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Voya Intermediate Bond Fund Class I (IICIX) NPORT-PVoya VACS Series HYB Fund (Dec 2023 report)

Filed: 23 Feb 24, 11:11am

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PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

1

Voya

VACS

Series

HYB

Fund

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES

:

94.2%

Basic

Materials

:

6.0%

290,000

(1)

Arsenal

AIC

Parent

LLC,

8.000%,

10/01/2030

$

302,937

0.2

445,000

ATI,

Inc.,

7.250%,

08/15/2030

463,522

0.4

300,000

(1)

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.250%,

02/15/2031

314,995

0.2

150,000

(1)

Axalta

Coating

Systems

LLC,

3.375%,

02/15/2029

134,763

0.1

355,000

(1)

Cleveland-Cliffs,

Inc.,

4.625%,

03/01/2029

329,773

0.3

145,000

(1)(2)

Cleveland-Cliffs,

Inc.,

4.875%,

03/01/2031

131,271

0.1

325,000

(1)(2)

Coeur

Mining,

Inc.,

5.125%,

02/15/2029

299,492

0.2

393,000

(1)

Consolidated

Energy

Finance

SA,

5.625%,

10/15/2028

333,248

0.3

368,000

(1)

Constellium

SE,

5.625%,

06/15/2028

359,568

0.3

245,000

(1)

First

Quantum

Minerals

Ltd.,

6.875%,

10/15/2027

209,185

0.2

490,000

(1)

Hudbay

Minerals,

Inc.,

4.500%,

04/01/2026

475,127

0.4

390,000

(1)

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.,

9.000%,

07/01/2028

373,386

0.3

436,000

(1)

INEOS

Quattro

Finance

2

PLC,

3.375%,

01/15/2026

415,965

0.3

454,000

(1)(3)

Iris

Holdings,

Inc.,

8.750%

(PIK

Rate

9.500%,

Cash

Rate

8.750%),

02/15/2026

385,873

0.3

415,000

(1)

Mativ

Holdings,

Inc.,

6.875%,

10/01/2026

398,550

0.3

250,000

(1)

NOVA

Chemicals

Corp.,

8.500%,

11/15/2028

262,477

0.2

65,000

(1)

Novelis

Corp.,

3.250%,

11/15/2026

61,234

0.0

350,000

(1)

Novelis

Corp.,

3.875%,

08/15/2031

308,940

0.2

135,000

(1)

Novelis

Corp.,

4.750%,

01/30/2030

127,177

0.1

325,000

(1)

Nufarm

Australia

Ltd.

/

Nufarm

Americas,

Inc.,

5.000%,

01/27/2030

301,795

0.2

200,000

(1)

Olympus

Water

US

Holding

Corp.,

7.125%,

10/01/2027

200,379

0.2

480,000

(1)

SPCM

SA,

3.125%,

03/15/2027

437,204

0.3

465,000

(1)

Taseko

Mines

Ltd.,

7.000%,

02/15/2026

441,926

0.4

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Basic

Materials:

(continued)

490,000

(1)

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance,

Inc.,

5.125%,

04/01/2029

$

200,669

0.2

390,000

(1)

WR

Grace

Holdings

LLC,

5.625%,

08/15/2029

343,632

0.3

7,613,088

6.0

Communications

:

14.8%

380,000

(1)

Acuris

Finance

US,

Inc.

/

Acuris

Finance

Sarl,

5.000%,

05/01/2028

311,961

0.2

400,000

(1)

Altice

Financing

SA,

5.750%,

08/15/2029

355,497

0.3

491,000

(1)

Altice

France

Holding

SA,

6.000%,

02/15/2028

236,271

0.2

577,000

(1)

Altice

France

SA/

France,

5.500%,

10/15/2029

453,167

0.4

245,000

(1)

Altice

France

SA/

France,

8.125%,

02/01/2027

226,048

0.2

570,000

AMC

Networks,

Inc.,

4.250%,

02/15/2029

435,484

0.3

405,000

(1)

Beasley

Mezzanine

Holdings

LLC,

8.625%,

02/01/2026

267,806

0.2

605,000

(1)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

4.250%,

01/15/2034

492,450

0.4

890,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

4.500%,

05/01/2032

763,433

0.6

495,000

(1)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

5.000%,

02/01/2028

473,993

0.4

485,000

(1)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

5.125%,

05/01/2027

468,895

0.4

160,000

(1)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

5.500%,

05/01/2026

159,034

0.1

435,000

(1)

CommScope,

Inc.,

4.750%,

09/01/2029

292,470

0.2

440,000

(1)

Connect

Finco

Sarl

/

Connect

US

Finco

LLC,

6.750%,

10/01/2026

437,749

0.3

196,000

CSC

Holdings

LLC,

5.250%,

06/01/2024

192,010

0.2

900,000

(1)

CSC

Holdings

LLC,

5.750%,

01/15/2030

561,186

0.4

200,000

(1)

CSC

Holdings

LLC,

7.500%,

04/01/2028

149,809

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

2

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Communications:

(continued)

400,000

(1)

CSC

Holdings

LLC,

11.250%,

05/15/2028

$

412,426

0.3

500,000

(1)

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor,

Inc.,

5.875%,

08/15/2027

470,198

0.4

465,000

DISH

DBS

Corp.,

5.125%,

06/01/2029

240,138

0.2

282,000

(1)

DISH

DBS

Corp.,

5.750%,

12/01/2028

225,452

0.2

325,000

DISH

DBS

Corp.,

7.375%,

07/01/2028

194,595

0.2

550,000

(1)

DISH

Network

Corp.,

11.750%,

11/15/2027

574,570

0.5

370,000

(1)

GCI

LLC,

4.750%,

10/15/2028

339,859

0.3

610,000

(1)

Gray

Escrow

II,

Inc.,

5.375%,

11/15/2031

460,915

0.4

310,000

(1)

iHeartCommunications,

Inc.,

5.250%,

08/15/2027

246,611

0.2

343,000

(1)

ION

Trading

Technologies

Sarl,

5.750%,

05/15/2028

302,924

0.2

239,000

(1)

