Ing Variable Portfolios NPORT-P Voya RussellTM Small Cap Index Portfolio (Mar 2024 report)

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

1

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

98.2%

Communication

Services

:

2.1%

21,226 

(1)

Advantage

Solutions,

Inc.

$

91,909

0.0

6,806 

(1)

AMC

Networks,

Inc.

- Class

A

82,557

0.0

2,938 

(1)

Anterix,

Inc.

98,746

0.0

24,244 

(1)

AST

SpaceMobile,

Inc.

70,308

0.0

12,651 

(1)

Atlanta

Braves

Holdings,

Inc.

- Class

C

494,148

0.1

2,576 

ATN

International,

Inc.

81,157

0.0

5,380 

(1)

Bandwidth,

Inc.

- Class

A

98,239

0.0

6,022 

(1)

Boston

Omaha

Corp.

- Class

A

93,100

0.0

22,772 

(1)

Bumble,

Inc.

- Class

A

258,462

0.1

8,411 

(1)

Cardlytics,

Inc.

121,875

0.0

21,652 

(1)

Cargurus,

Inc.

499,728

0.1

15,284 

(1)

Cars.com,

Inc.

262,579

0.1

24,701 

(1)

Cinemark

Holdings,

Inc.

443,877

0.1

84,531 

(1)

Clear

Channel

Outdoor

Holdings,

Inc.

139,476

0.0

9,854 

Cogent

Communications

Holdings,

Inc.

643,762

0.1

17,841 

(1)

Consolidated

Communications

Holdings,

Inc.

77,073

0.0

338 

(1)

Daily

Journal

Corp.

122,224

0.0

12,620 

(1)

DHI

Group,

Inc.

32,181

0.0

27,725 

(1)

EchoStar

Corp.

- Class

A

395,081

0.1

17,194 

(1)

Eventbrite,

Inc.

- Class

A

94,223

0.0

4,770 

(1)

EverQuote,

Inc.

- Class

A

88,531

0.0

14,216 

(1)

EW

Scripps

Co.

- Class

A

55,869

0.0

61,175 

(1)

fuboTV,

Inc.

96,657

0.0

35,534 

(1)

Gannett

Co.,

Inc.

86,703

0.0

159,626 

(1)

Globalstar,

Inc.

234,650

0.1

14,968 

(1)

Gogo,

Inc.

131,419

0.0

18,840 

Gray

Television,

Inc.

119,069

0.0

9,467 

(1)

Grindr,

Inc.

95,901

0.0

3,560 

IDT

Corp.

- Class

B

134,604

0.0

24,108 

(1)

iHeartMedia,

Inc.

- Class

A

50,386

0.0

10,069 

(1)

IMAX

Corp.

162,816

0.0

10,994 

(1)

Integral

Ad

Science

Holding

Corp.

109,610

0.0

8,171 

John

Wiley

&

Sons,

Inc.

- Class

A

311,560

0.1

40,507 

(1)

Liberty

Latin

America

Ltd.

- Class

C

283,144

0.1

12,674 

(1)

Lions

Gate

Entertainment

Corp.

- Class

A

126,106

0.0

27,677 

(1)

Lions

Gate

Entertainment

Corp.

- Class

B

257,673

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Communication

Services:

(continued)

229,343 

(1)

Lumen

Technologies,

Inc.

$

357,775

0.1

9,033 

(1)

Madison

Square

Garden

Entertainment

Corp.

354,184

0.1

30,863 

(1)

Magnite,

Inc.

331,777

0.1

5,325 

Marcus

Corp.

75,935

0.0

5,286 

(1)

MediaAlpha,

Inc.

- Class

A

107,676

0.0

32,592 

(1)

Nextdoor

Holdings,

Inc.

73,332

0.0

6,517 

(1)

Ooma,

Inc.

55,590

0.0

11,416 

(1)

Outbrain,

Inc.

45,093

0.0

21,641 

(1)

Playstudios,

Inc.

60,162

0.0

9,742 

(1)

PubMatic,

Inc.

- Class

A

231,080

0.1

11,971 

(1)

QuinStreet,

Inc.

211,408

0.0

5,989 

Scholastic

Corp.

225,845

0.0

11,301 

Shenandoah

Telecommunications

Co.

196,298

0.0

5,523 

Shutterstock,

Inc.

253,009

0.1

7,411 

Sinclair,

Inc.

99,826

0.0

6,051 

(1)

Sphere

Entertainment

Co.

296,983

0.1

3,953 

Spok

Holdings,

Inc.

63,050

0.0

17,892 

(1)

Stagwell,

Inc.

111,288

0.0

5,812 

(1)

TechTarget,

Inc.

192,261

0.0

44,320 

TEGNA,

Inc.

662,141

0.1

22,509 

Telephone

and

Data

Systems,

Inc.

360,594

0.1

7,314 

(1)

Thryv

Holdings,

Inc.

162,590

0.0

3,573 

Townsquare

Media,

Inc.

- Class

A

39,232

0.0

20,916 

(1)

TrueCar,

Inc.

70,905

0.0

34,416 

(1)

Vimeo,

Inc.

140,761

0.0

12,855 

(1)

Vivid

Seats,

Inc.

- Class

A

77,002

0.0

11,889 

(1)

WideOpenWest,

Inc.

43,038

0.0

14,845 

(1)

Yelp,

Inc.

584,893

0.1

10,311 

(1)

Ziff

Davis,

Inc.

650,006

0.1

15,294 

(1)

ZipRecruiter,

Inc.

- Class

A

175,728

0.0

12,854,865

2.1

Consumer

Discretionary

:

10.6%

6,078 

(1)

1-800-Flowers.com,

Inc.

- Class

A

65,825

0.0

7,612 

Aaron's

Co.,

Inc.

57,090

0.0

10,944 

(1)

Abercrombie

&

Fitch

Co.

- Class

A

1,371,612

0.2

16,209 

Academy

Sports

&

Outdoors,

Inc.

1,094,756

0.2

12,607 

(1)

Accel

Entertainment,

Inc.

148,637

0.0

6,898 

Acushnet

Holdings

Corp.

454,923

0.1

20,087 

(1)

Adient

PLC

661,264

0.1

8,861 

(1)

Adtalem

Global

Education,

Inc.

455,455

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

2

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Discretionary:

(continued)

24,586 

(1)

Allbirds,

Inc.

- Class

A

$

17,065

0.0

25,758 

(1)

American

Axle

&

Manufacturing

Holdings,

Inc.

189,579

0.0

40,991 

American

Eagle

Outfitters,

Inc.

1,057,158

0.2

1,299 

(1)

America's

Car-Mart,

Inc.

82,967

0.0

22,089 

(1)

AMMO,

Inc.

60,745

0.0

19,638 

Arko

Corp.

111,937

0.0

4,641 

(1)

Asbury

Automotive

Group,

Inc.

1,094,255

0.2

18,811 

(1)

Atmus

Filtration

Technologies,

Inc.

606,655

0.1

6,603 

(1)

Bally's

Corp.

92,046

0.0

34,252 

(1)

BARK,

Inc.

42,472

0.0

6,733 

(1)

Beazer

Homes

USA,

Inc.

220,842

0.0

6,893 

Big

Lots,

Inc.

29,847

0.0

5,030 

(1)

BJ's

Restaurants,

Inc.

181,985

0.0

19,429 

Bloomin'

Brands,

Inc.

557,224

0.1

6,720 

(1)

Boot

Barn

Holdings,

Inc.

639,408

0.1

3,789 

(2)

Bowlero

Corp.

- Class

A

51,909

0.0

9,735 

(1)

Brinker

International,

Inc.

483,635

0.1

6,916 

Buckle,

Inc.

278,507

0.1

2,917 

Build-A-Bear

Workshop,

Inc.

87,131

0.0

7,860 

Caleres,

Inc.

322,496

0.1

9,524 

Camping

World

Holdings,

Inc.

- Class

A

265,243

0.1

3,001 

Carriage

Services,

Inc.

81,147

0.0

8,781 

Carrols

Restaurant

Group,

Inc.

83,507

0.0

22,964 

(1)

Carvana

Co.

2,018,765

0.3

1,876 

(1)

Cavco

Industries,

Inc.

748,637

0.1

6,393 

Century

Communities,

Inc.

616,924

0.1

10,626 

Cheesecake

Factory,

Inc.

384,130

0.1

25,566 

(1)

Chegg,

Inc.

193,535

0.0

2,814 

(1)

Children's

Place,

Inc.

32,474

0.0

4,142 

(1)

Chuy's

Holdings,

Inc.

139,710

0.0

7,270 

Clarus

Corp.

49,072

0.0

5,639 

(1)

ContextLogic,

Inc.

- Class

A

32,086

0.0

3,665 

(1)

Cooper-Standard

Holdings,

Inc.

60,692

0.0

29,369 

(1)

Coursera,

Inc.

411,753

0.1

4,942 

(2)

Cracker

Barrel

Old

Country

Store,

Inc.

359,432

0.1

11,832 

Cricut,

Inc.

- Class

A

56,320

0.0

29,411 

Dana,

Inc.

373,520

0.1

7,598 

(1)

Dave

&

Buster's

Entertainment,

Inc.

475,635

0.1

11,174 

(1)

Denny's

Corp.

100,119

0.0

9,601 

Designer

Brands,

Inc.

- Class

A

104,939

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Discretionary:

(continued)

15,338 

(1)

Destination

XL

Group,

Inc.

$

55,217

0.0

763 

(2)

Dillard's,

Inc.

- Class

A

359,861

0.1

3,466 

Dine

Brands

Global,

Inc.

161,100

0.0

5,987 

(1)

Dorman

Products,

Inc.

577,087

0.1

5,500 

(1)

Dream

Finders

Homes,

Inc.

- Class

A

240,515

0.1

6,573 

(1)

Duolingo,

Inc.

1,449,872

0.3

6,627 

(1)

El

Pollo

Loco

Holdings,

Inc.

64,547

0.0

5,181 

Ethan

Allen

Interiors,

Inc.

179,107

0.0

7,969 

(1)

European

Wax

Center,

Inc.

- Class

A

103,438

0.0

18,884 

(1)

Everi

Holdings,

Inc.

189,784

0.0

22,500 

(1)(2)

EVgo,

Inc.

56,475

0.0

28,181 

(1)

Figs,

Inc.

- Class

A

140,341

0.0

4,696 

(1)

First

Watch

Restaurant

Group,

Inc.

115,616

0.0

18,300 

Foot

Locker,

Inc.

521,550

0.1

9,568 

(1)

Fox

Factory

Holding

Corp.

498,206

0.1

18,026 

(1)

Frontdoor,

Inc.

587,287

0.1

7,747 

(1)

Full

House

Resorts,

Inc.

43,151

0.0

8,574 

(1)

Funko,

Inc.

- Class

A

53,502

0.0

2,566 

(1)

Genesco,

Inc.

72,207

0.0

7,365 

(1)

Gentherm,

Inc.

424,077

0.1

9,370 

(1)

G-III

Apparel

Group

Ltd.

271,824

0.1

8,629 

(1)

Global

Business

Travel

Group

I

51,860

0.0

4,509 

Golden

Entertainment,

Inc.

166,066

0.0

62,919 

(1)

Goodyear

Tire

&

Rubber

Co.

863,878

0.2

28,087 

(1)

GoPro,

Inc.

- Class

A

62,634

0.0

795 

Graham

Holdings

Co.

- Class

B

610,306

0.1

5,845 

(1)

Green

Brick

Partners,

Inc.

352,044

0.1

3,068 

Group

1

Automotive,

Inc.

896,562

0.2

14,303 

(1)

GrowGeneration

Corp.

40,907

0.0

6,335 

(2)

Guess?,

Inc.

199,362

0.0

79,109 

(1)

Hanesbrands,

Inc.

458,832

0.1

3,480 

Haverty

Furniture

Cos.,

Inc.

118,738

0.0

5,327 

(1)

Helen

of

Troy

Ltd.

613,883

0.1

2,729 

Hibbett,

Inc.

209,614

0.0

17,671 

(1)

Hilton

Grand

Vacations,

Inc.

834,248

0.1

13,287 

(1)

Holley,

Inc.

59,260

0.0

2,904 

Hooker

Furnishings

Corp.

69,725

0.0

1,095 

(1)

Hovnanian

Enterprises,

Inc.

- Class

A

171,849

0.0

5,773 

(1)

Inspired

Entertainment,

Inc.

56,922

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

3

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Discretionary:

(continued)

5,280 

Installed

Building

Products,

Inc.

$

1,366,094

0.2

24,136 

International

Game

Technology

PLC

545,232

0.1

5,863 

(1)

iRobot

Corp.

51,360

0.0

4,421 

Jack

in

the

Box,

Inc.

302,750

0.1

1,441 

(1)

JAKKS

Pacific,

Inc.

35,593

0.0

1,363 

Johnson

Outdoors,

Inc.

- Class

A

62,848

0.0

14,952 

KB

Home

1,059,798

0.2

12,520 

Kontoor

Brands,

Inc.

754,330

0.1

19,976 

(2)

Krispy

Kreme,

Inc.

304,334

0.1

1,282 

(1)

Kura

Sushi

USA,

Inc.

- Class

A

147,635

0.0

3,875 

(1)

Lands'

End,

Inc.

42,199

0.0

3,892 

(1)

Landsea

Homes

Corp.

56,551

0.0

10,523 

(1)

Latham

Group,

Inc.

41,671

0.0

30,154 

Laureate

Education,

Inc.

439,344

0.1

9,845 

La-Z-Boy,

Inc.

370,369

0.1

5,539 

LCI

Industries

681,629

0.1

2,499 

(1)

Legacy

Housing

Corp.

53,778

0.0

40,742 

(1)

Leslie's,

Inc.

264,823

0.1

4,659 

(1)

LGI

Homes,

Inc.

542,168

0.1

10,030 

(1)

Life

Time

Group

Holdings,

Inc.

155,666

0.0

20,131 

(1)

Light

&

Wonder,

Inc.

2,055,174

0.4

5,523 

(1)

Lincoln

Educational

Services

Corp.

57,053

0.0

7,637 

(1)

Lindblad

Expeditions

Holdings,

Inc.

71,253

0.0

4,984 

(1)(2)

Livewire

Group,

Inc.

36,034

0.0

3,365 

(1)

Lovesac

Co.

76,049

0.0

60,484 

(1)(2)

Luminar

Technologies,

Inc.

119,153

0.0

6,017 

(1)

M/I

Homes,

Inc.

820,057

0.1

4,676 

(1)

Malibu

Boats,

Inc.

- Class

A

202,377

0.0

4,923 

(1)

MarineMax,

Inc.

163,739

0.0

3,916 

(1)

MasterCraft

Boat

Holdings,

Inc.

92,888

0.0

12,931 

MDC

Holdings,

Inc.

813,489

0.1

8,054 

Meritage

Homes

Corp.

1,413,155

0.2

11,524 

(1)

Modine

Manufacturing

Co.

1,096,970

0.2

2,956 

Monarch

Casino

&

Resort,

Inc.

221,670

0.0

11,340 

(1)(2)

Mondee

Holdings,

Inc.

26,195

0.0

6,959 

Monro,

Inc.

219,487

0.0

3,575 

Movado

Group,

Inc.

99,850

0.0

834 

Nathan's

Famous,

Inc.

59,047

0.0

17,817 

(1)

National

Vision

Holdings,

Inc.

394,825

0.1

15,147 

(1)

Nerdy,

Inc.

44,078

0.0

7,364 

(1)

ODP

Corp.

390,660

0.1

18,652 

(1)

OneSpaWorld

Holdings

Ltd.

246,766

0.1

2,781 

(1)

OneWater

Marine,

Inc.

- Class

A

78,285

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Discretionary:

(continued)

10,231 

(1)

Overstock.com,

Inc.

$

367,395

0.1

3,393 

(2)

Oxford

Industries,

Inc.

381,373

0.1

7,267 

(2)

Papa

John's

International,

Inc.

483,982

0.1

4,732 

Patrick

Industries,

Inc.

565,332

0.1

15,028 

Perdoceo

Education

Corp.

263,892

0.1

8,518 

(1)

PlayAGS,

Inc.

76,492

0.0

10,355 

(1)

Portillo's,

Inc.

- Class

A

146,834

0.0

5,808 

(1)

Potbelly

Corp.

70,335

0.0

12,253 

Purple

Innovation,

Inc.

21,320

0.0

2,029 

RCI

Hospitality

Holdings,

Inc.

117,682

0.0

4,036 

(1)

Red

Robin

Gourmet

Burgers,

Inc.

30,916

0.0

10,546 

Red

Rock

Resorts,

Inc.

- Class

A

630,862

0.1

12,101 

Rent-A-Center,

Inc.

426,076

0.1

9,255 

(1)(2)

Revolve

Group,

Inc.

195,928

0.0

1,507 

Rocky

Brands,

Inc.

40,885

0.0

15,262 

(1)

Rush

Street

Interactive,

Inc.

99,356

0.0

24,617 

(1)

Sally

Beauty

Holdings,

Inc.

305,743

0.1

5,778 

(1)(2)

Savers

Value

Village,

Inc.

111,400

0.0

8,096 

(1)

SeaWorld

Entertainment,

Inc.

455,076

0.1

8,434 

(1)

Shake

Shack,

Inc.

- Class

A

877,389

0.2

4,230 

Shoe

Carnival,

Inc.

154,987

0.0

9,824 

Signet

Jewelers

Ltd.

983,088

0.2

16,259 

(1)

Six

Flags

Entertainment

Corp.

427,937

0.1

12,138 

(1)

Skyline

Champion

Corp.

1,031,851

0.2

4,862 

(1)

Sleep

Number

Corp.

77,938

0.0

10,617 

Smith

&

Wesson

Brands,

Inc.

184,311

0.0

5,270 

(1)

Snap

One

Holdings

Corp.

45,427

0.0

38,164 

(1)(2)

Solid

Power,

Inc.

77,473

0.0

3,354 

Sonic

Automotive,

Inc.

