Semi-Annual Financial Statements and Other Information
June 30, 2024
Classes ADV, I, R6, S and S2
Voya Investors Trust
| ■ | Voya Government Liquid Assets Portfolio | ■ | VY® Morgan Stanley Global Franchise Portfolio |
| ■ | VY® CBRE Global Real Estate Portfolio | ■ | VY® T. Rowe Price Capital Appreciation Portfolio |
| ■ | VY® Invesco Growth and Income Portfolio | ■ | VY® T. Rowe Price Equity Income Portfolio |
| ■ | VY® JPMorgan Emerging Markets Equity Portfolio | | |
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month year ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Liquid Assets Portfolio does not file on Form N-PORT.
The Voya Government Liquid Assets Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio’s Form N-MFP is available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)
| | | Voya
Government
Liquid Assets
Portfolio | | | VY®
CBRE Global
Real Estate
Portfolio | | | VY®
Invesco
Growth and
Income
Portfolio | | | VY®
JPMorgan
Emerging
Markets Equity
Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | – | | | $ | 168,792,627 | | | $ | 361,078,216 | | | $ | 285,302,980 | |
| Short-term investments at fair value† | | | – | | | | 2,489,724 | | | | – | | | | 1,595,981 | |
| Short-term investments at amortized cost | | | 802,470,629 | | | | – | | | | – | | | | – | |
| Repurchase agreements | | | 233,395,000 | | | | – | | | | – | | | | – | |
| Cash | | | 48,618 | | | | – | | | | 40,118 | | | | 253,972 | |
| Foreign currencies at value‡ | | | – | | | | – | | | | 37,804 | | | | 570,843 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities and currencies sold | | | 106,707,218 | | | | – | | | | 19,023,792 | | | | 2,529,474 | |
| Fund shares sold | | | – | | | | 100,031 | | | | 75,282 | | | | 39,588 | |
| Dividends | | | – | | | | 556,385 | | | | 464,427 | | | | 589,289 | |
| Interest | | | 3,046,983 | | | | – | | | | – | | | | – | |
| Foreign tax reclaims | | | – | | | | 224,365 | | | | 51,277 | | | | 89,400 | |
| Unrealized appreciation on forward foreign currency contracts | | | – | | | | – | | | | 90,164 | | | | – | |
| Prepaid expenses | | | – | | | | 722 | | | | – | | | | – | |
| Reimbursement due from Investment Adviser | | | – | | | | 9,033 | | | | – | | | | 20,616 | |
| Other assets | | | – | | | | 13,182 | | | | 24,866 | | | | 26,564 | |
| Total assets | | | 1,145,668,448 | | | | 172,186,069 | | | | 380,885,946 | | | | 291,018,707 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Income distribution payable | | | 4,181,684 | | | | – | | | | – | | | | – | |
| Payable for investment securities and currencies purchased | | | 71,389,020 | | | | – | | | | 1,613,039 | | | | 960,944 | |
| Payable for fund shares redeemed | | | – | | | | 137,510 | | | | 171,927 | | | | 253,265 | |
| Payable upon receipt of securities loaned | | | – | | | | 2,058,636 | | | | – | | | | 1,120,286 | |
| Unrealized depreciation on forward foreign currency contracts | | | – | | | | – | | | | 18,869 | | | | – | |
| Payable for unified fees | | | 240,610 | | | | – | | | | 188,991 | | | | 291,650 | |
| Payable for investment management fees | | | – | | | | 125,521 | | | | – | | | | – | |
| Payable for distribution and shareholder service fees | | | 291,450 | | | | 15,982 | | | | 75,030 | | | | 57,233 | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | – | | | | 13,182 | | | | 24,866 | | | | 26,564 | |
| Payable for trustee fees | | | 17,701 | | | | – | | | | – | | | | – | |
| Payable for foreign capital gains tax | | | – | | | | – | | | | – | | | | 590,102 | |
| Payable for borrowings against line of credit (Note 8) | | | – | | | | – | | | | 8,850,000 | | | | – | |
| Other accrued expenses and liabilities | | | – | | | | 88,718 | | | | – | | | | – | |
| Total liabilities | | | 76,120,465 | | | | 2,439,549 | | | | 10,942,722 | | | | 3,300,044 | |
| NET ASSETS | | $ | 1,069,547,983 | | | $ | 169,746,520 | | | $ | 369,943,224 | | | $ | 287,718,663 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 1,069,780,798 | | | $ | 155,570,422 | | | $ | 236,349,143 | | | $ | 252,915,102 | |
| Total distributable earnings (loss) | | | (232,815 | ) | | | 14,176,098 | | | | 133,594,081 | | | | 34,803,561 | |
| NET ASSETS | | $ | 1,069,547,983 | | | $ | 169,746,520 | | | $ | 369,943,224 | | | $ | 287,718,663 | |
| | | | | | | | | | | | | | | | | | | |
| + | | Including securities loaned at value | | $ | — | | | $ | 1,954,918 | | | $ | — | | | $ | 1,590,834 | |
| * | | Cost of investments in securities | | $ | — | | | $ | 152,172,909 | | | $ | 294,132,776 | | | $ | 234,872,101 | |
| † | | Cost of short-term investments | | $ | — | | | $ | 2,489,724 | | | $ | — | | | $ | 1,595,981 | |
| ‡ | | Cost of foreign currencies | | $ | — | | | $ | — | | | $ | 38,274 | | | $ | 571,017 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)(continued)
| | | Voya
Government
Liquid Assets
Portfolio | | VY®
CBRE Global
Real Estate
Portfolio | | VY®
Invesco
Growth and
Income
Portfolio | | VY®
JPMorgan
Emerging
Markets Equity
Portfolio |
| Class ADV | | | | | | | | |
| Net assets | | | n/a | | | $ | 9,383,368 | | | $ | 14,653,455 | | | $ | 36,579,978 | |
| Shares authorized | | | n/a | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | n/a | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 980,261 | | | | 639,549 | | | | 3,124,260 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 9.57 | | | $ | 22.91 | | | $ | 11.71 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Net assets | | $ | 80,002,349 | | | $ | 105,438,679 | | | $ | 48,877,418 | | | $ | 62,233,016 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 80,015,809 | | | | 10,661,631 | | | | 2,097,551 | | | | 4,728,821 | |
| Net asset value and redemption price per share | | $ | 1.00 | | | $ | 9.89 | | | $ | 23.30 | | | $ | 13.16 | |
| | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | |
| Net assets | | $ | 260,279,426 | | | $ | 54,351,241 | | | $ | 285,829,159 | | | $ | 184,091,601 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 260,323,509 | | | | 5,524,431 | | | | 12,067,940 | | | | 14,263,952 | |
| Net asset value and redemption price per share | | $ | 1.00 | | | $ | 9.84 | | | $ | 23.69 | | | $ | 12.91 | |
| | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | |
| Net assets | | $ | 729,266,208 | | | $ | 573,232 | | | $ | 20,583,192 | | | $ | 4,814,068 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 729,389,204 | | | | 57,672 | | | | 881,798 | | | | 382,718 | |
| Net asset value and redemption price per share | | $ | 1.00 | | | $ | 9.94 | | | $ | 23.34 | | | $ | 12.58 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)
| | VY®
Morgan Stanley
Global
Franchise
Portfolio | | VY®
T. Rowe Price
Capital
Appreciation
Portfolio | | VY®
T. Rowe Price
Equity
Income
Portfolio |
| ASSETS: | | | | | | | |
| Investments in securities at fair value+* | | $ | 293,170,691 | | | $ | 8,050,437,160 | | | $ | 340,896,321 | |
| Short-term investments at fair value† | | | 2,704,427 | | | | 408,247,716 | | | | 11,312,459 | |
| Cash | | | – | | | | 16,873,180 | | | | 2,152,168 | |
| Foreign currencies at value‡ | | | 1,945,873 | | | | 2,560,382 | | | | 43,804 | |
| Receivables: | | | | | | | | | | | | |
| Investment securities and currencies sold | | | 4,214,327 | | | | 34,823,125 | | | | 7,265,784 | |
| Fund shares sold | | | 247,008 | | | | 808,686 | | | | 214,088 | |
| Dividends | | | 283,683 | | | | 3,765,767 | | | | 580,032 | |
| Interest | | | – | | | | 25,495,673 | | | | 4,144 | |
| Foreign tax reclaims | | | 157,596 | | | | 258,146 | | | | 283,986 | |
| Other assets | | | 18,267 | | | | 266,829 | | | | 43,244 | |
| Total assets | | | 302,741,872 | | | | 8,543,536,664 | | | | 362,796,030 | |
| | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | |
| Payable for investment securities and currencies purchased | | | 3,139,900 | | | | 59,040,373 | | | | 6,957,250 | |
| Payable for fund shares redeemed | | | 209,619 | | | | 2,405,252 | | | | 20,938 | |
| Payable upon receipt of securities loaned | | | – | | | | 75,347,317 | | | | 9,957,255 | |
| Payable for unified fees | | | 235,274 | | | | 4,320,815 | | | | 170,455 | |
| Payable for distribution and shareholder service fees | | | 93,253 | | | | 1,765,166 | | | | 84,504 | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | 18,267 | | | | 266,829 | | | | 43,244 | |
| Written options, at fair value^ | | | – | | | | 22,323,766 | | | | – | |
| Total liabilities | | | 3,696,313 | | | | 165,469,518 | | | | 17,233,646 | |
| NET ASSETS | | $ | 299,045,559 | | | $ | 8,378,067,146 | | | $ | 345,562,384 | |
| | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 174,701,852 | | | $ | 6,911,655,965 | | | $ | 232,924,203 | |
| Total distributable earnings | | | 124,343,707 | | | | 1,466,411,181 | | | | 112,638,181 | |
| NET ASSETS | | $ | 299,045,559 | | | $ | 8,378,067,146 | | | $ | 345,562,384 | |
| + | Including securities loaned at value | | $ | — | | | $ | 73,348,449 | | | $ | 9,716,724 | |
| * | Cost of investments in securities | | $ | 218,958,876 | | | $ | 7,069,349,172 | | | $ | 263,293,631 | |
| † | Cost of short-term investments | | $ | 2,704,427 | | | $ | 408,247,716 | | | $ | 11,312,459 | |
| ‡ | Cost of foreign currencies | | $ | 1,956,263 | | | $ | 2,594,852 | | | $ | 93,674 | |
| ^ | Premiums received on written options | | $ | — | | | $ | 21,642,373 | | | $ | — | |
| | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)(continued)
| | | VY®
Morgan Stanley
Global
Franchise
Portfolio | | | VY®
T. Rowe Price
Capital
Appreciation
Portfolio | | | VY®
T. Rowe Price
Equity
Income
Portfolio | |
| Class ADV | | | | | | | | | |
| Net assets | | $ | 98,956,881 | | | $ | 1,942,950,832 | | | $ | 59,948,838 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 6,822,260 | | | | 75,235,269 | | | | 5,744,256 | |
| Net asset value and redemption price per share | | $ | 14.51 | | | $ | 25.83 | | | $ | 10.44 | |
| | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 1,813,043,357 | | | $ | 64,528,632 | |
| Shares authorized | | | n/a | | | | unlimited | | | | unlimited | |
| Par value | | | n/a | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 64,916,320 | | | | 5,961,953 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 27.93 | | | $ | 10.82 | |
| | | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | |
| Net assets | | $ | 1,473,422 | | | $ | 648,235,776 | | | | n/a | |
| Shares authorized | | | unlimited | | | | unlimited | | | | n/a | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | 90,519 | | | | 23,188,545 | | | | n/a | |
| Net asset value and redemption price per share | | $ | 16.28 | | | $ | 27.96 | | | | n/a | |
| | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | |
| Net assets | | $ | 171,934,942 | | | $ | 3,916,564,729 | | | $ | 143,552,968 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 10,531,328 | | | | 140,440,717 | | | | 13,024,096 | |
| Net asset value and redemption price per share | | $ | 16.33 | | | $ | 27.89 | | | $ | 11.02 | |
| | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | |
| Net assets | | $ | 26,680,314 | | | $ | 57,272,452 | | | $ | 77,531,946 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 1,659,188 | | | | 2,090,818 | | | | 7,316,292 | |
| Net asset value and redemption price per share | | $ | 16.08 | | | $ | 27.39 | | | $ | 10.60 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)
| | | Voya
Government
Liquid Assets
Portfolio | | | VY®
CBRE Global
Real Estate
Portfolio | | | VY®
Invesco
Growth and
Income
Portfolio | | | VY®
JPMorgan
Emerging
Markets Equity
Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 46,672 | | | $ | 3,517,629 | | | $ | 4,340,041 | | | $ | 4,026,318 | |
| Interest | | | 28,156,140 | | | | 86 | | | | 43 | | | | — | |
| Securities lending income, net | | | — | | | | 7,198 | | | | 1,112 | | | | 6,516 | |
| Other | | | 3,320 | | | | 546 | | | | 1,214 | | | | 528 | |
| Total investment income | | | 28,206,132 | | | | 3,525,459 | | | | 4,342,410 | | | | 4,033,362 | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Investment management fees | | | — | | | | 778,388 | | | | — | | | | — | |
| Unified fees | | | 1,445,592 | | | | — | | | | 1,228,245 | | | | 1,792,818 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | 29,103 | | | | 44,261 | | | | 107,872 | |
| Class S | | | 334,454 | | | | 70,452 | | | | 380,217 | | | | 231,553 | |
| Class S2 | | | 1,412,696 | | | | 1,230 | | | | 41,398 | | | | 9,708 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | 5,336 | | | | — | | | | — | |
| Class I | | | — | | | | 58,518 | | | | — | | | | — | |
| Class S | | | — | | | | 30,992 | | | | — | | | | — | |
| Class S2 | | | — | | | | 337 | | | | — | | | | — | |
| Shareholder reporting expense | | | — | | | | 4,540 | | | | — | | | | — | |
| Professional fees | | | — | | | | 5,450 | | | | — | | | | — | |
| Custody and accounting expense | | | — | | | | 30,795 | | | | — | | | | — | |
| Trustee fees and expenses | | | 23,620 | | | | 2,002 | | | | 13,693 | | | | 10,512 | |
| Miscellaneous expense | | | — | | | | 8,445 | | | | — | | | | — | |
| Interest expense | | | — | | | | 415 | | | | — | | | | 716 | |
| Total expenses | | | 3,216,362 | | | | 1,026,003 | | | | 1,707,814 | | | | 2,153,179 | |
| Waived and reimbursed fees | | | — | | | | (163,630 | ) | | | (58,106 | ) | | | (95,565 | ) |
| Net expenses | | | 3,216,362 | | | | 862,373 | | | | 1,649,708 | | | | 2,057,614 | |
| Net investment income | | | 24,989,770 | | | | 2,663,086 | | | | 2,692,702 | | | | 1,975,748 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes withheld^) | | | (56,394 | ) | | | 791,352 | | | | 19,997,658 | | | | 11,745,988 | |
| Forward foreign currency contracts | | | — | | | | 5,732 | | | | 124,364 | | | | — | |
| Foreign currency related transactions | | | — | | | | (39,762 | ) | | | 1,524 | | | | (7,702 | ) |
| Net realized gain (loss) | | | (56,394 | ) | | | 757,322 | | | | 20,123,546 | | | | 11,738,286 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments (net of foreign capital gains taxes accrued#) | | | — | | | | (10,386,842 | ) | | | 5,648,079 | | | | (448,666 | ) |
| Forward foreign currency contracts | | | — | | | | 22 | | | | 160,907 | | | | — | |
| Foreign currency related transactions | | | — | | | | (2,652 | ) | | | (2,928 | ) | | | (2,334 | ) |
| Net change in unrealized appreciation (depreciation) | | | — | | | | (10,389,472 | ) | | | 5,806,058 | | | | (451,000 | ) |
| Net realized and unrealized gain (loss) | | | (56,394 | ) | | | (9,632,150 | ) | | | 25,929,604 | | | | 11,287,286 | |
| Increase (decrease) in net assets resulting from operations | | $ | 24,933,376 | | | $ | (6,969,064 | ) | | $ | 28,622,306 | | | $ | 13,263,034 | |
| * | Foreign taxes withheld | | $ | — | | | $ | 160,767 | | | $ | 59,264 | | | $ | 533,804 | |
| ^ | Foreign capital gains taxes withheld | | $ | — | | | $ | — | | | $ | — | | | $ | 336,937 | |
| # | Change in foreign capital gains taxes accrued | | $ | — | | | $ | — | | | $ | — | | | $ | 422,843 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)
| | | VY®
Morgan Stanley
Global
Franchise
Portfolio | | | VY®
T. Rowe Price
Capital
Appreciation
Portfolio | | | VY®
T. Rowe Price
Equity
Income
Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 2,541,180 | | | $ | 41,077,824 | | | $ | 4,654,246 | |
| Interest, net of foreign taxes withheld* | | | 5,275 | | | | 85,453,808 | | | | 48,493 | |
| Securities lending income, net | | | — | | | | 117,907 | | | | 28,705 | |
| Other | | | 990 | | | | 25,615 | | | | 1,054 | |
| Total investment income | | | 2,547,445 | | | | 126,675,154 | | | | 4,732,498 | |
| EXPENSES: | | | | | | | | | | | | |
| Unified fees | | | 1,520,650 | | | | 25,999,022 | | | | 1,075,833 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | |
| Class ADV | | | 307,164 | | | | 5,612,924 | | | | 175,993 | |
| Class S | | | 223,482 | | | | 4,860,631 | | | | 175,609 | |
| Class S2 | | | 55,160 | | | | 113,728 | | | | 153,243 | |
| Trustee fees and expenses | | | 11,390 | | | | 267,918 | | | | 12,018 | |
| Total expenses | | | 2,117,846 | | | | 36,854,223 | | | | 1,592,696 | |
| Waived and reimbursed fees | | | (40,339 | ) | | | — | | | | (50,911 | ) |
| Net expenses | | | 2,077,507 | | | | 36,854,223 | | | | 1,541,785 | |
| Net investment income | | | 469,938 | | | | 89,820,931 | | | | 3,190,713 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments | | | 20,539,699 | | | | 318,642,916 | | | | 16,091,388 | |
| Foreign currency related transactions | | | (9,792 | ) | | | 5,429 | | | | (844 | ) |
| Written options | | | — | | | | 18,100,964 | | | | — | |
| Net realized gain | | | 20,529,907 | | | | 336,749,309 | | | | 16,090,544 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments | | | (12,538,424 | ) | | | 133,912,440 | | | | 5,859,745 | |
| Foreign currency related transactions | | | (17,244 | ) | | | (49,117 | ) | | | (449 | ) |
| Written options | | | — | | | | (7,873,127 | ) | | | — | |
| Net change in unrealized appreciation (depreciation) | | | (12,555,668 | ) | | | 125,990,196 | | | | 5,859,296 | |
| Net realized and unrealized gain | | | 7,974,239 | | | | 462,739,505 | | | | 21,949,840 | |
| Increase in net assets resulting from operations | | $ | 8,444,177 | | | $ | 552,560,436 | | | $ | 25,140,553 | |
| * Foreign taxes withheld | | $ | 64,232 | | | $ | 490,296 | | | $ | 113,464 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Government
Liquid Assets Portfolio | | | VY® CBRE Global
Real Estate Portfolio | |
| | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 24,989,770 | | | $ | 45,000,362 | | | $ | 2,663,086 | | | $ | 4,289,100 | |
| Net realized gain (loss) | | | (56,394 | ) | | | 53,236 | | | | 757,322 | | | | (3,718,331 | ) |
| Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | (10,389,472 | ) | | | 19,463,954 | |
| Increase (decrease) in net assets resulting from operations | | | 24,933,376 | | | | 45,053,598 | | | | (6,969,064 | ) | | | 20,034,723 | |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | — | | | | (251,950 | ) |
| Class I | | | (1,945,087 | ) | | | (3,650,543 | ) | | | — | | | | (3,273,877 | ) |
| Class S | | | (6,476,107 | ) | | | (13,597,510 | ) | | | — | | | | (1,704,362 | ) |
| Class S2 | | | (16,567,640 | ) | | | (27,752,309 | ) | | | — | | | | (18,087 | ) |
| Total distributions | | | (24,988,834 | ) | | | (45,000,362 | ) | | | — | | | | (5,248,276 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 108,817,256 | | | | 247,135,641 | | | | 9,298,608 | | | | 32,343,004 | |
| Reinvestment of distributions | | | 20,807,152 | | | | 45,000,362 | | | | — | | | | 5,248,276 | |
| | | | 129,624,408 | | | | 292,136,003 | | | | 9,298,608 | | | | 37,591,280 | |
| Cost of shares redeemed | | | (114,516,881 | ) | | | (246,963,743 | ) | | | (14,403,103 | ) | | | (36,127,562 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 15,107,527 | | | | 45,172,260 | | | | (5,104,495 | ) | | | 1,463,718 | |
| Net increase (decrease) in net assets | | | 15,052,069 | | | | 45,225,496 | | | | (12,073,559 | ) | | | 16,250,165 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 1,054,495,914 | | | | 1,009,270,418 | | | | 181,820,079 | | | | 165,569,914 | |
| End of year or period | | $ | 1,069,547,983 | | | $ | 1,054,495,914 | | | $ | 169,746,520 | | | $ | 181,820,079 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | VY®
Invesco Growth and
Income Portfolio | | | VY®
JPMorgan Emerging
Markets Equity Portfolio | |
| | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 2,692,702 | | | $ | 5,309,726 | | | $ | 1,975,748 | | | $ | 920,539 | |
| Net realized gain (loss) | | | 20,123,546 | | | | 40,311,386 | | | | 11,738,286 | | | | (4,155,616 | ) |
| Net change in unrealized appreciation (depreciation) | | | 5,806,058 | | | | (1,914,817 | ) | | | (451,000 | ) | | | 21,951,246 | |
| Increase in net assets resulting from operations | | | 28,622,306 | | | | 43,706,295 | | | | 13,263,034 | | | | 18,716,169 | |
| | | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | (1,237,242 | ) | | | — | | | | (580,846 | ) |
| Class I | | | — | | | | (3,846,288 | ) | | | — | | | | (1,166,409 | ) |
| Class S | | | — | | | | (25,881,580 | ) | | | — | | | | (3,380,473 | ) |
| Class S2 | | | — | | | | (1,705,679 | ) | | | — | | | | (87,595 | ) |
| Total distributions | | | — | | | | (32,670,789 | ) | | | — | | | | (5,215,323 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 5,652,820 | | | | 11,702,617 | | | | 6,039,415 | | | | 18,016,753 | |
| Reinvestment of distributions | | | — | | | | 32,670,789 | | | | — | | | | 5,215,323 | |
| | | | 5,652,820 | | | | 44,373,406 | | | | 6,039,415 | | | | 23,232,076 | |
| Cost of shares redeemed | | | (46,433,173 | ) | | | (71,879,691 | ) | | | (27,139,181 | ) | | | (50,100,439 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (40,780,353 | ) | | | (27,506,285 | ) | | | (21,099,766 | ) | | | (26,868,363 | ) |
| Net decrease in net assets | | | (12,158,047 | ) | | | (16,470,779 | ) | | | (7,836,732 | ) | | | (13,367,517 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 382,101,271 | | | | 398,572,050 | | | | 295,555,395 | | | | 308,922,912 | |
| End of year or period | | $ | 369,943,224 | | | $ | 382,101,271 | | | $ | 287,718,663 | | | $ | 295,555,395 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | VY®
Morgan Stanley Global
Franchise Portfolio | | | VY®
T. Rowe Price Capital
Appreciation Portfolio | |
| | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 469,938 | | | $ | 1,346,434 | | | $ | 89,820,931 | | | $ | 169,443,846 | |
| Net realized gain | | | 20,529,907 | | | | 28,793,480 | | | | 336,749,309 | | | | 61,587,734 | |
| Net change in unrealized appreciation (depreciation) | | | (12,555,668 | ) | | | 16,829,002 | | | | 125,990,196 | | | | 1,083,539,413 | |
| Increase in net assets resulting from operations | | | 8,444,177 | | | | 46,968,916 | | | | 552,560,436 | | | | 1,314,570,993 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | (9,149,843 | ) | | | — | | | | (192,154,436 | ) |
| Class I | | | — | | | | — | | | | — | | | | (194,300,449 | ) |
| Class R6 | | | — | | | | (127,232 | ) | | | — | | | | (69,715,154 | ) |
| Class S | | | — | | | | (15,257,667 | ) | | | — | | | | (453,336,682 | ) |
| Class S2 | | | — | | | | (2,291,475 | ) | | | — | | | | (6,949,364 | ) |
| Total distributions | | | — | | | | (26,826,217 | ) | | | — | | | | (916,456,085 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 1,346,436 | | | | 3,993,310 | | | | 148,909,631 | | | | 287,603,915 | |
| Reinvestment of distributions | | | — | | | | 26,826,217 | | | | — | | | | 916,456,085 | |
| | | | 1,346,436 | | | | 30,819,527 | | | | 148,909,631 | | | | 1,204,060,000 | |
| Cost of shares redeemed | | | (29,378,191 | ) | | | (51,013,496 | ) | | | (453,966,779 | ) | | | (843,359,570 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (28,031,755 | ) | | | (20,193,969 | ) | | | (305,057,148 | ) | | | 360,700,430 | |
| Net increase (decrease) in net assets | | | (19,587,578 | ) | | | (51,270 | ) | | | 247,503,288 | | | | 758,815,338 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 318,633,137 | | | | 318,684,407 | | | | 8,130,563,858 | | | | 7,371,748,520 | |
| End of year or period | | $ | 299,045,559 | | | $ | 318,633,137 | | | $ | 8,378,067,146 | | | $ | 8,130,563,858 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | VY®
T. Rowe Price Equity
Income Portfolio |
| | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 3,190,713 | | | $ | 6,354,086 | |
| Net realized gain | | | 16,090,544 | | | | 16,326,567 | |
| Net change in unrealized appreciation (depreciation) | | | 5,859,296 | | | | 5,868,723 | |
| Increase in net assets resulting from operations | | | 25,140,553 | | | | 28,549,376 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | |
| Class ADV | | | — | | | | (4,559,298 | ) |
| Class I | | | — | | | | (4,910,460 | ) |
| Class S | | | — | | | | (10,576,103 | ) |
| Class S2 | | | — | | | | (5,774,659 | ) |
| Total distributions | | | — | | | | (25,820,520 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sale of shares | | | 6,031,703 | | | | 10,273,195 | |
| Reinvestment of distributions | | | — | | | | 25,820,520 | |
| | | | 6,031,703 | | | | 36,093,715 | |
| Cost of shares redeemed | | | (18,620,768 | ) | | | (51,551,951 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (12,589,065 | ) | | | (15,458,236 | ) |
| Net increase (decrease) in net assets | | | 12,551,488 | | | | (12,729,380 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year or period | | | 333,010,896 | | | | 345,740,276 | |
| End of year or period | | $ | 345,562,384 | | | $ | 333,010,896 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)
(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Government Liquid Assets Portfolio |
| Class I |
| 06-30-24+ | | | 1.00 | | | 0.03 | • | | — | | | 0.03 | | | 0.03 | | | — | | | — | | | 0.03 | | | — | | | 1.00 | | | 2.56 | | | 0.28 | | | 0.28 | | | 0.28 | | | 5.09 | | | 80,002 | | | — | |
| 12-31-23 | | | 1.00 | | | 0.05 | • | | 0.00 | * | | 0.05 | | | 0.05 | | | — | | | — | | | 0.05 | | | — | | | 1.00 | | | 4.93 | | | 0.28 | | | 0.28 | | | 0.28 | | | 4.82 | | | 75,141 | | | — | |
| 12-31-22 | | | 1.00 | | | 0.02 | • | | 0.00 | * | | 0.02 | | | 0.02 | | | — | | | — | | | 0.02 | | | — | | | 1.00 | | | 1.51 | | | 0.28 | | | 0.24 | | | 0.24 | | | 1.65 | | | 77,571 | | | — | |
| 12-31-21 | | | 1.00 | | | — | • | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.03 | | | 0.28 | | | 0.05 | | | 0.05 | | | 0.00 | * | | 50,337 | | | — | |
| 12-31-20 | | | 1.00 | | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.30 | | | 0.28 | | | 0.17 | | | 0.17 | | | 0.23 | | | 64,002 | | | — | |
| 12-31-19 | | | 1.00 | | | 0.02 | | | 0.00 | * | | 0.02 | | | 0.02 | | | 0.00 | * | | — | | | 0.02 | | | — | | | 1.00 | | | 2.01 | | | 0.29 | | | 0.29 | | | 0.29 | | | 1.93 | | | 52,515 | | | — | |
| Class S |
| 06-30-24+ | | | 1.00 | | | 0.02 | • | | — | | | 0.02 | | | 0.02 | | | — | | | — | | | 0.02 | | | — | | | 1.00 | | | 2.43 | | | 0.53 | | | 0.53 | | | 0.53 | | | 4.84 | | | 260,279 | | | — | |
| 12-31-23 | | | 1.00 | | | 0.05 | • | | 0.00 | * | | 0.05 | | | 0.05 | | | — | | | — | | | 0.05 | | | — | | | 1.00 | | | 4.68 | | | 0.53 | | | 0.53 | | | 0.53 | | | 4.56 | | | 280,488 | | | — | |
| 12-31-22 | | | 1.00 | | | 0.01 | • | | 0.00 | * | | 0.01 | | | 0.01 | | | — | | | — | | | 0.01 | | | — | | | 1.00 | | | 1.34 | | | 0.53 | | | 0.40 | | | 0.40 | | | 1.34 | | | 322,096 | | | — | |
| 12-31-21 | | | 1.00 | | | — | • | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.03 | | | 0.53 | | | 0.05 | | | 0.05 | | | 0.00 | * | | 320,548 | | | — | |
| 12-31-20 | | | 1.00 | | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.24 | | | 0.53 | | | 0.21 | | | 0.21 | | | 0.17 | | | 375,267 | | | — | |
| 12-31-19 | | | 1.00 | | | 0.02 | | | 0.00 | * | | 0.02 | | | 0.02 | | | 0.00 | * | | — | | | 0.02 | | | — | | | 1.00 | | | 1.75 | | | 0.54 | | | 0.54 | | | 0.54 | | | 1.68 | | | 314,786 | | | — | |
| Class S2 |
| 06-30-24+ | | | 1.00 | | | 0.02 | • | | — | | | 0.02 | | | 0.02 | | | — | | | — | | | 0.02 | | | — | | | 1.00 | | | 2.35 | | | 0.68 | | | 0.68 | | | 0.68 | | | 4.69 | | | 729,266 | | | — | |
| 12-31-23 | | | 1.00 | | | 0.04 | • | | 0.00 | * | | 0.04 | | | 0.04 | | | — | | | — | | | 0.04 | | | — | | | 1.00 | | | 4.52 | | | 0.68 | | | 0.68 | | | 0.68 | | | 4.44 | | | 698,867 | | | — | |
| 12-31-22 | | | 1.00 | | | 0.01 | • | | 0.00 | * | | 0.01 | | | 0.01 | | | — | | | — | | | 0.01 | | | — | | | 1.00 | | | 1.24 | | | 0.68 | | | 0.52 | | | 0.52 | | | 1.37 | | | 609,604 | | | — | |
| 12-31-21 | | | 1.00 | | | — | • | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.03 | | | 0.68 | | | 0.05 | | | 0.05 | | | 0.00 | * | | 437,744 | | | — | |
| 12-31-20 | | | 1.00 | | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | 0.00 | * | | — | | | 0.00 | * | | — | | | 1.00 | | | 0.21 | | | 0.68 | | | 0.23 | | | 0.23 | | | 0.13 | | | 527,457 | | | — | |
| 12-31-19 | | | 1.00 | | | 0.02 | | | 0.00 | * | | 0.02 | | | 0.02 | | | 0.00 | * | | — | | | 0.02 | | | — | | | 1.00 | | | 1.60 | | | 0.69 | | | 0.69 | | | 0.69 | | | 1.52 | | | 359,294 | | | — | |
| VY® CBRE Global Real Estate Portfolio |
| Class ADV |
| 06-30-24+ | | | 9.98 | | | 0.12 | • | | (0.53 | ) | | (0.41 | ) | | — | | | — | | | — | | | — | | | — | | | 9.57 | | | (4.11 | ) | | 1.67 | | | 1.48 | | | 1.48 | | | 2.57 | | | 9,383 | | | 41 | |
| 12-31-23 | | | 9.13 | | | 0.19 | • | | 0.89 | | | 1.08 | | | 0.13 | | | 0.10 | | | — | | | 0.23 | | | — | | | 9.98 | | | 11.97 | | | 1.69 | | | 1.47 | | | 1.47 | | | 2.01 | | | 10,511 | | | 95 | |
| 12-31-22 | | | 13.38 | | | 0.17 | • | | (3.54 | ) | | (3.37 | ) | | 0.29 | | | 0.59 | | | — | | | 0.88 | | | — | | | 9.13 | | | (25.39 | ) | | 1.68 | | | 1.47 | | | 1.47 | | | 1.55 | | | 10,401 | | | 91 | |
| 12-31-21 | | | 10.26 | | | 0.17 | • | | 3.24 | | | 3.41 | | | 0.29 | | | — | | | — | | | 0.29 | | | — | | | 13.38 | | | 33.56 | | | 1.66 | | | 1.47 | | | 1.47 | | | 1.48 | | | 16,348 | | | 74 | |
| 12-31-20 | | | 12.77 | | | 0.15 | • | | (1.11 | ) | | (0.96 | ) | | 0.60 | | | 0.95 | | | — | | | 1.55 | | | — | | | 10.26 | | | (5.37 | ) | | 1.68 | | | 1.47 | | | 1.47 | | | 1.47 | | | 14,367 | | | 97 | |
| 12-31-19 | | | 10.53 | | | 0.17 | • | | 2.34 | | | 2.51 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 12.77 | | | 23.99 | | | 1.62 | | | 1.49 | | | 1.49 | | | 1.40 | | | 17,308 | | | 77 | |
| Class I |
| 06-30-24+ | | | 10.28 | | | 0.16 | • | | (0.55 | ) | | (0.39 | ) | | — | | | — | | | — | | | — | | | — | | | 9.89 | | | (3.79 | ) | | 1.07 | | | 0.88 | | | 0.88 | | | 3.21 | | | 105,439 | | | 41 | |
| 12-31-23 | | | 9.41 | | | 0.25 | • | | 0.92 | | | 1.17 | | | 0.20 | | | 0.10 | | | — | | | 0.30 | | | — | | | 10.28 | | | 12.59 | | | 1.09 | | | 0.87 | | | 0.87 | | | 2.65 | | | 109,276 | | | 95 | |
| 12-31-22 | | | 13.79 | | | 0.24 | • | | (3.65 | ) | | (3.41 | ) | | 0.38 | | | 0.59 | | | — | | | 0.97 | | | — | | | 9.41 | | | (24.95 | ) | | 1.08 | | | 0.87 | | | 0.87 | | | 2.19 | | | 92,596 | | | 91 | |
| 12-31-21 | | | 10.55 | | | 0.25 | • | | 3.35 | | | 3.60 | | | 0.36 | | | — | | | — | | | 0.36 | | | — | | | 13.79 | | | 34.47 | | | 1.06 | | | 0.87 | | | 0.87 | | | 2.09 | | | 122,954 | | | 74 | |
| 12-31-20 | | | 13.11 | | | 0.28 | | | (1.21 | ) | | (0.93 | ) | | 0.68 | | | 0.95 | | | — | | | 1.63 | | | — | | | 10.55 | | | (4.83 | ) | | 1.08 | | | 0.87 | | | 0.87 | | | 2.09 | | | 96,799 | | | 97 | |
| 12-31-19 | | | 10.81 | | | 0.25 | • | | 2.41 | | | 2.66 | | | 0.36 | | | — | | | — | | | 0.36 | | | — | | | 13.11 | | | 24.74 | | | 1.02 | | | 0.89 | | | 0.89 | | | 2.02 | | | 119,642 | | | 77 | |
| Class S |
| 06-30-24+ | | | 10.24 | | | 0.14 | • | | (0.54 | ) | | (0.40 | ) | | — | | | — | | | — | | | — | | | — | | | 9.84 | | | (3.91 | ) | | 1.32 | | | 1.13 | | | 1.13 | | | 2.93 | | | 54,351 | | | 41 | |
| 12-31-23 | | | 9.37 | | | 0.22 | • | | 0.92 | | | 1.14 | | | 0.17 | | | 0.10 | | | — | | | 0.27 | | | — | | | 10.24 | | | 12.33 | | | 1.34 | | | 1.12 | | | 1.12 | | | 2.36 | | | 61,362 | | | 95 | |
| 12-31-22 | | | 13.72 | | | 0.21 | • | | (3.63 | ) | | (3.42 | ) | | 0.34 | | | 0.59 | | | — | | | 0.93 | | | — | | | 9.37 | | | (25.12 | ) | | 1.33 | | | 1.12 | | | 1.12 | | | 1.90 | | | 61,861 | | | 91 | |
| 12-31-21 | | | 10.50 | | | 0.22 | • | | 3.33 | | | 3.55 | | | 0.33 | | | — | | | — | | | 0.33 | | | — | | | 13.72 | | | 34.14 | | | 1.31 | | | 1.12 | | | 1.12 | | | 1.83 | | | 94,359 | | | 74 | |
| 12-31-20 | | | 13.04 | | | 0.22 | | | (1.16 | ) | | (0.94 | ) | | 0.65 | | | 0.95 | | | — | | | 1.60 | | | — | | | 10.50 | | | (5.04 | ) | | 1.33 | | | 1.12 | | | 1.12 | | | 1.85 | | | 81,568 | | | 97 | |
| 12-31-19 | | | 10.76 | | | 0.22 | • | | 2.39 | | | 2.61 | | | 0.33 | | | — | | | — | | | 0.33 | | | — | | | 13.04 | | | 24.35 | | | 1.27 | | | 1.14 | | | 1.14 | | | 1.76 | | | 96,519 | | | 77 | |
| Class S2 |
| 06-30-24+ | | | 10.35 | | | 0.14 | • | | (0.55 | ) | | (0.41 | ) | | — | | | — | | | — | | | — | | | — | | | 9.94 | | | (3.96 | ) | | 1.47 | | | 1.28 | | | 1.28 | | | 2.77 | | | 573 | | | 41 | |
| 12-31-23 | | | 9.47 | | | 0.21 | • | | 0.92 | | | 1.13 | | | 0.15 | | | 0.10 | | | — | | | 0.25 | | | — | | | 10.35 | | | 12.11 | | | 1.49 | | | 1.27 | | | 1.27 | | | 2.21 | | | 670 | | | 95 | |
| 12-31-22 | | | 13.86 | | | 0.20 | • | | (3.67 | ) | | (3.47 | ) | | 0.33 | | | 0.59 | | | — | | | 0.92 | | | — | | | 9.47 | | | (25.25 | ) | | 1.48 | | | 1.27 | | | 1.27 | | | 1.77 | | | 712 | | | 91 | |
| 12-31-21 | | | 10.61 | | | 0.21 | • | | 3.35 | | | 3.56 | | | 0.31 | | | — | | | — | | | 0.31 | | | — | | | 13.86 | | | 33.90 | | | 1.46 | | | 1.27 | | | 1.27 | | | 1.70 | | | 1,016 | | | 74 | |
| 12-31-20 | | | 13.15 | | | 0.20 | | | (1.17 | ) | | (0.97 | ) | | 0.62 | | | 0.95 | | | — | | | 1.57 | | | — | | | 10.61 | | | (5.19 | ) | | 1.48 | | | 1.27 | | | 1.27 | | | 1.76 | | | 796 | | | 97 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)
(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® CBRE Global Real Estate Portfolio (continued) |
| Class S2 (continued) |
| 12-31-19 | | | 10.85 | | | 0.20 | • | | 2.41 | | | 2.61 | | | 0.31 | | | — | | | — | | | 0.31 | | | — | | | 13.15 | | | 24.15 | | | 1.42 | | | 1.29 | | | 1.29 | | | 1.61 | | | 906 | | | 77 | |
| VY® Invesco Growth and Income Portfolio |
| Class ADV |
| 06-30-24+ | | | 21.32 | | | 0.11 | • | | 1.48 | | | 1.59 | | | — | | | — | | | — | | | — | | | — | | | 22.91 | | | 7.46 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.03 | | | 14,653 | | | 10 | |
| 12-31-23 | | | 20.75 | | | 0.21 | • | | 2.16 | | | 2.37 | | | 0.31 | | | 1.49 | | | — | | | 1.80 | | | — | | | 21.32 | | | 11.93 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.04 | | | 14,598 | | | 28 | |
| 12-31-22 | | | 26.21 | | | 0.23 | • | | (2.16 | ) | | (1.93 | ) | | 0.25 | | | 3.28 | | | — | | | 3.53 | | | — | | | 20.75 | | | (6.16 | ) | | 1.24 | | | 1.21 | | | 1.21 | | | 1.00 | | | 16,239 | | | 18 | |
| 12-31-21 | | | 20.62 | | | 0.18 | • | | 5.67 | | | 5.85 | | | 0.26 | | | — | | | — | | | 0.26 | | | — | | | 26.21 | | | 28.50 | | | 1.24 | | | 1.21 | | | 1.21 | | | 0.75 | | | 18,354 | | | 30 | |
| 12-31-20 | | | 22.73 | | | 0.32 | | | (0.32 | ) | | 0.00 | * | | 0.35 | | | 1.76 | | | — | | | 2.11 | | | — | | | 20.62 | | | 2.55 | | | 1.24 | | | 1.24 | | | 1.24 | | | 1.45 | | | 15,543 | | | 32 | |
| 12-31-19 | | | 21.15 | | | 0.32 | • | | 4.64 | | | 4.96 | | | 0.50 | | | 2.88 | | | — | | | 3.38 | | | — | | | 22.73 | | | 24.30 | | | 1.24 | | | 1.24 | | | 1.24 | | | 1.43 | | | 18,401 | | | 22 | |
| Class I |
| 06-30-24+ | | | 21.62 | | | 0.19 | • | | 1.49 | | | 1.68 | | | — | | | — | | | — | | | — | | | — | | | 23.30 | | | 7.77 | | | 0.64 | | | 0.61 | | | 0.61 | | | 1.63 | | | 48,877 | | | 10 | |
| 12-31-23 | | | 21.04 | | | 0.34 | • | | 2.19 | | | 2.53 | | | 0.46 | | | 1.49 | | | — | | | 1.95 | | | — | | | 21.62 | | | 12.62 | | | 0.64 | | | 0.61 | | | 0.61 | | | 1.64 | | | 46,049 | | | 28 | |
| 12-31-22 | | | 26.54 | | | 0.37 | • | | (2.19 | ) | | (1.82 | ) | | 0.40 | | | 3.28 | | | — | | | 3.68 | | | — | | | 21.04 | | | (5.59 | ) | | 0.64 | | | 0.61 | | | 0.61 | | | 1.62 | | | 42,132 | | | 18 | |
| 12-31-21 | | | 20.86 | | | 0.33 | • | | 5.73 | | | 6.06 | | | 0.38 | | | — | | | — | | | 0.38 | | | — | | | 26.54 | | | 29.21 | | | 0.64 | | | 0.61 | | | 0.61 | | | 1.35 | | | 41,488 | | | 30 | |
| 12-31-20 | | | 23.01 | | | 0.39 | • | | (0.28 | ) | | 0.11 | | | 0.50 | | | 1.76 | | | — | | | 2.26 | | | — | | | 20.86 | | | 3.22 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.05 | | | 30,672 | | | 32 | |
| 12-31-19 | | | 21.41 | | | 0.46 | • | | 4.69 | | | 5.15 | | | 0.67 | | | 2.88 | | | — | | | 3.55 | | | — | | | 23.01 | | | 24.98 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.02 | | | 29,773 | | | 22 | |
| Class S |
| 06-30-24+ | | | 22.00 | | | 0.16 | • | | 1.53 | | | 1.69 | | | — | | | — | | | — | | | — | | | — | | | 23.69 | | | 7.68 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.38 | | | 285,829 | | | 10 | |
| 12-31-23 | | | 21.37 | | | 0.29 | • | | 2.23 | | | 2.52 | | | 0.40 | | | 1.49 | | | — | | | 1.89 | | | — | | | 22.00 | | | 12.34 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.39 | | | 301,058 | | | 28 | |
| 12-31-22 | | | 26.88 | | | 0.32 | • | | (2.22 | ) | | (1.90 | ) | | 0.33 | | | 3.28 | | | — | | | 3.61 | | | — | | | 21.37 | | | (5.84 | ) | | 0.89 | | | 0.86 | | | 0.86 | | | 1.36 | | | 319,719 | | | 18 | |
| 12-31-21 | | | 21.12 | | | 0.27 | • | | 5.82 | | | 6.09 | | | 0.33 | | | — | | | — | | | 0.33 | | | — | | | 26.88 | | | 28.97 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.10 | | | 367,120 | | | 30 | |
| 12-31-20 | | | 23.25 | | | 0.39 | | | (0.33 | ) | | 0.06 | | | 0.43 | | | 1.76 | | | — | | | 2.19 | | | — | | | 21.12 | | | 2.90 | | | 0.89 | | | 0.89 | | | 0.89 | | | 1.81 | | | 317,890 | | | 32 | |
| 12-31-19 | | | 21.58 | | | 0.41 | • | | 4.73 | | | 5.14 | | | 0.59 | | | 2.88 | | | — | | | 3.47 | | | — | | | 23.25 | | | 24.73 | | | 0.89 | | | 0.89 | | | 0.89 | | | 1.78 | | | 367,941 | | | 22 | |
| Class S2 |
| 06-30-24+ | | | 21.70 | | | 0.14 | • | | 1.50 | | | 1.64 | | | — | | | — | | | — | | | — | | | — | | | 23.34 | | | 7.56 | | | 1.04 | | | 1.01 | | | 1.01 | | | 1.23 | | | 20,583 | | | 10 | |
| 12-31-23 | | | 21.10 | | | 0.26 | • | | 2.19 | | | 2.45 | | | 0.36 | | | 1.49 | | | — | | | 1.85 | | | — | | | 21.70 | | | 12.17 | | | 1.04 | | | 1.01 | | | 1.01 | | | 1.24 | | | 20,396 | | | 28 | |
| 12-31-22 | | | 26.57 | | | 0.28 | • | | (2.19 | ) | | (1.91 | ) | | 0.28 | | | 3.28 | | | — | | | 3.56 | | | — | | | 21.10 | | | (5.99 | ) | | 1.04 | | | 1.01 | | | 1.01 | | | 1.20 | | | 20,482 | | | 18 | |
| 12-31-21 | | | 20.88 | | | 0.23 | • | | 5.76 | | | 5.99 | | | 0.30 | | | — | | | — | | | 0.30 | | | — | | | 26.57 | | | 28.78 | | | 1.04 | | | 1.01 | | | 1.01 | | | 0.95 | | | 24,924 | | | 30 | |
| 12-31-20 | | | 23.00 | | | 0.34 | | | (0.30 | ) | | 0.04 | | | 0.40 | | | 1.76 | | | — | | | 2.16 | | | — | | | 20.88 | | | 2.77 | | | 1.04 | | | 1.04 | | | 1.04 | | | 1.66 | | | 24,035 | | | 32 | |
| 12-31-19 | | | 21.39 | | | 0.37 | • | | 4.67 | | | 5.04 | | | 0.55 | | | 2.88 | | | — | | | 3.43 | | | — | | | 23.00 | | | 24.47 | | | 1.04 | | | 1.04 | | | 1.04 | | | 1.63 | | | 27,277 | | | 22 | |
| VY® JPMorgan Emerging Markets Equity Portfolio |
| Class ADV |
| 06-30-24+ | | | 11.20 | | | 0.06 | • | | 0.45 | | | 0.51 | | | — | | | — | | | — | | | — | | | — | | | 11.71 | | | 4.46 | | | 1.86 | | | 1.79 | | | 1.79 | | | 1.03 | | | 36,580 | | | 19 | |
| 12-31-23 | | | 10.72 | | | (0.01 | )• | | 0.66 | | | 0.65 | | | 0.17 | | | — | | | — | | | 0.17 | | | — | | | 11.20 | | | 6.02 | | | 1.85 | | | 1.81 | | | 1.81 | | | (0.06 | ) | | 36,809 | | | 29 | |
| 12-31-22 | | | 21.50 | | | (0.03 | )• | | (5.71 | ) | | (5.74 | ) | | — | | | 5.04 | | | — | | | 5.04 | | | — | | | 10.72 | | | (26.35 | ) | | 1.86 | | | 1.86 | | | 1.86 | | | (0.25 | ) | | 37,190 | | | 18 | |
| 12-31-21 | | | 25.92 | | | (0.25 | )• | | (2.19 | ) | | (2.44 | ) | | — | | | 1.98 | | | — | | | 1.98 | | | — | | | 21.50 | | | (10.30 | ) | | 1.86 | | | 1.86 | | | 1.86 | | | (1.01 | ) | | 54,012 | | | 25 | |
| 12-31-20 | | | 21.02 | | | (0.17 | ) | | 6.57 | | | 6.40 | | | 0.01 | | | 1.49 | | | — | | | 1.50 | | | — | | | 25.92 | | | 32.71 | | | 1.85 | | | 1.85 | | | 1.85 | | | (0.80 | ) | | 58,266 | | | 22 | |
| 12-31-19 | | | 16.95 | | | 0.01 | | | 5.24 | | | 5.25 | | | — | | | 1.18 | | | — | | | 1.18 | | | — | | | 21.02 | | | 31.47 | | | 1.86 | | | 1.86 | | | 1.86 | | | 0.03 | | | 50,224 | | | 21 | |
| Class I |
| 06-30-24+ | | | 12.55 | | | 0.10 | • | | 0.51 | | | 0.61 | | | — | | | — | | | — | | | — | | | — | | | 13.16 | | | 4.69 | | | 1.26 | | | 1.19 | | | 1.19 | | | 1.63 | | | 62,233 | | | 19 | |
| 12-31-23 | | | 11.99 | | | 0.06 | • | | 0.74 | | | 0.80 | | | 0.24 | | | — | | | — | | | 0.24 | | | — | | | 12.55 | | | 6.64 | | | 1.25 | | | 1.21 | | | 1.21 | | | 0.49 | | | 62,596 | | | 29 | |
| 12-31-22 | | | 23.10 | | | 0.05 | • | | (6.12 | ) | | (6.07 | ) | | — | | | 5.04 | | | — | | | 5.04 | | | — | | | 11.99 | | | (25.89 | ) | | 1.26 | | | 1.26 | | | 1.26 | | | 0.36 | | | 60,063 | | | 18 | |
| 12-31-21 | | | 27.55 | | | (0.11 | )• | | (2.36 | ) | | (2.47 | ) | | — | | | 1.98 | | | — | | | 1.98 | | | — | | | 23.10 | | | (9.78 | ) | | 1.26 | | | 1.26 | | | 1.26 | | | (0.40 | ) | | 80,785 | | | 25 | |
| 12-31-20 | | | 22.24 | | | (0.04 | ) | | 6.98 | | | 6.94 | | | 0.14 | | | 1.49 | | | — | | | 1.63 | | | — | | | 27.55 | | | 33.52 | | | 1.25 | | | 1.25 | | | 1.25 | | | (0.20 | ) | | 94,067 | | | 22 | |
| 12-31-19 | | | 17.80 | | | 0.13 | | | 5.52 | | | 5.65 | | | 0.03 | | | 1.18 | | | — | | | 1.21 | | | — | | | 22.24 | | | 32.23 | | | 1.26 | | | 1.26 | | | 1.26 | | | 0.62 | | | 79,674 | | | 21 | |
| Class S |
| 06-30-24+ | | | 12.32 | | | 0.08 | • | | 0.51 | | | 0.59 | | | — | | | — | | | — | | | — | | | — | | | 12.91 | | | 4.62 | | | 1.51 | | | 1.44 | | | 1.44 | | | 1.37 | | | 184,092 | | | 19 | |
| 12-31-23 | | | 11.77 | | | 0.04 | • | | 0.72 | | | 0.76 | | | 0.21 | | | — | | | — | | | 0.21 | | | — | | | 12.32 | | | 6.38 | | | 1.50 | | | 1.46 | | | 1.46 | | | 0.31 | | | 191,201 | | | 29 | |
| 12-31-22 | | | 22.86 | | | 0.01 | • | | (6.06 | ) | | (6.05 | ) | | — | | | 5.04 | | | — | | | 5.04 | | | — | | | 11.77 | | | (26.11 | ) | | 1.51 | | | 1.51 | | | 1.51 | | | 0.10 | | | 205,544 | | | 18 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)
(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® JPMorgan Emerging Markets Equity Portfolio (continued) |
| Class S (continued) |
| 12-31-21 | | | 27.35 | | | (0.17 | )• | | (2.34 | ) | | (2.51 | ) | | — | | | 1.98 | | | — | | | 1.98 | | | — | | | 22.86 | | | (10.00 | ) | | 1.51 | | | 1.51 | | | 1.51 | | | (0.64 | ) | | 320,977 | | | 25 | |
| 12-31-20 | | | 22.08 | | | (0.10 | )• | | 6.94 | | | 6.84 | | | 0.08 | | | 1.49 | | | — | | | 1.57 | | | — | | | 27.35 | | | 33.23 | | | 1.50 | | | 1.50 | | | 1.50 | | | (0.45 | ) | | 411,371 | | | 22 | |
| 12-31-19 | | | 17.70 | | | 0.08 | | | 5.48 | | | 5.56 | | | 0.00 | * | | 1.18 | | | — | | | 1.18 | | | — | | | 22.08 | | | 31.91 | | | 1.51 | | | 1.51 | | | 1.51 | | | 0.38 | | | 370,441 | | | 21 | |
| Class S2 |
| 06-30-24+ | | | 12.02 | | | 0.07 | • | | 0.49 | | | 0.56 | | | — | | | — | | | — | | | — | | | — | | | 12.58 | | | 4.48 | | | 1.66 | | | 1.59 | | | 1.59 | | | 1.23 | | | 4,814 | | | 19 | |
| 12-31-23 | | | 11.48 | | | 0.03 | • | | 0.69 | | | 0.72 | | | 0.18 | | | — | | | — | | | 0.18 | | | — | | | 12.02 | | | 6.25 | | | 1.65 | | | 1.61 | | | 1.61 | | | 0.23 | | | 4,950 | | | 29 | |
| 12-31-22 | | | 22.50 | | | (0.01 | )• | | (5.97 | ) | | (5.98 | ) | | — | | | 5.04 | | | — | | | 5.04 | | | — | | | 11.48 | | | (26.23 | ) | | 1.66 | | | 1.66 | | | 1.66 | | | (0.06 | ) | | 6,126 | | | 18 | |
| 12-31-21 | | | 26.98 | | | (0.20 | )• | | (2.30 | ) | | (2.50 | ) | | — | | | 1.98 | | | — | | | 1.98 | | | — | | | 22.50 | | | (10.11 | ) | | 1.66 | | | 1.66 | | | 1.66 | | | (0.79 | ) | | 10,071 | | | 25 | |
| 12-31-20 | | | 21.80 | | | (0.13 | )• | | 6.85 | | | 6.72 | | | 0.05 | | | 1.49 | | | — | | | 1.54 | | | — | | | 26.98 | | | 33.03 | | | 1.65 | | | 1.65 | | | 1.65 | | | (0.60 | ) | | 13,424 | | | 22 | |
| 12-31-19 | | | 17.52 | | | 0.05 | | | 5.41 | | | 5.46 | | | — | | | 1.18 | | | — | | | 1.18 | | | — | | | 21.80 | | | 31.64 | | | 1.66 | | | 1.66 | | | 1.66 | | | 0.24 | | | 11,567 | | | 21 | |
| VY® Morgan Stanley Global Franchise Portfolio |
| Class ADV |
| 06-30-24+ | | | 14.14 | | | 0.01 | • | | 0.36 | | | 0.37 | | | — | | | — | | | — | | | — | | | — | | | 14.51 | | | 2.62 | | | 1.59 | | | 1.56 | | | 1.56 | | | 0.08 | | | 98,957 | | | 14 | |
| 12-31-23 | | | 13.36 | | | 0.03 | • | | 2.01 | | | 2.04 | | | 0.03 | | | 1.23 | | | — | | | 1.26 | | | — | | | 14.14 | | | 15.52 | | | 1.58 | | | 1.56 | | | 1.56 | | | 0.20 | | | 104,981 | | | 15 | |
| 12-31-22 | | | 18.19 | | | 0.02 | • | | (3.31 | ) | | (3.29 | ) | | 0.05 | | | 1.49 | | | — | | | 1.54 | | | — | | | 13.36 | | | (17.90 | ) | | 1.58 | | | 1.55 | | | 1.55 | | | 0.16 | | | 103,692 | | | 14 | |
| 12-31-21 | | | 16.52 | | | 0.03 | • | | 3.34 | | | 3.37 | | | 0.09 | | | 1.61 | | | — | | | 1.70 | | | — | | | 18.19 | | | 21.26 | | | 1.57 | | | 1.54 | | | 1.54 | | | 0.18 | | | 138,475 | | | 11 | |
| 12-31-20 | | | 16.06 | | | 0.06 | | | 1.86 | | | 1.92 | | | 0.09 | | | 1.37 | | | — | | | 1.46 | | | — | | | 16.52 | | | 12.87 | | | 1.57 | | | 1.54 | | | 1.54 | | | 0.40 | | | 120,606 | | | 16 | |
| 12-31-19 | | | 14.01 | | | 0.06 | | | 3.89 | | | 3.95 | | | 0.10 | | | 1.80 | | | — | | | 1.90 | | | — | | | 16.06 | | | 28.89 | | | 1.57 | | | 1.54 | | | 1.54 | | | 0.48 | | | 110,093 | | | 16 | |
| Class R6 |
| 06-30-24+ | | | 15.83 | | | 0.06 | • | | 0.39 | | | 0.45 | | | — | | | — | | | — | | | — | | | — | | | 16.28 | | | 2.84 | | | 0.99 | | | 0.96 | | | 0.96 | | | 0.69 | | | 1,473 | | | 14 | |
| 12-31-23 | | | 14.81 | | | 0.12 | • | | 2.26 | | | 2.38 | | | 0.13 | | | 1.23 | | | — | | | 1.36 | | | — | | | 15.83 | | | 16.30 | | | 0.98 | | | 0.96 | | | 0.96 | | | 0.80 | | | 1,773 | | | 15 | |
| 12-31-22 | | | 19.98 | | | 0.12 | • | | (3.64 | ) | | (3.52 | ) | | 0.16 | | | 1.49 | | | — | | | 1.65 | | | — | | | 14.81 | | | (17.43 | ) | | 0.98 | | | 0.95 | | | 0.95 | | | 0.77 | | | 1,673 | | | 14 | |
| 12-31-21 | | | 17.97 | | | 0.15 | • | | 3.65 | | | 3.80 | | | 0.18 | | | 1.61 | | | — | | | 1.79 | | | — | | | 19.98 | | | 22.01 | | | 0.97 | | | 0.94 | | | 0.94 | | | 0.79 | | | 1,828 | | | 11 | |
| 12-31-20 | | | 17.33 | | | 0.17 | • | | 2.01 | | | 2.18 | | | 0.17 | | | 1.37 | | | — | | | 1.54 | | | — | | | 17.97 | | | 13.55 | | | 0.97 | | | 0.94 | | | 0.94 | | | 0.98 | | | 1,301 | | | 16 | |
| 12-31-19 | | | 14.97 | | | 0.18 | • | | 4.17 | | | 4.35 | | | 0.19 | | | 1.80 | | | — | | | 1.99 | | | — | | | 17.33 | | | 29.74 | | | 0.97 | | | 0.94 | | | 0.94 | | | 1.07 | | | 635 | | | 19 | |
| Class S |
| 06-30-24+ | | | 15.89 | | | 0.03 | • | | 0.41 | | | 0.44 | | | — | | | — | | | — | | | — | | | — | | | 16.33 | | | 2.77 | | | 1.24 | | | 1.21 | | | 1.21 | | | 0.43 | | | 171,935 | | | 14 | |
| 12-31-23 | | | 14.87 | | | 0.08 | • | | 2.25 | | | 2.33 | | | 0.08 | | | 1.23 | | | — | | | 1.31 | | | — | | | 15.89 | | | 15.91 | | | 1.23 | | | 1.21 | | | 1.21 | | | 0.55 | | | 183,705 | | | 15 | |
| 12-31-22 | | | 20.02 | | | 0.08 | • | | (3.64 | ) | | (3.56 | ) | | 0.10 | | | 1.49 | | | — | | | 1.59 | | | — | | | 14.87 | | | (17.58 | ) | | 1.23 | | | 1.20 | | | 1.20 | | | 0.51 | | | 185,295 | | | 14 | |
| 12-31-21 | | | 18.01 | | | 0.10 | • | | 3.65 | | | 3.75 | | | 0.13 | | | 1.61 | | | — | | | 1.74 | | | — | | | 20.02 | | | 21.66 | | | 1.22 | | | 1.19 | | | 1.19 | | | 0.52 | | | 260,008 | | | 11 | |
| 12-31-20 | | | 17.36 | | | 0.14 | | | 2.01 | | | 2.15 | | | 0.13 | | | 1.37 | | | — | | | 1.50 | | | — | | | 18.01 | | | 13.28 | | | 1.22 | | | 1.19 | | | 1.19 | | | 0.74 | | | 260,901 | | | 16 | |
| 12-31-19 | | | 15.00 | | | 0.14 | • | | 4.16 | | | 4.30 | | | 0.14 | | | 1.80 | | | — | | | 1.94 | | | — | | | 17.36 | | | 29.34 | | | 1.22 | | | 1.19 | | | 1.19 | | | 0.82 | | | 266,633 | | | 16 | |
| Class S2 |
| 06-30-24+ | | | 15.67 | | | 0.02 | • | | 0.39 | | | 0.41 | | | — | | | — | | | — | | | — | | | — | | | 16.08 | | | 2.62 | | | 1.39 | | | 1.36 | | | 1.36 | | | 0.28 | | | 26,680 | | | 14 | |
| 12-31-23 | | | 14.67 | | | 0.06 | • | | 2.22 | | | 2.28 | | | 0.05 | | | 1.23 | | | — | | | 1.28 | | | — | | | 15.67 | | | 15.80 | | | 1.38 | | | 1.36 | | | 1.36 | | | 0.39 | | | 28,173 | | | 15 | |
| 12-31-22 | | | 19.77 | | | 0.06 | • | | (3.60 | ) | | (3.54 | ) | | 0.07 | | | 1.49 | | | — | | | 1.56 | | | — | | | 14.67 | | | (17.72 | ) | | 1.38 | | | 1.35 | | | 1.35 | | | 0.36 | | | 28,024 | | | 14 | |
| 12-31-21 | | | 17.80 | | | 0.07 | • | | 3.61 | | | 3.68 | | | 0.10 | | | 1.61 | | | — | | | 1.71 | | | — | | | 19.77 | | | 21.53 | | | 1.37 | | | 1.34 | | | 1.34 | | | 0.37 | | | 40,135 | | | 11 | |
| 12-31-20 | | | 17.18 | | | 0.11 | | | 1.98 | | | 2.09 | | | 0.10 | | | 1.37 | | | — | | | 1.47 | | | — | | | 17.80 | | | 13.06 | | | 1.37 | | | 1.34 | | | 1.34 | | | 0.60 | | | 38,585 | | | 16 | |
| 12-31-19 | | | 14.86 | | | 0.11 | • | | 4.13 | | | 4.24 | | | 0.12 | | | 1.80 | | | — | | | 1.92 | | | — | | | 17.18 | | | 29.15 | | | 1.37 | | | 1.34 | | | 1.34 | | | 0.67 | | | 38,888 | | | 16 | |
| VY® T. Rowe Price Capital Appreciation Portfolio |
| Class ADV |
| 06-30-24+ | | | 24.19 | | | 0.23 | • | | 1.41 | | | 1.64 | | | — | | | — | | | — | | | — | | | — | | | 25.83 | | | 6.78 | | | 1.24 | | | 1.24 | | | 1.24 | | | 1.85 | | | 1,942,951 | | | 38 | |
| 12-31-23 | | | 23.00 | | | 0.44 | • | | 3.58 | | | 4.02 | | | 0.14 | | | 2.69 | | | — | | | 2.83 | | | — | | | 24.19 | | | 18.16 | | | 1.24 | | | 1.24 | | | 1.24 | | | 1.86 | | | 1,826,729 | | | 75 | |
| 12-31-22 | | | 30.88 | | | 0.25 | • | | (4.19 | ) | | (3.94 | ) | | 0.26 | | | 3.68 | | | — | | | 3.94 | | | — | | | 23.00 | | | (12.47 | ) | | 1.24 | | | 1.24 | | | 1.24 | | | 0.95 | | | 1,586,695 | | | 90 | |
| 12-31-21 | | | 29.91 | | | 0.14 | • | | 4.98 | | | 5.12 | | | 0.16 | | | 3.99 | | | — | | | 4.15 | | | — | | | 30.88 | | | 17.97 | | | 1.24 | | | 1.24 | | | 1.24 | | | 0.47 | | | 1,891,868 | | | 58 | |
| 12-31-20 | | | 27.98 | | | 0.20 | • | | 4.33 | | | 4.53 | | | 0.29 | | | 2.31 | | | — | | | 2.60 | | | — | | | 29.91 | | | 17.54 | | | 1.24 | | | 1.24 | | | 1.24 | | | 0.71 | | | 1,555,873 | | | 98 | |
| 12-31-19 | | | 24.10 | | | 0.25 | | | 5.46 | | | 5.71 | | | 0.34 | | | 1.49 | | | — | | | 1.83 | | | — | | | 27.98 | | | 23.99 | | | 1.24 | | | 1.24 | | | 1.24 | | | 1.02 | | | 1,353,246 | | | 53 | |
| Class I |
| 06-30-24+ | | | 26.09 | | | 0.33 | • | | 1.51 | | | 1.84 | | | — | | | — | | | — | | | — | | | — | | | 27.93 | | | 7.05 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.45 | | | 1,813,043 | | | 38 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)
(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® T. Rowe Price Capital Appreciation Portfolio (continued) |
| Class I (continued) |