LCPR

Senior

Secured

Financing

DAC,

5.125%,

07/15/2029

208,493

0.2

374,000

(1)

LCPR

Senior

Secured

Financing

DAC,

6.750%,

10/15/2027

366,694

0.3

585,000

(1)

Level

3

Financing,

Inc.,

3.750%,

07/15/2029

249,169

0.2

335,000

(1)

Level

3

Financing,

Inc.,

10.500%,

05/15/2030

325,163

0.3

610,000

(1)

Match

Group

Holdings

II

LLC,

4.625%,

06/01/2028

584,581

0.5

360,000

(1)

McGraw-Hill

Education,

Inc.,

8.000%,

08/01/2029

335,146

0.3

360,000

(1)

Millennium

Escrow

Corp.,

6.625%,

08/01/2026

255,949

0.2

319,000

(4)

Paramount

Global,

6.250%,

02/28/2057

279,774

0.2

485,000

(1)

Scripps

Escrow,

Inc.,

5.875%,

07/15/2027

431,342

0.3

390,000

(1)

Sinclair

Television

Group,

Inc.,

4.125%,

12/01/2030

275,435

0.2

155,000

(1)

Sirius

XM

Radio,

Inc.,

3.125%,

09/01/2026

145,771

0.1

950,000

(1)

Sirius

XM

Radio,

Inc.,

5.000%,

08/01/2027

918,288

0.7

270,000

(1)

Spanish

Broadcasting

System,

Inc.,

9.750%,

03/01/2026

158,270

0.1

435,000

(1)

Stagwell

Global

LLC,

5.625%,

08/15/2029

400,606

0.3

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Communications:

(continued)

200,000

Telecom

Italia

Capital

SA,

6.000%,

09/30/2034

$

190,176

0.1

220,000

Telecom

Italia

Capital

SA,

6.375%,

11/15/2033

215,470

0.2

200,000

(1)

Telecom

Italia

SpA/

Milano,

5.303%,

05/30/2024

199,233

0.2

230,000

(1)

Uber

Technologies,

Inc.,

4.500%,

08/15/2029

219,844

0.2

335,000

(1)

Uber

Technologies,

Inc.,

8.000%,

11/01/2026

341,447

0.3

150,000

(1)

Univision

Communications,

Inc.,

4.500%,

05/01/2029

134,007

0.1

570,000

(1)

Univision

Communications,

Inc.,

6.625%,

06/01/2027

568,859

0.4

275,000

(1)

Viasat,

Inc.,

6.500%,

07/15/2028

226,146

0.2

215,000

(1)

Viasat,

Inc.,

7.500%,

05/30/2031

169,044

0.1

360,000

(1)

Viavi

Solutions,

Inc.,

3.750%,

10/01/2029

315,612

0.2

651,000

(1)

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.000%,

07/15/2028

612,070

0.5

417,000

(1)

Vmed

O2

UK

Financing

I

PLC,

4.750%,

07/15/2031

372,748

0.3

540,000

(1)

Zayo

Group

Holdings,

Inc.,

4.000%,

03/01/2027

433,509

0.3

18,677,797

14.8

Consumer,

Cyclical

:

19.9%

185,000

(1)

1011778

BC

ULC

/

New

Red

Finance,

Inc.,

3.500%,

02/15/2029

170,768

0.1

460,000

(1)

1011778

BC

ULC

/

New

Red

Finance,

Inc.,

4.000%,

10/15/2030

413,139

0.3

315,000

(1)

Adient

Global

Holdings

Ltd.,

4.875%,

08/15/2026

308,224

0.2

235,000

(1)(2)

Adient

Global

Holdings

Ltd.,

8.250%,

04/15/2031

249,028

0.2

130,000

(1)

Allison

Transmission,

Inc.,

3.750%,

01/30/2031

114,999

0.1

345,000

(1)

Allison

Transmission,

Inc.,

5.875%,

06/01/2029

344,171

0.3

440,000

(1)(2)

American

Airlines,

Inc.,

7.250%,

02/15/2028

445,432

0.4

104,167

(1)

American

Airlines,

Inc./

AAdvantage

Loyalty

IP

Ltd.,

5.500%,

04/20/2026

103,492

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

3

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Cyclical:

(continued)

310,000

(1)

Arko

Corp.,

5.125%,

11/15/2029

$

268,601

0.2

280,000

Asbury

Automotive

Group,

Inc.,

4.500%,

03/01/2028

266,169

0.2

261,000

Asbury

Automotive

Group,

Inc.,

4.750%,

03/01/2030

243,936

0.2

380,000

(1)

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.,

4.625%,

08/01/2029

338,365

0.3

300,000

(1)

Banijay

Entertainment

SASU,

8.125%,

05/01/2029

309,155

0.2

460,000

Bath

&

Body

Works,

Inc.,

6.750%,

07/01/2036

463,538

0.4

78,000

(1)

Bath

&

Body

Works,

Inc.,

9.375%,

07/01/2025

82,435

0.1

250,000

(1)

Brinker

International,

Inc.,

5.000%,

10/01/2024

248,057

0.2

485,000

(1)

Caesars

Entertainment,

Inc.,

4.625%,

10/15/2029

438,070

0.3

370,000

(1)

Caesars

Entertainment,

Inc.,

6.250%,

07/01/2025

371,285

0.3

325,000

(1)

Caesars

Entertainment,

Inc.,

7.000%,

02/15/2030

333,470

0.3

275,000

(1)

Carnival

Corp.,

4.000%,

08/01/2028

255,850

0.2

575,000

(1)

Carnival

Corp.,

6.000%,

05/01/2029

553,708

0.4

350,000

(1)

Carrols

Restaurant

Group,

Inc.,

5.875%,

07/01/2029

309,538

0.2

400,000

(1)

CCM

Merger,

Inc.,

6.375%,

05/01/2026

390,922

0.3

190,000

Delta

Air

Lines,

Inc.,

4.375%,

04/19/2028

184,014

0.1

115,000

Delta

Air

Lines,

Inc.,

7.375%,

01/15/2026

118,958

0.1

295,000

(1)

Dream

Finders

Homes,

Inc.,

8.250%,

08/15/2028

312,086

0.3

785,000

Ford

Motor

Credit

Co.