- Class

A

190,977

0.0

27,801 

(1)

Sonos,

Inc.

529,887

0.1

10,366 

(1)

Sportsman's

Warehouse

Holdings,

Inc.

32,238

0.0

4,570 

Standard

Motor

Products,

Inc.

153,324

0.0

16,321 

Steven

Madden

Ltd.

690,052

0.1

21,247 

(1)

Stitch

Fix,

Inc.

- Class

A

56,092

0.0

6,620 

(1)

Stoneridge,

Inc.

122,073

0.0

5,148 

Strategic

Education,

Inc.

536,010

0.1

9,541 

(1)

Stride,

Inc.

601,560

0.1

3,990 

Sturm

Ruger

&

Co.,

Inc.

184,138

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

4

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Discretionary:

(continued)

31,522 

(1)

Super

Group

SGHC

Ltd.

$

108,751

0.0

21,910 

(1)

Sweetgreen,

Inc.

- Class

A

553,447

0.1

7,713 

(1)

Target

Hospitality

Corp.

83,840

0.0

22,798 

(1)

Taylor

Morrison

Home

Corp.

1,417,352

0.2

17,845 

(1)

ThredUp,

Inc.

- Class

A

35,690

0.0

7,004 

(1)

Tilly's,

Inc.

- Class

A

47,627

0.0

32,301 

(1)(2)

Topgolf

Callaway

Brands

Corp.

522,307

0.1

8,932 

(1)

Traeger,

Inc.

22,598

0.0

21,287 

(1)

Tri

Pointe

Homes,

Inc.

822,955

0.1

19,463 

(1)

Udemy,

Inc.

213,704

0.0

7,561 

(1)

Universal

Technical

Institute,

Inc.

120,522

0.0

14,284 

(1)

Urban

Outfitters,

Inc.

620,211

0.1

6,190 

(1)

Vera

Bradley,

Inc.

42,092

0.0

13,274 

(1)

Vista

Outdoor,

Inc.

435,122

0.1

6,124 

(1)

Visteon

Corp.

720,244

0.1

17,372 

(1)

Vizio

Holding

Corp.

- Class

A

190,050

0.0

2,664 

(1)

VOXX

International

Corp.

21,738

0.0

19,415 

(1)

Warby

Parker,

Inc.

- Class

A

264,238

0.1

654 

Winmark

Corp.

236,552

0.1

6,447 

Winnebago

Industries,

Inc.

477,078

0.1

17,926 

Wolverine

World

Wide,

Inc.

200,950

0.0

13,222 

(1)

WW

International,

Inc.

24,461

0.0

5,165 

(1)

XPEL,

Inc.

279,013

0.1

5,449 

(1)

Xponential

Fitness,

Inc.

- Class

A

90,126

0.0

3,980 

(1)

Zumiez,

Inc.

60,456

0.0

64,541,700

10.6

Consumer

Staples

:

3.3%

7,417 

Andersons,

Inc.

425,513

0.1

16,406 

(2)

B&G

Foods,

Inc.

187,685

0.0

18,213 

(1)(2)

Beauty

Health

Co.

80,866

0.0

29,241 

(1)

BellRing

Brands,

Inc.

1,726,096

0.3

12,800 

(1)(2)

Beyond

Meat,

Inc.

105,984

0.0

9,332 

(1)(2)

BRC,

Inc.

- Class

A

39,941

0.0

4,054 

Calavo

Growers,

Inc.

112,742

0.0

9,099 

Cal-Maine

Foods,

Inc.

535,476

0.1

13,661 

(1)

Central

Garden

&

Pet

Co.

- Class

A

504,364

0.1

8,076 

(1)

Chefs'

Warehouse,

Inc.

304,142

0.1

1,069 

Coca-Cola

Consolidated,

Inc.

904,812

0.2

16,632 

Dole

PLC

198,420

0.0

9,352 

(1)

Duckhorn

Portfolio,

Inc.

87,067

0.0

12,051 

(1)

e.l.f.

Beauty,

Inc.

2,362,358

0.4

11,057 

Edgewell

Personal

Care

Co.

427,242

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Consumer

Staples:

(continued)

16,119 

Energizer

Holdings,

Inc.

$

474,543

0.1

8,088 

Fresh

Del

Monte

Produce,

Inc.

209,560

0.0

20,564 

(1)

Hain

Celestial

Group,

Inc.

161,633

0.0

22,145 

(1)

Herbalife

Ltd.

222,557

0.0

11,901 

(1)

HF

Foods

Group,

Inc.

41,654

0.0

3,363 

Ingles

Markets,

Inc.

- Class

A

257,875

0.1

4,089 

Inter

Parfums,

Inc.

574,545

0.1

4,375 

(1)

Ispire

Technology,

Inc.

26,819

0.0

3,392 

J

&

J

Snack

Foods

Corp.

490,348

0.1

2,128 

John

B

Sanfilippo

&

Son,

Inc.

225,398

0.0

4,362 

Lancaster

Colony

Corp.

905,682

0.2

4,419 

Limoneira

Co.

86,436

0.0

2,260 

Medifast,

Inc.

86,603

0.0

3,595 

MGP

Ingredients,

Inc.

309,637

0.1

11,580 

(1)

Mission

Produce,

Inc.

137,455

0.0

5,456 

(1)

National

Beverage

Corp.

258,942

0.1

3,469 

(1)

Nature's

Sunshine

Products,

Inc.

72,051

0.0

10,912 

Nu

Skin

Enterprises,

Inc.

- Class

A

150,913

0.0

1,172 

Oil-Dri

Corp.

of

America

87,384

0.0

5,814 

PriceSmart,

Inc.

488,376

0.1

35,260 

Primo

Water

Corp.

642,085

0.1

1,367 

(1)

Seneca

Foods

Corp.

- Class

A

77,782

0.0

20,463 

(1)

Simply

Good

Foods

Co.

696,356

0.1

8,433 

SpartanNash

Co.

170,431

0.0

22,841 

(1)

Sprouts

Farmers

Market,

Inc.

1,472,788

0.3

21,114 

(1)

SunOpta,

Inc.

145,053

0.0

11,584 

(1)

TreeHouse

Foods,

Inc.

451,197

0.1

4,198 

Turning

Point

Brands,

Inc.

123,001

0.0

13,085 

(1)

United

Natural

Foods,

Inc.

150,347

0.0

5,499 

Universal

Corp.

284,408

0.1

2,542 

(1)

USANA

Health

Sciences,

Inc.

123,287

0.0

16,554 

Utz

Brands,

Inc.

305,256

0.1

33,569 

Vector

Group

Ltd.

367,916

0.1

7,387 

(1)

Vita

Coco

Co.,

Inc.

180,464

0.0

7,102 

(1)

Vital

Farms,

Inc.

165,122

0.0

7,336 

(1)

Waldencast

PLC

- Class

A

47,684

0.0

3,027 

WD-40

Co.

766,769

0.1

3,945 

Weis

Markets,

Inc.

254,058

0.0

6,551 

(1)(2)

Westrock

Coffee

Co.

67,672

0.0

19,762,795

3.3

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

5

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Energy

:

7.1%

8,927 

(1)

Amplify

Energy

Corp.

$

59,007

0.0

31,304 

Archrock,

Inc.

615,750

0.1

9,670 

Ardmore

Shipping

Corp.

158,781

0.0

4,183 

(2)

Atlas

Energy

Solutions,

Inc.

94,619

0.0

18,461 

Berry

Corp.

148,611

0.0

50,411 

Borr

Drilling

Ltd.

345,315

0.1

5,549 

(1)

Bristow

Group,

Inc.

150,933

0.0

14,713 

Cactus,

Inc.

- Class

A

736,974

0.1

15,618 

California

Resources

Corp.

860,552

0.2

2,729 

(1)

Centrus

Energy

Corp.

- Class

A

113,335

0.0

43,573 

ChampionX

Corp.

1,563,835

0.3

9,224 

Chord

Energy

Corp.

1,644,086

0.3

18,059 

Civitas

Resources,

Inc.

1,370,859

0.2

38,707 

(1)

Clean

Energy

Fuels

Corp.

103,735

0.0

34,923 

(1)(2)

CNX

Resources

Corp.

828,374

0.1

20,597 

Comstock

Resources,

Inc.

191,140

0.0

6,944 

CONSOL

Energy,

Inc.

581,629

0.1

10,865 

Core

Laboratories,

Inc.

185,574

0.0

16,540 

Crescent

Energy

Co.

- Class

A

196,826

0.0

6,629 

CVR

Energy,

Inc.

236,390

0.0

14,461 

Delek

US

Holdings,

Inc.

444,531

0.1

30,840 

DHT

Holdings,

Inc.

354,660

0.1

23,297 

(1)

Diamond

Offshore

Drilling,

Inc.

317,771

0.1

4,493 

(1)

DMC

Global,

Inc.

87,569

0.0

7,735 

Dorian

LPG

Ltd.

297,488

0.1

8,124 

(1)

Dril-Quip,

Inc.

183,034

0.0

3,443 

(1)

Empire

Petroleum

Corp.

17,594

0.0

34,812 

(1)

Encore

Energy

Corp.

152,477

0.0

35,581 

(1)(2)

Energy

Fuels,

Inc./

Canada

223,804

0.0

97,391 

Equitrans

Midstream

Corp.

1,216,414

0.2

7,521 

Evolution

Petroleum

Corp.

46,179

0.0

4,214 

Excelerate

Energy,

Inc.

- Class

A

67,508

0.0

20,568 

(1)

Expro

Group

Holdings

NV

410,743

0.1

6,777 

FLEX

LNG

Ltd.

172,339

0.0

2,778 

(1)

Forum

Energy

Technologies,

Inc.

55,504

0.0

57,511 

(1)(2)

Gevo,

Inc.

44,209

0.0

22,480 

Golar

LNG

Ltd.

540,869

0.1

7,040 

Granite

Ridge

Resources,

Inc.

45,760

0.0

13,115 

(1)

Green

Plains,

Inc.

303,219

0.1

2,491 

(1)

Gulfport

Energy

Corp.

398,859

0.1

6,021 

(1)

Hallador

Energy

Co.

32,092

0.0

33,001 

(1)

Helix

Energy

Solutions

Group,

Inc.

357,731

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Energy:

(continued)

21,757 

Helmerich

&

Payne,

Inc.

$

915,099

0.2

2,838 

HighPeak

Energy,

Inc.

44,755

0.0

9,323 

International

Seaways,

Inc.

495,984

0.1

8,141 

Kinetik

Holdings,

Inc.

324,582

0.1

3,177 

Kodiak

Gas

Services,

Inc.

86,859

0.0

103,097 

(1)

Kosmos

Energy

Ltd.

614,458

0.1

36,711 

Liberty

Energy,

Inc.

760,652

0.1

39,609 

(2)

Magnolia

Oil

&

Gas

Corp.

- Class

A

1,027,853

0.2

25,386 

Matador

Resources

Co.

1,695,023

0.3

32,449 

Murphy

Oil

Corp.

1,482,919

0.3

2,034 

(1)

Nabors

Industries

Ltd.

175,188

0.0

18,040 

(1)

Newpark

Resources,

Inc.

130,249

0.0

17,722 

(1)

NextDecade

Corp.

100,661

0.0

25,055 

Noble

Corp.

PLC

1,214,917

0.2

46,482 

Nordic

American

Tankers

Ltd.

182,209

0.0

18,907 

Northern

Oil

and

Gas,

Inc.

750,230

0.1

23,208 

(1)

Oceaneering

International,

Inc.

543,067

0.1

14,739 

(1)

Oil

States

International,

Inc.

90,792

0.0

14,926 

Overseas

Shipholding

Group,

Inc.

- Class

A

95,526

0.0

12,591 

(1)

Par

Pacific

Holdings,

Inc.

466,622

0.1

78,857 

Patterson-UTI

Energy,

Inc.

941,553

0.2

24,670 

PBF

Energy,

Inc.

- Class

A

1,420,252

0.2

25,273 

(2)

Peabody

Energy

Corp.

613,123

0.1

97,116 

Permian

Resources

Corp.

1,715,069

0.3

5,827 

(1)

ProFrac

Holding

Corp.

- Class

A

48,714

0.0

21,895 

(1)

ProPetro

Holding

Corp.

176,912

0.0

3,677 

(1)

REX

American

Resources

Corp.

215,877

0.0

2,089 

Riley

Exploration

Permian,

Inc.

68,937

0.0

27,115 

(1)

Ring

Energy,

Inc.

53,145

0.0

19,147 

RPC,

Inc.

148,198

0.0

7,415 

SandRidge

Energy,

Inc.

108,037

0.0

10,726 

Scorpio

Tankers,

Inc.

767,445

0.1

6,032 

(1)

SEACOR

Marine

Holdings,

Inc.

84,086

0.0

10,503 

(1)

Seadrill

Ltd.

528,301

0.1

18,382 

Select

Water

Solutions,

Inc.

169,666

0.0

26,845 

SFL

Corp.

Ltd.

353,817

0.1

4,442 

(1)

SilverBow

Resources,

Inc.

151,650

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

6

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Energy:

(continued)

18,961 

Sitio

Royalties

Corp.

- Class

A

$

468,716

0.1

26,083 

SM

Energy

Co.

1,300,238

0.2

7,161 

Solaris

Oilfield

Infrastructure,

Inc.

- Class

A

62,086

0.0

30,876 

(1)

Talos

Energy,

Inc.

430,103

0.1

14,597 

(1)

Teekay

Corp.

106,266

0.0

5,468 

Teekay

Tankers

Ltd.

- Class

A

319,386

0.1

129,680 

(1)(2)

Tellurian,

Inc.

85,770

0.0

28,992 

(1)

TETRA

Technologies,

Inc.

128,435

0.0

10,451 

(1)

Tidewater,

Inc.

961,492

0.2

85,752 

(1)

Uranium

Energy

Corp.

578,826

0.1

17,655 

(1)

US

Silica

Holdings,

Inc.

219,099

0.0

25,791 

VAALCO

Energy,

Inc.

179,763

0.0

13,258 

(1)

Valaris

Ltd.

997,797

0.2

16,542 

(1)

Vertex

Energy,

Inc.

23,159

0.0

4,864 

(1)

Vital

Energy,

Inc.

255,555

0.1

5,876 

Vitesse

Energy,

Inc.

139,437

0.0

23,974 

W&T

Offshore,

Inc.

63,531

0.0

15,858 

(1)

Weatherford

International

PLC

1,830,330

0.3

13,647 

World

Fuel

Services

Corp.

360,963

0.1

43,230,058

7.1

Financials

:

15.5%

4,122 

1st

Source

Corp.

216,075

0.0

2,102 

ACNB

Corp.

79,035

0.0

4,458 

Alerus

Financial

Corp.

97,318

0.0

5,259 

(1)

AlTi

Global,

Inc.

29,766

0.0

4,193 

Amalgamated

Financial

Corp.

100,632

0.0

4,348 

(2)

A-Mark

Precious

Metals,

Inc.

133,440

0.0

10,381 

(1)

Ambac

Financial

Group,

Inc.

162,255

0.0

6,640 

Amerant

Bancorp,

Inc.

154,646

0.0

4,891 

(1)

American

Coastal

Insurance

Corp.

52,285

0.0

17,072 

(1)

American

Equity

Investment

Life

Holding

Co.

959,788

0.2

2,841 

American

National

Bankshares,

Inc.

135,686

0.0

14,741 

Ameris

Bancorp

713,170

0.1

4,508 

AMERISAFE,

Inc.

226,166

0.0

33,158 

Apollo

Commercial

Real

Estate

Finance,

Inc.

369,380

0.1

41,646 

(2)

Arbor

Realty

Trust,

Inc.

551,810

0.1

11,169 

(2)

Ares

Commercial

Real

Estate

Corp.

83,209

0.0

10,046 

(2)

ARMOUR

Residential

REIT,

Inc.

198,609

0.0

3,744 

Arrow

Financial

Corp.

93,675

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

13,478 

Artisan

Partners

Asset

Management,

Inc.

- Class

A

$

616,888

0.1

5,140 

(1)

AssetMark

Financial

Holdings,

Inc.

182,007

0.0

33,301 

Associated

Banc-Corp.

716,305

0.1

17,131 

Atlantic

Union

Bankshares

Corp.

604,896

0.1

33,898 

(1)

AvidXchange

Holdings,

Inc.

445,759

0.1

12,357 

(1)

Axos

Financial,

Inc.

667,772

0.1

4,711 

(2)

B

Riley

Financial,

Inc.

99,732

0.0

29,756 

Banc

of

California,

Inc.

452,589

0.1

5,091 

BancFirst

Corp.

448,161

0.1

6,801 

Banco

Latinoamericano

de

Comercio

Exterior

SA

- Class

E

201,446

0.0

11,615 

(1)

Bancorp,

Inc.

388,638

0.1

2,320 

(2)

Bank

First

Corp.

201,074

0.0

8,751 

Bank

of

Hawaii

Corp.

545,975

0.1

4,376 

Bank

of

Marin

Bancorp

73,386

0.0

11,169 

Bank

of

NT

Butterfield

&

Son

Ltd.

357,296

0.1

16,802 

BankUnited,

Inc.

470,456

0.1

7,892 

Banner

Corp.

378,816

0.1

4,140 

Bar

Harbor

Bankshares

109,627

0.0

10,392 

Berkshire

Hills

Bancorp,

Inc.

238,185

0.0

80,504 

BGC

Group,

Inc.

- Class

A

625,516

0.1

39,034 

(2)

Blackstone

Mortgage

Trust,

Inc.

- Class

A

777,167

0.1

7,665 

(1)

Blue

Foundry

Bancorp

71,744

0.0

11,320 

Bread

Financial

Holdings,

Inc.

421,557

0.1

5,548 

(1)

Bridgewater

Bancshares,

Inc.

64,579

0.0

7,129 

Brightsphere

Investment

Group,

Inc.

162,826

0.0

29,587 

BrightSpire

Capital,

Inc.

203,854

0.0

21,032 

Brookline

Bancorp,

Inc.