| 12-31-23 | | | 24.83 | | | 0.63 | • | | 3.90 | | | 4.53 | | | 0.58 | | | 2.69 | | | — | | | 3.27 | | | — | | | 26.09 | | | 18.92 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.46 | | | 1,712,529 | | | 75 | |
| 12-31-22 | | | 32.96 | | | 0.44 | • | | (4.48 | ) | | (4.04 | ) | | 0.41 | | | 3.68 | | | — | | | 4.09 | | | — | | | 24.83 | | | (11.96 | ) | | 0.64 | | | 0.64 | | | 0.64 | | | 1.57 | | | 1,447,933 | | | 90 | |
| 12-31-21 | | | 31.64 | | | 0.35 | • | | 5.29 | | | 5.64 | | | 0.33 | | | 3.99 | | | — | | | 4.32 | | | — | | | 32.96 | | | 18.67 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.07 | | | 1,553,598 | | | 58 | |
| 12-31-20 | | | 29.41 | | | 0.38 | • | | 4.61 | | | 4.99 | | | 0.45 | | | 2.31 | | | — | | | 2.76 | | | — | | | 31.64 | | | 18.28 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.31 | | | 1,280,224 | | | 98 | |
| 12-31-19 | | | 25.23 | | | 0.43 | | | 5.73 | | | 6.16 | | | 0.49 | | | 1.49 | | | — | | | 1.98 | | | — | | | 29.41 | | | 24.71 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.62 | | | 1,673,642 | | | 53 | |
| Class R6 |
| 06-30-24+ | | | 26.11 | | | 0.33 | • | | 1.52 | | | 1.85 | | | — | | | — | | | — | | | — | | | — | | | 27.96 | | | 7.09 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.45 | | | 648,236 | | | 38 | |
| 12-31-23 | | | 24.85 | | | 0.63 | • | | 3.90 | | | 4.53 | | | 0.58 | | | 2.69 | | | — | | | 3.27 | | | — | | | 26.11 | | | 18.90 | | | 0.64 | | | 0.64 | | | 0.64 | | | 2.46 | | | 621,535 | | | 75 | |
| 12-31-22 | | | 32.98 | | | 0.44 | • | | (4.48 | ) | | (4.04 | ) | | 0.41 | | | 3.68 | | | — | | | 4.09 | | | — | | | 24.85 | | | (11.96 | ) | | 0.64 | | | 0.64 | | | 0.64 | | | 1.55 | | | 525,750 | | | 90 | |
| 12-31-21 | | | 31.66 | | | 0.35 | • | | 5.29 | | | 5.64 | | | 0.33 | | | 3.99 | | | — | | | 4.32 | | | — | | | 32.98 | | | 18.66 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.07 | | | 620,373 | | | 58 | |
| 12-31-20 | | | 29.43 | | | 0.38 | • | | 4.61 | | | 4.99 | | | 0.45 | | | 2.31 | | | — | | | 2.76 | | | — | | | 31.66 | | | 18.27 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.30 | | | 542,043 | | | 98 | |
| 12-31-19 | | | 25.24 | | | 0.46 | • | | 5.71 | | | 6.17 | | | 0.49 | | | 1.49 | | | — | | | 1.98 | | | — | | | 29.43 | | | 24.74 | | | 0.64 | | | 0.64 | | | 0.64 | | | 1.62 | | | 181,835 | | | 53 | |
| Class S |
| 06-30-24+ | | | 26.08 | | | 0.29 | • | | 1.52 | | | 1.81 | | | — | | | — | | | — | | | — | | | — | | | 27.89 | | | 6.94 | | | 0.89 | | | 0.89 | | | 0.89 | | | 2.20 | | | 3,916,565 | | | 38 | |
| 12-31-23 | | | 24.83 | | | 0.57 | • | | 3.89 | | | 4.46 | | | 0.52 | | | 2.69 | | | — | | | 3.21 | | | — | | | 26.08 | | | 18.60 | | | 0.89 | | | 0.89 | | | 0.89 | | | 2.20 | | | 3,912,825 | | | 75 | |
| 12-31-22 | | | 32.96 | | | 0.36 | • | | (4.47 | ) | | (4.11 | ) | | 0.34 | | | 3.68 | | | — | | | 4.02 | | | — | | | 24.83 | | | (12.18 | ) | | 0.89 | | | 0.89 | | | 0.89 | | | 1.30 | | | 3,757,937 | | | 90 | |
| 12-31-21 | | | 31.64 | | | 0.27 | • | | 5.29 | | | 5.56 | | | 0.25 | | | 3.99 | | | — | | | 4.24 | | | — | | | 32.96 | | | 18.40 | | | 0.89 | | | 0.89 | | | 0.89 | | | 0.82 | | | 4,700,019 | | | 58 | |
| 12-31-20 | | | 29.42 | | | 0.32 | | | 4.59 | | | 4.91 | | | 0.38 | | | 2.31 | | | — | | | 2.69 | | | — | | | 31.64 | | | 17.79 | | | 0.89 | | | 0.89 | | | 0.89 | | | 1.06 | | | 4,426,278 | | | 98 | |
| 12-31-19 | | | 25.25 | | | 0.39 | • | | 5.69 | | | 6.08 | | | 0.42 | | | 1.49 | | | — | | | 1.91 | | | — | | | 29.42 | | | 24.36 | | | 0.89 | | | 0.89 | | | 0.89 | | | 1.37 | | | 4,163,308 | | | 53 | |
| Class S2 |
| 06-30-24+ | | | 25.64 | | | 0.27 | • | | 1.48 | | | 1.75 | | | — | | | — | | | — | | | — | | | — | | | 27.39 | | | 6.83 | | | 1.04 | | | 1.04 | | | 1.04 | | | 2.05 | | | 57,272 | | | 38 | |
| 12-31-23 | | | 24.55 | | | 0.52 | • | | 3.84 | | | 4.36 | | | 0.58 | | | 2.69 | | | — | | | 3.27 | | | — | | | 25.64 | | | 18.42 | | | 1.04 | | | 1.04 | | | 1.04 | | | 2.05 | | | 56,946 | | | 75 | |
| 12-31-22 | | | 32.63 | | | 0.32 | • | | (4.43 | ) | | (4.11 | ) | | 0.29 | | | 3.68 | | | — | | | 3.97 | | | — | | | 24.55 | | | (12.30 | ) | | 1.04 | | | 1.04 | | | 1.04 | | | 1.14 | | | 53,434 | | | 90 | |
| 12-31-21 | | | 31.37 | | | 0.22 | • | | 5.23 | | | 5.45 | | | 0.20 | | | 3.99 | | | — | | | 4.19 | | | — | | | 32.63 | | | 18.19 | | | 1.04 | | | 1.04 | | | 1.04 | | | 0.67 | | | 71,364 | | | 58 | |
| 12-31-20 | | | 29.19 | | | 0.28 | | | 4.54 | | | 4.82 | | | 0.33 | | | 2.31 | | | — | | | 2.64 | | | — | | | 31.37 | | | 17.82 | | | 1.04 | | | 1.04 | | | 1.04 | | | 0.91 | | | 70,966 | | | 98 | |
| 12-31-19 | | | 25.06 | | | 0.34 | • | | 5.65 | | | 5.99 | | | 0.37 | | | 1.49 | | | — | | | 1.86 | | | — | | | 29.19 | | | 24.19 | | | 1.04 | | | 1.04 | | | 1.04 | | | 1.22 | | | 73,222 | | | 53 | |
| VY® T. Rowe Price Equity Income Portfolio |
| Class ADV |
| 06-30-24+ | | | 9.70 | | | 0.08 | • | | 0.66 | | | 0.74 | | | — | | | — | | | — | | | — | | | — | | | 10.44 | | | 7.63 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.58 | | | 59,949 | | | 12 | |
| 12-31-23 | | | 9.64 | | | 0.15 | • | | 0.68 | | | 0.83 | | | 0.16 | | | 0.61 | | | — | | | 0.77 | | | — | | | 9.70 | | | 8.94 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.63 | | | 57,865 | | | 16 | |
| 12-31-22 | | | 11.48 | | | 0.16 | • | | (0.67 | ) | | (0.51 | ) | | 0.17 | | | 1.16 | | | — | | | 1.33 | | | — | | | 9.64 | | | (3.85 | ) | | 1.24 | | | 1.21 | | | 1.21 | | | 1.57 | | | 60,127 | | | 18 | |
| 12-31-21 | | | 9.46 | | | 0.12 | • | | 2.23 | | | 2.35 | | | 0.14 | | | 0.19 | | | — | | | 0.33 | | | — | | | 11.48 | | | 24.97 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.12 | | | 58,287 | | | 19 | |
| 12-31-20 | | | 9.97 | | | 0.17 | | | (0.19 | ) | | (0.02 | ) | | 0.37 | | | 0.12 | | | — | | | 0.49 | | | — | | | 9.46 | | | 0.64 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.87 | | | 47,110 | | | 25 | |
| 12-31-19 | | | 10.74 | | | 0.21 | • | | 2.42 | | | 2.63 | | | 0.26 | | | 3.14 | | | — | | | 3.40 | | | — | | | 9.97 | | | 25.93 | | | 1.24 | | | 1.21 | | | 1.21 | | | 1.82 | | | 51,293 | | | 17 | |
| Class I |
| 06-30-24+ | | | 10.03 | | | 0.11 | • | | 0.68 | | | 0.79 | | | — | | | — | | | — | | | — | | | — | | | 10.82 | | | 7.88 | | | 0.64 | | | 0.61 | | | 0.61 | | | 2.18 | | | 64,529 | | | 12 | |
| 12-31-23 | | | 9.94 | | | 0.22 | • | | 0.70 | | | 0.92 | | | 0.22 | | | 0.61 | | | — | | | 0.83 | | | — | | | 10.03 | | | 9.57 | | | 0.64 | | | 0.61 | | | 0.61 | | | 2.23 | | | 61,929 | | | 16 | |
| 12-31-22 | | | 11.78 | | | 0.23 | • | | (0.69 | ) | | (0.46 | ) | | 0.22 | | | 1.16 | | | — | | | 1.38 | | | — | | | 9.94 | | | (3.22 | ) | | 0.64 | | | 0.61 | | | 0.61 | | | 2.14 | | | 67,596 | | | 18 | |
| 12-31-21 | | | 9.70 | | | 0.19 | • | | 2.29 | | | 2.48 | | | 0.21 | | | 0.19 | | | — | | | 0.40 | | | — | | | 11.78 | | | 25.66 | | | 0.64 | | | 0.61 | | | 0.61 | | | 1.71 | | | 73,572 | | | 19 | |
| 12-31-20 | | | 10.27 | | | 0.23 | | | (0.20 | ) | | 0.03 | | | 0.48 | | | 0.12 | | | — | | | 0.60 | | | — | | | 9.70 | | | 1.27 | | | 0.64 | | | 0.61 | | | 0.61 | | | 2.47 | | | 77,346 | | | 25 | |
| 12-31-19 | | | 10.97 | | | 0.29 | • | | 2.47 | | | 2.76 | | | 0.32 | | | 3.14 | | | — | | | 3.46 | | | — | | | 10.27 | | | 26.66 | | | 0.64 | | | 0.61 | | | 0.61 | | | 2.42 | | | 81,596 | | | 17 | |
| Class S |
| 06-30-24+ | | | 10.23 | | | 0.10 | • | | 0.69 | | | 0.79 | | | — | | | — | | | — | | | — | | | — | | | 11.02 | | | 7.72 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.93 | | | 143,553 | | | 12 | |
| 12-31-23 | | | 10.12 | | | 0.20 | • | | 0.71 | | | 0.91 | | | 0.19 | | | 0.61 | | | — | | | 0.80 | | | — | | | 10.23 | | | 9.33 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.98 | | | 137,827 | | | 16 | |
| 12-31-22 | | | 11.96 | | | 0.21 | • | | (0.69 | ) | | (0.48 | ) | | 0.20 | | | 1.16 | | | — | | | 1.36 | | | — | | | 10.12 | | | (3.41 | ) | | 0.89 | | | 0.86 | | | 0.86 | | | 1.88 | | | 141,080 | | | 18 | |
| 12-31-21 | | | 9.85 | | | 0.17 | • | | 2.31 | | | 2.48 | | | 0.18 | | | 0.19 | | | — | | | 0.37 | | | — | | | 11.96 | | | 25.27 | | | 0.89 | | | 0.86 | | | 0.86 | | | 1.47 | | | 158,847 | | | 19 | |
| 12-31-20 | | | 10.31 | | | 0.22 | | | (0.20 | ) | | 0.02 | | | 0.36 | | | 0.12 | | | — | | | 0.48 | | | — | | | 9.85 | | | 0.95 | | | 0.89 | | | 0.86 | | | 0.86 | | | 2.22 | | | 141,486 | | | 25 | |
| 12-31-19 | | | 11.00 | | | 0.25 | • | | 2.50 | | | 2.75 | | | 0.30 | | | 3.14 | | | — | | | 3.44 | | | — | | | 10.31 | | | 26.42 | | | 0.89 | | | 0.86 | | | 0.86 | | | 2.13 | | | 161,388 | | | 17 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | Supplemental
Data | |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | From net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)
(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® T. Rowe Price Equity Income Portfolio (continued) |
| Class S2 |
| 06-30-24+ | | | 9.84 | | | 0.09 | • | | 0.67 | | | 0.76 | | | — | | | — | | | — | | | — | | | — | | | 10.60 | | | 7.72 | | | 1.04 | | | 1.01 | | | 1.01 | | | 1.78 | | | 77,532 | | | 12 | |
| 12-31-23 | | | 9.76 | | | 0.18 | • | | 0.68 | | | 0.86 | | | 0.17 | | | 0.61 | | | — | | | 0.78 | | | — | | | 9.84 | | | 9.12 | | | 1.04 | | | 1.01 | | | 1.01 | | | 1.83 | | | 75,390 | | | 16 | |
| 12-31-22 | | | 11.59 | | | 0.18 | • | | (0.67 | ) | | (0.49 | ) | | 0.18 | | | 1.16 | | | — | | | 1.34 | | | — | | | 9.76 | | | (3.57 | ) | | 1.04 | | | 1.01 | | | 1.01 | | | 1.73 | | | 76,937 | | | 18 | |
| 12-31-21 | | | 9.55 | | | 0.14 | • | | 2.26 | | | 2.40 | | | 0.17 | | | 0.19 | | | — | | | 0.36 | | | — | | | 11.59 | | | 25.15 | | | 1.04 | | | 1.01 | | | 1.01 | | | 1.32 | | | 88,637 | | | 19 | |
| 12-31-20 | | | 10.07 | | | 0.20 | | | (0.20 | ) | | 0.00 | * | | 0.40 | | | 0.12 | | | — | | | 0.52 | | | — | | | 9.55 | | | 0.85 | | | 1.04 | | | 1.01 | | | 1.01 | | | 2.07 | | | 80,591 | | | 25 | |
| 12-31-19 | | | 10.82 | | | 0.23 | • | | 2.44 | | | 2.67 | | | 0.28 | | | 3.14 | | | — | | | 3.42 | | | — | | | 10.07 | | | 26.13 | | | 1.04 | | | 1.01 | | | 1.01 | | | 2.01 | | | 90,172 | | | 17 | |
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| * | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The seven series (each a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Government Liquid Assets Portfolio (“Government Liquid Assets”), VY® CBRE Global Real Estate Portfolio (“CBRE Global Real Estate”), VY® Invesco Growth and Income Portfolio (“Invesco Growth and Income”), VY® JPMorgan Emerging Markets Equity Portfolio (“JPMorgan Emerging Markets Equity”), VY® Morgan Stanley Global Franchise Portfolio (“Morgan Stanley Global Franchise”), VY® T. Rowe Price Capital Appreciation Portfolio (“T. Rowe Price Capital Appreciation”), and VY® T. Rowe Price Equity Income Portfolio (“T. Rowe Price Equity Income”). All of the Portfolios are diversified except for Morgan Stanley Global Franchise, which is a non-diversified Portfolio of the Trust. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are: Adviser (“Class ADV”), Institutional (“Class I”), Class R6, Service (“Class S”) and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to Government Liquid Assets. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Government Liquid Assets uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Liquid Assets, there can be no assurance that the Portfolio’s NAV can be maintained at $1.00 per share.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Global Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Global Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Government Liquid Assets. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. The Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign
(non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolios’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial
transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of June 30, 2024, the maximum amount of loss that Invesco Growth and Income would incur if its counterparties failed to perform would be $90,164 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2024. There was no collateral pledged by any counterparty at June 30, 2024 to any Portfolio.
Certain Portfolios have entered into derivative contracts that contain credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of June 30, 2024, Invesco Growth and Income and T. Rowe Price Capital Appreciation had a liability position of $18,869 and $22,323,766, respectively, on open forward foreign currency contracts and open OTC written options. If a contingent feature would have been triggered as of June
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
30, 2024, each Portfolio could have been required to pay these amounts in cash to its counterparties. There was no cash collateral pledged by any Portfolio as of June 30, 2024.
H. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.
During the period ended June 30, 2024, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. The Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for Invesco Growth and Income for open forward foreign currency contracts at June 30, 2024. CBRE Global Real Estate did not have any open forward foreign currency contracts at June 30, 2024.
| | | Buy | | | Sell | |
| CBRE Global Real Estate | | $ | 161,530 | | | $ | — | |
| Invesco Growth and Income | | | 8,764,880 | | | | 20,794,800 | |
Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal
exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.
Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
The Portfolios did not enter into any futures contracts for the period ended June 30, 2024.
I. Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
During the period ended June 30, 2024, T. Rowe Price Capital Appreciation had written equity options with an average notional value of $477,951,830 to generate income. Please refer to the tables within the Portfolio of Investments for open written equity options at June 30, 2024. T. Rowe Price Capital Appreciation had pledged securities fair valued at $11,723,121 for open written call options and these are footnoted within the Portfolio of Investments.
J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase
price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.
Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (”MRA“) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Government Liquid Assets for open repurchase agreements subject to the MRA on a net basis at June 30, 2024.
K. Securities Lending. Each Portfolio may temporarily loan up to 33⅓% (except for JPMorgan Emerging Markets Equity which may temporarily loan up to 30%) of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
M. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended June 30, 2024, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:
| | | Purchases | | | Sales | |
| CBRE Global Real Estate | | $ | 70,589,377 | | | $ | 72,631,694 | |
| Invesco Growth and Income | | | 37,491,129 | | | | 76,733,916 | |
| JPMorgan Emerging Markets Equity | | | 53,703,097 | | | | 73,533,249 | |
| Morgan Stanley Global Franchise | | | 43,017,960 | | | | 71,471,517 | |
| T. Rowe Price Capital Appreciation | | | 2,376,237,908 | | | | 2,456,194,072 | |
| T. Rowe Price Equity Income | | | 40,252,840 | | | | 51,392,302 | |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales | |
| T. Rowe Price Capital Appreciation | | $ | 611,594,014 | | | $ | 572,007,739 | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
CBRE Global Real Estate has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | Fee |
| CBRE Global Real Estate(1) | | 0.90% on the first $250 million;
0.875% on the next $250 million;
0.80% on the amount in excess of $500 million |
| (1) | Effective May 1, 2024, the Board approved the expiration of the management fee waiver. Prior to May1, 2024, the Investment Adviser was contractually obligated to waive 0.033% of the management fee for CBRE Global Real Estate. Any fees waived or reimbursed are not eligible for recoupment. |
With the exception of CBRE Global Real Estate, the Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the “Unified Agreement”). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio’s assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser’s expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a “Unified Fee”) based on the following annual rates of the average daily net assets of the Portfolios:
| Portfolio | | Fee |
| Government Liquid Assets(2) | | 0.35% on the first $200 million;
0.30% on the next $300 million;
0.25% on the amount in excess of $500 million |
| JPMorgan Emerging Markets Equity | | 1.25% |
| Morgan Stanley Global Franchise(3) | | 1.00% on the first $250 million;
0.90% on the next $250 million;
0.75% on the amount in excess of $500 million |
| Invesco Growth and Income,(3) | | 0.75% first $750 million; |
T. Rowe Price Capital Appreciation, and
T. Rowe Price Equity Income(3)(4) | | 0.70% on the next $1.25 billion;
0.65% on the next $1.5 billion;
0.60% on the amount in excess of $3.5 billion |
| (2) | The assets of Government Liquid Assets are aggregated with those of Voya Limited Maturity Bond Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio. |
| | |
| (3) | The Investment Adviser is contractually obligated to waive 0.026%, 0.030% and 0.030% of the Unified Fee for Morgan Stanley Global Franchise, Invesco Growth and Income, and T. Rowe Price Equity |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
| | Income, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board. |
| | |
| (4) | The assets of Invesco Growth and Income, T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income are aggregated with those of VY® CBRE Real Estate Portfolio, which is not included in this report, to determine the Unified Fee applicable to the respective Portfolios. |
The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or Investment Adviser may determine, the sub-advisers manage each respective Portfolio’s assets in accordance with the Portfolio’s investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (*denotes an affiliated sub-adviser):
| Portfolio | | Sub-Adviser |
| Government Liquid Assets | | Voya Investment Management Co. LLC |
| CBRE Global Real Estate | | CBRE Investment Management Listed Real Assets LLC(1) |
| Invesco Growth and Income | | Invesco Advisers, Inc. |
| JPMorgan Emerging Markets Equity | | J.P. Morgan Investment Management Inc. |
| Morgan Stanley Global Franchise | | Morgan Stanley Investment |
| T. Rowe Price Capital Appreciation | | T. Rowe Price Associates, Inc. |
| T. Rowe Price Equity Income | | T. Rowe Price Associates, Inc. |
| (1) | Previously known as CBRE Clarion Securities LLC. |
NOTE 5 — DISTRIBUTION AND SERVICE FEES
The Trust has entered into a shareholder service plan (the “Plan”) for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the “Class S2 Plan”) with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services, including payments to the Distributor at an annual rate of 0.15% of the average daily net assets attributable to Class S2 shares.
Each Portfolio that offers Class ADV shares has a shareholder service and distribution plan. Class ADV shares pay a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio’s average daily net assets attributable to Class ADV shares.
The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and Unified Fee, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Liquid Assets in maintaining a yield of not less than zero through May 1, 2025. There is no guarantee that the Portfolio will maintain such a yield. Unified Fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the period ended June 30, 2024, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero.
Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2024, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:
| | | June 30, | | | |
| | | | 2025 | | | | 2026 | | | | 2027 | | | | Total | |
| Government Liquid Assets | | $ | 1,388,450 | | | $ | — | | | $ | — | | | $ | 1,388,450 | |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At June 30, 2024, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
| Subsidiary | | Portfolio | | Percentage |
| ReliaStar Life Insurance Company | | T. Rowe Price Equity Income | | | 6.98 | % |
| Security Life of Denver Insurance Company | | CBRE Global Real Estate | | | 5.15 | |
| | | JPMorgan Emerging Markets Equity | | | 11.12 | |
| | T. Rowe Price Equity Income | | | 9.34 | |
| Voya Institutional Trust Company | | Government Liquid Assets | | | 70.02 | |
| | | CBRE Global Real Estate | | | 9.24 | |
| | | Invesco Growth and Income | | | 5.43 | |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
| | | JPMorgan Emerging Markets Equity | | | 13.48 | |
| | | Morgan Stanley Global Franchise | | | 35.68 | |
| | | T. Rowe Price Capital Appreciation | | | 35.76 | |
| | | T. Rowe Price Equity Income | | | 41.11 | |
| Voya Retirement Insurance and Annuity Company | | CBRE Global Real Estate | | | 33.53 | |
| | | Invesco Growth and Income | | | 25.56 | |
| | | JPMorgan Emerging Markets Equity | | | 18.00 | |
| | | T. Rowe Price Capital Appreciation | | | 32.38 | |
| | | T. Rowe Price Equity Income | | | 42.45 | |
The Investment Adviser may direct the Portfolios’ sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
CBRE Global Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June
30, 2024, the per account fees for affiliated recordkeeping services paid by the Portfolio were $95,095.
NOTE 7 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the below Portfolio, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| Portfolio | |
Class
ADV | | Class I | | Class
S | | Class
S2 |
| CBRE Global Real Estate | | 1.50% | | 0.90% | | 1.15% | | 1.30% |
Pursuant to a side letter agreement effective January 1, 2024 through May 1, 2025, the Investment Adviser has lowered the expense limits to the levels listed below for JPMorgan Emerging Markets Equity. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.
| Portfolio | | Class ADV | | Class
I | | Class
S | | Class
S2(1) |
| JPMorgan Emerging Markets Equity | | 1.79% | | 1.19% | | 1.44% | | 1.59% |
| (1) | Prior to January 1, 2024, the side letter agreement was 1.81%, 1.21%, 1.46% and 1.61% for Class ADV, Class I, Class S and Class S2, respectively. |
With the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of June 30, 2024, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
| | | June 30, | | | | | |
| | | 2025 | | | 2026 | | | 2027 | | | Total | |
| CBRE Global Real Estate | | $ | 340,829 | | | $ | 223,823 | | | $ | 104,573 | | | $ | 669,225 | |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of June 30, 2024, are as follows:
| | | June 30, | | | | |
| | | 2025 | | | 2026 | | | 2027 | | | Total | |
| CBRE Global Real Estate |
| Class ADV | | $ | — | | | $ | 6,350 | | | $ | 11,343 | | | $ | 17,693 | |
| Class I | | | — | | | | 59,038 | | | | 120,668 | | | | 179,706 | |
| Class S | | | — | | | | 37,735 | | | | 66,108 | | | | 103,843 | |
| Class S2 | | | — | | | | 433 | | | | 727 | | | | 1,160 | |
The Expense Limitation Agreement is contractual through March 1, 2025, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 8 — LINE OF CREDIT
Effective June 10, 2024, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The below Portfolios utilized the line of credit during the period ended June 30, 2024:
| | | | | | | | | Approximate |
| | | | | | Approximate | | Weighted |
| | | | | | Average | | Average |
| | | | | | Daily Balance | | Interest Rate |
| | | Days | | | For Days | | For Days |
| Portfolio | | Utilized | | | Utilized | | Utilized |
| CBRE Global Real Estate | | 2 | | | $ | 1,181,000 | | | | 6.33 | % |
| Invesco Growth and Income | | 3 | | | | 8,850,000 | (1) | | | 6.33 | |
| JPMorgan Emerging Markets Equity | | 5 | | | | 814,000 | | | | 6.33 | |
| (1) | As of June 30, 2024, Invesco Growth and Income had an outstanding balance of $8,850,000. |
| | | | | | | | | | | | | | | | | | Net | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | increase | | | | | | Proceeds | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | (decrease) | | | | | | from | | | | | | | | | | | | |
| | | | | | Shares | | | Reinvestment | | | | | | | | | in | | | | | | shares | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | ($) | | | ($) | | | ($) | | | ($) | |
| Government Liquid Assets |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 12,567,499 | | | — | | | 1,612,600 | | | (9,313,836 | ) | | — | | | 4,866,263 | | | 12,567,499 | | | — | | | 1,612,600 | | | (9,313,836 | ) | | — | | | 4,866,263 | |
| 12/31/2023 | | 25,792,071 | | | — | | | 3,650,543 | | | (31,878,200 | ) | | — | | | (2,435,586 | ) | | 25,792,071 | | | — | | | 3,650,543 | | | (31,878,200 | ) | | — | | | (2,435,586 | ) |
| Class S |
| 6/30/2024 | | 33,837,071 | | | — | | | 5,433,605 | | | (59,468,607 | ) | | — | | | (20,197,931 | ) | | 33,837,071 | | | — | | | 5,433,605 | | | (59,468,607 | ) | | — | | | (20,197,931 | ) |
| 12/31/2023 | | 52,083,030 | | | — | | | 13,597,510 | | | (107,311,404 | ) | | — | | | (41,630,864 | ) | | 52,083,031 | | | — | | | 13,597,510 | | | (107,311,404 | ) | | — | | | (41,630,863 | ) |
| Class S2 |
| 6/30/2024 | | 62,412,686 | | | — | | | 13,760,947 | | | (45,734,438 | ) | | — | | | 30,439,195 | | | 62,412,686 | | | — | | | 13,760,947 | | | (45,734,438 | ) | | — | | | 30,439,195 | |
| 12/31/2023 | | 169,260,541 | | | — | | | 27,752,307 | | | (107,774,139 | ) | | — | | | 89,238,709 | | | 169,260,539 | | | — | | | 27,752,309 | | | (107,774,139 | ) | | — | | | 89,238,709 | |
| CBRE Global Real Estate |
| Class ADV |
| 6/30/2024 | | 22,070 | | | — | | | — | | | (95,334 | ) | | — | | | (73,264 | ) | | 214,515 | | | — | | | — | | | (914,665 | ) | | — | | | (700,150 | ) |
| 12/31/2023 | | 48,223 | | | — | | | 26,605 | | | (160,362 | ) | | — | | | (85,534 | ) | | 438,184 | | | — | | | 251,950 | | | (1,489,081 | ) | | — | | | (798,947 | ) |
| Class I |
| 6/30/2024 | | 842,763 | | | — | | | — | | | (813,982 | ) | | — | | | 28,781 | | | 8,387,068 | | | — | | | — | | | (8,079,389 | ) | | — | | | 307,679 | |
| 12/31/2023 | | 3,089,808 | | | — | | | 336,819 | | | (2,636,213 | ) | | — | | | 790,414 | | | 29,541,883 | | | — | | | 3,273,877 | | | (24,771,924 | ) | | — | | | 8,043,836 | |
| Class S |
| 6/30/2024 | | 69,515 | | | — | | | — | | | (539,436 | ) | | — | | | (469,921 | ) | | 693,501 | | | — | | | — | | | (5,335,361 | ) | | — | | | (4,641,860 | ) |
| 12/31/2023 | | 248,065 | | | — | | | 175,707 | | | (1,033,002 | ) | | — | | | (609,230 | ) | | 2,336,340 | | | — | | | 1,704,362 | | | (9,725,314 | ) | | — | | | (5,684,612 | ) |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | | | | | | | | | | | | | | | Net | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | increase | | | | | | Proceeds | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (decrease) | | | | | | from | | | | | | | | | | | | |
| | | | | | Shares | | Reinvestment | | | | | | | | | in | | | | | | shares | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | # | | | # | | | # | | | # | | | ($) | | | ($) | | ($) | | | ($) | | | ($) | | | ($) | |
| CBRE Global Real Estate (continued) |
| Class S2 |
| 6/30/2024 | | 348 | | | — | | | — | | | (7,442 | ) | | — | | | (7,094 | ) | | 3,524 | | | — | | | — | | | (73,688 | ) | | — | | | (70,164 | ) |
| 12/31/2023 | | 2,855 | | | — | | | 1,844 | | | (15,144 | ) | | — | | | (10,445 | ) | | 26,597 | | | — | | | 18,087 | | | (141,243 | ) | | — | | | (96,559 | ) |
| Invesco Growth and Income |
| Class ADV |
| 6/30/2024 | | 15,743 | | | — | | | — | | | (60,829 | ) | | — | | | (45,086 | ) | | 358,571 | | | — | | | — | | | (1,359,882 | ) | | — | | | (1,001,311 | ) |
| 12/31/2023 | | 37,635 | | | — | | | 61,402 | | | (196,924 | ) | | — | | | (97,887 | ) | | 803,840 | | | — | | | 1,237,242 | | | (4,063,282 | ) | | — | | | (2,022,200 | ) |
| Class I |
| 6/30/2024 | | 81,694 | | | — | | | — | | | (113,824 | ) | | — | | | (32,130 | ) | | 1,856,758 | | | — | | | — | | | (2,574,874 | ) | | — | | | (718,116 | ) |
| 12/31/2023 | | 208,877 | | | — | | | 188,729 | | | (270,076 | ) | | — | | | 127,530 | | | 4,389,335 | | | — | | | 3,846,288 | | | (5,531,923 | ) | | — | | | 2,703,700 | |
| Class S |
| 6/30/2024 | | 142,150 | | | — | | | — | | | (1,756,894 | ) | | — | | | (1,614,744 | ) | | 3,308,071 | | | — | | | — | | | (41,031,247 | ) | | — | | | (37,723,176 | ) |
| 12/31/2023 | | 270,062 | | | — | | | 1,246,704 | | | (2,792,165 | ) | | — | | | (1,275,399 | ) | | 5,658,591 | | | — | | | 25,881,580 | | | (59,074,305 | ) | | — | | | (27,534,134 | ) |
| Class S2 |
| 6/30/2024 | | 5,604 | | | — | | | — | | | (63,668 | ) | | — | | | (58,064 | ) | | 129,420 | | | — | | | — | | | (1,467,170 | ) | | — | | | (1,337,750 | ) |
| 12/31/2023 | | 41,505 | | | — | | | 83,244 | | | (155,442 | ) | | — | | | (30,693 | ) | | 850,851 | | | — | | | 1,705,679 | | | (3,210,181 | ) | | — | | | (653,651 | ) |
| JPMorgan Emerging Markets Equity |
| Class ADV |
| 6/30/2024 | | 94,185 | | | — | | | — | | | (257,431 | ) | | — | | | (163,246 | ) | | 1,062,772 | | | — | | | — | | | (2,907,952 | ) | | — | | | (1,845,180 | ) |
| 12/31/2023 | | 312,573 | | | — | | | 50,552 | | | (545,350 | ) | | — | | | (182,225 | ) | | 3,553,522 | | | — | | | 580,846 | | | (5,976,791 | ) | | — | | | (1,842,423 | ) |
| Class I |
| 6/30/2024 | | 158,369 | | | — | | | — | | | (418,183 | ) | | — | | | (259,814 | ) | | 2,002,767 | | | — | | | — | | | (5,255,411 | ) | | — | | | (3,252,644 | ) |
| 12/31/2023 | | 687,068 | | | — | | | 90,842 | | | (799,813 | ) | | — | | | (21,903 | ) | | 8,373,983 | | | — | | | 1,166,409 | | | (9,946,469 | ) | | — | | | (406,077 | ) |
| Class S |
| 6/30/2024 | | 236,711 | | | — | | | — | | | (1,491,265 | ) | | — | | | (1,254,554 | ) | | 2,885,306 | | | — | | | — | | | (18,529,049 | ) | | — | | | (15,643,743 | ) |
| 12/31/2023 | | 482,589 | | | — | | | 267,654 | | | (2,693,894 | ) | | — | | | (1,943,651 | ) | | 5,905,195 | | | — | | | 3,380,473 | | | (32,496,356 | ) | | — | | | (23,210,688 | ) |
| Class S2 |
| 6/30/2024 | | 7,346 | | | — | | | — | | | (36,544 | ) | | — | | | (29,198 | ) | | 88,570 | | | — | | | — | | | (446,769 | ) | | — | | | (358,199 | ) |
| 12/31/2023 | | 15,551 | | | — | | | 7,110 | | | (144,387 | ) | | — | | | (121,726 | ) | | 184,053 | | | — | | | 87,595 | | | (1,680,823 | ) | | — | | | (1,409,175 | ) |
| Morgan Stanley Global Franchise |
| Class ADV |
| 6/30/2024 | | 37,038 | | | — | | | — | | | (636,869 | ) | | — | | | (599,831 | ) | | 535,922 | | | — | | | — | | | (9,245,965 | ) | | — | | | (8,710,043 | ) |
| 12/31/2023 | | 77,931 | | | — | | | 663,513 | | | (1,080,201 | ) | | — | | | (338,757 | ) | | 1,086,359 | | | — | | | 9,149,843 | | | (14,934,895 | ) | | — | | | (4,698,693 | ) |
| Class R6 |
| 6/30/2024 | | 4,375 | | | — | | | — | | | (25,918 | ) | | — | | | (21,543 | ) | | 71,686 | | | — | | | — | | | (411,343 | ) | | — | | | (339,657 | ) |
| 12/31/2023 | | 22,612 | | | — | | | 8,267 | | | (31,757 | ) | | — | | | (878 | ) | | 349,762 | | | — | | | 127,231 | | | (499,376 | ) | | — | | | (22,383 | ) |
| Class S |
| 6/30/2024 | | 32,732 | | | — | | | — | | | (1,060,643 | ) | | — | | | (1,027,911 | ) | | 540,290 | | | — | | | — | | | (17,279,189 | ) | | — | | | (16,738,899 | ) |
| 12/31/2023 | | 136,250 | | | — | | | 986,275 | | | (2,026,552 | ) | | — | | | (904,027 | ) | | 2,153,294 | | | — | | | 15,257,667 | | | (31,217,972 | ) | | — | | | (13,807,011 | ) |
| Class S2 |
| 6/30/2024 | | 12,451 | | | — | | | — | | | (151,748 | ) | | — | | | (139,297 | ) | | 198,538 | | | — | | | — | | | (2,441,694 | ) | | — | | | (2,243,156 | ) |
| 12/31/2023 | | 26,386 | | | — | | | 150,162 | | | (288,514 | ) | | — | | | (111,966 | ) | | 403,895 | | | — | | | 2,291,476 | | | (4,361,253 | ) | | — | | | (1,665,882 | ) |
| T. Rowe Price Capital Appreciation |
| Class ADV |
| 6/30/2024 | | 1,134,787 | | | — | | | — | | | (1,406,253 | ) | | — | | | (271,466 | ) | | 28,409,530 | | | — | | | — | | | (35,005,410 | ) | | — | | | (6,595,880 | ) |
| 12/31/2023 | | 2,100,516 | | | — | | | 8,318,606 | | | (3,894,678 | ) | | — | | | 6,524,444 | | | 49,540,144 | | | — | | | 192,154,436 | | | (92,397,968 | ) | | — | | | 149,296,612 | |
| Class I |
| 6/30/2024 | | 2,374,711 | | | — | | | — | | | (3,107,414 | ) | | — | | | (732,703 | ) | | 63,882,555 | | | — | | | — | | | (83,874,603 | ) | | — | | | (19,992,048 | ) |
| 12/31/2023 | | 4,339,619 | | | — | | | 7,666,806 | | | (4,662,273 | ) | | — | | | 7,344,152 | | | 112,103,718 | | | — | | | 194,300,449 | | | (120,040,206 | ) | | — | | | 186,363,961 | |
| Class R6 |
| 6/30/2024 | | 1,400,817 | | | — | | | — | | | (2,016,372 | ) | | — | | | (615,555 | ) | | 37,730,464 | | | — | | | — | | | (54,267,797 | ) | | — | | | (16,537,333 | ) |
| 12/31/2023 | | 3,245,753 | | | — | | | 2,748,321 | | | (3,343,138 | ) | | — | | | 2,650,936 | | | 83,375,893 | | | — | | | 69,715,154 | | | (86,368,811 | ) | | — | | | 66,722,236 | |
| Class S |
| 6/30/2024 | | 674,486 | | | — | | | — | | | (10,265,237 | ) | | — | | | (9,590,751 | ) | | 18,092,210 | | | — | | | — | | | (276,563,071 | ) | | — | | | (258,470,861 | ) |
| 12/31/2023 | | 1,499,141 | | | — | | | 17,926,225 | | | (20,723,186 | ) | | — | | | (1,297,820 | ) | | 38,769,239 | | | — | | | 453,336,682 | | | (534,885,176 | ) | | — | | | (42,779,255 | ) |
| Class S2 |
| 6/30/2024 | | 30,173 | | | — | | | — | | | (160,684 | ) | | — | | | (130,511 | ) | | 794,872 | | | — | | | — | | | (4,255,898 | ) | | — | | | (3,461,026 | ) |
| 12/31/2023 | | 147,864 | | | — | | | 278,607 | | | (381,786 | ) | | — | | | 44,685 | | | 3,814,921 | | | — | | | 6,949,364 | | | (9,667,409 | ) | | — | | | 1,096,876 | |
| T. Rowe Price Equity Income |
| Class ADV |
| 6/30/2024 | | 196,383 | | | — | | | — | | | (415,149 | ) | | — | | | (218,766 | ) | | 2,024,608 | | | — | | | — | | | (4,182,775 | ) | | — | | | (2,158,167 | ) |
| 12/31/2023 | | 402,163 | | | — | | | 483,155 | | | (1,158,144 | ) | | — | | | (272,826 | ) | | 3,885,148 | | | — | | | 4,559,298 | | | (10,944,720 | ) | | — | | | (2,500,274 | ) |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | | | | | | | | | | | | | | Net | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | increase | | | | | | Proceeds | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | (decrease) | | | | | | from | | | | | | | | | | | | |
| | | | | Shares | | Reinvestment | | | | | | | | | in | | | | | | shares | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | # | | | # | | | # | | | # | | | ($) | | | ($) | | ($) | | | ($) | | | ($) | | | ($) | |
| T. Rowe Price Equity Income (continued) |
| Class I |
| 6/30/2024 | | 217,606 | | | — | | | — | | | (427,624 | ) | | — | | | (210,018 | ) | | 2,322,862 | | | — | | | — | | | (4,503,979 | ) | | — | | | (2,181,117 | ) |
| 12/31/2023 | | 302,011 | | | — | | | 501,375 | | | (1,431,971 | ) | | — | | | (628,585 | ) | | 2,993,988 | | | — | | | 4,910,460 | | | (14,068,748 | ) | | — | | | (6,164,300 | ) |
| Class S |
| 6/30/2024 | | 111,137 | | | — | | | — | | | (558,672 | ) | | — | | | (447,535 | ) | | 1,207,021 | | | — | | | — | | | (5,923,039 | ) | | — | | | (4,716,018 | ) |
| 12/31/2023 | | 245,216 | | | — | | | 1,060,813 | | | (1,774,857 | ) | | — | | | (468,828 | ) | | 2,481,677 | | | — | | | 10,576,103 | | | (17,644,001 | ) | | — | | | (4,586,221 | ) |
| Class S2 |
| 6/30/2024 | | 46,244 | | | — | | | — | | | (388,631 | ) | | — | | | (342,387 | ) | | 477,212 | | | — | | | — | | | (4,010,975 | ) | | — | | | (3,533,763 | ) |
| 12/31/2023 | | 95,282 | | | — | | | 603,251 | | | (924,196 | ) | | — | | | (225,663 | ) | | 912,382 | | | — | | | 5,774,659 | | | (8,894,482 | ) | | — | | | (2,207,441 | ) |
NOTE 10 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with
cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2024:
CBRE Global Real Estate
| | | Securities | | Cash
Collateral | | Net |
| Counterparty | | Loaned at Value | | Received(1) | | Amount |
| Barclays Capital Inc. | | $ | 1,242,508 | | $ | (1,242,508) | | $ | — |
| BNP Paribas Arbitrage | | | 632,398 | | | (632,398) | | | — |
| TD Prime Services LLC | | | 80,012 | | | (80,012) | | | — |
| Total | | $ | 1,954,918 | | $ | (1,954,918) | | $ | — |
| (1) | Cash collateral with a fair value of $2,058,636 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
JPMorgan Emerging Markets Equity
| | | Securities | | Cash Collateral | | Net |
| Counterparty | | Loaned at Value | | Received(1) | | Amount |
| BNP Paribas Prime Brokerage Intl Ltd | | $ | 54,865 | | | $ | (54,865 | ) | | $ | — | |
| TD Prime Services LLC | | | 56,225 | | | | (56,225 | ) | | | — | |
| Wells Fargo Bank NA | | | 1,479,744 | | | | | (1,479,744 | ) | | | | — | | |
| Total | | $ | 1,590,834 | | | | $ | (1,590,834 | ) | | | $ | — | | |
| (1) | Collateral with a value of $1,643,777 (comprised of $1,120,286 of investments in securities at fair value and $523,491 of cash) has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
T. Rowe Price Capital Appreciation
| | | Securities | | Cash Collateral | | Net |
| Counterparty | | Loaned at Value | | Received(1) | | Amount |
| Barclays Bank PLC | | $ | 1,293,774 | | | $ | (1,293,774 | ) | | $ | — | |
| BNP Paribas | | | 1,212,575 | | | | (1,212,575 | ) | | | — | |
| BofA Securities Inc | | | 40,773,178 | | | | (40,773,178 | ) | | | — | |
| Daiwa Capital Markets America Inc. | | | 2,001,839 | | | | (2,001,839 | ) | | | — | |
| J.P. Morgan Securities LLC | | | 23,744,875 | | | | (23,744,875 | ) | | | — | |
| Morgan Stanley & Co. LLC | | | 3,019,830 | | | | (3,019,830 | ) | | | — | |
| Nomura Securities International, Inc. | | | 302,192 | | | | (302,192 | ) | | | — | |
| TD Securities Inc | | | 1,000,186 | | | | | (1,000,186 | ) | | | | — | | |
| Total | | $ | 73,348,449 | | | | $ | (73,348,449 | ) | | | $ | — | | |
| (1) | Cash collateral with a fair value of $75,347,317 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
T. Rowe Price Equity Income
| | | Securities | | Cash Collateral | | Net |
| Counterparty | | Loaned at Value | | Received(1) | | Amount |
| BNP Paribas Prime Brokerage Intl Ltd | | $ | 1,300,869 | | | $ | (1,300,869 | ) | | $ | — | |
| Citigroup Global Markets Inc. | | | 610,508 | | | | (610,508 | ) | | | — | |
| State Street Bank and Trust Company | | | 7,805,347 | | | | | (7,805,347 | ) | | | | — | | |
| Total | | $ | 9,716,724 | | | | $ | (9,716,724 | ) | | | $ | — | | |
| (1) | Cash collateral with a fair value of $9,957,255 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, income from passive foreign investment companies (PFICs) and wash sale deferrals.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 11 — FEDERAL INCOME TAXES (continued)
| | | Year Ended | | | Year Ended | |
| | | December 31, 2023 | | | December 31, 2022 | |
| | | Ordinary | | | Long-term | | | Ordinary | | | Long-term | |
| | | Income | | | Capital Gains | | | Income | | | Capital Gains | |
| Government Liquid Assets | | $ | 45,000,362 | | | $ | — | | | $ | 12,799,464 | | | $ | — | |
| CBRE Global Real Estate | | | 3,380,594 | | | | 1,867,682 | | | | 6,868,125 | | | | 8,725,117 | |
| Invesco Growth and Income | | | 6,909,981 | | | | 25,760,808 | | | | 9,856,260 | | | | 49,485,751 | |
| JPMorgan Emerging Markets Equity | | | 5,215,323 | | | | — | | | | — | | | | 97,648,575 | |
| Morgan Stanley Global Franchise | | | 1,277,279 | | | | 25,548,938 | | | | 2,051,533 | | | | 31,288,399 | |
| T. Rowe Price Capital Appreciation | | | 139,288,132 | | | | 777,167,953 | | | | 366,382,363 | | | | 710,644,044 | |
| T. Rowe Price Equity Income | | | 6,888,676 | | | | 18,931,844 | | | | 10,037,507 | | | | 33,457,979 | |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
| | | Undistributed | | | Undistributed | | | Unrealized | | | | | | | | | | | | Total | |
| | | Ordinary | | | Long-term | | | Appreciation/ | | | Capital Loss Carryforwards | | | | | | Distributable | |
| | | Income | | | Capital Gains | | | (Depreciation) | | | Amount | | | Character | | | Other | | | Earnings/(Loss) | |
| Government Liquid Assets | | $ | — | | | $ | — | | | $ | — | | | $ | (175,828 | ) | | Short-term | | | $ | — | | | $ | (177,357 | ) |
| | | | | | | | | | | | | | | | (1,529 | ) | | Long-term | | | | | | | | | |
| | | | | | | | | | | | | | | $ | (177,357 | ) | | | | | | | | | | | |
| CBRE Global Real Estate | | | 5,012,618 | | | | — | | | | 18,207,351 | | | | (2,074,808 | ) | | Short-term | | | | — | | | | 21,145,161 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Invesco Growth and Income | | | 5,911,303 | | | | 38,697,049 | | | | 60,363,423 | | | | — | | | — | | | | — | | | | 104,971,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| JPMorgan Emerging Markets Equity | | | 2,322,536 | | | | — | | | | 48,903,438 | | | | (13,209,622 | ) | | Short-term | | | | (1,012,945 | ) | | | 21,540,527 | |
| | | | | | | | | | | | | | | | (15,462,880 | ) | | Long-term | | | | | | | | | |
| | | | | | | | | | | | | | | $ | (28,672,502 | ) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Morgan Stanley Global Franchise | | | 1,374,757 | | | | 28,737,869 | | | | 85,786,903 | | | | — | | | — | | | | — | | | | 115,899,529 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| T. Rowe Price Capital Appreciation | | | 48,838,061 | | | | 92,947,383 | | | | 772,065,299 | | | | — | | | — | | | | — | | | | 913,850,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| T. Rowe Price Equity Income | | | 1,682,799 | | | | 14,915,728 | | | | 70,899,100 | | | | — | | | — | | | | — | | | | 87,497,627 | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.
As of June 30, 2024, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection
with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)
invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse
short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 14 — SUBSEQUENT EVENTS
Dividends: Subsequent to June 30, 2024, the following Portfolio paid dividends from net investment income of:
| | | | | Per Share Amounts | | | | | | |
| | | Net Investment | | Short-term | | Long-term | | | | |
| | | Income | | Capital Gains | | Capital Gains | | Payable Date | | Record Date |
| Government Liquid Assets | | | | | | | | | | |
| Class I | $0.0043 | $- | $- | | August 1, 2024 | | Daily |
| Class S | $0.0041 | $- | $- | | August 1, 2024 | | Daily |
| Class S2 | $0.0040 | $- | $- | | August 1, 2024 | | Daily |
| | | | | | | | |
| CBRE Global Real Estate | | | | | | | | | |
| Class ADV | $0.2575 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.3195 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.2934 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.2792 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| | | | | | | | |
| Invesco Growth and Income | | | | | | | | | |
| Class ADV | $0.2405 | $0.0523 | $2.4758 | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.3813 | $0.0523 | $2.4758 | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.3182 | $0.0523 | $2.4758 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.2915 | $0.0523 | $2.4758 | | July 16, 2024 | | July 12, 2024 |
| | | | | | | | |
| JPMorgan Emerging Markets Equity | | | | | | | | | |
| Class ADV | $0.0632 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.1368 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.1021 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.0790 | $- | $- | | July 16, 2024 | | July 12, 2024 |
| | | | | | | | |
| Morgan Stanley Global Franchise | | | | | | | | | |
| Class ADV | $0.0410 | $0.0017 | $1.5130 | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.1339 | $0.0017 | $1.5130 | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.0894 | $0.0017 | $1.5130 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.0660 | $0.0017 | $1.5130 | | July 16, 2024 | | July 12, 2024 |
| | | | | | | | |
| T. Rowe Price Capital Appreciation | | | | | | | | | |
| Class ADV | $0.1230 | $0.0368 | $0.3039 | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.1230 | $0.0368 | $0.3039 | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.1230 | $0.0368 | $0.3039 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.1230 | $0.0368 | $0.3039 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.1230 | $0.0368 | $0.3039 | | July 16, 2024 | | July 12, 2024 |
| | | | | | | | |
| T. Rowe Price Equity Income | | | | | | | | | |
| Class ADV | $0.0074 | $0.0458 | $0.4722 | | July 16, 2024 | | July 12, 2024 |
| Class I | $0.0074 | $0.0458 | $0.4722 | | July 16, 2024 | | July 12, 2024 |
| Class S | $0.0074 | $0.0458 | $0.4722 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $0.0074 | $0.0458 | $0.4722 | | July 16, 2024 | | July 12, 2024 |
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
Voya Government Liquid Assets Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Principal Amount† | | | . | | Value | | | Percentage of Net Assets | |
| U.S. TREASURY DEBT: 56.4% |
| 166,000,000 (1) | | | United States Treasury Bill, 5.120%, 07/23/2024 | | $ | 165,467,417 | | | | 15.5 | | |
| 24,000,000 (1) | | | United States Treasury Bill, 5.280%, 08/20/2024 | | | 23,824,667 | | | | 2.2 | | |
| 35,000,000 (1) | | | United States Treasury Bill, 5.290%, 09/19/2024 | | | 34,591,861 | | | | 3.2 | | |
| 24,000,000 (1) | | | United States Treasury Bill, 5.310%, 10/29/2024 | | | 23,585,880 | | | | 2.2 | | |
| 47,500,000 (1) | | | United States Treasury Bill, 5.320%, 11/14/2024 | | | 46,572,721 | | | | 4.4 | | |
| 35,500,000 (1) | | | United States Treasury Bill, 5.320%, 12/05/2024 | | | 34,702,680 | | | | 3.2 | | |
| 67,250,000 (1) | | | United States Treasury Bill, 5.340%, 10/08/2024 | | | 66,282,512 | | | | 6.2 | | |
| 12,250,000 (2) | | | United States Treasury Floating Rate Notes, 4.931%, (USBMMY3M + 0.200%), 01/31/2025 | | | 12,260,534 | | | | 1.2 | | |
| 147,700,000 (2) | | | United States Treasury Floating Rate Notes, 5.347%, (USBMMY3M + 0.037%), 07/31/2024 | | | 147,700,907 | | | | 13.8 | | |
| 48,000,000 (2) | | | United States Treasury Floating Rate Notes, 5.450%, (USBMMY3M + 0.140%), 10/31/2024 | | | 48,016,447 | | | | 4.5 | | |
| | | | | | | 603,005,626 | | | | 56.4 | | |
| | | | Total U.S. Treasury Debt (Cost $603,005,626) | | | 603,005,626 | | | | 56.4 | | |
| U.S. GOVERNMENT AGENCY DEBT: 18.7% |
| 1,000,000 (1) | | | Federal Home Loan Bank Discount Notes, 5.240%, 01/24/2025 | | | 971,078 | | | | 0.1 | | |
| 42,000,000 (1) | | | Federal Home Loan Bank Discount Notes, 15.970%, 07/01/2024 | | | 42,000,000 | | | | 3.9 | | |
| 22,750,000 | | | Federal Home Loan Banks, 1.150%, 12/10/2024 | | | 22,344,634 | | | | 2.1 | | |
| 47,750,000 (2) | | | Federal Home Loan Banks, 5.330%, (SOFRRATE + 0.000%), 07/09/2024 | | | 47,750,000 | | | | 4.5 | | |
| 23,750,000 (2) | | | Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 08/27/2024 | | | 23,750,000 | | | | 2.2 | | |
| 24,500,000 (2) | | | Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 09/23/2024 | | | 24,500,000 | | | | 2.3 | | |
| 12,000,000 (2) | | | Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 09/24/2024 | | | 12,000,000 | | | | 1.1 | | |
| 12,500,000 (2) | | | Federal Home Loan Banks, 5.350%, (SOFRRATE + 0.020%), 01/02/2025 | | | 12,500,000 | | | | 1.2 | | |
| Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| U.S. GOVERNMENT AGENCY DEBT: (continued) | | | | | | | | | |
| 1,650,000 | | | Federal Home Loan Banks, 5.370%, 05/20/2025 | | $ | 1,649,291 | | | | 0.2 | | |
| 12,000,000 (2) | | | Federal Home Loan Banks 0004, 5.335%, (SOFRRATE + 0.005%), 08/26/2024 | | | 12,000,000 | | | | 1.1 | | |
| | | | | | | 199,465,003 | | | | 18.7 | | |
| | | | Total U.S. Government Agency Debt (Cost $199,465,003) | | | 199,465,003 | | | | 18.7 | | |
| | | | | | | | | | | | | |
| U.S. TREASURY REPURCHASE AGREEMENTS: 21.8% |
| 233,395,000 | | | Deutsche Bank, Repurchase Agreement dated 06/28/2024, 5.330%, due 07/01/2024 to be received upon repurchase (Collateralized by $267,872,400, various U.S. Treasuries, 0.625- 4.875%, Market Value plus accrued interest $238,062,964 due 12/31/24-2/15/33) | | | 233,395,000 | | | | 21.8 | | |
| | | | Total U.S. Treasury Repurchase Agreements (Cost $233,395,000) | | | 233,395,000 | | | | 21.8 | | |
| | | | Total Investments in Securities (Cost $1,035,865,629) | | $ | 1,035,865,629 | | | | 96.9 | | |
| | | | Assets in Excess of Other Liabilities | | | 33,682,354 | | | | 3.1 | | |
| | | | Net Assets | | $ | 1,069,547,983 | | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2024. |
| (2) | Variable rate security. Rate shown is the rate in effect as of June 30, 2024. |
Reference Rate Abbreviations:
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| USBMMY3M | U.S. Treasury 3-month Bill Money Market Yield |
See Accompanying Notes to Financial Statements
Voya Government Liquid Assets Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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 June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| U.S. Government Agency Debt | | $ | — | | | $ | 199,465,003 | | | $ | — | | | $ | 199,465,003 | |
| U.S. Treasury Debt | | | — | | | | 603,005,626 | | | | — | | | | 603,005,626 | |
| U.S. Treasury Repurchase Agreements | | | — | | | | 233,395,000 | | | | — | | | | 233,395,000 | |
| Total Investments, at fair value | | $ | — | | | $ | 1,035,865,629 | | | $ | — | | | $ | 1,035,865,629 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
The following table is a summary of the Fund’s treasury repurchase agreement by counterparty which is subject to offset under a MRA as of June 30, 2024:
| Counterparty | | U.S. Treasury
Repurchase
Agreements,
at fair value | | | Fair Value of
Non-Cash Collateral
Received Including
Accrued Interest(1) | | | Net Amount | |
| Deutsche Bank | | $ | 233,395,000 | | | $ | (233,395,000 | ) | | $ | — | |
| Totals | | $ | 233,395,000 | | | $ | (233,395,000 | ) | | $ | — | |
| (1) | Collateral with a fair value of $238,062,964 has been pledged in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
At June 30, 2024, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.
