.2 | | |
| | | 21,451 | | | | Franklin Resources, Inc. | | | | | 1,051,743 | | | | | | 0.1 | | |
| | | 23,890 | | | | Goldman Sachs Group, Inc. | | | | | 4,987,993 | | | | | | 0.6 | | |
| | | 205,194 | | | | JPMorgan Chase & Co. | | | | | 13,903,945 | | | | | | 1.7 | | |
| | | 29,693 | | | | Marsh & McLennan Cos., Inc. | | | | | 1,683,593 | | | | | | 0.2 | | |
| | | 51,791 | | | | Metlife, Inc. | | | | | 2,899,778 | | | | | | 0.4 | | |
| | | 84,753 | | | | Morgan Stanley | | | | | 3,287,569 | | | | | | 0.4 | | |
| | | 28,640 | | | | PNC Financial Services Group, Inc. | | | | | 2,739,416 | | | | | | 0.3 | | |
| | | 25,051 | | | | Prudential Financial, Inc. | | | | | 2,192,464 | | | | | | 0.3 | | |
| | | 8,009 | | | | Public Storage, Inc. | | | | | 1,476,619 | | | | | | 0.2 | | |
| | | 17,211 | | | | Simon Property Group, Inc. | | | | | 2,977,847 | | | | | | 0.4 | | |
| | | 22,765 | | | | State Street Corp. | | | | | 1,752,905 | | | | | | 0.2 | | |
| | | 17,623 | | | | Travelers Cos., Inc. | | | | | 1,703,439 | | | | | | 0.2 | | |
| | | 92,621 | | | | US Bancorp | | | | | 4,019,751 | | | | | | 0.5 | | |
| | | 257,601 | | | | Wells Fargo & Co. | | | | | 14,487,480 | | | | | | 1.8 | | |
| | | | | | | | | | | | 124,597,276 | | | | | | 15.3 | | |
| | | | | | | Health Care: 16.9% | | ||||||||||||
| | | 82,317 | | | | Abbott Laboratories | | | | | 4,040,118 | | | | | | 0.5 | | |
| | | 96,761 | | | | AbbVie, Inc. | | | | | 6,501,372 | | | | | | 0.8 | | |
| | | 19,306 | | | | Aetna, Inc. | | | | | 2,460,743 | | | | | | 0.3 | | |
| | | 11,932 @ | | | | Alexion Pharmaceuticals, Inc. | | | | | 2,156,948 | | | | | | 0.3 | | |
| | | 21,700 @ | | | | Allergan plc | | | | | 6,585,082 | | | | | | 0.8 | | |
| | | 42,040 | | | | Amgen, Inc. | | | | | 6,453,981 | | | | | | 0.8 | | |
| | | 14,562 | | | | Anthem, Inc. | | | | | 2,390,207 | | | | | | 0.3 | | |
| | | 30,095 | | | | Baxter International, Inc. | | | | | 2,104,543 | | | | | | 0.3 | | |
| | | 11,576 | | | | Becton Dickinson & Co. | | | | | 1,639,740 | | | | | | 0.2 | | |
| | | 13,006 @ | | | | Biogen, Inc. | | | | | 5,253,644 | | | | | | 0.6 | | |
| | | 92,174 | | | | Bristol-Myers Squibb Co. | | | | | 6,133,258 | | | | | | 0.7 | | |
| | | 18,289 | | | | Cardinal Health, Inc. | | | | | 1,529,875 | | | | | | 0.2 | | |
| | | 43,855 @ | | | | Celgene Corp. | | | | | 5,075,558 | | | | | | 0.6 | | |
| | | 14,231 | | | | Cigna Corp. | | | | | 2,305,422 | | | | | | 0.3 | | |
| | | 54,101 | | | | Eli Lilly & Co. | | | | | 4,516,893 | | | | | | 0.6 | | |
| | | 40,328 @ | | | | Express Scripts Holding Co. | | | | | 3,586,772 | | | | | | 0.4 | | |
| | | 81,263 | | | | Gilead Sciences, Inc. | | | | | 9,514,272 | | | | | | 1.2 | | |
| | | 17,728 @ | | | | HCA Holdings, Inc. | | | | | 1,608,284 | | | | | | 0.2 | | |
| | | 8,282 | | | | Humana, Inc. | | | | | 1,584,181 | | | | | | 0.2 | | |
| | | 7,967 @ | | | | Illumina, Inc. | | | | | 1,739,674 | | | | | | 0.2 | | |
| | | 153,329 | | | | Johnson & Johnson | | | | | 14,943,444 | | | | | | 1.8 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 12,805 | | | | McKesson Corp. | | | | $ | 2,878,692 | | | | | | 0.4 | | |
| | | 78,793 | | | | Medtronic PLC | | | | | 5,838,561 | | | | | | 0.7 | | |
| | | 156,223 | | | | Merck & Co., Inc. | | | | | 8,893,775 | | | | | | 1.1 | | |
| | | 23,241 @ | | | | Mylan NV | | | | | 1,577,134 | | | | | | 0.2 | | |
| | | 340,483 | | | | Pfizer, Inc. | | | | | 11,416,395 | | | | | | 1.4 | | |
| | | 4,338 @ | | | | Regeneron Pharmaceuticals, Inc. | | | | | 2,212,944 | | | | | | 0.3 | | |
| | | 18,680 | | | | Stryker Corp. | | | | | 1,785,248 | | | | | | 0.2 | | |
| | | 22,008 | | | | Thermo Fisher Scientific, Inc. | | | | | 2,855,758 | | | | | | 0.3 | | |
| | | 52,637 | | | | UnitedHealth Group, Inc. | | | | | 6,421,714 | | | | | | 0.8 | | |
| | | 13,478 @ | | | | Vertex Pharmaceuticals, Inc. | | | | | 1,664,264 | | | | | | 0.2 | | |
| | | | | | | | | | | | 137,668,496 | | | | | | 16.9 | | |
| | | | | | | Industrials: 9.6% | | ||||||||||||
| | | 35,074 | | | | 3M Co. | | | | | 5,411,918 | | | | | | 0.7 | | |
| | | 38,305 | | | | American Airlines Group, Inc. | | | | | 1,529,710 | | | | | | 0.2 | | |
| | | 38,237 | | | | Boeing Co. | | | | | 5,304,237 | | | | | | 0.6 | | |
| | | 33,376 | | | | Caterpillar, Inc. | | | | | 2,830,952 | | | | | | 0.3 | | |
| | | 54,623 | | | | CSX Corp. | | | | | 1,783,441 | | | | | | 0.2 | | |
| | | 10,026 | | | | Cummins, Inc. | | | | | 1,315,311 | | | | | | 0.2 | | |
| | | 34,229 | | | | Danaher Corp. | | | | | 2,929,660 | | | | | | 0.4 | | |
| | | 18,458 | | | | Deere & Co. | | | | | 1,791,349 | | | | | | 0.2 | | |
| | | 45,132 | | | | Delta Airlines, Inc. | | | | | 1,854,023 | | | | | | 0.2 | | |
| | | 25,832 | | | | Eaton Corp. PLC | | | | | 1,743,402 | | | | | | 0.2 | | |
| | | 36,957 | | | | Emerson Electric Co. | | | | | 2,048,526 | | | | | | 0.3 | | |
| | | 15,691 | | | | FedEx Corp. | | | | | 2,673,746 | | | | | | 0.3 | | |
| | | 16,124 | | | | General Dynamics Corp. | | | | | 2,284,610 | | | | | | 0.3 | | |
| | | 557,128 | | | | General Electric Co. | | | | | 14,802,891 | | | | | | 1.8 | | |
| | | 43,226 | | | | Honeywell International, Inc. | | | | | 4,407,755 | | | | | | 0.5 | | |
| | | 16,544 | | | | Illinois Tool Works, Inc. | | | | | 1,518,574 | | | | | | 0.2 | | |
| | | 15,002 | | | | Lockheed Martin Corp. | | | | | 2,788,872 | | | | | | 0.3 | | |
| | | 16,856 | | | | Norfolk Southern Corp. | | | | | 1,472,540 | | | | | | 0.2 | | |
| | | 10,717 | | | | Northrop Grumman Corp. | | | | | 1,700,038 | | | | | | 0.2 | | |
| | | 7,642 | | | | Precision Castparts Corp. | | | | | 1,527,406 | | | | | | 0.2 | | |
| | | 16,874 | | | | Raytheon Co. | | | | | 1,614,504 | | | | | | 0.2 | | |
| | | 48,416 | | | | Union Pacific Corp. | | | | | 4,617,434 | | | | | | 0.6 | | |
| | | 38,792 | | | | United Parcel Service, Inc. - Class B | | | | | 3,759,333 | | | | | | 0.5 | | |
| | | 49,219 | | | | United Technologies Corp. | | | | | 5,459,864 | | | | | | 0.7 | | |
| | | 25,307 | | | | Waste Management, Inc. | | | | | 1,172,979 | | | | | | 0.1 | | |
| | | | | | | | | | | | 78,343,075 | | | | | | 9.6 | | |
| | | | | | | Information Technology: 20.8% | | ||||||||||||
| | | 34,733 | | | | Accenture PLC | | | | | 3,361,460 | | | | | | 0.4 | | |
| | | 27,659 @ | | | | Adobe Systems, Inc. | | | | | 2,240,656 | | | | | | 0.3 | | |
| | | 318,549 | | | | Apple, Inc. | | | | | 39,954,008 | | | | | | 4.9 | | |
See Accompanying Notes to Financial Statements
61
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 25,958 | | | | Automatic Data Processing, Inc. | | | | $ | 2,082,610 | | | | | | 0.3 | | |
| | | 14,185 @ | | | | Avago Technologies Ltd. | | | | | 1,885,612 | | | | | | 0.2 | | |
| | | 30,541 | | | | Broadcom Corp. | | | | | 1,572,556 | | | | | | 0.2 | | |
| | | 281,218 | | | | Cisco Systems, Inc. | | | | | 7,722,246 | | | | | | 0.9 | | |
| | | 33,754 @ | | | | Cognizant Technology Solutions Corp. | | | | | 2,062,032 | | | | | | 0.3 | | |
| | | 69,572 | | | | Corning, Inc. | | | | | 1,372,656 | | | | | | 0.2 | | |
| | | 67,166 @ | | | | eBay, Inc. | | | | | 4,046,080 | | | | | | 0.5 | | |
| | | 107,383 | | | | EMC Corp. | | | | | 2,833,837 | | | | | | 0.3 | | |
| | | 119,653 @ | | | | Facebook, Inc. | | | | | 10,262,039 | | | | | | 1.3 | | |
| | | 15,940 @ | | | | Google, Inc. - Class A | | | | | 8,608,238 | | | | | | 1.1 | | |
| | | 16,266 | | | | Google, Inc. - Class C | | | | | 8,466,616 | | | | | | 1.0 | | |
| | | 100,511 | | | | Hewlett-Packard Co. | | | | | 3,016,335 | | | | | | 0.4 | | |
| | | 50,209 | | | | International Business Machines Corp. | | | | | 8,166,996 | | | | | | 1.0 | | |
| | | 262,304 | | | | Intel Corp. | | | | | 7,977,976 | | | | | | 1.0 | | |
| | | 55,273 | | | | Mastercard, Inc. | | | | | 5,166,920 | | | | | | 0.6 | | |
| | | 59,819 @ | | | | Micron Technology, Inc. | | | | | 1,126,990 | | | | | | 0.1 | | |
| | | 447,307 | | | | Microsoft Corp. | | | | | 19,748,604 | | | | | | 2.4 | | |
| | | 175,184 | | | | Oracle Corp. | | | | | 7,059,915 | | | | | | 0.9 | | |
| | | 90,136 | | | | Qualcomm, Inc. | | | | | 5,645,218 | | | | | | 0.7 | | |
| | | 36,271 @ | | | | Salesforce.com, Inc. | | | | | 2,525,550 | | | | | | 0.3 | | |
| | | 57,527 | | | | Texas Instruments, Inc. | | | | | 2,963,216 | | | | | | 0.4 | | |
| | | 108,237 | | | | Visa, Inc. | | | | | 7,268,114 | | | | | | 0.9 | | |
| | | 4,532 @ | | | | VMware, Inc. | | | | | 388,574 | | | | | | 0.0 | | |
| | | 51,897 @ | | | | Yahoo!, Inc. | | | | | 2,039,033 | | | | | | 0.2 | | |
| | | | | | | | | | | | 169,564,087 | | | | | | 20.8 | | |
| | | | | | | Materials: 2.3% | | ||||||||||||
| | | 11,878 | | | | Air Products & Chemicals, Inc. | | | | | 1,625,267 | | | | | | 0.2 | | |
| | | 63,750 | | | | Dow Chemical Co. | | | | | 3,262,088 | | | | | | 0.4 | | |
| | | 14,598 | | | | Ecolab, Inc. | | | | | 1,650,596 | | | | | | 0.2 | | |
| | | 50,052 | | | | Du Pont E I de Nemours & Co. | | | | | 3,200,825 | | | | | | 0.4 | | |
| | | 21,294 @ | | | | LyondellBasell Industries NV - Class A | | | | | 2,204,355 | | | | | | 0.3 | | |
| | | 26,322 | | | | Monsanto Co. | | | | | 2,805,662 | | | | | | 0.4 | | |
| | | 15,029 | | | | PPG Industries, Inc. | | | | | 1,724,127 | | | | | | 0.2 | | |
| | | 15,940 | | | | Praxair, Inc. | | | | | 1,905,627 | | | | | | 0.2 | | |
| | | 6,313 L | | | | Southern Copper Corp. | | | | | 185,665 | | | | | | 0.0 | | |
| | | | | | | | | | | | 18,564,212 | | | | | | 2.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Telecommunication Services: 2.6% | | |||||||||||||||
| | | 287,143 | | | | AT&T, Inc. | | | | $ | 10,199,320 | | | | | | 1.2 | | | |||
| | | 15,177 @ | | | | T-Mobile US, Inc. | | | | | 588,412 | | | | | | 0.1 | | | |||
| | | 225,513 | | | | Verizon Communications, Inc. | | | | | 10,511,161 | | | | | | 1.3 | | | |||
| | | | | | | | | | | | 21,298,893 | | | | | | 2.6 | | | |||
| | | | | | | Utilities: 1.7% | | |||||||||||||||
| | | 27,099 | | | | American Electric Power Co., Inc. | | | | | 1,435,434 | | | | | | 0.2 | | | |||
| | | 32,820 | | | | Dominion Resources, Inc. | | | | | 2,194,673 | | | | | | 0.3 | | | |||
| | | 38,236 | | | | Duke Energy Corp. | | | | | 2,700,226 | | | | | | 0.3 | | | |||
| | | 47,626 | | | | Exelon Corp. | | | | | 1,496,409 | | | | | | 0.2 | | | |||
| | | 24,557 | | | | NextEra Energy, Inc. | | | | | 2,407,323 | | | | | | 0.3 | | | |||
| | | 26,542 | | | | Pacific Gas & Electric Co. | | | | | 1,303,212 | | | | | | 0.2 | | | |||
| | | 50,221 | | | | Southern Co. | | | | | 2,104,260 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 13,641,537 | | | | | | 1.7 | | | |||
| | | | | | | Total Common Stock (Cost $366,085,518) | | | | | 806,499,238 | | | | | | 99.0 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.0% | | ||||||||||||
| | 793 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.00%, due 07/01/15 (Repurchase Amount $793, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $809, due 07/15/15-05/20/65) | | | | | 793 | | | | | | 0.0 | | |
| | 183,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $183,001, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $186,660, due 01/15/17-08/15/42) | | | | | 183,000 | | | | | | 0.0 | | |
| | | | | | | | | | | 183,793 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
62
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||||||||
| | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | 6,973,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $6,973,000) | | | | $ | 6,973,000 | | | | | | 0.9 | | | |||
| | | | | | Total Short-Term Investments (Cost $7,156,793) | | | | | 7,156,793 | | | | | | 0.9 | | | |||
| | | | | | Total Investments in Securities (Cost $373,242,311) | | | | $ | 813,656,031 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 408,409 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 814,064,440 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $377,569,975.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 442,748,211 | | | |
| Gross Unrealized Depreciation | | | | | (6,662,155) | | | |
| Net Unrealized Appreciation | | | | $ | 436,086,056 | | | |
|
See Accompanying Notes to Financial Statements
63
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Value Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.9% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 4.0% | | ||||||||||||
| | | 11,891 @ | | | | Carnival Corp. | | | | $ | 587,297 | | | | | | 0.3 | | |
| | | 5,764 | | | | Comcast Corp. - Class A | | | | | 346,647 | | | | | | 0.2 | | |
| | | 1,037 | | | | Comcast Corp. - Special Class A | | | | | 62,158 | | | | | | 0.0 | | |
| | | 1,993 @ | | | | Dish Network Corp. - Class A | | | | | 134,946 | | | | | | 0.1 | | |
| | | 109,303 | | | | Ford Motor Co. | | | | | 1,640,638 | | | | | | 0.8 | | |
| | | 44,995 | | | | General Motors Co. | | | | | 1,499,683 | | | | | | 0.7 | | |
| | | 14,316 | | | | Johnson Controls, Inc. | | | | | 709,072 | | | | | | 0.3 | | |
| | | 16,391 | | | | Target Corp. | | | | | 1,337,997 | | | | | | 0.6 | | |
| | | 9,228 @ | | | | Thomson Reuters Corp. | | | | | 351,310 | | | | | | 0.2 | | |
| | | 11,196 | | | | Time Warner, Inc. | | | | | 978,642 | | | | | | 0.5 | | |
| | | 11,386 | | | | Twenty-First Century Fox, Inc. - Class A | | | | | 370,557 | | | | | | 0.2 | | |
| | | 4,376 | | | | Twenty-First Century Fox, Inc. Class B | | | | | 140,995 | | | | | | 0.1 | | |
| | | | | | | | | | | | 8,159,942 | | | | | | 4.0 | | |
| | | | | | | Consumer Staples: 7.9% | | ||||||||||||
| | | 3,247 | | | | Altria Group, Inc. | | | | | 158,811 | | | | | | 0.1 | | |
| | | 17,367 | | | | Archer-Daniels-Midland Co. | | | | | 837,437 | | | | | | 0.4 | | |
| | | 3,114 | | | | Colgate-Palmolive Co. | | | | | 203,687 | | | | | | 0.1 | | |
| | | 2,307 | | | | CVS Health | | | | | 241,958 | | | | | | 0.1 | | |
| | | 2,111 | | | | Kimberly-Clark Corp. | | | | | 223,702 | | | | | | 0.1 | | |
| | | 45,538 | | | | Mondelez International, Inc. | | | | | 1,873,433 | | | | | | 0.9 | | |
| | | 21,772 | | | | Philip Morris International, Inc. | | | | | 1,745,461 | | | | | | 0.9 | | |
| | | 75,950 | | | | Procter & Gamble Co. | | | | | 5,942,328 | | | | | | 2.9 | | |
| | | 20,434 | | | | Walgreens Boots Alliance, Inc. | | | | | 1,725,447 | | | | | | 0.9 | | |
| | | 44,219 | | | | Wal-Mart Stores, Inc. | | | | | 3,136,454 | | | | | | 1.5 | | |
| | | | | | | | | | | | 16,088,718 | | | | | | 7.9 | | |
| | | | | | | Energy: 15.7% | | ||||||||||||
| | | 14,221 | | | | Anadarko Petroleum Corp. | | | | | 1,110,091 | | | | | | 0.6 | | |
| | | 10,558 | | | | Apache Corp. | | | | | 608,457 | | | | | | 0.3 | | |
| | | 12,167 | | | | Baker Hughes, Inc. | | | | | 750,704 | | | | | | 0.4 | | |
| | | 52,644 | | | | Chevron Corp. | | | | | 5,078,567 | | | | | | 2.5 | | |
| | | 34,517 | | | | ConocoPhillips | | | | | 2,119,689 | | | | | | 1.0 | | |
| | | 11,507 | | | | Devon Energy Corp. | | | | | 684,551 | | | | | | 0.3 | | |
| | | 14,046 | | | | EOG Resources, Inc. | | | | | 1,229,727 | | | | | | 0.6 | | |
| | | 117,049 | | | | ExxonMobil Corp. | | | | | 9,738,477 | | | | | | 4.8 | | |
| | | 23,823 | | | | Halliburton Co. | | | | | 1,026,057 | | | | | | 0.5 | | |
| | | 49,986 | | | | Kinder Morgan, Inc. | | | | | 1,918,963 | | | | | | 0.9 | | |
| | | 14,069 | | | | Marathon Petroleum Corp. | | | | | 735,949 | | | | | | 0.4 | | |
| | | 21,502 | | | | Occidental Petroleum Corp. | | | | | 1,672,211 | | | | | | 0.8 | | |
| | | 15,163 | | | | Phillips 66 | | | | | 1,221,531 | | | | | | 0.6 | | |
| | | 31,246 | | | | Schlumberger Ltd. | | | | | 2,693,093 | | | | | | 1.3 | | |
| | | 18,797 | | | | Spectra Energy Corp. | | | | | 612,782 | | | | | | 0.3 | | |
| | | 14,239 | | | | Valero Energy Corp. | | | | | 891,361 | | | | | | 0.4 | | |
| | | | | | | | | | | | 32,092,210 | | | | | | 15.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials: 28.1% | | ||||||||||||
| | | 9,144 @ | | | | ACE Ltd. | | | | $ | 929,762 | | | | | | 0.5 | | |
| | | 12,146 | | | | Aflac, Inc. | | | | | 755,481 | | | | | | 0.4 | | |
| | | 37,329 | | | | American International Group, Inc. | | | | | 2,307,679 | | | | | | 1.1 | | |
| | | 11,450 | | | | Allstate Corp. | | | | | 742,762 | | | | | | 0.4 | | |
| | | 19,500 | | | | American Express Co. | | | | | 1,515,540 | | | | | | 0.7 | | |
| | | 294,006 | | | | Bank of America Corp. | | | | | 5,003,982 | | | | | | 2.5 | | |
| | | 28,004 | | | | Bank of New York Mellon Corp. | | | | | 1,175,328 | | | | | | 0.6 | | |
| | | 20,426 | | | | BB&T Corp. | | | | | 823,372 | | | | | | 0.4 | | |
| | | 48,682 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 6,626,107 | | | | | | 3.2 | | |
| | | 2,396 | | | | Blackrock, Inc. | | | | | 828,968 | | | | | | 0.4 | | |
| | | 15,298 | | | | Capital One Financial Corp. | | | | | 1,345,765 | | | | | | 0.7 | | |
| | | 9,397 | | | | Charles Schwab Corp. | | | | | 306,812 | | | | | | 0.2 | | |
| | | 6,431 | | | | Chubb Corp. | | | | | 611,845 | | | | | | 0.3 | | |
| | | 84,939 | | | | Citigroup, Inc. | | | | | 4,692,030 | | | | | | 2.3 | | |
| | | 8,974 | | | | CME Group, Inc. | | | | | 835,120 | | | | | | 0.4 | | |
| | | 12,390 | | | | Discover Financial Services | | | | | 713,912 | | | | | | 0.3 | | |
| | | 10,191 | | | | Equity Residential | | | | | 715,102 | | | | | | 0.4 | | |
| | | 10,857 | | | | Franklin Resources, Inc. | | | | | 532,319 | | | | | | 0.3 | | |
| | | 12,094 | | | | Goldman Sachs Group, Inc. | | | | | 2,525,106 | | | | | | 1.2 | | |
| | | 103,889 | | | | JPMorgan Chase & Co. | | | | | 7,039,519 | | | | | | 3.5 | | |
| | | 6,028 | | | | Marsh & McLennan Cos., Inc. | | | | | 341,788 | | | | | | 0.2 | | |
| | | 26,226 | | | | Metlife, Inc. | | | | | 1,468,394 | | | | | | 0.7 | | |
| | | 42,917 | | | | Morgan Stanley | | | | | 1,664,750 | | | | | | 0.8 | | |
| | | 14,500 | | | | PNC Financial Services Group, Inc. | | | | | 1,386,925 | | | | | | 0.7 | | |
| | | 12,682 | | | | Prudential Financial, Inc. | | | | | 1,109,929 | | | | | | 0.5 | | |
| | | 353 | | | | Public Storage, Inc. | | | | | 65,083 | | | | | | 0.0 | | |
| | | 11,526 | | | | State Street Corp. | | | | | 887,502 | | | | | | 0.4 | | |
| | | 8,923 | | | | Travelers Cos., Inc. | | | | | 862,497 | | | | | | 0.4 | | |
| | | 46,897 | | | | US Bancorp | | | | | 2,035,330 | | | | | | 1.0 | | |
| | | 130,422 | | | | Wells Fargo & Co. | | | | | 7,334,933 | | | | | | 3.6 | | |
| | | | | | | | | | | | 57,183,642 | | | | | | 28.1 | | |
| | | | | | | Health Care: 13.9% | | ||||||||||||
| | | 41,679 | | | | Abbott Laboratories | | | | | 2,045,605 | | | | | | 1.0 | | |
| | | 7,372 | | | | Aetna, Inc. | | | | | 939,635 | | | | | | 0.5 | | |
| | | 6,021 @ | | | | Allergan plc | | | | | 1,827,133 | | | | | | 0.9 | | |
| | | 5,907 | | | | Anthem, Inc. | | | | | 969,575 | | | | | | 0.5 | | |
| | | 5,561 | | | | Baxter International, Inc. | | | | | 388,881 | | | | | | 0.2 | | |
| | | 889 | | | | Cardinal Health, Inc. | | | | | 74,365 | | | | | | 0.0 | | |
| | | 3,268 @ | | | | Express Scripts Holding Co. | | | | | 290,656 | | | | | | 0.1 | | |
| | | 8,276 @ | | | | HCA Holdings, Inc. | | | | | 750,799 | | | | | | 0.4 | | |
| | | 311 | | | | Humana, Inc. | | | | | 59,488 | | | | | | 0.0 | | |
| | | 67,617 | | | | Johnson & Johnson | | | | | 6,589,953 | | | | | | 3.2 | | |
| | | 39,894 | | | | Medtronic PLC | | | | | 2,956,145 | | | | | | 1.4 | | |
| | | 70,073 | | | | Merck & Co., Inc. | | | | | 3,989,256 | | | | | | 2.0 | | |
See Accompanying Notes to Financial Statements
64
Voya Russell™ Large Cap | PORTFOLIO OF INVESTMENTS |
Value Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 1,790 @ | | | | Mylan NV | | | | $ | 121,469 | | | | | | 0.1 | | |
| | | 172,381 | | | | Pfizer, Inc. | | | | | 5,779,935 | | | | | | 2.8 | | |
| | | 4,663 | | | | Stryker Corp. | | | | | 445,643 | | | | | | 0.2 | | |
| | | 7,388 | | | | Thermo Fisher Scientific, Inc. | | | | | 958,667 | | | | | | 0.5 | | |
| | | 1,333 | | | | UnitedHealth Group, Inc. | | | | | 162,626 | | | | | | 0.1 | | |
| | | | | | | | | | | | 28,349,831 | | | | | | 13.9 | | |
| | | | | | | Industrials: 10.1% | | ||||||||||||
| | | 13,958 | | | | Caterpillar, Inc. | | | | | 1,183,917 | | | | | | 0.6 | | |
| | | 20,524 | | | | CSX Corp. | | | | | 670,109 | | | | | | 0.3 | | |
| | | 1,300 | | | | Cummins, Inc. | | | | | 170,547 | | | | | | 0.1 | | |
| | | 13,987 | | | | Danaher Corp. | | | | | 1,197,147 | | | | | | 0.6 | | |
| | | 7,665 | | | | Deere & Co. | | | | | 743,888 | | | | | | 0.4 | | |
| | | 13,077 | | | | Eaton Corp. PLC | | | | | 882,567 | | | | | | 0.4 | | |
| | | 5,818 | | | | Emerson Electric Co. | | | | | 322,492 | | | | | | 0.1 | | |
| | | 5,068 | | | | FedEx Corp. | | | | | 863,587 | | | | | | 0.4 | | |
| | | 5,664 | | | | General Dynamics Corp. | | | | | 802,532 | | | | | | 0.4 | | |
| | | 282,070 | | | | General Electric Co. | | | | | 7,494,600 | | | | | | 3.7 | | |
| | | 2,143 | | | | Lockheed Martin Corp. | | | | | 398,384 | | | | | | 0.2 | | |
| | | 8,535 | | | | Norfolk Southern Corp. | | | | | 745,618 | | | | | | 0.4 | | |
| | | 3,776 | | | | Northrop Grumman Corp. | | | | | 598,987 | | | | | | 0.3 | | |
| | | 3,131 | | | | Precision Castparts Corp. | | | | | 625,793 | | | | | | 0.3 | | |
| | | 8,543 | | | | Raytheon Co. | | | | | 817,394 | | | | | | 0.4 | | |
| | | 22,628 | | | | United Technologies Corp. | | | | | 2,510,124 | | | | | | 1.2 | | |
| | | 11,742 | | | | Waste Management, Inc. | | | | | 544,242 | | | | | | 0.3 | | |
| | | | | | | | | | | | 20,571,928 | | | | | | 10.1 | | |
| | | | | | | Information Technology: 11.6% | | ||||||||||||
| | | 2,589 | | | | Automatic Data Processing, Inc. | | | | | 207,715 | | | | | | 0.1 | | |
| | | 14,339 | | | | Broadcom Corp. | | | | | 738,315 | | | | | | 0.4 | | |
| | | 142,377 | | | | Cisco Systems, Inc. | | | | | 3,909,672 | | | | | | 1.9 | | |
| | | 35,235 | | | | Corning, Inc. | | | | | 695,187 | | | | | | 0.3 | | |
| | | 49,911 | | | | EMC Corp. | | | | | 1,317,151 | | | | | | 0.6 | | |
| | | 50,885 | | | | Hewlett-Packard Co. | | | | | 1,527,059 | | | | | | 0.8 | | |
| | | 11,313 | | | | International Business Machines Corp. | | | | | 1,840,173 | | | | | | 0.9 | | |
| | | 123,511 | | | | Intel Corp. | | | | | 3,756,587 | | | | | | 1.8 | | |
| | | 27,889 @ | | | | Micron Technology, Inc. | | | | | 525,429 | | | | | | 0.3 | | |
| | | 98,058 | | | | Microsoft Corp. | | | | | 4,329,261 | | | | | | 2.1 | | |
| | | 35,481 | | | | Oracle Corp. | | | | | 1,429,884 | | | | | | 0.7 | | |
| | | 38,698 | | | | Qualcomm, Inc. | | | | | 2,423,656 | | | | | | 1.2 | | |
| | | 26,272 @ | | | | Yahoo!, Inc. | | | | | 1,032,227 | | | | | | 0.5 | | |
| | | | | | | | | | | | 23,732,316 | | | | | | 11.6 | | |
| | | | | | | Materials: 1.3% | | ||||||||||||
| | | 1,065 | | | | Air Products & Chemicals, Inc. | | | | | 145,724 | | | | | | 0.1 | | |
| | | 28,046 | | | | Dow Chemical Co. | | | | | 1,435,114 | | | | | | 0.7 | | |
| | | 13,634 | | | | Du Pont E I de Nemours & Co. | | | | | 871,894 | | | | | | 0.4 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials (continued) | | |||||||||||||||
| | | 1,349 | | | | Praxair, Inc. | | | | $ | 161,273 | | | | | | 0.1 | | | |||
| | | 2,152 | | | | Southern Copper Corp. | | | | | 63,290 | | | | | | 0.0 | | | |||
| | | | | | | | | | | | 2,677,295 | | | | | | 1.3 | | | |||
| | | | | | | Telecommunication Services: 2.9% | | |||||||||||||||
| | | 145,376 | | | | AT&T, Inc. | | | | | 5,163,755 | | | | | | 2.5 | | | |||
| | | 7,688 @ | | | | T-Mobile US, Inc. | | | | | 298,064 | | | | | | 0.2 | | | |||
| | | 8,220 | | | | Verizon Communications, Inc. | | | | | 383,134 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 5,844,953 | | | | | | 2.9 | | | |||
| | | | | | | Utilities: 3.4% | | |||||||||||||||
| | | 13,718 | | | | American Electric Power Co., Inc. | | | | | 726,642 | | | | | | 0.4 | | | |||
| | | 15,784 | | | | Dominion Resources, Inc. | | | | | 1,055,476 | | | | | | 0.5 | | | |||
| | | 19,359 | | | | Duke Energy Corp. | | | | | 1,367,133 | | | | | | 0.7 | | | |||
| | | 24,112 | | | | Exelon Corp. | | | | | 757,599 | | | | | | 0.4 | | | |||
| | | 12,434 | | | | NextEra Energy, Inc. | | | | | 1,218,905 | | | | | | 0.6 | | | |||
| | | 13,436 | | | | Pacific Gas & Electric Co. | | | | | 659,708 | | | | | | 0.3 | | | |||
| | | 25,428 | | | | Southern Co. | | | | | 1,065,433 | | | | | | 0.5 | | | |||
| | | | | | | | | | | | 6,850,896 | | | | | | 3.4 | | | |||
| | | | | | | Total Common Stock (Cost $145,465,189) | | | | | 201,551,731 | | | | | | 98.9 | | | |||
| SHORT-TERM INVESTMENTS: 0.9% | | |||||||||||||||||||||
| | | | | | | Mutual Funds: 0.9% | | |||||||||||||||
| | | 1,910,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $1,910,000) | | | | | 1,910,000 | | | | | | 0.9 | | | |||
| | | | | | | Total Short-Term Investments (Cost $1,910,000) | | | | | 1,910,000 | | | | | | 0.9 | | | |||
| | | | | | | Total Investments in Securities (Cost $147,375,189) | | | | $ | 203,461,731 | | | | | | 99.8 | | | |||
| | | | | | | Assets in Excess of Other Liabilities | | | | | 499,767 | | | | | | 0.2 | | | |||
| | | | | | | Net Assets | | | | $ | 203,961,498 | | | | | | 100.0 | | | |||
|
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
Cost for federal income tax purposes is $150,972,048.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 57,149,331 | | | |
| Gross Unrealized Depreciation | | | | | (4,659,648) | | | |
| Net Unrealized Appreciation | | | | $ | 52,489,683 | | | |
|
See Accompanying Notes to Financial Statements
65
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.1% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 25.1% | | ||||||||||||
| | | 1,138 | | | | Aaron’s, Inc. | | | | $ | 41,207 | | | | | | 0.0 | | |
| | | 8,657 | | | | Advance Auto Parts, Inc. | | | | | 1,378,974 | | | | | | 0.4 | | |
| | | 7,091 @ | | | | AMC Networks, Inc. | | | | | 580,398 | | | | | | 0.2 | | |
| | | 20,936 | | | | ARAMARK Holdings Corp. | | | | | 648,388 | | | | | | 0.2 | | |
| | | 8,625 @ | | | | Autonation, Inc. | | | | | 543,202 | | | | | | 0.1 | | |
| | | 3,697 @ | | | | Autozone, Inc. | | | | | 2,465,529 | | | | | | 0.6 | | |
| | | 20,273 @ | | | | Bed Bath & Beyond, Inc. | | | | | 1,398,432 | | | | | | 0.4 | | |
| | | 26,779 | | | | BorgWarner, Inc. | | | | | 1,522,118 | | | | | | 0.4 | | |
| | | 7,237 | | | | Brinker International, Inc. | | | | | 417,213 | | | | | | 0.1 | | |
| | | 8,085 | | | | Brunswick Corp. | | | | | 411,203 | | | | | | 0.1 | | |
| | | 567 @,L | | | | Cabela’s, Inc. | | | | | 28,339 | | | | | | 0.0 | | |
| | | 3,444 | | | | Cablevision Systems Corp. | | | | | 82,449 | | | | | | 0.0 | | |
| | | 24,761 @ | | | | Carmax, Inc. | | | | | 1,639,426 | | | | | | 0.4 | | |
| | | 6,220 | | | | Carter’s, Inc. | | | | | 661,186 | | | | | | 0.2 | | |
| | | 8,871 @,L | | | | Charter Communications, Inc. | | | | | 1,519,159 | | | | | | 0.4 | | |
| | | 3,675 @ | | | | Chipotle Mexican Grill, Inc. | | | | | 2,223,338 | | | | | | 0.6 | | |
| | | 4,194 | | | | Choice Hotels International, Inc. | | | | | 227,525 | | | | | | 0.1 | | |
| | | 13,714 | | | | Cinemark Holdings, Inc. | | | | | 550,891 | | | | | | 0.1 | | |
| | | 1,690 | | | | Clear Channel Outdoor Holdings, Inc. | | | | | 17,120 | | | | | | 0.0 | | |
| | | 4,583 | | | | Coach, Inc. | | | | | 158,618 | | | | | | 0.0 | | |
| | | 9,846 | | | | Coty, Inc - Class A | | | | | 314,777 | | | | | | 0.1 | | |
| | | 7,506 | | | | CST Brands, Inc. | | | | | 293,184 | | | | | | 0.1 | | |
| | | 2,964 | | | | Darden Restaurants, Inc. | | | | | 210,681 | | | | | | 0.1 | | |
| | | 34,174 @ | | | | Delphi Automotive PLC | | | | | 2,907,866 | | | | | | 0.8 | | |
| | | 7,503 | | | | Dick’s Sporting Goods, Inc. | | | | | 388,430 | | | | | | 0.1 | | |
| | | 337 | | | | Dillard’s, Inc. | | | | | 35,449 | | | | | | 0.0 | | |
| | | 16,770 | | | | Discovery Communications, Inc. - Class A | | | | | 557,770 | | | | | | 0.1 | | |
| | | 29,530 | | | | Discovery Communications, Inc. - Class C | | | | | 917,792 | | | | | | 0.2 | | |
| | | 35,941 | | | | Dollar General Corp. | | | | | 2,794,053 | | | | | | 0.7 | | |
| | | 24,401 @ | | | | Dollar Tree, Inc. | | | | | 1,927,435 | | | | | | 0.5 | | |
| | | 6,531 | | | | Domino’s Pizza, Inc. | | | | | 740,615 | | | | | | 0.2 | | |
| | | 16,081 | | | | D.R. Horton, Inc. | | | | | 439,976 | | | | | | 0.1 | | |
| | | 526 | | | | DSW, Inc. | | | | | 17,553 | | | | | | 0.0 | | |
| | | 11,392 | | | | Dunkin’ Brands Group, Inc. | | | | | 626,560 | | | | | | 0.2 | | |
| | | 11,674 | | | | Expedia, Inc. | | | | | 1,276,552 | | | | | | 0.3 | | |
| | | 7,058 | | | | Extended Stay America, Inc. | | | | | 132,479 | | | | | | 0.0 | | |
| | | 10,739 | | | | Family Dollar Stores, Inc. | | | | | 846,341 | | | | | | 0.2 | | |
| | | 14,320 | | | | Foot Locker, Inc. | | | | | 959,583 | | | | | | 0.3 | | |
| | | 4,071 @,L | | | | Fossil Group, Inc. | | | | | 282,365 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 28,201 | | | | Gap, Inc. | | | | $ | 1,076,432 | | | | | | 0.3 | | |
| | | 17,406 | | | | Gentex Corp. | | | | | 285,807 | | | | | | 0.1 | | |
| | | 16,733 | | | | Genuine Parts Co. | | | | | 1,498,105 | | | | | | 0.4 | | |
| | | 10,245 | | | | GNC Holdings, Inc. | | | | | 455,698 | | | | | | 0.1 | | |
| | | 10,559 @,L | | | | GoPro, Inc. | | | | | 556,670 | | | | | | 0.1 | | |
| | | 58,614 @,L | | | | Groupon, Inc. | | | | | 294,828 | | | | | | 0.1 | | |
| | | 30,458 | | | | H&R Block, Inc. | | | | | 903,080 | | | | | | 0.2 | | |
| | | 47,540 | | | | Hanesbrands, Inc. | | | | | 1,584,033 | | | | | | 0.4 | | |
| | | 13,474 | | | | Harley-Davidson, Inc. | | | | | 759,260 | | | | | | 0.2 | | |
| | | 8,420 | | | | Harman International Industries, Inc. | | | | | 1,001,475 | | | | | | 0.3 | | |
| | | 10,706 | | | | Hasbro, Inc. | | | | | 800,702 | | | | | | 0.2 | | |
| | | 61,472 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 1,693,554 | | | | | | 0.4 | | |
| | | 3,605 @ | | | | HomeAway, Inc. | | | | | 112,188 | | | | | | 0.0 | | |
| | | 7,494 @ | | | | International Game Technology PLC | | | | | 133,093 | | | | | | 0.0 | | |
| | | 48,877 | | | | Interpublic Group of Cos., Inc. | | | | | 941,860 | | | | | | 0.2 | | |
| | | 22,787 | | | | Jarden Corp. | | | | | 1,179,227 | | | | | | 0.3 | | |
| | | 15,106 @ | | | | Kate Spade & Co. | | | | | 325,383 | | | | | | 0.1 | | |
| | | 29,288 | | | | L Brands, Inc. | | | | | 2,510,860 | | | | | | 0.7 | | |
| | | 6,968 | | | | Lear Corp. | | | | | 782,228 | | | | | | 0.2 | | |
| | | 16,304 | | | | Leggett & Platt, Inc. | | | | | 793,679 | | | | | | 0.2 | | |
| | | 8,065 | | | | Lennar Corp. | | | | | 411,638 | | | | | | 0.1 | | |
| | | 451 | | | | Lennar Corp. | | | | | 19,447 | | | | | | 0.0 | | |
| | | 23,822 | | | | Liberty Interactive Corp. QVC Group | | | | | 661,061 | | | | | | 0.2 | | |
| | | 16,769 | | | | Liberty Ventures | | | | | 658,519 | | | | | | 0.2 | | |
| | | 11,229 @ | | | | Lions Gate Entertainment Corp. | | | | | 416,034 | | | | | | 0.1 | | |
| | | 17,240 @ | | | | Live Nation, Inc. | | | | | 473,928 | | | | | | 0.1 | | |
| | | 36,004 @ | | | | LKQ Corp. | | | | | 1,088,941 | | | | | | 0.3 | | |
| | | 13,204 @ | | | | Lululemon Athletica, Inc. | | | | | 862,221 | | | | | | 0.2 | | |
| | | 29,151 | | | | Macy’s, Inc. | | | | | 1,966,818 | | | | | | 0.5 | | |
| | | 7,275 @ | | | | The Madison Square Garden, Inc. | | | | | 607,390 | | | | | | 0.2 | | |
| | | 24,800 | | | | Marriott International, Inc. | | | | | 1,844,872 | | | | | | 0.5 | | |
| | | 32,392 | | | | McGraw-Hill Cos., Inc. | | | | | 3,253,776 | | | | | | 0.8 | | |
| | | 3,681 @ | | | | MGM Resorts International | | | | | 67,178 | | | | | | 0.0 | | |
| | | 23,520 @ | | | | Michael Kors Holdings Ltd. | | | | | 989,957 | | | | | | 0.3 | | |
| | | 7,423 @ | | | | Michaels Cos, Inc. | | | | | 199,753 | | | | | | 0.1 | | |
| | | 5,129 @ | | | | Mohawk Industries, Inc. | | | | | 979,126 | | | | | | 0.3 | | |
| | | 2,258 | | | | Morningstar, Inc. | | | | | 179,624 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
66
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 326 @ | | | | Murphy USA, Inc. | | | | $ | 18,197 | | | | | | 0.0 | | |
| | | 16,024 | | | | Newell Rubbermaid, Inc. | | | | | 658,747 | | | | | | 0.2 | | |
| | | 16,610 | | | | Nordstrom, Inc. | | | | | 1,237,445 | | | | | | 0.3 | | |
| | | 14,288 @ | | | | Norwegian Cruise Line Holdings Ltd. | | | | | 800,700 | | | | | | 0.2 | | |
| | | 482 @ | | | | NVR, Inc. | | | | | 645,880 | | | | | | 0.2 | | |
| | | 11,461 @ | | | | Office Depot, Inc. | | | | | 99,252 | | | | | | 0.0 | | |
| | | 28,915 | | | | Omnicom Group, Inc. | | | | | 2,009,303 | | | | | | 0.5 | | |
| | | 11,952 @ | | | | O’Reilly Automotive, Inc. | | | | | 2,700,913 | | | | | | 0.7 | | |
| | | 25,012 @,L | | | | Pandora Media, Inc. | | | | | 388,686 | | | | | | 0.1 | | |
| | | 2,997 @ | | | | Panera Bread Co. | | | | | 523,786 | | | | | | 0.1 | | |
| | | 1,891 | | | | Penske Auto Group, Inc. | | | | | 98,540 | | | | | | 0.0 | | |
| | | 7,865 | | | | Polaris Industries, Inc. | | | | | 1,164,885 | | | | | | 0.3 | | |
| | | 389 | | | | Ralph Lauren Corp. | | | | | 51,488 | | | | | | 0.0 | | |
| | | 9,798 | | | | Regal Entertainment Group | | | | | 204,876 | | | | | | 0.1 | | |
| | | 48,973 | | | | Ross Stores, Inc. | | | | | 2,380,578 | | | | | | 0.6 | | |
| | | 18,659 @ | | | | Sally Beauty Holdings, Inc. | | | | | 589,251 | | | | | | 0.2 | | |
| | | 10,815 | | | | Scripps Networks Interactive - Class A | | | | | 706,977 | | | | | | 0.2 | | |
| | | 162 L | | | | Sears Holding Corp. | | | | | 4,325 | | | | | | 0.0 | | |
| | | 23,911 | | | | Service Corp. International | | | | | 703,701 | | | | | | 0.2 | | |
| | | 12,165 @ | | | | ServiceMaster Global Holdings, Inc. | | | | | 440,008 | | | | | | 0.1 | | |
| | | 9,501 @ | | | | Signet Jewelers Ltd. | | | | | 1,218,408 | | | | | | 0.3 | | |
| | | 271,982 @ | | | | Sirius XM Holdings, Inc. | | | | | 1,014,493 | | | | | | 0.3 | | |
| | | 8,508 | | | | Six Flags Entertainment Corp. | | | | | 381,584 | | | | | | 0.1 | | |
| | | 4,842 @ | | | | Skechers USA, Inc. | | | | | 531,603 | | | | | | 0.1 | | |
| | | 20,223 | | | | Starwood Hotels & Resorts Worldwide, Inc. | | | | | 1,639,883 | | | | | | 0.4 | | |
| | | 10,208 @ | | | | Starz | | | | | 456,502 | | | | | | 0.1 | | |
| | | 7,220 @ | | | | Tempur Sealy International, Inc. | | | | | 475,798 | | | | | | 0.1 | | |
| | | 5,394 | | | | Thor Industries, Inc. | | | | | 303,574 | | | | | | 0.1 | | |
| | | 10,079 | | | | Tiffany & Co. | | | | | 925,252 | | | | | | 0.2 | | |
| | | 7,258 @ | | | | Toll Brothers, Inc. | | | | | 277,183 | | | | | | 0.1 | | |
| | | 16,145 | | | | Tractor Supply Co. | | | | | 1,452,081 | | | | | | 0.4 | | |
| | | 13,275 @ | | | | TripAdvisor, Inc. | | | | | 1,156,784 | | | | | | 0.3 | | |
| | | 5,583 | | | | Tupperware Corp. | | | | | 360,327 | | | | | | 0.1 | | |
| | | 7,604 @ | | | | Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 1,174,438 | | | | | | 0.3 | | |
| | | 21,143 @ | | | | Under Armour, Inc. | | | | | 1,764,172 | | | | | | 0.5 | | |
| | | 11,569 @ | | | | Urban Outfitters, Inc. | | | | | 404,915 | | | | | | 0.1 | | |
| | | 986 @ | | | | Vista Outdoor, Inc. | | | | | 44,271 | | | | | | 0.0 | | |
| | | 5,280 @ | | | | Visteon Corp. | | | | | 554,294 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 709 | | | | Whirlpool Corp. | | | | $ | 122,692 | | | | | | 0.0 | | |
| | | 10,849 | | | | Williams-Sonoma, Inc. | | | | | 892,547 | | | | | | 0.2 | | |
| | | 14,206 | | | | Wyndham Worldwide Corp. | | | | | 1,163,613 | | | | | | 0.3 | | |
| | | 8,513 | | | | Wynn Resorts Ltd. | | | | | 839,978 | | | | | | 0.2 | | |
| | | | | | | | | | | | 97,134,551 | | | | | | 25.1 | | |
| | | | | | | Consumer Staples: 7.2% | | ||||||||||||
| | | 3,010 | | | | Brown-Forman Corp. | | | | | 335,374 | | | | | | 0.1 | | |
| | | 13,878 | | | | Brown-Forman Corp. | | | | | 1,390,298 | | | | | | 0.4 | | |
| | | 12,136 | | | | Campbell Soup Co. | | | | | 578,281 | | | | | | 0.2 | | |
| | | 15,488 | | | | Church & Dwight Co., Inc. | | | | | 1,256,542 | | | | | | 0.3 | | |
| | | 12,312 | | | | Clorox Co. | | | | | 1,280,694 | | | | | | 0.3 | | |
| | | 27,570 | | | | Coca-Cola Enterprises, Inc. | | | | | 1,197,641 | | | | | | 0.3 | | |
| | | 6,872 | | | | ConAgra Foods, Inc. | | | | | 300,444 | | | | | | 0.1 | | |
| | | 19,360 | | | | Constellation Brands, Inc. | | | | | 2,246,147 | | | | | | 0.6 | | |
| | | 22,691 | | | | Dr Pepper Snapple Group, Inc. | | | | | 1,654,174 | | | | | | 0.4 | | |
| | | 18,347 | | | | Flowers Foods, Inc. | | | | | 388,039 | | | | | | 0.1 | | |
| | | 12,143 | | | | Hain Celestial Group, Inc. | | | | | 799,738 | | | | | | 0.2 | | |
| | | 7,392 @,L | | | | Herbalife Ltd. | | | | | 407,225 | | | | | | 0.1 | | |
| | | 17,240 | | | | Hershey Co. | | | | | 1,531,429 | | | | | | 0.4 | | |
| | | 15,840 | | | | Hormel Foods Corp. | | | | | 892,901 | | | | | | 0.2 | | |
| | | 1,040 | | | | Ingredion, Inc. | | | | | 83,002 | | | | | | 0.0 | | |
| | | 26,600 | | | | Kellogg Co. | | | | | 1,667,820 | | | | | | 0.4 | | |
| | | 15,294 | | | | Keurig Green Mountain, Inc. | | | | | 1,171,979 | | | | | | 0.3 | | |
| | | 15,126 | | | | McCormick & Co., Inc. | | | | | 1,224,450 | | | | | | 0.3 | | |
| | | 23,973 | | | | Mead Johnson Nutrition Co. | | | | | 2,162,844 | | | | | | 0.6 | | |
| | | 17,707 @ | | | | Monster Beverage Corp. | | | | | 2,373,092 | | | | | | 0.6 | | |
| | | 1,455 | | | | Nu Skin Enterprises, Inc. | | | | | 68,574 | | | | | | 0.0 | | |
| | | 815 L | | | | Pilgrim’s Pride Corp. | | | | | 18,721 | | | | | | 0.0 | | |
| | | 69,533 @ | | | | Rite Aid Corp. | | | | | 580,601 | | | | | | 0.2 | | |
| | | 2,990 | | | | Spectrum Brands Holdings, Inc. | | | | | 304,950 | | | | | | 0.1 | | |
| | | 18,152 @ | | | | Sprouts Farmers Market, Inc. | | | | | 489,741 | | | | | | 0.1 | | |
| | | 21,924 | | | | Sysco Corp. | | | | | 791,456 | | | | | | 0.2 | | |
| | | 1,782 | | | | Tyson Foods, Inc. | | | | | 75,967 | | | | | | 0.0 | | |
| | | 20,722 @ | | | | WhiteWave Foods Co. | | | | | 1,012,891 | | | | | | 0.3 | | |
| | | 38,843 | | | | Whole Foods Market, Inc. | | | | | 1,531,968 | | | | | | 0.4 | | |
| | | | | | | | | | | | 27,816,983 | | | | | | 7.2 | | |
| | | | | | | Energy: 1.1% | | ||||||||||||
| | | 48,951 | | | | Cabot Oil & Gas Corp. | | | | | 1,543,915 | | | | | | 0.4 | | |
| | | 3,336 | | | | Continental Resources, Inc. | | | | | 141,413 | | | | | | 0.0 | | |
| | | 642 | | | | CVR Energy, Inc. | | | | | 24,165 | | | | | | 0.0 | | |
| | | 17,790 @ | | | | FMC Technologies, Inc. | | | | | 738,107 | | | | | | 0.2 | | |
| | | 3,435 | | | | HollyFrontier Corp. | | | | | 146,640 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
67
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 9,774 @ | | | | Memorial Resource Development Corp. | | | | $ | 185,413 | | | | | | 0.1 | | |
| | | 2,044 | | | | Oceaneering International, Inc. | | | | | 95,230 | | | | | | 0.0 | | |
| | | 11,115 | | | | Oneok, Inc. | | | | | 438,820 | | | | | | 0.1 | | |
| | | 1,317 | | | | Range Resources Corp. | | | | | 65,033 | | | | | | 0.0 | | |
| | | 846 | | | | RPC, Inc. | | | | | 11,700 | | | | | | 0.0 | | |
| | | 6,999 @,L | | | | Solar City | | | | | 374,796 | | | | | | 0.1 | | |
| | | 3,235 | | | | Targa Resources Corp. | | | | | 288,627 | | | | | | 0.1 | | |
| | | 2,146 | | | | Teekay Corp. | | | | | 91,892 | | | | | | 0.0 | | |
| | | 908 | | | | Tesoro Corp. | | | | | 76,644 | | | | | | 0.0 | | |
| | | 1,550 | | | | World Fuel Services Corp. | | | | | 74,323 | | | | | | 0.0 | | |
| | | | | | | | | | | | 4,296,718 | | | | | | 1.1 | | |
| | | | | | | Financials: 10.1% | | ||||||||||||
| | | 6,476 @ | | | | Affiliated Managers Group, Inc. | | | | | 1,415,654 | | | | | | 0.4 | | |
| | | 4,213 @ | | | | Ally Financial, Inc. | | | | | 94,498 | | | | | | 0.0 | | |
| | | 17,882 | | | | Ameriprise Financial, Inc. | | | | | 2,233,998 | | | | | | 0.6 | | |
| | | 252 | | | | Amtrust Financial Services, Inc. | | | | | 16,508 | | | | | | 0.0 | | |
| | | 33,355 @ | | | | Aon PLC | | | | | 3,324,826 | | | | | | 0.9 | | |
| | | 11,032 | | | | Arthur J. Gallagher & Co. | | | | | 521,814 | | | | | | 0.1 | | |
| | | 4,204 | | | | Artisan Partners Asset Management, Inc. | | | | | 195,318 | | | | | | 0.1 | | |
| | | 16,576 | | | | Boston Properties, Inc. | | | | | 2,006,359 | | | | | | 0.5 | | |
| | | 9,882 | | | | CBOE Holdings, Inc. | | | | | 565,448 | | | | | | 0.2 | | |
| | | 33,846 @ | | | | CBRE Group, Inc. | | | | | 1,252,302 | | | | | | 0.3 | | |
| | | 1,809 | | | | Columbia Property Trust, Inc. | | | | | 44,411 | | | | | | 0.0 | | |
| | | 1,006 @ | | | | Credit Acceptance Corp. | | | | | 247,657 | | | | | | 0.1 | | |
| | | 39,502 | | | | Crown Castle International Corp. | | | | | 3,172,011 | | | | | | 0.8 | | |
| | | 9,224 | | | | Digital Realty Trust, Inc. | | | | | 615,056 | | | | | | 0.2 | | |
| | | 13,949 | | | | Eaton Vance Corp. | | | | | 545,824 | | | | | | 0.1 | | |
| | | 6,215 | | | | Empire State Realty Trust, Inc. | | | | | 106,028 | | | | | | 0.0 | | |
| | | 6,737 | | | | Equinix, Inc. | | | | | 1,711,198 | | | | | | 0.4 | | |
| | | 9,972 | | | | Equity Lifestyle Properties, Inc. | | | | | 524,328 | | | | | | 0.1 | | |
| | | 2,872 | | | | Erie Indemnity Co. | | | | | 235,705 | | | | | | 0.1 | | |
| | | 13,788 | | | | Extra Space Storage, Inc. | | | | | 899,253 | | | | | | 0.2 | | |
| | | 8,130 | | | | Federal Realty Investment Trust | | | | | 1,041,372 | | | | | | 0.3 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 11,094 | | | | Federated Investors, Inc. | | | | $ | 371,538 | | | | | | 0.1 | | |
| | | 1,420 | | | | Gaming and Leisure Properties, Inc. | | | | | 52,057 | | | | | | 0.0 | | |
| | | 18,717 | | | | Health Care REIT, Inc. | | | | | 1,228,397 | | | | | | 0.3 | | |
| | | 1,460 | | | | Healthcare Trust of America, Inc. | | | | | 34,967 | | | | | | 0.0 | | |
| | | 1,898 @ | | | | Howard Hughes Corp. | | | | | 272,439 | | | | | | 0.1 | | |
| | | 597 | | | | Interactive Brokers Group, Inc. | | | | | 24,811 | | | | | | 0.0 | | |
| | | 4,690 | | | | Intercontinental Exchange, Inc. | | | | | 1,048,731 | | | | | | 0.3 | | |
| | | 6,372 | | | | Invesco Ltd. | | | | | 238,886 | | | | | | 0.1 | | |
| | | 9,768 | | | | Iron Mountain, Inc. | | | | | 302,808 | | | | | | 0.1 | | |
| | | 3,866 | | | | Jones Lang LaSalle, Inc. | | | | | 661,086 | | | | | | 0.2 | | |
| | | 9,588 | | | | Lamar Advertising Co. | | | | | 551,118 | | | | | | 0.1 | | |
| | | 14,911 @ | | | | Lazard Ltd. | | | | | 838,595 | | | | | | 0.2 | | |
| | | 3,781 | | | | Legg Mason, Inc. | | | | | 194,835 | | | | | | 0.1 | | |
| | | 5,207 | | | | Leucadia National Corp. | | | | | 126,426 | | | | | | 0.0 | | |
| | | 9,758 L | | | | LPL Financial Holdings, Inc. | | | | | 453,649 | | | | | | 0.1 | | |
| | | 171 @ | | | | Markel Corp. | | | | | 136,916 | | | | | | 0.0 | | |
| | | 21,010 | | | | Moody’s Corp. | | | | | 2,268,240 | | | | | | 0.6 | | |
| | | 13,304 | | | | MSCI, Inc. - Class A | | | | | 818,861 | | | | | | 0.2 | | |
| | | 22,949 | | | | NorthStar Asset Management Group, Inc./ New York | | | | | 424,327 | | | | | | 0.1 | | |
| | | 5,885 | | | | Omega Healthcare Investors, Inc. | | | | | 202,032 | | | | | | 0.1 | | |
| | | 8,520 | | | | Plum Creek Timber Co., Inc. | | | | | 345,656 | | | | | | 0.1 | | |
| | | 2,179 | | | | Post Properties, Inc. | | | | | 118,472 | | | | | | 0.0 | | |
| | | 6,310 @ | | | | Realogy Holdings Corp. | | | | | 294,803 | | | | | | 0.1 | | |
| | | 589 @ | | | | Santander Consumer USA Holdings, Inc. | | | | | 15,061 | | | | | | 0.0 | | |
| | | 16,487 | | | | SEI Investments Co. | | | | | 808,358 | | | | | | 0.2 | | |
| | | 5,499 @ | | | | Signature Bank | | | | | 804,999 | | | | | | 0.2 | | |
| | | 46,333 @ | | | | SLM Corp. | | | | | 457,307 | | | | | | 0.1 | | |
| | | 3,809 @ | | | | SVB Financial Group | | | | | 548,420 | | | | | | 0.1 | | |
| | | 30,842 | | | | T. Rowe Price Group, Inc. | | | | | 2,397,349 | | | | | | 0.6 | | |
| | | 11,343 | | | | Tanger Factory Outlet Centers, Inc. | | | | | 359,573 | | | | | | 0.1 | | |
| | | 2,714 | | | | Taubman Centers, Inc. | | | | | 188,623 | | | | | | 0.1 | | |
| | | 26,925 | | | | TD Ameritrade Holding Corp. | | | | | 991,378 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
68
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 9,358 | | | | Waddell & Reed Financial, Inc. | | | | $ | 442,727 | | | | | | 0.1 | | |
| | | 5,274 | | | | Weyerhaeuser Co. | | | | | 166,131 | | | | | | 0.0 | | |
| | | | | | | | | | | | 38,959,144 | | | | | | 10.1 | | |
| | | | | | | Health Care: 14.1% | | ||||||||||||
| | | 6,120 @ | | | | Acadia Healthcare Co., Inc. | | | | | 479,380 | | | | | | 0.1 | | |
| | | 3,060 @ | | | | Agios Pharmaceuticals, Inc. | | | | | 340,088 | | | | | | 0.1 | | |
| | | 9,275 @ | | | | Akorn, Inc. | | | | | 404,947 | | | | | | 0.1 | | |
| | | 6,467 @ | | | | Alere, Inc. | | | | | 341,134 | | | | | | 0.1 | | |
| | | 9,558 @ | | | | Align Technology, Inc. | | | | | 599,382 | | | | | | 0.2 | | |
| | | 14,567 @ | | | | Alkermes PLC | | | | | 937,241 | | | | | | 0.2 | | |
| | | 6,670 @ | | | | Allscripts Healthcare Solutions, Inc. | | | | | 91,246 | | | | | | 0.0 | | |
| | | 7,184 @ | | | | Alnylam Pharmaceuticals, Inc. | | | | | 861,146 | | | | | | 0.2 | | |
| | | 26,000 | | | | AmerisourceBergen Corp. | | | | | 2,764,840 | | | | | | 0.7 | | |
| | | 4,564 @,L | | | | Athenahealth, Inc. | | | | | 522,943 | | | | | | 0.1 | | |
| | | 18,977 @ | | | | BioMarin Pharmaceutical, Inc. | | | | | 2,595,674 | | | | | | 0.7 | | |
| | | 1,815 | | | | Bio-Techne Corp. | | | | | 178,723 | | | | | | 0.0 | | |
| | | 3,886 @ | | | | Bluebird Bio, Inc. | | | | | 654,286 | | | | | | 0.2 | | |
| | | 12,373 @ | | | | Boston Scientific Corp. | | | | | 219,002 | | | | | | 0.1 | | |
| | | 4,713 @ | | | | Brookdale Senior Living, Inc. | | | | | 163,541 | | | | | | 0.0 | | |
| | | 13,137 @ | | | | Bruker BioSciences Corp. | | | | | 268,126 | | | | | | 0.1 | | |
| | | 13,935 @ | | | | Catamaran Corp. | | | | | 851,150 | | | | | | 0.2 | | |
| | | 14,072 | | | | Centene Corp. | | | | | 1,131,389 | | | | | | 0.3 | | |
| | | 35,466 @ | | | | Cerner Corp. | | | | | 2,449,282 | | | | | | 0.6 | | |
| | | 5,604 @ | | | | Charles River Laboratories International, Inc. | | | | | 394,185 | | | | | | 0.1 | | |
| | | 3,898 | | | | Cooper Cos., Inc. | | | | | 693,727 | | | | | | 0.2 | | |
| | | 8,786 | | | | CR Bard, Inc. | | | | | 1,499,770 | | | | | | 0.4 | | |
| | | 6,015 @ | | | | DaVita, Inc. | | | | | 478,012 | | | | | | 0.1 | | |
| | | 4,237 | | | | Dentsply International, Inc. | | | | | 218,417 | | | | | | 0.1 | | |
| | | 9,386 @ | | | | DexCom, Inc. | | | | | 750,692 | | | | | | 0.2 | | |
| | | 12,729 @ | | | | Edwards Lifesciences Corp. | | | | | 1,812,991 | | | | | | 0.5 | | |
| | | 7,639 @ | | | | Endo International PLC | | | | | 608,446 | | | | | | 0.2 | | |
| | | 21,970 @ | | | | Envision Healthcare Holdings, Inc. | | | | | 867,376 | | | | | | 0.2 | | |
| | | 1,508 @ | | | | Health Net, Inc. | | | | | 96,693 | | | | | | 0.0 | | |
| | | 9,897 @ | | | | Henry Schein, Inc. | | | | | 1,406,562 | | | | | | 0.4 | | |
| | | 6,165 | | | | Hill-Rom Holdings, Inc. | | | | | 334,944 | | | | | | 0.1 | | |
| | | 29,097 @ | | | | Hologic, Inc. | | | | | 1,107,432 | | | | | | 0.3 | | |
| | | 15,952 @ | | | | Hospira, Inc. | | | | | 1,415,102 | | | | | | 0.4 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 11,075 | | | | Idexx Laboratories, Inc. | | | | $ | 710,351 | | | | | | 0.2 | | |
| | | 15,818 @ | | | | IMS Health Holdings, Inc. | | | | | 484,822 | | | | | | 0.1 | | |
| | | 18,514 @ | | | | Incyte Corp., Ltd. | | | | | 1,929,344 | | | | | | 0.5 | | |
| | | 3,008 @ | | | | Inovalon Holdings, Inc. | | | | | 83,923 | | | | | | 0.0 | | |
| | | 1,888 @ | | | | Intercept Pharmaceuticals, Inc. | | | | | 455,725 | | | | | | 0.1 | | |
| | | 5,477 | | | | Intrexon Corp. | | | | | 267,278 | | | | | | 0.1 | | |
| | | 4,362 @ | | | | Intuitive Surgical, Inc. | | | | | 2,113,389 | | | | | | 0.5 | | |
| | | 14,168 @ | | | | Isis Pharmaceuticals, Inc. | | | | | 815,368 | | | | | | 0.2 | | |
| | | 7,227 @ | | | | Jazz Pharmaceuticals PLC | | | | | 1,272,458 | | | | | | 0.3 | | |
| | | 1,411 @,L | | | | Juno Therapeutics, Inc. | | | | | 75,249 | | | | | | 0.0 | | |
| | | 3,932 @ | | | | Laboratory Corp. of America Holdings | | | | | 476,637 | | | | | | 0.1 | | |
| | | 515 @ | | | | LifePoint Hospitals, Inc. | | | | | 44,779 | | | | | | 0.0 | | |
| | | 5,455 @ | | | | Mallinckrodt PLC - W/I | | | | | 642,163 | | | | | | 0.2 | | |
| | | 9,315 @ | | | | Medivation, Inc. | | | | | 1,063,773 | | | | | | 0.3 | | |
| | | 6,388 @ | | | | Mednax, Inc. | | | | | 473,415 | | | | | | 0.1 | | |
| | | 3,310 @ | | | | Mettler Toledo International, Inc. | | | | | 1,130,233 | | | | | | 0.3 | | |
| | | 3,889 | | | | Omnicare, Inc. | | | | | 366,538 | | | | | | 0.1 | | |
| | | 27,790 @ | | | | Opko Health, Inc. | | | | | 446,863 | | | | | | 0.1 | | |
| | | 5,574 | | | | Patterson Cos., Inc. | | | | | 271,175 | | | | | | 0.1 | | |
| | | 2,078 | | | | PerkinElmer, Inc. | | | | | 109,386 | | | | | | 0.0 | | |
| | | 3,203 @ | | | | Perrigo Co. PLC | | | | | 592,010 | | | | | | 0.2 | | |
| | | 4,456 @ | | | | Premier, Inc. | | | | | 171,378 | | | | | | 0.0 | | |
| | | 2,961 @ | | | | Puma Biotechnology, Inc. | | | | | 345,697 | | | | | | 0.1 | | |
| | | 8,875 @ | | | | Quintiles Transnational Holdings, Inc. | | | | | 644,414 | | | | | | 0.2 | | |
| | | 3,735 @ | | | | Receptos, Inc. | | | | | 709,837 | | | | | | 0.2 | | |
| | | 16,679 | | | | Resmed, Inc. | | | | | 940,195 | | | | | | 0.2 | | |
| | | 11,230 @,L | | | | Seattle Genetics, Inc. | | | | | 543,532 | | | | | | 0.1 | | |
| | | 6,577 @ | | | | Sirona Dental Systems, Inc. | | | | | 660,462 | | | | | | 0.2 | | |
| | | 18,769 | | | | St. Jude Medical, Inc. | | | | | 1,371,451 | | | | | | 0.4 | | |
| | | 11,743 @ | | | | Tenet Healthcare Corp. | | | | | 679,685 | | | | | | 0.2 | | |
| | | 5,470 @ | | | | United Therapeutics Corp. | | | | | 951,507 | | | | | | 0.2 | | |
| | | 1,957 | | | | Universal Health Services, Inc. | | | | | 278,090 | | | | | | 0.1 | | |
| | | 11,813 @ | | | | Varian Medical Systems, Inc. | | | | | 996,190 | | | | | | 0.3 | | |
| | | 9,173 @ | | | | VCA, Inc. | | | | | 499,057 | | | | | | 0.1 | | |
| | | 8,403 @ | | | | Veeva Systems, Inc. | | | | | 235,536 | | | | | | 0.1 | | |
| | | 1,833 @ | | | | VWR Corp. | | | | | 48,996 | | | | | | 0.0 | | |
| | | 9,788 @ | | | | Waters Corp. | | | | | 1,256,583 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
69
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 1,249 | | | | Zimmer Biomet Holdings, Inc. | | | | $ | 136,428 | | | | | | 0.0 | | |
| | | 59,172 | | | | Zoetis, Inc. | | | | | 2,853,274 | | | | | | 0.7 | | |
| | | | | | | | | | | | 54,685,060 | | | | | | 14.1 | | |
| | | | | | | Industrials: 15.4% | | ||||||||||||
| | | 5,141 | | | | Acuity Brands, Inc. | | | | | 925,277 | | | | | | 0.2 | | |
| | | 2,348 @ | | | | Aecom Technology Corp. | | | | | 77,672 | | | | | | 0.0 | | |
| | | 649 | | | | Air Lease Corp. | | | | | 22,001 | | | | | | 0.0 | | |
| | | 15,344 | | | | Alaska Air Group, Inc. | | | | | 988,614 | | | | | | 0.3 | | |
| | | 11,325 @ | | | | Allegion Public Ltd. | | | | | 681,085 | | | | | | 0.2 | | |
| | | 11,547 | | | | Allison Transmission Holdings, Inc. | | | | | 337,865 | | | | | | 0.1 | | |
| | | 414 | | | | Amerco, Inc. | | | | | 135,341 | | | | | | 0.0 | | |
| | | 28,587 | | | | Ametek, Inc. | | | | | 1,565,996 | | | | | | 0.4 | | |
| | | 8,788 | | | | AO Smith Corp. | | | | | 632,560 | | | | | | 0.2 | | |
| | | 2,909 @ | | | | Armstrong World Industries, Inc. | | | | | 154,991 | | | | | | 0.0 | | |
| | | 12,528 @ | | | | Avis Budget Group, Inc. | | | | | 552,234 | | | | | | 0.1 | | |
| | | 2,524 | | | | Babcock & Wilcox Co. | | | | | 82,787 | | | | | | 0.0 | | |
| | | 12,562 | | | | BE Aerospace, Inc. | | | | | 689,654 | | | | | | 0.2 | | |
| | | 1,678 | | | | Carlisle Cos., Inc. | | | | | 168,001 | | | | | | 0.0 | | |
| | | 17,259 | | | | CH Robinson Worldwide, Inc. | | | | | 1,076,789 | | | | | | 0.3 | | |
| | | 11,292 | | | | Cintas Corp. | | | | | 955,190 | | | | | | 0.3 | | |
| | | 4,693 @ | | | | Clean Harbors, Inc. | | | | | 252,202 | | | | | | 0.1 | | |
| | | 14,970 @ | | | | Copart, Inc. | | | | | 531,136 | | | | | | 0.1 | | |
| | | 3,836 @ | | | | CoStar Group, Inc. | | | | | 772,033 | | | | | | 0.2 | | |
| | | 13,541 | | | | Covanta Holding Corp. | | | | | 286,934 | | | | | | 0.1 | | |
| | | 14,546 | | | | Donaldson Co., Inc. | | | | | 520,747 | | | | | | 0.1 | | |
| | | 1,264 | | | | Dun & Bradstreet Corp. | | | | | 154,208 | | | | | | 0.0 | | |
| | | 14,084 | | | | Equifax, Inc. | | | | | 1,367,416 | | | | | | 0.4 | | |
| | | 22,639 | | | | Expeditors International Washington, Inc. | | | | | 1,043,771 | | | | | | 0.3 | | |
| | | 34,793 | | | | Fastenal Co. | | | | | 1,467,569 | | | | | | 0.4 | | |
| | | 7,419 | | | | Flowserve Corp. | | | | | 390,684 | | | | | | 0.1 | | |
| | | 6,605 | | | | Fortune Brands Home & Security, Inc. | | | | | 302,641 | | | | | | 0.1 | | |
| | | 2,448 @ | | | | Genesee & Wyoming, Inc. | | | | | 186,489 | | | | | | 0.1 | | |
| | | 6,943 | | | | Graco, Inc. | | | | | 493,161 | | | | | | 0.1 | | |
| | | 20,172 @ | | | | HD Supply Holdings, Inc | | | | | 709,651 | | | | | | 0.2 | | |
| | | 48,031 @ | | | | Hertz Global Holdings, Inc. | | | | | 870,322 | | | | | | 0.2 | | |
| | | 11,403 | | | | Hexcel Corp. | | | | | 567,185 | | | | | | 0.1 | | |
| | | 906 | | | | Hubbell, Inc. | | | | | 98,102 | | | | | | 0.0 | | |
| | | 5,758 | | | | Huntington Ingalls Industries, Inc. | | | | | 648,293 | | | | | | 0.2 | | |
| | | 8,413 | | | | IDEX Corp. | | | | | 661,093 | | | | | | 0.2 | | |
| | | 6,969 @ | | | | IHS, Inc. | | | | | 896,422 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 2,192 @ | | | | Ingersoll-Rand PLC - Class A | | | | $ | 147,785 | | | | | | 0.0 | | |
| | | 10,888 | | | | JB Hunt Transport Services, Inc. | | | | | 893,796 | | | | | | 0.2 | | |
| | | 13,828 @ | | | | JetBlue Airways Corp. | | | | | 287,069 | | | | | | 0.1 | | |
| | | 5,634 | | | | KAR Auction Services, Inc. | | | | | 210,712 | | | | | | 0.1 | | |
| | | 5,258 | | | | Landstar System, Inc. | | | | | 351,602 | | | | | | 0.1 | | |
| | | 4,788 | | | | Lennox International, Inc. | | | | | 515,620 | | | | | | 0.1 | | |
| | | 8,237 | | | | Lincoln Electric Holdings, Inc. | | | | | 501,551 | | | | | | 0.1 | | |
| | | 41,262 | | | | Masco Corp. | | | | | 1,100,458 | | | | | | 0.3 | | |
| | | 6,785 @ | | | | Middleby Corp. | | | | | 761,481 | | | | | | 0.2 | | |
| | | 1,731 | | | | MSC Industrial Direct Co. | | | | | 120,772 | | | | | | 0.0 | | |
| | | 30,016 | | | | Nielsen Holdings NV | | | | | 1,343,816 | | | | | | 0.4 | | |
| | | 7,199 | | | | Nordson Corp. | | | | | 560,730 | | | | | | 0.1 | | |
| | | 8,260 @ | | | | Old Dominion Freight Line | | | | | 566,677 | | | | | | 0.1 | | |
| | | 37,957 | | | | Paccar, Inc. | | | | | 2,422,036 | | | | | | 0.6 | | |
| | | 12,643 | | | | Pall Corp. | | | | | 1,573,421 | | | | | | 0.4 | | |
| | | 7,434 | | | | Parker Hannifin Corp. | | | | | 864,797 | | | | | | 0.2 | | |
| | | 9,240 | | | | Pitney Bowes, Inc. | | | | | 192,284 | | | | | | 0.1 | | |
| | | 4,790 @ | | | | Quanta Services, Inc. | | | | | 138,048 | | | | | | 0.0 | | |
| | | 282 | | | | Regal-Beloit Corp. | | | | | 20,470 | | | | | | 0.0 | | |
| | | 15,986 | | | | Robert Half International, Inc. | | | | | 887,223 | | | | | | 0.2 | | |
| | | 15,927 | | | | Rockwell Automation, Inc. | | | | | 1,985,141 | | | | | | 0.5 | | |
| | | 15,653 | | | | Rockwell Collins, Inc. | | | | | 1,445,555 | | | | | | 0.4 | | |
| | | 11,232 | | | | Rollins, Inc. | | | | | 320,449 | | | | | | 0.1 | | |
| | | 4,556 | | | | Roper Technologies, Inc. | | | | | 785,728 | | | | | | 0.2 | | |
| | | 12,955 | | | | RR Donnelley & Sons Co. | | | | | 225,806 | | | | | | 0.1 | | |
| | | 6,876 | | | | Snap-On, Inc. | | | | | 1,095,003 | | | | | | 0.3 | | |
| | | 79,090 | | | | Southwest Airlines Co. | | | | | 2,617,088 | | | | | | 0.7 | | |
| | | 15,469 @ | | | | Spirit Aerosystems Holdings, Inc. | | | | | 852,497 | | | | | | 0.2 | | |
| | | 8,636 @ | | | | Spirit Airlines, Inc. | | | | | 536,296 | | | | | | 0.1 | | |
| | | 1,676 | | | | Stanley Black & Decker, Inc. | | | | | 176,382 | | | | | | 0.0 | | |
| | | 10,065 @ | | | | Stericycle, Inc. | | | | | 1,347,804 | | | | | | 0.4 | | |
| | | 7,458 | | | | Textron, Inc. | | | | | 332,851 | | | | | | 0.1 | | |
| | | 6,590 | | | | Toro Co. | | | | | 446,670 | | | | | | 0.1 | | |
| | | 1,462 | | | | Towers Watson & Co. | | | | | 183,920 | | | | | | 0.1 | | |
| | | 6,306 @ | | | | TransDigm Group, Inc. | | | | | 1,416,769 | | | | | | 0.4 | | |
| | | 43,549 @ | | | | Tyco International Plc | | | | | 1,675,765 | | | | | | 0.4 | | |
| | | 45,212 @ | | | | United Continental Holdings, Inc. | | | | | 2,396,688 | | | | | | 0.6 | | |
| | | 11,477 @ | | | | United Rentals, Inc. | | | | | 1,005,615 | | | | | | 0.3 | | |
| | | 10,838 @ | | | | USG Corp. | | | | | 301,188 | | | | | | 0.1 | | |
| | | 150 | | | | Valmont Industries, Inc. | | | | | 17,830 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
70
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 20,010 @ | | | | Verisk Analytics, Inc. | | | | $ | 1,455,928 | | | | | | 0.4 | | |
| | | 6,461 @ | | | | WABCO Holdings, Inc. | | | | | 799,355 | | | | | | 0.2 | | |
| | | 11,436 | | | | Wabtec Corp. | | | | | 1,077,729 | | | | | | 0.3 | | |
| | | 3,082 | | | | Watsco, Inc. | | | | | 381,367 | | | | | | 0.1 | | |
| | | 7,921 | | | | WW Grainger, Inc. | | | | | 1,874,505 | | | | | | 0.5 | | |
| | | | | | | | | | | | 59,480,393 | | | | | | 15.4 | | |
| | | | | | | Information Technology: 19.4% | | ||||||||||||
| | | 4,850 @,L | | | | 3D Systems Corp. | | | | | 94,672 | | | | | | 0.0 | | |
| | | 21,133 @ | | | | Akamai Technologies, Inc. | | | | | 1,475,506 | | | | | | 0.4 | | |
| | | 7,344 @ | | | | Alliance Data Systems Corp. | | | | | 2,144,007 | | | | | | 0.6 | | |
| | | 11,080 | | | | Altera Corp. | | | | | 567,296 | | | | | | 0.1 | | |
| | | 36,563 | | | | Amphenol Corp. | | | | | 2,119,557 | | | | | | 0.6 | | |
| | | 33,952 | | | | Analog Devices, Inc. | | | | | 2,179,209 | | | | | | 0.6 | | |
| | | 2,008 @ | | | | Ansys, Inc. | | | | | 183,210 | | | | | | 0.1 | | |
| | | 86,285 | | | | Applied Materials, Inc. | | | | | 1,658,398 | | | | | | 0.4 | | |
| | | 3,989 @,L | | | | Arista Networks, Inc. | | | | | 326,061 | | | | | | 0.1 | | |
| | | 2,691 @ | | | | ARRIS Group, Inc. | | | | | 82,345 | | | | | | 0.0 | | |
| | | 49,390 | | | | Atmel Corp. | | | | | 486,738 | | | | | | 0.1 | | |
| | | 20,020 @ | | | | Autodesk, Inc. | | | | | 1,002,501 | | | | | | 0.3 | | |
| | | 2,155 @ | | | | Black Knight Financial Services, Inc. | | | | | 66,525 | | | | | | 0.0 | | |
| | | 11,149 | | | | Booz Allen Hamilton Holding Corp. | | | | | 281,401 | | | | | | 0.1 | | |
| | | 14,184 | | | | Broadridge Financial Solutions, Inc. ADR | | | | | 709,342 | | | | | | 0.2 | | |
| | | 34,639 @ | | | | Cadence Design Systems, Inc. | | | | | 681,003 | | | | | | 0.2 | | |
| | | 18,974 | | | | CDK Global, Inc. | | | | | 1,024,217 | | | | | | 0.3 | | |
| | | 15,608 | | | | CDW Corp./DE | | | | | 535,042 | | | | | | 0.1 | | |
| | | 18,971 @ | | | | Citrix Systems, Inc. | | | | | 1,331,005 | | | | | | 0.3 | | |
| | | 10,315 | | | | Cognex Corp. | | | | | 496,151 | | | | | | 0.1 | | |
| | | 5,515 @ | | | | CommScope Holding Co., Inc. | | | | | 168,263 | | | | | | 0.0 | | |
| | | 4,791 @ | | | | CoreLogic, Inc. | | | | | 190,155 | | | | | | 0.1 | | |
| | | 3,358 | | | | DST Systems, Inc. | | | | | 423,041 | | | | | | 0.1 | | |
| | | 37,233 @ | | | | Electronic Arts, Inc. | | | | | 2,475,994 | | | | | | 0.6 | | |
| | | 8,514 @ | | | | F5 Networks, Inc. | | | | | 1,024,660 | | | | | | 0.3 | | |
| | | 4,942 | | | | Factset Research Systems, Inc. | | | | | 803,124 | | | | | | 0.2 | | |
| | | 14,462 | | | | Fidelity National Information Services, Inc. | | | | | 893,752 | | | | | | 0.2 | | |
| | | 16,325 @ | | | | FireEye, Inc. | | | | | 798,456 | | | | | | 0.2 | | |
| | | 28,024 @ | | | | Fiserv, Inc. | | | | | 2,321,228 | | | | | | 0.6 | | |
| | | 10,866 @ | | | | FleetCor Technologies, Inc. | | | | | 1,695,748 | | | | | | 0.4 | | |
| | | 10,466 | | | | Flir Systems, Inc. | | | | | 322,562 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 16,906 @ | | | | Fortinet, Inc. | | | | $ | 698,725 | | | | | | 0.2 | | |
| | | 11,991 @ | | | | Freescale Semiconductor Ltd. | | | | | 479,280 | | | | | | 0.1 | | |
| | | 9,829 @ | | | | Gartner, Inc. | | | | | 843,132 | | | | | | 0.2 | | |
| | | 18,824 @ | | | | Genpact Ltd. | | | | | 401,516 | | | | | | 0.1 | | |
| | | 7,865 | | | | Global Payments, Inc. | | | | | 813,634 | | | | | | 0.2 | | |
| | | 2,796 @ | | | | GoDaddy, Inc. | | | | | 78,819 | | | | | | 0.0 | | |
| | | 2,458 | | | | Harris Corp. | | | | | 189,045 | | | | | | 0.1 | | |
| | | 8,695 | | | | IAC/InterActiveCorp | | | | | 692,644 | | | | | | 0.2 | | |
| | | 12,395 @ | | | | Informatica Corp. | | | | | 600,786 | | | | | | 0.2 | | |
| | | 1,042 @ | | | | Ingram Micro, Inc. | | | | | 26,081 | | | | | | 0.0 | | |
| | | 32,626 | | | | Intuit, Inc. | | | | | 3,287,722 | | | | | | 0.9 | | |
| | | 4,090 @,L | | | | IPG Photonics Corp. | | | | | 348,366 | | | | | | 0.1 | | |
| | | 4,260 | | | | Jabil Circuit, Inc. | | | | | 90,695 | | | | | | 0.0 | | |
| | | 9,681 | | | | Jack Henry & Associates, Inc. | | | | | 626,361 | | | | | | 0.2 | | |
| | | 8,273 | | | | Juniper Networks, Inc. | | | | | 214,850 | | | | | | 0.1 | | |
| | | 16,816 @ | | | | Keysight Technologies, Inc. | | | | | 524,491 | | | | | | 0.1 | | |
| | | 9,519 @ | | | | King Digital Entertainment Plc | | | | | 135,646 | | | | | | 0.0 | | |
| | | 18,926 | | | | KLA-Tencor Corp. | | | | | 1,063,830 | | | | | | 0.3 | | |
| | | 13,380 | | | | Lam Research Corp. | | | | | 1,088,463 | | | | | | 0.3 | | |
| | | 679 @ | | | | Leidos Holdings, | | | | | 27,411 | | | | | | 0.0 | | |
| | | 7,910 @,L | | | | LendingClub Corp. | | | | | 116,672 | | | | | | 0.0 | | |
| | | 28,340 | | | | Linear Technology Corp. | | | | | 1,253,478 | | | | | | 0.3 | | |
| | | 12,951 @ | | | | LinkedIn Corp. | | | | | 2,676,065 | | | | | | 0.7 | | |
| | | 11,598 | | | | Maxim Integrated Products | | | | | 401,001 | | | | | | 0.1 | | |
| | | 23,944 | | | | Microchip Technology, Inc. | | | | | 1,135,544 | | | | | | 0.3 | | |
| | | 24,962 | | | | Motorola Solutions, Inc. | | | | | 1,431,321 | | | | | | 0.4 | | |
| | | 2,929 | | | | National Instruments Corp. | | | | | 86,288 | | | | | | 0.0 | | |
| | | 11,069 | | | | NetApp, Inc. | | | | | 349,338 | | | | | | 0.1 | | |
| | | 4,728 @ | | | | NetSuite, Inc. | | | | | 433,794 | | | | | | 0.1 | | |
| | | 46,876 @ | | | | ON Semiconductor Corp. | | | | | 547,980 | | | | | | 0.1 | | |
| | | 8,590 @ | | | | Palo Alto Networks, Inc. | | | | | 1,500,673 | | | | | | 0.4 | | |
| | | 33,481 | | | | Paychex, Inc. | | | | | 1,569,589 | | | | | | 0.4 | | |
| | | 13,607 @ | | | | PTC, Inc. | | | | | 558,159 | | | | | | 0.1 | | |
| | | 17,687 @ | | | | Qorvo, Inc. | | | | | 1,419,735 | | | | | | 0.4 | | |
| | | 14,576 @ | | | | Rackspace Hosting, Inc. | | | | | 542,081 | | | | | | 0.1 | | |
| | | 21,698 @ | | | | Red Hat, Inc. | | | | | 1,647,529 | | | | | | 0.4 | | |
| | | 13,457 | | | | Sabre Corp. | | | | | 320,277 | | | | | | 0.1 | | |
| | | 18,202 @ | | | | ServiceNow, Inc. | | | | | 1,352,591 | | | | | | 0.4 | | |
| | | 22,618 | | | | Skyworks Solutions, Inc. | | | | | 2,354,534 | | | | | | 0.6 | | |
| | | 7,897 @ | | | | SolarWinds, Inc. | | | | | 364,289 | | | | | | 0.1 | | |
| | | 7,947 | | | | Solera Holdings, Inc. | | | | | 354,118 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
71
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 14,831 @ | | | | Splunk, Inc. Inc. | | | | $ | 1,032,534 | | | | | | 0.3 | | |
| | | 7,573 | | | | SS&C Technologies Holdings, | | | | | 473,313 | | | | | | 0.1 | | |
| | | 29,666 @ | | | | SunEdison, Inc. | | | | | 887,310 | | | | | | 0.2 | | |
| | | 480 @,L | | | | SunPower Corp. | | | | | 13,637 | | | | | | 0.0 | | |
| | | 1,342 @ | | | | Synopsys, Inc. | | | | | 67,972 | | | | | | 0.0 | | |
| | | 5,866 @ | | | | Tableau Software, Inc. | | | | | 676,350 | | | | | | 0.2 | | |
| | | 12,487 @ | | | | Teradata Corp. | | | | | 462,019 | | | | | | 0.1 | | |
| | | 19,557 | | | | Total System Services, Inc. | | | | | 816,896 | | | | | | 0.2 | | |
| | | 1,621 @ | | | | Trimble Navigation Ltd. | | | | | 38,029 | | | | | | 0.0 | | |
| | | 66,892 @ | | | | Twitter, Inc. | | | | | 2,422,828 | | | | | | 0.6 | | |
| | | 3,382 @ | | | | Ultimate Software Group, Inc. | | | | | 555,798 | | | | | | 0.1 | | |
| | | 16,969 @ | | | | Vantiv, Inc. | | | | | 648,046 | | | | | | 0.2 | | |
| | | 13,460 @ | | | | VeriFone Holdings, Inc. | | | | | 457,102 | | | | | | 0.1 | | |
| | | 12,240 @ | | | | VeriSign, Inc. | | | | | 755,453 | | | | | | 0.2 | | |
| | | 61,113 | | | | Western Union Co. | | | | | 1,242,427 | | | | | | 0.3 | | |
| | | 4,575 @ | | | | WEX, Inc. | | | | | 521,413 | | | | | | 0.1 | | |
| | | 12,556 @ | | | | Workday, Inc. | | | | | 959,153 | | | | | | 0.3 | | |
| | | 7,071 | | | | Xilinx, Inc. | | | | | 312,255 | | | | | | 0.1 | | |
| | | 7,688 @,L | | | | Yelp, Inc. | | | | | 330,815 | | | | | | 0.1 | | |
| | | 6,122 @ | | | | Zebra Technologies Corp. | | | | | 679,848 | | | | | | 0.2 | | |
| | | 3,112 @,L | | | | Zillow Group, Inc. | | | | | 269,935 | | | | | | 0.1 | | |
| | | | | | | | | | | | 74,830,855 | | | | | | 19.4 | | |
| | | | | | | Materials: 5.2% | | ||||||||||||
| | | 1,811 | | | | Airgas, Inc. | | | | | 191,568 | | | | | | 0.0 | | |
| | | 1,371 | | | | Aptargroup, Inc. | | | | | 87,429 | | | | | | 0.0 | | |
| | | 760 | | | | Ashland, Inc. | | | | | 92,644 | | | | | | 0.0 | | |
| | | 10,017 | | | | Avery Dennison Corp. | | | | | 610,436 | | | | | | 0.2 | | |
| | | 11,935 @ | | | | Axalta Coating Systems Ltd. | | | | | 394,810 | | | | | | 0.1 | | |
| | | 16,313 | | | | Ball Corp. | | | | | 1,144,357 | | | | | | 0.3 | | |
| | | 1,258 | | | | Bemis Co., Inc. | | | | | 56,623 | | | | | | 0.0 | | |
| | | 1,289 | | | | Celanese Corp. | | | | | 92,653 | | | | | | 0.0 | | |
| | | 27,854 | | | | CF Industries Holdings, Inc. | | | | | 1,790,455 | | | | | | 0.5 | | |
| | | 3,983 | | | | Compass Minerals International, Inc. | | | | | 327,164 | | | | | | 0.1 | | |
| | | 7,252 @ | | | | Crown Holdings, Inc. | | | | | 383,703 | | | | | | 0.1 | | |
| | | 831 | | | | Cytec Industries, Inc. | | | | | 50,300 | | | | | | 0.0 | | |
| | | 5,947 | | | | Eagle Materials, Inc. | | | | | 453,934 | | | | | | 0.1 | | |
| | | 4,381 | | | | Eastman Chemical Co. | | | | | 358,453 | | | | | | 0.1 | | |
| | | 11,440 | | | | FMC Corp. | | | | | 601,172 | | | | | | 0.2 | | |
| | | 22,457 | | | | Graphic Packaging Holding Co. | | | | | 312,826 | | | | | | 0.1 | | |
| | | 15,373 | | | | Huntsman Corp. | | | | | 339,282 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials (continued) | | |||||||||||||||
| | | 9,574 | | | | International Flavors & Fragrances, Inc. | | | | $ | 1,046,342 | | | | | | 0.3 | | | |||
| | | 47,325 | | | | International Paper Co. | | | | | 2,252,197 | | | | | | 0.6 | | | |||
| | | 1,118 | | | | Martin Marietta Materials, Inc. | | | | | 158,208 | | | | | | 0.0 | | | |||
| | | 1,007 | | | | NewMarket Corp. | | | | | 446,997 | | | | | | 0.1 | | | |||
| | | 1,200 @ | | | | Owens-Illinois, Inc. | | | | | 27,528 | | | | | | 0.0 | | | |||
| | | 11,588 | | | | Packaging Corp. of America | | | | | 724,134 | | | | | | 0.2 | | | |||
| | | 2,331 @ | | | | Platform Specialty Products Corp. | | | | | 59,627 | | | | | | 0.0 | | | |||
| | | 3,183 | | | | Rock-Tenn Co. | | | | | 191,617 | | | | | | 0.1 | | | |||
| | | 409 | | | | Royal Gold, Inc. | | | | | 25,190 | | | | | | 0.0 | | | |||
| | | 15,768 | | | | RPM International, Inc. | | | | | 772,159 | | | | | | 0.2 | | | |||
| | | 4,794 | | | | Scotts Miracle-Gro Co. | | | | | 283,853 | | | | | | 0.1 | | | |||
| | | 24,876 | | | | Sealed Air Corp. | | | | | 1,278,129 | | | | | | 0.3 | | | |||
| | | 9,584 | | | | Sherwin-Williams Co. | | | | | 2,635,792 | | | | | | 0.7 | | | |||
| | | 5,509 | | | | Sigma-Aldrich Corp. | | | | | 767,679 | | | | | | 0.2 | | | |||
| | | 4,803 | | | | Silgan Holdings, Inc. | | | | | 253,406 | | | | | | 0.1 | | | |||
| | | 3,179 | | | | Steel Dynamics, Inc. | | | | | 65,853 | | | | | | 0.0 | | | |||
| | | 2,435 @ | | | | Tahoe Resources, Inc. | | | | | 29,537 | | | | | | 0.0 | | | |||
| | | 9,617 | | | | Valspar Corp. | | | | | 786,863 | | | | | | 0.2 | | | |||
| | | 2,058 | | | | Vulcan Materials Co. | | | | | 172,728 | | | | | | 0.0 | | | |||
| | | 8,611 @ | | | | WR Grace & Co. | | | | | 863,683 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 20,129,331 | | | | | | 5.2 | | | |||
| | | | | | | Telecommunication Services: 0.4% | | |||||||||||||||
| | | 4,077 @ | | | | Level 3 Communications, Inc. | | | | | 214,736 | | | | | | 0.1 | | | |||
| | | 7,554 @ | | | | SBA Communications Corp. | | | | | 868,483 | | | | | | 0.2 | | | |||
| | | 14,702 @ | | | | Zayo Group Holdings, Inc. | | | | | 378,135 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 1,461,354 | | | | | | 0.4 | | | |||
| | | | | | | Utilities: 0.1% | | |||||||||||||||
| | | 5,103 @ | | | | Calpine Corp. | | | | | 91,803 | | | | | | 0.0 | | | |||
| | | 6,778 | | | | ITC Holdings Corp. | | | | | 218,116 | | | | | | 0.1 | | | |||
| | | 314 | | | | TerraForm Power, Inc. | | | | | 11,926 | | | | | | 0.0 | | | |||
| | | | | | | | | | | | 321,845 | | | | | | 0.1 | | | |||
| | | | | | | Total Common Stock (Cost $239,785,269) | | | | | 379,116,234 | | | | | | 98.1 | | | |||
|
See Accompanying Notes to Financial Statements
72
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Growth Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 5.1% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.5% | | ||||||||||||
| | 236,734 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $236,735, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $241,469, due 02/28/17-05/15/44) | | | | $ | 236,734 | | | | | | 0.0 | | |
| | 1,407,121 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,407,127, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,435,263, due 07/15/15-05/20/65) | | | | | 1,407,121 | | | | | | 0.3 | | |
| | 1,407,121 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,407,128, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $1,435,257, due 11/15/15-03/01/48) | | | | | 1,407,121 | | | | | | 0.4 | | |
| | 1,466,600 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,466,607, collateralized by various U.S. Government Securities, 0.750%- 2.750%, Market Value plus accrued interest $1,495,932, due 01/15/17-08/15/42) | | | | | 1,466,600 | | | | | | 0.4 | | |