LLC,

2.700%,

08/10/2026

727,408

0.6

635,000

Ford

Motor

Credit

Co.

LLC,

4.125%,

08/17/2027

601,697

0.5

275,000

Ford

Motor

Credit

Co.

LLC,

4.542%,

08/01/2026

266,430

0.2

103,000

(1)

Gap,

Inc.,

3.625%,

10/01/2029

88,191

0.1

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Cyclical:

(continued)

347,000

(1)

Gap,

Inc.,

3.875%,

10/01/2031

$

286,259

0.2

225,000

(1)

Golden

Entertainment,

Inc.,

7.625%,

04/15/2026

225,762

0.2

360,000

(1)

Hilton

Domestic

Operating

Co.,

Inc.,

4.000%,

05/01/2031

330,120

0.3

436,000

(1)

Installed

Building

Products,

Inc.,

5.750%,

02/01/2028

425,325

0.3

435,000

(1)

Interface,

Inc.,

5.500%,

12/01/2028

402,690

0.3

657,000

(1)

International

Game

Technology

PLC,

5.250%,

01/15/2029

643,744

0.5

490,000

(1)

LCM

Investments

Holdings

II

LLC,

4.875%,

05/01/2029

455,783

0.4

130,000

M/I

Homes,

Inc.,

3.950%,

02/15/2030

115,830

0.1

310,000

M/I

Homes,

Inc.,

4.950%,

02/01/2028

298,693

0.2

170,000

Macy's

Retail

Holdings

LLC,

4.500%,

12/15/2034

137,995

0.1

230,000

(1)

Macy's

Retail

Holdings

LLC,

6.125%,

03/15/2032

217,919

0.2

208,000

(1)(2)

Melco

Resorts

Finance

Ltd.,

5.250%,

04/26/2026

200,622

0.2

472,000

(1)

Melco

Resorts

Finance

Ltd.,

5.375%,

12/04/2029

417,130

0.3

195,000

MGM

Resorts

International,

4.625%,

09/01/2026

190,448

0.2

205,000

MGM

Resorts

International,

4.750%,

10/15/2028

195,451

0.2

520,000

(1)

Michaels

Cos.,

Inc.,

5.250%,

05/01/2028

411,492

0.3

340,000

Murphy

Oil

USA,

Inc.,

4.750%,

09/15/2029

322,524

0.3

110,000

Murphy

Oil

USA,

Inc.,

5.625%,

05/01/2027

109,219

0.1

130,000

(1)

NCL

Corp.

Ltd.,

7.750%,

02/15/2029

130,907

0.1

85,000

(1)

NCL

Corp.

Ltd.,

8.375%,

02/01/2028

90,059

0.1

270,000

(1)

NCL

Finance

Ltd.,

6.125%,

03/15/2028

258,701

0.2

400,000

(1)

Raising

Cane's

Restaurants

LLC,

9.375%,

05/01/2029

427,374

0.3

270,000

(1)

Ritchie

Bros

Holdings,

Inc.,

7.750%,

03/15/2031

288,187

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

4

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Cyclical:

(continued)

1,075,000

(1)

Royal

Caribbean

Cruises

Ltd.,

5.375%,

07/15/2027

$

1,064,837

0.8

260,000

(1)

Royal

Caribbean

Cruises

Ltd.,

11.625%,

08/15/2027

283,107

0.2

425,000

Sally

Holdings

LLC

/

Sally

Capital,

Inc.,

5.625%,

12/01/2025

425,371

0.3

500,000

Sands

China

Ltd.,

5.375%,

08/08/2025

493,203

0.4

340,000

(1)

Scientific

Games

Holdings

L.P./Scientific

Games

US

FinCo,

Inc.,

6.625%,

03/01/2030

321,849

0.3

415,000

(1)

Scientific

Games

International,

Inc.,

7.000%,

05/15/2028

419,555

0.3

425,000

(1)(2)

Sonic

Automotive,

Inc.,

4.625%,

11/15/2029

387,284

0.3

125,000

(1)

SRS

Distribution,

Inc.,

6.000%,

12/01/2029

116,696

0.1

320,000

(1)

SRS

Distribution,

Inc.,

6.125%,

07/01/2029

303,755

0.2

345,000

(1)

Staples,

Inc.,

7.500%,

04/15/2026

321,279

0.3

530,000

(1)

Station

Casinos

LLC,

4.500%,

02/15/2028

500,102

0.4

370,000

(1)

STL

Holding

Co.

LLC,

7.500%,

02/15/2026

361,523

0.3

375,000

(1)

Taylor

Morrison

Communities,

Inc.,

5.125%,

08/01/2030

363,178

0.3

351,000

(1)

Tempur

Sealy

International,

Inc.,

3.875%,

10/15/2031

297,177

0.2

69,000

(1)

Tempur

Sealy

International,

Inc.,

4.000%,

04/15/2029

62,395

0.1

360,000

United

Airlines

Holdings,

Inc.,

4.875%,

01/15/2025

355,877

0.3

165,000

(1)

United

Airlines,

Inc.,

4.375%,

04/15/2026

160,906

0.1

710,000

(1)

Viking

Cruises

Ltd.,

5.875%,

09/15/2027

685,771

0.5

410,000

(1)(2)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.,

6.375%,

02/01/2030

286,665

0.2

390,000

(1)

White

Cap

Buyer

LLC,

6.875%,

10/15/2028

378,012

0.3

365,000

(1)

William

Carter

Co.,

5.625%,

03/15/2027

360,666

0.3

545,000

(1)

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.,

5.250%,

05/15/2027

530,788

0.4

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Cyclical:

(continued)

135,000

(1)

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.,

5.500%,

03/01/2025

$

134,398

0.1

200,000

(1)

ZF

North

America

Capital,

Inc.,

4.750%,

04/29/2025

197,859

0.2

330,000

(1)

ZF

North

America

Capital,

Inc.,

6.875%,

04/14/2028

342,175

0.3

25,057,798

19.9

Consumer,

Non-cyclical

:

17.0%

355,000

(1)

1375209

BC

Ltd.,

9.000%,

01/30/2028

346,429

0.3

475,000

(1)

Acadia

Healthcare

Co.,

Inc.,

5.500%,

07/01/2028

468,361

0.4

495,000

(1)

ADT

Security

Corp.,

4.125%,

08/01/2029

456,068

0.4

300,000

(1)

AHP

Health

Partners,

Inc.,

5.750%,

07/15/2029

262,558

0.2

285,000

(1)

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

L.P.