209,479

0.0

13,760 

(1)

BRP

Group,

Inc.

- Class

A

398,214

0.1

1,684 

Burke

&

Herbert

Financial

Services

Corp.

94,355

0.0

6,257 

Business

First

Bancshares,

Inc.

139,406

0.0

6,453 

Byline

Bancorp,

Inc.

140,159

0.0

40,578 

Cadence

Bank

1,176,762

0.2

1,833 

Cambridge

Bancorp

124,937

0.0

3,672 

Camden

National

Corp.

123,085

0.0

15,437 

(1)

Cannae

Holdings,

Inc.

343,319

0.1

13,535 

(1)

Cantaloupe,

Inc.

87,030

0.0

3,625 

Capital

City

Bank

Group,

Inc.

100,413

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

7

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

30,621 

Capitol

Federal

Financial,

Inc.

$

182,501

0.0

4,985 

Capstar

Financial

Holdings,

Inc.

100,199

0.0

6,450 

(1)

Carter

Bankshares,

Inc.

81,528

0.0

3,359 

Cass

Information

Systems,

Inc.

161,803

0.0

15,728 

Cathay

General

Bancorp

594,990

0.1

6,438 

Central

Pacific

Financial

Corp.

127,150

0.0

4,441 

Chicago

Atlantic

Real

Estate

Finance,

Inc.

70,035

0.0

52,354 

Chimera

Investment

Corp.

241,352

0.0

4,107 

Citizens

&

Northern

Corp.

77,129

0.0

1,174 

Citizens

Financial

Services,

Inc.

57,761

0.0

3,509 

City

Holding

Co.

365,708

0.1

4,825 

Civista

Bancshares,

Inc.

74,209

0.0

21,362 

Claros

Mortgage

Trust,

Inc.

208,493

0.0

5,628 

CNB

Financial

Corp.

114,755

0.0

25,280 

CNO

Financial

Group,

Inc.

694,694

0.1

2,712 

(1)

Coastal

Financial

Corp.

105,415

0.0

5,775 

Cohen

&

Steers,

Inc.

444,040

0.1

7,427 

(1)

Columbia

Financial,

Inc.

127,819

0.0

11,960 

Community

Bank

System,

Inc.

574,439

0.1

3,942 

Community

Trust

Bancorp,

Inc.

168,126

0.0

14,933 

Compass

Diversified

Holdings

359,437

0.1

9,004 

ConnectOne

Bancorp,

Inc.

175,578

0.0

11,358 

(1)

CrossFirst

Bankshares,

Inc.

157,195

0.0

6,487 

(1)

Customers

Bancorp,

Inc.

344,200

0.1

30,071 

CVB

Financial

Corp.

536,467

0.1

679 

Diamond

Hill

Investment

Group,

Inc.

104,681

0.0

8,471 

Dime

Community

Bancshares,

Inc.

163,151

0.0

5,574 

(1)

Donnelley

Financial

Solutions,

Inc.

345,644

0.1

12,094 

Dynex

Capital,

Inc.

150,570

0.0

6,815 

Eagle

Bancorp,

Inc.

160,084

0.0

35,096 

Eastern

Bankshares,

Inc.

483,623

0.1

6,452 

(1)

eHealth,

Inc.

38,906

0.0

16,609 

(2)

Ellington

Financial,

Inc.

196,152

0.0

6,179 

Employers

Holdings,

Inc.

280,465

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

6,657 

Enact

Holdings,

Inc.

$

207,565

0.0

5,336 

(1)

Encore

Capital

Group,

Inc.

243,375

0.0

6,503 

(1)

Enova

International,

Inc.

408,583

0.1

2,660 

(1)

Enstar

Group

Ltd.

826,622

0.1

2,853 

Enterprise

Bancorp,

Inc.

74,092

0.0

8,727 

Enterprise

Financial

Services

Corp.

353,967

0.1

3,659 

Equity

Bancshares,

Inc.

- Class

A

125,760

0.0

1,785 

Esquire

Financial

Holdings,

Inc.

84,734

0.0

23,261 

Essent

Group

Ltd.

1,384,262

0.2

4,228 

F&G

Annuities

&

Life,

Inc.

171,445

0.0

3,505 

Farmers

&

Merchants

Bancorp,

Inc./Archbold

OH

78,126

0.0

9,652 

Farmers

National

Banc

Corp.

128,951

0.0

8,381 

FB

Financial

Corp.

315,628

0.1

2,076 

Federal

Agricultural

Mortgage

Corp.

- Class

C

408,723

0.1

11,633 

Fidelis

Insurance

Holdings

Ltd.

226,611

0.0

1,339 

Fidelity

D&D

Bancorp,

Inc.

64,848

0.0

4,151 

Financial

Institutions,

Inc.

78,122

0.0

3,299 

First

Bancorp,

Inc.

81,287

0.0

37,507 

First

BanCorp/Puerto

Rico

657,873

0.1

9,504 

First

Bancorp/Southern

Pines

NC

343,284

0.1

7,313 

First

Bancshares,

Inc.

189,772

0.0

12,733 

First

Busey

Corp.

306,229

0.1

24,211 

First

Commonwealth

Financial

Corp.

337,017

0.1

4,737 

First

Community

Bankshares,

Inc.

164,042

0.0

21,772 

First

Financial

Bancorp

488,128

0.1

29,316 

First

Financial

Bankshares,

Inc.

961,858

0.2

3,031 

First

Financial

Corp.

116,178

0.0

11,223 

First

Foundation,

Inc.

84,734

0.0

18,660 

First

Interstate

BancSystem,

Inc.

- Class

A

507,739

0.1

13,666 

First

Merchants

Corp.

476,943

0.1

5,346 

First

Mid

Bancshares,

Inc.

174,707

0.0

5,651 

First

of

Long

Island

Corp.

62,670

0.0

8,464 

FirstCash

Holdings,

Inc.

1,079,499

0.2

3,761 

Five

Star

Bancorp

84,623

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

8

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

7,044 

Flushing

Financial

Corp.

$

88,825

0.0

24,014 

(1)

Flywire

Corp.

595,787

0.1

27,514 

(1)

Forge

Global

Holdings,

Inc.

53,102

0.0

20,333 

Franklin

BSP

Realty

Trust,

Inc.

271,649

0.1

35,534 

Fulton

Financial

Corp.

564,635

0.1

9,913 

GCM

Grosvenor,

Inc.

- Class

A

95,760

0.0

102,565 

(1)

Genworth

Financial,

Inc.

- Class

A

659,493

0.1

7,001 

German

American

Bancorp,

Inc.

242,515

0.0

24,937 

Glacier

Bancorp,

Inc.

1,004,462

0.2

4,910 

(1)

Goosehead

Insurance,

Inc.

- Class

A

327,104

0.1

14,141 

Granite

Point

Mortgage

Trust,

Inc.

67,453

0.0

2,438 

Great

Southern

Bancorp,

Inc.

133,651

0.0

10,325 

(1)

Green

Dot

Corp.

- Class

A

96,332

0.0

1,964 

Greene

County

Bancorp,

Inc.

56,544

0.0

7,261 

(1)

Greenlight

Capital

Re

Ltd.

- Class

A

90,545

0.0

8,130 

Hamilton

Lane,

Inc.

- Class

A

916,739

0.2

19,381 

Hancock

Whitney

Corp.

892,301

0.2

7,373 

Hanmi

Financial

Corp.

117,378

0.0

24,046 

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

682,906

0.1

10,626 

HarborOne

Bancorp,

Inc.

113,273

0.0

1,481 

HCI

Group,

Inc.

171,914

0.0

9,926 

Heartland

Financial

USA,

Inc.

348,899

0.1

13,849 

Heritage

Commerce

Corp.

118,824

0.0

8,261 

Heritage

Financial

Corp.

160,181

0.0

10,372 

Hilltop

Holdings,

Inc.

324,851

0.1

373 

(2)

Hingham

Institution

For

Savings

The

65,074

0.0

2,537 

(1)(2)

Hippo

Holdings,

Inc.

46,351

0.0

2,109 

Home

Bancorp,

Inc.

80,796

0.0

41,654 

Home

BancShares,

Inc.

1,023,439

0.2

4,078 

HomeStreet,

Inc.

61,374

0.0

4,269 

HomeTrust

Bancshares,

Inc.

116,714

0.0

27,104 

Hope

Bancorp,

Inc.

311,967

0.1

9,631 

Horace

Mann

Educators

Corp.

356,251

0.1

10,560 

Horizon

Bancorp,

Inc.

135,485

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

10,030 

Independent

Bank

Corp.

$

521,761

0.1

5,235 

Independent

Bank

Corp.

Michigan

132,707

0.0

8,326 

Independent

Bank

Group,

Inc.

380,082

0.1

12,167 

International

Bancshares

Corp.

683,055

0.1

7,293 

(1)

International

Money

Express,

Inc.

166,499

0.0

9,179 

Invesco

Mortgage

Capital,

Inc.

88,853

0.0

17,778 

Jackson

Financial,

Inc.

- Class

A

1,175,837

0.2

8,304 

James

River

Group

Holdings

Ltd.

77,227

0.0

3,128 

John

Marshall

Bancorp,

Inc.

56,054

0.0

13,853 

Kearny

Financial

Corp.

89,213

0.0

13,676 

KKR

Real

Estate

Finance

Trust,

Inc.

137,581

0.0

27,117 

Ladder

Capital

Corp.

301,812

0.1

15,534 

Lakeland

Bancorp,

Inc.

187,961

0.0

5,769 

Lakeland

Financial

Corp.

382,600

0.1

11,285 

(1)(2)

Lemonade,

Inc.

185,187

0.0

24,291 

(1)

LendingClub

Corp.

213,518

0.0

2,432 

(1)

LendingTree,

Inc.

102,971

0.0

7,755 

Live

Oak

Bancshares,

Inc.

321,910

0.1

8,423 

Macatawa

Bank

Corp.

82,461

0.0

26,105 

(1)

Maiden

Holdings

Ltd.

58,736

0.0

106,755 

(1)

Marqeta,

Inc.

- Class

A

636,260

0.1

10,731 

MBIA,

Inc.

72,542

0.0

4,055 

Mercantile

Bank

Corp.

156,077

0.0

3,692 

Merchants

Bancorp

159,421

0.0

6,226 

Mercury

General

Corp.

321,262

0.1

5,389 

Metrocity

Bankshares,

Inc.

134,509

0.0

2,417 

(1)

Metropolitan

Bank

Holding

Corp.

93,055

0.0

23,340 

MFA

Financial,

Inc.

266,309

0.1

4,054 

Mid

Penn

Bancorp,

Inc.

81,121

0.0

2,233 

Middlefield

Banc

Corp.

53,324

0.0

5,626 

Midland

States

Bancorp,

Inc.

141,381

0.0

4,062 

MidWestOne

Financial

Group,

Inc.

95,213

0.0

14,894 

Moelis

&

Co.

- Class

A

845,532

0.1

14,428 

(1)

Mr

Cooper

Group,

Inc.

1,124,663

0.2

2,958 

MVB

Financial

Corp.

65,993

0.0

8,700 

National

Bank

Holdings

Corp.

- Class

A

313,809

0.1

509 

National

Western

Life

Group,

Inc.

- Class

A

250,408

0.1

18,727 

Navient

Corp.

325,850

0.1

10,739 

NBT

Bancorp,

Inc.

393,907

0.1

3,010 

Nelnet,

Inc.

- Class

A

284,896

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

9

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

7,452 

(1)

NerdWallet,

Inc.

- Class

A

$

109,544

0.0

21,428 

New

York

Mortgage

Trust,

Inc.

154,282

0.0

5,947 

NewtekOne,

Inc.

65,417

0.0

3,133 

Nicolet

Bankshares,

Inc.

269,407

0.1

18,148 

(1)

NMI

Holdings,

Inc.

- Class

A

586,906

0.1

1,939 

Northeast

Bank

107,304

0.0

10,230 

Northfield

Bancorp,

Inc.

99,436

0.0

29,265 

Northwest

Bancshares,

Inc.

340,937

0.1

2,077 

Norwood

Financial

Corp.

56,515

0.0

13,816 

OceanFirst

Financial

Corp.

226,721

0.0

1,878 

(1)

Ocwen

Financial

Corp.

50,725

0.0

10,870 

OFG

Bancorp

400,125

0.1

64,788 

Old

National

Bancorp

1,127,959

0.2

10,639 

Old

Second

Bancorp,

Inc.

147,244

0.0

22,542 

(1)

Open

Lending

Corp.

141,113

0.0

1,294 

Orange

County

Bancorp,

Inc.

59,524

0.0

9,659 

(2)

Orchid

Island

Capital,

Inc.

86,255

0.0

7,221 

Origin

Bancorp,

Inc.

225,584

0.0

35,664 

(1)

Oscar

Health,

Inc.

- Class

A

530,324

0.1

9,619 

P10,

Inc.

- Class

A

80,992

0.0

21,417 

Pacific

Premier

Bancorp,

Inc.

514,008

0.1

44,948 

(1)

Pagseguro

Digital

Ltd.

- Class

A

641,857

0.1

5,632 

(1)

Palomar

Holdings,

Inc.

472,131

0.1

3,381 

Park

National

Corp.

459,309

0.1

5,909 

Pathward

Financial,

Inc.

298,286

0.1

12,519 

Patria

Investments

Ltd.

- Class

A

185,782

0.0

60,646 

(1)

Payoneer

Global,

Inc.

294,740

0.1

7,243 

(1)

Paysafe

Ltd.

114,367

0.0

4,315 

Peapack-Gladstone

Financial

Corp.

104,984

0.0

5,669 

PennyMac

Financial

Services,

Inc.

516,389

0.1

20,471 

PennyMac

Mortgage

Investment

Trust

300,514

0.1

8,423 

Peoples

Bancorp,

Inc.

249,405

0.1

2,083 

Peoples

Financial

Services

Corp.

89,798

0.0

9,435 

Perella

Weinberg

Partners

133,317

0.0

3,851 

Piper

Sandler

Cos.

764,385

0.1

5,218 

PJT

Partners,

Inc.

- Class

A

491,849

0.1

1,760 

Plumas

Bancorp

64,750

0.0

8,864 

(1)

PRA

Group,

Inc.

231,173

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

3,086 

Preferred

Bank/Los

Angeles

CA

$

236,912

0.0

8,637 

Premier

Financial

Corp.

175,331

0.0

12,108 

ProAssurance

Corp.

155,709

0.0

10,156 

PROG

Holdings,

Inc.

349,773

0.1

17,063 

Provident

Financial

Services,

Inc.

248,608

0.1

4,088 

QCR

Holdings,

Inc.

248,305

0.1

34,173 

Radian

Group,

Inc.

1,143,770

0.2

36,754 

Ready

Capital

Corp.

335,564

0.1

1,455 

Red

River

Bancshares,

Inc.

72,444

0.0

26,953 

Redwood

Trust,

Inc.

171,691

0.0

2,050 

Regional

Management

Corp.

49,630

0.0

30,239 

(1)

Remitly

Global,

Inc.

627,157

0.1

13,012 

Renasant

Corp.

407,536

0.1

2,334 

Republic

Bancorp,

Inc.

- Class

A

119,034

0.0

9,168 

S&T

Bancorp,

Inc.

294,109

0.1

3,424 

Safety

Insurance

Group,

Inc.

281,419

0.1

10,504 

Sandy

Spring

Bancorp,

Inc.

243,483

0.0

19,242 

Seacoast

Banking

Corp.

of

Florida

488,554

0.1

13,546 

Selective

Insurance

Group,

Inc.

1,478,817

0.3

30,395 

(1)

Selectquote,

Inc.

60,790

0.0

11,572 

ServisFirst

Bancshares,

Inc.

767,918

0.1

28,262 

Simmons

First

National

Corp.

- Class

A

549,979

0.1

16,193 

(1)

SiriusPoint

Ltd.

205,813

0.0

5,488 

(1)

Skyward

Specialty

Insurance

Group,

Inc.

205,306

0.0

4,792 

SmartFinancial,

Inc.

100,967

0.0

2,269 

(1)

Southern

First

Bancshares,

Inc.

72,063

0.0

2,563 

Southern

Missouri

Bancorp,

Inc.

112,029

0.0

6,863 

Southside

Bancshares,

Inc.

200,605

0.0

16,826 

SouthState

Corp.

1,430,715

0.2

11,671 

Stellar

Bancorp,

Inc.

284,306

0.1

12,113 

StepStone

Group,

Inc.

- Class

A

432,919

0.1

6,135 

Stewart

Information

Services

Corp.

399,143

0.1

6,488 

Stock

Yards

Bancorp,

Inc.

317,328

0.1

65,229 

(1)

StoneCo

Ltd.

- Class

A

1,083,454

0.2

6,129 

(1)

StoneX

Group,

Inc.

430,624

0.1

10,529 

(1)

Texas

Capital

Bancshares,

Inc.

648,060

0.1

3,608 

(1)

Third

Coast

Bancshares,

Inc.

72,232

0.0

5,655 

Tiptree,

Inc.

97,718

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

10

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

3,411 

Tompkins

Financial

Corp.

$

171,539

0.0

16,480 

Towne

Bank/

Portsmouth

VA

462,429

0.1

16,839 

TPG

RE

Finance

Trust,

Inc.

129,997

0.0

7,456 

TriCo

Bancshares

274,232

0.1

5,106 

(1)

Triumph

Financial,

Inc.

405,008

0.1

8,909 

(1)(2)

Trupanion,

Inc.

245,977

0.1

4,774 

TrustCo

Bank

Corp.

NY

134,436

0.0

14,185 

Trustmark

Corp.

398,740

0.1

21,461 

Two

Harbors

Investment

Corp.

284,144

0.1

9,916 

UMB

Financial

Corp.

862,593

0.2

28,927 

United

Bankshares,

Inc.

1,035,297

0.2

25,903 

United

Community

Banks,

Inc.

681,767

0.1

5,189 

United

Fire

Group,

Inc.