Principal amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,407,121 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,407,126, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,435,264, due 07/31/15-05/20/65) | | | | $ | 1,407,121 | | | | | | 0.4 | | |
| | | | | | | | | | | 5,924,697 | | | | | | 1.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 3.6% | | |||||||||||||||
| | 13,913,001 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $13,913,001) | | | | $ | 13,913,001 | | | | | | 3.6 | | | |||
| | | | | | Total Short-Term Investments (Cost $19,837,698) | | | | | 19,837,698 | | | | | | 5.1 | | | |||
| | | | | | Total Investments in Securities (Cost $259,622,967) | | | | $ | 398,953,932 | | | | | | 103.2 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (12,396,362) | | | | | | (3.2) | | | |||
| | | | | | Net Assets | | | | $ | 386,557,570 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $260,021,202.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 142,722,650 | | | |
| Gross Unrealized Depreciation | | | | | (3,789,920) | | | |
| Net Unrealized Appreciation | | | | $ | 138,932,730 | | | |
|
See Accompanying Notes to Financial Statements
73
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.4% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 16.8% | | ||||||||||||
| | | 22,146 | | | | Aaron’s, Inc. | | | | $ | 801,907 | | | | | | 0.0 | | |
| | | 24,969 | | | | Advance Auto Parts, Inc. | | | | | 3,977,312 | | | | | | 0.2 | | |
| | | 20,457 @ | | | | AMC Networks, Inc. | | | | | 1,674,405 | | | | | | 0.1 | | |
| | | 66,019 | | | | ARAMARK Holdings Corp. | | | | | 2,044,608 | | | | | | 0.1 | | |
| | | 24,882 @ | | | | Autonation, Inc. | | | | | 1,567,068 | | | | | | 0.1 | | |
| | | 10,664 @ | | | | Autozone, Inc. | | | | | 7,111,822 | | | | | | 0.3 | | |
| | | 58,487 @ | | | | Bed Bath & Beyond, Inc. | | | | | 4,034,433 | | | | | | 0.2 | | |
| | | 103,634 | | | | Best Buy Co., Inc. | | | | | 3,379,505 | | | | | | 0.2 | | |
| | | 77,232 | | | | BorgWarner, Inc. | | | | | 4,389,867 | | | | | | 0.2 | | |
| | | 20,886 | | | | Brinker International, Inc. | | | | | 1,204,078 | | | | | | 0.1 | | |
| | | 31,627 | | | | Brunswick Corp. | | | | | 1,608,549 | | | | | | 0.1 | | |
| | | 17,231 @,L | | | | Cabela’s, Inc. | | | | | 861,205 | | | | | | 0.0 | | |
| | | 69,166 | | | | Cablevision Systems Corp. | | | | | 1,655,834 | | | | | | 0.1 | | |
| | | 71,433 @ | | | | Carmax, Inc. | | | | | 4,729,579 | | | | | | 0.2 | | |
| | | 17,947 | | | | Carter’s, Inc. | | | | | 1,907,766 | | | | | | 0.1 | | |
| | | 25,587 @ | | | | Charter Communications, Inc. | | | | | 4,381,774 | | | | | | 0.2 | | |
| | | 10,599 @ | | | | Chipotle Mexican Grill,Inc. | | | | | 6,412,289 | | | | | | 0.3 | | |
| | | 12,116 | | | | Choice Hotels International, Inc. | | | | | 657,293 | | | | | | 0.0 | | |
| | | 39,563 | | | | Cinemark Holdings, Inc. | | | | | 1,589,246 | | | | | | 0.1 | | |
| | | 12,319 | | | | Clear Channel Outdoor Holdings, Inc. | | | | | 124,791 | | | | | | 0.0 | | |
| | | 94,305 | | | | Coach, Inc. | | | | | 3,263,896 | | | | | | 0.1 | | |
| | | 28,373 | | | | Coty, Inc - Class A | | | | | 907,085 | | | | | | 0.0 | | |
| | | 26,227 | | | | CST Brands, Inc. | | | | | 1,024,427 | | | | | | 0.0 | | |
| | | 42,939 | | | | Darden Restaurants, Inc. | | | | | 3,052,104 | | | | | | 0.1 | | |
| | | 98,573 @ | | | | Delphi Automotive PLC | | | | | 8,387,577 | | | | | | 0.4 | | |
| | | 31,418 | | | | Dick’s Sporting Goods, Inc. | | | | | 1,626,510 | | | | | | 0.1 | | |
| | | 8,136 | | | | Dillard’s, Inc. | | | | | 855,826 | | | | | | 0.0 | | |
| | | 53,122 | | | | Discovery Communications, Inc. - Class A | | | | | 1,766,838 | | | | | | 0.1 | | |
| | | 93,590 | | | | Discovery Communications, Inc. - Class C | | | | | 2,908,777 | | | | | | 0.1 | | |
| | | 103,689 | | | | Dollar General Corp. | | | | | 8,060,783 | | | | | | 0.4 | | |
| | | 70,396 @ | | | | Dollar Tree, Inc. | | | | | 5,560,580 | | | | | | 0.3 | | |
| | | 18,846 | | | | Domino’s Pizza, Inc. | | | | | 2,137,136 | | | | | | 0.1 | | |
| | | 112,074 | | | | D.R. Horton, Inc. | | | | | 3,066,345 | | | | | | 0.1 | | |
| | | 25,017 | | | | DSW, Inc. | | | | | 834,817 | | | | | | 0.0 | | |
| | | 32,847 | | | | Dunkin' Brands Group, Inc. | | | | | 1,806,585 | | | | | | 0.1 | | |
| | | 33,663 | | | | Expedia, Inc. | | | | | 3,681,049 | | | | | | 0.2 | | |
| | | 20,390 | | | | Extended Stay America, Inc. | | | | | 382,720 | | | | | | 0.0 | | |
| | | 33,068 | | | | Family Dollar Stores, Inc. | | | | | 2,606,089 | | | | | | 0.1 | | |
| | | 47,736 | | | | Foot Locker, Inc. | | | | | 3,198,789 | | | | | | 0.1 | | |
| | | 14,357 @ | | | | Fossil Group, Inc. | | | | | 995,802 | | | | | | 0.0 | | |
| | | 36,576 L | | | | GameStop Corp. | | | | | 1,571,305 | | | | | | 0.1 | | |
| | | 38,736 @ | | | | Gannett Co., Inc. | | | | | 541,917 | | | | | | 0.0 | | |
| | | 81,355 | | | | Gap, Inc. | | | | | 3,105,320 | | | | | | 0.1 | | |
| | | 40,440 @ | | | | Garmin Ltd. | | | | | 1,776,529 | | | | | | 0.1 | | |
| | | 100,435 | | | | Gentex Corp. | | | | | 1,649,143 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 51,962 | | | | Genuine Parts Co. | | | | $ | 4,652,158 | | | | | | 0.2 | | |
| | | 29,548 | | | | GNC Holdings, Inc. | | | | | 1,314,295 | | | | | | 0.1 | | |
| | | 92,160 | | | | Goodyear Tire & Rubber Co. | | | | | 2,778,624 | | | | | | 0.1 | | |
| | | 30,445 @,L | | | | GoPro, Inc. | | | | | 1,605,060 | | | | | | 0.1 | | |
| | | 1,191 | | | | Graham Holdings Co. | | | | | 1,280,385 | | | | | | 0.1 | | |
| | | 169,122 @ | | | | Groupon, Inc. | | | | | 850,684 | | | | | | 0.0 | | |
| | | 93,934 | | | | H&R Block, Inc. | | | | | 2,785,143 | | | | | | 0.1 | | |
| | | 137,144 | | | | Hanesbrands, Inc. | | | | | 4,569,638 | | | | | | 0.2 | | |
| | | 71,075 | | | | Harley-Davidson, Inc. | | | | | 4,005,076 | | | | | | 0.2 | | |
| | | 24,298 | | | | Harman International Industries, Inc. | | | | | 2,890,004 | | | | | | 0.1 | | |
| | | 38,029 | | | | Hasbro, Inc. | | | | | 2,844,189 | | | | | | 0.1 | | |
| | | 177,349 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 4,885,965 | | | | | | 0.2 | | |
| | | 32,441 @ | | | | HomeAway, Inc. | | | | | 1,009,564 | | | | | | 0.0 | | |
| | | 11,637 @ | | | | Hyatt Hotels Corp. | | | | | 659,702 | | | | | | 0.0 | | |
| | | 32,100 @ | | | | International Game Technology PLC | | | | | 570,096 | | | | | | 0.0 | | |
| | | 140,974 | | | | Interpublic Group of Cos., Inc. | | | | | 2,716,569 | | | | | | 0.1 | | |
| | | 65,725 | | | | Jarden Corp. | | | | | 3,401,269 | | | | | | 0.2 | | |
| | | 104,265 @,L | | | | JC Penney Co., Inc. | | | | | 883,125 | | | | | | 0.0 | | |
| | | 15,791 | | | | John Wiley & Sons, Inc. | | | | | 858,557 | | | | | | 0.0 | | |
| | | 43,592 @ | | | | Kate Spade & Co. | | | | | 938,972 | | | | | | 0.0 | | |
| | | 69,222 | | | | Kohl’s Corp. | | | | | 4,333,989 | | | | | | 0.2 | | |
| | | 84,467 | | | | L Brands, Inc. | | | | | 7,241,356 | | | | | | 0.3 | | |
| | | 26,550 | | | | Lear Corp. | | | | | 2,980,503 | | | | | | 0.1 | | |
| | | 47,031 | | | | Leggett & Platt, Inc. | | | | | 2,289,469 | | | | | | 0.1 | | |
| | | 59,354 | | | | Lennar Corp. | | | | | 3,029,428 | | | | | | 0.1 | | |
| | | 3,296 | | | | Lennar Corp. | | | | | 142,124 | | | | | | 0.0 | | |
| | | 8,932 | | | | Liberty Broadband Corp. - A | | | | | 455,264 | | | | | | 0.0 | | |
| | | 22,643 | | | | Liberty Broadband Corp. - C | | | | | 1,158,416 | | | | | | 0.1 | | |
| | | 161,370 | | | | Liberty Interactive Corp. QVC Group | | | | | 4,478,017 | | | | | | 0.2 | | |
| | | 35,678 | | | | Liberty Media Corp. - A | | | | | 1,285,835 | | | | | | 0.1 | | |
| | | 68,445 | | | | Liberty Media Corp. - C | | | | | 2,457,175 | | | | | | 0.1 | | |
| | | 48,361 | | | | Liberty Ventures | | | | | 1,899,136 | | | | | | 0.1 | | |
| | | 32,410 @ | | | | Lions Gate Entertainment Corp. | | | | | 1,200,790 | | | | | | 0.1 | | |
| | | 49,688 @ | | | | Live Nation, Inc. | | | | | 1,365,923 | | | | | | 0.1 | | |
| | | 103,826 @ | | | | LKQ Corp. | | | | | 3,140,217 | | | | | | 0.1 | | |
| | | 38,079 @ | | | | Lululemon Athletica, Inc. | | | | | 2,486,559 | | | | | | 0.1 | | |
| | | 116,620 | | | | Macy’s, Inc. | | | | | 7,868,351 | | | | | | 0.4 | | |
| | | 20,988 @ | | | | The Madison Square Garden, Inc. | | | | | 1,752,288 | | | | | | 0.1 | | |
| | | 71,541 | | | | Marriott International, Inc. | | | | | 5,321,935 | | | | | | 0.2 | | |
| | | 115,534 | | | | Mattel, Inc. | | | | | 2,968,068 | | | | | | 0.1 | | |
| | | 93,450 | | | | McGraw-Hill Cos., Inc. | | | | | 9,387,052 | | | | | | 0.4 | | |
| | | 151,981 @ | | | | MGM Resorts International | | | | | 2,773,653 | | | | | | 0.1 | | |
| | | 67,826 @ | | | | Michael Kors Holdings Ltd. | | | | | 2,854,796 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
74
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 21,358 @ | | | | Michaels Cos, Inc. | | | | $ | 574,744 | | | | | | 0.0 | | |
| | | 21,080 @ | | | | Mohawk Industries, Inc. | | | | | 4,024,172 | | | | | | 0.2 | | |
| | | 6,522 | | | | Morningstar, Inc. | | | | | 518,825 | | | | | | 0.0 | | |
| | | 15,434 @ | | | | Murphy USA, Inc. | | | | | 861,526 | | | | | | 0.0 | | |
| | | 91,720 | | | | Newell Rubbermaid, Inc. | | | | | 3,770,609 | | | | | | 0.2 | | |
| | | 131,006 @ | | | | News Corp - Class A | | | | | 1,911,378 | | | | | | 0.1 | | |
| | | 41,301 @ | | | | News Corp. | | | | | 588,126 | | | | | | 0.0 | | |
| | | 47,910 | | | | Nordstrom, Inc. | | | | | 3,569,295 | | | | | | 0.2 | | |
| | | 44,853 @ | | | | Norwegian Cruise Line Holdings Ltd. | | | | | 2,513,562 | | | | | | 0.1 | | |
| | | 1,388 @ | | | | NVR, Inc. | | | | | 1,859,920 | | | | | | 0.1 | | |
| | | 186,816 @ | | | | Office Depot, Inc. | | | | | 1,617,827 | | | | | | 0.1 | | |
| | | 83,422 | | | | Omnicom Group, Inc. | | | | | 5,796,995 | | | | | | 0.3 | | |
| | | 34,480 @ | | | | O'Reilly Automotive, Inc. | | | | | 7,791,790 | | | | | | 0.4 | | |
| | | 72,189 @ | | | | Pandora Media, Inc. | | | | | 1,121,817 | | | | | | 0.1 | | |
| | | 8,645 @ | | | | Panera Bread Co. | | | | | 1,510,887 | | | | | | 0.1 | | |
| | | 14,554 | | | | Penske Auto Group, Inc. | | | | | 758,409 | | | | | | 0.0 | | |
| | | 22,691 | | | | Polaris Industries, Inc. | | | | | 3,360,764 | | | | | | 0.2 | | |
| | | 124,445 | | | | Pulte Homes, Inc. | | | | | 2,507,567 | | | | | | 0.1 | | |
| | | 28,212 | | | | PVH Corp. | | | | | 3,250,022 | | | | | | 0.1 | | |
| | | 20,424 | | | | Ralph Lauren Corp. | | | | | 2,703,321 | | | | | | 0.1 | | |
| | | 28,253 | | | | Regal Entertainment Group | | | | | 590,770 | | | | | | 0.0 | | |
| | | 141,277 | | | | Ross Stores, Inc. | | | | | 6,867,475 | | | | | | 0.3 | | |
| | | 58,722 @ | | | | Royal Caribbean Cruises Ltd. | | | | | 4,620,834 | | | | | | 0.2 | | |
| | | 53,831 @ | | | | Sally Beauty Holdings, Inc. | | | | | 1,699,983 | | | | | | 0.1 | | |
| | | 31,194 | | | | Scripps Networks Interactive - Class A | | | | | 2,039,152 | | | | | | 0.1 | | |
| | | 4,508 L | | | | Sears Holding Corp. | | | | | 120,364 | | | | | | 0.0 | | |
| | | 69,003 | | | | Service Corp. International | | | | | 2,030,758 | | | | | | 0.1 | | |
| | | 35,048 @ | | | | ServiceMaster Global Holdings, Inc. | | | | | 1,267,686 | | | | | | 0.1 | | |
| | | 27,411 @ | | | | Signet Jewelers Ltd. | | | | | 3,515,187 | | | | | | 0.2 | | |
| | | 784,859 @ | | | | Sirius XM Holdings, Inc. | | | | | 2,927,524 | | | | | | 0.1 | | |
| | | 24,528 | | | | Six Flags Entertainment Corp. | | | | | 1,100,081 | | | | | | 0.1 | | |
| | | 13,967 @ | | | | Skechers USA, Inc. | | | | | 1,533,437 | | | | | | 0.1 | | |
| | | 218,742 | | | | Staples, Inc. | | | | | 3,348,940 | | | | | | 0.2 | | |
| | | 58,327 | | | | Starwood Hotels & Resorts Worldwide, Inc. | | | | | 4,729,736 | | | | | | 0.2 | | |
| | | 29,436 @ | | | | Starz | | | | | 1,316,378 | | | | | | 0.1 | | |
| | | 77,472 | | | | TEGNA, Inc. | | | | | 2,484,527 | | | | | | 0.1 | | |
| | | 20,840 @ | | | | Tempur Sealy International, Inc. | | | | | 1,373,356 | | | | | | 0.1 | | |
| | | 15,543 | | | | Thor Industries, Inc. | | | | | 874,760 | | | | | | 0.0 | | |
| | | 38,557 | | | | Tiffany & Co. | | | | | 3,539,533 | | | | | | 0.2 | | |
| | | 59,968 @ | | | | Toll Brothers, Inc. | | | | | 2,290,178 | | | | | | 0.1 | | |
| | | 46,581 | | | | Tractor Supply Co. | | | | | 4,189,495 | | | | | | 0.2 | | |
| | | 27,538 | | | | Tribune Co. | | | | | 1,470,254 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 38,286 @ | | | | TripAdvisor, Inc. | | | | $ | 3,336,242 | | | | | | 0.2 | | |
| | | 17,028 | | | | Tupperware Corp. | | | | | 1,098,987 | | | | | | 0.0 | | |
| | | 21,939 @ | | | | Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 3,388,479 | | | | | �� | 0.2 | | |
| | | 60,986 @ | | | | Under Armour, Inc. | | | | | 5,088,672 | | | | | | 0.2 | | |
| | | 33,359 @ | | | | Urban Outfitters, Inc. | | | | | 1,167,565 | | | | | | 0.1 | | |
| | | 21,794 @ | | | | Vista Outdoor, Inc. | | | | | 978,551 | | | | | | 0.0 | | |
| | | 15,233 @ | | | | Visteon Corp. | | | | | 1,599,160 | | | | | | 0.1 | | |
| | | 92,980 L | | | | Wendy’s Company | | | | | 1,048,814 | | | | | | 0.0 | | |
| | | 26,852 | | | | Whirlpool Corp. | | | | | 4,646,739 | | | | | | 0.2 | | |
| | | 31,285 | | | | Williams-Sonoma, Inc. | | | | | 2,573,817 | | | | | | 0.1 | | |
| | | 40,971 | | | | Wyndham Worldwide Corp. | | | | | 3,355,935 | | | | | | 0.2 | | |
| | | 27,737 | | | | Wynn Resorts Ltd. | | | | | 2,736,810 | | | | | | 0.1 | | |
| | | | | | | | | | | | 372,812,434 | | | | | | 16.8 | | |
| | | | | | | Consumer Staples: 5.4% | | ||||||||||||
| | | 148,557 | | | | Avon Products, Inc. | | | | | 929,967 | | | | | | 0.0 | | |
| | | 9,332 | | | | Brown-Forman Corp. | | | | | 1,039,771 | | | | | | 0.0 | | |
| | | 43,051 | | | | Brown-Forman Corp. | | | | | 4,312,849 | | | | | | 0.2 | | |
| | | 49,024 | | | | Bunge Ltd. | | | | | 4,304,307 | | | | | | 0.2 | | |
| | | 59,442 | | | | Campbell Soup Co. | | | | | 2,832,411 | | | | | | 0.1 | | |
| | | 44,690 | | | | Church & Dwight Co., Inc. | | | | | 3,625,700 | | | | | | 0.2 | | |
| | | 44,791 | | | | Clorox Co. | | | | | 4,659,160 | | | | | | 0.2 | | |
| | | 79,521 | | | | Coca-Cola Enterprises, Inc. | | | | | 3,454,392 | | | | | | 0.2 | | |
| | | 145,798 | | | | ConAgra Foods, Inc. | | | | | 6,374,289 | | | | | | 0.3 | | |
| | | 55,852 | | | | Constellation Brands, Inc. | | | | | 6,479,949 | | | | | | 0.3 | | |
| | | 65,446 | | | | Dr Pepper Snapple Group, Inc. | | | | | 4,771,013 | | | | | | 0.2 | | |
| | | 21,235 | | | | Energizer Holdings, Inc. | | | | | 2,793,464 | | | | | | 0.1 | | |
| | | 59,422 | | | | Flowers Foods, Inc. | | | | | 1,256,775 | | | | | | 0.1 | | |
| | | 35,029 | | | | Hain Celestial Group, Inc. | | | | | 2,307,010 | | | | | | 0.1 | | |
| | | 25,004 @ | | | | Herbalife Ltd. | | | | | 1,377,470 | | | | | | 0.1 | | |
| | | 49,742 | | | | Hershey Co. | | | | | 4,418,582 | | | | | | 0.2 | | |
| | | 45,683 | | | | Hormel Foods Corp. | | | | | 2,575,151 | | | | | | 0.1 | | |
| | | 24,345 | | | | Ingredion, Inc. | | | | | 1,942,974 | | | | | | 0.1 | | |
| | | 40,858 | | | | JM Smucker Co. | | | | | 4,429,416 | | | | | | 0.2 | | |
| | | 85,246 | | | | Kellogg Co. | | | | | 5,344,924 | | | | | | 0.2 | | |
| | | 44,115 | | | | Keurig Green Mountain, Inc. | | | | | 3,380,532 | | | | | | 0.2 | | |
| | | 43,628 | | | | McCormick & Co., Inc. | | | | | 3,531,687 | | | | | | 0.2 | | |
| | | 69,157 | | | | Mead Johnson Nutrition Co. | | | | | 6,239,345 | | | | | | 0.3 | | |
| | | 47,066 | | | | Molson Coors Brewing Co. | | | | | 3,285,677 | | | | | | 0.2 | | |
| | | 51,077 @ | | | | Monster Beverage Corp. | | | | | 6,845,340 | | | | | | 0.3 | | |
| | | 20,004 L | | | | Nu Skin Enterprises, Inc. | | | | | 942,789 | | | | | | 0.0 | | |
| | | 21,833 L | | | | Pilgrim’s Pride Corp. | | | | | 501,504 | | | | | | 0.0 | | |
| | | 39,778 | | | | Pinnacle Foods, Inc. | | | | | 1,811,490 | | | | | | 0.1 | | |
| | | 337,544 @ | | | | Rite Aid Corp. | | | | | 2,818,492 | | | | | | 0.1 | | |
| | | 8,636 | | | | Spectrum Brands Holdings, Inc. | | | | | 880,786 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
75
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 52,360 @ | | | | Sprouts Farmers Market, Inc. | | | | $ | 1,412,673 | | | | | | 0.1 | | |
| | | 202,685 | | | | Sysco Corp. | | | | | 7,316,929 | | | | | | 0.3 | | |
| | | 100,650 | | | | Tyson Foods, Inc. | | | | | 4,290,710 | | | | | | 0.2 | | |
| | | 59,772 @ | | | | WhiteWave Foods Co. | | | | | 2,921,655 | | | | | | 0.1 | | |
| | | 122,305 | | | | Whole Foods Market, Inc. | | | | | 4,823,709 | | | | | | 0.2 | | |
| | | | | | | | | | | | 120,232,892 | | | | | | 5.4 | | |
| | | | | | | Energy: 5.5% | | ||||||||||||
| | | 23,818 @ | | | | Antero Resources Corp. | | | | | 817,910 | | | | | | 0.0 | | |
| | | 141,207 | | | | Cabot Oil & Gas Corp. | | | | | 4,453,669 | | | | | | 0.2 | | |
| | | 107,412 | | | | California Resources Corp. | | | | | 648,769 | | | | | | 0.0 | | |
| | | 65,365 @ | | | | Cameron International Corp. | | | | | 3,423,165 | | | | | | 0.2 | | |
| | | 80,752 @ | | | | Cheniere Energy, Inc. | | | | | 5,592,884 | | | | | | 0.3 | | |
| | | 200,184 L | | | | Chesapeake Energy Corp. | | | | | 2,236,055 | | | | | | 0.1 | | |
| | | 32,290 | | | | Cimarex Energy Co. | | | | | 3,561,910 | | | | | | 0.2 | | |
| | | 125,206 @ | | | | Cobalt International Energy, Inc. | | | | | 1,215,750 | | | | | | 0.1 | | |
| | | 40,970 @ | | | | Concho Resources, Inc. | | | | | 4,664,844 | | | | | | 0.2 | | |
| | | 78,081 | | | | Consol Energy, Inc. | | | | | 1,697,481 | | | | | | 0.1 | | |
| | | 29,266 | | | | Continental Resources, Inc. | | | | | 1,240,586 | | | | | | 0.1 | | |
| | | 5,328 | | | | CVR Energy, Inc. | | | | | 200,546 | | | | | | 0.0 | | |
| | | 121,808 | | | | Denbury Resources, Inc. | | | | | 774,699 | | | | | | 0.0 | | |
| | | 21,902 | | | | Diamond Offshore Drilling | | | | | 565,291 | | | | | | 0.0 | | |
| | | 21,506 @ | | | | Diamondback Energy, Inc. | | | | | 1,621,122 | | | | | | 0.1 | | |
| | | 13,307 @ | | | | Dril-Quip, Inc. | | | | | 1,001,352 | | | | | | 0.0 | | |
| | | 79,938 @ | | | | Ensco PLC | | | | | 1,780,219 | | | | | | 0.1 | | |
| | | 11,536 @ | | | | EP Energy Corp. | | | | | 146,853 | | | | | | 0.0 | | |
| | | 52,024 | | | | EQT Corp. | | | | | 4,231,632 | | | | | | 0.2 | | |
| | | 78,823 @ | | | | FMC Technologies, Inc. | | | | | 3,270,366 | | | | | | 0.1 | | |
| | | 11,830 | | | | Frank’s International N.V. | | | | | 222,877 | | | | | | 0.0 | | |
| | | 30,680 @,L | | | | Golar LNG Ltd. | | | | | 1,435,824 | | | | | | 0.1 | | |
| | | 32,989 @ | | | | Gulfport Energy Corp. | | | | | 1,327,807 | | | | | | 0.1 | | |
| | | 32,904 | | | | Helmerich & Payne, Inc. | | | | | 2,317,100 | | | | | | 0.1 | | |
| | | 86,075 | | | | Hess Corp. | | | | | 5,756,696 | | | | | | 0.3 | | |
| | | 66,480 | | | | HollyFrontier Corp. | | | | | 2,838,031 | | | | | | 0.1 | | |
| | | 53,822 @ | | | | Kosmos Energy, LLC | | | | | 453,719 | | | | | | 0.0 | | |
| | | 42,089 @,L | | | | Laredo Petroleum, Inc. | | | | | 529,480 | | | | | | 0.0 | | |
| | | 230,387 | | | | Marathon Oil Corp. | | | | | 6,114,471 | | | | | | 0.3 | | |
| | | 28,174 @ | | | | Memorial Resource Development Corp. | | | | | 534,461 | | | | | | 0.0 | | |
| | | 60,775 | | | | Murphy Oil Corp. | | | | | 2,526,417 | | | | | | 0.1 | | |
| | | 112,764 @ | | | | Nabors Industries Ltd. | | | | | 1,627,185 | | | | | | 0.1 | | |
| | | 132,416 | | | | National Oilwell Varco, Inc. | | | | | 6,393,044 | | | | | | 0.3 | | |
| | | 55,588 @ | | | | Newfield Exploration Co. | | | | | 2,007,839 | | | | | | 0.1 | | |
| | | 82,578 @ | | | | Noble Corp. PLC | | | | | 1,270,875 | | | | | | 0.1 | | |
| | | 132,504 | | | | Noble Energy, Inc. | | | | | 5,655,271 | | | | | | 0.3 | | |
| | | 33,722 | | | | Oceaneering International, Inc. | | | | | 1,571,108 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 71,263 | | | | Oneok, Inc. | | | | $ | 2,813,463 | | | | | | 0.1 | | |
| | | 50,124 | | | | Patterson-UTI Energy, Inc. | | | | | 943,083 | | | | | | 0.0 | | |
| | | 29,367 | | | | PBF Energy, Inc. | | | | | 834,610 | | | | | | 0.0 | | |
| | | 50,975 | | | | Pioneer Natural Resources Co. | | | | | 7,069,723 | | | | | | 0.3 | | |
| | | 60,284 | | | | QEP Resources, Inc. | | | | | 1,115,857 | | | | | | 0.1 | | |
| | | 57,705 | | | | Range Resources Corp. | | | | | 2,849,473 | | | | | | 0.1 | | |
| | | 24,928 @ | | | | Rice Energy, Inc. | | | | | 519,250 | | | | | | 0.0 | | |
| | | 42,554 | | | | Rowan Companies PLC | | | | | 898,315 | | | | | | 0.0 | | |
| | | 19,690 | | | | RPC, Inc. | | | | | 272,313 | | | | | | 0.0 | | |
| | | 23,019 | | | | SM Energy Co. | | | | | 1,061,636 | | | | | | 0.0 | | |
| | | 20,181 @,L | | | | Solar City | | | | | 1,080,693 | | | | | | 0.1 | | |
| | | 131,289 @ | | | | Southwestern Energy Co. | | | | | 2,984,199 | | | | | | 0.1 | | |
| | | 51,330 | | | | Superior Energy Services | | | | | 1,079,983 | | | | | | 0.0 | | |
| | | 19,124 | | | | Targa Resources Corp. | | | | | 1,706,243 | | | | | | 0.1 | | |
| | | 15,949 | | | | Teekay Corp. | | | | | 682,936 | | | | | | 0.0 | | |
| | | 42,971 | | | | Tesoro Corp. | | | | | 3,627,182 | | | | | | 0.2 | | |
| | | 264,568 @ | | | | Weatherford International PLC | | | | | 3,246,249 | | | | | | 0.1 | | |
| | | 69,705 @ | | | | Whiting Petroleum Corp. | | | | | 2,342,088 | | | | | | 0.1 | | |
| | | 24,655 | | | | World Fuel Services Corp. | | | | | 1,182,207 | | | | | | 0.1 | | |
| | | 69,977 @ | | | | WPX Energy, Inc. | | | | | 859,318 | | | | | | 0.0 | | |
| | | | | | | ��� | | | | | 122,896,129 | | | | | | 5.5 | | |
| | | | | | | Financials: 21.0% | | ||||||||||||
| | | 18,684 @ | | | | Affiliated Managers Group, Inc. | | | | | 4,084,322 | | | | | | 0.2 | | |
| | | 24,594 | | | | Alexandria Real Estate Equities, Inc. | | | | | 2,150,991 | | | | | | 0.1 | | |
| | | 5,463 @ | | | | Alleghany Corp. | | | | | 2,560,836 | | | | | | 0.1 | | |
| | | 32,570 | | | | Allied World Assurance Co. Holdings Ltd. | | | | | 1,407,675 | | | | | | 0.1 | | |
| | | 164,362 @ | | | | Ally Financial, Inc. | | | | | 3,686,640 | | | | | | 0.2 | | |
| | | 38,328 | | | | American Campus Communities, Inc. | | | | | 1,444,582 | | | | | | 0.1 | | |
| | | 120,399 | | | | American Capital Agency Corp. | | | | | 2,211,730 | | | | | | 0.1 | | |
| | | 23,534 | | | | American Financial Group, Inc. | | | | | 1,530,651 | | | | | | 0.1 | | |
| | | 56,540 | | | | American Homes 4 Rent | | | | | 906,902 | | | | | | 0.0 | | |
| | | 2,473 | | | | American National Insurance | | | | | 253,037 | | | | | | 0.0 | | |
| | | 309,131 | | | | American Realty Capital Properties, Inc. | | | | | 2,513,235 | | | | | | 0.1 | | |
| | | 61,928 | | | | Ameriprise Financial, Inc. | | | | | 7,736,665 | | | | | | 0.3 | | |
| | | 13,114 | | | | Amtrust Financial Services, Inc. | | | | | 859,098 | | | | | | 0.0 | | |
| | | 323,481 | | | | Annaly Capital Management, Inc. | | | | | 2,972,790 | | | | | | 0.1 | | |
| | | 96,219 @ | | | | Aon PLC | | | | | 9,591,110 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
76
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 53,338 | | | | Apartment Investment & Management Co. | | | | $ | 1,969,772 | | | | | | 0.1 | | |
| | | 63,496 | | | | Apple Hospitality REIT, Inc. | | | | | 1,198,170 | | | | | | 0.1 | | |
| | | 42,340 @ | | | | Arch Capital Group Ltd. | | | | | 2,835,086 | | | | | | 0.1 | | |
| | | 57,348 | | | | Arthur J. Gallagher & Co. | | | | | 2,712,560 | | | | | | 0.1 | | |
| | | 12,098 | | | | Artisan Partners Asset Management, Inc. | | | | | 562,073 | | | | | | 0.0 | | |
| | | 21,035 @ | | | | Aspen Insurance Holdings Ltd. | | | | | 1,007,576 | | | | | | 0.0 | | |
| | | 52,045 | | | | Associated Banc-Corp. | | | | | 1,054,952 | | | | | | 0.0 | | |
| | | 23,201 | | | | Assurant, Inc. | | | | | 1,554,467 | | | | | | 0.1 | | |
| | | 51,486 @ | | | | Assured Guaranty Ltd. | | | | | 1,235,149 | | | | | | 0.1 | | |
| | | 45,132 | | | | AvalonBay Communities, Inc. | | | | | 7,215,253 | | | | | | 0.3 | | |
| | | 34,454 @ | | | | Axis Capital Holdings Ltd. | | | | | 1,838,810 | | | | | | 0.1 | | |
| | | 14,884 | | | | Bank of Hawaii Corp. | | | | | 992,465 | | | | | | 0.0 | | |
| | | 35,319 | | | | BankUnited, Inc. | | | | | 1,269,012 | | | | | | 0.1 | | |
| | | 69,491 | | | | BioMed Realty Trust, Inc. | | | | | 1,343,956 | | | | | | 0.1 | | |
| | | 9,640 | | | | BOK Financial Corp. | | | | | 670,751 | | | | | | 0.0 | | |
| | | 52,376 | | | | Boston Properties, Inc. | | | | | 6,339,591 | | | | | | 0.3 | | |
| | | 61,443 | | | | Brandywine Realty Trust | | | | | 815,963 | | | | | | 0.0 | | |
| | | 59,068 | | | | Brixmor Property Group, Inc. | | | | | 1,366,243 | | | | | | 0.1 | | |
| | | 39,558 | | | | Brown & Brown, Inc. | | | | | 1,299,876 | | | | | | 0.1 | | |
| | | 29,649 | | | | Camden Property Trust | | | | | 2,202,328 | | | | | | 0.1 | | |
| | | 57,004 | | | | CBL & Associates Properties, Inc. | | | | | 923,465 | | | | | | 0.0 | | |
| | | 28,488 | | | | CBOE Holdings, Inc. | | | | | 1,630,083 | | | | | | 0.1 | | |
| | | 97,658 @ | | | | CBRE Group, Inc. | | | | | 3,613,346 | | | | | | 0.2 | | |
| | | 70,089 | | | | Chimera Investment Corp. | | | | | 960,920 | | | | | | 0.0 | | |
| | | 56,133 | | | | Cincinnati Financial Corp. | | | | | 2,816,754 | | | | | | 0.1 | | |
| | | 59,406 | | | | CIT Group, Inc. | | | | | 2,761,785 | | | | | | 0.1 | | |
| | | 106,447 | | | | Citizens Financial Group, Inc. | | | | | 2,907,068 | | | | | | 0.1 | | |
| | | 16,411 | | | | City National Corp. | | | | | 1,483,390 | | | | | | 0.1 | | |
| | | 9,193 | | | | CNA Financial Corp. | | | | | 351,265 | | | | | | 0.0 | | |
| | | 42,693 | | | | Columbia Property Trust, Inc. | | | | | 1,048,113 | | | | | | 0.0 | | |
| | | 60,793 | | | | Comerica, Inc. | | | | | 3,119,897 | | | | | | 0.1 | | |
| | | 28,097 | | | | Commerce Bancshares, Inc. | | | | | 1,314,097 | | | | | | 0.1 | | |
| | | 41,223 | | | | Communications Sales & Leasing, Inc. | | | | | 1,019,033 | | | | | | 0.0 | | |
| | | 32,311 | | | | Corporate Office Properties Trust SBI MD | | | | | 760,601 | | | | | | 0.0 | | |
| | | 39,965 | | | | Corrections Corp. of America | | | | | 1,322,042 | | | | | | 0.1 | | |
| | | 2,901 @ | | | | Credit Acceptance Corp. | | | | | 714,168 | | | | | | 0.0 | | |
| | | 113,942 | | | | Crown Castle International Corp. | | | | | 9,149,543 | | | | | | 0.4 | | |
| | | 18,496 | | | | Cullen/Frost Bankers, Inc. | | | | | 1,453,416 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 103,359 | | | | DDR Corp. | | | | $ | 1,597,930 | | | | | | 0.1 | | |
| | | 46,356 | | | | Digital Realty Trust, Inc. | | | | | 3,091,018 | | | | | | 0.1 | | |
| | | 49,766 | | | | Douglas Emmett, Inc. | | | | | 1,340,696 | | | | | | 0.1 | | |
| | | 117,840 | | | | Duke Realty Corp. | | | | | 2,188,289 | | | | | | 0.1 | | |
| | | 98,978 @ | | | | E*Trade Financial Corp. | | | | | 2,964,391 | | | | | | 0.1 | | |
| | | 49,116 | | | | East-West Bancorp., Inc. | | | | | 2,201,379 | | | | | | 0.1 | | |
| | | 40,243 | | | | Eaton Vance Corp. | | | | | 1,574,709 | | | | | | 0.1 | | |
| | | 37,972 | | | | Empire State Realty Trust, Inc. | | | | | 647,802 | | | | | | 0.0 | | |
| | | 15,414 @ | | | | Endurance Specialty Holdings Ltd. | | | | | 1,012,700 | | | | | | 0.0 | | |
| | | 19,437 | | | | Equinix, Inc. | | | | | 4,936,998 | | | | | | 0.2 | | |
| | | 44,263 @ | | | | Equity Commonwealth | | | | | 1,136,231 | | | | | | 0.1 | | |
| | | 28,745 | | | | Equity Lifestyle Properties, Inc. | | | | | 1,511,412 | | | | | | 0.1 | | |
| | | 8,296 | | | | Erie Indemnity Co. | | | | | 680,853 | | | | | | 0.0 | | |
| | | 22,315 | | | | Essex Property Trust, Inc. | | | | | 4,741,937 | | | | | | 0.2 | | |
| | | 15,172 @ | | | | Everest Re Group Ltd. | | | | | 2,761,456 | | | | | | 0.1 | | |
| | | 39,765 | | | | Extra Space Storage, Inc. | | | | | 2,593,473 | | | | | | 0.1 | | |
| | | 23,452 | | | | Federal Realty Investment Trust | | | | | 3,003,967 | | | | | | 0.1 | | |
| | | 31,985 | | | | Federated Investors, Inc. | | | | | 1,071,178 | | | | | | 0.0 | | |
| | | 276,558 | | | | Fifth Third Bancorp | | | | | 5,757,938 | | | | | | 0.3 | | |
| | | 79,655 | | | | First Horizon National Corp. | | | | | 1,248,194 | | | | | | 0.1 | | |
| | | 121,239 | | | | First Niagara Financial Group, Inc. | | | | | 1,144,496 | | | | | | 0.1 | | |
| | | 48,552 | | | | First Republic Bank | | | | | 3,060,233 | | | | | | 0.1 | | |
| | | 95,735 | | | | FNF Group | | | | | 3,541,238 | | | | | | 0.2 | | |
| | | 74,577 @ | | | | Forest City Enterprises, Inc. | | | | | 1,648,152 | | | | | | 0.1 | | |
| | | 30,111 | | | | Gaming and Leisure Properties, Inc. | | | | | 1,103,869 | | | | | | 0.0 | | |
| | | 197,004 | | | | General Growth Properties, Inc. | | | | | 5,055,123 | | | | | | 0.2 | | |
| | | 169,916 @ | | | | Genworth Financial, Inc. | | | | | 1,286,264 | | | | | | 0.1 | | |
| | | 15,093 | | | | Hanover Insurance Group, Inc. | | | | | 1,117,335 | | | | | | 0.0 | | |
| | | 143,340 | | | | Hartford Financial Services Group, Inc. | | | | | 5,958,644 | | | | | | 0.3 | | |
| | | 32,667 | | | | HCC Insurance Holdings, Inc. | | | | | 2,510,132 | | | | | | 0.1 | | |
| | | 157,584 | | | | HCP, Inc. | | | | | 5,747,088 | | | | | | 0.3 | | |
| | | 119,686 | | | | Health Care REIT, Inc. | | | | | 7,854,992 | | | | | | 0.4 | | |
| | | 42,741 | | | | Healthcare Trust of America, Inc. | | | | | 1,023,647 | | | | | | 0.0 | | |
| | | 19,761 | | | | Home Properties, Inc. | | | | | 1,443,541 | | | | | | 0.1 | | |
| | | 51,178 | | | | Hospitality Properties Trust | | | | | 1,474,950 | | | | | | 0.1 | | |
| | | 258,701 | | | | Host Hotels & Resorts, Inc. | | | | | 5,130,041 | | | | | | 0.2 | | |
| | | 13,553 @ | | | | Howard Hughes Corp. | | | | | 1,945,398 | | | | | | 0.1 | | |
| | | 180,834 | | | | Hudson City Bancorp., Inc. | | | | | 1,786,640 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
77
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 276,013 | | | | Huntington Bancshares, Inc. | | | | $ | 3,121,707 | | | | | | 0.1 | | |
| | | 19,663 | | | | Interactive Brokers Group, Inc. | | | | | 817,194 | | | | | | 0.0 | | |
| | | 38,002 | | | | Intercontinental Exchange, Inc. | | | | | 8,497,627 | | | | | | 0.4 | | |
| | | 147,028 | | | | Invesco Ltd. | | | | | 5,512,080 | | | | | | 0.2 | | |
| | | 71,851 | | | | Iron Mountain, Inc. | | | | | 2,227,381 | | | | | | 0.1 | | |
| | | 15,319 | | | | Jones Lang LaSalle, Inc. | | | | | 2,619,549 | | | | | | 0.1 | | |
| | | 289,538 | | | | Keycorp | | | | | 4,348,861 | | | | | | 0.2 | | |
| | | 30,062 | | | | Kilroy Realty Corp. | | | | | 2,018,663 | | | | | | 0.1 | | |
| | | 140,938 | | | | Kimco Realty Corp. | | | | | 3,176,743 | | | | | | 0.1 | | |
| | | 27,639 | | | | Lamar Advertising Co. | | | | | 1,588,690 | | | | | | 0.1 | | |
| | | 43,017 @ | | | | Lazard Ltd. | | | | | 2,419,276 | | | | | | 0.1 | | |
| | | 33,359 | | | | Legg Mason, Inc. | | | | | 1,718,989 | | | | | | 0.1 | | |
| | | 112,143 | | | | Leucadia National Corp. | | | | | 2,722,832 | | | | | | 0.1 | | |
| | | 51,002 | | | | Liberty Property Trust | | | | | 1,643,284 | | | | | | 0.1 | | |
| | | 86,376 | | | | Lincoln National Corp. | | | | | 5,115,187 | | | | | | 0.2 | | |
| | | 106,309 | | | | Loews Corp. | | | | | 4,093,960 | | | | | | 0.2 | | |
| | | 28,164 L | | | | LPL Financial Holdings, Inc. | | | | | 1,309,344 | | | | | | 0.1 | | |
| | | 45,394 | | | | M&T Bank Corp. | | | | | 5,671,072 | | | | | | 0.3 | | |
| | | 54,033 | | | | Macerich Co. | | | | | 4,030,862 | | | | | | 0.2 | | |
| | | 4,762 @ | | | | Markel Corp. | | | | | 3,812,838 | | | | | | 0.2 | | |
| | | 9,233 | | | | Mercury General Corp. | | | | | 513,816 | | | | | | 0.0 | | |
| | | 126,349 | | | | MFA Mortgage Investments, Inc. | | | | | 933,719 | | | | | | 0.0 | | |
| | | 25,735 | | | | Mid-America Apartment Communities, Inc. | | | | | 1,873,765 | | | | | | 0.1 | | |
| | | 60,603 | | | | Moody’s Corp. | | | | | 6,542,700 | | | | | | 0.3 | | |
| | | 38,381 | | | | MSCI, Inc. - Class A | | | | | 2,362,351 | | | | | | 0.1 | | |
| | | 39,510 | | | | Nasdaq Stock Market, Inc. | | | | | 1,928,483 | | | | | | 0.1 | | |
| | | 45,782 | | | | National Retail Properties, Inc. | | | | | 1,602,828 | | | | | | 0.1 | | |
| | | 132,774 | | | | Navient Corp. | | | | | 2,417,815 | | | | | | 0.1 | | |
| | | 151,644 | | | | New York Community Bancorp., Inc. | | | | | 2,787,217 | | | | | | 0.1 | | |
| | | 79,669 | | | | Northern Trust Corp. | | | | | 6,091,492 | | | | | | 0.3 | | |
| | | 66,128 | | | | NorthStar Asset Management Group, Inc./New York | | | | | 1,222,707 | | | | | | 0.1 | | |
| | | 118,401 | | | | NorthStar Realty Finance Corp. | | | | | 1,882,576 | | | | | | 0.1 | | |
| | | 89,196 | | | | Old Republic International Corp. | | | | | 1,394,133 | | | | | | 0.1 | | |
| | | 62,383 | | | | Omega Healthcare Investors, Inc. | | | | | 2,141,608 | | | | | | 0.1 | | |
| | | 46,929 | | | | Outfront Media, Inc. | | | | | 1,184,488 | | | | | | 0.1 | | |
| | | 34,779 | | | | PacWest Bancorp | | | | | 1,626,266 | | | | | | 0.1 | | |
| | | 60,986 | | | | Paramount Group, Inc. | | | | | 1,046,520 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 16,290 | | | | PartnerRe Ltd. | | | | $ | 2,093,265 | | | | | | 0.1 | | |
| | | 105,581 | | | | People’s United Financial, Inc. | | | | | 1,711,468 | | | | | | 0.1 | | |
| | | 52,747 | | | | Piedmont Office Realty Trust, Inc. | | | | | 927,820 | | | | | | 0.0 | | |
| | | 59,941 | | | | Plum Creek Timber Co., Inc. | | | | | 2,431,806 | | | | | | 0.1 | | |
| | | 35,320 @ | | | | Popular, Inc. | | | | | 1,019,335 | | | | | | 0.0 | | |
| | | 18,618 | | | | Post Properties, Inc. | | | | | 1,012,261 | | | | | | 0.0 | | |
| | | 100,496 | | | | Principal Financial Group, Inc. | | | | | 5,154,440 | | | | | | 0.2 | | |
| | | 18,764 | | | | ProAssurance Corp. | | | | | 867,084 | | | | | | 0.0 | | |
| | | 200,286 | | | | Progressive Corp. | | | | | 5,573,959 | | | | | | 0.3 | | |
| | | 178,910 | | | | ProLogis, Inc. | | | | | 6,637,561 | | | | | | 0.3 | | |
| | | 43,607 | | | | Raymond James Financial, Inc. | | | | | 2,598,105 | | | | | | 0.1 | | |
| | | 43,294 | | | | Rayonier, Inc. | | | | | 1,106,162 | | | | | | 0.0 | | |
| | | 50,004 @ | | | | Realogy Holdings Corp. | | | | | 2,336,187 | | | | | | 0.1 | | |
| | | 79,374 | | | | Realty Income Corp. | | | | | 3,523,412 | | | | | | 0.2 | | |
| | | 32,213 | | | | Regency Centers Corp. | | | | | 1,899,923 | | | | | | 0.1 | | |
| | | 457,511 | | | | Regions Financial Corp. | | | | | 4,739,814 | | | | | | 0.2 | | |
| | | 22,605 | | | | Reinsurance Group of America, Inc. | | | | | 2,144,536 | | | | | | 0.1 | | |
| | | 15,722 @ | | | | RenaissanceRe Holdings Ltd. | | | | | 1,595,940 | | | | | | 0.1 | | |
| | | 80,975 | | | | Retail Properties of America, Inc. | | | | | 1,127,982 | | | | | | 0.1 | | |
| | | 30,337 @ | | | | Santander Consumer USA Holdings, Inc. | | | | | 775,717 | | | | | | 0.0 | | |
| | | 47,561 | | | | SEI Investments Co. | | | | | 2,331,916 | | | | | | 0.1 | | |
| | | 80,249 | | | | Senior Housing Properties Trust | | | | | 1,408,370 | | | | | | 0.1 | | |
| | | 17,300 @ | | | | Signature Bank | | | | | 2,532,547 | | | | | | 0.1 | | |
| | | 33,995 | | | | SL Green Realty Corp. | | | | | 3,735,711 | | | | | | 0.2 | | |
| | | 145,376 @ | | | | SLM Corp. | | | | | 1,434,861 | | | | | | 0.1 | | |
| | | 150,740 | | | | Spirit Realty Capital, Inc. | | | | | 1,457,656 | | | | | | 0.1 | | |
| | | 17,783 @ | | | | Springleaf Holdings, Inc. | | | | | 816,418 | | | | | | 0.0 | | |
| | | 14,406 | | | | Stancorp Financial Group, Inc. | | | | | 1,089,238 | | | | | | 0.0 | | |
| | | 81,292 | | | | Starwood Property Trust, Inc. | | | | | 1,753,468 | | | | | | 0.1 | | |
| | | 176,251 | | | | SunTrust Bank | | | | | 7,582,318 | | | | | | 0.3 | | |
| | | 17,487 @ | | | | SVB Financial Group | | | | | 2,517,778 | | | | | | 0.1 | | |
| | | 43,864 @ | | | | Synchrony Financial | | | | | 1,444,442 | | | | | | 0.1 | | |
| | | 45,463 | | | | Synovus Financial Corp. | | | | | 1,401,170 | | | | | | 0.1 | | |
| | | 88,956 | | | | T. Rowe Price Group, Inc. | | | | | 6,914,550 | | | | | | 0.3 | | |
| | | 32,699 | | | | Tanger Factory Outlet Centers, Inc. | | | | | 1,036,558 | | | | | | 0.0 | | |
| | | 21,089 | | | | Taubman Centers, Inc. | | | | | 1,465,685 | | | | | | 0.1 | | |
| | | 57,664 | | | | TCF Financial Corp. | | | | | 957,799 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
78
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 91,173 | | | | TD Ameritrade Holding Corp. | | | | $ | 3,356,990 | | | | | | 0.2 | | |
| | | 22,561 | | | | TFS Financial Corp. | | | | | 379,476 | | | | | | 0.0 | | |
| | | 43,042 | | | | Torchmark Corp. | | | | | 2,505,905 | | | | | | 0.1 | | |
| | | 125,143 | | | | Two Harbors Investment Corp. | | | | | 1,218,893 | | | | | | 0.1 | | |
| | | 88,431 | | | | UDR, Inc. | | | | | 2,832,445 | | | | | | 0.1 | | |
| | | 49,740 | | | | United States Steel Corp. | | | | | 1,025,639 | | | | | | 0.0 | | |
| | | 85,160 | | | | Unum Group | | | | | 3,044,470 | | | | | | 0.1 | | |
| | | 28,888 | | | | Validus Holdings Ltd. | | | | | 1,270,783 | | | | | | 0.1 | | |
| | | 112,962 | | | | Ventas, Inc. | | | | | 7,013,811 | | | | | | 0.3 | | |
| | | 64,273 | | | | Vornado Realty Trust | | | | | 6,101,436 | | | | | | 0.3 | | |
| | | 78,152 ** | | | | Voya Financial, Inc. | | | | | 3,631,723 | | | | | | 0.2 | | |
| | | 28,765 | | | | Waddell & Reed Financial, Inc. | | | | | 1,360,872 | | | | | | 0.1 | | |
| | | 42,315 | | | | Weingarten Realty Investors | | | | | 1,383,277 | | | | | | 0.1 | | |
| | | 176,771 | | | | Weyerhaeuser Co. | | | | | 5,568,286 | | | | | | 0.3 | | |
| | | 2,045 | | | | White Mountains Insurance Group Ltd. | | | | | 1,339,352 | | | | | | 0.1 | | |
| | | 35,613 | | | | WP Carey, Inc. | | | | | 2,099,030 | | | | | | 0.1 | | |
| | | 63,227 | | | | WP GLIMCHER, Inc. | | | | | 855,461 | | | | | | 0.0 | | |
| | | 33,210 | | | | WR Berkley Corp. | | | | | 1,724,595 | | | | | | 0.1 | | |
| | | 104,705 @ | | | | XL Group PLC | | | | | 3,895,026 | | | | | | 0.2 | | |
| | | 69,346 | | | | Zions Bancorp. | | | | | 2,200,695 | | | | | | 0.1 | | |
| | | | | | | | | | | | 465,621,687 | | | | | | 21.0 | | |
| | | | | | | Health Care: 10.5% | | ||||||||||||
| | | 17,649 @ | | | | Acadia Healthcare Co., Inc. | | | | | 1,382,446 | | | | | | 0.1 | | |
| | | 113,668 | | | | Agilent Technologies, Inc. | | | | | 4,385,311 | | | | | | 0.2 | | |
| | | 8,828 @ | | | | Agios Pharmaceuticals, Inc. | | | | | 981,144 | | | | | | 0.0 | | |
| | | 26,744 @ | | | | Akorn, Inc. | | | | | 1,167,643 | | | | | | 0.1 | | |
| | | 29,051 @ | | | | Alere, Inc. | | | | | 1,532,440 | | | | | | 0.1 | | |
| | | 27,576 @ | | | | Align Technology, Inc. | | | | | 1,729,291 | | | | | | 0.1 | | |
| | | 50,758 @ | | | | Alkermes PLC | | | | | 3,265,770 | | | | | | 0.1 | | |
| | | 61,816 @ | | | | Allscripts Healthcare Solutions, Inc. | | | | | 845,643 | | | | | | 0.0 | | |
| | | 25,323 @ | | | | Alnylam Pharmaceuticals, Inc. | | | | | 3,035,468 | | | | | | 0.1 | | |
| | | 74,990 | | | | AmerisourceBergen Corp. | | | | | 7,974,437 | | | | | | 0.4 | | |
| | | 13,163 @,L | | | | Athenahealth, Inc. | | | | | 1,508,217 | | | | | | 0.1 | | |
| | | 54,739 @ | | | | BioMarin Pharmaceutical, Inc. | | | | | 7,487,200 | | | | | | 0.3 | | |
| | | 7,050 @ | | | | Bio-Rad Laboratories, Inc. | | | | | 1,061,800 | | | | | | 0.1 | | |
| | | 12,692 | | | | Bio-Techne Corp. | | | | | 1,249,781 | | | | | | 0.1 | | |
| | | 11,212 @ | | | | Bluebird Bio, Inc. | | | | | 1,887,764 | | | | | | 0.1 | | |
| | | 457,757 @ | | | | Boston Scientific Corp. | | | | | 8,102,299 | | | | | | 0.4 | | |
| | | 62,842 @ | | | | Brookdale Senior Living, Inc. | | | | | 2,180,617 | | | | | | 0.1 | | |
| | | 37,897 @ | | | | Bruker BioSciences Corp. | | | | | 773,478 | | | | | | 0.0 | | |
| | | 71,000 @ | | | | Catamaran Corp. | | | | | 4,336,680 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 40,610 | | | | Centene Corp. | | | | $ | 3,265,044 | | | | | | 0.1 | | |
| | | 102,296 @ | | | | Cerner Corp. | | | | | 7,064,562 | | | | | | 0.3 | | |
| | | 16,159 @ | | | | Charles River Laboratories International, Inc. | | | | | 1,136,624 | | | | | | 0.1 | | |
| | | 40,287 @ | | | | Community Health Systems, Inc. | | | | | 2,536,872 | | | | | | 0.1 | | |
| | | 16,488 | | | | Cooper Cos., Inc. | | | | | 2,934,369 | | | | | | 0.1 | | |
| | | 25,350 | | | | CR Bard, Inc. | | | | | 4,327,245 | | | | | | 0.2 | | |
| | | 60,234 @ | | | | DaVita, Inc. | | | | | 4,786,796 | | | | | | 0.2 | | |
| | | 47,715 | | | | Dentsply International, Inc. | | | | | 2,459,708 | | | | | | 0.1 | | |
| | | 27,086 @ | | | | DexCom, Inc. | | | | | 2,166,338 | | | | | | 0.1 | | |
| | | 36,725 @ | | | | Edwards Lifesciences Corp. | | | | | 5,230,742 | | | | | | 0.2 | | |
| | | 61,031 @ | | | | Endo International PLC | | | | | 4,861,119 | | | | | | 0.2 | | |
| | | 63,352 @ | | | | Envision Healthcare Holdings, Inc. | | | | | 2,501,137 | | | | | | 0.1 | | |
| | | 26,349 @ | | | | Health Net, Inc. | | | | | 1,689,498 | | | | | | 0.1 | | |
| | | 28,553 @ | | | | Henry Schein, Inc. | | | | | 4,057,952 | | | | | | 0.2 | | |
| | | 19,330 | | | | Hill-Rom Holdings, Inc. | | | | | 1,050,199 | | | | | | 0.0 | | |
| | | 83,939 @ | | | | Hologic, Inc. | | | | | 3,194,718 | | | | | | 0.1 | | |
| | | 58,974 @ | | | | Hospira, Inc. | | | | | 5,231,584 | | | | | | 0.2 | | |
| | | 31,961 | | | | Idexx Laboratories, Inc. | | | | | 2,049,979 | | | | | | 0.1 | | |
| | | 45,660 @ | | | | IMS Health Holdings, Inc. | | | | | 1,399,479 | | | | | | 0.1 | | |
| | | 53,401 @ | | | | Incyte Corp., Ltd. | | | | | 5,564,918 | | | | | | 0.3 | | |
| | | 8,647 @ | | | | Inovalon Holdings, Inc. | | | | | 241,251 | | | | | | 0.0 | | |
| | | 5,445 @ | | | | Intercept Pharmaceuticals, Inc. | | | | | 1,314,314 | | | | | | 0.1 | | |
| | | 15,799 | | | | Intrexon Corp. | | | | | 770,991 | | | | | | 0.0 | | |
| | | 12,581 @ | | | | Intuitive Surgical, Inc. | | | | | 6,095,494 | | | | | | 0.3 | | |
| | | 40,876 @ | | | | Isis Pharmaceuticals, Inc. | | | | | 2,352,414 | | | | | | 0.1 | | |
| | | 20,847 @ | | | | Jazz Pharmaceuticals PLC | | | | | 3,670,531 | | | | | | 0.2 | | |
| | | 4,076 @,L | | | | Juno Therapeutics, Inc. | | | | | 217,373 | | | | | | 0.0 | | |
| | | 34,283 @ | | | | Laboratory Corp. of America Holdings | | | | | 4,155,785 | | | | | | 0.2 | | |
| | | 15,138 @ | | | | LifePoint Hospitals, Inc. | | | | | 1,316,249 | | | | | | 0.1 | | |
| | | 39,943 @ | | | | Mallinckrodt PLC - W/I | | | | | 4,702,090 | | | | | | 0.2 | | |
| | | 26,869 @ | | | | Medivation, Inc. | | | | | 3,068,440 | | | | | | 0.1 | | |
| | | 31,933 @ | | | | Mednax, Inc. | | | | | 2,366,555 | | | | | | 0.1 | | |
| | | 9,550 @ | | | | Mettler Toledo International, Inc. | | | | | 3,260,943 | | | | | | 0.1 | | |
| | | 33,083 | | | | Omnicare, Inc. | | | | | 3,118,073 | | | | | | 0.1 | | |
| | | 80,137 @ | | | | Opko Health, Inc. | | | | | 1,288,603 | | | | | | 0.1 | | |
| | | 29,403 | | | | Patterson Cos., Inc. | | | | | 1,430,456 | | | | | | 0.1 | | |
| | | 38,643 | | | | PerkinElmer, Inc. | | | | | 2,034,168 | | | | | | 0.1 | | |
| | | 49,934 @ | | | | Perrigo Co. PLC | | | | | 9,229,301 | | | | | | 0.4 | | |
| | | 12,843 @ | | | | Premier, Inc. | | | | | 493,942 | | | | | | 0.0 | | |
| | | 8,534 @ | | | | Puma Biotechnology, Inc. | | | | | 996,345 | | | | | | 0.0 | | |
| | | 79,221 @ | | | | Qiagen NV | | | | | 1,963,889 | | | | | | 0.1 | | |
| | | 49,042 | | | | Quest Diagnostics, Inc. | | | | | 3,556,526 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
79
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 27,019 @ | | | | Quintiles Transnational Holdings, Inc. | | | | $ | 1,961,850 | | | | | | 0.1 | | |
| | | 10,772 @ | | | | Receptos, Inc. | | | | | 2,047,219 | | | | | | 0.1 | | |
| | | 48,105 | | | | Resmed, Inc. | | | | | 2,711,679 | | | | | | 0.1 | | |
| | | 32,395 @ | | | | Seattle Genetics, Inc. | | | | | 1,567,918 | | | | | | 0.1 | | |
| | | 18,965 @ | | | | Sirona Dental Systems, Inc. | | | | | 1,904,465 | | | | | | 0.1 | | |
| | | 95,990 | | | | St. Jude Medical, Inc. | | | | | 7,013,989 | | | | | | 0.3 | | |
| | | 14,186 | | | | Teleflex, Inc. | | | | | 1,921,494 | | | | | | 0.1 | | |
| | | 33,878 @ | | | | Tenet Healthcare Corp. | | | | | 1,960,859 | | | | | | 0.1 | | |
| | | 15,776 @ | | | | United Therapeutics Corp. | | | | | 2,744,235 | | | | | | 0.1 | | |
| | | 31,344 | | | | Universal Health Services, Inc. | | | | | 4,453,982 | | | | | | 0.2 | | |
| | | 34,061 @ | | | | Varian Medical Systems, Inc. | | | | | 2,872,364 | | | | | | 0.1 | | |
| | | 28,062 @ | | | | VCA, Inc. | | | | | 1,526,713 | | | | | | 0.1 | | |
| | | 24,274 @ | | | | Veeva Systems, Inc. | | | | | 680,400 | | | | | | 0.0 | | |
| | | 10,008 @ | | | | VWR Corp. | | | | | 267,514 | | | | | | 0.0 | | |
| | | 28,233 @ | | | | Waters Corp. | | | | | 3,624,553 | | | | | | 0.2 | | |
| | | 58,165 | | | | Zimmer Biomet Holdings, Inc. | | | | | 6,353,363 | | | | | | 0.3 | | |
| | | 170,695 | | | | Zoetis, Inc. | | | | | 8,230,913 | | | | | | 0.4 | | |
| | | | | | | | | | | | 231,883,555 | | | | | | 10.5 | | |
| | | | | | | Industrials: 12.7% | | ||||||||||||
| | | 14,825 | | | | Acuity Brands, Inc. | | | | | 2,668,204 | | | | | | 0.1 | | |
| | | 58,477 L | | | | ADT Corp. | | | | | 1,963,073 | | | | | | 0.1 | | |
| | | 51,340 @ | | | | Aecom Technology Corp. | | | | | 1,698,327 | | | | | | 0.1 | | |
| | | 25,878 | | | | AGCO Corp. | | | | | 1,469,353 | | | | | | 0.1 | | |
| | | 35,016 | | | | Air Lease Corp. | | | | | 1,187,042 | | | | | | 0.1 | | |
| | | 44,258 | | | | Alaska Air Group, Inc. | | | | | 2,851,543 | | | | | | 0.1 | | |
| | | 32,682 @ | | | | Allegion Public Ltd. | | | | | 1,965,495 | | | | | | 0.1 | | |
| | | 61,355 | | | | Allison Transmission Holdings, Inc. | | | | | 1,795,247 | | | | | | 0.1 | | |
| | | 2,490 | | | | Amerco, Inc. | | | | | 814,006 | | | | | | 0.0 | | |
| | | 82,460 | | | | Ametek, Inc. | | | | | 4,517,159 | | | | | | 0.2 | | |
| | | 25,357 | | | | AO Smith Corp. | | | | | 1,825,197 | | | | | | 0.1 | | |
| | | 13,378 @ | | | | Armstrong World Industries, Inc. | | | | | 712,780 | | | | | | 0.0 | | |
| | | 36,145 @ | | | | Avis Budget Group, Inc. | | | | | 1,593,272 | | | | | | 0.1 | | |
| | | 36,517 | | | | Babcock & Wilcox Co. | | | | | 1,197,758 | | | | | | 0.1 | | |
| | | 36,231 | | | | BE Aerospace, Inc. | | | | | 1,989,082 | | | | | | 0.1 | | |
| | | 22,210 | | | | Carlisle Cos., Inc. | | | | | 2,223,665 | | | | | | 0.1 | | |
| | | 49,771 | | | | CH Robinson Worldwide, Inc. | | | | | 3,105,213 | | | | | | 0.1 | | |
| | | 33,448 @,L | | | | Chicago Bridge & Iron Co. NV | | | | | 1,673,738 | | | | | | 0.1 | | |
| | | 32,581 | | | | Cintas Corp. | | | | | 2,756,027 | | | | | | 0.1 | | |
| | | 20,014 @ | | | | Clean Harbors, Inc. | | | | | 1,075,552 | | | | | | 0.0 | | |
| | | 34,286 @,L | | | | Colfax Corp. | | | | | 1,582,299 | | | | | | 0.1 | | |
| | | 11,231 @,L | | | | Copa Holdings S.A. | | | | | 927,568 | | | | | | 0.0 | | |
| | | 43,184 @ | | | | Copart, Inc. | | | | | 1,532,168 | | | | | | 0.1 | | |
| | | 11,065 @ | | | | CoStar Group, Inc. | | | | | 2,226,942 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 39,119 | | | | Covanta Holding Corp. | | | | $ | 828,932 | | | | | | 0.0 | | |
| | | 16,422 | | | | Crane Co. | | | | | 964,464 | | | | | | 0.0 | | |
| | | 46,615 | | | | Donaldson Co., Inc. | | | | | 1,668,817 | | | | | | 0.1 | | |
| | | 54,762 | | | | Dover Corp. | | | | | 3,843,197 | | | | | | 0.2 | | |
| | | 12,300 | | | | Dun & Bradstreet Corp. | | | | | 1,500,600 | | | | | | 0.1 | | |
| | | 40,618 | | | | Equifax, Inc. | | | | | 3,943,602 | | | | | | 0.2 | | |
| | | 65,283 | | | | Expeditors International Washington, Inc. | | | | | 3,009,873 | | | | | | 0.1 | | |
| | | 100,357 | | | | Fastenal Co. | | | | | 4,233,058 | | | | | | 0.2 | | |
| | | 45,908 | | | | Flowserve Corp. | | | | | 2,417,515 | | | | | | 0.1 | | |
| | | 50,057 | | | | Fluor Corp. | | | | | 2,653,522 | | | | | | 0.1 | | |
| | | 54,426 | | | | Fortune Brands Home & Security, Inc. | | | | | 2,493,799 | | | | | | 0.1 | | |
| | | 14,999 | | | | GATX Corp. | | | | | 797,197 | | | | | | 0.0 | | |
| | | 18,109 @ | | | | Genesee & Wyoming, Inc. | | | | | 1,379,544 | | | | | | 0.1 | | |
| | | 20,043 | | | | Graco, Inc. | | | | | 1,423,654 | | | | | | 0.1 | | |
| | | 58,210 @ | | | | HD Supply Holdings, Inc | | | | | 2,047,828 | | | | | | 0.1 | | |
| | | 138,538 @ | | | | Hertz Global Holdings, Inc. | | | | | 2,510,309 | | | | | | 0.1 | | |
| | | 32,897 | | | | Hexcel Corp. | | | | | 1,636,297 | | | | | | 0.1 | | |
| | | 19,747 | | | | Hubbell, Inc. | | | | | 2,138,205 | | | | | | 0.1 | | |
| | | 16,614 | | | | Huntington Ingalls Industries, Inc. | | | | | 1,870,570 | | | | | | 0.1 | | |
| | | 26,601 | | | | IDEX Corp. | | | | | 2,090,307 | | | | | | 0.1 | | |
| | | 23,485 @ | | | | IHS, Inc. | | | | | 3,020,876 | | | | | | 0.1 | | |
| | | 90,386 @ | | | | Ingersoll-Rand PLC - Class A | | | | | 6,093,824 | | | | | | 0.3 | | |
| | | 30,440 | | | | ITT Corp. | | | | | 1,273,610 | | | | | | 0.1 | | |
| | | 42,862 @ | | | | Jacobs Engineering Group, Inc. | | | | | 1,741,054 | | | | | | 0.1 | | |
| | | 31,400 | | | | JB Hunt Transport Services, Inc. | | | | | 2,577,626 | | | | | | 0.1 | | |
| | | 106,987 @ | | | | JetBlue Airways Corp. | | | | | 2,221,050 | | | | | | 0.1 | | |
| | | 33,224 | | | | Joy Global, Inc. | | | | | 1,202,709 | | | | | | 0.1 | | |
| | | 37,743 | | | | Kansas City Southern | | | | | 3,442,162 | | | | | | 0.2 | | |
| | | 48,411 | | | | KAR Auction Services, Inc. | | | | | 1,810,571 | | | | | | 0.1 | | |
| | | 49,275 | | | | KBR, Inc. | | | | | 959,877 | | | | | | 0.0 | | |
| | | 27,070 | | | | Kennametal, Inc. | | | | | 923,628 | | | | | | 0.0 | | |
| | | 19,058 @ | | | | Kirby Corp. | | | | | 1,460,986 | | | | | | 0.1 | | |
| | | 28,121 | | | | L-3 Communications Holdings, Inc. | | | | | 3,188,359 | | | | | | 0.1 | | |
| | | 15,155 | | | | Landstar System, Inc. | | | | | 1,013,415 | | | | | | 0.0 | | |
| | | 13,810 | | | | Lennox International, Inc. | | | | | 1,487,199 | | | | | | 0.1 | | |
| | | 25,801 | | | | Lincoln Electric Holdings, Inc. | | | | | 1,571,023 | | | | | | 0.1 | | |
| | | 23,594 | | | | Macquarie Infrastructure Co. LLC | | | | | 1,949,572 | | | | | | 0.1 | | |
| | | 46,492 L | | | | Manitowoc Co., Inc. | | | | | 911,243 | | | | | | 0.0 | | |
| | | 26,712 | | | | Manpower, Inc. | | | | | 2,387,519 | | | | | | 0.1 | | |
| | | 118,997 | | | | Masco Corp. | | | | | 3,173,650 | | | | | | 0.1 | | |
| | | 19,580 @ | | | | Middleby Corp. | | | | | 2,197,463 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
80
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 16,241 | | | | MSC Industrial Direct Co. | | | | $ | 1,133,135 | | | | | | 0.1 | | |
| | | 125,629 | | | | Nielsen Holdings NV | | | | | 5,624,410 | | | | | | 0.3 | | |
| | | 20,782 | | | | Nordson Corp. | | | | | 1,618,710 | | | | | | 0.1 | | |
| | | 36,539 @,L | | | | NOW, Inc./DE | | | | | 727,491 | | | | | | 0.0 | | |
| | | 23,814 @ | | | | Old Dominion Freight Line | | | | | 1,633,759 | | | | | | 0.1 | | |
| | | 20,674 | | | | Orbital ATK, Inc. | | | | | 1,516,645 | | | | | | 0.1 | | |
| | | 26,692 | | | | Oshkosh Corp. | | | | | 1,131,207 | | | | | | 0.1 | | |
| | | 40,311 | | | | Owens Corning, Inc. | | | | | 1,662,829 | | | | | | 0.1 | | |
| | | 121,122 | | | | Paccar, Inc. | | | | | 7,728,795 | | | | | | 0.3 | | |
| | | 36,479 | | | | Pall Corp. | | | | | 4,539,812 | | | | | | 0.2 | | |
| | | 47,353 | | | | Parker Hannifin Corp. | | | | | 5,508,574 | | | | | | 0.2 | | |
| | | 61,324 @ | | | | Pentair PLC | | | | | 4,216,025 | | | | | | 0.2 | | |
| | | 68,815 | | | | Pitney Bowes, Inc. | | | | | 1,432,040 | | | | | | 0.1 | | |
| | | 69,795 @ | | | | Quanta Services, Inc. | | | | | 2,011,492 | | | | | | 0.1 | | |
| | | 15,284 | | | | Regal-Beloit Corp. | | | | | 1,109,466 | | | | | | 0.1 | | |
| | | 82,776 | | | | Republic Services, Inc. | | | | | 3,242,336 | | | | | | 0.1 | | |
| | | 46,101 | | | | Robert Half International, Inc. | | | | | 2,558,606 | | | | | | 0.1 | | |
| | | 45,939 | | | | Rockwell Automation, Inc. | | | | | 5,725,837 | | | | | | 0.3 | | |
| | | 45,149 | | | | Rockwell Collins, Inc. | | | | | 4,169,510 | | | | | | 0.2 | | |
| | | 32,406 | | | | Rollins, Inc. | | | | | 924,543 | | | | | | 0.0 | | |
| | | 34,322 | | | | Roper Technologies, Inc. | | | | | 5,919,172 | | | | | | 0.3 | | |
| | | 71,234 | | | | RR Donnelley & Sons Co. | | | | | 1,241,609 | | | | | | 0.1 | | |
| | | 18,201 | | | | Ryder System, Inc. | | | | | 1,590,221 | | | | | | 0.1 | | |
| | | 127,512 @,L | | | | Seadrill LTD | | | | | 1,318,474 | | | | | | 0.1 | | |
| | | 19,836 | | | | Snap-On, Inc. | | | | | 3,158,883 | | | | | | 0.1 | | |
| | | 228,127 | | | | Southwest Airlines Co. | | | | | 7,548,722 | | | | | | 0.3 | | |
| | | 48,365 @ | | | | Spirit Aerosystems Holdings, Inc. | | | | | 2,665,395 | | | | | | 0.1 | | |
| | | 24,913 @ | | | | Spirit Airlines, Inc. | | | | | 1,547,097 | | | | | | 0.1 | | |
| | | 13,993 | | | | SPX Corp. | | | | | 1,012,953 | | | | | | 0.0 | | |
| | | 52,485 | | | | Stanley Black & Decker, Inc. | | | | | 5,523,521 | | | | | | 0.2 | | |
| | | 29,028 @ | | | | Stericycle, Inc. | | | | | 3,887,139 | | | | | | 0.2 | | |
| | | 35,864 | | | | Terex Corp. | | | | | 833,838 | | | | | | 0.0 | | |
| | | 94,805 | | | | Textron, Inc. | | | | | 4,231,147 | | | | | | 0.2 | | |
| | | 26,501 | | | | Timken Co. | | | | | 969,142 | | | | | | 0.0 | | |
| | | 19,005 | | | | Toro Co. | | | | | 1,288,159 | | | | | | 0.1 | | |
| | | 23,671 | | | | Towers Watson & Co. | | | | | 2,977,812 | | | | | | 0.1 | | |
| | | 18,192 @ | | | | TransDigm Group, Inc. | | | | | 4,087,197 | | | | | | 0.2 | | |
| | | 52,874 | | | | Trinity Industries, Inc. | | | | | 1,397,460 | | | | | | 0.1 | | |
| | | 16,824 | | | | Triumph Group, Inc. | | | | | 1,110,216 | | | | | | 0.1 | | |
| | | 143,711 @ | | | | Tyco International Plc | | | | | 5,529,999 | | | | | | 0.2 | | |
| | | 130,408 @ | | | | United Continental Holdings, Inc. | | | | | 6,912,928 | | | | | | 0.3 | | |
| | | 33,094 @ | | | | United Rentals, Inc. | | | | | 2,899,696 | | | | | | 0.1 | | |
| | | 31,271 @ | | | | USG Corp. | | | | | 869,021 | | | | | | 0.0 | | |
| | | 8,034 | | | | Valmont Industries, Inc. | | | | | 955,002 | | | | | | 0.0 | | |
| | | 57,732 @ | | | | Verisk Analytics, Inc. | | | | | 4,200,580 | | | | | | 0.2 | | |
| | | 18,627 @ | | | | WABCO Holdings, Inc. | | | | | 2,304,532 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 32,992 | | | | Wabtec Corp. | | | | $ | 3,109,166 | | | | | | 0.1 | | |
| | | 42,275 | | | | Waste Connections, Inc. | | | | | 1,991,998 | | | | | | 0.1 | | |
| | | 8,885 | | | | Watsco, Inc. | | | | | 1,099,430 | | | | | | 0.0 | | |
| | | 15,103 @ | | | | Wesco International, Inc. | | | | | 1,036,670 | | | | | | 0.0 | | |
| | | 22,849 | | | | WW Grainger, Inc. | | | | | 5,407,216 | | | | | | 0.2 | | |
| | | 61,891 | | | | Xylem, Inc. | | | | | 2,294,299 | | | | | | 0.1 | | |
| | | | | | | | | | | | 282,543,332 | | | | | | 12.7 | | |
| | | | | | | Information Technology: 14.2% | | ||||||||||||
| | | 38,159 @,L | | | | 3D Systems Corp. | | | | | 744,864 | | | | | | 0.0 | | |
| | | 172,269 | | | | Activision Blizzard, Inc. | | | | | 4,170,632 | | | | | | 0.2 | | |
| | | 60,974 @ | | | | Akamai Technologies, Inc. | | | | | 4,257,205 | | | | | | 0.2 | | |
| | | 21,181 @ | | | | Alliance Data Systems Corp. | | | | | 6,183,581 | | | | | | 0.3 | | |
| | | 102,780 | | | | Altera Corp. | | | | | 5,262,336 | | | | | | 0.2 | | |
| | | 52,774 @ | | | | Amdocs Ltd. | | | | | 2,880,933 | | | | | | 0.1 | | |
| | | 105,469 | | | | Amphenol Corp. | | | | | 6,114,038 | | | | | | 0.3 | | |
| | | 107,058 | | | | Analog Devices, Inc. | | | | | 6,871,518 | | | | | | 0.3 | | |
| | | 30,642 @ | | | | Ansys, Inc. | | | | | 2,795,776 | | | | | | 0.1 | | |
| | | 420,481 | | | | Applied Materials, Inc. | | | | | 8,081,645 | | | | | | 0.4 | | |
| | | 11,498 @,L | | | | Arista Networks, Inc. | | | | | 939,846 | | | | | | 0.0 | | |
| | | 46,431 @ | | | | ARRIS Group, Inc. | | | | | 1,420,789 | | | | | | 0.1 | | |
| | | 32,678 @ | | | | Arrow Electronics, Inc. | | | | | 1,823,432 | | | | | | 0.1 | | |
| | | 142,574 | | | | Atmel Corp. | | | | | 1,405,067 | | | | | | 0.1 | | |
| | | 77,723 @ | | | | Autodesk, Inc. | | | | | 3,891,979 | | | | | | 0.2 | | |
| | | 46,379 | | | | Avnet, Inc. | | | | | 1,906,641 | | | | | | 0.1 | | |
| | | 7,092 @ | | | | Black Knight Financial Services, Inc. | | | | | 218,930 | | | | | | 0.0 | | |
| | | 34,763 | | | | Booz Allen Hamilton Holding Corp. | | | | | 877,418 | | | | | | 0.0 | | |
| | | 40,933 | | | | Broadridge Financial Solutions, Inc. ADR | | | | | 2,047,059 | | | | | | 0.1 | | |
| | | 142,709 | | | | Brocade Communications Systems, Inc. | | | | | 1,695,383 | | | | | | 0.1 | | |
| | | 107,790 | | | | CA, Inc. | | | | | 3,157,169 | | | | | | 0.1 | | |
| | | 99,901 @ | | | | Cadence Design Systems, Inc. | | | | | 1,964,054 | | | | | | 0.1 | | |
| | | 54,712 | | | | CDK Global, Inc. | | | | | 2,953,354 | | | | | | 0.1 | | |
| | | 44,999 | | | | CDW Corp./DE | | | | | 1,542,566 | | | | | | 0.1 | | |
| | | 54,712 @ | | | | Citrix Systems, Inc. | | | | | 3,838,594 | | | | | | 0.2 | | |
| | | 29,730 | | | | Cognex Corp. | | | | | 1,430,013 | | | | | | 0.1 | | |
| | | 35,918 @ | | | | CommScope Holding Co., Inc. | | | | | 1,095,858 | | | | | | 0.0 | | |
| | | 47,390 | | | | Computer Sciences Corp. | | | | | 3,110,680 | | | | | | 0.1 | | |
| | | 30,774 @ | | | | CoreLogic, Inc. | | | | | 1,221,420 | | | | | | 0.1 | | |
| | | 37,280 @,L | | | | Cree, Inc. | | | | | 970,398 | | | | | | 0.0 | | |
| | | 113,362 | | | | Cypress Semiconductor Corp. | | | | | 1,333,137 | | | | | | 0.1 | | |
| | | 17,013 | | | | Dolby Laboratories, Inc. | | | | | 675,076 | | | | | | 0.0 | | |
| | | 12,530 | | | | DST Systems, Inc. | | | | | 1,578,529 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
81
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 15,051 @ | | | | EchoStar Corp. | | | | $ | 732,683 | | | | | | 0.0 | | |
| | | 107,416 @ | | | | Electronic Arts, Inc. | | | | | 7,143,164 | | | | | | 0.3 | | |
| | | 24,560 @ | | | | F5 Networks, Inc. | | | | | 2,955,796 | | | | | | 0.1 | | |
| | | 14,257 | | | | Factset Research Systems, Inc. | | | | | 2,316,905 | | | | | | 0.1 | | |
| | | 96,779 | | | | Fidelity National Information Services, Inc. | | | | | 5,980,942 | | | | | | 0.3 | | |
| | | 47,094 @ | | | | FireEye, Inc. | | | | | 2,303,367 | | | | | | 0.1 | | |
| | | 25,800 @ | | | | First Solar, Inc. | | | | | 1,212,084 | | | | | | 0.1 | | |
| | | 80,841 @ | | | | Fiserv, Inc. | | | | | 6,696,060 | | | | | | 0.3 | | |
| | | 31,340 @ | | | | FleetCor Technologies, Inc. | | | | | 4,890,920 | | | | | | 0.2 | | |
| | | 47,854 | | | | Flir Systems, Inc. | | | | | 1,474,860 | | | | | | 0.1 | | |
| | | 48,732 @ | | | | Fortinet, Inc. | | | | | 2,014,093 | | | | | | 0.1 | | |
| | | 37,940 @ | | | | Freescale Semiconductor Holdings Ltd. | | | | | 1,516,462 | | | | | | 0.1 | | |
| | | 28,342 @ | | | | Gartner, Inc. | | | | | 2,431,177 | | | | | | 0.1 | | |
| | | 54,277 @ | | | | Genpact Ltd. | | | | | 1,157,728 | | | | | | 0.1 | | |
| | | 22,699 | | | | Global Payments, Inc. | | | | | 2,348,211 | | | | | | 0.1 | | |
| | | 8,040 @ | | | | GoDaddy, Inc. | | | | | 226,648 | | | | | | 0.0 | | |
| | | 42,203 | | | | Harris Corp. | | | | | 3,245,833 | | | | | | 0.1 | | |
| | | 25,089 | | | | IAC/InterActiveCorp | | | | | 1,998,590 | | | | | | 0.1 | | |
| | | 35,737 @ | | | | Informatica Corp. | | | | | 1,732,172 | | | | | | 0.1 | | |
| | | 53,388 @ | | | | Ingram Micro, Inc. | | | | | 1,336,302 | | | | | | 0.1 | | |
| | | 94,114 | | | | Intuit, Inc. | | | | | 9,483,868 | | | | | | 0.4 | | |
| | | 11,802 @,L | | | | IPG Photonics Corp. | | | | | 1,005,235 | | | | | | 0.0 | | |
| | | 66,103 | | | | Jabil Circuit, Inc. | | | | | 1,407,333 | | | | | | 0.1 | | |
| | | 27,915 | | | | Jack Henry & Associates, Inc. | | | | | 1,806,100 | | | | | | 0.1 | | |
| | | 79,900 @ | | | | JDS Uniphase Corp. | | | | | 925,242 | | | | | | 0.0 | | |
| | | 134,812 | | | | Juniper Networks, Inc. | | | | | 3,501,068 | | | | | | 0.2 | | |
| | | 57,715 @ | | | | Keysight Technologies, Inc. | | | | | 1,800,131 | | | | | | 0.1 | | |
| | | 27,499 @ | | | | King Digital Entertainment Plc | | | | | 391,861 | | | | | | 0.0 | | |
| | | 54,578 | | | | KLA-Tencor Corp. | | | | | 3,067,829 | | | | | | 0.1 | | |
| | | 54,040 | | | | Lam Research Corp. | | | | | 4,396,154 | | | | | | 0.2 | | |
| | | 22,770 @ | | | | Leidos Holdings, Inc. | | | | | 919,225 | | | | | | 0.0 | | |
| | | 22,851 @,L | | | | LendingClub Corp. | | | | | 337,052 | | | | | | 0.0 | | |
| | | 20,949 | | | | Lexmark International, Inc. | | | | | 925,946 | | | | | | 0.0 | | |
| | | 81,775 | | | | Linear Technology Corp. | | | | | 3,616,908 | | | | | | 0.2 | | |
| | | 37,357 @ | | | | LinkedIn Corp. | | | | | 7,719,077 | | | | | | 0.3 | | |
| | | 154,729 @ | | | | Marvell Technology Group Ltd. | | | | | 2,040,102 | | | | | | 0.1 | | |
| | | 96,966 | | | | Maxim Integrated Products | | | | | 3,352,599 | | | | | | 0.1 | | |
| | | 69,082 | | | | Microchip Technology, Inc. | | | | | 3,276,214 | | | | | | 0.1 | | |
| | | 71,998 | | | | Motorola Solutions, Inc. | | | | | 4,128,365 | | | | | | 0.2 | | |
| | | 38,373 | | | | National Instruments Corp. | | | | | 1,130,469 | | | | | | 0.0 | | |
| | | 57,889 @ | | | | NCR Corp. | | | | | 1,742,459 | | | | | | 0.1 | | |
| | | 106,449 | | | | NetApp, Inc. | | | | | 3,359,530 | | | | | | 0.1 | | |
| | | 13,645 @ | | | | NetSuite, Inc. | | | | | 1,251,929 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 86,370 @ | | | | Nuance Communications, Inc. | | | | $ | 1,512,339 | | | | | | 0.1 | | |
| | | 183,663 | | | | Nvidia Corp. | | | | | 3,693,463 | | | | | | 0.2 | | |
| | | 146,596 @ | | | | ON Semiconductor Corp. | | | | | 1,713,707 | | | | | | 0.1 | | |
| | | 24,777 @ | | | | Palo Alto Networks, Inc. | | | | | 4,328,542 | | | | | | 0.2 | | |
| | | 110,786 | | | | Paychex, Inc. | | | | | 5,193,648 | | | | | | 0.2 | | |
| | | 39,282 @ | | | | PTC, Inc. | | | | | 1,611,348 | | | | | | 0.1 | | |
| | | 51,015 @ | | | | Qorvo, Inc. | | | | | 4,094,974 | | | | | | 0.2 | | |
| | | 42,020 @ | | | | Rackspace Hosting, Inc. | | | | | 1,562,724 | | | | | | 0.1 | | |
| | | 62,599 @ | | | | Red Hat, Inc. | | | | | 4,753,142 | | | | | | 0.2 | | |
| | | 38,830 | | | | Sabre Corp. | | | | | 924,154 | | | | | | 0.0 | | |
| | | 70,983 | | | | SanDisk Corp. | | | | | 4,132,630 | | | | | | 0.2 | | |
| | | 52,497 @ | | | | ServiceNow, Inc. | | | | | 3,901,052 | | | | | | 0.2 | | |
| | | 65,249 | | | | Skyworks Solutions, Inc. | | | | | 6,792,421 | | | | | | 0.3 | | |
| | | 22,765 @ | | | | SolarWinds, Inc. | | | | | 1,050,149 | | | | | | 0.0 | | |
| | | 22,932 | | | | Solera Holdings, Inc. | | | | | 1,021,850 | | | | | | 0.0 | | |
| | | 42,782 @ | | | | Splunk, Inc. | | | | | 2,978,483 | | | | | | 0.1 | | |
| | | 24,386 | | | | SS&C Technologies Holdings, Inc. | | | | | 1,524,125 | | | | | | 0.1 | | |
| | | 92,979 @ | | | | SunEdison, Inc. | | | | | 2,781,002 | | | | | | 0.1 | | |
| | | 18,688 @,L | | | | SunPower Corp. | | | | | 530,926 | | | | | | 0.0 | | |
| | | 232,369 | | | | Symantec Corp. | | | | | 5,402,579 | | | | | | 0.2 | | |
| | | 52,961 @ | | | | Synopsys, Inc. | | | | | 2,682,475 | | | | | | 0.1 | | |
| | | 16,926 @ | | | | Tableau Software, Inc. | | | | | 1,951,568 | | | | | | 0.1 | | |
| | | 48,456 @ | | | | Teradata Corp. | | | | | 1,792,872 | | | | | | 0.1 | | |
| | | 73,275 | | | | Teradyne, Inc. | | | | | 1,413,475 | | | | | | 0.1 | | |
| | | 56,393 | | | | Total System Services, Inc. | | | | | 2,355,536 | | | | | | 0.1 | | |
| | | 88,556 @ | | | | Trimble Navigation Ltd. | | | | | 2,077,524 | | | | | | 0.1 | | |
| | | 192,960 @ | | | | Twitter, Inc. | | | | | 6,989,011 | | | | | | 0.3 | | |
| | | 9,763 @ | | | | Ultimate Software Group, Inc. | | | | | 1,604,451 | | | | | | 0.1 | | |
| | | 48,935 @ | | | | Vantiv, Inc. | | | | | 1,868,828 | | | | | | 0.1 | | |
| | | 38,822 @ | | | | VeriFone Holdings, Inc. | | | | | 1,318,395 | | | | | | 0.1 | | |
| | | 35,308 @ | | | | VeriSign, Inc. | | | | | 2,179,210 | | | | | | 0.1 | | |
| | | 76,718 | | | | Western Digital Corp. | | | | | 6,016,226 | | | | | | 0.3 | | |
| | | 176,287 | | | | Western Union Co. | | | | | 3,583,915 | | | | | | 0.2 | | |
| | | 13,196 @ | | | | WEX, Inc. | | | | | 1,503,948 | | | | | | 0.1 | | |
| | | 36,231 @ | | | | Workday, Inc. | | | | | 2,767,686 | | | | | | 0.1 | | |
| | | 376,981 | | | | Xerox Corp. | | | | | 4,011,078 | | | | | | 0.2 | | |
| | | 88,308 | | | | Xilinx, Inc. | | | | | 3,899,681 | | | | | | 0.2 | | |
| | | 22,160 @,L | | | | Yelp, Inc. | | | | | 953,545 | | | | | | 0.0 | | |
| | | 17,665 @ | | | | Zebra Technologies Corp. | | | | | 1,961,698 | | | | | | 0.1 | | |
| | | 15,018 @,L | | | | Zillow Group, Inc. | | | | | 1,302,661 | | | | | | 0.1 | | |
| | | 262,132 @,L | | | | Zynga, Inc. | | | | | 749,697 | | | | | | 0.0 | | |
| | | | | | | | | | | | 316,245,351 | | | | | | 14.2 | | |
| | | | | | | Materials: 5.9% | | ||||||||||||
| | | 23,199 | | | | Airgas, Inc. | | | | | 2,453,990 | | | | | | 0.1 | | |
| | | 38,288 | | | | Albemarle Corp. | | | | | 2,116,178 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
82
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 417,338 | | | | Alcoa, Inc. | | | | $ | 4,653,319 | | | | | | 0.2 | | |
| | | 37,305 | | | | Allegheny Technologies, Inc. | | | | | 1,126,611 | | | | | | 0.0 | | |
| | | 21,359 | | | | Aptargroup, Inc. | | | | | 1,362,063 | | | | | | 0.1 | | |
| | | 23,065 | | | | Ashland, Inc. | | | | | 2,811,624 | | | | | | 0.1 | | |
| | | 31,078 | | | | Avery Dennison Corp. | | | | | 1,893,893 | | | | | | 0.1 | | |
| | | 34,416 @ | | | | Axalta Coating Systems Ltd. | | | | | 1,138,481 | | | | | | 0.1 | | |
| | | 47,065 | | | | Ball Corp. | | | | | 3,301,610 | | | | | | 0.1 | | |
| | | 33,269 | | | | Bemis Co., Inc. | | | | | 1,497,438 | | | | | | 0.1 | | |
| | | 21,668 | | | | Cabot Corp. | | | | | 808,000 | | | | | | 0.0 | | |
| | | 52,314 | | | | Celanese Corp. | | | | | 3,760,330 | | | | | | 0.2 | | |
| | | 80,344 | | | | CF Industries Holdings, Inc. | | | | | 5,164,512 | | | | | | 0.2 | | |
| | | 11,506 | | | | Compass Minerals International, Inc. | | | | | 945,103 | | | | | | 0.0 | | |
| | | 47,523 @ | | | | Crown Holdings, Inc. | | | | | 2,514,442 | | | | | | 0.1 | | |
| | | 24,361 | | | | Cytec Industries, Inc. | | | | | 1,474,571 | | | | | | 0.1 | | |
| | | 21,735 | | | | Domtar Corp. | | | | | 899,829 | | | | | | 0.0 | | |
| | | 17,150 | | | | Eagle Materials, Inc. | | | | | 1,309,060 | | | | | | 0.1 | | |
| | | 50,757 | | | | Eastman Chemical Co. | | | | | 4,152,938 | | | | | | 0.2 | | |
| | | 45,568 | | | | FMC Corp. | | | | | 2,394,598 | | | | | | 0.1 | | |
| | | 355,117 | | | | Freeport-McMoRan, Inc. | | | | | 6,612,279 | | | | | | 0.3 | | |
| | | 112,313 | | | | Graphic Packaging Holding Co. | | | | | 1,564,520 | | | | | | 0.1 | | |
| | | 69,946 | | | | Huntsman Corp. | | | | | 1,543,708 | | | | | | 0.1 | | |
| | | 27,619 | | | | International Flavors & Fragrances, Inc. | | | | | 3,018,481 | | | | | | 0.1 | | |
| | | 143,716 | | | | International Paper Co. | | | | | 6,839,444 | | | | | | 0.3 | | |
| | | 23,041 | | | | Martin Marietta Materials, Inc. | | | | | 3,260,532 | | | | | | 0.1 | | |
| | | 57,297 | | | | MeadWestvaco Corp. | | | | | 2,703,845 | | | | | | 0.1 | | |
| | | 118,939 | | | | Mosaic Co. | | | | | 5,572,292 | | | | | | 0.3 | | |
| | | 2,903 | | | | NewMarket Corp. | | | | | 1,288,613 | | | | | | 0.1 | | |
| | | 170,654 | | | | Newmont Mining Corp. | | | | | 3,986,477 | | | | | | 0.2 | | |
| | | 108,964 | | | | Nucor Corp. | | | | | 4,802,044 | | | | | | 0.2 | | |
| | | 55,067 @ | | | | Owens-Illinois, Inc. | | | | | 1,263,237 | | | | | | 0.1 | | |
| | | 33,427 | | | | Packaging Corp. of America | | | | | 2,088,853 | | | | | | 0.1 | | |
| | | 41,147 @ | | | | Platform Specialty Products Corp. | | | | | 1,052,540 | | | | | | 0.0 | | |
| | | 25,365 | | | | Reliance Steel & Aluminum Co. | | | | | 1,534,075 | | | | | | 0.1 | | |
| | | 48,502 | | | | Rock-Tenn Co. | | | | | 2,919,820 | | | | | | 0.1 | | |
| | | 22,118 | | | | Royal Gold, Inc. | | | | | 1,362,248 | | | | | | 0.1 | | |
| | | 45,486 | | | | RPM International, Inc. | | | | | 2,227,449 | | | | | | 0.1 | | |
| | | 15,388 | | | | Scotts Miracle-Gro Co. | | | | | 911,124 | | | | | | 0.0 | | |
| | | 71,756 | | | | Sealed Air Corp. | | | | | 3,686,823 | | | | | | 0.2 | | |
| | | 27,647 | | | | Sherwin-Williams Co. | | | | | 7,603,478 | | | | | | 0.3 | | |
| | | 40,855 | | | | Sigma-Aldrich Corp. | | | | | 5,693,144 | | | | | | 0.3 | | |
| | | 13,876 | | | | Silgan Holdings, Inc. | | | | | 732,098 | | | | | | 0.0 | | |
| | | 34,466 | | | | Sonoco Products Co. | | | | | 1,477,213 | | | | | | 0.1 | | |
| | | 82,505 | | | | Steel Dynamics, Inc. | | | | | 1,709,091 | | | | | | 0.1 | | |
| | | 54,713 @ | | | | Tahoe Resources, Inc. | | | | | 663,669 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 27,744 | | | | Valspar Corp. | | | | $ | 2,270,014 | | | | | | 0.1 | | |
| | | 45,281 | | | | Vulcan Materials Co. | | | | | 3,800,434 | | | | | | 0.2 | | |
| | | 13,747 | | | | Westlake Chemical Corp. | | | | | 942,907 | | | | | | 0.0 | | |
| | | 24,843 @ | | | | WR Grace & Co. | | | | | 2,491,753 | | | | | | 0.1 | | |
| | | | | | | | | | | | 131,400,795 | | | | | | 5.9 | | |
| | | | | | | Telecommunication Services: 1.0% | | ||||||||||||
| | | 192,443 | | | | CenturyLink, Inc. | | | | | 5,653,975 | | | | | | 0.3 | | |
| | | 342,582 | | | | Frontier Communications Corp. | | | | | 1,695,781 | | | | | | 0.1 | | |
| | | 98,739 @ | | | | Level 3 Communications, Inc. | | | | | 5,200,583 | | | | | | 0.2 | | |
| | | 44,186 @ | | | | SBA Communications Corp. | | | | | 5,080,065 | | | | | | 0.2 | | |
| | | 253,379 @ | | | | Sprint Corp. | | | | | 1,155,408 | | | | | | 0.1 | | |
| | | 32,104 | | | | Telephone & Data Systems, Inc. | | | | | 943,858 | | | | | | 0.0 | | |
| | | 4,469 @ | | | | United States Cellular Corp. | | | | | 168,347 | | | | | | 0.0 | | |
| | | 49,033 @ | | | | Zayo Group Holdings, Inc. | | | | | 1,261,129 | | | | | | 0.1 | | |
| | | | | | | | | | | | 21,159,146 | | | | | | 1.0 | | |
| | | | | | | Utilities: 5.4% | | ||||||||||||
| | | 233,015 | | | | AES Corp. | | | | | 3,089,779 | | | | | | 0.1 | | |
| | | 40,938 | | | | AGL Resources, Inc. | | | | | 1,906,073 | | | | | | 0.1 | | |
| | | 38,572 | | | | Alliant Energy Corp. | | | | | 2,226,376 | | | | | | 0.1 | | |
| | | 82,824 | | | | Ameren Corp. | | | | | 3,120,808 | | | | | | 0.1 | | |
| | | 61,429 | | | | American Water Works Co., Inc. | | | | | 2,987,292 | | | | | | 0.1 | | |