/

Albertsons

LLC,

3.500%,

03/15/2029

259,108

0.2

140,000

(1)

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

L.P.

/

Albertsons

LLC,

4.875%,

02/15/2030

134,178

0.1

315,000

(1)

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

L.P.

/

Albertsons

LLC,

5.875%,

02/15/2028

315,408

0.2

415,000

(1)

Alta

Equipment

Group,

Inc.,

5.625%,

04/15/2026

400,808

0.3

175,000

(1)

APi

Group

DE,

Inc.,

4.125%,

07/15/2029

160,451

0.1

210,000

(1)

APi

Group

DE,

Inc.,

4.750%,

10/15/2029

197,492

0.2

385,000

(1)

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.,

8.000%,

02/15/2031

384,802

0.3

505,000

B&G

Foods,

Inc.,

5.250%,

09/15/2027

459,374

0.4

390,000

(1)

Bausch

&

Lomb

Escrow

Corp.,

8.375%,

10/01/2028

411,914

0.3

380,000

(1)

Bausch

Health

Cos.,

Inc.,

4.875%,

06/01/2028

229,316

0.2

365,000

(1)

Bausch

Health

Cos.,

Inc.,

6.125%,

02/01/2027

246,762

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

5

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical:

(continued)

355,000

(1)

BellRing

Brands,

Inc.,

7.000%,

03/15/2030

$

367,704

0.3

335,000

(1)

Catalent

Pharma

Solutions,

Inc.,

3.125%,

02/15/2029

293,544

0.2

509,000

(1)

Cheplapharm

Arzneimittel

GmbH,

5.500%,

01/15/2028

481,851

0.4

210,000

(1)

CHS/Community

Health

Systems,

Inc.,

4.750%,

02/15/2031

165,375

0.1

365,000

(1)

CHS/Community

Health

Systems,

Inc.,

5.250%,

05/15/2030

305,770

0.2

310,000

(1)

CHS/Community

Health

Systems,

Inc.,

5.625%,

03/15/2027

288,437

0.2

340,000

(1)

CHS/Community

Health

Systems,

Inc.,

6.875%,

04/15/2029

219,782

0.2

365,000

Cimpress

PLC,

7.000%,

06/15/2026

357,039

0.3

480,000

(1)

CPI

CG,

Inc.,

8.625%,

03/15/2026

466,351

0.4

160,000

(1)

DaVita,

Inc.,

3.750%,

02/15/2031

131,661

0.1

605,000

(1)

DaVita,

Inc.,

4.625%,

06/01/2030

528,694

0.4

550,000

Encompass

Health

Corp.,

4.750%,

02/01/2030

518,554

0.4

337,000

(1)

Graham

Holdings

Co.,

5.750%,

06/01/2026

335,247

0.3

200,000

(1)

IQVIA,

Inc.,

5.000%,

10/15/2026

198,223

0.2

200,000

(1)

IQVIA,

Inc.,

6.500%,

05/15/2030

205,272

0.2

466,000

(1)

Jazz

Securities

DAC,

4.375%,

01/15/2029

434,359

0.3

305,000

(1)

KeHE

Distributors

LLC

/

KeHE

Finance

Corp.,

8.625%,

10/15/2026

306,385

0.2

383,000

(1)

Legends

Hospitality

Holding

Co

LLC

/

Legends

Hospitality

Co-Issuer,

Inc.,

5.000%,

02/01/2026

382,665

0.3

485,000

(1)

Medline

Borrower

L.P.,

3.875%,

04/01/2029

439,097

0.3

545,000

(1)

Medline

Borrower

L.P.,

5.250%,

10/01/2029

514,434

0.4

345,000

(1)

ModivCare,

Inc.,

5.875%,

11/15/2025

341,074

0.3

282,000

(1)

MPH

Acquisition

Holdings

LLC,

5.750%,

11/01/2028

229,434

0.2

430,000

(1)

NESCO

Holdings

II,

Inc.,

5.500%,

04/15/2029

398,006

0.3

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical:

(continued)

264,000

New

Albertsons

L.P.,

7.450%,

08/01/2029

$

272,877

0.2

614,000

(1)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

5.125%,

04/30/2031

525,845

0.4

200,000

Perrigo

Finance

Unlimited

Co.,

4.375%,

03/15/2026

193,504

0.1

300,000

Perrigo

Finance

Unlimited

Co.,

4.650%,

06/15/2030

273,264

0.2

340,000

(1)

Post

Holdings,

Inc.,

4.625%,

04/15/2030

313,105

0.2

565,000

(1)

Post

Holdings,

Inc.,

5.625%,

01/15/2028

560,295

0.4

260,000

(1)

Prestige

Brands,

Inc.,

3.750%,

04/01/2031

227,570

0.2

690,000

(1)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.,

6.250%,

01/15/2028

686,515

0.5

415,000

(1)

Primo

Water

Holdings,

Inc.,

4.375%,

04/30/2029

382,857

0.3

385,000

(1)

Select

Medical

Corp.,

6.250%,

08/15/2026

387,173

0.3

380,000

(1)

Simmons

Foods,

Inc./

Simmons

Prepared

Foods,,

Inc.