See Accompanying Notes to Financial Statements
VY® CBRE Global Real Estate Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: 99.4% | | |
| | | | Australia: 5.2% | | |
| 165,176 | | | Goodman Group | | $ | 3,810,582 | | | | 2.3 | | |
| 192,192 | | | HMC Capital Ltd. | | | 917,435 | | | | 0.5 | | |
| 1,535,553 | | | Scentre Group | | | 3,182,733 | | | | 1.9 | | |
| 302,304 | | | Stockland | | | 837,310 | | | | 0.5 | | |
| | | | | | | 8,748,060 | | | | 5.2 | | |
| | | | Belgium: 1.2% | |
| 10,184 | | | Montea NV | | | 862,078 | | | | 0.5 | | |
| 42,546 | | | Warehouses De Pauw CVA | | | 1,149,110 | | | | 0.7 | | |
| | | | | | | 2,011,188 | | | | 1.2 | | |
| | | | Canada: 3.2% | |
| 20,319 | | | Boardwalk Real Estate Investment Trust | | | 1,046,806 | | | | 0.6 | | |
| 33,957 (1) | | | Canadian Apartment Properties REIT | | | 1,103,314 | | | | 0.7 | | |
| 89,620 (1) | | | Chartwell Retirement Residences | | | 841,795 | | | | 0.5 | | |
| 11,877 | | | Granite Real Estate Investment Trust | | | 588,532 | | | | 0.3 | | |
| 136,899 | | | H&R Real Estate Investment Trust | | | 895,615 | | | | 0.5 | | |
| 56,126 | | | InterRent Real Estate Investment Trust | | | 488,623 | | | | 0.3 | | |
| 36,520 (1) | | | RioCan Real Estate Investment Trust | | | 448,742 | | | | 0.3 | | |
| | | | | | | 5,413,427 | | | | 3.2 | | |
| | | | France: 3.6% | |
| 24,115 | | | Carmila SA | | | 405,725 | | | | 0.2 | | |
| 70,482 | | | Klepierre SA | | | 1,881,726 | | | | 1.1 | | |
| 72,921 | | | Mercialys SA | | | 810,953 | | | | 0.5 | | |
| 37,823 | | | Unibail-Rodamco-Westfield | | | 2,989,042 | | | | 1.8 | | |
| | | | | | | 6,087,446 | | | | 3.6 | | |
| | | | Germany: 1.0% | |
| 46,188 (2) | | | Grand City Properties SA | | | 536,016 | | | | 0.3 | | |
| 82,794 (2) | | | TAG Immobilien AG | | | 1,210,145 | | | | 0.7 | | |
| | | | | | | 1,746,161 | | | | 1.0 | | |
| | | | Hong Kong: 3.8% | |
| 323,116 | | | Kerry Properties Ltd. | | | 562,199 | | | | 0.3 | | |
| 266,446 | | | Link REIT | | | 1,034,707 | | | | 0.6 | | |
| 251,920 | | | Sun Hung Kai Properties Ltd. | | | 2,182,772 | | | | 1.3 | | |
| 564,579 | | | Swire Properties Ltd. | | | 899,461 | | | | 0.5 | | |
| 677,112 | | | Wharf Real Estate Investment Co. Ltd. | | | 1,794,643 | | | | 1.1 | | |
| | | | | | | 6,473,782 | | | | 3.8 | | |
| | | | Japan: 8.4% | |
| 305 | | | Activia Properties, Inc. | | | 690,937 | | | | 0.4 | | |
| 508 | | | AEON REIT Investment Corp. | | | 420,756 | | | | 0.2 | | |
| 905 | | | Daiwa House REIT Investment Corp. | | | 1,385,677 | | | | 0.8 | | |
| 220 | | | Daiwa Office Investment Corp. | | | 387,952 | | | | 0.2 | | |
| 518 | | | Hulic Reit, Inc. | | | 470,874 | | | | 0.3 | | |
| 2,054 | | | Japan Hotel REIT Investment Corp. | | | 991,675 | | | | 0.6 | | |
| 2,972 | | | Japan Metropolitan Fund Invest | | | 1,672,168 | | | | 1.0 | | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | | | | | | | | | |
| | | Japan (continued) | | | | | | | | | |
| 1,639 | | | Kenedix Office Investment Corp. | | $ | 1,593,217 | | | | 0.9 | | |
| 1,885 | | | LaSalle Logiport REIT | | | 1,732,748 | | | | 1.0 | | |
| 181,536 | | | Mitsui Fudosan Co. Ltd. | | | 1,670,842 | | | | 1.0 | | |
| 1,144 | | | Orix JREIT, Inc. | | | 1,133,676 | | | | 0.7 | | |
| 53,900 (1) | | | Tokyo Tatemono Co. Ltd. | | | 857,694 | | | | 0.5 | | |
| 198,055 | | | Tokyu Fudosan Holdings Corp. | | | 1,329,449 | | | | 0.8 | | |
| | | | | | | 14,337,665 | | | | 8.4 | | |
| | | | Luxembourg: 0.3% | |
| 11,835 | | | Shurgard Self Storage Ltd. | | | 457,442 | | | | 0.3 | | |
| | | | | | | | | | | | | |
| | | | Netherlands: 0.3% | |
| 23,874 | | | Eurocommercial Properties NV | | | 575,221 | | | | 0.3 | | |
| | | | | | | | | | | | | |
| | | | Singapore: 3.6% | |
| 1,349,717 | | | CapitaLand Ascendas REIT | | | 2,543,036 | | | | 1.5 | | |
| 332,300 | | | CapitaLand Integrated Commercial Trust | | | 483,812 | | | | 0.3 | | |
| 442,700 | | | CapitaLand Investment Ltd./Singapore | | | 865,797 | | | | 0.5 | | |
| 1,771,190 | | | Frasers Logistics & Commercial Trust | | | 1,238,616 | | | | 0.7 | | |
| 1,472,400 | | | Keppel REIT | | | 904,932 | | | | 0.6 | | |
| | | | | | | 6,036,193 | | | | 3.6 | | |
| | | | Sweden: 1.2% | |
| 17,912 | | | Catena AB | | | 895,121 | | | | 0.5 | | |
| 62,544 | | | Pandox AB | | | 1,115,192 | | | | 0.7 | | |
| | | | | | | 2,010,313 | | | | 1.2 | | |
| | | | Switzerland: 0.5% | |
| 6,825 | | | PSP Swiss Property AG, Reg | | | 876,126 | | | | 0.5 | | |
| | | | | | | | | | | | | |
| | | | United Kingdom: 3.8% | |
| 42,410 | | | Big Yellow Group PLC | | | 627,185 | | | | 0.4 | | |
| 114,885 | | | Land Securities Group PLC | | | 897,659 | | | | 0.5 | | |
| 804,497 | | | LondonMetric Property PLC | | | 1,959,122 | | | | 1.1 | | |
| 569,074 | | | NewRiver REIT PLC | | | 561,058 | | | | 0.3 | | |
| 750,751 | | | Tritax Big Box REIT PLC | | | 1,467,865 | | | | 0.9 | | |
| 86,452 | | | UNITE Group PLC | | | 975,288 | | | | 0.6 | | |
| | | | | | | 6,488,177 | | | | 3.8 | | |
| | | | United States: 63.3% | |
| 33,737 | | | Acadia Realty Trust | | | 604,567 | | | | 0.4 | | |
| 28,823 | | | Alexandria Real Estate Equities, Inc. | | | 3,371,426 | | | | 2.0 | | |
| 111,199 | | | Americold Realty Trust, Inc. | | | 2,840,023 | | | | 1.7 | | |
| 19,658 | | | AvalonBay Communities, Inc. | | | 4,067,044 | | | | 2.4 | | |
| 114,598 | | | Brixmor Property Group, Inc. | | | 2,646,068 | | | | 1.6 | | |
| 88,660 | | | CubeSmart | | | 4,004,772 | | | | 2.4 | | |
| 55,002 | | | Empire State Realty Trust, Inc. - Class A | | | 515,919 | | | | 0.3 | | |
| 15,073 | | | Equinix, Inc. | | | 11,404,232 | | | | 6.7 | | |
| 53,293 | | | Equity Residential | | | 3,695,337 | | | | 2.2 | | |
See Accompanying Notes to Financial Statements
VY® CBRE Global Real Estate Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| COMMON STOCK: (continued) | | | | | | | | | |
| | | | United States (continued) | | | | | | | | | |
| 22,319 | | | Extra Space Storage, Inc. | | $ | 3,468,596 | | | | 2.0 | | |
| 35,143 | | | Four Corners Property Trust, Inc. | | | 866,978 | | | | 0.5 | | |
| 90,060 | | | Healthpeak Properties, Inc. | | | 1,765,176 | | | | 1.0 | | |
| 43,664 | | | Highwoods Properties, Inc. | | | 1,147,053 | | | | 0.7 | | |
| 10,053 | | | Hilton Worldwide Holdings, Inc. | | | 2,193,565 | | | | 1.3 | | |
| 164,518 | | | Host Hotels & Resorts, Inc. | | | 2,958,034 | | | | 1.7 | | |
| 49,081 | | | Macerich Co. | | | 757,811 | | | | 0.4 | | |
| 3,299 | | | Marriott International, Inc. - Class A | | | 797,599 | | | | 0.5 | | |
| 65,374 | | | National Retail Properties, Inc. | | | 2,784,932 | | | | 1.6 | | |
| 58,686 | | | Park Hotels & Resorts, Inc. | | | 879,116 | | | | 0.5 | | |
| 33,936 | | | Prologis, Inc. | | | 3,811,352 | | | | 2.2 | | |
| 27,173 | | | Public Storage | | | 7,816,313 | | | | 4.6 | | |
| 204,426 | | | Realty Income Corp. | | | 10,797,781 | | | | 6.4 | | |
| 24,824 | | | Regency Centers Corp. | | | 1,544,053 | | | | 0.9 | | |
| 77,116 | | | Rexford Industrial Realty, Inc. | | | 3,438,602 | | | | 2.0 | | |
| 8,403 | | | SBA Communications Corp. | | | 1,649,509 | | | | 1.0 | | |
| 68,524 | | | Simon Property Group, Inc. | | | 10,401,943 | | | | 6.1 | | |
| 30,885 | | | STAG Industrial, Inc. | | | 1,113,713 | | | | 0.6 | | |
| 40,326 | | | Sun Communities, Inc. | | | 4,852,831 | | | | 2.9 | | |
| 24,755 | | | Tanger Factory Outlet Centers, Inc. | | | 671,108 | | | | 0.4 | | |
| 167,275 | | | VICI Properties, Inc. | | | 4,790,756 | | | | 2.8 | | |
| 56,357 | | | Welltower, Inc. | | | 5,875,217 | | | | 3.5 | | |
| | | | | | | 107,531,426 | | | | 63.3 | | |
| | | | Total Common Stock (Cost $152,172,909) | | | 168,792,627 | | | | 99.4 | | |
| | | | Total Long-Term Investments (Cost $152,172,909) | | | 168,792,627 | | | | 99.4 | | |
| | | | | | | | | | | | | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| SHORT-TERM INVESTMENTS: 1.5% | | | | | | | | | |
| | | | Repurchase Agreements: 1.2% | | | | | | | | | |
| 58,636 (3) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $58,662, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $59,809, due 08/08/24-04/20/74) | | | 58,636 | | | | 0.0 | | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | | |
| | | | Repurchase Agreements (continued) | | |
| 1,000,000 (3) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $1,000,447, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,020,000, due 01/15/25-11/01/53) | | $ | 1,000,000 | | | | 0.6 | | |
| 1,000,000 (3) | | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $1,000,439, collateralized by various U.S. Government Securities, 0.750%- 4.375%, Market Value plus accrued interest $1,020,003, due 07/01/24-09/09/49) | | | 1,000,000 | | | | 0.6 | | |
| | | | Total Repurchase Agreements (Cost $2,058,636) | | | 2,058,636 | | | | 1.2 | | |
| Shares | | | | | Value | | | Percentage of Net Assets | |
| | | | Mutual Funds: 0.3% | | | | | | | | | |
| 431,088 (4) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $431,088) | | $ | 431,088 | | | | 0.3 | | |
| | | | Total Short-Term Investments (Cost $2,489,724) | | | 2,489,724 | | | | 1.5 | | |
| | | | Total Investments in Securities (Cost $154,662,633) | | $ | 171,282,351 | | | | 100.9 | | |
| | | | Liabilities in Excess of Other Assets | | | (1,535,831 | ) | | | (0.9 | ) | |
| | | | Net Assets | | $ | 169,746,520 | | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Security, or a portion of the security, is on loan. |
| (2) | Non-income producing security. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® CBRE Global Real Estate Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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 June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Australia | | $ | — | | | $ | 8,748,060 | | | $ | — | | | $ | 8,748,060 | |
| Belgium | | | — | | | | 2,011,188 | | | | — | | | | 2,011,188 | |
| Canada | | | 5,413,427 | | | | — | | | | — | | | | 5,413,427 | |
| France | | | — | | | | 6,087,446 | | | | — | | | | 6,087,446 | |
| Germany | | | — | | | | 1,746,161 | | | | — | | | | 1,746,161 | |
| Hong Kong | | | — | | | | 6,473,782 | | | | — | | | | 6,473,782 | |
| Japan | | | — | | | | 14,337,665 | | | | — | | | | 14,337,665 | |
| Luxembourg | | | — | | | | 457,442 | | | | — | | | | 457,442 | |
| Netherlands | | | — | | | | 575,221 | | | | — | | | | 575,221 | |
| Singapore | | | — | | | | 6,036,193 | | | | — | | | | 6,036,193 | |
| Sweden | | | — | | | | 2,010,313 | | | | — | | | | 2,010,313 | |
| Switzerland | | | — | | | | 876,126 | | | | — | | | | 876,126 | |
| United Kingdom | | | — | | | | 6,488,177 | | | | — | | | | 6,488,177 | |
| United States | | | 107,531,426 | | | | — | | | | — | | | | 107,531,426 | |
| Total Common Stock | | | 112,944,853 | | | | 55,847,774 | | | | — | | | | 168,792,627 | |
| Short-Term Investments | | | 431,088 | | | | 2,058,636 | | | | — | | | | 2,489,724 | |
| Total Investments, at fair value | | $ | 113,375,941 | | | $ | 57,906,410 | | | $ | — | | | $ | 171,282,351 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
See Accompanying Notes to Financial Statements
VY® CBRE Global Real Estate Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| | | Forward | |
| | | foreign | |
| | | currency | |
| Derivatives not accounted for as hedging instruments | | contracts | |
| Foreign exchange contracts | | $ | 5,732 | |
| Total | | $ | 5,732 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| | | Forward | |
| | | foreign | |
| | | currency | |
| Derivatives not accounted for as hedging instruments | | contracts | |
| Foreign exchange contracts | | $ | 22 | |
| Total | | $ | 22 | |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $163,454,415. | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 18,782,925 | |
| Gross Unrealized Depreciation | | | (10,965,045 | ) |
| Net Unrealized Appreciation | | $ | 7,817,880 | |
See Accompanying Notes to Financial Statements
| VY® Invesco Growth | PORTFOLIO OF INVESTMENTS |
| and Income Portfolio | as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 97.6% | | | | | | | |
| | | | Communication Services: 6.9% | | | | | | | | | |
| 50,313 | | | Alphabet, Inc. - Class A | | $ | 9,164,513 | | | | 2.5 | | |
| 65,829 | | | Comcast Corp. - Class A | | | 2,577,863 | | | | 0.7 | | |
| 8,722 | | | Meta Platforms, Inc. - Class A | | | 4,397,807 | | | | 1.2 | | |
| 27,748 | | | T-Mobile US, Inc. | | | 4,888,643 | | | | 1.3 | | |
| 44,611 | | | Walt Disney Co. | | | 4,429,426 | | | | 1.2 | | |
| | | | | | | 25,458,252 | | | | 6.9 | | |
| | | | Consumer Discretionary: 5.8% | | | | | | | | | |
| 40,334 (1) | | | Amazon.com, Inc. | | | 7,794,546 | | | | 2.1 | | |
| 96,571 | | | General Motors Co. | | | 4,486,689 | | | | 1.2 | | |
| 24,423 | | | Genuine Parts Co. | | | 3,378,189 | | | | 0.9 | | |
| 73,107 | | | Las Vegas Sands Corp. | | | 3,234,985 | | | | 0.9 | | |
| 24,065 | | | TJX Cos., Inc. | | | 2,649,556 | | | | 0.7 | | |
| | | | | | | 21,543,965 | | | | 5.8 | | |
| | | | Consumer Staples: 5.1% | | | | | | | | | |
| 111,903 | | | Kraft Heinz Co. | | | 3,605,515 | | | | 1.0 | | |
| 64,701 | | | Philip Morris International, Inc. | | | 6,556,152 | | | | 1.8 | | |
| 69,735 | | | Sysco Corp. | | | 4,978,382 | | | | 1.3 | | |
| 73,003 (1) | | | US Foods Holding Corp. | | | 3,867,699 | | | | 1.0 | | |
| | | | | | | 19,007,748 | | | | 5.1 | | |
| | | | Energy: 8.9% | | | | | | | | | |
| 37,171 | | | Chevron Corp. | | | 5,814,288 | | | | 1.6 | | |
| 60,826 | | | ConocoPhillips | | | 6,957,278 | | | | 1.9 | | |
| 77,748 | | | Exxon Mobil Corp. | | | 8,950,350 | | | | 2.4 | | |
| 20,034 | | | Phillips 66 | | | 2,828,200 | | | | 0.7 | | |
| 113,193 | | | Shell PLC | | | 4,059,990 | | | | 1.1 | | |
| 114,243 | | | Suncor Energy, Inc. | | | 4,354,937 | | | | 1.2 | | |
| | | | | | | 32,965,043 | | | | 8.9 | | |
| | | | Financials: 21.7% | | | | | | | | | |
| 22,455 | | | Allstate Corp. | | | 3,585,165 | | | | 1.0 | | |
| 14,291 | | | American Express Co. | | | 3,309,081 | | | | 0.9 | | |
| 78,457 | | | American International Group, Inc. | | | 5,824,648 | | | | 1.6 | | |
| 313,652 | | | Bank of America Corp. | | | 12,473,940 | | | | 3.4 | | |
| 76,742 | | | Charles Schwab Corp. | | | 5,655,118 | | | | 1.5 | | |
| 143,767 | | | Citizens Financial Group, Inc. | | | 5,179,925 | | | | 1.4 | | |
| 41,606 | | | Fidelity National Information Services, Inc. | | | 3,135,428 | | | | 0.8 | | |
| 42,306 (1) | | | Fiserv, Inc. | | | 6,305,286 | | | | 1.7 | | |
| 13,154 | | | Goldman Sachs Group, Inc. | | | 5,949,817 | | | | 1.6 | | |
| 42,051 | | | KKR & Co., Inc. | | | 4,425,447 | | | | 1.2 | | |
| 35,649 | | | PNC Financial Services Group, Inc. | | | 5,542,707 | | | | 1.5 | | |
| 210,763 | | | Wells Fargo & Co. | | | 12,517,215 | | | | 3.4 | | |
| 24,080 | | | Willis Towers Watson PLC | | | 6,312,331 | | | | 1.7 | | |
| | | | | | | 80,216,108 | | | | 21.7 | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | | |
| | | | Health Care: 13.9% | | | | | | | | | |
| 95,103 | | | Bristol-Myers Squibb Co. | | $ | 3,949,628 | | | | 1.1 | | |
| 42,991 (1) | | | Centene Corp. | | | 2,850,303 | | | | 0.8 | | |
| 9,258 | | | Cigna Group | | | 3,060,417 | | | | 0.8 | | |
| 45,137 | | | CVS Health Corp. | | | 2,665,791 | | | | 0.7 | | |
| 6,233 | | | Elevance Health, Inc. | | | 3,377,413 | | | | 0.9 | | |
| 32,120 | | | GE HealthCare Technologies, Inc. | | | 2,502,790 | | | | 0.7 | | |
| 140,200 | | | GSK PLC | | | 2,696,626 | | | | 0.7 | | |
| 12,030 | | | Humana, Inc. | | | 4,495,010 | | | | 1.2 | | |
| 50,460 | | | Johnson & Johnson | | | 7,375,234 | | | | 2.0 | | |
| 70,990 | | | Medtronic PLC | | | 5,587,623 | | | | 1.5 | | |
| 33,214 | | | Merck & Co., Inc. | | | 4,111,893 | | | | 1.1 | | |
| 100,590 | | | Pfizer, Inc. | | | 2,814,508 | | | | 0.8 | | |
| 57,950 | | | Sanofi | | | 5,588,880 | | | | 1.5 | | |
| 791 | | | UnitedHealth Group, Inc. | | | 402,825 | | | | 0.1 | | |
| | | | | | | 51,478,941 | | | | 13.9 | | |
| | | | Industrials: 14.3% | | | | | | | | | |
| 139,584 | | | CSX Corp. | | | 4,669,085 | | | | 1.3 | | |
| 34,273 | | | Emerson Electric Co. | | | 3,775,514 | | | | 1.0 | | |
| 17,493 | | | FedEx Corp. | | | 5,245,101 | | | | 1.4 | | |
| 26,598 | | | Ferguson PLC | | | 5,150,703 | | | | 1.4 | | |
| 19,216 | | | JB Hunt Transport Services, Inc. | | | 3,074,560 | | | | 0.8 | | |
| 111,875 | | | Johnson Controls International PLC | | | 7,436,331 | | | | 2.0 | | |
| 20,877 | | | Norfolk Southern Corp. | | | 4,482,083 | | | | 1.2 | | |
| 14,656 | | | Parker-Hannifin Corp. | | | 7,413,151 | | | | 2.0 | | |
| 56,705 | | | Raytheon Technologies Corp. | | | 5,692,615 | | | | 1.6 | | |
| 33,280 | | | Stanley Black & Decker, Inc. | | | 2,658,739 | | | | 0.7 | | |
| 36,865 | | | Textron, Inc. | | | 3,165,229 | | | | 0.9 | | |
| | | | | | | 52,763,111 | | | | 14.3 | | |
| | | | Information Technology: 12.7% | | | | | | | | | |
| 81,049 | | | Cisco Systems, Inc. | | | 3,850,638 | | | | 1.1 | | |
| 63,720 | | | Cognizant Technology Solutions Corp. - Class A | | | 4,332,960 | | | | 1.2 | | |
| 116,306 | | | Intel Corp. | | | 3,601,997 | | | | 1.0 | | |
| 3,265 | | | Lam Research Corp. | | | 3,476,735 | | | | 0.9 | | |
| 25,811 | | | Microchip Technology, Inc. | | | 2,361,707 | | | | 0.6 | | |
| 45,282 | | | Micron Technology, Inc. | | | 5,955,941 | | | | 1.6 | | |
| 16,874 | | | NXP Semiconductors NV | | | 4,540,625 | | | | 1.2 | | |
| 50,080 | | | Oracle Corp. | | | 7,071,296 | | | | 1.9 | | |
| 16,331 | | | Salesforce, Inc. | | | 4,198,700 | | | | 1.1 | | |
| 24,447 | | | TE Connectivity Ltd. | | | 3,677,562 | | | | 1.0 | | |
| 12,555 (1) | | | Zebra Technologies Corp. - Class A | | | 3,878,616 | | | | 1.1 | | |
| | | | | | | 46,946,777 | | | | 12.7 | | |
| | | | Materials: 3.3% | | | | | | | | | |
| 150,447 | | | Barrick Gold Corp. | | | 2,509,456 | | | | 0.7 | | |
| 50,837 | | | Corteva, Inc. | | | 2,742,148 | | | | 0.7 | | |
See Accompanying Notes to Financial Statements
| VY® Invesco Growth | PORTFOLIO OF INVESTMENTS |
| and Income Portfolio | as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | | |
| | | | Materials: (continued) | | | | | | | | | |
| 52,572 | | | DuPont de Nemours, Inc. | | $ | 4,231,520 | | | | 1.2 | | |
| 21,036 | | | PPG Industries, Inc. | | | 2,648,222 | | | | 0.7 | | |
| | | | | | | 12,131,346 | | | | 3.3 | | |
| | | | Real Estate: 2.0% | | | | | | | | | |
| 84,709 (1) | | | CBRE Group, Inc. - Class A | | | 7,548,419 | | | | 2.0 | | |
| | | | | | | | | | | | | |
| | | | Utilities: 3.0% | | | | | | | | | |
| 42,376 | | | American Electric Power Co., Inc. | | | 3,718,070 | | | | 1.0 | | |
| 79,480 | | | FirstEnergy Corp. | | | 3,041,700 | | | | 0.8 | | |
| 154,023 | | | PPL Corp. | | | 4,258,736 | | | | 1.2 | | |
| | | | | | | 11,018,506 | | | | 3.0 | | |
| | | | Total Common Stock
(Cost $294,132,776) | | | 361,078,216 | | | | 97.6 | | |
| | | | | | | | | | | | | |
| | | | Total Investments in Securities | | | | | | | | | |
| | | | (Cost $294,132,776) | | $ | 361,078,216 | | | | 97.6 | | |
| | | Assets in Excess of Other Liabilities | | | 8,865,008 | | | | 2.4 | | |
| | | | Net Assets | | $ | 369,943,224 | | | | 100.0 | | |
| (1) | Non-income producing security. |
See Accompanying Notes to Financial Statements
| VY® Invesco Growth | PORTFOLIO OF INVESTMENTS |
| and Income Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 25,458,252 | | | $ | — | | | $ | — | | | $ | 25,458,252 | |
| Consumer Discretionary | | | 21,543,965 | | | | — | | | | — | | | | 21,543,965 | |
| Consumer Staples | | | 19,007,748 | | | | — | | | | — | | | | 19,007,748 | |
| Energy | | | 28,905,053 | | | | 4,059,990 | | | | — | | | | 32,965,043 | |
| Financials | | | 80,216,108 | | | | — | | | | — | | | | 80,216,108 | |
| Health Care | | | 43,193,435 | | | | 8,285,506 | | | | — | | | | 51,478,941 | |
| Industrials | | | 52,763,111 | | | | — | | | | — | | | | 52,763,111 | |
| Information Technology | | | 46,946,777 | | | | — | | | | — | | | | 46,946,777 | |
| Materials | | | 12,131,346 | | | | — | | | | — | | | | 12,131,346 | |
| Real Estate | | | 7,548,419 | | | | — | | | | — | | | | 7,548,419 | |
| Utilities | | | 11,018,506 | | | | — | | | | — | | | | 11,018,506 | |
| Total Common Stock | | | 348,732,720 | | | | 12,345,496 | | | | — | | | | 361,078,216 | |
| Total Investments, at fair value | | $ | 348,732,720 | | | $ | 12,345,496 | | | $ | — | | | $ | 361,078,216 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | — | | | | 90,164 | | | | — | | | | 90,164 | |
| Total Assets | | $ | 348,732,720 | | | $ | 12,435,660 | | | $ | — | | | $ | 361,168,380 | |
| Liabilities Table | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | — | | | $ | (18,869 | ) | | $ | — | | | $ | (18,869 | ) |
| Total Liabilities | | $ | — | | | $ | (18,869 | ) | | $ | — | | | $ | (18,869 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
| + | 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 June 30, 2024, the following forward foreign currency contracts were outstanding for VY® Invesco Growth and Income Portfolio:
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) |
| USD | | | 4,244,560 | | | EUR | | | 3,919,565 | | | State Street Bank and Trust Co. | | 07/05/24 | | $ | 46,287 | |
| USD | | | 5,758,784 | | | GBP | | | 4,530,227 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 32,039 | |
| CAD | | | 4,659,883 | | | USD | | | 3,404,232 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 2,232 | |
| USD | | | 97,951 | | | EUR | | | 89,758 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 1,811 | |
| USD | | | 59,185 | | | EUR | | | 54,730 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 564 | |
| CAD | | | 174,841 | | | USD | | | 127,316 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 496 | |
| USD | | | 300,481 | | | CAD | | | 410,413 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 461 | |
| USD | | | 68,906 | | | CAD | | | 93,934 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 239 | |
| USD | | | 101,548 | | | CAD | | | 138,618 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 216 | |
| USD | | | 58,138 | | | EUR | | | 54,112 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 178 | |
| CAD | | | 66,879 | | | USD | | | 48,763 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 126 | |
| USD | | | 81,545 | | | GBP | | | 64,482 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 33 | |
| EUR | | | 3,927,272 | | | USD | | | 4,206,500 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 26 | |
| EUR | | | 59,784 | | | USD | | | 64,031 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 4 | |
| CAD | | | 127,182 | | | USD | | | 92,970 | | | State Street Bank and Trust Co. | | 07/05/24 | | | 3 | |
| USD | | | 108,654 | | | EUR | | | 101,462 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (23 | ) |
| CAD | | | 79,802 | | | USD | | | 58,361 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (24 | ) |
| CAD | | | 216,127 | | | USD | | | 158,067 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (75 | ) |
See Accompanying Notes to Financial Statements
| VY® Invesco Growth | PORTFOLIO OF INVESTMENTS |
| and Income Portfolio | as of June 30, 2024 (Unaudited) (continued) |
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) |
| USD | | | 53,431 | | | CAD | | | 73,205 | | | State Street Bank and Trust Co. | | 07/05/24 | | $ | (83 | ) |
| CAD | | | 68,016 | | | USD | | | 49,812 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (91 | ) |
| EUR | | | 65,458 | | | USD | | | 70,301 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (188 | ) |
| USD | | | 50,125 | | | CAD | | | 68,913 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (252 | ) |
| EUR | | | 87,865 | | | USD | | | 94,450 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (337 | ) |
| GBP | | | 67,401 | | | USD | | | 85,614 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (411 | ) |
| EUR | | | 79,249 | | | USD | | | 85,947 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (1,063 | ) |
| GBP | | | 212,253 | | | USD | | | 271,315 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (3,002 | ) |
| USD | | | 3,363,197 | | | CAD | | | 4,607,647 | | | State Street Bank and Trust Co. | | 07/05/24 | | | (5,082 | ) |
| CAD | | | 200,978 | | | USD | | | 146,963 | | | State Street Bank and Trust Co. | | 08/06/24 | | | 68 | |
| GBP | | | 321,952 | | | USD | | | 407,134 | | | State Street Bank and Trust Co. | | 08/06/24 | | | (60 | ) |
| USD | | | 4,212,882 | | | EUR | | | 3,927,272 | | | State Street Bank and Trust Co. | | 08/06/24 | | | (244 | ) |
| USD | | | 3,406,653 | | | CAD | | | 4,659,883 | | | State Street Bank and Trust Co. | | 08/06/24 | | | (2,405 | ) |
| GBP | | | 4,315,055 | | | USD | | | 5,460,270 | | | The Bank of New York Mellon | | 07/05/24 | | | (5,529 | ) |
| USD | | | 5,461,306 | | | GBP | | | 4,315,055 | | | The Bank of New York Mellon | | 08/06/24 | | | 5,381 | |
| | | | | | | | | | | | | | | | | $ | 71,295 | |
Currency Abbreviations:
| CAD | — | Canadian Dollar |
| EUR | — | EU Euro |
| GBP | — | British Pound |
| USD | — | United States Dollar |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value |
| Asset Derivatives | | | | | | |
| Foreign exchange contracts | | Unrealized appreciation on forward foreign currency contracts | | $ | 90,164 | |
| Total Asset Derivatives | | | | $ | 90,164 | |
| Liability Derivatives | | | | | | |
| Foreign exchange contracts | | Unrealized depreciation on forward foreign currency contracts | | $ | 18,869 | |
| Total Liability Derivatives | | | | $ | 18,869 | |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Forward
foreign
currency
contracts |
| Foreign exchange contracts | | $ | 124,364 | |
| Total | | $ | 124,364 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Forward
foreign
currency
contracts |
| Foreign exchange contracts | | $ | 160,907 | |
| Total | | $ | 160,907 | |
See Accompanying Notes to Financial Statements
| VY® Invesco Growth | PORTFOLIO OF INVESTMENTS |
| and Income Portfolio | as of June 30, 2024 (Unaudited) (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2024:
| | | State Street
Bank and
Trust Co. | | The Bank
of New York
Mellon | | Total |
| Assets: | | | | | | |
| Forward foreign currency contracts | | $ | 84,783 | | | $ | 5,381 | | | $ | 90,164 | |
| Total Assets | | $ | 84,783 | | | $ | 5,381 | | | $ | 90,164 | |
| Liabilities: | | | | | | | | | | | | |
| Forward foreign currency contracts | | $ | 13,340 | | | $ | 5,529 | | | $ | 18,869 | |
| Total Liabilities | | $ | 13,340 | | | $ | 5,529 | | | $ | 18,869 | |
| Net OTC derivative instruments by counterparty, at fair value | | $ | 71,443 | | | $ | (148 | ) | | $ | 71,295 | |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | $ | — | | | $ | — | | | $ | — | |
| Net Exposure(1) | | $ | 71,443 | | | $ | (148 | ) | | $ | 71,295 | |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $295,018,419. | | |
| Net unrealized appreciation consisted of: | | |
| Gross Unrealized Appreciation | | $ | 81,249,000 | |
| Gross Unrealized Depreciation | | | (15,079,518 | ) |
| Net Unrealized Appreciation | | $ | 66,169,482 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Emerging Markets Equity Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.1% |
| | | | Brazil: 7.6% | | | | | | | | |
| 321,422 | | | Banco BTG Pactual SA | | $ | 1,771,527 | | | | 0.6 | |
| 474,666 | | | Itau Unibanco Holding SA, ADR | | | 2,772,049 | | | | 1.0 | |
| 629,126 (1) | | | NU Holdings Ltd./Cayman Islands - Class A | | | 8,109,434 | | | | 2.8 | |
| 232,229 | | | Petroleo Brasileiro SA, ADR | | | 3,167,604 | | | | 1.1 | |
| 568,604 | | | Raia Drogasil SA | | | 2,618,176 | | | | 0.9 | |
| 443,082 | | | WEG SA | | | 3,340,097 | | | | 1.2 | |
| | | | | | | 21,778,887 | | | | 7.6 | |
| | | | China: 21.8% | | | | | | | | |
| 51,200 | | | Alibaba Group Holding Ltd., ADR | | | 3,686,400 | | | | 1.3 | |
| 64,700 | | | Contemporary Amperex Technology Co. Ltd. - Class A | | | 1,602,714 | | | | 0.6 | |
| 327,037 | | | Full Truck Alliance Co. Ltd., ADR | | | 2,629,377 | | | | 0.9 | |
| 381,669 | | | Fuyao Glass Industry Group Co. Ltd. - Class A | | | 2,516,077 | | | | 0.9 | |
| 90,793 | | | H World Group Ltd., ADR | | | 3,025,223 | | | | 1.1 | |
| 289,287 | | | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | | | 1,853,412 | | | | 0.6 | |
| 102,286 | | | Kanzhun Ltd., ADR | | | 1,924,000 | | | | 0.7 | |
| 16,500 | | | Kweichow Moutai Co. Ltd. - Class A | | | 3,324,454 | | | | 1.2 | |
| 463,500 | | | Midea Group Co. Ltd. - Class A | | | 4,109,276 | | | | 1.4 | |
| 304,728 | | | Montage Technology Co. Ltd. - Class A | | | 2,383,644 | | | | 0.8 | |
| 153,965 | | | NetEase, Inc. | | | 2,940,104 | | | | 1.0 | |
| 2,915 | | | NetEase, Inc., ADR | | | 278,616 | | | | 0.1 | |
| 72,621 | | | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | | | 2,905,444 | | | | 1.0 | |
| 304,000 | | | Shenzhou International Group Holdings Ltd. | | | 2,969,589 | | | | 1.0 | |
| 105,000 | | | Silergy Corp. | | | 1,489,353 | | | | 0.5 | |
| 350,000 | | | Tencent Holdings Ltd. | | | 16,604,115 | | | | 5.8 | |
| 194,594 | | | Wanhua Chemical Group Co. Ltd. - Class A | | | 2,161,349 | | | | 0.8 | |
| 154,000 | | | Wuliangye Yibin Co. Ltd. - Class A | | | 2,707,184 | | | | 0.9 | |
| 116,625 | | | Yum China Holdings, Inc. | | | 3,596,715 | | | | 1.2 | |
| | | | | | | 62,707,046 | | | | 21.8 | |
| | | | Hong Kong: 2.3% | | | | | | | | |
| 489,800 | | | AIA Group Ltd. | | | 3,313,864 | | | | 1.1 | |
| 300,500 | | | Techtronic Industries Co. Ltd. | | | 3,425,667 | | | | 1.2 | |
| | | | | | | 6,739,531 | | | | 2.3 | |
| | | | India: 14.9% | | | | | | | | |
| 18,874 | | | Apollo Hospitals Enterprise Ltd. | | | 1,397,509 | | | | 0.5 | |
| 50,497 | | | Asian Paints Ltd. | | | 1,763,092 | | | | 0.6 | |
| 55,676 | | | Bajaj Finance Ltd. | | | 4,744,880 | | | | 1.7 | |
| 166,642 | | | Bharti Airtel Ltd. | | | 2,883,146 | | | | 1.0 | |
| 8,463 (1) | | | Britannia Industries Ltd. | | | 555,046 | | | | 0.2 | |
| 285,538 | | | HDFC Bank Ltd. | | | 5,766,214 | | | | 2.0 | |
| 278,507 | | | ICICI Bank Ltd. | | | 4,008,663 | | | | 1.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | India (continued) | | | | | | | | |
| 109,510 | | | Infosys Ltd. | | $ | 2,055,139 | | | | 0.7 | |
| 86,254 (2) | | | Infosys Ltd. - Foreign, ADR | | | 1,606,050 | | | | 0.6 | |
| 503,612 | | | ITC Ltd. | | | 2,563,178 | | | | 0.9 | |
| 186,451 | | | Kotak Mahindra Bank Ltd. | | | 4,019,810 | | | | 1.4 | |
| 22,004 (1) | | | MakeMyTrip Ltd. | | | 1,850,536 | | | | 0.6 | |
| 68,833 | | | Shriram Finance Ltd. | | | 2,397,532 | | | | 0.8 | |
| 75,083 | | | Tata Consultancy Services Ltd. | | | 3,507,372 | | | | 1.2 | |
| 26,160 | | | UltraTech Cement Ltd. | | | 3,654,989 | | | | 1.3 | |
| | | | | | | 42,773,156 | | | | 14.9 | |
| | | | Indonesia: 3.0% | | | | | | | | |
| 7,730,700 | | | Bank Central Asia Tbk PT | | | 4,677,777 | | | | 1.6 | |
| 14,331,551 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 4,018,517 | | | | 1.4 | |
| | | | | | | 8,696,294 | | | | 3.0 | |
| | | | Ireland: 0.9% | | | | | | | | |
| 19,637 (1) | | | PDD Holdings, Inc., ADR | | | 2,610,739 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | Macao: 0.6% | | | | | | | | |
| 816,400 (1) | | | Sands China Ltd. | | | 1,697,545 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | Mexico: 3.9% | | | | | | | | |
| 16,692 | | | Fomento Economico Mexicano SAB de CV - Foreign, ADR | | | 1,796,894 | | | | 0.6 | |
| 416,374 | | | Grupo Financiero Banorte SAB de CV - Class O | | | 3,240,412 | | | | 1.1 | |
| 347,548 | | | Grupo Mexico SAB de CV | | | 1,875,182 | | | | 0.7 | |
| 1,262,724 | | | Wal-Mart de Mexico SAB de CV | | | 4,313,070 | | | | 1.5 | |
| | | | | | | 11,225,558 | | | | 3.9 | |
| | | | Panama: 1.2% | | | | | | | | |
| 35,564 | | | Copa Holdings SA - Class A | | | 3,384,982 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | Portugal: 1.2% | | | | | | | | |
| 179,303 | | | Jeronimo Martins SGPS SA | | | 3,504,295 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | South Africa: 3.5% | | | | | | | | |
| 129,222 | | | Bid Corp. Ltd. | | | 3,017,660 | | | | 1.0 | |
| 26,575 | | | Capitec Bank Holdings Ltd. | | | 3,858,565 | | | | 1.3 | |
| 214,283 | | | Shoprite Holdings Ltd. | | | 3,359,972 | | | | 1.2 | |
| | | | | | | 10,236,197 | | | | 3.5 | |
| | | | South Korea: 10.4% | | | | | | | | |
| 66,838 | | | Kia Corp. | | | 6,254,124 | | | | 2.2 | |
| 268,425 | | | Samsung Electronics Co. Ltd. | | | 15,797,836 | | | | 5.5 | |
| 46,025 (1) | | | SK hynix, Inc. | | | 7,810,839 | | | | 2.7 | |
| | | | | | | 29,862,799 | | | | 10.4 | |
| | | | Spain: 2.2% | | | | | | | | |
| 619,871 | | | Banco Bilbao Vizcaya Argentaria SA | | | 6,222,572 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | Taiwan: 17.8% | | | | | | | | |
| 461,000 | | | ASE Technology Holding Co. Ltd. | | | 2,388,123 | | | | 0.8 | |
| 603,141 | | | Chailease Holding Co. Ltd. | | | 2,846,819 | | | | 1.0 | |
| 297,000 | | | Delta Electronics, Inc. | | | 3,542,469 | | | | 1.2 | |
| 86,000 | | | MediaTek, Inc. | | | 3,703,883 | | | | 1.3 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Emerging Markets Equity Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) |
| | | | Taiwan (continued) | | | | | | | | |
| 116,000 | | | Realtek Semiconductor Corp. | | $ | 1,946,623 | | | | 0.7 | |
| 907,223 | | | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 26,878,863 | | | | 9.3 | |
| 43,144 | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 7,498,859 | | | | 2.6 | |
| 30,000 | | | Wiwynn Corp. | | | 2,429,623 | | | | 0.9 | |
| | | | | | | 51,235,262 | | | | 17.8 | |
| | | | Turkey: 3.9% | | | | | | | | |
| 920,687 | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 1,652,203 | | | | 0.6 | |
| 218,618 | | | BIM Birlesik Magazalar AS | | | 3,648,682 | | | | 1.3 | |
| 392,828 | | | KOC Holding AS | | | 2,728,344 | | | | 0.9 | |
| 3,209,302 | | | Yapi ve Kredi Bankasi AS | | | 3,321,857 | | | | 1.1 | |
| | | | | | | 11,351,086 | | | | 3.9 | |
| | | | United States: 0.7% | | | | | | | | |
| 7,569 | | | Estee Lauder Cos., Inc. - Class A | | | 805,342 | | | | 0.3 | |
| 26,650 | | | Las Vegas Sands Corp. | | | 1,179,262 | | | | 0.4 | |
| | | | | | | 1,984,604 | | | | 0.7 | |
| | | | Uruguay: 3.2% | | | | | | | | |
| 9,066 (1) | | | Globant SA | | | 1,616,105 | | | | 0.5 | |
| 4,671 (1) | | | MercadoLibre, Inc. | | | 7,676,322 | | | | 2.7 | |
| | | | | | | 9,292,427 | | | | 3.2 | |
| | | | Total Common Stock
(Cost $234,872,101) | | | 285,302,980 | | | | 99.1 | |
| | | | Total Long-Term Investments
(Cost $234,872,101) | | | 285,302,980 | | | | 99.1 | |
| | | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.6% |
| | | | Repurchase Agreements: 0.4% | | | | | | | | |
| 1,000,000 (3) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,000,446, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 08/08/24-04/20/74) | | | 1,000,000 | | | | 0.4 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) | |
| 120,286 (3) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $120,340, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 7.000%, Market Value plus accrued interest $122,692, due 01/15/25-11/01/53) | | $ | 120,286 | | | | 0.0 | |
| | | | Total Repurchase Agreements
(Cost $1,120,286) | | | 1,120,286 | | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.2% | | | | | | | | |
| 475,695 (4) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $475,695) | | $ | 475,695 | | | | 0.2 | |
| | | | Total Short-Term Investments
(Cost $1,595,981) | | | 1,595,981 | | | | 0.6 | |
| | | | Total Investments in Securities
(Cost $236,468,082) | | $ | 286,898,961 | | | | 99.7 | |
| | | | Assets in Excess of Other Liabilities | | | 819,702 | | | | 0.3 | |
| | | | Net Assets | | $ | 287,718,663 | | | | 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) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® JPMorgan Emerging Markets Equity Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Brazil | | $ | 21,778,887 | | | $ | — | | | $ | — | | | $ | 21,778,887 | |
| China | | | 17,656,408 | | | | 45,050,638 | | | | — | | | | 62,707,046 | |
| Hong Kong | | | — | | | | 6,739,531 | | | | — | | | | 6,739,531 | |
| India | | | 3,456,586 | | | | 39,316,570 | | | | — | | | | 42,773,156 | |
| Indonesia | | | — | | | | 8,696,294 | | | | — | | | | 8,696,294 | |
| Ireland | | | 2,610,739 | | | | — | | | | — | | | | 2,610,739 | |
| Macao | | | — | | | | 1,697,545 | | | | — | | | | 1,697,545 | |
| Mexico | | | 11,225,558 | | | | — | | | | — | | | | 11,225,558 | |
| Panama | | | 3,384,982 | | | | — | | | | — | | | | 3,384,982 | |
| Portugal | | | — | | | | 3,504,295 | | | | — | | | | 3,504,295 | |
| South Africa | | | 3,017,660 | | | | 7,218,537 | | | | — | | | | 10,236,197 | |
| South Korea | | | — | | | | 29,862,799 | | | | — | | | | 29,862,799 | |
| Spain | | | — | | | | 6,222,572 | | | | — | | | | 6,222,572 | |
| Taiwan | | | 7,498,859 | | | | 43,736,403 | | | | — | | | | 51,235,262 | |
| Turkey | | | 11,351,086 | | | | — | | | | — | | | | 11,351,086 | |
| United States | | | 1,984,604 | | | | — | | | | — | | | | 1,984,604 | |
| Uruguay | | | 9,292,427 | | | | — | | | | — | | | | 9,292,427 | |
| Total Common Stock | | | 93,257,796 | | | | 192,045,184 | | | | — | | | | 285,302,980 | |
| Short-Term Investments | | | 475,695 | | | | 1,120,286 | | | | — | | | | 1,595,981 | |
| Total Investments, at fair value | | $ | 93,733,491 | | | $ | 193,165,470 | | | $ | — | | | $ | 286,898,961 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $239,438,720. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 69,118,140 | |
| Gross Unrealized Depreciation | | | (21,088,544 | ) |
| Net Unrealized Appreciation | | $ | 48,029,596 | |
See Accompanying Notes to Financial Statements
VY® Morgan Stanley Global Franchise Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.0% |
| | | | France: 5.0% | | | | | | | | |
| 12,312 | | | L'Oreal SA | | $ | 5,419,321 | | | | 1.8 | |
| 5,259 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 4,037,815 | | | | 1.3 | |
| 41,350 | | | Pernod Ricard SA | | | 5,641,781 | | | | 1.9 | |
| | | | | | | 15,098,917 | | | | 5.0 | |
| | | | Germany: 6.7% | | | | | | | | |
| 99,670 | | | SAP SE | | | 20,021,278 | | | | 6.7 | |
| | | | | | | | | | | | |
| | | | Ireland: 6.8% | | | | | | | | |
| 49,378 | | | Accenture PLC - Class A | | | 14,981,779 | | | | 5.0 | |
| 114,707 | | | Experian PLC | | | 5,328,896 | | | | 1.8 | |
| | | | | | | 20,310,675 | | | | 6.8 | |
| | | | Italy: 0.2% | | | | | | | | |
| 80,680 | | | Davide Campari-Milano NV | | | 763,860 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Netherlands: 1.3% | | | | | | | | |
| 12,402 | | | Heineken NV | | | 1,199,845 | | | | 0.4 | |
| 86,421 | | | Universal Music Group NV | | | 2,570,875 | | | | 0.9 | |
| | | | | | | 3,770,720 | | | | 1.3 | |
| | | | United Kingdom: 8.5% | | | | | | | | |
| 1,380,609 | | | Haleon PLC | | | 5,617,284 | | | | 1.9 | |
| 140,392 | | | Reckitt Benckiser Group PLC | | | 7,595,070 | | | | 2.6 | |
| 54,806 | | | RELX PLC - EUR | | | 2,508,082 | | | | 0.8 | |
| 210,373 | | | RELX PLC - GBP | | | 9,639,017 | | | | 3.2 | |
| | | | | | | 25,359,453 | | | | 8.5 | |
| | | | United States: 69.5% | | | | | | | | |
| 88,858 | | | Abbott Laboratories | | | 9,233,235 | | | | 3.1 | |
| 33,323 | | | Aon PLC - Class A | | | 9,782,966 | | | | 3.3 | |
| 31,055 | | | Arthur J Gallagher & Co. | | | 8,052,872 | | | | 2.7 | |
| 32,244 | | | Automatic Data Processing, Inc. | | | 7,696,320 | | | | 2.6 | |
| 42,977 | | | Becton Dickinson and Co. | | | 10,044,155 | | | | 3.3 | |
| 21,526 | | | Broadridge Financial Solutions, Inc. | | | 4,240,622 | | | | 1.4 | |
| 23,805 | | | CDW Corp. | | | 5,328,511 | | | | 1.8 | |
| 15,334 | | | CME Group, Inc. | | | 3,014,664 | | | | 1.0 | |
| 144,443 | | | Coca-Cola Co. | | | 9,193,797 | | | | 3.1 | |
| 27,929 | | | Constellation Brands, Inc. - Class A | | | 7,185,573 | | | | 2.4 | |
| 9,171 | | | Danaher Corp. | | | 2,291,374 | | | | 0.8 | |
| 26,093 | | | Equifax, Inc. | | | 6,326,509 | | | | 2.1 | |
| 6,751 | | | FactSet Research Systems, Inc. | | | 2,756,231 | | | | 0.9 | |
| 40,686 (1) | | | Hologic, Inc. | | | 3,020,936 | | | | 1.0 | |
| 96,216 | | | Intercontinental Exchange, Inc. | | | 13,171,008 | | | | 4.4 | |
| 8,776 | | | Jack Henry & Associates, Inc. | | | 1,456,992 | | | | 0.5 | |
| 58,302 | | | Microsoft Corp. | | | 26,058,079 | | | | 8.7 | |
| 11,123 | | | Moody's Corp. | | | 4,682,004 | | | | 1.6 | |
| 55,058 | | | Otis Worldwide Corp. | | | 5,299,883 | | | | 1.8 | |
| 59,084 | | | Philip Morris International, Inc. | | | 5,986,982 | | | | 2.0 | |
| 48,804 | | | Procter & Gamble Co. | | | 8,048,756 | | | | 2.7 | |
| 14,320 | | | Roper Technologies, Inc. | | | 8,071,611 | | | | 2.7 | |
| 17,473 | | | STERIS PLC | | | 3,836,022 | | | | 1.3 | |
| 18,714 | | | Thermo Fisher Scientific, Inc. | | | 10,348,842 | | | | 3.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | United States (continued) | | | | | | | | |
| 22,033 | | | UnitedHealth Group, Inc. | | $ | 11,220,526 | | | | 3.7 | |
| 65,949 | | | Visa, Inc. - Class A | | | 17,309,634 | | | | 5.8 | |
| 24,156 | | | Zoetis, Inc. | | | 4,187,684 | | | | 1.4 | |
| | | | | | | 207,845,788 | | | | 69.5 | |
| | | | Total Common Stock
(Cost $218,958,876) | | | 293,170,691 | | | | 98.0 | |
| | | | Total Long-Term Investments
(Cost $218,958,876) | | | 293,170,691 | | | | 98.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS: 0.9% |
| | | | Mutual Funds: 0.9% | | | | | | | | |
| 2,704,427 (2) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $2,704,427) | | $ | 2,704,427 | | | | 0.9 | |
| | | | Total Short-Term Investments
(Cost $2,704,427) | | | 2,704,427 | | | | 0.9 | |
| | | | Total Investments in Securities
(Cost $221,663,303) | | $ | 295,875,118 | | | | 98.9 | |
| | | | Assets in Excess of Other Liabilities | | | 3,170,441 | | | | 1.1 | |
| | | | Net Assets | | $ | 299,045,559 | | | | 100.0 | |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® Morgan Stanley Global Franchise Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| France | | $ | — | | | $ | 15,098,917 | | | $ | — | | | $ | 15,098,917 | |
| Germany | | | — | | | | 20,021,278 | | | | — | | | | 20,021,278 | |
| Ireland | | | 14,981,779 | | | | 5,328,896 | | | | — | | | | 20,310,675 | |
| Italy | | | — | | | | 763,860 | | | | — | | | | 763,860 | |
| Netherlands | | | — | | | | 3,770,720 | | | | — | | | | 3,770,720 | |
| United Kingdom | | | — | | | | 25,359,453 | | | | — | | | | 25,359,453 | |
| United States | | | 207,845,788 | | | | — | | | | — | | | | 207,845,788 | |
| Total Common Stock | | | 222,827,567 | | | | 70,343,124 | | | | — | | | | 293,170,691 | |
| Short-Term Investments | | | 2,704,427 | | | | — | | | | — | | | | 2,704,427 | |
| Total Investments, at fair value | | $ | 225,531,994 | | | $ | 70,343,124 | | | $ | — | | | $ | 295,875,118 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $224,583,093. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 82,801,651 | |
| Gross Unrealized Depreciation | | | (9,570,414 | ) |
| Net Unrealized Appreciation | | $ | 73,231,237 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 63.6% |
| | | | Communication Services: 3.8% | | | | | | | | |
| 1,238,263 (1) | | | Alphabet, Inc. - Class A | | $ | 225,549,605 | | | | 2.7 | |
| 191,653 (1) | | | Meta Platforms, Inc. - Class A | | | 96,635,276 | | | | 1.1 | |
| | | | | | | 322,184,881 | | | | 3.8 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 4.1% | | | | | | | | |
| 1,169,780 (1)(2) | | | Amazon.com, Inc. | | | 226,059,985 | | | | 2.7 | |
| 190,317 (1) | | | Hilton Worldwide Holdings, Inc. | | | 41,527,169 | | | | 0.5 | |
| 94,800 (1) | | | McDonald's Corp. | | | 24,158,832 | | | | 0.3 | |
| 422,800 (1) | | | Yum! Brands, Inc. | | | 56,004,088 | | | | 0.6 | |
| | | | | | | 347,750,074 | | | | 4.1 | |
| | | | | | | | | | | | |
| | | | Energy: 2.3% | | | | | | | | |
| 4,024,744 | | | Canadian Natural Resources Ltd. | | | 143,280,887 | | | | 1.7 | |
| 647,700 (3) | | | Chesapeake Energy Corp. | | | 53,234,463 | | | | 0.6 | |
| | | | | | | 196,515,350 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | Financials: 3.0% | | | | | | | | |
| 63,600 | | | Arthur J Gallagher & Co. | | | 16,492,116 | | | | 0.2 | |
| 50,458 | | | CME Group, Inc. | | | 9,920,043 | | | | 0.1 | |
| 748,795 | | | Intercontinental Exchange, Inc. | | | 102,502,547 | | | | 1.2 | |
| 422,607 | | | KKR & Co., Inc. | | | 44,475,161 | | | | 0.6 | |
| 359,465 (1) | | | Marsh & McLennan Cos., Inc. | | | 75,746,465 | | | | 0.9 | |
| | | | | | | 249,136,332 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | | Health Care: 14.1% | | | | | | | | |
| 421,418 | | | AbbVie, Inc. | | | 72,281,615 | | | | 0.9 | |
| 61,100 (2) | | | Argenx SE, ADR | | | 26,275,444 | | | | 0.3 | |
| 2,528,885 (2) | | | Avantor, Inc. | | | 53,612,362 | | | | 0.6 | |
| 683,265 | | | Becton Dickinson and Co. | | | 159,685,863 | | | | 1.9 | |
| 265,777 (2) | | | Biogen, Inc. | | | 61,612,424 | | | | 0.7 | |
| 699,745 | | | Danaher Corp. | | | 174,831,288 | | | | 2.1 | |
| 85,200 | | | Eli Lilly & Co. | | | 77,138,376 | | | | 0.9 | |
| 712,550 | | | GE Healthcare, Inc. | | | 55,521,896 | | | | 0.7 | |
| 83,600 | | | Humana, Inc. | | | 31,237,140 | | | | 0.4 | |
| 35,104 | | | McKesson Corp. | | | 20,502,140 | | | | 0.2 | |
| 1,566,886 | | | PerkinElmer, Inc. | | | 164,303,666 | | | | 2.0 | |
| 116,248 | | | Thermo Fisher Scientific, Inc. | | | 64,285,144 | | | | 0.8 | |
| 424,213 | | | UnitedHealth Group, Inc. | | | 216,034,713 | | | | 2.6 | |
| | | | | | | 1,177,322,071 | | | | 14.1 | |
| | | | | | | | | | | | |
| | | | Industrials: 8.1% | | | | | | | | |
| 129,871 | | | AMETEK, Inc. | | | 21,650,794 | | | | 0.2 | |
| 15,121,910 (2) | | | Aurora Innovation, Inc. | | | 41,887,691 | | | | 0.5 | |
| 166,958 (2) | | | Boeing Co. | | | 30,388,026 | | | | 0.4 | |
| 2,040,509 (1) | | | Fortive Corp. | | | 151,201,717 | | | | 1.8 | |
| 566,323 | | | Ingersoll Rand, Inc. | | | 51,444,781 | | | | 0.6 | |
| 36,900 | | | Northrop Grumman Corp. | | | 16,086,555 | | | | 0.2 | |
| 75,877 | | | Republic Services, Inc. | | | 14,745,936 | | | | 0.2 | |
| 739,382 | | | RTX Corp. | | | 74,226,559 | | | | 0.9 | |
| 1,183,886 | | | Veralto Corp. | | | 113,025,596 | | | | 1.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) | | | | | | | | |
| 943,327 | | | Waste Connections, Inc. | | $ | 165,421,823 | | | | 2.0 | |
| | | | | | | 680,079,478 | | | | 8.1 | |
| | | | | | | | | | | | |
| | | | Information Technology: 21.1% | | | | | | | | |
| 178,900 (2) | | | Advanced Micro Devices, Inc. | | | 29,019,369 | | | | 0.3 | |
| 701,893 | | | Apple, Inc. | | | 147,832,704 | | | | 1.8 | |
| 120,100 (2) | | | Autodesk, Inc. | | | 29,718,745 | | | | 0.4 | |
| 48,400 | | | Broadcom, Inc. | | | 77,707,652 | | | | 0.9 | |
| 255,912 | | | Intuit, Inc. | | | 168,187,925 | | | | 2.0 | |
| 189,239 (1) | | | Mastercard, Inc. - Class A | | | 83,484,677 | | | | 1.0 | |
| 1,019,788 | | | Microsoft Corp. | | | 455,794,247 | | | | 5.4 | |
| 1,748,900 | | | NVIDIA Corp. | | | 216,059,106 | | | | 2.6 | |