| | | 60,465 | | | | Aqua America, Inc. | | | | | 1,480,788 | | | | | | 0.1 | | |
| | | 34,468 | | | | Atmos Energy Corp. | | | | | 1,767,519 | | | | | | 0.1 | | |
| | | 127,126 @ | | | | Calpine Corp. | | | | | 2,286,997 | | | | | | 0.1 | | |
| | | 146,882 | | | | Centerpoint Energy, Inc. | | | | | 2,795,164 | | | | | | 0.1 | | |
| | | 94,470 | | | | CMS Energy Corp. | | | | | 3,007,925 | | | | | | 0.1 | | |
| | | 99,994 | | | | Consolidated Edison, Inc. | | | | | 5,787,653 | | | | | | 0.3 | | |
| | | 61,223 | | | | DTE Energy Co. | | | | | 4,569,685 | | | | | | 0.2 | | |
| | | 111,215 | | | | Edison International | | | | | 6,181,330 | | | | | | 0.3 | | |
| | | 24,965 | | | | Energen Corp. | | | | | 1,705,109 | | | | | | 0.1 | | |
| | | 61,298 | | | | Entergy Corp. | | | | | 4,321,509 | | | | | | 0.2 | | |
| | | 108,451 | | | | Eversource Energy | | | | | 4,924,760 | | | | | | 0.2 | | |
| | | 144,063 | | | | FirstEnergy Corp. | | | | | 4,689,251 | | | | | | 0.2 | | |
| | | 52,703 | | | | Great Plains Energy, Inc. | | | | | 1,273,304 | | | | | | 0.1 | | |
| | | 36,660 | | | | Hawaiian Electric Industries | | | | | 1,089,902 | | | | | | 0.0 | | |
| | | 52,967 | | | | ITC Holdings Corp. | | | | | 1,704,478 | | | | | | 0.1 | | |
| | | 66,522 | | | | MDU Resources Group, Inc. | | | | | 1,299,175 | | | | | | 0.1 | | |
| | | 28,834 | | | | National Fuel Gas Co. | | | | | 1,698,034 | | | | | | 0.1 | | |
| | | 108,342 | | | | NiSource, Inc. | | | | | 4,939,312 | | | | | | 0.2 | | |
| | | 113,847 | | | | NRG Energy, Inc. | | | | | 2,604,819 | | | | | | 0.1 | | |
| | | 68,118 | | | | OGE Energy Corp. | | | | | 1,946,131 | | | | | | 0.1 | | |
| | | 86,403 | | | | Pepco Holdings, Inc. | | | | | 2,327,697 | | | | | | 0.1 | | |
| | | 37,820 | | | | Pinnacle West Capital Corp. | | | | | 2,151,580 | | | | | | 0.1 | | |
| | | 228,119 | | | | PPL Corp. | | | | | 6,722,667 | | | | | | 0.3 | | |
| | | 172,687 | | | | Public Service Enterprise Group, Inc. | | | | | 6,783,145 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
83
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities (continued) | | |||||||||||||||
| | | 60,031 | | | | Questar Corp. | | | | $ | 1,255,248 | | | | | | 0.1 | | | |||
| | | 48,797 | | | | SCANA Corp. | | | | | 2,471,568 | | | | | | 0.1 | | | |||
| | | 84,531 | | | | Sempra Energy | | | | | 8,363,497 | | | | | | 0.4 | | | |||
| | | 80,216 | | | | TECO Energy, Inc. | | | | | 1,416,615 | | | | | | 0.1 | | | |||
| | | 17,458 | | | | TerraForm Power, Inc. | | | | | 663,055 | | | | | | 0.0 | | | |||
| | | 58,902 | | | | UGI Corp. | | | | | 2,029,174 | | | | | | 0.1 | | | |||
| | | 28,192 | | | | Vectren Corp. | | | | | 1,084,828 | | | | | | 0.0 | | | |||
| | | 107,795 | | | | WEC Energy Group, Inc. | | | | | 4,847,536 | | | | | | 0.2 | | | |||
| | | 45,117 | | | | Westar Energy, Inc. | | | | | 1,543,904 | | | | | | 0.1 | | | |||
| | | 173,030 | | | | Xcel Energy, Inc. | | | | | 5,568,105 | | | | | | 0.2 | | | |||
| | | | | | | | | | | | 120,631,792 | | | | | | 5.4 | | | |||
| | | | | | | Total Common Stock (Cost $1,243,332,913) | | | | | 2,185,427,113 | | | | | | 98.4 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.2% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.0% | | ||||||||||||
| | 5,086,465 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $5,086,486, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $5,188,194, due 07/15/15-05/20/65) | | | | | 5,086,465 | | | | | | 0.2 | | |
| | 3,485,726 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $3,485,743, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $3,555,423, due 11/15/15-03/01/48) | | | | | 3,485,726 | | | | | | 0.2 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 5,248,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $5,248,024, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $5,352,960, due 01/15/17-08/15/42) | | | | $ | 5,248,000 | | | | | | 0.3 | | |
| | 5,086,465 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $5,086,485, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $5,188,196, due 07/31/15-05/20/65) | | | | | 5,086,465 | | | | | | 0.2 | | |
| | 2,509,963 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $2,509,977, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $2,561,123, due 01/15/17-01/15/29) | | | | | 2,509,963 | | | | | | 0.1 | | |
| | | | | | | | | | | 21,416,619 | | | | | | 1.0 | | |
See Accompanying Notes to Financial Statements
84
Voya Russell™ Mid Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.2% | | |||||||||||||||
| | 26,466,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,466,000) | | | | | 26,466,000 | | | | | | 1.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $47,882,619) | | | | | 47,882,619 | | | | | | 2.2 | | | |||
| | | | | | Total Investments in Securities (Cost $1,291,215,532) | | | | $ | 2,233,309,732 | | | | | | 100.6 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (13,118,215) | | | | | | (0.6) | | | |||
| | | | | | Net Assets | | | | $ | 2,220,191,517 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
**
Investment in affiliate
Cost for federal income tax purposes is $1,299,996,214.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 988,716,823 | | | |
| Gross Unrealized Depreciation | | | | | (55,403,305) | | | |
| Net Unrealized Appreciation | | | | $ | 933,313,518 | | | |
|
See Accompanying Notes to Financial Statements
85
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 96.8% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 14.1% | | ||||||||||||
| | | 11,790 @ | | | | 2U, Inc. | | | | $ | 379,520 | | | | | | 0.0 | | |
| | | 30,702 | | | | Abercrombie & Fitch Co. | | | | | 660,400 | | | | | | 0.1 | | |
| | | 12,744 | | | | AMC Entertainment Holdings, Inc. | | | | | 390,986 | | | | | | 0.0 | | |
| | | 37,743 @ | | | | American Axle & Manufacturing Holdings, Inc. | | | | | 789,206 | | | | | | 0.1 | | |
| | | 90,669 | | | | American Eagle Outfitters | | | | | 1,561,320 | | | | | | 0.2 | | |
| | | 13,530 @ | | | | American Public Education, Inc. | | | | | 347,992 | | | | | | 0.0 | | |
| | | 7,264 @ | | | | America’s Car-Mart, Inc. | | | | | 358,261 | | | | | | 0.0 | | |
| | | 25,687 @ | | | | ANN, Inc. | | | | | 1,240,425 | | | | | | 0.1 | | |
| | | 40,714 @ | | | | Apollo Group, Inc. - Class A | | | | | 524,396 | | | | | | 0.1 | | |
| | | 9,700 | | | | Arctic Cat, Inc. | | | | | 322,137 | | | | | | 0.0 | | |
| | | 13,876 @ | | | | Asbury Automotive Group, Inc. | | | | | 1,257,443 | | | | | | 0.1 | | |
| | | 61,046 @ | | | | Ascena Retail Group, Inc. | | | | | 1,016,721 | | | | | | 0.1 | | |
| | | 11,607 @ | | | | Ascent Capital Group, Inc. | | | | | 496,083 | | | | | | 0.1 | | |
| | | 24,200 @ | | | | Barnes & Noble, Inc. | | | | | 628,232 | | | | | | 0.1 | | |
| | | 6,267 | | | | Bassett Furniture Industries, Inc. | | | | | 178,045 | | | | | | 0.0 | | |
| | | 21,151 @ | | | | Beazer Homes USA, Inc. | | | | | 421,962 | | | | | | 0.0 | | |
| | | 57,400 @ | | | | Belmond Ltd | | | | | 716,926 | | | | | | 0.1 | | |
| | | 22,774 | | | | Big Lots, Inc. | | | | | 1,024,602 | | | | | | 0.1 | | |
| | | 1,045 | | | | Biglari Holdings, Inc. | | | | | 432,369 | | | | | | 0.0 | | |
| | | 11,788 @ | | | | BJ’s Restaurants, Inc. | | | | | 571,129 | | | | | | 0.1 | | |
| | | 19,174 @ | | | | Black Diamond, Inc. | | | | | 177,168 | | | | | | 0.0 | | |
| | | 51,649 | | | | Bloomin Brands, Inc. | | | | | 1,102,706 | | | | | | 0.1 | | |
| | | 8,580 @ | | | | Blue Nile, Inc. | | | | | 260,746 | | | | | | 0.0 | | |
| | | 14,824 | | | | Bob Evans Farms, Inc. | | | | | 756,765 | | | | | | 0.1 | | |
| | | 5,049 @ | | | | Boot Barn Holdings, Inc. | | | | | 161,568 | | | | | | 0.0 | | |
| | | 42,154 @ | | | | Boyd Gaming Corp. | | | | | 630,202 | | | | | | 0.1 | | |
| | | 14,851 @ | | | | Bright Horizons Family Solutions, Inc. | | | | | 858,388 | | | | | | 0.1 | | |
| | | 14,753 L | | | | Buckle, Inc. | | | | | 675,245 | | | | | | 0.1 | | |
| | | 9,820 @ | | | | Buffalo Wild Wings, Inc. | | | | | 1,538,696 | | | | | | 0.2 | | |
| | | 35,788 @ | | | | Burlington Stores, Inc. | | | | | 1,832,346 | | | | | | 0.2 | | |
| | | 18,368 @,L | | | | Caesars Acquisition Co. | | | | | 126,372 | | | | | | 0.0 | | |
| | | 29,511 @,L | | | | Caesars Entertainment Co. | | | | | 180,607 | | | | | | 0.0 | | |
| | | 25,239 | | | | Caleres, Inc. | | | | | 802,095 | | | | | | 0.1 | | |
| | | 44,250 | | | | Callaway Golf Co. | | | | | 395,595 | | | | | | 0.0 | | |
| | | 8,267 | | | | Capella Education Co. | | | | | 443,690 | | | | | | 0.1 | | |
| | | 48,265 @ | | | | Career Education Corp. | | | | | 159,275 | | | | | | 0.0 | | |
| | | 14,596 @ | | | | Carmike Cinemas, Inc. | | | | | 387,378 | | | | | | 0.0 | | |
| | | 16,580 @ | | | | Carrols Restaurant Group, Inc. | | | | | 172,432 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 17,351 | | | | Cato Corp. | | | | $ | 672,525 | | | | | | 0.1 | | |
| | | 6,803 @ | | | | Cavco Industries, Inc. | | | | | 513,218 | | | | | | 0.1 | | |
| | | 60,036 @,L | | | | Central European Media Enterprises Ltd. | | | | | 130,878 | | | | | | 0.0 | | |
| | | 26,316 | | | | Cheesecake Factory | | | | | 1,435,143 | | | | | | 0.2 | | |
| | | 58,437 | | | | Chico’s FAS, Inc. | | | | | 971,807 | | | | | | 0.1 | | |
| | | 11,779 | | | | Childrens Place Retail Stores, Inc. | | | | | 770,464 | | | | | | 0.1 | | |
| | | 31,483 @ | | | | Christopher & Banks Corp. | | | | | 126,247 | | | | | | 0.0 | | |
| | | 6,176 | | | | Churchill Downs, Inc. | | | | | 772,309 | | | | | | 0.1 | | |
| | | 9,923 @ | | | | Chuy’s Holdings, Inc. | | | | | 265,837 | | | | | | 0.0 | | |
| | | 13,569 @ | | | | Citi Trends, Inc. | | | | | 328,370 | | | | | | 0.0 | | |
| | | 16,246 | | | | ClubCorp Holdings, Inc. | | | | | 387,955 | | | | | | 0.0 | | |
| | | 15,220 | | | | Columbia Sportswear Co. | | | | | 920,201 | | | | | | 0.1 | | |
| | | 14,261 @,L | | | | Conn’s, Inc. | | | | | 566,162 | | | | | | 0.1 | | |
| | | 8,777 @,L | | | | Container Store Group, Inc. | | | | | 148,068 | | | | | | 0.0 | | |
| | | 31,627 | | | | Cooper Tire & Rubber Co. | | | | | 1,069,941 | | | | | | 0.1 | | |
| | | 7,712 @ | | | | Cooper-Standard Holding, Inc. | | | | | 474,057 | | | | | | 0.1 | | |
| | | 14,207 | | | | Core-Mark Holding Co., Inc. | | | | | 841,765 | | | | | | 0.1 | | |
| | | 30,708 @ | | | | Coupons.com, Inc. | | | | | 331,339 | | | | | | 0.0 | | |
| | | 10,007 L | | | | Cracker Barrel Old Country Store | | | | | 1,492,644 | | | | | | 0.2 | | |
| | | 45,942 @ | | | | CROCS, Inc. | | | | | 675,807 | | | | | | 0.1 | | |
| | | 8,490 | | | | CSS Industries, Inc. | | | | | 256,823 | | | | | | 0.0 | | |
| | | 58,324 @ | | | | Cumulus Media, Inc. | | | | | 118,398 | | | | | | 0.0 | | |
| | | 76,351 | | | | Dana Holding Corp. | | | | | 1,571,304 | | | | | | 0.2 | | |
| | | 8,074 @ | | | | Dave & Buster’s Entertainment, Inc. | | | | | 291,391 | | | | | | 0.0 | | |
| | | 14,987 @ | | | | Deckers Outdoor Corp. | | | | | 1,078,614 | | | | | | 0.1 | | |
| | | 12,933 @ | | | | Del Frisco’s Restaurant Group, Inc. | | | | | 240,942 | | | | | | 0.0 | | |
| | | 60,971 @ | | | | Denny’s Corp. | | | | | 707,873 | | | | | | 0.1 | | |
| | | 25,700 | | | | DeVry, Inc. | | | | | 770,486 | | | | | | 0.1 | | |
| | | 17,943 @ | | | | Diamond Resorts International, Inc. | | | | | 566,102 | | | | | | 0.1 | | |
| | | 10,077 | | | | DineEquity, Inc. | | | | | 998,530 | | | | | | 0.1 | | |
| | | 15,828 @,L | | | | Dorman Products, Inc. | | | | | 754,362 | | | | | | 0.1 | | |
| | | 36,528 @ | | | | DreamWorks Animation SKG, Inc. | | | | | 963,609 | | | | | | 0.1 | | |
| | | 13,310 | | | | Drew Industries, Inc. | | | | | 772,246 | | | | | | 0.1 | | |
| | | 5,570 @ | | | | El Pollo Loco Holdings, Inc. | | | | | 115,355 | | | | | | 0.0 | | |
| | | 15,723 @ | | | | Eldorado Resorts, Inc. | | | | | 122,954 | | | | | | 0.0 | | |
| | | 23,434 @ | | | | Entercom Communications Corp. | | | | | 267,616 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
86
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 35,019 | | | | Entravision Communications Corp. | | | | $ | 288,206 | | | | | | 0.0 | | |
| | | 12,916 @ | | | | Eros International PLC | | | | | 324,450 | | | | | | 0.0 | | |
| | | 14,140 | | | | Ethan Allen Interiors, Inc. | | | | | 372,448 | | | | | | 0.0 | | |
| | | 38,425 @ | | | | EVINE Live, Inc. | | | | | 103,363 | | | | | | 0.0 | | |
| | | 33,076 | | | | EW Scripps Co. | | | | | 755,787 | | | | | | 0.1 | | |
| | | 47,553 @ | | | | Express, Inc. | | | | | 861,185 | | | | | | 0.1 | | |
| | | 12,449 | | | | Federal Mogul Corp. | | | | | 141,296 | | | | | | 0.0 | | |
| | | 12,900 @ | | | | Fiesta Restaurant Group, Inc. | | | | | 645,000 | | | | | | 0.1 | | |
| | | 29,926 | | | | Finish Line, Inc. | | | | | 832,541 | | | | | | 0.1 | | |
| | | 28,949 @ | | | | Five Below, Inc. | | | | | 1,144,354 | | | | | | 0.1 | | |
| | | 24,628 @ | | | | Francesca’s Holdings Corp. | | | | | 331,739 | | | | | | 0.0 | | |
| | | 17,890 | | | | Fred’s, Inc. | | | | | 345,098 | | | | | | 0.0 | | |
| | | 13,846 @ | | | | FTD Cos, Inc. | | | | | 390,319 | | | | | | 0.0 | | |
| | | 13,712 @ | | | | Genesco, Inc. | | | | | 905,403 | | | | | | 0.1 | | |
| | | 18,447 @ | | | | Gentherm, Inc. | | | | | 1,012,925 | | | | | | 0.1 | | |
| | | 20,820 | | | | G-III Apparel Group Ltd. | | | | | 1,464,687 | | | | | | 0.2 | | |
| | | 26,310 @ | | | | Grand Canyon Education, Inc. | | | | | 1,115,544 | | | | | | 0.1 | | |
| | | 36,936 @ | | | | Gray Television, Inc. | | | | | 579,156 | | | | | | 0.1 | | |
| | | 8,480 | | | | Green Brick Partners, Inc. | | | | | 92,856 | | | | | | 0.0 | | |
| | | 11,862 | | | | Group 1 Automotive, Inc. | | | | | 1,077,425 | | | | | | 0.1 | | |
| | | 25,245 | | | | Guess?, Inc. | | | | | 483,947 | | | | | | 0.1 | | |
| | | 4,210 @ | | | | Habit Restaurants, Inc./The | | | | | 131,731 | | | | | | 0.0 | | |
| | | 27,960 | | | | Harte-Hanks, Inc. | | | | | 166,642 | | | | | | 0.0 | | |
| | | 13,719 | | | | Haverty Furniture Cos., Inc. | | | | | 296,605 | | | | | | 0.0 | | |
| | | 15,197 @ | | | | Helen of Troy Ltd. | | | | | 1,481,556 | | | | | | 0.2 | | |
| | | 16,178 @ | | | | Hibbett Sporting Goods, Inc. | | | | | 753,571 | | | | | | 0.1 | | |
| | | 62,919 @ | | | | Houghton Mifflin Harcourt Co. | | | | | 1,585,559 | | | | | | 0.2 | | |
| | | 87,537 @,L | | | | Hovnanian Enterprises, Inc. | | | | | 232,848 | | | | | | 0.0 | | |
| | | 18,234 | | | | HSN, Inc. | | | | | 1,279,844 | | | | | | 0.1 | | |
| | | 26,491 @ | | | | Iconix Brand Group, Inc. | | | | | 661,480 | | | | | | 0.1 | | |
| | | 26,611 @ | | | | Imax Corp. | | | | | 1,071,625 | | | | | | 0.1 | | |
| | | 9,381 @ | | | | Installed Building Products, Inc. | | | | | 229,647 | | | | | | 0.0 | | |
| | | 10,000 | | | | International Speedway Corp. | | | | | 366,700 | | | | | | 0.0 | | |
| | | 26,350 | | | | Interval Leisure Group, Inc. | | | | | 602,098 | | | | | | 0.1 | | |
| | | 14,587 @,L | | | | iRobot Corp. | | | | | 465,034 | | | | | | 0.1 | | |
| | | 11,313 @ | | | | Isle of Capri Casinos, Inc. | | | | | 205,331 | | | | | | 0.0 | | |
| | | 20,538 | | | | Jack in the Box, Inc. | | | | | 1,810,630 | | | | | | 0.2 | | |
| | | 14,085 @,L | | | | Jamba, Inc. | | | | | 218,177 | | | | | | 0.0 | | |
| | | 14,754 | | | | Journal Media Group, Inc. | | | | | 122,311 | | | | | | 0.0 | | |
| | | 17,314 @ | | | | K12, Inc. | | | | | 219,022 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 40,434 | | | | KB Home | | | | $ | 671,204 | | | | | | 0.1 | | |
| | | 7,741 | | | | Kirkland’s, Inc. | | | | | 215,742 | | | | | | 0.0 | | |
| | | 35,518 @ | | | | Krispy Kreme Doughnuts, Inc. | | | | | 684,077 | | | | | | 0.1 | | |
| | | 36,861 @ | | | | La Quinta Holdings, Inc. | | | | | 842,274 | | | | | | 0.1 | | |
| | | 7,760 @,L | | | | Lands' End, Inc. | | | | | 192,681 | | | | | | 0.0 | | |
| | | 27,701 | | | | La-Z-Boy, Inc. | | | | | 729,644 | | | | | | 0.1 | | |
| | | 7,805 @ | | | | LGI Homes, Inc. | | | | | 154,383 | | | | | | 0.0 | | |
| | | 16,500 | | | | Libbey, Inc. | | | | | 681,945 | | | | | | 0.1 | | |
| | | 35,583 @ | | | | Liberty TripAdvisor Holdings, Inc. | | | | | 1,146,484 | | | | | | 0.1 | | |
| | | 44,299 @ | | | | LifeLock, Inc. | | | | | 726,504 | | | | | | 0.1 | | |
| | | 10,685 | | | | Lifetime Brands, Inc. | | | | | 157,817 | | | | | | 0.0 | | |
| | | 10,475 | | | | Lithia Motors, Inc. | | | | | 1,185,351 | | | | | | 0.1 | | |
| | | 15,618 @,L | | | | Lumber Liquidators Holdings, Inc. | | | | | 323,449 | | | | | | 0.0 | | |
| | | 20,841 @ | | | | M/I Homes, Inc. | | | | | 514,147 | | | | | | 0.1 | | |
| | | 9,163 @ | | | | Malibu Boats, Inc. | | | | | 184,085 | | | | | | 0.0 | | |
| | | 16,980 | | | | Marcus Corp. | | | | | 325,676 | | | | | | 0.0 | | |
| | | 16,367 @ | | | | MarineMax, Inc. | | | | | 384,788 | | | | | | 0.0 | | |
| | | 15,433 | | | | Marriott Vacations Worldwide Corp. | | | | | 1,415,978 | | | | | | 0.1 | | |
| | | 8,635 @,L | | | | Mattress Firm Holding Corp. | | | | | 526,303 | | | | | | 0.1 | | |
| | | 18,053 | | | | MDC Holdings, Inc. | | | | | 541,048 | | | | | | 0.1 | | |
| | | 28,480 @ | | | | MDC Partners, Inc. | | | | | 561,056 | | | | | | 0.1 | | |
| | | 43,810 @ | | | | Media General, Inc. | | | | | 723,741 | | | | | | 0.1 | | |
| | | 24,438 | | | | Men’s Wearhouse, Inc. | | | | | 1,565,743 | | | | | | 0.2 | | |
| | | 19,600 | | | | Meredith Corp. | | | | | 1,022,140 | | | | | | 0.1 | | |
| | | 19,238 @ | | | | Meritage Homes Corp. | | | | | 905,917 | | | | | | 0.1 | | |
| | | 34,800 @ | | | | Modine Manufacturing Co. | | | | | 373,404 | | | | | | 0.0 | | |
| | | 17,112 | | | | Monro Muffler Brake, Inc. | | | | | 1,063,682 | | | | | | 0.1 | | |
| | | 25,302 @ | | | | Morgans Hotel Group Co. | | | | | 170,535 | | | | | | 0.0 | | |
| | | 9,688 @ | | | | Motorcar Parts of America, Inc. | | | | | 291,512 | | | | | | 0.0 | | |
| | | 9,182 | | | | Movado Group, Inc. | | | | | 249,383 | | | | | | 0.0 | | |
| | | 3,246 | | | | Nacco Industries, Inc. | | | | | 197,227 | | | | | | 0.0 | | |
| | | 33,800 | | | | National CineMedia, Inc. | | | | | 539,448 | | | | | | 0.1 | | |
| | | 18,718 @ | | | | Nautilus, Inc. | | | | | 402,624 | | | | | | 0.0 | | |
| | | 19,851 | | | | New Media Investment Group, Inc. | | | | | 355,928 | | | | | | 0.0 | | |
| | | 65,676 | | | | New York Times Co. | | | | | 896,477 | | | | | | 0.1 | | |
| | | 17,082 | | | | Nexstar Broadcasting Group, Inc. | | | | | 956,592 | | | | | | 0.1 | | |
| | | 17,213 | | | | Nutri/System, Inc. | | | | | 428,259 | | | | | | 0.0 | | |
| | | 51,325 @ | | | | Orbitz Worldwide, Inc. | | | | | 586,132 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
87
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 10,335 L | | | | Outerwall, Inc. | | | | $ | 786,597 | | | | | | 0.1 | | |
| | | 6,506 @ | | | | Overstock.com, Inc. | | | | | 146,645 | | | | | | 0.0 | | |
| | | 5,833 | | | | Oxford Industries, Inc. | | | | | 510,096 | | | | | | 0.1 | | |
| | | 16,896 | | | | Papa John’s International, Inc. | | | | | 1,277,507 | | | | | | 0.1 | | |
| | | 5,169 @ | | | | Party City Holdco, Inc. | | | | | 104,776 | | | | | | 0.0 | | |
| | | 42,167 @ | | | | Penn National Gaming, Inc. | | | | | 773,764 | | | | | | 0.1 | | |
| | | 31,803 @ | | | | PEP Boys-Manny Moe & Jack | | | | | 390,223 | | | | | | 0.0 | | |
| | | 20,223 @ | | | | Performance Sports Group Ltd | | | | | 364,014 | | | | | | 0.0 | | |
| | | 9,760 @ | | | | Perry Ellis International, Inc. | | | | | 231,995 | | | | | | 0.0 | | |
| | | 52,354 | | | | Pier 1 Imports, Inc. | | | | | 661,231 | | | | | | 0.1 | | |
| | | 33,240 @ | | | | Pinnacle Entertainment, Inc. | | | | | 1,239,187 | | | | | | 0.1 | | |
| | | 23,041 | | | | Pool Corp. | | | | | 1,617,017 | | | | | | 0.2 | | |
| | | 14,193 @ | | | | Popeyes Louisiana Kitchen, Inc. | | | | | 851,438 | | | | | | 0.1 | | |
| | | 12,164 @ | | | | Potbelly Corp. | | | | | 149,009 | | | | | | 0.0 | | |
| | | 7,848 @ | | | | Red Robin Gourmet Burgers, Inc. | | | | | 673,515 | | | | | | 0.1 | | |
| | | 32,445 @ | | | | Regis Corp. | | | | | 511,333 | | | | | | 0.1 | | |
| | | 8,000 | | | | Remy International, Inc. | | | | | 176,880 | | | | | | 0.0 | | |
| | | 27,793 | | | | Rent-A-Center, Inc. | | | | | 787,932 | | | | | | 0.1 | | |
| | | 6,416 @,L | | | | Rentrak Corp. | | | | | 447,837 | | | | | | 0.1 | | |
| | | 16,669 @ | | | | Restoration Hardware Holdings, Inc. | | | | | 1,627,394 | | | | | | 0.2 | | |
| | | 17,192 @ | | | | RetailMeNot, Inc. | | | | | 306,533 | | | | | | 0.0 | | |
| | | 40,077 @ | | | | Ruby Tuesday, Inc. | | | | | 251,283 | | | | | | 0.0 | | |
| | | 29,088 | | | | Ruth’s Hospitality Group, Inc. | | | | | 468,899 | | | | | | 0.1 | | |
| | | 25,828 | | | | Ryland Group, Inc. | | | | | 1,197,644 | | | | | | 0.1 | | |
| | | 17,420 | | | | Scholastic Corp. | | | | | 768,745 | | | | | | 0.1 | | |
| | | 28,332 @,L | | | | Scientific Games Corp. | | | | | 440,279 | | | | | | 0.0 | | |
| | | 26,647 | | | | SeaWorld Entertainment, Inc. | | | | | 491,371 | | | | | | 0.1 | | |
| | | 29,169 @ | | | | Select Comfort Corp. | | | | | 877,112 | | | | | | 0.1 | | |
| | | 16,873 @,L | | | | Sequential Brands Group, Inc. | | | | | 257,988 | | | | | | 0.0 | | |
| | | 25,209 @,L | | | | SFX Entertainment, Inc. | | | | | 113,188 | | | | | | 0.0 | | |
| | | 21,271 @ | | | | Shutterfly, Inc. | | | | | 1,016,967 | | | | | | 0.1 | | |
| | | 8,725 @,L | | | | Shutterstock, Inc. | | | | | 511,634 | | | | | | 0.1 | | |
| | | 35,201 | | | | Sinclair Broadcast Group, Inc. | | | | | 982,460 | | | | | | 0.1 | | |
| | | 31,186 @ | | | | Smith & Wesson Holding Corp. | | | | | 517,376 | | | | | | 0.1 | | |
| | | 18,117 | | | | Sonic Automotive, Inc. | | | | | 431,728 | | | | | | 0.0 | | |
| | | 28,796 | | | | Sonic Corp. | | | | | 829,325 | | | | | | 0.1 | | |
| | | 32,616 | | | | Sotheby’s | | | | | 1,475,548 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Discretionary (continued) | | ||||||||||||
| | | 11,360 | | | | Speedway Motorsports, Inc. | | | | $ | 257,304 | | | | | | 0.0 | | |
| | | 22,026 | | | | Stage Stores, Inc. | | | | | 386,116 | | | | | | 0.0 | | |
| | | 12,596 | | | | Standard Motor Products, Inc. | | | | | 442,372 | | | | | | 0.0 | | |
| | | 64,764 @ | | | | Standard-Pacific Corp. | | | | | 577,047 | | | | | | 0.1 | | |
| | | 18,726 | | | | Stein Mart, Inc. | | | | | 196,061 | | | | | | 0.0 | | |
| | | 9,780 @ | | | | Steiner Leisure Ltd. | | | | | 525,968 | | | | | | 0.1 | | |
| | | 32,978 @ | | | | Steven Madden Ltd. | | | | | 1,410,799 | | | | | | 0.1 | | |
| | | 22,606 @ | | | | Stoneridge, Inc. | | | | | 264,716 | | | | | | 0.0 | | |
| | | 7,613 @ | | | | Strayer Education, Inc. | | | | | 328,120 | | | | | | 0.0 | | |
| | | 10,629 | | | | Sturm Ruger & Co., Inc. | | | | | 610,636 | | | | | | 0.1 | | |
| | | 15,060 | | | | Superior Industries International | | | | | 275,749 | | | | | | 0.0 | | |
| | | 6,278 @ | | | | Taylor Morrison Home Corp. | | | | | 127,820 | | | | | | 0.0 | | |
| | | 30,010 @ | | | | Tenneco, Inc. | | | | | 1,723,774 | | | | | | 0.2 | | |
| | | 34,920 | | | | Texas Roadhouse, Inc. | | | | | 1,307,056 | | | | | | 0.1 | | |
| | | 10,727 @ | | | | Tile Shop Holdings, Inc. | | | | | 152,216 | | | | | | 0.0 | | |
| | | 52,147 | | | | Time, Inc. | | | | | 1,199,902 | | | | | | 0.1 | | |
| | | 10,200 @ | | | | Tower International, Inc. | | | | | 265,710 | | | | | | 0.0 | | |
| | | 47,810 @,L | | | | Travelport Worldwide Ltd. | | | | | 658,822 | | | | | | 0.1 | | |
| | | 80,062 @ | | | | TRI Pointe Homes, Inc. | | | | | 1,224,949 | | | | | | 0.1 | | |
| | | 11,297 | | | | Tribune Publishing Co. | | | | | 175,555 | | | | | | 0.0 | | |
| | | 27,294 @ | | | | Tuesday Morning Corp. | | | | | 307,467 | | | | | | 0.0 | | |
| | | 25,872 @ | | | | Tumi Holdings, Inc. | | | | | 530,893 | | | | | | 0.1 | | |
| | | 4,315 @ | | | | Unifi, Inc. | | | | | 144,553 | | | | | | 0.0 | | |
| | | 9,723 @ | | | | Universal Electronics, Inc. | | | | | 484,594 | | | | | | 0.1 | | |
| | | 19,660 | | | | Vail Resorts, Inc. | | | | | 2,146,872 | | | | | | 0.2 | | |
| | | 14,700 @ | | | | Vera Bradley, Inc. | | | | | 165,669 | | | | | | 0.0 | | |
| | | 14,688 @ | | | | Vitamin Shoppe, Inc. | | | | | 547,422 | | | | | | 0.1 | | |
| | | 9,318 @ | | | | Wayfair, Inc. | | | | | 350,730 | | | | | | 0.0 | | |
| | | 5,228 | | | | Weyco Group, Inc. | | | | | 155,899 | | | | | | 0.0 | | |
| | | 8,224 @ | | | | William Lyon Homes | | | | | 211,110 | | | | | | 0.0 | | |
| | | 18,231 | | | | Winnebago Industries | | | | | 430,069 | | | | | | 0.0 | | |
| | | 54,384 | | | | Wolverine World Wide, Inc. | | | | | 1,548,856 | | | | | | 0.2 | | |
| | | 18,561 L | | | | World Wrestling Entertainment, Inc. | | | | | 306,257 | | | | | | 0.0 | | |
| | | 9,138 @ | | | | Zoe’s Kitchen, Inc. | | | | | 374,110 | | | | | | 0.0 | | |
| | | 31,930 @ | | | | Zulily, Inc. | | | | | 416,367 | | | | | | 0.0 | | |
| | | 14,550 @ | | | | Zumiez, Inc. | | | | | 387,467 | | | | | | 0.0 | | |
| | | | | | | | | | | | 139,417,788 | | | | | | 14.1 | | |
See Accompanying Notes to Financial Statements
88
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples: 3.0% | | ||||||||||||
| | | 15,703 | | | | Andersons, Inc. | | | | $ | 612,417 | | | | | | 0.1 | | |
| | | 28,490 | | | | B&G Foods, Inc. | | | | | 812,820 | | | | | | 0.1 | | |
| | | 4,813 @ | | | | Boston Beer Co., Inc. | | | | | 1,116,568 | | | | | | 0.1 | | |
| | | 39,477 @ | | | | Boulder Brands, Inc. | | | | | 273,970 | | | | | | 0.0 | | |
| | | 9,570 | | | | Calavo Growers, Inc. | | | | | 496,970 | | | | | | 0.1 | | |
| | | 16,522 | | | | Cal-Maine Foods, Inc. | | | | | 862,448 | | | | | | 0.1 | | |
| | | 20,073 | | | | Casey’s General Stores, Inc. | | | | | 1,921,789 | | | | | | 0.2 | | |
| | | 26,800 @ | | | | Central Garden & Pet Co. | | | | | 305,788 | | | | | | 0.0 | | |
| | | 8,340 @ | | | | Chefs’ Warehouse Holdings, Inc. | | | | | 177,142 | | | | | | 0.0 | | |
| | | 3,823 | | | | Coca-Cola Bottling Co. Consolidated | | | | | 577,541 | | | | | | 0.1 | | |
| | | 85,064 @ | | | | Darling International, Inc. | | | | | 1,247,038 | | | | | | 0.1 | | |
| | | 39,839 | | | | Dean Foods Co. | | | | | 644,197 | | | | | | 0.1 | | |
| | | 15,243 @ | | | | Diamond Foods, Inc. | | | | | 478,325 | | | | | | 0.0 | | |
| | | 17,090 @,L | | | | Elizabeth Arden, Inc. | | | | | 243,703 | | | | | | 0.0 | | |
| | | 18,718 @ | | | | Fresh Del Monte Produce, Inc. | | | | | 723,638 | | | | | | 0.1 | | |
| | | 21,077 @ | | | | Fresh Market, Inc. | | | | | 677,415 | | | | | | 0.1 | | |
| | | 9,275 @ | | | | Freshpet, Inc. | | | | | 172,515 | | | | | | 0.0 | | |
| | | 36,992 @ | | | | HRG Group, Inc. | | | | | 480,896 | | | | | | 0.0 | | |
| | | 23,557 @,L | | | | IGI Laboratories, Inc. | | | | | 148,409 | | | | | | 0.0 | | |
| | | 9,733 | | | | Ingles Markets, Inc. | | | | | 464,945 | | | | | | 0.0 | | |
| | | 4,943 | | | | Inter Parfums, Inc. | | | | | 167,716 | | | | | | 0.0 | | |
| | | 9,768 | | | | J&J Snack Foods Corp. | | | | | 1,081,025 | | | | | | 0.1 | | |
| | | 4,248 | | | | John B Sanfilippo & Son, Inc. | | | | | 220,471 | | | | | | 0.0 | | |
| | | 8,782 | | | | Lancaster Colony Corp. | | | | | 797,845 | | | | | | 0.1 | | |
| | | 7,208 | | | | MGP Ingredients, Inc. | | | | | 121,239 | | | | | | 0.0 | | |
| | | 4,746 | | | | Natural Health Trends Corp. | | | | | 196,769 | | | | | | 0.0 | | |
| | | 10,042 @ | | | | Omega Protein Corp. | | | | | 138,077 | | | | | | 0.0 | | |
| | | 27,987 @ | | | | Post Holdings, Inc. | | | | | 1,509,339 | | | | | | 0.2 | | |
| | | 27,125 @ | | | | Prestige Brands Holdings, Inc. | | | | | 1,254,260 | | | | | | 0.1 | | |
| | | 10,487 | | | | Pricesmart, Inc. | | | | | 956,834 | | | | | | 0.1 | | |
| | | 12,619 L | | | | Sanderson Farms, Inc. | | | | | 948,444 | | | | | | 0.1 | | |
| | | 129 @ | | | | Seaboard Corp. | | | | | 464,271 | | | | | | 0.0 | | |
| | | 7,581 @ | | | | Seneca Foods Corp. | | | | | 210,524 | | | | | | 0.0 | | |
| | | 21,143 | | | | Snyders-Lance, Inc. | | | | | 682,285 | | | | | | 0.1 | | |
| | | 23,834 | | | | SpartanNash Co. | | | | | 775,558 | | | | | | 0.1 | | |
| | | 114,450 @ | | | | Supervalu, Inc. | | | | | 925,901 | | | | | | 0.1 | | |
| | | 11,458 L | | | | Tootsie Roll Industries, Inc. | | | | | 370,208 | | | | | | 0.0 | | |
| | | 23,236 @ | | | | TreeHouse Foods, Inc. | | | | | 1,882,813 | | | | | | 0.2 | | |
| | | 26,040 @ | | | | United Natural Foods, Inc. | | | | | 1,658,227 | | | | | | 0.2 | | |
| | | 13,036 | | | | Universal Corp. | | | | | 747,224 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples (continued) | | ||||||||||||
| | | 3,800 @ | | | | USANA Health Sciences, Inc. | | | | $ | 519,308 | | | | | | 0.1 | | |
| | | 34,011 L | | | | Vector Group Ltd. | | | | | 797,898 | | | | | | 0.1 | | |
| | | 10,232 | | | | WD-40 Co. | | | | | 891,821 | | | | | | 0.1 | | |
| | | 8,100 | | | | Weis Markets, Inc. | | | | | 341,415 | | | ��� | | | 0.0 | | |
| | | | | | | | | | | | 30,098,006 | | | | | | 3.0 | | |
| | | | | | | Energy: 3.7% | | ||||||||||||
| | | 63,428 @ | | | | Abraxas Petroleum Corp. | | | | | 187,113 | | | | | | 0.0 | | |
| | | 10,207 | | | | Alon USA Energy, Inc. | | | | | 192,912 | | | | | | 0.0 | | |
| | | 19,800 @,L | | | | Approach Resources, Inc. | | | | | 135,630 | | | | | | 0.0 | | |
| | | 28,130 | | | | Atwood Oceanics, Inc. | | | | | 743,757 | | | | | | 0.1 | | |
| | | 24,520 @ | | | | Basic Energy Services, Inc. | | | | | 185,126 | | | | | | 0.0 | | |
| | | 29,660 @ | | | | Bill Barrett Corp. | | | | | 254,779 | | | | | | 0.0 | | |
| | | 23,027 @ | | | | Bonanza Creek Energy, Inc. | | | | | 420,243 | | | | | | 0.1 | | |
| | | 18,109 | | | | Bristow Group, Inc. | | | | | 965,210 | | | | | | 0.1 | | |
| | | 28,100 @ | | | | C&J Energy Services Ltd. | | | | | 370,920 | | | | | | 0.1 | | |
| | | 33,371 @ | | | | Callon Petroleum Co. | | | | | 277,647 | | | | | | 0.0 | | |
| | | 11,418 | | | | CARBO Ceramics, Inc. | | | | | 475,331 | | | | | | 0.1 | | |
| | | 23,213 @ | | | | Carrizo Oil & Gas, Inc. | | | | | 1,143,008 | | | | | | 0.1 | | |
| | | 3,188 @ | | | | Clayton Williams Energy, Inc. | | | | | 209,611 | | | | | | 0.0 | | |
| | | 52,247 @,L | | | | Clean Energy Fuels Corp. | | | | | 293,628 | | | | | | 0.0 | | |
| | | 42,466 @ | | | | Cloud Peak Energy, Inc. | | | | | 197,892 | | | | | | 0.0 | | |
| | | 11,447 @ | | | | Contango Oil & Gas Co. | | | | | 140,455 | | | | | | 0.0 | | |
| | | 28,750 | | | | Delek US Holdings, Inc. | | | | | 1,058,575 | | | | | | 0.1 | | |
| | | 47,408 | | | | DHT Holdings, Inc. | | | | | 368,360 | | | | | | 0.1 | | |
| | | 9,978 @ | | | | Dorian L.P.G Ltd. | | | | | 166,433 | | | | | | 0.0 | | |
| | | 29,828 @ | | | | Energy Fuels, Inc./Canada | | | | | 132,735 | | | | | | 0.0 | | |
| | | 60,281 @,L | | | | Energy XXI Bermuda Ltd. | | | | | 158,539 | | | | | | 0.0 | | |
| | | 15,075 @ | | | | Era Group, Inc. | | | | | 308,736 | | | | | | 0.0 | | |
| | | 85,783 | | | | EXCO Resources, Inc. | | | | | 101,224 | | | | | | 0.0 | | |
| | | 30,902 | | | | Exterran Holdings, Inc. | | | | | 1,008,950 | | | | | | 0.1 | | |
| | | 30,156 @ | | | | FMSA Holdings, Inc. | | | | | 246,978 | | | | | | 0.0 | | |
| | | 26,693 @ | | | | Forum Energy Technologies, Inc. | | | | | 541,334 | | | | | | 0.1 | | |
| | | 65,066 @,L | | | | Frontline Ltd. | | | | | 158,761 | | | | | | 0.0 | | |
| | | 25,500 L | | | | GasLog Ltd. | | | | | 508,725 | | | | | | 0.1 | | |
| | | 40,606 @,L | | | | Gastar Exploration, Inc. | | | | | 125,472 | | | | | | 0.0 | | |
| | | 7,476 @ | | | | Geospace Technologies Corp. | | | | | 172,322 | | | | | | 0.0 | | |
| | | 20,723 | | | | Green Plains Renewable Energy, Inc. | | | | | 570,919 | | | | | | 0.1 | | |
| | | 16,808 L | | | | Gulfmark Offshore, Inc. | | | | | 194,973 | | | | | | 0.0 | | |
| | | 191,248 @,L | | | | Halcon Resources Corp. | | | | | 221,848 | | | | | | 0.0 | | |
| | | 52,885 @ | | | | Helix Energy Solutions Group, Inc. | | | | | 667,938 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
89
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 17,861 @ | | | | Hornbeck Offshore Services, Inc. | | | | $ | 366,686 | | | | | | 0.1 | | |
| | | 84,580 @ | | | | ION Geophysical Corp. | | | | | 90,501 | | | | | | 0.0 | | |
| | | 17,325 @ | | | | Jones Energy, Inc. | | | | | 156,791 | | | | | | 0.0 | | |
| | | 92,610 @ | | | | Key Energy Services, Inc. | | | | | 166,698 | | | | | | 0.0 | | |
| | | 119,879 @ | | | | Magnum Hunter Resources Corp. | | | | | 224,174 | | | | | | 0.0 | | |
| | | 39,715 @ | | | | Matador Resources Co. | | | | | 992,875 | | | | | | 0.1 | | |
| | | 18,631 @ | | | | Matrix Service Co. | | | | | 340,575 | | | | | | 0.1 | | |
| | | 116,129 @,L | | | | McDermott International, Inc. | | | | | 620,129 | | | | | | 0.1 | | |
| | | 12,741 @ | | | | Natural Gas Services Group, Inc. | | | | | 290,750 | | | | | | 0.0 | | |
| | | 53,740 @ | | | | Newpark Resources | | | | | 436,906 | | | | | | 0.1 | | |
| | | 51,800 @,L | | | | Nordic American Tankers Ltd. | | | | | 737,114 | | | | | | 0.1 | | |
| | | 37,232 @,L | | | | Northern Oil And Gas, Inc. | | | | | 252,061 | | | | | | 0.0 | | |
| | | 67,857 @ | | | | Oasis Petroleum, Inc. | | | | | 1,075,533 | | | | | | 0.1 | | |
| | | 19,887 @ | | | | Oil States International, Inc. | | | | | 740,393 | | | | | | 0.1 | | |
| | | 15,774 @,L | | | | Pacific Ethanol, Inc. | | | | | 162,788 | | | | | | 0.0 | | |
| | | 12,180 | | | | Panhandle Oil and Gas, Inc. | | | | | 252,004 | | | | | | 0.0 | | |
| | | 7,257 | | | | Par Petroleum Corp. | | | | | 135,851 | | | | | | 0.0 | | |
| | | 81,074 @ | | | | Parker Drilling Co. | | | | | 269,166 | | | | | | 0.0 | | |
| | | 38,963 @ | | | | Parsley Energy, Inc. | | | | | 678,735 | | | | | | 0.1 | | |
| | | 20,451 @ | | | | PDC Energy, Inc. | | | | | 1,096,992 | | | | | | 0.1 | | |
| | | 134,891 | | | | Peabody Energy Corp. | | | | | 295,411 | | | | | | 0.0 | | |
| | | 39,063 @,L | | | | Penn Virginia Corp. | | | | | 171,096 | | | | | | 0.0 | | |
| | | 8,960 @ | | | | PHI, Inc. | | | | | 268,979 | | | | | | 0.0 | | |
| | | 47,203 @ | | | | Pioneer Energy Services Corp. | | | | | 299,267 | | | | | | 0.0 | | |
| | | 19,816 @ | | | | Renewable Energy Group, Inc. | | | | | 229,073 | | | | | | 0.0 | | |
| | | 191,268 @ | | | | Rentech, Inc. | | | | | 204,657 | | | | | | 0.0 | | |
| | | 4,321 @ | | | | Rex Stores Corp. | | | | | 274,988 | | | | | | 0.0 | | |
| | | 26,730 @,L | | | | Rex Energy Corp. | | | | | 149,421 | | | | | | 0.0 | | |
| | | 7,227 @ | | | | RigNet, Inc. | | | | | 220,929 | | | | | | 0.0 | | |
| | | 14,779 @,L | | | | Ring Energy, Inc. | | | | | 165,377 | | | | | | 0.0 | | |
| | | 35,725 @ | | | | Rosetta Resources, Inc. | | | | | 826,676 | | | | | | 0.1 | | |
| | | 24,921 @ | | | | RSP Permian, Inc. | | | | | 700,529 | | | | | | 0.1 | | |
| | | 25,906 @,L | | | | Sanchez Energy Corp. | | | | | 253,879 | | | | | | 0.0 | | |
| | | 224,421 @ | | | | SandRidge Energy, Inc. | | | | | 196,817 | | | | | | 0.0 | | |
| | | 97,575 @ | | | | Scorpio Tankers, Inc. | | | | | 984,532 | | | | | | 0.1 | | |
| | | 7,992 @ | | | | SEACOR Holdings, Inc. | | | | | 566,952 | | | | | | 0.1 | | |
| | | 23,500 | | | | SemGroup Corp. - Class A | | | | | 1,867,780 | | | | | | 0.2 | | |
| | | 31,796 @ | | | | Seventy Seven Energy, Inc. | | | | | 136,405 | | | | | | 0.0 | | |
| | | 32,213 L | | | | Ship Finance International Ltd. | | | | | 525,716 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 46,323 @,L | | | | Solazyme, Inc. | | | | $ | 145,454 | | | | | | 0.0 | | |
| | | 26,980 @ | | | | Stone Energy Corp. | | | | | 339,678 | | | | | | 0.1 | | |
| | | 48,850 @ | | | | Synergy Resources Corp. | | | | | 558,355 | | | | | | 0.1 | | |
| | | 40,023 | | | | Teekay Tankers Ltd. | | | | | 264,552 | | | | | | 0.0 | | |
| | | 19,500 @ | | | | Tesco Corp. | | | | | 212,550 | | | | | | 0.0 | | |
| | | 50,570 @ | | | | Tetra Technologies, Inc. | | | | | 322,637 | | | | | | 0.0 | | |
| | | 22,371 | | | | Tidewater, Inc. | | | | | 508,493 | | | | | | 0.1 | | |
| | | 22,307 @ | | | | TransAtlantic Petroleum Ltd. | | | | | 113,989 | | | | | | 0.0 | | |
| | | 42,300 @,L | | | | Triangle Petroleum Corp. | | | | | 212,346 | | | | | | 0.0 | | |
| | | 78,024 @ | | | | Ultra Petroleum Corp. | | | | | 976,860 | | | | | | 0.1 | | |
| | | 19,206 @ | | | | Unit Corp. | | | | | 520,867 | | | | | | 0.1 | | |
| | | 57,060 @ | | | | Uranium Energy Corp. | | | | | 90,725 | | | | | | 0.0 | | |
| | | 27,452 L | | | | US Silica Holdings, Inc. | | | | | 805,991 | | | | | | 0.1 | | |
| | | 17,040 L | | | | W&T Offshore, Inc. | | | | | 93,379 | | | | | | 0.0 | | |
| | | 30,482 | | | | Western Refining, Inc. | | | | | 1,329,625 | | | | | | 0.1 | | |
| | | 10,563 @,L | | | | Westmoreland Coal Co. | | | | | 219,499 | | | | | | 0.0 | | |
| | | | | | | | | | | | 37,046,290 | | | | | | 3.7 | | |
| | | | | | | Financials: 23.7% | | ||||||||||||
| | | 12,150 | | | | 1st Source Corp. | | | | | 414,558 | | | | | | 0.0 | | |
| | | 36,329 | | | | Acadia Realty Trust | | | | | 1,057,537 | | | | | | 0.1 | | |
| | | 27,401 @ | | | | Actua Corp. | | | | | 390,738 | | | | | | 0.0 | | |
| | | 10,318 | | | | AG Mortgage Investment Trust, Inc. | | | | | 178,295 | | | | | | 0.0 | | |
| | | 12,300 | | | | Agree Realty Corp. | | | | | 358,791 | | | | | | 0.0 | | |
| | | 25,603 | | | | Alexander & Baldwin, Inc. | | | | | 1,008,758 | | | | | | 0.1 | | |
| | | 1,450 | | | | Alexander’s, Inc. | | | | | 594,500 | | | | | | 0.1 | | |
| | | 815 @ | | | | Altisource Asset Management Corp. | | | | | 117,596 | | | | | | 0.0 | | |
| | | 8,433 @,L | | | | Altisource Portfolio Solutions SA | | | | | 259,652 | | | | | | 0.0 | | |
| | | 30,762 | | | | Altisource Residential Corp. | | | | | 518,340 | | | | | | 0.1 | | |
| | | 22,329 @ | | | | Ambac Financial Group, Inc. | | | | | 371,555 | | | | | | 0.0 | | |
| | | 24,200 | | | | American Assets Trust, Inc. | | | | | 948,882 | | | | | | 0.1 | | |
| | | 33,837 | | | | American Capital Mortgage Investment Corp. | | | | | 541,054 | | | | | | 0.1 | | |
| | | 36,920 | | | | American Equity Investment Life Holding Co. | | | | | 996,102 | | | | | | 0.1 | | |
| | | 22,578 @ | | | | American Residential Properties, Inc. | | | | | 417,693 | | | | | | 0.0 | | |
| | | 23,256 | | | | Ameris Bancorp. | | | | | 588,144 | | | | | | 0.1 | | |
| | | 12,892 | | | | Amerisafe, Inc. | | | | | 606,698 | | | | | | 0.1 | | |
| | | 8,572 | | | | Ames National Corp. | | | | | 215,157 | | | | | | 0.0 | | |
| | | 85,784 | | | | Anworth Mortgage Asset Corp. | | | | | 422,915 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
90
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 23,000 | | | | Apollo Commercial Real Estate Finance, Inc. | | | | $ | 377,890 | | | | | | 0.0 | | |
| | | 20,640 | | | | Apollo Residential Mortgage, Inc. | | | | | 303,202 | | | | | | 0.0 | | |
| | | 17,682 @ | | | | Argo Group International Holdings Ltd. | | | | | 984,887 | | | | | | 0.1 | | |
| | | 19,978 | | | | Armada Hoffler Properties, Inc. | | | | | 199,580 | | | | | | 0.0 | | |
| | | 179,855 | | | | ARMOUR Residential REIT, Inc. | | | | | 505,393 | | | | | | 0.1 | | |
| | | 6,944 | | | | Arrow Financial Corp. | | | | | 187,696 | | | | | | 0.0 | | |
| | | 23,785 | | | | Ashford Hospitality Prime, Inc. | | | | | 357,251 | | | | | | 0.0 | | |
| | | 40,411 | | | | Ashford Hospitality Trust, Inc. | | | | | 341,877 | | | | | | 0.0 | | |
| | | 38,008 | | | | Associated Estates Realty Corp. | | | | | 1,088,169 | | | | | | 0.1 | | |
| | | 63,180 | | | | Astoria Financial Corp. | | | | | 871,252 | | | | | | 0.1 | | |
| | | 9,387 | | | | Banc of California, Inc. | | | | | 129,071 | | | | | | 0.0 | | |
| | | 5,850 | | | | Bancfirst Corp. | | | | | 382,882 | | | | | | 0.0 | | |
| | | 26,950 @ | | | | Bancorp, Inc. | | | | | 250,096 | | | | | | 0.0 | | |
| | | 49,700 | | | | Bancorpsouth, Inc. | | | | | 1,280,272 | | | | | | 0.1 | | |
| | | 38,520 | | | | Bank Mutual Corp. | | | | | 295,448 | | | | | | 0.0 | | |
| | | 40,560 | | | | Bank of the Ozarks, Inc. | | | | | 1,855,620 | | | | | | 0.2 | | |
| | | 17,219 | | | | BankFinancial Corp. | | | | | 202,840 | | | | | | 0.0 | | |
| | | 15,500 | | | | Banner Corp. | | | | | 742,915 | | | | | | 0.1 | | |
| | | 37,274 | | | | BBCN Bancorp, Inc. | | | | | 551,282 | | | | | | 0.1 | | |
| | | 30,852 @ | | | | Beneficial Bancorp, Inc. | | | | | 385,341 | | | | | | 0.0 | | |
| | | 15,227 | | | | Berkshire Hills Bancorp., Inc. | | | | | 433,665 | | | | | | 0.0 | | |
| | | 78,142 | | | | BGC Partners, Inc. | | | | | 683,742 | | | | | | 0.1 | | |
| | | 18,880 @ | | | | Banco Latinoamericano de Comercio Exterior SA | | | | | 607,558 | | | | | | 0.1 | | |
| | | 20,409 | | | | BNC Bancorp | | | | | 394,506 | | | | | | 0.0 | | |
| | | 8,741 @ | | | | BofI Holding, Inc. | | | | | 924,011 | | | | | | 0.1 | | |
| | | 41,879 | | | | Boston Private Financial Holdings, Inc. | | | | | 561,597 | | | | | | 0.1 | | |
| | | 9,833 | | | | OceanFirst Financial Corp. | | | | | 183,385 | | | | | | 0.0 | | |
| | | 56,937 | | | | Brookline Bancorp., Inc. | | | | | 642,819 | | | | | | 0.1 | | |
| | | 11,800 | | | | Bryn Mawr Bank Corp. | | | | | 355,888 | | | | | | 0.0 | | |
| | | 11,689 | | | | Calamos Asset Management, Inc. | | | | | 143,190 | | | | | | 0.0 | | |
| | | 6,340 | | | | Camden National Corp. | | | | | 245,358 | | | | | | 0.0 | | |
| | | 57,930 | | | | Campus Crest Communities, Inc. | | | | | 320,932 | | | | | | 0.0 | | |
| | | 4,255 @ | | | | Capital Bank Financial Corp. | | | | | 123,693 | | | | | | 0.0 | | |
| | | 69,929 | | | | Capitol Federal Financial, Inc. | | | | | 841,945 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 49,591 | | | | Capstead Mortgage Corp. | | | | $ | 550,460 | | | | | | 0.1 | | |
| | | 27,417 | | | | Cardinal Financial Corp. | | | | | 597,416 | | | | | | 0.1 | | |
| | | 16,806 | | | | CareTrust REIT, Inc. | | | | | 212,932 | | | | | | 0.0 | | |
| | | 11,494 | | | | Cash America International, Inc. | | | | | 301,028 | | | | | | 0.0 | | |
| | | 44,447 | | | | Cathay General Bancorp. | | | | | 1,442,305 | | | | | | 0.1 | | |
| | | 57,976 | | | | Cedar Shopping Centers, Inc. | | | | | 371,046 | | | | | | 0.0 | | |
| | | 33,707 | | | | Centerstate Banks of Florida, Inc. | | | | | 455,382 | | | | | | 0.1 | | |
| | | 1,673 | | | | Central Pacific Financial Corp. | | | | | 39,734 | | | | | | 0.0 | | |
| | | 123,877 | | | | Chambers Street Properties | | | | | 984,822 | | | | | | 0.1 | | |
| | | 21,376 | | | | Chatham Lodging Trust | | | | | 565,823 | | | | | | 0.1 | | |
| | | 21,835 | | | | Chemical Financial Corp. | | | | | 721,865 | | | | | | 0.1 | | |
| | | 30,531 | | | | Chesapeake Lodging Trust | | | | | 930,585 | | | | | | 0.1 | | |
| | | 7,773 | | | | Citizens & Northern Corp. | | | | | 159,735 | | | | | | 0.0 | | |
| | | 34,285 @,L | | | | Citizens, Inc. | | | | | 255,766 | | | | | | 0.0 | | |
| | | 11,240 | | | | City Holding Co. | | | | | 553,570 | | | | | | 0.1 | | |
| | | 10,460 | | | | CNB Financial Corp. | | | | | 192,464 | | | | | | 0.0 | | |
| | | 102,150 | | | | CNO Financial Group, Inc. | | | | | 1,874,452 | | | | | | 0.2 | | |
| | | 32,320 | | | | CoBiz Financial, Inc. | | | | | 422,422 | | | | | | 0.0 | | |
| | | 11,518 | | | | Cohen & Steers, Inc. | | | | | 392,533 | | | | | | 0.0 | | |
| | | 48,522 | | | | Colony Capital, Inc. | | | | | 1,099,023 | | | | | | 0.1 | | |
| | | 35,101 | | | | Columbia Banking System, Inc. | | | | | 1,142,187 | | | | | | 0.1 | | |
| | | 21,790 | | | | Community Bank System, Inc. | | | | | 823,008 | | | | | | 0.1 | | |
| | | 12,639 | | | | Community Trust Bancorp., Inc. | | | | | 440,722 | | | | | | 0.0 | | |
| | | 4,001 | | | | ConnectOne Bancorp, Inc. | | | | | 86,142 | | | | | | 0.0 | | |
| | | 4,137 | | | | Consolidated-Tomoka Land Co. | | | | | 238,457 | | | | | | 0.0 | | |
| | | 15,972 | | | | Coresite Realty Corp. | | | | | 725,768 | | | | | | 0.1 | | |
| | | 100,503 | | | | Cousins Properties, Inc. | | | | | 1,043,221 | | | | | | 0.1 | | |
| | | 87,400 @ | | | | Cowen Group, Inc. | | | | | 559,360 | | | | | | 0.1 | | |
| | | 90,982 | | | | CubeSmart | | | | | 2,107,143 | | | | | | 0.2 | | |
| | | 21,010 @ | | | | Customers Bancorp, Inc. | | | | | 564,959 | | | | | | 0.1 | | |
| | | 53,420 | | | | CVB Financial Corp. | | | | | 940,726 | | | | | | 0.1 | | |
| | | 24,154 | | | | CyrusOne, Inc. | | | | | 711,335 | | | | | | 0.1 | | |
| | | 85,128 | | | | CYS Investments, Inc. | | | | | 658,039 | | | | | | 0.1 | | |
| | | 38,044 | | | | DCT Industrial Trust, Inc. | | | | | 1,196,103 | | | | | | 0.1 | | |
| | | 738 | | | | Diamond Hill Investment Group, Inc. | | | | | 147,349 | | | | | | 0.0 | | |
| | | 102,480 | | | | DiamondRock Hospitality Co. | | | | | 1,312,769 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
91
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 19,710 | | | | Dime Community Bancshares | | | | $ | 333,887 | | | | | | 0.0 | | |
| | | 36,918 | | | | DuPont Fabros Technology, Inc. | | | | | 1,087,235 | | | | | | 0.1 | | |
| | | 35,550 | | | | Dynex Capital, Inc. | | | | | 270,891 | | | | | | 0.0 | | |
| | | 17,710 @ | | | | Eagle Bancorp, Inc. | | | | | 778,532 | | | | | | 0.1 | | |
| | | 20,501 | | | | EastGroup Properties, Inc. | | | | | 1,152,771 | | | | | | 0.1 | | |
| | | 23,018 | | | | Education Realty Trust, Inc. | | | | | 721,844 | | | | | | 0.1 | | |
| | | 13,380 @ | | | | eHealth, Inc. | | | | | 169,792 | | | | | | 0.0 | | |
| | | 22,176 | | | | Employers Holdings, Inc. | | | | | 505,169 | | | | | | 0.1 | | |
| | | 15,293 @,L | | | | Encore Capital Group, Inc. | | | | | 653,623 | | | | | | 0.1 | | |
| | | 16,283 @ | | | | Enova International, Inc. | | | | | 304,166 | | | | | | 0.0 | | |
| | | 4,049 @ | | | | Enstar Group Ltd. | | | | | 627,393 | | | | | | 0.1 | | |
| | | 18,450 | | | | Enterprise Financial Services Corp. | | | | | 420,106 | | | | | | 0.0 | | |
| | | 17,854 @ | | | | Envestnet, Inc. | | | | | 721,837 | | | | | | 0.1 | | |
| | | 32,248 | | | | EPR Properties | | | | | 1,766,545 | | | | | | 0.2 | | |
| | | 27,026 | | | | Equity One, Inc. | | | | | 630,787 | | | | | | 0.1 | | |
| | | 22,361 @ | | | | Essent Group Ltd. | | | | | 611,573 | | | | | | 0.1 | | |
| | | 44,160 | | | | EverBank Financial Corp. | | | | | 867,744 | | | | | | 0.1 | | |
| | | 16,609 | | | | Evercore Partners, Inc. | | | | | 896,222 | | | | | | 0.1 | | |
| | | 46,893 | | | | Excel Trust, Inc. | | | | | 739,503 | | | | | | 0.1 | | |
| | | 32,960 @ | | | | Ezcorp, Inc. | | | | | 244,893 | | | | | | 0.0 | | |
| | | 9,070 | | | | FBL Financial Group, Inc. | | | | | 523,520 | | | | | | 0.1 | | |
| | | 7,373 @ | | | | FCB Financial Holdings, Inc. | | | | | 234,461 | | | | | | 0.0 | | |
| | | 9,438 | | | | Federated National Holding Co. | | | | | 228,400 | | | | | | 0.0 | | |
| �� | | 89,123 | | | | FelCor Lodging Trust, Inc. | | | | | 880,535 | | | | | | 0.1 | | |
| | | 28,141 L | | | | Financial Engines, Inc. | | | | | 1,195,430 | | | | | | 0.1 | | |
| | | 52,163 | | | | First American Financial Corp. | | | | | 1,940,985 | | | | | | 0.2 | | |
| | | 64,390 @ | | | | First BanCorp/Puerto Rico | | | | | 310,360 | | | | | | 0.0 | | |
| | | 18,342 | | | | First Bancorp. | | | | | 305,945 | | | | | | 0.0 | | |
| | | 37,230 | | | | First Busey Corp. | | | | | 244,601 | | | | | | 0.0 | | |
| | | 17,350 @ | | | | First Cash Financial Services, Inc. | | | | | 790,987 | | | | | | 0.1 | | |
| | | 4,579 | | | | First Citizens BancShares, Inc. | | | | | 1,204,460 | | | | | | 0.1 | | |
| | | 50,920 | | | | First Commonwealth Financial Corp. | | | | | 488,323 | | | | | | 0.1 | | |
| | | 6,006 | | | | First Defiance Financial Corp. | | | | | 225,405 | | | | | | 0.0 | | |
| | | 38,080 | | | | First Financial Bancorp. | | | | | 683,155 | | | | | | 0.1 | | |
| | | 39,074 | | | | First Financial Bankshares, Inc. | | | | | 1,353,523 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 9,230 | | | | First Financial Corp. | | | | $ | 330,065 | | | | | | 0.0 | | |
| | | 59,110 | | | | First Industrial Realty Trust, Inc. | | | | | 1,107,130 | | | | | | 0.1 | | |
| | | 2,162 | | | | First Interstate Bancsystem, Inc. | | | | | 59,974 | | | | | | 0.0 | | |
| | | 19,220 | | | | First Merchants Corp. | | | | | 474,734 | | | | | | 0.1 | | |
| | | 48,230 | | | | First Midwest Bancorp., Inc. | | | | | 914,923 | | | | | | 0.1 | | |
| | | 8,811 @ | | | | First NBC Bank Holding Co. | | | | | 317,196 | | | | | | 0.0 | | |
| | | 47,808 | | | | First Potomac Realty Trust | | | | | 492,422 | | | | | | 0.1 | | |
| | | 85,532 | | | | FirstMerit Corp. | | | | | 1,781,632 | | | | | | 0.2 | | |
| | | 14,217 @ | | | | Flagstar Bancorp, Inc. | | | | | 262,730 | | | | | | 0.0 | | |
| | | 25,800 | | | | Flushing Financial Corp. | | | | | 542,058 | | | | | | 0.1 | | |
| | | 74,062 | | | | FNB Corp. | | | | | 1,060,568 | | | | | | 0.1 | | |
| | | 33,487 | | | | FNFV Group | | | | | 515,030 | | | | | | 0.1 | | |
| | | 26,370 @ | | | | Forestar Real Estate Group, Inc. | | | | | 347,029 | | | | | | 0.0 | | |
| | | 54,736 | | | | Franklin Street Properties Corp. | | | | | 619,064 | | ��� | | | | 0.1 | | |
| | | 71,376 | | | | Fulton Financial Corp. | | | | | 932,171 | | | | | | 0.1 | | |
| | | 14,907 | | | | GAIN Capital Holdings, Inc. | | | | | 142,511 | | | | | | 0.0 | | |
| | | 4,182 | | | | GAMCO Investors, Inc. | | | | | 287,345 | | | | | | 0.0 | | |
| | | 23,009 | | | | Getty Realty Corp. | | | | | 376,427 | | | | | | 0.0 | | |
| | | 40,982 | | | | Glacier Bancorp., Inc. | | | | | 1,205,690 | | | | | | 0.1 | | |
| | | 16,494 | | | | Gladstone Commercial Corp. | | | | | 273,141 | | | | | | 0.0 | | |
| | | 26,933 | | | | Government Properties Income Trust | | | | | 499,607 | | | | | | 0.1 | | |
| | | 25,687 | | | | Gramercy Property Trust, Inc. | | | | | 600,305 | | | | | | 0.1 | | |
| | | 7,197 | | | | Great Southern Bancorp., Inc. | | | | | 303,282 | | | | | | 0.0 | | |
| | | 11,295 | | | | Great Western Bancorp, Inc. | | | | | 272,322 | | | | | | 0.0 | | |
| | | 19,330 @ | | | | Green Dot Corp. | | | | | 369,590 | | | | | | 0.0 | | |
| | | 15,700 | | | | Greenhill & Co., Inc. | | | | | 648,881 | | | | | | 0.1 | | |
| | | 17,641 @ | | | | Greenlight Capital Re Ltd. | | | | | 514,588 | | | | | | 0.1 | | |
| | | 40,746 | | | | Hancock Holding Co. | | | | | 1,300,205 | | | | | | 0.1 | | |
| | | 22,000 | | | | Hanmi Financial Corp. | | | | | 546,480 | | | | | | 0.1 | | |
| | | 22,649 | | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 454,112 | | | | | | 0.1 | | |
| | | 41,636 | | | | Hatteras Financial Corp. | | | | | 678,667 | | | | | | 0.1 | | |
| | | 6,455 | | | | HCI Group, Inc. | | | | | 285,376 | | | | | | 0.0 | | |
| | | 50,340 | | | | Healthcare Realty Trust, Inc. | | | | | 1,170,908 | | | | | | 0.1 | | |
| | | 8,120 | | | | Heartland Financial USA, Inc. | | | | | 302,226 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
92
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 15,207 | | | | Heritage Financial Corp. | | | | $ | 271,749 | | | | | | 0.0 | | |
| | | 11,171 @ | | | | Heritage Insurance Holdings, Inc. | | | | | 256,821 | | | | | | 0.0 | | |
| | | 31,682 | | | | Hersha Hospitality Trust | | | | | 812,326 | | | | | | 0.1 | | |
| | | 22,812 | | | | HFF, Inc. | | | | | 951,945 | | | | | | 0.1 | | |
| | | 43,488 | | | | Highwoods Properties, Inc. | | | | | 1,737,346 | | | | | | 0.2 | | |
| | | 42,584 @ | | | | Hilltop Holdings, Inc. | | | | | 1,025,849 | | | | | | 0.1 | | |
| | | 26,848 | | | | Home Bancshares, Inc. | | | | | 981,563 | | | | | | 0.1 | | |
| | | 12,676 @ | | | | HomeStreet, Inc. | | | | | 289,266 | | | | | | 0.0 | | |
| | | 17,479 @ | | | | HomeTrust Bancshares Inc. | | | | | 292,948 | | | | | | 0.0 | | |
| | | 26,670 | | | | Horace Mann Educators Corp. | | | | | 970,255 | | | | | | 0.1 | | |
| | | 29,366 | | | | Hudson Pacific Properties, Inc. | | | | | 833,113 | | | | | | 0.1 | | |
| | | 13,993 | | | | Hudson Valley Holding Corp. | | | | | 394,743 | | | | | | 0.0 | | |
| | | 17,040 | | | | Iberiabank Corp. | | | | | 1,162,639 | | | | | | 0.1 | | |
| | | 5,714 @ | | | | Impac Mortgage Holdings, Inc. | | | | | 109,366 | | | | | | 0.0 | | |
| | | 19,780 | | | | Independent Bank Corp./MI | | | | | 268,217 | | | | | | 0.0 | | |
| | | 13,110 | | | | Independent Bank Corp. | | | | | 614,728 | | | | | | 0.1 | | |
| | | 7,526 | | | | Independent Bank Group, Inc. | | | | | 322,865 | | | | | | 0.0 | | |
| | | 8,050 | | | | Infinity Property & Casualty Corp. | | | | | 610,512 | | | | | | 0.1 | | |
| | | 12,280 | | | | Infrareit Inc. | | | | | 348,261 | | | | | | 0.0 | | |
| | | 56,772 | | | | Inland Real Estate Corp. | | | | | 534,792 | | | | | | 0.1 | | |
| | | 28,439 @ | | | | Insmed Inc. | | | | | 694,480 | | | | | | 0.1 | | |
| | | 29,762 | | | | International Bancshares Corp. | | | | | 799,705 | | | | | | 0.1 | | |
| | | 13,555 @ | | | | Intl. FCStone, Inc. | | | | | 450,568 | | | | | | 0.0 | | |
| | | 64,163 | | | | Invesco Mortgage Capital, Inc. | | | | | 918,814 | | | | | | 0.1 | | |
| | | 21,340 | | | | Investment Technology Group, Inc. | | | | | 529,232 | | | | | | 0.1 | | |
| | | 171,658 | | | | Investors Bancorp, Inc. | | | | | 2,111,393 | | | | | | 0.2 | | |
| | | 89,225 | | | | Investors Real Estate Trust | | | | | 637,067 | | | | | | 0.1 | | |
| | | 59,919 @ | | | | iStar Financial, Inc. | | | | | 798,121 | | | | | | 0.1 | | |
| | | 64,644 | | | | Janus Capital Group, Inc. | | | | | 1,106,705 | | | | | | 0.1 | | |
| | | 27,019 @ | | | | KCG Holdings, Inc. | | | | | 333,144 | | | | | | 0.0 | | |
| | | 32,410 @ | | | | Kearny Financial Corp./MD | | | | | 361,696 | | | | | | 0.0 | | |
| | | 19,310 | | | | Kemper Corp. | | | | | 744,401 | | | | | | 0.1 | | |
| | | 37,382 | | | | Kennedy-Wilson Holdings, Inc. | | | | | 919,223 | | | | | | 0.1 | | |
| | | 32,998 | | | | Kite Realty Group Trust | | | | | 807,461 | | | | | | 0.1 | | |
| | | 6,913 | | | | Ladder Capital Corp. | | | | | 119,941 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 47,269 @ | | | | Ladenburg Thalmann Financial Services, Inc. | | | | $ | 165,442 | | | | | | 0.0 | | |
| | | 11,670 | | | | Lakeland Financial Corp. | | | | | 506,128 | | | | | | 0.1 | | |
| | | 53,300 | | | | LaSalle Hotel Properties | | | | | 1,890,018 | | | | | | 0.2 | | |
| | | 21,924 | | | | LegacyTexas Financial Group, Inc. | | | | | 662,105 | | | | | | 0.1 | | |
| | | 2,727 @ | | | | LendingTree, Inc. | | | | | 214,369 | | | | | | 0.0 | | |
| | | 94,042 | | | | Lexington Realty Trust | | | | | 797,476 | | | | | | 0.1 | | |
| | | 17,999 | | | | LTC Properties, Inc. | | | | | 748,758 | | | | | | 0.1 | | |
| | | 38,507 | | | | Mack-Cali Realty Corp. | | | | | 709,684 | | | | | | 0.1 | | |
| | | 34,256 @ | | | | Maiden Holdings Ltd. | | | | | 540,560 | | | | | | 0.1 | | |
| | | 19,262 | | | | MainSource Financial Group, Inc. | | | | | 422,801 | | | | | | 0.0 | | |
| | | 5,563 @ | | | | Marcus & Millichap, Inc. | | | | | 256,677 | | | | | | 0.0 | | |
| | | 20,053 | | | | MarketAxess Holdings, Inc. | | | | | 1,860,317 | | | | | | 0.2 | | |
| | | 34,500 | | | | MB Financial, Inc. | | | | | 1,188,180 | | | | | | 0.1 | | |
| | | 61,369 @ | | | | MBIA, Inc. | | | | | 368,828 | | | | | | 0.0 | | |
| | | 31,600 | | | | Meadowbrook Insurance Group, Inc. | | | | | 271,760 | | | | | | 0.0 | | |
| | | 110,829 | | | | Medical Properties Trust, Inc. | | | | | 1,452,968 | | | | | | 0.2 | | |
| | | 3,103 | | | | Merchants Bancshares, Inc. | | | | | 102,616 | | | | | | 0.0 | | |
| | | 14,781 @ | | | | Meridian Bancorp, Inc. | | | | | 198,213 | | | | | | 0.0 | | |
| | | 177,290 @ | | | | MGIC Investment Corp. | | | | | 2,017,560 | | | | | | 0.2 | | |
| | | 1,556 | | | | Moelis & Co. | | | | | 44,673 | | | | | | 0.0 | | |
| | | 51,598 | | | | Monmouth Real Estate Investment Corp. | | | | | 501,533 | | | | | | 0.1 | | |
| | | 58,680 | | | | Monogram Residential Trust, Inc. | | | | | 529,294 | | | | | | 0.1 | | |
| | | 18,538 @ | | | | Montpelier Re Holdings Ltd. | | | | | 732,251 | | | | | | 0.1 | | |
| | | 28,242 | | | | National Bank Holdings Corp. | | | | | 588,281 | | | | | | 0.1 | | |
| | | 4,911 L | | | | National Bankshares, Inc. | | | | | 143,696 | | | | | | 0.0 | | |
| | | 6,388 | | | | National General Holdings Corp. | | | | | 133,062 | | | | | | 0.0 | | |
| | | 17,010 | | | | National Health Investors, Inc. | | | | | 1,059,723 | | | | | | 0.1 | | |
| | | 6,943 | | | | National Interstate Corp. | | | | | 189,683 | | | | | | 0.0 | | |
| | | 82,810 | | | | National Penn Bancshares, Inc. | | | | | 934,097 | | | | | | 0.1 | | |
| | | 1,665 | | | | National Western Life Insurance Co. | | | | | 398,751 | | | | | | 0.0 | | |
| | | 17,877 @ | | | | Nationstar Mortgage Holdings, Inc. | | | | | 300,334 | | | | | | 0.0 | | |
| | | 7,530 @ | | | | Navigators Group, Inc. | | | | | 584,027 | | | | | | 0.1 | | |
| | | 22,730 | | | | NBT Bancorp., Inc. | | | | | 594,844 | | | | | | 0.1 | | |
| | | 12,070 | | | | Nelnet, Inc. | | | | | 522,752 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
93
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 105,948 | | | | New Residential Investment Corp. | | | | $ | 1,614,648 | | | | | | 0.2 | | |
| | | 19,642 | | | | New Senior Investment Group, Inc. | | | | | 262,614 | | | | | | 0.0 | | |
| | | 71,468 | | | | New York Mortgage Trust, Inc. | | | | | 534,581 | | | | | | 0.1 | | |
| | | 77,596 | | | | New York REIT, Inc. | | | | | 772,080 | | | | | | 0.1 | | |
| | | 30,588 | | | | NewBridge Bancorp | | | | | 273,151 | | | | | | 0.0 | | |
| | | 20,500 @ | | | | NewStar Financial, Inc. | | | | | 225,500 | | | | | | 0.0 | | |
| | | 34,304 @ | | | | NMI Holdings, Inc. | | | | | 275,118 | | | | | | 0.0 | | |
| | | 39,065 | | | | Northfield Bancorp, Inc./NJ | | | | | 587,928 | | | | | | 0.1 | | |
| | | 64,303 | | | | Northwest Bancshares, Inc. | | | | | 824,364 | | | | | | 0.1 | | |
| | | 53,503 @ | | | | Ocwen Financial Corp. | | | | | 545,731 | | | | | | 0.1 | | |
| | | 25,727 | | | | OFG Bancorp | | | | | 274,507 | | | | | | 0.0 | | |
| | | 58,330 | | | | Old National Bancorp. | | | | | 843,452 | | | | | | 0.1 | | |
| | | 29,945 @ | | | | Old Second Bancorp, Inc. | | | | | 197,637 | | | | | | 0.0 | | |
| | | 13,358 @ | | | | OM Asset Management Plc | | | | | 237,639 | | | | | | 0.0 | | |
| | | 11,496 | | | | One Liberty Properties, Inc. | | | | | 244,635 | | | | | | 0.0 | | |
| | | 37,664 | | | | Oritani Financial Corp. | | | | | 604,507 | | | | | | 0.1 | | |
| | | 9,811 | | | | Federal Agricultural Mortgage Corp. | | | | | 285,108 | | | | | | 0.0 | | |
| | | 7,360 L | | | | Park National Corp. | | | | | 643,043 | | | | | | 0.1 | | |
| | | 28,732 | | | | Park Sterling Corp. | | | | | 206,870 | | | | | | 0.0 | | |
| | | 29,674 | | | | Parkway Properties, Inc. | | | | | 517,515 | | | | | | 0.1 | | |
| | | 33,956 | | | | Pebblebrook Hotel Trust | | | | | 1,456,033 | | | | | | 0.2 | | |
| | | 43,513 | | | | Pennsylvania Real Estate Investment Trust | | | | | 928,567 | | | | | | 0.1 | | |
| | | 12,038 @ | | | | PennyMac Financial Services, Inc. | | | | | 218,129 | | | | | | 0.0 | | |
| | | 36,897 | | | | Pennymac Mortgage Investment Trust | | | | | 643,115 | | | | | | 0.1 | | |
| | | 11,671 | | | | Peoples Bancorp., Inc. | | | | | 272,401 | | | | | | 0.0 | | |
| | | 6,437 L | | | | Peoples Financial Services Corp. | | | | | 254,970 | | | | | | 0.0 | | |
| | | 29,308 @ | | | | PHH Corp. | | | | | 762,887 | | | | | | 0.1 | | |
| | | 23,975 | | | | Physicians Realty Trust | | | | | 368,256 | | | | | | 0.0 | | |
| | | 22,324 @ | | | | Pico Holdings, Inc. | | | | | 328,609 | | | | | | 0.0 | | |
| | | 22,580 | | | | Pinnacle Financial Partners, Inc. | | | | | 1,227,675 | | | | | | 0.1 | | |
| | | 10,239 @ | | | | Piper Jaffray Cos. | | | | | 446,830 | | | | | | 0.0 | | |
| | | 24,918 | | | | Potlatch Corp. | | | | | 880,104 | | | | | | 0.1 | | |
| | | 26,576 @ | | | | PRA Group, Inc. | | | | | 1,655,951 | | | | | | 0.2 | | |
| | | 26,325 | | | | Primerica, Inc. | | | | | 1,202,789 | | | | | | 0.1 | | |
| | | 33,918 | | | | PrivateBancorp, Inc. | | | | | 1,350,615 | | | | | | 0.1 | | |
| | | 34,920 | | | | Prosperity Bancshares, Inc. | | | | | 2,016,281 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 38,970 | | | | Provident Financial Services, Inc. | | | | $ | 740,040 | | | | | | 0.1 | | |
| | | 10,890 | | | | PS Business Parks, Inc. | | | | | 785,714 | | | | | | 0.1 | | |
| | | 7,331 | | | | QTS Realty Trust, Inc. | | | | | 267,215 | | | | | | 0.0 | | |
| | | 100,750 | | | | Radian Group, Inc. | | | | | 1,890,070 | | | | | | 0.2 | | |
| | | 68,826 | | | | RAIT Financial Trust | | | | | 420,527 | | | | | | 0.0 | | |
| | | 32,772 | | | | Ramco-Gershenson Properties | | | | | 534,839 | | | | | | 0.1 | | |
| | | 25,996 @ | | | | RCS Capital Corp. | | | | | 199,129 | | | | | | 0.0 | | |
| | | 48,363 | | | | Redwood Trust, Inc. | | | | | 759,299 | | | | | | 0.1 | | |
| | | 20,115 L | | | | Renasant Corp. | | | | | 655,749 | | | | | | 0.1 | | |
| | | 103,226 | | | | Resource Capital Corp. | | | | | 399,485 | | | | | | 0.0 | | |
| | | 51,365 | | | | Retail Opportunity Investments | | | | | 802,321 | | | | | | 0.1 | | |
| | | 20,238 | | | | Rexford Industrial Realty, Inc. | | | | | 295,070 | | | | | | 0.0 | | |
| | | 24,018 | | | | RLI Corp. | | | | | 1,234,285 | | | | | | 0.1 | | |
| | | 65,681 | | | | RLJ Lodging Trust | | | | | 1,955,980 | | | | | | 0.2 | | |
| | | 22,240 L | | | | Rouse Properties, Inc. | | | | | 363,624 | | | | | | 0.0 | | |
| | | 23,665 | | | | Ryman Hospitality Properties | | | | | 1,256,848 | | | | | | 0.1 | | |
| | | 15,760 | | | | S&T Bancorp, Inc. | | | | | 466,338 | | | | | | 0.1 | | |
| | | 29,900 | | | | Sabra Healthcare REIT, Inc. | | | | | 769,626 | | | | | | 0.1 | | |
| | | 18,093 @ | | | | Safeguard Scientifics, Inc. | | | | | 352,090 | | | | | | 0.0 | | |
| | | 9,020 | | | | Safety Insurance Group, Inc. | | | | | 520,544 | | | | | | 0.1 | | |
| | | 18,640 | | | | Sandy Spring Bancorp, Inc. | | | | | 521,547 | | | | | | 0.1 | | |
| | | 597 | | | | Saul Centers, Inc. | | | | | 29,366 | | | | | | 0.0 | | |
| | | 20,516 | | | | Select Income REIT | | | | | 423,450 | | | | | | 0.0 | | |
| | | 33,813 | | | | Selective Insurance Group | | | | | 948,455 | | | | | | 0.1 | | |
| | | 6,196 | | | | ServisFirst Bancshares, Inc. | | | | | 232,784 | | | | | | 0.0 | | |
| | | 25,726 | | | | Silver Bay Realty Trust Corp. | | | | | 419,077 | | | | | | 0.0 | | |
| | | 11,510 | | | | Simmons First National Corp. | | | | | 537,287 | | | | | | 0.1 | | |
| | | 15,503 | | | | South State Corp. | | | | | 1,178,073 | | | | | | 0.1 | | |
| | | 18,649 | | | | Southside Bancshares, Inc. | | | | | 545,110 | | | | | | 0.1 | | |
| | | 16,979 | | | | Southwest Bancorp., Inc. | | | | | 315,979 | | | | | | 0.0 | | |
| | | 17,240 | | | | Sovran Self Storage, Inc | | | | | 1,498,328 | | | | | | 0.2 | | |
| | | 35,628 @ | | | | St. Joe Co. | | | | | 553,303 | | | | | | 0.1 | | |
| | | 31,050 | | | | STAG Industrial, Inc. | | | | | 621,000 | | | | | | 0.1 | | |
| | | 17,195 | | | | Starwood Waypoint Residential Trust | | | | | 408,553 | | | | | | 0.0 | | |
| | | 10,080 | | | | State Auto Financial Corp. | | | | | 241,416 | | | | | | 0.0 | | |
| | | 29,041 | | | | State Bank Financial Corp. | | | | | 630,190 | | | | | | 0.1 | | |
| | | 53,121 | | | | Sterling Bancorp/DE | | | | | 780,879 | | | | | | 0.1 | | |
| | | 14,788 | | | | Stewart Information Services Corp. | | | | | 588,562 | | | | | | 0.1 | | |
| | | 33,915 @ | | | | Stifel Financial Corp. | | | | | 1,958,252 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
94
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 10,540 | | | | Stock Yards Bancorp, Inc. | | | | $ | 398,307 | | | | | | 0.0 | | |
| | | 17,397 | | | | Store Capital Corp. | | | | | 349,680 | | | | | | 0.0 | | |
| | | 122,220 @ | | | | Strategic Hotels & Resorts, Inc. | | | | | 1,481,306 | | | | | | 0.2 | | |
| | | 51,755 | | | | Summit Hotel Properties, Inc. | | | | | 673,333 | | | | | | 0.1 | | |
| | | 27,117 | | | | Sun Communities, Inc. | | | | | 1,676,644 | | | | | | 0.2 | | |
| | | 102,820 | | | | Sunstone Hotel Investors, Inc. | | | | | 1,543,328 | | | | | | 0.2 | | |
| | | 101,295 | | | | Susquehanna Bancshares, Inc. | | | | | 1,430,285 | | | | | | 0.1 | | |
| | | 36,459 | | | | Symetra Financial Corp. | | | | | 881,214 | | | | | | 0.1 | | |
| | | 13,400 | | | | Talmer Bancorp, Inc. | | | | | 224,450 | | | | | | 0.0 | | |
| | | 8,290 @ | | | | Tejon Ranch Co. | | | | | 213,136 | | | | | | 0.0 | | |
| | | 27,719 | | | | Terreno Realty Corp. | | | | | 546,064 | | | | | | 0.1 | | |
| | | 5,779 | | | | Territorial Bancorp, Inc. | | | | | 140,199 | | | | | | 0.0 | | |
| | | 20,188 @ | | | | Texas Capital Bancshares, Inc. | | | | | 1,256,501 | | | | | | 0.1 | | |
| | | 39,460 | | | | The Geo Group, Inc. | | | | | 1,347,954 | | | | | | 0.1 | | |
| | | 26,791 @ | | | | Third Point Reinsurance Ltd. | | | | | 395,167 | | | | | | 0.0 | | |
| | | 19,726 | | | | Tiptree Financial, Inc. | | | | | 143,014 | | | | | | 0.0 | | |
| | | 11,732 | | | | Tompkins Financial Corp. | | | | | 630,243 | | | | | | 0.1 | | |
| | | 17,056 | | | | TowneBank | | | | | 277,842 | | | | | | 0.0 | | |
| | | 10,390 | | | | Trico Bancshares | | | | | 249,880 | | | | | | 0.0 | | |
| | | 50,250 | | | | Trustco Bank Corp. | | | | | 353,258 | | | | | | 0.0 | | |
| | | 35,725 | | | | Trustmark Corp. | | | | | 892,411 | | | | | | 0.1 | | |
| | | 22,068 | | | | UMB Financial Corp. | | | | | 1,258,317 | | | | | | 0.1 | | |
| | | 18,382 | | | | UMH Properties, Inc. | | | | | 180,144 | | | | | | 0.0 | | |
| | | 98,908 | | | | Umpqua Holdings Corp. | | | | | 1,779,355 | | | | | | 0.2 | | |
| | | 25,009 | | | | Union Bankshares Corp. | | | | | 581,209 | | | | | | 0.1 | | |
| | | 31,141 | | | | United Bankshares, Inc. | | | | | 1,252,802 | | | | | | 0.1 | | |
| | | 26,781 | | | | United Community Banks, Inc./GA | | | | | 558,919 | | | | | | 0.1 | | |
| | | 29,250 | | | | United Community Financial Corp. | | | | | 156,488 | | | | | | 0.0 | | |
| | | 10,894 | | | | United Development Funding IV | | | | | 190,427 | | | | | | 0.0 | | |
| | | 43,102 | | | | United Financial Bancorp, Inc. | | | | | 579,722 | | | | | | 0.1 | | |
| | | 13,810 | | | | United Fire Group, Inc. | | | | | 452,416 | | | | | | 0.1 | | |
| | | 9,137 | | | | United Insurance Holdings Corp. | | | | | 141,989 | | | | | | 0.0 | | |
| | | 10,400 | | | | Universal Health Realty Income Trust | | | | | 483,184 | | | | | | 0.1 | | |
| | | 16,204 | | | | Universal Insurance Holdings, Inc. | | | | | 392,137 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 14,960 | | | | Univest Corp. of Pennsylvania | | | | $ | 304,586 | | | | | | 0.0 | | |
| | | 33,950 | | | | Urban Edge Properties | | | | | 705,821 | | | | | | 0.1 | | |
| | | 14,040 | | | | Urstadt Biddle Properties, Inc. | | | | | 262,267 | | | | | | 0.0 | | |
| | | 103,981 | | | | Valley National Bancorp. | | | | | 1,072,044 | | | | | | 0.1 | | |
| | | 4,034 | | | | Virtus Investment Partners, Inc. | | | | | 533,497 | | | | | | 0.1 | | |
| | | 13,197 @ | | | | Walker & Dunlop, Inc. | | | | | 352,888 | | | | | | 0.0 | | |
| | | 21,509 @,L | | | | Walter Investment Management Corp. | | | | | 491,911 | | | | | | 0.1 | | |
| | | 46,140 | | | | Washington Federal, Inc. | | | | | 1,077,369 | | | | | | 0.1 | | |
| | | 42,240 | | | | Washington Real Estate Investment Trust | | | | | 1,096,128 | | | | | | 0.1 | | |
| | | 11,810 | | | | Washington Trust Bancorp, Inc. | | | | | 466,259 | | | | | | 0.1 | | |
| | | 28,279 | | | | Waterstone Financial, Inc. | | | | | 373,283 | | | | | | 0.0 | | |
| | | 46,823 | | | | Webster Financial Corp. | | | | | 1,851,850 | | | | | | 0.2 | | |
| | | 23,574 | | | | WesBanco, Inc. | | | | | 801,987 | | | | | | 0.1 | | |
| | | 17,786 L | | | | Westamerica Bancorp. | | | | | 900,861 | | | | | | 0.1 | | |
| | | 44,440 @ | | | | Western Alliance Bancorp. | | | | | 1,500,294 | | | | | | 0.2 | | |
| | | 17,344 L | | | | Western Asset Mortgage Capital Corp. | | | | | 256,171 | | | | | | 0.0 | | |
| | | 6,296 | | | | Westwood Holdings Group, Inc. | | | | | 375,053 | | | | | | 0.0 | | |
| | | 20,725 | | | | Whitestone REIT | | | | | 269,840 | | | | | | 0.0 | | |
| | | 55,233 | | | | Wilshire Bancorp., Inc. | | | | | 697,593 | | | | | | 0.1 | | |
| | | 20,940 | | | | Wintrust Financial Corp. | | | | | 1,117,777 | | | | | | 0.1 | | |
| | | 59,117 L | | | | WisdomTree Investments, Inc. | | | | | 1,298,505 | | | | | | 0.1 | | |
| | | 4,978 @,L | | | | World Acceptance Corp. | | | | | 306,197 | | | | | | 0.0 | | |
| | | 19,140 | | | | WSFS Financial Corp. | | | | | 523,479 | | | | | | 0.1 | | |
| | | 46,323 | | | | Xenia Hotels & Resorts, Inc. | | | | | 1,007,062 | | | | | | 0.1 | | |
| | | 14,358 @ | | | | Yadkin Financial Corporation | | | | | 300,800 | | | | | | 0.0 | | |
| | | | | | | | | | | | 234,577,668 | | | | | | 23.7 | | |
| | | | | | | Health Care: 15.4% | | ||||||||||||
| | | 3,501 @ | | | | AAC Holdings, Inc. | | | | | 152,504 | | | | | | 0.0 | | |
| | | 12,180 | | | | Abaxism, Inc. | | | | | 627,026 | | | | | | 0.1 | | |
| | | 21,690 @ | | | | Abiomed, Inc. | | | | | 1,425,684 | | | | | | 0.2 | | |
| | | 41,164 @ | | | | Acadia Pharmaceuticals, Inc. | | | | | 1,723,948 | | | | | | 0.2 | | |
| | | 12,226 @,L | | | | Accelerate Diagnostics, Inc. | | | | | 315,553 | | | | | | 0.0 | | |
| | | 9,998 @ | | | | Acceleron Pharma, Inc. | | | | | 316,337 | | | | | | 0.0 | | |
| | | 48,503 @,L | | | | Accuray, Inc. | | | | | 326,910 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
95
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 56,001 @ | | | | Achillion Pharmaceuticals, Inc. | | | | $ | 496,169 | | | | | | 0.1 | | |
| | | 25,265 @ | | | | Acorda Therapeutics, Inc. | | | | | 842,082 | | | | | | 0.1 | | |
| | | 4,732 @ | | | | Adamas Pharmaceuticals, Inc. | | | | | 124,073 | | | | | | 0.0 | | |
| | | 3,116 @ | | | | Adeptus Health, Inc. | | | | | 295,989 | | | | | | 0.0 | | |
| | | 15,983 @ | | | | Advaxis, Inc. | | | | | 324,934 | | | | | | 0.0 | | |
| | | 16,471 @,L | | | | Aegerion Pharmaceuticals, Inc. | | | | | 312,455 | | | | | | 0.0 | | |
| | | 10,340 @ | | | | Aerie Pharmaceuticals, Inc. | | | | | 182,501 | | | | | | 0.0 | | |
| | | 7,461 @ | | | | Affimed NV | | | | | 100,500 | | | | | | 0.0 | | |
| | | 43,898 @ | | | | Affymetrix, Inc. | | | | | 479,366 | | | | | | 0.1 | | |
| | | 45,499 @,L | | | | Agenus, Inc. | | | | | 392,656 | | | | | | 0.0 | | |
| | | 21,916 @ | | | | Air Methods Corp. | | | | | 906,007 | | | | | | 0.1 | | |
| | | 12,691 @ | | | | Akebia Therapeutics, Inc. | | | | | 130,590 | | | | | | 0.0 | | |
| | | 17,089 @ | | | | Albany Molecular Research, Inc. | | | | | 345,540 | | | | | | 0.0 | | |
| | | 10,499 @ | | | | Alder Biopharmaceuticals, Inc. | | | | | 556,132 | | | | | | 0.1 | | |
| | | 3,834 @ | | | | Almost Family, Inc. | | | | | 153,015 | | | | | | 0.0 | | |
| | | 14,792 @ | | | | AMAG Pharmaceuticals, Inc. | | | | | 1,021,535 | | | | | | 0.1 | | |