112,965

0.0

5,919 

Universal

Insurance

Holdings,

Inc.

120,274

0.0

7,521 

Univest

Financial

Corp.

156,587

0.0

16,459 

(1)(2)

Upstart

Holdings,

Inc.

442,583

0.1

96,126 

Valley

National

Bancorp

765,163

0.1

12,090 

Veritex

Holdings,

Inc.

247,724

0.1

5,796 

Victory

Capital

Holdings,

Inc.

- Class

A

245,924

0.0

1,542 

Virtus

Investment

Partners,

Inc.

382,385

0.1

7,132 

Walker

&

Dunlop,

Inc.

720,760

0.1

15,549 

Washington

Federal,

Inc.

451,387

0.1

4,171 

Washington

Trust

Bancorp,

Inc.

112,116

0.0

5,278 

Waterstone

Financial,

Inc.

64,233

0.0

13,399 

WesBanco,

Inc.

399,424

0.1

4,815 

West

BanCorp,

Inc.

85,851

0.0

6,038 

Westamerica

BanCorp

295,137

0.1

32,085 

WisdomTree,

Inc.

294,861

0.1

896 

(1)

World

Acceptance

Corp.

129,902

0.0

13,683 

WSFS

Financial

Corp.

617,651

0.1

93,865,041

15.5

Health

Care

:

15.1%

73,398 

(1)

23andMe

Holding

Co.

- Class

A

39,048

0.0

10,896 

(1)(2)

2seventy

bio,

Inc.

58,294

0.0

9,140 

(1)

4D

Molecular

Therapeutics,

Inc.

291,200

0.1

17,112 

(1)

89bio,

Inc.

199,184

0.0

27,362 

(1)

ACADIA

Pharmaceuticals,

Inc.

505,923

0.1

15,152 

(1)

Accolade,

Inc.

158,793

0.0

23,906 

(1)

Accuray,

Inc.

59,048

0.0

15,666 

(1)

ACELYRIN,

Inc.

105,745

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

6,855 

(1)(2)

Actinium

Pharmaceuticals,

Inc.

$

53,675

0.0

21,636 

(1)

AdaptHealth

Corp.

249,030

0.1

25,584 

(1)

Adaptive

Biotechnologies

Corp.

82,125

0.0

3,644 

(1)

Addus

HomeCare

Corp.

376,571

0.1

13,928 

(1)

Adicet

Bio,

Inc.

32,731

0.0

48,783 

(1)

ADMA

Biologics,

Inc.

321,968

0.1

2,548 

(1)

Aerovate

Therapeutics,

Inc.

75,344

0.0

88,944 

(1)

Agenus,

Inc.

51,588

0.0

6,586 

(1)

Agiliti,

Inc.

66,650

0.0

12,643 

(1)

Agios

Pharmaceuticals,

Inc.

369,681

0.1

13,381 

(1)

Akero

Therapeutics,

Inc.

338,004

0.1

11,517 

(1)

Aldeyra

Therapeutics,

Inc.

37,661

0.0

15,470 

(1)

Alector,

Inc.

93,129

0.0

19,252 

(1)

Alignment

Healthcare,

Inc.

95,490

0.0

37,354 

(1)

Alkermes

PLC

1,011,173

0.2

16,752 

(1)

Allakos,

Inc.

21,108

0.0

21,262 

(1)

Allogene

Therapeutics,

Inc.

95,041

0.0

20,379 

(1)

Alphatec

Holdings,

Inc.

281,026

0.1

8,416 

(1)

Alpine

Immune

Sciences,

Inc.

333,610

0.1

12,168 

(1)

Altimmune,

Inc.

123,870

0.0

5,930 

(1)

ALX

Oncology

Holdings,

Inc.

66,119

0.0

61,018 

(1)

American

Well

Corp.

- Class

A

49,467

0.0

64,508 

(1)

Amicus

Therapeutics,

Inc.

759,904

0.1

8,560 

(1)

AMN

Healthcare

Services,

Inc.

535,086

0.1

27,696 

(1)

Amneal

Pharmaceuticals,

Inc.

167,838

0.0

8,611 

(1)

Amphastar

Pharmaceuticals,

Inc.

378,109

0.1

12,019 

(1)

Amylyx

Pharmaceuticals,

Inc.

34,134

0.0

4,193 

(1)

AnaptysBio,

Inc.

94,426

0.0

17,031 

(1)(2)

Anavex

Life

Sciences

Corp.

86,688

0.0

9,350 

(1)

AngioDynamics,

Inc.

54,884

0.0

3,299 

(1)

ANI

Pharmaceuticals,

Inc.

228,060

0.1

3,530 

(1)

Anika

Therapeutics,

Inc.

89,662

0.0

14,822 

(1)

Annexon,

Inc.

106,274

0.0

9,165 

(1)(2)

Apogee

Therapeutics,

Inc.

609,014

0.1

9,886 

(1)

Apollo

Medical

Holdings,

Inc.

415,113

0.1

30,274 

(1)

Arbutus

Biopharma

Corp.

78,107

0.0

8,704 

(1)

Arcellx,

Inc.

605,363

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

11

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

5,275 

(1)

Arcturus

Therapeutics

Holdings,

Inc.

$

178,137

0.0

12,278 

(1)

Arcus

Biosciences,

Inc.

231,809

0.1

17,882 

(1)

Arcutis

Biotherapeutics,

Inc.

177,211

0.0

52,291 

(1)

Ardelyx,

Inc.

381,724

0.1

1,577 

(1)

ArriVent

Biopharma,

Inc.

28,165

0.0

26,327 

(1)

Arrowhead

Pharmaceuticals,

Inc.

752,952

0.1

6,011 

(1)(2)

ARS

Pharmaceuticals,

Inc.

61,432

0.0

9,002 

(1)

Artivion,

Inc.

190,482

0.0

11,149 

(1)

Arvinas,

Inc.

460,231

0.1

21,839 

(1)

Assertio

Holdings,

Inc.

20,950

0.0

10,852 

(1)

Astria

Therapeutics,

Inc.

152,742

0.0

24,448 

(1)

Atara

Biotherapeutics,

Inc.

16,967

0.0

19,651 

(1)

Atea

Pharmaceuticals,

Inc.

79,390

0.0

10,548 

(1)

AtriCure,

Inc.

320,870

0.1

323 

Atrion

Corp.

149,727

0.0

6,851 

(1)

Aura

Biosciences,

Inc.

53,780

0.0

30,199 

(1)

Aurinia

Pharmaceuticals,

Inc.

151,297

0.0

10,420 

(1)

Avanos

Medical,

Inc.

207,462

0.0

13,040 

(1)

Aveanna

Healthcare

Holdings,

Inc.

32,470

0.0

13,971 

(1)

Avid

Bioservices,

Inc.

93,606

0.0

16,857 

(1)

Avidity

Biosciences,

Inc.

430,191

0.1

5,929 

(1)

Avita

Medical,

Inc.

95,042

0.0

8,829 

(1)

Axogen,

Inc.

71,250

0.0

11,046 

(1)

Axonics,

Inc.

761,843

0.1

8,099 

(1)

Axsome

Therapeutics,

Inc.

646,300

0.1

16,441 

(1)

Beam

Therapeutics,

Inc.

543,211

0.1

11,072 

(1)

BioAtla,

Inc.

38,088

0.0

43,248 

(1)(2)

BioCryst

Pharmaceuticals,

Inc.

219,700

0.1

15,456 

(1)

Biohaven

Ltd.

845,289

0.2

7,847 

(1)

BioLife

Solutions,

Inc.

145,562

0.0

4,384 

(1)(2)

Biomea

Fusion,

Inc.

65,541

0.0

41,526 

(1)

Bluebird

Bio,

Inc.

53,153

0.0

13,729 

(1)

Blueprint

Medicines

Corp.

1,302,333

0.2

25,864 

(1)

Bridgebio

Pharma,

Inc.

799,715

0.1

9,191 

(1)

BrightSpring

Health

Services,

Inc.

99,906

0.0

42,829 

(1)

Brookdale

Senior

Living,

Inc.

283,100

0.1

30,604 

(1)

Butterfly

Network,

Inc.

33,052

0.0

7,728 

(1)

Cabaletta

Bio,

Inc.

131,840

0.0

11,823 

(1)

CareDx,

Inc.

125,206

0.0

4,618 

(1)

Cargo

Therapeutics,

Inc.

103,074

0.0

18,450 

(1)

Caribou

Biosciences,

Inc.

94,833

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

6,673 

(1)(2)

Carisma

Therapeutics,

Inc.

$

15,148

0.0

31,066 

(1)(3)(4)

Cartesian

Therapeutics,

Inc.

CVR

5,592

0.0

9,024 

(1)

Cassava

Sciences,

Inc.

183,097

0.0

5,650 

(1)

Castle

Biosciences,

Inc.

125,147

0.0

23,357 

(1)

Catalyst

Pharmaceuticals,

Inc.

372,311

0.1

4,164 

(1)

Celcuity,

Inc.

89,942

0.0

13,496 

(1)(2)

Celldex

Therapeutics,

Inc.

566,427

0.1

6,331 

(1)

Century

Therapeutics,

Inc.

26,464

0.0

15,680 

(1)

Cerevel

Therapeutics

Holdings,

Inc.

662,794

0.1

40,616 

(1)

Cerus

Corp.

76,764

0.0

4,787 

(1)

CG

oncology,

Inc.

210,149

0.0

32,220 

(1)

Citius

Pharmaceuticals,

Inc.

28,911

0.0

5,368 

(1)

ClearPoint

Neuro,

Inc.

36,502

0.0

15,312 

(1)

Codexis,

Inc.

53,439

0.0

18,538 

(1)

Cogent

Biosciences,

Inc.

124,575

0.0

21,792 

(1)(2)

Coherus

Biosciences,

Inc.

52,083

0.0

7,581 

(1)

Collegium

Pharmaceutical,

Inc.

294,294

0.1

27,019 

(1)

Community

Health

Systems,

Inc.

94,566

0.0

23,209 

(1)

Compass

Therapeutics,

Inc.

45,954

0.0

3,751 

(1)

Computer

Programs

and

Systems,

Inc.

34,584

0.0

6,818 

CONMED

Corp.

545,985

0.1

18,294 

(1)

Corcept

Therapeutics,

Inc.

460,826

0.1

13,755 

(1)(2)

CorMedix,

Inc.

58,321

0.0

1,997 

(1)

CorVel

Corp.

525,131

0.1

14,849 

(1)

Crinetics

Pharmaceuticals,

Inc.

695,082

0.1

7,934 

(1)

Cross

Country

Healthcare,

Inc.

148,524

0.0

9,744 

(1)

CryoPort,

Inc.

172,469

0.0

9,045 

(1)

Cue

Biopharma,

Inc.

17,095

0.0

6,026 

(1)

Cullinan

Oncology,

Inc.

102,683

0.0

2,609 

(1)

CVRx,

Inc.

47,510

0.0

27,473 

(1)

Cytek

Biosciences,

Inc.

184,344

0.0

21,091 

(1)

Cytokinetics,

Inc.

1,478,690

0.3

14,235 

(1)

Day

One

Biopharmaceuticals,

Inc.

235,162

0.1

12,387 

(1)

Deciphera

Pharmaceuticals,

Inc.

194,848

0.0

10,728 

(1)

Definitive

Healthcare

Corp.

86,575

0.0

26,861 

(1)

Denali

Therapeutics,

Inc.

551,188

0.1

2,009 

(1)

Disc

Medicine,

Inc.

125,080

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

12

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

17,328 

(1)(2)

DocGo,

Inc.

$

70,005

0.0

29,263 

(1)

Dynavax

Technologies

Corp.

363,154

0.1

13,035 

(1)

Dyne

Therapeutics,

Inc.

370,064

0.1

12,589 

(1)

Edgewise

Therapeutics,

Inc.

229,623

0.1

18,736 

(1)

Editas

Medicine,

Inc.

139,021

0.0

12,935 

Embecta

Corp.

171,647

0.0

12,454 

(1)(2)

Emergent

BioSolutions,

Inc.

31,509

0.0

4,891 

(1)

Enanta

Pharmaceuticals,

Inc.

85,397

0.0

11,190 

(1)

Enhabit,

Inc.

130,364

0.0

5,790 

(1)

Enliven

Therapeutics,

Inc.

101,846

0.0

12,195 

Ensign

Group,

Inc.

1,517,302

0.3

4,773 

(1)

Entrada

Therapeutics,

Inc.

67,633

0.0

20,285 

(1)

Erasca,

Inc.

41,787

0.0

24,918 

(1)

Evolent

Health,

Inc.

- Class

A

817,061

0.1

9,405 

(1)

Evolus,

Inc.

131,670

0.0

8,162 

(1)

EyePoint

Pharmaceuticals,

Inc.

168,709

0.0

18,887 

(1)

Fate

Therapeutics,

Inc.

138,631

0.0

4,541 

(1)(2)

Fennec

Pharmaceuticals,

Inc.

50,496

0.0

20,386 

(1)

FibroGen,

Inc.

47,907

0.0

4,358 

(1)(2)

Foghorn

Therapeutics,

Inc.

29,242

0.0

4,670 

(1)

Fulgent

Genetics,

Inc.

101,339

0.0

4,567 

(1)

Genelux

Corp.

29,366

0.0

11,691 

(1)

Generation

Bio

Co.

47,582

0.0

117,675 

(1)

Geron

Corp.

388,327

0.1

10,628 

(1)

Glaukos

Corp.

1,002,114

0.2

19,385 

(1)

Gritstone

bio,

Inc.

49,819

0.0

25,739 

(1)

Guardant

Health,

Inc.

530,996

0.1

11,165 

(1)

Haemonetics

Corp.

952,933

0.2

29,290 

(1)

Halozyme

Therapeutics,

Inc.

1,191,517

0.2

7,338 

(1)

Harmony

Biosciences

Holdings,

Inc.

246,410

0.1

7,266 

(1)(2)

Harrow,

Inc.

96,129

0.0

9,951 

(1)

Harvard

Bioscience,

Inc.

42,192

0.0

12,905 

(1)

Health

Catalyst,

Inc.

97,175

0.0

19,010 

(1)

HealthEquity,

Inc.

1,551,786

0.3

5,726 

HealthStream,

Inc.

152,655

0.0

22,679 

(1)(2)

Heron

Therapeutics,

Inc.

62,821

0.0

6,169 

(1)

HilleVax,

Inc.

102,590

0.0

27,623 

(1)

Hims

&

Hers

Health,

Inc.

427,328

0.1

13,513 

(1)

Humacyte,

Inc.

42,025

0.0

14,195 

(1)

Ideaya

Biosciences,

Inc.

622,877

0.1

3,313 

(1)(2)

IGM

Biosciences,

Inc.

31,970

0.0

5,821 

(1)

Immuneering

Corp.

- Class

A

16,823

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

30,068 

(1)(2)

ImmunityBio,

Inc.

$

161,465

0.0

12,176 

(1)

Immunovant,

Inc.

393,407

0.1

11,968 

(1)

Inari

Medical,

Inc.

574,225

0.1

5,085 

(1)

InfuSystem

Holdings,

Inc.

43,578

0.0

7,787 

(1)

Inhibrx,

Inc.

272,234

0.1

17,418 

(1)

Inmode

Ltd.

376,403

0.1

5,342 

(1)

Innovage

Holding

Corp.

23,718

0.0

13,604 

(1)

Innoviva,

Inc.

207,325

0.0

5,176 

(1)

Inogen,

Inc.

41,770

0.0

10,786 

(1)

Inozyme

Pharma,

Inc.

82,621

0.0

31,336 

(1)

Insmed,

Inc.

850,146

0.2

7,441 

(1)

Integer

Holdings

Corp.

868,216

0.2

20,009 

(1)(2)

Intellia

Therapeutics,

Inc.

550,448

0.1

21,088 

(1)

Intra-Cellular

Therapies,

Inc.

1,459,290

0.3

52,715 

(1)

Iovance

Biotherapeutics,

Inc.

781,236

0.1

1,720 

iRadimed

Corp.

75,663

0.0

6,889 

(1)

iRhythm

Technologies,

Inc.

799,124

0.1

31,263 

(1)

Ironwood

Pharmaceuticals,

Inc.

272,301

0.1

5,685 

(1)

iTeos

Therapeutics,

Inc.

77,543

0.0

3,962 

(1)

Janux

Therapeutics,

Inc.

149,169

0.0

3,588 

(1)

Joint

Corp.

46,859

0.0

6,928 

(1)

KalVista

Pharmaceuticals,

Inc.

82,166

0.0

28,185 

(1)

Karyopharm

Therapeutics,

Inc.

42,559

0.0

5,497 

(1)

Keros

Therapeutics,

Inc.

363,901

0.1

7,202 

(1)

Kiniksa

Pharmaceuticals

Ltd.

- Class

A

142,095

0.0

7,861 

(1)

Kodiak

Sciences,

Inc.

41,349

0.0

4,894 

(1)

Krystal

Biotech,

Inc.

870,789

0.2

16,109 

(1)

Kura

Oncology,

Inc.

343,605

0.1

8,865 

(1)

Kymera

Therapeutics,

Inc.

356,373

0.1

15,251 

(1)

Lantheus

Holdings,

Inc.

949,222

0.2

6,070 

(1)

Larimar

Therapeutics,

Inc.

46,071

0.0

4,571 

LeMaitre

Vascular,

Inc.

303,332

0.1

2,152 

(1)

Lexeo

Therapeutics,

Inc.

33,743

0.0

20,108 

(1)(2)

Lexicon

Pharmaceuticals,

Inc.

48,259

0.0

24,568 

(1)(2)

LifeStance

Health

Group,

Inc.

151,585

0.0

3,855 

(1)

Ligand

Pharmaceuticals,

Inc.

281,801

0.1

35,266 

(1)(2)

Lineage

Cell

Therapeutics,

Inc.

52,194

0.0

10,822 

(1)(2)

Liquidia

Corp.

159,624

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

13

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

12,197 

(1)

LivaNova

PLC

$

682,300

0.1

5,325 

(1)

Longboard

Pharmaceuticals,

Inc.