| 726,998 (2) | | | PTC, Inc. | | | 132,073,727 | | | | 1.6 | |
| 266,214 (1) | | | Roper Technologies, Inc. | | | 150,054,183 | | | | 1.8 | |
| 485,034 | | | Salesforce, Inc. | | | 124,702,241 | | | | 1.5 | |
| 205,098 (2) | | | Teledyne Technologies, Inc. | | | 79,573,922 | | | | 1.0 | |
| 270,212 | | | Visa, Inc. - Class A | | | 70,922,544 | | | | 0.8 | |
| | | | | | | 1,765,131,042 | | | | 21.1 | |
| | | | | | | | | | | | |
| | | | Materials: 1.9% | | | | | | | | |
| 231,110 | | | Linde PLC | | | 101,413,379 | | | | 1.2 | |
| 103,100 | | | Martin Marietta Materials, Inc. | | | 55,859,580 | | | | 0.7 | |
| | | | | | | 157,272,959 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | Utilities: 5.2% | | | | | | | | |
| 1,203,601 | | | Ameren Corp. | | | 85,588,067 | | | | 1.0 | |
| 3,472,919 | | | CenterPoint Energy, Inc. | | | 107,591,031 | | | | 1.3 | |
| 274,474 | | | CMS Energy Corp. | | | 16,339,437 | | | | 0.2 | |
| 554,140 | | | DTE Energy Co. | | | 61,515,081 | | | | 0.7 | |
| 1,206,620 | | | Essential Utilities, Inc. | | | 45,043,125 | | | | 0.6 | |
| 2,416,631 | | | Exelon Corp. | | | 83,639,599 | | | | 1.0 | |
| 1,175,371 | | | NiSource, Inc. | | | 33,862,439 | | | | 0.4 | |
| 10,246 | | | WEC Energy Group, Inc. | | | 803,901 | | | | 0.0 | |
| | | | | | | 434,382,680 | | | | 5.2 | |
| | | | | | | | | | | | |
| | | | Total Common Stock
(Cost $4,351,041,249) | | | 5,329,774,867 | | | | 63.6 | |
| | | | | | | | | | | | |
| PREFERRED STOCK: 0.5% |
| | | | Consumer Discretionary: 0.3% | | | | | | | | |
| 413,251 (4)(5) | | | Waymo LLC., Series A-2 | | | 25,497,587 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Utilities: 0.2% | | | | | | | | |
| 256,173 (6) | | | CMS Energy Corp. 10/15/2078 | | | 6,178,893 | | | | 0.1 | |
| 127,474 (6) | | | CMS Energy Corp. 3/1/2079 | | | 3,086,145 | | | | 0.1 | |
| 95,629 (6) | | | SCE Trust IV | | | 2,253,019 | | | | 0.0 | |
| | | | | | | 11,518,057 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Total Preferred Stock
(Cost $47,466,606) | | | 37,015,644 | | | | 0.5 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 11.2% |
| | | | Communications: 0.9% | | | | | | | | |
| 31,104,000 (7) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | | $ | 29,104,837 | | | | 0.4 | |
| 42,796,000 (7) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | | | 41,125,073 | | | | 0.5 | |
| 2,782,000 (7) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | | | 2,756,976 | | | | 0.0 | |
| 600,000 | | | Lamar Media Corp., 3.625%, 01/15/2031 | | | 529,062 | | | | 0.0 | |
| 3,610,000 | | | Lamar Media Corp., 3.750%, 02/15/2028 | | | 3,379,579 | | | | 0.0 | |
| 845,000 | | | Lamar Media Corp., 4.875%, 01/15/2029 | | | 812,948 | | | | 0.0 | |
| | | | | | | 77,708,475 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 3.0% | | | | | | | | |
| 11,017,000 (3) | | | Cedar Fair L.P., 5.250%, 07/15/2029 | | | 10,577,830 | | | | 0.1 | |
| 13,046,000 (3) | | | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 04/15/2027 | | | 12,940,500 | | | | 0.2 | |
| 8,760,000 | | | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/01/2028 | | | 8,812,691 | | | | 0.1 | |
| 2,719,000 (7) | | | Clarios Global L.P., 6.750%, 05/15/2025 | | | 2,720,594 | | | | 0.0 | |
| 3,708,000 (7) | | | Clarios Global L.P. / Clarios US Finance Co., 6.250%, 05/15/2026 | | | 3,707,179 | | | | 0.0 | |
| 11,970,000 (7) | | | Clarios Global L.P. / Clarios US Finance Co., 8.500%, 05/15/2027 | | | 12,059,967 | | | | 0.1 | |
| 10,803,974 (7) | | | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | | | 10,526,276 | | | | 0.1 | |
| 12,099,000 (3)(7) | | | Hilton Domestic Operating Co., Inc., 3.625%, 02/15/2032 | | | 10,480,420 | | | | 0.1 | |
| 11,062,000 (3)(7) | | | Hilton Domestic Operating Co., Inc., 3.750%, 05/01/2029 | | | 10,153,863 | | | | 0.1 | |
| 14,981,000 (7) | | | Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031 | | | 13,423,667 | | | | 0.2 | |
| 9,908,000 | | | Hilton Domestic Operating Co., Inc., 4.875%, 01/15/2030 | | | 9,515,639 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Cyclical: (continued) | | | | | | | | |
| 4,990,000 (7) | | | Hilton Domestic Operating Co., Inc., 5.375%, 05/01/2025 | | $ | 4,985,781 | | | | 0.1 | |
| 11,216,000 (3)(7) | | | Hilton Domestic Operating Co., Inc., 5.750%, 05/01/2028 | | | 11,167,574 | | | | 0.1 | |
| 5,481,000 (3)(7) | | | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | | | 5,491,863 | | | | 0.1 | |
| 3,209,000 | | | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 04/01/2027 | | | 3,160,601 | | | | 0.0 | |
| 20,595,000 (7) | | | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 06/01/2027 | | | 20,094,323 | | | | 0.2 | |
| 9,459,000 (7) | | | Life Time, Inc., 5.750%, 01/15/2026 | | | 9,423,752 | | | | 0.1 | |
| 595,000 (7) | | | Live Nation Entertainment, Inc., 4.875%, 11/01/2024 | | | 593,632 | | | | 0.0 | |
| 590,000 | | | Marriott International, Inc. R, 3.125%, 06/15/2026 | | | 566,382 | | | | 0.0 | |
| 9,988,220 (7) | | | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | | | 10,016,097 | | | | 0.1 | |
| 16,402,000 (7) | | | Six Flags Entertainment Corp., 5.500%, 04/15/2027 | | | 16,246,524 | | | | 0.2 | |
| 5,559,000 (7) | | | Six Flags Theme Parks, Inc., 7.000%, 07/01/2025 | | | 5,589,841 | | | | 0.1 | |
| 235,295 | | | US Airways Pass Through Trust 2012-2, A, 4.625%, 12/03/2026 | | | 232,726 | | | | 0.0 | |
| 1,189,624 | | | US Airways Pass Through Trust 2013-1, A, 3.950%, 05/15/2027 | | | 1,162,569 | | | | 0.0 | |
| 4,538,000 (3)(7) | | | Vail Resorts, Inc., 6.500%, 05/15/2032 | | | 4,595,102 | | | | 0.1 | |
| 8,476,000 (3) | | | Yum! Brands, Inc., 3.625%, 03/15/2031 | | | 7,486,892 | | | | 0.1 | |
| 15,957,000 (3) | | | Yum! Brands, Inc., 4.625%, 01/31/2032 | | | 14,690,606 | | | | 0.2 | |
| 7,623,000 (7) | | | Yum! Brands, Inc., 4.750%, 01/15/2030 | | | 7,266,061 | | | | 0.1 | |
| 14,933,000 | | | Yum! Brands, Inc., 5.350%, 11/01/2043 | | | 14,196,534 | | | | 0.2 | |
| 8,806,000 | | | Yum! Brands, Inc., 5.375%, 04/01/2032 | | | 8,472,525 | | | | 0.1 | |
| 5,778,000 | | | Yum! Brands, Inc., 6.875%, 11/15/2037 | | | 6,305,549 | | | | 0.1 | |
| | | | | | | 256,663,560 | | | | 3.0 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: 1.5% | | | | | | | | |
| 9,730,000 (3)(7) | | | Avantor Funding, Inc., 3.875%, 11/01/2029 | | $ | 8,855,930 | | | | 0.1 | |
| 18,880,000 (7) | | | Avantor Funding, Inc., 4.625%, 07/15/2028 | | | 17,982,611 | | | | 0.2 | |
| 2,911,000 | | | Becton Dickinson & Co., 3.700%, 06/06/2027 | | | 2,801,436 | | | | 0.0 | |
| 12,855,000 | | | Biogen, Inc., 3.150%, 05/01/2050 | | | 8,289,091 | | | | 0.1 | |
| 3,470,000 | | | Biogen, Inc., 5.200%, 09/15/2045 | | | 3,164,922 | | | | 0.0 | |
| 7,562,000 (3)(7) | | | Charles River Laboratories International, Inc., 3.750%, 03/15/2029 | | | 6,909,619 | | | | 0.1 | |
| 6,268,000 (3)(7) | | | Charles River Laboratories International, Inc., 4.000%, 03/15/2031 | | | 5,597,729 | | | | 0.1 | |
| 5,886,000 (7) | | | Charles River Laboratories International, Inc., 4.250%, 05/01/2028 | | | 5,566,994 | | | | 0.1 | |
| 4,423,000 (7) | | | Gartner, Inc., 3.625%, 06/15/2029 | | | 4,054,500 | | | | 0.0 | |
| 1,714,000 (7) | | | Gartner, Inc., 3.750%, 10/01/2030 | | | 1,538,691 | | | | 0.0 | |
| 1,428,000 (7) | | | Gartner, Inc., 4.500%, 07/01/2028 | | | 1,377,528 | | | | 0.0 | |
| 2,113,000 | | | GE HealthCare Technologies, Inc., 5.650%, 11/15/2027 | | | 2,141,468 | | | | 0.0 | |
| 7,459,000 (3)(7) | | | Heartland Dental LLC / Heartland Dental Finance Corp., 10.500%, 04/30/2028 | | | 7,926,754 | | | | 0.1 | |
| 2,749,000 (3)(7) | | | Hologic, Inc., 3.250%, 02/15/2029 | | | 2,468,573 | | | | 0.0 | |
| 6,441,000 (7) | | | IQVIA, Inc., 5.000%, 05/15/2027 | | | 6,289,953 | | | | 0.1 | |
| 5,964,000 | | | IQVIA, Inc., 5.700%, 05/15/2028 | | | 6,035,747 | | | | 0.1 | |
| 4,109,000 (7) | | | IQVIA, Inc., 6.500%, 05/15/2030 | | | 4,174,308 | | | | 0.1 | |
| 5,481,000 (7) | | | Korn Ferry, 4.625%, 12/15/2027 | | | 5,232,374 | | | | 0.1 | |
| 4,557,228 | | | MEDLINE BORR FRN 0/28, 8.094%, 10/23/2028 | | | 4,573,224 | | | | 0.1 | |
| 4,569,000 (7) | | | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | | | 4,626,423 | | | | 0.1 | |
| 1,263,000 (7) | | | PRA Health Sciences, Inc., 2.875%, 07/15/2026 | | | 1,201,985 | | | | 0.0 | |
| 4,105,000 | | | Service Corp. International, 3.375%, 08/15/2030 | | | 3,577,347 | | | | 0.0 | |
| 760,000 | | | Service Corp. International, 4.625%, 12/15/2027 | | | 736,281 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | |
| 3,196,000 (7) | | | Surgery Center Holdings, Inc., 7.250%, 04/15/2032 | | $ | 3,232,386 | | | | 0.0 | |
| 700,000 (7) | | | Teleflex, Inc., 4.250%, 06/01/2028 | | | 660,583 | | | | 0.0 | |
| 6,828,000 | | | Teleflex, Inc., 4.625%, 11/15/2027 | | | 6,599,808 | | | | 0.1 | |
| | | | | | | 125,616,265 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | Financial: 3.6% | | | | | | | | |
| 2,230,000 (7) | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027 | | | 2,090,420 | | | | 0.0 | |
| 3,784,000 (7) | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 | | | 3,544,458 | | | | 0.1 | |
| 11,923,000 (7) | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.750%, 10/15/2027 | | | 11,771,155 | | | | 0.2 | |
| 19,987,000 (7) | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.750%, 04/15/2028 | | | 20,037,707 | | | | 0.3 | |
| 17,761,000 (7) | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 01/15/2031 | | | 17,957,157 | | | | 0.2 | |
| 831,000 | | | American Tower Corp., 1.500%, 01/31/2028 | | | 728,945 | | | | 0.0 | |
| 2,969,000 (7) | | | AmWINS Group, Inc., 4.875%, 06/30/2029 | | | 2,766,114 | | | | 0.0 | |
| 450,000 (7) | | | AmWINS Group, Inc., 6.375%, 02/15/2029 | | | 451,508 | | | | 0.0 | |
| 2,318,000 (7) | | | AssuredPartners, Inc., 7.500%, 02/15/2032 | | | 2,329,073 | | | | 0.0 | |
| 33,693,176 | | | BROADSTREET PARTNERS 5/24, 06/16/2031 | | | 33,651,060 | | | | 0.4 | |
| 9,250,000 (7) | | | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | | | 8,639,255 | | | | 0.1 | |
| 2,790,000 (7) | | | HUB International Ltd., 5.625%, 12/01/2029 | | | 2,641,155 | | | | 0.0 | |
| 74,659,000 (7) | | | HUB International Ltd., 7.250%, 06/15/2030 | | | 76,589,383 | | | | 0.9 | |
| 46,652,000 (3)(7) | | | HUB International Ltd., 7.375%, 01/31/2032 | | | 47,338,111 | | | | 0.6 | |
| 1,686,000 (7) | | | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | | | 1,590,292 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 1,027,000 | | | Intercontinental Exchange, Inc., 4.000%, 09/15/2027 | | $ | 993,175 | | | | 0.0 | |
| 11,054,000 (7) | | | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | | | 11,188,903 | | | | 0.2 | |
| 2,001,000 (7) | | | Ryan Specialty Group LLC, 4.375%, 02/01/2030 | | | 1,855,750 | | | | 0.0 | |
| 13,977,000 (3) | | | SBA Communications Corp., 3.125%, 02/01/2029 | | | 12,472,551 | | | | 0.2 | |
| 10,403,000 | | | SBA Communications Corp., 3.875%, 02/15/2027 | | | 9,924,236 | | | | 0.1 | |
| 411,000 (7) | | | SBA Tower Trust, 6.599%, 11/15/2052 | | | 419,960 | | | | 0.0 | |
| 18,769,000 (7) | | | USI, Inc., 7.500%, 01/15/2032 | | | 19,086,084 | | | | 0.2 | |
| 5,048,000 (3) | | | VICI Properties L.P., 5.750%, 04/01/2034 | | | 5,004,027 | | | | 0.1 | |
| 1,743,000 (7) | | | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | | | 1,656,968 | | | | 0.0 | |
| 2,109,000 (7) | | | VICI Properties L.P. / VICI Note Co., Inc., 4.125%, 08/15/2030 | | | 1,919,725 | | | | 0.0 | |
| 2,012,000 (7) | | | VICI Properties L.P. / VICI Note Co., Inc., 5.750%, 02/01/2027 | | | 2,013,563 | | | | 0.0 | |
| | | | | | | 298,660,735 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | Industrial: 1.4% | | | | | | | | |
| 8,558,000 | | | Ball Corp., 6.000%, 06/15/2029 | | | 8,614,671 | | | | 0.1 | |
| 4,127,000 (3)(7) | | | GFL Environmental, Inc., 4.000%, 08/01/2028 | | | 3,838,890 | | | | 0.1 | |
| 3,268,000 (7) | | | GFL Environmental, Inc., 4.375%, 08/15/2029 | | | 3,014,649 | | | | 0.0 | |
| 9,067,000 (7) | | | GFL Environmental, Inc., 4.750%, 06/15/2029 | | | 8,565,898 | | | | 0.1 | |
| 2,347,000 (7) | | | GFL Environmental, Inc., 6.750%, 01/15/2031 | | | 2,397,306 | | | | 0.0 | |
| 5,372,000 | | | Howmet Aerospace, Inc., 3.000%, 01/15/2029 | | | 4,883,130 | | | | 0.1 | |
| 3,655,000 | | | Howmet Aerospace, Inc., 5.900%, 02/01/2027 | | | 3,702,319 | | | | 0.1 | |
| 5,092,000 (7) | | | Sensata Technologies BV, 4.000%, 04/15/2029 | | | 4,679,244 | | | | 0.1 | |
| 5,100,000 (7) | | | Sensata Technologies BV, 5.000%, 10/01/2025 | | | 5,145,617 | | | | 0.1 | |
| 1,182,000 (7) | | | Sensata Technologies BV, 5.875%, 09/01/2030 | | | 1,158,275 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Industrial: (continued) | | | | | | | | |
| 2,035,000 (7) | | | Sensata Technologies, Inc., 3.750%, 02/15/2031 | | $ | 1,775,189 | | | | 0.0 | |
| 664,000 (7) | | | Sensata Technologies, Inc., 4.375%, 02/15/2030 | | | 610,503 | | | | 0.0 | |
| 1,343,000 (7) | | | Sensata Technologies, Inc., 6.625%, 07/15/2032 | | | 1,353,533 | | | | 0.0 | |
| 3,281,177 | | | THE GCG TRUST, 03/22/2030 | | | 3,290,918 | | | | 0.0 | |
| 10,732,000 | | | TransDigm, Inc., 5.500%, 11/15/2027 | | | 10,547,609 | | | | 0.1 | |
| 23,149,000 (7) | | | TransDigm, Inc., 6.375%, 03/01/2029 | | | 23,294,677 | | | | 0.3 | |
| 18,151,000 (7) | | | TransDigm, Inc., 6.625%, 03/01/2032 | | | 18,356,277 | | | | 0.2 | |
| 10,879,000 (7) | | | TransDigm, Inc., 7.125%, 12/01/2031 | | | 11,223,070 | | | | 0.1 | |
| | | | | | | 116,451,775 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | Technology: 0.8% | | | | | | | | |
| 4,683,000 (7) | | | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | | | 4,413,602 | | | | 0.1 | |
| 3,295,000 (7) | | | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | | | 3,088,519 | | | | 0.0 | |
| 2,430,000 | | | Booz Allen Hamilton, Inc., 5.950%, 08/04/2033 | | | 2,509,393 | | | | 0.0 | |
| 1,790,000 (7) | | | Clarivate Science Holdings Corp., 3.875%, 07/01/2028 | | | 1,664,918 | | | | 0.0 | |
| 1,280,000 (3)(7) | | | Clarivate Science Holdings Corp., 4.875%, 07/01/2029 | | | 1,189,168 | | | | 0.0 | |
| 918,000 | | | Crowdstrike Holdings, Inc., 3.000%, 02/15/2029 | | | 828,459 | | | | 0.0 | |
| 901,681 | | | INFORMATICA TL 10/30/2028, 10/30/2028 | | | 905,062 | | | | 0.0 | |
| 8,129,000 (7) | | | MSCI, Inc., 3.250%, 08/15/2033 | | | 6,723,841 | | | | 0.1 | |
| 10,520,000 (7) | | | MSCI, Inc., 3.625%, 09/01/2030 | | | 9,453,261 | | | | 0.1 | |
| 8,649,000 (7) | | | MSCI, Inc., 3.625%, 11/01/2031 | | | 7,597,404 | | | | 0.1 | |
| 8,345,000 (7) | | | MSCI, Inc., 3.875%, 02/15/2031 | | | 7,523,088 | | | | 0.1 | |
| 9,699,000 (7) | | | MSCI, Inc., 4.000%, 11/15/2029 | | | 9,069,690 | | | | 0.1 | |
| 3,642,000 (7) | | | PTC, Inc., 4.000%, 02/15/2028 | | | 3,432,597 | | | | 0.0 | |
| 4,255,780 | | | QUARTZ ACQUIRECO 6/28/30, 06/28/2030 | | | 4,263,760 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Technology: (continued) | | | | | | | | |
| 4,541,000 (3)(7) | | | UKG, Inc., 6.875%, 02/01/2031 | | $ | 4,601,123 | | | | 0.1 | |
| | | | | | | 67,263,885 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Total Corporate Bonds/ Notes
(Cost $937,684,741) | | | 942,364,695 | | | | 11.2 | |
| |
| U.S. TREASURY OBLIGATIONS: 10.9% |
| | | | United States Treasury Notes: 10.9% | | | | | | | | |
| 149,195,100 | | | 3.875%, 08/15/2033 | | | 143,565,315 | | | | 1.7 | |
| 302,590,600 | | | 4.000%, 02/15/2034 | | | 293,772,922 | | | | 3.5 | |
| 168,647,200 | | | 4.375%, 05/15/2034 | | | 168,713,077 | | | | 2.0 | |
| 305,409,900 | | | 4.500%, 11/15/2033 | | | 308,296,977 | | | | 3.7 | |
| | | | | | | 914,348,291 | | | | 10.9 | |
| | | | Total U.S. Treasury Obligations
(Cost $911,311,993) | | | 914,348,291 | | | | 10.9 | |
| |
| BANK LOANS: 9.8% |
| | | | Communications: 0.3% | | | | | | | | |
| 8,240,632 | | | Charter Communications Operating, LLC, Tranche B2, 7.052%, (TSFR1M+3.250%), 02/01/2027 | | | 8,243,673 | | | | 0.1 | |
| 14,765,978 | | | SBA Senior Finance II LLC, Tranche B, 8.840%, (TSFR1M+3.500%), 01/27/2031 | | | 14,797,356 | | | | 0.2 | |
| | | | | | | 23,041,029 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 1.2% | | | | | | | | |
| 24,639,713 | | | Hilton Worldwide, Tranche B3, 7.207%, (TSFR1M+1.750%), 06/21/2028 | | | 24,709,862 | | | | 0.3 | |
| 34,830,973 | | | IRB Holding Corp., Tranche B, 8.179%, (TSFR1M+2.750%), 12/15/2027 | | | 34,858,176 | | | | 0.4 | |
| 31,360,833 | | | Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Tranche B, 10.744%, (US0003M +5.250%), 06/21/2027 | | | 32,040,986 | | | | 0.4 | |
| 10,622,437 | | | SkyMiles IP Ltd. (Delta Air Lines, Inc.), Tranche B, 9.076%, (US0003M +3.750%), 10/20/2027 | | | 10,896,294 | | | | 0.1 | |
| | | | | | | 102,505,318 | | | | 1.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| BANK LOANS: (continued) |
| | | | Consumer, Non-cyclical: 0.9% | | | | | | | | |
| 17,925,692 | | | ADMI Corp., Amendment No. 5 Incremental Term Loan, 9.208%, (TSFR1M+3.750%), 12/23/2027 | | $ | 17,567,178 | | | | 0.2 | |
| 2,261,282 | | | ADMI Corp., Tranche B, 11.094%, (TSFR1M+5.750%), 04/30/2025 | | | 2,266,935 | | | | 0.0 | |
| 7,294,085 | | | ADMI Corp., Tranche B3-DD, 8.833%, (TSFR1M+3.375%), 02/14/2025 | | | 7,129,968 | | | | 0.1 | |
| 18,070,142 | | | Heartland Dental, LLC, 2024 New Term Loan, 9.844%, (TSFR1M+3.500%), 04/28/2028 | | | 18,132,267 | | | | 0.2 | |
| 26,504,900 | | | Loire UK Midco 3 Limited, Facility B (USD), 8.930%, (US0003M +3.250%), 04/21/2027 | | | 26,397,237 | | | | 0.3 | |
| 4,477,048 | | | Loire UK Midco 3 Limited, Facility B2 (USD), 9.194%, (US0001M +3.750%), 04/21/2027 | | | 4,460,259 | | | | 0.1 | |
| 948,142 | | | Trans Union LLC, Tranche B, 7.344%, (TSFR1M+2.000%), 12/01/2028 | | | 950,090 | | | | 0.0 | |
| | | | | | | 76,903,934 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | Financial: 3.8% | | | | | | | | |
| 43,316,683 | | | Alliant Holdings Intermediate, LLC, Tranche B6, 8.842%, (TSFR3M+3.500%), 11/06/2030 | | | 43,470,111 | | | | 0.5 | |
| 9,767,916 | | | AmWINS Group, Inc., Tranche B, 7.590%, (TSFR1M+2.250%), 02/22/2028 | | | 9,771,481 | | | | 0.1 | |
| 452,300 (8) | | | AMWINS Group, Inc., 02/22/2028 | | | 452,465 | | | | 0.0 | |
| 30,055,575 | | | AssuredPartners, Inc., Tranche B5, 8.844%, (TSFR1M+3.500%), 02/14/2031 | | | 30,168,283 | | | | 0.4 | |
| 109,993,520 | | | Hub International Limited, Tranche B, 8.575%, (TSFR3M+3.500%), 06/20/2030 | | | 110,353,089 | | | | 1.3 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| BANK LOANS: (continued) |
| | | | Financial: (continued) | | | | | | | | |
| 7,773,457 | | | Ryan Specialty Group, LLC, Initial Term Loan, 8.094%, (TSFR1M+3.250%), 09/01/2027 | | $ | 7,823,012 | | | | 0.1 | |
| 28,182,024 | | | Truist Insurance Holdings LLC, TL 2L Bankdebt, 10.085%, (TSFR1M+3.500%), 03/08/2032 | | | 28,804,368 | | | | 0.3 | |
| 20,560,751 | | | Truist Insurance Holdings LLC, Tranche B, 8.840%, (TSFR1M+3.500%), 05/06/2031 | | | 20,637,854 | | | | 0.3 | |
| 40,483,219 | | | USI, Inc., 8.085%, (TSFR1M+3.500%), 09/27/2030 | | | 40,493,340 | | | | 0.5 | |
| 26,049,504 | | | USI, Inc., Tranche B, 8.094%, (TSFR3M+3.000%), 11/23/2029 | | | 26,092,928 | | | | 0.3 | |
| | | | | | | 318,066,931 | | | | 3.8 | |
| | | | | | | | | | | | |
| | | | Health Care: 0.3% | | | | | | | | |
| 23,287,756 | | | athenahealth Group Inc., Tranche B, 8.594%, (TSFR1M+3.250%), 02/15/2029 | | | 23,236,802 | | | | 0.3 | |
| 557,301 | | | Avantor Funding, Inc., 2021 Incremental B-5 Dollar Term Loan, 7.444%, (TSFR1M+2.250%), 11/08/2027 | | | 561,063 | | | | 0.0 | |
| | | | | | | 23,797,865 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Industrial: 0.8% | | | | | | | | |
| 38,573,263 | | | Filtration Group Corporation, 2021 Incremental Term Loan, 8.958%, (TSFR1M+3.500%), 10/21/2028 | | | 38,802,311 | | | | 0.5 | |
| 11,350,245 | | | Filtration Group Corporation, 2023 Extended Euro Term Loan, 7.896%, (EUR003M+4.250%), 10/21/2028 | | | 12,201,438 | | | | 0.1 | |
| 6,456,003 | | | Trans Union LLC, 2019 Replacement Term B-5 Loan, 7.194%, (TSFR1M+1.750%), 11/16/2026 | | | 6,464,473 | | | | 0.1 | |
| 8,185,733 | | | TransDigm Inc., Tranche H, 8.085%, (TSFR3M+3.250%), 03/22/2030 | | | 8,210,037 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| BANK LOANS: (continued) |
| | | | Industrial: (continued) | | | | | | | | |
| 1,203,584 | | | TransDigm Inc., Tranche I, 8.085%, (TSFR3M+3.250%), 08/24/2028 | | $ | 1,207,219 | | | | 0.0 | |
| | | | | | | 66,885,478 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Technology: 2.5% | | | | | | | | |
| 9,720,002 | | | Applied Systems, Inc., Initial Term Loan (2024) (Second Lien), 10.585%, (TSFR3M+5.2500%), 02/23/2032 | | | 10,076,911 | | | | 0.1 | |
| 75,572,842 | | | Applied Systems, Inc., Tranche B, 8.840%, (TSFR3M+3.500%), 02/24/2031 | | | 76,234,104 | | | | 0.9 | |
| 15,854,000 | | | Azaela Topco., 8.844%, (TSFR1M+3.500%), 04/30/2031 | | | 15,863,909 | | | | 0.2 | |
| 12,934,991 (8) | | | Epicor Software Corporation (fka Eagle Parent Inc.), 05/23/2031 | | | 13,005,551 | | | | 0.2 | |
| 436,170 | | | Epicor Software Corporation (fka Eagle Parent Inc.), Tranche C, 8.720%, (TSFR1M+3.750%), 07/30/2027 | | | 438,585 | | | | 0.0 | |
| 3,272,879 | | | Severin Acquistion LLC, Initial Term Loan (First Lien), 8.330%, (TSFR3M+3.500%), 08/02/2027 | | | 3,288,906 | | | | 0.0 | |
| 24,634,028 | | | Sophia, L.P., Tranche B, 8.840%, (TSFR1M+3.500%), 10/29/2029 | | | 24,775,156 | | | | 0.3 | |
| 12,325,719 | | | Storable, Inc., Tranche B, 8.856%, (TSFR1M+3.250%), 04/17/2028 | | | 12,370,400 | | | | 0.2 | |
| 51,875,643 | | | UKG Inc., Tranche B, 8.576%, (TSFR3M+3.500%), 02/10/2031 | | | 52,129,626 | | | | 0.6 | |
| | | | | | | 208,183,148 | | | | 2.5 | |
| | | | Total Bank Loans
(Cost $813,847,401) | | | 819,383,703 | | | | 9.8 | |
| | | | | | | | | | | | |
| ASSET-BACKED SECURITIES: 0.1% |
| | | | Other Asset-Backed Securities: 0.1% | | |
| 4,483,800 (7) | | | Domino's Pizza Master Issuer LLC 2017- 1A A23, 4.118%, 07/25/2047 | | | 4,296,672 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 3,561,600 (7) | | | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | | $ | 3,253,288 | | | | 0.0 | |
| | | | | | | 7,549,960 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Total Asset-Backed Securities
(Cost $7,997,182) | | | 7,549,960 | | | | 0.1 | |
| | | | Total Long-Term Investments
(Cost $7,069,349,172) | | | 8,050,437,160 | | | | 96.1 | |
| | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS: 4.9% |
| | | | Repurchase Agreements: 0.7% | | | | | | | | |
| 10,189,562 (9) | | | Bethesda Securities, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $10,194,126, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%- 6.070%, Market Value plus accrued interest $10,393,353, due 10/01/27-01/01/57) | | | 10,189,562 | | | | 0.1 | |
| 18,007,351 (9) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $18,015,388, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $18,367,498, due 08/08/24-04/20/74) | | | 18,007,351 | | | | 0.2 | |
| 18,007,351 (9) | | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $18,015,255, collateralized by various U.S. Government Securities, 0.750%- 4.375%, Market Value plus accrued interest $18,367,559, due 07/01/24-09/09/49) | | | 18,007,351 | | | | 0.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) | |
| 12,443,053 (9) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $12,448,627, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $12,667,647, due 10/15/25-02/15/53) | | $ | 12,443,053 | | | | 0.2 | |
| | | | Total Repurchase Agreements
(Cost $58,647,317) | | | 58,647,317 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Time Deposits: 0.2% | | | | | | | | |
| 1,850,000 (9) | | | BNP Paribas SA, 5.290%, 07/01/2024 | | | 1,850,000 | | | | 0.1 | |
| 1,840,000 (9) | | | Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024 | | | 1,840,000 | | | | 0.1 | |
| 850,000 (9) | | | Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024 | | | 850,000 | | | | 0.0 | |
| 1,730,000 (9) | | | DZ Bank AG, 5.300%, 07/01/2024 | | | 1,730,000 | | | | 0.0 | |
| 1,780,000 (9) | | | HSBC Bank PLC, 5.380%, 07/01/2024 | | | 1,780,000 | | | | 0.0 | |
| 1,560,000 (9) | | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024 | | | 1,560,000 | | | | 0.0 | |
| 1,780,000 (9) | | | Mizuho Bank Ltd., 5.320%, 07/01/2024 | | | 1,780,000 | | | | 0.0 | |
| 1,840,000 (9) | | | Royal Bank of Canada, 5.320%, 07/01/2024 | | | 1,840,000 | | | | 0.0 | |
| 1,800,000 (9) | | | Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024 | | | 1,800,000 | | | | 0.0 | |
| 1,670,000 (9) | | | Svenska Handelsbanken AB, 5.310%, 07/01/2024 | | | 1,670,000 | | | | 0.0 | |
| | | | Total Time Deposits
(Cost $16,700,000) | | | 16,700,000 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 4.0% | | | | | | | |
| 332,900,399 (10) | | | T. Rowe Price Government Reserve Investment Fund, 5.380%
(Cost $332,900,399) | | $ | 332,900,399 | | | | 4.0 | | |
| | | | Total Short-Term Investments
(Cost $408,247,716) | | $ | 408,247,716 | | | | 4.9 | | |
| | | | Total Investments in Securities
(Cost $7,477,596,888) | | $ | 8,458,684,876 | | | | 101.0 | | |
| | | | Liabilities in Excess of Other Assets | | | (80,617,730) | | | | (1.0) | | |
| | | | Net Assets | | $ | 8,378,067,146 | | | | 100.0 | | |
| ADR | American Depositary Receipt |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | All or a portion of this security is pledged to cover open written call options at June 30, 2024. |
| (2) | Non-income producing security. |
| (3) | Security, or a portion of the security, is on loan. |
| (4) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (5) | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2024, the Portfolio held restricted securities with a fair value of $25,497,587 or 0.3% of net assets. Please refer to the table below for additional details. |
| (6) | Preferred Stock may be called prior to convertible date. |
| (7) | 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. |
| (8) | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| (9) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (10) | Rate shown is the 7-day yield as of June 30, 2024. |
| Currency Abbreviations: |
| |
| EUR | EU Euro |
| Reference Rate Abbreviations: |
| |
| EUR003M | 3-month EURIBOR |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Asset-Backed Securities | | $ | — | | | $ | 7,549,960 | | | $ | — | | | $ | 7,549,960 | |
| Bank Loans | | | — | | | | 819,383,703 | | | | — | | | | 819,383,703 | |
| Common Stock* | | | 5,329,774,867 | | | | — | | | | — | | | | 5,329,774,867 | |
| Corporate Bonds/Notes | | | — | | | | 942,364,695 | | | | — | | | | 942,364,695 | |
| Preferred Stock | | | 11,518,057 | | | | — | | | | 25,497,587 | | | | 37,015,644 | |
| Short-Term Investments | | | 332,900,399 | | | | 75,347,317 | | | | — | | | | 408,247,716 | |
| U.S. Treasury Obligations | | | — | | | | 914,348,291 | | | | — | | | | 914,348,291 | |
| Total Investments, at fair value | | $ | 5,674,193,323 | | | $ | 2,758,993,966 | | | $ | 25,497,587 | | | $ | 8,458,684,876 | |
| Liabilities Table | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Written Options | | $ | — | | | $ | (22,323,766 | ) | | $ | — | | | $ | (22,323,766 | ) |
| Total Liabilities | | $ | — | | | $ | (22,323,766 | ) | | $ | — | | | $ | (22,323,766 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At June 30, 2024, VY® T. Rowe Price Capital Appreciation Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Waymo LLC., Series A-2 | | 5/8/2020 | | $ | 35,484,706 | | | $ | 25,497,587 | |
| | | | | $ | 35,484,706 | | | $ | 25,497,587 | |
At June 30, 2024, the following OTC written equity options were outstanding for VY® T. Rowe Price Capital Appreciation Portfolio:
| Description | | Counterparty | | Put/
Call | | Expiration Date | | Exercise
Price | | | Number of Contracts | | | Notional
Amount | | Premiums Received | | | Fair Value | |
| AbbVie, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 160.000 | | | | 645 | | | USD | 11,063,040 | | | $ | 778,515 | | | $ | (1,170,001 | ) |
| AbbVie, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 165.000 | | | | 645 | | | USD | 11,063,040 | | | | 649,515 | | | | (955,275 | ) |
| AbbVie, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 175.000 | | | | 817 | | | USD | 14,013,184 | | | | 549,024 | | | | (757,964 | ) |
| AbbVie, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 165.000 | | | | 391 | | | USD | 6,706,432 | | | | 280,441 | | | | (579,089 | ) |
| AbbVie, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 170.000 | | | | 390 | | | USD | 6,689,280 | | | | 213,689 | | | | (461,777 | ) |
| Alphabet, Inc. - Class A | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 180.000 | | | | 493 | | | USD | 8,979,995 | | | | 578,511 | | | | (876,482 | ) |
| Apple, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 200.000 | | | | 541 | | | USD | 11,394,542 | | | | 634,052 | | | | (1,187,530 | ) |
| Apple, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 215.000 | | | | 541 | | | USD | 11,394,542 | | | | 322,977 | | | | (725,590 | ) |
| Arthur J Gallagher & Co. | | JPMorgan Chase Bank N.A. | | Call | | 11/15/24 | | USD | 250.000 | | | | 228 | | | USD | 5,912,268 | | | | 234,156 | | | | (453,196 | ) |
| Arthur J Gallagher & Co. | | JPMorgan Chase Bank N.A. | | Call | | 11/15/24 | | USD | 250.000 | | | | 233 | | | USD | 6,041,923 | | | | 210,166 | | | | (463,134 | ) |
| CME Group, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 230.000 | | | | 202 | | | USD | 3,971,320 | | | | 99,075 | | | | (44,933 | ) |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Description | | Counterparty | | Put/
Call | | Expiration Date | | Exercise
Price | | | Number of Contracts | | | Notional
Amount | | Premiums Received | | | Fair Value | |
| CME Group, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 240.000 | | | | 202 | | | USD | 3,971,320 | | | $ | 36,320 | | | $ | (23,554 | ) |
| Danaher Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 300.000 | | | | 325 | | | USD | 8,120,125 | | | | 344,601 | | | | (126,782 | ) |
| GE HealthCare Technologies, Inc. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 85.000 | | | | 135 | | | USD | 1,051,920 | | | | 66,685 | | | | (54,979 | ) |
| GE HealthCare Technologies, Inc. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 90.000 | | | | 135 | | | USD | 1,051,920 | | | | 43,097 | | | | (34,656 | ) |
| Hilton Worldwide Holdings, Inc. | | Barclays Bank PLC | | Call | | 01/17/25 | | USD | 220.000 | | | | 134 | | | USD | 2,923,880 | | | | 110,240 | | | | (223,719 | ) |
| Hilton Worldwide Holdings, Inc. | | Barclays Bank PLC | | Call | | 01/17/25 | | USD | 220.000 | | | | 91 | | | USD | 1,985,620 | | | | 82,070 | | | | (151,929 | ) |
| Hilton Worldwide Holdings, Inc. | | Barclays Bank PLC | | Call | | 01/17/25 | | USD | 230.000 | | | | 134 | | | USD | 2,923,880 | | | | 71,555 | | | | (153,735 | ) |
| Hilton Worldwide Holdings, Inc. | | Barclays Bank PLC | | Call | | 01/17/25 | | USD | 230.000 | | | | 91 | | | USD | 1,985,620 | | | | 53,821 | | | | (104,402 | ) |
| Ingersoll Rand, Inc. | | Bank of America N.A. | | Call | | 12/20/24 | | USD | 100.000 | | | | 361 | | | USD | 3,279,324 | | | | 183,171 | | | | (137,400 | ) |
| Ingersoll Rand, Inc. | | Bank of America N.A. | | Call | | 12/20/24 | | USD | 105.000 | | | | 361 | | | USD | 3,279,324 | | | | 122,596 | | | | (94,610 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 140.000 | | | | 246 | | | USD | 3,367,494 | | | | 138,252 | | | | (189,396 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 140.000 | | | | 233 | | | USD | 3,189,537 | | | | 135,140 | | | | (179,387 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 145.000 | | | | 270 | | | USD | 3,696,030 | | | | 118,233 | | | | (144,660 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 145.000 | | | | 246 | | | USD | 3,367,494 | | | | 97,170 | | | | (131,801 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 145.000 | | | | 233 | | | USD | 3,189,537 | | | | 95,297 | | | | (124,836 | ) |
| Intercontinental Exchange, Inc. | | Bank of America N.A. | | Call | | 01/17/25 | | USD | 155.000 | | | | 270 | | | USD | 3,696,030 | | | | 46,753 | | | | (63,126 | ) |
| Intercontinental Exchange, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 125.000 | | | | 376 | | | USD | 5,147,064 | | | | 233,485 | | | | (666,356 | ) |
| Intercontinental Exchange, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 125.000 | | | | 275 | | | USD | 3,764,475 | | | | 204,839 | | | | (487,361 | ) |
| Intercontinental Exchange, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 130.000 | | | | 376 | | | USD | 5,147,064 | | | | 165,865 | | | | (525,078 | ) |
| Intercontinental Exchange, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 130.000 | | | | 275 | | | USD | 3,764,475 | | | | 147,353 | | | | (384,033 | ) |
| KKR & Co., Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 115.000 | | | | 361 | | | USD | 3,799,164 | | | | 272,663 | | | | (229,726 | ) |
| KKR & Co., Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 120.000 | | | | 361 | | | USD | 3,799,164 | | | | 210,669 | | | | (166,722 | ) |
| KKR & Co., Inc. | | Citigroup Global Markets | | Call | | 01/16/26 | | USD | 120.000 | | | | 135 | | | USD | 1,420,740 | | | | 177,902 | | | | (178,128 | ) |
| KKR & Co., Inc. | | Citigroup Global Markets | | Call | | 01/16/26 | | USD | 125.000 | | | | 135 | | | USD | 1,420,740 | | | | 151,606 | | | | (153,422 | ) |
| KKR & Co., Inc. | | Citigroup Global Markets | | Call | | 01/16/26 | | USD | 130.000 | | | | 135 | | | USD | 1,420,740 | | | | 133,881 | | | | (131,520 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 440.000 | | | | 79 | | | USD | 3,466,599 | | | | 145,967 | | | | (228,559 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 440.000 | | | | 71 | | | USD | 3,115,551 | | | | 130,642 | | | | (205,414 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 450.000 | | | | 79 | | | USD | 3,466,599 | | | | 117,630 | | | | (183,974 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 450.000 | | | | 71 | | | USD | 3,115,551 | | | | 105,239 | | | | (165,343 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 460.000 | | | | 103 | | | USD | 4,519,743 | | | | 268,709 | | | | (189,026 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 460.000 | | | | 126 | | | USD | 5,529,006 | | | | 199,332 | | | | (231,236 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 460.000 | | | | 94 | | | USD | 4,124,814 | | | | 193,762 | | | | (172,509 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 460.000 | | | | 90 | | | USD | 3,949,290 | | | | 136,795 | | | | (165,169 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 470.000 | | | | 126 | | | USD | 5,529,006 | | | | 153,972 | | | | (178,810 | ) |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Description | | Counterparty | | Put/
Call | | Expiration Date | | Exercise
Price | | | Number of Contracts | | | Notional
Amount | | Premiums Received | | | Fair Value | |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 480.000 | | | | 103 | | | USD | 4,519,743 | | | $ | 188,398 | | | $ | (110,363 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 480.000 | | | | 94 | | | USD | 4,124,814 | | | | 133,971 | | | | (100,720 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 480.000 | | | | 126 | | | USD | 5,529,006 | | | | 115,794 | | | | (135,008 | ) |
| Linde PLC | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 485.000 | | | | 90 | | | USD | 3,949,290 | | | | 68,919 | | | | (83,645 | ) |
| Marsh & McLennan Cos., Inc. | | Goldman Sachs International | | Call | | 07/19/24 | | USD | 210.000 | | | | 206 | | | USD | 4,340,832 | | | | 163,206 | | | | (87,682 | ) |
| Marsh & McLennan Cos., Inc. | | Goldman Sachs International | | Call | | 07/19/24 | | USD | 220.000 | | | | 206 | | | USD | 4,340,832 | | | | 83,205 | | | | (12,951 | ) |
| Marsh & McLennan Cos., Inc. | | Goldman Sachs International | | Call | | 12/20/24 | | USD | 210.000 | | | | 428 | | | USD | 9,018,816 | | | | 371,076 | | | | (517,826 | ) |
| Marsh & McLennan Cos., Inc. | | Goldman Sachs International | | Call | | 12/20/24 | | USD | 210.000 | | | | 419 | | | USD | 8,829,168 | | | | 336,457 | | | | (506,937 | ) |
| Mastercard, Inc. - Class A | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 480.000 | | | | 124 | | | USD | 5,470,384 | | | | 298,468 | | | | (168,074 | ) |
| Mastercard, Inc. - Class A | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 490.000 | | | | 124 | | | USD | 5,470,384 | | | | 251,348 | | | | (130,745 | ) |
| Mastercard, Inc. - Class A | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 500.000 | | | | 124 | | | USD | 5,470,384 | | | | 208,568 | | | | (100,419 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 320.000 | | | | 158 | | | USD | 4,026,472 | | | | 219,936 | | | | (11,718 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 320.000 | | | | 158 | | | USD | 4,026,472 | | | | 186,756 | | | | (11,718 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 325.000 | | | | 159 | | | USD | 4,051,956 | | | | 187,938 | | | | (9,367 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 325.000 | | | | 157 | | | USD | 4,000,988 | | | | 156,529 | | | | (9,249 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 330.000 | | | | 158 | | | USD | 4,026,472 | | | | 157,526 | | | | (7,412 | ) |
| McDonald's Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 330.000 | | | | 158 | | | USD | 4,026,472 | | | | 133,826 | | | | (7,412 | ) |
| McKesson Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 600.000 | | | | 145 | | | USD | 8,468,580 | | | | 431,665 | | | | (548,645 | ) |
| McKesson Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 620.000 | | | | 145 | | | USD | 8,468,580 | | | | 306,240 | | | | (417,771 | ) |
| McKesson Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 640.000 | | | | 31 | | | USD | 1,810,524 | | | | 90,534 | | | | (66,988 | ) |
| McKesson Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 680.000 | | | | 30 | | | USD | 1,752,120 | | | | 48,216 | | | | (34,718 | ) |
| Northrop Grumman Corp. | | Barclays Bank PLC | | Call | | 01/17/25 | | USD | 490.000 | | | | 369 | | | USD | 16,086,555 | | | | 852,021 | | | | (370,153 | ) |
| Republic Services, Inc. | | Wells Fargo Securities, LLC | | Call | | 07/19/24 | | USD | 170.000 | | | | 94 | | | USD | 1,826,796 | | | | 47,006 | | | | (229,753 | ) |
| Republic Services, Inc. | | Wells Fargo Securities, LLC | | Call | | 07/19/24 | | USD | 175.000 | | | | 94 | | | USD | 1,826,796 | | | | 30,129 | | | | (182,938 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 580.000 | | | | 88 | | | USD | 4,960,208 | | | | 252,388 | | | | (232,796 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 580.000 | | | | 54 | | | USD | 3,043,764 | | | | 129,426 | | | | (142,852 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 580.000 | | | | 40 | | | USD | 2,254,640 | | | | 99,738 | | | | (105,817 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 600.000 | | | | 88 | | | USD | 4,960,208 | | | | 176,823 | | | | (153,350 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 600.000 | | | | 45 | | | USD | 2,536,470 | | | | 105,210 | | | | (78,418 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 600.000 | | | | 54 | | | USD | 3,043,764 | | | | 93,420 | | | | (94,101 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 600.000 | | | | 40 | | | USD | 2,254,640 | | | | 72,363 | | | | (69,704 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 600.000 | | | | 28 | | | USD | 1,578,248 | | | | 63,836 | | | | (48,793 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 620.000 | | | | 45 | | | USD | 2,536,470 | | | | 59,441 | | | | (48,799 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 620.000 | | | | 28 | | | USD | 1,578,248 | | | | 35,667 | | | | (30,364 | ) |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 640.000 | | | | 45 | | | USD | 2,536,470 | | | | 37,759 | | | | (28,925 | ) |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Description | | Counterparty | | Put/
Call | | Expiration Date | | Exercise
Price | | | Number of Contracts | | | Notional
Amount | | Premiums Received | | | Fair Value | |
| Roper Technologies, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 640.000 | | | | 28 | | | USD | 1,578,248 | | | $ | 22,447 | | | $ | (17,998 | ) |
| RTX Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 115.000 | | | | 361 | | | USD | 3,624,079 | | | | 117,968 | | | | (53,723 | ) |
| RTX Corp. | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 120.000 | | | | 361 | | | USD | 3,624,079 | | | | 70,785 | | | | (30,874 | ) |
| Teledyne Technologies, Inc. | | Goldman Sachs International | | Call | | 12/20/24 | | USD | 430.000 | | | | 8 | | | USD | 310,384 | | | | 9,539 | | | | (8,660 | ) |
| Teledyne Technologies, Inc. | | Goldman Sachs International | | Call | | 12/20/24 | | USD | 450.000 | | | | 8 | | | USD | 310,384 | | | | 4,467 | | | | (5,927 | ) |
| Thermo Fisher Scientific, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 650.000 | | | | 139 | | | USD | 7,686,700 | | | | 502,428 | | | | (139,710 | ) |
| UnitedHealth Group, Inc. | | Citigroup Global Markets | | Call | | 01/17/25 | | USD | 580.000 | | | | 318 | | | USD | 16,194,468 | | | | 1,354,543 | | | | (539,752 | ) |
| UnitedHealth Group, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 600.000 | | | | 353 | | | USD | 17,976,878 | | | | 1,124,245 | | | | (432,428 | ) |
| Veralto Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 110.000 | | | | 253 | | | USD | 2,415,391 | | | | 120,155 | | | | (213,847 | ) |
| Veralto Corp. | | UBS Securities, LLC | | Call | | 01/17/25 | | USD | 115.000 | | | | 253 | | | USD | 2,415,391 | | | | 85,390 | | | | (177,403 | ) |
| Visa, Inc. - Class A | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 305.000 | | | | 199 | | | USD | 5,223,153 | | | | 221,288 | | | | (66,892 | ) |
| Visa, Inc. - Class A | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 310.000 | | | | 199 | | | USD | 5,223,153 | | | | 191,438 | | | | (53,438 | ) |
| Visa, Inc. - Class A | | Goldman Sachs International | | Call | | 01/17/25 | | USD | 315.000 | | | | 199 | | | USD | 5,223,153 | | | | 163,578 | | | | (42,716 | ) |
| Waste Connections, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 175.000 | | | | 121 | | | USD | 2,121,856 | | | | 46,574 | | | | (120,212 | ) |
| Waste Connections, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 175.000 | | | | 59 | | | USD | 1,034,624 | | | | 23,251 | | | | (58,616 | ) |
| Waste Connections, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 180.000 | | | | 121 | | | USD | 2,121,856 | | | | 27,289 | | | | (87,876 | ) |
| Waste Connections, Inc. | | Citigroup Global Markets | | Call | | 12/20/24 | | USD | 180.000 | | | | 59 | | | USD | 1,034,624 | | | | 15,258 | | | | (42,849 | ) |
| Yum! Brands, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 145.000 | | | | 462 | | | USD | 6,119,652 | | | | 274,354 | | | | (136,422 | ) |
| Yum! Brands, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 150.000 | | | | 571 | | | USD | 7,563,466 | | | | 325,653 | | | | (107,405 | ) |
| Yum! Brands, Inc. | | JPMorgan Chase Bank N.A. | | Call | | 01/17/25 | | USD | 150.000 | | | | 462 | | | USD | 6,119,652 | | | | 186,403 | | | | (86,902 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 140.000 | | | | 173 | | | USD | 2,291,558 | | | | 104,598 | | | | (78,480 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 140.000 | | | | 124 | | | USD | 1,642,504 | | | | 73,476 | | | | (56,252 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 140.000 | | | | 67 | | | USD | 887,482 | | | | 35,859 | | | | (30,394 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 140.000 | | | | 47 | | | USD | 622,562 | | | | 26,802 | | | | (21,321 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 376 | | | USD | 4,980,496 | | | | 169,001 | | | | (111,027 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 262 | | | USD | 3,470,452 | | | | 136,898 | | | | (77,365 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 173 | | | USD | 2,291,558 | | | | 68,487 | | | | (51,084 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 112 | | | USD | 1,483,552 | | | | 60,713 | | | | (33,072 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 124 | | | USD | 1,642,504 | | | | 47,894 | | | | (36,615 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 67 | | | USD | 887,482 | | | | 22,805 | | | | (19,784 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 145.000 | | | | 47 | | | USD | 622,562 | | | | 17,315 | | | | (13,878 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 376 | | | USD | 4,980,496 | | | | 118,056 | | | | (70,726 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 262 | | | USD | 3,470,452 | | | | 96,104 | | | | (49,282 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 112 | | | USD | 1,483,552 | | | | 42,792 | | | | (21,067 | ) |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Description | | Counterparty | | Put/
Call | | Expiration Date | | Exercise
Price | | | Number of Contracts | | | Notional
Amount | | Premiums Received | | | Fair Value | |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 173 | | | USD | 2,291,558 | | | $ | 42,067 | | | $ | (32,541 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 124 | | | USD | 1,642,504 | | | | 29,255 | | | | (23,324 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 67 | | | USD | 887,482 | | | | 13,502 | | | | (12,603 | ) |
| Yum! Brands, Inc. | | Wells Fargo Securities, LLC | | Call | | 01/17/25 | | USD | 150.000 | | | | 47 | | | USD | 622,562 | | | | 10,460 | | | | (8,841 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | 21,642,373 | | | $ | (22,323,766 | ) |
| Currency Abbreviations: |
| |
| USD | — | United States Dollar |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Liability Derivatives | | | | | | |
| Equity contracts | | Written options, at fair value | | $ | 22,323,766 | |
| Total Liability Derivatives | | | | $ | 22,323,766 | |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Written options | |
| Equity contracts | | $ | 18,100,964 | |
| Total | | $ | 18,100,964 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Written options | |
| Equity contracts | | $ | (7,873,127 | ) |
| Total | | $ | (7,873,127 | ) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2024:
| | | Bank of America N.A. | | Barclays Bank PLC | | Citigroup Global Markets | | Goldman Sachs International | | JPMorgan Chase Bank N.A. | | UBS Securities,
LLC | | Wells Fargo Securities,
LLC | | Total |
| Liabilities: | | | | | | | | | | | | | | | | |
| Written options | | $ | 1,065,216 | | | $ | 1,003,938 | | | $ | 7,706,808 | | | $ | 2,455,748 | | | $ | 5,240,908 | | | $ | 664,543 | | | $ | 4,186,605 | | | $ | 22,323,766 | |
| Total Liabilities | | $ | 1,065,216 | | | $ | 1,003,938 | | | $ | 7,706,808 | | | $ | 2,455,748 | | | $ | 5,240,908 | | | $ | 664,543 | | | $ | 4,186,605 | | | $ | 22,323,766 | |