| | | 16,142 @ | | | | Amedisys, Inc. | | | | | 641,322 | | | | | | 0.1 | | |
| | | 46,811 @ | | | | Amicus Therapeutics, Inc. | | | | | 662,376 | | | | | | 0.1 | | |
| | | 28,673 @ | | | | AMN Healthcare Services, Inc. | | | | | 905,780 | | | | | | 0.1 | | |
| | | 14,440 @ | | | | Amphastar Pharmaceuticals, Inc. | | | | | 253,855 | | | | | | 0.0 | | |
| | | 23,083 @ | | | | Amsurg Corp. | | | | | 1,614,656 | | | | | | 0.2 | | |
| | | 20,324 @ | | | | Anacor Pharmaceuticals, Inc. | | | | | 1,573,687 | | | | | | 0.2 | | |
| | | 7,800 | | | | Analogic Corp. | | | | | 615,420 | | | | | | 0.1 | | |
| | | 18,000 @ | | | | Angiodynamics, Inc. | | | | | 295,200 | | | | | | 0.0 | | |
| | | 3,556 @ | | | | ANI Pharmaceuticals, Inc. | | | | | 220,650 | | | | | | 0.0 | | |
| | | 9,319 @ | | | | Anika Therapeutics, Inc. | | | | | 307,807 | | | | | | 0.0 | | |
| | | 93,600 @,L | | | | Antares Pharma, Inc. | | | | | 194,688 | | | | | | 0.0 | | |
| | | 19,647 @ | | | | Anthera Pharmaceuticals, Inc. | | | | | 169,357 | | | | | | 0.0 | | |
| | | 15,920 @ | | | | Aratana Therapeutics, Inc. | | | | | 240,710 | | | | | | 0.0 | | |
| | | 6,203 @ | | | | Ardelyx, Inc. | | | | | 99,062 | | | | | | 0.0 | | |
| | | 137,629 @,L | | | | Arena Pharmaceuticals, Inc. | | | | | 638,599 | | | | | | 0.1 | | |
| | | 87,429 @,L | | | | Ariad Pharmaceuticals, Inc. | | | | | 723,038 | | | | | | 0.1 | | |
| | | 73,398 @ | | | | Array Biopharma, Inc. | | | | | 529,200 | | | | | | 0.1 | | |
| | | 30,115 @,L | | | | Arrowhead Research Corp. | | | | | 215,322 | | | | | | 0.0 | | |
| | | 8,434 | | | | Assembly Biosciences, Inc. | | | | | 162,439 | | | | | | 0.0 | | |
| | | 7,035 @ | | | | Atara Biotherapeutics, Inc. | | | | | 371,167 | | | | | | 0.0 | | |
| | | 19,656 @ | | | | AtriCure, Inc. | | | | | 484,324 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 830 | | | | Atrion Corp. | | | | $ | 325,617 | | | | | | 0.0 | | |
| | | 9,441 @ | | | | Avalanche Biotechnologies, Inc. | | | | | 153,322 | | | | | | 0.0 | | |
| | | 44,615 @,L | | | | BioScrip, Inc. | | | | | 161,952 | | | | | | 0.0 | | |
| | | 40,197 @ | | | | BioCryst Pharmaceuticals, Inc. | | | | | 600,141 | | | | | | 0.1 | | |
| | | 22,707 @ | | | | BioDelivery Sciences International, Inc. | | | | | 180,748 | | | | | | 0.0 | | |
| | | 13,276 @ | | | | Bio-Reference Labs, Inc. | | | | | 547,635 | | | | | | 0.1 | | |
| | | 12,467 @ | | | | BioTelemetry, Inc. | | | | | 117,564 | | | | | | 0.0 | | |
| | | 16,941 @ | | | | Cambrex Corp. | | | | | 744,388 | | | | | | 0.1 | | |
| | | 17,352 | | | | Cantel Medical Corp. | | | | | 931,282 | | | | | | 0.1 | | |
| | | 21,680 @ | | | | Capital Senior Living Corp. | | | | | 531,160 | | | | | | 0.1 | | |
| | | 15,613 @ | | | | Cardiovascular Systems, Inc. | | | | | 412,964 | | | | | | 0.1 | | |
| | | 16,739 @ | | | | Castlight Health, Inc. | | | | | 136,255 | | | | | | 0.0 | | |
| | | 35,562 @ | | | | Catalent, Inc. | | | | | 1,043,033 | | | | | | 0.1 | | |
| | | 42,497 @ | | | | Catalyst Pharmaceuticals, Inc. | | | | | 175,513 | | | | | | 0.0 | | |
| | | 48,389 @ | | | | Celldex Therapeutics, Inc. | | | | | 1,220,371 | | | | | | 0.1 | | |
| | | 5,721 @ | | | | Cellular Biomedicine Group, Inc. | | | | | 214,595 | | | | | | 0.0 | | |
| | | 15,980 @ | | | | Cempra, Inc. | | | | | 549,073 | | | | | | 0.1 | | |
| | | 36,713 @ | | | | Cepheid, Inc. | | | | | 2,245,000 | | | | | | 0.2 | | |
| | | 60,736 @,L | | | | Cerus Corp. | | | | | 315,220 | | | | | | 0.0 | | |
| | | 9,468 | | | | Chemed Corp. | | | | | 1,241,255 | | | | | | 0.1 | | |
| | | 13,019 @ | | | | ChemoCentryx, Inc. | | | | | 107,146 | | | | | | 0.0 | | |
| | | 20,230 @ | | | | Chimerix, Inc. | | | | | 934,626 | | | | | | 0.1 | | |
| | | 12,980 @ | | | | Clinical Data, Inc. | | | | | — | | | | | | — | | |
| | | 13,031 @ | | | | Clovis Oncology, Inc. | | | | | 1,145,164 | | | | | | 0.1 | | |
| | | 11,331 @ | | | | Coherus Biosciences, Inc. | | | | | 327,466 | | | | | | 0.0 | | |
| | | 7,230 L | | | | Computer Programs & Systems, Inc. | | | | | 386,227 | | | | | | 0.0 | | |
| | | 7,989 @ | | | | Concert Pharmaceuticals, Inc. | | | | | 118,956 | | | | | | 0.0 | | |
| | | 15,514 | | | | Conmed Corp. | | | | | 904,001 | | | | | | 0.1 | | |
| | | 28,453 @ | | | | Corcept Therapeutics, Inc. | | | | | 171,003 | | | | | | 0.0 | | |
| | | 7,700 @ | | | | Corium International, Inc. | | | | | 105,413 | | | | | | 0.0 | | |
| | | 22,161 @ | | | | CorMedix, Inc. | | | | | 85,985 | | | | | | 0.0 | | |
| | | 7,800 @ | | | | Corvel Corp. | | | | | 249,756 | | | | | | 0.0 | | |
| | | 15,683 @ | | | | Cross Country Healthcare, Inc. | | | | | 198,860 | | | | | | 0.0 | | |
| | | 22,390 | | | | CryoLife, Inc. | | | | | 252,559 | | | | | | 0.0 | | |
| | | 101,260 @ | | | | CTI BioPharma Corp. | | | | | 197,457 | | | | | | 0.0 | | |
| | | 55,931 @ | | | | Curis, Inc. | | | | | 185,132 | | | | | | 0.0 | | |
| | | 14,149 @ | | | | Cyberonics | | | | | 841,300 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
96
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 14,245 @ | | | | Cynosure, Inc. | | | | $ | 549,572 | | | | | | 0.1 | | |
| | | 18,419 @ | | | | Cytokinetics Inc | | | | | 123,776 | | | | | | 0.0 | | |
| | | 35,261 @,L | | | | CytRx Corp. | | | | | 131,171 | | | | | | 0.0 | | |
| | | 32,428 @ | | | | Depomed, Inc. | | | | | 695,905 | | | | | | 0.1 | | |
| | | 8,872 @ | | | | Dicerna Pharmaceuticals, Inc. | | | | | 123,764 | | | | | | 0.0 | | |
| | | 17,434 @ | | | | Diplomat Pharmacy, Inc. | | | | | 780,171 | | | | | | 0.1 | | |
| | | 67,432 @ | | | | Durect Corp. | | | | | 161,162 | | | | | | 0.0 | | |
| | | 75,109 @ | | | | Dyax, Corp. | | | | | 1,990,388 | | | | | | 0.2 | | |
| | | 17,115 L | | | | Dynavax Technologies Corp. | | | | | 400,919 | | | | | | 0.1 | | |
| | | 4,171 @ | | | | Eagle Pharmaceuticals, Inc./DE | | | | | 337,267 | | | | | | 0.0 | | |
| | | 18,905 @ | | | | Emergent Biosolutions, Inc. | | | | | 622,920 | | | | | | 0.1 | | |
| | | 7,373 @ | | | | Enanta Pharmaceuticals, Inc. | | | | | 331,711 | | | | | | 0.0 | | |
| | | 23,200 @ | | | | Endocyte, Inc. | | | | | 120,408 | | | | | | 0.0 | | |
| | | 36,630 @ | | | | Endologix, Inc. | | | | | 561,904 | | | | | | 0.1 | | |
| | | 10,961 | | | | Ensign Group, Inc. | | | | | 559,669 | | | | | | 0.1 | | |
| | | 13,531 @,L | | | | Epizyme, Inc. | | | | | 324,744 | | | | | | 0.0 | | |
| | | 6,342 @ | | | | Esperion Therapeutics, Inc. | | | | | 518,522 | | | | | | 0.1 | | |
| | | 46,491 @,L | | | | Exact Sciences Corp. | | | | | 1,382,642 | | | | | | 0.1 | | |
| | | 10,008 @ | | | | Exactech, Inc. | | | | | 208,467 | | | | | | 0.0 | | |
| | | 19,872 @ | | | | ExamWorks Group, Inc. | | | | | 776,995 | | | | | | 0.1 | | |
| | | 114,667 @,L | | | | Exelixis, Inc. | | | | | 431,148 | | | | | | 0.1 | | |
| | | 23,087 @ | | | | FibroGen, Inc. | | | | | 542,544 | | | | | | 0.1 | | |
| | | 12,705 @ | | | | FivePrime Therapeutics, Inc. | | | | | 315,592 | | | | | | 0.0 | | |
| | | 7,408 @ | | | | Flexion Therapeutics, Inc. | | | | | 162,161 | | | | | | 0.0 | | |
| | | 15,882 @ | | | | Fluidigm Corp. | | | | | 384,344 | | | | | | 0.0 | | |
| | | 11,000 @ | | | | Foamix Pharmaceuticals Ltd. | | | | | 112,750 | | | | | | 0.0 | | |
| | | 7,252 @,L | | | | Foundation Medicine, Inc. | | | | | 245,408 | | | | | | 0.0 | | |
| | | 5,252 @ | | | | Furiex Pharmaceuticals, Inc. - CVR | | | | | 51,312 | | | | | | 0.0 | | |
| | | 103,585 @ | | | | Galena Biopharma, Inc. | | | | | 176,094 | | | | | | 0.0 | | |
| | | 22,809 @,L | | | | GenMark Diagnostics, Inc. | | | | | 206,650 | | | | | | 0.0 | | |
| | | 10,254 @ | | | | Genocea Biosciences, Inc. | | | | | 140,787 | | | | | | 0.0 | | |
| | | 9,840 @,L | | | | Genomic Health, Inc. | | | | | 273,454 | | | | | | 0.0 | | |
| | | 88,473 L | | | | Geron Corp. | | | | | 378,664 | | | | | | 0.0 | | |
| | | 28,462 @ | | | | Globus Medical Inc | | | | | 730,620 | | | | | | 0.1 | | |
| | | 15,180 @ | | | | Greatbatch, Inc. | | | | | 818,506 | | | | | | 0.1 | | |
| | | 27,511 @ | | | | Haemonetics Corp. | | | | | 1,137,855 | | | | | | 0.1 | | |
| | | 55,451 @ | | | | Halozyme Therapeutics, Inc. | | | | | 1,252,084 | | | | | | 0.1 | | |
| | | 17,831 @ | | | | Halyard Health, Inc. | | | | | 722,155 | | | | | | 0.1 | | |
| | | 17,968 @ | | | | Hanger Orthopedic Group, Inc. | | | | | 421,170 | | | | | | 0.1 | | |
| | | 16,949 @ | | | | HealthEquity, Inc. | | | | | 543,215 | | | | | | 0.1 | | |
| | | 48,454 | | | | Healthsouth Corp. | | | | | 2,231,791 | | | | | | 0.2 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 13,424 @ | | | | HealthStream, Inc. | | | | $ | 408,358 | | | | | | 0.1 | | |
| | | 24,120 @ | | | | Healthways, Inc. | | | | | 288,958 | | | | | | 0.0 | | |
| | | 8,408 @ | | | | HeartWare International, Inc. | | | | | 611,177 | | | | | | 0.1 | | |
| | | 13,211 @ | | | | Heron Therapeutics, Inc. | | | | | 411,655 | | | | | | 0.1 | | |
| | | 4,252 @ | | | | Heska Corp. | | | | | 126,242 | | | | | | 0.0 | | |
| | | 47,641 @ | | | | HMS Holdings Corp. | | | | | 817,996 | | | | | | 0.1 | | |
| | | 6,580 @ | | | | ICU Medical, Inc. | | | | | 629,443 | | | | | | 0.1 | | |
| | | 38,826 @,L | | | | Idera Pharmaceuticals, Inc. | | | | | 144,044 | | | | | | 0.0 | | |
| | | 9,907 @ | | | | Ignyta, Inc. | | | | | 149,497 | | | | �� | | 0.0 | | |
| | | 5,834 @ | | | | Immune Design Corp. | | | | | 120,472 | | | | | | 0.0 | | |
| | | 47,705 @,L | | | | Immunogen, Inc. | | | | | 685,998 | | | | | | 0.1 | | |
| | | 61,662 @,L | | | | Immunomedics, Inc. | | | | | 250,348 | | | | | | 0.0 | | |
| | | 37,360 @ | | | | Impax Laboratories, Inc. | | | | | 1,715,571 | | | | | | 0.2 | | |
| | | 5,233 @ | | | | INC Research Holdings, Inc. | | | | | 209,948 | | | | | | 0.0 | | |
| | | 30,880 @ | | | | Infinity Pharmaceuticals, Inc. | | | | | 338,136 | | | | | | 0.0 | | |
| | | 7,741 @ | | | | Inogen, Inc. | | | | | 345,249 | | | | | | 0.0 | | |
| | | 35,380 @,L | | | | Inovio Pharmaceuticals, Inc. | | | | | 288,701 | | | | | | 0.0 | | |
| | | 28,243 @ | | | | Insulet Corp. | | | | | 875,109 | | | | | | 0.1 | | |
| | | 11,458 L | | | | Insys Therapeutics, Inc. | | | | | 411,571 | | | | | | 0.1 | | |
| | | 12,830 @ | | | | Integra LifeSciences Holdings Corp. | | | | | 864,357 | | | | | | 0.1 | | |
| | | 7,029 @ | | | | Intersect ENT, Inc. | | | | | 201,240 | | | | | | 0.0 | | |
| | | 12,331 @,L | | | | Intra-Cellular Therapies, Inc. | | | | | 393,975 | | | | | | 0.1 | | |
| | | 19,460 | | | | Invacare Corp. | | | | | 420,920 | | | | | | 0.1 | | |
| | | 14,550 | | | | InVivo Therapeutics Holdings Corp. | | | | | 234,982 | | | | | | 0.0 | | |
| | | 12,070 @ | | | | IPC The Hospitalist Co., Inc. | | | | | 668,557 | | | | | | 0.1 | | |
| | | 65,373 @ | | | | Ironwood Pharmaceuticals, Inc. | | | | | 788,398 | | | | | | 0.1 | | |
| | | 7,234 @ | | | | K2M Group Holdings, Inc. | | | | | 173,761 | | | | | | 0.0 | | |
| | | 10,564 @,L | | | | Karyopharm Therapeutics, Inc. | | | | | 287,446 | | | | | | 0.0 | | |
| | | 54,700 @,L | | | | Keryx Biopharmaceuticals, Inc. | | | | | 545,906 | | | | | | 0.1 | | |
| | | 39,811 | | | | Kindred Healthcare, Inc. | | | | | 807,765 | | | | | | 0.1 | | |
| | | 14,540 @,L | | | | Kite Pharma, Inc. | | | | | 886,504 | | | | | | 0.1 | | |
| | | 12,254 @,L | | | | KYTHERA Biopharmaceuticals, Inc. | | | | | 922,849 | | | | | | 0.1 | | |
| | | 6,082 @ | | | | La Jolla Pharmaceutical Co. | | | | | 149,070 | | | | | | 0.0 | | |
| | | 7,080 | | | | Landauer, Inc. | | | | | 252,331 | | | | | | 0.0 | | |
| | | 13,516 @ | | | | Lannett Co., Inc. | | | | | 803,391 | | | | | | 0.1 | | |
| | | 9,697 @ | | | | LDR Holding Corp. | | | | | 419,395 | | | | | | 0.1 | | |
| | | 19,885 L | | | | Lexicon Pharmaceuticals, Inc. | | | | | 160,074 | | | | | | 0.0 | | |
| | | 5,823 @ | | | | LHC Group, Inc. | | | | | 222,730 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
97
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 9,831 @ | | | | Ligand Pharmaceuticals, Inc. | | | | $ | 991,948 | | | | | | 0.1 | | |
| | | 23,984 @ | | | | Lion Biotechnologies, Inc. | | | | | 219,933 | | | | | | 0.0 | | |
| | | 24,304 @ | | | | Luminex Corp. | | | | | 419,487 | | | | | | 0.1 | | |
| | | 12,797 @ | | | | MacroGenics, Inc. | | | | | 485,902 | | | | | | 0.1 | | |
| | | 14,998 @ | | | | Magellan Health Services, Inc. | | | | | 1,050,910 | | | | | | 0.1 | | |
| | | 124,651 @,L | | | | MannKind Corp. | | | | | 709,264 | | | | | | 0.1 | | |
| | | 24,173 @ | | | | Masimo Corp. | | | | | 936,462 | | | | | | 0.1 | | |
| | | 34,289 @ | | | | MedAssets, Inc. | | | | | 756,415 | | | | | | 0.1 | | |
| | | 14,233 @ | | | | Medgenics, Inc. | | | | | 87,248 | | | | | | 0.0 | | |
| | | 32,142 @ | | | | Medicines Co. | | | | | 919,583 | | | | | | 0.1 | | |
| | | 28,486 @ | | | | Medidata Solutions, Inc. | | | | | 1,547,360 | | | | | | 0.2 | | |
| | | 34,631 @ | | | | Merge Healthcare, Inc. | | | | | 166,229 | | | | | | 0.0 | | |
| | | 26,449 | | | | Meridian Bioscience, Inc. | | | | | 493,009 | | | | | | 0.1 | | |
| | | 19,212 @ | | | | Merit Medical Systems, Inc. | | | | | 413,826 | | | | | | 0.1 | | |
| | | 59,640 @,L | | | | Merrimack Pharmaceuticals, Inc. | | | | | 737,449 | | | | | | 0.1 | | |
| | | 59,445 @,L | | | | MiMedx Group Inc. | | | | | 688,968 | | | | | | 0.1 | | |
| | | 5,184 @ | | | | Mirati Therapeutics, Inc. | | | | | 163,140 | | | | | | 0.0 | | |
| | | 14,395 @ | | | | Molina Healthcare, Inc. | | | | | 1,011,968 | | | | | | 0.1 | | |
| | | 30,881 @ | | | | Momenta Pharmaceuticals, Inc. | | | | | 704,396 | | | | | | 0.1 | | |
| | | 33,235 @ | | | | Myriad Genetics, Inc. | | | | | 1,129,658 | | | | | | 0.1 | | |
| | | 5,070 | | | | National Healthcare Corp. | | | | | 329,499 | | | | | | 0.0 | | |
| | | 18,607 @ | | | | Natus Medical, Inc. | | | | | 791,914 | | | | | | 0.1 | | |
| | | 112,043 @ | | | | Navidea Biopharmaceuticals, Inc. | | | | | 180,389 | | | | | | 0.0 | | |
| | | 68,822 @ | | | | Nektar Therapeutics | | | | | 860,963 | | | | | | 0.1 | | |
| | | 20,721 @ | | | | Neogen Corp. | | | | | 983,004 | | | | | | 0.1 | | |
| | | 33,734 @ | | | | NeoGenomics, Inc. | | | | | 182,501 | | | | | | 0.0 | | |
| | | 41,219 @ | | | | Neurocrine Biosciences, Inc. | | | | | 1,968,619 | | | | | | 0.2 | | |
| | | 6,493 @ | | | | Nevro Corp. | | | | | 348,999 | | | | | | 0.0 | | |
| | | 11,329 @,L | | | | NewLink Genetics Corp. | | | | | 501,535 | | | | | | 0.1 | | |
| | | 27,646 @,L | | | | Northwest Biotherapeutics, Inc. | | | | | 274,525 | | | | | | 0.0 | | |
| | | 140,516 @ | | | | Novavax, Inc. | | | | | 1,565,348 | | | | | | 0.2 | | |
| | | 25,036 @ | | | | NuVasive, Inc. | | | | | 1,186,206 | | | | | | 0.1 | | |
| | | 35,591 @ | | | | NxStage Medical, Inc. | | | | | 508,417 | | | | | | 0.1 | | |
| | | 22,472 | | | | Ocata Therapeutics, Inc. | | | | | 118,427 | | | | | | 0.0 | | |
| | | 6,877 @ | | | | Ocular Therapeutix, Inc. | | | | | 144,623 | | | | | | 0.0 | | |
| | | 20,216 @,L | | | | Omeros Corp. | | | | | 363,686 | | | | | | 0.0 | | |
| | | 20,760 @ | | | | Omnicell, Inc. | | | | | 782,860 | | | | | | 0.1 | | |
| | | 8,652 @,L | | | | OncoMed Pharmaceuticals, Inc. | | | | | 194,670 | | | | | | 0.0 | | |
| | | 61,046 @ | | | | Oncothyreon, Inc. | | | | | 228,312 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 11,383 @ | | | | Ophthotech Corp. | | | | $ | 592,599 | | | | | | 0.1 | | |
| | | 35,261 @,L | | | | OraSure Technologies, Inc. | | | | | 190,057 | | | | | | 0.0 | | |
| | | 61,907 @,L | | | | Orexigen Therapeutics, Inc. | | | | | 306,440 | | | | | | 0.0 | | |
| | | 43,807 @ | | | | Organovo Holdings, Inc. | | | | | 165,152 | | | | | | 0.0 | | |
| | | 10,580 @ | | | | Orthofix International NV | | | | | 350,410 | | | | | | 0.0 | | |
| | | 12,822 @,L | | | | Osiris Therapeutics, Inc. | | | | | 249,516 | | | | | | 0.0 | | |
| | | 6,931 @ | | | | Otonomy, Inc. | | | | | 159,344 | | | | | | 0.0 | | |
| | | 11,506 @,L | | | | OvaScience, Inc. | | | | | 332,869 | | | | | | 0.0 | | |
| | | 31,747 | | | | Owens & Minor, Inc. | | | | | 1,079,398 | | | | | | 0.1 | | |
| | | 9,000 @ | | | | Oxford Immunotec Global PLC | | | | | 124,650 | | | | | | 0.0 | | |
| | | 38,043 @,L | | | | Pacific Biosciences of California, Inc. | | | | | 219,128 | | | | | | 0.0 | | |
| | | 18,755 @ | | | | Pacira Pharmaceuticals, Inc./DE | | | | | 1,326,354 | | | | | | 0.1 | | |
| | | 6,658 | | | | Paratek Pharmaceuticals, Inc. | | | | | 171,577 | | | | | | 0.0 | | |
| | | 28,759 @ | | | | Parexel International Corp. | | | | | 1,849,491 | | | | | | 0.2 | | |
| | | 87,037 | | | | PDL BioPharma, Inc. | | | | | 559,648 | | | | | | 0.1 | | |
| | | 134,571 @ | | | | Peregrine Pharmaceuticals, Inc. | | | | | 176,288 | | | | | | 0.0 | | |
| | | 23,943 @,L | | | | Pernix Therapeutics Holdings, Inc. | | | | | 141,743 | | | | | | 0.0 | | |
| | | 9,254 @ | | | | Pfenex, Inc. | | | | | 179,528 | | | | | | 0.0 | | |
| | | 18,070 @ | | | | PharMerica Corp. | | | | | 601,731 | | | | | | 0.1 | | |
| | | 9,150 | | | | Phibro Animal Health Corp. | | | | | 356,301 | | | | | | 0.0 | | |
| | | 21,149 @ | | | | Portola Pharmaceuticals, Inc. | | | | | 963,337 | | | | | | 0.1 | | |
| | | 13,462 @ | | | | Pozen, Inc. | | | | | 138,793 | | | | | | 0.0 | | |
| | | 10,732 @ | | | | PRA Health Sciences, Inc. | | | | | 389,894 | | | | | | 0.0 | | |
| | | 40,813 @ | | | | Progenics Pharmaceuticals, Inc. | | | | | 304,465 | | | | | | 0.0 | | |
| | | 15,188 @ | | | | Prothena Corp. PLC | | | | | 799,952 | | | | | | 0.1 | | |
| | | 8,295 @ | | | | Providence Service Corp. | | | | | 367,303 | | | | | | 0.0 | | |
| | | 16,588 @ | | | | PTC Therapeutics, Inc. | | | | | 798,380 | | | | | | 0.1 | | |
| | | 25,280 | | | | Quality Systems, Inc. | | | | | 418,890 | | | | | | 0.1 | | |
| | | 15,810 @ | | | | Quidel Corp. | | | | | 362,839 | | | | | | 0.0 | | |
| | | 14,637 @ | | | | Radius Health, Inc. | | | | | 990,925 | | | | | | 0.1 | | |
| | | 26,711 @ | | | | RadNet, Inc. | | | | | 178,697 | | | | | | 0.0 | | |
| | | 42,769 @,L | | | | Raptor Pharmaceutical Corp. | | | | | 675,322 | | | | | | 0.1 | | |
| | | 13,377 @ | | | | Regulus Therapeutics, Inc. | | | | | 146,612 | | | | | | 0.0 | | |
| | | 15,793 @ | | | | Relypsa, Inc. | | | | | 522,590 | | | | | | 0.1 | | |
| | | 15,968 @ | | | | Repligen Corp. | | | | | 658,999 | | | | | | 0.1 | | |
| | | 17,239 @,L | | | | Retrophin, Inc. | | | | | 571,473 | | | | | | 0.1 | | |
| | | 7,579 @ | | | | Revance Therapeutics, Inc. | | | | | 242,376 | | | | | | 0.0 | | |
| | | 59,007 @ | | | | Rigel Pharmaceuticals, Inc. | | | | | 189,412 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
98
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 24,337 @,L | | | | Rockwell Medical Technologies, Inc. | | | | $ | 392,312 | | | | | | 0.0 | | |
| | | 35,891 @ | | | | RTI Biologics, Inc. | | | | | 231,856 | | | | | | 0.0 | | |
| | | 6,636 @ | | | | Sage Therapeutics, Inc. | | | | | 484,428 | | | | | | 0.1 | | |
| | | 14,215 @ | | | | Sagent Pharmaceuticals, Inc. | | | | | 345,567 | | | | | | 0.0 | | |
| | | 38,641 @ | | | | Sangamo Biosciences, Inc. | | | | | 428,529 | | | | | | 0.1 | | |
| | | 21,599 @,L | | | | Sarepta Therapeutics, Inc. | | | | | 657,258 | | | | | | 0.1 | | |
| | | 36,900 @ | | | | Sciclone Pharmaceuticals, Inc. | | | | | 362,358 | | | | | | 0.0 | | |
| | | 40,668 @ | | | | Select Medical Holdings Corp. | | | | | 658,822 | | | | | | 0.1 | | |
| | | 73,356 @,L | | | | Sequenom, Inc. | | | | | 223,002 | | | | | | 0.0 | | |
| | | 14,911 @ | | | | Sorrento Therapeutics, Inc. | | | | | 262,732 | | | | | | 0.0 | | |
| | | 4,298 @,L | | | | Spark Therapeutics Inc. | | | | | 259,040 | | | | | | 0.0 | | |
| | | 23,433 @ | | | | Spectranetics Corp. | | | | | 539,193 | | | | | | 0.1 | | |
| | | 42,460 @,L | | | | Spectrum Pharmaceuticals, Inc. | | | | | 290,426 | | | | | | 0.0 | | |
| | | 25,107 @,L | | | | Staar Surgical Co. | | | | | 242,534 | | | | | | 0.0 | | |
| | | 8,376 @ | | | | Stemline Therapeutics Inc. | | | | | 98,586 | | | | | | 0.0 | | |
| | | 29,603 | | | | Steris Corp. | | | | | 1,907,617 | | | | | | 0.2 | | |
| | | 10,934 @ | | | | Sucampo Pharmaceuticals, Inc. | | | | | 179,646 | | | | | | 0.0 | | |
| | | 20,308 @ | | | | Supernus Pharmaceuticals, Inc. | | | | | 344,830 | | | | | | 0.0 | | |
| | | 7,022 @ | | | | Surgical Care Affiliates, Inc. | | | | | 269,504 | | | | | | 0.0 | | |
| | | 11,186 @ | | | | SurModics, Inc. | | | | | 261,976 | | | | | | 0.0 | | |
| | | 56,697 @,L | | | | Synergy Pharmaceuticals, Inc. | | | | | 470,585 | | | | | | 0.1 | | |
| | | 42,732 @ | | | | Synta Pharmaceuticals Corp. | | | | | 95,292 | | | | | | 0.0 | | |
| | | 35,831 @ | | | | Team Health Holdings, Inc. | | | | | 2,340,839 | | | | | | 0.2 | | |
| | | 10,929 @ | | | | Tesaro, Inc. | | | | | 642,516 | | | | | | 0.1 | | |
| | | 17,479 @ | | | | Tetraphase Pharmaceuticals, Inc. | | | | | 829,204 | | | | | | 0.1 | | |
| | | 19,552 @,L | | | | TG Therapeutics, Inc. | | | | | 324,368 | | | | | | 0.0 | | |
| | | 67,745 @ | | | | TherapeuticsMD, Inc. | | | | | 532,476 | | | | | | 0.1 | | |
| | | 12,422 @ | | | | Theravance Biopharma, Inc. | | | | | 161,734 | | | | | | 0.0 | | |
| | | 44,987 L | | | | Theravance, Inc. | | | | | 812,915 | | | | | | 0.1 | | |
| | | 27,802 @ | | | | Thoratec Corp. | | | | | 1,239,135 | | | | | | 0.1 | | |
| | | 42,200 @ | | | | Threshold Pharmaceuticals, Inc. | | | | | 170,488 | | | | | | 0.0 | | |
| | | 15,948 @ | | | | Tornier NV | | | | | 398,541 | | | | | | 0.1 | | |
| | | 14,492 @ | | | | Trevena, Inc. | | | | | 90,720 | | | | | | 0.0 | | |
| | | 12,570 @ | | | | Triple-S Management Corp. | | | | | 322,546 | | | | | | 0.0 | | |
| | | 42,590 @ | | | | Trius Therapeutics, Inc. - CVR | | | | | — | | | | | | — | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 13,104 @ | | | | Trovagene, Inc. | | | | $ | 133,006 | | | | | | 0.0 | | |
| | | 17,754 @ | | | | Ultragenyx Pharmaceutical, Inc. | | | | | 1,817,832 | | | | | | 0.2 | | |
| | | 81,911 @,L | | | | Unilife Corp. | | | | | 176,109 | | | | | | 0.0 | | |
| | | 25,820 @ | | | | Universal American Corp./NY | | | | | 261,298 | | | | | | 0.0 | | |
| | | 3,240 | | | | US Physical Therapy, Inc. | | | | | 177,422 | | | | | | 0.0 | | |
| | | 23,897 @,L | | | | Vanda Pharmaceuticals, Inc. | | | | | 303,253 | | | | | | 0.0 | | |
| | | 11,813 @ | | | | Vascular Solutions, Inc. | | | | | 410,147 | | | | | | 0.1 | | |
| | | 9,039 @ | | | | Veracyte, Inc. | | | | | 100,694 | | | | | | 0.0 | | |
| | | 15,744 @ | | | | Verastem, Inc. | | | | | 118,710 | | | | | | 0.0 | | |
| | | 11,866 @ | | | | Versartis, Inc. | | | | | 180,601 | | | | | | 0.0 | | |
| | | 6,474 @ | | | | Vitae Pharmaceuticals, Inc. | | | | | 93,226 | | | | | | 0.0 | | |
| | | 7,991 @ | | | | Vital Therapies, Inc. | | | | | 168,610 | | | | | | 0.0 | | |
| | | 66,260 @,L | | | | Vivus, Inc. | | | | | 156,374 | | | | | | 0.0 | | |
| | | 18,536 @ | | | | Vocera Communications, Inc. | | | | | 212,237 | | | | | | 0.0 | | |
| | | 23,838 @ | | | | WellCare Health Plans, Inc. | | | | | 2,022,178 | | | | | | 0.2 | | |
| | | 35,912 | | | | West Pharmaceutical Services, Inc. | | | | | 2,085,769 | | | | | | 0.2 | | |
| | | 22,600 @ | | | | Wright Medical Group, Inc. | | | | | 593,476 | | | | | | 0.1 | | |
| | | 13,945 @ | | | | Xencor, Inc. | | | | | 306,372 | | | | | | 0.0 | | |
| | | 43,719 @ | | | | Xenoport, Inc. | | | | | 267,997 | | | | | | 0.0 | | |
| | | 53,900 @,L | | | | XOMA Corp. | | | | | 209,132 | | | | | | 0.0 | | |
| | | 7,573 @ | | | | Zafgen, Inc. | | | | | 262,253 | | | | | | 0.0 | | |
| | | 16,637 @ | | | | Zeltiq Aesthetics, Inc. | | | | | 490,292 | | | | | | 0.1 | | |
| | | 56,487 @,L | | | | ZIOPHARM Oncology, Inc. | | | | | 677,844 | | | | | | 0.1 | | |
| | | 99,691 @ | | | | Zogenix, Inc. | | | | | 167,481 | | | | | | 0.0 | | |
| | | 8,595 @ | | | | ZS Pharma, Inc. | | | | | 450,292 | | | | | | 0.1 | | |
| | | | | | | | | | | | 152,255,124 | | | | | | 15.4 | | |
| | | | | | | Industrials: 12.7% | | ||||||||||||
| | | 22,080 | | | | AAON, Inc. | | | | | 497,242 | | | | | | 0.1 | | |
| | | 21,764 | | | | AAR Corp. | | | | | 693,619 | | | | | | 0.1 | | |
| | | 32,320 | | | | ABM Industries, Inc. | | | | | 1,062,358 | | | | | | 0.1 | | |
| | | 28,744 | | | | Acacia Research - Acacia Technologies | | | | | 252,085 | | | | | | 0.0 | | |
| | | 63,632 @ | | | | ACCO Brands Corp. | | | | | 494,421 | | | | | | 0.1 | | |
| | | 14,169 | | | | Aceto Corp. | | | | | 348,982 | | | | | | 0.0 | | |
| | | 32,277 | | | | Actuant Corp. | | | | | 745,276 | | | | | | 0.1 | | |
| | | 13,106 | | | | Advanced Drainage Systems, Inc. | | | | | 384,399 | | | | | | 0.0 | | |
| | | 19,434 @ | | | | Advisory Board Co. | | | | | 1,062,457 | | | | | | 0.1 | | |
| | | 26,194 @ | | | | Aegion Corp. | | | | | 496,114 | | | | | | 0.1 | | |
| | | 40,151 @ | | | | Aerojet Rocketdyne Holdings, Inc. | | | | | 827,512 | | | | | | 0.1 | | |
| | | 9,760 @ | | | | Aerovironment, Inc. | | | | | 254,541 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
99
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 41,349 @ | | | | Air Transport Services Group, Inc. | | | | $ | 433,751 | | | | | | 0.0 | | |
| | | 32,910 | | | | Aircastle Ltd. | | | | | 746,070 | | | | | | 0.1 | | |
| | | 5,200 | | | | Alamo Group, Inc. | | | | | 284,128 | | | | | | 0.0 | | |
| | | 15,490 | | | | Albany International Corp. | | | | | 616,502 | | | | | | 0.1 | | |
| | | 6,759 | | | | Allegiant Travel Co. | | | | | 1,202,291 | | | | | | 0.1 | | |
| | | 17,130 | | | | Altra Holdings, Inc. | | | | | 465,593 | | | | | | 0.1 | | |
| | | 2,960 L | | | | American Railcar Industries, Inc. | | | | | 143,974 | | | | | | 0.0 | | |
| | | 6,057 | | | | American Science & Engineering, Inc. | | | | | 265,357 | | | | | | 0.0 | | |
| | | 8,840 @ | | | | American Woodmark Corp. | | | | | 484,874 | | | | | | 0.1 | | |
| | | 15,132 | | | | Apogee Enterprises, Inc. | | | | | 796,548 | | | | | | 0.1 | | |
| | | 20,942 | | | | Applied Industrial Technologies, Inc. | | | | | 830,350 | | | | | | 0.1 | | |
| | | 14,922 | | | | ArcBest Corp. | | | | | 474,520 | | | | | | 0.1 | | |
| | | 9,371 | | | | Argan, Inc. | | | | | 377,932 | | | | | | 0.0 | | |
| | | 10,985 | | | | Astec Industries, Inc. | | | | | 459,393 | | | | | | 0.0 | | |
| | | 7,787 | | | | Astronics Corp. | | | | | 552,020 | | | | | | 0.1 | | |
| | | 13,802 @ | | | | Atlas Air Worldwide Holdings, Inc. | | | | | 758,558 | | | | | | 0.1 | | |
| | | 14,257 | | | | AZZ, Inc. | | | | | 738,513 | | | | | | 0.1 | | |
| | | 25,643 | | | | Barnes Group, Inc. | | | | | 999,821 | | | | | | 0.1 | | |
| | | 5,900 | | | | Barrett Business Services, Inc. | | | | | 214,288 | | | | | | 0.0 | | |
| | | 26,370 @ | | | | Beacon Roofing Supply, Inc. | | | | | 876,011 | | | | | | 0.1 | | |
| | | 21,768 | | | | Belden CDT, Inc. | | | | | 1,768,215 | | | | | | 0.2 | | |
| | | 32,450 @ | | | | Blount International, Inc. | | | | | 354,354 | | | | | | 0.0 | | |
| | | 26,052 | | | | Brady Corp. | | | | | 644,526 | | | | | | 0.1 | | |
| | | 25,484 | | | | Briggs & Stratton Corp. | | | | | 490,822 | | | | | | 0.1 | | |
| | | 27,202 | | | | Brink’s Co. | | | | | 800,555 | | | | | | 0.1 | | |
| | | 22,467 @ | | | | Builders FirstSource, Inc. | | | | | 288,476 | | | | | | 0.0 | | |
| | | 11,800 @ | | | | CAI International, Inc. | | | | | 242,962 | | | | | | 0.0 | | |
| | | 33,580 @ | | | | CBIZ, Inc. | | | | | 323,711 | | | | | | 0.0 | | |
| | | 16,313 | | | | CEB, Inc. | | | | | 1,420,210 | | | | | | 0.1 | | |
| | | 13,670 | | | | Celadon Group, Inc. | | | | | 282,696 | | | | | | 0.0 | | |
| | | 16,870 @ | | | | Chart Industries, Inc. | | | | | 603,102 | | | | | | 0.1 | | |
| | | 9,791 | | | | CIRCOR International, Inc. | | | | | 533,903 | | | | | | 0.1 | | |
| | | 59,121 | | | | Civeo Corp. | | | | | 181,501 | | | | | | 0.0 | | |
| | | 21,544 | | | | Clarcor, Inc. | | | | | 1,340,899 | | | | | | 0.1 | | |
| | | 15,137 | | | | Columbus McKinnon Corp. | | | | | 378,425 | | | | | | 0.0 | | |
| | | 24,198 | | | | Comfort Systems USA, Inc. | | | | | 555,344 | | | | | | 0.1 | | |
| | | 12,853 @ | | | | Continental Building Products, Inc. | | | | | 272,355 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 23,050 | | | | Con-way, Inc. | | | | $ | 884,428 | | | | | | 0.1 | | |
| | | 6,474 @ | | | | Covenant Transportation Group, Inc. | | | | | 162,238 | | | | | | 0.0 | | |
| | | 9,520 | | | | Cubic Corp. | | | | | 452,962 | | | | | | 0.0 | | |
| | | 23,639 | | | | Curtiss-Wright Corp. | | | | | 1,712,409 | | | | | | 0.2 | | |
| | | 22,242 | | | | Deluxe Corp. | | | | | 1,379,004 | | | | | | 0.1 | | |
| | | 38,197 @ | | | | DigitalGlobe, Inc. | | | | | 1,061,495 | | | | | | 0.1 | | |
| | | 17,436 | | | | Douglas Dynamics, Inc. | | | | | 374,525 | | | | | | 0.0 | | |
| | | 5,069 @ | | | | DXP Enterprises, Inc. | | | | | 235,708 | | | | | | 0.0 | | |
| | | 18,066 @ | | | | Dycom Industries, Inc. | | | | | 1,063,184 | | | | | | 0.1 | | |
| | | 12,508 @ | | | | Echo Global Logistics, Inc. | | | | | 408,511 | | | | | | 0.0 | | |
| | | 26,545 @,L | | | | Eclipse Resources Corp | | | | | 139,627 | | | | | | 0.0 | | |
| | | 31,025 | | | | EMCOR Group, Inc. | | | | | 1,482,064 | | | | | | 0.2 | | |
| | | 12,686 | | | | Encore Wire Corp. | | | | | 561,863 | | | | | | 0.1 | | |
| | | 19,488 @ | | | | Enernoc, Inc. | | | | | 189,034 | | | | | | 0.0 | | |
| | | 22,381 | | | | EnerSys | | | | | 1,573,160 | | | | | | 0.2 | | |
| | | 11,184 @ | | | | Engility Holdings, Inc. | | | | | 281,389 | | | | | | 0.0 | | |
| | | 17,520 | | | | Ennis, Inc. | | | | | 325,697 | | | | | | 0.0 | | |
| | | 13,314 @ | | | | Enphase Energy, Inc. | | | | | 101,320 | | | | | | 0.0 | | |
| | | 12,440 | | | | EnPro Industries, Inc. | | | | | 711,817 | | | | | | 0.1 | | |
| | | 15,700 | | | | ESCO Technologies, Inc. | | | | | 587,337 | | | | | | 0.1 | | |
| | | 21,001 | | | | Essendant, Inc. | | | | | 824,289 | | | | | | 0.1 | | |
| | | 14,389 @ | | | | Esterline Technologies Corp. | | | | | 1,371,847 | | | | | | 0.1 | | |
| | | 16,380 | | | | Exponent, Inc. | | | | | 733,496 | | | | | | 0.1 | | |
| | | 34,183 | | | | Federal Signal Corp. | | | | | 509,669 | | | | | | 0.1 | | |
| | | 18,770 | | | | Forward Air Corp. | | | | | 980,920 | | | | | | 0.1 | | |
| | | 26,024 | | | | Franklin Electric Co., Inc. | | | | | 841,356 | | | | | | 0.1 | | |
| | | 21,822 @ | | | | FTI Consulting, Inc. | | | | | 899,939 | | | | | | 0.1 | | |
| | | 139,140 @,L | | | | FuelCell Energy, Inc. | | | | | 135,926 | | | | | | 0.0 | | |
| | | 26,921 @ | | | | Furmanite Corp. | | | | | 218,599 | | | | | | 0.0 | | |
| | | 10,950 | | | | G&K Services, Inc. | | | | | 757,083 | | | | | | 0.1 | | |
| | | 34,886 @,L | | | | Generac Holdings, Inc. | | | | | 1,386,718 | | | | | | 0.1 | | |
| | | 20,250 | | | | General Cable Corp. | | | | | 399,532 | | | | | | 0.0 | | |
| | | 20,335 @ | | | | Gibraltar Industries, Inc. | | | | | 414,224 | | | | | | 0.0 | | |
| | | 28,416 @,L | | | | Golden Ocean Group Ltd. | | | | | 109,402 | | | | | | 0.0 | | |
| | | 11,532 | | | | Gorman-Rupp Co. | | | | | 323,819 | | | | | | 0.0 | | |
| | | 70,557 @ | | | | GrafTech International Ltd. | | | | | 349,963 | | | | | | 0.0 | | |
| | | 7,726 | | | | Graham Corp. | | | | | 158,306 | | | | | | 0.0 | | |
| | | 18,976 | | | | Granite Construction, Inc. | | | | | 673,838 | | | | | | 0.1 | | |
| | | 41,440 @ | | | | Great Lakes Dredge & Dock Corp. | | | | | 246,982 | | | | | | 0.0 | | |
| | | 13,336 L | | | | Greenbrier Cos., Inc. | | | | | 624,792 | | | | | | 0.1 | | |
| | | 21,230 | | | | Griffon Corp. | | | | | 337,982 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
100
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 19,345 | | | | H&E Equipment Services, Inc. | | | | $ | 386,320 | | | | | | 0.0 | | |
| | | 36,429 | | | | Harsco Corp. | | | | | 601,078 | | | | | | 0.1 | | |
| | | 25,004 @ | | | | Hawaiian Holdings, Inc. | | | | | 593,845 | | | | | | 0.1 | | |
| | | 14,156 @ | | | | HC2 Holdings, Inc. | | | | | 126,696 | | | | | | 0.0 | | |
| | | 35,233 | | | | Healthcare Services Group, Inc. | | | | | 1,164,451 | | | | | | 0.1 | | |
| | | 33,699 | | | | Heartland Express, Inc. | | | | | 681,731 | | | | | | 0.1 | | |
| | | 13,452 | | | | Heico Corp. | | | | | 784,252 | | | | | | 0.1 | | |
| | | 15,423 | | | | HEICO Corp. | | | | | 783,026 | | | | | | 0.1 | | |
| | | 14,690 | | | | Heidrick & Struggles International, Inc. | | | | | 383,115 | | | | | | 0.0 | | |
| | | 30,018 | | | | Herman Miller, Inc. | | | | | 868,421 | | | | | | 0.1 | | |
| | | 28,900 | | | | Hillenbrand, Inc. | | | | | 887,230 | | | | | | 0.1 | | |
| | | 22,076 | | | | HNI, Corp. | | | | | 1,129,187 | | | | | | 0.1 | | |
| | | 20,943 @ | | | | HUB Group, Inc. | | | | | 844,841 | | | | | | 0.1 | | |
| | | 13,012 @ | | | | Huron Consulting Group, Inc. | | | | | 912,011 | | | | | | 0.1 | | |
| | | 4,954 | | | | Hyster-Yale Materials Handling, Inc. | | | | | 343,213 | | | | | | 0.0 | | |
| | | 3,750 | | | | Hyster-Yale Materials Handling, Inc. - B shares | | | | | 259,800 | | | | | | 0.0 | | |
| | | 13,357 @ | | | | ICF International, Inc. | | | | | 465,625 | | | | | | 0.1 | | |
| | | 32,624 @ | | | | Innerworkings, Inc. | | | | | 217,602 | | | | | | 0.0 | | |
| | | 11,399 | | | | Insperity, Inc. | | | | | 580,209 | | | | | | 0.1 | | |
| | | 15,921 | | | | Insteel Industries, Inc. | | | | | 297,723 | | | | | | 0.0 | | |
| | | 33,570 | | | | Interface, Inc. | | | | | 840,928 | | | | | | 0.1 | | |
| | | 17,079 | | | | John Bean Technologies Corp. | | | | | 642,000 | | | | | | 0.1 | | |
| | | 8,640 | | | | Kadant, Inc. | | | | | 407,808 | | | | | | 0.0 | | |
| | | 15,500 | | | | Kaman Corp. | | | | | 650,070 | | | | | | 0.1 | | |
| | | 15,330 | | | | Kelly Services, Inc. | | | | | 235,316 | | | | | | 0.0 | | |
| | | 21,908 @,L | | | | Keyw Holding Corp. | | | | | 204,183 | | | | | | 0.0 | | |
| | | 17,452 | | | | Kforce, Inc. | | | | | 399,127 | | | | | | 0.0 | | |
| | | 22,680 | | | | Kimball International, Inc. | | | | | 275,789 | | | | | | 0.0 | | |
| | | 21,229 @ | | | | KLX, Inc. | | | | | 936,836 | | | | | | 0.1 | | |
| | | 32,001 | | | | Knight Transportation, Inc. | | | | | 855,707 | | | | | | 0.1 | | |
| | | 29,165 | | | | Knoll, Inc. | | | | | 730,000 | | | | | | 0.1 | | |
| | | 26,278 | | | | Korn/Ferry International | | | | | 913,686 | | | | | | 0.1 | | |
| | | 36,805 @ | | | | Kratos Defense & Security Solutions, Inc. | | | | | 231,872 | | | | | | 0.0 | | |
| | | 9,169 | | | | LB Foster Co. | | | | | 317,339 | | | | | | 0.0 | | |
| | | 7,406 | | | | Lindsay Manufacturing Co. | | | | | 651,061 | | | | | | 0.1 | | |
| | | 5,315 @ | | | | Lydall, Inc. | | | | | 157,111 | | | | | | 0.0 | | |
| | | 14,100 | | | | Marten Transport Ltd. | | | | | 305,970 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 13,858 @ | | | | Masonite International Corp. | | | | $ | 971,584 | | | | | | 0.1 | | |
| | | 31,615 @ | | | | Mastec, Inc. | | | | | 628,190 | | | | | | 0.1 | | |
| | | 21,153 | | | | Matson, Inc. | | | | | 889,272 | | | | | | 0.1 | | |
| | | 18,334 | | | | Matthews International Corp. | | | | | 974,269 | | | | | | 0.1 | | |
| | | 15,580 | | | | McGrath Rentcorp | | | | | 474,099 | | | | | | 0.1 | | |
| | | 52,297 @ | | | | Meritor, Inc. | | | | | 686,137 | | | | | | 0.1 | | |
| | | 9,095 | | | | Miller Industries, Inc. | | | | | 181,445 | | | | | | 0.0 | | |
| | | 23,730 | | | | Mobile Mini, Inc. | | | | | 997,609 | | | | | | 0.1 | | |
| | | 19,512 @ | | | | Moog, Inc. | | | | | 1,379,108 | | | | | | 0.1 | | |
| | | 47,345 @ | | | | MRC Global, Inc. | | | | | 731,007 | | | | | | 0.1 | | |
| | | 15,087 | | | | MSA Safety, Inc. | | | | | 731,870 | | | | | | 0.1 | | |
| | | 25,594 | | | | Mueller Industries, Inc. | | | | | 888,624 | | | | | | 0.1 | | |
| | | 84,791 | | | | Mueller Water Products, Inc. | | | | | 771,598 | | | | | | 0.1 | | |
| | | 9,113 | | | | Multi-Color Corp. | | | | | 582,138 | | | | | | 0.1 | | |
| | | 15,966 @ | | | | MYR Group, Inc./Delaware | | | | | 494,307 | | | | | | 0.1 | | |
| | | 3,760 | | | | National Presto Industries, Inc. | | | | | 302,003 | | | | | | 0.0 | | |
| | | 32,770 @ | | | | Navigant Consulting, Inc. | | | | | 487,290 | | | | | | 0.1 | | |
| | | 42,187 @ | | | | Navios Maritime Holdings, Inc. | | | | | 156,936 | | | | | | 0.0 | | |
| | | 20,510 @ | | | | Navistar International Corp. | | | | | 464,141 | | | | | | 0.0 | | |
| | | 9,339 @ | | | | NCI Building Systems, Inc. | | | | | 140,739 | | | | | | 0.0 | | |
| | | 7,830 | | | | NN, Inc. | | | | | 199,822 | | | | | | 0.0 | | |
| | | 6,000 @ | | | | Nortek, Inc. | | | | | 498,780 | | | | | | 0.1 | | |
| | | 4,805 @ | | | | Northwest Pipe Co. | | | | | 97,878 | | | | | | 0.0 | | |
| | | 26,961 @ | | | | On Assignment, Inc. | | | | | 1,059,028 | | | | | | 0.1 | | |
| | | 22,359 @ | | | | Orion Marine Group, Inc. | | | | | 161,432 | | | | | | 0.0 | | |
| | | 4,259 | | | | Park-Ohio Holdings Corp. | | | | | 206,391 | | | | | | 0.0 | | |
| | | 4,855 | | | | Patrick Industries, Inc. | | | | | 184,733 | | | | | | 0.0 | | |
| | | 23,691 @ | | | | PGT, Inc. | | | | | 343,756 | | | | | | 0.0 | | |
| | | 98,190 @,L | | | | Plug Power, Inc. | | | | | 240,566 | | | | | | 0.0 | | |
| | | 24,218 @ | | | | Polypore International, Inc. | | | | | 1,450,174 | | | | | | 0.1 | | |
| | | 7,301 | | | | Powell Industries, Inc. | | | | | 256,776 | | | | | | 0.0 | | |
| | | 17,527 @ | | | | PowerSecure International, Inc. | | | | | 258,699 | | | | | | 0.0 | | |
| | | 18,117 | | | | Primoris Services Corp. | | | | | 358,717 | | | | | | 0.0 | | |
| | | 11,384 @ | | | | Proto Labs, Inc. | | | | | 768,192 | | | | | | 0.1 | | |
| | | 15,423 | | | | Quad/Graphics, Inc. | | | | | 285,480 | | | | | | 0.0 | | |
| | | 19,968 @ | | | | Quality Distribution, Inc. | | | | | 308,705 | | | | | | 0.0 | | |
| | | 22,771 | | | | Quanex Building Products Corp. | | | | | 487,983 | | | | | | 0.1 | | |
| | | 23,778 @ | | | | Radiant Logistics, Inc. | | | | | 173,817 | | | | | | 0.0 | | |
| | | 20,465 | | | | Raven Industries, Inc. | | | | | 416,053 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
101
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 12,587 @ | | | | RBC Bearings, Inc. | | | | $ | 903,243 | | | | | | 0.1 | | |
| | | 31,416 @ | | | | Republic Airways Holdings, Inc. | | | | | 288,399 | | | | | | 0.0 | | |
| | | 28,121 | | | | Resources Connection, Inc. | | | | | 452,467 | | | | | | 0.0 | | |
| | | 41,992 @ | | | | Rexnord Corp. | | | | | 1,004,029 | | | | | | 0.1 | | |
| | | 15,000 @ | | | | Roadrunner Transportation Systems, Inc. | | | | | 387,000 | | | | | | 0.0 | | |
| | | 20,600 @ | | | | RPX Corp. | | | | | 348,140 | | | | | | 0.0 | | |
| | | 20,400 @ | | | | Rush Enterprises, Inc. - Class A | | | | | 534,684 | | | | | | 0.1 | | |
| | | 12,092 @ | | | | Saia, Inc. | | | | | 475,095 | | | | | | 0.1 | | |
| | | 79,941 @,L | | | | Scorpio Bulkers Inc. | | | | | 130,304 | | | | | | 0.0 | | |
| | | 22,083 | | | | Simpson Manufacturing Co., Inc. | | | | | 750,822 | | | | | | 0.1 | | |
| | | 26,562 | | | | Skywest, Inc. | | | | | 399,492 | | | | | | 0.0 | | |
| | | 11,040 @ | | | | SP Plus Corp. | | | | | 288,254 | | | | | | 0.0 | | |
| | | 7,509 | | | | Standex International Corp. | | | | | 600,194 | | | | | | 0.1 | | |
| | | 37,977 | | | | Steelcase, Inc. | | | | | 718,145 | | | | | | 0.1 | | |
| | | 11,967 | | | | Sun Hydraulics Corp. | | | | | 456,062 | | | | | | 0.0 | | |
| | | 43,126 @ | | | | Swift Transportation Co. | | | | | 977,666 | | | | | | 0.1 | | |
| | | 15,174 | | | | TAL International Group, Inc. | | | | | 479,498 | | | | | | 0.1 | | |
| | | 29,009 @,L | | | | Taser International, Inc. | | | | | 966,290 | | | | | | 0.1 | | |
| | | 12,204 @ | | | | Team, Inc. | | | | | 491,211 | | | | | | 0.1 | | |
| | | 17,603 @ | | | | Teledyne Technologies, Inc. | | | | | 1,857,293 | | | | | | 0.2 | | |
| | | 10,329 | | | | Tennant Co. | | | | | 674,897 | | | | | | 0.1 | | |
| | | 32,577 | | | | Tetra Tech, Inc. | | | | | 835,274 | | | | | | 0.1 | | |
| ��� | | 9,409 @ | | | | Textainer Group Holdings Ltd. | | | | | 244,728 | | | | | | 0.0 | | |
| | | 17,256 @ | | | | Thermon Group Holdings, Inc. | | | | | 415,352 | | | | | | 0.0 | | |
| | | 29,635 | | | | Titan International, Inc. | | | | | 318,280 | | | | | | 0.0 | | |
| | | 14,540 @,L | | | | Titan Machinery, Inc. | | | | | 214,174 | | | | | | 0.0 | | |
| | | 16,567 @ | | | | Trex Co., Inc. | | | | | 818,907 | | | | | | 0.1 | | |
| | | 22,953 @ | | | | Trimas Corp. | | | | | 679,409 | | | | | | 0.1 | | |
| | | 17,486 @ | | | | TriNet Group, Inc. | | | | | 443,270 | | | | | | 0.0 | | |
| | | 22,762 @ | | | | TrueBlue, Inc. | | | | | 680,584 | | | | | | 0.1 | | |
| | | 19,222 @ | | | | Tutor Perini Corp. | | | | | 414,811 | | | | | | 0.0 | | |
| | | 7,504 | | | | Unifirst Corp. | | | | | 839,322 | | | | | | 0.1 | | |
| | | 10,400 | | | | Universal Forest Products, Inc. | | | | | 541,112 | | | | | | 0.1 | | |
| | | 13,011 | | | | US Ecology, Inc. | | | | | 633,896 | | | | | | 0.1 | | |
| | | 42,645 @ | | | | UTI Worldwide, Inc. | | | | | 426,024 | | | | | | 0.0 | | |
| | | 4,667 @ | | | | Vectrus, Inc. | | | | | 116,068 | | | | | | 0.0 | | |
| | | 4,212 @ | | | | Veritiv Corp. | | | | | 153,570 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 17,360 | | | | Viad Corp. | | | | $ | 470,630 | | | | | | 0.1 | | |
| | | 9,600 @,L | | | | Virgin America, Inc. | | | | | 263,808 | | | | | | 0.0 | | |
| | | 2,425 | | | | VSE Corp. | | | | | 129,762 | | | | | | 0.0 | | |
| | | 40,891 @ | | | | Wabash National Corp. | | | | | 512,773 | | | | | | 0.1 | | |
| | | 18,499 @ | | | | WageWorks, Inc. | | | | | 748,285 | | | | | | 0.1 | | |
| | | 13,206 | | | | Watts Water Technologies, Inc. | | | | | 684,731 | | | | | | 0.1 | | |
| | | 20,879 | | | | Werner Enterprises, Inc. | | | | | 548,074 | | | | | | 0.1 | | |
| | | 20,633 @ | | | | Wesco Aircraft Holdings, Inc. | | | | | 312,590 | | | | | | 0.0 | | |
| | | 18,371 | | | | West Corp. | | | | | 552,967 | | | | | | 0.1 | | |
| | | 32,512 | | | | Woodward, Inc. | | | | | 1,787,835 | | | | | | 0.2 | | |
| | | 33,796 @,L | | | | XPO Logistics, Inc. | | | | | 1,526,903 | | | | | | 0.2 | | |
| | | 18,733 @ | | | | YRC Worldwide, Inc. | | | | | 243,154 | | | | | | 0.0 | | |
| | | | | | | | | | | | 125,802,015 | | | | | | 12.7 | | |
| | | | | | | Information Technology: 16.3% | | ||||||||||||
| | | 18,832 @ | | | | A10 Networks, Inc. | | | | | 121,278 | | | | | | 0.0 | | |
| | | 64,208 | | | | ACI Worldwide, Inc. | | | | | 1,577,591 | | | | | | 0.2 | | |
| | | 40,149 @ | | | | Acxiom Corp. | | | | | 705,819 | | | | | | 0.1 | | |
| | | 34,081 | | | | Adtran, Inc. | | | | | 553,816 | | | | | | 0.1 | | |
| | | 21,387 @ | | | | Advanced Energy Industries, Inc. | | | | | 587,929 | | | | | | 0.1 | | |
| | | 295,263 @ | | | | Advanced Micro Devices, Inc. | | | | | 708,631 | | | | | | 0.1 | | |
| | | 23,323 | | | | Advent Software, Inc. | | | | | 1,031,110 | | | | | | 0.1 | | |
| | | 14,337 @ | | | | Aerohive Networks, Inc. | | | | | 100,072 | | | | | | 0.0 | | |
| | | 14,667 @ | | | | Agilysys, Inc. | | | | | 134,643 | | | | | | 0.0 | | |
| | | 15,546 @,L | | | | Ambarella Inc | | | | | 1,596,419 | | | | | | 0.2 | | |
| | | 22,949 | | | | American Software, Inc. | | | | | 218,015 | | | | | | 0.0 | | |
| | | 31,120 @ | | | | Amkor Technology, Inc. | | | | | 186,098 | | | | | | 0.0 | | |
| | | 28,307 @ | | | | Angie’s List, Inc. | | | | | 174,371 | | | | | | 0.0 | | |
| | | 12,552 @ | | | | Anixter International, Inc. | | | | | 817,763 | | | | | | 0.1 | | |
| | | 47,430 @ | | | | Applied Micro Circuits Corp. | | | | | 320,152 | | | | | | 0.0 | | |
| | | 9,348 @,L | | | | Applied Optoelectronics, Inc. | | | | | 162,281 | | | | | | 0.0 | | |
| | | 43,978 @ | | | | Aspen Technology, Inc. | | | | | 2,003,198 | | | | | | 0.2 | | |
| | | 18,190 @ | | | | AVG Technologies | | | | | 494,950 | | | | | | 0.1 | | |
| | | 16,483 @ | | | | Avid Technology, Inc. | | | | | 219,883 | | | | | | 0.0 | | |
| | | 5,446 | | | | AVX Corp. | | | | | 73,303 | | | | | | 0.0 | | |
| | | 9,820 | | | | Badger Meter, Inc. | | | | | 623,472 | | | | | | 0.1 | | |
| | | 35,782 @ | | | | Bankrate, Inc. | | | | | 375,353 | | | | | | 0.0 | | |
| | | 33,605 @ | | | | Bazaarvoice, Inc. | | | | | 197,933 | | | | | | 0.0 | | |
| | | 25,065 @ | | | | Benchmark Electronics, Inc. | | | | | 545,916 | | | | | | 0.1 | | |
| | | 3,778 @ | | | | Benefitfocus, Inc. | | | | | 165,665 | | | | | | 0.0 | | |
| | | 10,080 | | | | Black Box Corp. | | | | | 201,600 | | | | | | 0.0 | | |
| | | 26,599 | | | | Blackbaud, Inc. | | | | | 1,514,813 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
102
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 27,995 @ | | | | Blackhawk Network Holdings, Inc. | | | | $ | 1,153,394 | | | | | | 0.1 | | |
| | | 23,434 @ | | | | Blucora, Inc. | | | | | 378,459 | | | | | | 0.0 | | |
| | | 20,464 @ | | | | Bottomline Technologies, Inc. | | | | | 569,104 | | | | | | 0.1 | | |
| | | 27,477 @ | | | | Brightcove, Inc. | | | | | 188,492 | | | | | | 0.0 | | |
| | | 15,959 @ | | | | BroadSoft, Inc. | | | | | 551,703 | | | | | | 0.1 | | |
| | | 36,019 | | | | Brooks Automation, Inc. | | | | | 412,418 | | | | | | 0.0 | | |
| | | 14,647 @ | | | | Cabot Microelectronics Corp. | | | | | 690,020 | | | | | | 0.1 | | |
| | | 11,171 @ | | | | CACI International, Inc. | | | | | 903,622 | | | | | | 0.1 | | |
| | | 21,394 @ | | | | CalAmp Corp. | | | | | 390,654 | | | | | | 0.0 | | |
| | | 26,837 @ | | | | Calix, Inc. | | | | | 204,230 | | | | | | 0.0 | | |
| | | 29,880 @ | | | | Callidus Software, Inc. | | | | | 465,530 | | | | | | 0.1 | | |
| | | 24,359 @ | | | | Cardtronics, Inc. | | | | | 902,501 | | | | | | 0.1 | | |
| | | 8,100 | | | | Cass Information Systems, Inc. | | | | | 455,382 | | | | | | 0.1 | | |
| | | 27,666 @ | | | | Cavium, Inc. | | | | | 1,903,697 | | | | | | 0.2 | | |
| | | 16,930 @ | | | | Ceva, Inc. | | | | | 328,950 | | | | | | 0.0 | | |
| | | 13,707 @,L | | | | ChannelAdvisor Corp. | | | | | 163,799 | | | | | | 0.0 | | |
| | | 30,090 | | | | Checkpoint Systems, Inc. | | | | | 306,316 | | | | | | 0.0 | | |
| | | 43,791 @,L | | | | Chegg, Inc. | | | | | 343,321 | | | | | | 0.0 | | |
| | | 72,987 @ | | | | Ciber, Inc. | | | | | 251,805 | | | | | | 0.0 | | |
| | | 56,606 @ | | | | Ciena Corp. | | | | | 1,340,430 | | | | | | 0.1 | | |
| | | 17,330 @ | | | | Cimpress NV | | | | | 1,458,493 | | | | | | 0.2 | | |
| | | 33,064 @ | | | | Cirrus Logic, Inc. | | | | | 1,125,168 | | | | | | 0.1 | | |
| | | 12,939 @ | | | | Coherent, Inc. | | | | | 821,368 | | | | | | 0.1 | | |
| | | 15,820 | | | | Cohu, Inc. | | | | | 209,299 | | | | | | 0.0 | | |
| | | 23,523 @ | | | | Commvault Systems, Inc. | | | | | 997,610 | | | | | | 0.1 | | |
| | | 19,266 @ | | | | comScore, Inc. | | | | | 1,026,107 | | | | | | 0.1 | | |
| | | 9,432 | | | | Comtech Telecommunications | | | | | 274,000 | | | | | | 0.0 | | |
| | | 16,137 @ | | | | Comverse, Inc. | | | | | 324,031 | | | | | | 0.0 | | |
| | | 17,604 @ | | | | Constant Contact, Inc. | | | | | 506,291 | | | | | | 0.1 | | |
| | | 49,863 | | | | Convergys Corp. | | | | | 1,271,008 | | | | | | 0.1 | | |
| | | 29,206 @ | | | | Cornerstone OnDemand, Inc. | | | | | 1,016,369 | | | | | | 0.1 | | |
| | | 21,182 @ | | | | Cray, Inc. | | | | | 625,081 | | | | | | 0.1 | | |
| | | 17,497 | | | | CSG Systems International | | | | | 553,955 | | | | | | 0.1 | | |
| | | 22,100 | | | | CTS Corp. | | | | | 425,867 | | | | | | 0.0 | | |
| | | 9,718 @ | | | | Cvent, Inc. | | | | | 250,530 | | | | | | 0.0 | | |
| | | 27,444 | | | | Daktronics, Inc. | | | | | 325,486 | | | | | | 0.0 | | |
| | | 27,040 @ | | | | DealerTrack Holdings, Inc. | | | | | 1,697,842 | | | | | | 0.2 | | |
| | | 16,397 @ | | | | Demandware, Inc. | | | | | 1,165,499 | | | | | | 0.1 | | |
| | | 26,264 | | | | Diebold, Inc. | | | | | 919,240 | | | | | | 0.1 | | |
| | | 3,767 @ | | | | Digimarc Corp. | | | | | 170,042 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 32,568 @ | | | | Digital Turbine, Inc. | | | | $ | 98,355 | | | | | | 0.0 | | |
| | | 19,959 @ | | | | Diodes, Inc. | | | | | 481,211 | | | | | | 0.1 | | |
| | | 38,074 @ | | | | Dot Hill Systems Corp. | | | | | 233,013 | | | | | | 0.0 | | |
| | | 20,431 @ | | | | DSP Group, Inc. | | | | | 211,052 | | | | | | 0.0 | | |
| | | 12,544 @ | | | | DTS, Inc. | | | | | 382,467 | | | | | | 0.0 | | |
| | | 63,551 | | | | EarthLink Holdings Corp. | | | | | 475,997 | | | | | | 0.1 | | |
| | | 15,280 L | | | | Ebix, Inc. | | | | | 498,281 | | | | | | 0.1 | | |
| | | 15,380 | | | | Electro Rent Corp. | | | | | 167,027 | | | | | | 0.0 | | |
| | | 24,763 @ | | | | Electronics for Imaging, Inc. | | | | | 1,077,438 | | | | | | 0.1 | | |
| | | 15,511 @ | | | | Ellie Mae, Inc. | | | | | 1,082,513 | | | | | | 0.1 | | |
| | | 25,983 @ | | | | Endurance International Group Holdings, Inc. | | | | | 536,809 | | | | | | 0.1 | | |
| | | 77,417 @ | | | | Entegris, Inc. | | | | | 1,127,966 | | | | | | 0.1 | | |
| | | 22,800 @ | | | | EPAM Systems, Inc. | | | | | 1,624,044 | | | | | | 0.2 | | |
| | | 23,250 | | | | EPIQ Systems, Inc. | | | | | 392,460 | | | | | | 0.0 | | |
| | | 4,031 @ | | | | ePlus, Inc. | | | | | 308,976 | | | | | | 0.0 | | |
| | | 26,951 @ | | | | Euronet Worldwide, Inc. | | | | | 1,662,877 | | | | | | 0.2 | | |
| | | 26,669 | | | | EVERTEC, Inc. | | | | | 566,450 | | | | | | 0.1 | | |
| | | 19,590 @ | | | | Exar Corp. | | | | | 191,590 | | | | | | 0.0 | | |
| | | 17,866 @ | | | | ExlService Holdings, Inc. | | | | | 617,806 | | | | | | 0.1 | | |
| | | 63,530 @ | | | | Extreme Networks, Inc. | | | | | 170,896 | | | | | | 0.0 | | |
| | | 20,600 @ | | | | Fabrinet | | | | | 385,838 | | | | | | 0.0 | | |
| | | 16,554 | | | | Fair Isaac Corp. | | | | | 1,502,772 | | | | | | 0.2 | | |
| | | 54,436 @ | | | | Fairchild Semiconductor International, Inc. | | | | | 946,098 | | | | | | 0.1 | | |
| | | 10,153 @ | | | | Faro Technologies, Inc. | | | | | 474,145 | | | | | | 0.1 | | |
| | | 21,143 | | | | FEI Co. | | | | | 1,753,389 | | | | | | 0.2 | | |
| | | 53,371 @,L | | | | Finisar Corp. | | | | | 953,740 | | | | | | 0.1 | | |
| | | 21,225 @ | | | | FleetMatics Group PLC | | | | | 993,967 | | | | | | 0.1 | | |
| | | 36,538 @ | | | | Formfactor, Inc. | | | | | 336,150 | | | | | | 0.0 | | |
| | | 9,870 | | | | Forrester Research, Inc. | | | | | 355,517 | | | | | | 0.0 | | |
| | | 15,014 @ | | | | Gigamon, Inc. | | | | | 495,312 | | | | | | 0.1 | | |
| | | 48,325 @ | | | | Global Cash Access, Inc. | | | | | 374,035 | | | | | | 0.0 | | |
| | | 24,596 @,L | | | | Global Eagle Entertainment, Inc. | | | | | 320,240 | | | | | | 0.0 | | |
| | | 7,696 @ | | | | Globant SA | | | | | 234,189 | | | | | | 0.0 | | |
| | | 57,578 @ | | | | Glu Mobile, Inc. | | | | | 357,559 | | | | | | 0.0 | | |
| | | 30,160 @,L | | | | Gogo, Inc. | | | | | 646,329 | | | | | | 0.1 | | |
| | | 36,694 @ | | | | GrubHub, Inc. | | | | | 1,250,165 | | | | | | 0.1 | | |
| | | 29,400 @ | | | | GSI Group, Inc. | | | | | 441,882 | | | | | | 0.0 | | |
| | | 11,596 @ | | | | GTT Communications, Inc. | | | | | 276,797 | | | | | | 0.0 | | |
| | | 32,806 @ | | | | Guidewire Software, Inc. | | | | | 1,736,422 | | | | | | 0.2 | | |
| | | 58,970 @ | | | | Harmonic, Inc. | | | | | 402,765 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
103
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 19,247 | | | | Heartland Payment Systems, Inc. | | | | $ | 1,040,300 | | | | | | 0.1 | | |
| | | 7,969 @ | | | | HubSpot, Inc. | | | | | 395,103 | | | | | | 0.0 | | |
| | | 18,818 @ | | | | iGate Corp. | | | | | 897,430 | | | | | | 0.1 | | |
| | | 30,856 @ | | | | II-VI, Inc. | | | | | 585,647 | | | | | | 0.1 | | |
| | | 23,073 @,L | | | | Immersion Corp. | | | | | 292,335 | | | | | | 0.0 | | |
| | | 12,880 @ | | | | Imperva, Inc. | | | | | 871,976 | | | | | | 0.1 | | |
| | | 65,091 @ | | | | Infinera Corp. | | | | | 1,365,609 | | | | | | 0.1 | | |
| | | 29,970 @ | | | | Infoblox, Inc. | | | | | 785,514 | | | | | | 0.1 | | |
| | | 21,992 @ | | | | Inphi Corp. | | | | | 502,737 | | | | | | 0.1 | | |
| | | 22,443 @ | | | | Insight Enterprises, Inc. | | | | | 671,270 | | | | | | 0.1 | | |
| | | 71,355 @ | | | | Integrated Device Technology, Inc. | | | | | 1,548,403 | | | | | | 0.2 | | |
| | | 22,400 | | | | Integrated Silicon Solution, Inc. | | | | | 495,936 | | | | | | 0.1 | | |
| | | 9,400 @ | | | | Interactive Intelligence Group | | | | | 418,018 | | | | | | 0.0 | | |
| | | 19,055 | | | | InterDigital, Inc. | | | | | 1,084,039 | | | | | | 0.1 | | |
| | | 45,570 @ | | | | Internap Network Services Corp. | | | | | 421,522 | | | | | | 0.0 | | |
| | | 56,563 | | | | Intersil Corp. | | | | | 707,603 | | | | | | 0.1 | | |
| | | 27,500 @ | | | | IntraLinks Holdings, Inc. | | | | | 327,525 | | | | | | 0.0 | | |
| | | 35,348 @,L | | | | InvenSense, Inc. | | | | | 533,755 | | | | | | 0.1 | | |
| | | 18,031 @ | | | | Itron, Inc. | | | | | 620,988 | | | | | | 0.1 | | |
| | | 31,928 @ | | | | Ixia | | | | | 397,184 | | | | | | 0.0 | | |
| | | 15,870 | | | | IXYS Corp. | | | | | 242,811 | | | | | | 0.0 | | |
| | | 24,589 | | | | j2 Global, Inc. | | | | | 1,670,577 | | | | | | 0.2 | | |
| | | 30,833 @ | | | | Jive Software, Inc. | | | | | 161,873 | | | | | | 0.0 | | |
| | | 12,744 @ | | | | Kimball Electronics, Inc. | | | | | 185,935 | | | | | | 0.0 | | |
| | | 40,025 @ | | | | Knowles Corp. | | | | | 724,452 | | | | | | 0.1 | | |
| | | 48,759 @ | | | | Kopin Corp. | | | | | 168,219 | | | | | | 0.0 | | |
| | | 67,984 @ | | | | Lattice Semiconductor Corp. | | | | | 400,426 | | | | | | 0.0 | | |
| | | 47,950 @ | | | | Lionbridge Technologies | | | | | 295,851 | | | | | | 0.0 | | |
| | | 17,412 @ | | | | Liquidity Services, Inc. | | | | | 167,678 | | | | | | 0.0 | | |
| | | 10,707 | | | | Littelfuse, Inc. | | | | | 1,015,987 | | | | | | 0.1 | | |
| | | 39,896 @ | | | | LivePerson, Inc. | | | | | 391,380 | | | | | | 0.0 | | |
| | | 13,450 @ | | | | LogMeIn, Inc. | | | | | 867,391 | | | | | | 0.1 | | |
| | | 6,340 @ | | | | Loral Space & Communications, Inc. | | | | | 400,181 | | | | | | 0.0 | | |
| | | 7,792 @ | | | | Luxoft Holding, Inc. | | | | | 440,638 | | | | | | 0.0 | | |
| | | 8,991 @ | | | | M/A-COM Technology Solutions Holdings, Inc. | | | | | 343,906 | | | | | | 0.0 | | |
| | | 38,228 @ | | | | Manhattan Associates, Inc. | | | | | 2,280,300 | | | | | | 0.2 | | |
| | | 13,848 | | | | Mantech International Corp. | | | | | 401,592 | | | | | | 0.0 | | |
| | | 20,566 | | | | Marchex, Inc. | | | | | 101,802 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 22,658 @ | | | | Marin Software, Inc. | | | | $ | 152,715 | | | | | | 0.0 | | |
| | | 15,688 @ | | | | Marketo, Inc. | | | | | 440,205 | | | | | | 0.0 | | |
| | | 36,683 @ | | | | Mattson Technology, Inc. | | | | | 122,888 | | | | | | 0.0 | | |
| | | 34,534 | | | | MAXIMUS, Inc. | | | | | 2,269,920 | | | | | | 0.2 | | |
| | | 21,878 @ | | | | MaxLinear, Inc. | | | | | 264,724 | | | | | | 0.0 | | |
| | | 46,364 | | | | Mentor Graphics Corp. | | | | | 1,225,401 | | | | | | 0.1 | | |
| | | 26,675 @ | | | | Mercury Computer Systems, Inc. | | | | | 390,522 | | | | | | 0.0 | | |
| | | 19,665 | | | | Methode Electronics, Inc. | | | | | 539,804 | | | | | | 0.1 | | |
| | | 31,839 | | | | Micrel, Inc. | | | | | 442,562 | | | | | | 0.1 | | |
| | | 47,831 @ | | | | Microsemi Corp. | | | | | 1,671,693 | | | | | | 0.2 | | |
| | | 4,714 @ | | | | MicroStrategy, Inc. | | | | | 801,757 | | | | | | 0.1 | | |
| | | 65,732 @,L | | | | Millennial Media, Inc. | | | | | 106,486 | | | | | | 0.0 | | |
| | | 26,291 | | | | MKS Instruments, Inc. | | | | | 997,481 | | | | | | 0.1 | | |
| | | 19,907 @ | | | | MobileIron, Inc. | | | | | 117,650 | | | | | | 0.0 | | |
| | | 17,712 @ | | | | Model N, Inc. | | | | | 210,950 | | | | | | 0.0 | | |
| | | 12,316 @ | | | | MoneyGram International, Inc. | | | | | 113,184 | | | | | | 0.0 | | |
| | | 18,808 | | | | Monolithic Power Systems, Inc. | | | | | 953,754 | | | | | | 0.1 | | |
| | | 23,270 | | | | Monotype Imaging Holdings, Inc. | | | | | 561,040 | | | | | | 0.1 | | |
| | | 53,782 @ | | | | Monster Worldwide, Inc. | | | | | 351,734 | | | | | | 0.0 | | |
| | | 9,096 | | | | MTS Systems Corp. | | | | | 627,169 | | | | | | 0.1 | | |
| | | 13,720 @ | | | | NeoPhotonics Corp. | | | | | 125,264 | | | | | | 0.0 | | |
| | | 19,158 @ | | | | Netgear, Inc. | | | | | 575,123 | | | | | | 0.1 | | |
| | | 19,443 @,L | | | | Netscout Systems, Inc. | | | | | 712,975 | | | | | | 0.1 | | |
| | | 28,025 @,L | | | | NeuStar, Inc. | | | | | 818,610 | | | | | | 0.1 | | |
| | | 22,937 @ | | | | Newport Corp. | | | | | 434,886 | | | | | | 0.0 | | |
| | | 35,776 | | | | NIC, Inc. | | | | | 653,985 | | | | | | 0.1 | | |
| | | 24,427 @ | | | | Nimble Storage, Inc. | | | | | 685,422 | | | | | | 0.1 | | |
| | | 4,200 | | | | NVE Corp. | | | | | 329,280 | | | | | | 0.0 | | |
| | | 45,463 @ | | | | Oclaro, Inc. | | | | | 102,746 | | | | | | 0.0 | | |
| | | 31,944 @ | | | | Omnivision Technologies, Inc. | | | | | 836,773 | | | | | | 0.1 | | |
| | | 12,884 @ | | | ��� | OPOWER, Inc. | | | | | 148,295 | | | | | | 0.0 | | |
| | | 10,222 @ | | | | OSI Systems, Inc. | | | | | 723,615 | | | | | | 0.1 | | |
| | | 11,510 | | | | Park Electrochemical Corp. | | | | | 220,532 | | | | | | 0.0 | | |
| | | 14,969 @ | | | | Paycom Software, Inc. | | | | | 511,191 | | | | | | 0.1 | | |
| | | 6,500 @ | | | | Paylocity Holding Corp. | | | | | 233,025 | | | | | | 0.0 | | |
| | | 18,763 @ | | | | PDF Solutions, Inc. | | | | | 300,208 | | | | | | 0.0 | | |
| | | 21,049 | | | | Pegasystems, Inc. | | | | | 481,812 | | | | | | 0.1 | | |
| | | 23,516 @ | | | | Perficient, Inc. | | | | | 452,448 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
104
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 17,876 | | | | Pericom Semiconductor Corp. | | | | $ | 235,069 | | | | | | 0.0 | | |
| | | 48,640 @ | | | | Photronics, Inc. | | | | | 462,566 | | | | | | 0.1 | | |
| | | 20,567 | | | | Plantronics, Inc. | | | | | 1,158,128 | | | | | | 0.1 | | |
| | | 16,925 @ | | | | Plexus Corp. | | | | | 742,669 | | | | | | 0.1 | | |
| | | 76,005 @ | | | | PMC - Sierra, Inc. | | | | | 650,603 | | | | | | 0.1 | | |
| | | 62,963 @ | | | | Polycom, Inc. | | | | | 720,297 | | | | | | 0.1 | | |
| | | 14,810 | | | | Power Integrations, Inc. | | | | | 669,116 | | | | | | 0.1 | | |
| | | 31,479 @ | | | | Progress Software Corp. | | | | | 865,673 | | | | | | 0.1 | | |
| | | 20,728 @ | | | | Proofpoint, Inc. | | | | | 1,319,752 | | | | | | 0.1 | | |
| | | 13,911 @ | | | | PROS Holdings, Inc. | | | | | 293,661 | | | | | | 0.0 | | |
| | | 9,093 @ | | | | Q2 Holdings, Inc. | | | | | 256,877 | | | | | | 0.0 | | |
| | | 46,755 @ | | | | QLIK Technologies, Inc. | | | | | 1,634,555 | | | | | | 0.2 | | |
| | | 46,200 @ | | | | QLogic Corp. | | | | | 655,578 | | | | | | 0.1 | | |
| | | 12,714 @ | | | | Qualys, Inc. | | | | | 513,010 | | | | | | 0.1 | | |
| | | 166,097 @ | | | | Quantum Corp. | | | | | 279,043 | | | | | | 0.0 | | |
| | | 33,255 @ | | | | QuinStreet, Inc. | | | | | 214,495 | | | | | | 0.0 | | |
| | | 16,391 @ | | | | Rally Software Development Corp. | | | | | 318,805 | | | | | | 0.0 | | |
| | | 61,379 @ | | | | Rambus, Inc. | | | | | 889,382 | | | | | | 0.1 | | |
| | | 30,375 @ | | | | RealD, Inc. | | | | | 374,524 | | | | | | 0.0 | | |
| | | 26,301 @ | | | | RealPage, Inc. | | | | | 501,560 | | | | | | 0.1 | | |
| | | 14,526 @,L | | | | Rocket Fuel, Inc. | | | | | 119,113 | | | | | | 0.0 | | |
| | | 16,128 @ | | | | Rofin-Sinar Technologies, Inc. | | | | | 445,133 | | | | | | 0.1 | | |
| | | 9,767 @ | | | | Rogers Corp. | | | | | 645,989 | | | | | | 0.1 | | |
| | | 34,629 @ | | | | Rovi Corp. | | | | | 552,333 | | | | | | 0.1 | | |
| | | 12,630 @ | | | | Rubicon Project, Inc./The | | | | | 188,945 | | | | | | 0.0 | | |
| | | 36,806 @ | | | | Ruckus Wireless, Inc. | | | | | 380,574 | | | | | | 0.0 | | |
| | | 17,030 @ | | | | Rudolph Technologies, Inc. | | | | | 204,530 | | | | | | 0.0 | | |
| | | 40,594 @ | | | | Sanmina Corp. | | | | | 818,375 | | | | | | 0.1 | | |
| | | 14,967 @ | | | | Scansource, Inc. | | | | | 569,644 | | | | | | 0.1 | | |
| | | 20,935 | | | | Science Applications International Corp. | | | | | 1,106,415 | | | | | | 0.1 | | |
| | | 17,764 @ | | | | SciQuest, Inc. | | | | | 263,085 | | | | | | 0.0 | | |
| | | 21,000 @ | | | | Seachange Intl., Inc. | | | | | 147,210 | | | | | | 0.0 | | |
| | | 32,893 @ | | | | Semtech Corp. | | | | | 652,926 | | | | | | 0.1 | | |
| | | 42,102 @ | | | | ServiceSource International, Inc. | | | | | 230,298 | | | | | | 0.0 | | |
| | | 47,703 @ | | | | ShoreTel, Inc. | | | | | 323,426 | | | | | | 0.0 | | |
| | | 15,638 @ | | | | Sigma Designs, Inc. | | | | | 186,561 | | | | | | 0.0 | | |
| | | 30,903 @ | | | | Silicon Graphics International Corp. | | | | | 199,942 | | | | | | 0.0 | | |
| | | 19,436 @ | | | | Silicon Laboratories, Inc. | | | | | 1,049,738 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 21,659 @,L | | | | Silver Spring Networks, Inc. | | | | $ | 268,788 | | | | | | 0.0 | | |
| | | 27,357 | | | | Sonus Networks, Inc. | | | | | 189,310 | | | | | | 0.0 | | |
| | | 8,755 @ | | | | SPS Commerce, Inc. | | | | | 576,079 | | | | | | 0.1 | | |
| | | 8,090 @ | | | | Stamps.com, Inc. | | | | | 595,181 | | | | | | 0.1 | | |
| | | 23,403 @ | | | | Stratasys Ltd. | | | | | 817,467 | | | | | | 0.1 | | |
| | | 19,243 @ | | | | Super Micro Computer, Inc. | | | | | 569,208 | | | | | | 0.1 | | |
| | | 23,319 @ | | | | SYKES Enterprises, Inc. | | | | | 565,486 | | | | | | 0.1 | | |
| | | 18,806 @ | | | | Synaptics, Inc. | | | | | 1,631,138 | | | | | | 0.2 | | |
| | | 16,981 @ | | | | Synchronoss Technologies, Inc. | | | | | 776,541 | | | | | | 0.1 | | |
| | | 12,574 | | | | SYNNEX Corp. | | | | | 920,291 | | | | | | 0.1 | | |
| | | 17,500 | | | | Syntel, Inc. | | | | | 830,900 | | | | | | 0.1 | | |
| | | 41,602 @ | | | | Take-Two Interactive Software, Inc. | | | | | 1,146,967 | | | | | | 0.1 | | |
| | | 21,033 @ | | | | Tangoe, Inc. | | | | | 264,595 | | | | | | 0.0 | | |
| | | 14,717 @ | | | | Tech Data Corp. | | | | | 847,111 | | | | | | 0.1 | | |
| | | 14,081 | | | | TeleTech Holdings, Inc. | | | | | 381,313 | | | | | | 0.0 | | |
| | | 28,149 | | | | Tessera Technologies, Inc. | | | | | 1,069,099 | | | | | | 0.1 | | |
| | | 11,686 @ | | | | Textura Corp. | | | | | 325,221 | | | | | | 0.0 | | |
| | | 62,357 @ | | | | Tivo, Inc. | | | | | 632,300 | | | | | | 0.1 | | |
| | | 24,457 @ | | | | TrueCar, Inc. | | | | | 293,239 | | | | | | 0.0 | | |
| | | 38,915 @ | | | | TTM Technologies, Inc. | | | | | 388,761 | | | | | | 0.0 | | |
| | | 6,496 @ | | | | TubeMogul, Inc. | | | | | 92,828 | | | | | | 0.0 | | |
| | | 17,102 @ | | | | Tyler Technologies, Inc. | | | | | 2,212,657 | | | | | | 0.2 | | |
| | | 16,078 L | | | | Ubiquiti Networks, Inc. | | | | | 513,129 | | | | | | 0.1 | | |
| | | 17,710 @ | | | | Ultratech, Inc. | | | | | 328,698 | | | | | | 0.0 | | |
| | | 26,814 @ | | | | Unisys Corp. | | | | | 536,012 | | | | | | 0.1 | | |
| | | 21,311 @,L | | | | Universal Display Corp. | | | | | 1,102,418 | | | | | | 0.1 | | |
| | | 12,950 @,L | | | | Vasco Data Security Intl. | | | | | 390,961 | | | | | | 0.0 | | |
| | | 21,366 @ | | | | Veeco Instruments, Inc. | | | | | 614,059 | | | | | | 0.1 | | |
| | | 29,517 @ | | | | Verint Systems, Inc. | | | | | 1,793,010 | | | | | | 0.2 | | |
| | | 22,320 @ | | | | Viasat, Inc. | | | | | 1,345,003 | | | | | | 0.1 | | |
| | | 50,331 @,L | | | | Violin Memory, Inc. | | | | | 123,311 | | | | | | 0.0 | | |
| | | 26,200 @,L | | | | VirnetX Holding Corp. | | | | | 110,040 | | | | | | 0.0 | | |
| | | 18,400 @ | | | | Virtusa Corp. | | | | | 945,760 | | | | | | 0.1 | | |
| | | 48,654 | | | | Vishay Intertechnology, Inc. | | | | | 568,279 | | | | | | 0.1 | | |
| | | 11,272 @ | | | | Vishay Precision Group, Inc. | | | | | 169,756 | | | | | | 0.0 | | |
| | | 24,100 @ | | | | Web.com Group, Inc. | | | | | 583,702 | | | | | | 0.1 | | |
| | | 21,198 @ | | | | WebMD Health Corp. | | | | | 938,647 | | | | | | 0.1 | | |
| | | 7,076 @ | | | | Wix.com Ltd. | | | | | 167,135 | | | | | | 0.0 | | |
| | | 35,762 @ | | | | Xcerra Corp. | | | | | 270,718 | | | | | | 0.0 | | |
| | | 23,992 @ | | | | XO Group, Inc. | | | | | 392,269 | | | | | | 0.0 | | |
| | | 18,243 @,L | | | | Xoom Corp. | | | | | 384,106 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
105
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 7,784 @ | | | | Yodlee, Inc. | | | | $ | 112,401 | | | | | | 0.0 | | |
| | | 25,992 @ | | | | Zendesk, Inc. | | | | | 577,282 | | | | | | 0.1 | | |
| | | 51,605 @ | | | | Zix Corp. | | | | | 266,798 | | | | | | 0.0 | | |
| | | | | | | | | | | | 162,023,022 | | | | | | 16.3 | | |
| | | | | | | Materials: 3.9% | | ||||||||||||
| | | 16,099 | | | | A Schulman, Inc. | | | | | 703,848 | | | | | | 0.1 | | |
| | | 2,912 @ | | | | AEP Industries, Inc. | | | | | 160,742 | | | | | | 0.0 | | |
| | | 86,756 @,L | | | | AK Steel Holding Corp. | | | | | 335,746 | | | | | | 0.0 | | |
| | | 18,280 | | | | American Vanguard Corp. | | | | | 252,264 | | | | | | 0.0 | | |
| | | 35,983 | | | | Axiall Corp. | | | | | 1,297,187 | | | | | | 0.1 | | |
| | | 15,215 | | | | Balchem Corp. | | | | | 847,780 | | | | | | 0.1 | | |
| | | 53,359 @ | | | | Berry Plastics Group, Inc. | | | | | 1,728,832 | | | | | | 0.2 | | |
| | | 15,765 @ | | | | Boise Cascade Co. | | | | | 578,260 | | | | | | 0.1 | | |
| | | 32,862 | | | | Calgon Carbon Corp. | | | | | 636,866 | | | | | | 0.1 | | |
| | | 19,879 | | | | Carpenter Technology Corp. | | | | | 768,920 | | | | | | 0.1 | | |
| | | 29,481 @ | | | | Century Aluminum Co. | | | | | 307,487 | | | | | | 0.0 | | |
| | | 38,340 @ | | | | Chemtura Corp. | | | | | 1,085,405 | | | | | | 0.1 | | |
| | | 12,628 @ | | | | Clearwater Paper Corp. | | | | | 723,584 | | | | | | 0.1 | | |
| | | 79,329 @ | | | | Cliffs Natural Resources, Inc. | | | | | 343,495 | | | | | | 0.0 | | |
| | | 73,787 @,L | | | | Coeur d'Alene Mines Corp. | | | | | 421,324 | | | | | | 0.0 | | |
| | | 52,649 | | | | Commercial Metals Co. | | | | | 846,596 | | | | | | 0.1 | | |
| | | 5,936 @ | | | | Core Molding Technologies, Inc. | | | | | 135,578 | | | | | | 0.0 | | |
| | | 7,544 | | | | Deltic Timber Corp. | | | | | 510,276 | | | | | | 0.1 | | |
| | | 40,198 @ | | | | Ferro Corp. | | | | | 674,522 | | | | | | 0.1 | | |
| | | 33,404 @,L | | | | Flotek Industries, Inc. | | | | | 418,552 | | | | | | 0.0 | | |
| | | 35,432 | | | | Globe Specialty Metals, Inc. | | | | | 627,146 | | | | | | 0.1 | | |
| | | 9,176 | | | | Greif, Inc. - Class A | | | | | 328,960 | | | | | | 0.0 | | |
| | | 6,410 | | | | Hawkins, Inc. | | | | | 258,900 | | | | | | 0.0 | | |
| | | 8,240 | | | | Haynes International, Inc. | | | | | 406,397 | | | | | | 0.0 | | |
| | | 24,764 | | | | HB Fuller Co. | | | | | 1,005,914 | | | | | | 0.1 | | |
| | | 45,154 @ | | | | Headwaters, Inc. | | | | | 822,706 | | | | | | 0.1 | | |
| | | 220,047 | | | | Hecla Mining Co. | | | | | 578,724 | | | | | | 0.1 | | |
| | | 32,120 @,L | | | | Horsehead Holding Corp. | | | | | 376,446 | | | | | | 0.0 | | |
| | | 12,450 | | | | Innophos Holdings, Inc. | | | | | 655,368 | | | | | | 0.1 | | |
| | | 11,400 | | | | Innospec, Inc. | | | | | 513,456 | | | | | | 0.1 | | |
| | | 30,635 @ | | | | Intrepid Potash, Inc. | | | | | 365,782 | | | | | | 0.0 | | |
| | | 8,277 | | | | Kaiser Aluminum Corp. | | | | | 687,653 | | | | | | 0.1 | | |
| | | 42,779 | | | | KapStone Paper and Packaging Corp. | | | | | 989,050 | | | | | | 0.1 | | |
| | | 5,755 | | | | KMG Chemicals, Inc. | | | | | 146,407 | | | | | | 0.0 | | |
| | | 12,030 | | | | Koppers Holdings, Inc. | | | | | 297,382 | | | | | | 0.0 | | |
| | | 20,201 @ | | | | Kraton Performance Polymers, Inc. | | | | | 482,400 | | | | | | 0.1 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Materials (continued) | | ||||||||||||
| | | 20,076 @ | | | | Landec Corp. | | | | $ | 289,697 | | | | | | 0.0 | | |
| | | 71,832 @ | | | | Louisiana-Pacific Corp. | | | | | 1,223,299 | | | | | | 0.1 | | |
| | | 11,370 @ | | | | LSB Industries, Inc. | | | | | 464,351 | | | | | | 0.0 | | |
| | | 10,655 | | | | Materion Corp. | | | | | 375,589 | | | | | | 0.0 | | |
| | | 17,805 | | | | Minerals Technologies, Inc. | | | | | 1,213,055 | | | | | | 0.1 | | |
| | | 16,233 | | | | Myers Industries, Inc. | | | | | 308,427 | | | | | | 0.0 | | |
| | | 9,018 | | | | Neenah Paper, Inc. | | | | | 531,701 | | | | | | 0.1 | | |
| | | 36,268 | | | | Olin Corp. | | | | | 977,423 | | | | | | 0.1 | | |
| | | 16,847 | | | | OM Group, Inc. | | | | | 566,059 | | | | | | 0.1 | | |
| | | 36,618 @ | | | | Omnova Solutions, Inc. | | | | | 274,269 | | | | | | 0.0 | | |
| | | 21,710 | | | | PH Glatfelter Co. | | | | | 477,403 | | | | | | 0.1 | | |
| | | 43,432 | | | | PolyOne Corp. | | | | | 1,701,231 | | | | | | 0.2 | | |
| | | 6,735 | | | | Quaker Chemical Corp. | | | | | 598,337 | | | | | | 0.1 | | |
| | | 20,779 | | | | Rayonier Advanced Materials, Inc. | | | | | 337,866 | | | | | | 0.0 | | |
| | | 10,906 @ | | | | Real Industry, Inc. | | | | | 123,783 | | | | | | 0.0 | | |
| | | 16,731 @ | | | | RTI International Metals, Inc. | | | | | 527,361 | | | | | | 0.1 | | |
| | | 18,008 | | | | Schnitzer Steel Industries, Inc. | | | | | 314,600 | | | | | | 0.0 | | |
| | | 16,505 | | | | Schweitzer-Mauduit International, Inc. | | | | | 658,219 | | | | | | 0.1 | | |
| | | 30,358 @,L | | | | Senomyx, Inc. | | | | | 162,719 | | | | | | 0.0 | | |
| | | 23,246 | | | | Sensient Technologies Corp. | | | | | 1,588,632 | | | | | | 0.2 | | |
| | | 9,180 | | | | Stepan Co. | | | | | 496,730 | | | | | | 0.1 | | |
| | | 65,985 @ | | | | Stillwater Mining Co | | | | | 764,766 | | | | | | 0.1 | | |
| | | 3,569 @ | | | | Summit Materials, Inc. | | | | | 91,009 | | | | | | 0.0 | | |
| | | 43,300 | | | | SunCoke Energy, Inc. | | | | | 562,900 | | | | | | 0.1 | | |
| | | 17,066 | | | | TimkenSteel Corp. | | | | | 460,611 | | | | | | 0.0 | | |
| | | 17,104 | | | | Tredegar Corp. | | | | | 378,169 | | | | | | 0.0 | | |
| | | 29,247 @ | | | | Tronox Ltd. - CL A | | | | | 427,884 | | | | | | 0.0 | | |
| | | 11,186 @ | | | | US Concrete Inc. | | | | | 423,838 | | | | | | 0.0 | | |
| | | 33,844 | | | | Wausau Paper Corp. | | | | | 310,688 | | | | | | 0.0 | | |
| | | 24,667 | | | | Worthington Industries, Inc. | | | | | 741,490 | | | | | | 0.1 | | |
| | | 14,979 @ | | | | Zagg, Inc. | | | | | 118,634 | | | | | | 0.0 | | |
| | | | | | | | | | | | 38,810,695 | | | | | | 3.9 | | |
| | | | | | | Telecommunication Services: 0.9% | | ||||||||||||
| | | 52,868 @ | | | | 8x8, Inc. | | | | | 473,697 | | | | | | 0.1 | | |
| | | 5,350 | | | | Atlantic Tele-Network, Inc. | | | | | 369,578 | | | | | | 0.0 | | |
| | | 137,577 @ | | | | Cincinnati Bell, Inc. | | | | | 525,544 | | | | | | 0.1 | | |
| | | 25,955 | | | | Cogent Communications Group, Inc. | | | | | 878,317 | | | | | | 0.1 | | |
| | | 24,137 | | | | Consolidated Communications Holdings, Inc. | | | | | 507,118 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