115,020

0.0

40,185 

(1)

Lyell

Immunopharma,

Inc.

89,613

0.0

13,826 

(1)

MacroGenics,

Inc.

203,519

0.0

3,345 

(1)

Madrigal

Pharmaceuticals,

Inc.

893,249

0.2

59,881 

(1)

MannKind

Corp.

271,261

0.1

11,543 

(1)

Marinus

Pharmaceuticals,

Inc.

104,349

0.0

20,754 

(1)

MaxCyte,

Inc.

86,959

0.0

7,684 

(1)

MeiraGTx

Holdings

PLC

46,642

0.0

12,671 

(1)

Merit

Medical

Systems,

Inc.

959,828

0.2

24,841 

(1)

Mersana

Therapeutics,

Inc.

111,288

0.0

1,178 

Mesa

Laboratories,

Inc.

129,262

0.0

26,269 

(1)

MiMedx

Group,

Inc.

202,271

0.0

4,424 

(1)

Mineralys

Therapeutics,

Inc.

57,114

0.0

5,571 

(1)

Mirum

Pharmaceuticals,

Inc.

139,944

0.0

2,903 

(1)

ModivCare,

Inc.

68,075

0.0

7,641 

(1)

Monte

Rosa

Therapeutics,

Inc.

53,869

0.0

8,349 

(1)

Morphic

Holding,

Inc.

293,885

0.1

86,952 

(1)

Multiplan

Corp.

70,535

0.0

18,419 

(1)

Myriad

Genetics,

Inc.

392,693

0.1

10,523 

(1)(2)

Nano-X

Imaging

Ltd.

102,810

0.0

2,853 

National

HealthCare

Corp.

269,637

0.1

3,440 

National

Research

Corp.

136,258

0.0

13,096 

(1)

Nautilus

Biotechnology,

Inc.

38,502

0.0

48,943 

(1)

Neogen

Corp.

772,321

0.1

29,024 

(1)

NeoGenomics,

Inc.

456,257

0.1

3,433 

(1)(2)

Neumora

Therapeutics,

Inc.

47,204

0.0

7,713 

(1)

Nevro

Corp.

111,376

0.0

6,606 

(1)

Nkarta,

Inc.

71,411

0.0

24,233 

(1)(2)

Novavax,

Inc.

115,834

0.0

10,965 

(1)

Nurix

Therapeutics,

Inc.

161,185

0.0

6,001 

(1)

Nuvalent,

Inc.

- Class

A

450,615

0.1

36,251 

(1)

Nuvation

Bio,

Inc.

131,954

0.0

25,423 

(1)

Ocular

Therapeutix,

Inc.

231,349

0.1

6,332 

(1)

Olema

Pharmaceuticals,

Inc.

71,678

0.0

6,149 

(1)

Omega

Therapeutics,

Inc.

22,444

0.0

13,446 

(1)

Omeros

Corp.

46,389

0.0

21,462 

(1)

OmniAb,

Inc.

116,324

0.0

10,190 

(1)

Omnicell,

Inc.

297,854

0.1

87,515 

(1)(2)

OPKO

Health,

Inc.

105,018

0.0

3,998 

(1)

OptimizeRx

Corp.

48,576

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

15,027 

(1)

Optinose,

Inc.

$

21,939

0.0

37,539 

(1)

Option

Care

Health,

Inc.

1,259,058

0.2

15,912 

(1)

OraSure

Technologies,

Inc.

97,859

0.0

3,719 

(1)

Orchestra

BioMed

Holdings,

Inc.

19,599

0.0

16,886 

(1)

Organogenesis

Holdings,

Inc.

47,956

0.0

8,822 

(1)

ORIC

Pharmaceuticals,

Inc.

121,302

0.0

7,768 

(1)

Orthofix

Medical,

Inc.

112,791

0.0

3,613 

(1)

OrthoPediatrics

Corp.

105,355

0.0

12,215 

(1)

Outset

Medical,

Inc.

27,117

0.0

16,027 

(1)

Ovid

therapeutics,

Inc.

48,882

0.0

16,889 

(1)

Owens

&

Minor,

Inc.

467,994

0.1

56,557 

(1)

Pacific

Biosciences

of

California,

Inc.

212,089

0.0

10,388 

(1)

Pacira

BioSciences,

Inc.

303,537

0.1

9,902 

(1)

Paragon

28,

Inc.

122,290

0.0

18,927 

Patterson

Cos.,

Inc.

523,332

0.1

6,961 

(1)(2)

PDS

Biotechnology

Corp.

27,566

0.0

19,490 

(1)

Pediatrix

Medical

Group,

Inc.

195,485

0.0

6,857 

(1)

Pennant

Group,

Inc.

134,603

0.0

2,167 

(1)

PepGen,

Inc.

31,855

0.0

6,202 

(1)

PetIQ,

Inc.

113,373

0.0

7,729 

(1)(2)

Phathom

Pharmaceuticals,

Inc.

82,082

0.0

4,868 

Phibro

Animal

Health

Corp.

- Class

A

62,943

0.0

12,021 

(1)

Phreesia,

Inc.

287,663

0.1

13,284 

(1)

Pliant

Therapeutics,

Inc.

197,932

0.0

10,429 

(1)

PMV

Pharmaceuticals,

Inc.

17,729

0.0

15,521 

(1)(2)

Poseida

Therapeutics,

Inc.

49,512

0.0

31,395 

(1)

Precigen,

Inc.

45,523

0.0

11,300 

(1)

Prestige

Consumer

Healthcare,

Inc.

819,928

0.1

8,771 

(1)

Prime

Medicine,

Inc.

61,397

0.0

25,419 

(1)

Privia

Health

Group,

Inc.

497,958

0.1

9,162 

(1)(2)

PROCEPT

BioRobotics

Corp.

452,786

0.1

17,901 

(1)

Progyny,

Inc.

682,923

0.1

11,739 

(1)

ProKidney

Corp.

19,252

0.0

13,033 

(1)

Protagonist

Therapeutics,

Inc.

377,045

0.1

18,214 

(1)

Protalix

BioTherapeutics,

Inc.

22,950

0.0

9,581 

(1)

Prothena

Corp.

PLC

237,321

0.1

16,404 

(1)

PTC

Therapeutics,

Inc.

477,192

0.1

8,176 

(1)

Pulmonx

Corp.

75,792

0.0

3,469 

(1)(2)

Pulse

Biosciences,

Inc.

30,215

0.0

7,996 

(1)

Quanterix

Corp.

188,386

0.0

22,869 

(1)

Quantum-Si,

Inc.

45,052

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

14

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

11,209 

(1)

Quipt

Home

Medical

Corp.

$

48,983

0.0

13,569 

(1)

RadNet,

Inc.

660,268

0.1

6,959 

(1)

RAPT

Therapeutics,

Inc.

62,492

0.0

30,848 

(1)(2)

Recursion

Pharmaceuticals,

Inc.

- Class

A

307,555

0.1

9,330 

(1)

REGENXBIO,

Inc.

196,583

0.0

20,497 

(1)

Relay

Therapeutics,

Inc.

170,125

0.0

11,540 

(1)

Replimune

Group,

Inc.

94,282

0.0

19,487 

(1)

Revance

Therapeutics,

Inc.

95,876

0.0

31,568 

(1)

Revolution

Medicines,

Inc.

1,017,437

0.2

11,679 

(1)

Rhythm

Pharmaceuticals,

Inc.

506,051

0.1

43,087 

(1)

Rigel

Pharmaceuticals,

Inc.

63,769

0.0

14,207 

(1)

Rocket

Pharmaceuticals,

Inc.

382,737

0.1

6,404 

(1)

RxSight,

Inc.

330,318

0.1

11,944 

(1)

Sage

Therapeutics,

Inc.

223,831

0.1

6,609 

(1)

Sagimet

Biosciences,

Inc.

- Class

A

35,821

0.0

21,832 

(1)

Sana

Biotechnology,

Inc.

218,320

0.0

1,084 

(1)

Sanara

Medtech,

Inc.

40,108

0.0

37,056 

(1)

Sangamo

Therapeutics,

Inc.

24,835

0.0

20,768 

(1)

Savara,

Inc.

103,425

0.0

12,696 

(1)

Scholar

Rock

Holding

Corp.

225,481

0.1

12,297 

(1)

Schrodinger,

Inc./

United

States

332,019

0.1

26,122 

(1)

Scilex

Holding

Co.

41,534

0.0

7,271 

(1)

scPharmaceuticals,

Inc.

36,500

0.0

14,584 

(1)

Seer,

Inc.

27,710

0.0

23,589 

Select

Medical

Holdings

Corp.

711,208

0.1

31,066 

(1)

Selecta

Biosciences,

Inc.

20,193

0.0

1,180 

(1)

Semler

Scientific,

Inc.

34,468

0.0

24,016 

(1)

Seres

Therapeutics,

Inc.

18,591

0.0

76,224 

(1)

Sharecare,

Inc.

58,502

0.0

8,906 

(1)

SI-BONE,

Inc.

145,791

0.0

11,534 

(2)

SIGA

Technologies,

Inc.

98,731

0.0

8,517 

(1)

Silk

Road

Medical,

Inc.

156,031

0.0

3,705 

Simulations

Plus,

Inc.

152,461

0.0

15,194 

(1)

SpringWorks

Therapeutics,

Inc.

747,849

0.1

11,033 

(1)

STAAR

Surgical

Co.

422,343

0.1

6,930 

(1)(2)

Stoke

Therapeutics,

Inc.

93,555

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

27,199 

(1)

Summit

Therapeutics,

Inc.

$

112,604

0.0

11,340 

(1)

Supernus

Pharmaceuticals,

Inc.

386,807

0.1

17,173 

(1)

Surgery

Partners,

Inc.

512,271

0.1

3,110 

(1)

Surmodics,

Inc.

91,247

0.0

13,684 

(1)

Sutro

Biopharma,

Inc.

77,315

0.0

16,238 

(1)

Syndax

Pharmaceuticals,

Inc.

386,464

0.1

5,240 

(1)

Tactile

Systems

Technology,

Inc.

85,150

0.0

10,010 

(1)(2)

Tango

Therapeutics,

Inc.

79,479

0.0

1,906 

(1)

Taro

Pharmaceutical

Industries

Ltd.

80,700

0.0

6,542 

(1)

Tarsus

Pharmaceuticals,

Inc.

237,802

0.1

4,417 

(1)

Tela

Bio,

Inc.

25,044

0.0

10,200 

(1)

Tenaya

Therapeutics,

Inc.

53,346

0.0

9,655 

(1)

Terns

Pharmaceuticals,

Inc.

63,337

0.0

31,340 

(1)

TG

Therapeutics,

Inc.

476,681

0.1

12,140 

(1)

Theravance

Biopharma,

Inc.

108,896

0.0

4,881 

(1)

Third

Harmonic

Bio,

Inc.

46,077

0.0

7,113 

(1)

TransMedics

Group,

Inc.

525,935

0.1

16,248 

(1)

Travere

Therapeutics,

Inc.

125,272

0.0

10,071 

(1)

Treace

Medical

Concepts,

Inc.

131,427

0.0

9,122 

(1)

Trevi

Therapeutics,

Inc.

31,471

0.0

12,860 

(1)

Twist

Bioscience

Corp.

441,227

0.1

3,113 

(1)

Tyra

Biosciences,

Inc.

51,053

0.0

1,621 

(1)

UFP

Technologies,

Inc.

408,816

0.1

6,180 

(1)

UroGen

Pharma

Ltd.

92,700

0.0

3,316 

US

Physical

Therapy,

Inc.

374,277

0.1

859 

Utah

Medical

Products,

Inc.

61,083

0.0

12,950 

(1)

Vanda

Pharmaceuticals,

Inc.

53,224

0.0

8,739 

(1)

Varex

Imaging

Corp.

158,176

0.0

23,627 

(1)

Vaxcyte,

Inc.

1,613,960

0.3

10,621 

(1)

Ventyx

Biosciences,

Inc.

58,416

0.0

8,876 

(1)

Vera

Therapeutics,

Inc.

382,733

0.1

16,426 

(1)

Veracyte,

Inc.

364,000

0.1

10,850 

(1)

Vericel

Corp.

564,417

0.1

5,510 

(1)(2)

Verrica

Pharmaceuticals,

Inc.

32,619

0.0

14,265 

(1)

Verve

Therapeutics,

Inc.

189,439

0.0

8,179 

(1)

Viemed

Healthcare,

Inc.

77,128

0.0

6,323 

(1)

Vigil

Neuroscience,

Inc.

21,561

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

15

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

22,938 

(1)

Viking

Therapeutics,

Inc.

$

1,880,916

0.3

18,937 

(1)

Vir

Biotechnology,

Inc.

191,832

0.0

10,318 

(1)

Viridian

Therapeutics,

Inc.

180,668

0.0

9,849 

(1)

Vor

BioPharma,

Inc.

23,342

0.0

6,982 

(1)

Voyager

Therapeutics,

Inc.

65,002

0.0

15,782 

(1)

WaVe

Life

Sciences

Ltd.

97,375

0.0

30,517 

(1)

X4

Pharmaceuticals,

Inc.

42,419

0.0

13,123 

(1)

Xencor,

Inc.

290,412

0.1

29,975 

(1)

Xeris

Biopharma

Holdings,

Inc.

66,245

0.0

2,005 

(1)

XOMA

Corp.

48,220

0.0

8,299 

(1)

Y-mAbs

Therapeutics,

Inc.

134,942

0.0

13,134 

(1)

Zentalis

Pharmaceuticals,

Inc.

206,992

0.0

9,233 

(1)

Zevra

Therapeutics,

Inc.

53,551

0.0

5,655 

(1)

Zimvie,

Inc.

93,251

0.0

4,613 

(1)(2)

Zura

Bio

Ltd.

11,855

0.0

12,392 

(1)

Zymeworks,

Inc.

130,364

0.0

4,139 

(1)(2)

Zynex,

Inc.

51,199

0.0

91,666,855

15.1

Industrials

:

16.8%

15,196 

(1)(2)

374Water,

Inc.

19,147

0.0

28,914 

(1)

3D

Systems

Corp.

128,378

0.0

15,084 

AAON,

Inc.

1,328,900

0.2

7,712 

(1)

AAR

Corp.

461,717

0.1

13,991 

ABM

Industries,

Inc.

624,278

0.1

21,368 

ACCO

Brands

Corp.

119,874

0.0

28,912 

(1)

ACV

Auctions,

Inc.

- Class

A

542,678

0.1

5,880 

(1)

AeroVironment,

Inc.

901,286

0.2

6,220 

(1)

AerSale

Corp.

44,660

0.0

12,063 

(1)

Air

Transport

Services

Group,

Inc.

165,987

0.0

2,265 

Alamo

Group,

Inc.

517,167

0.1

7,074 

Albany

International

Corp.

- Class

A

661,490

0.1

92,678 

(1)

Alight,

Inc.

- Class

A

912,878

0.2

3,565 

Allegiant

Travel

Co.

268,124

0.1

3,203 

Allient,

Inc.

114,283

0.0

5,355 

Alta

Equipment

Group,

Inc.

69,347

0.0

7,292 

(1)

Ameresco,

Inc.

- Class

A

175,956

0.0

3,668 

(1)

American

Woodmark

Corp.

372,889

0.1

46,323 

(1)

API

Group

Corp.

1,819,104

0.3

4,915 

Apogee

Enterprises,

Inc.

290,968

0.1

8,539 

Applied

Industrial

Technologies,

Inc.

1,686,879

0.3

5,329 

ArcBest

Corp.

759,383

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

34,263 

(1)(2)

Archer

Aviation,

Inc.

- Class

A

$

158,295

0.0

10,816 

Arcosa,

Inc.

928,662

0.2

3,083 

Argan,

Inc.

155,815

0.0

6,812 

Aris

Water

Solutions,

Inc.

- Class

A

96,390

0.0

34,121 

(1)

Array

Technologies,

Inc.

508,744

0.1

10,327 

(1)

ASGN,

Inc.

1,081,857

0.2

5,295 

Astec

Industries,

Inc.

231,444

0.0

6,222 

(1)

Astronics

Corp.

118,467

0.0

4,822 

(1)

Asure

Software,

Inc.

37,515

0.0

8,250 

Atkore,

Inc.

1,570,470

0.3

5,710 

AZZ,

Inc.

441,440

0.1

15,156 

(1)

Babcock

&

Wilcox

Enterprises,

Inc.

17,126

0.0

11,018 

Barnes

Group,

Inc.

409,319

0.1

1,557 

Barrett

Business

Services,

Inc.

197,303

0.0

14,020 

(1)

Beacon

Roofing

Supply,

Inc.

1,374,240

0.2

29,751 

(1)

BlackSky

Technology,

Inc.

40,461

0.0

13,786 

(1)

Blade

Air

Mobility,

Inc.

39,290

0.0

12,695 

(1)(2)

Blink

Charging

Co.

38,212

0.0

43,507 

(1)(2)

Bloom

Energy

Corp.

- Class

A

489,019

0.1

5,706 

(1)

Blue

Bird

Corp.

218,768

0.0

1,960 

(1)

BlueLinx

Holdings,

Inc.

255,270

0.1

8,912 

Boise

Cascade

Co.

1,366,833

0.2

2,604 

(1)

Bowman

Consulting

Group

Ltd.

90,593

0.0

9,727 

(1)

BrightView

Holdings,

Inc.

115,751

0.0

9,968 

Brink's

Co.

920,844

0.2

6,565 

(2)

Brookfield

Business

Corp.

- Class

A

158,479

0.0

4,410 

Cadre

Holdings,

Inc.

159,642

0.0

12,472 

(1)

Casella

Waste

Systems,

Inc.

- Class

A

1,233,107

0.2

10,713 

(1)

CBIZ,

Inc.

840,971

0.1

6,737 

(1)

CECO

Environmental

Corp.

155,086

0.0

9,627 

(1)

Chart

Industries,

Inc.