| Net OTC derivative instruments by | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| counterparty, at fair value | | $ | (1,065,216 | ) | | $ | (1,003,938 | ) | | $ | (7,706,808 | ) | | $ | (2,455,748 | ) | | $ | (5,240,908 | ) | | $ | (664,543 | ) | | $ | (4,186,605 | ) | | $ | (22,323,766 | ) |
| Total collateral pledged by the | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio/(Received from counterparty) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | – | |
| Net Exposure(1) | | $ | (1,065,216 | ) | | $ | (1,003,938 | ) | | $ | (7,706,808 | ) | | $ | (2,455,748 | ) | | $ | (5,240,908 | ) | | $ | (664,543 | ) | | $ | (4,186,605 | ) | | $ | (22,323,766 | ) |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Capital Appreciation Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $7,540,866,680. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 1,120,055,756 | |
| Gross Unrealized Depreciation | | | (222,000,258 | ) |
| Net Unrealized Appreciation | | $ | 898,055,498 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Equity Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 98.0% | | | | | | | | |
| | | | Communication Services: 4.5% | |
| 20,573 | | | AT&T, Inc. | | $ | 393,150 | | | | 0.1 | |
| 51,939 | | | Comcast Corp. - Class A | | | 2,033,931 | | | | 0.6 | |
| 268,874 | | | News Corp. - Class A | | | 7,412,856 | | | | 2.2 | |
| 22,656 | | | News Corp. - Class B | | | 643,204 | | | | 0.2 | |
| 28,873 | | | Verizon Communications, Inc. | | | 1,190,723 | | | | 0.3 | |
| 38,483 | | | Walt Disney Co. | | | 3,820,977 | | | | 1.1 | |
| | | | | | | 15,494,841 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 3.0% | | | | | | | | |
| 9,600 | | | Dollar General Corp. | | | 1,269,408 | | | | 0.4 | |
| 56,064 | | | Kohl's Corp. | | | 1,288,911 | | | | 0.4 | |
| 74,543 | | | Las Vegas Sands Corp. | | | 3,298,528 | | | | 1.0 | |
| 92,373 (1) | | | Mattel, Inc. | | | 1,501,985 | | | | 0.4 | |
| 10,500 | | | TJX Cos., Inc. | | | 1,156,050 | | | | 0.3 | |
| 150,862 | | | Volkswagen AG, ADR | | | 1,696,443 | | | | 0.5 | |
| | | | | | | 10,211,325 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 8.2% | | | | | | | | |
| 27,500 | | | Colgate-Palmolive Co. | | | 2,668,600 | | | | 0.8 | |
| 109,922 | | | Conagra Brands, Inc. | | | 3,123,983 | | | | 0.9 | |
| 224,905 | | | Kenvue, Inc. | | | 4,088,773 | | | | 1.2 | |
| 41,084 | | | Kimberly-Clark Corp. | | | 5,677,809 | | | | 1.6 | |
| 5,400 | | | Mondelez International, Inc. - Class A | | | 353,376 | | | | 0.1 | |
| 54,568 | | | Philip Morris International, Inc. | | | 5,529,375 | | | | 1.6 | |
| 52,589 | | | Tyson Foods, Inc. - Class A | | | 3,004,935 | | | | 0.9 | |
| 58,622 | | | Walmart, Inc. | | | 3,969,296 | | | | 1.1 | |
| | | | | | | 28,416,147 | | | | 8.2 | |
| | | | | | | | | | | | |
| | | | Energy: 8.9% | | | | | | | | |
| 46,800 | | | Baker Hughes Co. | | | 1,645,956 | | | | 0.5 | |
| 4,274 | | | Chevron Corp. | | | 668,539 | | | | 0.2 | |
| 10,900 | | | ConocoPhillips | | | 1,246,742 | | | | 0.4 | |
| 47,209 | | | Enbridge, Inc. | | | 1,680,168 | | | | 0.5 | |
| 16,746 | | | EOG Resources, Inc. | | | 2,107,819 | | | | 0.6 | |
| 63,700 | | | EQT Corp. | | | 2,355,626 | | | | 0.7 | |
| 49,315 | | | Exxon Mobil Corp. | | | 5,677,143 | | | | 1.6 | |
| 6,707 | | | Hess Corp. | | | 989,417 | | | | 0.3 | |
| 31,200 | | | Marathon Oil Corp. | | | 894,504 | | | | 0.2 | |
| 66,600 | | | Suncor Energy, Inc. | | | 2,537,460 | | | | 0.7 | |
| 36,086 (2) | | | TC Energy Corp. | | | 1,367,660 | | | | 0.4 | |
| 119,093 (2) | | | TotalEnergies SE, ADR | | | 7,941,121 | | | | 2.3 | |
| 41,200 | | | Williams Cos., Inc. | | | 1,751,000 | | | | 0.5 | |
| | | | | | | 30,863,155 | | | | 8.9 | |
| | | | | | | | | | | | |
| | | | Financials: 21.5% | | | | | | | | |
| 90,837 | | | American International Group, Inc. | | | 6,743,739 | | | | 1.9 | |
| 7,984 | | | Apollo Global Management, Inc. | | | 942,671 | | | | 0.3 | |
| 39,679 | | | Bank of America Corp. | | | 1,578,034 | | | | 0.5 | |
| 9,500 | | | Bank of New York Mellon Corp. | | | 568,955 | | | | 0.2 | |
| 77,572 | | | Charles Schwab Corp. | | | 5,716,280 | | | | 1.7 | |
| 26,760 | | | Chubb Ltd. | | | 6,825,941 | | | | 2.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Financials: (continued) | | | | | | | | |
| 66,937 | | | Citigroup, Inc. | | $ | 4,247,822 | | | | 1.2 | |
| 119,276 | | | Equitable Holdings, Inc. | | | 4,873,617 | | | | 1.4 | |
| 84,298 | | | Fifth Third Bancorp | | | 3,076,034 | | | | 0.9 | |
| 23,624 (1) | | | Fiserv, Inc. | | | 3,520,921 | | | | 1.0 | |
| 2,288 | | | Goldman Sachs Group, Inc. | | | 1,034,908 | | | | 0.3 | |
| 43,755 | | | Hartford Financial Services Group, Inc. | | | 4,399,128 | | | | 1.3 | |
| 284,449 | | | Huntington Bancshares, Inc. | | | 3,749,038 | | | | 1.1 | |
| 24,349 | | | JPMorgan Chase & Co. | | | 4,924,829 | | | | 1.4 | |
| 46,271 | | | Loews Corp. | | | 3,458,294 | | | | 1.0 | |
| 90,862 | | | MetLife, Inc. | | | 6,377,604 | | | | 1.8 | |
| 11,641 | | | Morgan Stanley | | | 1,131,389 | | | | 0.3 | |
| 77,500 | | | US Bancorp | | | 3,076,750 | | | | 0.9 | |
| 135,079 | | | Wells Fargo & Co. | | | 8,022,342 | | | | 2.3 | |
| | | | | | | 74,268,296 | | | | 21.5 | |
| | | | | | | | | | | | |
| | | | Health Care: 16.5% | | | | | | | | |
| 9,860 | | | AbbVie, Inc. | | | 1,691,187 | | | | 0.5 | |
| 39,143 | | | AstraZeneca PLC, ADR | | | 3,052,763 | | | | 0.9 | |
| 25,252 | | | Becton Dickinson and Co. | | | 5,901,645 | | | | 1.7 | |
| 4,900 (1) | | | Biogen, Inc. | | | 1,135,918 | | | | 0.3 | |
| 38,000 | | | Bristol-Myers Squibb Co. | | | 1,578,140 | | | | 0.5 | |
| 4,720 | | | Cardinal Health, Inc. | | | 464,070 | | | | 0.1 | |
| 10,193 (1) | | | Centene Corp. | | | 675,796 | | | | 0.2 | |
| 11,520 | | | Cigna Group | | | 3,808,166 | | | | 1.1 | |
| 53,576 | | | CVS Health Corp. | | | 3,164,199 | | | | 0.9 | |
| 16,935 | | | Elevance Health, Inc. | | | 9,176,399 | | | | 2.7 | |
| 12,955 | | | GE HealthCare Technologies, Inc. | | | 1,009,454 | | | | 0.3 | |
| 1,900 | | | Humana, Inc. | | | 709,935 | | | | 0.2 | |
| 26,003 | | | Johnson & Johnson | | | 3,800,598 | | | | 1.1 | |
| 39,314 | | | Medtronic PLC | | | 3,094,405 | | | | 0.9 | |
| 5,902 | | | Merck & Co., Inc. | | | 730,668 | | | | 0.2 | |
| 64,370 | | | Pfizer, Inc. | | | 1,801,073 | | | | 0.5 | |
| 48,894 | | | Sanofi, ADR | | | 2,372,337 | | | | 0.7 | |
| 10,300 | | | UnitedHealth Group, Inc. | | | 5,245,378 | | | | 1.5 | |
| 218,500 | | | Viatris, Inc. | | | 2,322,655 | | | | 0.7 | |
| 48,235 | | | Zimmer Biomet Holdings, Inc. | | | 5,234,944 | | | | 1.5 | |
| | | | | | | 56,969,730 | | | | 16.5 | |
| | | | | | | | | | | | |
| | | | Industrials: 12.5% | | | | | | | | |
| 9,100 | | | 3M Co. | | | 929,929 | | | | 0.3 | |
| 22,084 (1) | | | Boeing Co. | | | 4,019,509 | | | | 1.2 | |
| 19,200 | | | CSX Corp. | | | 642,240 | | | | 0.2 | |
| 7,000 | | | Cummins, Inc. | | | 1,938,510 | | | | 0.6 | |
| 12,585 (1) | | | GE Vernova, Inc. | | | 2,158,453 | | | | 0.6 | |
| 38,977 | | | General Electric Co. | | | 6,196,173 | | | | 1.8 | |
| 8,200 | | | Honeywell International, Inc. | | | 1,751,028 | | | | 0.5 | |
| 27,615 | | | L3Harris Technologies, Inc. | | | 6,201,777 | | | | 1.8 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Equity Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Industrials: (continued) | | | | | | | | |
| 8,700 | | | Norfolk Southern Corp. | | $ | 1,867,803 | | | | 0.6 | |
| 45,475 | | | Siemens AG, ADR | | | 4,240,544 | | | | 1.2 | |
| 100,862 | | | Southwest Airlines Co. | | | 2,885,662 | | | | 0.8 | |
| 53,216 | | | Stanley Black & Decker, Inc. | | | 4,251,426 | | | | 1.2 | |
| 18,622 (1) | | | Stericycle, Inc. | | | 1,082,497 | | | | 0.3 | |
| 6,200 | | | Union Pacific Corp. | | | 1,402,812 | | | | 0.4 | |
| 25,814 | | | United Parcel Service, Inc. - Class B | | | 3,532,646 | | | | 1.0 | |
| | | | | | | 43,101,009 | | | | 12.5 | |
| | | | | | | | | | | | |
| | | | Information Technology: 10.1% | | | | | | | | |
| 7,900 | | | Accenture PLC - Class A | | | 2,396,939 | | | | 0.7 | |
| 1,800 (1) | | | Advanced Micro Devices, Inc. | | | 291,978 | | | | 0.1 | |
| 21,842 | | | Applied Materials, Inc. | | | 5,154,494 | | | | 1.5 | |
| 20,388 | | | Cisco Systems, Inc. | | | 968,634 | | | | 0.3 | |
| 51,800 | | | Intel Corp. | | | 1,604,246 | | | | 0.5 | |
| 12,873 | | | Microsoft Corp. | | | 5,753,587 | | | | 1.7 | |
| 41,241 | | | Qualcomm, Inc. | | | 8,214,382 | | | | 2.4 | |
| 1,600 | | | Salesforce, Inc. | | | 411,360 | | | | 0.1 | |
| 61,828 | | | Samsung Electronics Co. Ltd. | | | 3,638,814 | | | | 1.0 | |
| 21,700 | | | TE Connectivity Ltd. | | | 3,264,331 | | | | 0.9 | |
| 17,002 | | | Texas Instruments, Inc. | | | 3,307,399 | | | | 0.9 | |
| | | | | | | 35,006,164 | | | | 10.1 | |
| | | | | | | | | | | | |
| | | | Materials: 2.9% | | | | | | | | |
| 72,606 | | | CF Industries Holdings, Inc. | | | 5,381,557 | | | | 1.6 | |
| 107,963 | | | International Paper Co. | | | 4,658,603 | | | | 1.3 | |
| | | | | | | 10,040,160 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | Real Estate: 4.1% | | | | | | | | |
| 74,507 | | | Equity Residential | | | 5,166,315 | | | | 1.5 | |
| 84,565 | | | Rayonier, Inc. | | | 2,459,996 | | | | 0.7 | |
| 38,900 | | | Rexford Industrial Realty, Inc. | | | 1,734,551 | | | | 0.5 | |
| 5,500 | | | Vornado Realty Trust | | | 144,595 | | | | 0.0 | |
| 163,701 | | | Weyerhaeuser Co. | | | 4,647,472 | | | | 1.4 | |
| | | | | | | 14,152,929 | | | | 4.1 | |
| | | | | | | | | | | | |
| | | | Utilities: 5.8% | | | | | | | | |
| 40,712 | | | Ameren Corp. | | | 2,895,030 | | | | 0.8 | |
| 74,081 | | | Dominion Energy, Inc. | | | 3,629,969 | | | | 1.1 | |
| 36,078 | | | NextEra Energy, Inc. | | | 2,554,683 | | | | 0.7 | |
| 19,877 | | | NiSource, Inc. | | | 572,656 | | | | 0.2 | |
| 28,700 | | | PG&E Corp. | | | 501,102 | | | | 0.1 | |
| 33,050 | | | Sempra Energy | | | 2,513,783 | | | | 0.7 | |
| 96,736 | | | Southern Co. | | | 7,503,812 | | | | 2.2 | |
| | | | | | | 20,171,035 | | | | 5.8 | |
| | | | Total Common Stock
(Cost $260,113,013) | | | 338,694,791 | | | | 98.0 | |
| Shares | | | | Value | | | Percentage
of Net
Assets | |
| PREFERRED STOCK: 0.6% | | | | | | | |
| | | Consumer Discretionary: 0.4% | | | | | | | | |
| 21,668 (3) | | Dr Ing hc F Porsche AG | | $ | 1,611,957 | | | | 0.4 | |
| | | | | | | | | | | |
| | | Utilities: 0.2% | | | | | | | | |
| 14,210 (2) | | NextEra Energy, Inc. | | | 589,573 | | | | 0.2 | |
| | | Total Preferred Stock
(Cost $3,180,618) | | | 2,201,530 | | | | 0.6 | |
| | | Total Long-Term Investments
(Cost $263,293,631) | | | 340,896,321 | | | | 98.6 | |
| Principal Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 3.3% | | | | | | | | |
| | | Repurchase Agreements: 2.9% | | | | | |
| 2,379,784 (4) | | Bethesda Securities, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $2,380,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%- 6.070%, Market Value plus accrued interest $2,427,380, due 10/01/27-01/01/57) | | | 2,379,784 | | | | 0.7 | |
| 517,903 (4) | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $518,134, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $528,261, due 08/08/24-04/20/74) | | | 517,903 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Equity Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Principal Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | Repurchase Agreements (continued) | | |
| 2,379,784 (4) | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $2,380,846, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $2,427,380, due 04/30/27-04/20/72) | | $ | 2,379,784 | | | | 0.7 | |
| 2,379,784 (4) | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $2,380,828, collateralized by various U.S. Government Securities, 0.750%- 4.375%, Market Value plus accrued interest $2,427,388, due 07/01/24-09/09/49) | | | 2,379,784 | | | | 0.7 | |
| 2,300,000 (4) | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $2,301,030, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $2,341,514, due 10/15/25-02/15/53) | | | 2,300,000 | | | | 0.7 | |
| | | Total Repurchase Agreements
(Cost $9,957,255) | | | 9,957,255 | | | | 2.9 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.4% | | | | | | | | | |
| 1,355,204 (5) | | | T. Rowe Price Government Reserve Fund, 5.400%
(Cost $1,355,204) | | $ | 1,355,204 | | | | 0.4 | | |
| | | | Total Short-Term Investments
(Cost $11,312,459) | | $ | 11,312,459 | | | | 3.3 | | |
| | | | Total Investments in Securities
(Cost $274,606,090) | | $ | 352,208,780 | | | | 101.9 | | |
| | | | Liabilities in Excess of Other Assets | | | (6,646,396) | | | | (1.9) | | |
| | | | Net Assets | | $ | 345,562,384 | | | | 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) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (4) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (5) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® T. Rowe Price Equity Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 15,494,841 | | | $ | — | | | $ | — | | | $ | 15,494,841 | |
| Consumer Discretionary | | | 10,211,325 | | | | — | | | | — | | | | 10,211,325 | |
| Consumer Staples | | | 28,416,147 | | | | — | | | | — | | | | 28,416,147 | |
| Energy | | | 30,863,155 | | | | — | | | | — | | | | 30,863,155 | |
| Financials | | | 74,268,296 | | | | — | | | | — | | | | 74,268,296 | |
| Health Care | | | 56,969,730 | | | | — | | | | — | | | | 56,969,730 | |
| Industrials | | | 43,101,009 | | | | — | | | | — | | | | 43,101,009 | |
| Information Technology | | | 31,367,350 | | | | 3,638,814 | | | | — | | | | 35,006,164 | |
| Materials | | | 10,040,160 | | | | — | | | | — | | | | 10,040,160 | |
| Real Estate | | | 14,152,929 | | | | — | | | | — | | | | 14,152,929 | |
| Utilities | | | 20,171,035 | | | | — | | | | — | | | | 20,171,035 | |
| Total Common Stock | | | 335,055,977 | | | | 3,638,814 | | | | — | | | | 338,694,791 | |
| Preferred Stock | | | — | | | | 2,201,530 | | | | — | | | | 2,201,530 | |
| Short-Term Investments | | | 1,355,204 | | | | 9,957,255 | | | | — | | | | 11,312,459 | |
| Total Investments, at fair value | | $ | 336,411,181 | | | $ | 15,797,599 | | | $ | — | | | $ | 352,208,780 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $275,543,636. | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 87,450,055 | |
| Gross Unrealized Depreciation | | | (10,691,658 | ) |
| Net Unrealized Appreciation | | $ | 76,758,397 | |
See Accompanying Notes to Financial Statements
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| Investment Adviser | Custodian |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| Distributor | Legal Counsel |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
| Boston, Massachusetts 02199 |
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
VPSAR-VIT1AISS2 (0624)
Semi-Annual Financial Statements and Other Information
June 30, 2024
Classes ADV, I, R6, S and S2
Voya Investors Trust
| ■ | Voya Balanced Income Portfolio | ■ | Voya Limited Maturity Bond Portfolio |
| ■ | Voya High Yield Portfolio | ■ | Voya U.S. Stock Index Portfolio |
| ■ | Voya Large Cap Growth Portfolio | ■ | VY® CBRE Real Estate Portfolio |
| ■ | Voya Large Cap Value Portfolio | ■ | VY® JPMorgan Small Cap Core Equity Portfolio |
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)
| | | Voya Balanced
Income Portfolio | | | Voya High Yield
Portfolio | | | Voya Large Cap
Growth Portfolio | | | Voya Large Cap
Value Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 213,580,266 | | | $ | 428,230,520 | | | $ | 4,532,617,351 | | | $ | 585,760,327 | |
| Investments in affiliates at fair value** | | | 5,194,307 | | | | – | | | | – | | | | – | |
| Short-term investments at fair value† | | | 9,450,903 | | | | 65,726,462 | | | | 59,956,041 | | | | 15,886,459 | |
| Cash | | | 947,066 | | | | 109,143 | | | | 1,471,640 | | | | 626,088 | |
| Cash collateral for futures contracts | | | 697,406 | | | | – | | | | – | | | | – | |
| Cash pledged for centrally cleared swaps (Note 2) | | | 420,000 | | | | – | | | | – | | | | – | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | 586,400 | | | | – | | | | – | | | | – | |
| Foreign currencies at value‡ | | | 15,184 | | | | – | | | | – | | | | – | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | 1,724,661 | | | | 11,160,894 | | | | 152,086,680 | | | | 27,237,291 | |
| Fund shares sold | | | 321 | | | | 2,437,166 | | | | 302,854 | | | | 188,182 | |
| Dividends | | | 115,544 | | | | – | | | | 441,569 | | | | 508,397 | |
| Interest | | | 1,074,421 | | | | 7,230,725 | | | | 2,162 | | | | 117 | |
| Foreign tax reclaims | | | 101,081 | | | | – | | | | 48,300 | | | | 132,441 | |
| Variation margin on centrally cleared swaps | | | 275,277 | | | | – | | | | – | | | | – | |
| Unrealized appreciation on forward foreign currency contracts | | | 30,106 | | | | – | | | | – | | | | – | |
| Unrealized appreciation on forward premium swaptions | | | 150,439 | | | | – | | | | – | | | | – | |
| Prepaid expenses | | | 1,028 | | | | – | | | | 16,368 | | | | 2,178 | |
| Reimbursement due from Investment Adviser | | | 25,396 | | | | – | | | | 33,007 | | | | 69,332 | |
| Other assets | | | 22,085 | | | | 31,882 | | | | 257,956 | | | | 66,231 | |
| Total assets | | | 234,411,891 | | | | 514,926,792 | | | | 4,747,233,928 | | | | 630,477,043 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Income distribution payable | | | – | | | | 2,354,464 | | | | – | | | | – | |
| Payable for investment securities purchased | | | 4,358,285 | | | | 6,539,675 | | | | 155,964,924 | | | | 32,798,695 | |
| Payable for fund shares redeemed | | | 43,701 | | | | 725,757 | | | | 4,269,006 | | | | 67,024 | |
| Payable upon receipt of securities loaned | | | 5,074,578 | | | | 61,602,470 | | | | 17,536,041 | | | | 9,883,459 | |
| Unrealized depreciation on forward foreign currency contracts | | | 10,249 | | | | – | | | | – | | | | – | |
| Unrealized depreciation on forward premium swaptions | | | 18,577 | | | | – | | | | – | | | | – | |
| Unrealized depreciation on OTC swap agreements | | | 69,632 | | | | – | | | | – | | | | – | |
| Variation margin payable on centrally cleared swaps | | | 288,006 | | | | – | | | | – | | | | – | |
| Payable for unified fees | | | – | | | | 176,794 | | | | – | | | | – | |
| Payable for investment management fees | | | 100,483 | | | | – | | | | 2,396,944 | | | | 355,564 | |
| Payable for distribution and shareholder service fees | | | 58,402 | | | | 63,081 | | | | 1,091,614 | | | | 26,883 | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | 22,085 | | | | 31,882 | | | | 257,956 | | | | 66,231 | |
| Payable for trustee fees | | | 695 | | | | – | | | | 10,959 | | | | 1,431 | |
| Other accrued expenses and liabilities | | | 55,813 | | | | – | | | | 499,528 | | | | 152,128 | |
| Written options, at fair value^ | | | 265,276 | | | | – | | | | – | | | | – | |
| Total liabilities | | | 10,365,782 | | | | 71,494,123 | | | | 182,026,972 | | | | 43,351,415 | |
| NET ASSETS | | $ | 224,046,109 | | | $ | 443,432,669 | | | $ | 4,565,206,956 | | | $ | 587,125,628 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)
| | | Voya Balanced
Income Portfolio | | | Voya High Yield
Portfolio | | | Voya Large Cap
Growth Portfolio | | | Voya Large Cap
Value Portfolio | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | |
| Paid-in capital | | $ | 218,850,436 | | | $ | 536,499,140 | | | $ | 3,069,019,074 | | | $ | 459,838,395 | |
| Total distributable earnings (loss) | | | 5,195,673 | | | | (93,066,471 | ) | | | 1,496,187,882 | | | | 127,287,233 | |
| NET ASSETS | | $ | 224,046,109 | | | $ | 443,432,669 | | | $ | 4,565,206,956 | | | $ | 587,125,628 | |
| | | | | | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | 4,919,977 | | | $ | 59,846,884 | | | $ | 17,144,375 | | | $ | 9,970,763 | |
| * | Cost of investments in securities | | $ | 202,950,591 | | | $ | 434,843,208 | | | $ | 3,087,133,659 | | | $ | 529,652,112 | |
| ** | Cost of investments in affiliates | | $ | 5,065,770 | | | $ | — | | | $ | — | | | $ | — | |
| † | Cost of short-term investments | | $ | 9,452,581 | | | $ | 65,727,884 | | | $ | 59,956,041 | | | $ | 15,886,459 | |
| ‡ | Cost of foreign currencies | | $ | 15,164 | | | $ | — | | | $ | — | | | $ | — | |
| ^ | Premiums received on written options | | $ | 216,369 | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)
| | | Voya Balanced
Income Portfolio | | | Voya High Yield
Portfolio | | | Voya Large Cap
Growth Portfolio | | | Voya Large Cap
Value Portfolio | |
| | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | |
| Net assets | | $ | 46,456,910 | | | $ | 58,228,417 | | | $ | 1,652,662,529 | | | $ | 44,418,291 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 5,081,508 | | | | 6,786,023 | | | | 127,740,235 | | | | 7,711,671 | |
| Net asset value and redemption price per share | | $ | 9.14 | | | $ | 8.58 | | | $ | 12.94 | | | $ | 5.76 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Net assets | | $ | 6,261,461 | | | $ | 228,147,004 | | | $ | 1,456,560,071 | | | $ | 392,488,044 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 641,965 | | | | 26,571,885 | | | | 86,881,006 | | | | 62,133,504 | |
| Net asset value and redemption price per share | | $ | 9.75 | | | $ | 8.59 | | | $ | 16.77 | | | $ | 6.32 | |
| | | | | | | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | | n/a | | | $ | 77,336,414 | | | $ | 125,652,908 | |
| Shares authorized | | | n/a | | | | n/a | | | | unlimited | | | | unlimited | |
| Par value | | | n/a | | | | n/a | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | n/a | | | | 4,605,372 | | | | 20,030,404 | |
| Net asset value and redemption price per share | | | n/a | | | | n/a | | | $ | 16.79 | | | $ | 6.27 | |
| | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | |
| Net assets | | $ | 168,824,272 | | | $ | 155,788,429 | | | $ | 1,325,680,553 | | | $ | 24,330,717 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 17,423,436 | | | | 18,155,955 | | | | 85,725,857 | | | | 4,090,488 | |
| Net asset value and redemption price per share | | $ | 9.69 | | | $ | 8.58 | | | $ | 15.46 | | | $ | 5.95 | |
| | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | |
| Net assets | | $ | 2,503,466 | | | $ | 1,268,819 | | | $ | 52,967,389 | | | $ | 235,668 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 258,783 | | | | 147,696 | | | | 3,524,314 | | | | 39,506 | |
| Net asset value and redemption price per share | | $ | 9.67 | | | $ | 8.59 | | | $ | 15.03 | | | $ | 5.97 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)
| | | Voya Limited
Maturity Bond
Portfolio | | | Voya U.S. Stock
Index Portfolio | | | VY® CBRE Real
Estate Portfolio | | | VY® JPMorgan
Small Cap Core
Equity Portfolio | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities at fair value+* | | $ | 314,381,237 | | | $ | 4,489,537,586 | | | $ | 168,785,525 | | | $ | 417,750,464 | |
| Short-term investments at fair value† | | | 31,351,369 | | | | 30,555,261 | | | | 2,455,282 | | | | 17,951,200 | |
| Cash | | | 2,765 | | | | 1,504,644 | | | | – | | | | – | |
| Cash collateral for futures contracts | | | 645,257 | | | | 1,404,200 | | | | – | | | | 323,500 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | 3,644,129 | | | | 160,699 | | | | 1,508,640 | | | | 13,279,136 | |
| Fund shares sold | | | 1,337,684 | | | | 372,422 | | | | 80,950 | | | | 1,089,418 | |
| Dividends | | | 93,589 | | | | 2,498,500 | | | | 728,340 | | | | 368,260 | |
| Interest | | | 2,096,415 | | | | – | | | | – | | | | 3 | |
| Foreign tax reclaims | | | – | | | | – | | | | 1,144 | | | | 24,122 | |
| Variation margin on futures contracts | | | 47,692 | | | | – | | | | – | | | | 120,806 | |
| Prepaid expenses | | | – | | | | – | | | | 822 | | | | – | |
| Reimbursement due from Investment Adviser | | | – | | | | – | | | | 8,031 | | | | – | |
| Other assets | | | 15,132 | | | | 206,090 | | | | 23,795 | | | | 27,668 | |
| Total assets | | | 353,615,269 | | | | 4,526,239,402 | | | | 173,592,529 | | | | 450,934,577 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Income distribution payable | | | 1,288,838 | | | | – | | | | – | | | | – | |
| Payable for investment securities purchased | | | 24,567,011 | | | | – | | | | 1,001,513 | | | | 10,389,564 | |
| Payable for fund shares redeemed | | | 139,795 | | | | 2,793,665 | | | | 77,532 | | | | 73,399 | |
| Payable upon receipt of securities loaned | | | 6,658,369 | | | | 1,585,261 | | | | 2,148,758 | | | | 11,224,062 | |
| Variation margin payable on futures contracts | | | – | | | | 144,202 | | | | – | | | | 4,819 | |
| Payable for unified fees | | | 71,795 | | | | 962,188 | | | | – | | | | 304,300 | |
| Payable for investment management fees | | | – | | | | – | | | | 117,200 | | | | – | |
| Payable for distribution and shareholder service fees | | | 16,597 | | | | 158,857 | | | | 44,697 | | | | 70,467 | |
| Payable to custodian due to bank overdraft | | | – | | | | – | | | | – | | | | 5,064 | |
| Payable to trustees under the deferred | | | | | | | | | | | | | | | | |
| compensation plan (Note 6) | | | 15,132 | | | | 206,090 | | | | 23,795 | | | | 27,668 | |
| Payable for trustee fees | | | – | | | | – | | | | 3,870 | | | | – | |
| Other accrued expenses and liabilities | | | – | | | | – | | | | 90,628 | | | | – | |
| Total liabilities | | | 32,757,537 | | | | 5,850,263 | | | | 3,507,993 | | | | 22,099,343 | |
| NET ASSETS | | $ | 320,857,732 | | | $ | 4,520,389,139 | | | $ | 170,084,536 | | | $ | 428,835,234 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 348,578,362 | | | $ | 2,160,392,564 | | | $ | 174,392,205 | | | $ | 373,053,719 | |
| Total distributable earnings (loss) | | | (27,720,630 | ) | | | 2,359,996,575 | | | | (4,307,669 | ) | | | 55,781,515 | |
| NET ASSETS | | $ | 320,857,732 | | | $ | 4,520,389,139 | | | $ | 170,084,536 | | | $ | 428,835,234 | |
| | | | | | | | | | | | | | | | | |
| + | Including securities loaned at value | | $ | 6,489,255 | | | $ | 1,539,028 | | | $ | 2,078,763 | | | $ | 10,857,194 | |
| * | Cost of investments in securities | | $ | 316,552,570 | | | $ | 2,645,891,460 | | | $ | 168,841,958 | | | $ | 375,193,230 | |
| † | Cost of short-term investments | | $ | 31,351,369 | | | $ | 30,555,261 | | | $ | 2,455,282 | | | $ | 17,951,200 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)
| | | Voya Limited
Maturity Bond
Portfolio | | | Voya U.S. Stock
Index Portfolio | | | VY® CBRE Real
Estate Portfolio | | | VY® JPMorgan
Small Cap Core
Equity Portfolio | |
| Class ADV | | | | | | | | | | | | |
| Net assets | | $ | 10,596,026 | | | $ | 92,137,758 | | | $ | 34,546,048 | | | $ | 108,548,575 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 1,148,245 | | | | 4,769,694 | | | | 1,366,105 | | | | 8,119,121 | |
| Net asset value and redemption price per share | | $ | 9.23 | | | $ | 19.32 | | | $ | 25.29 | | | $ | 13.37 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Net assets | | $ | 254,190,236 | | | $ | 3,950,127,800 | | | $ | 2,755,119 | | | $ | 205,223,057 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 26,994,108 | | | | 192,770,007 | | | | 100,199 | | | | 13,299,548 | |
| Net asset value and redemption price per share | | $ | 9.42 | | | $ | 20.49 | | | $ | 27.50 | | | $ | 15.43 | |
| | | | | | | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | | n/a | | | | n/a | | | $ | 29,889,112 | |
| Shares authorized | | | n/a | | | | n/a | | | | n/a | | | | unlimited | |
| Par value | | | n/a | | | | n/a | | | | n/a | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | n/a | | | | n/a | | | | 1,939,727 | |
| Net asset value and redemption price per share | | | n/a | | | | n/a | | | | n/a | | | $ | 15.41 | |
| | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | |
| Net assets | | $ | 56,071,470 | | | $ | 278,645,370 | | | $ | 126,236,079 | | | $ | 83,549,479 | |
| Shares authorized | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | 5,910,280 | | | | 13,811,936 | | | | 4,592,908 | | | | 5,584,657 | |
| Net asset value and redemption price per share | | $ | 9.49 | | | $ | 20.17 | | | $ | 27.49 | | | $ | 14.96 | |
| | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | |
| Net assets | | | n/a | | | $ | 199,478,211 | | | $ | 6,547,290 | | | $ | 1,625,011 | |
| Shares authorized | | | n/a | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | n/a | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 10,111,788 | | | | 240,002 | | | | 111,290 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 19.73 | | | $ | 27.28 | | | $ | 14.60 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)
| | | Voya Balanced
Income Portfolio | | | Voya High Yield
Portfolio | | | Voya Large Cap
Growth Portfolio | | | Voya Large Cap
Value Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 957,504 | | | $ | 1,537 | | | $ | 12,195,778 | | | $ | 6,536,741 | |
| Dividends from affiliated underlying funds | | | 185,752 | | | | — | | | | — | | | | — | |
| Interest, net of foreign taxes withheld* | | | 3,365,631 | | | | 14,708,921 | | | | 5,578 | | | | 2,362 | |
| Securities lending income, net | | | 14,489 | | | | 119,246 | | | | 46 | | | | 10,874 | |
| Other | | | 517 | | | | 7,483 | | | | 13,386 | | | | 1,744 | |
| Total investment income | | | 4,523,893 | | | | 14,837,187 | | | | 12,214,788 | | | | 6,551,721 | |
| | | | | | | | | | | | | | | | | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Investment management fees | | | 620,690 | | | | — | | | | 14,163,251 | | | | 2,115,603 | |
| Unified fees | | | — | | | | 1,006,175 | | | | — | | | | — | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | 138,621 | | | | 176,273 | | | | 4,762,903 | | | | 133,475 | |
| Class S | | | 213,561 | | | | 210,791 | | | | 1,606,295 | | | | 30,411 | |
| Class S2 | | | 5,144 | | | | 2,473 | | | | 97,989 | | | | 454 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | 6,259 | | | | — | | | | 250,614 | | | | 25,596 | |
| Class I | | | 823 | | | | — | | | | 215,234 | | | | 222,243 | |
| Class R6 | | | — | | | | — | | | | 4 | | | | 33 | |
| Class S | | | 23,143 | | | | — | | | | 202,891 | | | | 13,997 | |
| Class S2 | | | 348 | | | | — | | | | 7,738 | | | | 130 | |
| Shareholder reporting expense | | | 4,550 | | | | — | | | | 29,790 | | | | 18,200 | |
| Professional fees | | | 7,826 | | | | — | | | | 107,414 | | | | 6,552 | |
| Custody and accounting expense | | | 59,375 | | | | — | | | | 81,165 | | | | 18,200 | |
| Trustee fees and expenses | | | 4,004 | | | | 13,886 | | | | 58,426 | | | | 3,640 | |
| Miscellaneous expense | | | 10,575 | | | | — | | | | 78,835 | | | | 12,657 | |
| Interest expense | | | — | | | | 158 | | | | 2,156 | | | | 708 | |
| Total expenses | | | 1,094,919 | | | | 1,409,756 | | | | 21,664,705 | | | | 2,601,899 | |
| Waived and reimbursed fees | | | (55,731 | ) | | | (30,799 | ) | | | (539,020 | ) | | | (560,068 | ) |
| Net expenses | | | 1,039,188 | | | | 1,378,957 | | | | 21,125,685 | | | | 2,041,831 | |
| Net investment income (loss) | | | 3,484,705 | | | | 13,458,230 | | | | (8,910,897 | ) | | | 4,509,890 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | 5,263,986 | | | | (9,126,483 | ) | | | 264,822,693 | | | | 38,597,429 | |
| Forward foreign currency contracts | | | (680,208 | ) | | | — | | | | — | | | | — | |
| Foreign currency related transactions | | | (147,493 | ) | | | — | | | | — | | | | (313 | ) |
| Futures | | | (771,981 | ) | | | — | | | | — | | | | — | |
| Swaps | | | (723,833 | ) | | | — | | | | — | | | | — | |
| Written options | | | 358,224 | | | | — | | | | — | | | | — | |
| Net realized gain (loss) | | | 3,298,695 | | | | (9,126,483 | ) | | | 264,822,693 | | | | 38,597,116 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 7,953,023 | | | | 6,440,763 | | | | 643,139,386 | | | | 5,140,599 | |
| Affiliates | | | (40,251 | ) | | | — | | | | — | | | | — | |
| Forward foreign currency contracts | | | 117,884 | | | | — | | | | — | | | | — | |
| Foreign currency related transactions | | | (5,057 | ) | | | — | | | | — | | | | (249 | ) |
| Futures | | | (447,280 | ) | | | — | | | | — | | | | — | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited) (continued)
| | | Voya Balanced
Income Portfolio | | | Voya High Yield
Portfolio | | | Voya Large Cap
Growth Portfolio | | | Voya Large Cap
Value Portfolio | |
| Swaps | | | 498,656 | | | | — | | | | — | | | | — | |
| Written options | | | (138,983 | ) | | | — | | | | — | | | | — | |
| Net change in unrealized appreciation | | | | | | | | | | | | | | | | |
| (depreciation) | | | 7,937,992 | | | | 6,440,763 | | | | 643,139,386 | | | | 5,140,350 | |
| Net realized and unrealized gain (loss) | | | 11,236,687 | | | | (2,685,720 | ) | | | 907,962,079 | | | | 43,737,466 | |
| Increase in net assets resulting from operations | | $ | 14,721,392 | | | $ | 10,772,510 | | | $ | 899,051,182 | | | $ | 48,247,356 | |
| * | Foreign taxes withheld | | $ | 32,475 | | | $ | — | | | $ | 15,970 | | | $ | 9,656 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)
| | | Voya Limited
Maturity Bond
Portfolio | | | Voya U.S. Stock
Index Portfolio | | | VY® CBRE Real
Estate Portfolio | | | VY® JPMorgan
Small Cap Core
Equity Portfolio | |
| INVESTMENT INCOME: | | | | | | | | | | | | |
| Dividends, net of foreign taxes withheld* | | $ | 406,335 | | | $ | 32,040,853 | | | $ | 3,411,543 | | | $ | 2,809,449 | |
| Interest, net of foreign taxes withheld* | | | 7,274,255 | | | | 116,961 | | | | 118 | | | | 12,635 | |
| Securities lending income, net | | | 28,984 | | | | 17,746 | | | | 727 | | | | 39,038 | |
| Other | | | 1,056 | | | | 13,493 | | | | 554 | | | | 1,348 | |
| Total investment income | | | 7,710,630 | | | | 32,189,053 | | | | 3,412,942 | | | | 2,862,470 | |
| | | | | | | | | | | | | | | | | |
| EXPENSES: | | | | | | | | | | | | | | | | |
| Investment management fees | | | — | | | | — | | | | 738,288 | | | | — | |
| Unified fees | | | 450,579 | | | | 5,642,627 | | | | — | | | | 1,881,440 | |
| Distribution and shareholder service fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | 32,625 | | | | 227,955 | | | | 105,653 | | | | 324,140 | |
| Class S | | | 68,968 | | | | 333,538 | | | | 161,393 | | | | 106,167 | |
| Class S2 | | | — | | | | 374,804 | | | | 13,147 | | | | 7,120 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | 21,636 | | | | — | |
| Class I | | | — | | | | — | | | | 1,727 | | | | — | |
| Class S | | | — | | | | — | | | | 79,315 | | | | — | |
| Class S2 | | | — | | | | — | | | | 4,041 | | | | — | |
| Shareholder reporting expense | | | — | | | | — | | | | 1,633 | | | | — | |
| Professional fees | | | — | | | | — | | | | 7,280 | | | | — | |
| Custody and accounting expense | | | — | | | | — | | | | 9,950 | | | | — | |
| Trustee fees and expenses | | | 12,164 | | | | 142,721 | | | | 2,867 | | | | 15,180 | |
| Miscellaneous expense | | | — | | | | — | | | | 7,680 | | | | — | |
| Interest expense | | | 1,015 | | | | — | | | | — | | | | — | |
| Total expenses | | | 565,351 | | | | 6,721,645 | | | | 1,154,610 | | | | 2,334,047 | |
| Waived and reimbursed fees | | | — | | | | (13,341 | ) | | | (259,666 | ) | | | — | |
| Brokerage commission recapture | | | — | | | | — | | | | — | | | | (13,456 | ) |
| Net expenses | | | 565,351 | | | | 6,708,304 | | | | 894,944 | | | | 2,320,591 | |
| Net investment income | | | 7,145,279 | | | | 25,480,749 | | | | 2,517,998 | | | | 541,879 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | (4,247,529 | ) | | | 142,105,086 | | | | (251,448 | ) | | | 23,984,030 | |
| Foreign currency related transactions | | | — | | | | — | | | | (2 | ) | | | — | |
| Futures | | | (327,722 | ) | | | 11,272,553 | | | | — | | | | 167,027 | |
| Written options | | | 22,461 | | | | — | | | | — | | | | — | |
| Net realized gain (loss) | | | (4,552,790 | ) | | | 153,377,639 | | | | (251,450 | ) | | | 24,151,057 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 4,093,843 | | | | 438,693,032 | | | | (6,458,315 | ) | | | (10,204,525 | ) |
| Foreign currency related transactions | | | — | | | | — | | | | (6 | ) | | | — | |
| Futures | | | (1,010,562 | ) | | | (2,651,975 | ) | | | — | | | | (159,772 | ) |
| Net change in unrealized appreciation | | | | | | | | | | | | | | | | |
| (depreciation) | | | 3,083,281 | | | | 436,041,057 | | | | (6,458,321 | ) | | | (10,364,297 | ) |
| Net realized and unrealized gain (loss) | | | (1,469,509 | ) | | | 589,418,696 | | | | (6,709,771 | ) | | | 13,786,760 | |
| Increase (decrease) in net assets resulting from operations | | $ | 5,675,770 | | | $ | 614,899,445 | | | $ | (4,191,773 | ) | | $ | 14,328,639 | |
| | | | | | | | | | | | | | | | | |
| * Foreign taxes withheld | | $ | 112 | | | $ | 7,753 | | | $ | — | | | $ | 12,263 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Balanced Income Portfolio | | | Voya High Yield Portfolio | |
| | | Six Months | | | | | | | Six Months | | | | | |
| | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | June 30, 2024 | | | December 31, | | | June 30, 2024 | | | December 31, | |
| | | (Unaudited) | | | 2023 | | | (Unaudited) | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 3,484,705 | | | $ | 7,609,710 | | | $ | 13,458,230 | | | $ | 24,727,312 | |
| Net realized gain (loss) | | | 3,298,695 | | | | (5,733,815 | ) | | | (9,126,483 | ) | | | (22,729,361 | ) |
| Net change in unrealized appreciation (depreciation) | | | 7,937,992 | | | | 23,126,073 | | | | 6,440,763 | | | | 42,803,261 | |
| Increase in net assets resulting from operations | | | 14,721,392 | | | | 25,001,968 | | | | 10,772,510 | | | | 44,801,212 | |
| | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | (1,227,818 | ) | | | (1,780,489 | ) | | | (3,705,327 | ) |
| Class I | | | — | | | | (189,048 | ) | | | (6,050,683 | ) | | | (10,392,759 | ) |
| Class S | | | — | | | | (5,048,114 | ) | | | (5,407,427 | ) | | | (11,049,941 | ) |
| Class S2 | | | — | | | | (65,675 | ) | | | (38,694 | ) | | | (91,781 | ) |
| Total distributions | | | — | | | | (6,530,655 | ) | | | (13,277,293 | ) | | | (25,239,808 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 2,588,799 | | | | 6,032,986 | | | | 85,177,757 | | | | 32,449,656 | |
| Reinvestment of distributions | | | — | | | | 6,530,655 | | | | 13,277,293 | | | | 25,239,808 | |
| | | | 2,588,799 | | | | 12,563,641 | | | | 98,455,050 | | | | 57,689,464 | |
| Cost of shares redeemed | | | (21,135,276 | ) | | | (45,081,247 | ) | | | (54,484,673 | ) | | | (69,392,592 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (18,546,477 | ) | | | (32,517,606 | ) | | | 43,970,377 | | | | (11,703,128 | ) |
| Net increase (decrease) in net assets | | | (3,825,085 | ) | | | (14,046,293 | ) | | | 41,465,594 | | | | 7,858,276 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 227,871,194 | | | | 241,917,487 | | | | 401,967,075 | | | | 394,108,799 | |
| End of year or period | | $ | 224,046,109 | | | $ | 227,871,194 | | | $ | 443,432,669 | | | $ | 401,967,075 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Large Cap Growth Portfolio | | | Voya Large Cap Value Portfolio | |
| | | Six Months | | | | | | Six Months | | | | |
| | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | June 30, 2024 | | | December 31, | | | June 30, 2024 | | | December 31, | |
| | | (Unaudited) | | | 2023 | | | (Unaudited) | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | (8,910,897 | ) | | $ | (9,722,264 | ) | | $ | 4,509,890 | | | $ | 8,744,296 | |
| Net realized gain (loss) | | | 264,822,693 | | | | (10,259,903 | ) | | | 38,597,116 | | | | 29,390,675 | |
| Net change in unrealized appreciation (depreciation) | | | 643,139,386 | | | | 1,257,178,882 | | | | 5,140,350 | | | | 27,589,174 | |
| Increase in net assets resulting from operations | | | 899,051,182 | | | | 1,237,196,715 | | | | 48,247,356 | | | | 65,724,145 | |
| | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | — | | | | — | | | | (1,303,610 | ) |
| Class I | | | — | | | | — | | | | — | | | | (9,303,366 | ) |
| Class R6 | | | — | | | | — | | | | — | | | | (2,631,959 | ) |
| Class S | | | — | | | | — | | | | — | | | | (693,315 | ) |
| Class S2 | | | — | | | | — | | | | — | | | | (5,538 | ) |
| Total distributions | | | — | | | | — | | | | — | | | | (13,937,788 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 51,036,981 | | | | 83,341,744 | | | | 38,537,683 | | | | 27,918,362 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | 13,937,788 | |
| | | | 51,036,981 | | | | 83,341,744 | | | | 38,537,683 | | | | 41,856,150 | |
| Cost of shares redeemed | | | (472,947,633 | ) | | | (904,081,988 | ) | | | (36,633,847 | ) | | | (57,465,256 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (421,910,652 | ) | | | (820,740,244 | ) | | | 1,903,836 | | | | (15,609,106 | ) |
| Net increase in net assets | | | 477,140,530 | | | | 416,456,471 | | | | 50,151,192 | | | | 36,177,251 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 4,088,066,426 | | | | 3,671,609,955 | | | | 536,974,436 | | | | 500,797,185 | |
| End of year or period | | $ | 4,565,206,956 | | | $ | 4,088,066,426 | | | $ | 587,125,628 | | | $ | 536,974,436 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya Limited | | | | | | | |
| | | Maturity Bond Portfolio | | | Voya U.S. Stock Index Portfolio | |
| | | Six Months | | | | | | Six Months | | | | |
| | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | June 30, 2024 | | | December 31, | | | June 30, 2024 | | | December 31, | |
| | | (Unaudited) | | | 2023 | | | (Unaudited) | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 7,145,279 | | | $ | 14,041,286 | | | $ | 25,480,749 | | | $ | 60,579,630 | |
| Net realized gain (loss) | | | (4,552,790 | ) | | | (6,465,488 | ) | | | 153,377,639 | | | | 1,965,590,294 | |
| Net change in unrealized appreciation (depreciation) | | | 3,083,281 | | | | 8,808,925 | | | | 436,041,057 | | | | (877,348,712 | ) |
| Increase in net assets resulting from operations | | | 5,675,770 | | | | 16,384,723 | | | | 614,899,445 | | | | 1,148,821,212 | |
| | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | (238,488 | ) | | | (424,110 | ) | | | — | | | | (9,031,029 | ) |
| Class I | | | (6,517,110 | ) | | | (11,622,668 | ) | | | — | | | | (407,886,465 | ) |
| Class S | | | (1,306,706 | ) | | | (2,156,802 | ) | | | — | | | | (26,935,088 | ) |
| Class S2 | | | — | | | | — | | | | — | | | | (17,290,587 | ) |
| Total distributions | | | (8,062,304 | ) | | | (14,203,580 | ) | | | — | | | | (461,143,169 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 18,054,858 | | | | 59,426,259 | | | | 263,789,274 | | | | 468,597,054 | |
| Reinvestment of distributions | | | 8,062,304 | | | | 14,198,443 | | | | — | | | | 461,143,169 | |
| | | | 26,117,162 | | | | 73,624,702 | | | | 263,789,274 | | | | 929,740,223 | |
| Cost of shares redeemed | | | (46,107,269 | ) | | | (105,634,585 | ) | | | (622,035,040 | ) | | | (4,290,950,365 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (19,990,107 | ) | | | (32,009,883 | ) | | | (358,245,766 | ) | | | (3,361,210,142 | ) |
| Net increase (decrease) in net assets | | | (22,376,641 | ) | | | (29,828,740 | ) | | | 256,653,679 | | | | (2,673,532,099 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 343,234,373 | | | | 373,063,113 | | | | 4,263,735,460 | | | | 6,937,267,559 | |
| End of year or period | | $ | 320,857,732 | | | $ | 343,234,373 | | | $ | 4,520,389,139 | | | $ | 4,263,735,460 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | VY® CBRE Real Estate Portfolio | | | VY® JPMorgan
Small Cap Core Equity Portfolio | |
| | | Six Months | | | | | | Six Months | | | | |
| | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | June 30, 2024 | | | December 31, | | | June 30, 2024 | | | December 31, | |
| | | (Unaudited) | | | 2023 | | | (Unaudited) | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 2,518,188 | | | $ | 4,330,105 | | | $ | 541,879 | | | $ | 1,568,346 | |
| Net realized gain (loss) | | | (251,450 | ) | | | (8,339,600 | ) | | | 24,151,057 | | | | (8,285,357 | ) |
| Net change in unrealized appreciation (depreciation) | | | (6,458,321 | ) | | | 28,351,594 | | | | (10,364,297 | ) | | | 56,382,129 | |
| Increase (decrease) in net assets resulting from operations | | | (4,191,583 | ) | | | 24,342,099 | | | | 14,328,639 | | | | 49,665,118 | |
| | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | |
| Class ADV | | | — | | | | (3,418,264 | ) | | | — | | | | (7,725,895 | ) |
| Class I | | | — | | | | (329,319 | ) | | | — | | | | (16,187,878 | ) |
| Class R6 | | | — | | | | — | | | | — | | | | (2,175,104 | ) |
| Class S | | | — | | | | (12,007,871 | ) | | | — | | | | (5,759,805 | ) |
| Class S2 | | | — | | | | (610,894 | ) | | | — | | | | (415,060 | ) |
| Total distributions | | | — | | | | (16,366,348 | ) | | | — | | | | (32,263,742 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 2,855,285 | | | | 4,643,347 | | | | 12,269,397 | | | | 29,304,622 | |
| Reinvestment of distributions | | | — | | | | 16,366,348 | | | | — | | | | 32,263,742 | |
| | | | 2,855,285 | | | | 21,009,695 | | | | 12,269,397 | | | | 61,568,364 | |
| Cost of shares redeemed | | | (16,789,191 | ) | | | (38,069,753 | ) | | | (35,288,988 | ) | | | (100,850,572 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (13,933,906 | ) | | | (17,060,058 | ) | | | (23,019,591 | ) | | | (39,282,208 | ) |
| Net decrease in net assets | | | (18,125,489 | ) | | | (9,084,307 | ) | | | (8,690,952 | ) | | | (21,880,832 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 188,210,215 | | | | 197,294,522 | | | | 437,526,186 | | | | 459,407,018 | |
| End of year or period | | $ | 170,084,726 | | | $ | 188,210,215 | | | $ | 428,835,234 | | | $ | 437,526,186 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
| | | | | | Income (loss)
from investment
operations | | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net
realized
gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end of
year or
period | | | Total
Return
(1) | | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of fee
waivers
and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Balanced Income Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.58 | | | 0.12 | • | | 0.44 | | | | 0.56 | | | — | | | — | | | — | | | — | | | — | | | 9.14 | | | 6.53 | | | | 1.25 | | | 1.20 | | | 1.20 | | | 2.80 | | | 46,457 | | | 49 | |
| 12-31-23 | | | 7.93 | | | 0.24 | • | | 0.62 | | | | 0.86 | | | 0.21 | | | — | | | — | | | 0.21 | | | — | | | 8.58 | | | 11.02 | | | | 1.24 | | | 1.20 | | | 1.20 | | | 2.95 | | | 46,186 | | | 142 | |
| 12-31-22 | | | 10.39 | | | 0.19 | • | | (1.67 | ) | | | (1.48 | ) | | 0.18 | | | 0.80 | | | — | | | 0.98 | | | — | | | 7.93 | | | (14.30 | ) | | | 1.24 | | | 1.20 | | | 1.20 | | | 2.13 | | | 48,684 | | | 104 | |
| 12-31-21 | | | 9.77 | | | 0.17 | • | | 0.67 | | | | 0.84 | | | 0.22 | | | — | | | — | | | 0.22 | | | — | | | 10.39 | | | 8.65 | | | | 1.22 | | | 1.20 | | | 1.20 | | | 1.69 | | | 65,611 | | | 133 | |
| 12-31-20 | | | 10.65 | | | 0.21 | • | | (0.01 | ) | | | 0.20 | | | 0.36 | | | 0.72 | | | — | | | 1.08 | | | — | | | 9.77 | | | 2.80 | | | | 1.22 | | | 1.20 | | | 1.20 | | | 2.20 | | | 66,515 | | | 69 | |