./

Simmons

Pet

Food,,

Inc../Simmons

Feed,

4.625%,

03/01/2029

329,150

0.3

345,000

(1)

Teleflex,

Inc.,

4.250%,

06/01/2028

327,327

0.3

350,000

Tenet

Healthcare

Corp.,

4.250%,

06/01/2029

326,231

0.3

350,000

Tenet

Healthcare

Corp.,

5.125%,

11/01/2027

342,397

0.3

580,000

Tenet

Healthcare

Corp.,

6.125%,

10/01/2028

578,869

0.5

570,000

Tenet

Healthcare

Corp.,

6.125%,

06/15/2030

577,032

0.5

393,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

4.750%,

05/09/2027

379,333

0.3

386,000

(1)

Triton

Water

Holdings,

Inc.,

6.250%,

04/01/2029

336,658

0.3

155,000

United

Rentals

North

America,

Inc.,

3.750%,

01/15/2032

137,319

0.1

310,000

United

Rentals

North

America,

Inc.,

4.875%,

01/15/2028

302,873

0.2

100,000

United

Rentals

North

America,

Inc.,

5.250%,

01/15/2030

98,577

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

6

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Consumer,

Non-cyclical:

(continued)

70,000

United

Rentals

North

America,

Inc.,

5.500%,

05/15/2027

$

70,203

0.1

350,000

(1)

Varex

Imaging

Corp.,

7.875%,

10/15/2027

353,582

0.3

340,000

(1)

VT

Topco,

Inc.,

8.500%,

08/15/2030

354,088

0.3

185,000

(1)

Williams

Scotsman

International,

Inc.,

4.625%,

08/15/2028

174,920

0.1

285,000

(1)

Williams

Scotsman

International,

Inc.,

6.125%,

06/15/2025

285,864

0.2

21,439,415

17.0

Energy

:

12.3%

305,000

(1)

Antero

Midstream

Partners

L.P.

/

Antero

Midstream

Finance

Corp.,

5.375%,

06/15/2029

293,579

0.2

375,000

(1)

Antero

Midstream

Partners

L.P.

/

Antero

Midstream

Finance

Corp.,

5.750%,

03/01/2027

372,323

0.3

205,000

(1)

Antero

Resources

Corp.,

5.375%,

03/01/2030

196,728

0.2

365,000

(1)

Archrock

Partners

L.P.

/

Archrock

Partners

Finance

Corp.,

6.250%,

04/01/2028

359,901

0.3

135,000

(1)

Archrock

Partners

L.P.

/

Archrock

Partners

Finance

Corp.,

6.875%,

04/01/2027

135,471

0.1

465,000

(1)

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.,

5.875%,

06/30/2029

433,114

0.3

486,000

(1)

Chord

Energy

Corp.,

6.375%,

06/01/2026

486,491

0.4

362,000

(1)

CNX

Midstream

Partners

L.P.,

4.750%,

04/15/2030

325,542

0.3

540,000

(1)

Crescent

Energy

Finance

LLC,

7.250%,

05/01/2026

543,883

0.4

55,000

(1)

Crescent

Energy

Finance

LLC,

9.250%,

02/15/2028

57,108

0.0

640,000

(1)

Crestwood

Midstream

Partners

L.P.

/

Crestwood

Midstream

Finance

Corp.,

6.000%,

02/01/2029

646,169

0.5

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Energy:

(continued)

220,000

Delek

Logistics

Partners

L.P.

/

Delek

Logistics

Finance

Corp.,

6.750%,

05/15/2025

$

218,874

0.2

325,000

(1)

Delek

Logistics

Partners

L.P.

/

Delek

Logistics

Finance

Corp.,

7.125%,

06/01/2028

307,327

0.2

185,000

(1)

DT

Midstream,

Inc.,

4.125%,

06/15/2029

170,415

0.1

353,000

(1)

DT

Midstream,

Inc.,

4.375%,

06/15/2031

318,861

0.3

445,000

(1)

Earthstone

Energy

Holdings

LLC,

8.000%,

04/15/2027

461,715

0.4

410,000

(1)

Encino

Acquisition

Partners

Holdings

LLC,

8.500%,

05/01/2028

404,289

0.3

360,000

(1)

Enerflex

Ltd.,

9.000%,

10/15/2027

347,657

0.3

775,000

EnLink

Midstream

LLC,

5.375%,

06/01/2029

759,232

0.6

125,000

EnLink

Midstream

Partners

L.P.,

4.150%,

06/01/2025

122,296

0.1

420,000

EQM

Midstream

Partners

L.P.,

5.500%,

07/15/2028

416,414

0.3

225,000

(1)

EQM

Midstream

Partners

L.P.,

6.000%,

07/01/2025

225,037

0.2

300,000

(1)

Hess

Midstream

Operations

L.P.,

4.250%,

02/15/2030

276,345

0.2

270,000

(1)

Hess

Midstream

Operations

L.P.,

5.125%,

06/15/2028

260,745

0.2

110,000

(1)

Hess

Midstream

Operations

L.P.,

5.500%,

10/15/2030

106,588

0.1

240,000

(1)

Hilcorp

Energy

I

L.P.

/

Hilcorp

Finance

Co.,

5.750%,

02/01/2029

232,036

0.2

255,000

(1)

Hilcorp

Energy

I

L.P.

/

Hilcorp

Finance

Co.,

6.000%,

04/15/2030

247,645

0.2

255,000

(1)

Hilcorp

Energy

I

L.P.

/

Hilcorp

Finance

Co.,

6.000%,

02/01/2031

246,748

0.2

505,000

(1)

Kinetik

Holdings

L.P.,

5.875%,

06/15/2030

496,098

0.4

500,000

(1)

Matador

Resources

Co.,

6.875%,

04/15/2028

507,648

0.4

320,000

(1)

Moss

Creek

Resources

Holdings,

Inc.,

7.500%,

01/15/2026

319,639

0.3

375,000

Murphy

Oil

Corp.,

6.375%,

07/15/2028

377,071

0.3

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

7

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Energy:

(continued)

315,000

(1)

Northern

Oil

and

Gas,

Inc.,

8.750%,

06/15/2031

$

328,497

0.3

415,000

Occidental

Petroleum

Corp.,

5.500%,

12/01/2025

415,175

0.3

485,000

(1)

Permian

Resources

Operating

LLC,

5.875%,

07/01/2029

473,496

0.4

675,000

(2)

Southwestern

Energy

Co.,

5.375%,

02/01/2029

659,376

0.5

75,000

Southwestern

Energy

Co.,

5.700%,

01/23/2025

74,748

0.1

170,000

Sunoco

L.P.

/

Sunoco

Finance

Corp.,

4.500%,

05/15/2029

158,104

0.1

390,000

Sunoco

L.P.