1,585,759

0.3

4,079 

(1)

Cimpress

PLC

361,032

0.1

6,647 

Columbus

McKinnon

Corp.

296,656

0.1

7,891 

Comfort

Systems

USA,

Inc.

2,507,050

0.4

7,918 

(1)

Commercial

Vehicle

Group,

Inc.

50,913

0.0

7,938 

(1)

Concrete

Pumping

Holdings,

Inc.

62,710

0.0

39,729 

(1)

Conduent,

Inc.

134,284

0.0

9,152 

(1)

Construction

Partners,

Inc.

- Class

A

513,885

0.1

26,008 

(1)

CoreCivic,

Inc.

405,985

0.1

11,896 

Costamare,

Inc.

135,020

0.0

2,014 

Covenant

Logistics

Group,

Inc.

93,369

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

16

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

1,632 

CRA

International,

Inc.

$

244,115

0.0

3,451 

CSW

Industrials,

Inc.

809,605

0.1

13,746 

(1)

Custom

Truck

One

Source,

Inc.

80,002

0.0

9,139 

(1)

Daseke,

Inc.

75,854

0.0

10,094 

Deluxe

Corp.

207,835

0.0

67,026 

(1)

Desktop

Metal,

Inc.

- Class

A

58,983

0.0

2,477 

(1)

Distribution

Solutions

Group,

Inc.

87,884

0.0

5,243 

Douglas

Dynamics,

Inc.

126,461

0.0

3,005 

(1)

Ducommun,

Inc.

154,157

0.0

3,209 

(1)

DXP

Enterprises,

Inc.

172,420

0.0

6,397 

(1)

Dycom

Industries,

Inc.

918,161

0.2

2,230 

Eagle

Bulk

Shipping,

Inc.

139,308

0.0

3,341 

Encore

Wire

Corp.

877,948

0.2

12,476 

(1)

Energy

Recovery,

Inc.

196,996

0.0

24,172 

(1)

Energy

Vault

Holdings,

Inc.

43,268

0.0

12,665 

Enerpac

Tool

Group

Corp.

451,634

0.1

9,073 

EnerSys

857,036

0.2

6,267 

Ennis,

Inc.

128,536

0.0

31,126 

(1)(2)

Enovix

Corp.

249,319

0.1

4,705 

EnPro

Industries,

Inc.

794,063

0.1

17,889 

(1)

Enviri

Corp.

163,684

0.0

32,177 

(1)(2)

Eos

Energy

Enterprises,

Inc.

33,142

0.0

5,831 

ESCO

Technologies,

Inc.

624,209

0.1

24,501 

(1)

ESS

Tech,

Inc.

17,722

0.0

1,308 

EVI

Industries,

Inc.

32,569

0.0

11,412 

Exponent,

Inc.

943,658

0.2

13,303 

Federal

Signal

Corp.

1,129,026

0.2

12,501 

First

Advantage

Corp.

202,766

0.0

15,345 

(1)

FiscalNote

Holdings,

Inc.

20,409

0.0

13,114 

(1)

Fluence

Energy,

Inc.

227,397

0.0

31,712 

(1)

Fluor

Corp.

1,340,783

0.2

3,102 

(1)

Forrester

Research,

Inc.

66,879

0.0

5,738 

Forward

Air

Corp.

178,509

0.0

2,786 

(1)

Franklin

Covey

Co.

109,378

0.0

10,207 

Franklin

Electric

Co.,

Inc.

1,090,210

0.2

8,356 

(1)(2)

Frontier

Group

Holdings,

Inc.

67,767

0.0

22,303 

FTAI

Aviation

Ltd.

1,500,992

0.3

22,637 

FTAI

Infrastructure,

Inc.

142,160

0.0

105,224 

(1)

FuelCell

Energy,

Inc.

125,217

0.0

7,947 

GATX

Corp.

1,065,136

0.2

9,878 

Genco

Shipping

&

Trading

Ltd.

200,820

0.0

27,368 

(1)

GEO

Group,

Inc.

386,436

0.1

6,945 

(1)

Gibraltar

Industries,

Inc.

559,281

0.1

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

3,147 

Global

Industrial

Co.

$

140,923

0.0

8,958 

(1)

GMS,

Inc.

871,972

0.2

28,124 

Golden

Ocean

Group

Ltd.

364,487

0.1

5,651 

Gorman-Rupp

Co.

223,497

0.0

43,354 

GrafTech

International

Ltd.

59,829

0.0

9,947 

Granite

Construction,

Inc.

568,272

0.1

15,580 

(1)

Great

Lakes

Dredge

&

Dock

Corp.

136,325

0.0

6,980 

Greenbrier

Cos.,

Inc.

363,658

0.1

8,824 

Griffon

Corp.

647,152

0.1

7,431 

H&E

Equipment

Services,

Inc.

476,922

0.1

11,295 

(1)

Hawaiian

Holdings,

Inc.

150,562

0.0

17,330 

(1)

Healthcare

Services

Group,

Inc.

216,278

0.0

11,118 

Heartland

Express,

Inc.

132,749

0.0

4,595 

Heidrick

&

Struggles

International,

Inc.

154,668

0.0

7,660 

Helios

Technologies,

Inc.

342,325

0.1

6,350 

Herc

Holdings,

Inc.

1,068,705

0.2

15,745 

Hillenbrand,

Inc.

791,816

0.1

44,655 

(1)

Hillman

Solutions

Corp.

475,129

0.1

4,554 

Himalaya

Shipping

Ltd.

35,111

0.0

10,480 

HNI

Corp.

472,962

0.1

14,085 

Hub

Group,

Inc.

- Class

A

608,754

0.1

10,264 

(1)

Hudson

Technologies,

Inc.

113,007

0.0

4,283 

(1)

Huron

Consulting

Group,

Inc.

413,823

0.1

33,654 

(1)

Hyliion

Holdings

Corp.

59,231

0.0

2,482 

Hyster-Yale

Materials

Handling,

Inc.

159,270

0.0

2,329 

(1)

IBEX

Holdings

Ltd.

35,936

0.0

4,246 

ICF

International,

Inc.

639,575

0.1

1,906 

(1)

IES

Holdings,

Inc.

231,846

0.0

6,187 

(1)(2)

Innodata,

Inc.

40,834

0.0

7,889 

Insperity,

Inc.

864,713

0.2

4,322 

Insteel

Industries,

Inc.

165,187

0.0

13,523 

Interface,

Inc.

227,457

0.0

19,039 

(1)

Janus

International

Group,

Inc.

288,060

0.1

19,504 

(1)

JELD-WEN

Holding,

Inc.

414,070

0.1

75,372 

(1)

JetBlue

Airways

Corp.

559,260

0.1

62,817 

(1)(2)

Joby

Aviation,

Inc.

336,699

0.1

7,130 

John

Bean

Technologies

Corp.

747,866

0.1

2,604 

Kadant,

Inc.

854,372

0.1

6,370 

Kaman

Corp.

292,192

0.1

7,271 

Kelly

Services,

Inc.

- Class

A

182,066

0.0

17,861 

Kennametal,

Inc.

445,453

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

17

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

4,278 

Kforce,

Inc.

$

301,685

0.1

11,730 

Korn

Ferry

771,365

0.1

32,783 

(1)

Kratos

Defense

&

Security

Solutions,

Inc.

602,552

0.1

5,060 

(1)(2)

LanzaTech

Global,

Inc.

15,661

0.0

27,244 

(1)

Legalzoom.com,

Inc.

363,435

0.1

15,305 

(1)

Leonardo

DRS,

Inc.

338,087

0.1

34,734 

(1)

Li-Cycle

Holdings

Corp.

35,776

0.0

2,134 

(1)

Limbach

Holdings,

Inc.

88,390

0.0

2,533 

Lindsay

Corp.

298,033

0.1

5,481 

(1)

Liquidity

Services,

Inc.

101,947

0.0

6,736 

LSI

Industries,

Inc.

101,848

0.0

6,159 

Luxfer

Holdings

PLC

63,869

0.0

7,991 

(1)

Manitowoc

Co.,

Inc.

112,993

0.0

13,598 

Marten

Transport

Ltd.

251,291

0.1

4,831 

(1)

Masonite

International

Corp.

635,035

0.1

28,953 

(1)

Masterbrand,

Inc.

542,579

0.1

7,749 

Matson,

Inc.

870,988

0.2

6,835 

Matthews

International

Corp.

- Class

A

212,432

0.0

2,829 

(1)

Mayville

Engineering

Co.,

Inc.

40,540

0.0

5,494 

McGrath

RentCorp

677,795

0.1

51,182 

(1)

Microvast

Holdings,

Inc.

42,839

0.0

2,798 

Miller

Industries,

Inc.

140,180

0.0

16,579 

MillerKnoll,

Inc.

410,496

0.1

6,387 

(1)

Montrose

Environmental

Group,

Inc.

250,179

0.1

6,450 

Moog,

Inc.

- Class

A

1,029,742

0.2

19,466 

(1)

MRC

Global,

Inc.

244,688

0.0

24,938 

Mueller

Industries,

Inc.

1,344,906

0.2

34,795 

Mueller

Water

Products,

Inc.

- Class

A

559,852

0.1

3,726 

(1)

MYR

Group,

Inc.

658,571

0.1

1,300 

National

Presto

Industries,

Inc.

108,940

0.0

28,126 

(1)

Nextracker,

Inc.

- Class

A

1,582,650

0.3

159,687 

(1)(2)

Nikola

Corp.

166,074

0.0

2,519 

(1)

Northwest

Pipe

Co.

87,359

0.0

24,582 

(1)

NOW,

Inc.

373,646

0.1

11,770 

(1)(2)

NuScale

Power

Corp.

62,499

0.0

3,195 

(1)

NV5

Global,

Inc.

313,142

0.1

844 

Omega

Flex,

Inc.

59,865

0.0

24,602 

(1)

OPENLANE,

Inc.

425,615

0.1

8,863 

Pangaea

Logistics

Solutions

Ltd.

61,775

0.0

4,680 

Park

Aerospace

Corp.

77,828

0.0

1,717 

Park-Ohio

Holdings

Corp.

45,810

0.0

9,019 

(1)

Parsons

Corp.

748,126

0.1

17,571 

(1)

Performant

Financial

Corp.

51,659

0.0

39,478 

Pitney

Bowes,

Inc.

170,940

0.0

41,651 

(1)

Planet

Labs

PBC

106,210

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

2,081 

Powell

Industries,

Inc.

$

296,126

0.1

590 

Preformed

Line

Products

Co.

75,915

0.0

12,162 

Primoris

Services

Corp.

517,736

0.1

5,979 

(1)

Proto

Labs,

Inc.

213,749

0.0

7,560 

Quad/Graphics,

Inc.

40,144

0.0

7,576 

Quanex

Building

Products

Corp.

291,146

0.1

10,231 

(1)

Radiant

Logistics,

Inc.

55,452

0.0

32,867 

(1)

Resideo

Technologies,

Inc.

736,878

0.1

7,510 

Resources

Connection,

Inc.

98,832

0.0

7,103 

REV

Group,

Inc.

156,905

0.0

62,556 

(1)(2)

Rocket

Lab

USA,

Inc.

257,105

0.1

15,281 

Rush

Enterprises,

Inc.

- Class

A

817,839

0.1

298 

Rush

Enterprises,

Inc.

- Class

B

15,880

0.0

26,244 

(1)

RXO,

Inc.

573,956

0.1

30,796 

(1)

SES

AI

Corp.

51,737

0.0

38,697 

(1)

Shoals

Technologies

Group,

Inc.

- Class

A

432,632

0.1

7,781 

Shyft

Group,

Inc.

96,640

0.0

9,566 

Simpson

Manufacturing

Co.,

Inc.

1,962,752

0.3

9,145 

(1)

SkyWest,

Inc.

631,737

0.1

18,445 

(1)

SKYX

Platforms

Corp.

24,163

0.0

4,295 

(1)

SP

Plus

Corp.

224,285

0.0

23,967 

(2)

Spirit

Airlines,

Inc.

116,000

0.0

9,881 

(1)

SPX

Technologies,

Inc.

1,216,648

0.2

2,693 

Standex

International

Corp.

490,718

0.1

20,537 

Steelcase,

Inc.

- Class

A

268,624

0.1

31,036 

(1)(2)

Stem,

Inc.

67,969

0.0

7,233 

(1)

Sterling

Check

Corp.

116,307

0.0

6,790 

(1)

Sterling

Infrastructure,

Inc.

749,005

0.1

8,693 

(1)

Sun

Country

Airlines

Holdings,

Inc.

131,177

0.0

18,345 

(1)(2)

SunPower

Corp.

55,035

0.0

4,176 

Tennant

Co.

507,843

0.1

14,841 

Terex

Corp.

955,760

0.2

21,818 

(1)(2)

Terran

Orbital

Corp.

28,582

0.0

7,623 

(1)

Thermon

Group

Holdings,

Inc.

249,425

0.1

11,936 

(1)

Titan

International,

Inc.

148,723

0.0

4,771 

(1)

Titan

Machinery,

Inc.

118,369

0.0

10,151 

(1)(2)

TPI

Composites,

Inc.

29,539

0.0

1,855 

(1)

Transcat,

Inc.

206,703

0.0

7,143 

TriNet

Group,

Inc.

946,376

0.2

18,388 

Trinity

Industries,

Inc.

512,106

0.1

14,590 

(1)

Triumph

Group,

Inc.

219,434

0.0

6,900 

(1)

TrueBlue,

Inc.

86,388

0.0

4,749 

TTEC

Holdings,

Inc.

49,247

0.0

9,908 

(1)

Tutor

Perini

Corp.

143,270

0.0

13,280 

UFP

Industries,

Inc.

1,633,573

0.3

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

18

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Industrials:

(continued)

3,376 

UniFirst

Corp.

$

585,500

0.1

1,829 

Universal

Logistics

Holdings,

Inc.

67,435

0.0

28,198 

(1)

Upwork,

Inc.

345,707

0.1

2,840 

(1)

V2X,

Inc.

132,656

0.0

30,784 

(1)

Verra

Mobility

Corp.

768,676

0.1

4,689 

(1)

Viad

Corp.

185,169

0.0

4,896 

(1)

Vicor

Corp.

187,223

0.0

73,770 

(1)(2)

Virgin

Galactic

Holdings,

Inc.

109,180

0.0

2,885 

VSE

Corp.

230,800

0.0

10,404 

Wabash

National

Corp.

311,496

0.1

6,038 

Watts

Water

Technologies,

Inc.

- Class

A

1,283,377

0.2

13,952 

Werner

Enterprises,

Inc.

545,802

0.1

2,872 

(1)

Willdan

Group,

Inc.

83,259

0.0

7,506 

(1)(2)

Xometry,

Inc.

- Class

A

126,776

0.0

32,701 

Zurn

Elkay

Water

Solutions

Corp.

1,094,502

0.2

102,082,077

16.8

Information

Technology

:

15.3%

25,888 

(1)

8x8,

Inc.

69,898

0.0

5,688 

(1)

908

Devices,

Inc.

42,944

0.0

15,959 

A10

Networks,

Inc.

218,479

0.0

24,498 

(1)

ACI

Worldwide,

Inc.

813,579

0.1

10,932 

(1)

ACM

Research,

Inc.

- Class

A

318,558

0.1

24,532 

Adeia,

Inc.

267,889

0.0

17,121 

ADTRAN

Holdings,

Inc.

93,138

0.0

8,451 

Advanced

Energy

Industries,

Inc.

861,833

0.1

5,971 

(1)

Aehr

Test

Systems

74,040

0.0

4,526 

(1)

Agilysys,

Inc.

381,361

0.1

10,891 

(1)

Alarm.com

Holdings,

Inc.

789,271

0.1

9,175 

(1)

Alkami

Technology,

Inc.

225,430

0.0

5,623 

(1)

Alpha

&

Omega

Semiconductor

Ltd.

123,931

0.0

12,183 

(1)

Altair

Engineering,

Inc.

- Class

A

1,049,565

0.2

8,496 

(1)

Ambarella,

Inc.

431,342

0.1

7,438 

American

Software,

Inc.

- Class

A

85,165

0.0

24,912 

Amkor

Technology,

Inc.

803,163

0.1

15,378 

(1)

Amplitude,

Inc.

- Class

A

167,313

0.0

4,305 

(1)

Appfolio,

Inc.

- Class

A

1,062,216

0.2

9,323 

(1)

Appian

Corp.

- Class

A

372,454

0.1

18,072 

(1)(2)

Applied

Digital

Corp.

77,348

0.0

20,226 

(1)

Arlo

Technologies,

Inc.

255,859

0.0

18,238 

(1)

Asana,

Inc.

- Class

A

282,507

0.1

5,050 

(1)(2)

Atomera,

Inc.

31,108

0.0

75,396 

(1)

Aurora

Innovation,

Inc.

212,617

0.0

34,103 

(1)

AvePoint,

Inc.

270,096

0.1

2,713 

(1)

Aviat

Networks,

Inc.

104,016

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Information

Technology:

(continued)

7,295 

(1)

Axcelis

Technologies,

Inc.

$

813,538

0.1

6,583 

Badger

Meter,

Inc.

1,065,195

0.2

2,324 

Bel

Fuse,

Inc.

- Class

B

140,160

0.0

9,387 

Belden,

Inc.

869,330

0.1

8,289 

Benchmark

Electronics,

Inc.

248,753

0.0

11,701 

(1)

BigBear.ai

Holdings,

Inc.

23,987

0.0

15,608 

(1)

BigCommerce

Holdings,

Inc.

107,539

0.0

21,208 

(1)(2)

Bit

Digital,

Inc.

60,867

0.0

9,798 

(1)

Blackbaud,

Inc.

726,424

0.1

12,731 

(1)

Blackline,

Inc.

822,168

0.1

31,282 

(1)

Box,

Inc.

- Class

A

885,906

0.2

11,723 

(1)

Braze,

Inc.

- Class

A

519,329

0.1

12,580 

(1)

Brightcove,

Inc.