| 12-31-19 | | | 10.05 | | | 0.30 | • | | 1.47 | | | | 1.77 | | | 0.50 | | | 0.67 | | | — | | | 1.17 | | | — | | | 10.65 | | | 17.93 | | | | 1.26 | | | 1.22 | | | 1.22 | | | 2.79 | | | 78,155 | | | 231 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.13 | | | 0.16 | • | | 0.46 | | | | 0.62 | | | — | | | — | | | — | | | — | | | — | | | 9.75 | | | 6.79 | | | | 0.65 | | | 0.60 | | | 0.60 | | | 3.41 | | | 6,261 | | | 49 | |
| 12-31-23 | | | 8.43 | | | 0.31 | • | | 0.66 | | | | 0.97 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 9.13 | | | 11.68 | | | | 0.64 | | | 0.60 | | | 0.60 | | | 3.56 | | | 6,009 | | | 142 | |
| 12-31-22 | | | 10.99 | | | 0.26 | • | | (1.77 | ) | | | (1.51 | ) | | 0.25 | | | 0.80 | | | — | | | 1.05 | | | — | | | 8.43 | | | (13.78 | ) | | | 0.64 | | | 0.60 | | | 0.60 | | | 2.73 | | | 6,024 | | | 104 | |
| 12-31-21 | | | 10.31 | | | 0.25 | • | | 0.71 | | | | 0.96 | | | 0.28 | | | — | | | — | | | 0.28 | | | — | | | 10.99 | | | 9.42 | | | | 0.62 | | | 0.60 | | | 0.60 | | | 2.29 | | | 7,878 | | | 133 | |
| 12-31-20 | | | 11.19 | | | 0.29 | • | | (0.03 | ) | | | 0.26 | | | 0.42 | | | 0.72 | | | — | | | 1.14 | | | — | | | 10.31 | | | 3.33 | | | | 0.62 | | | 0.60 | | | 0.60 | | | 2.79 | | | 7,943 | | | 69 | |
| 12-31-19 | | | 10.50 | | | 0.38 | • | | 1.55 | | | | 1.93 | | | 0.57 | | | 0.67 | | | — | | | 1.24 | | | — | | | 11.19 | | | 18.73 | | | | 0.66 | | | 0.62 | | | 0.62 | | | 3.38 | | | 8,836 | | | 231 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.08 | | | 0.15 | • | | 0.46 | | | | 0.61 | | | — | | | — | | | — | | | — | | | — | | | 9.69 | | | 6.72 | | | | 0.90 | | | 0.85 | | | 0.85 | | | 3.15 | | | 168,824 | | | 49 | |
| 12-31-23 | | | 8.38 | | | 0.29 | • | | 0.66 | | | | 0.95 | | | 0.25 | | | — | | | — | | | 0.25 | | | — | | | 9.08 | | | 11.42 | | | | 0.89 | | | 0.85 | | | 0.85 | | | 3.30 | | | 173,258 | | | 142 | |
| 12-31-22 | | | 10.92 | | | 0.23 | • | | (1.75 | ) | | | (1.52 | ) | | 0.22 | | | 0.80 | | | — | | | 1.02 | | | — | | | 8.38 | | | (13.97 | ) | | | 0.89 | | | 0.85 | | | 0.85 | | | 2.47 | | | 184,513 | | | 104 | |
| 12-31-21 | | | 10.25 | | | 0.22 | • | | 0.70 | | | | 0.92 | | | 0.25 | | | — | | | — | | | 0.25 | | | — | | | 10.92 | | | 9.09 | | | | 0.87 | | | 0.85 | | | 0.85 | | | 2.04 | | | 256,146 | | | 133 | |
| 12-31-20 | | | 11.13 | | | 0.26 | • | | (0.03 | ) | | | 0.23 | | | 0.39 | | | 0.72 | | | — | | | 1.11 | | | — | | | 10.25 | | | 3.03 | | | | 0.87 | | | 0.85 | | | 0.85 | | | 2.55 | | | 266,536 | | | 69 | |
| 12-31-19 | | | 10.45 | | | 0.36 | • | | 1.52 | | | | 1.88 | | | 0.53 | | | 0.67 | | | — | | | 1.20 | | | — | | | 11.13 | | | 18.40 | | | | 0.91 | | | 0.87 | | | 0.87 | | | 3.18 | | | 295,942 | | | 231 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.06 | | | 0.14 | • | | 0.47 | | | | 0.61 | | | — | | | — | | | — | | | — | | | — | | | 9.67 | | | 6.73 | | | | 1.05 | | | 1.00 | | | 1.00 | | | 3.03 | | | 2,503 | | | 49 | |
| 12-31-23 | | | 8.36 | | | 0.27 | • | | 0.66 | | | | 0.93 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 9.06 | | | 11.20 | | | | 1.04 | | | 1.00 | | | 1.00 | | | 3.15 | | | 2,418 | | | 142 | |
| 12-31-22 | | | 10.89 | | | 0.22 | • | | (1.75 | ) | | | (1.53 | ) | | 0.20 | | | 0.80 | | | — | | | 1.00 | | | — | | | 8.36 | | | (14.14 | ) | | | 1.04 | | | 1.00 | | | 1.00 | | | 2.32 | | | 2,698 | | | 104 | |
| 12-31-21 | | | 10.22 | | | 0.20 | • | | 0.70 | | | | 0.90 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 10.89 | | | 8.88 | | | | 1.02 | | | 1.00 | | | 1.00 | | | 1.89 | | | 4,112 | | | 133 | |
| 12-31-20 | | | 11.10 | | | 0.27 | | | (0.04 | ) | | | 0.23 | | | 0.39 | | | 0.72 | | | — | | | 1.11 | | | — | | | 10.22 | | | 3.02 | | | | 1.02 | | | 1.00 | | | 1.00 | | | 2.40 | | | 5,189 | | | 69 | |
| 12-31-19 | | | 10.43 | | | 0.32 | | | 1.54 | | | | 1.86 | | | 0.52 | | | 0.67 | | | — | | | 1.19 | | | — | | | 11.10 | | | 18.15 | | | | 1.06 | | | 1.02 | | | 1.02 | | | 2.97 | | | 5,679 | | | 231 | |
| Voya High Yield Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.65 | | | 0.26 | • | | (0.07 | ) | | | 0.19 | | | 0.26 | | | — | | | — | | | 0.26 | | | — | | | 8.58 | | | 2.22 | | | | 1.10 | | | 1.08 | | | 1.08 | | | 6.14 | | | 58,228 | | | 41 | |
| 12-31-23 | | | 8.23 | | | 0.50 | • | | 0.43 | | | | 0.93 | | | 0.51 | | | — | | | — | | | 0.51 | | | — | | | 8.65 | | | 11.63 | | | | 1.09 | | | 1.08 | | | 1.08 | | | 5.91 | | | 61,268 | | | 47 | |
| 12-31-22 | | | 9.94 | | | 0.46 | • | | (1.72 | ) | | | (1.26 | ) | | 0.45 | | | — | | | — | | | 0.45 | | | — | | | 8.23 | | | (12.83 | ) | | | 1.10 | | | 1.08 | | | 1.08 | | | 5.22 | | | 61,172 | | | 21 | |
| 12-31-21 | | | 9.96 | | | 0.45 | • | | 0.01 | | | | 0.46 | | | 0.46 | | | — | | | 0.02 | | | 0.48 | | | — | | | 9.94 | | | 4.65 | | | | 1.10 | | | 1.08 | | | 1.08 | | | 4.52 | | | 79,216 | | | 63 | |
| 12-31-20 | | | 9.94 | | | 0.46 | • | | 0.03 | | | | 0.49 | | | 0.46 | | | — | | | 0.01 | | | 0.47 | | | — | | | 9.96 | | | 5.26 | | | | 1.10 | | | 1.08 | | | 1.08 | | | 4.80 | | | 80,017 | | | 90 | |
| 12-31-19 | | | 9.09 | | | 0.50 | | | 0.83 | | | | 1.33 | | | 0.48 | | | — | | | — | | | 0.48 | | | — | | | 9.94 | | | 14.82 | | | | 1.10 | | | 1.08 | | | 1.08 | | | 5.20 | | | 87,540 | | | 59 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.66 | | | 0.29 | • | | (0.08 | ) | | | 0.21 | | | 0.28 | | | — | | | — | | | 0.28 | | | — | | | 8.59 | | | 2.52 | | | | 0.50 | | | 0.48 | | | 0.48 | | | 6.75 | | | 228,147 | | | 41 | |
| 12-31-23 | | | 8.24 | | | 0.55 | • | | 0.43 | | | | 0.98 | | | 0.56 | | | — | | | — | | | 0.56 | | | — | | | 8.66 | | | 12.28 | | | | 0.49 | | | 0.48 | | | 0.48 | | | 6.51 | | | 165,274 | | | 47 | |
| 12-31-22 | | | 9.95 | | | 0.51 | • | | (1.72 | ) | | | (1.21 | ) | | 0.50 | | | — | | | — | | | 0.50 | | | — | | | 8.24 | | | (12.28 | ) | | | 0.50 | | | 0.48 | | | 0.48 | | | 5.83 | | | 152,175 | | | 21 | |
| 12-31-21 | | | 9.97 | | | 0.51 | • | | 0.01 | | | | 0.52 | | | 0.52 | | | — | | | 0.02 | | | 0.54 | | | — | | | 9.95 | | | 5.28 | | | | 0.50 | | | 0.48 | | | 0.48 | | | 5.12 | | | 189,224 | | | 63 | |
| 12-31-20 | | | 9.94 | | | 0.51 | • | | 0.05 | | | | 0.56 | | | 0.52 | | | — | | | 0.01 | | | 0.53 | | | — | | | 9.97 | | | 6.00 | | | | 0.50 | | | 0.48 | | | 0.48 | | | 5.40 | | | 191,358 | | | 90 | |
| 12-31-19 | | | 9.10 | | | 0.57 | • | | 0.81 | | | | 1.38 | | | 0.54 | | | — | | | — | | | 0.54 | | | — | | | 9.94 | | | 15.37 | | | | 0.50 | | | 0.48 | | | 0.48 | | | 5.84 | | | 189,247 | | | 59 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.65 | | | 0.28 | • | | (0.08 | ) | | | 0.20 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 8.58 | | | 2.40 | | | | 0.75 | | | 0.73 | | | 0.73 | | | 6.49 | | | 155,788 | | | 41 | |
| 12-31-23 | | | 8.23 | | | 0.52 | • | | 0.44 | | | | 0.96 | | | 0.54 | | | — | | | — | | | 0.54 | | | — | | | 8.65 | | | 12.01 | | | | 0.74 | | | 0.73 | | | 0.73 | | | 6.26 | | | 174,158 | | | 47 | |
| 12-31-22 | | | 9.94 | | | 0.49 | • | | (1.72 | ) | | | (1.23 | ) | | 0.48 | | | — | | | — | | | 0.48 | | | — | | | 8.23 | | | (12.52 | ) | | | 0.75 | | | 0.73 | | | 0.73 | | | 5.56 | | | 179,355 | | | 21 | |
| 12-31-21 | | | 9.96 | | | 0.48 | • | | 0.01 | | | | 0.49 | | | 0.49 | | | — | | | 0.02 | | | 0.51 | | | — | | | 9.94 | | | 5.01 | | | | 0.75 | | | 0.73 | | | 0.73 | | | 4.87 | | | 244,800 | | | 63 | |
| 12-31-20 | | | 9.94 | | | 0.49 | • | | 0.04 | | | | 0.53 | | | 0.50 | | | — | | | 0.01 | | | 0.51 | | | — | | | 9.96 | | | 5.63 | | | | 0.75 | | | 0.73 | | | 0.73 | | | 5.15 | | | 266,537 | | | 90 | |
| 12-31-19 | | | 9.09 | | | 0.54 | | | 0.82 | | | | 1.36 | | | 0.51 | | | — | | | — | | | 0.51 | | | — | | | 9.94 | | | 15.22 | | | | 0.75 | | | 0.73 | | | 0.73 | | | 5.54 | | | 307,506 | | | 59 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | Income (loss)
from investment
operations | | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net
realized
gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end of
year or
period | | | Total
Return
(1) | | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of fee
waivers
and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya High Yield Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.66 | | | 0.27 | • | | (0.07 | ) | | | 0.20 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 8.59 | | | 2.32 | | | | 0.90 | | | 0.88 | | | 0.88 | | | 6.34 | | | 1,269 | | | 41 | |
| 12-31-23 | | | 8.24 | | | 0.51 | • | | 0.43 | | | | 0.94 | | | 0.52 | | | — | | | — | | | 0.52 | | | — | | | 8.66 | | | 11.83 | | | | 0.89 | | | 0.88 | | | 0.88 | | | 6.10 | | | 1,267 | | | 47 | |
| 12-31-22 | | | 9.95 | | | 0.48 | • | | (1.72 | ) | | | (1.24 | ) | | 0.47 | | | — | | | — | | | 0.47 | | | — | | | 8.24 | | | (12.63 | ) | | | 0.90 | | | 0.88 | | | 0.88 | | | 5.34 | | | 1,407 | | | 21 | |
| 12-31-21 | | | 9.97 | | | 0.47 | • | | 0.01 | | | | 0.48 | | | 0.48 | | | — | | | 0.02 | | | 0.50 | | | — | | | 9.95 | | | 4.86 | | | | 0.90 | | | 0.88 | | | 0.88 | | | 4.72 | | | 2,688 | | | 63 | |
| 12-31-20 | | | 9.95 | | | 0.48 | • | | 0.03 | | | | 0.51 | | | 0.48 | | | — | | | 0.01 | | | 0.49 | | | — | | | 9.97 | | | 5.48 | | | | 0.90 | | | 0.88 | | | 0.88 | | | 4.99 | | | 3,119 | | | 90 | |
| 12-31-19 | | | 9.11 | | | 0.51 | | | 0.83 | | | | 1.34 | | | 0.50 | | | — | | | — | | | 0.50 | | | — | | | 9.95 | | | 14.91 | | | | 0.90 | | | 0.88 | | | 0.88 | | | 5.37 | | | 3,012 | | | 59 | |
| Voya Large Cap Growth Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 10.54 | | | (0.04 | )• | | 2.44 | | | | 2.40 | | | — | | | — | | | — | | | — | | | — | | | 12.94 | | | 22.77 | | | | 1.30 | | | 1.27 | | | 1.27 | | | (0.71 | ) | | 1,652,663 | | | 21 | |
| 12-31-23 | | | 7.69 | | | (0.05 | )• | | 2.90 | | | | 2.85 | | | — | | | — | | | — | | | — | | | — | | | 10.54 | | | 37.06 | | | | 1.31 | | | 1.27 | | | 1.27 | | | (0.56 | ) | | 1,497,865 | | | 57 | |
| 12-31-22 | | | 19.43 | | | (0.07 | )• | | (5.77 | ) | | | (5.84 | ) | | — | | | 5.90 | | | — | | | 5.90 | | | — | | | 7.69 | | | (30.97 | ) | | | 1.31 | | | 1.27 | | | 1.27 | | | (0.58 | ) | | 1,263,757 | | | 47 | |
| 12-31-21 | | | 20.45 | | | (0.14 | )• | | 3.76 | | | | 3.62 | | | — | | | 4.64 | | | — | | | 4.64 | | | — | | | 19.43 | | | 18.89 | | | | 1.30 | | | 1.27 | | | 1.27 | | | (0.68 | ) | | 2,085,856 | | | 72 | |
| 12-31-20 | | | 17.96 | | | (0.08 | ) | | 5.00 | | | | 4.92 | | | — | | | 2.43 | | | — | | | 2.43 | | | — | | | 20.45 | | | 30.11 | | | | 1.32 | | | 1.27 | | | 1.27 | | | (0.43 | ) | | 2,073,088 | | | 86 | |
| 12-31-19 | | | 16.37 | | | (0.01 | ) | | 4.97 | | | | 4.96 | | | 0.02 | | | 3.35 | | | — | | | 3.37 | | | — | | | 17.96 | | | 31.90 | | | | 1.27 | | | 1.27 | | | 1.27 | | | (0.05 | ) | | 1,890,631 | | | 78 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 13.62 | | | (0.01 | )• | | 3.16 | | | | 3.15 | | | — | | | — | | | — | | | — | | | — | | | 16.77 | | | 23.13 | | | | 0.70 | | | 0.67 | | | 0.67 | | | (0.11 | ) | | 1,456,560 | | | 21 | |
| 12-31-23 | | | 9.88 | | | 0.01 | • | | 3.73 | | | | 3.74 | | | — | | | — | | | — | | | — | | | — | | | 13.62 | | | 37.86 | | | | 0.71 | | | 0.67 | | | 0.67 | | | 0.05 | | | 1,260,097 | | | 57 | |
| 12-31-22 | | | 22.48 | | | 0.00 | *• | | (6.70 | ) | | | (6.70 | ) | | — | | | 5.90 | | | — | | | 5.90 | | | — | | | 9.88 | | | (30.50 | ) | | | 0.71 | | | 0.67 | | | 0.67 | | | 0.02 | | | 1,251,871 | | | 47 | |
| 12-31-21 | | | 22.90 | | | (0.02 | )• | | 4.24 | | | | 4.22 | | | — | | | 4.64 | | | — | | | 4.64 | | | — | | | 22.48 | | | 19.55 | | | | 0.70 | | | 0.67 | | | 0.67 | | | (0.07 | ) | | 1,937,889 | | | 72 | |
| 12-31-20 | | | 19.83 | | | 0.04 | • | | 5.57 | | | | 5.61 | | | 0.11 | | | 2.43 | | | — | | | 2.54 | | | — | | | 22.90 | | | 30.88 | | | | 0.72 | | | 0.67 | | | 0.67 | | | 0.17 | | | 2,436,873 | | | 86 | |
| 12-31-19 | | | 17.78 | | | 0.11 | | | 5.43 | | | | 5.54 | | | 0.14 | | | 3.35 | | | — | | | 3.49 | | | — | | | 19.83 | | | 32.77 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.54 | | | 2,000,466 | | | 78 | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 13.64 | | | (0.01 | )• | | 3.16 | | | | 3.15 | | | — | | | — | | | — | | | — | | | — | | | 16.79 | | | 23.09 | | | | 0.67 | | | 0.67 | | | 0.67 | | | (0.11 | ) | | 77,336 | | | 21 | |
| 12-31-23 | | | 9.90 | | | 0.01 | • | | 3.73 | | | | 3.74 | | | — | | | — | | | — | | | — | | | — | | | 13.64 | | | 37.78 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.05 | | | 66,206 | | | 57 | |
| 12-31-22 | | | 22.50 | | | 0.00 | * | | (6.70 | ) | | | (6.70 | ) | | — | | | 5.90 | | | — | | | 5.90 | | | — | | | 9.90 | | | (30.47 | ) | | | 0.68 | | | 0.67 | | | 0.67 | | | 0.02 | | | 53,900 | | | 47 | |
| 12-31-21 | | | 22.91 | | | (0.02 | )• | | 4.25 | | | | 4.23 | | | — | | | 4.64 | | | — | | | 4.64 | | | — | | | 22.50 | | | 19.58 | | | | 0.67 | | | 0.67 | | | 0.67 | | | (0.08 | ) | | 95,588 | | | 72 | |
| 12-31-20 | | | 19.84 | | | 0.03 | | | 5.58 | | | | 5.61 | | | 0.11 | | | 2.43 | | | — | | | 2.54 | | | — | | | 22.91 | | | 30.86 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.16 | | | 88,303 | | | 86 | |
| 12-31-19 | | | 17.78 | | | 0.11 | | | 5.44 | | | | 5.55 | | | 0.14 | | | 3.35 | | | — | | | 3.49 | | | — | | | 19.84 | | | 32.82 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.54 | | | 59,938 | | | 78 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 12.57 | | | (0.03 | )• | | 2.92 | | | | 2.89 | | | — | | | — | | | — | | | — | | | — | | | 15.46 | | | 22.99 | | | | 0.95 | | | 0.92 | | | 0.92 | | | (0.36 | ) | | 1,325,681 | | | 21 | |
| 12-31-23 | | | 9.15 | | | (0.02 | )• | | 3.44 | | | | 3.42 | | | — | | | — | | | — | | | — | | | — | | | 12.57 | | | 37.38 | | | | 0.96 | | | 0.92 | | | 0.92 | | | (0.21 | ) | | 1,219,524 | | | 57 | |
| 12-31-22 | | | 21.47 | | | (0.03 | )• | | (6.39 | ) | | | (6.42 | ) | | — | | | 5.90 | | | — | | | 5.90 | | | — | | | 9.15 | | | (30.66 | ) | | | 0.96 | | | 0.92 | | | 0.92 | | | (0.23 | ) | | 1,066,004 | | | 47 | |
| 12-31-21 | | | 22.10 | | | (0.07 | )• | | 4.08 | | | | 4.01 | | | — | | | 4.64 | | | — | | | 4.64 | | | — | | | 21.47 | | | 19.28 | | | | 0.95 | | | 0.92 | | | 0.92 | | | (0.33 | ) | | 1,787,956 | | | 72 | |
| 12-31-20 | | | 19.21 | | | (0.01 | ) | | 5.38 | | | | 5.37 | | | 0.05 | | | 2.43 | | | — | | | 2.48 | | | — | | | 22.10 | | | 30.59 | | | | 0.97 | | | 0.92 | | | 0.92 | | | (0.08 | ) | | 1,867,154 | | | 86 | |
| 12-31-19 | | | 17.31 | | | 0.06 | | | 5.27 | | | | 5.33 | | | 0.08 | | | 3.35 | | | — | | | 3.43 | | | — | | | 19.21 | | | 32.41 | | | | 0.92 | | | 0.92 | | | 0.92 | | | 0.30 | | | 1,839,829 | | | 78 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 12.23 | | | (0.04 | )• | | 2.84 | | | | 2.80 | | | — | | | — | | | — | | | — | | | — | | | 15.03 | | | 22.89 | | | | 1.10 | | | 1.07 | | | 1.07 | | | (0.51 | ) | | 52,967 | | | 21 | |
| 12-31-23 | | | 8.91 | | | (0.04 | )• | | 3.36 | | | | 3.32 | | | — | | | — | | | — | | | — | | | — | | | 12.23 | | | 37.26 | | | | 1.11 | | | 1.07 | | | 1.07 | | | (0.36 | ) | | 44,374 | | | 57 | |
| 12-31-22 | | | 21.16 | | | (0.05 | )• | | (6.30 | ) | | | (6.35 | ) | | — | | | 5.90 | | | — | | | 5.90 | | | — | | | 8.91 | | | (30.80 | ) | | | 1.11 | | | 1.07 | | | 1.07 | | | (0.38 | ) | | 36,077 | | | 47 | |
| 12-31-21 | | | 21.87 | | | (0.10 | )• | | 4.03 | | | | 3.93 | | | — | | | 4.64 | | | — | | | 4.64 | | | — | | | 21.16 | | | 19.10 | | | | 1.10 | | | 1.07 | | | 1.07 | | | (0.48 | ) | | 64,403 | | | 72 | |
| 12-31-20 | | | 19.03 | | | (0.04 | ) | | 5.33 | | | | 5.29 | | | 0.02 | | | 2.43 | | | — | | | 2.45 | | | — | | | 21.87 | | | 30.43 | | | | 1.12 | | | 1.07 | | | 1.07 | | | (0.22 | ) | | 65,511 | | | 86 | |
| 12-31-19 | | | 17.18 | | | 0.04 | | | 5.21 | | | | 5.25 | | | 0.05 | | | 3.35 | | | — | | | 3.40 | | | — | | | 19.03 | | | 32.16 | | | | 1.07 | | | 1.07 | | | 1.07 | | | 0.15 | | | 61,219 | | | 78 | |
| Voya Large Cap Value Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 5.30 | | | 0.03 | • | | 0.43 | | | | 0.46 | | | — | | | — | | | — | | | — | | | — | | | 5.76 | | | 8.68 | | | | 1.48 | | | 1.26 | | | 1.26 | | | 1.04 | | | 44,418 | | | 50 | |
| 12-31-23 | | | 4.83 | | | 0.06 | • | | 0.57 | | | | 0.63 | | | 0.09 | | | 0.07 | | | — | | | 0.16 | | | — | | | 5.30 | | | 13.03 | | | | 1.48 | | | 1.24 | | | 1.24 | | | 1.18 | | | 44,283 | | | 82 | |
| 12-31-22 | | | 13.67 | | | 0.08 | • | | (1.13 | ) | | | (1.05 | ) | | 0.06 | | | 7.73 | | | — | | | 7.79 | | | — | | | 4.83 | | | (3.88 | ) | | | 1.50 | | | 1.24 | | | 1.24 | | | 1.02 | | | 46,054 | | | 74 | |
| 12-31-21 | | | 11.16 | | | 0.08 | • | | 2.83 | | | | 2.91 | | | 0.22 | | | 0.18 | | | — | | | 0.40 | | | — | | | 13.67 | | | 26.24 | | | | 1.42 | | | 1.24 | | | 1.24 | | | 0.66 | | | 52,418 | | | 82 | |
| 12-31-20 | | | 11.96 | | | 0.15 | | | 0.26 | | | | 0.41 | | | 0.18 | | | 1.03 | | | — | | | 1.21 | | | — | | | 11.16 | | | 5.61 | | | | 1.43 | | | 1.24 | | | 1.24 | | | 1.43 | | | 47,671 | | | 130 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | Income (loss)
from investment
operations | | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net
realized
gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end of
year or
period | | | Total
Return
(1) | | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of fee
waivers
and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Large Cap Value Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-19 | | | 10.48 | | | 0.17 | | | 2.34 | | | | 2.51 | | | 0.18 | | | 0.85 | | | — | | | 1.03 | | | — | | | 11.96 | | | 24.45 | | | | 1.35 | | | 1.24 | | | 1.24 | | | 1.40 | | | 53,098 | | | 95 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 5.80 | | | 0.05 | • | | 0.47 | | | | 0.52 | | | — | | | — | | | — | | | — | | | — | | | 6.32 | | | 8.97 | | | | 0.88 | | | 0.66 | | | 0.66 | | | 1.64 | | | 392,488 | | | 50 | |
| 12-31-23 | | | 5.23 | | | 0.10 | • | | 0.62 | | | | 0.72 | | | 0.08 | | | 0.07 | | | — | | | 0.15 | | | — | | | 5.80 | | | 13.73 | | | | 0.88 | | | 0.64 | | | 0.64 | | | 1.78 | | | 375,498 | | | 82 | |
| 12-31-22 | | | 14.04 | | | 0.13 | • | | (1.13 | ) | | | (1.00 | ) | | 0.08 | | | 7.73 | | | — | | | 7.81 | | | — | | | 5.23 | | | (3.21 | ) | | | 0.90 | | | 0.64 | | | 0.64 | | | 1.62 | | | 357,384 | | | 74 | |
| 12-31-21 | | | 11.45 | | | 0.17 | • | | 2.90 | | | | 3.07 | | | 0.30 | | | 0.18 | | | — | | | 0.48 | | | — | | | 14.04 | | | 26.99 | | | | 0.82 | | | 0.64 | | | 0.64 | | | 1.26 | | | 386,934 | | | 82 | |
| 12-31-20 | | | 12.22 | | | 0.22 | | | 0.28 | | | | 0.50 | | | 0.24 | | | 1.03 | | | — | | | 1.27 | | | — | | | 11.45 | | | 6.28 | | | | 0.83 | | | 0.64 | | | 0.64 | | | 2.02 | | | 329,385 | | | 130 | |
| 12-31-19 | | | 10.69 | | | 0.24 | | | 2.39 | | | | 2.63 | | | 0.25 | | | 0.85 | | | — | | | 1.10 | | | — | | | 12.22 | | | 25.12 | | | | 0.75 | | | 0.64 | | | 0.64 | | | 2.00 | | | 367,345 | | | 95 | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 5.76 | | | 0.05 | • | | 0.46 | | | | 0.51 | | | — | | | — | | | — | | | — | | | — | | | 6.27 | | | 8.85 | | | | 0.76 | | | 0.66 | | | 0.66 | | | 1.64 | | | 125,653 | | | 50 | |
| 12-31-23 | | | 5.21 | | | 0.10 | • | | 0.62 | | | | 0.72 | | | 0.10 | | | 0.07 | | | — | | | 0.17 | | | — | | | 5.76 | | | 13.80 | | | | 0.77 | | | 0.64 | | | 0.64 | | | 1.77 | | | 92,856 | | | 82 | |
| 12-31-22 | | | 14.03 | | | 0.12 | • | | (1.12 | ) | | | (1.00 | ) | | 0.09 | | | 7.73 | | | — | | | 7.82 | | | — | | | 5.21 | | | (3.26 | ) | | | 0.78 | | | 0.64 | | | 0.64 | | | 1.71 | | | 72,042 | | | 74 | |
| 12-31-21 | | | 11.44 | | | 0.19 | • | | 2.88 | | | | 3.07 | | | 0.30 | | | 0.18 | | | — | | | 0.48 | | | — | | | 14.03 | | | 27.02 | | | | 0.76 | | | 0.64 | | | 0.64 | | | 1.41 | | | 12,976 | | | 82 | |
| 12-31-20 | | | 12.21 | | | 0.21 | • | | 0.29 | | | | 0.50 | | | 0.24 | | | 1.03 | | | — | | | 1.27 | | | — | | | 11.44 | | | 6.27 | | | | 0.77 | | | 0.64 | | | 0.64 | | | 2.01 | | | 230 | | | 130 | |
| 12-31-19 | | | 10.68 | | | 0.25 | • | | 2.38 | | | | 2.63 | | | 0.25 | | | 0.85 | | | — | | | 1.10 | | | — | | | 12.21 | | | 25.14 | | | | 0.75 | | | 0.64 | | | 0.64 | | | 2.16 | | | 306 | | | 95 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 5.46 | | | 0.04 | • | | 0.45 | | | | 0.49 | | | — | | | — | | | — | | | — | | | — | | | 5.95 | | | 8.97 | | | | 1.13 | | | 0.91 | | | 0.91 | | | 1.39 | | | 24,331 | | | 50 | |
| 12-31-23 | | | 4.96 | | | 0.08 | • | | 0.58 | | | | 0.66 | | | 0.09 | | | 0.07 | | | — | | | 0.16 | | | — | | | 5.46 | | | 13.28 | | | | 1.13 | | | 0.89 | | | 0.89 | | | 1.53 | | | 24,122 | | | 82 | |
| 12-31-22 | | | 13.78 | | | 0.10 | • | | (1.11 | ) | | | (1.01 | ) | | 0.08 | | | 7.73 | | | — | | | 7.81 | | | — | | | 4.96 | | | (3.47 | ) | | | 1.15 | | | 0.89 | | | 0.89 | | | 1.36 | | | 25,128 | | | 74 | |
| 12-31-21 | | | 11.25 | | | 0.13 | • | | 2.85 | | | | 2.98 | | | 0.27 | | | 0.18 | | | — | | | 0.45 | | | — | | | 13.78 | | | 26.67 | | | | 1.07 | | | 0.89 | | | 0.89 | | | 0.99 | | | 30,661 | | | 82 | |
| 12-31-20 | | | 12.04 | | | 0.19 | | | 0.27 | | | | 0.46 | | | 0.22 | | | 1.03 | | | — | | | 1.25 | | | — | | | 11.25 | | | 5.97 | | | | 1.08 | | | 0.89 | | | 0.89 | | | 1.78 | | | 611,514 | | | 130 | |
| 12-31-19 | | | 10.55 | | | 0.20 | • | | 2.36 | | | | 2.56 | | | 0.22 | | | 0.85 | | | — | | | 1.07 | | | — | | | 12.04 | | | 24.78 | | | | 1.00 | | | 0.89 | | | 0.89 | | | 1.75 | | | 665,553 | | | 95 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 5.48 | | | 0.04 | • | | 0.45 | | | | 0.49 | | | — | | | — | | | — | | | — | | | — | | | 5.97 | | | 8.94 | | | | 1.28 | | | 1.06 | | | 1.06 | | | 1.24 | | | 236 | | | 50 | |
| 12-31-23 | | | 4.97 | | | 0.07 | • | | 0.59 | | | | 0.66 | | | 0.08 | | | 0.07 | | | — | | | 0.15 | | | — | | | 5.48 | | | 13.24 | | | | 1.28 | | | 1.04 | | | 1.04 | | | 1.38 | | | 215 | | | 164 | |
| 12-31-22 | | | 13.80 | | | 0.09 | • | | (1.12 | ) | | | (1.03 | ) | | 0.07 | | | 7.73 | | | — | | | 7.80 | | | — | | | 4.97 | | | (3.69 | ) | | | 1.28 | | | 1.04 | | | 1.04 | | | 1.23 | | | 189 | | | 74 | |
| 12-31-21 | | | 11.27 | | | 0.11 | • | | 2.85 | | | | 2.96 | | | 0.25 | | | 0.18 | | | — | | | 0.43 | | | — | | | 13.80 | | | 26.43 | | | | 1.22 | | | 1.04 | | | 1.04 | | | 0.87 | | | 196 | | | 82 | |
| 12-31-20 | | | 12.06 | | | 0.17 | • | | 0.27 | | | | 0.44 | | | 0.20 | | | 1.03 | | | — | | | 1.23 | | | — | | | 11.27 | | | 5.86 | | | | 1.23 | | | 1.04 | | | 1.04 | | | 1.63 | | | 154 | | | 130 | |
| 12-31-19 | | | 10.56 | | | 0.19 | • | | 2.36 | | | | 2.55 | | | 0.20 | | | 0.85 | | | — | | | 1.05 | | | — | | | 12.06 | | | 24.63 | | | | 1.15 | | | 1.04 | | | 1.04 | | | 1.60 | | | 145 | | | 95 | |
| Voya Limited Maturity Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.29 | | | 0.18 | • | | (0.04 | ) | | | 0.14 | | | 0.20 | | | — | | | — | | | 0.20 | | | — | | | 9.23 | | | 1.54 | | | | 0.88 | | | 0.88 | | | 0.88 | | | 3.83 | | | 10,596 | | | 160 | |
| 12-31-23 | | | 9.23 | | | 0.31 | • | | 0.07 | | | | 0.38 | | | 0.32 | | | — | | | — | | | 0.32 | | | — | | | 9.29 | | | 4.17 | | | | 0.88 | | | 0.88 | | | 0.88 | | | 3.38 | | | 11,268 | | | 281 | |
| 12-31-22 | | | 9.87 | | | 0.14 | • | | (0.66 | ) | | | (0.52 | ) | | 0.12 | | | — | | | — | | | 0.12 | | | — | | | 9.23 | | | (5.26 | ) | | | 0.88 | | | 0.88 | | | 0.88 | | | 1.53 | | | 13,671 | | | 306 | |
| 12-31-21 | | | 10.03 | | | 0.05 | • | | (0.10 | ) | | | (0.05 | ) | | 0.11 | | | — | | | — | | | 0.11 | | | — | | | 9.87 | | | (0.55 | ) | | | 0.88 | | | 0.88 | | | 0.88 | | | 0.47 | | | 14,958 | | | 253 | |
| 12-31-20 | | | 9.91 | | | 0.12 | | | 0.16 | | | | 0.28 | | | 0.16 | | | — | | | — | | | 0.16 | | | — | | | 10.03 | | | 2.87 | | | | 0.88 | | | 0.88 | | | 0.88 | | | 1.15 | | | 15,016 | | | 263 | |
| 12-31-19 | | | 9.68 | | | 0.19 | | | 0.16 | | | | 0.35 | | | 0.12 | | | — | | | — | | | 0.12 | | | — | | | 9.91 | | | 3.66 | | | | 0.89 | | | 0.89 | | | 0.89 | | | 1.85 | | | 15,579 | | | 330 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.48 | | | 0.21 | • | | (0.04 | ) | | | 0.17 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 9.42 | | | 1.86 | | | | 0.28 | | | 0.28 | | | 0.28 | | | 4.43 | | | 254,190 | | | 160 | |
| 12-31-23 | | | 9.42 | | | 0.38 | • | | 0.06 | | | | 0.44 | | | 0.38 | | | — | | | — | | | 0.38 | | | — | | | 9.48 | | | 4.79 | | | | 0.28 | | | 0.28 | | | 0.28 | | | 3.99 | | | 273,180 | | | 281 | |
| 12-31-22 | | | 10.07 | | | 0.21 | • | | (0.68 | ) | | | (0.47 | ) | | 0.18 | | | — | | | — | | | 0.18 | | | — | | | 9.42 | | | (4.66 | ) | | | 0.28 | | | 0.28 | | | 0.28 | | | 2.16 | | | 301,980 | | | 306 | |
| 12-31-21 | | | 10.23 | | | 0.11 | • | | (0.10 | ) | | | 0.01 | | | 0.17 | | | — | | | — | | | 0.17 | | | — | | | 10.07 | | | 0.08 | | | | 0.28 | | | 0.28 | | | 0.28 | | | 1.06 | | | 329,913 | | | 253 | |
| 12-31-20 | | | 10.11 | | | 0.17 | • | | 0.18 | | | | 0.35 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 10.23 | | | 3.46 | | | | 0.28 | | | 0.28 | | | 0.28 | | | 1.70 | | | 332,196 | | | 263 | |
| 12-31-19 | | | 9.87 | | | 0.24 | | | 0.19 | | | | 0.43 | | | 0.19 | | | — | | | — | | | 0.19 | | | — | | | 10.11 | | | 4.33 | | | | 0.29 | | | 0.29 | | | 0.29 | | | 2.44 | | | 197,182 | | | 330 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.55 | | | 0.20 | • | | (0.04 | ) | | | 0.16 | | | 0.22 | | | — | | | — | | | 0.22 | | | — | | | 9.49 | | | 1.74 | | | | 0.53 | | | 0.53 | | | 0.53 | | | 4.18 | | | 56,071 | | | 160 | |
| 12-31-23 | | | 9.49 | | | 0.36 | • | | 0.06 | | | | 0.42 | | | 0.36 | | | — | | | — | | | 0.36 | | | — | | | 9.55 | | | 4.52 | | | | 0.53 | | | 0.53 | | | 0.53 | | | 3.75 | | | 58,787 | | | 281 | |
| 12-31-22 | | | 10.15 | | | 0.18 | • | | (0.68 | ) | | | (0.50 | ) | | 0.16 | | | — | | | — | | | 0.16 | | | — | | | 9.49 | | | (4.94 | ) | | | 0.53 | | | 0.53 | | | 0.53 | | | 1.87 | | | 57,412 | | | 306 | |
| 12-31-21 | | | 10.31 | | | 0.08 | • | | (0.10 | ) | | | (0.02 | ) | | 0.14 | | | — | | | — | | | 0.14 | | | — | | | 10.15 | | | (0.16 | ) | | | 0.53 | | | 0.53 | | | 0.53 | | | 0.82 | | | 71,037 | | | 253 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | Income (loss)
from investment
operations | | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net
realized
gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end of
year or
period | | | Total
Return
(1) | | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of fee
waivers
and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya Limited Maturity Bond Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class S (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-20 | | | 10.19 | | | 0.16 | | | 0.16 | | | | 0.32 | | | 0.20 | | | — | | | — | | | 0.20 | | | — | | | 10.31 | | | 3.19 | | | | 0.53 | | | 0.53 | | | 0.53 | | | 1.50 | | | 71,911 | | | 263 | |
| 12-31-19 | | | 9.95 | | | 0.22 | | | 0.18 | | | | 0.40 | | | 0.16 | | | — | | | — | | | 0.16 | | | — | | | 10.19 | | | 4.06 | | | | 0.54 | | | 0.54 | | | 0.54 | | | 2.20 | | | 75,066 | | | 330 | |
| Voya U.S. Stock Index Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 16.82 | | | 0.06 | • | | 2.44 | | | | 2.50 | | | — | | | — | | | — | | | — | | | — | | | 19.32 | | | 14.86 | | | | 0.80 | | | 0.80 | | | 0.80 | | | 0.69 | | | 92,138 | | | 1 | |
| 12-31-23 | | | 15.01 | | | 0.14 | • | | 3.54 | | | | 3.68 | | | 0.17 | | | 1.70 | | | — | | | 1.87 | | | — | | | 16.82 | | | 25.25 | | | | 0.80 | | | 0.80 | | | 0.80 | | | 0.89 | | | 83,268 | | | 6 | |
| 12-31-22 | | | 20.92 | | | 0.14 | • | | (4.09 | ) | | | (3.95 | ) | | 0.14 | | | 1.82 | | | — | | | 1.96 | | | — | | | 15.01 | | | (18.78 | ) | | | 0.80 | | | 0.80 | | | 0.80 | | | 0.82 | | | 73,855 | | | 8 | |
| 12-31-21 | | | 18.21 | | | 0.12 | • | | 4.72 | | | | 4.84 | | | 0.11 | | | 2.02 | | | — | | | 2.13 | | | — | | | 20.92 | | | 27.66 | | | | 0.80 | | | 0.80 | | | 0.80 | | | 0.61 | | | 99,373 | | | 3 | |
| 12-31-20 | | | 16.38 | | | 0.18 | | | 2.55 | | | | 2.73 | | | 0.24 | | | 0.66 | | | — | | | 0.90 | | | — | | | 18.21 | | | 17.48 | | | | 0.79 | | | 0.79 | | | 0.79 | | | 1.03 | | | 100,049 | | | 9 | |
| 12-31-19 | | | 13.44 | | | 0.19 | • | | 3.82 | | | | 4.01 | | | 0.17 | | | 0.90 | | | — | | | 1.07 | | | — | | | 16.38 | | | 30.43 | | | | 0.80 | | | 0.80 | | | 0.80 | | | 1.22 | | | 102,813 | | | 9 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 17.80 | | | 0.12 | • | | 2.57 | | | | 2.69 | | | — | | | — | | | — | | | — | | | — | | | 20.49 | | | 15.11 | | | | 0.27 | | | 0.27 | | | 0.27 | | | 1.22 | | | 3,950,128 | | | 1 | |
| 12-31-23 | | | 15.78 | | | 0.24 | • | | 3.74 | | | | 3.98 | | | 0.26 | | | 1.70 | | | — | | | 1.96 | | | — | | | 17.80 | | | 25.93 | | | | 0.27 | | | 0.27 | | | 0.27 | | | 1.42 | | | 3,746,966 | | | 6 | |
| 12-31-22 | | | 21.87 | | | 0.24 | • | | (4.28 | ) | | | (4.04 | ) | | 0.23 | | | 1.82 | | | — | | | 2.05 | | | — | | | 15.78 | | | (18.35 | ) | | | 0.27 | | | 0.27 | | | 0.27 | | | 1.35 | | | 3,602,730 | | | 8 | |
| 12-31-21 | | | 18.94 | | | 0.23 | • | | 4.95 | | | | 5.18 | | | 0.23 | | | 2.02 | | | — | | | 2.25 | | | — | | | 21.87 | | | 28.37 | | | | 0.27 | | | 0.27 | | | 0.27 | | | 1.14 | | | 4,525,779 | | | 3 | |
| 12-31-20 | | | 16.99 | | | 0.28 | | | 2.66 | | | | 2.94 | | | 0.33 | | | 0.66 | | | — | | | 0.99 | | | — | | | 18.94 | | | 18.11 | | | | 0.26 | | | 0.26 | | | 0.26 | | | 1.55 | | | 4,258,517 | | | 9 | |
| 12-31-19 | | | 13.90 | | | 0.26 | | | 3.99 | | | | 4.25 | | | 0.26 | | | 0.90 | | | — | | | 1.16 | | | — | | | 16.99 | | | 31.12 | | | | 0.27 | | | 0.27 | | | 0.27 | | | 1.75 | | | 4,065,091 | | | 9 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 17.54 | | | 0.09 | • | | 2.54 | | | | 2.63 | | | — | | | — | | | — | | | — | | | — | | | 20.17 | | | 15.00 | | | | 0.52 | | | 0.51 | | | 0.51 | | | 0.98 | | | 278,645 | | | 1 | |
| 12-31-23 | | | 15.57 | | | 0.20 | • | | 3.67 | | | | 3.87 | | | 0.20 | | | 1.70 | | | — | | | 1.90 | | | — | | | 17.54 | | | 25.56 | | | | 0.52 | | | 0.51 | | | 0.51 | | | 1.18 | | | 260,411 | | | 6 | |
| 12-31-22 | | | 21.60 | | | 0.20 | • | | (4.22 | ) | | | (4.02 | ) | | 0.19 | | | 1.82 | | | — | | | 2.01 | | | — | | | 15.57 | | | (18.50 | ) | | | 0.52 | | | 0.51 | | | 0.51 | | | 1.11 | | | 224,160 | | | 8 | |
| 12-31-21 | | | 18.74 | | | 0.18 | • | | 4.88 | | | | 5.06 | | | 0.18 | | | 2.02 | | | — | | | 2.20 | | | — | | | 21.60 | | | 28.02 | | | | 0.52 | | | 0.51 | | | 0.51 | | | 0.90 | | | 303,248 | | | 3 | |
| 12-31-20 | | | 16.82 | | | 0.24 | | | 2.63 | | | | 2.87 | | | 0.29 | | | 0.66 | | | — | | | 0.95 | | | — | | | 18.74 | | | 17.87 | | | | 0.51 | | | 0.50 | | | 0.50 | | | 1.32 | | | 280,432 | | | 9 | |
| 12-31-19 | | | 13.80 | | | 0.23 | • | | 3.94 | | | | 4.17 | | | 0.25 | | | 0.90 | | | — | | | 1.15 | | | — | | | 16.82 | | | 30.77 | | | | 0.52 | | | 0.51 | | | 0.51 | | | 1.46 | | | 283,768 | | | 9 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 17.17 | | | 0.08 | • | | 2.48 | | | | 2.56 | | | — | | | — | | | — | | | — | | | — | | | 19.73 | | | 14.91 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.82 | | | 199,478 | | | 1 | |
| 12-31-23 | | | 15.31 | | | 0.17 | • | | 3.61 | | | | 3.78 | | | 0.22 | | | 1.70 | | | — | | | 1.92 | | | — | | | 17.17 | | | 25.38 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 1.02 | | | 173,092 | | | 6 | |
| 12-31-22 | | | 21.28 | | | 0.17 | • | | (4.16 | ) | | | (3.99 | ) | | 0.16 | | | 1.82 | | | — | | | 1.98 | | | — | | | 15.31 | | | (18.63 | ) | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.95 | | | 142,580 | | | 8 | |
| 12-31-21 | | | 18.49 | | | 0.15 | • | | 4.81 | | | | 4.96 | | | 0.15 | | | 2.02 | | | — | | | 2.17 | | | — | | | 21.28 | | | 27.85 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 0.74 | | | 181,812 | | | 3 | |
| 12-31-20 | | | 16.62 | | | 0.20 | | | 2.59 | | | | 2.79 | | | 0.26 | | | 0.66 | | | — | | | 0.92 | | | — | | | 18.49 | | | 17.62 | | | | 0.66 | | | 0.66 | | | 0.66 | | | 1.16 | | | 151,642 | | | 9 | |
| 12-31-19 | | | 13.62 | | | 0.21 | • | | 3.88 | | | | 4.09 | | | 0.19 | | | 0.90 | | | — | | | 1.09 | | | — | | | 16.62 | | | 30.60 | | | | 0.67 | | | 0.67 | | | 0.67 | | | 1.35 | | | 149,297 | | | 9 | |
| VY® CBRE Real Estate Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 25.88 | | | 0.33 | • | | (0.92 | ) | | | (0.59 | ) | | — | | | — | | | — | | | — | | | — | | | 25.29 | | | (2.28 | ) | | | 1.61 | | | 1.31 | | | 1.31 | | | 2.62 | | | 34,546 | | | 36 | |
| 12-31-23 | | | 24.94 | | | 0.51 | • | | 2.79 | | | | 3.30 | | | 0.59 | | | 1.77 | | | — | | | 2.36 | | | — | | | 25.88 | | | 13.62 | | | | 1.63 | | | 1.28 | | | 1.28 | | | 2.07 | | | 38,058 | | | 73 | |
| 12-31-22 | | | 43.39 | | | 0.46 | • | | (11.98 | ) | | | (11.52 | ) | | 0.46 | | | 6.47 | | | — | | | 6.93 | | | — | | | 24.94 | | | (27.40 | ) | | | 1.61 | | | 1.28 | | | 1.28 | | | 1.44 | | | 38,305 | | | 62 | |
| 12-31-21 | | | 29.09 | | | 0.37 | • | | 14.50 | | | | 14.87 | | | 0.57 | | | — | | | — | | | 0.57 | | | — | | | 43.39 | | | 51.46 | | | | 1.62 | | | 1.28 | | | 1.28 | | | 1.02 | | | 63,318 | | | 67 | |
| 12-31-20 | | | 36.39 | | | 0.41 | • | | (3.54 | ) | | | (3.13 | ) | | 0.66 | | | 3.51 | | | — | | | 4.17 | | | — | | | 29.09 | | | (6.89 | ) | | | 1.63 | | | 1.28 | | | 1.28 | | | 1.38 | | | 48,781 | | | 103 | |
| 12-31-19 | | | 29.16 | | | 0.51 | • | | 7.53 | | | | 8.04 | | | 0.63 | | | 0.18 | | | — | | | 0.81 | | | — | | | 36.39 | | | 27.71 | | | | 1.46 | | | 1.31 | | | 1.31 | | | 1.49 | | | 63,873 | | | 69 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 28.05 | | | 0.43 | • | | (0.98 | ) | | | (0.55 | ) | | — | | | — | | | — | | | — | | | — | | | 27.50 | | | (1.96 | ) | | | 1.01 | | | 0.71 | | | 0.71 | | | 3.18 | | | 2,755 | | | 36 | |
| 12-31-23 | | | 26.92 | | | 0.56 | • | | 3.18 | | | | 3.74 | | | 0.84 | | | 1.77 | | | — | | | 2.61 | | | — | | | 28.05 | | | 14.31 | | | | 1.03 | | | 0.68 | | | 0.68 | | | 2.07 | | | 3,281 | | | 73 | |
| 12-31-22 | | | 46.19 | | | 0.72 | • | | (12.81 | ) | | | (12.09 | ) | | 0.71 | | | 6.47 | | | — | | | 7.18 | | | — | | | 26.92 | | | (26.97 | ) | | | 1.01 | | | 0.68 | | | 0.68 | | | 2.10 | | | 8,128 | | | 62 | |
| 12-31-21 | | | 30.88 | | | 0.62 | • | | 15.41 | | | | 16.03 | | | 0.72 | | | — | | | — | | | 0.72 | | | — | | | 46.19 | | | 52.34 | | | | 1.02 | | | 0.68 | | | 0.68 | | | 1.65 | | | 11,745 | | | 67 | |
| 12-31-20 | | | 38.38 | | | 0.55 | • | | (3.64 | ) | | | (3.09 | ) | | 0.90 | | | 3.51 | | | — | | | 4.41 | | | — | | | 30.88 | | | (6.32 | ) | | | 1.03 | | | 0.68 | | | 0.68 | | | 1.76 | | | 14,403 | | | 103 | |
| 12-31-19 | | | 30.72 | | | 0.68 | • | | 8.01 | | | | 8.69 | | | 0.85 | | | 0.18 | | | — | | | 1.03 | | | — | | | 38.38 | | | 28.47 | | | | 0.86 | | | 0.71 | | | 0.71 | | | 1.88 | | | 24,412 | | | 69 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 28.08 | | | 0.40 | • | | (0.99 | ) | | | (0.59 | ) | | — | | | — | | | — | | | — | | | — | | | 27.49 | | | (2.10 | ) | | | 1.26 | | | 0.96 | | | 0.96 | | | 2.97 | | | 126,236 | | | 36 | |
| 12-31-23 | | | 26.88 | | | 0.64 | • | | 3.03 | | | | 3.67 | | | 0.70 | | | 1.77 | | | — | | | 2.47 | | | — | | | 28.08 | | | 14.04 | | | | 1.28 | | | 0.93 | | | 0.93 | | | 2.41 | | | 139,768 | | | 73 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| | | | | | Income (loss)
from investment
operations | | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net
realized
gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end of
year or
period | | | Total
Return
(1) | | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of fee
waivers
and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® CBRE Real Estate Portfolio (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class S (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12-31-22 | | | 46.11 | | | 0.62 | • | | (12.77 | ) | | | (12.15 | ) | | 0.61 | | | 6.47 | | | — | | | 7.08 | | | — | | | 26.88 | | | (27.14 | ) | | | 1.26 | | | 0.93 | | | 0.93 | | | 1.80 | | | 143,264 | | | 62 | |
| 12-31-21 | | | 30.87 | | | 0.52 | • | | 15.39 | | | | 15.91 | | | 0.67 | | | — | | | — | | | 0.67 | | | — | | | 46.11 | | | 51.96 | | | | 1.27 | | | 0.93 | | | 0.93 | | | 1.37 | | | 227,726 | | | 67 | |
| 12-31-20 | | | 38.32 | | | 0.53 | • | | (3.68 | ) | | | (3.15 | ) | | 0.79 | | | 3.51 | | | — | | | 4.30 | | | — | | | 30.87 | | | (6.53 | ) | | | 1.28 | | | 0.93 | | | 0.93 | | | 1.71 | | | 173,126 | | | 103 | |
| 12-31-19 | | | 30.67 | | | 0.66 | • | | 7.93 | | | | 8.59 | | | 0.76 | | | 0.18 | | | — | | | 0.94 | | | — | | | 38.32 | | | 28.15 | | | | 1.11 | | | 0.96 | | | 0.96 | | | 1.82 | | | 230,346 | | | 69 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 27.89 | | | 0.38 | • | | (0.99 | ) | | | (0.61 | ) | | — | | | — | | | — | | | — | | | — | | | 27.28 | | | (2.19 | ) | | | 1.41 | | | 1.11 | | | 1.11 | | | 2.82 | | | 6,547 | | | 36 | |
| 12-31-23 | | | 26.70 | | | 0.59 | • | | 3.01 | | | | 3.60 | | | 0.64 | | | 1.77 | | | — | | | 2.41 | | | — | | | 27.89 | | | 13.86 | | | | 1.43 | | | 1.08 | | | 1.08 | | | 2.24 | | | 7,103 | | | 73 | |
| 12-31-22 | | | 45.78 | | | 0.54 | • | | (12.65 | ) | | | (12.11 | ) | | 0.50 | | | 6.47 | | | — | | | 6.97 | | | — | | | 26.70 | | | (27.25 | ) | | | 1.41 | | | 1.08 | | | 1.08 | | | 1.58 | | | — | | | 62 | |
| 12-31-21 | | | 30.64 | | | 0.46 | • | | 15.28 | | | | 15.74 | | | 0.60 | | | — | | | — | | | 0.60 | | | — | | | 45.78 | | | 51.74 | | | | 1.42 | | | 1.08 | | | 1.08 | | | 1.21 | | | 13,826 | | | 67 | |
| 12-31-20 | | | 38.07 | | | 0.46 | • | | (3.64 | ) | | | (3.18 | ) | | 0.74 | | | 3.51 | | | — | | | 4.25 | | | — | | | 30.64 | | | (6.69 | ) | | | 1.43 | | | 1.08 | | | 1.08 | | | 1.49 | | | 11,420 | | | 103 | |
| 12-31-19 | | | 30.47 | | | 0.60 | • | | 7.88 | | | | 8.48 | | | 0.70 | | | 0.18 | | | — | | | 0.88 | | | — | | | 38.07 | | | 27.97 | | | | 1.26 | | | 1.11 | | | 1.11 | | | 1.67 | | | 15,394 | | | 69 | |
| VY® JPMorgan Small Cap Core Equity Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 12.97 | | | (0.01 | )• | | 0.41 | | | | 0.40 | | | — | | | — | | | — | | | — | | | — | | | 13.37 | | | 3.08 | | | | 1.48 | | | 1.48 | | | 1.47 | | | (0.15 | ) | | 108,549 | | | 25 | |
| 12-31-23 | | | 12.47 | | | (0.01 | )• | | 1.46 | | | | 1.45 | | | — | | | 0.95 | | | — | | | 0.95 | | | — | | | 12.97 | | | 11.88 | | | | 1.48 | | | 1.48 | | | 1.46 | | | (0.07 | ) | | 109,167 | | | 46 | |
| 12-31-22 | | | 19.30 | | | (0.03 | )• | | (3.59 | ) | | | (3.62 | ) | | — | | | 3.21 | | | — | | | 3.21 | | | — | | | 12.47 | | | (18.08 | ) | | | 1.47 | | | 1.47 | | | 1.47 | | | (0.18 | ) | | 105,703 | | | 46 | |
| 12-31-21 | | | 17.26 | | | (0.08 | )• | | 3.14 | | | | 3.06 | | | — | | | 1.02 | | | — | | | 1.02 | | | — | | | 19.30 | | | 17.94 | | | | 1.46 | | | 1.46 | | | 1.45 | | | (0.44 | ) | | 140,945 | | | 52 | |
| 12-31-20 | | | 14.90 | | | (0.01 | ) | | 2.37 | | | | 2.36 | | | — | | | — | | | — | | | — | | | — | | | 17.26 | | | 15.84 | | | | 1.47 | | | 1.47 | | | 1.46 | | | (0.03 | ) | | 128,295 | | | 71 | |
| 12-31-19 | | | 15.79 | | | 0.00 | * | | 3.92 | | | | 3.92 | | | 0.03 | | | 4.55 | | | 0.23 | | | 4.81 | | | — | | | 14.90 | | | 25.96 | | | | 1.45 | | | 1.45 | | | 1.44 | | | 0.05 | | | 130,058 | | | 50 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 14.92 | | | 0.03 | • | | 0.48 | | | | 0.51 | | | — | | | — | | | — | | | — | | | — | | | 15.43 | | | 3.42 | | | | 0.88 | | | 0.88 | | | 0.87 | | | 0.45 | | | 205,223 | | | 25 | |
| 12-31-23 | | | 14.19 | | | 0.07 | • | | 1.66 | | | | 1.73 | | | 0.05 | | | 0.95 | | | — | | | 1.00 | | | — | | | 14.92 | | | 12.46 | | | | 0.88 | | | 0.88 | | | 0.86 | | | 0.52 | | | 203,320 | | | 46 | |
| 12-31-22 | | | 21.28 | | | 0.07 | • | | (3.95 | ) | | | (3.88 | ) | | — | | | 3.21 | | | — | | | 3.21 | | | — | | | 14.19 | | | (17.57 | ) | | | 0.87 | | | 0.87 | | | 0.87 | | | 0.43 | | | 229,935 | | | 46 | |
| 12-31-21 | | | 18.89 | | | 0.04 | • | | 3.45 | | | | 3.49 | | | 0.08 | | | 1.02 | | | — | | | 1.10 | | | — | | | 21.28 | | | 18.71 | | | | 0.86 | | | 0.86 | | | 0.85 | | | 0.18 | | | 282,032 | | | 52 | |
| 12-31-20 | | | 16.21 | | | 0.10 | | | 2.58 | | | | 2.68 | | | — | | | — | | | — | | | — | | | — | | | 18.89 | | | 16.53 | | | | 0.87 | | | 0.87 | | | 0.86 | | | 0.57 | | | 211,266 | | | 71 | |
| 12-31-19 | | | 16.89 | | | 0.12 | | | 4.20 | | | | 4.32 | | | 0.22 | | | 4.55 | | | 0.23 | | | 5.00 | | | — | | | 16.21 | | | 26.75 | | | | 0.85 | | | 0.85 | | | 0.84 | | | 0.66 | | | 240,957 | | | 50 | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 14.90 | | | 0.03 | • | | 0.48 | | | | 0.51 | | | — | | | — | | | — | | | — | | | — | | | 15.41 | | | 3.42 | | | | 0.88 | | | 0.88 | | | 0.87 | | | 0.44 | | | 29,889 | | | 25 | |
| 12-31-23 | | | 14.17 | | | 0.08 | • | | 1.65 | | | | 1.73 | | | 0.05 | | | 0.95 | | | — | | | 1.00 | | | — | | | 14.90 | | | 12.48 | | | | 0.88 | | | 0.88 | | | 0.86 | | | 0.53 | | | 32,760 | | | 46 | |
| 12-31-22 | | | 21.25 | | | 0.05 | • | | (3.92 | ) | | | (3.87 | ) | | — | | | 3.21 | | | — | | | 3.21 | | | — | | | 14.17 | | | (17.55 | ) | | | 0.87 | | | 0.87 | | | 0.87 | | | 0.30 | | | 31,036 | | | 46 | |
| 12-31-21 | | | 18.87 | | | 0.03 | • | | 3.45 | | | | 3.48 | | | 0.08 | | | 1.02 | | | — | | | 1.10 | | | — | | | 21.25 | | | 18.67 | | | | 0.86 | | | 0.86 | | | 0.85 | | | 0.16 | | | 129,718 | | | 52 | |
| 12-31-20 | | | 16.20 | | | 0.11 | • | | 2.56 | | | | 2.67 | | | — | | | — | | | — | | | — | | | — | | | 18.87 | | | 16.48 | | | | 0.87 | | | 0.87 | | | 0.86 | | | 0.70 | | | 118,342 | | | 71 | |
| 12-31-19 | | | 16.88 | | | 0.12 | | | 4.20 | | | | 4.32 | | | 0.22 | | | 4.55 | | | 0.23 | | | 5.00 | | | — | | | 16.20 | | | 26.78 | | | | 0.85 | | | 0.85 | | | 0.84 | | | 0.66 | | | 38,161 | | | 50 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 14.49 | | | 0.01 | • | | 0.46 | | | | 0.47 | | | — | | | — | | | — | | | — | | | — | | | 14.96 | | | 3.24 | | | | 1.13 | | | 1.13 | | | 1.12 | | | 0.20 | | | 83,549 | | | 25 | |
| 12-31-23 | | | 13.80 | | | 0.04 | • | | 1.62 | | | | 1.66 | | | 0.02 | | | 0.95 | | | — | | | 0.97 | | | — | | | 14.49 | | | 12.26 | | | | 1.13 | | | 1.13 | | | 1.11 | | | 0.28 | | | 86,418 | | | 46 | |
| 12-31-22 | | | 20.85 | | | 0.03 | • | | (3.87 | ) | | | (3.84 | ) | | — | | | 3.21 | | | — | | | 3.21 | | | — | | | 13.80 | | | (17.76 | ) | | | 1.12 | | | 1.12 | | | 1.12 | | | 0.16 | | | 86,656 | | | 46 | |
| 12-31-21 | | | 18.55 | | | (0.02 | )• | | 3.38 | | | | 3.36 | | | 0.04 | | | 1.02 | | | — | | | 1.06 | | | — | | | 20.85 | | | 18.32 | | | | 1.11 | | | 1.11 | | | 1.10 | | | (0.09 | ) | | 124,185 | | | 52 | |
| 12-31-20 | | | 15.95 | | | 0.05 | | | 2.55 | | | | 2.60 | | | — | | | — | | | — | | | — | | | — | | | 18.55 | | | 16.30 | | | | 1.12 | | | 1.12 | | | 1.11 | | | 0.31 | | | 122,575 | | | 71 | |
| 12-31-19 | | | 16.65 | | | 0.07 | | | 4.14 | | | | 4.21 | | | 0.13 | | | 4.55 | | | 0.23 | | | 4.91 | | | — | | | 15.95 | | | 26.39 | | | | 1.10 | | | 1.10 | | | 1.09 | | | 0.37 | | | 129,784 | | | 50 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 14.15 | | | 0.00 | *• | | 0.45 | | | | 0.45 | | | — | | | — | | | — | | | — | | | — | | | 14.60 | | | 3.18 | | | | 1.28 | | | 1.28 | | | 1.27 | | | 0.01 | | | 1,625 | | | 25 | |
| 12-31-23 | | | 13.51 | | | 0.02 | • | | 1.57 | | | | 1.59 | | | — | | | 0.95 | | | — | | | 0.95 | | | — | | | 14.15 | | | 12.00 | | | | 1.28 | | | 1.28 | | | 1.26 | | | 0.13 | | | 5,862 | | | 46 | |
| 12-31-22 | | | 20.52 | | | 0.00 | * | | (3.80 | ) | | | (3.80 | ) | | — | | | 3.21 | | | — | | | 3.21 | | | — | | | 13.51 | | | (17.86 | ) | | | 1.27 | | | 1.27 | | | 1.27 | | | 0.01 | | | 6,076 | | | 46 | |
| 12-31-21 | | | 18.27 | | | (0.05 | )• | | 3.33 | | | | 3.28 | | | 0.01 | | | 1.02 | | | — | | | 1.03 | | | — | | | 20.52 | | | 18.17 | | | | 1.26 | | | 1.26 | | | 1.25 | | | (0.24 | ) | | 8,692 | | | 52 | |
| 12-31-20 | | | 15.74 | | | 0.03 | | | 2.50 | | | | 2.53 | | | — | | | — | | | — | | | — | | | — | | | 18.27 | | | 16.07 | | | | 1.27 | | | 1.27 | | | 1.26 | | | 0.16 | | | 8,312 | | | 71 | |
| 12-31-19 | | | 16.46 | | | 0.04 | • | | 4.09 | | | | 4.13 | | | 0.07 | | | 4.55 | | | 0.23 | | | 4.85 | | | — | | | 15.74 | | | 26.20 | | | | 1.25 | | | 1.25 | | | 1.24 | | | 0.22 | | | 9,014 | | | 50 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS (continued)
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| * | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The eight series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya Balanced Income Portfolio (“Balanced Income”), Voya High Yield Portfolio (“High Yield”), Voya Large Cap Growth Portfolio (“Large Cap Growth”), Voya Large Cap Value Portfolio (“Large Cap Value”), Voya Limited Maturity Bond Portfolio (“Limited Maturity Bond”), Voya U.S. Stock Index Portfolio (“U.S. Stock Index”), VY® CBRE Real Estate Portfolio (“CBRE Real Estate”), and VY® JPMorgan Small Cap Core Equity Portfolio (“JPMorgan Small Cap Core Equity”). All of the Portfolios are diversified except for Large Cap Growth, which is a non-diversified Portfolio of the Trust. In seeking to track the performance of the index, U.S. Stock Index may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of the index. As a result, whether U.S. Stock Index will be considered diversified or non-diversified at any time will depend largely on the make-up of the index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are: Adviser (“Class ADV”), Institutional (“Class I”), Class R6, Service (“Class S”) and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate
class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to Balanced Income, High Yield, Large Cap Growth, Large Cap Value, Limited Maturity Bond, and U.S. Stock Index. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments
in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 – unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than
investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by High Yield and Limited Maturity Bond. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Large Cap Value and U.S. Stock Index. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
G. Risk Exposures and the Use of Derivative Instruments. The Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure
to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolios’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a
Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of June 30, 2024, the maximum amount of loss that Balanced Income would incur if its counterparties failed to perform would be $389,630 which represents the gross payments to be received on open forward foreign currency contracts, forward premium swaptions and OTC purchased options were they to be unwound as of June 30, 2024. At June 30, 2024, the Portfolio did not receive any cash collateral for open OTC derivatives.
Certain Portfolios have entered into derivative contracts that contain credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of June 30, 2024, Balanced Income had a liability position of $352,382 on open forward foreign currency contracts, forward premium swaptions, volatility swaps and OTC written options. If a contingent feature would have been triggered as of June 30, 2024, the Portfolio could have been required to pay these amounts in cash to its counterparties. At June 30, 2024, Balanced Income pledged $586,400 in cash collateral for its open OTC derivative transactions.
H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract,
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.