/

Sunoco

Finance

Corp.,

4.500%,

04/30/2030

361,472

0.3

300,000

(1)

Tallgrass

Energy

Partners

L.P.

/

Tallgrass

Energy

Finance

Corp.,

7.500%,

10/01/2025

301,813

0.2

258,750

(1)

Transocean

Poseidon

Ltd.,

6.875%,

02/01/2027

258,034

0.2

55,000

(1)

Transocean

Titan

Financing

Ltd.,

8.375%,

02/01/2028

57,100

0.0

235,000

(1)

Transocean,

Inc.,

7.500%,

01/15/2026

231,116

0.2

445,000

(1)

Venture

Global

Calcasieu

Pass

LLC,

4.125%,

08/15/2031

392,617

0.3

445,000

(1)

Venture

Global

LNG,

Inc.,

8.125%,

06/01/2028

449,809

0.4

395,000

(1)

Venture

Global

LNG,

Inc.,

8.375%,

06/01/2031

395,390

0.3

300,000

(1)

Venture

Global

LNG,

Inc.,

9.500%,

02/01/2029

317,638

0.2

15,547,374

12.3

Financial

:

7.0%

90,000

(1)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer,

7.000%,

01/15/2031

94,994

0.1

245,000

Ally

Financial,

Inc.,

5.750%,

11/20/2025

243,661

0.2

175,000

Ally

Financial,

Inc.,

6.700%,

02/14/2033

175,388

0.1

395,000

(1)

Aretec

Escrow

Issuer,

Inc.,

7.500%,

04/01/2029

355,978

0.3

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

420,000

(1)

BroadStreet

Partners,

Inc.,

5.875%,

04/15/2029

$

392,399

0.3

393,000

(1)

Burford

Capital

Global

Finance

LLC,

6.875%,

04/15/2030

379,804

0.3

265,000

(1)

Freedom

Mortgage

Corp.,

6.625%,

01/15/2027

253,182

0.2

250,000

(1)

Freedom

Mortgage

Corp.,

12.250%,

10/01/2030

274,640

0.2

740,000

Icahn

Enterprises

L.P.

/

Icahn

Enterprises

Finance

Corp.,

5.250%,

05/15/2027

665,344

0.5

410,000

(1)

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.,

4.750%,

06/15/2029

370,250

0.3

214,000

(1)

Midcap

Financial

Issuer

Trust,

5.625%,

01/15/2030

190,995

0.2

380,000

(1)

Midcap

Financial

Issuer

Trust,

6.500%,

05/01/2028

355,917

0.3

360,000

MPT

Operating

Partnership

L.P.

/

MPT

Finance

Corp.,

4.625%,

08/01/2029

259,233

0.2

420,000

MPT

Operating

Partnership

L.P.

/

MPT

Finance

Corp.,

5.000%,

10/15/2027

343,452

0.3

255,000

(1)

Nationstar

Mortgage

Holdings,

Inc.,

5.000%,

02/01/2026

249,539

0.2

485,000

(1)

Nationstar

Mortgage

Holdings,

Inc.,

5.125%,

12/15/2030

439,166

0.3

290,000

Navient

Corp.,

4.875%,

03/15/2028

269,756

0.2

185,000

Navient

Corp.,

5.000%,

03/15/2027

178,783

0.1

130,000

Navient

Corp.,

6.750%,

06/25/2025

131,631

0.1

200,000

OneMain

Finance

Corp.,

4.000%,

09/15/2030

171,434

0.1

445,000

(2)

OneMain

Finance

Corp.,

5.375%,

11/15/2029

417,347

0.3

130,000

OneMain

Finance

Corp.,

7.125%,

03/15/2026

132,530

0.1

280,000

(1)

PRA

Group,

Inc.,

5.000%,

10/01/2029

231,448

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

8

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Financial:

(continued)

540,000

(1)

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp.,

5.750%,

01/15/2029

$

420,268

0.3

480,000

(1)

RHP

Hotel

Properties

L.P.

/

RHP

Finance

Corp.,

7.250%,

07/15/2028

499,350

0.4

65,000

(1)

RLJ

Lodging

Trust

L.P.,

3.750%,

07/01/2026

61,637

0.1

540,000

(1)

United

Wholesale

Mortgage

LLC,

5.750%,

06/15/2027

529,813

0.4

345,000

(1)

Uniti

Group

L.P.

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC,

10.500%,

02/15/2028

350,058

0.3

350,000

(1)

XHR

L.P.,

4.875%,

06/01/2029

322,570

0.3

65,000

(1)

XHR

L.P.,

6.375%,

08/15/2025

64,893

0.1

8,825,460

7.0

Industrial

:

12.6%

220,000

(1)

AmeriTex

HoldCo

Intermediate

LLC,

10.250%,

10/15/2028

225,775

0.2

485,000

(1)(3)

ARD

Finance

SA,

6.500%

(PIK

Rate

7.250%,

Cash

Rate

6.500%),

06/30/2027

227,118

0.2

325,000

(1)

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.,

5.250%,

08/15/2027

252,863

0.2

210,000

Ball

Corp.,

3.125%,

09/15/2031

181,291

0.1

70,000

(2)

Ball

Corp.,

4.875%,

03/15/2026

69,788

0.1

175,000

Ball

Corp.,

6.875%,

03/15/2028

181,924

0.1

270,000

(1)(2)

Bombardier,

Inc.,

7.500%,

02/01/2029

274,708

0.2

315,000

(1)

Bombardier,

Inc.,

7.875%,

04/15/2027

315,353

0.2

100,000

(1)

Bombardier,

Inc.,

8.750%,

11/15/2030

106,595

0.1

375,000

(1)

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

6.000%,

02/01/2026

375,276

0.3

370,000

(1)

Builders

FirstSource,

Inc.,

5.000%,

03/01/2030

357,690

0.3

65,000

(1)

Cascades,

Inc.

/

Cascades

USA,

Inc.,

5.125%,

01/15/2026

63,569

0.0

423,000

(1)

Cascades,

Inc.