106
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Telecommunication Services (continued) | | ||||||||||||
| | | 16,116 @,L | | | | Fairpoint Communications, Inc. | | | | $ | 293,634 | | | | | | 0.0 | | |
| | | 30,820 @ | | | | General Communication, Inc. | | | | | 524,248 | | | | | | 0.1 | | |
| | | 235,241 @ | | | | Globalstar, Inc. | | | | | 496,359 | | | | | | 0.1 | | |
| | | 38,599 @ | | | | inContact, Inc. | | | | | 380,972 | | | | | | 0.0 | | |
| | | 16,895 | | | | Inteliquent, Inc. | | | | | 310,868 | | | | | | 0.0 | | |
| | | 12,181 @,L | | | | Intelsat SA | | | | | 120,836 | | | | | | 0.0 | | |
| | | 46,600 @ | | | | Iridium Communications, Inc. | | | | | 423,594 | | | | | | 0.0 | | |
| | | 40,289 @ | | | | Leap Wireless International, Inc. - CVR | | | | | 106,766 | | | | | | 0.0 | | |
| | | 16,131 | | | | Lumos Networks Corp. | | | | | 238,578 | | | | | | 0.0 | | |
| | | 5,646 @ | | | | Pacific DataVision, Inc. | | | | | 237,866 | | | | | | 0.0 | | |
| | | 112,006 @ | | | | Pendrell Corp. | | | | | 153,448 | | | | | | 0.0 | | |
| | | 35,370 @ | | | | Premier Global Services, Inc. | | | | | 363,957 | | | | | | 0.0 | | |
| | | 8,426 | | | | Reis, Inc. | | | | | 186,889 | | | | | | 0.0 | | |
| | | 24,558 @ | | | | RingCentral, Inc. | | | | | 454,077 | | | | | | 0.1 | | |
| | | 14,510 | | | | Shenandoah Telecom Co. | | | | | 496,677 | | | | | | 0.1 | | |
| | | 4,924 @ | | | | Straight Path Communications, Inc. | | | | | 161,458 | | | | | | 0.0 | | |
| | | 39,462 | | | | Windstream Holdings,Inc. | | | | | 251,768 | | | | | | 0.0 | | |
| | | | | | | | | | | | 8,801,296 | | | | | | 0.9 | | |
| | | | | | | Telecommunications: 0.0% | | ||||||||||||
| | | 18,949 @ | | | | Boingo Wireless, Inc. | | | | | 156,519 | | | | | | 0.0 | | |
| | | | | | | Utilities: 3.1% | | ||||||||||||
| | | 23,139 @,L | | | | Abengoa Yield PLC | | | | | 724,713 | | | | | | 0.1 | | |
| | | 20,480 | | | | Allete, Inc. | | | | | 950,067 | | | | | | 0.1 | | |
| | | 22,700 | | | | American States Water Co. | | | | | 848,753 | | | | | | 0.1 | | |
| | | 89,826 @ | | | | Atlantic Power Corp. | | | | | 276,664 | | | | | | 0.0 | | |
| | | 34,810 | | | | Avista Corp. | | | | | 1,066,926 | | | | | | 0.1 | | |
| | | 24,722 | | | | Black Hills Corp. | | | | | 1,079,115 | | | | | | 0.1 | | |
| | | 25,280 | | | | California Water Service Group | | | | | 577,648 | | | | | | 0.1 | | |
| | | 5,820 | | | | Chesapeake Utilities Corp. | | | | | 313,407 | | | | | | 0.0 | | |
| | | 30,383 | | | | Cleco Corp. | | | | | 1,636,125 | | | | | | 0.2 | | |
| | | 62,294 @ | | | | Dynegy, Inc. | | | | | 1,822,100 | | | | | | 0.2 | | |
| | | 26,944 | | | | El Paso Electric Co. | | | | | 933,879 | | | | | | 0.1 | | |
| | | 26,590 | | | | Empire District Electric Co. | | | | | 579,662 | | | | | | 0.1 | | |
| | | 8,507 | | | | Genie Energy Ltd | | | | | 89,068 | | | | | | 0.0 | | |
| | | 28,059 | | | | Idacorp, Inc. | | | | | 1,575,232 | | | | | | 0.2 | | |
| | | 22,399 | | | | Laclede Group, Inc. | | | | | 1,166,092 | | | | | | 0.1 | | |
| | | 21,690 | | | | MGE Energy, Inc. | | | | | 840,054 | | | | | | 0.1 | | |
| | | 44,021 | | | | New Jersey Resources Corp. | | | | | 1,212,779 | | | | | | 0.1 | | |
| | | 18,570 | | | | Northwest Natural Gas Co. | | | | | 783,283 | | | | | | 0.1 | | |
| | | 25,824 | | | | NorthWestern Corp. | | | | | 1,258,920 | | | | | | 0.1 | | |
| | | 10,260 L | | | | NRG Yield, Inc. | | | | | 224,591 | | | | | | 0.0 | | |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Utilities (continued) | | |||||||||||||||
| | | 15,799 L | | | | NRG Yield, Inc. | | | | $ | 347,420 | | | | | | 0.0 | | | |||
| | | 22,746 | | | | ONE Gas, Inc. | | | | | 968,070 | | | | | | 0.1 | | | |||
| | | 14,307 | | | | Ormat Technologies, Inc. | | | | | 539,088 | | | | | | 0.1 | | | |||
| | | 20,700 | | | | Otter Tail Corp. | | | | | 550,620 | | | | | | 0.1 | | | |||
| | | 21,691 | | | | Pattern Energy Group, Inc. | | | | | 615,591 | | | | | | 0.1 | | | |||
| | | 42,772 | | | | Piedmont Natural Gas Co. | | | | | 1,510,279 | | | | | | 0.2 | | | |||
| | | 49,945 | | | | PNM Resources, Inc. | | | | | 1,228,647 | | | | | | 0.1 | | | |||
| | | 40,383 | | | | Portland General Electric Co. | | | | | 1,339,100 | | | | | | 0.1 | | | |||
| | | 9,130 | | | | SJW Corp. | | | | | 280,200 | | | | | | 0.0 | | | |||
| | | 39,500 | | | | South Jersey Industries, Inc. | | | | | 976,835 | | | | | | 0.1 | | | |||
| | | 24,225 | | | | Southwest Gas Corp. | | | | | 1,289,012 | | | | | | 0.1 | | | |||
| | | 29,807 @ | | | | Talen Energy Corp. | | | | | 511,488 | | | | | | 0.0 | | | |||
| | | 28,870 | | | | UIL Holdings Corp. | | | | | 1,322,823 | | | | | | 0.1 | | | |||
| | | 6,300 | | | | Unitil Corp. | | | | | 208,026 | | | | | | 0.0 | | | |||
| | | 8,981 @ | | | | Vivint Solar, Inc. | | | | | 109,299 | | | | | | 0.0 | | | |||
| | | 26,455 | | | | WGL Holdings, Inc. | | | | | 1,436,242 | | | | | | 0.1 | | | |||
| | | | | | | | | | | | 31,191,818 | | | | | | 3.1 | | | |||
| | | | | | | Total Common Stock (Cost $625,030,121) | | | | | 960,180,241 | | | | | | 96.8 | | | |||
| RIGHTS: —% | | |||||||||||||||||||||
| | | |||||||||||||||||||||
| | | — @ | | | | BioScrip, Inc. | | | | | — | | | | | | — | | | |||
| | | | | | | (Cost $ —) | | | | | — | | | | | | — | | | |||
| WARRANTS: 0.0% | | |||||||||||||||||||||
| | | | | | | Energy: 0.0% | | |||||||||||||||
| | | 11,987 @ | | | | Magnum Hunter Resources Corp. | | | | | 496 | | | | | | 0.0 | | | |||
| | | | | | | Total Warrants (Cost $ —) | | | | | 496 | | | | | | 0.0 | | | |||
| | | | | | | Total Long-Term Investments (Cost $625,030,121) | | | | | 960,180,737 | | | | | | 96.8 | | | |||
|
See Accompanying Notes to Financial Statements
107
Voya Russell™ Small Cap | PORTFOLIO OF INVESTMENTS |
Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 8.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 5.6% | | ||||||||||||
| | 13,253,018 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $13,253,072, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $13,518,079, due 07/15/15-05/20/65) | | | | $ | 13,253,018 | | | | | | 1.3 | | |
| | 9,704,996 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $9,705,044, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest 11/15/15-03/01/48) | | | | | 9,704,996 | | | | | | 1.0 | | |
| | 13,321,100 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $13,321,162, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $13,587,522, due 01/15/17-08/15/42) | | | | | 13,321,100 | | | | | | 1.4 | | |
| | 13,253,018 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $13,253,069, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $13,518,082, due 07/31/15-05/20/65) | | | | | 13,253,018 | | | | | | 1.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 6,269,854 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $6,269,888, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $6,397,652, due 01/15/17-01/15/29) | | | | $ | 6,269,854 | | | | | | 0.6 | | |
| | | | | | | | | | | 55,801,986 | | | | | | 5.6 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 2.7% | | |||||||||||||||
| | 26,638,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,638,000) | | | | | 26,638,000 | | | | | | 2.7 | | | |||
| | | | | | Total Short-Term Investments (Cost $82,439,986) | | | | | 82,439,986 | | | | | | 8.3 | | | |||
| | | | | | Total Investments in Securities (Cost $707,470,107) | | | | $ | 1,042,620,723 | | | | | | 105.1 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (50,893,052) | | | | | | (5.1) | | | |||
| | | | | | Net Assets | | | | $ | 991,727,671 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $708,959,923.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 382,524,873 | | | |
| Gross Unrealized Depreciation | | | | | (48,864,072) | | | |
| Net Unrealized Appreciation | | | | $ | 333,660,801 | | | |
|
See Accompanying Notes to Financial Statements
108
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: 26.9% | | ||||||||||||||||||
| | | | | | | Basic Materials: 1.8% | | ||||||||||||
| | | 1,000,000 | | | | Agrium, Inc., 3.150%, 10/01/22 | | | | $ | 969,945 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Agrium, Inc., 3.500%, 06/01/23 | | | | | 977,963 | | | | | | 0.0 | | |
| | | 500,000 | | | | Agrium, Inc., 4.125%, 03/15/35 | | | | | 447,177 | | | | | | 0.0 | | |
| | | 750,000 | | | | Air Products & Chemicals, Inc., 1.200%, 10/15/17 | | | | | 747,437 | | | | | | 0.0 | | |
| | | 500,000 | | | | Airgas, Inc., 2.900%, 11/15/22 | | | | | 487,803 | | | | | | 0.0 | | |
| | | 3,200,000 | | | | AngloGold Ashanti Ltd., 5.375%, 04/15/20 | | | | | 3,243,680 | | | | | | 0.1 | | |
| | | 1,300,000 | | | | Barrick Australian Finance Pty Ltd., 5.950%, 10/15/39 | | | | | 1,249,603 | | | | | | 0.1 | | |
| | | 3,700,000 | | | | BHP Billiton Finance USA Ltd., 3.250%, 11/21/21 | | | | | 3,761,568 | | | | | | 0.1 | | |
| | | 500,000 | | | | Cabot Corp., 2.550%, 01/15/18 | | | | | 508,196 | | | | | | 0.0 | | |
| | | 800,000 | | | | Cabot Corp., 3.700%, 07/15/22 | | | | | 808,620 | | | | | | 0.0 | | |
| | | 500,000 | | | | CF Industries, Inc., 3.450%, 06/01/23 | | | | | 484,301 | | | | | | 0.0 | | |
| | | 400,000 | | | | CF Industries, Inc., 5.150%, 03/15/34 | | | | | 395,155 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | CF Industries, Inc., 7.125%, 05/01/20 | | | | | 1,782,240 | | | | | | 0.1 | | |
| | | 3,282,000 | | | | Dow Chemical Co., 8.550%, 05/15/19 | | | | | 4,002,251 | | | | | | 0.1 | | |
| | | 500,000 | | | | Dow Chemical Co/The, 4.250%, 10/01/34 | | | | | 469,762 | | | | | | 0.0 | | |
| | | 500,000 | | | | Dow Chemical Co/The, 4.625%, 10/01/44 | | | | | 466,819 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Eastman Chemical Co., 4.500%, 01/15/21 | | | | | 1,082,003 | | | | | | 0.0 | | |
| | | 400,000 | | | | Eastman Chemical Co., 4.650%, 10/15/44 | | | | | 379,047 | | | | | | 0.0 | | |
| | | 500,000 | | | | Ecolab, Inc., 1.000%, 08/09/15 | | | | | 499,462 | | | | | | 0.0 | | |
| | | 725,000 | | | | Ecolab, Inc., 4.350%, 12/08/21 | | | | | 782,398 | | | | | | 0.0 | | |
| | | 2,279,000 | | | | EI Du Pont de Nemours & Co., 6.000%, 07/15/18 | | | | | 2,557,079 | | | | | | 0.1 | | |
| | | 525,000 | | | | Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18 | | | | | 521,065 | | | | | | 0.0 | | |
| | | 750,000 L | | | | Freeport-McMoRan Copper & Gold, Inc., 3.100%, 03/15/20 | | | | | 739,615 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Basic Materials (continued) | | ||||||||||||
| | | 500,000 | | | | Freeport-McMoRan Copper & Gold, Inc., 3.550%, 03/01/22 | | | | $ | 462,978 | | | | | | 0.0 | | |
| | | 500,000 | | | | Freeport-McMoRan Copper & Gold, Inc., 5.450%, 03/15/43 | | | | | 417,512 | | | | | | 0.0 | | |
| | | 250,000 | | | | Freeport-McMoRan, Inc., 2.300%, 11/14/17 | | | | | 249,555 | | | | | | 0.0 | | |
| | | 200,000 | | | | Freeport-McMoRan, Inc., 4.000%, 11/14/21 | | | | | 196,454 | | | | | | 0.0 | | |
| | | 200,000 | | | | Freeport-McMoRan, Inc., 5.400%, 11/14/34 | | | | | 172,560 | | | | | | 0.0 | | |
| | | 250,000 | | | | Goldcorp, Inc., 3.625%, 06/09/21 | | | | | 248,726 | | | | | | 0.0 | | |
| | | 400,000 | | | | International Paper Co., 3.650%, 06/15/24 | | | | | 394,425 | | | | | | 0.0 | | |
| | | 750,000 | | | | International Paper Co., 3.800%, 01/15/26 | | | | | 737,121 | | | | | | 0.0 | | |
| | | 500,000 | | | | International Paper Co., 5.150%, 05/15/46 | | | | | 480,444 | | | | | | 0.0 | | |
| | | 750,000 | | | | International Paper Co., 5.000%, 09/15/35 | | | | | 734,902 | | | | | | 0.0 | | |
| | | 500,000 | | | | LYB International Finance BV, 4.000%, 07/15/23 | | | | | 511,887 | | | | | | 0.0 | | |
| | | 250,000 | | | | Monsanto Co., 2.125%, 07/15/19 | | | | | 248,265 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Monsanto Co., 2.200%, 07/15/22 | | | | | 914,047 | | | | | | 0.0 | | |
| | | 400,000 | | | | Monsanto Co., 2.750%, 07/15/21 | | | | | 392,763 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Monsanto Co., 3.600%, 07/15/42 | | | | | 794,096 | | | | | | 0.0 | | |
| | | 500,000 | | | | Monsanto Co., 3.950%, 04/15/45 | | | | | 414,930 | | | | | | 0.0 | | |
| | | 250,000 | | | | Monsanto Co., 4.200%, 07/15/34 | | | | | 227,870 | | | | | | 0.0 | | |
| | | 250,000 | | | | Mosaic Co., 5.450%, 11/15/33 | | | | | 266,166 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Newmont Mining Corp., 3.500%, 03/15/22 | | | | | 1,432,025 | | | | | | 0.1 | | |
| | | 500,000 | | | | Newmont Mining Corp., 5.875%, 04/01/35 | | | | | 488,713 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Potash Corp. of Saskatchewan, Inc., 5.625%, 12/01/40 | | | | | 2,211,822 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Praxair, Inc., 2.200%, 08/15/22 | | | | | 951,875 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
109
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Basic Materials (continued) | | ||||||||||||
| | | 4,365,000 | | | | Rio Tinto Finance USA Ltd., 6.500%, 07/15/18 | | | | $ | 4,949,810 | | | | | | 0.2 | | |
| | | 500,000 | | | | Rio Tinto Finance USA PLC, 1.375%, 06/17/16 | | | | | 501,753 | | | | | | 0.0 | | |
| | | 490,000 | | | | Rio Tinto Finance USA PLC, 1.625%, 08/21/17 | | | | | 490,366 | | | | | | 0.0 | | |
| | | 250,000 | | | | Rio Tinto Finance USA PLC, 2.250%, 12/14/18 | | | | | 251,454 | | | | | | 0.0 | | |
| | | 500,000 | | | | Rio Tinto Finance USA Ltd, 3.750%, 06/15/25 | | | | | 493,236 | | | | | | 0.0 | | |
| | | 1,539,000 | | | | RPM International, Inc., 3.450%, 11/15/22 | | | | | 1,484,938 | | | | | | 0.1 | | |
| | | 600,000 | | | | Sherwin-Williams Co., 1.350%, 12/15/17 | | | | | 598,312 | | | | | | 0.0 | | |
| | | 5,000,000 | | | | Southern Copper Corp., 5.375%, 04/16/20 | | | | | 5,473,500 | | | | | | 0.2 | | |
| | | 250,000 | | | | Southern Copper Corp., 5.875%, 04/23/45 | | | | | 238,425 | | | | | | 0.0 | | |
| | | 350,000 | | | | Southern Copper Corp., 6.750%, 04/16/40 | | | | | 363,209 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | Teck Resources Ltd., 4.750%, 01/15/22 | | | | | 2,788,365 | | | | | | 0.1 | | |
| | | 3,350,000 | | | | Teck Resources Ltd, 2.500%, 02/01/18 | | | | | 3,277,205 | | | | | | 0.1 | | |
| | | 1,220,000 L | | | | Vale Overseas Ltd., 4.625%, 09/15/20 | | | | | 1,285,124 | | | | | | 0.1 | | |
| | | 1,955,000 | | | | Vale Overseas Ltd., 6.875%, 11/21/36 | | | | | 1,895,257 | | | | | | 0.1 | | |
| | | 1,000,000 L | | | | Vale Overseas Ltd, 4.375%, 01/11/22 | | | | | 983,310 | | | | | | 0.0 | | |
| | | 750,000 | | | | Vale SA, 5.625%, 09/11/42 | | | | | 635,378 | | | | | | 0.0 | | |
| | | 1,500,000 # | | | | Xstrata Finance Canada Ltd., 2.700%, 10/25/17 | | | | | 1,516,131 | | | | | | 0.1 | | |
| | | | | | | | | | | | 67,538,098 | | | | | | 1.8 | | |
| | | | | | | Communications: 3.7% | | ||||||||||||
| | | 250,000 | | | | 21st Century Fox America, Inc., 4.750%, 09/15/44 | | | | | 244,502 | | | | | | 0.0 | | |
| | | 3,550,000 | | | | 21st Century Fox America, Inc., 6.150%, 03/01/37 | | | | | 4,105,646 | | | | | | 0.1 | | |
| | | 300,000 | | | | Amazon.com, Inc., 0.650%, 11/27/15 | | | | | 300,039 | | | | | | 0.0 | | |
| | | 300,000 | | | | Amazon.com, Inc., 1.200%, 11/29/17 | | | | | 299,099 | | | | | | 0.0 | | |
| | | 300,000 | | | | Amazon.com, Inc., 2.500%, 11/29/22 | | | | | 285,204 | | | | | | 0.0 | | |
| | | 5,000,000 | | | | America Movil SAB de CV, 5.000%, 03/30/20 | | | | | 5,541,000 | | | | | | 0.2 | | |
| | | 300,000 | | | | AT&T, Inc., 1.400%, 12/01/17 | | | | | 298,150 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 755,000 | | | | AT&T, Inc., 1.700%, 06/01/17 | | | | $ | 757,994 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | AT&T, Inc., 2.450%, 06/30/20 | | | | | 980,515 | | | | | | 0.0 | | |
| | | 300,000 | | | | AT&T, Inc., 2.625%, 12/01/22 | | | | | 282,248 | | | | | | 0.0 | | |
| | | 8,000,000 | | | | AT&T, Inc., 2.950%, 05/15/16 | | | | | 8,134,752 | | | | | | 0.2 | | |
| | | 1,000,000 | | | | AT&T, Inc., 3.400%, 05/15/25 | | | | | 951,436 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | AT&T, Inc., 3.000%, 06/30/22 | | | | | 966,128 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | AT&T, Inc., 4.500%, 05/15/35 | | | | | 1,838,936 | | | | | | 0.1 | | |
| | | 1,750,000 | | | | AT&T, Inc., 4.750%, 05/15/46 | | | | | 1,590,384 | | | | | | 0.1 | | |
| | | 5,150,000 | | | | AT&T, Inc., 6.500%, 09/01/37 | | | | | 5,824,532 | | | | | | 0.2 | | |
| | | 500,000 | | | | British Telecommunications PLC, 1.250%, 02/14/17 | | | | | 499,342 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | British Telecommunications PLC, 1.625%, 06/28/16 | | | | | 1,507,929 | | | | | | 0.1 | | |
| | | 500,000 | | | | British Telecommunications PLC, 2.350%, 02/14/19 | | | | | 502,386 | | | | | | 0.0 | | |
| | | 300,000 | | | | CBS Corp., 2.300%, 08/15/19 | | | | | 296,554 | | | | | | 0.0 | | |
| | | 300,000 | | | | CBS Corp., 3.700%, 08/15/24 | | | | | 293,281 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | CBS Corp., 4.300%, 02/15/21 | | | | | 2,128,372 | | | | | | 0.1 | | |
| | | 250,000 | | | | CBS Corp., 4.600%, 01/15/45 | | | | | 223,278 | | | | | | 0.0 | | |
| | | 300,000 | | | | CBS Corp., 4.900%, 08/15/44 | | | | | 278,433 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cisco Systems, Inc., 1.100%, 03/03/17 | | | | | 1,002,992 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cisco Systems, Inc., 2.125%, 03/01/19 | | | | | 1,006,791 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cisco Systems, Inc., 2.900%, 03/04/21 | | | | | 1,020,376 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cisco Systems, Inc., 3.625%, 03/04/24 | | | | | 1,031,485 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Cisco Systems, Inc., 5.500%, 01/15/40 | | | | | 1,707,613 | | | | | | 0.1 | | |
| | | 500,000 | | | | Comcast Corp., 3.375%, 02/15/25 | | | | | 493,503 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | Comcast Corp., 3.600%, 03/01/24 | | | | | 1,262,447 | | | | | | 0.1 | | |
| | | 750,000 | | | | Comcast Corp., 4.250%, 01/15/33 | | | | | 732,598 | | | | | | 0.0 | | |
| | | 750,000 | | | | Comcast Corp., 4.200%, 08/15/34 | | | | | 722,559 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Comcast Corp., 4.500%, 01/15/43 | | | | | 976,550 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Comcast Corp., 4.600%, 08/15/45 | | | | | 990,065 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
110
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 2,000,000 | | | | Comcast Corp., 6.300%, 11/15/17 | | | | $ | 2,226,638 | | | | | | 0.1 | | |
| | | 335,000 | | | | Comcast Corp., 6.500%, 11/15/35 | | | | | 416,388 | | | | | | 0.0 | | |
| | | 750,000 | | | | Corning, Inc., 1.450%, 11/15/17 | | | | | 747,008 | | | | | | 0.0 | | |
| | | 300,000 # | | | | Cox Communications, Inc., 3.250%, 12/15/22 | | | | | 286,095 | | | | | | 0.0 | | |
| | | 500,000 | | | | DirecTV Financing Co., Inc., 1.750%, 01/15/18 | | | | | 498,284 | | | | | | 0.0 | | |
| | | 3,120,000 | | | | DirecTV Holdings, LLC, 6.000%, 08/15/40 | | | | ��� | 3,238,438 | | | | | | 0.1 | | |
| | | 750,000 | | | | Discovery Communications LLC, 3.250%, 04/01/23 | | | | | 722,284 | | | | | | 0.0 | | |
| | | 1,800,000 | | | | Discovery Communications, LLC, 4.375%, 06/15/21 | | | | | 1,894,073 | | | | | | 0.1 | | |
| | | 250,000 | | | | eBay, Inc., 1.350%, 07/15/17 | | | | | 249,589 | | | | | | 0.0 | | |
| | | 300,000 | | | | eBay, Inc., 2.875%, 08/01/21 | | | | | 295,450 | | | | | | 0.0 | | |
| | | 300,000 | | | | eBay, Inc., 3.450%, 08/01/24 | | | | | 288,755 | | | | | | 0.0 | | |
| | | 250,000 | | | | eBay, Inc., 4.000%, 07/15/42 | | | | | 202,612 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Expedia, Inc., 5.950%, 08/15/20 | | | | | 1,672,324 | | | | | | 0.1 | | |
| | | 1,000,000 L | | | | Expedia, Inc., 7.456%, 08/15/18 | | | | | 1,148,597 | | | | | | 0.1 | | |
| | | 4,220,000 | | | | Google, Inc., 2.125%, 05/19/16 | | | | | 4,283,237 | | | | | | 0.1 | | |
| | | 500,000 | | | | Juniper Networks, Inc., 4.500%, 03/15/24 | | | | | 504,797 | | | | | | 0.0 | | |
| | | 300,000 | | | | Motorola Solutions, Inc., 3.500%, 09/01/21 | | | | | 298,407 | | | | | | 0.0 | | |
| | | 100,000 | | | | Motorola Solutions, Inc., 4.000%, 09/01/24 | | | | | 97,042 | | | | | | 0.0 | | |
| | | 1,500,000 # | | | | NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 | | | | | 1,489,042 | | | | | | 0.1 | | |
| | | 500,000 | | | | NBCUniversal Media, LLC, 2.875%, 01/15/23 | | | | | 485,764 | | | | | | 0.0 | | |
| | | 500,000 | | | | NBCUniversal Media, LLC, 4.450%, 01/15/43 | | | | | 479,918 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Omnicom Group, Inc., 3.625%, 05/01/22 | | | | | 1,509,552 | | | | | | 0.1 | | |
| | | 250,000 | | | | Orange SA, 2.750%, 02/06/19 | | | | | 253,920 | | | | | | 0.0 | | |
| | | 500,000 | | | | Orange SA, 5.500%, 02/06/44 | | | | | 524,138 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Qwest Corp., 6.750%, 12/01/21 | | | | | 1,657,796 | | | | | | 0.1 | | |
| | | 250,000 | | | | Rogers Communications, Inc., 5.000%, 03/15/44 | | | | | 247,281 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 500,000 | | | | Scripps Networks Interactive, Inc., 3.500%, 06/15/22 | | | | $ | 492,177 | | | | | | 0.0 | | |
| | | 250,000 | | | | Scripps Networks Interactive, Inc., 3.900%, 11/15/24 | | | | | 245,843 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Telefonaktiebolaget LM Ericsson, 4.125%, 05/15/22 | | | | | 1,036,212 | | | | | | 0.0 | | |
| | | 750,000 | | | | Telefonica Emisiones SAU, 3.192%, 04/27/18 | | | | | 770,558 | | | | | | 0.0 | | |
| | | 2,655,000 | | | | Telefonica Emisiones SAU, 3.992%, 02/16/16 | | | | | 2,700,924 | | | | | | 0.1 | | |
| | | 700,000 | | | | Telefonica Emisiones SAU, 5.134%, 04/27/20 | | | | | 765,893 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Telefonica Emisiones SAU, 5.462%, 02/16/21 | | | | | 2,212,074 | | | | | | 0.1 | | |
| | | 750,000 | | | | Time Warner Cable, Inc., 4.125%, 02/15/21 | | | | | 774,533 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Time Warner Cable, Inc., 4.500%, 09/15/42 | | | | | 822,328 | | | | | | 0.0 | | |
| | | 400,000 | | | | Time Warner Cable, Inc., 5.350%, 12/15/43 | | | | | 409,936 | | | | | | 0.0 | | |
| | | 5,075,000 | | | | Time Warner Cable, Inc., 5.850%, 05/01/17 | | | | | 5,421,044 | | | | | | 0.2 | | |
| | | 1,925,000 | | | | Time Warner Cable, Inc., 6.500%, 11/15/36 | | | | | 2,261,376 | | | | | | 0.1 | | |
| | | 500,000 | | | | Time Warner, Inc., 2.100%, 06/01/19 | | | | | 496,815 | | | | | | 0.0 | | |
| | | 500,000 | | | | Time Warner, Inc., 3.550%, 06/01/24 | | | | | 487,836 | | | | | | 0.0 | | |
| | | 500,000 | | | | Time Warner, Inc., 4.650%, 06/01/44 | | | | | 475,439 | | | | | | 0.0 | | |
| | | 3,500,000 | | | | Time Warner, Inc., 4.875%, 03/15/20 | | | | | 3,820,107 | | | | | | 0.1 | | |
| | | 500,000 | | | | Time Warner, Inc., 4.850%, 07/15/45 | | | | | 485,177 | | | | | | 0.0 | | |
| | | 500,000 | | | | Verizon Communications, Inc., 1.100%, 11/01/17 | | | | | 494,411 | | | | | | 0.0 | | |
| | | 500,000 | | | | Verizon Communications, Inc., 2.550%, 06/17/19 | | | | | 506,937 | | | | | | 0.0 | | |
| | | 776,000 | | | | Verizon Communications, Inc., 2.625%, 02/21/20 | | | | | 774,436 | | | | | | 0.0 | | |
| | | 500,000 | | | | Verizon Communications, Inc., 3.450%, 03/15/21 | | | | | 509,805 | | | | | | 0.0 | | |
| | | 500,000 | | | | Verizon Communications, Inc., 4.150%, 03/15/24 | | | | | 513,428 | | | | | | 0.0 | | |
| | | 650,000 | | | | Verizon Communications, Inc., 4.400%, 11/01/34 | | | | | 610,296 | | | | | | 0.0 | | |
| | | 655,000 # | | | | Verizon Communications, Inc., 4.522%, 09/15/48 | | | | | 579,283 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
111
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 3,000,000 | | | | Verizon Communications, Inc., 4.500%, 09/15/20 | | | | $ | 3,237,012 | | | | | | 0.1 | | |
| | | 3,000,000 | | | | Verizon Communications, Inc., 4.750%, 11/01/41 | | | | | 2,810,727 | | | | | | 0.1 | | |
| | | 4,636,000 | | | | Verizon Communications, Inc., 4.862%, 08/21/46 | | | | | 4,339,945 | | | | | | 0.1 | | |
| | | 133,000 | | | | Verizon Communications, Inc., 5.012%, 08/21/54 | | | | | 122,070 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | Verizon Communications, Inc.,5.050%, 03/15/34 | | | | | 1,258,643 | | | | | | 0.1 | | |
| | | 1,375,000 | | | | Verizon Communications, Inc.,5.150%, 09/15/23 | | | | | 1,509,071 | | | | | | 0.1 | | |
| | | 5,225,000 | | | | Verizon Communications, Inc.,6.350%, 04/01/19 | | | | | 5,971,914 | | | | | | 0.2 | | |
| | | 40,000 | | | | Verizon Communications, Inc.,6.400%, 09/15/33 | | | | | 45,846 | | | | | | 0.0 | | |
| | | 135,000 | | | | Verizon Communications, Inc., 6.550%, 09/15/43 | | | | | 158,391 | | | | | | 0.0 | | |
| | | 400,000 | | | | Viacom, Inc., 2.200%, 04/01/19 | | | | | 395,928 | | | | | | 0.0 | | |
| | | 3,500,000 | | | | Viacom, Inc., 2.500%, 12/15/16 | | | | | 3,554,359 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Viacom, Inc., 2.500%, 09/01/18 | | | | | 1,010,609 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Viacom, Inc., 3.250%, 03/15/23 | | | | | 950,700 | | | | | | 0.0 | | |
| | | 400,000 | | | | Viacom, Inc., 3.875%, 04/01/24 | | | | | 391,834 | | | | | | 0.0 | | |
| | | 200,000 | | | | Viacom, Inc., 4.850%, 12/15/34 | | | | | 184,996 | | | | | | 0.0 | | |
| | | 400,000 | | | | Viacom, Inc., 5.250%, 04/01/44 | | | | | 375,101 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Viacom, Inc., 5.850%, 09/01/43 | | | | | 995,553 | | | | | | 0.0 | | |
| | | 500,000 | | | | Vodafone Group PLC, 1.500%, 02/19/18 | | | | | 491,640 | | | | | | 0.0 | | |
| | | 500,000 | | | | Vodafone Group PLC, 2.950%, 02/19/23 | | | | | 467,195 | | | | | | 0.0 | | |
| | | 3,965,000 | | | | Vodafone Group PLC, 6.150%, 02/27/37 | | | | | 4,235,270 | | | | | | 0.1 | | |
| | | 300,000 | | | | Walt Disney Co., 0.450%, 12/01/15 | | | | | 299,908 | | | | | | 0.0 | | |
| | | 300,000 | | | | Walt Disney Co., 1.100%, 12/01/17 | | | | | 299,874 | | | | | | 0.0 | | |
| | | 300,000 | | | | Walt Disney Co., 2.350%, 12/01/22 | | | | | 290,139 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Walt Disney Co., 5.500%, 03/15/19 | | | | | 1,130,255 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Communications (continued) | | ||||||||||||
| | | 1,000,000 | | | | WPP Finance 2010, 3.625%, 09/07/22 | | | | $ | 1,009,388 | | | | | | 0.0 | | |
| | | | | | | | | | | | 137,997,784 | | | | | | 3.7 | | |
| | | | | | | Consumer, Cyclical: 1.6% | | ||||||||||||
| | | 500,000 | | | | AutoZone, Inc., 2.875%, 01/15/23 | | | | | 479,147 | | | | | | 0.0 | | |
| | | 750,000 | | | | AutoZone, Inc., 3.125%, 07/15/23 | | | | | 727,630 | | | | | | 0.0 | | |
| | | 400,000 | | | | BorgWarner, Inc., 4.375%, 03/15/45 | | | | | 374,309 | | | | | | 0.0 | | |
| | | 500,000 | | | | Carnival Corp., 1.200%, 02/05/16 | | | | | 500,676 | | | | | | 0.0 | | |
| | | 400,000 | | | | Coach, Inc., 4.250%, 04/01/25 | | | | | 384,351 | | | | | | 0.0 | | |
| | | 1,839,712 | | | | Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 11/10/19 | | | | | 2,129,467 | | | | | | 0.1 | | |
| | | 300,000 | | | | Costco Wholesale Corp., 1.125%, 12/15/17 | | | | | 299,261 | | | | | | 0.0 | | |
| | | 300,000 | | | | Costco Wholesale Corp., 1.700%, 12/15/19 | | | | | 296,740 | | | | | | 0.0 | | |
| | | 100,000 | | | | CVS Caremark Corp., 1.200%, 12/05/16 | | | | | 100,164 | | | | | | 0.0 | | |
| | | 250,000 | | | | CVS Caremark Corp., 2.250%, 12/05/18 | | | | | 253,137 | | | | | | 0.0 | | |
| | | 750,000 | | | | CVS Caremark Corp., 2.750%, 12/01/22 | | | | | 723,311 | | | | | | 0.0 | | |
| | | 250,000 | | | | CVS Caremark Corp., 3.375%, 08/12/24 | | | | | 245,750 | | | | | | 0.0 | | |
| | | 250,000 | | | | CVS Caremark Corp., 4.000%, 12/05/23 | | | | | 258,356 | | | | | | 0.0 | | |
| | | 200,000 | | | | CVS Caremark Corp., 5.300%, 12/05/43 | | | | | 217,988 | | | | | | 0.0 | | |
| | | 250,000 | | | | CVS Health Corp., 2.250%, 08/12/19 | | | | | 249,013 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Daimler Finance North America LLC, 1.450%, 08/01/16 | | | | | 502,004 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Daimler Finance North America LLC, 2.375%, 08/01/18 | | | | | 506,901 | | | | | | 0.0 | | |
| | | 1,031,736 | | | | Delta Air Lines 2007-1 Class A Pass Through Trust, 6.821%, 08/10/22 | | | | | 1,183,917 | | | | | | 0.1 | | |
| | | 300,000 | | | | Ford Motor Co., 4.750%, 01/15/43 | | | | | 292,931 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
112
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Cyclical (continued) | | ||||||||||||
| | | 1,000,000 | | | | Ford Motor Credit Co. LLC, 1.700%, 05/09/16 | | | | $ | 1,001,446 | | | | | | 0.0 | | |
| | | 2,250,000 | | | | Ford Motor Credit Co. LLC, 2.375%, 01/16/18 | | | | | 2,271,263 | | | | | | 0.1 | | |
| | | 600,000 | | | | Ford Motor Credit Co. LLC, 2.500%, 01/15/16 | | | | | 604,902 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Ford Motor Credit Co. LLC, 4.250%, 02/03/17 | | | | | 1,039,650 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Ford Motor Credit Co. LLC, 4.375%, 08/06/23 | | | | | 1,042,827 | | | | | | 0.1 | | |
| | | 500,000 | | | | Ford Motor Credit Co. LLC, 7.450%, 07/16/31 | | | | | 640,953 | | | | | | 0.0 | | |
| | | 750,000 | | | | Ford Motor Credit Co., LLC, 4.250%, 09/20/22 | | | | | 781,373 | | | | | | 0.0 | | |
| | | 1,300,000 | | | | Ford Motor Credit Co., LLC, 5.875%, 08/02/21 | | | | | 1,480,404 | | | | | | 0.1 | | |
| | | 3,350,000 | | | | Home Depot, Inc., 5.875%, 12/16/36 | | | | | 4,027,698 | | | | | | 0.1 | | |
| | | 500,000 | | | | Hyatt Hotels Corp., 3.375%, 07/15/23 | | | | | 487,093 | | | | | | 0.0 | | |
| | | 1,000,000 # | | | | Hyundai Capital America, 1.875%, 08/09/16 | | | | | 1,006,039 | | | | | | 0.0 | | |
| | | 1,000,000 # | | | | Hyundai Capital America, 2.875%, 08/09/18 | | | | | 1,023,533 | | | | | | 0.1 | | |
| | | 4,125,000 # | | | | Hyundai Capital America, 3.750%, 04/06/16 | | | | | 4,202,055 | | | | | | 0.1 | | |
| | | 200,000 | | | | Johnson Controls, Inc., 1.400%, 11/02/17 | | | | | 199,304 | | | | | | 0.0 | | |
| | | 400,000 | | | | Johnson Controls, Inc., 3.625%, 07/02/24 | | | | | 400,902 | | | | | | 0.0 | | |
| | | 250,000 | | | | Johnson Controls, Inc., 4.625%, 07/02/44 | | | | | 238,603 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Lowe’s Cos, Inc., 1.625%, 04/15/17 | | | | | 1,010,918 | | | | | | 0.0 | | |
| | | 600,000 | | | | Lowe’s Cos, Inc., 4.250%, 09/15/44 | | | | | 579,335 | | | | | | 0.0 | | |
| | | 500,000 | | | | Macy’s Retail Holdings, Inc., 2.875%, 02/15/23 | | | | | 481,533 | | | | | | 0.0 | | |
| | | 532,000 | | | | Macy’s Retail Holdings, Inc., 3.625%, 06/01/24 | | | | | 530,768 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Macy’s Retail Holdings, Inc., 3.875%, 01/15/22 | | | | | 1,037,238 | | | | | | 0.1 | | |
| | | 500,000 | | | | Macy’s Retail Holdings, Inc., 4.500%, 12/15/34 | | | | | 479,829 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Marriott International, Inc., 3.000%, 03/01/19 | | | | | 2,051,108 | | | | | | 0.1 | | |
| | | 500,000 | | | | Mattel, Inc., 1.700%, 03/15/18 | | | | | 497,606 | | | | | | 0.0 | | |
| | | 500,000 | | | | Mattel, Inc., 2.350%, 05/06/19 | | | | | 499,239 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Cyclical (continued) | | ||||||||||||
| | | 500,000 | | | | Mattel, Inc., 3.150%, 03/15/23 | | | | $ | 484,320 | | | | | | 0.0 | | |
| | | 325,000 | | | | McDonald’s Corp., 6.300%, 10/15/37 | | | | | 384,425 | | | | | | 0.0 | | |
| | | 400,000 | | | | McDonald’s Corp., 4.600%, 05/26/45 | | | | | 390,339 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | Mohawk Industries, Inc., 3.850%, 02/01/23 | | | | | 1,248,721 | | | | | | 0.1 | | |
| | | 300,000 | | | | Newell Rubbermaid, Inc., 2.050%, 12/01/17 | | | | | 302,904 | | | | | | 0.0 | | |
| | | 250,000 | | | | Newell Rubbermaid, Inc., 2.875%, 12/01/19 | | | | | 252,728 | | | | | | 0.0 | | |
| | | 750,000 # | | | | Nissan Motor Acceptance Corp., 1.000%, 03/15/16 | | | | | 751,520 | | | | | | 0.0 | | |
| | | 400,000 # | | | | Nissan Motor Acceptance Corp., 1.950%, 09/12/17 | | | | | 402,837 | | | | | | 0.0 | | |
| | | 3,200,000 | | | | Nordstrom, Inc., 4.750%, 05/01/20 | | | | | 3,546,358 | | | | | | 0.1 | | |
| | | 500,000 | | | | NVR, Inc., 3.950%, 09/15/22 | | | | | 507,117 | | | | | | 0.0 | | |
| | | 300,000 | | | | O'Reilly Automotive, Inc., 3.800%, 09/01/22 | | | | | 306,116 | | | | | | 0.0 | | |
| | | 250,000 | | | | Starbucks Corp., 2.000%, 12/05/18 | | | | | 254,049 | | | | | | 0.0 | | |
| | | 500,000 | | | | Starwood Hotels & Resorts Worldwide, Inc., 3.125%, 02/15/23 | | | | | 476,423 | | | | | | 0.0 | | |
| | | 400,000 | | | | Starwood Hotels & Resorts Worldwide, Inc., 4.500%, 10/01/34 | | | | | 373,012 | | | | | | 0.0 | | |
| | | 500,000 | | | | TJX Cos, Inc., 2.500%, 05/15/23 | | | | | 478,690 | | | | | | 0.0 | | |
| | | 5,295,000 | | | | Toyota Motor Credit Corp., 2.800%, 01/11/16 | | | | | 5,355,527 | | | | | | 0.2 | | |
| | | 500,000 # | | | | Volkswagen Group of America Finance LLC, 2.400%, 05/22/20 | | | | | 497,341 | | | | | | 0.0 | | |
| | | 500,000 | | | | Walgreen Co., 1.800%, 09/15/17 | | | | | 502,167 | | | | | | 0.0 | | |
| | | 250,000 | | | | Walgreens Boots Alliance, Inc., 2.700%, 11/18/19 | | | | | 250,393 | | | | | | 0.0 | | |
| | | 250,000 | | | | Walgreens Boots Alliance, Inc., 3.300%, 11/18/21 | | | | | 248,342 | | | | | | 0.0 | | |
| | | 250,000 | | | | Walgreens Boots Alliance, Inc., 3.800%, 11/18/24 | | | | | 244,675 | | | | | | 0.0 | | |
| | | 250,000 | | | | Walgreens Boots Alliance, Inc., 4.500%, 11/18/34 | | | | | 235,130 | | | | | | 0.0 | | |
| | | 250,000 | | | | Walgreens Boots Alliance, Inc., 4.800%, 11/18/44 | | | | | 235,305 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
113
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Cyclical (continued) | | ||||||||||||
| | | 1,000,000 | | | | Wal-Mart Stores, Inc., 3.300%, 04/22/24 | | | | $ | 1,013,751 | | | | | | 0.0 | | |
| | | 3,130,000 | | | | Wal-Mart Stores, Inc., 5.625%, 04/01/40 | | | | | 3,656,206 | | | | | | 0.1 | | |
| | | 300,000 | | | | Whirlpool Corp., 3.700%, 05/01/25 | | | | | 298,147 | | | | | | 0.0 | | |
| | | 200,000 | | | | Whirlpool Corp., 4.000%, 03/01/24 | | | | | 204,320 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Wyndham Worldwide Corp., 4.250%, 03/01/22 | | | | | 1,010,875 | | | | | | 0.0 | | |
| | | 800,000 | | | | Yum! Brands, Inc., 3.750%, 11/01/21 | | | | | 805,563 | | | | | | 0.0 | | |
| | | | | | | | | | | | 62,057,973 | | | | | | 1.6 | | |
| | | | | | | Consumer, Non-cyclical: 3.7% | | ||||||||||||
| | | 500,000 | | | | AbbVie, Inc., 1.800%, 05/14/18 | | | | | 498,478 | | | | | | 0.0 | | |
| | | 500,000 | | | | AbbVie, Inc., 2.500%, 05/14/20 | | | | | 495,216 | | | | | | 0.0 | | |
| | | 250,000 | | | | AbbVie, Inc., 3.200%, 11/06/22 | | | | | 247,648 | | | | | | 0.0 | | |
| | | 250,000 | | | | AbbVie, Inc., 3.600%, 05/14/25 | | | | | 247,222 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | AbbVie, Inc., 4.500%, 05/14/35 | | | | | 1,223,125 | | | | | | 0.1 | | |
| | | 250,000 | | | | AbbVie, Inc., 4.700%, 05/14/45 | | | | | 247,535 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Actavis Funding SCS, 3.000%, 03/12/20 | | | | | 1,005,212 | | | | | | 0.1 | | |
| | | 500,000 | | | | Actavis Funding SCS, 3.450%, 03/15/22 | | | | | 495,539 | | | | | | 0.0 | | |
| | | 500,000 | | | | Actavis plc, 1.875%, 10/01/17 | | | | | 500,785 | | | | | | 0.0 | | |
| | | 500,000 | | | | Actavis plc, 3.250%, 10/01/22 | | | | | 484,872 | | | | | | 0.0 | | |
| | | 500,000 | | | | Actavis plc, 4.625%, 10/01/42 | | | | | 466,125 | | | | | | 0.0 | | |
| | | 1,725,000 | | | | Aetna, Inc., 1.500%, 11/15/17 | | | | | 1,729,908 | | | | | | 0.1 | | |
| | | 400,000 | | | | Aetna, Inc., 2.200%, 03/15/19 | | | | | 400,601 | | | | | | 0.0 | | |
| | | 500,000 | | | | Aetna, Inc., 2.750%, 11/15/22 | | | | | 471,630 | | | | | | 0.0 | | |
| | | 250,000 | | | | Aetna, Inc., 3.500%, 11/15/24 | | | | | 245,187 | | | | | | 0.0 | | |
| | | 300,000 | | | | Aetna, Inc., 4.500%, 05/15/42 | | | | | 279,125 | | | | | | 0.0 | | |
| | | 500,000 | | | | Allergan, Inc./United States, 2.800%, 03/15/23 | | | | | 461,993 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 500,000 | | | | Altria Group, Inc.,2.950%, 05/02/23 | | | | $ | 477,822 | | | | | | 0.0 | | |
| | | 300,000 | | | | Altria Group, Inc.,4.250%, 08/09/42 | | | | | 266,313 | | | | | | 0.0 | | |
| | | 1,156,000 | | | | Altria Group, Inc., 9.950%, 11/10/38 | | | | | 1,861,773 | | | | | | 0.1 | | |
| | | 500,000 | | | | AmerisourceBergen Corp., 3.400%, 05/15/24 | | | | | 497,510 | | | | | | 0.0 | | |
| | | 250,000 | | | | AmerisourceBergen Corp., 4.250%, 03/01/45 | | | | | 227,004 | | | | | | 0.0 | | |
| | | 250,000 | | | | Amgen, Inc., 3.625%, 05/22/24 | | | | | 248,110 | | | | | | 0.0 | | |
| | | 4,400,000 | | | | Amgen, Inc., 3.875%, 11/15/21 | | | | | 4,615,622 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Amgen, Inc., 4.400%, 05/01/45 | | | | | 927,622 | | | | | | 0.0 | | |
| | | 661,000 | | | | Amgen, Inc., 6.375%, 06/01/37 | | | | | 780,926 | | | | | | 0.0 | | |
| | | 500,000 | | | | Anheuser-Busch InBev Worldwide, Inc., 0.800%, 07/15/15 | | | | | 500,057 | | | | | | 0.0 | | |
| | | 500,000 | | | | Anheuser-Busch InBev Worldwide, Inc., 1.375%, 07/15/17 | | | | | 502,422 | | | | | | 0.0 | | |
| | | 250,000 | | | | Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/42 | | | | | 220,425 | | | | | | 0.0 | | |
| | | 3,500,000 | | | | Anheuser-Busch InBev Worldwide, Inc., 5.375%, 01/15/20 | | | | | 3,946,943 | | | | | | 0.1 | | |
| | | 750,000 | | | | AstraZeneca PLC, 1.950%, 09/18/19 | | | | | 746,295 | | | | | | 0.0 | | |
| | | 2,900,000 | | | | AstraZeneca PLC, 6.450%, 09/15/37 | | | | | 3,711,449 | | | | | | 0.1 | | |
| | | 500,000 | | | | Baxter International, Inc., 0.950%, 06/01/16 | | | | | 499,148 | | | | | | 0.0 | | |
| | | 239,000 | | | | Baxter International, Inc., 1.850%, 06/15/18 | | | | | 238,253 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Baxter International, Inc., 3.200%, 06/15/23 | | | | | 1,023,659 | | | | | | 0.1 | | |
| | | 500,000 | | | | Baxter International, Inc., 3.650%, 08/15/42 | | | | | 494,728 | | | | | | 0.0 | | |
| | | 4,370,000 | | | | Becton Dickinson & Co., 3.125%, 11/08/21 | | | | | 4,333,559 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Biogen, Inc., 6.875%, 03/01/18 | | | | | 2,263,404 | | | | | | 0.1 | | |
| | | 400,000 | | | | Boston Scientific Corp., 2.850%, 05/15/20 | | | | | 399,608 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
114
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 400,000 | | | | Boston Scientific Corp., 3.375%, 05/15/22 | | | | $ | 391,860 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Bristol-Myers Squibb Co., 0.875%, 08/01/17 | | | | | 1,493,938 | | | | | | 0.1 | | |
| | | 500,000 | | | | Bristol-Myers Squibb Co., 3.250%, 08/01/42 | | | | | 418,478 | | | | | | 0.0 | | |
| | | 500,000 | | | | Bunge Ltd. Finance Corp., 3.200%, 06/15/17 | | | | | 514,984 | | | | | | 0.0 | | |
| | | 500,000 | | | | Campbell Soup Co., 3.800%, 08/02/42 | | | | | 423,196 | | | | | | 0.0 | | |
| | | 400,000 | | | | Cardinal Health, Inc., 1.900%, 06/15/17 | | | | | 403,566 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cardinal Health, Inc., 3.200%, 03/15/23 | | | | | 494,756 | | | | | | 0.0 | | |
| | | 400,000 | | | | Cardinal Health, Inc., 3.750%, 09/15/25 | | | | | 398,156 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cardinal Health, Inc., 4.600%, 03/15/43 | | | | | 482,423 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cardinal Health, Inc., 4.900%, 09/15/45 | | | | | 495,986 | | | | | | 0.0 | | |
| | | 500,000 | | | | Celgene Corp., 1.900%, 08/15/17 | | | | | 505,361 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Celgene Corp., 2.300%, 08/15/18 | | | | | 1,015,274 | | | | | | 0.1 | | |
| | | 250,000 | | | | Celgene Corp., 3.625%, 05/15/24 | | | | | 250,173 | | | | | | 0.0 | | |
| | | 2,945,000 | | | | Celgene Corp., 3.950%, 10/15/20 | | | | | 3,129,878 | | | | | | 0.1 | | |
| | | 500,000 | | | | Celgene Corp., 4.625%, 05/15/44 | | | | | 477,228 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Celgene Corp., 4.000%, 08/15/23 | | | | | 1,023,259 | | | | | | 0.1 | | |
| | | 3,000,000 | | | | Cigna Corp., 4.000%, 02/15/22 | | | | | 3,092,571 | | | | | | 0.1 | | |
| | | 2,500,000 | | | | Cigna Corp., 5.125%, 06/15/20 | | | | | 2,803,862 | | | | | | 0.1 | | |
| | | 750,000 | | | | Clorox Co., 3.050%, 09/15/22 | | | | | 733,102 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | Coca-Cola Co., 3.150%, 11/15/20 | | | | | 3,127,617 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Colgate-Palmolive Co., 0.900%, 05/01/18 | | | | | 992,538 | | | | | | 0.0 | | |
| | | 792,000 | | | | ConAgra Foods, Inc., 2.100%, 03/15/18 | | | | | 784,408 | | | | | | 0.0 | | |
| | | 543,000 | | | | ConAgra Foods, Inc., 3.200%, 01/25/23 | | | | | 507,643 | | | | | | 0.0 | | |
| | | 500,000 | | | | Coventry Health Care, Inc., 5.450%, 06/15/21 | | | | | 563,440 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 500,000 | | | | Covidien International Finance SA, 3.200%, 06/15/22 | | | | $ | 498,285 | | | | | | 0.0 | | |
| | | 750,000 | | | | Diageo Capital PLC, 1.125%, 04/29/18 | | | | | 740,646 | | | | | | 0.0 | | |
| | | 750,000 | | | | Diageo Capital PLC, 2.625%, 04/29/23 | | | | | 715,093 | | | | | | 0.0 | | |
| | | 500,000 | | | | Diageo Investment Corp., 2.875%, 05/11/22 | | | | | 489,000 | | | | | | 0.0 | | |
| | | 750,000 | | | | Dr Pepper Snapple Group, Inc., 2.000%, 01/15/20 | | | | | 735,733 | | | | | | 0.0 | | |
| | | 3,275,000 | | | | Dr Pepper Snapple Group, Inc., 2.900%, 01/15/16 | | | | | 3,311,670 | | | | | | 0.1 | | |
| | | 500,000 | | | | Eli Lilly & Co., 3.700%, 03/01/45 | | | | | 452,941 | | | | | | 0.0 | | |
| | | 500,000 # | | | | ERAC USA Finance LLC, 2.350%, 10/15/19 | | | | | 496,839 | | | | | | 0.0 | | |
| | | 500,000 # | | | | ERAC USA Finance LLC, 3.850%, 11/15/24 | | | | | 502,084 | | | | | | 0.0 | | |
| | | 300,000 | | | | Estee Lauder Cos, Inc., 3.700%, 08/15/42 | | | | | 262,459 | | | | | | 0.0 | | |
| | | 400,000 | | | | Express Scripts Holding Co., 2.250%, 06/15/19 | | | | | 396,841 | | | | | | 0.0 | | |
| | | 250,000 | | | | Express Scripts Holding Co., 3.500%, 06/15/24 | | | | | 244,626 | | | | | | 0.0 | | |
| | | 4,210,000 | | | | Express Scripts, Inc., 3.125%, 05/15/16 | | | | | 4,279,785 | | | | | | 0.1 | | |
| | | 350,000 | | | | Flowers Foods, Inc., 4.375%, 04/01/22 | | | | | 365,361 | | | | | | 0.0 | | |
| | | 500,000 | | | | General Mills, Inc., 0.875%, 01/29/16 | | | | | 500,463 | | | | | | 0.0 | | |
| | | 750,000 | | | | General Mills, Inc., 4.150%, 02/15/43 | | | | | 692,887 | | | | | | 0.0 | | |
| | | 350,000 | | | | Gilead Sciences, Inc., 2.050%, 04/01/19 | | | | | 351,928 | | | | | | 0.0 | | |
| | | 200,000 | | | | Gilead Sciences, Inc., 4.500%, 02/01/45 | | | | | 198,956 | | | | | | 0.0 | | |
| | | 350,000 | | | | Gilead Sciences, Inc., 4.800%, 04/01/44 | | | | | 361,721 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | GlaxoSmithKline Capital PLC, 1.500%, 05/08/17 | | | | | 1,007,119 | | | | | | 0.1 | | |
| | | 500,000 | | | | GlaxoSmithKline Capital, Inc., 0.700%, 03/18/16 | | | | | 500,800 | | | | | | 0.0 | | |
| | | 500,000 | | | | GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23 | | | | | 489,937 | | | | | | 0.0 | | |
| | | 500,000 # | | | | HJ Heinz Co., 5.200%, 07/15/45 | | | | | 513,594 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
115
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 500,000 # | | | | HJ Heinz Co., 5.000%, 07/15/35 | | | | $ | 507,999 | | | | | | 0.0 | | |
| | | 3,550,000 | | | | Humana, Inc., 3.150%, 12/01/22 | | | | | 3,425,526 | | | | | | 0.1 | | |
| | | 1,070,000 | | | | Humana, Inc., 6.300%, 08/01/18 | | | | | 1,209,405 | | | | | | 0.1 | | |
| | | 551,000 | | | | Kellogg Co., 4.000%, 12/15/20 | | | | | 585,991 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Kraft Foods Group, Inc., 2.250%, 06/05/17 | | | | | 1,013,967 | | | | | | 0.1 | | |
| | | 3,266,000 | | | | Kraft Foods, Inc., 6.125%, 08/23/18 | | | | | 3,652,730 | | | | | | 0.1 | | |
| | | 400,000 | | | | Kroger Co., 2.300%, 01/15/19 | | | | | 401,569 | | | | | | 0.0 | | |
| | | 400,000 | | | | Kroger Co., 3.300%, 01/15/21 | | | | | 408,384 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Kroger Co., 3.850%, 08/01/23 | | | | | 1,026,160 | | | | | | 0.1 | | |
| | | 1,379,000 | | | | Kroger Co., 7.500%, 04/01/31 | | | | | 1,775,745 | | | | | | 0.1 | | |
| | | 500,000 | | | | Laboratory Corp. of America Holdings, 2.200%, 08/23/17 | | | | | 505,388 | | | | | | 0.0 | | |
| | | 250,000 | | | | Laboratory Corp. of America Holdings, 2.625%, 02/01/20 | | | | | 248,014 | | | | | | 0.0 | | |
| | | 250,000 | | | | Laboratory Corp. of America Holdings, 3.200%, 02/01/22 | | | | | 246,562 | | | | | | 0.0 | | |
| | | 250,000 | | | | Laboratory Corp. of America Holdings, 4.700%, 02/01/45 | | | | | 228,346 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | RJ Reynolds Tobacco Co/NC, 8.125%, 06/23/19 | | | | | 3,554,694 | | | | | | 0.1 | | |
| | | 500,000 | | | | McKesson Corp., 1.400%, 03/15/18 | | | | | 494,638 | | | | | | 0.0 | | |
| | | 500,000 | | | | McKesson Corp., 2.284%, 03/15/19 | | | | | 499,951 | | | | | | 0.0 | | |
| | | 500,000 | | | | McKesson Corp., 2.850%, 03/15/23 | | | | | 480,021 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | McKesson Corp., 3.250%, 03/01/16 | | | | | 1,522,799 | | | | | | 0.1 | | |
| | | 400,000 | | | | McKesson Corp., 3.796%, 03/15/24 | | | | | 404,776 | | | | | | 0.0 | | |
| | | 300,000 | | | | McKesson Corp., 4.883%, 03/15/44 | | | | | 298,884 | | | | | | 0.0 | | |
| | | 250,000 | | | | Mead Johnson Nutrition Co., 4.600%, 06/01/44 | | | | | 238,021 | | | | | | 0.0 | | |
| | | 400,000 | | | | Medtronic, Inc., 2.750%, 04/01/23 | | | | | 387,062 | | | | | | 0.0 | | |
| | | 350,000 | | | | Medtronic, Inc., 4.000%, 04/01/43 | | | | | 322,574 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 250,000 | | | | Medtronic, Inc., 4.625%, 03/15/44 | | | | $ | 251,682 | | | | | | 0.0 | | |
| | | 250,000 | | | | Merck & Co., Inc., 1.850%, 02/10/20 | | | | | 247,857 | | | | | | 0.0 | | |
| | | 250,000 | | | | Merck & Co., Inc., 3.700%, 02/10/45 | | | | | 223,019 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Merck & Co., Inc., 4.150%, 05/18/43 | | | | | 970,693 | | | | | | 0.0 | | |
| | | 500,000 | | | | Molson Coors Brewing Co., 5.000%, 05/01/42 | | | | | 486,866 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Mondelez International, Inc., 4.000%, 02/01/24 | | | | | 1,036,169 | | | | | | 0.1 | | |
| | | 250,000 | | | | Mylan, Inc./PA, 2.550%, 03/28/19 | | | | | 247,873 | | | | | | 0.0 | | |
| | | 500,000 | | | | Novartis Capital Corp., 3.400%, 05/06/24 | | | | | 507,613 | | | | | | 0.0 | | |
| | | 250,000 | | | | PepsiCo, Inc., 4.250%, 10/22/44 | | | | | 243,770 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | PepsiCo, Inc., 4.000%, 03/05/42 | | | | | 1,405,877 | | | | | | 0.1 | | |
| | | 2,405,000 | | | | PepsiCo, Inc., 4.875%, 11/01/40 | | | | | 2,547,138 | | | | | | 0.1 | | |
| | | 750,000 | | | | Pfizer, Inc., 3.400%, 05/15/24 | | | | | 755,678 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Pfizer, Inc., 4.300%, 06/15/43 | | | | | 978,966 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Pfizer, Inc., 6.200%, 03/15/19 | | | | | 2,287,348 | | | | | | 0.1 | | |
| | | 250,000 | | | | Philip Morris International, Inc., 3.250%, 11/10/24 | | | | | 246,020 | | | | | | 0.0 | | |
| | | 500,000 | | | | Philip Morris International, Inc., 6.375%, 05/16/38 | | | | | 612,782 | | | | | | 0.0 | | |
| | | 250,000 | | | | Philip Morris International, Inc., 1.250%, 11/09/17 | | | | | 249,696 | | | | | | 0.0 | | |
| | | 500,000 | | | | Philip Morris International, Inc., 4.250%, 11/10/44 | | | | | 472,574 | | | | | | 0.0 | | |
| | | 250,000 | | | | Reynolds American, Inc., 3.250%, 11/01/22 | | | | | 240,883 | | | | | | 0.0 | | |
| | | 500,000 | | | | Reynolds American, Inc., 5.700%, 08/15/35 | | | | | 518,529 | | | | | | 0.0 | | |
| | | 250,000 | | | | Reynolds American, Inc., 6.150%, 09/15/43 | | | | | 268,541 | | | | | | 0.0 | | |
| | | 3,330,000 | | | | Sanofi-Aventis SA, 4.000%, 03/29/21 | | | | | 3,566,550 | | | | | | 0.1 | | |
| | | 500,000 | | | | St Jude Medical, Inc., 3.250%, 04/15/23 | | | | | 493,202 | | | | | | 0.0 | | |
| | | 500,000 | | | | St Jude Medical, Inc., 4.750%, 04/15/43 | | | | | 499,824 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Stryker Corp., 1.300%, 04/01/18 | | | | | 993,330 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
116
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| | | 250,000 | | | | Synchrony Financial, 3.750%, 08/15/21 | | | | $ | 251,974 | | | | | | 0.0 | | |
| | | 250,000 | | | | Synchrony Financial, 3.000%, 08/15/19 | | | | | 251,831 | | | | | | 0.0 | | |
| | | 300,000 | | | | Synchrony Financial, 4.250%, 08/15/24 | | | | | 301,423 | | | | | | 0.0 | | |
| | | 500,000 | | | | Sysco Corp., 3.000%, 10/02/21 | | | | | 505,000 | | | | | | 0.0 | | |
| | | 500,000 | | | | Teva Pharmaceutical Finance IV, LLC, 2.250%, 03/18/20 | | | | | 491,283 | | | | | | 0.0 | | |
| | | 150,000 | | | | Tyson Foods, Inc., 2.650%, 08/15/19 | | | | | 151,021 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | UnitedHealth Group, Inc., 0.850%, 10/15/15 | | | | | 1,000,825 | | | | | | 0.0 | | |
| | | 750,000 | | | | UnitedHealth Group, Inc., 1.625%, 03/15/19 | | | | | 740,913 | | | | | | 0.0 | | |
| | | 300,000 | | | | UnitedHealth Group, Inc., 2.300%, 12/15/19 | | | | | 300,676 | | | | | | 0.0 | | |
| | | 500,000 | | | | UnitedHealth Group, Inc., 2.750%, 02/15/23 | | | | | 478,189 | | | | | | 0.0 | | |
| | | 300,000 | | | | UnitedHealth Group, Inc., 2.875%, 12/15/21 | | | | | 299,886 | | | | | | 0.0 | | |
| | | 500,000 | | | | UnitedHealth Group, Inc., 2.875%, 03/15/23 | | | | | 481,188 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | UnitedHealth Group, Inc., 3.375%, 11/15/21 | | | | | 2,054,402 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | UnitedHealth Group, Inc., 6.000%, 02/15/18 | | | | | 1,111,683 | | | | | | 0.1 | | |
| | | 500,000 | | | | Ventas Realty L.P., 3.750%, 05/01/24 | | | | | 492,945 | | | | | | 0.0 | | |
| | | 400,000 | | | | Verisk Analytics, Inc., 5.500%, 06/15/45 | | | | | 393,488 | | | | | | 0.0 | | |
| | | 250,000 | | | | Anthem, Inc., 3.500%, 08/15/24 | | | | | 240,245 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | WellPoint, Inc., 1.250%, 09/10/15 | | | | | 1,250,745 | | | | | | 0.1 | | |
| | | 250,000 | | | | WellPoint, Inc., 1.875%, 01/15/18 | | | | | 249,603 | | | | | | 0.0 | | |
| | | 250,000 | | | | WellPoint, Inc., 2.250%, 08/15/19 | | | | | 247,026 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | WellPoint, Inc., 2.300%, 07/15/18 | | | | | 1,006,131 | | | | | | 0.1 | | |
| | | 250,000 | | | | WellPoint, Inc., 4.650%, 08/15/44 | | | | | 228,715 | | | | | | 0.0 | | |
| | | | | | | | | | | | 137,236,196 | | | | | | 3.7 | | |
| | | | | | | Energy: 3.2% | | ||||||||||||
| | | 1,000,000 | | | | Anadarko Petroleum Corp., 5.950%, 09/15/16 | | | | | 1,054,386 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 625,000 | | | | Anadarko Petroleum Corp., 8.700%, 03/15/19 | | | | $ | 755,817 | | | | | | 0.0 | | |
| | | 500,000 L | | | | Anadarko Petroleum Corp., 3.450%, 07/15/24 | | | | | 492,919 | | | | | | 0.0 | | |
| | | 2,250,000 | | | | Anadarko Petroleum Corp., 4.500%, 07/15/44 | | | | | 2,074,801 | | | | | | 0.1 | | |
| | | 543,000 | | | | Apache Corp., 3.250%, 04/15/22 | | | | | 534,200 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Apache Corp., 4.750%, 04/15/43 | | | | | 925,635 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Apache Corp., 5.625%, 01/15/17 | | | | | 1,060,901 | | | | | | 0.1 | | |
| | | 500,000 | | | | Apache Corp., 4.250%, 01/15/44 | | | | | 434,321 | | | | | | 0.0 | | |
| | | 250,000 | | | | Boardwalk Pipelines L.P., 4.950%, 12/15/24 | | | | | 245,277 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | BP Capital Markets PLC, 1.375%, 11/06/17 | | | | | 999,478 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | BP Capital Markets PLC, 2.750%, 05/10/23 | | | | | 956,190 | | | | | | 0.0 | | |
| | | 500,000 | | | | BP Capital Markets PLC, 3.062%, 03/17/22 | | | | | 498,677 | | | | | | 0.0 | | |
| | | 250,000 | | | | BP Capital Markets PLC, 3.535%, 11/04/24 | | | | | 247,630 | | | | | | 0.0 | | |
| | | 500,000 | | | | BP Capital Markets PLC, 3.814%, 02/10/24 | | | | | 508,749 | | | | | | 0.0 | | |
| | | 1,650,000 | | | | Cameron International Corp., 3.600%, 04/30/22 | | | | | 1,641,022 | | | | | | 0.1 | | |
| | | 400,000 | | | | Cameron International Corp., 3.700%, 06/15/24 | | | | | 385,055 | | | | | | 0.0 | | |
| | | 250,000 | | | | Canadian Natural Resources Ltd., 3.800%, 04/15/24 | | | | | 247,315 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cenovus Energy, Inc., 4.450%, 09/15/42 | | | | | 440,299 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cenovus Energy, Inc., 5.200%, 09/15/43 | | | | | 944,642 | | | | | | 0.0 | | |
| | | 300,000 | | | | Chevron Corp., 1.104%, 12/05/17 | | | | | 298,765 | | | | | | 0.0 | | |
| | | 300,000 | | | | Chevron Corp., 2.355%, 12/05/22 | | | | | 287,019 | | | | | | 0.0 | | |
| | | 500,000 | | | | CNOOC Finance 2013 Ltd., 1.750%, 05/09/18 | | | | | 498,072 | | | | | | 0.0 | | |
| | | 500,000 | | | | CNOOC Finance 2013 Ltd., 3.000%, 05/09/23 | | | | | 473,882 | | | | | | 0.0 | | |
| | | 750,000 | | | | CNOOC Finance 2015 USA LLC, 3.500%, 05/05/25 | | | | | 721,784 | | | | | | 0.0 | | |
| | | 500,000 | | | | CNOOC Nexen Finance 2014 ULC, 1.625%, 04/30/17 | | | | | 500,865 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
117
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 750,000 | | | | CNOOC Nexen Finance 2014 ULC, 4.250%, 04/30/24 | | | | $ | 766,277 | | | | | | 0.0 | | |
| | | 250,000 | | | | CNOOC Nexen Finance 2014 ULC, 4.875%, 04/30/44 | | | | | 257,982 | | | | | | 0.0 | | |
| | | 500,000 | | | | ConocoPhillips Co., 4.150%, 11/15/34 | | | | | 483,051 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | ConocoPhillips, 6.500%, 02/01/39 | | | | | 2,479,318 | | | | | | 0.1 | | |
| | | 500,000 | | | | ConocoPhillips Co., 3.350%, 05/15/25 | | | | | 493,969 | | | | | | 0.0 | | |
| | | 500,000 | | | | ConocoPhillips Co., 4.300%, 11/15/44 | | | | | 477,352 | | | | | | 0.0 | | |
| | | 400,000 | | | | Devon Energy Corp., 3.250%, 05/15/22 | | | | | 395,492 | | | | | | 0.0 | | |
| | | 3,750,000 | | | | Devon Energy Corp., 4.000%, 07/15/21 | | | | | 3,933,116 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Devon Energy Corp., 5.000%, 06/15/45 | | | | | 987,449 | | | | | | 0.0 | | |
| | | 250,000 L | | | | Diamond Offshore Drilling, Inc., 4.875%, 11/01/43 | | | | | 198,858 | | | | | | 0.0 | | |
| | | 500,000 | | | | Ecopetrol SA, 4.125%, 01/16/25 | | | | | 462,650 | | | | | | 0.0 | | |
| | | 400,000 | | | | El Paso Pipeline Partners Operating Co. LLC, 4.300%, 05/01/24 | | | | | 394,912 | | | | | | 0.0 | | |
| | | 250,000 | | | | Enbridge, Inc., 3.500%, 06/10/24 | | | | | 233,611 | | | | | | 0.0 | | |
| | | 250,000 | | | | Enbridge, Inc., 4.500%, 06/10/44 | | | | | 205,523 | | | | | | 0.0 | | |
| | | 500,000 L | | | | Energy Transfer Partners L.P., 3.600%, 02/01/23 | | | | | 473,688 | | | | | | 0.0 | | |
| | | 500,000 | | | | Energy Transfer Partners L.P., 4.150%, 10/01/20 | | | | | 514,005 | | | | | | 0.0 | | |
| | | 800,000 | | | | Energy Transfer Partners L.P., 6.125%, 12/15/45 | | | | | 804,722 | | | | | | 0.0 | | |
| | | 1,809,000 | | | | Energy Transfer Partners L.P., 6.500%, 02/01/42 | | | | | 1,863,901 | | | | | | 0.1 | | |
| | | 400,000 | | | | EnLink Midstream Partners L.P., 5.050%, 04/01/45 | | | | | 362,828 | | | | | | 0.0 | | |
| | | 250,000 L | | | | Ensco PLC, 4.500%, 10/01/24 | | | | | 238,947 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Ensco PLC, 5.750%, 10/01/44 | | | | | 891,348 | | | | | | 0.0 | | |
| | | 100,000 | | | | Enterprise Products Operating LLC, 3.750%, 02/15/25 | | | | | 98,055 | | | | | | 0.0 | | |
| | | 500,000 | | | | Enterprise Products Operating LLC, 3.700%, 02/15/26 | | | | | 486,911 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 100,000 | | | | Enterprise Products Operating LLC, 4.850%, 03/15/44 | | | | $ | 94,070 | | | | | | 0.0 | | |
| | | 1,750,000 | | | | Enterprise Products Operating LLC, 4.900%, 05/15/46 | | | | | 1,651,193 | | | | | | 0.1 | | |
| | | 4,805,000 | | | | Enterprise Products Operating, LLC, 3.200%, 02/01/16 | | | | | 4,864,025 | | | | | | 0.2 | | |
| | | 300,000 | | | | Enterprise Products Operating, LLC, 4.450%, 02/15/43 | | | | | 271,194 | | | | | | 0.0 | | |
| | | 400,000 | | | | EOG Resources, Inc., 2.450%, 04/01/20 | | | | | 402,432 | | | | | | 0.0 | | |
| | | 1,950,000 L | | | | EOG Resources, Inc., 2.625%, 03/15/23 | | | | | 1,872,055 | | | | | | 0.1 | | |
| | | 500,000 | | | | EOG Resources, Inc., 3.900%, 04/01/35 | | | | | 472,786 | | | | | | 0.0 | | |
| | | 500,000 | | | | FMC Technologies, Inc., 2.000%, 10/01/17 | | | | | 499,506 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Halliburton Co., 1.000%, 08/01/16 | | | | | 999,706 | | | | | | 0.0 | | |
| | | 500,000 | | | | Halliburton Co., 2.000%, 08/01/18 | | | | | 503,917 | | | | | | 0.0 | | |
| | | 500,000 | | | | Halliburton Co., 3.500%, 08/01/23 | | | | | 504,943 | | | | | | 0.0 | | |
| | | 500,000 | | | | Halliburton Co., 4.750%, 08/01/43 | | | | | 513,071 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Hess Corp., 5.600%, 02/15/41 | | | | | 1,536,666 | | | | | | 0.1 | | |
| | | 1,350,000 | | | | Hess Corp., 8.125%, 02/15/19 | | | | | 1,598,536 | | | | | | 0.1 | | |
| | | 500,000 | | | | Kinder Morgan Energy Partners L.P., 3.500%, 03/01/21 | | | | | 493,136 | | | | | | 0.0 | | |
| | | 500,000 | | | | Kinder Morgan Energy Partners L.P., 3.500%, 09/01/23 | | | | | 466,321 | | | | | | 0.0 | | |
| | | 400,000 | | | | Kinder Morgan Energy Partners L.P., 5.400%, 09/01/44 | | | | | 363,445 | | | | | | 0.0 | | |
| | | 2,825,000 | | | | Kinder Morgan Energy Partners L.P., 6.950%, 01/15/38 | | | | | 3,036,539 | | | | | | 0.1 | | |
| | | 667,000 | | | | Kinder Morgan Energy Partners LP, 3.950%, 09/01/22 | | | | | 652,510 | | | | | | 0.0 | | |
| | | 300,000 | | | | Kinder Morgan, Inc./DE, 3.050%, 12/01/19 | | | | | 299,734 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
118
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 500,000 | | | | Kinder Morgan, Inc./DE, 4.300%, 06/01/25 | | | | $ | 485,625 | | | | | | 0.0 | | |
| | | 500,000 | | | | Kinder Morgan, Inc./DE, 5.050%, 02/15/46 | | | | | 433,654 | | | | | | 0.0 | | |
| | | 500,000 | | | | Kinder Morgan, Inc./DE, 5.550%, 06/01/45 | | | | | 462,242 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Magellan Midstream Partners L.P., 4.200%, 12/01/42 | | | | | 1,317,516 | | | | | | 0.1 | | |
| | | 600,000 | | | | Magellan Midstream Partners L.P., 6.550%, 07/15/19 | | | | | 688,496 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Marathon Oil Corp., 0.900%, 11/01/15 | | | | | 999,831 | | | | | | 0.0 | | |
| | | 500,000 | | | | Marathon Oil Corp., 2.800%, 11/01/22 | | | | | 474,127 | | | | | | 0.0 | | |
| | | 250,000 | | | | Marathon Oil Corp., 3.850%, 06/01/25 | | | | | 245,143 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Marathon Oil Corp., 5.200%, 06/01/45 | | | | | 970,918 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Marathon Petroleum Corp., 3.500%, 03/01/16 | | | | | 1,016,998 | | | | | | 0.1 | | |
| | | 400,000 | | | | Marathon Petroleum Corp., 4.750%, 09/15/44 | | | | | 365,164 | | | | | | 0.0 | | |
| | | 500,000 | | | | Murphy Oil Corp., 2.500%, 12/01/17 | | | | | 499,268 | | | | | | 0.0 | | |
| | | 1,350,000 | | | | Murphy Oil Corp., 3.700%, 12/01/22 | | | | | 1,235,767 | | | | | | 0.1 | | |
| | | 300,000 | | | | Noble Energy, Inc., 3.900%, 11/15/24 | | | | | 295,928 | | | | | | 0.0 | | |
| | | 700,000 | | | | Noble Energy, Inc., 5.050%, 11/15/44 | | | | | 670,844 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | Noble Holding International Ltd., 4.625%, 03/01/21 | | | | | 2,978,310 | | | | | | 0.1 | | |
| | | 3,700,000 | | | | Occidental Petroleum Corp., 2.500%, 02/01/16 | | | | | 3,745,784 | | | | | | 0.1 | | |
| | | 250,000 | | | | Occidental Petroleum Corp., 4.625%, 06/15/45 | | | | | 248,519 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | ONEOK Partners L.P., 2.000%, 10/01/17 | | | | | 1,503,693 | | | | | | 0.1 | | |
| | | 3,920,000 | | | | ONEOK Partners L.P., 3.250%, 02/01/16 | | | | | 3,957,318 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | ONEOK Partners L.P., 6.200%, 09/15/43 | | | | | 983,945 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Petrobras Global Finance BV, 2.000%, 05/20/16 | | | | | 990,670 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Petrobras Global Finance BV, 3.000%, 01/15/19 | | | | | 927,530 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 250,000 | | | | Petrobras Global Finance BV, 3.250%, 03/17/17 | | | | $ | 246,585 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Petrobras Global Finance BV, 4.375%, 05/20/23 | | | | | 874,200 | | | | | | 0.0 | | |
| | | 500,000 | | | | Petrobras Global Finance BV, 4.875%, 03/17/20 | | | | | 476,670 | | | | | | 0.0 | | |
| | | 500,000 L | | | | Petrobras Global Finance BV, 7.250%, 03/17/44 | | | | | 467,215 | | | | | | 0.0 | | |
| | | 3,755,000 | | | | Petrobras International Finance Co., 5.750%, 01/20/20 | | | | | 3,729,992 | | | | | | 0.1 | | |
| | | 250,000 | | | | Phillips 66, 4.650%, 11/15/34 | | | | | 244,618 | | | | | | 0.0 | | |
| | | 500,000 | | | | Pioneer Natural Resources Co., 3.950%, 07/15/22 | | | | | 504,148 | | | | | | 0.0 | | |
| | | 300,000 | | | | Plains All American Pipeline L.P. / PAA Finance Corp., 2.850%, 01/31/23 | | | | | 281,682 | | | | | | 0.0 | | |
| | | 275,000 | | | | Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22 | | | | | 276,957 | | | | | | 0.0 | | |
| | | 250,000 | | | | Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/44 | | | | | 228,543 | | | | | | 0.0 | | |
| | | 750,000 | | | | Shell International Finance BV, 1.125%, 08/21/17 | | | | | 749,329 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Shell International Finance BV, 4.125%, 05/11/35 | | | | | 1,468,685 | | | | | | 0.1 | | |
| | | 250,000 | | | | Shell International Finance BV, 4.375%, 05/11/45 | | | | | 246,831 | | | | | | 0.0 | | |
| | | 250,000 | | | | Southwestern Energy Co., 3.300%, 01/23/18 | | | | | 256,401 | | | | | | 0.0 | | |
| | | 250,000 | | | | Southwestern Energy Co., 4.050%, 01/23/20 | | | | | 256,979 | | | | | | 0.0 | | |
| | | 250,000 | | | | Southwestern Energy Co., 4.950%, 01/23/25 | | | | | 252,691 | | | | | | 0.0 | | |
| | | 600,000 | | | | Spectra Energy Partners L.P., 4.500%, 03/15/45 | | | | | 531,668 | | | | | | 0.0 | | |
| | | 250,000 | | | | Statoil ASA, 2.250%, 11/08/19 | | | | | 250,808 | | | | | | 0.0 | | |
| | | 250,000 | | | | Statoil ASA, 2.750%, 11/10/21 | | | | | 249,752 | | | | | | 0.0 | | |
| | | 500,000 | | | | Statoil ASA, 3.950%, 05/15/43 | | | | | 464,671 | | | | | | 0.0 | | |
| | | 2,950,000 | | | | Suncor Energy, Inc., 6.500%, 06/15/38 | | | | | 3,595,020 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
119
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 500,000 | | | | Sunoco Logistics Partners Operations L.P., 3.450%, 01/15/23 | | | | $ | 473,370 | | | | | | 0.0 | | |
| | | 500,000 | | | | Sunoco Logistics Partners Operations L.P., 4.950%, 01/15/43 | | | | | 438,070 | | | | | | 0.0 | | |
| | | 400,000 | | | | Talisman Energy, Inc., 5.500%, 05/15/42 | | | | | 360,112 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | TC Pipelines L.P., 4.650%, 06/15/21 | | | | | 2,082,586 | | | | | | 0.1 | | |
| | | 500,000 | | | | Total Capital Canada Ltd., 2.750%, 07/15/23 | | | | | 482,965 | | | | | | 0.0 | | |
| | | 500,000 | | | | Total Capital International SA, 0.750%, 01/25/16 | | | | | 500,813 | | | | | | 0.0 | | |
| | | 500,000 | | | | Total Capital International SA, 1.000%, 08/12/16 | | | | | 501,000 | | | | | | 0.0 | | |
| | | 500,000 | | | | Total Capital International SA, 2.750%, 06/19/21 | | | | | 504,074 | | | | | | 0.0 | | |
| | | 3,500,000 | | | | Total Capital S.A., 4.450%, 06/24/20 | | | | | 3,845,860 | | | | | | 0.1 | | |
| | | 500,000 | | | | Total Capital SA, 2.125%, 08/10/18 | | | | | 507,592 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | TransCanada PipeLines Ltd., 4.625%, 03/01/34 | | | | | 1,983,386 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | TransCanada PipeLines Ltd., 7.625%, 01/15/39 | | | | | 1,315,102 | | | | | | 0.1 | | |
| | | 250,000 | | | | TransCanada PipeLines Ltd, 1.875%, 01/12/18 | | | | | 251,691 | | | | | | 0.0 | | |
| | | 1,676,000 | | | | Transocean, Inc., 6.800%, 03/15/38 | | | | | 1,261,190 | | | | | | 0.1 | | |
| | | 1,785,000 | | | | Valero Energy Corp., 6.625%, 06/15/37 | | | | | 2,016,379 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | Weatherford International Ltd. Bermuda, 5.125%, 09/15/20 | | | | | 1,527,492 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | Weatherford International Ltd., 4.500%, 04/15/22 | | | | | 1,409,091 | | | | | | 0.1 | | |
| | | 400,000 | | | | Williams Cos, Inc., 4.550%, 06/24/24 | | | | | 387,805 | | | | | | 0.0 | | |
| | | 500,000 | | | | Williams Cos, Inc./The, 5.750%, 06/24/44 | | | | | 464,084 | | | | | | 0.0 | | |
| | | 400,000 | | | | Williams Partners L.P., 3.600%, 03/15/22 | | | | | 388,593 | | | | | | 0.0 | | |
| | | 500,000 | | | | Williams Partners L.P., 4.300%, 03/04/24 | | | | | 491,973 | | | | | | 0.0 | | |
| | | 400,000 | | | | Williams Partners L.P., 4.000%, 09/15/25 | | | | | 374,867 | | | | | | 0.0 | | |
| | | 500,000 | | | | Williams Partners L.P., 5.100%, 09/15/45 | | | | | 441,834 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Energy (continued) | | ||||||||||||
| | | 500,000 | | | | Williams Partners L.P., 5.400%, 03/04/44 | | | | $ | 457,117 | | | | | | 0.0 | | |
| | | | | | | | | | | | 119,445,232 | | | | | | 3.2 | | |
| | | | | | | Financial: 7.7% | | ||||||||||||
| | | 750,000 | | | | ACE INA Holdings, Inc., 2.700%, 03/13/23 | | | | | 728,833 | | | | | | 0.0 | | |
| | | 1,000,000 L | | | | ACE INA Holdings, Inc., 5.800%, 03/15/18 | | | | | 1,112,597 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Aflac, Inc., 3.625%, 06/15/23 | | | | | 1,010,290 | | | | | | 0.0 | | |
| | | 500,000 | | | | American International Group, Inc., 2.300%, 07/16/19 | | | | | 499,210 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | American International Group, Inc., 2.375%, 08/24/15 | | | | | 1,001,969 | | | | | | 0.0 | | |
| | | 500,000 | | | | American International Group, Inc., 3.375%, 08/15/20 | | | | | 517,664 | | | | | | 0.0 | | |
| | | 900,000 | | | | American International Group, Inc., 4.500%, 07/16/44 | | | | | 856,329 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | American International Group, Inc., 4.875%, 06/01/22 | | | | | 1,646,664 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | American International Group, Inc., 5.850%, 01/16/18 | | | | | 1,102,650 | | | | | | 0.1 | | |
| | | 777,000 | | | | American International Group, Inc., 6.400%, 12/15/20 | | | | | 921,950 | | | | | | 0.0 | | |
| | | 400,000 | | | | Alexandria Real Estate Equities, Inc., 2.750%, 01/15/20 | | | | | 395,775 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Allstate Corp./The, 3.150%, 06/15/23 | | | | | 1,502,562 | | | | | | 0.1 | | |
| | | 6,325,000 | | | | American Express Co., 7.000%, 03/19/18 | | | | | 7,174,321 | | | | | | 0.2 | | |
| | | 500,000 | | | | American Express Credit Corp., 2.125%, 07/27/18 | | | | | 505,562 | | | | | | 0.0 | | |
| | | 500,000 # | | | | American Honda Finance Corp., 1.500%, 09/11/17 | | | | | 502,381 | | | | | | 0.0 | | |
| | | 500,000 # | | | | American Honda Finance Corp., 1.000%, 08/11/15 | | | | | 500,334 | | | | | | 0.0 | | |
| | | 500,000 | | | | American Tower Corp., 3.400%, 02/15/19 | | | | | 511,752 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | American Tower Corp., 3.500%, 01/31/23 | | | | | 960,945 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | American Tower Corp., 4.500%, 01/15/18 | | | | | 1,322,930 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
120
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 667,000 | | | | American Tower Corp., 4.700%, 03/15/22 | | | | $ | 694,521 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Aon PLC, 4.450%, 05/24/43 | | | | | 928,526 | | | | | | 0.0 | | |
| | | 500,000 | | | | Aon PLC, 4.600%, 06/14/44 | | | | | 475,294 | | | | | | 0.0 | | |
| | | 500,000 | | | | Aon PLC, 4.750%, 05/15/45 | | | | | 482,060 | | | | | | 0.0 | | |
| | | 400,000 L | | | | Assured Guaranty US Holdings, Inc., 5.000%, 07/01/24 | | | | | 390,518 | | | | | | 0.0 | | |
| | | 500,000 | | | | AvalonBay Communities, Inc., 2.850%, 03/15/23 | | | | | 482,321 | | | | | | 0.0 | | |
| | | 500,000 | | | | AvalonBay Communities, Inc., 2.950%, 09/15/22 | | | | | 488,224 | | | | | | 0.0 | | |
| | | 4,050,000 | | | | AvalonBay Communities, Inc., 5.700%, 03/15/17 | | | | | 4,346,703 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Bank of America Corp., 1.500%, 10/09/15 | | | | | 1,002,360 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of America Corp., 2.000%, 01/11/18 | | | | | 1,003,429 | | | | | | 0.0 | | |
| | | 500,000 | | | | Bank of America Corp., 2.650%, 04/01/19 | | | | | 506,019 | | | | | | 0.0 | | |
| | | 4,000,000 | | | | Bank of America Corp., 3.300%, 01/11/23 | | | | | 3,940,928 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Bank of America Corp., 3.625%, 03/17/16 | | | | | 2,037,242 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Bank of America Corp., 3.875%, 03/22/17 | | | | | 1,039,974 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | Bank of America Corp., 3.950%, 04/21/25 | | | | | 1,449,546 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Bank of America Corp., 4.100%, 07/24/23 | | | | | 1,030,045 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Bank of America Corp., 4.250%, 10/22/26 | | | | | 976,232 | | | | | | 0.0 | | |
| | | 500,000 | | | | Bank of America Corp., 4.000%, 04/01/24 | | | | | 509,015 | | | | | | 0.0 | | |
| | | 1,610,000 | | | | Bank of America Corp., 5.650%, 05/01/18 | | | | | 1,768,888 | | | | | | 0.1 | | |
| | | 1,900,000 | | | | Bank of America Corp., 5.700%, 01/24/22 | | | | | 2,157,925 | | | | | | 0.1 | | |
| | | 13,725,000 | | | | Bank of America Corp., 6.500%, 08/01/16 | | | | | 14,480,740 | | | | | | 0.4 | | |