During the period ended June 30, 2024, Balanced Income had average contract amounts on forward foreign currency contracts purchased and sold of $25,812,724 and $28,945,630, respectively. The Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2024.
I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.
Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of
Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2024, U.S. Stock Index and JPMorgan Small Cap Core Equity have purchased futures contracts on various equity indexes to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. In addition, Balanced Income and Limited Maturity Bond had purchased and sold futures contracts on treasury futures to manage the duration and yield curve of the Portfolios. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against counterparty default.
During the period ended June 30, 2024, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at June 30, 2024.
| | | Purchased | | | Sold | |
| Balanced Income | | $ | 114,988,758 | | | $ | 16,966,292 | |
| Limited Maturity Bond | | | 127,882,640 | | | | 32,792,299 | |
| U.S. Stock Index | | | 61,366,292 | | | | — | |
| JPMorgan Small Cap Core Equity | | | 4,708,578 | | | | — | |
J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.
Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at June 30, 2024.
K. Securities Lending. Each Portfolio may loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither
listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
M. Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio’s Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.
N. Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
During the period ended June 30, 2024, Balanced Income had purchased and written foreign currency options with a notional value of $9,273,510 and $5,249,184, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written foreign currency options at June 30, 2024.
During the period ended June 30, 2024, Balanced Income had purchased and written interest rate swaptions with an average notional value of $13,594,156 and $36,618,646, respectively, to gain exposure to interest rates and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at June 30, 2024.
During the period ended June 30, 2024, Balanced Income had purchased and written forward premium swaptions with an average notional value of $8,269,295 and $4,637,497, respectively, to manage duration and yield curve exposures. Please refer to the tables following the Portfolios of Investments for open purchased and written forward premium swaptions at June 30, 2024.
During the period ended June 30, 2024, Balanced Income had purchased and written exchange-traded options with an average notional value of $35,496,813 and $35,496,813, respectively, to manage duration and yield curve exposures and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written exchange-traded options at June 30, 2024.
O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).
The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default,
interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio’s Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio’s Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio’s Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap
agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
There were no open credit default swaps entered into by Portfolio during the period ended June 30, 2024.
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.
For the period ended June 30, 2024, Balanced Income had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on interest rate swaps was $25,021,192.
For the period ended June 30, 2024, Balanced Income had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $13,684,714.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Balanced Income entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for open centrally cleared interest rate swaps at June 30, 2024.
At June 30, 2024, Balanced Income had pledged $420,000 in cash collateral for open centrally cleared interest rate swaps.
Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.
During the period ended June 30, 2024, Balanced Income had an average notional amount of $47,500 on foreign currency volatility swaps (receiver). Please refer to the tables within the Portfolio of Investments for open foreign currency volatility swaps at June 30, 2024.
P. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended June 30, 2024, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:
| | | Purchases | | | Sales | |
| Balanced Income | | $ | 61,517,472 | | | $ | 71,855,499 | |
| High Yield | | | 207,838,194 | | | | 163,689,741 | |
| Large Cap Growth | | | 910,672,229 | | | | 1,360,266,349 | |
| Large Cap Value | | | 290,872,592 | | | | 283,629,840 | |
| Limited Maturity Bond | | | 169,883,004 | | | | 169,136,964 | |
| U.S. Stock Index | | | 39,151,903 | | | | 325,447,345 | |
| CBRE Real Estate | | | 62,811,395 | | | | 74,079,280 | |
| JPMorgan Small Cap Core Equity | | | 104,369,164 | | | | 127,223,083 | |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales | |
| Balanced Income | | $ | 46,581,006 | | | $ | 53,237,624 | |
| Limited Maturity Bond | | | 839,264,888 | | | | 897,969,982 | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | Fee |
| Balanced Income | | 0.55% on all assets |
| Large Cap Growth | | 0.65% on the first $5.5 billion;
0.62% on the next $1.5 billion;
0.60% on the next $3 billion; and
0.59% on the amount in excess of $10 billion |
| Large Cap Value(1) | | 0.75% on the first $500 million;
0.70% on the next $1.5 billion; and
0.65% on the amount in excess of $2 billion |
| CBRE Real Estate(1) | | 0.85% on the first $200 million;
0.80% on the next $550 million; and
0.75% on the amount in excess of $750 million |
| (1) | Effective May 1, 2024, the Board approved the expiration of the management fee waivers for Large Cap Value and CBRE Real Estate. Prior to May 1, 2024, the Investment Adviser was contractually obligated to waive 0.010% and 0.067% of the management fee for Large Cap Value and CBRE Real Estate, respectively. Any fees waived or reimbursed were not eligible for recoupment. |
With the exception of the Portfolios in the table above, the Investment Adviser provides the below Portfolios with advisory and administrative services under a management agreement (the “Unified Agreement”).
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio’s assets and the purchase and sale of portfolio securities and other investments. Pursuant to the Unified Agreement, the Investment Adviser also is responsible for providing or procuring, at the Investment Adviser’s expense, the services reasonably necessary for the ordinary operation of a Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services, licensing fees and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a “Unified Fee”) based on the following annual rates of the average daily net assets of each Portfolio:
| Portfolio | | Fee |
| High Yield(1) | | 0.490% on the first $1 billion;
0.480% on the next $1 billion;
0.470% on the amount in excess of $2 billion |
| Limited Maturity Bond(2) | | 0.350% on the first $200 million;
0.300% on the next $300 million;
0.250% on the amount in excess of $500 million |
| U.S. Stock Index | | 0.260% |
| JPMorgan Small Cap Core Equity | | 0.900% on the first $200 million;
0.850% on the next $300 million;
0.800% on the next $250 million;
0.750% on the amount in excess of $750 million |
| (1) | The Investment Adviser is contractually obligated to waive 0.015% of the Unified Fee for High Yield. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
| (2) | The assets of Limited Maturity Bond are aggregated with those of Voya Government Liquid Assets Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio. |
The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio’s assets in accordance with the Portfolio’s investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (*denotes an affiliated sub-adviser):
| Portfolio | | Sub-Adviser |
| Balanced Income | | Voya Investment Management Co. LLC* |
| High Yield | | Voya Investment Management Co. LLC* |
| Large Cap Growth | | Voya Investment Management Co. LLC* |
| Large Cap Value | | Voya Investment Management Co. LLC* |
| Limited Maturity Bond | | Voya Investment Management Co. LLC* |
| U.S. Stock Index | | Voya Investment Management Co. LLC* |
| CBRE Real Estate | | CBRE Investment Management Listed Real Assets LLC(1) |
| JPMorgan Small Cap Core Equity | | J.P. Morgan Investment Management Inc. |
| (1) | Previously known as CBRE Clarion Securities LLC. |
NOTE 5 — DISTRIBUTION AND SERVICE FEES
The Trust has entered into a shareholder service plan (the “Plan”) for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the “Class S2 Plan”) with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
Class ADV shares of the Portfolios have a shareholder service and distribution plan. The respective Portfolios pay the Distributor a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio’s average daily net assets attributable to Class ADV shares, except for U.S. Stock Index, which pays a distribution fee of 0.28%.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At June 30, 2024, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
Subsidiary/Affiliated
Investment Company | | Portfolio | | Percentage |
| ReliaStar Life Insurance Company | | JPMorgan Small Cap Core Equity | | 12.04 | % |
| Security Life of Denver Insurance Company | | Limited Maturity Bond | | 8.04 | |
| | | U.S. Stock Index | | 5.02 | |
| | | JPMorgan Small Cap Core Equity | | 8.25 | |
| Voya Institutional Trust Company | | Balanced Income | | 21.37 | |
| | | High Yield | | 14.26 | |
| | | Large Cap Growth | | 9.48 | |
| | | Large Cap Value | | 8.97 | |
| | | U.S. Stock Index | | 6.18 | |
| | | CBRE Real Estate | | 21.01 | |
| | | JPMorgan Small Cap Core Equity | | 38.71 | |
| Voya Retirement Growth Portfolio | | U.S. Stock Index | | 20.18 | |
| Voya Retirement Insurance and Annuity Company | | High Yield | | 30.77 | |
| | | Large Cap Growth | | 29.32 | |
| | | Large Cap Value | | 61.10 | |
| | | U.S. Stock Index | | 12.03 | |
| | | CBRE Real Estate | | 37.83 | |
| | | JPMorgan Small Cap Core Equity | | 37.39 | |
| Voya Retirement Moderate Growth Portfolio | | U.S. Stock Index | | 12.94 | |
The Investment Adviser may direct the Portfolios’ sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2024, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio | | Amount |
| Balanced Income | | $30,562 |
| Large Cap Growth | | 676,242 |
| Large Cap Value | | 261,833 |
| CBRE Real Estate | | 106,629 |
The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. There were no 17a-7 transactions and in-kind transactions for the period ended June 30, 2024.
NOTE 7 —EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into written expense limitation agreements (“Expense Limitation Agreements”) with the following Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| | | Class | | Class | | Class | | Class | | Class |
| Portfolio | | ADV | | I | | R6 | | S | | S2 |
| Balanced Income | | 1.20% | | 0.60% | | N/A | | 0.85% | | 1.00% |
| Large Cap Growth | | 1.27% | | 0.67% | | 0.67% | | 0.92% | | 1.07% |
| Large Cap Value | | 1.29% | | 0.69% | | 0.69% | | 0.94% | | 1.09% |
| CBRE Real Estate | | 1.35% | | 0.75% | | N/A | | 1.00% | | 1.15% |
| (1) | Any fees waived pursuant to the Expense Limit Agreement shall not be eligible for recoupment. |
| (2) | Effective May 1, 2024, the Board approved the expiration of the expense side letter for Large Cap Value. Prior to May 1, 2024, the expense side letter was 1.25%, 0.65%, 0.65%, 0.90% and 1.05% for Class ADV, Class I, Class R, Class S and Class S2, respectively. |
Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for High Yield Bond, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 7 —EXPENSE LIMITATION AGREEMENTS (continued)
At of June 30, 2024, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
| | | June 30, | | | | |
| | | 2025 | | | 2026 | | | 2027 | | | Total | |
| Balanced Income | | $ | 46,759 | | | $ | 73,796 | | | $ | 28,589 | | | $ | 149,144 | |
| CBRE Real Estate | | | 722,483 | | | | 439,550 | | | | 222,704 | | | | 1,384,737 | |
The Expense Limitation Agreements are contractual through May 1, 2025, except for Balanced Income which is through May 1, 2026, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2024, are as follows:
| | | June 30, | | | | |
| | | 2025 | | | 2026 | | | 2027 | | | Total | |
| Balanced Income | | | | | | | | | | | | | | | | |
| Class ADV | | $ | — | | | $ | 5,964 | | | $ | 12,659 | | | $ | 18,623 | |
| Class I | | | — | | | | 751 | | | | 1,658 | | | | 2,409 | |
| Class S | | | — | | | | 22,601 | | | | 47,265 | | | | 69,866 | |
| Class S2 | | | — | | | | 322 | | | | 685 | | | | 1,007 | |
| Large Cap Value | | | | | | | | | | | | | | | | |
| Class ADV | | $ | — | | | $ | — | | | $ | 8,499 | | | $ | 8,499 | |
| Class I | | | — | | | | — | | | | 75,400 | | | | 75,400 | |
| Class R6 | | | — | | | | — | | | | 12 | | | | 12 | |
| Class S | | | — | | | | — | | | | 4,674 | | | | 4,674 | |
| Class S2 | | | — | | | | — | | | | 45 | | | | 45 | |
| CBRE Real Estate | | | | | | | | | | | | | | | | |
| Class ADV | | $ | — | | | $ | 28,510 | | | $ | 48,194 | | | $ | 76,704 | |
| Class I | | | — | | | | 3,934 | | | | 3,967 | | | | 7,901 | |
| Class S | | | — | | | | 104,356 | | | | 175,314 | | | | 279,670 | |
| Class S2 | | | — | | | | 5,359 | | | | 8,963 | | | | 14,322 | |
NOTE 8 — LINE OF CREDIT
Effective June 10, 2024, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The below Portfolios utilized the line of credit during the period ended June 30, 2024 as follows:
| | | | | | | | | Approximate |
| | | | | | Approximate | | | Weighted |
| | | | | | Average | | | Average |
| | | | | | Daily Balance | | | Interest Rate |
| | | Days | | | For Days | | | For Days |
| Portfolio | | Utilized | | | Utilized | | | Utilized |
| High Yield | | 1 | | | $ | 898,000 | | | | 6.33 | % |
| Large Cap Growth | | 5 | | | | 2,452,200 | | | | 6.33 | |
| Large Cap Value | | 3 | | | | 1,342,000 | | | | 6.33 | |
| Limited Maturity Bond | | 5 | | | | 1,154,800 | | | | 6.33 | |
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | Proceeds | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Net increase | | | | | | from | | | | | | | | | | | | | |
| | | | | | Shares | | | Reinvestment | | | | | | | | | (decrease) in | | | | | | shares | | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balanced Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 68,414 | | | — | | | — | | | (368,833 | ) | | — | | | (300,419 | ) | | 603,469 | | | — | | | — | | | (3,278,749 | ) | | — | | | (2,675,280 | ) |
| 12/31/2023 | | 169,551 | | | — | | | 149,007 | | | (1,074,975 | ) | | — | | | (756,417 | ) | | 1,378,052 | | | — | | | 1,227,818 | | | (8,759,474 | ) | | — | | | (6,153,604 | ) |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | | | | | | | | | | | | | | | | | | | | | | Proceeds | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Net increase | | | | | | from | | | | | | | | | | | | | |
| | | | | | Shares | | | Reinvestment | | | | | | | | | (decrease) in | | | | | | shares | | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balanced Income (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 14,071 | | | — | | | — | | | (30,407 | ) | | — | | | (16,336 | ) | | 132,593 | | | — | | | — | | | (286,337 | ) | | — | | | (153,744 | ) |
| 12/31/2023 | | 1,440 | | | — | | | 21,630 | | | (79,596 | ) | | — | | | (56,526 | ) | | 12,436 | | | — | | | 189,048 | | | (696,027 | ) | | — | | | (494,543 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 53,665 | | | — | | | — | | | (1,713,955 | ) | | — | | | (1,660,290 | ) | | 496,440 | | | — | | | — | | | (16,132,534 | ) | | — | | | (15,636,094 | ) |
| 12/31/2023 | | 541,578 | | | — | | | 579,577 | | | (4,058,410 | ) | | — | | | (2,937,255 | ) | | 4,639,727 | | | — | | | 5,048,114 | | | (35,080,271 | ) | | — | | | (25,392,430 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 144,158 | | | — | | | — | | | (152,094 | ) | | — | | | (7,936 | ) | | 1,356,297 | | | — | | | — | | | (1,437,656 | ) | | — | | | (81,359 | ) |
| 12/31/2023 | | 317 | | | — | | | 7,549 | | | (63,729 | ) | | — | | | (55,863 | ) | | 2,771 | | | — | | | 65,675 | | | (545,475 | ) | | — | | | (477,029 | ) |
| High Yield | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 193,739 | | | — | | | 207,782 | | | (699,231 | ) | | — | | | (297,710 | ) | | 1,654,393 | | | — | | | 1,780,489 | | | (5,993,739 | ) | | — | | | (2,558,857 | ) |
| 12/31/2023 | | 545,320 | | | — | | | 111,125 | | | (1,334,604 | ) | | — | | | (678,159 | ) | | 4,582,200 | | | — | | | 3,705,327 | | | (11,172,677 | ) | | — | | | (2,885,150 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 9,010,186 | | | — | | | 705,818 | | | (2,239,560 | ) | | — | | | 7,476,444 | | | 76,668,410 | | | — | | | 6,050,683 | | | (19,245,728 | ) | | — | | | 63,473,365 | |
| 12/31/2023 | | 2,271,150 | | | — | | | 1,236,455 | | | (2,887,262 | ) | | — | | | 620,343 | | | 19,024,314 | | | — | | | 10,392,759 | | | (24,195,849 | ) | | — | | | 5,221,224 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 788,662 | | | — | | | 631,046 | | | (3,399,949 | ) | | — | | | (1,980,241 | ) | | 6,775,761 | | | — | | | 5,407,427 | | | (29,139,139 | ) | | — | | | (16,955,951 | ) |
| 12/31/2023 | | 1,021,584 | | | — | | | 1,315,369 | | | (3,991,774 | ) | | — | | | (1,654,821 | ) | | 8,556,286 | | | — | | | 11,049,941 | | | (33,446,734 | ) | | — | | | (13,840,507 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 9,242 | | | — | | | 4,510 | | | (12,358 | ) | | — | | | 1,394 | | | 79,193 | | | — | | | 38,694 | | | (106,067 | ) | | — | | | 11,820 | |
| 12/31/2023 | | 34,309 | | | — | | | 10,919 | | | (69,709 | ) | | — | | | (24,481 | ) | | 286,856 | | | — | | | 91,781 | | | (577,332 | ) | | — | | | (198,695 | ) |
| Large Cap Growth | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 570,906 | | | — | | | — | | | (14,960,430 | ) | | — | | | (14,389,524 | ) | | 6,778,262 | | | — | | | — | | | (176,941,144 | ) | | — | | | (170,162,882 | ) |
| 12/31/2023 | | 3,315,187 | | | — | | | — | | | (25,466,896 | ) | | — | | | (22,151,709 | ) | | 26,977,017 | | | — | | | — | | | (232,453,553 | ) | | — | | | (205,476,536 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 1,908,638 | | | — | | | — | | | (7,574,545 | ) | | — | | | (5,665,907 | ) | | 28,971,384 | | | — | | | — | | | (115,089,653 | ) | | — | | | (86,118,269 | ) |
| 12/31/2023 | | 1,845,351 | | | — | | | — | | | (36,018,938 | ) | | — | | | (34,173,587 | ) | | 21,572,619 | | | — | | | — | | | (413,738,040 | ) | | — | | | (392,165,421 | ) |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 309,499 | | | — | | | — | | | (558,748 | ) | | — | | | (249,249 | ) | | 4,764,399 | | | — | | | — | | | (8,480,747 | ) | | — | | | (3,716,348 | ) |
| 12/31/2023 | | 728,928 | | | — | | | — | | | (1,321,482 | ) | | — | | | (592,554 | ) | | 8,795,207 | | | — | | | — | | | (16,416,925 | ) | | — | | | (7,621,718 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 602,866 | | | — | | | — | | | (11,858,399 | ) | | — | | | (11,255,533 | ) | | 8,378,592 | | | — | | | — | | | (168,876,947 | ) | | — | | | (160,498,355 | ) |
| 12/31/2023 | | 2,217,590 | | | — | | | — | | | (21,781,267 | ) | | — | | | (19,563,677 | ) | | 22,291,339 | | | — | | | — | | | (233,364,139 | ) | | — | | | (211,072,800 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 155,788 | | | — | | | — | | | (259,707 | ) | | — | | | (103,919 | ) | | 2,144,344 | | | — | | | — | | | (3,559,142 | ) | | — | | | (1,414,798 | ) |
| 12/31/2023 | | 357,415 | | | — | | | — | | | (778,543 | ) | | — | | | (421,128 | ) | | 3,705,562 | | | — | | | — | | | (8,109,331 | ) | | — | | | (4,403,769 | ) |
| Large Cap Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 105,825 | | | — | | | — | | | (749,398 | ) | | — | | | (643,573 | ) | | 590,317 | | | — | | | — | | | (4,192,556 | ) | | — | | | (3,602,239 | ) |
| 12/31/2023 | | 191,468 | | | — | | | 250,099 | | | (1,622,484 | ) | | — | | | (1,180,917 | ) | | 973,701 | | | — | | | 1,303,610 | | | (8,077,839 | ) | | — | | | (5,800,528 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 200,109 | | | — | | | — | | | (2,861,670 | ) | | — | | | (2,661,561 | ) | | 1,245,772 | | | — | | | — | | | (17,490,272 | ) | | — | | | (16,244,500 | ) |
| 12/31/2023 | | 613,230 | | | — | | | 1,639,980 | | | (5,845,769 | ) | | — | | | (3,592,559 | ) | | 3,336,810 | | | — | | | 9,303,366 | | | (31,726,171 | ) | | — | | | (19,085,995 | ) |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 5,955,149 | | | — | | | — | | | (2,059,383 | ) | | — | | | 3,895,766 | | | 36,039,137 | | | — | | | — | | | (12,423,760 | ) | | — | | | 23,615,377 | |
| 12/31/2023 | | 4,115,346 | | | — | | | 464,963 | | | (2,274,562 | ) | | — | | | 2,305,747 | | | 22,235,578 | | | — | | | 2,631,959 | | | (12,269,136 | ) | | — | | | 12,598,401 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 114,157 | | | — | | | — | | | (438,698 | ) | | — | | | (324,541 | ) | | 660,776 | | | — | | | — | | | (2,527,259 | ) | | — | | | (1,866,483 | ) |
| 12/31/2023 | | 266,929 | | | — | | | 129,192 | | | (1,051,034 | ) | | — | | | (654,913 | ) | | 1,370,951 | | | — | | | 693,315 | | | (5,391,233 | ) | | — | | | (3,326,967 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 286 | | | — | | | — | | | — | | | — | | | 286 | | | 1,681 | | | — | | | — | | | — | | | — | | | 1,681 | |
| 12/31/2023 | | 257 | | | — | | | 1,029 | | | (176 | ) | | — | | | 1,110 | | | 1,322 | | | — | | | 5,538 | | | (877 | ) | | — | | | 5,983 | |
| Limited Maturity Bond | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 44,068 | | | — | | | 25,823 | | | (134,259 | ) | | — | | | (64,368 | ) | | 405,397 | | | — | | | 238,489 | | | (1,239,126 | ) | | — | | | (595,240 | ) |
| 12/31/2023 | | 33,018 | | | — | | | 46,036 | | | (347,895 | ) | | — | | | (268,841 | ) | | 304,752 | | | — | | | 424,110 | | | (3,208,594 | ) | | — | | | (2,479,732 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 1,594,118 | | | — | | | 691,556 | | | (4,101,904 | ) | | — | | | (1,816,230 | ) | | 15,054,477 | | | — | | | 6,517,110 | | | (38,631,190 | ) | | — | | | (17,059,603 | ) |
| 12/31/2023 | | 5,665,367 | | | — | | | 1,236,028 | | | (10,160,626 | ) | | — | | | (3,259,231 | ) | | 53,253,009 | | | — | | | 11,617,531 | | | (95,358,660 | ) | | — | | | (30,488,120 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 273,948 | | | — | | | 137,635 | | | (655,084 | ) | | — | | | (243,501 | ) | | 2,594,984 | | | — | | | 1,306,705 | | | (6,236,953 | ) | | — | | | (2,335,264 | ) |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | | | | | | | | | | | | | | | | | | | | | | Proceeds | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Net increase | | | | | | from | | | | | | | | | | | | | |
| | | | | | Shares | | | Reinvestment | | | | | | | | | (decrease) in | | | | | | shares | | | Reinvestment | | | | | | | | | | |
| | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | shares | | | Shares | | | issued in | | | of | | | Shares | | | Shares | | | Net increase | |
| | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | outstanding | | | sold | | | merger | | | distributions | | | redeemed | | | converted | | | (decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Limited Maturity Bond (continued) | | | | | | | | | | | | | | | | | | | | | | | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 620,297 | | | — | | | 227,774 | | | (745,580 | ) | | — | | | 102,491 | | | 5,868,498 | | | — | | | 2,156,802 | | | (7,067,331 | ) | | — | | | 957,969 | |
| U.S. Stock Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 275,937 | | | — | | | — | | | (455,900 | ) | | — | | | (179,963 | ) | | 5,026,619 | | | — | | | — | | | (8,082,190 | ) | | — | | | (3,055,571 | ) |
| 12/31/2023 | | 491,611 | | | — | | | 561,976 | | | (1,023,148 | ) | | — | | | 30,439 | | | 7,897,417 | | | — | | | 9,031,029 | | | (16,375,278 | ) | | — | | | 553,168 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 12,590,380 | | | — | | | — | | | (30,342,215 | ) | | — | | | (17,751,835 | ) | | 241,526,971 | | | — | | | — | | | (577,740,802 | ) | | — | | | (336,213,831 | ) |
| 12/31/2023 | | 21,455,268 | | | — | | | 23,905,132 | | | (63,119,952 | ) | | — | | | (17,759,552 | ) | | 354,770,681 | | | — | | | 407,886,465 | | | (1,071,073,825 | ) | | — | | | (308,416,679 | ) |
| Class P2(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| 12/31/2023 | | 4,384,855 | | | — | | | — | | | (186,358,631 | ) | | — | | | (181,973,776 | ) | | 70,274,368 | | | — | | | — | | | (3,143,856,608 | ) | | — | | | (3,073,582,240 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 273,401 | | | — | | | — | | | (1,304,835 | ) | | — | | | (1,031,434 | ) | | 5,188,586 | | | — | | | — | | | (24,402,855 | ) | | — | | | (19,214,269 | ) |
| 12/31/2023 | | 1,113,888 | | | — | | | 1,605,631 | | | (2,275,182 | ) | | — | | | 444,337 | | | 18,836,045 | | | — | | | 26,935,088 | | | (38,058,696 | ) | | — | | | 7,712,437 | |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 662,859 | | | — | | | — | | | (632,755 | ) | | — | | | 30,104 | | | 12,047,098 | | | — | | | — | | | (11,809,193 | ) | | — | | | 237,905 | |
| 12/31/2023 | | 1,031,236 | | | — | | | 1,050,913 | | | (1,315,444 | ) | | — | | | 766,705 | | | 16,818,543 | | | — | | | 17,290,587 | | | (21,585,958 | ) | | — | | | 12,523,172 | |
| CBRE Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 32,581 | | | — | | | — | | | (137,020 | ) | | — | | | (104,439 | ) | | 822,399 | | | — | | | — | | | (3,426,764 | ) | | — | | | (2,604,365 | ) |
| 12/31/2023 | | 67,765 | | | — | | | 137,889 | | | (271,251 | ) | | — | | | (65,597 | ) | | 1,653,810 | | | — | | | 3,418,264 | | | (6,716,481 | ) | | — | | | (1,644,407 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 20,958 | | | — | | | — | | | (37,706 | ) | | — | | | (16,748 | ) | | 573,998 | | | — | | | — | | | (1,027,363 | ) | | — | | | (453,365 | ) |
| 12/31/2023 | | 15,486 | | | — | | | 12,293 | | | (212,716 | ) | | — | | | (184,937 | ) | | 412,050 | | | — | | | 329,319 | | | (5,930,314 | ) | | — | | | (5,188,945 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 43,261 | | | — | | | — | | | (428,342 | ) | | — | | | (385,081 | ) | | 1,169,591 | | | — | | | — | | | (11,646,781 | ) | | — | | | (10,477,190 | ) |
| 12/31/2023 | | 81,849 | | | — | | | 447,221 | | | (880,951 | ) | | — | | | (351,881 | ) | | 2,197,526 | | | — | | | 12,007,871 | | | (23,594,790 | ) | | — | | | (9,389,393 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 10,857 | | | — | | | — | | | (25,544 | ) | | — | | | (14,687 | ) | | 289,297 | | | — | | | — | | | (688,283 | ) | | — | | | (398,986 | ) |
| 12/31/2023 | | 14,268 | | | — | | | 22,888 | | | (67,036 | ) | | — | | | (29,880 | ) | | 379,961 | | | — | | | 610,894 | | | (1,828,168 | ) | | — | | | (837,313 | ) |
| JPMorgan Small Cap Core Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 217,573 | | | — | | | — | | | (516,900 | ) | | — | | | (299,327 | ) | | 2,874,188 | | | — | | | — | | | (6,827,758 | ) | | — | | | (3,953,570 | ) |
| 12/31/2023 | | 418,788 | | | — | | | 614,141 | | | (1,087,775 | ) | | — | | | (54,846 | ) | | 5,245,671 | | | — | | | 7,725,895 | | | (13,605,659 | ) | | — | | | (634,093 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 392,775 | | | — | | | — | | | (718,447 | ) | | — | | | (325,672 | ) | | 6,047,792 | | | — | | | — | | | (10,984,391 | ) | | — | | | (4,936,599 | ) |
| 12/31/2023 | | 1,111,501 | | | — | | | 1,121,044 | | | (4,811,601 | ) | | — | | | (2,579,056 | ) | | 15,931,371 | | | — | | | 16,187,878 | | | (66,395,231 | ) | | — | | | (34,275,982 | ) |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 97,813 | | | — | | | — | | | (356,561 | ) | | — | | | (258,748 | ) | | 1,496,745 | | | — | | | — | | | (5,413,534 | ) | | — | | | (3,916,789 | ) |
| 12/31/2023 | | 292,044 | | | — | | | 150,839 | | | (434,605 | ) | | — | | | 8,278 | | | 4,226,590 | | | — | | | 2,175,103 | | | (6,098,596 | ) | | — | | | 303,097 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 114,193 | | | — | | | — | | | (495,351 | ) | | — | | | (381,158 | ) | | 1,694,027 | | | — | | | — | | | (7,397,577 | ) | | — | | | (5,703,550 | ) |
| 12/31/2023 | | 235,449 | | | — | | | 410,535 | | | (958,356 | ) | | — | | | (312,372 | ) | | 3,289,450 | | | — | | | 5,759,806 | | | (13,230,743 | ) | | — | | | (4,181,487 | ) |
| Class S2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 10,794 | | | — | | | — | | | (313,716 | ) | | — | | | (302,922 | ) | | 156,645 | | | — | | | — | | | (4,665,728 | ) | | — | | | (4,509,083 | ) |
| 12/31/2023 | | 45,158 | | | — | | | 30,252 | | | (111,080 | ) | | — | | | (35,670 | ) | | 611,540 | | | — | | | 415,060 | | | (1,520,343 | ) | | — | | | (493,743 | ) |
| (1) | Class P2 was fully redeemed on close of business January 27, 2023. |
NOTE 10 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined
at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.
The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2024:
| Balanced Income | | | | | | | | | |
| Counterparty | | Securities
Loaned at Value | | | Cash Collateral
Received(1) | | | Net
Amount | |
| Barclays Bank PLC | | $ | 64,805 | | | $ | (64,805) | | | $ | — | |
| BNP Paribas | | | 49,690 | | | | (49,690) | | | | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | | 110,650 | | | | (110,650) | | | | — | |
| BofA Securities Inc | | | 258,497 | | | | (258,497) | | | | — | |
| Daiwa Capital Markets America Inc. | | | 2,041 | | | | (2,041) | | | | — | |
| Goldman, Sachs & Co. LLC | | | 156,957 | | | | (156,957) | | | | — | |
| HSBC Bank PLC | | | 116,056 | | | | (116,056) | | | | — | |
| J.P. Morgan Securities LLC | | | 2,131,728 | | | | (2,131,728) | | | | — | |
| Jefferies LLC | | | 76,653 | | | | (76,653) | | | | — | |
| JP Morgan Securities Plc. | | | 77,595 | | | | (77,595) | | | | — | |
| Counterparty | | Securities
Loaned at Value | | | Cash Collateral
Received(1) | | | Net
Amount | |
| Morgan Stanley & Co. LLC | | $ | 1,286,519 | | | $ | (1,286,519) | | | $ | — | |
| Nomura Securities International, Inc. | | | 111,765 | | | | (111,765) | | | | — | |
| RBC Capital Markets, LLC | | | 174,151 | | | | (174,151) | | | | — | |
| RBC Dominion Securities Inc | | | 66,146 | | | | (66,146) | | | | — | |
| State Street Bank and Trust Company | | | 236,724 | | | | (236,724) | | | | — | |
| Total | | $ | 4,919,977 | | | $ | (4,919,977) | | | $ | — | |
| (1) | Cash collateral with a fair value of $5,074,578 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
High Yield
| Counterparty | | Securities
Loaned at Value | | | Cash Collateral
Received(1) | | | Net
Amount | |
| Barclays Bank PLC | | $ | 1,930,963 | | | $ | (1,930,963) | | | $ | — | |
| Barclays Capital Inc. | | | 3,107,654 | | | | (3,107,654) | | | | — | |
| BNP Paribas | | | 2,096,897 | | | | (2,096,897) | | | | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | | 743,562 | | | | (743,562) | | | | — | |
| BNP Paribas Securities Corp. | | | 175,692 | | | | (175,692) | | | | — | |
| BofA Securities Inc | | | 94,554 | | | | (94,554) | | | | — | |
| Citigroup Global Markets Inc. | | | 980,416 | | | | (980,416) | | | | — | |
| Daiwa Capital Markets America Inc. | | | 4,076 | | | | (4,076) | | | | — | |
| Deutsche Bank Securities Inc. | | | 183,566 | | | | (183,566) | | | | — | |
| Goldman, Sachs & Co. LLC | | | 1,066,248 | | | | (1,066,248) | | | | — | |
| J.P. Morgan Securities LLC | | | 36,189,886 | | | | (36,189,886) | | | | — | |
| Jefferies LLC | | | 259,758 | | | | (259,758) | | | | — | |
| Morgan Stanley & Co. LLC | | | 9,457,543 | | | | (9,457,543) | | | | — | |
| MUFG Securities Americas Inc. | | | 1,191,101 | | | | (1,191,101) | | | | — | |
| National Financial Services LLC | | | 150,190 | | | | (150,190) | | | | — | |
| Nomura Securities International, Inc. | | | 873,968 | | | | (873,968) | | | | — | |
| RBC Capital Markets, LLC | | | 37,487 | | | | (37,487) | | | | — | |
| Scotia Capital (USA) INC | | | 864,197 | | | | (864,197) | | | | — | |
| TD Prime Services LLC | | | 229,198 | | | | (229,198) | | | | — | |
| TD Securities (USA) Inc. | | | 209,928 | | | | (209,928) | | | | — | |
| Total | | $ | 59,846,884 | | | $ | (59,846,884) | | | $ | — | |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
| (1) | Cash collateral with a fair value of $61,602,470 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
| Large Cap Growth | | | | | | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BMO Capital Markets Corp | | $ | 7,716,842 | | $ | (7,716,842) | | $ | — |
| Goldman, Sachs & Co. LLC | | | 9,427,533 | | | (9,427,533) | | | — |
| Total | | $ | 17,144,375 | | $ | (17,144,375) | | $ | — |
| (1) | Cash collateral with a fair value of $17,536,041 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
| Large Cap Value | | | | | | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| BofA Securities Inc | | $ | 9,970,763 | | $ | (9,970,763) | | $ | — |
| Total | | $ | 9,970,763 | | $ | (9,970,763) | | $ | — |
| (1) | Cash collateral with a fair value of $9,883,459 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Barclays Capital Inc. | | $ | 529,087 | | $ | (529,087) | | $ | — |
| BMO Capital Markets Corp | | | 434,893 | | | (434,893) | | | — |
| BNP Paribas Prime Brokerage Intl Ltd | | | 1,014,812 | | | (1,014,812) | | | — |
| BofA Securities Inc | | | 63,229 | | | (63,229) | | | — |
| Cantor Fitzgerald & Co | | | 496,340 | | | (496,340) | | | — |
| Citigroup Global Markets Inc. | | | 811,028 | | | (811,028) | | | — |
| Goldman, Sachs & Co. LLC | | | 237,446 | | | (237,446) | | | — |
| HSBC Securities (USA) Inc. | | | 508,999 | | | (508,999) | | | — |
| Janney Montgomery Scott LLC | | | 166,461 | | | (166,461) | | | — |
| Jefferies LLC | | | 7,877 | | | (7,877) | | | — |
| National Bank Financial Inc | | | 872,945 | | | (872,945) | | | — |
| RBC Capital Markets, LLC | | | 4,924 | | | (4,924) | | | — |
| TD Prime Services LLC | | | 1,118,296 | | | (1,118,296) | | | — |
| TD Securities Inc | | | 205,954 | | | (205,954) | | | — |
| US Bancorp Investments | | | 16,964 | | | (16,964) | | | — |
| Total | | $ | 6,489,255 | | $ | (6,489,255) | | $ | — |
| (1) | Cash collateral with a fair value of $6,658,369 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
| U.S. Stock Index | | | | | | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Mirae Asset Securities (USA) Inc. | | $ | 1,465,959 | | $ | (1,465,959) | | $ | — |
| State Street Bank and Trust Company | | | 73,069 | | | (73,069) | | | — |
| Total | | $ | 1,539,028 | | $ | (1,539,028) | | $ | — |
| (1) | Cash collateral with a fair value of $1,585,261 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
| CBRE Real Estate | | | | | | |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Janney Montgomery Scott LLC | | $ | 1,274,397 | | $ | (1,274,397) | | $ | — |
| Natixis Securities America LLC | | | 324,582 | | | (324,582) | | | — |
| RBC Capital Markets, LLC | | | 479,784 | | | (479,784) | | | — |
| Total | | $ | 2,078,763 | | $ | (2,078,763) | | $ | — |
| (1) | Cash collateral with a fair value of $2,148,758 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
JPMorgan Small Cap Core Equity
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Barclays Capital Inc. | | $ | 126,154 | | | $ | (126,154 | ) | | $ | — | |
| BNP Paribas Prime Brokerage Intl Ltd | | | 291,038 | | | | (291,038 | ) | | | — | |
| BNP Paribas Securities Corp. | | | 678,543 | | | | (678,543 | ) | | | — | |
| BofA Securities Inc | | | 2,048,086 | | | | (2,048,086 | ) | | | — | |
| Cantor Fitzgerald & Co | | | 123,669 | | | | (123,669 | ) | | | — | |
| Citigroup Global Markets Inc. | | | 1,213,747 | | | | (1,213,747 | ) | | | — | |
| Cowen and Company LLC | | | 14,668 | | | | (14,668 | ) | | | — | |
| Goldman, Sachs & Co. LLC | | | 35,203 | | | | (35,203 | ) | | | — | |
| HSBC Bank PLC | | | 84,462 | | | | (84,462 | ) | | | — | |
| Janney Montgomery Scott LLC | | | 397,273 | | | | (397,273 | ) | | | — | |
| Morgan Stanley & Co. LLC | | | 63,237 | | | | (63,237 | ) | | | — | |
| National Bank of Canada Financial Inc | | | 720,608 | | | | (720,608 | ) | | | — | |
| National Financial Services LLC | | | 2,602,824 | | | | (2,602,824 | ) | | | — | |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| Natixis Securities America LLC | | $ | 1,856,121 | | $ | (1,856,121) | | $ | — |
| Nomura Securities International, Inc. | | | 2,565 | | | (2,5650) | | | — |
| RBC Capital Markets, LLC | | | 39,875 | | | (39,875) | | | — |
| Scotia Capital (USA) INC | | | 4,293 | | | (4,293) | | | — |
| State Street Bank and Trust Company | | | 61,987 | | | (61,987 | | | — |
| Counterparty | | Securities
Loaned at Value | | Cash Collateral
Received(1) | | Net
Amount |
| TD Prime Services LLC | | $ | 55,936 | | $ | (55,936) | | $ | — |
| UBS AG | | | 266,271 | | | (266,271) | | | — |
| Wells Fargo Bank NA | | | 21,928 | | | (21,928) | | | — |
| Wells Fargo Securities LLC | | | 148,706 | | | (148,706) | | | — |
| Total | | $ | 10,857,194 | | $ | (10,857,194) | | $ | — |
| (1) | Cash collateral with a fair value of $11,224,062 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals and wash sale deferrals.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | Year Ended | | | Year Ended | |
| | | December 31, 2023 | | | December 31, 2022 | |
| | | Ordinary | | | Long-term | | | Ordinary | | | Long-term | |
| | | Income | | | Capital Gains | | | Income | | | Capital Gains | |
| Balanced Income | | $ | 6,530,655 | | | $ | — | | | $ | 8,301,386 | | | $ | 21,095,060 | |
| High Yield | | | 25,239,809 | | | | — | | | | 23,908,789 | | | | — | |
| Large Cap Growth | | | — | | | | — | | | | 369,529,130 | | | | 1,203,836,202 | |
| Large Cap Value | | | 7,772,284 | | | | 6,165,504 | | | | 136,751,300 | | | | 166,472,621 | |
| Limited Maturity Bond | | | 14,203,580 | | | | — | | | | 6,975,124 | | | | — | |
| U.S. Stock Index | | | 60,305,099 | | | | 400,838,070 | | | | 108,922,943 | | | | 667,170,788 | |
| CBRE Real Estate | | | 4,517,138 | | | | 11,849,210 | | | | 8,854,104 | | | | 35,955,580 | |
| JPMorgan Small Cap Core Equity | | | 1,086,470 | | | | 31,177,272 | | | | 31,134,861 | | | | 69,304,903 | |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 11 — FEDERAL INCOME TAXES (continued)
| | | Undistributed | | | Undistributed | | | Unrealized | | | | | | | | Total | |
| | | Ordinary | | | Long-term | | | Appreciation/ | | | Capital Loss Carryforwards | | | Distributable | |
| | | Income | | | Capital Gains | | | (Depreciation) | | | Amount | | Character | | | Earnings/(Loss) | |
| Balanced Income | | $ | 7,039,066 | | | $ | — | | | $ | (377,294 | ) | | $ | (10,601,672) | | Short-term | | | $ | (9,525,719 | ) |
| | | | | | | | | | | | | | | | (5,585,819) | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (16,187,491) | | | | | | | |
| High Yield | | | 62,039 | | | | — | | | | (13,450,842 | ) | | | (3,682,379) | | Short-term | | | | (90,561,691 | ) |
| | | | | | | | | | | | | | | | (73,490,509) | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (77,172,888) | | | | | | | |
| Large Cap Growth | | | — | | | | — | | | | 768,134,964 | | | | (170,998,264) | | Short-term | | | | 597,136,700 | |
| Large Cap Value | | | 9,960,421 | | | | 20,565,363 | | | | 48,514,093 | | | | — | | — | | | | 79,039,877 | |
| Limited Maturity Bond | | | 1,200,510 | | | | — | | | | (6,753,305 | ) | | | (4,820,694) | | Short-term | | | | (25,334,095 | ) |
| | | | | | | | | | | | | | | | (14,960,606) | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (19,781,300) | | | | | | | |
| U.S. Stock Index | | | 7,286,553 | | | | 343,333,932 | | | | 1,394,476,646 | | | | — | | — | | | | 1,745,097,131 | |
| CBRE Real Estate | | | 4,005,309 | | | | — | | | | 3,442,504 | | | | (997,100) | | Short-term | | | | (115,896 | ) |
| | | | | | | | | | | | | | | | (6,566,609) | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (7,563,709) | | | | | | | |
| JPMorgan Small Cap Core Equity | | | 1,639,510 | | | | — | | | | 48,905,750 | | | | (5,872,295) | | Short-term | | | | 41,452,876 | |
| | | | | | | | | | | | | | | | (3,220,089) | | Long-term | | | | | |
| | | | | | | | | | | | | | | $ | (9,092,384) | | | | | | | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.
As of June 30, 2024, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices
which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)
could be other consequences which cannot be predicted.
NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real
estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.
NOTE 14 — SUBSEQUENT EVENTS
Dividends: Subsequent to June 30, 2024, the following Portfolios paid dividends from net investment income of:
| | PER SHARE AMOUNTS | | | | |
| | Net Investment | | Short-term | | Long-term | | | | |
| | Income | | Capital Gains | | Capital Gains | | Payable Date | | Record Date |
| Balanced Income | | | | | | | | | | | |
| Class ADV | $ 0.0345 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class I | $ 0.0899 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S | $ 0.0654 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $ 0.0516 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| High Yield | | | | | | | | | | | |
| Class ADV | $ 0.0467 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Class I | $ 0.0511 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Class S | $ 0.0493 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Class S2 | $ 0.0482 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Large Cap Value | | | | | | | | | | | |
| Class ADV | $ 0.0132 | | $ 0.0932 | | $ 0.2224 | | July 16, 2024 | | July 12, 2024 |
| Class I | $ 0.0132 | | $ 0.0932 | | $ 0.2224 | | July 16, 2024 | | July 12, 2024 |
| Class R6 | $ 0.0132 | | $ 0.0932 | | $ 0.2224 | | July 16, 2024 | | July 12, 2024 |
| Class S | $ 0.0132 | | $ 0.0932 | | $ 0.2224 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $ 0.0132 | | $ 0.0932 | | $ 0.2224 | | July 16, 2024 | | July 12, 2024 |
| Limited Maturity Bond | | | | | | | | | | | |
| Class ADV | $ 0.0343 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Class I | $ 0.0398 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
| Class S | $ 0.0380 | | $ | - | | $ | - | | August 1, 2024 | | Daily |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 14 — SUBSEQUENT EVENTS (continued)
| U.S. Stock Index | | | | | | | | | | | |
| Class ADV | $ 0.0173 | | $ 0.0151 | | $ 1.5813 | | July 16, 2024 | | July 12, 2024 |
| Class I | $ 0.0173 | | $ 0.0151 | | $ 1.5813 | | July 16, 2024 | | July 12, 2024 |
| Class S | $ 0.0173 | | $ 0.0151 | | $ 1.5813 | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $ 0.0173 | | $ 0.0151 | | $ 1.5813 | | July 16, 2024 | | July 12, 2024 |
| CBRE Real Estate | | | | | | | | | | | |
| Class ADV | $ 0.6195 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class I | $ 0.8056 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S | $ 0.7134 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $ 0.6708 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| JPMorgan Small Cap Core Equity | | | | | | | | | | | |
| Class ADV | $ 0.0066 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class I | $ 0.0836 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class R6 | $ 0.0836 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S | $ 0.0449 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
| Class S2 | $ 0.0102 | | $ | - | | $ | - | | July 16, 2024 | | July 12, 2024 |
Reorganization: On January 10, 2024, the Board approved a proposal to reorganize Voya Balanced Portfolio (the “Merging Portfolio”), which is not included in this report, with and into Balanced Income (the “Reorganization”). The Reorganization was completed at the close of business July 12, 2024.