/

Cascades

USA,

Inc.,

5.375%,

01/15/2028

409,800

0.3

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Industrial:

(continued)

445,000

(1)

Chart

Industries,

Inc.,

7.500%,

01/01/2030

$

465,691

0.4

395,000

(1)

Clean

Harbors,

Inc.,

6.375%,

02/01/2031

401,604

0.3

465,000

(1)

Emerald

Debt

Merger

Sub

LLC,

6.625%,

12/15/2030

475,518

0.4

575,000

(1)

Energizer

Holdings,

Inc.,

4.750%,

06/15/2028

532,213

0.4

554,000

(1)

Fortress

Transportation

and

Infrastructure

Investors

LLC,

5.500%,

05/01/2028

533,205

0.4

140,000

(1)

Fortress

Transportation

and

Infrastructure

Investors

LLC,

6.500%,

10/01/2025

139,679

0.1

460,000

(1)

GFL

Environmental,

Inc.,

4.000%,

08/01/2028

425,508

0.3

125,000

(1)

GFL

Environmental,

Inc.,

4.250%,

06/01/2025

123,231

0.1

225,000

(1)

GFL

Environmental,

Inc.,

4.375%,

08/15/2029

207,900

0.2

190,000

(1)

Global

Infrastructure

Solutions,

Inc.,

5.625%,

06/01/2029

173,736

0.1

196,000

(1)

Global

Infrastructure

Solutions,

Inc.,

7.500%,

04/15/2032

181,061

0.1

425,000

(1)

Graham

Packaging

Co.,

Inc.,

7.125%,

08/15/2028

383,012

0.3

380,000

Howmet

Aerospace,

Inc.,

5.900%,

02/01/2027

390,034

0.3

550,000

(1)

Imola

Merger

Corp.,

4.750%,

05/15/2029

523,242

0.4

225,000

(1)(3)

Intelligent

Packaging

Holdco

Issuer

L.P.,

9.000%

(PIK

Rate

9.750%,

Cash

Rate

9.000%),

01/15/2026

193,611

0.2

355,000

(1)

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC,

6.000%,

09/15/2028

331,595

0.3

340,000

(1)

Maxim

Crane

Works

Holdings

Capital

LLC,

11.500%,

09/01/2028

352,747

0.3

455,000

(1)

New

Enterprise

Stone

&

Lime

Co.,

Inc.,

9.750%,

07/15/2028

456,909

0.4

395,000

(1)

Owens-Brockway

Glass

Container,

Inc.,

7.250%,

05/15/2031

400,980

0.3

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

9

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Industrial:

(continued)

435,000

(1)

PGT

Innovations,

Inc.,

4.375%,

10/01/2029

$

433,920

0.3

360,000

(1)

Roller

Bearing

Co.

of

America,

Inc.,

4.375%,

10/15/2029

333,605

0.3

208,000

(1)

Rolls-Royce

PLC,

3.625%,

10/14/2025

200,564

0.2

386,000

(1)

Rolls-Royce

PLC,

5.750%,

10/15/2027

386,904

0.3

380,000

(1)

Sealed

Air

Corp.,

4.000%,

12/01/2027

357,038

0.3

65,000

(1)

Sealed

Air

Corp.,

5.125%,

12/01/2024

64,709

0.0

215,000

(1)

Sealed

Air

Corp/Sealed

Air

Corp.

US,

6.125%,

02/01/2028

216,991

0.2

170,000

(1)

Sensata

Technologies

BV,

5.000%,

10/01/2025

170,312

0.1

520,000

(1)

Sensata

Technologies,

Inc.,

3.750%,

02/15/2031

459,051

0.4

390,000

(1)

Smyrna

Ready

Mix

Concrete

LLC,

8.875%,

11/15/2031

410,388

0.3

445,000

(1)

Standard

Industries,

Inc.,

3.375%,

01/15/2031

383,483

0.3

255,000

(1)

Standard

Industries,

Inc.,

4.375%,

07/15/2030

234,494

0.2

335,000

(1)

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.,

5.250%,

01/15/2029

324,426

0.3

233,000

(1)

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.,

6.500%,

03/15/2027

233,294

0.2

425,000

TransDigm,

Inc.,

4.625%,

01/15/2029

399,288

0.3

325,000

TransDigm,

Inc.,

5.500%,

11/15/2027

318,683

0.3

495,000

(1)

TransDigm,

Inc.,

6.250%,

03/15/2026

494,647

0.4

350,000

(1)

TransDigm,

Inc.,

6.875%,

12/15/2030

360,729

0.3

405,000

(1)

Weekley

Homes

LLC

/

Weekley

Finance

Corp.,

4.875%,

09/15/2028

378,077

0.3

15,893,829

12.6

Technology

:

2.5%

660,000

(1)

Cloud

Software

Group,

Inc.,

6.500%,

03/31/2029

629,145

0.5

255,000

(1)

Cloud

Software

Group,

Inc.,

9.000%,

09/30/2029

242,585

0.2

Principal

Amount†

Value

Percentage

of

Net

Assets

CORPORATE

BONDS/NOTES:

(continued)

Technology:

(continued)

275,000

(1)

Consensus

Cloud

Solutions,

Inc.,

6.500%,

10/15/2028

$

249,724

0.2

240,000

(1)

Entegris

Escrow

Corp.,

5.950%,

06/15/2030

238,825

0.2

160,000

(1)

Entegris,

Inc.,

3.625%,

05/01/2029

144,686

0.1

300,000

(1)

McAfee

Corp.,

7.375%,

02/15/2030

274,376

0.2

370,000

(1)

NCR

Atleos

Escrow

Corp.,

9.500%,

04/01/2029

393,447

0.3

195,000

(1)

Open

Text

Corp.,

3.875%,

12/01/2029

175,081

0.2

450,000

(1)

Open

Text

Holdings,

Inc.,

4.125%,

02/15/2030

407,763

0.3

399,000

(1)

Virtusa

Corp.,

7.125%,

12/15/2028

342,793

0.3

3,098,425

2.5

Utilities

:

2.1%

466,000

(1)

Atlantica

Sustainable

Infrastructure

PLC,

4.125%,

06/15/2028

437,149

0.3

270,000

(1)

Calpine

Corp.,

4.500%,

02/15/2028

256,979

0.2

220,000

(1)

Calpine

Corp.,

5.000%,

02/01/2031

201,966

0.2

310,000

(1)

Calpine

Corp.,

5.125%,

03/15/2028

297,415

0.2

60,000

(1)

Calpine

Corp.,

5.250%,

06/01/2026

59,240

0.1

365,000

TransAlta

Corp.,

7.750%,

11/15/2029

387,949

0.3

240,000

(1)

Vistra

Operations

Co.