| | | 1,000,000 | | | | Bank of Montreal, 1.300%, 07/15/16 | | | | | 1,005,664 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of Montreal, 1.400%, 09/11/17 | | | | | 1,003,589 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of New York Mellon Corp., 1.300%, 01/25/18 | | | | | 996,304 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of New York Mellon Corp., 1.350%, 03/06/18 | | | | | 994,019 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 1,000,000 | | | | Bank of New York Mellon Corp., 2.100%, 08/01/18 | | | | $ | 1,012,495 | | | | | | 0.1 | | |
| | | 1,100,000 | | | | Bank of Nova Scotia, 0.750%, 10/09/15 | | | | | 1,100,844 | | | | | | 0.1 | | |
| | | 500,000 | | | | Bank of Nova Scotia, 1.375%, 12/18/17 | | | | | 498,290 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of Nova Scotia, 1.375%, 07/15/16 | | | | | 1,006,554 | | | | | | 0.0 | | |
| | | 500,000 L | | | | Bank of Nova Scotia, 2.050%, 06/05/19 | | | | | 497,730 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Bank of Nova Scotia/The, 1.850%, 04/14/20 | | | | | 989,021 | | | | | | 0.0 | | |
| | | 500,000 | | | | Barclays Bank PLC, 3.750%, 05/15/24 | | | | | 501,842 | | | | | | 0.0 | | |
| | | 750,000 | | | | Barclays Bank PLC, 5.125%, 01/08/20 | | | | | 834,076 | | | | | | 0.0 | | |
| | | 750,000 | | | | Barclays PLC, 2.875%, 06/08/20 | | | | | 745,587 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | BB&T Corp., 1.600%, 08/15/17 | | | | | 1,005,217 | | | | | | 0.0 | | |
| | | 250,000 | | | | BB&T Corp., 2.450%, 01/15/20 | | | | | 250,511 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | BB&T Corp., 3.950%, 03/22/22 | | | | | 1,043,417 | | | | | | 0.1 | | |
| | | 750,000 | | | | BBVA, 4.664%, 10/09/15 | | | | | 757,234 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Berkshire Hathaway Finance Corp., 0.950%, 08/15/16 | | | | | 1,002,177 | | | | | | 0.0 | | |
| | | 750,000 | | | | Berkshire Hathaway Finance Corp., 1.300%, 05/15/18 | | | | | 750,003 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Berkshire Hathaway Finance Corp., 1.600%, 05/15/17 | | | | | 1,010,690 | | | | | | 0.1 | | |
| | | 500,000 | | | | Berkshire Hathaway Finance Corp., 2.000%, 08/15/18 | | | | | 507,108 | | | | | | 0.0 | | |
| | | 1,020,000 | | | | Berkshire Hathaway Finance Corp., 3.000%, 05/15/22 | | | | | 1,029,676 | | | | | | 0.1 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., 0.800%, 02/11/16 | | | | | 250,779 | | | | | | 0.0 | | |
| | | 750,000 | | | | Berkshire Hathaway, Inc., 1.550%, 02/09/18 | | | | | 753,524 | | | | | | 0.0 | | |
| | | 500,000 | | | | BlackRock, Inc., 5.000%, 12/10/19 | | | | | 558,195 | | | | | | 0.0 | | |
| | | 250,000 | | | | BNP Paribas SA, 1.375%, 03/17/17 | | | | | 249,772 | | | | | | 0.0 | | |
| | | 250,000 | | | | BNP Paribas SA, 2.450%, 03/17/19 | | | | | 253,217 | | | | | | 0.0 | | |
| | | 500,000 | | | | BNP Paribas SA, 3.250%, 03/03/23 | | | | | 496,787 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
121
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 2,475,000 | | | | BNP Paribas, 3.600%, 02/23/16 | | | | $ | 2,519,476 | | | | | | 0.1 | | |
| | | 4,500,000 | | | | Boston Properties L.P., 5.625%, 11/15/20 | | | | | 5,142,654 | | | | | | 0.2 | | |
| | | 400,000 | | | | Branch Banking & Trust Co., 3.800%, 10/30/26 | | | | | 403,810 | | | | | | 0.0 | | |
| | | 500,000 | | | | Brandywine Operating Partnership L.P., 3.950%, 02/15/23 | | | | | 496,247 | | | | | | 0.0 | | |
| | | 300,000 | | | | Canadian Imperial Bank of Commerce/Canada, 0.900%, 10/01/15 | | | | | 300,348 | | | | | | 0.0 | | |
| | | 500,000 | | | | Capital One Financial Corp., 2.450%, 04/24/19 | | | | | 500,149 | | | | | | 0.0 | | |
| | | 500,000 | | | | Capital One Financial Corp., 3.200%, 02/05/25 | | | | | 472,409 | | | | | | 0.0 | | |
| | | 500,000 | | | | Capital One Financial Corp., 3.750%, 04/24/24 | | | | | 497,925 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Chubb Corp., 6.000%, 05/11/37 | | | | | 1,233,917 | | | | | | 0.1 | | |
| | | 500,000 | | | | Citigroup, Inc., 2.500%, 07/29/19 | | | | | 500,837 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Citigroup, Inc., 3.500%, 05/15/23 | | | | | 1,953,466 | | | | | | 0.1 | | |
| | | 500,000 | | | | Citigroup, Inc., 3.750%, 06/16/24 | | | | | 503,194 | | | | | | 0.0 | | |
| | | 750,000 | | | | Citigroup, Inc., 4.050%, 07/30/22 | | | | | 768,270 | | | | | | 0.0 | | |
| | | 500,000 | | | | Citigroup, Inc., 4.300%, 11/20/26 | | | | | 489,175 | | | | | | 0.0 | | |
| | | 700,000 | | | | Citigroup, Inc., 4.000%, 08/05/24 | | | | | 691,041 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Citigroup, Inc., 5.300%, 05/06/44 | | | | | 2,038,038 | | | | | | 0.1 | | |
| | | 1,044,000 | | | | Citigroup, Inc., 6.125%, 08/25/36 | | | | | 1,192,868 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Citigroup, Inc., 8.125%, 07/15/39 | | | | | 2,871,288 | | | | | | 0.1 | | |
| | | 500,000 | | | | Citigroup, Inc., 4.400%, 06/10/25 | | | | | 498,378 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | CME Group, Inc., 3.000%, 09/15/22 | | | | | 1,005,429 | | | | | | 0.0 | | |
| | | 500,000 | | | | Comerica Bank, 2.500%, 06/02/20 | | | | | 500,195 | | | | | | 0.0 | | |
| | | 500,000 | | | | Comerica, Inc., 2.125%, 05/23/19 | | | | | 496,461 | | | | | | 0.0 | | |
| | | 250,000 | | | | Comerica, Inc., 3.800%, 07/22/26 | | | | | 243,034 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 500,000 | | | | Commonwealth Bank of Australia/New York NY, 1.900%, 09/18/17 | | | | $ | 506,570 | | | | | | 0.0 | | |
| | | 250,000 | | | | Compass Bank, 2.750%, 09/29/19 | | | | | 248,893 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/22 | | | | | 500,125 | | | | | | 0.0 | | |
| | | 500,000 | | | | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY, 2.250%, 01/14/19 | | | | | 503,359 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrect, 3.375%, 01/19/17 | | | | | 1,032,342 | | | | | | 0.1 | | |
| | | 5,500,000 | | | | Credit Suisse New York, 6.000%, 02/15/18 | | | | | 6,037,163 | | | | | | 0.2 | | |
| | | 1,000,000 | | | | Deutsche Bank AG/London, 3.700%, 05/30/24 | | | | | 983,548 | | | | | | 0.0 | | |
| | | 500,000 | | | | Discover Bank/Greenwood DE, 3.200%, 08/09/21 | | | | | 493,136 | | | | | | 0.0 | | |
| | | 400,000 | | | | Discover Bank/Greenwood DE, 4.250%, 03/13/26 | | | | | 396,239 | | | | | | 0.0 | | |
| | | 500,000 | | | | Discover Bank/Greenwood DE, 4.200%, 08/08/23 | | | | | 506,307 | | | | | | 0.0 | | |
| | | 500,000 | | | | Discover Financial Services, 3.950%, 11/06/24 | | | | | 486,063 | | | | | | 0.0 | | |
| | | 500,000 | | | | Discover Bank/Greenwood DE, 3.100%, 06/04/20 | | | | | 499,624 | | | | | | 0.0 | | |
| | | 500,000 | | | | EPR Properties, 4.500%, 04/01/25 | | | | | 491,244 | | | | | | 0.0 | | |
| | | 500,000 | | | | ERP Operating L.P., 3.375%, 06/01/25 | | | | | 490,864 | | | | | | 0.0 | | |
| | | 500,000 | | | | ERP Operating L.P., 4.500%, 07/01/44 | | | | | 487,202 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Fifth Third Bancorp, 3.500%, 03/15/22 | | | | | 2,035,304 | | | | | | 0.1 | | |
| | | 400,000 | | | | Fifth Third Bancorp, 4.300%, 01/16/24 | | | | | 410,686 | | | | | | 0.0 | | |
| | | 250,000 | | | | First Tennessee Bank NA, 2.950%, 12/01/19 | | | | | 249,931 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | General Electric Capital Corp., 1.625%, 07/02/15 | | | | | 1,000,000 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | General Electric Capital Corp., 5.875%, 01/14/38 | | | | | 1,804,020 | | | | | | 0.1 | | |
| | | 6,500,000 | | | | General Electric Capital Corp., 6.750%, 03/15/32 | | | | | 8,430,883 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
122
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 500,000 | | | | Goldman Sachs Group, Inc., 2.550%, 10/23/19 | | | | $ | 501,078 | | | | | | 0.0 | | |
| | | 2,050,000 | | | | Goldman Sachs Group, Inc., 3.625%, 01/22/23 | | | | | 2,036,548 | | | | | | 0.1 | | |
| | | 8,950,000 | | | | Goldman Sachs Group, Inc., 3.625%, 02/07/16 | | | | | 9,091,786 | | | | | | 0.3 | | |
| | | 500,000 | | | | Goldman Sachs Group, Inc., 3.750%, 05/22/25 | | | | | 493,263 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Goldman Sachs Group, Inc., 3.850%, 07/08/24 | | | | | 1,002,238 | | | | | | 0.0 | | |
| | | 500,000 | | | | Goldman Sachs Group, Inc., 5.150%, 05/22/45 | | | | | 482,475 | | | | | | 0.0 | | |
| | | 750,000 | | | | Goldman Sachs Group, Inc., 5.750%, 01/24/22 | | | | | 852,917 | | | | | | 0.0 | | |
| | | 4,840,000 | | | | Goldman Sachs Group, Inc., 6.150%, 04/01/18 | | | | | 5,380,981 | | | | | | 0.2 | | |
| | | 4,000,000 | | | | Goldman Sachs Group, Inc., 6.750%, 10/01/37 | | | | | 4,698,452 | | | | | | 0.1 | | |
| | | 1,350,000 | | | | Hartford Financial Services Group, Inc., 5.375%, 03/15/17 | | | | | 1,434,977 | | | | | | 0.1 | | |
| | | 500,000 | | | | HCP, Inc., 2.625%, 02/01/20 | | | | | 495,070 | | | | | | 0.0 | | |
| | | 3,400,000 | | | | HCP, Inc., 3.750%, 02/01/16 | | | | | 3,444,598 | | | | | | 0.1 | | |
| | | 250,000 | | | | HCP, Inc., 3.875%, 08/15/24 | | | | | 244,073 | | | | | | 0.0 | | |
��� | | | 500,000 | | | | HCP, Inc., 4.000%, 06/01/25 | | | | | 489,743 | | | | | | 0.0 | | |
| | | 500,000 | | | | Health Care REIT, Inc., 2.250%, 03/15/18 | | | | | 503,781 | | | | | | 0.0 | | |
| | | 500,000 | | | | Health Care REIT, Inc., 4.000%, 06/01/25 | | | | | 494,525 | | | | | | 0.0 | | |
| | | 500,000 | | | | Hospitality Properties Trust, 4.500%, 06/15/23 | | | | | 499,149 | | | | | | 0.0 | | |
| | | 500,000 | | | | Hospitality Properties Trust, 5.000%, 08/15/22 | | | | | 520,791 | | | | | | 0.0 | | |
| | | 750,000 | | | | Host Hotels & Resorts L.P., 3.750%, 10/15/23 | | | | | 736,070 | | | | | | 0.0 | | |
| | | 3,400,000 | | | | HSBC Holdings PLC, 6.500%, 09/15/37 | | | | | 4,103,661 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | HSBC USA, Inc., 1.625%, 01/16/18 | | | | | 1,000,376 | | | | | | 0.0 | | |
| | | 250,000 | | | | HSBC USA, Inc., 2.250%, 06/23/19 | | | | | 248,016 | | | | | | 0.0 | | |
| | | 250,000 | | | | HSBC USA, Inc., 3.500%, 06/23/24 | | | | | 251,619 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Huntington National Bank, 1.350%, 08/02/16 | | | | | 1,000,857 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Huntington Bancshares, Inc./OH, 2.600%, 08/02/18 | | | | | 1,012,747 | | | | | | 0.1 | | |
| | | 3,500,000 # | | | | Hyundai Capital Services, Inc., 4.375%, 07/27/16 | | | | | 3,612,504 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 500,000 | | | | Jefferies Group LLC, 5.125%, 04/13/18 | | | | $ | 531,372 | | | | | | 0.0 | | |
| | | 900,000 | | | | Jefferies Group, Inc., 5.125%, 01/20/23 | | | | | 929,485 | | | | | | 0.0 | | |
| | | 2,700,000 | | | | John Deere Capital Corp., 2.250%, 06/07/16 | | | | | 2,738,723 | | | | | | 0.1 | | |
| | | 375,000 | | | | JPMorgan Chase & Co., 1.100%, 10/15/15 | | | | | 375,355 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | JPMorgan Chase & Co., 1.625%, 05/15/18 | | | | | 1,491,062 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | JPMorgan Chase & Co., 3.375%, 05/01/23 | | | | | 1,457,132 | | | | | | 0.1 | | |
| | | 500,000 | | | | JPMorgan Chase & Co., 3.875%, 09/10/24 | | | | | 491,055 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | JPMorgan Chase & Co., 4.125%, 12/15/26 | | | | | 983,816 | | | | | | 0.0 | | |
| | | 4,000,000 | | | | JPMorgan Chase & Co., 4.500%, 01/24/22 | | | | | 4,286,540 | | | | | | 0.1 | | |
| | | 7,375,000 | | | | JPMorgan Chase & Co., 5.500%, 10/15/40 | | | | | 8,263,075 | | | | | | 0.2 | | |
| | | 1,000,000 | | | | JPMorgan Chase & Co., 2.750%, 06/23/20 | | | | | 999,936 | | | | | | 0.0 | | |
| | | 750,000 | | | | KeyBank NA/Cleveland OH, 1.650%, 02/01/18 | | | | | 750,473 | | | | | | 0.0 | | |
| | | 400,000 | | | | Kilroy Realty L.P., 4.250%, 08/15/29 | | | | | 398,498 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Lincoln National Corp., 4.200%, 03/15/22 | | | | | 1,574,870 | | | | | | 0.1 | | |
| | | 500,000 | | | | Lloyds Bank PLC, 3.500%, 05/14/25 | | | | | 491,164 | | | | | | 0.0 | | |
| | | 250,000 | | | | Manufacturers & Traders Trust Co., 2.250%, 07/25/19 | | | | | 250,319 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Markel Corp., 3.625%, 03/30/23 | | | | | 985,994 | | | | | | 0.0 | | |
| | | 400,000 | | | | Marsh & McLennan Cos, Inc., 3.500%, 03/10/25 | | | | | 395,279 | | | | | | 0.0 | | |
| | | 500,000 | | | | MetLife, Inc., 3.048%, 12/15/22 | | | | | 494,478 | | | | | | 0.0 | | |
| | | 500,000 | | | | MetLife, Inc., 3.600%, 04/10/24 | | | | | 504,088 | | | | | | 0.0 | | |
| | | 500,000 | | | | MetLife, Inc., 4.050%, 03/01/45 | | | | | 458,603 | | | | | | 0.0 | | |
| | | 400,000 | | | | MetLife, Inc., 4.125%, 08/13/42 | | | | | 371,784 | | | | | | 0.0 | | |
| | | 300,000 | | | | MetLife, Inc., 4.721%, 12/15/44 | | | | | 302,830 | | | | | | 0.0 | | |
| | | 5,495,000 | | | | MetLife, Inc., 6.750%, 06/01/16 | | | | | 5,781,147 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
123
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 1,500,000 | | | | Morgan Stanley, 2.125%, 04/25/18 | | | | $ | 1,509,983 | | | | | | 0.1 | | |
| | | 500,000 | | | | Morgan Stanley, 3.700%, 10/23/24 | | | | | 497,824 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Morgan Stanley, 4.100%, 05/22/23 | | | | | 1,002,276 | | | | | | 0.0 | | |
| | | 500,000 | | | | Morgan Stanley, 4.350%, 09/08/26 | | | | | 491,489 | | | | | | 0.0 | | |
| | | 800,000 | | | | Morgan Stanley, 4.875%, 11/01/22 | | | | | 851,286 | | | | | | 0.0 | | |
| | | 10,500,000 | | | | Morgan Stanley, 6.625%, 04/01/18 | | | | | 11,780,454 | | | | | | 0.3 | | |
| | | 500,000 | | | | MUFG Union Bank NA, 2.250%, 05/06/19 | | | | | 500,336 | | | | | | 0.0 | | |
| | | 500,000 | | | | National Australia Bank Ltd./New York, 1.600%, 08/07/15 | | | | | 500,543 | | | | | | 0.0 | | |
| | | 500,000 | | | | National Australia Bank Ltd/New York, 1.300%, 07/25/16 | | | | | 503,420 | | | | | | 0.0 | | |
| | | 500,000 | | | | National Retail Properties, Inc., 3.900%, 06/15/24 | | | | | 499,602 | | | | | | 0.0 | | |
| | | 300,000 | | | | Northern Trust Corp., 2.375%, 08/02/22 | | | | | 289,704 | | | | | | 0.0 | | |
| | | 250,000 | | | | Northern Trust Corp., 3.950%, 10/30/25 | | | | | 258,230 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | NYSE Euronext, 2.000%, 10/05/17 | | | | | 1,012,176 | | | | | | 0.1 | | |
| | | 500,000 | | | | PNC Bank NA, 2.700%, 11/01/22 | | | | | 481,083 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | PNC Bank NA, 2.950%, 01/30/23 | | | | | 967,236 | | | | | | 0.0 | | |
| | | 500,000 + | | | | PNC Financial Services Group, Inc., 2.854%, 11/09/22 | | | | | 489,872 | | | | | | 0.0 | | |
| | | 500,000 | | | | PNC Funding Corp., 3.300%, 03/08/22 | | | | | 508,501 | | | | | | 0.0 | | |
| | | 500,000 | | | | Primerica, Inc., 4.750%, 07/15/22 | | | | | 533,635 | | | | | | 0.0 | | |
| | | 300,000 | | | | Principal Financial Group, Inc., 1.850%, 11/15/17 | | | | | 302,267 | | | | | | 0.0 | | |
| | | 300,000 | | | | Principal Financial Group, Inc., 3.125%, 05/15/23 | | | | | 291,408 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Principal Financial Group, Inc., 3.300%, 09/15/22 | | | | | 992,035 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Private Export Funding Corp., 1.450%, 08/15/19 | | | | | 988,049 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Private Export Funding Corp., 2.250%, 03/15/20 | | | | | 1,013,508 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 1,000,000 | | | | Private Export Funding Corp., 2.300%, 09/15/20 | | | | $ | 1,005,317 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Private Export Funding Corp., 3.250%, 06/15/25 | | | | | 1,006,322 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Private Export Funding Corp., 3.550%, 01/15/24 | | | | | 1,055,794 | | | | | | 0.1 | | |
| | | 500,000 | | | | ProLogis L.P., 2.750%, 02/15/19 | | | | | 507,303 | | | | | | 0.0 | | |
| | | 500,000 | | | | ProLogis L.P., 4.250%, 08/15/23 | | | | | 513,270 | | | | | | 0.0 | | |
| | | 400,000 | | | | Protective Life Corp., 7.375%, 10/15/19 | | | | | 473,758 | | | | | | 0.0 | | |
| | | 3,800,000 | | | | Prudential Financial, Inc., 6.200%, 11/15/40 | | | | | 4,449,891 | | | | | | 0.1 | | |
| | | 500,000 | | | | Prudential Financial, Inc., 5.375%, 05/15/45 | | | | | 492,500 | | | | | | 0.0 | | |
| | | 400,000 | | | | Realty Income Corp., 3.875%, 07/15/24 | | | | | 403,261 | | | | | | 0.0 | | |
| | | 300,000 | | | | Realty Income Corp., 4.125%, 10/15/26 | | | | | 302,102 | | | | | | 0.0 | | |
| | | 750,000 | | | | Royal Bank of Canada, 0.800%, 10/30/15 | | | | | 750,996 | | | | | | 0.0 | | |
| | | 750,000 | | | | Royal Bank of Canada, 1.500%, 01/16/18 | | | | | 750,375 | | | | | | 0.0 | | |
| | | 500,000 | | | | Royal Bank of Scotland PLC/The, 1.875%, 03/31/17 | | | | | 497,603 | | | | | | 0.0 | | |
| | | 500,000 | | | | Santander Holdings USA, Inc./PA, 3.000%, 09/24/15 | | | | | 501,397 | | | | | | 0.0 | | |
| | | 500,000 | | | | Santander Holdings USA, Inc./PA, 2.650%, 04/17/20 | | | | | 491,673 | | | | | | 0.0 | | |
| | | 250,000 | | | | Senior Housing Properties Trust, 3.250%, 05/01/19 | | | | | 250,249 | | | | | | 0.0 | | |
| | | 250,000 | | | | Senior Housing Properties Trust, 4.750%, 05/01/24 | | | | | 251,258 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Simon Property Group L.P., 3.375%, 03/15/22 | | | | | 1,014,965 | | | | | | 0.1 | | |
| | | 500,000 | | | | Simon Property Group L.P., 4.250%, 10/01/44 | | | | | 474,159 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | State Street Corp., 3.100%, 05/15/23 | | | | | 1,469,118 | | | | | | 0.1 | | |
| | | 500,000 | | | | SunTrust Bank/Atlanta GA, 2.750%, 05/01/23 | | | | | 481,325 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | SunTrust Bank/Atlanta GA, 5.000%, 09/01/15 | | | | | 1,006,560 | | | | | | 0.0 | | |
| | | 250,000 | | | | SunTrust Banks, Inc., 2.500%, 05/01/19 | | | | | 251,455 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | Travelers Cos, Inc., 3.900%, 11/01/20 | | | | | 3,224,850 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
124
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Financial (continued) | | ||||||||||||
| | | 700,000 | | | | UBS AG/Stamford CT, 2.375%, 08/14/19 | | | | $ | 698,734 | | | | | | 0.0 | | |
| | | 1,464,000 | | | | UBS AG/Stamford CT, 4.875%, 08/04/20 | | | | | 1,618,786 | | | | | | 0.1 | | |
| | | 750,000 | | | | US Bancorp, 2.950%, 07/15/22 | | | | | 738,033 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | US Bancorp, 3.000%, 03/15/22 | | | | | 1,008,283 | | | | | | 0.0 | | |
| | | 500,000 | | | | Ventas Realty L.P. / Ventas Capital Corp., 2.700%, 04/01/20 | | | | | 498,638 | | | | | | 0.0 | | |
| | | 600,000 | | | | Ventas Realty L.P. / Ventas Capital Corp., 3.250%, 08/15/22 | | | | | 579,701 | | | | | | 0.0 | | |
| | | 250,000 | | | | Ventas Realty L.P., 3.500%, 02/01/25 | | | | | 239,648 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Wells Fargo & Co., 3.450%, 02/13/23 | | | | | 994,327 | | | | | | 0.0 | | |
| | | 8,000,000 | | | | Wells Fargo & Co., 4.600%, 04/01/21 | | | | | 8,763,992 | | | | | | 0.3 | | |
| | | 3,983,000 | | | | Wells Fargo & Co., 5.606%, 01/15/44 | | | | | 4,362,564 | | | | | | 0.1 | | |
| | | 500,000 | | | | Westpac Banking Corp., 1.125%, 09/25/15 | | | | | 500,832 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Westpac Banking Corp., 1.600%, 01/12/18 | | | | | 1,003,207 | | | | | | 0.0 | | |
| | | 500,000 | | | | Westpac Banking Corp., 2.000%, 08/14/17 | | | | | 507,120 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | WR Berkley Corp., 4.625%, 03/15/22 | | | | | 1,063,806 | | | | | | 0.1 | | |
| | | 400,000 | | | | XLIT Ltd., 2.300%, 12/15/18 | | | | | 402,777 | | | | | | 0.0 | | |
| | | | | | | | | | | | 287,791,901 | | | | | | 7.7 | | |
| | | | | | | Industrial: 1.7% | | ||||||||||||
| | | 500,000 | | | | 3M Co., 2.000%, 06/26/22 | | | | | 481,796 | | | | | | 0.0 | | |
| | | 200,000 | | | | 3M Co., 3.875%, 06/15/44 | | | | | 190,396 | | | | | | 0.0 | | |
| | | 1,300,000 | | | | Agilent Technologies, Inc., 3.200%, 10/01/22 | | | | | 1,256,979 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Agilent Technologies, Inc., 3.875%, 07/15/23 | | | | | 1,002,706 | | | | | | 0.1 | | |
| | | 398,000 | | | | Agilent Technologies, Inc., 6.500%, 11/01/17 | | | | | 439,599 | | | | | | 0.0 | | |
| | | 400,000 | | | | Arrow Electronics, Inc., 3.500%, 04/01/22 | | | | | 393,964 | | | | | | 0.0 | | |
| | | 750,000 | | | | Boeing Capital Corp., 4.700%, 10/27/19 | | | | | 831,331 | | | | | | 0.0 | | |
| | | 500,000 | | | | Boeing Co., 3.300%, 03/01/35 | | | | | 453,492 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Industrial (continued) | | ||||||||||||
| | | 500,000 | | | | Burlington Northern Santa Fe, LLC, 3.000%, 03/15/23 | | | | $ | 488,691 | | | | | | 0.0 | | |
| | | 4,000,000 | | | | Burlington Northern Santa Fe, LLC, 3.450%, 09/15/21 | | | | | 4,133,404 | | | | | | 0.1 | | |
| | | 500,000 | | | | Burlington Northern Santa Fe, LLC, 4.375%, 09/01/42 | | | | | 481,740 | | | | | | 0.0 | | |
| | | 500,000 | | | | Burlington Northern Santa Fe, LLC, 4.450%, 03/15/43 | | | | | 485,103 | | | | | | 0.0 | | |
| | | 400,000 | | | | Burlington Northern Santa Fe, LLC, 4.900%, 04/01/44 | | | | | 414,228 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Canadian National Railway Co., 2.250%, 11/15/22 | | | | | 954,922 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Caterpillar Financial Services Corp., 1.250%, 11/06/17 | | | | | 1,000,509 | | | | | | 0.1 | | |
| | | 300,000 | | | | Caterpillar Financial Services Corp., 1.300%, 03/01/18 | | | | | 299,198 | | | | | | 0.0 | | |
| | | 300,000 | | | | Caterpillar Financial Services Corp., 2.625%, 03/01/23 | | | | | 292,951 | | | | | | 0.0 | | |
| | | 500,000 | | | | Caterpillar Financial Services Corp., 3.750%, 11/24/23 | | | | | 521,738 | | | | | | 0.0 | | |
| | | 300,000 | | | | Caterpillar, Inc., 1.500%, 06/26/17 | | | | | 302,906 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Caterpillar, Inc., 2.600%, 06/26/22 | | | | | 1,466,787 | | | | | | 0.1 | | |
| | | 250,000 | | | | Caterpillar, Inc., 3.400%, 05/15/24 | | | | | 253,729 | | | | | | 0.0 | | |
| | | 250,000 | | | | Caterpillar, Inc., 4.300%, 05/15/44 | | | | | 245,249 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | CSX Corp., 4.100%, 03/15/44 | | | | | 915,984 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | CSX Corp., 4.400%, 03/01/43 | | | | | 957,983 | | | | | | 0.1 | | |
| | | 500,000 | | | | CSX Corp., 3.950%, 05/01/50 | | | | | 437,706 | | | | | | 0.0 | | |
| | | 1,580,000 | | | | Cummins, Inc., 7.125%, 03/01/28 | | | | | 2,087,701 | | | | | | 0.1 | | |
| | | 3,510,000 | | | | Dover Corp., 4.300%, 03/01/21 | | | | | 3,859,543 | | | | | | 0.1 | | |
| | | 250,000 | | | | FedEx Corp., 2.300%, 02/01/20 | | | | | 248,533 | | | | | | 0.0 | | |
| | | 200,000 | | | | FedEx Corp., 3.875%, 08/01/42 | | | | | 173,166 | | | | | | 0.0 | | |
| | | 500,000 | | | | General Dynamics Corp., 1.000%, 11/15/17 | | | | | 498,460 | | | | | | 0.0 | | |
| | | 500,000 | | | | General Dynamics Corp., 2.250%, 11/15/22 | | | | | 473,951 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
125
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Industrial (continued) | | ||||||||||||
| | | 500,000 | | | | General Dynamics Corp., 3.600%, 11/15/42 | | | | $ | 447,572 | | | | | | 0.0 | | |
| | | 500,000 | | | | General Electric Co., 2.700%, 10/09/22 | | | | | 489,137 | | | | | | 0.0 | | |
| | | 879,000 | | | | General Electric Co., 5.250%, 12/06/17 | | | | | 957,644 | | | | | | 0.0 | | |
| | | 2,600,000 | | | | Honeywell International, Inc., 5.375%, 03/01/41 | | | | | 3,062,298 | | | | | | 0.1 | | |
| | | 500,000 | | | | Illinois Tool Works, Inc., 3.500%, 03/01/24 | | | | | 510,035 | | | | | | 0.0 | | |
| | | 500,000 | | | | Illinois Tool Works, Inc., 3.900%, 09/01/42 | | | | | 462,315 | | | | | | 0.0 | | |
| | | 250,000 | | | | Ingersoll-Rand Luxembourg Finance SA, 2.625%, 05/01/20 | | | | | 248,969 | | | | | | 0.0 | | |
| | | 250,000 | | | | Ingersoll-Rand Luxembourg Finance SA, 4.650%, 11/01/44 | | | | | 241,375 | | | | | | 0.0 | | |
| | | 750,000 | | | | John Deere Capital Corp., 2.800%, 03/04/21 | | | | | 759,565 | | | | | | 0.0 | | |
| | | 500,000 | | | | John Deere Capital Corp., 3.350%, 06/12/24 | | | | | 509,471 | | | | | | 0.0 | | |
| | | 500,000 | | | | Kennametal, Inc., 2.650%, 11/01/19 | | | | | 497,030 | | | | | | 0.0 | | |
| | | 800,000 | | | | L-3 Communications Corp., 4.950%, 02/15/21 | | | | | 853,992 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Lockheed Martin Corp., 3.350%, 09/15/21 | | | | | 1,029,540 | | | | | | 0.1 | | |
| | | 250,000 | | | | Lockheed Martin Corp., 3.600%, 03/01/35 | | | | | 230,943 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Lockheed Martin Corp., 4.070%, 12/15/42 | | | | | 1,417,691 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Norfolk Southern Corp., 3.950%, 10/01/42 | | | | | 1,787,214 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Norfolk Southern Corp., 4.800%, 08/15/43 | | | | | 1,018,936 | | | | | | 0.1 | | |
| | | 500,000 | | | | Norfolk Southern Corp., 4.450%, 06/15/45 | | | | | 479,849 | | | | | | 0.0 | | |
| | | 500,000 | | | | Northrop Grumman Corp., 3.850%, 04/15/45 | | | | | 441,531 | | | | | | 0.0 | | |
| | | 200,000 | | | | Packaging Corp. of America, 3.650%, 09/15/24 | | | | | 196,079 | | | | | | 0.0 | | |
| | | 250,000 | | | | Parker-Hannifin Corp., 4.200%, 11/21/34 | | | | | 248,944 | | | | | | 0.0 | | |
| | | 3,800,000 | | | | Raytheon Co., 3.125%, 10/15/20 | | | | | 3,936,424 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Republic Airways Holdings, Inc., 5.250%, 11/15/21 | | | | | 2,241,990 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Industrial (continued) | | ||||||||||||
| | | 500,000 | | | | Roper Industries, Inc., 1.850%, 11/15/17 | | | | $ | 503,458 | | | | | | 0.0 | | |
| | | 1,250,000 | | | | Roper Industries, Inc., 2.050%, 10/01/18 | | | | | 1,247,078 | | | | | | 0.1 | | |
| | | 500,000 | | | | Ryder System, Inc., 2.450%, 09/03/19 | | | | | 499,082 | | | | | | 0.0 | | |
| | | 500,000 | | | | Ryder System, Inc., 2.500%, 03/01/17 | | | | | 509,167 | | | | | | 0.0 | | |
| | | 350,000 | | | | Ryder System, Inc., 2.500%, 03/01/18 | | | | | 355,508 | | | | | | 0.0 | | |
| | | 500,000 | | | | Ryder System, Inc., 2.500%, 05/11/20 | | | | | 496,457 | | | | | | 0.0 | | |
| | | 300,000 | | | | Stanley Black & Decker, Inc., 2.900%, 11/01/22 | | | | | 295,213 | | | | | | 0.0 | | |
| | | 750,000 | | | | Textron, Inc., 3.650%, 03/01/21 | | | | | 765,505 | | | | | | 0.0 | | |
| | | 500,000 | | | | Thermo Fisher Scientific, Inc., 1.850%, 01/15/18 | | | | | 499,389 | | | | | | 0.0 | | |
| | | 250,000 | | | | Thermo Fisher Scientific, Inc., 2.400%, 02/01/19 | | | | | 249,775 | | | | | | 0.0 | | |
| | | 2,500,000 | | | | Thermo Fisher Scientific, Inc., 3.200%, 03/01/16 | | | | | 2,538,793 | | | | | | 0.1 | | |
| | | 400,000 | | | | Thermo Fisher Scientific, Inc., 3.300%, 02/15/22 | | | | | 395,414 | | | | | | 0.0 | | |
| | | 250,000 | | | | Thermo Fisher Scientific, Inc., 4.150%, 02/01/24 | | | | | 254,846 | | | | | | 0.0 | | |
| | | 616,000 | | | | Tyco International Finance S.A., 3.375%, 10/15/15 | | | | | 620,093 | | | | | | 0.0 | | |
| | | 250,000 | | | | Union Pacific Corp., 2.250%, 02/15/19 | | | | | 253,245 | | | | | | 0.0 | | |
| | | 500,000 | | | | Union Pacific Corp., 2.750%, 04/15/23 | | | | | 484,427 | | | | | | 0.0 | | |
| | | 250,000 | | | | Union Pacific Corp., 3.375%, 02/01/35 | | | | | 221,987 | | | | | | 0.0 | | |
| | | 250,000 | | | | Union Pacific Corp., 3.750%, 03/15/24 | | | | | 262,834 | | | | | | 0.0 | | |
| | | 500,000 | | | | Union Pacific Corp., 4.250%, 04/15/43 | | | | | 485,527 | | | | | | 0.0 | | |
| | | 250,000 | | | | Union Pacific Corp., 4.850%, 06/15/44 | | | | | 266,380 | | | | | | 0.0 | | |
| | | 400,000 | | | | United Parcel Service, Inc., 1.125%, 10/01/17 | | | | | 400,947 | | | | | | 0.0 | | |
| | | 500,000 | | | | United Technologies Corp., 1.800%, 06/01/17 | | | | | 507,352 | | | | | | 0.0 | | |
| | | 750,000 | | | | United Technologies Corp., 3.100%, 06/01/22 | | | | | 755,780 | | | | | | 0.0 | | |
| | | 500,000 | | | | United Technologies Corp., 4.500%, 06/01/42 | | | | | 507,278 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
126
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Industrial (continued) | | ||||||||||||
| | | 406,000 | | | | United Technologies Corp., 6.125%, 07/15/38 | | | | $ | 494,549 | | | | | | 0.0 | | |
| | | 500,000 | | | | United Technologies Corp., 4.150%, 05/15/45 | | | | | 476,759 | | | | | | 0.0 | | |
| | | | | | | | | | | | 62,459,832 | | | | | | 1.7 | | |
| | | | | | | Technology: 1.3% | | ||||||||||||
| | | 1,500,000 | | | | Apple Inc., 1.000%, 05/03/18 | | | | | 1,483,855 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | Apple, Inc., 0.450%, 05/03/16 | | | | | 1,499,383 | | | | | | 0.1 | | |
| | | 250,000 | | | | Apple, Inc., 1.050%, 05/05/17 | | | | | 250,780 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 2.100%, 05/06/19 | | | | | 505,132 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 2.150%, 02/09/22 | | | | | 477,624 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Apple, Inc., 2.400%, 05/03/23 | | | | | 956,695 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 2.850%, 05/06/21 | | | | | 507,223 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 3.450%, 02/09/45 | | | | | 424,983 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 3.450%, 05/06/24 | | | | | 509,716 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Apple, Inc., 3.850%, 05/04/43 | | | | | 908,920 | | | | | | 0.0 | | |
| | | 500,000 | | | | Apple, Inc., 4.450%, 05/06/44 | | | | | 498,614 | | | | | | 0.0 | | |
| | | 400,000 | | | | Apple, Inc., 4.375%, 05/13/45 | | | | | 394,279 | | | | | | 0.0 | | |
| | | 600,000 | | | | Autodesk, Inc., 1.950%, 12/15/17 | | | | | 602,819 | | | | | | 0.0 | | |
| | | 400,000 | | | | Autodesk, Inc., 3.600%, 12/15/22 | | | | | 398,046 | | | | | | 0.0 | | |
| | | 250,000 | | | | Autodesk, Inc., 4.375%, 06/15/25 | | | | | 250,782 | | | | | | 0.0 | | |
| | | 3,500,000 | | | | Broadcom Corp., 2.700%, 11/01/18 | | | | | 3,543,607 | | | | | | 0.1 | | |
| | | 750,000 | | | | EMC Corp./MA, 1.875%, 06/01/18 | | | | | 751,797 | | | | | | 0.0 | | |
| | | 750,000 | | | | EMC Corp./MA, 2.650%, 06/01/20 | | | | | 757,530 | | | | | | 0.0 | | |
| | | 750,000 | | | | Hewlett-Packard Co., 2.125%, 09/13/15 | | | | | 752,516 | | | | | | 0.0 | | |
| | | 1,950,000 | | | | Hewlett-Packard Co., 2.600%, 09/15/17 | | | | | 1,985,985 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Hewlett-Packard Co., 3.750%, 12/01/20 | | | | | 2,061,552 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Technology (continued) | | ||||||||||||
| | | 1,000,000 | | | | International Business Machines Corp., 1.625%, 05/15/20 | | | | $ | 972,224 | | | | | | 0.1 | | |
| | | 500,000 | | | | International Business Machines Corp., 1.875%, 05/15/19 | | | | | 500,343 | | | | | | 0.0 | | |
| | | 7,040,000 | | | | International Business Machines Corp., 1.950%, 07/22/16 | | | | | 7,141,672 | | | | | | 0.2 | | |
| | | 1,000,000 | | | | International Business Machines Corp., 3.375%, 08/01/23 | | | | | 1,004,527 | | | | | | 0.1 | | |
| | | 600,000 | | | | Intel Corp., 1.350%, 12/15/17 | | | | | 600,033 | | | | | | 0.0 | | |
| | | 400,000 | | | | Lam Research Corp., 3.800%, 03/15/25 | | | | | 389,514 | | | | | | 0.0 | | |
| | | 750,000 | | | | Microsoft Corp., 1.000%, 05/01/18 | | | | | 745,651 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Microsoft Corp., 2.375%, 05/01/23 | | | | | 968,581 | | | | | | 0.1 | | |
| | | 250,000 | | | | Microsoft Corp., 3.500%, 02/12/35 | | | | | 228,283 | | | | | | 0.0 | | |
| | | 750,000 | | | | Microsoft Corp., 3.625%, 12/15/23 | | | | | 780,212 | | | | | | 0.0 | | |
| | | 250,000 | | | | Microsoft Corp., 3.750%, 02/12/45 | | | | | 225,085 | | | | | | 0.0 | | |
| | | 250,000 | | | | Microsoft Corp., 4.875%, 12/15/43 | | | | | 267,646 | | | | | | 0.0 | | |
| | | 300,000 | | | | NetApp Inc., 2.000%, 12/15/17 | | | | | 301,623 | | | | | | 0.0 | | |
| | | 250,000 | | | | NetApp, Inc., 3.375%, 06/15/21 | | | | | 246,403 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Oracle Corp., 1.200%, 10/15/17 | | | | | 1,000,161 | | | | | | 0.1 | | |
| | | 500,000 | | | | Oracle Corp., 2.250%, 10/08/19 | | | | | 503,005 | | | | | | 0.0 | | |
| | | 500,000 | | | | Oracle Corp., 2.500%, 10/15/22 | | | | | 481,680 | | | | | | 0.0 | | |
| | | 750,000 | | | | Oracle Corp., 2.800%, 07/08/24 | | | | | 759,108 | | | | | | 0.0 | | |
| | | 750,000 | | | | Oracle Corp., 2.950%, 05/15/25 | | | | | 722,186 | | | | | | 0.0 | | |
| | | 500,000 | | | | Oracle Corp., 3.400%, 07/08/21 | | | | | 501,128 | | | | | | 0.0 | | |
| | | 750,000 | | | | Oracle Corp., 4.125%, 05/15/45 | | | | | 696,809 | | | | | | 0.0 | | |
| | | 600,000 | | | | Oracle Corp., 4.300%, 07/08/34 | | | | | 591,044 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
127
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Technology (continued) | | ||||||||||||
| | | 1,500,000 | | | | Oracle Corp., 5.375%, 07/15/40 | | | | $ | 1,657,019 | | | | | | 0.1 | | |
| | | 750,000 | | | | Oracle Corp., 3.900%, 05/15/35 | | | | | 696,701 | | | | | | 0.0 | | |
| | | 500,000 | | | | QUALCOMM, Inc., 3.000%, 05/20/22 | | | | | 497,818 | | | | | | 0.0 | | |
| | | 850,000 | | | | QUALCOMM, Inc., 4.650%, 05/20/35 | | | | | 822,965 | | | | | | 0.0 | | |
| | | 350,000 | | | | QUALCOMM, Inc., 4.800%, 05/20/45 | | | | | 335,422 | | | | | | 0.0 | | |
| | | 4,220,000 | | | | Texas Instruments, Inc., 2.375%, 05/16/16 | | | | | 4,288,942 | | | | | | 0.1 | | |
| | | 250,000 | | | | Xerox Corp., 2.750%, 03/15/19 | | | | | 253,635 | | | | | | 0.0 | | |
| | | 400,000 | | | | Xerox Corp., 2.750%, 09/01/20 | | | | | 396,264 | | | | | | 0.0 | | |
| | | 400,000 | | | | Xerox Corp., 2.800%, 05/15/20 | | | | | 398,796 | | | | | | 0.0 | | |
| | | 400,000 | | | | Xerox Corp., 2.950%, 03/15/17 | | | | | 409,814 | | | | | | 0.0 | | |
| | | 400,000 | | | | Xerox Corp., 3.800%, 05/15/24 | | | | | 382,806 | | | | | | 0.0 | | |
| | | 250,000 | | | | Xerox Corp., 4.800%, 03/01/35 | | | | | 236,533 | | | | | | 0.0 | | |
| | | 465,000 | | | | Xerox Corp., 6.350%, 05/15/18 | | | | | 518,302 | | | | | | 0.0 | | |
| | | 250,000 | | | | Xilinx, Inc., 2.125%, 03/15/19 | | | | | 249,543 | | | | | | 0.0 | | |
| | | 250,000 | | | | Xilinx, Inc., 3.000%, 03/15/21 | | | | | 254,176 | | | | | | 0.0 | | |
| | | | | | | | | | | | 50,547,492 | | | | | | 1.3 | | |
| | | | | | | Utilities: 2.2% | | ||||||||||||
| | | 500,000 | | | | Alabama Power Co., 4.150%, 08/15/44 | | | | | 477,847 | | | | | | 0.0 | | |
| | | 300,000 | | | | Ameren Illinois Co., 2.700%, 09/01/22 | | | | | 294,516 | | | | | | 0.0 | | |
| | | 250,000 | | | | Ameren Illinois Co., 4.300%, 07/01/44 | | | | | 247,875 | | | | | | 0.0 | | |
| | | 500,000 | | | | Appalachian Power Co., 4.400%, 05/15/44 | | | | | 471,749 | | | | | | 0.0 | | |
| | | 750,000 | | | | Appalachian Power Co., 4.450%, 06/01/45 | | | | | 719,783 | | | | | | 0.0 | | |
| | | 250,000 | | | | Arizona Public Service Co., 2.200%, 01/15/20 | | | | | 247,854 | | | | | | 0.0 | | |
| | | 400,000 | | | | Arizona Public Service Co., 3.350%, 06/15/24 | | | | | 401,946 | | | | | | 0.0 | | |
| | | 500,000 | | | | Atmos Energy Corp., 4.125%, 10/15/44 | | | | | 476,919 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | 1,000,000 | | | | Baltimore Gas & Electric Co., 3.350%, 07/01/23 | | | | $ | 1,005,767 | | | | | | 0.1 | | |
| | | 250,000 | | | | CMS Energy Corp., 3.875%, 03/01/24 | | | | | 254,303 | | | | | | 0.0 | | |
| | | 250,000 | | | | CMS Energy Corp., 4.875%, 03/01/44 | | | | | 258,691 | | | | | | 0.0 | | |
| | | 500,000 | | | | Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/44 | | | | | 496,215 | | | | | | 0.0 | | |
| | | 400,000 | | | | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/54 | | | | | 388,901 | | | | | | 0.0 | | |
| | | 300,000 | | | | Consumers Energy Co., 2.850%, 05/15/22 | | | | | 300,784 | | | | | | 0.0 | | |
| | | 250,000 | | | | Delmarva Power & Light Co., 3.500%, 11/15/23 | | | | | 255,043 | | | | | | 0.0 | | |
| | | 200,000 | | | | Dominion Gas Holdings LLC, 2.500%, 12/15/19 | | | | | 202,138 | | | | | | 0.0 | | |
| | | 200,000 | | | | Dominion Gas Holdings LLC, 3.600%, 12/15/24 | | | | | 199,119 | | | | | | 0.0 | | |
| | | 250,000 | | | | DTE Electric Co., 4.300%, 07/01/44 | | | | | 247,468 | | | | | | 0.0 | | |
| | | 400,000 | | | | DTE Energy Co., 3.500%, 06/01/24 | | | | | 400,739 | | | | | | 0.0 | | |
| | | 400,000 | | | | DTE Energy Co., 3.850%, 12/01/23 | | | | | 415,170 | | | | | | 0.0 | | |
| | | 300,000 | | | | Duke Energy Corp., 1.625%, 08/15/17 | | | | | 301,224 | | | | | | 0.0 | | |
| | | 400,000 | | | | Duke Energy Corp., 2.100%, 06/15/18 | | | | | 404,673 | | | | | | 0.0 | | |
| | | 500,000 | | | | Duke Energy Corp., 3.950%, 10/15/23 | | | | | 518,976 | | | | | | 0.0 | | |
| | | 150,000 | | | | Duke Energy Progress, Inc., 4.150%, 12/01/44 | | | | | 144,758 | | | | | | 0.0 | | |
| | | 1,500,000 | | | | Duke Energy Progress, Inc., 4.375%, 03/30/44 | | | | | 1,515,294 | | | | | | 0.1 | | |
| | | 500,000 | | | | Empresa Nacional de Electricidad SA/Chile, 4.250%, 04/15/24 | | | | | 507,143 | | | | | | 0.0 | | |
| | | 400,000 | | | | Entergy Arkansas, Inc., 3.700%, 06/01/24 | | | | | 417,407 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Entergy Corp., 4.700%, 01/15/17 | | | | | 1,040,947 | | | | | | 0.1 | | |
| | | 1,500,000 | | | | Exelon Corp., 4.950%, 06/15/35 | | | | | 1,514,559 | | | | | | 0.1 | | |
| | | 750,000 | | | | Exelon Corp., 5.100%, 06/15/45 | | | | | 752,048 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
128
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | 5,260,000 | | | | Exelon Generation Co., LLC, 5.200%, 10/01/19 | | | | $ | 5,786,168 | | | | | | 0.2 | | |
| | | 500,000 | | | | Florida Power & Light Co., 3.250%, 06/01/24 | | | | | 504,564 | | | | | | 0.0 | | |
| | | 750,000 | | | | Florida Power & Light Co., 3.800%, 12/15/42 | | | | | 698,856 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Florida Power & Light Co., 4.050%, 06/01/42 | | | | | 1,944,980 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Georgia Power Co., 0.750%, 08/10/15 | | | | | 1,000,214 | | | | | | 0.0 | | |
| | | 250,000 | | | | ITC Holdings Corp., 3.650%, 06/15/24 | | | | | 247,636 | | | | | | 0.0 | | |
| | | 500,000 | | | | Jersey Central Power & Light Co., 6.150%, 06/01/37 | | | | | 574,390 | | | | | | 0.0 | | |
| | | 5,005,000 | | | | Kentucky Utilities Co., 5.125%, 11/01/40 | | | | | 5,580,275 | | | | | | 0.2 | | |
| | | 3,765,000 | | | | Midamerican Energy Holdings Co., 6.125%, 04/01/36 | | | | | 4,436,262 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Mississippi Power Co., 4.250%, 03/15/42 | | | | | 1,781,012 | | | | | | 0.1 | | |
| | | 250,000 # | | | | Monongahela Power Co., 5.400%, 12/15/43 | | | | | 276,151 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | National Fuel Gas Co., 5.200%, 07/15/25 | | | | | 1,014,121 | | | | | | 0.1 | | |
| | | 500,000 | | | | Northern States Power Co/MN, 4.125%, 05/15/44 | | | | | 490,306 | | | | | | 0.0 | | |
| | | 500,000 | | | | Northern States Power Co/WI, 3.300%, 06/15/24 | | | | | 499,978 | | | | | | 0.0 | | |
| | | 3,595,000 | | | | Ohio Power Co., 5.375%, 10/01/21 | | | | | 4,100,101 | | | | | | 0.1 | | |
| | | 250,000 | | | | Oklahoma Gas & Electric Co., 4.000%, 12/15/44 | | | | | 235,077 | | | | | | 0.0 | | |
| | | 250,000 | | | | Oklahoma Gas & Electric Co., 4.550%, 03/15/44 | | | | | 257,881 | | | | | | 0.0 | | |
| | | 750,000 | | | | Oncor Electric Delivery Co. LLC, 4.100%, 06/01/22 | | | | | 790,515 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Pacific Gas & Electric Co., 3.250%, 06/15/23 | | | | | 994,073 | | | | | | 0.0 | | |
| | | 3,850,000 | | | | Pacific Gas & Electric Co., 3.500%, 10/01/20 | | | | | 4,018,156 | | | | | | 0.1 | | |
| | | 500,000 | | | | Pacific Gas & Electric Co., 4.300%, 03/15/45 | | | | | 480,364 | | | | | | 0.0 | | |
| | | 500,000 | | | | Pacific Gas & Electric Co., 4.750%, 02/15/44 | | | | | 515,601 | | | | | | 0.0 | | |
| | | 750,000 | | | | PECO Energy Co., 4.150%, 10/01/44 | | | | | 727,467 | | | | | | 0.0 | | |
| | | 250,000 | | | | Piedmont Natural Gas Co., 4.100%, 09/18/34 | | | | | 246,334 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | 500,000 | | | | PPL Capital Funding, Inc., 1.900%, 06/01/18 | | | | $ | 498,878 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Progress Energy, Inc., 4.400%, 01/15/21 | | | | | 2,141,202 | | | | | | 0.1 | | |
| | | 3,410,000 | | | | Public Service Co. of Colorado, 3.200%, 11/15/20 | | | | | 3,554,110 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Public Service Electric & Gas Co., 2.375%, 05/15/23 | | | | | 952,768 | | | | | | 0.0 | | |
| | | 750,000 L | | | | Public Service Electric & Gas Co., 3.800%, 01/01/43 | | | | | 686,267 | | | | | | 0.0 | | |
| | | 250,000 | | | | Public Service Electric & Gas Co., 4.000%, 06/01/44 | | | | | 236,949 | | | | | | 0.0 | | |
| | | 2,700,000 | | | | SCANA Corp., 4.750%, 05/15/21 | | | | | 2,841,585 | | | | | | 0.1 | | |
| | | 750,000 | | | | Sempra Energy, 3.550%, 06/15/24 | | | | | 749,681 | | | | | | 0.0 | | |
| | | 250,000 | | | | South Carolina Electric & Gas Co., 5.100%, 06/01/65 | | | | | 250,349 | | | | | | 0.0 | | |
| | | 1,857,213 | | | | Southaven Combined Cycle Generation LLC, 3.846%, 08/15/33 | | | | | 1,935,859 | | | | | | 0.1 | | |
| | | 3,915,000 | | | | Southern California Edison Co., 3.875%, 06/01/21 | | | | | 4,192,742 | | | | | | 0.1 | | |
| | | 500,000 | | | | Southern California Edison Co., 3.900%, 03/15/43 | | | | | 465,343 | | | | | | 0.0 | | |
| | | 500,000 | | | | Southern California Edison Co., 4.650%, 10/01/43 | | | | | 519,731 | | | | | | 0.0 | | |
| | | 5,920,000 | | | | Southern Co., 2.375%, 09/15/15 | | | | | 5,941,223 | | | | | | 0.2 | | |
| | | 500,000 | | | | Southern Co., 2.750%, 06/15/20 | | | | | 501,329 | | | | | | 0.0 | | |
| | | 250,000 | | | | Union Electric Co., 3.500%, 04/15/24 | | | | | 255,173 | | | | | | 0.0 | | |
| | | 300,000 | | | | Union Electric Co., 3.900%, 09/15/42 | | | | | 279,858 | | | | | | 0.0 | | |
| | | 500,000 | | | | Virginia Electric and Power Co., 1.200%,01/15/18 | | | | | 498,294 | | | | | | 0.0 | | |
| | | 500,000 | | | | Virginia Electric and Power Co., 4.450%,02/15/44 | | | | | 501,430 | | | | | | 0.0 | | |
| | | 1,533,000 | | | | Virginia Electric and Power Co., 6.000%, 05/15/37 | | | | | 1,859,944 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Westar Energy, Inc., 4.125%, 03/01/42 | | | | | 967,439 | | | | | | 0.0 | | |
| | | 500,000 | | | | Westar Energy, Inc., 4.625%, 09/01/43 | | | | | 522,639 | | | | | | 0.0 | | |
| | | 250,000 | | | | Wisconsin Electric Power Co., 4.250%, 06/01/44 | | | | | 248,678 | | | | | | 0.0 | | |
| | | 500,000 | | | | Wisconsin Power & Light Co., 4.100%, 10/15/44 | | | | | 484,070 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
129
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| CORPORATE BONDS/NOTES: (continued) | | ||||||||||||||||||
| | | | | | | Utilities (continued) | | ||||||||||||
| | | | | | | | | | | $ | 83,165,879 | | | | | | 2.2 | | |
| | | | | | | Total Corporate Bonds/Notes (Cost $990,668,685) | | | | | 1,008,240,387 | | | | | | 26.9 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 1.5% | | ||||||||||||||||||
| | | 1,000,000 | | | | Banc of America Commercial Mortgage, Inc., 5.414%, 09/10/47 | | | | | 1,028,652 | | | | | | 0.0 | | |
| | | 450,000 | | | | Banc of America Commercial Mortgage, Inc., 5.749%, 06/10/49 | | | | | 475,912 | | | | | | 0.0 | | |
| | | 1,451,614 | | | | Banc of America Commercial Mortgage, Inc., 5.889%, 07/10/44 | | | | | 1,496,045 | | | | | | 0.0 | | |
| | | 1,450,000 | | | | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.369%, 10/10/45 | | | | | 1,461,506 | | | | | | 0.0 | | |
| | | 1,924,087 | | | | Bear Stearns Commercial Mortgage Securities, 5.766%, 04/12/38 | | | | | 1,961,538 | | | | | | 0.1 | | |
| | | 3,000,000 | | | | Citigroup Commercial Mortgage Trust, 4.023%, 03/10/47 | | | | | 3,190,217 | | | | | | 0.1 | | |
| | | 1,994,000 | | | | Citigroup Commercial Mortgage Trust, 5.899%, 12/10/49 | | | | | 2,134,659 | | | | | | 0.1 | | |
| | | 541,677 | | | | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.380%, 07/15/44 | | | | | 542,165 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.380%, 07/15/44 | | | | | 2,013,359 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.380%, 07/15/44 | | | | | 2,014,027 | | | | | | 0.1 | | |
| | | 938,410 | | | | Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.886%, 11/15/44 | | | | | 1,011,107 | | | | | | 0.0 | | |
| | | 1,115,000 | | | | Commercial Mortgage Pass Through Certificates, 3.288%, 12/10/44 | | | | | 1,152,623 | | | | | | 0.0 | | |
| | | 1,200,058 | | | | Commercial Mortgage Pass-through Certificates, 5.306%, 12/10/46 | | | | | 1,248,163 | | | | | | 0.0 | | |
| | | 977,142 | | | | Credit Suisse Mortgage Capital Certificates, 5.311%, 12/15/39 | | | | | 1,010,976 | | | | | | 0.0 | | |
| | | 2,000,000 | | | | Credit Suisse Mortgage Capital Certificates, 5.509%, 09/15/39 | | | | | 2,087,545 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 973,779 | | | | Credit Suisse Mortgage Capital Certificates, 6.147%, 09/15/39 | | | | $ | 1,036,050 | | | | | | 0.0 | | |
| | | 1,018,319 | | | | CW Capital Cobalt Ltd., 5.959%, 05/15/46 | | | | | 1,087,847 | | | | | | 0.0 | | |
| | | 563,786 | | | | DBUBS Mortgage Trust, 3.642%, 08/10/44 | | | | | 574,066 | | | | | | 0.0 | | |
| | | 820,000 # | | | | Ford Credit Auto Owner Trust/Ford Credit 2014-2 A, 2.310%, 04/15/26 | | | | | 829,956 | | | | | | 0.0 | | |
| | | 1,497,064 | | | | GE Capital Commercial Mortgage Corp., 5.495%, 11/10/45 | | | | | 1,500,959 | | | | | | 0.0 | | |
| | | 786,277 | | | | Greenwich Capital Commercial Funding Corp., 5.224%, 04/10/37 | | | | | 787,326 | | | | | | 0.0 | | |
| | | 2,266,347 | | | | Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39 | | | | | 2,384,414 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39 | | | | | 2,090,906 | | | | | | 0.1 | | |
| | | 1,670,217 | | | | Greenwich Capital Commercial Funding Corp., 6.013%, 07/10/38 | | | | | 1,708,151 | | | | | | 0.1 | | |
| | | 595,000 | | | | GS Mortgage Securities Corp. II, 2.773%, 11/10/45 | | | | | 591,811 | | | | | | 0.0 | | |
| | | 148,933 | | | | GS Mortgage Securities Corp. II, 5.560%, 11/10/39 | | | | | 154,493 | | | | | | 0.0 | | |
| | | 3,142,501 | | | | GS Mortgage Securities Corp. II, 5.989%, 08/10/45 | | | | | 3,356,287 | | | | | | 0.1 | | |
| | | 1,107,129 | | | | JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%, 05/15/47 | | | | | 1,156,791 | | | | | | 0.0 | | |
| | | 2,166,078 | | | | JPMorgan Chase Commercial Mortgage Securities Corp., 5.440%, 06/12/47 | | | | | 2,272,738 | | | | | | 0.1 | | |
| | | 381,299 | | | | JPMorgan Chase Commercial Mortgage Securities Corp., 5.688%, 02/12/51 | | | | | 394,646 | | | | | | 0.0 | | |
| | | 1,745,405 | | | | JPMorgan Chase Commercial Mortgage Securities Corp., 5.885%, 02/12/49 | | | | | 1,853,710 | | | | | | 0.1 | | |
| | | 1,735,000 | | | | Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.204%, 12/12/49 | | | | | 1,820,768 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
130
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | 410,000 | | | | Merrill Lynch/Countrywide Commercial Mortgage Trust, 6.076%, 08/12/49 | | | | $ | 440,499 | | | | | | 0.0 | | |
| | | 3,200,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, 3.134%, 12/15/48 | | | | | 3,226,323 | | | | | | 0.1 | | |
| | | 533,997 | | | | Morgan Stanley Capital I, 5.331%, 03/15/44 | | | | | 533,717 | | | | | | 0.0 | | |
| | | 2,000,000 # | | | | Morgan Stanley Capital I Trust 2011-C3, 5.355%, 07/15/49 | | | | | 2,114,440 | | | | | | 0.1 | | |
| | | 304,429 | | | | Wachovia Bank Commercial Mortgage Trust, 5.308%, 11/15/48 | | | | | 316,721 | | | | | | 0.0 | | |
| | | 944,504 | | | | Wachovia Bank Commercial Mortgage Trust, 5.418%, 01/15/45 | | | | | 949,862 | | | | | | 0.0 | | |
| | | 320,000 | | | | WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44 | | | | | 338,184 | | | | | | 0.0 | | |
| | | | | | | Total Collateralized Mortgage Obligations (Cost $49,806,088) | | | | | 54,349,159 | | | | | | 1.5 | | |
| MUNICIPAL BONDS: 0.8% | | ||||||||||||||||||
| | | | | | | California: 0.2% | | ||||||||||||
| | | 4,335,000 | | | | State of California, 7.550%, 04/01/39 | | | | | 6,268,107 | | | | | | 0.2 | | |
| | | | | | | Connecticut: 0.1% | | ||||||||||||
| | | 3,735,000 | | | | State of Connecticut, 5.850%, 03/15/32 | | | | | 4,436,582 | | | | | | 0.1 | | |
| | | | | | | New Jersey: 0.2% | | ||||||||||||
| | | 3,425,000 | | | | New Jersey State Turnpike Authority, 7.102%, 01/01/41 | | | | | 4,600,631 | | | | | | 0.1 | | |
| | | 2,335,000 | | | | Port Authority of New York & New Jersey, 4.926%, 10/01/51 | | | | | 2,452,988 | | | | | | 0.1 | | |
| | | | | | | | | | | | 7,053,619 | | | | | | 0.2 | | |
| | | | | | | New York: 0.1% | | ||||||||||||
| | | 3,495,000 | | | | Metropolitan Transportation Authority, 6.814%, 11/15/40 | | | | | 4,564,610 | | | | | | 0.1 | | |
| | | | | | | Ohio: 0.1% | | ||||||||||||
| | | 3,355,000 | | | | American Municipal Power, Inc., 7.834%, 02/15/41 | | | | | 4,639,864 | | | | | | 0.1 | | |
| | | | | | | Washington: 0.1% | | ||||||||||||
| | | 3,900,000 | | | | State of Washington, 5.140%, 08/01/40 | | | | | 4,488,120 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| MUNICIPAL BONDS: (continued) | | ||||||||||||||||||
| | | | | | | Washington (continued) | | ||||||||||||
| | | | | | | Total Municipal Bonds (Cost $27,092,229) | | | | $ | 31,450,902 | | | | | | 0.8 | | |
| ASSET-BACKED SECURITIES: 0.6% | | ||||||||||||||||||
| | | | | | | Automobile Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 1,000,000 # | | | | Bank of The West AutoTrust 2015-1, 1.660%, 09/15/20 | | | | | 1,000,063 | | | | | | 0.0 | | |
| | | 1,200,000 | | | | Capital AutoReceivables Asset Trust/Ally, 1.690%, 10/22/18 | | | | | 1,202,521 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | CarMax Auto Owner Trust, 1.610%, 10/15/19 | | | | | 1,005,229 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Harley-Davidson Motorcycle Trust, 0.870%, 07/15/19 | | | | | 997,770 | | | | | | 0.0 | | |
| | | 1,910,000 | | | | Hyundai Auto Receivables Trust 2013-A, 1.130%, 09/17/18 | | | | | 1,912,302 | | | | | | 0.1 | | |
| | | 2,100,000 # | | | | Hyundai Auto Lease Securitization Trust 2015-A A4, 1.650%, 08/15/19 | | | | | 2,108,885 | | | | | | 0.1 | | |
| | | 750,000 | | | | Hyundai Auto Receivables Trust 2013-C, 2.100%, 03/15/19 | | | | | 762,451 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Mercedes-Benz Auto Receivables Trust 2014-1, 1.310%, 11/16/20 | | | | | 1,000,671 | | | | | | 0.0 | | |
| | | 1,300,000 | | | | Toyota Auto Receivables 2013-B Owner Trust, 1.460%, 01/15/19 | | | | | 1,310,877 | | | | | | 0.1 | | |
| | | | | | | | | | | | 11,300,769 | | | | | | 0.3 | | |
| | | | | | | Credit Card Asset-Backed Securities: 0.3% | | ||||||||||||
| | | 1,000,000 | | | | Capital One Multi-Asset Execution Trust 2014-A5A, 1.480%, 07/15/20 | | | | | 1,005,635 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Capital One Multi-Asset Execution Trust, 2.080%, 03/15/23 | | | | | 1,000,884 | | | | | | 0.0 | | |
| | | 1,310,000 | | | | Chase Issuance Trust Trust,1.300%, 02/18/20 | | | | | 1,309,191 | | | | | | 0.1 | | |
| | | 1,490,000 | | | | Chase Issuance Trust, 5.230%, 04/15/19 | | | | | 1,591,456 | | | | | | 0.1 | | |
| | | 500,000 | | | | Citibank Credit Card Issuance Trust, 2.880%, 01/23/23 | | | | | 515,576 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
131
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| ASSET-BACKED SECURITIES: (continued) | | ||||||||||||||||||
| | | | | | | Credit Card Asset-Backed Securities (continued) | | ||||||||||||
| | | 1,948,000 | | | | Citibank Credit Card Issuance Trust, 5.650%, 09/20/19 | | | | $ | 2,132,604 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Discover Card Execution Note Trust, 2.120%,12/15/21 | | | | | 1,009,629 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Discover Card Execution Note Trust, 5.650%, 03/16/20 | | | | | 1,095,764 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Synchrony Credit Card Master Note Trust 2014-1, 1.600%, 04/15/21 | | | | | 1,000,060 | | | | | | 0.0 | | |
| | | | | | | | | | | | 10,660,799 | | | | | | 0.3 | | |
| | | | | | | Other Asset-Backed Securities: 0.0% | | ||||||||||||
| | | 208,281 | | | | AEP Texas Central Transition Funding, LLC, 0.880%, 12/01/18 | | | | | 208,031 | | | | | | 0.0 | | |
| | | 500,000 | | | | AEP Texas Central Transition Funding, LLC, 1.976%, 06/01/21 | | | | | 503,227 | | | | | | 0.0 | | |
| | | 180,966 | | | | PSE&G Transition Funding, LLC, 6.890%,12/15/17 | | | | | 183,381 | | | | | | 0.0 | | |
| | | | | | | | | | | | 894,639 | | | | | | 0.0 | | |
| | | | | | | Total Asset-Backed Securities (Cost $22,955,581) | | | | | 22,856,207 | | | | | | 0.6 | | |
| U.S. TREASURY OBLIGATIONS: 39.1% | | ||||||||||||||||||
| | | | | | | U.S. Treasury Bonds: 5.5% | | ||||||||||||
| | | 67,838,000 | | | | 2.125%, due 05/15/25 | | | | | 66,502,406 | | | | | | 1.8 | | |
| | | 18,576,000 | | | | 2.500%, due 02/15/45 | | | | | 16,274,322 | | | | | | 0.4 | | |
| | | 9,582,000 | | | | 2.750%, due 11/15/42 | | | | | 8,874,580 | | | | | | 0.2 | | |
| | | 9,022,000 | | | | 3.000%, due 11/15/44 | | | | | 8,784,469 | | | | | | 0.2 | | |
| | | 2,882,000 | | | | 3.125%, due 02/15/43 | | | | | 2,872,769 | | | | | | 0.1 | | |
| | | 5,686,000 | | | | 3.125%, due 08/15/44 | | | | | 5,669,118 | | | | | | 0.2 | | |
| | | 23,645,000 | | | | 3.500%, due 02/15/39 | | | | | 25,385,130 | | | | | | 0.7 | | |
| | | 18,888,000 | | | | 3.625%, due 08/15/43 | | | | | 20,686,780 | | | | | | 0.6 | | |
| | | 14,092,000 | | | | 3.625%, due 02/15/44 | | | | | 15,426,343 | | | | | | 0.4 | | |
| | | 13,251,000 | | | | 3.750%, due 11/15/43 | | | | | 14,836,986 | | | | | | 0.4 | | |
| | | 7,845,000 | | | | 3.875%, due 08/15/40 | | | | | 8,924,299 | | | | | | 0.2 | | |
| | | 6,505,000 | | | | 4.375%, due 05/15/40 | | | | | 7,978,786 | | | | | | 0.2 | | |
| | | 2,150,000 | | | | 6.000%, due 02/15/26 | | | | | 2,883,184 | | | | | | 0.1 | | |
| | | | | | | | | | | | 205,099,172 | | | | | | 5.5 | | |
| | | | | | | U.S. Treasury Notes: 33.6% | | ||||||||||||
| | | 10,000,000 | | | | 0.625%, due 05/31/17 | | | | | 9,995,310 | | | | | | 0.3 | | |
| | | 9,397,600 | | | | 0.250%, due 07/31/15 | | | | | 9,399,432 | | | | | | 0.3 | | |
| | | 14,708,000 | | | | 0.250%, due 09/15/15 | | | | | 14,711,442 | | | | | | 0.4 | | |
| | | 25,975,000 | | | | 0.250%, due 10/15/15 | | | | | 25,990,221 | | | | | | 0.7 | | |
| | | 3,465,000 | | | | 0.250%, due 10/31/15 | | | | | 3,467,301 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. TREASURY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | U.S. Treasury Notes (continued) | | ||||||||||||
| | | 2,142,000 | | | | 0.250%, due 11/30/15 | | | | $ | 2,143,589 | | | | | | 0.1 | | |
| | | 27,732,000 | | | | 0.250%, due 12/15/15 | | | | | 27,751,496 | | | | | | 0.7 | | |
| | | 893,600 | | | | 0.250%, due 12/31/15 | | | | | 893,949 | | | | | | 0.0 | | |
| | | 5,914,000 | | | | 0.375%, due 08/31/15 | | | | | 5,917,466 | | | | | | 0.2 | | |
| | | 9,440,000 | | | | 0.375%, due 11/15/15 | | | | | 9,450,327 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | 0.375%, due 01/15/16 | | | | | 5,005,860 | | | | | | 0.1 | | |
| | | 15,697,000 | | | | 0.375%, due 02/15/16 | | | | | 15,721,519 | | | | | | 0.4 | | |
| | | 33,823,000 | | | | 0.375%, due 03/15/16 | | | | | 33,860,002 | | | | | | 0.9 | | |
| | | 6,248,000 | | | | 0.500%, due 06/15/16 | | | | | 6,258,740 | | | | | | 0.2 | | |
| | | 5,000,000 | | | | 0.500%, due 07/31/16 | | | | | 5,007,030 | | | | | | 0.1 | | |
| | | 12,990,000 | | | | 0.500%, due 08/31/16 | | | | | 13,004,211 | | | | | | 0.3 | | |
| | | 30,595,000 | | | | 0.500%, due 09/30/16 | | | | | 30,626,084 | | | | | | 0.8 | | |
| | | 7,536,000 | | | | 0.500%, due 01/31/17 | | | | | 7,531,290 | | | | | | 0.2 | | |
| | | 5,004,000 | | | | 0.500%, due 02/28/17 | | | | | 4,999,306 | | | | | | 0.1 | | |
| | | 3,001,000 | | | | 0.500%, due 03/31/17 | | | | | 2,996,781 | | | | | | 0.1 | | |
| | | 51,172,000 | | | | 0.625%, due 07/15/16 | | | | | 51,307,913 | | | | | | 1.4 | | |
| | | 13,521,000 | | | | 0.625%, due 08/15/16 | | | | | 13,556,912 | | | | | | 0.4 | | |
| | | 7,054,000 | | | | 0.625%, due 10/15/16 | | | | | 7,070,535 | | | | | | 0.2 | | |
| | | 16,290,000 | | | | 0.625%, due 11/15/16 | | | | | 16,326,913 | | | | | | 0.4 | | |
| | | 9,514,500 | | | | 0.625%, due 12/15/16 | | | | | 9,534,195 | | | | | | 0.3 | | |
| | | 29,512,000 | | | | 0.625%, due 06/30/17 | | | | | 29,498,159 | | | | | | 0.8 | | |
| | | 36,269,100 | | | | 0.625%, due 09/30/17 | | | | | 36,161,417 | | | | | | 1.0 | | |
| | | 3,873,000 | | | | 0.750%, due 01/15/17 | | | | | 3,886,009 | | | | | | 0.1 | | |
| | | 6,188,000 | | | | 0.750%, due 03/15/17 | | | | | 6,208,785 | | | | | | 0.2 | | |
| | | 1,952,000 | | | | 0.750%, due 10/31/17 | | | | | 1,949,560 | | | | | | 0.1 | | |
| | | 2,285,600 | | | | 0.750%, due 12/31/17 | | | | | 2,279,708 | | | | | | 0.1 | | |
| | | 21,817,000 | | | | 0.750%, due 02/28/18 | | | | | 21,719,849 | | | | | | 0.6 | | |
| | | 2,006,600 | | | | 0.750%, due 04/15/18 | | | | | 1,995,000 | | | | | | 0.1 | | |
| | | 2,784,000 | | | | 0.875%, due 04/15/17 | | | | | 2,797,703 | | | | | | 0.1 | | |
| | | 1,547,000 | | | | 0.875%, due 05/15/17 | | | | | 1,553,889 | | | | | | 0.0 | | |
| | | 3,885,000 | | | | 0.875%, due 06/15/17 | | | | | 3,902,300 | | | | | | 0.1 | | |
| | | 6,000,000 | | | | 0.875%, due 08/15/17 | | | | | 6,021,564 | | | | | | 0.2 | | |
| | | 2,768,000 | | | | 0.875%, due 10/15/17 | | | | | 2,773,190 | | | | | | 0.1 | | |
| | | 1,864,000 | | | | 0.875%, due 11/15/17 | | | | | 1,866,621 | | | | | | 0.0 | | |
| | | 1,918,000 | | | | 0.875%, due 01/31/18 | | | | | 1,918,000 | | | | | | 0.1 | | |
| | | 785,000 | | | | 1.000%, due 12/15/17 | | | | | 788,005 | | | | | | 0.0 | | |
| | | 210,800 | | | | 1.000%, due 03/15/18 | | | | | 211,195 | | | | | | 0.0 | | |
| | | 1,508,000 | | | | 1.000%, due 05/15/18 | | | | | 1,508,825 | | | | | | 0.0 | | |
| | | 27,497,000 | | | | 1.000%, due 08/31/19 | | | | | 26,998,617 | | | | | | 0.7 | | |
| | | 4,578,000 | | | | 1.125%, due 06/15/18 | | | | | 4,593,020 | | | | | | 0.1 | | |
| | | 46,620,000 | | | | 1.250%, due 10/31/15 | | | | | 46,798,461 | | | | | | 1.2 | | |
| | | 29,467,000 | | | | 1.250%, due 11/30/18 | | | | | 29,524,549 | | | | | | 0.8 | | |
| | | 1,000 | | | | 1.250%, due 10/31/19 | | | | | 990 | | | | | | 0.0 | | |
| | | 11,755,000 | | | | 1.250%, due 01/31/20 | | | | | 11,590,618 | | | | | | 0.3 | | |
| | | 3,534,000 | | | | 1.250%, due 02/29/20 | | | | | 3,479,057 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
132
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. TREASURY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | U.S. Treasury Notes (continued) | | ||||||||||||
| | | 26,756,000 | | | | 1.375%, due 09/30/18 | | | | $ | 26,960,844 | | | | | | 0.7 | | |
| | | 933,000 | | | | 1.375%, due 01/31/20 | | | | | 925,127 | | | | | | 0.0 | | |
| | | 8,515,000 | | | | 1.375%, due 02/29/20 | | | | | 8,436,500 | | | | | | 0.2 | | |
| | | 9,022,000 | | | | 1.375%, due 03/31/20 | | | | | 8,926,845 | | | | | | 0.2 | | |
| | | 7,940,000 | | | | 1.375%, due 04/30/20 | | | | | 7,846,951 | | | | | | 0.2 | | |
| | | 4,765,000 | | | | 1.500%, due 07/31/16 | | | | | 4,822,699 | | | | | | 0.1 | | |
| | | 19,814,000 | | | | 1.500%, due 12/31/18 | | | | | 19,998,211 | | | | | | 0.5 | | |
| | | 11,925,000 | | | | 1.500%, due 01/31/19 | | | | | 12,026,553 | | | | | | 0.3 | | |
| | | 5,048,000 | | | | 1.500%, due 02/28/19 | | | | | 5,087,435 | | | | | | 0.1 | | |
| | | 6,540,000 | | | | 1.500%, due 03/31/19 | | | | | 6,586,493 | | | | | | 0.2 | | |
| | | 5,304,000 | | | | 1.500%, due 05/31/19 | | | | | 5,330,934 | | | | | | 0.1 | | |
| | | 7,002,000 | | | | 1.500%, due 11/30/19 | | | | | 6,998,170 | | | | | | 0.2 | | |
| | | 752,000 L | | | | 1.500%, due 05/31/20 | | | | | 747,183 | | | | | | 0.0 | | |
| | | 4,833,000 | | | | 1.500%, due 01/31/22 | | | | | 4,674,038 | | | | | | 0.1 | | |
| | | 4,475,000 | | | | 1.625%, due 03/31/19 | | | | | 4,526,042 | | | | | | 0.1 | | |
| | | 2,317,000 | | | | 1.625%, due 04/30/19 | | | | | 2,341,618 | | | | | | 0.1 | | |
| | | 19,814,000 | | | | 1.625%, due 07/31/19 | | | | | 19,973,443 | | | | | | 0.5 | | |
| | | 12,097,000 | | | | 1.625%, due 08/31/19 | | | | | 12,184,897 | | | | | | 0.3 | | |
| | | 4,790,000 | | | | 1.625%, due 12/31/19 | | | | | 4,805,716 | | | | | | 0.1 | | |
| | | 5,638,000 | | | | 1.625%, due 06/30/20 | | | | | 5,632,712 | | | | | | 0.2 | | |
| | | 8,876,000 | | | | 1.625%, due 08/15/22 | | | | | 8,595,154 | | | | | | 0.2 | | |
| | | 22,705,000 | | | | 1.750%, due 09/30/19 | | | | | 22,960,431 | | | | | | 0.6 | | |
| | | 28,376,000 | | | | 1.750%, due 10/31/20 | | | | | 28,378,213 | | | | | | 0.8 | | |
| | | 3,064,000 | | | | 1.750%, due 02/28/22 | | | | | 3,007,748 | | | | | | 0.1 | | |
| | | 7,810,000 | | | | 1.750%, due 04/30/22 | | | | | 7,656,237 | | | | | | 0.2 | | |
| | | 48,163,000 | | | | 1.875%, due 09/30/17 | | | | | 49,363,318 | | | | | | 1.3 | | |
| | | 8,000,000 | | | | 1.875%, due 11/30/21 | | | | | 7,940,624 | | | | | | 0.2 | | |
| | | 10,000,000 | | | | 1.875%, due 05/31/22 | | | | | 9,879,690 | | | | | | 0.3 | | |
| | | 24,900,000 | | | | 2.000%, due 11/30/20 | | | | | 25,199,572 | | | | | | 0.7 | | |
| | | 12,097,000 | | | | 2.000%, due 02/28/21 | | | | | 12,200,018 | | | | | | 0.3 | | |
| | | 20,498,000 | | | | 2.125%, due 01/31/21 | | | | | 20,829,494 | | | | | | 0.6 | | |
| | | 3,700,000 | | | | 2.125%, due 09/30/21 | | | | | 3,733,822 | | | | | | 0.1 | | |
| | | 3,774,000 | | | | 2.125%, due 12/31/21 | | | | | 3,800,241 | | | | | | 0.1 | | |
| | | 26,650,000 | | | | 2.125%, due 06/30/22 | | | | | 26,737,439 | | | | | | 0.7 | | |
| | | 9,810,000 | | | | 2.250%, due 03/31/21 | | | | | 10,015,402 | | | | | | 0.3 | | |
| | | 8,794,000 | | | | 2.250%, due 04/30/21 | | | | | 8,972,624 | | | | | | 0.2 | | |
| | | 26,457,000 | | | | 2.250%, due 11/15/24 | | | | | 26,252,382 | | | | | | 0.7 | | |
| | | 42,155,000 | | | | 2.375%, due 07/31/17 | | | | | 43,613,942 | | | | | | 1.2 | | |
| | | 19,590,000 | | | | 2.375%, due 12/31/20 | | | | | 20,186,888 | | | | | | 0.5 | | |
| | | 13,230,000 | | | | 2.500%, due 08/15/23 | | | | | 13,500,805 | | | | | | 0.4 | | |
| | | 9,874,000 | | | | 2.500%, due 05/15/24 | | | | | 10,030,592 | | | | | | 0.3 | | |
| | | 18,650,000 | | | | 2.625%, due 04/30/18 | | | | | 19,515,472 | | | | | | 0.5 | | |
| | | 26,255,000 | | | | 2.750%, due 02/15/19 | | | | | 27,625,196 | | | | | | 0.7 | | |
| | | 36,569,500 | | | | 2.750%, due 11/15/23 | | | | | 37,975,158 | | | | | | 1.0 | | |
| | | 42,052,000 | | | | 2.750%, due 02/15/24 | | | | | 43,605,948 | | | | | | 1.2 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. TREASURY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | U.S. Treasury Notes (continued) | | ||||||||||||
| | | 9,190,000 | | | | 3.500%, due 05/15/20 | | | | $ | 9,986,948 | | | | | | 0.3 | | |
| | | 4,025,000 | | | | 8.125%, due 08/15/19 | | | | | 5,108,920 | | | | | | 0.1 | | |
| | | | | | | | | | | | 1,258,057,604 | | | | | | 33.6 | | |
| | | | | | | Total U.S. Treasury Obligations (Cost $1,449,673,821) | | | | | 1,463,156,776 | | | | | | 39.1 | | |
| FOREIGN GOVERNMENT BONDS: 3.7% | | ||||||||||||||||||
| | | 300,000 | | | | Asian Development Bank, 2.125%, 03/19/25 | | | | | 290,417 | | | | | | 0.0 | | |
| | | 3,000,000 | | | | Colombia Government International Bond, 4.000%, 02/26/24 | | | | | 2,992,500 | | | | | | 0.1 | | |
| | | 1,950,000 | | | | Colombia Government International Bond, 7.375%, 09/18/37 | | | | | 2,418,000 | | | | | | 0.1 | | |
| | | 2,964,000 | | | | Corp Andina de Fomento, 4.375%, 06/15/22 | | | | | 3,210,572 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | European Bank for Reconstruction & Development, 1.000%, 06/15/18 | | | | | 4,965,995 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | European Investment Bank, 4.000%, 02/16/21 | | | | | 2,215,458 | | | | | | 0.1 | | |
| | | 500,000 | | | | Export-Import Bank of Korea, 2.625%, 12/30/20 | | | | | 497,437 | | | | | | 0.0 | | |
| | | 500,000 | | | | Export-Import Bank of Korea, 3.250%, 08/12/26 | | | | | 491,563 | | | | | | 0.0 | | |
| | | 3,775,000 | | | | Export-Import Bank of Korea, 3.750%, 10/20/16 | | | | | 3,904,147 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Export-Import Bank of Korea, 4.000%, 01/14/24 | | | | | 1,061,163 | | | | | | 0.0 | | |
| | | 10,010,000 L | | | | Brazil Government International Bond, 6.000%, 01/17/17 | | | | | 10,710,700 | | | | | | 0.3 | | |
| | | 1,000,000 | | | | Hashemite Kingdom of Jordan Government AID Bond, 2.578%, 06/30/22 | | | | | 1,010,000 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | Inter-American Development Bank, 3.200%, 08/07/42 | | | | | 931,819 | | | | | | 0.0 | | |
| | | 1,000,000 | | | | International Finance Corp., 1.250%, 07/16/18 | | | | | 1,002,458 | | | | | | 0.0 | | |
| | | 3,695,000 | | | | International Finance Corp., 2.250%, 04/11/16 | | | | | 3,751,123 | | | | | | 0.1 | | |
| | | 1,000,000 | | | | Japan Bank for International Cooperation/Japan, 1.750%, 05/28/20 | | | | | 991,724 | | | | | | 0.0 | | |
| | | 3,700,000 | | | | Japan Finance Corp., 2.500%, 05/18/16 | | | | | 3,764,251 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
133
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| FOREIGN GOVERNMENT BONDS: (continued) | | ||||||||||||||||||
| | | 3,810,000 | | | | Korea Development Bank, 3.250%, 03/09/16 | | | | $ | 3,866,605 | | | | | | 0.1 | | |
| | | 10,000,000 | | | | KFW, 2.625%, 01/25/22 | | | | | 10,279,210 | | | | | | 0.3 | | |
| | | 3,285,000 | | | | Landwirtschaftliche Rentenbank, 3.125%, 07/15/15 | | | | | 3,287,385 | | | | | | 0.1 | | |
| | | 12,080,000 | | | | Mexico Government International Bond, 4.750%, 03/08/44 | | | | | 11,596,800 | | | | | | 0.3 | | |
| | | 2,710,000 | | | | Nordic Investment Bank, 5.000%, 02/01/17 | | | | | 2,894,621 | | | | | | 0.1 | | |
| | | 3,695,000 | | | | Oesterreichische Kontrollbank AG, 4.875%, 02/16/16 | | | | | 3,796,638 | | | | | | 0.1 | | |
| | | 1,460,000 | | | | Panama Government International Bond, 8.875%, 09/30/27 | | | | | 2,073,200 | | | | | | 0.1 | | |
| | | 2,000,000 | | | | Pemex Project Funding Master Trust, 6.625%, 06/15/38 | | | | | 2,120,000 | | | | | | 0.1 | | |
| | | 4,000,000 | | | | Peru Government International Bond, 6.550%, 03/14/37 | | | | | 5,000,000 | | | | | | 0.1 | | |
| | | 155,000 | | | | Peruvian Government International Bond, 7.125%, 03/30/19 | | | | | 180,885 | | | | | | 0.0 | | |
| | | 125,000 # | | | | Petroleos Mexicanos, 4.250%, 01/15/25 | | | | | 122,050 | | | | | | 0.0 | | |
| | | 500,000 | | | | Petroleos Mexicanos, 4.875%, 01/18/24 | | | | | 513,750 | | | | | | 0.0 | | |
| | | 500,000 # | | | | Petroleos Mexicanos, 5.500%, 06/27/44 | | | | | 462,500 | | | | | | 0.0 | | |
| | | 3,680,000 | | | | Petroleos Mexicanos, 6.000%, 03/05/20 | | | | | 4,121,600 | | | | | | 0.1 | | |
| | | 4,000,000 | | | | Philippine Government International Bond, 6.375%, 01/15/32 | | | | | 5,200,000 | | | | | | 0.2 | | |
| | | 3,405,000 | | | | Poland Government International Bond, 5.125%, 04/21/21 | | | | | 3,786,020 | | | | | | 0.1 | | |
| | | 7,395,000 | | | | Province of British Columbia Canada, 2.100%, 05/18/16 | | | | | 7,500,645 | | | | | | 0.2 | | |
| | | 1,000,000 | | | | Province of Ontario Canada, 1.875%, 05/21/20 | | | | | 997,084 | | | | | | 0.0 | | |
| | | 13,308,000 | | | | Province of Ontario Canada, 4.400%, 04/14/20 | | | | | 14,801,943 | | | | | | 0.4 | | |
| | | 500,000 L | | | | Republic of Korea, 4.125%, 06/10/44 | | | | | 551,100 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| FOREIGN GOVERNMENT BONDS: (continued) | | ||||||||||||||||||
| | | 3,140,000 | | | | South Africa Government Bond, 5.500%, 03/09/20 | | | | $ | 3,432,020 | | | | | | 0.1 | | |
| | | 5,160,000 | | | | Ukraine Government AID Bonds, 1.847%, 05/29/20 | | | | | 5,189,866 | | | | | | 0.1 | | |
| | | 3,000,000 | | | | Uruguay Government International Bond, 4.500%, 08/14/24 | | | | | 3,157,500 | | | | | | 0.1 | | |
| | | | | | | Total Foreign Government Bonds (Cost $137,940,199) | | | | | 139,140,749 | | | | | | 3.7 | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 32.5% | | ||||||||||||||||||
| | | | | | | Federal Home Loan Bank: 0.2% | | ||||||||||||
| | | 8,000,000 | | | | 2.000%, due 04/15/21 | | | | | 7,870,360 | | | | | | 0.2 | | |
| | | | | | | Federal Home Loan Mortgage Corporation: 8.2%## | | ||||||||||||
| | | 7,735,000 | | | | 1.000%, due 03/08/17 | | | | | 7,783,993 | | | | | | 0.2 | | |
| | | 21,246,000 | | | | 1.000%, due 09/29/17 | | | | | 21,299,412 | | | | | | 0.6 | | |
| | | 8,405,000 | | | | 2.500%, due 05/27/16 | | | | | 8,568,864 | | | | | | 0.2 | | |
| | | 10,544,253 | | | | 2.523%, due 02/01/42 | | | | | 11,052,313 | | | | | | 0.3 | | |
| | | 48,564,000 W | | | | 3.000%, due 07/01/43 | | | | | 48,277,547 | | | | | | 1.3 | | |
| | | 10,413,516 | | | | 3.000%, due 04/01/45 | | | | | 10,371,959 | | | | | | 0.3 | | |
| | | 10,375,051 | | | | 3.000%, due 04/01/45 | | | | | 10,332,036 | | | | | | 0.3 | | |
| | | 655,442 | | | | 3.500%, due 01/01/42 | | | | | 676,058 | | | | | | 0.0 | | |
| | | 3,603,920 | | | | 3.500%, due 01/01/42 | | | | | 3,714,272 | | | | | | 0.1 | | |
| | | 68,495,000 W | | | | 3.500%, due 08/01/45 | | | | | 70,286,305 | | | | | | 1.9 | | |
| | | 4,515,000 | | | | 3.750%, due 03/27/19 | | | | | 4,903,642 | | | | | | 0.1 | | |
| | | 2,599,294 | | | | 4.000%, due 01/01/25 | | | | | 2,751,771 | | | | | | 0.1 | | |
| | | 371,925 | | | | 4.000%, due 08/01/40 | | | | | 394,696 | | | | | | 0.0 | | |
| | | 3,338,232 | | | | 4.000%, due 04/01/41 | | | | | 3,543,384 | | | | | | 0.1 | | |
| | | 2,494,627 | | | | 4.000%, due 05/01/41 | | | | | 2,646,617 | | | | | | 0.1 | | |
| | | 108,091 | | | | 4.000%, due 08/01/41 | | | | | 114,424 | | | | | | 0.0 | | |
| | | 439,426 | | | | 4.000%, due 12/01/41 | | | | | 466,196 | | | | | | 0.0 | | |
| | | 2,010,379 | | | | 4.000%, due 01/01/42 | | | | | 2,129,962 | | | | | | 0.1 | | |
| | | 5,469,414 | | | | 4.000%, due 03/01/42 | | | | | 5,807,601 | | | | | | 0.2 | | |
| | | 4,885,282 | | | | 4.000%, due 03/01/42 | | | | | 5,179,780 | | | | | | 0.2 | | |
| | | 2,054,471 | | | | 4.000%, due 02/01/44 | | | | | 2,174,975 | | | | | | 0.1 | | |