24,405

0.0

18,271 

(1)(2)

C3.ai,

Inc.

- Class

A

494,596

0.1

13,238 

(1)

Calix,

Inc.

438,972

0.1

8,962 

(1)

Cerence,

Inc.

141,151

0.0

5,388 

(1)

CEVA,

Inc.

122,361

0.0

8,804 

(1)

Cipher

Mining,

Inc.

45,341

0.0

42,902 

(1)

Cleanspark,

Inc.

909,951

0.2

18,509 

Clear

Secure,

Inc.

- Class

A

393,686

0.1

2,915 

(1)(2)

Clearfield,

Inc.

89,899

0.0

1,029 

Climb

Global

Solutions,

Inc.

72,935

0.0

10,754 

(1)

Cohu,

Inc.

358,431

0.1

48,545 

(1)

CommScope

Holding

Co.,

Inc.

63,594

0.0

9,911 

(1)

CommVault

Systems,

Inc.

1,005,273

0.2

7,023 

(1)

Comtech

Telecommunications

Corp.

24,089

0.0

4,634 

(1)

Consensus

Cloud

Solutions,

Inc.

73,495

0.0

8,271 

(1)

Corsair

Gaming,

Inc.

102,064

0.0

7,886 

(1)

Couchbase,

Inc.

207,481

0.0

26,125 

(1)

Credo

Technology

Group

Holding

Ltd.

553,589

0.1

5,325 

(1)

CS

Disco,

Inc.

43,292

0.0

6,806 

CSG

Systems

International,

Inc.

350,781

0.1

7,093 

CTS

Corp.

331,881

0.1

8,461 

(1)

Daktronics,

Inc.

84,272

0.0

8,097 

(1)

Digi

International,

Inc.

258,537

0.0

3,233 

(1)(2)

Digimarc

Corp.

87,873

0.0

22,178 

(1)

Digital

Turbine,

Inc.

58,106

0.0

13,872 

(1)

DigitalOcean

Holdings,

Inc.

529,633

0.1

10,124 

(1)

Diodes,

Inc.

713,742

0.1

6,947 

(1)

Domo,

Inc.

- Class

B

61,967

0.0

38,699 

(1)

E2open

Parent

Holdings,

Inc.

171,824

0.0

13,128 

(1)

Eastman

Kodak

Co.

64,984

0.0

8,837 

(1)

Enfusion,

Inc.

- Class

A

81,742

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

19

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Information

Technology:

(continued)

11,362 

(1)

Envestnet,

Inc.

$

657,973

0.1

6,092 

(1)

ePlus,

Inc.

478,466

0.1

9,133 

(1)

Everbridge,

Inc.

318,102

0.1

5,819 

(1)

EverCommerce,

Inc.

54,815

0.0

14,930 

EVERTEC,

Inc.

595,707

0.1

25,516 

(1)

Evolv

Technologies

Holdings,

Inc.

113,546

0.0

36,147 

(1)

ExlService

Holdings,

Inc.

1,149,475

0.2

13,627 

(1)

Expensify,

Inc.

- Class

A

25,074

0.0

28,318 

(1)

Extreme

Networks,

Inc.

326,790

0.1

8,226 

(1)

Fannie

Mae

1,554,879

0.3

4,243 

(1)

FARO

Technologies,

Inc.

91,267

0.0

27,374 

(1)

Fastly,

Inc.

- Class

A

355,041

0.1

17,532 

(1)

FormFactor,

Inc.

799,985

0.1

36,407 

(1)

Freshworks,

Inc.

- Class

A

662,971

0.1

13,046 

(1)

Grid

Dynamics

Holdings,

Inc.

160,335

0.0

5,980 

Hackett

Group,

Inc.

145,314

0.0

24,865 

(1)

Harmonic,

Inc.

334,186

0.1

5,376 

(1)

I3

Verticals,

Inc.

- Class

A

123,057

0.0

6,503 

(1)

Ichor

Holdings

Ltd.

251,146

0.0

7,238 

Immersion

Corp.

54,140

0.0

5,245 

(1)

Impinj,

Inc.

673,510

0.1

33,937 

(1)

indie

Semiconductor,

Inc.

- Class

A

240,274

0.0

45,029 

(1)

Infinera

Corp.

271,525

0.1

6,233 

(1)

Insight

Enterprises,

Inc.

1,156,346

0.2

4,339 

(1)

Instructure

Holdings,

Inc.

92,768

0.0

7,988 

(1)

Intapp,

Inc.

273,988

0.1

5,703 

InterDigital,

Inc.

607,141

0.1

2,723 

(1)

inTEST

Corp.

36,080

0.0

36,210 

(1)(2)

IonQ,

Inc.

361,738

0.1

12,054 

(1)

Iteris,

Inc.

59,547

0.0

10,220 

(1)

Itron,

Inc.

945,554

0.2

16,211 

(1)

Jamf

Holding

Corp.

297,472

0.1

22,714 

(1)

Kaltura,

Inc.

30,664

0.0

5,710 

(1)

Kimball

Electronics,

Inc.

123,621

0.0

20,376 

(1)

Knowles

Corp.

328,054

0.1

12,538 

Kulicke

&

Soffa

Industries,

Inc.

630,787

0.1

26,386 

(1)

Lightwave

Logic,

Inc.

123,486

0.0

17,845 

(1)

LivePerson,

Inc.

17,799

0.0

14,733 

(1)

LiveRamp

Holdings,

Inc.

508,288

0.1

8,167 

(1)

Luna

Innovations,

Inc.

26,175

0.0

12,214 

(1)

MACOM

Technology

Solutions

Holdings,

Inc.

1,168,147

0.2

49,839 

(1)(2)

Marathon

Digital

Holdings,

Inc.

1,125,365

0.2

56,411 

(1)

Matterport,

Inc.

127,489

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Information

Technology:

(continued)

7,203 

(1)(2)

Maxeon

Solar

Technologies

Ltd.

$

23,986

0.0

13,549 

Maximus,

Inc.

1,136,761

0.2

17,296 

(1)

MaxLinear,

Inc.

322,916

0.1

6,067 

(1)

MeridianLink,

Inc.

113,453

0.0

7,422 

Methode

Electronics,

Inc.

90,400

0.0

3,316 

(1)(2)

MicroStrategy,

Inc.

- Class

A

5,652,321

0.9

42,184 

(1)(2)

MicroVision,

Inc.

77,619

0.0

45,774 

(1)

Mirion

Technologies,

Inc.

520,450

0.1

9,859 

(1)

Mitek

Systems,

Inc.

139,012

0.0

8,662 

(1)(2)

Model

N,

Inc.

246,607

0.0

16,156 

(1)

N-able,

Inc.

211,159

0.0

7,446 

Napco

Security

Technologies,

Inc.

299,031

0.1

24,334 

(1)

Navitas

Semiconductor

Corp.

116,073

0.0

6,874 

(1)

NETGEAR,

Inc.

108,403

0.0

15,440 

(1)

NetScout

Systems,

Inc.

337,210

0.1

12,125 

(1)(2)

NextNav,

Inc.

79,782

0.0

10,736 

(1)

nLight,

Inc.

139,568

0.0

8,030 

(1)

Novanta,

Inc.

1,403,403

0.2

1,104 

NVE

Corp.

99,559

0.0

23,516 

(1)

Olo,

Inc.

- Class

A

129,103

0.0

8,090 

ON24,

Inc.

57,763

0.0

8,773 

(1)

OneSpan,

Inc.

102,030

0.0

10,975 

(1)

Onto

Innovation,

Inc.

1,987,353

0.3

3,684 

(1)

OSI

Systems,

Inc.

526,149

0.1

20,235 

(1)

PagerDuty,

Inc.

458,930

0.1

6,092 

(1)

PAR

Technology

Corp.

276,333

0.1

2,669 

PC

Connection,

Inc.

175,967

0.0

7,037 

(1)

PDF

Solutions,

Inc.

236,936

0.0

7,868 

(1)

Perficient,

Inc.

442,890

0.1

13,841 

(1)

Photronics,

Inc.

391,977

0.1

6,220 

(1)

Plexus

Corp.

589,780

0.1

12,653 

Power

Integrations,

Inc.

905,322

0.2

12,638 

(1)

PowerSchool

Holdings,

Inc.

- Class

A

269,063

0.1

9,758 

Progress

Software

Corp.

520,199

0.1

10,193 

(1)

PROS

Holdings,

Inc.

370,312

0.1

12,824 

(1)

Q2

Holdings,

Inc.

674,029

0.1

8,295 

(1)

Qualys,

Inc.

1,384,187

0.2

15,194 

(1)

Rackspace

Technology,

Inc.

24,007

0.0

24,095 

(1)

Rambus,

Inc.

1,489,312

0.3

13,650 

(1)

Rapid7,

Inc.

669,396

0.1

2,995 

(1)

Red

Violet,

Inc.

58,552

0.0

19,155 

(1)(2)

Repay

Holdings

Corp.

210,705

0.0

22,390 

(1)

Ribbon

Communications,

Inc.

71,648

0.0

12,229 

(1)

Rimini

Street,

Inc.

39,867

0.0

43,448 

(1)(2)

Riot

Platforms,

Inc.

531,804

0.1

3,890 

(1)

Rogers

Corp.

461,704

0.1

73,640 

(1)

Sabre

Corp.

178,209

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

20

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Information

Technology:

(continued)

12,348 

(1)

Sanmina

Corp.

$

767,799

0.1

7,235 

Sapiens

International

Corp.

NV

232,678

0.0

5,738 

(1)

ScanSource,

Inc.

252,701

0.0

6,845 

(1)

SEMrush

Holdings,

Inc.

- Class

A

90,765

0.0

14,535 

(1)

Semtech

Corp.

399,567

0.1

7,111 

(1)

Silicon

Laboratories,

Inc.

1,021,993

0.2

3,933 

(1)

SiTime

Corp.

366,674

0.1

4,353 

(1)(2)

SkyWater

Technology,

Inc.

44,270

0.0

10,926 

(1)

SMART

Global

Holdings,

Inc.

287,572

0.1

42,060 

(1)

SmartRent,

Inc.

112,721

0.0

11,391 

(1)

SolarWinds

Corp.

143,754

0.0

30,970 

(1)(2)

SoundHound

AI,

Inc.

- Class

A

182,413

0.0

2,418 

(1)

SoundThinking,

Inc.

38,398

0.0

23,090 

(1)

Sprinklr,

Inc.

- Class

A

283,314

0.1

10,807 

(1)

Sprout

Social,

Inc.

- Class

A

645,286

0.1

8,218 

(1)

SPS

Commerce,

Inc.

1,519,508

0.3

11,015 

(1)

Squarespace,

Inc.

- Class

A

401,387

0.1

11,389 

(1)

Super

Micro

Computer,

Inc.

11,503,232

1.9

8,859 

(1)

Synaptics,

Inc.

864,284

0.1

25,700 

(1)

Tenable

Holdings,

Inc.

1,270,351

0.2

33,758 

(1)

Terawulf,

Inc.

88,784

0.0

22,735 

(1)

Thoughtworks

Holding,

Inc.

57,520

0.0

23,349 

(1)

TTM

Technologies,

Inc.

365,412

0.1

2,599 

(1)(2)

Tucows,

Inc.

- Class

A

48,237

0.0

3,973 

(1)

Turtle

Beach

Corp.

68,494

0.0

10,189 

(1)

Ultra

Clean

Holdings,

Inc.

468,083

0.1

14,545 

(1)

Unisys

Corp.

71,416

0.0

24,351 

(1)

Varonis

Systems,

Inc.

1,148,637

0.2

11,619 

(1)

Veeco

Instruments,

Inc.

408,640

0.1

13,844 

(1)

Verint

Systems,

Inc.

458,929

0.1

49,318 

(1)

Viavi

Solutions,

Inc.

448,301

0.1

28,214 

Vishay

Intertechnology,

Inc.

639,893

0.1

3,018 

(1)

Vishay

Precision

Group,

Inc.

106,626

0.0

7,411 

(1)

Weave

Communications,

Inc.

85,078

0.0

11,131 

(1)

Workiva,

Inc.

943,909

0.2

26,365 

Xerox

Holdings

Corp.

471,933

0.1

9,752 

(1)

Xperi,

Inc.

117,609

0.0

24,169 

(1)

Yext,

Inc.

145,739

0.0

31,550 

(1)

Zeta

Global

Holdings

Corp.

- Class

A

344,841

0.1

29,426 

(1)

Zuora,

Inc.

- Class

A

268,365

0.0

92,742,703

15.3

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Materials

:

4.5%

11,842 

(1)

5E

Advanced

Materials,

Inc.

$

15,868

0.0

6,146 

AdvanSix,

Inc.

175,776

0.0

2,585 

Alpha

Metallurgical

Resources,

Inc.

856,074

0.1

6,739 

American

Vanguard

Corp.

87,270

0.0

229,634 

(1)

Arcadium

Lithium

PLC

989,723

0.2

4,021 

Arch

Resources,

Inc.

646,537

0.1

11,663 

(1)

Aspen

Aerogels,

Inc.

205,269

0.0

28,751 

(1)

ATI,

Inc.

1,471,189

0.3

20,178 

Avient

Corp.

875,725

0.2

7,163 

Balchem

Corp.

1,109,907

0.2

12,074 

Cabot

Corp.

1,113,223

0.2

4,351 

Caledonia

Mining

Corp.

PLC

48,166

0.0

10,986 

Carpenter

Technology

Corp.

784,620

0.1

11,609 

(1)

Century

Aluminum

Co.

178,663

0.0

3,813 

(1)

Clearwater

Paper

Corp.

166,742

0.0

75,666 

(1)

Coeur

Mining,

Inc.

285,261

0.1

25,941 

Commercial

Metals

Co.

1,524,553

0.3

7,573 

Compass

Minerals

International,

Inc.

119,199

0.0

29,100 

(1)

Constellium

SE

643,401

0.1

1,778 

(1)

Contango

ORE,

Inc.

35,293

0.0

1,794 

(1)

Core

Molding

Technologies,

Inc.

33,960

0.0

14,196 

(1)

Dakota

Gold

Corp.

33,645

0.0

22,479 

(1)(2)

Danimer

Scientific,

Inc.

24,502

0.0

21,635 

(1)

Ecovyst,

Inc.

241,230

0.0

6,846 

FutureFuel

Corp.

55,110

0.0

11,997 

(1)

Glatfelter

Corp.

23,994

0.0

6,621 

Greif,

Inc.

- Class

A

457,180

0.1

4,442 

Hawkins,

Inc.

341,146

0.1

2,902 

Haynes

International,

Inc.

174,468

0.0

11,900 

HB

Fuller

Co.

948,906

0.2

137,951 

Hecla

Mining

Co.

663,544

0.1

44,465 

(1)

i-80

Gold

Corp.

59,583

0.0

8,379 

(1)

Ingevity

Corp.

399,678

0.1

5,594 

Innospec,

Inc.

721,290

0.1

2,666 

(1)

Intrepid

Potash,

Inc.

55,613

0.0

14,638 

(1)

Ivanhoe

Electric,

Inc.

/

US

143,452

0.0

3,605 

Kaiser

Aluminum

Corp.

322,143

0.1

12,570 

(1)

Knife

River

Corp.

1,019,176

0.2

4,689 

Koppers

Holdings,

Inc.

258,692

0.1

13,082 

(1)

LSB

Industries,

Inc.

114,860

0.0

4,640 

Materion

Corp.

611,320

0.1

12,594 

Mativ

Holdings,

Inc.

236,137

0.0

7,396 

Minerals

Technologies,

Inc.

556,771

0.1

8,258 

Myers

Industries,

Inc.

191,338

0.0

55,902 

(1)

Novagold

Resources,

Inc.

167,706

0.0

34,851 

(1)

O-I

Glass,

Inc.

578,178

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

21

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Materials:

(continued)

2,314 

Olympic

Steel,

Inc.

$

164,016

0.0

12,729 

Orion

SA

299,386

0.1

8,880 

Pactiv

Evergreen,

Inc.

127,162

0.0

35,292 

(1)

Perimeter

Solutions

SA

261,867

0.1

10,010 

(1)

Perpetua

Resources

Corp.

41,642

0.0

3,835 

(1)(2)

Piedmont

Lithium,

Inc.

51,082

0.0

26,987 

(1)(2)

PureCycle

Technologies,

Inc.

167,859

0.0

3,101 

Quaker

Chemical

Corp.

636,480

0.1

5,795 

Ramaco

Resources,

Inc.

- Class

A

97,588

0.0

9,528 

(1)

Ranpak

Holdings

Corp.

74,985

0.0

15,867 

(1)

Rayonier

Advanced

Materials,

Inc.

75,844

0.0

5,832 

Ryerson

Holding

Corp.

195,372

0.0

5,906 

Schnitzer

Steel

Industries,

Inc.

- Class

A

124,794

0.0

9,523 

Sensient

Technologies

Corp.

658,896

0.1

4,851 

Stepan

Co.

436,784

0.1

26,475 

(1)

Summit

Materials,

Inc.

- Class

A

1,179,991

0.2

19,392 

SunCoke

Energy,

Inc.

218,548

0.0

8,106 

Sylvamo

Corp.

500,464

0.1

10,052 

(1)

TimkenSteel

Corp.

223,657

0.0

9,584 

TriMas

Corp.

256,180

0.1

8,824 

Trinseo

PLC

33,355

0.0

26,293 

Tronox

Holdings

PLC

456,184

0.1

466 

United

States

Lime

&

Minerals,

Inc.

138,933

0.0

11,592 

Warrior

Met

Coal,

Inc.

703,634

0.1

6,937 

Worthington

Industries,

Inc.

431,690

0.1

6,950 

Worthington

Steel,

Inc.

249,158

0.0

27,571,632

4.5

Real

Estate

:

5.5%

21,153 

Acadia

Realty

Trust

359,813

0.1

17,177 

Alexander

&

Baldwin,

Inc.

282,905

0.1

528 

Alexander's,

Inc.

114,650

0.0

11,197 

American

Assets

Trust,

Inc.

