Ing Variable Funds NPORT-P Voya Growth and Income Portfolio (Mar 2024 report)

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

1

Voya

Growth

and

Income

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

99.0%

Communication

Services

:

7.6%

2,398,663 

AT&T,

Inc.

$

42,216,469

2.0

192,001 

Meta

Platforms,

Inc.

- Class

A

93,231,846

4.3

822,323 

(1)

Pinterest,

Inc.

- Class

A

28,509,938

1.3

163,958,253

7.6

Consumer

Discretionary

:

9.0%

588,722 

(1)

Amazon.com,

Inc.

106,193,674

4.9

757,327 

Las

Vegas

Sands

Corp.

39,153,806

1.8

118,618 

PVH

Corp.

16,678,877

0.8

349,537 

Tapestry,

Inc.

16,596,017

0.7

32,068 

(1)

Ulta

Beauty,

Inc.

16,767,716

0.8

195,390,090

9.0

Consumer

Staples

:

7.6%

1,739,057 

Kenvue,

Inc.

37,320,163

1.7

748,246 

Kraft

Heinz

Co.

27,610,278

1.3

437,820 

McCormick

&

Co.,

Inc.

33,628,954

1.5

348,229 

Mondelez

International,

Inc.

- Class

A

24,376,030

1.1

471,407 

Philip

Morris

International,

Inc.

43,190,309

2.0

166,125,734

7.6

Energy

:

5.2%

641,753 

BP

PLC,

ADR

24,181,253

1.1

378,682 

(2)

Chesapeake

Energy

Corp.

33,638,322

1.6

276,887 

ConocoPhillips

35,242,177

1.6

112,998 

Valero

Energy

Corp.

19,287,629

0.9

112,349,381

5.2

Financials

:

11.7%

230,158 

Apollo

Global

Management,

Inc.

25,881,267

1.2

116,900 

Arthur

J

Gallagher

&

Co.

29,229,676

1.3

1,227,775 

Bank

of

America

Corp.

46,557,228

2.1

489,158 

Bank

of

New

York

Mellon

Corp.

28,185,284

1.3

294,045 

Hartford

Financial

Services

Group,

Inc.

30,301,337

1.4

251,104 

Intercontinental

Exchange,

Inc.

34,509,223

1.6

266,700 

Raymond

James

Financial,

Inc.

34,249,614

1.6

669,717 

Truist

Financial

Corp.

26,105,569

1.2

255,019,198

11.7

Health

Care

:

14.6%

336,737 

Abbott

Laboratories

38,273,527

1.8

265,710 

AbbVie,

Inc.

48,385,791

2.2

343,283 

(1)

Boston

Scientific

Corp.

23,511,453

1.1

104,880 

Cigna

Group

38,091,367

1.7

51,960 

Elevance

Health,

Inc.

26,943,338

1.2

85,191 

HCA

Healthcare,

Inc.

28,413,754

1.3

35,263 

McKesson

Corp.

18,930,942

0.9

60,792 

Stryker

Corp.

21,755,633

1.0

Shares

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

73,536 

Thermo

Fisher

Scientific,

Inc.

$

42,739,859

2.0

74,157 

(1)

Vertex

Pharmaceuticals,

Inc.

30,998,368

1.4

318,044,032

14.6

Industrials

:

9.6%

321,438 

(1)

Copart,

Inc.

18,617,689

0.9

99,183 

Dover

Corp.

17,574,236

0.8

295,515 

Emerson

Electric

Co.

33,517,311

1.5

254,627 

Ingersoll

Rand,

Inc.

24,176,834

1.1

45,705 

Parker-Hannifin

Corp.

25,402,382

1.2

112,165 

Rockwell

Automation,

Inc.

32,677,029

1.5

34,975 

(1)

Saia,

Inc.

20,460,375

0.9

243,113 

United

Parcel

Service,

Inc.

- Class

B

36,133,885

1.7

208,559,741

9.6

Information

Technology

:

25.4%

73,414 

(1)

Adobe,

Inc.

37,044,704

1.7

186,121 

(1)

Advanced

Micro

Devices,

Inc.

33,592,979

1.5

49,829 

Broadcom,

Inc.

66,043,855

3.0

879,222 

(1)

Dropbox,

Inc.

- Class

A

21,365,095

1.0

381,664 

Micron

Technology,

Inc.

44,994,369

2.1

441,586 

Microsoft

Corp.

185,784,062

8.6

71,437 

Roper

Technologies,

Inc.

40,064,727

1.8

117,118 

Salesforce,

Inc.

35,273,599

1.6

345,682 

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

47,030,036

2.2

145,994 

Visa,

Inc.

- Class

A

40,744,006

1.9

551,937,432

25.4

Materials

:

2.7%

679,179 

Alcoa

Corp.

22,949,458

1.0

254,919 

CF

Industries

Holdings,

Inc.

21,211,810

1.0

43,238 

Reliance

Steel

&

Aluminum

Co.

14,449,275

0.7

58,610,543

2.7

Real

Estate

:

1.8%

113,011 

Ryman

Hospitality

Properties,

Inc.

13,065,202

0.6

276,222 

Welltower,

Inc.

25,810,183

1.2

38,875,385

1.8

Utilities

:

3.8%

318,504 

Duke

Energy

Corp.

30,802,522

1.4

361,058 

NextEra

Energy,

Inc.

23,075,217

1.1

435,146 

Public

Service

Enterprise

Group,

Inc.