LLC,

4.375%,

05/01/2029

224,309

0.2

320,000

(1)

Vistra

Operations

Co.

LLC,

5.500%,

09/01/2026

316,131

0.3

185,000

(1)

Vistra

Operations

Co.

LLC,

5.625%,

02/15/2027

182,599

0.1

230,000

(1)

Vistra

Operations

Co.

LLC,

7.750%,

10/15/2031

239,048

0.2

2,602,785

2.1

Total

Corporate

Bonds/

Notes

(Cost

$114,560,832)

118,755,971

94.2

BANK

LOANS

:

1.5%

Consumer,

Non-cyclical

:

0.2%

295,000

Nielsen

Consumer

Inc.,

Tranche

B,

11.549%,

(TSFR3M+6.250%),

03/06/2028

289,346

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

10

Voya

VACS

Series

HYB

Fund

Principal

Amount†

Value

Percentage

of

Net

Assets

BANK

LOANS:

(continued)

Financial

:

1.1%

525,000

Acrisure

LLC,

2023

Term

Loan

B,

9.850%,

(TSFR3M+4.500%),

10/18/2030

$

527,297

0.4

815,000

HUB

International

Ltd.,

Term

Loan

B,

9.369%,

(TSFR3M+4.250%),

06/08/2030

819,754

0.7

1,347,051

1.1

Lodging

&

Casinos

:

0.2%

294,000

Hilton

Worldwide

06/22/2026,

2019

Term

Loan

B2,

6.939%,

(TSFR1M+1.750%),

06/22/2026

294,788

0.2

Total

Bank

Loans

(Cost

$1,916,161)

1,931,185

1.5

Total

Long-Term

Investments

(Cost

$116,476,993)

120,687,156

95.7

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

4.0%

Commercial

Paper

:

2.5%

450,000

Autozone,

Inc.,

11.010

%,

01/02/2024

449,729

0.4

1,000,000

Berkshire

Hathaway

Inc.,

9.180

%,

01/03/2024

999,246

0.8

1,000,000

Exelon

Corp.,

9.180

%,

01/03/2024

999,246

0.8

685,000

SYSCO

Corp.,

8.220

%,

01/04/2024

684,383

0.5

Total

Commercial

Paper

(Cost

$3,133,999)

3,132,604

2.5

Repurchase

Agreements

:

1.3%

633,535

(5)

Bank

of

America

Inc.,

Repurchase

Agreement

dated

12/29/2023,

5.320%,

due

01/02/2024

(Repurchase

Amount

$633,904,

collateralized

by

various

U.S.

Government

Securities,

0.000%-3.125%,

Market

Value

plus

accrued

interest

$646,206,

due

08/31/27-05/15/48)

633,535

0.5

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

1,000,000

(5)

JPMorgan

Chase

&

Co.,

Repurchase

Agreement

dated

12/29/2023,

5.330%,

due

01/02/2024

(Repurchase

Amount

$1,000,584,

collateralized

by

various

U.S.

Government

Securities,

2.500%-

5.000%,

Market

Value

plus

accrued

interest

$1,020,000,

due

02/15/29-08/15/53)

$

1,000,000

0.8

Total

Repurchase

Agreements

(Cost

$1,633,535)

1,633,535

1.3

Shares

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

(continued)

Mutual

Funds

:

0.2%

228,000

(6)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.270%

(Cost

$228,000)

$

228,000

0.2

Total

Short-Term

Investments

(Cost

$4,995,534)

4,994,139

4.0

Total

Investments

in

Securities

(Cost

$121,472,527)

$

125,681,295

99.7

Assets

in

Excess

of

Other

Liabilities

413,882

0.3

Net

Assets

$

126,095,177

100.0

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

Securities

with

purchases

pursuant

to

Rule

144A

or

section

4(a)(2),

under

the

Securities

Act

of

1933

and

may

not

be

resold

subject

to

that

rule

except

to

qualiﬁed

institutional

buyers.

(2)

Security,

or

a

portion

of

the

security,

is

on

loan.

(3)

All

or

a

portion

of

this

security

is

payment-in-kind

(“PIK”)

which

may

pay

interest

or

additional

principal

at

the

issuer’s

discretion.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(4)

Variable

rate

security.

Rate

shown

is

the

rate

in

effect

as

of

December

31,

2023.

(5)

All

or

a

portion

of

the

security

represents

securities

purchased

with

cash

collateral

received

for

securities

on

loan.

(6)

Rate

shown

is

the

7-day

yield

as

of

December

31,

2023.

Reference

Rate

Abbreviations:

TSFR1M

1-month

CME

Term

Secured

Overnight

Financing

Rate

TSFR3M

3-month

CME

Term

Secured

Overnight

Financing

Rate

PORTFOLIO

OF

INVESTMENTS

as

of

December

31,

2023

(Unaudited)

(continued)

11

Voya

VACS

Series

HYB

Fund

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

December

31,

2023

in

valuing

the

assets

and

liabilities:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Signiﬁcant

Other

Observable

Inputs

(Level

2)

Signiﬁcant

Unobservable

Inputs

(Level

3)

Fair

Value

at

December

31,

2023

Asset

Table

Investments,

at

fair

value

Corporate

Bonds/Notes

$

—

$

118,755,971

$

—

$

118,755,971

Bank

Loans

—

1,931,185

—

1,931,185

Short-Term

Investments

228,000

4,766,139

—

4,994,139

Total

Investments,

at

fair

value

$

228,000

$

125,453,295

$

—

$

125,681,295

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

5,306,997

Gross

Unrealized

Depreciation

(1,098,229)

Net

Unrealized

Appreciation

$

4,208,768

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