245,326

0.0

24,286 

(1)

Anywhere

Real

Estate,

Inc.

150,087

0.0

33,535 

(1)

Apartment

Investment

and

Management

Co.

- Class

A

274,652

0.1

47,685 

Apple

Hospitality

REIT,

Inc.

781,080

0.1

16,094 

Armada

Hoffler

Properties,

Inc.

167,378

0.0

18,101 

Braemar

Hotels

&

Resorts,

Inc.

36,202

0.0

37,895 

Brandywine

Realty

Trust

181,896

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Real

Estate:

(continued)

42,474 

Broadstone

Net

Lease,

Inc.

$

665,568

0.1

22,699 

CareTrust

REIT,

Inc.

553,175

0.1

6,536 

CBL

&

Associates

Properties,

Inc.

149,740

0.0

3,591 

Centerspace

205,190

0.0

11,819 

Chatham

Lodging

Trust

119,490

0.0

11,012 

City

Office

REIT,

Inc.

57,373

0.0

6,273 

Community

Healthcare

Trust,

Inc.

166,548

0.0

64,345 

(1)

Compass,

Inc.

- Class

A

231,642

0.0

25,198 

COPT

Defense

Properties

609,036

0.1

5,953 

CTO

Realty

Growth,

Inc.

100,903

0.0

37,381 

(1)

Cushman

&

Wakefield

PLC

391,005

0.1

47,740 

DiamondRock

Hospitality

Co.

458,781

0.1

36,307 

DigitalBridge

Group,

Inc.

699,636

0.1

54,120 

Diversified

Healthcare

Trust

133,135

0.0

19,979 

Douglas

Elliman,

Inc.

31,567

0.0

36,080 

Douglas

Emmett,

Inc.

500,430

0.1

21,454 

Easterly

Government

Properties,

Inc.

246,936

0.0

20,343 

Elme

Communities

283,175

0.1

30,267 

Empire

State

Realty

Trust,

Inc.

- Class

A

306,605

0.1

21,943 

(1)

Equity

Commonwealth

414,284

0.1

34,715 

Essential

Properties

Realty

Trust,

Inc.

925,502

0.2

16,214 

(2)

eXp

World

Holdings,

Inc.

167,491

0.0

10,213 

(2)

Farmland

Partners,

Inc.

113,364

0.0

4,254 

(1)

Forestar

Group,

Inc.

170,968

0.0

20,249 

Four

Corners

Property

Trust,

Inc.

495,493

0.1

1,748 

(1)

FRP

Holdings,

Inc.

107,327

0.0

10,504 

Getty

Realty

Corp.

287,284

0.1

9,194 

Gladstone

Commercial

Corp.

127,245

0.0

7,860 

Gladstone

Land

Corp.

104,852

0.0

14,646 

Global

Medical

REIT,

Inc.

128,152

0.0

43,956 

Global

Net

Lease,

Inc.

341,538

0.1

31,402 

Hudson

Pacific

Properties,

Inc.

202,543

0.0

50,378 

Independence

Realty

Trust,

Inc.

812,597

0.1

6,331 

Innovative

Industrial

Properties,

Inc.

655,512

0.1

15,868 

InvenTrust

Properties

Corp.

407,966

0.1

21,300 

JBG

SMITH

Properties

341,865

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

22

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Real

Estate:

(continued)

26,847 

Kennedy-Wilson

Holdings,

Inc.

$

230,347

0.0

48,283 

Kite

Realty

Group

Trust

1,046,775

0.2

64,945 

L.P.

Industrial

Trust

585,804

0.1

9,352 

LTC

Properties,

Inc.

304,034

0.1

48,865 

Macerich

Co.

841,944

0.1

5,459 

Marcus

&

Millichap,

Inc.

186,534

0.0

9,511 

National

Health

Investors,

Inc.

597,576

0.1

14,576 

NETSTREIT

Corp.

267,761

0.1

30,778 

Newmark

Group,

Inc.

- Class

A

341,328

0.1

8,823 

NexPoint

Diversified

Real

Estate

Trust

58,232

0.0

5,315 

NexPoint

Residential

Trust,

Inc.

171,090

0.0

11,409 

Office

Properties

Income

Trust

23,274

0.0

4,437 

One

Liberty

Properties,

Inc.

100,232

0.0

125,529 

(1)

Opendoor

Technologies,

Inc.

380,353

0.1

13,399 

Orion

Office

REIT,

Inc.

47,030

0.0

33,326 

Outfront

Media,

Inc.

559,544

0.1

42,970 

Paramount

Group,

Inc.

201,529

0.0

8,030 

Peakstone

Realty

Trust

129,524

0.0

26,985 

Pebblebrook

Hotel

Trust

415,839

0.1

26,516 

Phillips

Edison

&

Co.,

Inc.

951,129

0.2

28,740 

Piedmont

Office

Realty

Trust,

Inc.

- Class

A

202,042

0.0

10,267 

Plymouth

Industrial

REIT,

Inc.

231,007

0.0

17,702 

PotlatchDeltic

Corp.

832,348

0.1

4,429 

RE/MAX

Holdings,

Inc.

- Class

A

38,842

0.0

24,418 

(1)(2)

Redfin

Corp.

162,380

0.0

27,856 

Retail

Opportunity

Investments

Corp.

357,114

0.1

35,055 

RLJ

Lodging

Trust

414,350

0.1

3,565 

RMR

Group,

Inc.

- Class

A

85,560

0.0

12,980 

Ryman

Hospitality

Properties,

Inc.

1,500,618

0.3

51,797 

Sabra

Health

Care

REIT,

Inc.

765,042

0.1

10,492 

Safehold,

Inc.

216,135

0.0

3,117 

Saul

Centers,

Inc.

119,973

0.0

38,020 

Service

Properties

Trust

257,776

0.1

42,631 

SITE

Centers

Corp.

624,544

0.1

14,629 

SL

Green

Realty

Corp.

806,497

0.1

7,951 

St

Joe

Co.

460,919

0.1

3,404 

(1)

Star

Holdings

43,980

0.0

1,583 

(1)

Stratus

Properties,

Inc.

36,140

0.0

23,900 

Summit

Hotel

Properties,

Inc.

155,589

0.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Real

Estate:

(continued)

46,242 

Sunstone

Hotel

Investors,

Inc.

$

515,136

0.1

23,023 

Tanger

Factory

Outlet

Centers,

Inc.

679,869

0.1

5,983 

(1)

Tejon

Ranch

Co.

92,198

0.0

18,448 

Terreno

Realty

Corp.

1,224,947

0.2

13,618 

UMH

Properties,

Inc.

221,156

0.0

54,036 

Uniti

Group,

Inc.

318,812

0.1

3,220 

Universal

Health

Realty

Income

Trust

118,206

0.0

25,953 

Urban

Edge

Properties

448,208

0.1

18,060 

Veris

Residential,

Inc.

274,693

0.1

11,521 

Whitestone

REIT

144,589

0.0

24,316 

Xenia

Hotels

&

Resorts,

Inc.

364,983

0.1

33,461,439

5.5

Utilities

:

2.4%

12,918 

ALLETE,

Inc.

770,430

0.1

14,282 

(1)

Altus

Power,

Inc.

68,268

0.0

8,232 

American

States

Water

Co.

594,680

0.1

2,414 

Artesian

Resources

Corp.

- Class

A

89,584

0.0

16,974 

Avista

Corp.

594,429

0.1

14,879 

Black

Hills

Corp.

812,393

0.1

27,000 

Brookfield

Infrastructure

Corp.

- Class

A

973,080

0.2

10,422 

(1)

Cadiz,

Inc.

30,224

0.0

13,033 

California

Water

Service

Group

605,774

0.1

4,859 

Chesapeake

Utilities

Corp.

521,371

0.1

3,464 

Consolidated

Water

Co.

Ltd.

101,530

0.0

4,467 

Genie

Energy

Ltd.

- Class

B

67,362

0.0

8,130 

(2)

MGE

Energy,

Inc.

639,994

0.1

4,072 

Middlesex

Water

Co.

213,780

0.1

16,226 

(1)

Montauk

Renewables,

Inc.

67,500

0.0

21,785 

New

Jersey

Resources

Corp.

934,794

0.2

8,385 

Northwest

Natural

Holding

Co.

312,090

0.1

13,445 

NorthWestern

Corp.

684,754

0.1

12,327 

ONE

Gas,

Inc.

795,461

0.1

11,984 

(2)

Ormat

Technologies,

Inc.

793,221

0.1

9,233 

Otter

Tail

Corp.

797,731

0.1

18,682 

PNM

Resources,

Inc.

703,190

0.1

21,991 

Portland

General

Electric

Co.

923,622

0.2

5,736 

(1)

Pure

Cycle

Corp.

54,492

0.0

7,308 

SJW

Group

413,560

0.1

13,942 

Southwest

Gas

Holdings,

Inc.

1,061,404

0.2

11,545 

Spire,

Inc.

708,517

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

23

Voya

Russell™

Small

Cap

Index

Portfolio

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Utilities:

(continued)

23,580 

(1)(2)

Sunnova

Energy

International,

Inc.

$

144,545

0.0

3,877 

Unitil

Corp.

202,961

0.0

3,851 

York

Water

Co.

139,676

0.0

14,820,417

2.4

Total

Common

Stock

(Cost

$326,723,254)

596,599,582

98.2

OTHER

(5)

:

—%

Consumer,

Non-cyclical

:

—%

18,294 

(3)(4)

The

Fresh

Market

Holdings,

Inc.

—

—

Total

Other

(Cost

$—)

—

—

RIGHTS

:

0.0%

Consumer,

Non-cyclical

:

0.0%

14,198 

(3)(4)

Chinook

Therapeutics,

Inc.

CVR

5,537

0.0

390 

(3)(4)

GTX,

Inc.

—

—

5,537

0.0

Energy

:

—%

3,443 

Empire

Petroleum

Corp.

—

—

Health

Care

:

—%

4,590 

(3)(4)

Aduro

Biotech

-

CVR

—

—

2,194 

(3)(4)

Omniab,

Inc.

-

12.5

Earnout

Shares

—

—

2,194 

(3)(4)

Omniab,

Inc.

-

15

Earnout

Shares

—

—

—

—

Total

Rights

(Cost

$799)

5,537

0.0

Total

Long-Term

Investments

(Cost

$326,724,053)

596,605,119

98.2

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

5.2%

Repurchase

Agreements

:

3.2%

19,902 

(6)

Bank

Of

Montreal,

Repurchase

Agreement

dated

03/28/2024,

5.330%,

due

04/01/2024

(Repurchase

Amount

$19,914,

collateralized

by

various

U.S.

Government

Agency

Obligations,

3.500%-

7.000%,

Market

Value

plus

accrued

interest

$20,300,

due

08/01/33-03/01/54)

$

19,902

0.0

3,204,296 

(6)

Bethesda

Securities,

LLC,

Repurchase

Agreement

dated

03/28/2024,

5.430%,

due

04/01/2024

(Repurchase

Amount

$3,206,203,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

2.500%-

6.070%,

Market

Value

plus

accrued

interest

$3,268,382,

due

10/01/27-01/01/57)

3,204,296

0.5

5,259,199 

(6)

Cantor

Fitzgerald

Securities,

Repurchase

Agreement

dated

03/28/2024,

5.370%,

due

04/01/2024

(Repurchase

Amount

$5,262,294,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.500%,

Market

Value

plus

accrued

interest

$5,364,383,

due

12/24/26-02/20/74)

5,259,199

0.9

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

24

Voya

Russell™

Small

Cap

Index

Portfolio

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

5,312,323 

(6)

MUFG

Securities

Americas,

Inc.,

Repurchase

Agreement

dated

03/28/2024,

5.340%,

due

04/01/2024

(Repurchase

Amount

$5,315,432,

collateralized

by

various

U.S.

Government

Agency

Obligations,

3.000%-

5.500%,

Market

Value

plus

accrued

interest

$5,418,569,

due

01/01/39-11/01/52)

$

5,312,323

0.9

5,312,323 

(6)

State

Of

Wisconsin

Investment

Board,

Repurchase

Agreement

dated

03/28/2024,

5.400%,

due

04/01/2024

(Repurchase

Amount

$5,315,467,

collateralized

by

various

U.S.

Government

Securities,

0.125%-

3.625%,

Market

Value

plus

accrued

interest

$5,420,606,

due

04/15/25-02/15/53)

5,312,323

0.9

Total

Repurchase

Agreements

(Cost

$19,108,043)

19,108,043

3.2

Time

Deposits

:

0.5%

540,000 

(6)

Canadian

Imperial

Bank

of

Commerce,

5.310

%,

04/01/2024

(Cost

$540,000)

540,000

0.1

520,000 

(6)

Landesbank

Hessen

Thueringen

Girozentrale,

5.320

%,

04/01/2024

(Cost

$520,000)

520,000

0.1

480,000 

(6)

Mizuho

Bank

Ltd.,

5.320

%,

04/01/2024

(Cost

$480,000)

480,000

0.0

540,000 

(6)

Royal

Bank

of

Canada,

5.320

%,

04/01/2024

(Cost

$540,000)

540,000

0.1

540,000 

(6)

Skandinaviska

Enskilda

Banken

AB,

5.310

%,

04/01/2024

(Cost

$540,000)

540,000

0.1

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Time

Deposits

(continued)

500,000 

(6)

Societe

Generale,

5.310

%,

04/01/2024

(Cost

$500,000)

$

500,000

0.1

Total

Time

Deposits

(Cost

$3,120,000)

3,120,000

0.5

Shares

RA

Value

Percentage

of

Net

Assets

Mutual

Funds

:

1.5%

33,000 

(7)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.200%

33,000

0.0

9,105,000 

(7)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.220%

9,105,000

1.5

Total

Mutual

Funds

(Cost

$9,138,000)

9,138,000

1.5

Total

Short-Term

Investments

(Cost

$31,366,043)

31,366,043

5.2

Total

Investments

in

Securities

(Cost

$358,090,096)

$

627,971,162

103.4

Liabilities

in

Excess

of

Other

Assets

(20,920,023)

(3.4)

Net

Assets

$

607,051,139

100.0

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

Non-income

producing

security.

(2)

Security,

or

a

portion

of

the

security,

is

on

loan.

(3)

For

fair

value

measurement

disclosure

purposes,

security

is

categorized

as

Level

3,

whose

value

was

determined

using

significant

unobservable

inputs.

(4)

Restricted

security

as

to

resale,

excluding

Rule

144A

securities.

As

of

March

31,

2024,

the

Portfolio

held

restricted

securities

with

a

fair

value

of

$11,129

or

—%

of

net

assets.

Please

refer

to

the

table

below

for

additional

details.

(5)

Represents

an

escrow

position

for

future

entitlements,

if

any,

on

the

defaulted

bond.

The

escrow

position

was

received

in

exchange

for

the

defaulted

bond

as

part

of

the

bankruptcy

reorganization

of

the

bond

issuer.

These

holdings

are

non-income

producing.

(6)

All

or

a

portion

of

the

security

represents

securities

purchased

with

cash

collateral

received

for

securities

on

loan.

(7)

Rate

shown

is

the

7-day

yield

as

of

March

31,

2024.

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(unaudited)

(continued)

25

Voya

Russell™

Small

Cap

Index

Portfolio

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

March

31,

2024

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

March

31,

2024

Asset

Table

Investments,

at

fair

value

Common

Stock

Communication

Services

$

12,854,865

$

—

$

—

$

12,854,865

Consumer

Discretionary

64,541,700

—

—

64,541,700

Consumer

Staples

19,762,795

—

—

19,762,795

Energy

43,230,058

—

—

43,230,058

Financials

93,865,041

—

—

93,865,041

Health

Care

91,661,263

—

5,592

91,666,855

Industrials

102,082,077

—

—

102,082,077

Information

Technology

92,742,703

—

—

92,742,703

Materials

27,571,632

—

—

27,571,632

Real

Estate

33,461,439

—

—

33,461,439

Utilities

14,820,417

—

—

14,820,417

Total

Common

Stock

596,593,990

—

5,592

596,599,582

Rights

—

—

5,537

5,537

Short-Term

Investments

9,138,000

22,228,043

—

31,366,043

Total

Investments,

at

fair

value

$

605,731,990

$

22,228,043

$

11,129

$

627,971,162

Other

Financial

Instruments+

Futures

273,392

—

—

273,392

Total

Assets

$

606,005,382

$

22,228,043

$

11,129

$

628,244,554

+

Other

Financial

Instruments

may

include

open

forward

foreign

currency

contracts,

futures,

centrally

cleared

swaps,

OTC

swaps

and

written

options.

Forward

foreign

currency

contracts,

futures

and

centrally

cleared

swaps

are

fair

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

OTC

swaps

and

written

options

are

valued

at

the

fair

value

of

the

instrument.

At

March

31,

2024,

Voya

Russell™

Small

Cap

Index

Portfolio

held

the

following

restricted

securities:

Security

Acquisition

Date

Acquisition

Cost

Fair

Value

Aduro

Biotech

-

CVR

10/6/2020

$

—

$

—

Cartesian

Therapeutics,

Inc.

CVR

12/12/2023

—

5,592

Chinook

Therapeutics,

Inc.

CVR

8/14/2023

—

5,537

GTX,

Inc.

6/10/2019

799

—

Omniab,

Inc.

-

12.5

Earnout

Shares

11/2/2022

—

—

Omniab,

Inc.

-

15

Earnout

Shares

11/2/2022

—

—

The

Fresh

Market

Holdings,

Inc.

11/14/2022

—

—

$

799

$

11,129

At

March

31,

2024,

the

following

futures

contracts

were

outstanding

for

Voya

Russell™

Small

Cap

Index

Portfolio:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation

Long

Contracts:

E-mini

Russell

2000

Index

116

06/21/24

$

12,446,220

$

273,392

$

12,446,220

$

273,392

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

321,394,966

Gross

Unrealized

Depreciation

(51,513,901)

Net

Unrealized

Appreciation

$

269,881,065