29,059,050

1.3

82,936,789

3.8

Total

Common

Stock

(Cost

$1,642,814,888)

2,151,806,578

99.0

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

2

Voya

Growth

and

Income

Portfolio

Shares

Value

Percentage

of

Net

Assets

OTHER

(3)

:

0.0%

Utilities

:

0.0%

10,000,000 

(4)(5)

Southern

Energy

$

—

0.0

Total

Other

(Cost

$—)

—

0.0

Total

Long-Term

Investments

(Cost

$1,642,814,888)

2,151,806,578

99.0

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

2.5%

Repurchase

Agreements

:

1.3%

5,020,768 

(6)

Bethesda

Securities,

LLC,

Repurchase

Agreement

dated

03/28/2024,

5.430%,

due

04/01/2024

(Repurchase

Amount

$5,023,756,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

2.500%-

6.070%,

Market

Value

plus

accrued

interest

$5,121,183,

due

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

5,020,768

0.2

7,960,657 

(6)

Cantor

Fitzgerald

Securities,

Repurchase

Agreement

dated

03/28/2024,

5.370%,

due

04/01/2024

(Repurchase

Amount

$7,965,342,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.500%,

Market

Value

plus

accrued

interest

$8,119,870,

due

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

7,960,657

0.3

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

3,839,281 

(6)

Mirae

Asset

Securities

(USA)

Inc.,

Repurchase

Agreement

dated

03/28/2024,

5.380%,

due

04/01/2024

(Repurchase

Amount

$3,841,545,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.645%,

Market

Value

plus

accrued

interest

$3,918,408,

due

04/30/24-04/20/73)

$

3,839,281

0.2

4,504,042 

(6)

RBC

Dominion

Securities

Inc.,

Repurchase

Agreement

dated

03/28/2024,

5.330%,

due

04/01/2024

(Repurchase

Amount

$4,506,673,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

8.000%,

Market

Value

plus

accrued

interest

$4,594,123,

due

04/04/24-03/01/54)

4,504,042

0.2

8,041,068 

(6)

State

Of

Wisconsin

Investment

Board,

Repurchase

Agreement

dated

03/28/2024,

5.400%,

due

04/01/2024

(Repurchase

Amount

$8,045,827,

collateralized

by

various

U.S.

Government

Securities,

0.125%-

3.625%,

Market

Value

plus

accrued

interest

$8,204,972,

due

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

8,041,068

0.4

Total

Repurchase

Agreements

(Cost

$29,365,816)

29,365,816

1.3

Time

Deposits

:

0.2%

820,000 

(6)

Canadian

Imperial

Bank

of

Commerce,

5.310

%,

04/01/2024

(Cost

$820,000)

820,000

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

March

31,

2024

(Unaudited)

(continued)

3

Voya

Growth

and

Income

Portfolio

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Time

Deposits

(continued)

340,000 

(6)

Landesbank

Hessen

Thueringen

Girozentrale,

5.320

%,

04/01/2024

(Cost

$340,000)

$

340,000

0.0

730,000 

(6)

Mizuho

Bank

Ltd.,

5.320

%,

04/01/2024

(Cost

$730,000)

730,000

0.0

810,000 

(6)

Royal

Bank

of

Canada,

5.320

%,

04/01/2024

(Cost

$810,000)

810,000

0.0

820,000 

(6)

Skandinaviska

Enskilda

Banken

AB,

5.310

%,

04/01/2024

(Cost

$820,000)

820,000

0.1

760,000 

(6)

Societe

Generale,

5.310

%,

04/01/2024

(Cost

$760,000)

760,000

0.0

Total

Time

Deposits

(Cost

$4,280,000)

4,280,000

0.2

Shares

RA

Value

Percentage

of

Net

Assets

Mutual

Funds

:

1.0%

225,000 

(7)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.200%

225,000

0.0

20,420,000 

(7)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.220%

20,420,000

1.0

Total

Mutual

Funds

(Cost

$20,645,000)

20,645,000

1.0

Total

Short-Term

Investments

(Cost

$54,290,816)

54,290,816

2.5

Total

Investments

in

Securities

(Cost

$1,697,105,704)

$

2,206,097,394

101.5

Liabilities

in

Excess

of

Other

Assets

(32,759,319)

(1.5)

Net

Assets

$

2,173,338,075

100.0

ADR

American

Depositary

Receipt

†

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)

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.

(4)

For

fair

value

measurement

disclosure

purposes,

security

is

categorized

as

Level

3,

whose

value

was

determined

using

significant

unobservable

inputs.

(5)

Restricted

security

as

to

resale,

excluding

Rule

144A

securities.

As

of

March

31,

2024,

the

Portfolio

held

restricted

securities

with

a

fair

value

of

$–

or

—%

of

net

assets.

Please

refer

to

the

table

below

for

additional

details.

(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)

4

Voya

Growth

and

Income

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*

$

2,151,806,578

$

—

$

—

$

2,151,806,578

Short-Term

Investments

20,645,000

33,645,816

—

54,290,816

Total

Investments,

at

fair

value

$

2,172,451,578

$

33,645,816

$

—

$

2,206,097,394

*

For

further

breakdown

of

Common

Stock

by

sector,

please

refer

to

the

Portfolio

of

Investments.

At

March

31,

2024,

Voya

Growth

and

Income

Portfolio

held

the

following

restricted

securities:

Security

Acquisition

Date

Acquisition

Cost

Fair

Value

Southern

Energy

11/30/2005

$

—

$

—

$

—

$

—

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

524,147,932

Gross

Unrealized

Depreciation

(15,156,242)

Net

Unrealized

Appreciation

$

508,991,690