| | | 1,122,405 | | | | 4.000%, due 03/01/44 | | | | | 1,196,900 | | | | | | 0.0 | | |
| | | 0 | | | | 4.000%, due 09/01/44 | | | | | — | | | | | | — | | |
| | | 1,700,857 | | | | 4.000%, due 03/01/45 | | | | | 1,803,781 | | | | | | 0.1 | | |
| | | 4,993,981 | | | | 4.000%, due 05/01/45 | | | | | 5,297,212 | | | | | | 0.2 | | |
| | | 17,207 | | | | 4.500%, due 04/01/23 | | | | | 18,315 | | | | | | 0.0 | | |
| | | 212,862 | | | | 4.500%, due 03/01/39 | | | | | 230,109 | | | | | | 0.0 | | |
| | | 601,298 | | | | 4.500%, due 08/01/39 | | | | | 650,822 | | | | | | 0.0 | | |
| | | 751,264 | | | | 4.500%, due 09/01/39 | | | | | 813,012 | | | | | | 0.0 | | |
| | | 934,499 | | | | 4.500%, due 09/01/39 | | | | | 1,012,197 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
134
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation (continued) | | ||||||||||||
| | | 1,293,015 | | | | 4.500%, due 09/01/39 | | | | $ | 1,400,415 | | | | | | 0.0 | | |
| | | 1,618,725 | | | | 4.500%, due 10/01/39 | | | | | 1,753,524 | | | | | | 0.1 | | |
| | | 2,044,359 | | | | 4.500%, due 12/01/39 | | | | | 2,212,092 | | | | | | 0.1 | | |
| | | 650,544 | | | | 4.500%, due 03/01/40 | | | | | 704,352 | | | | | | 0.0 | | |
| | | 1,233,265 | | | | 4.500%, due 04/01/40 | | | | | 1,332,780 | | | | | | 0.0 | | |
| | | 242,145 | | | | 4.500%, due 06/01/40 | | | | | 262,203 | | | | | | 0.0 | | |
| | | 1,740,608 | | | | 4.500%, due 07/01/40 | | | | | 1,880,284 | | | | | | 0.1 | | |
| | | 1,369,928 | | | | 4.500%, due 07/01/40 | | | | | 1,483,593 | | | | | | 0.1 | | |
| | | 1,303,448 | | | | 4.500%, due 08/01/40 | | | | | 1,411,442 | | | | | | 0.1 | | |
| | | 451,569 | | | | 4.500%, due 08/01/40 | | | | | 488,967 | | | | | | 0.0 | | |
| | | 1,577,993 | | | | 4.500%, due 03/01/41 | | | | | 1,704,499 | | | | | | 0.1 | | |
| | | 434,497 | | | | 4.500%, due 03/01/41 | | | | | 470,055 | | | | | | 0.0 | | |
| | | 578,157 | | | | 4.500%, due 04/01/41 | | | | | 626,378 | | | | | | 0.0 | | |
| | | 1,498,730 | | | | 4.500%, due 06/01/41 | | | | | 1,622,465 | | | | | | 0.1 | | |
| | | 1,388,321 | | | | 4.500%, due 07/01/41 | | | | | 1,503,392 | | | | | | 0.1 | | |
| | | 5,799,903 | | | | 4.500%, due 08/01/41 | | | | | 6,267,822 | | | | | | 0.2 | | |
| | | 711,737 | | | | 4.500%, due 08/01/41 | | | | | 770,337 | | | | | | 0.0 | | |
| | | 37,735 | | | | 5.000%, due 03/01/34 | | | | | 41,697 | | | | | | 0.0 | | |
| | | 310,711 | | | | 5.000%, due 12/01/34 | | | | | 344,708 | | | | | | 0.0 | | |
| | | 238,880 | | | | 5.000%, due 08/01/35 | | | | | 263,582 | | | | | | 0.0 | | |
| | | 1,109,505 | | | | 5.000%, due 08/01/35 | | | | | 1,227,965 | | | | | | 0.0 | | |
| | | 376,566 | | | | 5.000%, due 10/01/35 | | | | | 415,916 | | | | | | 0.0 | | |
| | | 333,489 | | | | 5.000%, due 10/01/35 | | | | | 368,885 | | | | | | 0.0 | | |
| | | 717,546 | | | | 5.000%, due 10/01/35 | | | | | 792,189 | | | | | | 0.0 | | |
| | | 802,061 | | | | 5.000%, due 12/01/35 | | | | | 885,779 | | | | | | 0.0 | | |
| | | 98,132 | | | | 5.000%, due 04/01/36 | | | | | 108,034 | | | | | | 0.0 | | |
| | | 359,613 | | | | 5.000%, due 11/01/36 | | | | | 397,698 | | | | | | 0.0 | | |
| | | 249,445 | | | | 5.000%, due 02/01/37 | | | | | 274,725 | | | | | | 0.0 | | |
| | | 206,508 | | | | 5.000%, due 05/01/37 | | | | | 227,564 | | | | | | 0.0 | | |
| | | 2,971,657 | | | | 5.000%, due 10/01/37 | | | | | 3,285,888 | | | | | | 0.1 | | |
| | | 536,037 | | | | 5.000%, due 03/01/38 | | | | | 592,093 | | | | | | 0.0 | | |
| | | 765,852 | | | | 5.000%, due 03/01/38 | | | | | 844,008 | | | | | | 0.0 | | |
| | | 1,741,789 | | | | 5.000%, due 03/01/38 | | | | | 1,917,714 | | | | | | 0.1 | | |
| | | 523,105 | | | | 5.000%, due 04/01/38 | | | | | 575,915 | | | | | | 0.0 | | |
| | | 54,636 | | | | 5.000%, due 10/01/38 | | | | | 60,134 | | | | | | 0.0 | | |
| | | 206,902 | | | | 5.000%, due 06/01/40 | | | | | 229,320 | | | | | | 0.0 | | |
| | | 442,863 | | | | 5.000%, due 08/01/40 | | | | | 491,628 | | | | | | 0.0 | | |
| | | 1,272,649 | | | | 5.000%, due 04/01/41 | | | | | 1,410,640 | | | | | | 0.1 | | |
| | | 108,910 | | | | 5.200%, due 08/01/37 | | | | | 120,657 | | | | | | 0.0 | | |
| | | 190,000 | | | | 5.400%, due 03/17/21 | | | | | 196,618 | | | | | | 0.0 | | |
| | | 199,563 | | | | 5.490%, due 02/01/37 | | | | | 223,975 | | | | | | 0.0 | | |
| | | 917,030 | | | | 5.500%, due 12/01/24 | | | | | 989,659 | | | | | | 0.0 | | |
| | | 240,591 | | | | 5.500%, due 09/01/34 | | | | | 271,252 | | | | | | 0.0 | | |
| | | 266,815 | | | | 5.500%, due 01/01/35 | | | | | 300,705 | | | | | | 0.0 | | |
| | | 2,509,797 | | | | 5.500%, due 09/01/35 | | | | | 2,819,110 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation (continued) | | ||||||||||||
| | | 133,287 | | | | 5.500%, due 09/01/35 | | | | $ | 149,939 | | | | | | 0.0 | | |
| | | 1,601,757 | | | | 5.500%, due 10/01/35 | | | | | 1,797,189 | | | | | | 0.1 | | |
| | | 1,029,457 | | | | 5.500%, due 03/01/36 | | | | | 1,155,398 | | | | | | 0.0 | | |
| | | 185,735 | | | | 5.500%, due 03/01/36 | | | | | 207,918 | | | | | | 0.0 | | |
| | | 138,483 | | | | 5.500%, due 05/01/36 | | | | | 155,022 | | | | | | 0.0 | | |
| | | 703,833 | | | | 5.500%, due 06/01/36 | | | | | 791,894 | | | | | | 0.0 | | |
| | | 54,396 | | | | 5.500%, due 07/01/36 | | | | | 60,920 | | | | | | 0.0 | | |
| | | 12,096 | | | | 5.500%, due 07/01/36 | | | | | 13,566 | | | | | | 0.0 | | |
| | | 352,643 | | | | 5.500%, due 07/01/36 | | | | | 395,281 | | | | | | 0.0 | | |
| | | 93,630 | | | | 5.500%, due 10/01/36 | | | | | 104,817 | | | | | | 0.0 | | |
| | | 348,018 | | | | 5.500%, due 11/01/36 | | | | | 389,953 | | | | | | 0.0 | | |
| | | 223,183 | | | | 5.500%, due 12/01/36 | | | | | 249,935 | | | | | | 0.0 | | |
| | | 61,852 | | | | 5.500%, due 12/01/36 | | | | | 69,240 | | | | | | 0.0 | | |
| | | 131,601 | | | | 5.500%, due 12/01/36 | | | | | 147,389 | | | | | | 0.0 | | |
| | | 24,361 | | | | 5.500%, due 02/01/37 | | | | | 27,271 | | | | | | 0.0 | | |
| | | 256,857 | | | | 5.500%, due 02/01/37 | | | | | 287,535 | | | | | | 0.0 | | |
| | | 82,778 | | | | 5.500%, due 05/01/37 | | | | | 92,715 | | | | | | 0.0 | | |
| | | 12,640 | | | | 5.500%, due 06/01/37 | | | | | 14,150 | | | | | | 0.0 | | |
| | | 181,214 | | | | 5.500%, due 12/01/37 | | | | | 202,912 | | | | | | 0.0 | | |
| | | 71,632 | | | | 5.500%, due 03/01/38 | | | | | 80,188 | | | | | | 0.0 | | |
| | | 15,441 | | | | 5.500%, due 06/01/38 | | | | | 17,285 | | | | | | 0.0 | | |
| | | 37,438 | | | | 5.500%, due 06/01/38 | | | | | 41,929 | | | | | | 0.0 | | |
| | | 26,557 | | | | 5.500%, due 08/01/38 | | | | | 29,729 | | | | | | 0.0 | | |
| | | 4,887 | | | | 5.500%, due 10/01/38 | | | | | 5,475 | | | | | | 0.0 | | |
| | | 2,365,602 | | | | 5.500%, due 11/01/38 | | | | | 2,672,437 | | | | | | 0.1 | | |
| | | 41,659 | | | | 5.500%, due 12/01/38 | | | | | 46,634 | | | | | | 0.0 | | |
| | | 54,734 | | | | 5.500%, due 12/01/38 | | | | | 61,272 | | | | | | 0.0 | | |
| | | 40,582 | | | | 5.500%, due 12/01/38 | | | | | 45,429 | | | | | | 0.0 | | |
| | | 383,643 | | | | 5.500%, due 01/01/39 | | | | | 429,464 | | | | | | 0.0 | | |
| | | 62,661 | | | | 5.500%, due 01/01/39 | | | | | 70,158 | | | | | | 0.0 | | |
| | | 224,775 | | | | 5.500%, due 01/01/40 | | | | | 252,060 | | | | | | 0.0 | | |
| | | 282,025 | | | | 5.500%, due 01/01/40 | | | | | 315,817 | | | | | | 0.0 | | |
| | | 193,781 | | | | 5.500%, due 03/01/40 | | | | | 216,975 | | | | | | 0.0 | | |
| | | 193,336 | | | | 5.500%, due 01/01/41 | | | | | 216,785 | | | | | | 0.0 | | |
| | | 166,292 | | | | 5.750%, due 05/01/37 | | | | | 187,165 | | | | | | 0.0 | | |
| | | 126,372 | | | | 5.750%, due 06/01/37 | | | | | 142,227 | | | | | | 0.0 | | |
| | | 308,937 | | | | 5.800%, due 07/01/37 | | | | | 348,473 | | | | | | 0.0 | | |
| | | 370,880 | | | | 5.800%, due 08/01/37 | | | | | 418,879 | | | | | | 0.0 | | |
| | | 94,298 | | | | 5.800%, due 09/01/37 | | | | | 106,292 | | | | | | 0.0 | | |
| | | 276,551 | | | | 5.800%, due 09/01/37 | | | | | 311,784 | | | | | | 0.0 | | |
| | | 14,451 | | | | 6.000%, due 04/01/28 | | | | | 16,528 | | | | | | 0.0 | | |
| | | 126,697 | | | | 6.000%, due 07/01/28 | | | | | 143,381 | | | | | | 0.0 | | |
| | | 1,177 | | | | 6.000%, due 04/01/36 | | | | | 1,346 | | | | | | 0.0 | | |
| | | 7,742 | | | | 6.000%, due 04/01/36 | | | | | 8,760 | | | | | | 0.0 | | |
| | | 30,802 | | | | 6.000%, due 04/01/36 | | | | | 34,881 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
135
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation (continued) | | ||||||||||||
| | | 106,738 | | | | 6.000%, due 06/01/36 | | | | $ | 122,046 | | | | | | 0.0 | | |
| | | 36,333 | | | | 6.000%, due 07/01/36 | | | | | 41,528 | | | | | | 0.0 | | |
| | | 12,509 | | | | 6.000%, due 08/01/36 | | | | | 14,262 | | | | | | 0.0 | | |
| | | 291,882 | | | | 6.000%, due 08/01/36 | | | | | 333,242 | | | | | | 0.0 | | |
| | | 34,266 | | | | 6.000%, due 08/01/36 | | | | | 39,068 | | | | | | 0.0 | | |
| | | 170,552 | | | | 6.000%, due 01/01/37 | | | | | 192,938 | | | | | | 0.0 | | |
| | | 139,513 | | | | 6.000%, due 02/01/37 | | | | | 158,271 | | | | | | 0.0 | | |
| | | 9,921 | | | | 6.000%, due 04/01/37 | | | | | 11,247 | | | | | | 0.0 | | |
| | | 4,548 | | | | 6.000%, due 06/01/37 | | | | | 5,156 | | | | | | 0.0 | | |
| | | 73,931 | | | | 6.000%, due 06/01/37 | | | | | 83,758 | | | | | | 0.0 | | |
| | | 1,078 | | | | 6.000%, due 07/01/37 | | | | | 1,220 | | | | | | 0.0 | | |
| | | 27,132 | | | | 6.000%, due 07/01/37 | | | | | 30,721 | | | | | | 0.0 | | |
| | | 38,493 | | | | 6.000%, due 08/01/37 | | | | | 43,567 | | | | | | 0.0 | | |
| | | 298,297 | | | | 6.000%, due 08/01/37 | | | | | 337,732 | | | | | | 0.0 | | |
| | | 29,404 | | | | 6.000%, due 08/01/37 | | | | | 33,268 | | | | | | 0.0 | | |
| | | 6,731 | | | | 6.000%, due 08/01/37 | | | | | 7,620 | | | | | | 0.0 | | |
| | | 98,871 | | | | 6.000%, due 08/01/37 | | | | | 111,837 | | | | | | 0.0 | | |
| | | 15,124 | | | | 6.000%, due 08/01/37 | | | | | 17,118 | | | | | | 0.0 | | |
| | | 13,421 | | | | 6.000%, due 08/01/37 | | | | | 15,213 | | | | | | 0.0 | | |
| | | 263,362 | | | | 6.000%, due 08/01/37 | | | | | 298,062 | | | | | | 0.0 | | |
| | | 64,447 | | | | 6.000%, due 09/01/37 | | | | | 73,244 | | | | | | 0.0 | | |
| | | 23,503 | | | | 6.000%, due 09/01/37 | | | | | 26,604 | | | | | | 0.0 | | |
| | | 7,846 | | | | 6.000%, due 09/01/37 | | | | | 8,878 | | | | | | 0.0 | | |
| | | 19,875 | | | | 6.000%, due 10/01/37 | | | | | 22,574 | | | | | | 0.0 | | |
| | | 32,386 | | | | 6.000%, due 10/01/37 | | | | | 36,650 | | | | | | 0.0 | | |
| | | 55,185 | | | | 6.000%, due 10/01/37 | | | | | 62,482 | | | | | | 0.0 | | |
| | | 38,300 | | | | 6.000%, due 10/01/37 | | | | | 43,322 | | | | | | 0.0 | | |
| | | 13,544 | | | | 6.000%, due 11/01/37 | | | | | 15,353 | | | | | | 0.0 | | |
| | | 71,397 | | | | 6.000%, due 11/01/37 | | | | | 80,772 | | | | | | 0.0 | | |
| | | 10,074 | | | | 6.000%, due 11/01/37 | | | | | 11,419 | | | | | | 0.0 | | |
| | | 4,242 | | | | 6.000%, due 12/01/37 | | | | | 4,802 | | | | | | 0.0 | | |
| | | 133,562 | | | | 6.000%, due 12/01/37 | | | | | 151,178 | | | | | | 0.0 | | |
| | | 204,043 | | | | 6.000%, due 12/01/37 | | | | | 230,955 | | | | | | 0.0 | | |
| | | 5,489 | | | | 6.000%, due 01/01/38 | | | | | 6,215 | | | | | | 0.0 | | |
| | | 108,723 | | | | 6.000%, due 01/01/38 | | | | | 123,076 | | | | | | 0.0 | | |
| | | 66,846 | | | | 6.000%, due 01/01/38 | | | | | 75,712 | | | | | | 0.0 | | |
| | | 6,192 | | | | 6.000%, due 02/01/38 | | | | | 7,010 | | | | | | 0.0 | | |
| | | 105,429 | | | | 6.000%, due 02/01/38 | | | | | 119,327 | | | | | | 0.0 | | |
| | | 93,294 | | | | 6.000%, due 05/01/38 | | | | | 105,614 | | | | | | 0.0 | | |
| | | 6,003 | | | | 6.000%, due 06/01/38 | | | | | 6,797 | | | | | | 0.0 | | |
| | | 175,993 | | | | 6.000%, due 07/01/38 | | | | | 199,072 | | | | | | 0.0 | | |
| | | 154,584 | | | | 6.000%, due 07/01/38 | | | | | 175,057 | | | | | | 0.0 | | |
| | | 60,940 | | | | 6.000%, due 08/01/38 | | | | | 68,931 | | | | | | 0.0 | | |
| | | 91,305 | | | | 6.000%, due 09/01/38 | | | | | 103,279 | | | | | | 0.0 | | |
| | | 32,530 | | | | 6.000%, due 09/01/38 | | | | | 36,845 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation (continued) | | ||||||||||||
| | | 839,828 | | | | 6.000%, due 09/01/38 | | | | $ | 950,534 | | | | | | 0.0 | | |
| | | 3,469 | | | | 6.000%, due 09/01/38 | | | | | 3,928 | | | | | | 0.0 | | |
| | | 33,056 | | | | 6.000%, due 11/01/38 | | | | | 37,412 | | | | | | 0.0 | | |
| | | 352,006 | | | | 6.000%, due 01/01/39 | | | | | 398,791 | | | | | | 0.0 | | |
| | | 603,431 | | | | 6.000%, due 04/01/39 | | | | | 683,508 | | | | | | 0.0 | | |
| | | 102,043 | | | | 6.000%, due 08/01/39 | | | | | 115,536 | | | | | | 0.0 | | |
| | | 198,743 | | | | 6.000%, due 10/01/39 | | | | | 225,130 | | | | | | 0.0 | | |
| | | 292,629 | | | | 6.000%, due 11/01/39 | | | | | 331,434 | | | | | | 0.0 | | |
| | | 52,215 | | | | 6.000%, due 11/01/39 | | | | | 59,107 | | | | | | 0.0 | | |
| | | 88,547 | | | | 6.000%, due 11/01/39 | | | | | 100,257 | | | | | | 0.0 | | |
| | | 7,122 | | | | 6.000%, due 12/01/39 | | | | | 8,056 | | | | | | 0.0 | | |
| | | 265,736 | | | | 6.000%, due 05/01/40 | | | | | 301,209 | | | | | | 0.0 | | |
| | | 66,231 | | | | 6.150%, due 12/01/37 | | | | | 75,816 | | | | | | 0.0 | | |
| | | 100,551 | | | | 6.150%, due 12/01/37 | | | | | 115,205 | | | | | | 0.0 | | |
| | | 368,203 | | | | 6.150%, due 01/01/38 | | | | | 418,714 | | | | | | 0.0 | | |
| | | 207,819 | | | | 6.150%, due 02/01/38 | | | | | 236,188 | | | | | | 0.0 | | |
| | | 178,200 | | | | 6.150%, due 02/01/38 | | | | | 202,471 | | | | | | 0.0 | | |
| | | 840,000 | | | | 6.250%, due 07/15/32 | | | | | 1,163,304 | | | | | | 0.0 | | |
| | | 30,946 | | | | 6.500%, due 06/01/36 | | | | | 36,102 | | | | | | 0.0 | | |
| | | 5,079 | | | | 6.500%, due 08/01/36 | | | | | 6,089 | | | | | | 0.0 | | |
| | | 115,108 | | | | 6.500%, due 10/01/36 | | | | | 131,937 | | | | | | 0.0 | | |
| | | 9,450 | | | | 6.500%, due 10/01/36 | | | | | 11,341 | | | | | | 0.0 | | |
| | | 61,276 | | | | 6.500%, due 07/01/37 | | | | | 70,371 | | | | | | 0.0 | | |
| | | 39,582 | | | | 6.500%, due 09/01/37 | | | | | 45,369 | | | | | | 0.0 | | |
| | | 28,264 | | | | 6.500%, due 09/01/37 | | | | | 32,789 | | | | | | 0.0 | | |
| | | 13,645 | | | | 6.500%, due 10/01/37 | | | | | 15,638 | | | | | | 0.0 | | |
| | | 50,713 | | | | 6.500%, due 11/01/37 | | | | | 58,118 | | | | | | 0.0 | | |
| | | 79,829 | | | | 6.500%, due 01/01/38 | | | | | 91,502 | | | | | | 0.0 | | |
| | | 97,006 | | | | 6.500%, due 02/01/38 | | | | | 111,194 | | | | | | 0.0 | | |
| | | 37,617 | | | | 6.500%, due 02/01/38 | | | | | 43,118 | | | | | | 0.0 | | |
| | | 64,303 | | | | 6.500%, due 04/01/38 | | | | | 74,009 | | | | | | 0.0 | | |
| | | 20,389 | | | | 6.500%, due 04/01/38 | | | | | 23,370 | | | | | | 0.0 | | |
| | | 8,231 | | | | 6.500%, due 05/01/38 | | | | | 9,432 | | | | | | 0.0 | | |
| | | 1,179 | | | | 6.500%, due 05/01/38 | | | | | 1,351 | | | | | | 0.0 | | |
| | | 6,982 | | | | 6.500%, due 07/01/38 | | | | | 8,004 | | | | | | 0.0 | | |
| | | 5,049 | | | | 6.500%, due 08/01/38 | | | | | 5,787 | | | | | | 0.0 | | |
| | | 8,944 | | | | 6.500%, due 09/01/38 | | | | | 10,253 | | | | | | 0.0 | | |
| | | 11,279 | | | | 6.500%, due 10/01/38 | | | | | 12,923 | | | | | | 0.0 | | |
| | | 810 | | | | 6.500%, due 10/01/38 | | | | | 929 | | | | | | 0.0 | | |
| | | 26,634 | | | | 6.500%, due 11/01/38 | | | | | 30,522 | | | | | | 0.0 | | |
| | | 834,789 | | | | 6.500%, due 12/01/38 | | | | | 957,244 | | | | | | 0.0 | | |
| | | 8,161 | | | | 6.500%, due 12/01/38 | | | | | 9,355 | | | | | | 0.0 | | |
| | | 6,481 | | | | 6.500%, due 12/01/38 | | | | | 7,429 | | | | | | 0.0 | | |
| | | 21,009 | | | | 6.500%, due 12/01/38 | | | | | 24,262 | | | | | | 0.0 | | |
| | | 157,918 | | | | 6.500%, due 12/01/38 | | | | | 180,979 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
136
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal Home Loan Mortgage Corporation (continued) | | ||||||||||||
| | | 5,767 | | | | 6.500%, due 01/01/39 | | | | $ | 6,608 | | | | | | 0.0 | | |
| | | 2,540,000 | | | | 6.750%, due 03/15/31 | | | | | 3,637,275 | | | | | | 0.1 | | |
| | | | | | | | | | | | 306,378,152 | | | | | | 8.2 | | |
| | | | | | | Federal National Mortgage Association: 15.5%## | | ||||||||||||
| | | 13,000,000 W | | | | 0.300%, due 08/01/44 | | | | | 12,917,988 | | | | | | 0.4 | | |
| | | 46,588,000 W | | | | 0.400%, due 08/01/45 | | | | | 49,249,882 | | | | | | 1.3 | | |
| | | 6,025,000 | | | | 1.375%, due 11/15/16 | | | | | 6,096,035 | | | | | | 0.2 | | |
| | | 2,420,000 | | | | 1.500%, due 06/22/20 | | | | | 2,390,774 | | | | | | 0.1 | | |
| | | 20,400,000 | | | | 2.230%, due 12/06/22 | | | | | 19,771,272 | | | | | | 0.5 | | |
| | | 5,000,000 | | | | 2.250%, due 03/15/16 | | | | | 5,069,440 | | | | | | 0.2 | | |
| | | 8,750,000 | | | | 2.375%, due 04/11/16 | | | | | 8,889,720 | | | | | | 0.3 | | |
| | | 8,816,261 | | | | 2.500%, due 09/01/27 | | | | | 8,992,691 | | | | | | 0.3 | | |
| | | 72,046,000 W | | | | 2.500%, due 08/01/29 | | | | | 72,772,415 | | | | | | 2.0 | | |
| | | 2,656,954 | | | | 3.000%, due 12/01/26 | | | | | 2,759,986 | | | | | | 0.1 | | |
| | | 2,147,444 | | | | 3.000%, due 01/01/27 | | | | | 2,230,435 | | | | | | 0.1 | | |
| | | 47,967,097 | | | | 3.000%, due 05/01/43 | | | | | 48,023,923 | | | | | | 1.3 | | |
| | | 15,939,636 | | | | 3.000%, due 07/01/43 | | | | | 15,953,635 | | | | | | 0.4 | | |
| | | 706,792 | | | | 3.500%, due 08/01/26 | | | | | 747,533 | | | | | | 0.0 | | |
| | | 571,191 | | | | 3.500%, due 08/01/26 | | | | | 604,027 | | | | | | 0.0 | | |
| | | 69,325 | | | | 3.500%, due 09/01/26 | | | | | 73,332 | | | | | | 0.0 | | |
| | | 459,107 | | | | 3.500%, due 10/01/26 | | | | | 485,645 | | | | | | 0.0 | | |
| | | 1,279,921 | | | | 3.500%, due 10/01/26 | | | | | 1,354,315 | | | | | | 0.1 | | |
| | | 2,227,228 | | | | 3.500%, due 11/01/26 | | | | | 2,356,075 | | | | | | 0.1 | | |
| | | 2,425,924 | | | | 3.500%, due 12/01/26 | | | | | 2,559,901 | | | | | | 0.1 | | |
| | | 2,388,762 | | | | 3.500%, due 12/01/26 | | | | | 2,527,165 | | | | | | 0.1 | | |
| | | 2,694,518 | | | | 3.500%, due 01/01/27 | | | | | 2,849,724 | | | | | | 0.1 | | |
| | | 2,325,165 | | | | 3.500%, due 03/01/41 | | | | | 2,402,977 | | | | | | 0.1 | | |
| | | 2,912,740 | | | | 3.500%, due 12/01/41 | | | | | 3,011,584 | | | | | | 0.1 | | |
| | | 5,060,922 | | | | 3.500%, due 01/01/42 | | | | | 5,232,864 | | | | | | 0.2 | | |
| | | 23,620,472 | | | | 3.500%, due 11/01/42 | | | | | 24,423,884 | | | | | | 0.7 | | |
| | | 14,326,000 W | | | | 3.500%, due 08/01/44 | | | | | 14,726,681 | | | | | | 0.4 | | |
| | | 48,284 | | | | 4.000%, due 11/01/20 | | | | | 50,649 | | | | | | 0.0 | | |
| | | 53,950 | | | | 4.000%, due 07/01/22 | | | | | 56,609 | | | | | | 0.0 | | |
| | | 21,663 | | | | 4.000%, due 04/01/23 | | | | | 22,927 | | | | | | 0.0 | | |
| | | 12,124 | | | | 4.000%, due 05/01/23 | | | | | 12,778 | | | | | | 0.0 | | |
| | | 27,471 | | | | 4.000%, due 07/01/23 | | | | | 28,839 | | | | | | 0.0 | | |
| | | 77,774 | | | | 4.000%, due 03/01/24 | | | | | 82,358 | | | | | | 0.0 | | |
| | | 98,779 | | | | 4.000%, due 03/01/24 | | | | | 104,090 | | | | | | 0.0 | | |
| | | 1,947 | | | | 4.000%, due 04/01/24 | | | | | 2,060 | | | | | | 0.0 | | |
| | | 63,240 | | | | 4.000%, due 04/01/24 | | | | | 66,672 | | | | | | 0.0 | | |
| | | 387,485 | | | | 4.000%, due 07/01/24 | | | | | 408,581 | | | | | | 0.0 | | |
| | | 142,893 | | | | 4.000%, due 07/01/24 | | | | | 151,363 | | | | | | 0.0 | | |
| | | 7,016 | | | | 4.000%, due 08/01/24 | | | | | 7,429 | | | | | | 0.0 | | |
| | | 149,158 | | | | 4.000%, due 01/01/25 | | | | | 158,054 | | | | | | 0.0 | | |
| | | 116,521 | | | | 4.000%, due 02/01/25 | | | | | 122,875 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 639,341 | | | | 4.000%, due 02/01/25 | | | | $ | 677,668 | | | | | | 0.0 | | |
| | | 466,862 | | | | 4.000%, due 06/01/25 | | | | | 499,230 | | | | | | 0.0 | | |
| | | 10,220 | | | | 4.000%, due 07/01/25 | | | | | 10,824 | | | | | | 0.0 | | |
| | | 66,165 | | | | 4.000%, due 09/01/25 | | | | | 70,744 | | | | | | 0.0 | | |
| | | 64,506 | | | | 4.000%, due 09/01/25 | | | | | 68,285 | | | | | | 0.0 | | |
| | | 876,026 | | | | 4.000%, due 12/01/25 | | | | | 936,479 | | | | | | 0.0 | | |
| | | 751,113 | | | | 4.000%, due 02/01/26 | | | | | 803,084 | | | | | | 0.0 | | |
| | | 141,607 | | | | 4.000%, due 03/01/26 | | | | | 151,400 | | | | | | 0.0 | | |
| | | 232,861 | | | | 4.000%, due 04/01/26 | | | | | 249,052 | | | | | | 0.0 | | |
| | | 1,597,360 | | | | 4.000%, due 04/01/26 | | | | | 1,707,765 | | | | | | 0.1 | | |
| | | 472,483 | | | | 4.000%, due 04/01/26 | | | | | 505,056 | | | | | | 0.0 | | |
| | | 823,503 | | | | 4.000%, due 05/01/26 | | | | | 880,355 | | | | | | 0.0 | | |
| | | 333,620 | | | | 4.000%, due 09/01/26 | | | | | 356,753 | | | | | | 0.0 | | |
| | | 1,610,728 | | | | 4.000%, due 10/01/40 | | | | | 1,719,002 | | | | | | 0.1 | | |
| | | 425,208 | | | | 4.000%, due 10/01/40 | | | | | 453,038 | | | | | | 0.0 | | |
| | | 2,601,483 | | | | 4.000%, due 12/01/40 | | | | | 2,771,925 | | | | | | 0.1 | | |
| | | 2,870,556 | | | | 4.000%, due 12/01/40 | | | | | 3,063,790 | | | | | | 0.1 | | |
| | | 5,816,927 | | | | 4.000%, due 02/01/41 | | | | | 6,199,248 | | | | | | 0.2 | | |
| | | 966,331 | | | | 4.000%, due 03/01/41 | | | | | 1,024,791 | | | | | | 0.0 | | |
| | | 946,214 | | | | 4.000%, due 04/01/41 | | | | | 1,008,268 | | | | | | 0.0 | | |
| | | 1,189,248 | | | | 4.000%, due 08/01/41 | | | | | 1,260,975 | | | | | | 0.0 | | |
| | | 775,399 | | | | 4.000%, due 09/01/41 | | | | | 825,726 | | | | | | 0.0 | | |
| | | 7,310,617 | | | | 4.000%, due 11/01/41 | | | | | 7,782,967 | | | | | | 0.2 | | |
| | | 1,386,828 | | | | 4.000%, due 12/01/41 | | | | | 1,472,605 | | | | | | 0.1 | | |
| | | 2,395,468 | | | | 4.000%, due 01/01/42 | | | | | 2,550,396 | | | | | | 0.1 | | |
| | | 0 | | | | 4.000%, due 07/01/42 | | | | | — | | | | | | — | | |
| | | 1,249,028 | | | | 4.000%, due 07/01/42 | | | | | 1,328,776 | | | | | | 0.1 | | |
| | | 3,212,036 | | | | 4.000%, due 07/01/43 | | | | | 3,435,190 | | | | | | 0.1 | | |
| | | 3,884,994 | | | | 4.000%, due 02/01/44 | | | | | 4,150,352 | | | | | | 0.1 | | |
| | | 1,616,443 | | | | 4.000%, due 02/01/44 | | | | | 1,726,852 | | | | | | 0.1 | | |
| | | 1,413,357 | | | | 4.000%, due 03/01/44 | | | | | 1,512,073 | | | | | | 0.1 | | |
| | | — | | | | 4.000%, due 08/01/44 | | | | | — | | | | | | — | | |
| | | 20,123,882 | | | | 4.000%, due 06/01/45 | | | | | 21,411,628 | | | | | | 0.6 | | |
| | | 2,220,000 | | | | 4.000%, due 06/01/45 | | | | | 2,359,326 | | | | | | 0.1 | | |
| | | 4,491,488 | | | | 4.000%, due 07/01/45 | | | | | 4,788,602 | | | | | | 0.1 | | |
| | | 3,373,583 | | | | 4.000%, due 07/01/45 | | | | | 3,593,617 | | | | | | 0.1 | | |
| | | 3,764,086 | | | | 4.000%, due 07/01/45 | | | | | 4,021,218 | | | | | | 0.1 | | |
| | | 5,483,100 | | | | 4.000%, due 07/01/45 | | | | | 5,866,111 | | | | | | 0.2 | | |
| | | 32,339 | | | | 4.500%, due 05/01/19 | | | | | 33,782 | | | | | | 0.0 | | |
| | | 10,998 | | | | 4.500%, due 05/01/19 | | | | | 11,495 | | | | | | 0.0 | | |
| | | 24,674 | | | | 4.500%, due 01/01/20 | | | | | 25,724 | | | | | | 0.0 | | |
| | | 21,845 | | | | 4.500%, due 08/01/20 | | | | | 22,804 | | | | | | 0.0 | | |
| | | 3,804 | | | | 4.500%, due 06/01/22 | | | | | 3,967 | | | | | | 0.0 | | |
| | | 2,711 | | | | 4.500%, due 07/01/22 | | | | | 2,830 | | | | | | 0.0 | | |
| | | 47,921 | | | | 4.500%, due 11/01/22 | | | | | 50,560 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
137
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 76,160 | | | | 4.500%, due 02/01/23 | | | | $ | 81,165 | | | | | | 0.0 | | |
| | | 10,922 | | | | 4.500%, due 02/01/23 | | | | | 11,655 | | | | | | 0.0 | | |
| | | 5,577 | | | | 4.500%, due 03/01/23 | | | | | 5,881 | | | | | | 0.0 | | |
| | | 1,732 | | | | 4.500%, due 03/01/23 | | | | | 1,849 | | | | | | 0.0 | | |
| | | 331,541 | | | | 4.500%, due 03/01/23 | | | | | 352,661 | | | | | | 0.0 | | |
| | | 198,950 | | | | 4.500%, due 04/01/23 | | | | | 211,575 | | | | | | 0.0 | | |
| | | 59,250 | | | | 4.500%, due 04/01/23 | | | | | 62,994 | | | | | | 0.0 | | |
| | | 3,533 | | | | 4.500%, due 04/01/23 | | | | | 3,770 | | ��� | | | | 0.0 | | |
| | | 44,200 | | | | 4.500%, due 04/01/23 | | | | | 47,000 | | | | | | 0.0 | | |
| | | 169,473 | | | | 4.500%, due 04/01/23 | | | | | 180,197 | | | | | | 0.0 | | |
| | | 2,355 | | | | 4.500%, due 05/01/23 | | | | | 2,513 | | | | | | 0.0 | | |
| | | 3,915 | | | | 4.500%, due 05/01/23 | | | | | 4,172 | | | | | | 0.0 | | |
| | | 263,645 | | | | 4.500%, due 05/01/23 | | | | | 281,320 | | | | | | 0.0 | | |
| | | 5,225 | | | | 4.500%, due 05/01/23 | | | | | 5,574 | | | | | | 0.0 | | |
| | | 5,543 | | | | 4.500%, due 07/01/23 | | | | | 5,778 | | | | | | 0.0 | | |
| | | 24,138 | | | | 4.500%, due 01/01/24 | | | | | 25,158 | | | | | | 0.0 | | |
| | | 800,263 | | | | 4.500%, due 07/01/24 | | | | | 856,832 | | | | | | 0.0 | | |
| | | 1,112,321 | | | | 4.500%, due 08/01/24 | | | | | 1,194,716 | | | | | | 0.0 | | |
| | | 41,504 | | | | 4.500%, due 09/01/24 | | | | | 44,129 | | | | | | 0.0 | | |
| | | 162,046 | | | | 4.500%, due 09/01/24 | | | | | 173,644 | | | | | | 0.0 | | |
| | | 37,521 | | | | 4.500%, due 09/01/24 | | | | | 40,133 | | | | | | 0.0 | | |
| | | 516,034 | | | | 4.500%, due 09/01/24 | | | | | 551,813 | | | | | | 0.0 | | |
| | | 90,100 | | | | 4.500%, due 10/01/24 | | | | | 95,231 | | | | | | 0.0 | | |
| | | 350,915 | | | | 4.500%, due 10/01/24 | | | | | 375,714 | | | | | | 0.0 | | |
| | | 154,455 | | | | 4.500%, due 10/01/24 | | | | | 163,611 | | | | | | 0.0 | | |
| | | 33,928 | | | | 4.500%, due 11/01/24 | | | | | 35,384 | | | | | | 0.0 | | |
| | | 248,055 | | | | 4.500%, due 11/01/24 | | | | | 266,463 | | | | | | 0.0 | | |
| | | 9,260 | | | | 4.500%, due 11/01/24 | | | | | 9,659 | | | | | | 0.0 | | |
| | | 36,046 | | | | 4.500%, due 11/01/24 | | | | | 38,708 | | | | | | 0.0 | | |
| | | 181,111 | | | | 4.500%, due 11/01/24 | | | | | 193,947 | | | | | | 0.0 | | |
| | | 18,508 | | | | 4.500%, due 11/01/24 | | | | | 19,565 | | | | | | 0.0 | | |
| | | 208,224 | | | | 4.500%, due 12/01/24 | | | | | 223,627 | | | | | | 0.0 | | |
| | | 391,569 | | | | 4.500%, due 12/01/24 | | | | | 408,393 | | | | | | 0.0 | | |
| | | 288,084 | | | | 4.500%, due 01/01/25 | | | | | 309,315 | | | | | | 0.0 | | |
| | | 386,900 | | | | 4.500%, due 01/01/25 | | | | | 413,653 | | | | | | 0.0 | | |
| | | 5,936 | | | | 4.500%, due 01/01/25 | | | | | 6,374 | | | | | | 0.0 | | |
| | | 866,347 | | | | 4.500%, due 05/01/25 | | | | | 930,219 | | | | | | 0.0 | | |
| | | 54,333 | | | | 4.500%, due 08/01/25 | | | | | 56,670 | | | | | | 0.0 | | |
| | | 984,232 | | | | 4.500%, due 01/01/26 | | | | | 1,053,891 | | | | | | 0.0 | | |
| | | 404,255 | | | | 4.500%, due 04/01/26 | | | | | 426,509 | | | | | | 0.0 | | |
| | | 8,450 | | | | 4.500%, due 06/01/34 | | | | | 9,145 | | | | | | 0.0 | | |
| | | 46,665 | | | | 4.500%, due 05/01/35 | | | | | 50,902 | | | | | | 0.0 | | |
| | | 4,140 | | | | 4.500%, due 03/01/38 | | | | | 4,488 | | | | | | 0.0 | | |
| | | 14,180 | | | | 4.500%, due 05/01/38 | | | | | 15,337 | | | | | | 0.0 | | |
| | | 2,818 | | | | 4.500%, due 05/01/38 | | | | | 3,048 | | | | | | 0.0 | | |
| | | 32,897 | | | | 4.500%, due 06/01/38 | | | | | 35,692 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 10,064 | | | | 4.500%, due 07/01/38 | | | | $ | 10,885 | | | | | | 0.0 | | |
| | | 26,586 | | | | 4.500%, due 07/01/38 | | | | | 28,755 | | | | | | 0.0 | | |
| | | 39,532 | | | | 4.500%, due 09/01/38 | | | | | 42,757 | | | | | | 0.0 | | |
| | | 1,239,304 | | | | 4.500%, due 03/01/39 | | | | | 1,342,816 | | | | | | 0.1 | | |
| | | 51,731 | | | | 4.500%, due 04/01/39 | | | | | 55,978 | | | | | | 0.0 | | |
| | | 73,188 | | | | 4.500%, due 04/01/39 | | | | | 79,235 | | | | | | 0.0 | | |
| | | 0 | | | | 4.500%, due 06/01/39 | | | | | — | | | | | | — | | |
| | | 1,693,182 | | | | 4.500%, due 07/01/39 | | | | | 1,833,115 | | | | | | 0.1 | | |
| | | 0 | | | | 4.500%, due 07/01/39 | | | | | — | | | | | | — | | |
| | | 2,534,216 | | | | 4.500%, due 07/01/39 | | | | | 2,767,099 | | | | | | 0.1 | | |
| | | 3,806,285 | | | | 4.500%, due 09/01/39 | | | | | 4,125,977 | | | | | | 0.1 | | |
| | | 2,401,737 | | | | 4.500%, due 10/01/39 | | | | | 2,601,684 | | | | | | 0.1 | | |
| | | 1,175,688 | | | | 4.500%, due 12/01/39 | | | | | 1,274,488 | | | | | | 0.0 | | |
| | | 848,885 | | | | 4.500%, due 12/01/39 | | | | | 920,445 | | | | | | 0.0 | | |
| | | 950,165 | | | | 4.500%, due 12/01/39 | | | | | 1,029,671 | | | | | | 0.0 | | |
| | | 524,158 | | | | 4.500%, due 03/01/40 | | | | | 568,129 | | | | | | 0.0 | | |
| | | 0 | | | | 4.500%, due 09/01/40 | | | | | — | | | | | | — | | |
| | | 821,432 | | | | 4.500%, due 10/01/40 | | | | | 890,175 | | | | | | 0.0 | | |
| | | 643,988 | | | | 4.500%, due 10/01/40 | | | | | 698,251 | | | | | | 0.0 | | |
| | | 651,822 | | | | 4.500%, due 10/01/40 | | | | | 706,890 | | | | | | 0.0 | | |
| | | 1,722,592 | | | | 4.500%, due 03/01/41 | | | | | 1,868,206 | | | | | | 0.1 | | |
| | | 1,864,550 | | | | 4.500%, due 04/01/41 | | | | | 2,016,658 | | | | | | 0.1 | | |
| | | 703,910 | | | | 4.500%, due 06/01/41 | | | | | 762,934 | | | | | | 0.0 | | |
| | | 630,025 | | | | 4.500%, due 06/01/41 | | | | | 682,519 | | | | | | 0.0 | | |
| | | 6,109,456 | | | | 4.500%, due 06/01/41 | | | | | 6,628,364 | | | | | | 0.2 | | |
| | | 674,916 | | | | 4.500%, due 06/01/41 | | | | | 732,219 | | | | | | 0.0 | | |
| | | 407,326 | | | | 4.500%, due 07/01/41 | | | | | 442,172 | | | | | | 0.0 | | |
| | | 290,640 | | | | 4.500%, due 07/01/41 | | | | | 315,042 | | | | | | 0.0 | | |
| | | 10,173,471 | | | | 4.500%, due 07/01/41 | | | | | 11,046,157 | | | | | | 0.3 | | |
| | | 2,808,322 | | | | 4.500%, due 08/01/41 | | | | | 3,047,359 | | | | | | 0.1 | | |
| | | 3,040,487 | | | | 4.500%, due 08/01/41 | | | | | 3,296,158 | | | | | | 0.1 | | |
| | | 607,335 | | | | 4.500%, due 08/01/41 | | | | | 658,834 | | | | | | 0.0 | | |
| | | 6,004 | | | | 5.000%, due 04/01/16 | | | | | 6,288 | | | | | | 0.0 | | |
| | | 61,572 | | | | 5.000%, due 01/01/18 | | | | | 64,489 | | | | | | 0.0 | | |
| | | 139,698 | | | | 5.000%, due 01/01/18 | | | | | 146,314 | | | | | | 0.0 | | |
| | | 124,137 | | | | 5.000%, due 02/01/18 | | | | | 130,016 | | | | | | 0.0 | | |
| | | 24,326 | | | | 5.000%, due 04/01/18 | | | | | 25,478 | | | | | | 0.0 | | |
| | | 1,716 | | | | 5.000%, due 02/01/20 | | | | | 1,841 | | | | | | 0.0 | | |
| | | 3,174 | | | | 5.000%, due 06/01/21 | | | | | 3,361 | | | | | | 0.0 | | |
| | | 22,308 | | | | 5.000%, due 11/01/21 | | | | | 23,619 | | | | | | 0.0 | | |
| | | 39,811 | | | | 5.000%, due 01/01/22 | | | | | 42,358 | | | | | | 0.0 | | |
| | | 2,219 | | | | 5.000%, due 02/01/22 | | | | | 2,386 | | | | | | 0.0 | | |
| | | 3,672 | | | | 5.000%, due 04/01/22 | | | | | 3,846 | | | | | | 0.0 | | |
| | | 541 | | | | 5.000%, due 06/01/22 | | | | | 567 | | | | | | 0.0 | | |
| | | 47,795 | | | | 5.000%, due 06/01/22 | | | | | 51,613 | | | | | | 0.0 | | |
| | | 6,847 | | | | 5.000%, due 06/01/22 | | | | | 7,281 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
138
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 85,497 | | | | 5.000%, due 06/01/22 | | | | $ | 92,563 | | | | | | 0.0 | | |
| | | 45,522 | | | | 5.000%, due 07/01/22 | | | | | 48,419 | | | | | | 0.0 | | |
| | | 1,341 | | | | 5.000%, due 07/01/22 | | | | | 1,404 | | | | | | 0.0 | | |
| | | 44,097 | | | | 5.000%, due 08/01/22 | | | | | 46,185 | | | | | | 0.0 | | |
| | | 14,692 | | | | 5.000%, due 09/01/22 | | | | | 15,388 | | | | | | 0.0 | | |
| | | 54,894 | | | | 5.000%, due 12/01/22 | | | | | 57,494 | | | | | | 0.0 | | |
| | | 2,697 | | | | 5.000%, due 01/01/23 | | | | | 2,911 | | | | | | 0.0 | | |
| | | 47,096 | | | | 5.000%, due 01/01/23 | | | | | 50,829 | | | | | | 0.0 | | |
| | | 449,690 | | | | 5.000%, due 02/01/23 | | | | | 488,108 | | | | | | 0.0 | | |
| | | 1,807 | | | | 5.000%, due 02/01/23 | | | | | 1,951 | | | | | | 0.0 | | |
| | | 133,876 | | | | 5.000%, due 02/01/23 | | | | | 145,269 | | | | | | 0.0 | | |
| | | 2,207 | | | | 5.000%, due 03/01/23 | | | | | 2,342 | | | | | | 0.0 | | |
| | | 66,255 | | | | 5.000%, due 03/01/23 | | | | | 71,904 | | | | | | 0.0 | | |
| | | 135,504 | | | | 5.000%, due 03/01/23 | | | | | 145,976 | | | | | | 0.0 | | |
| | | 23,864 | | | | 5.000%, due 03/01/23 | | | | | 24,994 | | | | | | 0.0 | | |
| | | 16,732 | | | | 5.000%, due 03/01/23 | | | | | 18,154 | | | | | | 0.0 | | |
| | | 18,266 | | | | 5.000%, due 04/01/23 | | | | | 19,791 | | | | | | 0.0 | | |
| | | 71,438 | | | | 5.000%, due 04/01/23 | | | | | 77,457 | | | | | | 0.0 | | |
| | | 13,886 | | | | 5.000%, due 04/01/23 | | | | | 14,544 | | | | | | 0.0 | | |
| | | 59,023 | | | | 5.000%, due 04/01/23 | | | | | 61,818 | | | | | | 0.0 | | |
| | | 10,955 | | | | 5.000%, due 05/01/23 | | | | | 11,842 | | | | | | 0.0 | | |
| | | 25,365 | | | | 5.000%, due 05/01/23 | | | | | 27,507 | | | | | | 0.0 | | |
| | | 28,892 | | | | 5.000%, due 05/01/23 | | | | | 31,272 | | | | | | 0.0 | | |
| | | 30,393 | | | | 5.000%, due 06/01/23 | | | | | 32,896 | | | | | | 0.0 | | |
| | | 24,636 | | | | 5.000%, due 06/01/23 | | | | | 26,335 | | | | | | 0.0 | | |
| | | 9,749 | | | | 5.000%, due 06/01/23 | | | | | 10,210 | | | | | | 0.0 | | |
| | | 119,240 | | | | 5.000%, due 06/01/23 | | | | | 124,888 | | | | | | 0.0 | | |
| | | 58,652 | | | | 5.000%, due 06/01/23 | | | | | 62,882 | | | | | | 0.0 | | |
| | | 588,777 | | | | 5.000%, due 07/01/23 | | | | | 636,632 | | | | | | 0.0 | | |
| | | 211,973 | | | | 5.000%, due 08/01/23 | | | | | 230,081 | | | | | | 0.0 | | |
| | | 900 | | | | 5.000%, due 09/01/23 | | | | | 972 | | | | | | 0.0 | | |
| | | 26,491 | | | | 5.000%, due 02/01/24 | | | | | 28,713 | | | | | | 0.0 | | |
| | | 205,428 | | | | 5.000%, due 03/01/24 | | | | | 223,565 | | | | | | 0.0 | | |
| | | 66,055 | | | | 5.000%, due 04/01/24 | | | | | 69,183 | | | | | | 0.0 | | |
| | | 27,964 | | | | 5.000%, due 04/01/24 | | | | | 30,215 | | | | | | 0.0 | | |
| | | 121,107 | | | | 5.000%, due 05/01/24 | | | | | 129,930 | | | | | | 0.0 | | |
| | | 188,766 | | | | 5.000%, due 06/01/24 | | | | | 202,497 | | | | | | 0.0 | | |
| | | 796,278 | | | | 5.000%, due 08/01/24 | | | | | 865,123 | | | | | | 0.0 | | |
| | | 323,727 | | | | 5.000%, due 07/01/33 | | | | | 357,965 | | | | | | 0.0 | | |
| | | 126,485 | | | | 5.000%, due 02/01/34 | | | | | 139,761 | | | | | | 0.0 | | |
| | | 67,486 | | | | 5.000%, due 11/01/34 | | | | | 74,635 | | | | | | 0.0 | | |
| | | 4,657,430 | | | | 5.000%, due 02/01/35 | | | | | 5,164,458 | | | | | | 0.2 | | |
| | | 889,494 | | | | 5.000%, due 06/01/35 | | | | | 986,819 | | | | | | 0.0 | | |
| | | 56,023 | | | | 5.000%, due 08/01/35 | | | | | 61,961 | | | | | | 0.0 | | |
| | | 661,177 | | | | 5.000%, due 09/01/35 | | | | | 731,036 | | | | | | 0.0 | | |
| | | 1,129,640 | | | | 5.000%, due 09/01/35 | | | | | 1,249,039 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 279,463 | | | | 5.000%, due 09/01/35 | | | | $ | 308,929 | | | | | | 0.0 | | |
| | | 86,807 | | | | 5.000%, due 10/01/35 | | | | | 96,071 | | | | | | 0.0 | | |
| | | 1,040,348 | | | | 5.000%, due 03/01/36 | | | | | 1,150,395 | | | | | | 0.0 | | |
| | | 1,331,303 | | | | 5.000%, due 03/01/36 | | | | | 1,471,178 | | | | | | 0.1 | | |
| | | 336,646 | | | | 5.000%, due 04/01/36 | | | | | 372,212 | | | | | | 0.0 | | |
| | | 11,350 | | | | 5.000%, due 05/01/36 | | | | | 12,557 | | | | | | 0.0 | | |
| | | 949,355 | | | | 5.000%, due 05/01/36 | | | | | 1,049,209 | | | | | | 0.0 | | |
| | | 172,709 | | | | 5.000%, due 06/01/36 | | | | | 191,130 | | | | | | 0.0 | | |
| | | 141,961 | | | | 5.000%, due 12/01/36 | | | | | 157,110 | | | | | | 0.0 | | |
| | | 1,835,165 | | | | 5.000%, due 12/01/36 | | | | | 2,030,975 | | | | | | 0.1 | | |
| | | 423,932 | | | | 5.000%, due 07/01/37 | | | | | 468,948 | | | | | | 0.0 | | |
| | | 378,236 | | | | 5.000%, due 01/01/38 | | | | | 419,203 | | | | | | 0.0 | | |
| | | 1,390,221 | | | | 5.000%, due 02/01/38 | | | | | 1,537,163 | | | | | | 0.1 | | |
| | | 669,827 | | | | 5.000%, due 02/01/38 | | | | | 740,739 | | | | | | 0.0 | | |
| | | 922,789 | | | | 5.000%, due 08/01/38 | | | | | 1,020,860 | | | | | | 0.0 | | |
| | | 234,586 | | | | 5.000%, due 07/01/40 | | | | | 260,545 | | | | | | 0.0 | | |
| | | 663,261 | | | | 5.000%, due 07/01/40 | | | | | 732,835 | | | | | | 0.0 | | |
| | | 11,310,000 | | | | 5.375%, due 06/12/17 | | | | | 12,320,277 | | | | | | 0.3 | | |
| | | 1,270 | | | | 5.500%, due 04/01/16 | | | | | 1,272 | | | | | | 0.0 | | |
| | | 36,035 | | | | 5.500%, due 11/01/16 | | | | | 36,874 | | | | | | 0.0 | | |
| | | 7,536 | | | | 5.500%, due 01/01/17 | | | | | 7,708 | | | | | | 0.0 | | |
| | | 16,232 | | | | 5.500%, due 01/01/17 | | | | | 16,638 | | | | | | 0.0 | | |
| | | 27,258 | | | | 5.500%, due 02/01/17 | | | | | 28,005 | | | | | | 0.0 | | |
| | | 41,304 | | | | 5.500%, due 10/01/17 | | | | | 42,713 | | | | | | 0.0 | | |
| | | 76,499 | | | | 5.500%, due 11/01/17 | | | | | 79,267 | | | | | | 0.0 | | |
| | | 14,276 | | | | 5.500%, due 11/01/17 | | | | | 14,711 | | | | | | 0.0 | | |
| | | 12 | | | | 5.500%, due 02/01/18 | | | | | 12 | | | | | | 0.0 | | |
| | | 17,741 | | | | 5.500%, due 09/01/18 | | | | | 18,634 | | | | | | 0.0 | | |
| | | 43,935 | | | | 5.500%, due 07/01/20 | | | | | 45,422 | | | | | | 0.0 | | |
| | | 2,179 | | | | 5.500%, due 04/01/21 | | | | | 2,365 | | | | | | 0.0 | | |
| | | 12,721 | | | | 5.500%, due 10/01/21 | | | | | 13,414 | | | | | | 0.0 | | |
| | | 435,043 | | | | 5.500%, due 11/01/21 | | | | | 467,058 | | | | | | 0.0 | | |
| | | 6,510 | | | | 5.500%, due 11/01/21 | | | | | 6,869 | | | | | | 0.0 | | |
| | | 132,832 | | | | 5.500%, due 11/01/21 | | | | | 144,343 | | | | | | 0.0 | | |
| | | 322,999 | | | | 5.500%, due 12/01/21 | | | | | 347,274 | | | | | | 0.0 | | |
| | | 327,161 | | | | 5.500%, due 12/01/21 | | | | | 353,486 | | | | | | 0.0 | | |
| | | 134,288 | | | | 5.500%, due 12/01/21 | | | | | 143,371 | | | | | | 0.0 | | |
| | | 9,539 | | | | 5.500%, due 01/01/22 | | | | | 10,302 | | | | | | 0.0 | | |
| | | 65,010 | | | | 5.500%, due 01/01/22 | | | | | 68,998 | | | | | | 0.0 | | |
| | | 11,085 | | | | 5.500%, due 01/01/22 | | | | | 11,902 | | | | | | 0.0 | | |
| | | 64,127 | | | | 5.500%, due 02/01/22 | | | | | 70,241 | | | | | | 0.0 | | |
| | | 3,525 | | | | 5.500%, due 04/01/22 | | | | | 3,760 | | | | | | 0.0 | | |
| | | 52,148 | | | | 5.500%, due 06/01/22 | | | | | 56,739 | | | | | | 0.0 | | |
| | | 42,433 | | | | 5.500%, due 06/01/22 | | | | | 45,121 | | | | | | 0.0 | | |
| | | 2,620 | | | | 5.500%, due 07/01/22 | | | | | 2,723 | | | | | | 0.0 | | |
| | | 69,422 | | | | 5.500%, due 07/01/22 | | | | | 75,955 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
139
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 6,399 | | | | 5.500%, due 07/01/22 | | | | $ | 7,012 | | | | | | 0.0 | | |
| | | 6,229 | | | | 5.500%, due 08/01/22 | | | | | 6,647 | | | | | | 0.0 | | |
| | | 26,984 | | | | 5.500%, due 09/01/22 | | | | | 29,077 | | | | | | 0.0 | | |
| | | 130,006 | | | | 5.500%, due 09/01/22 | | | | | 143,162 | | | | | | 0.0 | | |
| | | 131,644 | | | | 5.500%, due 11/01/22 | | | | | 140,988 | | | | | | 0.0 | | |
| | | 9,985 | | | | 5.500%, due 01/01/23 | | | | | 10,385 | | | | | | 0.0 | | |
| | | 17,710 | | | | 5.500%, due 01/01/23 | | | | | 19,150 | | | | | | 0.0 | | |
| | | 17,559 | | | | 5.500%, due 02/01/23 | | | | | 19,059 | | | | | | 0.0 | | |
| | | 17,233 | | | | 5.500%, due 03/01/23 | | | | | 18,695 | | | | | | 0.0 | | |
| | | 9,572 | | | | 5.500%, due 04/01/23 | | | | | 10,454 | | | | | | 0.0 | | |
| | | 27,776 | | | | 5.500%, due 06/01/23 | | | | | 29,853 | | | | | | 0.0 | | |
| | | 15,050 | | | | 5.500%, due 08/01/23 | | | | | 16,615 | | | | | | 0.0 | | |
| | | 74,754 | | | | 5.500%, due 08/01/23 | | | | | 80,868 | | | | | | 0.0 | | |
| | | 33,046 | | | | 5.500%, due 08/01/23 | | | | | 36,410 | | | | | | 0.0 | | |
| | | 4,862 | | | | 5.500%, due 08/01/23 | | | | | 5,241 | | | | | | 0.0 | | |
| | | 89,006 | | | | 5.500%, due 09/01/23 | | | | | 97,820 | | | | | | 0.0 | | |
| | | 30,258 | | | | 5.500%, due 10/01/23 | | | | | 32,506 | | | | | | 0.0 | | |
| | | 178,048 | | | | 5.500%, due 11/01/23 | | | | | 195,996 | | | | | | 0.0 | | |
| | | 8,061 | | | | 5.500%, due 11/01/23 | | | | | 8,698 | | | | | | 0.0 | | |
| | | 7,269 | | | | 5.500%, due 11/01/23 | | | | | 7,886 | | | | | | 0.0 | | |
| | | 202,802 | | | | 5.500%, due 02/01/24 | | | | | 223,168 | | | | | | 0.0 | | |
| | | 2,928 | | | | 5.500%, due 03/01/24 | | | | | 3,028 | | | | | | 0.0 | | |
| | | 119,758 | | | | 5.500%, due 07/01/24 | | | | | 127,902 | | | | | | 0.0 | | |
| | | 14,610 | | | | 5.500%, due 07/01/24 | | | | | 16,075 | | | | | | 0.0 | | |
| | | 241,436 | | | | 5.500%, due 05/01/25 | | | | | 253,276 | | | | | | 0.0 | | |
| | | 146,514 | | | | 5.500%, due 08/01/25 | | | | | 160,117 | | | | | | 0.0 | | |
| | | 7,026 | | | | 5.500%, due 07/01/27 | | | | | 7,884 | | | | | | 0.0 | | |
| | | 1,662 | | | | 5.500%, due 08/01/27 | | | | | 1,864 | | | | | | 0.0 | | |
| | | 230,198 | | | | 5.500%, due 03/01/34 | | | | | 258,755 | | | | | | 0.0 | | |
| | | 298,483 | | | | 5.500%, due 04/01/34 | | | | | 336,829 | | | | | | 0.0 | | |
| | | 110,678 | | | | 5.500%, due 11/01/34 | | | | | 124,845 | | | | | | 0.0 | | |
| | | 100,111 | | | | 5.500%, due 12/01/34 | | | | | 112,814 | | | | | | 0.0 | | |
| | | 1,405,225 | | | | 5.500%, due 02/01/35 | | | | | 1,583,381 | | | | | | 0.1 | | |
| | | 179,833 | | | | 5.500%, due 05/01/35 | | | | | 202,414 | | | | | | 0.0 | | |
| | | 1,473,363 | | | | 5.500%, due 09/01/35 | | | | | 1,655,787 | | | | | | 0.1 | | |
| | | 219,192 | | | | 5.500%, due 09/01/35 | | | | | 246,645 | | | | | | 0.0 | | |
| | | 285,538 | | | | 5.500%, due 04/01/36 | | | | | 320,408 | | | | | | 0.0 | | |
| | | 235,885 | | | | 5.500%, due 04/01/36 | | | | | 265,181 | | | | | | 0.0 | | |
| | | 65,021 | | | | 5.500%, due 05/01/36 | | | | | 73,082 | | | | | | 0.0 | | |
| | | 226,579 | | | | 5.500%, due 06/01/36 | | | | | 254,564 | | | | | | 0.0 | | |
| | | 675,142 | | | | 5.500%, due 07/01/36 | | | | | 760,968 | | | | | | 0.0 | | |
| | | 405,861 | | | | 5.500%, due 11/01/36 | | | | | 455,888 | | | | | | 0.0 | | |
| | | 1,426,139 | | | | 5.500%, due 12/01/36 | | | | | 1,602,376 | | | | | | 0.1 | | |
| | | 117,804 | | | | 5.500%, due 12/01/36 | | | | | 132,567 | | | | | | 0.0 | | |
| | | 597,462 | | | | 5.500%, due 12/01/36 | | | | | 670,216 | | | | | | 0.0 | | |
| | | 197,604 | | | | 5.500%, due 01/01/37 | | | | | 222,432 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 174,542 | | | | 5.500%, due 03/01/37 | | | | $ | 196,014 | | | | | | 0.0 | | |
| | | 1,801,703 | | | | 5.500%, due 03/01/37 | | | | | 2,022,740 | | | | | | 0.1 | | |
| | | 873,898 | | | | 5.500%, due 03/01/37 | | | | | 980,731 | | | | | | 0.0 | | |
| | | 762,316 | | | | 5.500%, due 08/01/37 | | | | | 858,050 | | | | | | 0.0 | | |
| | | 2,172 | | | | 5.500%, due 01/01/38 | | | | | 2,436 | | | | | | 0.0 | | |
| | | 3,113 | | | | 5.500%, due 01/01/38 | | | | | 3,492 | | | | | | 0.0 | | |
| | | 8,860 | | | | 5.500%, due 01/01/38 | | | | | 9,943 | | | | | | 0.0 | | |
| | | 32,081 | | | | 5.500%, due 03/01/38 | | | | | 35,993 | | | | | | 0.0 | | |
| | | 68,468 | | | | 5.500%, due 05/01/38 | | | | | 76,805 | | | | | | 0.0 | | |
| | | 123,095 | | | | 5.500%, due 06/01/38 | | | | | 138,084 | | | | | | 0.0 | | |
| | | 597,973 | | | | 5.500%, due 06/01/38 | | | | | 670,936 | | | | | | 0.0 | | |
| | | 3,074,375 | | | | 5.500%, due 09/01/38 | | | | | 3,450,719 | | | | | | 0.1 | | |
| | | 782,368 | | | | 5.500%, due 12/01/38 | | | | | 878,268 | | | | | | 0.0 | | |
| | | 214,372 | | | | 5.500%, due 06/01/39 | | | | | 240,477 | | | | | | 0.0 | | |
| | | 83,191 | | | | 5.500%, due 04/01/40 | | | | | 94,914 | | | | | | 0.0 | | |
| | | 161,016 | | | | 5.500%, due 05/01/40 | | | | | 180,916 | | | | | | 0.0 | | |
| | | 264,372 | | | | 5.500%, due 06/01/40 | | | | | 297,075 | | | | | | 0.0 | | |
| | | 21,871 | | | | 5.500%, due 07/01/40 | | | | | 24,575 | | | | | | 0.0 | | |
| | | 21,499 | | | | 5.700%, due 07/01/36 | | | | | 24,073 | | | | | | 0.0 | | |
| | | 174,587 | | | | 5.700%, due 07/01/36 | | | | | 197,575 | | | | | | 0.0 | | |
| | | 78,645 | | | | 6.000%, due 10/01/18 | | | | | 83,296 | | | | | | 0.0 | | |
| | | 27,865 | | | | 6.000%, due 01/01/34 | | | | | 31,878 | | | | | | 0.0 | | |
| | | 6,987 | | | | 6.000%, due 07/01/34 | | | | | 7,984 | | | | | | 0.0 | | |
| | | 134,462 | | | | 6.000%, due 12/01/34 | | | | | 153,349 | | | | | | 0.0 | | |
| | | 135,508 | | | | 6.000%, due 05/01/35 | | | | | 155,005 | | | | | | 0.0 | | |
| | | 115,163 | | | | 6.000%, due 01/01/36 | | | | | 132,123 | | | | | | 0.0 | | |
| | | 209,737 | | | | 6.000%, due 01/01/36 | | | | | 238,132 | | | | | | 0.0 | | |
| | | 58,788 | | | | 6.000%, due 02/01/36 | | | | | 66,902 | | | | | | 0.0 | | |
| | | 31,291 | | | | 6.000%, due 03/01/36 | | | | | 35,715 | | | | | | 0.0 | | |
| | | 67,578 | | | | 6.000%, due 03/01/36 | | | | | 76,950 | | | | | | 0.0 | | |
| | | 72,506 | | | | 6.000%, due 04/01/36 | | | | | 82,571 | | | | | | 0.0 | | |
| | | 35,916 | | | | 6.000%, due 04/01/36 | | | | | 41,070 | | | | | | 0.0 | | |
| | | 915,000 | | | | 6.000%, due 04/18/36 | | | | | 954,498 | | | | | | 0.0 | | |
| | | 160,763 | | | | 6.000%, due 05/01/36 | | | | | 183,227 | | | | | | 0.0 | | |
| | | 1,210 | | | | 6.000%, due 06/01/36 | | | | | 1,377 | | | | | | 0.0 | | |
| | | 28,678 | | | | 6.000%, due 08/01/36 | | | | | 32,659 | | | | | | 0.0 | | |
| | | 5,652 | | | | 6.000%, due 08/01/36 | | | | | 6,411 | | | | | | 0.0 | | |
| | | 79,677 | | | | 6.000%, due 09/01/36 | | | | | 90,386 | | | | | | 0.0 | | |
| | | 156,830 | | | | 6.000%, due 09/01/36 | | | | | 178,547 | | | | | | 0.0 | | |
| | | 149,383 | | | | 6.000%, due 09/01/36 | | | | | 169,545 | | | | | | 0.0 | | |
| | | 62,027 | | | | 6.000%, due 09/01/36 | | | | | 70,518 | | | | | | 0.0 | | |
| | | 34,457 | | | | 6.000%, due 10/01/36 | | | | | 39,089 | | | | | | 0.0 | | |
| | | 43,452 | | | | 6.000%, due 10/01/36 | | | | | 49,292 | | | | | | 0.0 | | |
| | | 256,786 | | | | 6.000%, due 12/01/36 | | | | | 291,432 | | | | | | 0.0 | | |
| | | 945,585 | | | | 6.000%, due 12/01/36 | | | | | 1,076,688 | | | | | | 0.0 | | |
| | | 80,191 | | | | 6.000%, due 01/01/37 | | | | | 90,970 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
140
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | ��� | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 24,700 | | | | 6.000%, due 02/01/37 | | | | $ | 28,126 | | | | | | 0.0 | | |
| | | 10,808 | | | | 6.000%, due 04/01/37 | | | | | 12,267 | | | | | | 0.0 | | |
| | | 284,104 | | | | 6.000%, due 07/01/37 | | | | | 323,180 | | | | | | 0.0 | | |
| | | 8,206 | | | | 6.000%, due 08/01/37 | | | | | 9,312 | | | | | | 0.0 | | |
| | | 8,469 | | | | 6.000%, due 08/01/37 | | | | | 9,608 | | | | | | 0.0 | | |
| | | 66,852 | | | | 6.000%, due 08/01/37 | | | | | 75,977 | | | | | | 0.0 | | |
| | | 4,428 | | | | 6.000%, due 09/01/37 | | | | | 5,034 | | | | | | 0.0 | | |
| | | 61,867 | | | | 6.000%, due 09/01/37 | | | | | 70,296 | | | | | | 0.0 | | |
| | | 1,569 | | | | 6.000%, due 09/01/37 | | | | | 1,784 | | | | | | 0.0 | | |
| | | 13,313 | | | | 6.000%, due 09/01/37 | | | | | 15,138 | | | | | | 0.0 | | |
| | | 86,077 | | | | 6.000%, due 09/01/37 | | | | | 97,724 | | | | | | 0.0 | | |
| | | 40,769 | | | | 6.000%, due 09/01/37 | | | | | 46,370 | | | | | | 0.0 | | |
| | | 68,388 | | | | 6.000%, due 09/01/37 | | | | | 77,580 | | | | | | 0.0 | | |
| | | 3,998 | | | | 6.000%, due 10/01/37 | | | | | 4,535 | | | | | | 0.0 | | |
| | | 16,729 | | | | 6.000%, due 10/01/37 | | | | | 19,132 | | | | | | 0.0 | | |
| | | 4,278 | | | | 6.000%, due 10/01/37 | | | | | 4,862 | | | | | | 0.0 | | |
| | | 1,421 | | | | 6.000%, due 10/01/37 | | | | | 1,615 | | | | | | 0.0 | | |
| | | 10,508 | | | | 6.000%, due 11/01/37 | | | | | 11,962 | | | | | | 0.0 | | |
| | | 41,368 | | | | 6.000%, due 11/01/37 | | | | | 46,928 | | | | | | 0.0 | | |
| | | 97,082 | | | | 6.000%, due 11/01/37 | | | | | 110,555 | | | | | | 0.0 | | |
| | | 8,016 | | | | 6.000%, due 11/01/37 | | | | | 9,094 | | | | | | 0.0 | | |
| | | 24,709 | | | | 6.000%, due 11/01/37 | | | | | 28,030 | | | | | | 0.0 | | |
| | | 36,577 | | | | 6.000%, due 11/01/37 | | | | | 41,608 | | | | | | 0.0 | | |
| | | 150,127 | | | | 6.000%, due 11/01/37 | | | | | 170,664 | | | | | | 0.0 | | |
| | | 29,364 | | | | 6.000%, due 12/01/37 | | | | | 33,328 | | | | | | 0.0 | | |
| | | 31,087 | | | | 6.000%, due 12/01/37 | | | | | 35,392 | | | | | | 0.0 | | |
| | | 162,021 | | | | 6.000%, due 12/01/37 | | | | | 184,298 | | | | | | 0.0 | | |
| | | 75,954 | | | | 6.000%, due 12/01/37 | | | | | 86,211 | | | | | | 0.0 | | |
| | | 42,320 | | | | 6.000%, due 01/01/38 | | | | | 48,103 | | | | | | 0.0 | | |
| | | 61,059 | | | | 6.000%, due 01/01/38 | | | | | 69,297 | | | | | | 0.0 | | |
| | | 5,771 | | | | 6.000%, due 01/01/38 | | | | | 6,547 | | | | | | 0.0 | | |
| | | 212,596 | | | | 6.000%, due 02/01/38 | | | | | 241,731 | | | | | | 0.0 | | |
| | | 1,703 | | | | 6.000%, due 02/01/38 | | | | | 1,932 | | | | | | 0.0 | | |
| | | 138,510 | | | | 6.000%, due 03/01/38 | | | | | 157,127 | | | | | | 0.0 | | |
| | | 13,563 | | | | 6.000%, due 03/01/38 | | | | | 15,388 | | | | | | 0.0 | | |
| | | 918,206 | | | | 6.000%, due 04/01/38 | | | | | 1,045,446 | | | | | | 0.0 | | |
| | | 61,669 | | | | 6.000%, due 04/01/38 | | | | | 69,990 | | | | | | 0.0 | | |
| | | 98,825 | | | | 6.000%, due 05/01/38 | | | | | 112,431 | | | | | | 0.0 | | |
| | | 74,976 | | | | 6.000%, due 05/01/38 | | | | | 85,201 | | | | | | 0.0 | | |
| | | 5,179 | | | | 6.000%, due 06/01/38 | | | | | 5,878 | | | | | | 0.0 | | |
| | | 32,521 | | | | 6.000%, due 07/01/38 | | | | | 36,950 | | | | | | 0.0 | | |
| | | 122,968 | | | | 6.000%, due 07/01/38 | | | | | 139,661 | | | | | | 0.0 | | |
| | | 2,145 | | | | 6.000%, due 08/01/38 | | | | | 2,433 | | | | | | 0.0 | | |
| | | 7,455 | | | | 6.000%, due 08/01/38 | | | | | 8,484 | | | | | | 0.0 | | |
| | | 230,876 | | | | 6.000%, due 09/01/38 | | | | | 261,907 | | | | | | 0.0 | | |
| | | 41,176 | | | | 6.000%, due 09/01/38 | | | | | 46,732 | | | | | | 0.0 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 40,961 | | | | 6.000%, due 09/01/38 | | | | $ | 46,466 | | | | | | 0.0 | | |
| | | 419,998 | | | | 6.000%, due 10/01/38 | | | | | 476,449 | | | | | | 0.0 | | |
| | | 24,121 | | | | 6.000%, due 10/01/38 | | | | | 27,362 | | | | | | 0.0 | | |
| | | 192,880 | | | | 6.000%, due 10/01/38 | | | | | 218,804 | | | | | | 0.0 | | |
| | | 6,203 | | | | 6.000%, due 10/01/38 | | | | | 7,037 | | | | | | 0.0 | | |
| | | 284,555 | | | | 6.000%, due 10/01/38 | | | | | 323,801 | | | | | | 0.0 | | |
| | | 27,128 | | | | 6.000%, due 05/01/39 | | | | | 30,774 | | | | | | 0.0 | | |
| | | 1,947,662 | �� | | | 6.000%, due 10/01/39 | | | | | 2,217,446 | | | | | | 0.1 | | |
| | | 50,162 | | | | 6.000%, due 11/01/39 | | | | | 56,928 | | | | | | 0.0 | | |
| | | 30,798 | | | | 6.500%, due 04/01/28 | | | | | 35,394 | | | | | | 0.0 | | |
| | | 1,438 | | | | 6.500%, due 04/01/30 | | | | | 1,653 | | | | | | 0.0 | | |
| | | 24,822 | | | | 6.500%, due 08/01/32 | | | | | 28,528 | | | | | | 0.0 | | |
| | | 120,561 | | | | 6.500%, due 02/01/34 | | | | | 138,570 | | | | | | 0.0 | | |
| | | 12,726 | | | | 6.500%, due 11/01/34 | | | | | 15,000 | | | | | | 0.0 | | |
| | | 53,693 | | | | 6.500%, due 01/01/36 | | | | | 64,031 | | | | | | 0.0 | | |
| | | 69,816 | | | | 6.500%, due 03/01/36 | | | | | 83,844 | | | | | | 0.0 | | |
| | | 201,068 | | | | 6.500%, due 04/01/36 | | | | | 232,161 | | | | | | 0.0 | | |
| | | 4,058 | | | | 6.500%, due 05/01/36 | | | | | 4,664 | | | | | | 0.0 | | |
| | | 16,936 | | | | 6.500%, due 06/01/36 | | | | | 19,467 | | | | | | 0.0 | | |
| | | 8,233 | | | | 6.500%, due 07/01/36 | | | | | 9,461 | | | | | | 0.0 | | |
| | | 26,065 | | | | 6.500%, due 07/01/36 | | | | | 30,124 | | | | | | 0.0 | | |
| | | 4,021 | | | | 6.500%, due 07/01/36 | | | | | 4,621 | | | | | | 0.0 | | |
| | | 283,368 | | | | 6.500%, due 07/01/36 | | | | | 325,712 | | | | | | 0.0 | | |
| | | 64,160 | | | | 6.500%, due 07/01/36 | | | | | 73,737 | | | | | | 0.0 | | |
| | | 172,632 | | | | 6.500%, due 07/01/36 | | | | | 204,755 | | | | | | 0.0 | | |
| | | 4,424 | | | | 6.500%, due 08/01/36 | | | | | 5,085 | | | | | | 0.0 | | |
| | | 9,568 | | | | 6.500%, due 08/01/36 | | | | | 10,997 | | | | | | 0.0 | | |
| | | 3,410,351 | | | | 6.500%, due 08/25/36 | | | | | 3,919,281 | | | | | | 0.1 | | |
| | | 3,472 | | | | 6.500%, due 09/01/36 | | | | | 4,008 | | | | | | 0.0 | | |
| | | 32,053 | | | | 6.500%, due 09/01/36 | | | | | 37,927 | | | | | | 0.0 | | |
| | | 333,252 | | | | 6.500%, due 09/01/36 | | | | | 385,164 | | | | | | 0.0 | | |
| | | 18,068 | | | | 6.500%, due 09/01/36 | | | | | 20,767 | | | | | | 0.0 | | |
| | | 5,176 | | | | 6.500%, due 11/01/36 | | | | | 5,949 | | | | | | 0.0 | | |
| | | 10,917 | | | | 6.500%, due 11/01/36 | | | | | 12,547 | | | | | | 0.0 | | |
| | | 381 | | | | 6.500%, due 11/01/36 | | | | | 437 | | | | | | 0.0 | | |
| | | 6,845 | | | | 6.500%, due 12/01/36 | | | | | 7,936 | | | | | | 0.0 | | |
| | | 14,904 | | | | 6.500%, due 12/01/36 | | | | | 17,131 | | | | | | 0.0 | | |
| | | 7,148 | | | | 6.500%, due 12/01/36 | | | | | 8,216 | | | | | | 0.0 | | |
| | | 1,148 | | | | 6.500%, due 01/01/37 | | | | | 1,320 | | | | | | 0.0 | | |
| | | 128,868 | | | | 6.500%, due 01/01/37 | | | | | 151,358 | | | | | | 0.0 | | |
| | | 63,208 | | | | 6.500%, due 01/01/37 | | | | | 72,655 | | | | | | 0.0 | | |
| | | 42,214 | | | | 6.500%, due 01/01/37 | | | | | 48,503 | | | | | | 0.0 | | |
| | | 54,637 | | | | 6.500%, due 02/01/37 | | | | | 62,785 | | | | | | 0.0 | | |
| | | 133,969 | | | | 6.500%, due 03/01/37 | | | | | 158,939 | | | | | | 0.0 | | |
| | | 210,902 | | | | 6.500%, due 03/01/37 | | | | | 252,786 | | | | | | 0.0 | | |
| | | 20,099 | | | | 6.500%, due 03/01/37 | | | | | 23,097 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
141
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | | 175 | | | | 6.500%, due 03/01/37 | | | | $ | 202 | | | | | | 0.0 | | |
| | | 22,862 | | | | 6.500%, due 03/01/37 | | | | | 26,277 | | | | | | 0.0 | | |
| | | 161,475 | | | | 6.500%, due 04/01/37 | | | | | 185,600 | | | | | | 0.0 | | |
| | | 9,508 | | | | 6.500%, due 04/01/37 | | | | | 10,927 | | | | | | 0.0 | | |
| | | 1,701 | | | | 6.500%, due 04/01/37 | | | | | 1,955 | | | | | | 0.0 | | |
| | | 2,935 | | | | 6.500%, due 07/01/37 | | | | | 3,372 | | | | | | 0.0 | | |
| | | 10,118 | | | | 6.500%, due 08/01/37 | | | | | 11,919 | | | | | | 0.0 | | |
| | | 10,926 | | | | 6.500%, due 08/01/37 | | | | | 12,610 | | | | | | 0.0 | | |
| | | 7,352 | | | | 6.500%, due 08/01/37 | | | | | 8,448 | | | | | | 0.0 | | |
| | | 20,149 | | | | 6.500%, due 09/01/37 | | | | | 23,158 | | | | | | 0.0 | | |
| | | 262,560 | | | | 6.500%, due 09/01/37 | | | | | 301,739 | | | | | | 0.0 | | |
| | | 1,138 | | | | 6.500%, due 09/01/37 | | | | | 1,308 | | | | | | 0.0 | | |
| | | 3,204 | | | | 6.500%, due 09/01/37 | | | | | 3,683 | | | | | | 0.0 | | |
| | | 6,725 | | | | 6.500%, due 09/01/37 | | | | | 7,747 | | | | | | 0.0 | | |
| | | 186,974 | | | | 6.500%, due 09/01/37 | | | | | 214,908 | | | | | | 0.0 | | |
| | | 4,092 | | | | 6.500%, due 09/01/37 | | | | | 4,779 | | | | | | 0.0 | | |
| | | 44,457 | | | | 6.500%, due 09/01/37 | | | | | 51,096 | | | | | | 0.0 | | |
| | | 3,367 | | | | 6.500%, due 10/01/37 | | | | | 3,869 | | | | | | 0.0 | | |
| | | 18,280 | | | | 6.500%, due 10/01/37 | | | | | 21,078 | | | | | | 0.0 | | |
| | | 55,975 | | | | 6.500%, due 10/01/37 | | | | | 64,325 | | | | | | 0.0 | | |
| | | 7,526 | | | | 6.500%, due 10/01/37 | | | | | 8,659 | | | | | | 0.0 | | |
| | | 89,949 | | | | 6.500%, due 10/01/37 | | | | | 103,386 | | | | | | 0.0 | | |
| | | 304,128 | | | | 6.500%, due 11/01/37 | | | | | 364,393 | | | | | | 0.0 | | |
| | | 48,887 | | | | 6.500%, due 12/01/37 | | | | | 57,337 | | | | | | 0.0 | | |
| | | 1,605 | | | | 6.500%, due 12/01/37 | | | | | 1,845 | | | | | | 0.0 | | |
| | | 1,511 | | | | 6.500%, due 12/01/37 | | | | | 1,737 | | | | | | 0.0 | | |
| | | 37,781 | | | | 6.500%, due 12/01/37 | | | | | 43,443 | | | | | | 0.0 | | |
| | | 3,666 | | | | 6.500%, due 12/01/37 | | | | | 4,214 | | | | | | 0.0 | | |
| | | 10,385 | | | | 6.500%, due 12/01/37 | | | | | 11,937 | | | | | | 0.0 | | |
| | | 3,156 | | | | 6.500%, due 12/01/37 | | | | | 3,628 | | | | | | 0.0 | | |
| | | 244,834 | | | | 6.500%, due 12/01/37 | | | | | 281,307 | | | | | | 0.0 | | |
| | | 55,343 | | | | 6.500%, due 01/01/38 | | | | | 63,607 | | | | | | 0.0 | | |
| | | 37,454 | | | | 6.500%, due 01/01/38 | | | | | 43,047 | | | | | | 0.0 | | |
| | | 1,006 | | | | 6.500%, due 01/01/38 | | | | | 1,156 | | | | | | 0.0 | | |
| | | 1,552 | | | | 6.500%, due 01/01/38 | | | | | 1,784 | | | | | | 0.0 | | |
| | | 659,497 | | | | 6.500%, due 02/01/38 | | | | | 781,712 | | | | | | 0.0 | | |
| | | 117,665 | | | | 6.500%, due 03/01/38 | | | | | 135,265 | | | | | | 0.0 | | |
| | | 161,189 | | | | 6.500%, due 04/01/38 | | | | | 185,271 | | | | | | 0.0 | | |
| | | 18,631 | | | | 6.500%, due 05/01/38 | | | | | 22,098 | | | | | | 0.0 | | |
| | | 1,700 | | | | 6.500%, due 06/01/38 | | | | | 1,954 | | | | | | 0.0 | | |
| | | 385,747 | | | | 6.500%, due 08/01/38 | | | | | 443,201 | | | | | | 0.0 | | |
| | | 76,202 | | | | 6.500%, due 08/01/38 | | | | | 87,588 | | | | | | 0.0 | | |
| | | 268,716 | | | | 6.500%, due 08/01/38 | | | | | 322,595 | | | | | | 0.0 | | |
| | | 38,367 | | | | 6.500%, due 09/01/38 | | | | | 44,100 | | | | | | 0.0 | | |
| | | 113,149 | | | | 6.500%, due 09/01/38 | | | | | 134,128 | | | | | | 0.0 | | |
| | | 10,523 | | | | 6.500%, due 10/01/38 | | | | | 12,096 | | | | | | 0.0 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | Federal National Mortgage Association (continued) | | ||||||||||||
| | 102,010 | | | | 6.500%, due 10/01/38 | | | | $ | 117,253 | | | | | | 0.0 | | |
| | 684,976 | | | | 6.500%, due 10/01/38 | | | | | 787,256 | | | | | | 0.0 | | |
| | 54,373 | | | | 6.500%, due 10/01/38 | | | | | 62,489 | | | | | | 0.0 | | |
| | 153,113 | | | | 6.500%, due 11/01/38 | | | | | 175,984 | | | | | | 0.0 | | |
| | 150,143 | | | | 6.500%, due 01/01/39 | | | | | 180,053 | | | | | | 0.0 | | |
| | 4,477 | | | | 6.500%, due 01/01/39 | | | | | 5,381 | | | | | | 0.0 | | |
| | 75,520 | | | | 6.500%, due 03/01/39 | | | | | 86,804 | | | | | | 0.0 | | |
| | 5,852 | | | | 6.500%, due 09/01/39 | | | | | 6,726 | | | | | | 0.0 | | |
| | 805,000 | | | | 6.625%, due 11/15/30 | | | | | 1,136,905 | | | | | | 0.0 | | |
| | 3,430,000 | | | | 7.125%, due 01/15/30 | | | | | 5,043,918 | | | | | | 0.2 | | |
| | 1,560,000 | | | | 7.250%, due 05/15/30 | | | | | 2,325,414 | | | | | | 0.1 | | |
| | 15,238,000 W | | | | 3.000%, due 07/01/29 | | | | | 15,787,877 | | | | | | 0.4 | | |
| | | | | | | | | | | 580,117,945 | | | | | | 15.5 | | |
| | | | | | Government National Mortgage Association: 7.8% | | ||||||||||||
| | 13,069,245 | | | | 1.750%, due 02/20/41 | | | | | 13,608,966 | | | | | | 0.4 | | |
| | 27,235,000 | | | | 3.000%, due 08/01/44 | | | | | 27,425,433 | | | | | | 0.7 | | |
| | 3,000,000 | | | | 3.400%, due 02/16/47 | | | | | 3,007,836 | | | | | | 0.1 | | |
| | 5,000,000 | | | | 3.400%, due 12/16/49 | | | | | 4,998,880 | | | | | | 0.1 | | |
| | 5,000,000 | | | | 3.485%, due 02/16/44 | | | | | 5,149,180 | | | | | | 0.1 | | |
| | 107,439,000 | | | | 3.500%, due 01/20/45 | | | | | 111,224,562 | | | | | | 3.0 | | |
| | 5,089,711 | | | | 3.500%, due 05/20/45 | | | | | 5,311,328 | | | | | | 0.1 | | |
| | 2,000,000 | | | | 3.500%, due 03/16/47 | | | | | 2,052,563 | | | | | | 0.1 | | |
| | 2,000,000 | | | | 3.562%, due 04/16/41 | | | | | 2,086,662 | | | | | | 0.1 | | |
| | 0 | | | | 4.000%, due 10/20/44 | | | | | — | | | | | | — | | |
| | 0 | | | | 4.000%, due 12/20/44 | | | | | — | | | | | | — | | |
| | 15,634,938 | | | | 4.000%, due 02/20/45 | | | | | 16,578,914 | | | | | | 0.4 | | |
| | 10,267,739 | | | | 4.000%, due 03/20/45 | | | | | 10,950,664 | | | | | | 0.3 | | |
| | 9,500,000 | | | | 4.000%, due 05/20/45 | | | | | 10,134,194 | | | | | | 0.3 | | |
| | 9,575,916 | | | | 4.000%, due 05/20/45 | | | | | 10,215,172 | | | | | | 0.3 | | |
| | 5,000,000 | | | | 4.134%, due 01/16/51 | | | | | 5,263,470 | | | | | | 0.1 | | |
| | 829,572 | | | | 4.397%, due 05/16/51 | | | | | 896,006 | | | | | | 0.0 | | |
| | 2,851,914 | | | | 4.500%, due 07/20/40 | | | | | 3,113,243 | | | | | | 0.1 | | |
| | 2,866,743 | | | | 4.500%, due 02/20/41 | | | | | 3,129,443 | | | | | | 0.1 | | |
| | 3,404,971 | | | | 4.500%, due 05/20/41 | | | | | 3,717,003 | | | | | | 0.1 | | |
| | 3,871,448 | | | | 4.500%, due 06/20/41 | | | | | 4,226,231 | | | | | | 0.1 | | |
| | 7,059,544 | | | | 4.500%, due 07/20/41 | | | | | 7,706,490 | | | | | | 0.2 | | |
| | 2,825,547 | | | | 4.500%, due 09/20/41 | | | | | 3,090,587 | | | | | | 0.1 | | |
| | 6,619,187 | | | | 4.500%, due 10/20/41 | | | | | 7,225,789 | | | | | | 0.2 | | |
| | 31,711 | | | | 5.000%, due 10/15/37 | | | | | 35,241 | | | | | | 0.0 | | |
| | 4,108 | | | | 5.000%, due 04/15/38 | | | | | 4,549 | | | | | | 0.0 | | |
| | 172,200 | | | | 5.000%, due 03/15/39 | | | | | 191,361 | | | | | | 0.0 | | |
| | 314,924 | | | | 5.000%, due 08/15/39 | | | | | 349,866 | | | | | | 0.0 | | |
| | 2,873,954 | | | | 5.000%, due 09/15/39 | | | | | 3,191,541 | | | | | | 0.1 | | |
| | 2,479,338 | | | | 5.000%, due 09/15/39 | | | | | 2,751,788 | | | | | | 0.1 | | |
| | 2,044,268 | | | | 5.000%, due 02/15/40 | | | | | 2,271,390 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
142
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | |||||||||||||||||||||
| | | | | | | Government National Mortgage Association (continued) | | |||||||||||||||
| | | 2,216,694 | | | | 5.000%, due 04/15/40 | | | | $ | 2,472,796 | | | | | | 0.1 | | | |||
| | | 3,141,341 | | | | 5.000%, due 06/15/40 | | | | | 3,484,657 | | | | | | 0.1 | | | |||
| | | 198,684 | | | | 5.000%, due 07/15/40 | | | | | 219,981 | | | | | | 0.0 | | | |||
| | | 1,671,599 | | | | 5.000%, due 04/15/42 | | | | | 1,849,871 | | | | | | 0.0 | | | |||
| | | 1,980,797 | | | | 5.000%, due 04/20/42 | | | | | 2,209,720 | | | | | | 0.1 | | | |||
| | | 93,340 | | | | 5.500%, due 07/20/38 | | | | | 105,216 | | | | | | 0.0 | | | |||
| | | 1,192,168 | | | | 5.500%, due 09/20/39 | | | | | 1,342,228 | | | | | | 0.0 | | | |||
| | | 84,152 | | | | 5.500%, due 10/20/39 | | | | | 95,902 | | | | | | 0.0 | | | |||
| | | 1,934,475 | | | | 5.500%, due 11/20/39 | | | | | 2,177,964 | | | | | | 0.1 | | | |||
| | | 45,426 | | | | 5.500%, due 11/20/39 | | | | | 51,698 | | | | | | 0.0 | | | |||
| | | 27,348 | | | | 5.500%, due 12/20/40 | | | | | 30,768 | | | | | | 0.0 | | | |||
| | | 81,495 | | | | 5.500%, due 01/20/41 | | | | | 93,221 | | | | | | 0.0 | | | |||
| | | 291,240 | | | | 5.500%, due 03/20/41 | | | | | 331,443 | | | | | | 0.0 | | | |||
| | | 858,729 | | | | 5.500%, due 04/20/41 | | | | | 977,266 | | | | | | 0.0 | | | |||
| | | 1,473,119 | | | | 5.500%, due 05/20/41 | | | | | 1,681,332 | | | | | | 0.0 | | | |||
| | | 1,305,191 | | | | 5.500%, due 06/20/41 | | | | | 1,485,384 | | | | | | 0.0 | | | |||
| | | 42,428 | | | | 6.000%, due 10/15/36 | | | | | 49,514 | | | | | | 0.0 | | | |||
| | | 124,616 | | | | 6.000%, due 08/15/37 | | | | | 145,464 | | | | | | 0.0 | | | |||
| | | 213,887 | | | | 6.000%, due 11/15/37 | | | | | 244,508 | | | | | | 0.0 | | | |||
| | | 23,971 | | | | 6.000%, due 12/15/37 | | | | | 27,423 | | | | | | 0.0 | | | |||
| | | 69,234 | | | | 6.000%, due 01/15/38 | | | | | 79,145 | | | | | | 0.0 | | | |||
| | | 102,290 | | | | 6.000%, due 01/15/38 | | | | | 117,021 | | | | | | 0.0 | | | |||
| | | 74,193 | | | | 6.000%, due 02/15/38 | | | | | 84,833 | | | | | | 0.0 | | | |||
| | | 342,988 | | | | 6.000%, due 02/15/38 | | | | | 391,967 | | | | | | 0.0 | | | |||
| | | 2,141 | | | | 6.000%, due 02/15/38 | | | | | 2,448 | | | | | | 0.0 | | | |||
| | | 3,838 | | | | 6.000%, due 04/15/38 | | | | | 4,401 | | | | | | 0.0 | | | |||
| | | 493,731 | | | | 6.000%, due 05/15/38 | | | | | 564,704 | | | | | | 0.0 | | | |||
| | | 655,370 | | | | 6.000%, due 05/15/38 | | | | | 749,193 | | | | | | 0.0 | | | |||
| | | 80,396 | | | | 6.000%, due 07/15/38 | | | | | 92,006 | | | | | | 0.0 | | | |||
| | | 135,773 | | | | 6.000%, due 09/15/38 | | | | | 155,432 | | | | | | 0.0 | | | |||
| | | 139,217 | | | | 6.000%, due 11/15/38 | | | | | 159,430 | | | | | | 0.0 | | | |||
| | | 1,994,223 | | | | 6.000%, due 08/20/40 | | | | | 2,294,465 | | | | | | 0.1 | | | |||
| | | 6,166 | | | | 7.000%, due 12/15/37 | | | | | 6,565 | | | | | | 0.0 | | | |||
| | | | | | | | | | | | 293,686,318 | | | | | | 7.8 | | | |||
| | | | | | | Other U.S. Agency Obligations: 0.8% | | |||||||||||||||
| | | 22,990,000 | | | | 1.100%, due 11/06/18 | | | | | 22,707,453 | | | | | | 0.6 | | | |||
| | | 1,500,000 | | | | 1.875%, due 08/15/22 | | | | | 1,447,030 | | | | | | 0.0 | | | |||
| | | 75,000 | | | | 5.125%, due 08/25/16 | | | | | 79,021 | | | | | | 0.0 | | | |||
| | | 10,000 | | | | 6.150%, due 01/15/38 | | | | | 13,558 | | | | | | 0.0 | | | |||
| | | 5,000,000 | | | | 7.125%, due 05/01/30 | | | | | 7,120,895 | | | | | | 02 | | | |||
| | | | | | | | | | | | 31,367,957 | | | | | | 0.8 | | | |||
| | | | | | | Total U.S. Government Agency Obligations (Cost $1,204,308,373) | | | | | 1,219,420,732 | | | | | | 32.5 | | | |||
|
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | ||||||||||||||||||
| | | | | | | Other U.S. Agency Obligations (continued) | | ||||||||||||
| | | | | | | Total Long-Term Investments (Cost $3,882,444,976) | | | | $ | 3,938,614,912 | | | | | | 105.1 | | |
| SHORT-TERM INVESTMENTS: 5.9% | | ||||||||||||||||||
| | | | | | | Commercial Paper: 5.3% | | ||||||||||||
| | | 6,000,000 | | | | AMERICAN E PWR CP 07/13/15, 0.250%, 07/13/15 | | | | | 5,999,460 | | | | | | 0.2 | | |
| | | 5,000,000 | | | | CAMPBELL SOUP CP 09/17/15, 0.300%, 09/17/15 | | | | | 4,996,800 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | CAMPBELL SOUP CP 09/21/15, 0.310%, 09/21/15 | | | | | 4,996,450 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | CAMPBELL SOUP CP 12/07/15, 0.450%, 12/07/15 | | | | | 4,990,200 | | | | | | 0.1 | | |
| | | 22,500,000 | | | | CONSOLIDTD EDSN CP 0 07/06/0715, 0.180%, 07/06/15 | | | | | 22,499,325 | | | | | | 0.6 | | |
| | | 8,000,000 | | | | CROWN PT C 0.00% 070115, 07/01/15 | | | | | 8,000,000 | | | | | | 0.2 | | |
| | | 7,000,000 | | | | CVS 0% 7/24/15, 0.260%, 07/24/15 | | | | | 6,998,810 | | | | | | 0.2 | | |
| | | 10,000,000 | | | | CVS CAREMARK CP 070315, 0.270%, 07/31/15 | | | | | 9,997,700 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | DOMINION RES CP 080315, 08/03/15 | | | | | 4,998,700 | | | | | | 0.1 | | |
| | | 12,500,000 | | | | DUKE ENERGY CP 070615, 0.240%, 07/06/15 | | | | | 12,499,500 | | | | | | 0.4 | | |
| | | 7,500,000 | | | | DUKE ENERGY CP 080315, 0.280%, 08/03/15 | | | | | 7,498,050 | | | | | | 0.2 | | |
| | | 10,000,000 | | | | KELLOGG DISC 7/10/15, 0.260%, 07/10/15 | | | | | 9,999,300 | | | | | | 0.3 | | |
| | | 27,000,000 | | | | KROGER, 0.240%, 07/01/15 | | | | | 26,999,820 | | | | | | 0.7 | | |
| | | 10,000,000 | | | | KROGER 0% 7/20/15, 0.260%, 07/20/15 | | | | | 9,998,600 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | MCDONALDS CORP CP 071415, 0.180%, 07/14/15 | | | | | 4,999,650 | | | | | | 0.1 | | |
| | | 11,000,000 | | | | MONDELEZ DISC 9/9/15, 0.320%, 09/09/15 | | | | | 10,993,180 | | | | | | 0.3 | | |
| �� | | 3,000,000 | | | | MONDELEZ INTL CP, 0.230%, 07/14/15 | | | | | 2,999,730 | | | | | | 0.1 | | |
| | | 4,050,000 | | | | MONDELEZ INTL CP 072915, 07/29/15 | | | | | 4,049,109 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | MONDELEZ INTL CP 080415, 08/04/15 | | | | | 4,998,650 | | | | | | 0.1 | | |
| | | 10,000,000 | | | | MONSANTO CO CP, 0.290%, 08/17/15 | | | | | 9,996,200 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
143
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Commercial Paper (continued) | | ||||||||||||
| | | 10,000,000 | | | | MONSANTO CO CP 081015, 0.290%, 08/10/15 | | | | $ | 9,996,800 | | | | | | 0.3 | | |
| | | 5,000,000 | | | | MONSANTO DISC 8/24/15, 0.300%, 08/24/15 | | | | | 4,997,750 | | | | | | 0.1 | | |
| | | 5,000,000 | | | | VRGINIA ELC PWR CP 090815, 0.290%, 09/08/15 | | | | | 4,997,250 | | | | | | 0.1 | | |
| | | | | | | | | | | | 198,501,034 | | | | | | 5.3 | | |
| | | | | | | Securities Lending Collateralcc: 0.3% | | ||||||||||||
| | | 2,767,405 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,767,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,822,753, due 07/15/15-05/20/65) | | | | | 2,767,405 | | | | | | 0.1 | | |
| | | 2,037,781 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,037,791, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,078,527, due 11/15/15-03/01/48) | | | | | 2,037,781 | | | | | | 0.0 | | |
| | | 2,767,400 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,767,413, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,822,748, due 01/15/17- 08/15/42) | | | | | 2,767,400 | | | | | | 0.1 | | |
| Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | | 2,767,405 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,767,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,822,754, due 07/31/15-05/20/65) | | | | $ | 2,767,405 | | | | | | 0.1 | | |
| | | 1,312,199 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,312,206, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,338,945, due 01/15/17-01/15/29) | | | | | 1,312,199 | | | | | | 0.0 | | |
| | | | | | | | | | | | 11,652,190 | | | | | | 0.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 0.3% | | |||||||||||||||
| | 11,783,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $11,783,000) | | | | $ | 11,783,000 | | | | | | 0.3 | | | |||
| | | | | | Total Short-Term Investments (Cost $221,905,237) | | | | | 221,936,224 | | | | | | 5.9 | | | |||
| | | | | | Total Investments in Securities (Cost $4,104,350,213) | | | | $ | 4,160,551,136 | | | | | | 111.0 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (412,775,290) | | | | | | (11.0) | | | |||
| | | | | | Net Assets | | | | $ | 3,747,775,846 | | | | | | 100.0 | | | |||
|
See Accompanying Notes to Financial Statements
144
PORTFOLIO OF INVESTMENTS
Voya U.S. Bond Index Portfolio | as of June 30, 2015 (Unaudited) (continued) |
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
#
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.
##
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.
+
Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
cc
Represents securities purchased with cash collateral received for securities on loan.
W
Settlement is on a when-issued or delayed-delivery basis.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $4,109,447,922.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 82,453,542 | | | |
| Gross Unrealized Depreciation | | | | | (31,350,328) | | | |
| Net Unrealized Appreciation | | | | $ | 51,103,214 | | | |
|
See Accompanying Notes to Financial Statements
145
PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.9% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 12.1% | | ||||||||||||
| | 8,249 @ | | | | Amazon.com, Inc. | | | | $ | 3,580,808 | | | | | | 0.5 | | |
| | 54,218 | | | | Best Buy Co., Inc. | | | | | 1,768,049 | | | | | | 0.2 | | |
| | 4,270 @ | | | | Chipotle Mexican Grill, Inc. | | | | | 2,583,307 | | | | | | 0.4 | | |
| | 149,919 | | | | Coach, Inc. | | | | | 5,188,697 | | | | | | 0.7 | | |
| | 190,925 | | | | Comcast Corp. - Class A | | | | | 11,482,229 | | | | | | 1.6 | | |
| | 50,215 @ | | | | Delphi Automotive PLC | | | | | 4,272,794 | | | | | | 0.6 | | |
| | 56,366 @ | | | | Dish Network Corp. - Class A | | | | | 3,816,542 | | | | | | 0.5 | | |
| | 59,652 | | | | Goodyear Tire & Rubber Co. | | | | | 1,798,508 | | | | | | 0.2 | | |
| | 140,021 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 3,857,579 | | | | | | 0.5 | | |
| | 100,726 | | | | Home Depot, Inc. | | | | | 11,193,680 | | | | | | 1.5 | | |
| | 77,582 | | | | Kohl’s Corp. | | | | | 4,857,409 | | | | | | 0.7 | | |
| | 55,969 | | | | Lowe’s Cos, Inc. | | | | | 3,748,244 | | | | | | 0.5 | | |
| | 30,516 @ | | | | Lululemon Athletica, Inc. | | | | | 1,992,695 | | | | | | 0.3 | | |
| | 64,329 | | | | Nike, Inc. | | | | | 6,948,819 | | | | | | 1.0 | | |
| | 45,015 | | | | Scripps Networks Interactive - Class A | | | | | 2,942,631 | | | | | | 0.4 | | |
| | 37,575 | | | | Target Corp. | | | | | 3,067,247 | | | | | | 0.4 | | |
| | 21,229 | | | | Tractor Supply Co. | | | | | 1,909,336 | | | | | | 0.3 | | |
| | 18,230 @ | | | | Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 2,815,624 | | | | | | 0.4 | | |
| | 50,483 | | | | Viacom - Class B | | | | | 3,263,221 | | | | | | 0.4 | | |
| | 62,973 | | | | Walt Disney Co. | | | | | 7,187,738 | | | | | | 1.0 | | |
| | | | | | | | | | | 88,275,157 | | | | | | 12.1 | | |
| | | | | | Consumer Staples: 8.9% | | ||||||||||||
| | 132,541 | | | | Altria Group, Inc. | | | | | 6,482,580 | | | | | | 0.9 | | |
| | 84,035 | | | | Archer-Daniels-Midland Co. | | | | | 4,052,168 | | | | | | 0.6 | | |
| | 67,021 | | | | Coca-Cola Co. | | | | | 2,629,234 | | | | | | 0.4 | | |
| | 154,294 | | | | ConAgra Foods, Inc. | | | | | 6,745,734 | | | | | | 0.9 | | |
| | 98,834 | | | | CVS Health | | | | | 10,365,710 | | | | | | 1.4 | | |
| | 44,996 | | | | Dr Pepper Snapple Group, Inc. | | | | | 3,280,208 | | | | | | 0.4 | | |
| | 46,277 | | | | Hormel Foods Corp. | | | | | 2,608,634 | | | | | | 0.4 | | |
| | 27,474 | | | | Mead Johnson Nutrition Co. | | | | | 2,478,704 | | | | | | 0.3 | | |
| | 43,511 @ | | | | Monster Beverage Corp. | | | | | 5,831,344 | | | | | | 0.8 | | |
| | 105,646 | | | | PepsiCo, Inc. | | | | | 9,860,998 | | | | | | 1.3 | | |
| | 18,628 | | | | Philip Morris International, Inc. | | | | | 1,493,407 | | | | | | 0.2 | | |
| | 85,536 | | | | Procter & Gamble Co. | | | | | 6,692,337 | | | | | | 0.9 | | |
| | 8,247 | | | | Reynolds American, Inc. | | | | | 615,721 | | | | | | 0.1 | | |
| | 27,478 | | | | Wal-Mart Stores, Inc. | | | | | 1,949,014 | | | | | | 0.3 | | |
| | | | | | | | | | | 65,085,793 | | | | | | 8.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy: 8.5% | | ||||||||||||
| | 40,379 | | | | Anadarko Petroleum Corp. | | | | $ | 3,151,985 | | | | | | 0.4 | | |
| | 76,415 @ | | | | Cameron International Corp. | | | | | 4,001,854 | | | | | | 0.6 | | |
| | 39,917 | | | | Chevron Corp. | | | | | 3,850,793 | | | | | | 0.5 | | |
| | 27,026 | | | | EOG Resources, Inc. | | | | | 2,366,126 | | | | | | 0.3 | | |
| | 43,172 | | | | EQT Corp. | | | | | 3,511,610 | | | | | | 0.5 | | |
| | 139,610 | | | | ExxonMobil Corp. | | | | | 11,615,552 | | | | | | 1.6 | | |
| | 118,703 | | | | Halliburton Co. | | | | | 5,112,538 | | | | | | 0.7 | | |
| | 55,289 | | | | Hess Corp. | | | | | 3,697,728 | | | | | | 0.5 | | |
| | 78,541 | | | | Occidental Petroleum Corp. | | | | | 6,108,134 | | | | | | 0.8 | | |
| | 93,700 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 5,341,837 | | | | | | 0.7 | | |
| | 69,932 | | | | Schlumberger Ltd. | | | | | 6,027,439 | | | | | | 0.8 | | |
| | 37,363 @ | | | | Total S.A. ADR | | | | | 1,837,139 | | | | | | 0.3 | | |
| | 91,055 | | | | Valero Energy Corp. | | | | | 5,700,043 | | | | | | 0.8 | | |
| | | | | | | | | | | 62,322,778 | | | | | | 8.5 | | |
| | | | | | Financials: 16.8% | | ||||||||||||
| | 22,358 @ | | | | Affiliated Managers Group, Inc. | | | | | 4,887,459 | | | | | | 0.7 | | |
| | 60,285 | | | | Aflac, Inc. | | | | | 3,749,727 | | | | | | 0.5 | | |
| | 42,170 | | | | Ameriprise Financial, Inc. | | | | | 5,268,298 | | | | | | 0.7 | | |
| | 199,022 | | | | Bank of America Corp. | | | | | 3,387,355 | | | | | | 0.5 | | |
| | 47,965 @ | | | | Berkshire Hathaway, Inc. - Class B | | | | | 6,528,516 | | | | | | 0.9 | | |
| | 125,414 | | | | Blackstone Group LP | | | | | 5,125,670 | | | | | | 0.7 | | |
| | 171,487 | | | | Citigroup, Inc. | | | | | 9,472,942 | | | | | | 1.3 | | |
| | 105,143 | | | | Discover Financial Services | | | | | 6,058,340 | | | | | | 0.8 | | |
| | 52,129 | | | | Franklin Resources, Inc. | | | | | 2,555,885 | | | | | | 0.3 | | |
| | 73,435 | | | | Gaming and Leisure Properties, Inc. | | | | | 2,692,127 | | | | | | 0.4 | | |
| | 309,226 | | | | Host Hotels & Resorts, Inc. | | | | | 6,131,952 | | | | | | 0.8 | | |
| | 330,388 | | | | Huntington Bancshares, Inc. | | | | | 3,736,688 | | | | | | 0.5 | | |
| | 201,965 | | | | JPMorgan Chase & Co. | | | | | 13,685,148 | | | | | | 1.9 | | |
| | 359,117 | | | | Keycorp | | | | | 5,393,937 | | | | | | 0.7 | | |
| | 31,246 | | | | Kimco Realty Corp. | | | | | 704,285 | | | | | | 0.1 | | |
| | 84,542 | | | | Lincoln National Corp. | | | | | 5,006,577 | | | | | | 0.7 | | |
| | 73,694 | | | | Metlife, Inc. | | | | | 4,126,127 | | | | | | 0.6 | | |
| | 205,091 | | | | Navient Corp. | | | | | 3,734,707 | | | | | | 0.5 | | |
| | 155,788 | | | | ProLogis, Inc. | | | | | 5,779,735 | | | | | | 0.8 | | |
| | 65,812 | | | | Prudential Financial, Inc. | | | | | 5,759,866 | | | | | | 0.8 | | |
| | 115,640 | | | | Starwood Property Trust, Inc. | | | | | 2,494,355 | | | | | | 0.3 | | |
| | 30,719 | | | | Travelers Cos., Inc. | | | | | 2,969,299 | | | | | | 0.4 | | |
| | 178,539 | | | | Wells Fargo & Co. | | | | | 10,041,033 | | | | | | 1.4 | | |
| | 90,016 @ | | | | XL Group PLC | | | | | 3,348,595 | | | | | | 0.5 | | |
| | | | | | | | | | | 122,638,623 | | | | | | 16.8 | | |
See Accompanying Notes to Financial Statements
146
PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Health Care: 14.7% | | ||||||||||||
| | 17,309 | | | | AbbVie, Inc. | | | | $ | 1,162,992 | | | | | | 0.2 | | |
| | 21,750 | | | | Aetna, Inc. | | | | | 2,772,255 | | | | | | 0.4 | | |
| | 6,726 @ | | | | Allergan plc | | | | | 2,041,072 | | | | | | 0.3 | | |
| | 16,792 | | | | AmerisourceBergen Corp. | | | | | 1,785,661 | | | | | | 0.2 | | |
| | 61,282 | | | | Amgen, Inc. | | | | | 9,408,013 | | | | | | 1.3 | | |
| | 31,302 | | | | Anthem, Inc. | | | | | 5,137,910 | | | | | | 0.7 | | |
| | 2,861 @ | | | | Biogen, Inc. | | | | | 1,155,672 | | | | | | 0.1 | | |
| | 121,208 | | | | Bristol-Myers Squibb Co. | | | | | 8,065,180 | | | | | | 1.1 | | |
| | 43,718 | | | | Cardinal Health, Inc. | | | | | 3,657,011 | | | | | | 0.5 | | |
| | 16,537 @ | | | | Celgene Corp. | | | | | 1,913,910 | | | | | | 0.3 | | |
| | 30,681 @ | | | | Edwards Lifesciences Corp. | | | | | 4,369,895 | | | | | | 0.6 | | |
| | 100,424 | | | | Gilead Sciences, Inc. | | | | | 11,757,642 | | | | | | 1.6 | | |
| | 23,262 @ | | | | HCA Holdings, Inc. | | | | | 2,110,329 | | | | | | 0.3 | | |
| | 76,105 | | | | Johnson & Johnson | | | | | 7,417,193 | | | | | | 1.0 | | |
| | 123,721 | | | | Medtronic PLC | | | | | 9,167,726 | | | | | | 1.2 | | |
| | 205,654 | | | | Merck & Co., Inc. | | | | | 11,707,882 | | | | | | 1.6 | | |
| | 410,901 | | | | Pfizer, Inc. | | | | | 13,777,511 | | | | | | 1.9 | | |
| | 81,948 | | | | UnitedHealth Group, Inc. | | | | | 9,997,656 | | | | | | 1.4 | | |
| | | | | | | | | | | 107,405,510 | | | | | | 14.7 | | |
| | | | | | Industrials: 10.3% | | ||||||||||||
| | 4,691 | | | | 3M Co. | | | | | 723,821 | | | | | | 0.1 | | |
| | 73,815 L | | | | ADT Corp. | | | | | 2,477,970 | | | | | | 0.3 | | |
| | 32,197 | | | | Ametek, Inc. | | | | | 1,763,752 | | | | | | 0.2 | | |
| | 65,162 | | | | Boeing Co. | | | | | 9,039,273 | | | | | | 1.2 | | |
| | 89,179 | | | | Danaher Corp. | | | | | 7,632,831 | | | | | | 1.0 | | |
| | 84,197 | | | | Delta Airlines, Inc. | | | | | 3,458,813 | | | | | | 0.5 | | |
| | 43,571 | | | | Equifax, Inc. | | | | | 4,230,308 | | | | | | 0.6 | | |
| | 51,617 | | | | General Dynamics Corp. | | | | | 7,313,613 | | | | | | 1.0 | | |
| | 271,815 | | | | General Electric Co. | | | | | 7,222,125 | | | | | | 1.0 | | |
| | 82,194 | | | | Masco Corp. | | | | | 2,192,114 | | | | | | 0.3 | | |
| | 21,161 | | | | Northrop Grumman Corp. | | | | | 3,356,769 | | | | | | 0.5 | | |
| | 19,612 | | | | Robert Half International, Inc. | | | | | 1,088,466 | | | | | | 0.1 | | |
| | 13,728 | | | | Roper Technologies, Inc. | | | | | 2,367,531 | | | | | | 0.3 | | |
| | 11,897 | | | | Snap-On, Inc. | | | | | 1,894,597 | | | | | | 0.3 | | |
| | 136,458 | | | | Southwest Airlines Co. | | | | | 4,515,395 | | | | | | 0.6 | | |
| | 75,370 | | | | Textron, Inc. | | | | | 3,363,763 | | | | | | 0.5 | | |
| | 90,960 | | | | Union Pacific Corp. | | | | | 8,674,855 | | | | | | 1.2 | | |
| | 36,478 | | | | United Technologies Corp. | | | | | 4,046,504 | | | | | | 0.6 | | |
| | | | | | | | | | | 75,362,500 | | | | | | 10.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Information Technology: 19.3% | | ||||||||||||
| | 276,871 | | | | Apple, Inc. | | | | $ | 34,726,545 | | | | | | 4.8 | | |
| | 389,486 | | | | Cisco Systems, Inc. | | | | | 10,695,286 | | | | | | 1.5 | | |
| | 41,569 @ | | | | Cognizant Technology Solutions Corp. | | | | | 2,539,450 | | | | | | 0.4 | | |
| | 24,165 | | | | Computer Sciences Corp. | | | | | 1,586,191 | | | | | | 0.2 | | |
| | 72,721 @ | | | | Electronic Arts, Inc. | | | | | 4,835,946 | | | | | | 0.7 | | |
| | 146,084 | | | | EMC Corp. | | | | | 3,855,157 | | | | | | 0.5 | | |
| | 42,124 @ | | | | F5 Networks, Inc. | | | | | 5,069,623 | | | | | | 0.7 | | |
| | 62,568 @ | | | | Facebook, Inc. | | | | | 5,366,145 | | | | | | 0.7 | | |
| | 11,412 @ | | | | Google, Inc. - Class A | | | | | 6,162,936 | | | | | | 0.8 | | |
| | 5,817 | | | | Google, Inc. - Class C | | | | | 3,027,807 | | | | | | 0.4 | | |
| | 86,002 | | | | Hewlett-Packard Co. | | | | | 2,580,920 | | | | | | 0.4 | | |
| | 19,760 | | | | International Business Machines Corp. | | | | | 3,214,162 | | | | | | 0.4 | | |
| | 365,345 | | | | Intel Corp. | | | | | 11,111,968 | | | | | | 1.5 | | |
| | 17,326 | | | | Mastercard, Inc. | | | | | 1,619,634 | | | | | | 0.2 | | |
| | 87,659 | | | | Microchip Technology, Inc. | | | | | 4,157,228 | | | | | | 0.6 | | |
| | 120,277 @ | | | | Micron Technology, Inc. | | | | | 2,266,019 | | | | | | 0.3 | | |
| | 404,680 | | | | Microsoft Corp. | | | | | 17,866,622 | | | | | | 2.4 | | |
| | 120,895 | | | | NetApp, Inc. | | | | | 3,815,446 | | | | | | 0.5 | | |
| | 244,402 | | | | Oracle Corp. | | | | | 9,849,401 | | | | | | 1.4 | | |
| | 12,028 | | | | Qualcomm, Inc. | | | | | 753,314 | | | | | | 0.1 | | |
| | 34,326 @ | | | | Seagate Technology | | | | | 1,630,485 | | | | | | 0.2 | | |
| | 29,136 | | | | Visa, Inc. | | | | | 1,956,482 | | | | | | 0.3 | | |
| | 30,941 | | | | Western Digital Corp. | | | | | 2,426,393 | | | | | | 0.3 | | |
| | | | | | | | | | | 141,113,160 | | | | | | 19.3 | | |
| | | | | | Materials: 3.1% | | ||||||||||||
| | 39,422 @ | | | | Crown Holdings, Inc. | | | | | 2,085,818 | | | | | | 0.3 | | |
| | 70,581 | | | | Dow Chemical Co. | | | | | 3,611,630 | | | | | | 0.5 | | |
| | 116,908 | | | | International Paper Co. | | | | | 5,563,652 | | | | | | 0.7 | | |
| | 35,498 @ | | | | LyondellBasell Industries NV - Class A | | | | | 3,674,753 | | | | | | 0.5 | | |
| | 135,356 | | | | Mosaic Co. | | | | | 6,341,428 | | | | | | 0.9 | | |
| | 24,147 | | | | Packaging Corp. of America | | | | | 1,508,946 | | | | | | 0.2 | | |
| | | | | | | | | | | 22,786,227 | | | | | | 3.1 | | |
See Accompanying Notes to Financial Statements
147
PORTFOLIO OF INVESTMENTS
Voya Index Plus LargeCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Telecommunication Services: 2.2% | | |||||||||||||||
| | 120,671 | | | | AT&T, Inc. | | | | $ | 4,286,234 | | | | | | 0.6 | | | |||
| | 306,717 | | | | Frontier Communications Corp. | | | | | 1,518,249 | | | | | | 0.2 | | | |||
| | 218,449 | | | | Verizon Communications, Inc. | | | | | 10,181,908 | | | | | | 1.4 | | | |||
| | | | | | | | | | | 15,986,391 | | | | | | 2.2 | | | |||
| | | | | | Utilities: 3.0% | | |||||||||||||||
| | 69,212 | | | | American Electric Power Co., Inc. | | | | | 3,666,160 | | | | | | 0.5 | | | |||
| | 28,501 | | | | Consolidated Edison, Inc. | | | | | 1,649,638 | | | | | | 0.2 | | | |||
| | 55,453 | | | | DTE Energy Co. | | | | | 4,139,012 | | | | | | 0.6 | | | |||
| | 60,050 | | | | Entergy Corp. | | | | | 4,233,525 | | | | | | 0.6 | | | |||
| | 104,362 | | | | Public Service Enterprise Group, Inc. | | | | | 4,099,339 | | | | | | 0.5 | | | |||
| | 105,609 | | | | Southern Co. | | | | | 4,425,017 | | | | | | 0.6 | | | |||
| | | | | | | | | | | 22,212,691 | | | | | | 3.0 | | | |||
| | | | | | Total Common Stock | | | | |||||||||||||
| | | | | | (Cost $629,729,180) | | | | | 723,188,830 | | | | | | 98.9 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 1.4% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 0.3% | | ||||||||||||
| | 1,000,000 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,020,000, due 07/15/15-05/20/65) | | | | | 1,000,000 | | | | | | 0.1 | | |
| | 1,000,000 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $1,020,000, due 01/15/17- 08/15/42) | | | | | 1,000,000 | | | | | | 0.1 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 521,201 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $521,203, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $531,625, due 07/31/15-05/20/65) | | | | $ | 521,201 | | | | | | 0.1 | | |
| | | | | | | | | | | 2,521,201 | | | | | | 0.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 7,767,715 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $7,767,715) | | | | | 7,767,715 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $10,288,916) | | | | | 10,288,916 | | | | | | 1.4 | | | |||
| | | | | | Total Investments in Securities (Cost $640,018,096) | | | | $ | 733,477,746 | | | | | | 100.3 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (1,937,711) | | | | | | (0.3) | | | |||
| | | | | | Net Assets | | | | $ | 731,540,035 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $641,733,731.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 108,481,289 | | | |
| Gross Unrealized Depreciation | | | | | (16,737,274) | | | |
| Net Unrealized Appreciation | | | | $ | 91,744,015 | | | |
|
See Accompanying Notes to Financial Statements
148
PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 98.8% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 14.2% | | ||||||||||||
| | 10,071 | | | | Advance Auto Parts, Inc. | | | | $ | 1,604,210 | | | | | | 0.2 | | |
| | 12,818 @ | | | | AMC Networks, Inc. | | | | | 1,049,153 | | | | | | 0.1 | | |
| | 24,280 | | | | Big Lots, Inc. | | | | | 1,092,357 | | | | | | 0.2 | | |
| | 104,547 | | | | Brinker International, Inc. | | | | | 6,027,134 | | | | | | 0.9 | | |
| | 14,101 @ | | | | Buffalo Wild Wings, Inc. | | | | | 2,209,486 | | | | | | 0.3 | | |
| | 85,347 | | | | Cheesecake Factory | | | | | 4,654,399 | | | | | | 0.7 | | |
| | 5,637 @ | | | | Chipotle Mexican Grill, Inc. | | | | | 3,410,329 | | | | | | 0.5 | | |
| | 40,811 | | | | Cinemark Holdings, Inc. | | | | | 1,639,378 | | | | | | 0.2 | | |
| | 49,372 | | | | CST Brands, Inc. | | | | | 1,928,470 | | | | | | 0.3 | | |
| | 164,529 | | | | Dana Holding Corp. | | | | | 3,386,007 | | | | | | 0.5 | | |
| | 30,412 | | | | Domino’s Pizza, Inc. | | | | | 3,448,721 | | | | | | 0.5 | | |
| | 104,770 | | | | Foot Locker, Inc. | | | | | 7,020,638 | | | | | | 1.0 | | |
| | 226,979 | | | | Gentex Corp. | | | | | 3,726,995 | | | | | | 0.5 | | |
| | 69,772 | | | | International Speedway Corp. | | | | | 2,558,539 | | | | | | 0.4 | | |
| | 136,862 | | | | Jarden Corp. | | | | | 7,082,608 | | | | | | 1.0 | | |
| | 134,180 @,L | | | | JC Penney Co., Inc. | | | | | 1,136,505 | | | | | | 0.2 | | |
| | 221,892 L | | | | KB Home | | | | | 3,683,407 | | | | | | 0.5 | | |
| | 33,440 | | | | Lear Corp. | | | | | 3,753,974 | | | | | | 0.5 | | |
| | 270,819 @ | | | | LKQ Corp. | | | | | 8,190,921 | | | | | | 1.2 | | |
| | 65,280 @ | | | | Lululemon Athletica, Inc. | | | | | 4,262,784 | | | | | | 0.6 | | |
| | 99,620 L | | | | MDC Holdings, Inc. | | | | | 2,985,611 | | | | | | 0.4 | | |
| | 74,233 @ | | | | Murphy USA, Inc. | | | | | 4,143,686 | | | | | | 0.6 | | |
| | 1,547 @ | | | | NVR, Inc. | | | | | 2,072,980 | | | | | | 0.3 | | |
| | 307,226 @ | | | | Office Depot, Inc. | | | | | 2,660,577 | | | | | | 0.4 | | |
| | 14,514 | | | | Polaris Industries, Inc. | | | | | 2,149,668 | | | | | | 0.3 | | |
| | 10,321 @ | | | | Signet Jewelers Ltd. | | | | | 1,323,565 | | | | | | 0.2 | | |
| | 25,921 | | | | Sotheby’s | | | | | 1,172,666 | | | | | | 0.2 | | |
| | 67,024 | | | | Thor Industries, Inc. | | | | | 3,772,111 | | | | | | 0.5 | | |
| | 51,905 @ | | | | Toll Brothers, Inc. | | | | | 1,982,252 | | | | | | 0.3 | | |
| | 29,308 @ | | | | Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 4,526,621 | | | | | | 0.7 | | |
| | | | | | | | | | | 98,655,752 | | | | | | 14.2 | | |
| | | | | | Consumer Staples: 4.5% | | ||||||||||||
| | 44,161 | | | | Church & Dwight Co., Inc. | | | | | 3,582,782 | | | | | | 0.5 | | |
| | 199,669 | | | | Dean Foods Co. | | | | | 3,228,648 | | | | | | 0.5 | | |
| | 12,041 | | | | Energizer Holdings, Inc. | | | | | 1,583,993 | | | | | | 0.2 | | |
| | 236,346 | | | | Flowers Foods, Inc. | | | | | 4,998,718 | | | | | | 0.7 | | |
| | 100,178 | | | | Hain Celestial Group, Inc. | | | | | 6,597,723 | | | | | | 0.9 | | |
| | 49,641 | | | | Ingredion, Inc. | | | | | 3,961,848 | | | | | | 0.6 | | |
| | 86,696 | | | | Pinnacle Foods, Inc. | | | | | 3,948,136 | | | | | | 0.6 | | |
| | 291,693 @ | | | | Rite Aid Corp. | | | | | 2,435,637 | | | | | | 0.3 | | |
| | 11,279 L | | | | Tootsie Roll Industries, Inc. | | | | | 364,424 | | | | | | 0.1 | | |
| | 14,968 @ | | | | WhiteWave Foods Co. | | | | | 731,636 | | | | | | 0.1 | | |
| | | | | | | | | | | 31,433,545 | | | | | | 4.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Energy: 4.1% | | ||||||||||||
| | 94,075 | | | | Atwood Oceanics, Inc. | | | | $ | 2,487,343 | | | | | | 0.4 | | |
| | 208,057 | | | | California Resources Corp. | | | | | 1,256,664 | | | | | | 0.2 | | |
| | 512,873 L | | | | Denbury Resources, Inc. | | | | | 3,261,872 | | | | | | 0.5 | | |
| | 55,460 @ | | | | Dril-Quip, Inc. | | | | | 4,173,365 | | | | | | 0.6 | | |
| | 44,421 | | | | EQT Corp. | | | | | 3,613,204 | | | | | | 0.5 | | |
| | 109,577 @ | | | | Helix Energy Solutions Group, Inc. | | | | | 1,383,958 | | | | | | 0.2 | | |
| | 35,364 | | | | HollyFrontier Corp. | | | | | 1,509,689 | | | | | | 0.2 | | |
| | 101,335 | | | | Patterson-UTI Energy, Inc. | | | | | 1,906,618 | | | | | | 0.3 | | |
| | 117,570 | | | | Rowan Companies PLC | | | | | 2,481,903 | | | | | | 0.3 | | |
| | 60,901 @ | | | | Unit Corp. | | | | | 1,651,635 | | | | | | 0.2 | | |
| | 39,842 @ | | | | Whiting Petroleum Corp. | | | | | 1,338,691 | | | | | | 0.2 | | |
| | 275,330 @ | | | | WPX Energy, Inc. | | | | | 3,381,053 | | | | | | 0.5 | | |
| | | | | | | | | | | 28,445,995 | | | | | | 4.1 | | |
| | | | | | Financials: 24.5% | | ||||||||||||
| | 19,635 @ | | | | Affiliated Managers Group, Inc. | | | | | 4,292,211 | | | | | | 0.6 | | |
| | 100,924 | | | | Alexander & Baldwin, Inc. | | | | | 3,976,406 | | | | | | 0.6 | | |
| | 78,332 | | | | Arthur J. Gallagher & Co. | | | | | 3,705,104 | | | | | | 0.5 | | |
| | 35,012 @ | | | | Aspen Insurance Holdings Ltd. | | | | | 1,677,075 | | | | | | 0.2 | | |
| | 114,335 | | | | Carlyle Group L.P. | | | | | 3,218,530 | | | | | | 0.5 | | |
| | 31,455 | | | | City National Corp. | | | | | 2,843,217 | | | | | | 0.4 | | |
| | 200,862 | | | | Corporate Office Properties Trust SBI MD | | | | | 4,728,291 | | | | | | 0.7 | | |
| | 80,461 | | | | DCT Industrial Trust, Inc. | | | | | 2,529,694 | | | | | | 0.4 | | |
| | 34,219 @ | | | | Everest Re Group Ltd. | | | | | 6,228,200 | | | | | | 0.9 | | |
| | 118,840 | | | | Extra Space Storage, Inc. | | | | | 7,750,745 | | | | | | 1.1 | | |
| | 10,306 | | | | Federal Realty Investment Trust | | | | | 1,320,095 | | | | | | 0.2 | | |
| | 121,801 | | | | First American Financial Corp. | | | | | 4,532,215 | | | | | | 0.7 | | |
| | 137,519 | | | | First Horizon National Corp. | | | | | 2,154,923 | | | | | | 0.3 | | |
| | 53,084 | | | | FirstMerit Corp. | | | | | 1,105,740 | | | | | | 0.2 | | |
| | 144,516 | | | | Highwoods Properties, Inc. | | | | | 5,773,414 | | | | | | 0.8 | | |
| | 45,963 | | | | Home Properties, Inc. | | | | | 3,357,597 | | | | | | 0.5 | | |
| | 182,143 | | | | Host Hotels & Resorts, Inc. | | | | | 3,611,896 | | | | | | 0.5 | | |
| | 320,333 | | | | Huntington Bancshares, Inc. | | | | | 3,622,966 | | | | | | 0.5 | | |
| | 7,614 | | | | Jones Lang LaSalle, Inc. | | | | | 1,301,994 | | | | | | 0.2 | | |
| | 333,051 | | | | Keycorp | | | | | 5,002,426 | | | | | | 0.7 | | |
| | 162,172 | | | | LaSalle Hotel Properties | | | | | 5,750,619 | | | | | | 0.8 | | |
| | 71,952 | | | | Mack-Cali Realty Corp. | | | | | 1,326,075 | | | | | | 0.2 | | |
| | 23,727 | | | | Mid-America Apartment Communities, Inc. | | | | | 1,727,563 | | | | | | 0.3 | | |
| | 37,994 | | | | New York Community Bancorp., Inc. | | | | | 698,330 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
149
PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Financials (continued) | | ||||||||||||
| | 234,347 | | | | Old Republic International Corp. | | | | $ | 3,662,844 | | | | | | 0.5 | | |
| | 111,061 | | | | PacWest Bancorp | | | | | 5,193,212 | | | | | | 0.7 | | |
| | 73,342 | | | | Primerica, Inc. | | | | | 3,350,996 | | | | | | 0.5 | | |
| | 74,005 | | | | Prosperity Bancshares, Inc. | | | | | 4,273,049 | | | | | | 0.6 | | |
| | 25,783 | | | | Raymond James Financial, Inc. | | | | | 1,536,151 | | | | | | 0.2 | | |
| | 57,241 | | | | Reinsurance Group of America, Inc. | | | | | 5,430,454 | | | | | | 0.8 | | |
| | 20,537 @ | | | | RenaissanceRe Holdings Ltd. | | | | | 2,084,711 | | | | | | 0.3 | | |
| | 98,415 | | | | SEI Investments Co. | | | | | 4,825,287 | | | | | | 0.7 | | |
| | 55,116 @ | | | | Signature Bank | | | | | 8,068,431 | | | | | | 1.2 | | |
| | 191,125 | | | | Starwood Property Trust, Inc. | | | | | 4,122,566 | | | | | | 0.6 | | |
| | 81,343 @ | | | | Stifel Financial Corp. | | | | | 4,696,745 | | | | | | 0.7 | | |
| | 58,947 @ | | | | SVB Financial Group | | | | | 8,487,189 | | | | | | 1.2 | | |
| | 102,593 | | | | Synovus Financial Corp. | | | | | 3,161,916 | | | | | | 0.5 | | |
| | 116,743 | | | | The Geo Group, Inc. | | | | | 3,987,941 | | | | | | 0.6 | | |
| | 20,487 | | | | UDR, Inc. | | | | | 656,199 | | | | | | 0.1 | | |
| | 191,859 L | | | | United States Steel Corp. | | | | | 3,956,133 | | | | | | 0.6 | | |
| | 110,420 | | | | Urban Edge Properties | | | | | 2,295,632 | | | | | | 0.3 | | |
| | 92,935 | | | | Validus Holdings Ltd. | | | | | 4,088,211 | | | | | | 0.6 | | |
| | 11,376 | | | | Waddell & Reed Financial, Inc. | | | | | 538,198 | | | | | | 0.1 | | |
| | 58,687 | | | | Webster Financial Corp. | | | | | 2,321,071 | | | | | | 0.3 | | |
| | 148,994 | | | | Weingarten Realty Investors | | | | | 4,870,614 | | | | | | 0.7 | | |
| | 144,585 | | | | WP GLIMCHER, Inc. | | | | | 1,956,235 | | | | | | 0.3 | | |
| | 73,228 | | | | WR Berkley Corp. | | | | | 3,802,730 | | | | | | 0.5 | | |
| | | | | | | | | | | 169,601,841 | | | | | | 24.5 | | |
| | | | | | Health Care: 10.3% | | ||||||||||||
| | 7,147 @ | | | | Bio-Rad Laboratories, Inc. | | | | | 1,076,410 | | | | | | 0.2 | | |
| | 99,192 | | | | Centene Corp. | | | | | 7,975,037 | | | | | | 1.1 | | |
| | 78,500 @ | | | | Charles River Laboratories International, Inc. | | | | | 5,521,690 | | | | | | 0.8 | | |
| | 115,993 @ | | | | Community Health Systems, Inc. | | | | | 7,304,079 | | | | | | 1.1 | | |
| | 3,763 | | | | Cooper Cos., Inc. | | | | | 669,701 | | | | | | 0.1 | | |
| | 77,609 @ | | | | Health Net, Inc. | | | | | 4,976,289 | | | | | | 0.7 | | |
| | 72,216 | | | | Hill-Rom Holdings, Inc. | | | | | 3,923,495 | | | | | | 0.6 | | |
| | 196,031 @ | | | | Hologic, Inc. | | | | | 7,460,940 | | | | | | 1.1 | | |
| | 31,891 @ | | | | Medivation, Inc. | | | | | 3,641,952 | | | | | | 0.5 | | |
| | 106,670 @ | | | | Mednax, Inc. | | | | | 7,905,314 | | | | | | 1.1 | | |
| | 21,858 @ | | | | Mettler Toledo International, Inc. | | | | | 7,463,633 | | | | | | 1.1 | | |
| | 7,430 | | | | Omnicare, Inc. | | | | | 700,278 | | | | | | 0.1 | | |
| | 26,652 | | | | Owens & Minor, Inc. | | | | | 906,168 | | | | | | 0.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Health Care (continued) | | ||||||||||||
| | 15,203 | | | | Resmed, Inc. | | | | $ | 856,993 | | | | | | 0.1 | | |
| | 38,429 | | | | Steris Corp. | | | | | 2,476,365 | | | | | | 0.4 | | |
| | 50,634 @ | | | | Thoratec Corp. | | | | | 2,256,757 | | | | | | 0.3 | | |
| | 5,953 @ | | | | United Therapeutics Corp. | | | | | 1,035,524 | | | | | | 0.2 | | |
| | 26,684 @ | | | | VCA, Inc. | | | | | 1,451,743 | | | | | | 0.2 | | |
| | 42,746 @ | | | | WellCare Health Plans, Inc. | | | | | 3,626,143 | | | | | | 0.5 | | |
| | | | | | | | | | | 71,228,511 | | | | | | 10.3 | | |
| | | | | | Industrials: 16.1% | | ||||||||||||
| | 62,885 @ | | | | Aecom Technology Corp. | | | | | 2,080,236 | | | | | | 0.3 | | |
| | 108,250 | | | | Alaska Air Group, Inc. | | | | | 6,974,547 | | | | | | 1.0 | | |
| | 81,997 | | | | Ametek, Inc. | | | | | 4,491,796 | | | | | | 0.6 | | |
| | 33,206 | | | | AO Smith Corp. | | | | | 2,390,168 | | | | | | 0.3 | | |
| | 28,115 | | | | CEB, Inc. | | | | | 2,447,692 | | | | | | 0.4 | | |
| | 66,189 | | | | Clarcor, Inc. | | | | | 4,119,603 | | | | | | 0.6 | | |
| | 44,279 | | | | Con-way, Inc. | | | | | 1,698,985 | | | | | | 0.2 | | |
| | 5,200 | | | | Deluxe Corp. | | | | | 322,400 | | | | | | 0.0 | | |
| | 140,642 | | | | Fortune Brands Home & Security, Inc. | | | | | 6,444,216 | | | | | | 0.9 | | |
| | 20,641 @ | | | | Genesee & Wyoming, Inc. | | | | | 1,572,431 | | | | | | 0.2 | | |
| | 89,175 | | | | Granite Construction, Inc. | | | | | 3,166,604 | | | | | | 0.5 | | |
| | 51,157 | | | | Hubbell, Inc. | | | | | 5,539,280 | | | | | | 0.8 | | |
| | 30,136 | | | | Huntington Ingalls Industries, Inc. | | | | | 3,393,012 | | | | | | 0.5 | | |
| | 283,797 @ | | | | JetBlue Airways Corp. | | | | | 5,891,626 | | | | | | 0.9 | | |
| | 23,276 @ | | | | KLX, Inc. | | | | | 1,027,170 | | | | | | 0.2 | | |
| | 95,703 | | | | Lincoln Electric Holdings, Inc. | | | | | 5,827,356 | | | | | | 0.8 | | |
| | 55,898 | | | | Manpower, Inc. | | | | | 4,996,163 | | | | | | 0.7 | | |
| | 449,082 | | | | Mueller Water Products, Inc. | | | | | 4,086,646 | | | | | | 0.6 | | |
| | 69,525 @ | | | | Old Dominion Freight Line | | | | | 4,769,763 | | | | | | 0.7 | | |
| | 82,477 | | | | Orbital ATK, Inc. | | | | | 6,050,513 | | | | | | 0.9 | | |
| | 80,069 | | | | Regal-Beloit Corp. | | | | | 5,812,209 | | | | | | 0.8 | | |
| | 27,899 | | | | Roper Technologies, Inc. | | | | | 4,811,462 | | | | | | 0.7 | | |
| | 49,268 @ | | | | Teledyne Technologies, Inc. | | | | | 5,198,267 | | | | | | 0.8 | | |
| | 11,275 | | | | Towers Watson & Co. | | | | | 1,418,395 | | | | | | 0.2 | | |
| | 66,894 | | | | Trinity Industries, Inc. | | | | | 1,768,008 | | | | | | 0.3 | | |
| | 40,781 | | | | Wabtec Corp. | | | | | 3,843,201 | | | | | | 0.6 | | |
| | 153,769 | | | | Waste Connections, Inc. | | | | | 7,245,595 | | | | | | 1.0 | | |
| | 77,122 | | | | Woodward, Inc. | | | | | 4,240,939 | | | | | | 0.6 | | |
| | | | | | | | | | | 111,628,283 | | | | | | 16.1 | | |
| | | | | | Information Technology: 15.5% | | ||||||||||||
| | 89,138 @ | | | | Ansys, Inc. | | | | | 8,132,951 | | | | | | 1.2 | | |
| | 78,674 @ | | | | ARRIS Group, Inc. | | | | | 2,407,425 | | | | | | 0.3 | | |
| | 23,014 @ | | | | Arrow Electronics, Inc. | | | | | 1,284,181 | | | | | | 0.2 | | |
| | 123,382 | | | | Broadridge Financial Solutions, Inc. ADR | | | | | 6,170,334 | | | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
150
PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | Information Technology (continued) | | ||||||||||||
| | 331,851 | | | | Brocade Communications Systems, Inc. | | | | $ | 3,942,390 | | | | | | 0.6 | | |
| | 6,586 | | | | CDK Global, Inc. | | | | | 355,512 | | | | | | 0.0 | | |
| | 79,720 @ | | | | Commvault Systems, Inc. | | | | | 3,380,925 | | | | | | 0.5 | | |
| | 38,701 @ | | | | F5 Networks, Inc. | | | | | 4,657,665 | | | | | | 0.7 | | |
| | 42,564 @ | | | | Fairchild Semiconductor International, Inc. | | | | | 739,762 | | | | | | 0.1 | | |
| | 72,464 @ | | | | Gartner, Inc. | | | | | 6,215,962 | | | | | | 0.9 | | |
| | 65,388 @ | | | | Informatica Corp. | | | | | 3,169,356 | | | | | | 0.4 | | |
| | 192,339 @ | | | | Ingram Micro, Inc. | | | | | 4,814,245 | | | | | | 0.7 | | |
| | 147,209 @ | | | | Integrated Device Technology, Inc. | | | | | 3,194,435 | | | | | | 0.5 | | |
| | 211,244 | | | | Intersil Corp. | | | | | 2,642,663 | | | | | | 0.4 | | |
| | 14,952 | | | | Jack Henry & Associates, Inc. | | | | | 967,394 | | | | | | 0.1 | | |
| | 62,902 @ | | | | Keysight Technologies, Inc. | | | | | 1,961,913 | | | | | | 0.3 | | |
| | 156,980 | | | | Mentor Graphics Corp. | | | | | 4,148,981 | | | | | | 0.6 | | |
| | 81,668 | | | | Microchip Technology, Inc. | | | | | 3,873,105 | | | | | | 0.5 | | |
| | 142,512 | | | | National Instruments Corp. | | | | | 4,198,404 | | | | | | 0.6 | | |
| | 134,115 @,L | | | | NeuStar, Inc. | | | | | 3,917,499 | | | | | | 0.6 | | |
| | 93,576 | | | | Plantronics, Inc. | | | | | 5,269,265 | | | | | | 0.7 | | |
| | 422,179 @ | | | | Polycom, Inc. | | | | | 4,829,728 | | | | | | 0.7 | | |
| | 29,267 @ | | | | PTC, Inc. | | | | | 1,200,532 | | | | | | 0.2 | | |
| | 58,406 @ | | | | Red Hat, Inc. | | | | | 4,434,768 | | | | | | 0.6 | | |
| | 21,783 | | | | Science Applications International Corp. | | | | | 1,151,232 | | | | | | 0.2 | | |
| | 30,010 @ | | | | Semtech Corp. | | | | | 595,699 | | | | | | 0.1 | | |
| | 122,678 @ | | | | SolarWinds, Inc. | | | | | 5,659,136 | | | | | | 0.8 | | |
| | 22,897 @ | | | | SunEdison, Inc. | | | | | 684,849 | | | | | | 0.1 | | |
| | 51,930 @ | | | | Synopsys, Inc. | | | | | 2,630,255 | | | | | | 0.4 | | |
| | 17,656 @ | | | | Tyler Technologies, Inc. | | | | | 2,284,333 | | | | | | 0.3 | | |
| | 33,671 @ | | | | Ultimate Software Group, Inc. | | | | | 5,533,492 | | | | | | 0.8 | | |
| | 28,975 @ | | | | WEX, Inc. | | | | | 3,302,281 | | | | | | 0.5 | | |
| | | | | | | | | | | 107,750,672 | | | | | | 15.5 | | |
| | | | | | Materials: 5.7% | | ||||||||||||
| | 41,156 | | | | Albemarle Corp. | | | | | 2,274,692 | | | | | | 0.3 | | |
| | 5,532 | | | | Ashland, Inc. | | | | | 674,351 | | | | | | 0.1 | | |
| | 26,417 | | | | Cabot Corp. | | | | | 985,090 | | | | | | 0.1 | | |
| | 62,440 | | | | Carpenter Technology Corp. | | | | | 2,415,179 | | | | | | 0.4 | | |
| | 326,066 | | | | Commercial Metals Co. | | | | | 5,243,141 | | | | | | 0.8 | | |
| | 66,546 @ | | | | Crown Holdings, Inc. | | | | | 3,520,949 | | | | | | 0.5 | | |
| | 51,818 | | | | Minerals Technologies, Inc. | | | | | 3,530,360 | | | | | | 0.5 | | |
| | 104,099 | | | | Packaging Corp. of America | | | | | 6,505,147 | | | | | | 0.9 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | Materials (continued) | | |||||||||||||||
| | 57,218 | | | | Royal Gold, Inc. | | | | $ | 3,524,057 | | | | | | 0.5 | | | |||
| | 318,359 | | | | Steel Dynamics, Inc. | | | | | 6,594,807 | | | | | | 1.0 | | | |||
| | 61,171 | | | | TimkenSteel Corp. | | | | | 1,651,005 | | | | | | 0.2 | | | |||
| | 92,365 | | | | Worthington Industries, Inc. | | | | | 2,776,492 | | | | | | 0.4 | | | |||
| | | | | | | | | | | 39,695,270 | | | | | | 5.7 | | | |||
| | | | | | Utilities: 3.9% | | |||||||||||||||
| | 52,982 | | | | DTE Energy Co. | | | | | 3,954,576 | | | | | | 0.6 | | | |||
| | 240,914 | | | | Great Plains Energy, Inc. | | | | | 5,820,482 | | | | | | 0.8 | | | |||
| | 24,158 | | | | Idacorp, Inc. | | | | | 1,356,230 | | | | | | 0.2 | | | |||
| | 120,421 | | | | ONE Gas, Inc. | | | | | 5,125,118 | | | | | | 0.7 | | | |||
| | 66,183 | | | | Questar Corp. | | | | | 1,383,887 | | | | | | 0.2 | | | |||
| | 69,162 | | | | UGI Corp. | | | | | 2,382,631 | | | | | | 0.4 | | | |||
| | 147,666 | | | | Westar Energy, Inc. | | | | | 5,053,131 | | | | | | 0.7 | | | |||
| | 38,735 | | | | WGL Holdings, Inc. | | | | | 2,102,923 | | | | | | 0.3 | | | |||
| | | | | | | | | | | 27,178,978 | | | | | | 3.9 | | | |||
| | | | | | Total Common Stock (Cost $604,273,207) | | | | | 685,618,847 | | | | | | 98.8 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.2% | | ||||||||||||
| | 319,940 | | | | Barclays Capital Inc., Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $319,942, collateralized by various U.S. Government Securities, 0.500%-3.375%, Market Value plus accrued interest $326,339, due 02/28/17- 05/15/44) | | | | | 319,940 | | | | | | 0.0 | | |
| | 1,982,172 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $1,982,180, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,021,815, due 07/15/15-05/20/65) | | | | | 1,982,172 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
151
PORTFOLIO OF INVESTMENTS
Voya Index Plus MidCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | 1,982,172 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $1,982,182, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,021,806, due 11/15/15-03/01/48) | | | | $ | 1,982,172 | | | | | | 0.3 | | |
| | 2,079,500 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,079,510, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,121,090, due 01/15/17- 08/15/42) | | | | | 2,079,500 | | | | | | 0.3 | | |
| | 1,982,172 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $1,982,180, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $2,021,816, due 07/31/15-05/20/65) | | | | | 1,982,172 | | | | | | 0.3 | | |
| | | | | | | | | | | 8,345,956 | | | | | | 1.2 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.1% | | |||||||||||||||
| | 7,770,608 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $7,770,608) | | | | $ | 7,770,608 | | | | | | 1.1 | | | |||
| | | | | | Total Short-Term Investments (Cost $16,116,564) | | | | | 16,116,564 | | | | | | 2.3 | | | |||
| | | | | | Total Investments in Securities (Cost $620,389,771) | | | | $ | 701,735,411 | | | | | | 101.1 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (7,678,791) | | | | | | (1.1) | | | |||
| | | | | | Net Assets | | | | $ | 694,056,620 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $620,829,193.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 100,090,293 | | | |
| Gross Unrealized Depreciation | | | | | (19,184,075) | | | |
| Net Unrealized Appreciation | | | | $ | 80,906,218 | | | |
|
See Accompanying Notes to Financial Statements
152
PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 98.4% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 14.8% | | ||||||||||||
| | | 45,594 | | | | Arctic Cat, Inc. | | | | $ | 1,514,177 | | | | | | 0.5 | | |
| | | 19,555 | | | | Caleres, Inc. | | | | | 621,458 | | | | | | 0.2 | | |
| | | 79,045 | | | | Callaway Golf Co. | | | | | 706,662 | | | | | | 0.2 | | |
| | | 25,750 | | | | Cheesecake Factory | | | | | 1,404,276 | | | | | | 0.4 | | |
| | | 38,485 | | | | Childrens Place Retail Stores, Inc. | | | | | 2,517,304 | | | | | | 0.8 | | |
| | | 39,272 | | | | Cinemark Holdings, Inc. | | | | | 1,577,556 | | | | | | 0.5 | | |
| | | 2,626 L | | | | Cracker Barrel Old Country Store | | | | | 391,694 | | | | | | 0.1 | | |
| | | 86,860 | | | | Finish Line, Inc. | | | | | 2,416,445 | | | | | | 0.8 | | |
| | | 6,416 | | | | Fred’s, Inc. | | | | | 123,765 | | | | | | 0.0 | | |
| | | 22,157 | | | | Haverty Furniture Cos., Inc. | | | | | 479,034 | | | | | | 0.1 | | |
| | | 6,620 @ | | | | Helen of Troy Ltd. | | | | | 645,384 | | | | | | 0.2 | | |
| | | 35,649 @ | | | | Hibbett Sporting Goods, Inc. | | | | | 1,660,530 | | | | | | 0.5 | | |
| | | 38,899 | | | | Jack in the Box, Inc. | | | | | 3,429,336 | | | | | | 1.1 | | |
| | | 90,300 | | | | La-Z-Boy, Inc. | | | | | 2,378,502 | | | | | | 0.8 | | |
| | | 8,539 @,L | | | | Lumber Liquidators Holdings, Inc. | | | | ��� | 176,843 | | | | | | 0.1 | | |
| | | 28,547 @ | | | | M/I Homes, Inc. | | | | | 704,254 | | | | | | 0.2 | | |
| | | 28,802 | | | | Marriott Vacations Worldwide Corp. | | | | | 2,642,583 | | | | | | 0.8 | | |
| | | 2,437 | | | | Men’s Wearhouse, Inc. | | | | | 156,139 | | | | | | 0.0 | | |
| | | 46,225 | | | | Monro Muffler Brake, Inc. | | | | | 2,873,346 | | | | | | 0.9 | | |
| | | 33,239 | | | | Movado Group, Inc. | | | | | 902,771 | | | | | | 0.3 | | |
| | | 20,096 L | | | | Outerwall, Inc. | | | | | 1,529,507 | | | | | | 0.5 | | |
| | | 37,195 | | | | Papa John’s International, Inc. | | | | | 2,812,314 | | | | | | 0.9 | | |
| | | 11,387 L | | | | PetMed Express, Inc. | | | | | 196,653 | | | | | | 0.1 | | |
| | | 43,989 | | | | Pool Corp. | | | | | 3,087,148 | | | | | | 1.0 | | |
| | | 14,647 @ | | | | Red Robin Gourmet Burgers, Inc. | | | | | 1,257,006 | | | | | | 0.4 | | |
| | | 58,389 | | | | Ruth’s Hospitality Group, Inc. | | | | | 941,231 | | | | | | 0.3 | | |
| | | 14,970 | | | | Standard Motor Products, Inc. | | | | | 525,746 | | | | | | 0.2 | | |
| | | 31,440 L | | | | Sturm Ruger & Co., Inc. | | | | | 1,806,228 | | | | | | 0.6 | | |
| | | 23,910 @ | | | | Unifi, Inc. | | | | | 800,985 | | | | | | 0.3 | | |
| | | 14,420 @ | | | | Universal Electronics, Inc. | | | | | 718,693 | | | | | | 0.2 | | |
| | | 16,871 | | | | Vail Resorts, Inc. | | | | | 1,842,313 | | | | | | 0.6 | | |
| | | 21,517 @ | | | | VOXX International Corp. | | | | | 178,161 | | | | | | 0.1 | | |
| | | 93,623 | | | | Wolverine World Wide, Inc. | | | | | 2,666,383 | | | | | | 0.9 | | |
| | | 20,255 @ | | | | Zumiez, Inc. | | | | | 539,391 | | | | | | 0.2 | | |
| | | | | | | | | | | | 46,223,818 | | | | | | 14.8 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Consumer Staples: 2.1% | | ||||||||||||
| | | 5,923 | | | | Calavo Growers, Inc. | | | | $ | 307,581 | | | | | | 0.1 | | |
| | | 9,982 | | | | Casey’s General Stores, Inc. | | | | | 955,677 | | | | | | 0.3 | | |
| | | 13,429 @ | | | | Darling International, Inc. | | | | | 196,869 | | | | | | 0.1 | | |
| | | 8,503 | | | | Inter Parfums, Inc. | | | | | 288,507 | | | | | | 0.1 | | |
| | | 2,770 | | | | J&J Snack Foods Corp. | | | | | 306,556 | | | | | | 0.1 | | |
| | | 4,885 @ | | | | Medifast, Inc. | | | | | 157,883 | | | | | | 0.0 | | |
| | | 40,559 | | | | Pinnacle Foods, Inc. | | | | | 1,847,057 | | | | | | 0.6 | | |
| | | 27,377 L | | | | Sanderson Farms, Inc. | | | | | 2,057,655 | | | | | | 0.6 | | |
| | | 5,805 | | | | WD-40 Co. | | | | | 505,964 | | | | | | 0.2 | | |
| | | | | | | | | | | | 6,623,749 | | | | | | 2.1 | | |
| | | | | | | Energy: 3.4% | | ||||||||||||
| | | 59,928 @,L | | | | Approach Resources, Inc. | | | | | 410,507 | | | | | | 0.1 | | |
| | | 48,197 @ | | | | Carrizo Oil & Gas, Inc. | | | | | 2,373,220 | | | | | | 0.8 | | |
| | | 281,610 @,L | | | | Cloud Peak Energy, Inc. | | | | | 1,312,303 | | | | | | 0.4 | | |
| | | 65,047 L | | | | Comstock Resources, Inc. | | | | | 216,607 | | | | | | 0.1 | | |
| | | 17,760 @ | | | | Dril-Quip, Inc. | | | | | 1,336,440 | | | | | | 0.4 | | |
| | | 10,483 | | | | Exterran Holdings, Inc. | | | | | 342,270 | | | | | | 0.1 | | |
| | | 4,738 @ | | | | Geospace Technologies Corp. | | | | | 109,211 | | | | | | 0.0 | | |
| | | 31,083 | | | | Green Plains Renewable Energy, Inc. | | | | | 856,337 | | | | | | 0.3 | | |
| | | 47,801 L | | | | Gulfmark Offshore, Inc. | | | | | 554,492 | | | | | | 0.2 | | |
| | | 33,525 @ | | | | Hornbeck Offshore Services, Inc. | | | | | 688,268 | | | | | | 0.2 | | |
| | | 357,082 L | | | | Paragon Offshore PLC | | | | | 389,219 | | | | | | 0.1 | | |
| | | 196,318 @ | | | | Petroquest Energy, Inc. | | | | | 388,710 | | | | | | 0.1 | | |
| | | 126,360 @ | | | | Pioneer Energy Services Corp. | | | | | 801,122 | | | | | | 0.3 | | |
| | | 7,975 @ | | | | Tesco Corp. | | | | | 86,927 | | | | | | 0.0 | | |
| | | 21,744 @ | | | | Unit Corp. | | | | | 589,697 | | | | | | 0.2 | | |
| | | 10,744 L | | | | US Silica Holdings, Inc. | | | | | 315,444 | | | | | | 0.1 | | |
| | | | | | | | | | | | 10,770,774 | | | | | | 3.4 | | |
| | | | | | | Financials: 23.0% | | ||||||||||||
| | | 50,004 | | | | American Equity Investment Life Holding Co. | | | | | 1,349,108 | | | | | | 0.4 | | |
| | | 20,732 | | | | Amerisafe, Inc. | | | | | 975,648 | | | | | | 0.3 | | |
| | | 21,300 | | | | Associated Estates Realty Corp. | | | | | 609,819 | | | | | | 0.2 | | |
| | | 18,648 | | | | Banner Corp. | | | | | 893,799 | | | | | | 0.3 | | |
| | | 23,770 | | | | BBCN Bancorp, Inc. | | | | | 351,558 | | | | | | 0.1 | | |
| | | 9,539 @ | | | | BofI Holding, Inc. | | | | | 1,008,368 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
153
PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 49,461 | | | | Boston Private Financial Holdings, Inc. | | | | $ | 663,272 | | | | | | 0.2 | | |
| | | 55,390 | | | | Brookline Bancorp., Inc. | | | | | 625,353 | | | | | | 0.2 | | |
| | | 31,075 | | | | Cedar Shopping Centers, Inc. | | | | | 198,880 | | | | | | 0.1 | | |
| | | 26,461 | | | | Chesapeake Lodging Trust | | | | | 806,531 | | | | | | 0.3 | | |
| | | 9,833 L | | | | Community Bank System, Inc. | | | | | 371,392 | | | | | | 0.1 | | |
| | | 50,125 | | | | Coresite Realty Corp. | | | | | 2,277,680 | | | | | | 0.7 | | |
| | | 48,833 | | | | DCT Industrial Trust, Inc. | | | | | 1,535,309 | | | | | | 0.5 | | |
| | | 185,472 | | | | DiamondRock Hospitality Co. | | | | | 2,375,896 | | | | | | 0.8 | | |
| | | 42,543 @,L | | | | Encore Capital Group, Inc. | | | | | 1,818,288 | | | | | | 0.6 | | |
| | | 10,356 | | | | EPR Properties | | | | | 567,302 | | | | | | 0.2 | | |
| | | 46,052 | | | | Evercore Partners, Inc. | | | | | 2,484,966 | | | | | | 0.8 | | |
| | | 55,859 L | | | | Financial Engines, Inc. | | | | | 2,372,890 | | | | | | 0.8 | | |
| | | 46,004 | | | | First American Financial Corp. | | | | | 1,711,809 | | | | | | 0.5 | | |
| | | 76,745 @ | | | | First BanCorp/Puerto Rico | | | | | 369,911 | | | | | | 0.1 | | |
| | | 21,293 | | | | First Commonwealth Financial Corp. | | | | | 204,200 | | | | | | 0.1 | | |
| | | 21,089 @ | | | | Forestar Real Estate Group, Inc. | | | | | 277,531 | | | | | | 0.1 | | |
| | | 21,981 | | | | HCI Group, Inc. | | | | | 971,780 | | | | | | 0.3 | | |
| | | 22,360 | | | | Healthcare Realty Trust, Inc. | | | | | 520,094 | | | | | | 0.2 | | |
| | | 5,852 | | | | HFF, Inc. | | | | | 244,204 | | | | | | 0.1 | | |
| | | 37,662 | | | | Highwoods Properties, Inc. | | | | | 1,504,597 | | | | | | 0.5 | | |
| | | 14,938 | | | | Infinity Property & Casualty Corp. | | | | | 1,132,898 | | | | | | 0.4 | | |
| | | 23,520 | | | | LaSalle Hotel Properties | | | | | 834,019 | | | | | | 0.3 | | |
| | | 35,164 | | | | MarketAxess Holdings, Inc. | | | ��� | | 3,262,164 | | | | | | 1.0 | | |
| | | 83,014 | | | | MB Financial, Inc. | | | | | 2,859,002 | | | | | | 0.9 | | |
| | | 21,024 | | | | Medical Properties Trust, Inc. | | | | | 275,625 | | | | | | 0.1 | | |
| | | 154,572 @ | | | | MGIC Investment Corp. | | | | | 1,759,029 | | | | | | 0.6 | | |
| | | 36,528 | | | | OFG Bancorp | | | | | 389,754 | | | | | | 0.1 | | |
| | | 18,897 | | | | Oritani Financial Corp. | | | | | 303,297 | | | | | | 0.1 | | |
| | | 19,343 | | | | Pinnacle Financial Partners, Inc. | | | | | 1,051,679 | | | | | | 0.3 | | |
| | | 45,427 | | | | Post Properties, Inc. | | | | | 2,469,866 | | | | | | 0.8 | | |
| | | 50,897 @ | | | | PRA Group, Inc. | | | | | 3,171,392 | | | | | | 1.0 | | |
| | | 72,941 | | | | PrivateBancorp, Inc. | | | | | 2,904,511 | | | | | | 0.9 | | |
| | | 28,198 | | | | Prosperity Bancshares, Inc. | | | | | 1,628,153 | | | | | | 0.5 | | |
| | | 8,664 | | | | Provident Financial Services, Inc. | | | | | 164,529 | | | | | | 0.0 | | |
| | | 24,491 | | | | PS Business Parks, Inc. | | | | | 1,767,026 | | | | | | 0.6 | | |
| | | 94,320 | | | | Radian Group, Inc. | | | | | 1,769,443 | | | | | | 0.6 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 87,501 | | | | Selective Insurance Group | | | | $ | 2,454,403 | | | | | | 0.8 | | |
| | | 12,080 @ | | | | Signature Bank | | | | | 1,768,391 | | | | | | 0.6 | | |
| | | 9,153 | | | | Sovran Self Storage, Inc. | | | | | 795,487 | | | | | | 0.2 | | |
| | | 13,117 @ | | | | Springleaf Holdings, Inc. | | | | | 602,201 | | | | | | 0.2 | | |
| | | 41,877 | | | | Starwood Property Trust, Inc. | | | | | 903,287 | | | | | | 0.3 | | |
| | | 130,227 | | | | Sterling Bancorp/DE | | | | | 1,914,337 | | | | | | 0.6 | | |
| | | 12,621 @ | | | | SVB Financial Group | | | | | 1,817,172 | | | | | | 0.6 | | |
| | | 89,789 | | | | Talmer Bancorp, Inc. | | | | | 1,503,966 | | | | | | 0.5 | | |
| | | 77,303 | | | | The Geo Group, Inc. | | | | | 2,640,670 | | | | | | 0.8 | | |
| | | 57,808 | | | | Trustco Bank Corp. | | | | | 406,390 | | | | | | 0.1 | | |
| | | 20,033 | | | | Universal Insurance Holdings, Inc. | | | | | 484,799 | | | | | | 0.1 | | |
| | | 38,068 | | | | Webster Financial Corp. | | | | | 1,505,589 | | | | | | 0.5 | | |
| | | 77,120 | | | | Wilshire Bancorp., Inc. | | | | | 974,026 | | | | | | 0.3 | | |
| | | 18,709 | | | | Wintrust Financial Corp. | | | | | 998,686 | | | | | | 0.3 | | |
| | | 4,103 @,L | | | | World Acceptance Corp. | | | | | 252,376 | | | | | | 0.1 | | |
| | | | | | | | | | | | 71,854,352 | | | | | | 23.0 | | |
| | | | | | | Health Care: 13.4% | | ||||||||||||
| | | 46,142 @ | | | | Acorda Therapeutics, Inc. | | | | | 1,537,913 | | | | | | 0.5 | | |
| | | 42,054 @ | | | | Air Methods Corp. | | | | | 1,738,512 | | | | | | 0.6 | | |
| | | 3,900 @ | | | | Almost Family, Inc. | | | | | 155,649 | | | | | | 0.0 | | |
| | | 91,092 @ | | | | AMN Healthcare Services, Inc. | | | | | 2,877,596 | | | | | | 0.9 | | |
| | | 22,456 @ | | | | Amsurg Corp. | | | | | 1,570,797 | | | | | | 0.5 | | |
| | | 7,532 | | | | Analogic Corp. | | | | | 594,275 | | | | | | 0.2 | | |
| | | 8,369 @ | | | | Bio-Rad Laboratories, Inc. | | | | | 1,260,455 | | | | | | 0.4 | | |
| | | 7,601 L | | | | Computer Programs & Systems, Inc. | | | | | 406,045 | | | | | | 0.1 | | |
| | | 50,915 @ | | | | Cynosure, Inc. | | | | | 1,964,301 | | | | | | 0.6 | | |
| | | 17,620 @ | | | | Depomed, Inc. | | | | | 378,125 | | | | | | 0.1 | | |
| | | 43,133 @ | | | | Emergent Biosolutions, Inc. | | | | | 1,421,232 | | | | | | 0.5 | | |
| | | 41,192 @ | | | | Greatbatch, Inc. | | | | | 2,221,073 | | | | | | 0.7 | | |
| | | 34,371 @ | | | | Haemonetics Corp. | | | | | 1,421,585 | | | | | | 0.5 | | |
| | | 39,920 | | | | Healthsouth Corp. | | | | | 1,838,715 | | | | | | 0.6 | | |
| | | 20,118 @ | | | | Impax Laboratories, Inc. | | | | | 923,819 | | | | | | 0.3 | | |
| | | 35,434 @ | | | | IPC The Hospitalist Co., Inc. | | | | | 1,962,689 | | | | | | 0.6 | | |
| | | 90,914 @ | | | | Luminex Corp. | | | | | 1,569,176 | | | | | | 0.5 | | |
| | | 43,973 @ | | | | Masimo Corp. | | | | | 1,703,514 | | | | | | 0.5 | | |
| | | 16,848 @ | | | | Medicines Co. | | | | | 482,021 | | | | | | 0.2 | | |
| | | 19,390 @ | | | | Mednax, Inc. | | | | | 1,436,993 | | | | | | 0.5 | | |
| | | 93,310 @ | | | | Merit Medical Systems, Inc. | | | | | 2,009,897 | | | | | | 0.6 | | |
| | | 13,175 @ | | | | Momenta Pharmaceuticals, Inc. | | | | | 300,522 | | | | | | 0.1 | | |
| | | 75,556 @ | | | | Nektar Therapeutics | | | | | 945,206 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
154
PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 6,138 @ | | | | Neogen Corp. | | | | $ | 291,187 | | | | | | 0.1 | | |
| | | 68,211 @ | | | | Omnicell, Inc. | | | | | 2,572,237 | | | | | | 0.8 | | |
| | | 46,403 | | | | Owens & Minor, Inc. | | | | | 1,577,702 | | | | | | 0.5 | | |
| | | 6,854 @ | | | | Parexel International Corp. | | | | | 440,781 | | | | | | 0.1 | | |
| | | 23,573 @ | | | | Sagent Pharmaceuticals, Inc. | | | | | 573,060 | | | | | | 0.2 | | |
| | | 62,224 @ | | | | Sangamo Biosciences, Inc. | | | | | 690,064 | | | | | | 0.2 | | |
| | | 147,741 @ | | | | Select Medical Holdings Corp. | | | | | 2,393,404 | | | | | | 0.8 | | |
| | | 12,748 @ | | | | SurModics, Inc. | | | | | 298,558 | | | | | | 0.1 | | |
| | | 27,153 @ | | | | Team Health Holdings, Inc. | | | | | 1,773,905 | | | | | | 0.6 | | |
| | | 9,338 | | | | West Pharmaceutical Services, Inc. | | | | | 542,351 | | | | | | 0.2 | | |
| | | | | | | | | | | | 41,873,359 | | | | | | 13.4 | | |
| | | | | | | Industrials: 16.9% | | ||||||||||||
| | | 62,951 | | | | ABM Industries, Inc. | | | | | 2,069,199 | | | | | | 0.7 | | |
| | | 81,036 | | | | Actuant Corp. | | | | | 1,871,121 | | | | | | 0.6 | | |
| | | 9,010 | | | | Allegiant Travel Co. | | | | | 1,602,699 | | | | | | 0.5 | | |
| | | 20,206 | | | | ArcBest Corp. | | | | | 642,551 | | | | | | 0.2 | | |
| | | 36,707 @ | | | | Atlas Air Worldwide Holdings, Inc. | | | | | 2,017,417 | | | | | | 0.6 | | |
| | | 51,282 | | | | Barnes Group, Inc. | | | | | 1,999,485 | | | | | | 0.6 | | |
| | | 79,652 | | | | Brady Corp. | | | | | 1,970,591 | | | | | | 0.6 | | |
| | | 16,725 | | | | CIRCOR International, Inc. | | | | | 912,014 | | | | | | 0.3 | | |
| | | 32,084 | | | | Curtiss-Wright Corp. | | | | | 2,324,165 | | | | | | 0.7 | | |
| | | 7,385 | | | | EMCOR Group, Inc. | | | | | 352,781 | | | | | | 0.1 | | |
| | | 4,422 | | | | EnerSys | | | | | 310,822 | | | | | | 0.1 | | |
| | | 9,276 | | | | EnPro Industries, Inc. | | | | | 530,773 | | | | | | 0.2 | | |
| | | 29,702 | | | | Federal Signal Corp. | | | | | 442,857 | | | | | | 0.1 | | |
| | | 10,167 | | | | Forward Air Corp. | | | | | 531,327 | | | | | | 0.2 | | |
| | | 16,141 | | | | Healthcare Services Group, Inc. | | | | | 533,460 | | | | | | 0.2 | | |
| | | 48,962 | | | | Heartland Express, Inc. | | | | | 990,501 | | | | | | 0.3 | | |
| | | 34,529 @ | | | | HUB Group, Inc. | | | | | 1,392,900 | | | | | | 0.4 | | |
| | | 45,644 | | | | KAR Auction Services, Inc. | | | | | 1,707,086 | | | | | | 0.6 | | |
| | | 63,654 | | | | Knight Transportation, Inc. | | | | | 1,702,108 | | | | | | 0.5 | | |
| | | 14,376 | | | | Lindsay Manufacturing Co. | | | | | 1,263,794 | | | | | | 0.4 | | |
| | | 9,127 @ | | | | Moog, Inc. | | | | | 645,096 | | | | | | 0.2 | | |
| | | 55,573 @ | | | | Navigant Consulting, Inc. | | | | | 826,371 | | | | | | 0.3 | | |
| | | 57,680 @ | | | | On Assignment, Inc. | | | | | 2,265,670 | | | | | | 0.7 | | |
| | | 15,469 | | | | Orbital ATK, Inc. | | | | | 1,134,806 | | | | | | 0.4 | | |
| | | 4,464 | | | | Powell Industries, Inc. | | | | | 156,999 | | | | | | 0.1 | | |
| | | 13,442 | | | | Regal-Beloit Corp. | | | | | 975,755 | | | | | | 0.3 | | |
| | | 73,599 | | | | Resources Connection, Inc. | | | | | 1,184,208 | | | | | | 0.4 | | |
| | | 69,414 | | | | Simpson Manufacturing Co., Inc. | | | | | 2,360,076 | | | | | | 0.8 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 13,888 | | | | Standex International Corp. | | | | $ | 1,110,068 | | | | | | 0.4 | | |
| | | 13,914 @ | | | | Teledyne Technologies, Inc. | | | | | 1,468,066 | | | | | | 0.5 | | |
| | | 86,569 | | | | Tetra Tech, Inc. | | | | | 2,219,629 | | | | | | 0.7 | | |
| | | 50,199 | | | | Toro Co. | | | | | 3,402,488 | | | | | | 1.1 | | |
| | | 35,207 @ | | | | TrueBlue, Inc. | | | | | 1,052,689 | | | | | | 0.3 | | |
| | | 17,462 | | | | Unifirst Corp. | | | | | 1,953,125 | | | | | | 0.6 | | |
| | | 35,042 | | | | Universal Forest Products, Inc. | | | | | 1,823,235 | | | | | | 0.6 | | |
| | | 43,408 | | | | Viad Corp. | | | | | 1,176,791 | | | | | | 0.4 | | |
| | | 33,713 | | | | Waste Connections, Inc. | | | | | 1,588,557 | | | | | | 0.5 | | |
| | | 40,727 | | | | Watts Water Technologies, Inc. | | | | | 2,111,695 | | | | | | 0.7 | | |
| | | | | | ��� | | | | | | 52,622,975 | | | | | | 16.9 | | |
| | | | | | | Information Technology: 15.5% | | ||||||||||||
| | | 82,219 @ | | | | Advanced Energy Industries, Inc. | | | | | 2,260,200 | | | | | | 0.7 | | |
| | | 71,338 @ | | | | Benchmark Electronics, Inc. | | | | | 1,553,742 | | | | | | 0.5 | | |
| | | 113,492 @ | | | | Blucora, Inc. | | | | | 1,832,896 | | | | | | 0.6 | | |
| | | 40,638 @ | | | | Bottomline Technologies, Inc. | | | | | 1,130,143 | | | | | | 0.4 | | |
| | | 3,810 @ | | | | Cabot Microelectronics Corp. | | | | | 179,489 | | | | | | 0.1 | | |
| | | 16,991 @ | | | | CACI International, Inc. | | | | | 1,374,402 | | | | | | 0.4 | | |
| | | 65,621 @ | | | | Cardtronics, Inc. | | | | | 2,431,258 | | | | | | 0.8 | | |
| | | 35,222 @ | | | | Coherent, Inc. | | | | | 2,235,892 | | | | | | 0.7 | | |
| | | 24,706 @ | | | | Diodes, Inc. | | | | | 595,662 | | | | | | 0.2 | | |
| | | 8,690 @ | | | | Electronics for Imaging, Inc. | | | | | 378,102 | | | | | | 0.1 | | |
| | | 37,160 @ | | | | ExlService Holdings, Inc. | | | | | 1,284,993 | | | | | | 0.4 | | |
| | | 27,184 @ | | | | Faro Technologies, Inc. | | | | | 1,269,493 | | | | | | 0.4 | | |
| | | 11,270 | | | | Forrester Research, Inc. | | | | | 405,945 | | | | | | 0.1 | | |
| | | 172,157 @ | | | | Harmonic, Inc. | | | | | 1,175,832 | | | | | | 0.4 | | |
| | | 11,200 @ | | | | Insight Enterprises, Inc. | | | | | 334,992 | | | | | | 0.1 | | |
| | | 46,755 | | | | j2 Global, Inc. | | | | | 3,176,535 | | | | | | 1.0 | | |
| | | 14,151 @ | | | | Liquidity Services, Inc. | | | | | 136,274 | | | | | | 0.0 | | |
| | | 19,237 | | | | Littelfuse, Inc. | | | | | 1,825,399 | | | | | | 0.6 | | |
| | | 106,443 @ | | | | LivePerson, Inc. | | | | | 1,044,206 | | | | | | 0.3 | | |
| | | 91,668 @ | | | | Microsemi Corp. | | | | | 3,203,797 | | | | | | 1.0 | | |
| | | 74,286 | | | | MKS Instruments, Inc. | | | | | 2,818,411 | | | | | | 0.9 | | |
| | | 11,100 | | | | Monolithic Power Systems, Inc. | | | | | 562,881 | | | | | | 0.2 | | |
| | | 67,758 @ | | | | Netgear, Inc. | | | | | 2,034,095 | | | | | | 0.7 | | |
| | | 8,154 @,L | | | | Netscout Systems, Inc. | | | | | 299,007 | | | | | | 0.1 | | |
| | | 53,630 @ | | | | Perficient, Inc. | | | | | 1,031,841 | | | | | | 0.3 | | |
| | | 52,928 @ | | | | Plexus Corp. | | | | | 2,322,481 | | | | | | 0.8 | | |
| | | 54,174 @ | | | | Polycom, Inc. | | | | | 619,750 | | | | | | 0.2 | | |
| | | 22,606 | | | | Power Integrations, Inc. | | | | | 1,021,339 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
155
PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Information Technology (continued) | | ||||||||||||
| | | 10,297 @ | | | | QLIK Technologies, Inc. | | | | $ | 359,983 | | | | | | 0.1 | | |
| | | 48,333 @ | | | | Rofin-Sinar Technologies, Inc. | | | | | 1,333,991 | | | | | | 0.4 | | |
| | | 66,249 @ | | | | Sanmina Corp. | | | | | 1,335,580 | | | | | | 0.4 | | |
| | | 57,569 @ | | | | Semtech Corp. | | | | | 1,142,745 | | | | | | 0.4 | | |
| | | 71,916 @ | | | | SYKES Enterprises, Inc. | | | | | 1,743,963 | | | | | | 0.6 | | |
| | | 1,987 @ | | | | Synaptics, Inc. | | | | | 172,342 | | | | | | 0.1 | | |
| | | 51,382 @ | | | | Synchronoss Technologies, Inc. | | | | | 2,349,699 | | | | | | 0.8 | | |
| | | 8,555 @ | | | | Veeco Instruments, Inc. | | | | | 245,871 | | | | | | 0.1 | | |
| | | 8,988 @ | | | | WEX, Inc. | | | | | 1,024,362 | | | | | | 0.3 | | |
| | | | | | | | | | | | 48,247,593 | | | | | | 15.5 | | |
| | | | | | | Materials: 5.4% | | ||||||||||||
| | | 63,093 @ | | | | Boise Cascade Co. | | | | | 2,314,251 | | | | | | 0.7 | | |
| | | 102,410 @ | | | | Century Aluminum Co. | | | | | 1,068,136 | | | | | | 0.3 | | |
| | | 97,410 | | | | Commercial Metals Co. | | | | | 1,566,353 | | | | | | 0.5 | | |
| | | 45,831 | | | | FutureFuel Corp. | | | | | 589,845 | | | | | | 0.2 | | |
| | | 4,789 | | | | Haynes International, Inc. | | | | | 236,194 | | | | | | 0.1 | | |
| | | 63,741 | | | | HB Fuller Co. | | | | | 2,589,159 | | | | | | 0.8 | | |
| | | 9,200 | | | | Kaiser Aluminum Corp. | | | | | 764,336 | | | | | | 0.3 | | |
| | | 27,902 | | | | Materion Corp. | | | | | 983,546 | | | | | | 0.3 | | |
| | | 22,830 | | | | Minerals Technologies, Inc. | | | | | 1,555,408 | | | | | | 0.5 | | |
| | | 26,845 | | | | Neenah Paper, Inc. | | | | | 1,582,781 | | | | | | 0.5 | | |
| | | 13,245 | | | | OM Group, Inc. | | | | | 445,032 | | | | | | 0.2 | | |
| | | 13,704 | | | | Quaker Chemical Corp. | | | | | 1,217,463 | | | | | | 0.4 | | |
| | | 60,855 | | | | Worthington Industries, Inc. | | | | | 1,829,301 | | | | | | 0.6 | | |
| | | | | | | | | | | | 16,741,805 | | | | | | 5.4 | | |
| | | | | | | Telecommunication Services: 1.1% | | ||||||||||||
| | | 21,052 | | | | Atlantic Tele-Network, Inc. | | | | | 1,454,272 | | | | | | 0.5 | | |
| | | 59,928 | | | | Consolidated Communications Holdings, Inc. | | | | | 1,259,087 | | | | | | 0.4 | | |
| | | 41,882 | | | | Lumos Networks Corp. | | | | | 619,435 | | | | | | 0.2 | | |
| | | | | | | | | | | | 3,332,794 | | | | | | 1.1 | | |
| | | | | | | Utilities: 2.8% | | ||||||||||||
| | | 46,200 | | | | American States Water Co. | | | | | 1,727,418 | | | | | | 0.5 | | |
| | | 62,860 | | | | El Paso Electric Co. | | | | | 2,178,728 | | | | | | 0.7 | | |
| | | 40,446 | | | | New Jersey Resources Corp. | | | | | 1,114,287 | | | | | | 0.4 | | |
| | | 28,871 | | | | Northwest Natural Gas Co. | | | | | 1,217,779 | | | | | | 0.4 | | |
| | | 19,344 | | | | ONE Gas, Inc. | | | | | 823,281 | | | | | | 0.3 | | |
| | | 7,943 | | | | Piedmont Natural Gas Co. | | | | | 280,467 | | | | | | 0.1 | | |
| | | 18,481 | | | | Southwest Gas Corp. | | | | | 983,374 | | | | | | 0.3 | | |
| | | 6,333 | | | | UIL Holdings Corp. | | | | | 290,178 | | | | | | 0.1 | | |
| | | | | | | | | | | | 8,615,512 | | | | | | 2.8 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
COMMON STOCK: (continued) | | |||||||||||||||||
| | | Utilities (continued) | | ||||||||||||||
| | | Total Common Stock (Cost $252,950,208) | | | | $ | 306,906,731 | | | | | | 98.4 | | | ||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 6.3% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 4.5% | | ||||||||||||
| | 3,364,545 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $3,364,559, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,431,836, due 07/15/15-05/20/65) | | | | | 3,364,545 | | | | | | 1.1 | | |
| | 2,405,671 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,405,683, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.250%, Market Value plus accrued interest $2,453,773, due 11/15/15-03/01/48) | | | | | 2,405,671 | | | | | | 0.7 | | |
| | 3,398,600 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $3,398,616, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $3,466,572, due 01/15/17- 08/15/42) | | | | | 3,398,600 | | | | | | 1.1 | | |
See Accompanying Notes to Financial Statements
156
PORTFOLIO OF INVESTMENTS
Voya Index Plus SmallCap Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 3,364,545 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $3,364,558, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $3,431,837, due 07/31/15-05/20/65) | | | | $ | 3,364,545 | | | | | | 1.1 | | |
| | 1,633,096 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,633,105, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,666,383, due 01/15/17- 01/15/29) | | | | | 1,633,096 | | | | | | 0.5 | | |
| | | | | | | | | | | 14,166,457 | | | | | | 4.5 | | |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| | | | | | Mutual Funds: 1.8% | | ||||||||||||
| | 5,479,559 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $5,479,559) | | | | | 5,479,559 | | | | | | 1.8 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||
| | | Total Short-Term Investments (Cost $19,646,016) | | | | $ | 19,646,016 | | | | | | 6.3 | | | ||
| | | Total Investments in Securities (Cost $272,596,224) | | | | $ | 326,552,747 | | | | | | 104.7 | | | ||
| | | Liabilities in Excess of Other Assets | | | | | (14,653,947) | | | | | | (4.7) | | | ||
| | | Net Assets | | | | $ | 311,898,800 | | | | | | 100.0 | | | ||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $272,798,700.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 66,876,093 | | | |
| Gross Unrealized Depreciation | | | | | (13,122,046) | | | |
| Net Unrealized Appreciation | | | | $ | 53,754,047 | | | |
|
See Accompanying Notes to Financial Statements
157
Voya Global Value Advantage | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
COMMON STOCK: 96.0% | | ||||||||||||||||||
| | | | | | Consumer Discretionary: 13.9% | | ||||||||||||
| | 327,622 | | | | Coach, Inc. | | | | $ | 11,338,997 | | | | | | 1.5 | | |
| | 160,900 | | | | Denso Corp. | | | | | 8,005,276 | | | | | | 1.0 | | |
| | 264,870 @ | | | | Hilton Worldwide Holdings, Inc. | | | | | 7,297,168 | | | | | | 1.0 | | |
| | 97,945 | | | | Home Depot, Inc. | | | | | 10,884,628 | | | | | | 1.4 | | |
| | 151,190 | | | | Kohl’s Corp. | | | | | 9,466,006 | | | | | | 1.2 | | |
| | 96,683 | | | | Nike, Inc. | | | | | 10,443,698 | | | | | | 1.4 | | |
| | 242,320 | | | | Reed Elsevier NV | | | | | 5,763,761 | | | | | | 0.8 | | |
| | 78,366 | | | | Renault S.A. | | | | | 8,216,490 | | | | | | 1.1 | | |
| | 199,200 | | | | Toyota Motor Corp. | | | | | 13,329,923 | | | | | | 1.7 | | |
| | 147,564 | | | | Viacom - Class B | | | | | 9,538,537 | | | | | | 1.2 | | |
| | 110,416 | | | | Walt Disney Co. | | | | | 12,602,882 | | | | | | 1.6 | | |
| | | | | | | | | | | 106,887,366 | | | | | | 13.9 | | |
| | | | | | Consumer Staples: 8.9% | | ||||||||||||
| | 118,574 | | | | Casino Guichard Perrachon S.A. | | | | | 9,000,082 | | | | | | 1.1 | | |
| | 205,921 | | | | ConAgra Foods, Inc. | | | | | 9,002,866 | | | | | | 1.2 | | |
| | 129,450 | | | | Dr Pepper Snapple Group, Inc. | | | | | 9,436,905 | | | | | | 1.2 | | |
| | 92,309 | | | | Kimberly-Clark Corp. | | | | | 9,781,985 | | | | | | 1.3 | | |
| | 114,296 | | | | Kraft Foods Group, Inc. | | | | | 9,731,162 | | | | | | 1.3 | | |
| | 57,533 | | | | KT&G Corp. | | | | | 4,894,779 | | | | | | 0.6 | | |
| | 97,871 | | | | Philip Morris International, Inc. | | | | | 7,846,318 | | | | | | 1.0 | | |
| | 217,446 | | | | Unilever NV | | | | | 9,091,248 | | | | | | 1.2 | | |
| | | | | | | | | | | 68,785,345 | | | | | | 8.9 | | |
| | | | | | Energy: 7.2% | | ||||||||||||
| | 107,019 | | | | Hess Corp. | | | | | 7,157,431 | | | | | | 0.9 | | |
| | 127,601 | | | | Occidental Petroleum Corp. | | | | | 9,923,530 | | | | | | 1.3 | | |
| | 167,141 @ | | | | Royal Dutch Shell PLC - Class A ADR | | | | | 9,528,708 | | | | | | 1.2 | | |
| | 119,412 | | | | Sasol Ltd. | | | | | 4,421,794 | | | | | | 0.6 | | |
| | 148,745 | | | | Schlumberger Ltd. | | | | | 12,820,332 | | | | | | 1.7 | | |
| | 229,617 | | | | Total S.A. | | | | | 11,262,958 | | | | | | 1.5 | | |
| | | | | | | | | | | 55,114,753 | | | | | | 7.2 | | |
| | | | | | Financials: 20.2% | | ||||||||||||
| | 343,972 | | | | Admiral Group PLC | | | | | 7,495,209 | | | | | | 1.0 | | |
| | 12,513,000 | | | | Bank of China Ltd. | | | | | 8,120,703 | | | | | | 1.1 | | |
| | 205,800 | | | | Blackstone Group LP | | | | | 8,411,046 | | | | | | 1.1 | | |
| | 1,512,770 | | | | Challenger Financial Services Group Ltd. | | | | | 7,841,598 | | | | | | 1.0 | | |
| | 8,691,000 | | | | China Construction Bank | | | | | 7,927,548 | | | | | | 1.0 | | |
| | 197,140 | | | | Host Hotels & Resorts, Inc. | | | | | 3,909,286 | | | | | | 0.5 | | |
| | 2,455,825 | | | | Intesa Sanpaolo S.p.A. | | | | | 8,918,310 | | | | | | 1.2 | | |
| | 217,237 | | | | JPMorgan Chase & Co. | | | | | 14,719,979 | | | | | | 1.9 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 2,488,271 | | | | Legal & General Group PLC | | | | $ | 9,729,236 | | | | | | 1.3 | | |
| | | 173,101 | | | | Macquarie Group Ltd. | | | | | 10,845,731 | | | | | | 1.4 | | |
| | | 1,068,299 | | | | Natixis SA | | | | | 7,710,300 | | | | | | 1.0 | | |
| | | 253,600 | | | | NKSJ Holdings, Inc. | | | | | 9,285,877 | | | | | | 1.2 | | |
| | | 136,192 | | | | Prudential Financial, Inc. | | | | | 11,919,524 | | | | | | 1.5 | | |
| | | 196,009 | | | | Starwood Property Trust, Inc. | | | | | 4,227,914 | | | | | | 0.6 | | |
| | | 2,255,000 | | | | Sumitomo Mitsui Trust Holdings, Inc. | | | | | 10,315,727 | | | | | | 1.3 | | |
| | | 106,679 | | | | Swiss Re Ltd. | | | | | 9,443,519 | | | | | | 1.2 | | |
| | | 258,308 | | | | Wells Fargo & Co. | | | | | 14,527,242 | | | | | | 1.9 | | |
| | | | | | | | | | | | 155,348,749 | | | | | | 20.2 | | |
| | | | | | | Health Care: 11.8% | | ||||||||||||
| | | 171,817 | | | | AstraZeneca PLC | | | | | 10,874,273 | | | | | | 1.4 | | |
| | | 241,510 | | | | Bristol-Myers Squibb Co. | | | | | 16,070,076 | | | | | | 2.1 | | |
| | | 99,252 | | | | Gilead Sciences, Inc. | | | | | 11,620,424 | | | | | | 1.5 | | |
| | | 147,732 | | | | Medtronic PLC | | | | | 10,946,941 | | | | | | 1.4 | | |
| | | 156,444 | | | | Novartis AG | | | | | 15,387,904 | | | | | | 2.0 | | |
| | | 50,498 | | | | Roche Holding AG | | | | | 14,159,210 | | | | | | 1.8 | | |
| | | 98,146 | | | | UnitedHealth Group, Inc. | | | | | 11,973,812 | | | | | | 1.6 | | |
| | | | | | | | | | | | 91,032,640 | | | | | | 11.8 | | |
| | | | | | | Industrials: 11.7% | | ||||||||||||
| | | 3,962 | | | | AP Moller - Maersk A/S - Class B | | | | | 7,163,462 | | | | | | 0.9 | | |
| | | 83,623 | | | | Boeing Co. | | | | | 11,600,182 | | | | | | 1.5 | | |
| | | 3,129,900 | | | | China Railway Construction Corp. Ltd. | | | | | 4,832,224 | | | | | | 0.6 | | |
| | | 385,592 | | | | General Electric Co. | | | | | 10,245,179 | | | | | | 1.4 | | |
| | | 498,000 | | | | LIXIL Group Corp. | | | | | 9,878,152 | | | | | | 1.3 | | |
| | | 392,574 | | | | Koninklijke Philips NV | | | | | 10,019,481 | | | | | | 1.3 | | |
| | | 514,900 | | | | Mitsubishi Corp. | | | | | 11,319,566 | | | | | | 1.5 | | |
| | | 98,596 | | | | Siemens AG | | | | | 9,975,117 | | | | | | 1.3 | | |
| | | 73,861 | | | | Union Pacific Corp. | | | | | 7,044,124 | | | | | | 0.9 | | |
| | | 68,791 | | | | United Technologies Corp. | | | | | 7,630,986 | | | | | | 1.0 | | |
| | | | | | | | | | | | 89,708,473 | | | | | | 11.7 | | |
| | | | | | | Information Technology: 10.7% | | ||||||||||||
| | | 189,882 | | | | Apple, Inc. | | | | | 23,815,950 | | | | | | 3.1 | | |
| | | 386,754 | | | | Cisco Systems, Inc. | | | | | 10,620,265 | | | | | | 1.4 | | |
| | | 346,621 | | | | Intel Corp. | | | | | 10,542,478 | | | | | | 1.4 | | |
| | | 461,000 | | | | MediaTek, Inc. | | | | | 6,301,680 | | | | | | 0.8 | | |
| | | 174,298 L | | | | Microchip Technology, Inc. | | | | | 8,266,082 | | | | | | 1.1 | | |
| | | 338,212 | | | | Microsoft Corp. | | | | | 14,932,060 | | | | | | 1.9 | | |
| | | 329,951 @ | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | | | 7,493,187 | | | | | | 1.0 | | |
| | | | | | | | | | | | 81,971,702 | | | | | | 10.7 | | |
See Accompanying Notes to Financial Statements
158
Voya Global Value Advantage | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Materials: 5.0% | | |||||||||||||||
| | | 115,337 | | | | BASF SE | | | | $ | 10,148,863 | | | | | | 1.3 | | | |||
| | | 565,643 | | | | BHP Billiton Ltd. | | | | | 11,538,469 | | | | | | 1.5 | | | |||
| | | 155,907 | | | | Dow Chemical Co. | | | | | 7,977,761 | | | | | | 1.0 | | | |||
| | | 151,629 | | | | Koninklijke DSM NV | | | | | 8,803,632 | | | | | | 1.2 | | | |||
| | | | | | | | | | | | 38,468,725 | | | | | | 5.0 | | | |||
| | | | | | | Telecommunication Services: 4.2% | | |||||||||||||||
| | | 221,044 | | | | AT&T, Inc. | | | | | 7,851,483 | | | | | | 1.0 | | | |||
| | | 4,967,197 | | | | Bezeq Israeli Telecommunication Corp., Ltd. | | | | | 8,459,002 | | | | | | 1.1 | | | |||
| | | 745,000 | | | | China Mobile Ltd. | | | | | 9,531,467 | | | | | | 1.3 | | | |||
| | | 334,253 | | | | MTN Group Ltd. | | | | | 6,278,665 | | | | | | 0.8 | | | |||
| | | | | | | | | | | | 32,120,617 | | | | | | 4.2 | | | |||
| | | | | | | Utilities: 2.4% | | |||||||||||||||
| | | 344,381 L | | | | Gas Natural SDG S.A. | | | | | 7,819,964 | | | | | | 1.0 | | | |||
| | | 257,715 | | | | Southern Co. | | | | | 10,798,259 | | | | | | 1.4 | | | |||
| | | | | | | | | | | | 18,618,223 | | | | | | 2.4 | | | |||
| | | | | | | Total Common Stock (Cost $749,892,598) | | | | | 738,056,593 | | | | | | 96.0 | | | |||
| PREFERRED STOCK: 1.2% | | |||||||||||||||||||||
| | | | | | | Financials: 0.7% | | |||||||||||||||
| | | 474,660 | | | | Itau Unibanco Holding S.A. | | | | | 5,228,878 | | | | | | 0.7 | | | |||
| | | 1,023,408 | | | | Cia Energetica de Minas Gerais | | | | | 3,880,860 | | | | | | 0.5 | | | |||
| | | | | | | Total Preferred Stock (Cost $10,086,647) | | | | | 9,109,738 | | | | | | 1.2 | | | |||
| | | | | | | Total Long-Term Investments (Cost $759,979,245) | | | | | 747,166,331 | | | | | | 97.2 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.5% | | ||||||||||||
| | 2,862,620 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,862,632, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $2,919,873, due 07/15/15-05/20/65) | | | | | 2,862,620 | | | | | | 0.3 | | |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 2,862,620 | | | | Citigroup, Inc., Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,862,631, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.625%- 6.500%, Market Value plus accrued interest $2,919,873, due 11/15/16-07/01/45) | | | | $ | 2,862,620 | | | | | | 0.4 | | |
| | 2,862,620 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,862,634, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest $2,919,858, due 11/15/15-03/01/48) | | | | | 2,862,620 | | | | | | 0.3 | | |
| | 2,108,249 | | | | Royal Bank of Canada, Repurchase Agreement dated 06/30/15, 0.10%, due 07/01/15 (Repurchase Amount $2,108,255, collateralized by various U.S. Government Agency Obligations, 2.375%-6.500%, Market Value plus accrued interest $2,150,414, due 03/01/19-02/20/65) | | | | | 2,108,249 | | | | | | 0.3 | | |
| | 1,357,008 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,357,015, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,384,668, due 01/15/17-01/15/29) | | | | | 1,357,008 | | | | | | 0.2 | | |
| | | | | | | | | | | 12,053,117 | | | | | | 1.5 | | |
See Accompanying Notes to Financial Statements
159
Voya Global Value Advantage | PORTFOLIO OF INVESTMENTS |
Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 1.2% | | |||||||||||||||
| | 8,999,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $8,999,000) | | | | $ | 8,999,000 | | | | | | 1.2 | | | |||
| | | | | | Total Short-Term Investments (Cost $21,052,117) | | | | | 21,052,117 | | | | | | 2.7 | | | |||
| | | | | | Total Investments in Securities (Cost $781,031,362) | | | | $ | 768,218,448 | | | | | | 99.9 | | | |||
| | | | | | Assets in Excess of Other Liabilities | | | | | 1,103,790 | | | | | | 0.1 | | | |||
| | | | | | Net Assets | | | | $ | 769,322,238 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
ADR
American Depositary Receipt
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $782,655,721.
Net unrealized depreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 24,265,898 | | | |
| Gross Unrealized Depreciation | | | | | (38,703,171) | | | |
| Net Unrealized Depreciation | | | | $ | (14,437,273) | | | |
|
See Accompanying Notes to Financial Statements
160
PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 95.8% | | ||||||||||||||||||
| | | | | | | Consumer Discretionary: 13.6% | | ||||||||||||
| | | 124,200 | | | | AMC Entertainment Holdings, Inc. | | | | $ | 3,810,456 | | | | | | 0.6 | | |
| | | 407,901 @ | | | | Belmond Ltd | | | | | 5,094,684 | | | | | | 0.8 | | |
| | | 91,800 | | | | Cheesecake Factory | | | | | 5,006,313 | | | | | | 0.8 | | |
| | | 74,800 | | | | Childrens Place Retail Stores, Inc. | | | | | 4,892,668 | | | | | | 0.7 | | |
| | | 91,337 @ | | | | Dave & Buster’s Entertainment, Inc. | | | | | 3,296,352 | | | | | | 0.5 | | |
| | | 104,736 @ | | | | Express, Inc. | | | | | 1,896,769 | | | | | | 0.3 | | |
| | | 178,600 | | | | Finish Line, Inc. | | | | | 4,968,652 | | | | | | 0.8 | | |
| | | 64,500 @ | | | | Hibbett Sporting Goods, Inc. | | | | | 3,004,410 | | | | | | 0.5 | | |
| | | 62,555 @ | | | | Imax Corp. | | | | | 2,519,090 | | | | | | 0.4 | | |
| | | 60,400 | | | | Jack in the Box, Inc. | | | | | 5,324,864 | | | | | | 0.8 | | |
| | | 171,900 @ | | | | La Quinta Holdings, Inc. | | | | | 3,927,915 | | | | | | 0.6 | | |
| | | 169,311 | | | | La-Z-Boy, Inc. | | | | | 4,459,652 | | | | | | 0.7 | | |
| | | 40,800 | | | | Marriott Vacations Worldwide Corp. | | | | | 3,743,400 | | | | | | 0.6 | | |
| | | 89,950 | | | | Monro Muffler Brake, Inc. | | | | | 5,591,292 | | | | | | 0.9 | | |
| | | 67,900 | | | | Papa John’s International, Inc. | | | | | 5,133,919 | | | | | | 0.8 | | |
| | | 185,175 | | | | Pier 1 Imports, Inc. | | | | | 2,338,760 | | | | | | 0.3 | | |
| | | 58,616 | | | | Pool Corp. | | | | | 4,113,671 | | | | | | 0.6 | | |
| | | 139,800 @ | | | | Sally Beauty Holdings,Inc. | | | | | 4,414,884 | | | | | | 0.7 | | |
| | | 66,500 L | | | | Sturm Ruger & Co., Inc. | | | | | 3,820,425 | | | | | | 0.6 | | |
| | | 48,300 | | | | Vail Resorts, Inc. | | | | | 5,274,360 | | | | | | 0.8 | | |
| | | 192,200 | | | | Wolverine World Wide, Inc. | | | | | 5,473,856 | | | | | | 0.8 | | |
| | | | | | | | | | | | 88,106,392 | | | | | | 13.6 | | |
| | | | | | | Consumer Staples: 2.0% | | ||||||||||||
| | | 44,210 | | | | Casey’s General Stores, Inc. | | | | | 4,232,665 | | | | | | 0.7 | | |
| | | 194,900 | | | | Flowers Foods, Inc. | | | | | 4,122,135 | | | | | | 0.6 | | |
| | | 94,700 | | | | Pinnacle Foods, Inc. | | | | | 4,312,638 | | | | | | 0.7 | | |
| | | | | | | | | | | | 12,667,438 | | | | | | 2.0 | | |
| | | | | | | Energy: 3.0% | | ||||||||||||
| | | 270,800 @ | | | | Bill Barrett Corp. | | | | | 2,326,172 | | | | | | 0.4 | | |
| | | 112,500 @ | | | | C&J Energy Services Ltd. | | | | | 1,485,000 | | | | | | 0.2 | | |
| | | 106,300 @ | | | | Carrizo Oil & Gas, Inc. | | | | | 5,234,212 | | | | | | 0.8 | | |
| | | 313,500 @,L | | | | Cloud Peak Energy, Inc. | | | | | 1,460,910 | | | | | | 0.2 | | |
| | | 37,432 @ | | | | Dril-Quip, Inc. | | | | | 2,816,758 | | | | | | 0.4 | | |
| | | 338,810 @ | | | | Energy XXI Bermuda Ltd. | | | | | 891,070 | | | | | | 0.1 | | |
| | | 676,000 @ | | | | Key Energy Services, Inc. | | | | | 1,216,800 | | | | | | 0.2 | | |
| | | 633,300 @ | | | | Petroquest Energy, Inc. | | | | | 1,253,934 | | | | | | 0.2 | | |
| | | 113,400 @ | | | | Unit Corp. | | | | | 3,075,408 | | | | | | 0.5 | | |
| | | | | | | | | | | | 19,760,264 | | | | | | 3.0 | | |
| | | | | | | Financials: 23.8% | | ||||||||||||
| | | 213,300 | | | | Colony Capital, Inc. | | | | | 4,831,245 | | | | | | 0.8 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Financials (continued) | | ||||||||||||
| | | 167,682 | | | | CubeSmart | | | | $ | 3,883,515 | | | | | | 0.6 | | |
| | | 142,563 | | | | CyrusOne, Inc. | | | | | 4,198,480 | | | | | | 0.7 | | |
| | | 148,937 | | | | DCT Industrial Trust, Inc. | | | | | 4,682,579 | | | | | | 0.7 | | |
| | | 113,460 | | | | Easterly Government Properties, Inc. | | | | | 1,806,283 | | | | | | 0.3 | | |
| | | 124,535 @ | | | | Encore Capital Group, Inc. | | | | | 5,322,626 | | | | | | 0.8 | | |
| | | 98,603 | | | | Evercore Partners, Inc. | | | | | 5,320,618 | | | | | | 0.8 | | |
| | | 161,979 | | | | First American Financial Corp. | | | | | 6,027,239 | | | | | | 0.9 | | |
| | | 143,178 | | | | Great Western Bancorp, Inc. | | | | | 3,452,022 | | | | | | 0.5 | | |
| | | 117,800 | | | | Highwoods Properties, Inc. | | | | | 4,706,110 | | | | | | 0.7 | | |
| | | 34,737 | | | | Infinity Property & Casualty Corp. | | | | | 2,634,454 | | | | | | 0.4 | | |
| | | 332,800 | | | | Investors Bancorp, Inc. | | | | | 4,093,440 | | | | | | 0.6 | | |
| | | 150,100 | | | | Kennedy-Wilson Holdings, Inc. | | | | | 3,690,959 | | | | | | 0.6 | | |
| | | 153,518 | | | | LaSalle Hotel Properties | | | | | 5,443,748 | | | | | | 0.8 | | |
| | | 41,837 | | | | MarketAxess Holdings, Inc. | | | | | 3,881,219 | | | | | | 0.6 | | |
| | | 185,300 | | | | MB Financial, Inc. | | | | | 6,381,732 | | | | | | 1.0 | | |
| | | 75,500 | | | | Nelnet, Inc. | | | | | 3,269,905 | | | | | | 0.5 | | |
| | | 111,100 | | | | PacWest Bancorp | | | | | 5,195,036 | | | | | | 0.8 | | |
| | | 99,751 | | | | Primerica, Inc. | | | | | 4,557,623 | | | | | | 0.7 | | |
| | | 90,200 | | | | PrivateBancorp, Inc. | | | | | 3,591,764 | | | | | | 0.6 | | |
| | | 67,718 | | | | Prosperity Bancshares, Inc. | | | | | 3,910,037 | | | | | | 0.6 | | |
| | | 95,423 | | | | QTS Realty Trust, Inc. | | | | | 3,478,168 | | | | | | 0.5 | | |
| | | 349,700 | | | | Radian Group, Inc. | | | | | 6,560,372 | | | | | | 1.0 | | |
| | | 209,288 | | | | Redwood Trust, Inc. | | | | | 3,285,822 | | | | | | 0.5 | | |
| | | 148,900 | | | | Selective Insurance Group | | | | | 4,176,645 | | | | | | 0.7 | | |
| | | 33,533 @ | | | | Signature Bank | | | | | 4,908,896 | | | | | | 0.8 | | |
| | | 78,200 | | | | South State Corp. | | | | | 5,942,418 | | | | | | 0.9 | | |
| | | 47,165 @ | | | | Springleaf Holdings, Inc. | | | | | 2,165,345 | | | | | | 0.3 | | |
| | | 35,089 @ | | | | Square 1 Financial, Inc. | | | | | 959,684 | | | | | | 0.2 | | |
| | | 217,400 | | | | Starwood Property Trust, Inc. | | | | | 4,689,318 | | | | | | 0.7 | | |
| | | 273,800 | | | | Sterling Bancorp/DE | | | | | 4,024,860 | | | | | | 0.6 | | |
| | | 100,785 @ | | | | Stifel Financial Corp. | | | | | 5,819,326 | | | | | | 0.9 | | |
| | | 34,624 @ | | | | SVB Financial Group | | | | | 4,985,164 | | | | | | 0.8 | | |
| | | 190,760 | | | | Talmer Bancorp, Inc. | | | | | 3,195,230 | | | | | | 0.5 | | |
| | | 172,000 | | | | Urban Edge Properties | | | | | 3,575,880 | | | | | | 0.6 | | |
| | | 124,700 | | | | Webster Financial Corp. | | | | | 4,931,885 | | | | | | 0.8 | | |
| | | | | | | | | | | | 153,579,647 | | | | | | 23.8 | | |
| | | | | | | Health Care: 13.4% | | ||||||||||||
| | | 86,100 @ | | | | Acadia Pharmaceuticals, Inc. | | | | | 3,605,868 | | | | | | 0.6 | | |
| | | 65,591 @ | | | | Acorda Therapeutics, Inc. | | | | | 2,186,148 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
161
PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Health Care (continued) | | ||||||||||||
| | | 118,500 @,L | | | | Aerie Pharmaceuticals, Inc. | | | | $ | 2,091,525 | | | | | | 0.3 | | |
| | | 113,800 @ | | | | AMN Healthcare Services, Inc. | | | | | 3,594,942 | | | | | | 0.6 | | |
| | | 82,249 @ | | | | Amsurg Corp. | | | | | 5,753,318 | | | | | | 0.9 | | |
| | | 68,499 @ | | | | Charles River Laboratories International, Inc. | | | | | 4,818,220 | | | | | | 0.7 | | |
| | | 54,300 @,L | | | | Enanta Pharmaceuticals, Inc. | | | | | 2,442,957 | | | | | | 0.4 | | |
| | | 83,300 @ | | | | Envision Healthcare Holdings, Inc. | | | | | 3,288,684 | | | | | | 0.5 | | |
| | | 17,100 @,L | | | | Esperion Therapeutics, Inc. | | | | | 1,398,096 | | | | | | 0.2 | | |
| | | 98,100 @ | | | | Greatbatch, Inc. | | | | | 5,289,552 | | | | | | 0.8 | | |
| | | 48,524 @ | | | | Haemonetics Corp. | | | | | 2,006,953 | | | | | | 0.3 | | |
| | | 105,500 @,L | | | | Halozyme Therapeutics, Inc. | | | | | 2,382,190 | | | | | | 0.4 | | |
| | | 151,949 | | | | Healthsouth Corp. | | | | | 6,998,771 | | | | | | 1.1 | | |
| | | 94,800 | | | | Hill-Rom Holdings, Inc. | | | | | 5,150,484 | | | | | | 0.8 | | |
| | | 37,875 @ | | | | Impax Laboratories, Inc. | | | | | 1,739,220 | | | | | | 0.3 | | |
| | | 106,500 @ | | | | Masimo Corp. | | | | | 4,125,810 | | | | | | 0.6 | | |
| | | 60,448 @ | | | | Medicines Co. | | | | | 1,729,417 | | | | | | 0.3 | | |
| | | 47,814 @ | | | | Mednax, Inc. | | | | | 3,543,495 | | | | | | 0.5 | | |
| | | 164,752 @,L | | | | Nektar Therapeutics | | | | | 2,061,047 | | | | | | 0.3 | | |
| | | 28,400 @ | | | | Neurocrine Biosciences, Inc. | | | | | 1,356,384 | | | | | | 0.2 | | |
| | | 98,536 | | | | Owens & Minor, Inc. | | | | | 3,350,224 | | | | | | 0.5 | | |
| | | 24,500 @ | | | | Pacira Pharmaceuticals, Inc./DE | | | | | 1,732,640 | | | | | | 0.3 | | |
| | | 80,480 | | | | Steris Corp. | | | | | 5,186,131 | | | | | | 0.8 | | |
| | | 53,500 @ | | | | Tetraphase Pharmaceuticals, Inc. | | | | | 2,538,040 | | | | | | 0.4 | | |
| | | 65,300 @ | | | | Thoratec Corp. | | | | | 2,910,421 | | | | | | 0.5 | | |
| | | 61,700 @ | | | | WellCare Health Plans, Inc. | | | | | 5,234,011 | | | | | | 0.8 | | |
| | | | | | | | | | | | 86,514,548 | | | | | | 13.4 | | |
| | | | | | | Industrials: 16.6% | | ||||||||||||
| | | 145,700 | | | | ABM Industries, Inc. | | | | | 4,789,159 | | | | | | 0.7 | | |
| | | 200,500 | | | | Actuant Corp. | | | | | 4,629,545 | | | | | | 0.7 | | |
| | | 74,341 @ | | | | Atlas Air Worldwide Holdings, Inc. | | | | | 4,085,781 | | | | | | 0.6 | | |
| | | 140,700 | | | | Barnes Group, Inc. | | | | | 5,485,893 | | | | | | 0.9 | | |
| | | 135,900 @ | | | | Beacon Roofing Supply, Inc. | | | | | 4,514,598 | | | | | | 0.7 | | |
| | | 400,300 @ | | | | Blount International, Inc. | | | | | 4,371,276 | | | | | | 0.7 | | |
| | | 205,600 | | | | Brady Corp. | | | | | 5,086,544 | | | | | | 0.8 | | |
| | | 89,000 | | | | Clarcor, Inc. | | | | | 5,539,360 | | | | | | 0.9 | | |
| | | 66,200 | | | | Curtiss-Wright Corp. | | | | | 4,795,528 | | | | | | 0.7 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Industrials (continued) | | ||||||||||||
| | | 151,517 | | | | Healthcare Services Group, Inc. | | | | $ | 5,007,637 | | | | | | 0.8 | | |
| | | 226,700 | | | | Heartland Express, Inc. | | | | | 4,586,141 | | | | | | 0.7 | | |
| | | 83,400 @ | | | | HUB Group, Inc | | | | | 3,364,356 | | | | | | 0.5 | | |
| | | 124,600 | | | | KAR Auction Services, Inc. | | | | | 4,660,040 | | | | | | 0.7 | | |
| | | 112,400 @ | | | | On Assignment, Inc. | | | | | 4,415,072 | | | | | | 0.7 | | |
| | | 73,700 | | | | Orbital ATK, Inc. | | | | | 5,406,632 | | | | | | 0.8 | | |
| | | 60,122 | | | | Regal-Beloit Corp. | | | | | 4,364,256 | | | | | | 0.7 | | |
| | | 40,299 @ | | | | Teledyne Technologies, Inc. | | | | | 4,251,948 | | | | | | 0.7 | | |
| | | 138,200 | | | | Tetra Tech, Inc. | | | | | 3,543,448 | | | | | | 0.5 | | |
| | | 86,900 | | | | Toro Co. | | | | | 5,890,082 | | | | | | 0.9 | | |
| | | 13,268 @ | | | | Univar, Inc. | | | | | 345,366 | | | | | | 0.1 | | |
| | | 86,300 | | | | Universal Forest Products, Inc. | | | | | 4,490,189 | | | | | | 0.7 | | |
| | | 59,400 | | | | Waste Connections, Inc. | | | | | 2,798,928 | | | | | | 0.4 | | |
| | | 106,100 | | | | Watts Water Technologies, Inc. | | | | | 5,501,285 | | | | | | 0.9 | | |
| | | 93,200 | | | | Woodward, Inc. | | | | | 5,125,068 | | | | | | 0.8 | | |
| | | | | | | | | | | | 107,048,132 | | | | | | 16.6 | | |
| | | | | | | Information Technology: 17.0% | | ||||||||||||
| | | 157,000 @ | | | | Advanced Energy Industries, Inc. | | | | | 4,315,930 | | | | | | 0.7 | | |
| | | 85,200 @ | | | | Black Knight Financial Services, Inc. | | | | | 2,630,124 | | | | | | 0.4 | | |
| | | 127,012 @ | | | | Blackhawk Network Holdings, Inc. | | | | | 5,232,895 | | | | | | 0.8 | | |
| | | 63,100 @ | | | | Bottomline Technologies, Inc. | | | | | 1,754,811 | | | | | | 0.3 | | |
| | | 47,300 @ | | | | CACI International, Inc. | | | | | 3,826,097 | | | | | | 0.6 | | |
| | | 162,866 @ | | | | Cardtronics, Inc. | | | | | 6,034,185 | | | | | | 0.9 | | |
| | | 118,500 @ | | | | Commvault Systems, Inc. | | | | | 5,025,585 | | | | | | 0.8 | | |
| | | 185,100 @ | | | | Cornerstone OnDemand, Inc. | | | | | 6,441,480 | | | | | | 1.0 | | |
| | | 211,400 | | | | EVERTEC, Inc. | | | | | 4,490,136 | | | | | | 0.7 | | |
| | | 119,500 | | | | Flir Systems, Inc. | | | | | 3,682,990 | | | | | | 0.6 | | |
| | | 84,700 | | | | j2 Global, Inc. | | | | | 5,754,518 | | | | | | 0.9 | | |
| | | 63,200 | | | | Littelfuse, Inc. | | | | | 5,997,048 | | | | | | 0.9 | | |
| | | 184,800 @ | | | | Microsemi Corp. | | | | | 6,458,760 | | | | | | 1.0 | | |
| | | 79,917 | | | | MKS Instruments, Inc. | | | | | 3,032,051 | | | | | | 0.5 | | |
| | | 75,400 @ | | | | Netgear, Inc. | | | | | 2,263,508 | | | | | | 0.4 | | |
| | | 87,600 | | | | Plantronics, Inc. | | | | | 4,932,756 | | | | | | 0.8 | | |
| | | 107,559 @ | | | | Plexus Corp. | | | | | 4,719,689 | | | | | | 0.7 | | |
| | | 307,000 @ | | | | Polycom, Inc. | | | | | 3,512,080 | | | | | | 0.5 | | |
| | | 145,569 @ | | | | Q2 Holdings, Inc. | | | | | 4,112,324 | | | | | | 0.6 | | |
| | | 165,900 @ | | | | QLIK Technologies, Inc. | | | | | 5,799,864 | | | | | | 0.9 | | |
| | | 100,300 @ | | | | Rofin-Sinar Technologies, Inc. | | | | | 2,768,280 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
162
PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | |||||||||||||||
| COMMON STOCK: (continued) | | |||||||||||||||||||||
| | | | | | | Information Technology (continued) | | |||||||||||||||
| | | 124,700 @ | | | | Semtech Corp. | | | | $ | 2,475,295 | | | | | | 0.4 | | | |||
| | | 33,100 @ | | | | Ultimate Software Group, Inc. | | | | | 5,439,654 | | | | | | 0.8 | | | |||
| | | 137,800 @ | | | | Veeco Instruments, Inc. | | | | | 3,960,372 | | | | | | 0.6 | | | |||
| | | 45,300 @ | | | | WEX, Inc. | | | | | 5,162,841 | | | | | | 0.8 | | | |||
| | | | | | | | | | | | 109,823,273 | | | | | | 17.0 | | | |||
| | | | | | | Materials: 4.4% | | |||||||||||||||
| | | 101,400 | | | | Carpenter Technology Corp. | | | | | 3,922,152 | | | | | | 0.6 | | | |||
| | | 327,100 | | | | Commercial Metals Co. | | | | | 5,259,768 | | | | | | 0.8 | | | |||
| | | 151,800 | | | | HB Fuller Co. | | | | | 6,166,116 | | | | | | 0.9 | | | |||
| | | 82,300 | | | | Minerals Technologies, Inc. | | | | | 5,607,099 | | | | | | 0.9 | | | |||
| | | 88,600 | | | | Olin Corp. | | | | | 2,387,770 | | | | | | 0.4 | | | |||
| | | 1,068,500 @ | | | | Thompson Creek Metals Co., Inc. | | | | | 876,170 | | | | | | 0.1 | | | |||
| | | 144,400 | | | | Worthington Industries, Inc. | | | | | 4,340,664 | | | | | | 0.7 | | | |||
| | | | | | | | | | | | 28,559,739 | | | | | | 4.4 | | | |||
| | | | | | | Utilities: 2.0% | | |||||||||||||||
| | | 135,100 | | | | El Paso Electric Co. | | | | | 4,682,566 | | | | | | 0.7 | | | |||
| | | 35,100 | | | | Idacorp, Inc. | | | | | 1,970,514 | | | | | | 0.3 | | | |||
| | | 66,568 | | | | ONE Gas, Inc. | | | | | 2,833,134 | | | | | | 0.4 | | | |||
| | | 105,700 | | | | Portland General Electric Co. | | | | | 3,505,012 | | | | | | 0.6 | | | |||
| | | | | | | | | | | | 12,991,226 | | | | | | 2.0 | | | |||
| | | | | | | Total Common Stock | | | | |||||||||||||
| | | | | | | (Cost $495,898,924) | | | | | 619,050,659 | | | | | | 95.8 | | | |||
| EXCHANGE-TRADED FUNDS: 0.6% | | |||||||||||||||||||||
| | | 26,900 | | | | iShares Russell 2000 Index Fund | | | | | 3,358,734 | | | | | | 0.6 | | | |||
| | | | | | | Total Exchange-Traded Funds | | | | |||||||||||||
| | | | | | | (Cost $3,071,821) | | | | | 3,358,734 | | | | | | 0.6 | | | |||
| | | | | | | Total Long-Term Investments | | | | |||||||||||||
| | | | | | | (Cost $498,970,745) | | | | | 622,409,393 | | | | | | 96.4 | | | |||
|
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: 5.8% | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc: 1.8% | | ||||||||||||
| | 2,764,674 | | | | Cantor Fitzgerald, Repurchase Agreement dated 06/30/15, 0.15%, due 07/01/15 (Repurchase Amount $2,764,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $2,819,967, due 07/15/15-05/20/65) | | | | $ | 2,764,674 | | | | | | 0.4 | | |
| | 2,243,337 | | | | Daiwa Capital Markets, Repurchase Agreement dated 06/30/15, 0.18%, due 07/01/15 (Repurchase Amount $2,243,348, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.250%, Market Value plus accrued interest $2,288,193, due 11/15/15-03/01/48) | | | | | 2,243,337 | | | | | | 0.4 | | |
| | 2,764,700 | | | | Millenium Fixed Income Ltd., Repurchase Agreement dated 06/30/15, 0.17%, due 07/01/15 (Repurchase Amount $2,764,713, collateralized by various U.S. Government Securities, 0.750%-2.750%, Market Value plus accrued interest $2,819,994, due 01/15/17-08/15/42) | | | | | 2,764,700 | | | | | | 0.4 | | |
| | 2,764,674 | | | | Nomura Securities, Repurchase Agreement dated 06/30/15, 0.14%, due 07/01/15 (Repurchase Amount $2,764,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.500%, Market Value plus accrued interest $2,819,968, due 07/31/15-05/20/65) | | | | | 2,764,674 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
163
PORTFOLIO OF INVESTMENTS
Voya Small Company Portfolio | as of June 30, 2015 (Unaudited) (continued) |
Principal Amount† | | | Value | | | Percentage of Net Assets | | ||||||||||||
SHORT-TERM INVESTMENTS: (continued) | | ||||||||||||||||||
| | | | | | Securities Lending Collateralcc (continued) | | ||||||||||||
| | 1,103,323 | | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/15, 0.20%, due 07/01/15 (Repurchase Amount $1,103,329, collateralized by various U.S. Government Securities, 0.125%-2.500%, Market Value plus accrued interest $1,125,812, due 01/15/17-01/15/29) | | | | $ | 1,103,323 | | | | | | 0.2 | | |
| | | | | | | | | | | 11,640,708 | | | | | | 1.8 | | |
Shares | | | Value | | | Percentage Net Assets | | |||||||||||||||
| | | | | | Mutual Funds: 4.0% | | |||||||||||||||
| | 26,134,000 | | | | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.090%†† (Cost $26,134,000) | | | | | 26,134,000 | | | | | | 4.0 | | | |||
| | | | | | Total Short-Term Investments (Cost $37,774,708) | | | | | 37,774,708 | | | | | | 5.8 | | | |||
| | | | | | Total Investments in Securities (Cost $536,745,453) | | | | $ | 660,184,101 | | | | | | 102.2 | | | |||
| | | | | | Liabilities in Excess of Other Assets | | | | | (13,904,862) | | | | | | (2.2) | | | |||
| | | | | | Net Assets | | | | $ | 646,279,239 | | | | | | 100.0 | | | |||
|
†
Unless otherwise indicated, principal amount is shown in USD.
††
Rate shown is the 7-day yield as of June 30, 2015.
@
Non-income producing security.
cc
Represents securities purchased with cash collateral received for securities on loan.
L
Loaned security, a portion or all of the security is on loan at June 30, 2015.
Cost for federal income tax purposes is $539,803,744.
Net unrealized appreciation consists of:
| Gross Unrealized Appreciation | | | | $ | 151,756,724 | | | |
| Gross Unrealized Depreciation | | | | | (31,376,367) | | | |
| Net Unrealized Appreciation | | | | $ | 120,380,357 | | | |
|
See Accompanying Notes to Financial Statements
164
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 Purchases.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Director vacancies on the Board. The Committee currently consists of all Independent Directors of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as director: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a director (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of directors, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
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 second fiscal quarter of 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. Exhibits.
(a)(1)
The Code of Ethics is not required for the semi-annual filing.
(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)
Not required for semi-annual filing.
(b)
The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.
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/ Shaun P. Mathews Shaun P. Mathews President and Chief Executive Officer | |
Date: September 4, 2015
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/ Shaun P. Mathews Shaun P. Mathews President and Chief Executive Officer | |
Date: September 4, 2015
| By | | | /s/ Todd Modic Todd Modic Senior Vice President and Chief Financial Officer | |
Date: September 4, 2015