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5% |
| 780,872 (1)(2) | | | Agate Bay Mortgage Trust 2015-1 B4, 3.633%, 01/25/2045 | | $ | 600,782 | | | | 0.3 | |
| 194,459 (1)(2) | | | Chase Mortgage Finance Corp. 2016-SH1 M2, 3.750%, 04/25/2045 | | | 174,644 | | | | 0.1 | |
| 137,932 (1)(2) | | | CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049 | | | 126,289 | | | | 0.1 | |
| 414,153 (1)(2) | | | CIM Trust 2019-J1 B2, 3.934%, 08/25/2049 | | | 373,765 | | | | 0.2 | |
| 98,030 (1)(2) | | | CIM Trust 2019-J2 A13, 3.500%, 10/25/2049 | | | 85,190 | | | | 0.0 | |
| 500,000 (1)(2) | | | Fannie Mae Connecticut Avenue Securities 2022-R06 1M2, 9.185%, (SOFR30A + 3.850%), 05/25/2042 | | | 530,739 | | | | 0.2 | |
| 800,000 (1)(2) | | | Fannie Mae Connecticut Avenue Securities 2022-R07 1M2, 9.985%, (SOFR30A + 4.650%), 06/25/2042 | | | 868,227 | | | | 0.4 | |
| 700,000 (1)(2) | | | Fannie Mae Connecticut Avenue Securities 2022-R08 1M2, 8.935%, (SOFR30A + 3.600%), 07/25/2042 | | | 742,497 | | | | 0.3 | |
| 2,612,180 (3) | | | Fannie Mae Interest Strip 367 2, 5.500%, 01/25/2036 | | | 493,151 | | | | 0.2 | |
| 3,223,247 (3) | | | Fannie Mae Interest Strip 407 C8, 5.500%, 01/25/2039 | | | 685,005 | | | | 0.3 | |
| 3,760,700 (1)(3) | | | Fannie Mae Interest Strip 427 C100, 2.674%, 01/25/2052 | | | 511,693 | | | | 0.2 | |
| 618,507 (1)(3) | | | Fannie Mae REMIC Trust 2005-66 LS, 1.180%, (-1.000*SOFR30A + 6.516%), 07/25/2035 | | | 50,569 | | | | 0.0 | |
| 737,100 (1)(3) | | | Fannie Mae REMIC Trust 2008-36 YI, 1.750%, (-1.000*SOFR30A + 7.086%), 07/25/2036 | | | 50,496 | | | | 0.0 | |
| 352,450 (1)(3) | | | Fannie Mae REMIC Trust 2010-59 NS, 0.320%, (-1.000*SOFR30A + 5.656%), 06/25/2040 | | | 20,461 | | | | 0.0 | |
| 1,198,243 (3) | | | Fannie Mae REMIC Trust 2012-121 ID, 3.000%, 11/25/2027 | | | 39,727 | | | | 0.0 | |
| 2,647,206 (1)(3) | | | Fannie Mae REMIC Trust 2012-144 SC, 0.650%, (-1.000*SOFR30A + 5.986%), 01/25/2043 | | | 253,759 | | | | 0.1 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 1,052,733 (1)(3) | | | Fannie Mae REMIC Trust 2012-151 WS, 0.750%, (-1.000*SOFR30A + 6.086%), 03/25/2042 | | $ | 52,136 | | | | 0.0 | |
| 5,923,444 (1)(3) | | | Fannie Mae REMIC Trust 2012-30 SA, 0.500%, (-1.000*SOFR30A + 5.836%), 04/25/2042 | | | 454,799 | | | | 0.2 | |
| 1,847,936 (1)(3) | | | Fannie Mae REMIC Trust 2012-35 LS, 1.150%, (-1.000*SOFR30A + 6.486%), 04/25/2041 | | | 66,504 | | | | 0.0 | |
| 3,692,752 (1)(3) | | | Fannie Mae REMIC Trust 2013-130 SB, 0.600%, (-1.000*SOFR30A + 5.936%), 01/25/2044 | | | 298,500 | | | | 0.1 | |
| 1,211,672 (1)(3) | | | Fannie Mae REMIC Trust 2013-20 SK, 0.750%, (-1.000*SOFR30A + 6.086%), 05/25/2041 | | | 20,439 | | | | 0.0 | |
| 2,351,136 (3) | | | Fannie Mae REMIC Trust 2013-67 IL, 6.500%, 07/25/2043 | | | 360,748 | | | | 0.2 | |
| 1,472,759 (3) | | | Fannie Mae REMIC Trust 2013-71 AI, 3.000%, 07/25/2028 | | | 56,041 | | | | 0.0 | |
| 5,134,530 (1)(3) | | | Fannie Mae REMIC Trust 2014-38 S, 0.650%, (-1.000*SOFR30A + 5.986%), 07/25/2044 | | | 454,299 | | | | 0.2 | |
| 5,644,081 (1)(3) | | | Fannie Mae REMIC Trust 2016-29 SB, 0.600%, (-1.000*SOFR30A + 5.936%), 05/25/2046 | | | 530,119 | | | | 0.2 | |
| 141,484 (1)(3) | | | Fannie Mae REMIC Trust 2018-86 DS, 0.650%, (-1.000*SOFR30A + 5.986%), 12/25/2048 | | | 8,700 | | | | 0.0 | |
| 1,266,857 (3) | | | Fannie Mae REMIC Trust 2019-13 IB, 6.000%, 09/25/2039 | | | 274,825 | | | | 0.1 | |
| 3,358,017 (3) | | | Fannie Mae REMIC Trust 2020-14 AI, 3.500%, 03/25/2050 | | | 600,313 | | | | 0.3 | |
| 8,463,761 (3) | | | Fannie Mae REMIC Trust 2021-56 QI, 4.500%, 09/25/2051 | | | 2,189,040 | | | | 1.0 | |
| 178,957 (1)(2) | | | Flagstar Mortgage Trust 2017-1 1A7, 3.500%, 03/25/2047 | | | 160,022 | | | | 0.1 | |
| 740,887 (1)(2) | | | Flagstar Mortgage Trust 2017-1 B3, 3.639%, 03/25/2047 | | | 658,189 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 342,058 (1)(2) | | | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | | $ | 313,220 | | | | 0.1 | |
| 805,984 (1)(2) | | | Flagstar Mortgage Trust 2021-2 A4, 2.500%, 04/25/2051 | | | 633,964 | | | | 0.3 | |
| 544,686 (1)(2) | | | Flagstar Mortgage Trust 2021-2 B3, 2.782%, 04/25/2051 | | | 434,156 | | | | 0.2 | |
| 355,175 (1)(3) | | | Freddie Mac REMIC Trust 3318 KS, 0.962%, (-1.000*SOFR30A + 6.296%), 05/15/2037 | | | 21,704 | | | | 0.0 | |
| 4,795,796 (3) | | | Freddie Mac REMIC Trust 3788 IO, 6.000%, 01/15/2041 | | | 1,068,729 | | | | 0.5 | |
| 412,987 (1)(3) | | | Freddie Mac REMIC Trust 3879 SL, 1.152%, (-1.000*SOFR30A + 6.486%), 01/15/2041 | | | 17,099 | | | | 0.0 | |
| 1,656,257 (1)(3) | | | Freddie Mac REMIC Trust 3998 SA, 1.002%, (-1.000*SOFR30A + 6.336%), 02/15/2042 | | | 161,873 | | | | 0.1 | |
| 5,907,070 (1)(3) | | | Freddie Mac REMIC Trust 4094 SP, 0.602%, (-1.000*SOFR30A + 5.936%), 08/15/2042 | | | 499,854 | | | | 0.2 | |
| 1,919,196 (1)(3) | | | Freddie Mac REMIC Trust 4120 CS, 0.752%, (-1.000*SOFR30A + 6.086%), 10/15/2032 | | | 94,329 | | | | 0.1 | |
| 1,691,062 (1)(3) | | | Freddie Mac REMIC Trust 4120 JS, 0.752%, (-1.000*SOFR30A + 6.086%), 10/15/2032 | | | 79,572 | | | | 0.0 | |
| 297,179 (3) | | | Freddie Mac REMIC Trust 4141 EI, 3.000%, 09/15/2027 | | | 2,764 | | | | 0.0 | |
| 3,368,514 (1)(3) | | | Freddie Mac REMIC Trust 4143 MS, 1.252%, (-1.000*SOFR30A + 6.586%), 12/15/2042 | | | 389,694 | | | | 0.2 | |
| 956,067 (3) | | | Freddie Mac REMIC Trust 4153 IB, 2.500%, 01/15/2028 | | | 26,534 | | | | 0.0 | |
| 1,538,260 (1)(3) | | | Freddie Mac REMIC Trust 4517 KI, 10.280%, (-1.000*SOFR30A + 1.030%), 04/15/2043 | | | 10,010 | | | | 0.0 | |
| 2,073,692 (3) | | | Freddie Mac REMIC Trust 4596 DI, 3.500%, 06/15/2046 | | | 388,027 | | | | 0.2 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 1,462,429 (1)(3) | | | Freddie Mac REMIC Trust 4619 KS, 3.760%, (-1.000*SOFR30A + 4.136%), 06/15/2039 | | $ | 54,903 | | | | 0.0 | |
| 5,475,007 (3) | | | Freddie Mac REMIC Trust 4906 DI, 4.500%, 09/25/2049 | | | 1,190,366 | | | | 0.5 | |
| 1,109,112 (3) | | | Freddie Mac REMIC Trust 5013 IP, 2.000%, 09/25/2050 | | | 134,670 | | | | 0.1 | |
| 2,145,223 (3) | | | Freddie Mac REMIC Trust 5037 IO, 3.000%, 11/25/2050 | | | 335,283 | | | | 0.2 | |
| 1,000,000 (1)(2) | | | Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 7.685%, (SOFR30A + 2.350%), 12/25/2041 | | | 1,013,861 | | | | 0.5 | |
| 200,000 (1)(2) | | | Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 7.735%, (SOFR30A + 2.400%), 02/25/2042 | | | 205,208 | | | | 0.1 | |
| 400,000 (1)(2) | | | Freddie Mac STACR REMIC Trust 2022-DNA4 M1B, 8.685%, (SOFR30A + 3.350%), 05/25/2042 | | | 420,466 | | | | 0.2 | |
| 1,000,000 (1)(2) | | | Freddie Mac STACR REMIC Trust 2022-DNA5 M1B, 9.835%, (SOFR30A + 4.500%), 06/25/2042 | | | 1,086,020 | | | | 0.5 | |
| 150,082 (1)(3) | | | Freddie Mac Strips 239 S30, 2.252%, (-1.000*SOFR30A + 7.586%), 08/15/2036 | | | 18,420 | | | | 0.0 | |
| 1,918,777 (3) | | | Freddie Mac Strips 365 C57, 3.500%, 11/15/2048 | | | 316,607 | | | | 0.2 | |
| 1,792,574 (3) | | | Freddie Mac Strips 365 C9, 3.500%, 05/15/2049 | | | 310,449 | | | | 0.1 | |
| 697,904 (1)(3) | | | Ginnie Mae 2013-148 DS, 0.237%, (-1.000*TSFR1M + 5.566%), 10/16/2043 | | | 51,751 | | | | 0.0 | |
| 3,135,303 (3) | | | Ginnie Mae 2015-20 CI, 3.500%, 02/20/2030 | | | 193,903 | | | | 0.1 | |
| 226,352 (3) | | | Ginnie Mae 2015-42 IY, 5.500%, 08/20/2039 | | | 13,932 | | | | 0.0 | |
| 3,593,288 (1)(3) | | | Ginnie Mae 2019-23 MT, 0.600%, (-1.000*TSFR1M + 6.586%), 03/20/2042 | | | 55,338 | | | | 0.0 | |
| 2,266,172 (3) | | | Ginnie Mae 2019-78 IC, 4.500%, 06/20/2049 | | | 483,425 | | | | 0.2 | |
| 30,955 (1)(2) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | | | 28,398 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 154,447 (1)(2) | | | GS Mortgage-Backed Securities Trust 2020-NQM1 A2, 1.791%, 09/27/2060 | | $ | 143,511 | | | | 0.1 | |
| 772,499 (2) | | | Hundred Acre Wood Trust 2021-INV1 A27, 2.500%, 07/25/2051 | | | 610,556 | | | | 0.3 | |
| 26,986 (1)(2) | | | J.P. Morgan Mortgage Trust 2019-2 A15, 3.952%, 08/25/2049 | | | 25,088 | | | | 0.0 | |
| 891,973 (1)(2) | | | J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052 | | | 710,228 | | | | 0.3 | |
| 355,220 (1)(2) | | | JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046 | | | 313,535 | | | | 0.1 | |
| 729,061 (1)(2) | | | JP Morgan Mortgage Trust 2017-5 B2, 5.518%, 10/26/2048 | | | 709,017 | | | | 0.3 | |
| 1,006,040 (1)(2) | | | JP Morgan Mortgage Trust 2018-3 B2, 3.705%, 09/25/2048 | | | 883,350 | | | | 0.4 | |
| 654,684 (1)(2) | | | JP Morgan Mortgage Trust 2018-4 B2, 3.711%, 10/25/2048 | | | 576,349 | | | | 0.3 | |
| 851,874 (1)(2) | | | JP Morgan Mortgage Trust 2018-5 A13, 3.500%, 10/25/2048 | | | 738,729 | | | | 0.3 | |
| 103,830 (1)(2) | | | JP Morgan Mortgage Trust 2018-8 A13, 4.000%, 01/25/2049 | | | 93,925 | | | | 0.1 | |
| 41,481 (1)(2) | | | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | | | 38,326 | | | | 0.0 | |
| 36,739 (1)(2) | | | JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049 | | | 33,608 | | | | 0.0 | |
| 15,416 (1)(2) | | | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | | | 13,484 | | | | 0.0 | |
| 895,533 (1)(2) | | | JP Morgan Mortgage Trust 2019-INV1 B2, 4.928%, 10/25/2049 | | | 840,027 | | | | 0.4 | |
| 516,161 (1)(2) | | | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.662%, 12/25/2049 | | | 480,607 | | | | 0.2 | |
| 155,896 (1)(2) | | | JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050 | | | 135,088 | | | | 0.1 | |
| 1,000,000 (1)(2) | | | JP Morgan Mortgage Trust 2021-3 A5, 2.500%, 07/25/2051 | | | 661,992 | | | | 0.3 | |
| 432,840 (1)(2) | | | Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.318%, 10/25/2048 | | | 397,155 | | | | 0.2 | |
| 98,058 (1)(2) | | | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | | | 88,818 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 400,000 (1)(2) | | | Provident Funding Mortgage Trust 2021-J1 A10, 2.000%, 10/25/2051 | | $ | 235,548 | | | | 0.1 | |
| 438,582 (1)(2) | | | RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | | | 344,166 | | | | 0.2 | |
| 454,269 (1)(2) | | | RCKT Mortgage Trust 2021-1 B3, 2.719%, 03/25/2051 | | | 361,168 | | | | 0.2 | |
| 633,331 (1)(2) | | | RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051 | | | 496,958 | | | | 0.2 | |
| 1,023,623 (1)(2) | | | Sequoia Mortgage Trust 2019-2 B2, 4.257%, 06/25/2049 | | | 943,905 | | | | 0.4 | |
| 1,025,130 (1)(2) | | | Sequoia Mortgage Trust 2019-2 B3, 4.257%, 06/25/2049 | | | 921,788 | | | | 0.4 | |
| 81,814 (1)(2) | | | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | | | 71,091 | | | | 0.0 | |
| 9,137 (1)(2) | | | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | | | 8,985 | | | | 0.0 | |
| 644,479 (1)(2) | | | Sequoia Mortgage Trust 2021-3 B3, 2.651%, 05/25/2051 | | | 500,419 | | | | 0.2 | |
| 708,268 (1)(2) | | | Towd Point Mortgage Trust 2015-4 M2, 3.750%, 04/25/2055 | | | 700,666 | | | | 0.3 | |
| 565,527 (1)(2) | | | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 | | | 475,405 | | | | 0.2 | |
| 510,608 (1)(2) | | | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.656%, 07/25/2047 | | | 441,760 | | | | 0.2 | |
| | | | Total Collateralized Mortgage Obligations
(Cost $40,030,841) | | | 34,841,449 | | | | 15.5 | |
| | | | | | | | | | | | |
| CORPORATE BONDS/NOTES: 13.1% |
| | | | Basic Materials: 0.8% | | | | | | | | |
| 70,000 (2) | | | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | | | 73,545 | | | | 0.1 | |
| 70,000 (2)(4) | | | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | | | 62,053 | | | | 0.0 | |
| 185,000 (4) | | | Cleveland-Cliffs, Inc., 5.875%, 06/01/2027 | | | 183,872 | | | | 0.1 | |
| 70,000 (2) | | | Coeur Mining, Inc., 5.125%, 02/15/2029 | | | 65,684 | | | | 0.0 | |
| 200,000 (2) | | | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | | | 199,850 | | | | 0.1 | |
| 255,000 (2) | | | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | | | 249,681 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Basic Materials: (continued) |
| 70,000 (2) | | | Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028 | | $ | 70,631 | | | | 0.1 | |
| 70,000 (2)(5) | | | Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026 | | | 57,623 | | | | 0.0 | |
| 65,000 (2) | | | LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 | | | 61,594 | | | | 0.0 | |
| 70,000 (2) | | | Mativ Holdings, Inc., 6.875%, 10/01/2026 | | | 69,628 | | | | 0.0 | |
| 70,000 (2) | | | NOVA Chemicals Corp., 8.500%, 11/15/2028 | | | 74,366 | | | | 0.1 | |
| 185,000 (2) | | | Novelis Corp., 3.250%, 11/15/2026 | | | 174,268 | | | | 0.1 | |
| 70,000 (2) | | | Novelis Corp., 3.875%, 08/15/2031 | | | 60,670 | | | | 0.0 | |
| 70,000 (2)(4) | | | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | | | 64,201 | | | | 0.0 | |
| 200,000 (2) | | | OCP SA, 6.750%, 05/02/2034 | | | 206,000 | | | | 0.1 | |
| 50,000 (2) | | | Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029 | | | 19,594 | | | | 0.0 | |
| 70,000 (2)(4) | | | Tronox, Inc., 4.625%, 03/15/2029 | | | 63,263 | | | | 0.0 | |
| | | | | | | 1,756,523 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Communications: 0.8% |
| 60,000 (2) | | | Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026 | | | 35,550 | | | | 0.0 | |
| 70,000 (2) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | | | 53,191 | | | | 0.0 | |
| 185,000 (2) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | | | 183,336 | | | | 0.1 | |
| 70,000 (2) | | | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | | | 65,900 | | | | 0.0 | |
| 70,000 (2) | | | GCI LLC, 4.750%, 10/15/2028 | | | 63,958 | | | | 0.0 | |
| 70,000 (2) | | | Gray Escrow II, Inc., 5.375%, 11/15/2031 | | | 39,739 | | | | 0.0 | |
| 70,000 (2)(4) | | | Match Group Holdings II LLC, 4.625%, 06/01/2028 | | | 65,578 | | | | 0.0 | |
| 70,000 (2) | | | McGraw-Hill Education, Inc., 8.000%, 08/01/2029 | | | 68,128 | | | | 0.1 | |
| 45,000 | | | Netflix, Inc., 5.875%, 11/15/2028 | | | 46,377 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Communications: (continued) |
| 70,000 (2)(4) | | | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | | $ | 63,135 | | | | 0.0 | |
| 70,000 (1) | | | Paramount Global, 6.250%, 02/28/2057 | | | 57,133 | | | | 0.0 | |
| 147,000 (1)(4) | | | Paramount Global, 6.375%, 03/30/2062 | | | 129,957 | | | | 0.1 | |
| 70,000 (2)(4) | | | Scripps Escrow II, Inc., 3.875%, 01/15/2029 | | | 48,834 | | | | 0.0 | |
| 185,000 (2)(4) | | | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | | | 174,221 | | | | 0.1 | |
| 70,000 (2) | | | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | | | 67,074 | | | | 0.1 | |
| 70,000 (2) | | | Stagwell Global LLC, 5.625%, 08/15/2029 | | | 64,711 | | | | 0.0 | |
| 200,000 (2) | | | Telecom Italia Capital SA, 6.375%, 11/15/2033 | | | 195,898 | | | | 0.1 | |
| 70,000 (2) | | | Uber Technologies, Inc., 8.000%, 11/01/2026 | | | 70,685 | | | | 0.1 | |
| 255,000 (2) | | | Univision Communications, Inc., 6.625%, 06/01/2027 | | | 244,371 | | | | 0.1 | |
| 70,000 (2) | | | Viavi Solutions, Inc., 3.750%, 10/01/2029 | | | 59,221 | | | | 0.0 | |
| | | | | | | 1,796,997 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 1.7% |
| 70,000 (2)(4) | | | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | | | 73,126 | | | | 0.1 | |
| 70,000 (2) | | | Allison Transmission, Inc., 5.875%, 06/01/2029 | | | 69,094 | | | | 0.0 | |
| 70,000 (2) | | | Amer Sports Co., 6.750%, 02/16/2031 | | | 69,771 | | | | 0.1 | |
| 46,667 (2) | | | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | | | 46,295 | | | | 0.0 | |
| 70,000 (2)(4) | | | Arko Corp., 5.125%, 11/15/2029 | | | 60,995 | | | | 0.0 | |
| 70,000 | | | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | | | 64,952 | | | | 0.0 | |
| 70,000 (2) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 08/01/2029 | | | 63,143 | | | | 0.0 | |
| 70,000 (4) | | | Bath & Body Works, Inc., 6.750%, 07/01/2036 | | | 69,760 | | | | 0.1 | |
| 70,000 (2)(5) | | | BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027 | | | 68,312 | | | | 0.0 | |
| 35,000 (2) | | | Brinker International, Inc., 5.000%, 10/01/2024 | | | 34,920 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 70,000 (2) | | | Caesars Entertainment, Inc., 6.500%, 02/15/2032 | | $ | 70,389 | | | | 0.1 | |
| 70,000 (2) | | | CCM Merger, Inc., 6.375%, 05/01/2026 | | | 69,523 | | | | 0.0 | |
| 70,000 (2) | | | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | | | 71,751 | | | | 0.1 | |
| 70,000 (2) | | | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | | | 62,199 | | | | 0.0 | |
| 70,000 (2) | | | Gap, Inc., 3.875%, 10/01/2031 | | | 58,508 | | | | 0.0 | |
| 70,000 (2)(4) | | | Gates Corp., 6.875%, 07/01/2029 | | | 71,308 | | | | 0.1 | |
| 70,000 (2) | | | Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031 | | | 62,723 | | | | 0.0 | |
| 70,000 (2) | | | Installed Building Products, Inc., 5.750%, 02/01/2028 | | | 68,534 | | | | 0.0 | |
| 70,000 (2) | | | Interface, Inc., 5.500%, 12/01/2028 | | | 65,998 | | | | 0.0 | |
| 70,000 (2) | | | LCM Investments Holdings II LLC, 4.875%, 05/01/2029 | | | 65,533 | | | | 0.0 | |
| 70,000 (2)(4) | | | Lithia Motors, Inc., 4.375%, 01/15/2031 | | | 62,397 | | | | 0.0 | |
| 70,000 | | | M/I Homes, Inc., 3.950%, 02/15/2030 | | | 62,481 | | | | 0.0 | |
| 70,000 (2) | | | Macy’s Retail Holdings LLC, 6.125%, 03/15/2032 | | | 66,922 | | | | 0.0 | |
| 70,000 (4) | | | MGM Resorts International, 4.750%, 10/15/2028 | | | 66,688 | | | | 0.0 | |
| 185,000 | | | MGM Resorts International, 5.500%, 04/15/2027 | | | 182,651 | | | | 0.1 | |
| 70,000 (2)(4) | | | Michaels Cos., Inc., 5.250%, 05/01/2028 | | | 56,080 | | | | 0.0 | |
| 70,000 | | | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | | | 69,514 | | | | 0.0 | |
| 185,000 (2) | | | NCL Corp. Ltd., 5.875%, 02/15/2027 | | | 182,725 | | | | 0.1 | |
| 70,000 (2)(4) | | | NCL Corp. Ltd., 7.750%, 02/15/2029 | | | 72,826 | | | | 0.1 | |
| 70,000 (2)(4) | | | Raising Cane’s Restaurants LLC, 9.375%, 05/01/2029 | | | 75,690 | | | | 0.1 | |
| 70,000 (2) | | | Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031 | | | 73,192 | | | | 0.1 | |
| 185,000 (2) | | | Royal Caribbean Cruises Ltd., 4.250%, 07/01/2026 | | | 179,172 | | | | 0.1 | |
| 70,000 (2) | | | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | | | 68,972 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | Consumer, Cyclical: (continued) | | | | | | | | |
| 70,000 (4) | | | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | | $ | 69,218 | | | | 0.0 | |
| 70,000 (2)(4) | | | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | | | 68,284 | | | | 0.0 | |
| 70,000 (2) | | | Scientific Games International, Inc., 7.000%, 05/15/2028 | | | 70,406 | | | | 0.1 | |
| 70,000 (2)(4) | | | Station Casinos LLC, 4.500%, 02/15/2028 | | | 65,932 | | | | 0.0 | |
| 70,000 (2) | | | STL Holding Co. LLC, 8.750%, 02/15/2029 | | | 73,134 | | | | 0.1 | |
| 70,000 (2) | | | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | | | 58,737 | | | | 0.0 | |
| 70,000 | | | United Airlines Holdings, Inc., 4.875%, 01/15/2025 | | | 69,611 | | | | 0.1 | |
| 185,000 (2) | | | United Airlines, Inc., 4.375%, 04/15/2026 | | | 178,926 | | | | 0.1 | |
| 70,000 (2) | | | Viking Cruises Ltd., 5.875%, 09/15/2027 | | | 69,320 | | | | 0.0 | |
| 70,000 (2)(4) | | | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 | | | 55,081 | | | | 0.0 | |
| 70,000 (4) | | | Walgreens Boots Alliance, Inc., 4.800%, 11/18/2044 | | | 55,053 | | | | 0.0 | |
| 70,000 (2) | | | White Cap Buyer LLC, 6.875%, 10/15/2028 | | | 67,609 | | | | 0.0 | |
| 255,000 (2) | | | William Carter Co., 5.625%, 03/15/2027 | | | 251,706 | | | | 0.1 | |
| 70,000 (2) | | | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 | | | 68,325 | | | | 0.0 | |
| | | | | | | 3,727,486 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | Consumer, Non-cyclical: 1.5% | | | | | | | | |
| 70,000 (2) | | | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | | | 68,544 | | | | 0.0 | |
| 70,000 (2) | | | AdaptHealth LLC, 4.625%, 08/01/2029 | | | 60,731 | | | | 0.0 | |
| 70,000 (2)(4) | | | ADT Security Corp., 4.125%, 08/01/2029 | | | 64,609 | | | | 0.0 | |
| 70,000 (2) | | | AHP Health Partners, Inc., 5.750%, 07/15/2029 | | | 66,522 | | | | 0.0 | |
| 70,000 (2) | | | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | | | 63,024 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) | | | | | | | | |
| 185,000 (2) | | | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 | | $ | 178,859 | | | | 0.1 | |
| 70,000 (2) | | | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | | | 65,021 | | | | 0.0 | |
| 70,000 (2) | | | APi Group DE, Inc., 4.750%, 10/15/2029 | | | 65,394 | | | | 0.0 | |
| 70,000 (2)(4) | | | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | | | 69,392 | | | | 0.0 | |
| 70,000 (2) | | | Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 | | | 71,750 | | | | 0.1 | |
| 70,000 (2) | | | BellRing Brands, Inc., 7.000%, 03/15/2030 | | | 71,805 | | | | 0.1 | |
| 50,000 (2)(4) | | | Brink’s Co., 6.500%, 06/15/2029 | | | 50,566 | | | | 0.0 | |
| 50,000 (2) | | | Brink’s Co., 6.750%, 06/15/2032 | | | 50,412 | | | | 0.0 | |
| 70,000 (2) | | | Chobani LLC / Chobani Finance Corp., Inc., 7.625%, 07/01/2029 | | | 72,181 | | | | 0.1 | |
| 70,000 (2) | | | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | | | 57,779 | | | | 0.0 | |
| 25,000 (2) | | | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | | | 25,360 | | | | 0.0 | |
| 70,000 (2) | | | CPI CG, Inc., 8.625%, 03/15/2026 | | | 71,562 | | | | 0.1 | |
| 60,000 (2) | | | CPI CG, Inc., 10.000%, 07/15/2029 | | | 62,317 | | | | 0.0 | |
| 70,000 (2) | | | DaVita, Inc., 4.625%, 06/01/2030 | | | 63,313 | | | | 0.0 | |
| 70,000 (4) | | | Encompass Health Corp., 4.750%, 02/01/2030 | | | 65,546 | | | | 0.0 | |
| 70,000 (2)(4) | | | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | | | 72,392 | | | | 0.1 | |
| 185,000 (2) | | | Garda World Security Corp., 4.625%, 02/15/2027 | | | 177,008 | | | | 0.1 | |
| 70,000 (2) | | | Garda World Security Corp., 6.000%, 06/01/2029 | | | 63,933 | | | | 0.0 | |
| 70,000 (2) | | | Graham Holdings Co., 5.750%, 06/01/2026 | | | 69,522 | | | | 0.0 | |
| 70,000 | | | HCA, Inc., 3.500%, 09/01/2030 | | | 63,162 | | | | 0.0 | |
| 70,000 (2) | | | LifePoint Health, Inc., 10.000%, 06/01/2032 | | | 71,656 | | | | 0.1 | |
| 70,000 (2) | | | Medline Borrower L.P., 3.875%, 04/01/2029 | | | 64,517 | | | | 0.0 | |
| 200,000 (2) | | | Minerva Luxembourg SA, 8.875%, 09/13/2033 | | | 207,875 | | | | 0.1 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Consumer, Non-cyclical: (continued) | | |
| 70,000 (2) | | | ModivCare, Inc., 5.875%, 11/15/2025 | | $ | 71,028 | | | | 0.1 | |
| 70,000 (2) | | | MPH Acquisition Holdings LLC, 5.500%, 09/01/2028 | | | 52,928 | | | | 0.0 | |
| 70,000 (2) | | | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | | | 64,914 | | | | 0.0 | |
| 70,000 (2) | | | Owens & Minor, Inc., 6.625%, 04/01/2030 | | | 63,709 | | | | 0.0 | |
| 70,000 (2)(4) | | | Post Holdings, Inc., 4.625%, 04/15/2030 | | | 64,368 | | | | 0.0 | |
| 15,000 (2) | | | Prime Security Services Borrower LLC / Prime Finance, Inc., 5.750%, 04/15/2026 | | | 14,899 | | | | 0.0 | |
| 70,000 (2) | | | Primo Water Holdings, Inc., 4.375%, 04/30/2029 | | | 64,545 | | | | 0.0 | |
| 70,000 (2)(4) | | | Select Medical Corp., 6.250%, 08/15/2026 | | | 70,402 | | | | 0.1 | |
| 70,000 (2)(4) | | | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | | | 61,618 | | | | 0.0 | |
| 60,000 (2) | | | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | | | 60,164 | | | | 0.0 | |
| 70,000 (2)(4) | | | Star Parent, Inc., 9.000%, 10/01/2030 | | | 73,580 | | | | 0.1 | |
| 70,000 (2) | | | Teleflex, Inc., 4.250%, 06/01/2028 | | | 66,058 | | | | 0.0 | |
| 70,000 (4) | | | Tenet Healthcare Corp., 6.125%, 10/01/2028 | | | 69,703 | | | | 0.1 | |
| 70,000 (2) | | | Triton Water Holdings, Inc., 6.250%, 04/01/2029 | | | 67,575 | | | | 0.0 | |
| 70,000 (2) | | | United Natural Foods, Inc., 6.750%, 10/15/2028 | | | 63,262 | | | | 0.0 | |
| 70,000 (4) | | | United Rentals North America, Inc., 3.750%, 01/15/2032 | | | 60,969 | | | | 0.0 | |
| 70,000 (2) | | | Varex Imaging Corp., 7.875%, 10/15/2027 | | | 71,311 | | | | 0.1 | |
| 70,000 (2) | | | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | | | 72,355 | | | | 0.1 | |
| 70,000 (2) | | | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | | | 66,253 | | | | 0.0 | |
| | | | | | | 3,354,393 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | Energy: 1.8% | | | | | | | | |
| 255,000 (2) | | | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 | | | 253,100 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) | | | | | | | | |
| 70,000 (2) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | | $ | 69,392 | | | | 0.0 | |
| 70,000 (2)(4) | | | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | | | 68,461 | | | | 0.0 | |
| 70,000 (2) | | | Baytex Energy Corp., 8.500%, 04/30/2030 | | | 73,265 | | | | 0.1 | |
| 70,000 (2) | | | Chord Energy Corp., 6.375%, 06/01/2026 | | | 70,040 | | | | 0.0 | |
| 50,000 (2) | | | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | | | 50,994 | | | | 0.0 | |
| 70,000 | | | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025 | | | 69,839 | | | | 0.0 | |
| 70,000 (2) | | | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | | | 72,093 | | | | 0.1 | |
| 46,000 | | | Devon Energy Corp., 5.250%, 10/15/2027 | | | 45,884 | | | | 0.0 | |
| 70,000 (2) | | | DT Midstream, Inc., 4.125%, 06/15/2029 | | | 64,726 | | | | 0.0 | |
| 110,000 | | | Ecopetrol SA, 8.375%, 01/19/2036 | | | 108,350 | | | | 0.1 | |
| 70,000 (2) | | | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | | | 71,393 | | | | 0.0 | |
| 70,000 (2) | | | Enerflex Ltd., 9.000%, 10/15/2027 | | | 71,125 | | | | 0.0 | |
| 450,000 (1)(4) | | | Energy Transfer L.P. G, 7.125%, 12/31/2199 | | | 446,868 | | | | 0.2 | |
| 70,000 | | | EnLink Midstream LLC, 5.375%, 06/01/2029 | | | 68,404 | | | | 0.0 | |
| 70,000 (2) | | | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | | | 72,001 | | | | 0.1 | |
| 185,000 (2) | | | Hess Midstream Operations L.P., 5.625%, 02/15/2026 | | | 183,728 | | | | 0.1 | |
| 70,000 (2) | | | Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029 | | | 67,789 | | | | 0.0 | |
| 200,000 (2)(4) | | | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033 | | | 217,063 | | | | 0.1 | |
| 70,000 (2)(4) | | | Kinetik Holdings L.P., 5.875%, 06/15/2030 | | | 69,023 | | | | 0.0 | |
| 70,000 (2)(4) | | | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | | | 71,811 | | | | 0.1 | |
| 70,000 (2) | | | Matador Resources Co., 6.875%, 04/15/2028 | | | 71,137 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Energy: (continued) | | | | | | | | |
| 70,000 (2) | | | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 | | $ | 70,190 | | | | 0.0 | |
| 70,000 (4) | | | Murphy Oil Corp., 6.375%, 07/15/2028 | | | 70,595 | | | | 0.0 | |
| 70,000 (2) | | | NGL Energy Operating LLC / NGL Energy Finance Corp., 8.375%, 02/15/2032 | | | 71,133 | | | | 0.0 | |
| 185,000 (2) | | | Permian Resources Operating LLC, 5.375%, 01/15/2026 | | | 183,241 | | | | 0.1 | |
| 70,000 (2)(4) | | | Permian Resources Operating LLC, 5.875%, 07/01/2029 | | | 68,972 | | | | 0.0 | |
| 225,000 | | | Petroleos del Peru SA, 4.750%, 06/19/2032 | | | 168,891 | | | | 0.1 | |
| 200,000 | | | Petroleos Mexicanos, 6.500%, 03/13/2027 | | | 190,980 | | | | 0.1 | |
| 100,000 (2) | | | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA, 6.240%, 07/03/2036 | | | 99,950 | | | | 0.1 | |
| 200,000 (2) | | | Raizen Fuels Finance SA, 6.450%, 03/05/2034 | | | 203,600 | | | | 0.1 | |
| 70,000 | | | Southwestern Energy Co., 5.375%, 02/01/2029 | | | 68,086 | | | | 0.0 | |
| 185,000 | | | Southwestern Energy Co., 5.700%, 01/23/2025 | | | 184,847 | | | | 0.1 | |
| 70,000 | | | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | | | 65,518 | | | | 0.0 | |
| 70,000 (2)(4) | | | Talos Production, Inc., 9.000%, 02/01/2029 | | | 73,524 | | | | 0.1 | |
| 70,000 (2) | | | Venture Global LNG, Inc., 8.125%, 06/01/2028 | | | 72,170 | | | | 0.1 | |
| | | | | | | 3,948,183 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | Financial: 4.8% | | | | | | | | |
| 55,000 (2) | | | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | | | 55,081 | | | | 0.0 | |
| 70,000 (4) | | | Ally Financial, Inc., 5.750%, 11/20/2025 | | | 69,591 | | | | 0.0 | |
| 293,000 | | | American Express Co., 3.950%, 08/01/2025 | | | 288,265 | | | | 0.1 | |
| 70,000 (2) | | | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | | | 67,538 | | | | 0.0 | |
| 2,391,000 (1) | | | Bank of America Corp., MTN, 3.384%, 04/02/2026 | | | 2,348,598 | | | | 1.1 | |
| 70,000 (2) | | | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | | | 65,378 | | | | 0.0 | |
| 264,000 (1)(2) | | | Danske Bank A/S, 6.466%, 01/09/2026 | | | 264,748 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) | | | | | | | | |
| 70,000 (2) | | | Freedom Mortgage Corp., 6.625%, 01/15/2027 | | $ | 67,672 | | | | 0.0 | |
| 185,000 (2) | | | Freedom Mortgage Corp., 7.625%, 05/01/2026 | | | 183,857 | | | | 0.1 | |
| 1,675,000 (1) | | | JPMorgan Chase & Co., 2.083%, 04/22/2026 | | | 1,626,894 | | | | 0.7 | |
| 19,000 (1) | | | JPMorgan Chase & Co., 4.452%, 12/05/2029 | | | 18,450 | | | | 0.0 | |
| 185,000 (2) | | | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | | | 175,405 | | | | 0.1 | |
| 70,000 (2) | | | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | | | 64,717 | | | | 0.0 | |
| 1,058,000 (1) | | | Morgan Stanley, 0.985%, 12/10/2026 | | | 989,712 | | | | 0.5 | |
| 1,293,000 (1) | | | Morgan Stanley, 2.188%, 04/28/2026 | | | 1,255,918 | | | | 0.6 | |
| 732,000 (1) | | | Morgan Stanley, 4.679%, 07/17/2026 | | | 724,983 | | | | 0.3 | |
| 2,000 (1)(4) | | | Morgan Stanley, 5.831%, 04/19/2035 | | | 2,051 | | | | 0.0 | |
| 1,000 (1) | | | Morgan Stanley, 6.627%, 11/01/2034 | | | 1,080 | | | | 0.0 | |
| 6,000 (1) | | | Morgan Stanley, MTN, 5.424%, 07/21/2034 | | | 5,972 | | | | 0.0 | |
| 70,000 | | | MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031 | | | 45,693 | | | | 0.0 | |
| 185,000 (2) | | | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | | | 181,262 | | | | 0.1 | |
| 70,000 (2) | | | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | | | 64,251 | | | | 0.0 | |
| 70,000 (4) | | | Navient Corp., 4.875%, 03/15/2028 | | | 64,316 | | | | 0.0 | |
| 20,000 (1) | | | Northern Trust Corp., 3.375%, 05/08/2032 | | | 18,901 | | | | 0.0 | |
| 185,000 | | | OneMain Finance Corp., 3.500%, 01/15/2027 | | | 173,492 | | | | 0.1 | |
| 70,000 (4) | | | OneMain Finance Corp., 6.625%, 01/15/2028 | | | 70,318 | | | | 0.0 | |
| 70,000 (2) | | | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | | | 70,854 | | | | 0.1 | |
| 70,000 (2) | | | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | | | 70,893 | | | | 0.1 | |
| 70,000 (2) | | | PRA Group, Inc., 5.000%, 10/01/2029 | | | 60,015 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Financial: (continued) |
| 70,000 (2) | | | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | | $ | 72,440 | | | | 0.1 | |
| 185,000 (2) | | | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | | | 176,073 | | | | 0.1 | |
| 185,000 (2) | | | United Wholesale Mortgage LLC, 5.500%, 11/15/2025 | | | 183,801 | | | | 0.1 | |
| 70,000 (2) | | | United Wholesale Mortgage LLC, 5.750%, 06/15/2027 | | | 68,400 | | | | 0.0 | |
| 70,000 (2) | | | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | | | 70,394 | | | | 0.0 | |
| 1,000 (1) | | | Wells Fargo & Co., 5.499%, 01/23/2035 | | | 997 | | | | 0.0 | |
| 1,100,000 (1) | | | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | | | 1,086,652 | | | | 0.5 | |
| 8,000 (1) | | | Wells Fargo & Co., MTN, 5.557%, 07/25/2034 | | | 7,997 | | | | 0.0 | |
| | | | | | | 10,762,659 | | | | 4.8 | |
| | | | | | | | | | | | |
| | | | Industrial: 1.0% |
| 70,000 (2) | | | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | | | 71,420 | | | | 0.1 | |
| 70,000 (2)(4) | | | AmeriTex HoldCo Intermediate LLC, 10.250%, 10/15/2028 | | | 73,803 | | | | 0.1 | |
| 10,000 (2)(4) | | | Bombardier, Inc., 7.250%, 07/01/2031 | | | 10,280 | | | | 0.0 | |
| 35,000 (2)(4) | | | Bombardier, Inc., 7.500%, 02/01/2029 | | | 36,306 | | | | 0.0 | |
| 110,000 (2)(4) | | | Bombardier, Inc., 7.875%, 04/15/2027 | | | 110,349 | | | | 0.1 | |
| 255,000 (2) | | | Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026 | | | 252,422 | | | | 0.1 | |
| 70,000 (2) | | | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | | | 67,473 | | | | 0.0 | |
| 70,000 (2) | | | Chart Industries, Inc., 7.500%, 01/01/2030 | | | 72,423 | | | | 0.1 | |
| 70,000 (2) | | | Clean Harbors, Inc., 6.375%, 02/01/2031 | | | 70,244 | | | | 0.0 | |
| 70,000 (2) | | | Clydesdale Acquisition Holdings, Inc., 8.750%, 04/15/2030 | | | 68,600 | | | | 0.0 | |
| 70,000 (2) | | | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | | | 70,634 | | | | 0.1 | |
| 70,000 (2)(4) | | | Energizer Holdings, Inc., 4.750%, 06/15/2028 | | | 65,597 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: (continued) | | | | | | | | |
| 70,000 (2) | | | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | | $ | 67,938 | | | | 0.0 | |
| 70,000 (2) | | | GFL Environmental, Inc., 4.000%, 08/01/2028 | | | 65,113 | | | | 0.0 | |
| 70,000 (2)(4) | | | GFL Environmental, Inc., 5.125%, 12/15/2026 | | | 69,386 | | | | 0.0 | |
| 70,000 (2) | | | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | | | 66,188 | | | | 0.0 | |
| 70,000 (2) | | | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | | | 66,201 | | | | 0.0 | |
| 70,000 (2) | | | Imola Merger Corp., 4.750%, 05/15/2029 | | | 65,497 | | | | 0.0 | |
| 70,000 (2) | | | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | | | 67,856 | | | | 0.0 | |
| 70,000 (2) | | | Madison IAQ LLC, 5.875%, 06/30/2029 | | | 65,194 | | | | 0.0 | |
| 70,000 (2) | | | Masterbrand, Inc., 7.000%, 07/15/2032 | | | 70,838 | | | | 0.1 | |
| 70,000 (2) | | | New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028 | | | 71,295 | | | | 0.1 | |
| 70,000 (2)(4) | | | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | | | 69,966 | | | | 0.0 | |
| 70,000 (2) | | | Sealed Air Corp., 4.000%, 12/01/2027 | | | 65,885 | | | | 0.0 | |
| 70,000 (2) | | | Sensata Technologies, Inc., 3.750%, 02/15/2031 | | | 61,063 | | | | 0.0 | |
| 70,000 (2) | | | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | | | 74,339 | | | | 0.1 | |
| 70,000 (2) | | | Standard Industries, Inc., 3.375%, 01/15/2031 | | | 59,053 | | | | 0.0 | |
| 185,000 (2) | | | Standard Industries, Inc., 5.000%, 02/15/2027 | | | 179,999 | | | | 0.1 | |
| 70,000 (2) | | | Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029 | | | 67,558 | | | | 0.0 | |
| 70,000 | | | TransDigm, Inc., 5.500%, 11/15/2027 | | | 68,797 | | | | 0.0 | |
| 70,000 (2) | | | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | | | 64,907 | | | | 0.0 | |
| | | | | | | 2,356,624 | | | | 1.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) |
| | | | Technology: 0.2% |
| 70,000 (2) | | | Cloud Software Group, Inc., 6.500%, 03/31/2029 | | $ | 67,274 | | | | 0.0 | |
| 70,000 (2) | | | Entegris, Inc., 3.625%, 05/01/2029 | | | 62,899 | | | | 0.0 | |
| 70,000 (2)(4) | | | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | | | 71,806 | | | | 0.1 | |
| 70,000 (2) | | | NCR Atleos Escrow Corp., 9.500%, 04/01/2029 | | | 75,716 | | | | 0.1 | |
| 70,000 (2)(4) | | | Open Text Corp., 3.875%, 02/15/2028 | | | 64,862 | | | | 0.0 | |
| 70,000 (2)(4) | | | UKG, Inc., 6.875%, 02/01/2031 | | | 70,927 | | | | 0.0 | |
| 70,000 (2) | | | Virtusa Corp., 7.125%, 12/15/2028 | | | 64,487 | | | | 0.0 | |
| | | | | | | 477,971 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Utilities: 0.5% |
| 70,000 (2) | | | Calpine Corp., 5.000%, 02/01/2031 | | | 65,375 | | | | 0.0 | |
| 129,000 (1)(4) | | | Duke Energy Corp., 4.875%, 12/31/2199 | | | 128,206 | | | | 0.1 | |
| 251,000 (1) | | | National Rural Utilities Cooperative Finance Corp., 8.501%, (TSFR3M + 3.172%), 04/30/2043 | | | 251,005 | | | | 0.1 | |
| 275,000 (1) | | | NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079 | | | 263,845 | | | | 0.1 | |
| 211,000 | | | South Jersey Industries, Inc., 5.020%, 04/15/2031 | | | 166,387 | | | | 0.1 | |
| 70,000 | | | TransAlta Corp., 7.750%, 11/15/2029 | | | 73,098 | | | | 0.0 | |
| 255,000 (2) | | | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | | | 250,909 | | | | 0.1 | |
| | | | | | | 1,198,825 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | Total Corporate Bonds/Notes
(Cost $29,827,923) | | | 29,379,661 | | | | 13.1 | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.2% |
| 250,000 (2) | | | ARZ Trust 2024-BILT C, 6.361%, 06/11/2029 | | | 251,708 | | | | 0.1 | |
| 500,000 (2) | | | BANK 2017-BNK4 D, 3.357%, 05/15/2050 | | | 351,033 | | | | 0.2 | |
| 670,000 (2) | | | BANK 2017-BNK8 D, 2.600%, 11/15/2050 | | | 324,144 | | | | 0.1 | |
| 800,000 (1) | | | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 B, 3.879%, 02/15/2050 | | | 743,345 | | | | 0.3 | |
| 4,632,378 (1)(3) | | | BBCMS Mortgage Trust 2022-C17 XA, 1.325%, 09/15/2055 | | | 331,165 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,000,000 (1)(2) | | | Benchmark Mortgage Trust 2018-B3 D, 3.166%, 04/10/2051 | | $ | 635,302 | | | | 0.3 | |
| 10,286,197 (1)(3) | | | Benchmark Mortgage Trust 2019-B10 XA, 1.385%, 03/15/2062 | | | 468,787 | | | | 0.2 | |
| 5,466,994 (1)(3) | | | Benchmark Mortgage Trust 2020-B17 XA, 1.535%, 03/15/2053 | | | 258,379 | | | | 0.1 | |
| 3,123,043 (1)(3) | | | Benchmark Mortgage Trust 2020-B18 XA, 1.908%, 07/15/2053 | | | 184,804 | | | | 0.1 | |
| 2,087,426 (1)(3) | | | Benchmark Mortgage Trust 2021-B24 XA, 1.261%, 03/15/2054 | | | 104,320 | | | | 0.0 | |
| 204,000 (2)(6) | | | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | | | 149,265 | | | | 0.1 | |
| 450,000 (1)(2) | | | BMP 2024-MF23 C, 7.170%, (TSFR1M + 1.841%), 06/15/2041 | | | 447,575 | | | | 0.2 | |
| 191,565 (1)(2) | | | BX 2021-MFM1 D, 6.943%, (TSFR1M + 1.614%), 01/15/2034 | | | 188,755 | | | | 0.1 | |
| 367,500 (1)(2) | | | BX Commercial Mortgage Trust 2021-21M E, 7.614%, (TSFR1M + 2.285%), 10/15/2036 | | | 360,539 | | | | 0.2 | |
| 351,954 (1)(2) | | | BX Commercial Mortgage Trust 2021-XL2 D, 6.840%, (TSFR1M + 1.511%), 10/15/2038 | | | 344,883 | | | | 0.2 | |
| 725,000 (1)(2) | | | BX Trust 2021-ARIA C, 7.089%, (TSFR1M + 1.760%), 10/15/2036 | | | 713,261 | | | | 0.3 | |
| 250,000 (1)(2) | | | BX Trust 2021-LBA EJV, 7.443%, (TSFR1M + 2.114%), 02/15/2036 | | | 243,443 | | | | 0.1 | |
| 197,702 (1)(2) | | | BX Trust 2021-LBA EV, 7.443%, (TSFR1M + 2.114%), 02/15/2036 | | | 192,871 | | | | 0.1 | |
| 671,477 (1)(2) | | | BX Trust 2021-SDMF D, 6.830%, (TSFR1M + 1.501%), 09/15/2034 | | | 653,316 | | | | 0.3 | |
| 560,530 (1)(2) | | | BX Trust 2022-FOX2 C, 6.638%, (TSFR1M + 1.309%), 04/15/2039 | | | 545,934 | | | | 0.2 | |
| 700,000 (1)(2) | | | BX Trust 2022-LBA6 C, 6.929%, (TSFR1M + 1.600%), 01/15/2039 | | | 697,394 | | | | 0.3 | |
| 500,000 (1)(2) | | | BX Trust 2023-DELC A, 8.019%, (TSFR1M + 2.690%), 05/15/2038 | | | 502,351 | | | | 0.2 | |
| 596,146 (1)(2) | | | BX Trust 2024-CNYN C, 7.270%, (TSFR1M + 1.941%), 04/15/2029 | | | 594,413 | | | | 0.3 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 725,000 (1) | | | Citigroup Commercial Mortgage Trust 2016-P4 C, 4.095%, 07/10/2049 | | $ | 610,063 | | | | 0.3 | |
| 200,000 (1) | | | Citigroup Commercial Mortgage Trust 2016-P5 B, 3.698%, 10/10/2049 | | | 175,234 | | | | 0.1 | |
| 15,855,238 (1)(3) | | | Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.981%, 12/15/2072 | | | 549,673 | | | | 0.2 | |
| 500,000 (1)(2) | | | Citigroup Commercial Mortgage Trust 2023-SMRT C, 6.048%, 10/12/2040 | | | 492,107 | | | | 0.2 | |
| 1,000,000 (1)(2) | | | DBWF Mortgage Trust 2015-LCM D, 3.535%, 06/10/2034 | | | 874,033 | | | | 0.4 | |
| 1,000,000 (2) | | | DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040 | | | 1,026,346 | | | | 0.5 | |
| 500,000 (2) | | | DC Trust 2024-HLTN A, 5.933%, 04/13/2028 | | | 493,848 | | | | 0.2 | |
| 1,000,000 (1)(2) | | | DK Trust 2024-SPBX C, 7.279%, (TSFR1M + 1.950%), 03/15/2034 | | | 995,847 | | | | 0.4 | |
| 272,338 (1)(2) | | | Extended Stay America Trust 2021-ESH E, 8.293%, (TSFR1M + 2.964%), 07/15/2038 | | | 272,205 | | | | 0.1 | |
| 1,080,851 (1)(3) | | | Freddie Mac Multiclass Certificates Series 2021-P011 X1, 1.776%, 09/25/2045 | | | 123,440 | | | | 0.1 | |
| 1,440,278 (1)(3) | | | Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.693%, 04/25/2030 | | | 104,006 | | | | 0.0 | |
| 4,254,054 (1)(3) | | | Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.628%, 05/25/2035 | | | 457,622 | | | | 0.2 | |
| 1,685,788 (1)(3) | | | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.094%, 08/25/2036 | | | 134,252 | | | | 0.1 | |
| 1,119,480 (2)(6) | | | FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049 | | | 904,480 | | | | 0.4 | |
| 11,338,884 (2)(3) | | | FREMF Mortgage Trust 2016-K57 X2A, 0.100%, 08/25/2049 | | | 16,270 | | | | 0.0 | |
| 2,837,168 (2)(3) | | | FREMF Mortgage Trust 2016-K57 X2B, 0.100%, 08/25/2049 | | | 5,239 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 2,525,240 (2)(3) | | | FREMF Mortgage Trust 2019-KG01 X2A, 0.100%, 04/25/2029 | | $ | 5,973 | | | | 0.0 | |
| 280,000 (2)(3) | | | FREMF Mortgage Trust 2019-KG01 X2B, 0.100%, 05/25/2029 | | | 994 | | | | 0.0 | |
| 700,000 (2)(6) | | | GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050 | | | 555,378 | | | | 0.3 | |
| 1,000,000 (2)(6) | | | GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050 | | | 782,271 | | | | 0.4 | |
| 238,000 (2) | | | GAM RE-REMIC Trust 2022-FRR3 BK71, 2.000%, 11/27/2050 | | | 195,301 | | | | 0.1 | |
| 92,000 (2)(6) | | | GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050 | | | 90,053 | | | | 0.0 | |
| 95,000 (2)(6) | | | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | | | 87,537 | | | | 0.0 | |
| 92,000 (2)(6) | | | GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050 | | | 89,436 | | | | 0.0 | |
| 75,000 (2)(6) | | | GAM RE-REMIC Trust 2022-FRR3 DK41, 0.000%, 10/27/2047 | | | 72,497 | | | | 0.0 | |
| 95,000 (2)(6) | | | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | | | 86,403 | | | | 0.0 | |
| 166,000 (2) | | | GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.393%, 09/27/2051 | | | 131,060 | | | | 0.1 | |
| 126,000 (2)(6) | | | GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051 | | | 119,985 | | | | 0.1 | |
| 153,000 (2)(6) | | | GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051 | | | 144,684 | | | | 0.1 | |
| 125,000 (2) | | | GAM RE-REMIC TRUST 2021-FRR2 CK49, 1.007%, 09/27/2051 | | | 114,623 | | | | 0.1 | |
| 106,000 (2)(6) | | | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | | | 70,871 | | | | 0.0 | |
| 126,000 (2)(6) | | | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | | | 119,318 | | | | 0.1 | |
| 125,000 (2)(6) | | | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | | | 110,887 | | | | 0.1 | |
| 600,000 (1)(2) | | | GS Mortgage Securities Corp. II 2023-SHIP C, 5.689%, 09/10/2038 | | | 586,925 | | | | 0.3 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 637,960 | | | GS Mortgage Securities Trust 2015-GC30 A4, 3.382%, 05/10/2050 | | $ | 622,679 | | | | 0.3 | |
| 11,862,215 (1)(3) | | | GS Mortgage Securities Trust 2019-GC39 XA, 1.290%, 05/10/2052 | | | 479,198 | | | | 0.2 | |
| 800,000 (2) | | | HTL Commercial Mortgage Trust 2024-T53 A, 6.071%, 05/10/2039 | | | 799,277 | | | | 0.4 | |
| 770,000 (1)(2) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC E, 8.143%, (TSFR1M + 2.814%), 04/15/2038 | | | 763,816 | | | | 0.3 | |
| 19,379,238 (1)(3) | | | JPMDB Commercial Mortgage Securities Trust 2018-C8 XA, 0.756%, 06/15/2051 | | | 333,293 | | | | 0.2 | |
| 750,000 (1)(2) | | | LBA Trust 2024-BOLT A, 6.920%, (TSFR1M + 1.591%), 06/15/2026 | | | 747,835 | | | | 0.3 | |
| 1,000,000 (1)(2) | | | MED Commercial Mortgage Trust 2024-MOB A, 6.920%, (TSFR1M + 1.592%), 05/15/2041 | | | 995,568 | | | | 0.4 | |
| 746,418 (1)(2) | | | Med Trust 2021-MDLN D, 7.443%, (TSFR1M + 2.114%), 11/15/2038 | | | 746,813 | | | | 0.3 | |
| 182,000 (1)(2) | | | MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 7.943%, (TSFR1M + 2.614%), 07/15/2036 | | | 179,039 | | | | 0.1 | |
| 7,113,680 (1)(3) | | | Morgan Stanley Capital I Trust 2019-L3 XA, 0.728%, 11/15/2052 | | | 197,417 | | | | 0.1 | |
| 355,000 (1)(2) | | | MTN Commercial Mortgage Trust 2022-LPFL A, 6.727%, (TSFR1M + 1.397%), 03/15/2039 | | | 351,080 | | | | 0.2 | |
| 90,000 (2) | | | RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049 | | | 78,281 | | | | 0.0 | |
| 70,000 (1)(2) | | | RFM Reremic Trust 2022-FRR1 AB60, 2.390%, 11/08/2049 | | | 61,126 | | | | 0.0 | |
| 110,000 (1)(2) | | | RFM Reremic Trust 2022-FRR1 AB64, 2.250%, 03/01/2050 | | | 95,323 | | | | 0.0 | |
| 30,000 (2)(6) | | | RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049 | | | 25,556 | | | | 0.0 | |
| 30,000 (2)(6) | | | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | | | 23,808 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 500,000 (2) | | | THPT Mortgage Trust 2023-THL A, 7.227%, 12/10/2034 | | $ | 507,593 | | | | 0.2 | |
| 485,289 | | | Wells Fargo Commercial Mortgage Trust 2015-SG1 A4, 3.789%, 09/15/2048 | | | 473,931 | | | | 0.2 | |
| | | | Total Commercial Mortgage-Backed Securities
(Cost $28,111,650) | | | 27,367,481 | | | | 12.2 | |
|
| ASSET-BACKED SECURITIES: 8.4% |
| | | | Automobile Asset-Backed Securities: 0.4% |
| 200,000 | | | Exeter Automobile Receivables Trust 2024-1A B, 5.290%, 08/15/2028 | | | 199,171 | | | | 0.1 | |
| 400,000 | | | GM Financial Automobile Leasing Trust 2022-3 C, 5.130%, 08/20/2026 | | | 397,300 | | | | 0.2 | |
| 350,000 | | | Honda Auto Receivables Owner Trust 2024-1 A4, 5.170%, 05/15/2030 | | | 351,428 | | | | 0.1 | |
| | | | | | | 947,899 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Home Equity Asset-Backed Securities: 0.2% |
| 449,463 (1)(2) | | | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 | | | 345,242 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | Other Asset-Backed Securities: 7.0% |
| 148,500 (2) | | | Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 | | | 143,256 | | | | 0.1 | |
| 250,000 (1)(2) | | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 8.343%, (TSFR1M + 3.014%), 11/15/2036 | | | 242,393 | | | | 0.1 | |
| 300,000 (1)(2) | | | Barings CLO Ltd. 2018-3A C, 7.486%, (TSFR3M + 2.162%), 07/20/2029 | | | 300,385 | | | | 0.1 | |
| 400,000 (1)(2) | | | Benefit Street Partners CLO XXIII Ltd. 2021-23A C, 7.785%, (TSFR3M + 2.462%), 04/25/2034 | | | 400,895 | | | | 0.2 | |
| 250,000 (1)(2) | | | BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.590%, (TSFR3M + 2.262%), 04/15/2034 | | | 248,324 | | | | 0.1 | |
| 584,608 (2) | | | Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 | | | 570,973 | | | | 0.3 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 1,000,000 (1)(2) | | | Dryden 87 CLO Ltd. 2021-87A C, 7.487%, (TSFR3M + 2.162%), 05/20/2034 | | $ | 1,000,944 | | | | 0.5 | |
| 750,000 (1)(2) | | | LCM XV L.P. 15A CR, 7.986%, (TSFR3M + 2.662%), 07/20/2030 | | | 750,791 | | | | 0.3 | |
| 750,000 (1)(2) | | | LCM XXII Ltd. 22A BR, 7.586%, (TSFR3M + 2.262%), 10/20/2028 | | | 748,007 | | | | 0.3 | |
| 950,000 (1)(2) | | | Magnetite XXVI Ltd. 2020-26A CR, 7.485%, (TSFR3M + 2.162%), 07/25/2034 | | | 952,653 | | | | 0.4 | |
| 1,079 (2) | | | Marlette Funding Trust 2022-3A A, 5.180%, 11/15/2032 | | | 1,078 | | | | 0.0 | |
| 264,966 (2) | | | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | | | 235,529 | | | | 0.1 | |
| 743,723 (2) | | | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | | | 694,376 | | | | 0.3 | |
| 620,000 (1)(2) | | | Neuberger Berman CLO XVII Ltd. 2014-17A CR3, 7.483%, (TSFR3M + 2.150%), 07/22/2038 | | | 621,550 | | | | 0.3 | |
| 1,000,000 (1)(2) | | | Neuberger Berman Loan Advisers CLO 25 Ltd. 2017-25A CR2, 7.423%, (TSFR3M + 2.100%), 07/18/2038 | | | 1,002,500 | | | | 0.5 | |
| 750,000 (1)(2) | | | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR, 7.489%, (TSFR3M + 2.162%), 10/16/2033 | | | 750,997 | | | | 0.3 | |
| 500,000 (1)(2) | | | NYACK Park CLO Ltd. 2021-1A C, 7.536%, (TSFR3M + 2.212%), 10/20/2034 | | | 500,924 | | | | 0.2 | |
| 500,000 (1)(2) | | | OCP CLO Ltd. 2023-27A CR, 7.524%, (TSFR3M + 2.200%), 07/16/2035 | | | 500,423 | | | | 0.2 | |
| 650,000 (1)(2) | | | Octagon Investment Partners 43 Ltd. 2019-1A CR, 7.774%, (TSFR3M + 2.450%), 10/25/2032 | | | 654,702 | | | | 0.3 | |
| 250,000 (1)(2) | | | Octagon Loan Funding Ltd. 2014-1A CRR, 7.787%, (TSFR3M + 2.462%), 11/18/2031 | | | 250,300 | | | | 0.1 | |
| 250,000 (1)(2) | | | OHA Credit Funding 8 Ltd. 2021-8A C, 7.489%, (TSFR3M + 2.162%), 01/18/2034 | | | 250,212 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 750,000 (1)(2) | | | Palmer Square CLO Ltd. 2023-1A C, 8.575%, (TSFR3M + 3.250%), 01/20/2036 | | $ | 761,085 | | | | 0.3 | |
| 550,000 (1)(2) | | | Shackleton CLO Ltd. 2019-15A CR, 7.740%, (TSFR3M + 2.412%), 01/15/2032 | | | 550,727 | | | | 0.3 | |
| 362,028 (2) | | | Sunnova Helios IX Issuer LLC 2022-B A, 5.000%, 08/20/2049 | | | 337,653 | | | | 0.2 | |
| 280,106 (2) | | | Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050 | | | 274,602 | | | | 0.1 | |
| 249,011 (2) | | | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | | | 230,934 | | | | 0.1 | |
| 750,000 (1)(2) | | | TCW CLO Ltd. 2023-1A C, 8.825%, (TSFR3M + 3.500%), 04/28/2036 | | | 755,406 | | | | 0.3 | |
| 600,000 (1)(2) | | | THL Credit Wind River CLO Ltd. 2017-3A CR, 8.090%, (TSFR3M + 2.762%), 04/15/2035 | | | 600,986 | | | | 0.3 | |
| 1,121,890 (2) | | | Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | | | 1,056,021 | | | | 0.5 | |
| 223,738 (2) | | | Wendy’s Funding LLC 2019-1A A2I, 3.783%, 06/15/2049 | | | 214,618 | | | | 0.1 | |
| | | | | | | 15,603,244 | | | | 7.0 | |
| | | | | | | | | | | | |
| | | | Student Loan Asset-Backed Securities: 0.8% |
| 300,090 (2) | | | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | | | 281,532 | | | | 0.1 | |
| 128,879 (2) | | | Navient Private Education Refi Loan Trust 2019-GA A, 2.400%, 10/15/2068 | | | 121,262 | | | | 0.1 | |
| 287,002 (2) | | | Navient Private Education Refi Loan Trust 2020-BA A2, 2.120%, 01/15/2069 | | | 266,498 | | | | 0.1 | |
| 312,363 (2) | | | Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069 | | | 287,029 | | | | 0.1 | |
| 134,252 (2) | | | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 | | | 118,727 | | | | 0.1 | |
| 109,575 (2) | | | Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069 | | | 96,393 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Student Loan Asset-Backed Securities: (continued) | |
| 600,000 (2) | | | Sofi Professional Loan Program LLC 2019-C BFX, 3.050%, 11/16/2048 | | $ | 508,768 | | | | 0.2 | |
| 159,174 (2) | | | SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046 | | | 145,557 | | | | 0.1 | |
| | | | | | | 1,825,766 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | Total Asset-Backed Securities
(Cost $19,035,610) | | | 18,722,151 | | | | 8.4 | |
| | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS: 3.2% |
| | | | United States Treasury Bonds: 0.9% | | | | | |
| 122,000 | | | 3.375%, 08/15/2042 | | | 103,080 | | | | 0.1 | |
| 556,000 | | | 4.250%, 02/15/2054 | | | 529,547 | | | | 0.2 | |
| 46,000 | | | 4.375%, 08/15/2043 | | | 44,415 | | | | 0.0 | |
| 1,384,000 | | | 4.625%, 05/15/2044 | | | 1,381,621 | | | | 0.6 | |
| | | | | | | 2,058,663 | | | | 0.9 | |
| | | | United States Treasury Notes: 2.3% |
| 8,000 | | | 2.750%, 08/15/2032 | | | 7,120 | | | | 0.0 | |
| 2,241,000 | | | 4.250%, 06/30/2029 | | | 2,231,808 | | | | 1.0 | |
| 439,000 | | | 4.375%, 05/15/2034 | | | 439,172 | | | | 0.2 | |
| 452,000 | | | 4.500%, 05/31/2029 | | | 455,143 | | | | 0.2 | |
| 26,000 | | | 4.500%, 05/31/2031 | | | 26,427 | | | | 0.0 | |
| 1,900,000 | | | 4.625%, 06/15/2027 | | | 1,905,566 | | | | 0.9 | |
| | | | | | | 5,065,236 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | Total U.S. Treasury Obligations
(Cost $7,107,241) | | | 7,123,899 | | | | 3.2 | |
| SOVEREIGN BONDS: 1.2% |
| BRL390,000 | | | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | | | 291,709 | | | | 0.1 | |
| 246,125 | | | Chile Government International Bond, 4.950%, 01/05/2036 | | | 236,711 | | | | 0.1 | |
| 400,000 (7) | | | European Bank for Reconstruction & Development, GMTN, 20.000%, 03/19/2025 | | | 399,120 | | | | 0.2 | |
| MXN27,250,000 | | | Mexican Bonos M, 7.750%, 05/29/2031 | | | 1,330,290 | | | | 0.6 | |
| 200,000 | | | Panama Government International Bond, 8.000%, 03/01/2038 | | | 211,450 | | | | 0.1 | |
| 56,000 (2) | | | Romanian Government International Bond, 6.375%, 01/30/2034 | | | 56,375 | | | | 0.0 | |
| 350,000 (8) | | | Ukraine Government International Bond, 7.750%, 09/01/2027 | | | 108,150 | | | | 0.1 | |
| | | Total Sovereign Bonds
(Cost $2,822,413) | | | 2,633,805 | | | | 1.2 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: 39.2% | |
| | | Communication Services: 3.7% | | | | | | | | |
| 9,631 | | | Alphabet, Inc. — Class A | | $ | 1,754,287 | | | | 0.8 | |
| 22,875 | | | AT&T, Inc. | | | 437,141 | | | | 0.2 | |
| 11,537 | | | Comcast Corp. — Class A | | | 451,789 | | | | 0.2 | |
| 4,992 | | | Deutsche Telekom AG, Reg | | | 125,476 | | | | 0.1 | |
| 30,000 | | | HKT Trust & HKT Ltd. — Stapled Security | | | 33,649 | | | | 0.0 | |
| 4,129 | | | Iridium Communications, Inc. | | | 109,914 | | | | 0.1 | |
| 17,015 | | | Koninklijke KPN NV | | | 65,214 | | | | 0.0 | |
| 4,423 | | | Meta Platforms, Inc. — Class A | | | 2,230,165 | | | | 1.0 | |
| 1,192 (9) | | | Netflix, Inc. | | | 804,457 | | | | 0.4 | |
| 44,900 | | | Nippon Telegraph & Telephone Corp. | | | 42,458 | | | | 0.0 | |
| 6,272 | | | Orange SA | | | 62,911 | | | | 0.0 | |
| 7,971 (9) | | | ROBLOX Corp. — Class A | | | 296,601 | | | | 0.1 | |
| 420 (2) | | | Scout24 SE | | | 32,090 | | | | 0.0 | |
| 6,900 | | | SoftBank Corp. | | | 84,387 | | | | 0.1 | |
| 8,705 | | | Spark New Zealand Ltd. | | | 22,057 | | | | 0.0 | |
| 861 (9) | | | Spotify Technology SA | | | 270,173 | | | | 0.1 | |
| 27 | | | Swisscom AG, Reg | | | 15,183 | | | | 0.0 | |
| 5,557 | | | Telefonica SA | | | 23,541 | | | | 0.0 | |
| 4,664 | | | Telenor ASA | | | 53,162 | | | | 0.0 | |
| 9,252 | | | Telstra Group Ltd. | | | 22,336 | | | | 0.0 | |
| 2,170 | | | T-Mobile US, Inc. | | | 382,311 | | | | 0.2 | |
| 4,826 (9) | | | Trade Desk, Inc. — Class A | | | 471,355 | | | | 0.2 | |
| 11,955 | | | Verizon Communications, Inc. | | | 493,024 | | | | 0.2 | |
| | | | | | | 8,283,681 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | Consumer Discretionary: 3.7% | | | | | | | | |
| 17,489 (9) | | | Amazon.com, Inc. | | | 3,379,749 | | | | 1.5 | |
| 1 | | | Bayerische Motoren Werke AG | | | 95 | | | | 0.0 | |
| 194 | | | Booking Holdings, Inc. | | | 768,531 | | | | 0.4 | |
| 1,800 (4) | | | Bridgestone Corp. | | | 71,027 | | | | 0.0 | |
| 5,050 (9) | | | Chipotle Mexican Grill, Inc. | | | 316,382 | | | | 0.2 | |
| 1,369 | | | Cie Generale des Etablissements Michelin SCA | | | 52,913 | | | | 0.0 | |
| 1,696 | | | Compass Group PLC | | | 46,204 | | | | 0.0 | |
| 2,177 | | | Dollar General Corp. | | | 287,865 | | | | 0.1 | |
| 1,554 | | | Garmin Ltd. | | | 253,178 | | | | 0.1 | |
| 4,170 | | | General Motors Co. | | | 193,738 | | | | 0.1 | |
| 6,597 | | | Gentex Corp. | | | 222,385 | | | | 0.1 | |
| 4,261 | | | H&R Block, Inc. | | | 231,074 | | | | 0.1 | |
| 177 | | | Hilton Worldwide Holdings, Inc. | | | 38,621 | | | | 0.0 | |
| 5,700 | | | Honda Motor Co. Ltd. | | | 61,275 | | | | 0.0 | |
| 185 | | | Industria de Diseno Textil SA | | | 9,180 | | | | 0.0 | |
| 1,023 (9) | | | Lululemon Athletica, Inc. | | | 305,570 | | | | 0.1 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 1,200 (4) | | | McDonald’s Holdings Co. Japan Ltd. | | $ | 47,358 | | | | 0.0 | |
| 290 | | | Mercedes-Benz Group AG | | | 20,071 | | | | 0.0 | |
| 1,514 | | | NIKE, Inc. — Class B | | | 114,110 | | | | 0.1 | |
| 4,581 | | | Pearson PLC | | | 57,204 | | | | 0.0 | |
| 577 | | | Ralph Lauren Corp. | | | 101,010 | | | | 0.1 | |
| 4,511 | | | Ross Stores, Inc. | | | 655,539 | | | | 0.3 | |
| 1,800 | | | Sekisui Chemical Co. Ltd. | | | 24,989 | | | | 0.0 | |
| 1,700 | | | Sekisui House Ltd. | | | 37,783 | | | | 0.0 | |
| 2,800 | | | Subaru Corp. | | | 59,543 | | | | 0.0 | |
| 2,279 | | | Tapestry, Inc. | | | 97,518 | | | | 0.1 | |
| 1,618 (9) | | | Tesla, Inc. | | | 320,170 | | | | 0.2 | |
| 991 | | | Texas Roadhouse, Inc. | | | 170,165 | | | | 0.1 | |
| 12,507 | | | Wendy’s Co. | | | 212,119 | | | | 0.1 | |
| | | | | | 8,155,366 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 2.4% |
| 7,740 | | | Altria Group, Inc. | | | 352,557 | | | | 0.2 | |
| 3,777 | | | British American Tobacco PLC | | | 116,028 | | | | 0.1 | |
| 6,020 | | | Coca-Cola Co. | | | 383,173 | | | | 0.2 | |
| 218 | | | Coca-Cola European Partners PLC - USD | | | 15,886 | | | | 0.0 | |
| 1,493 | | | Coca-Cola HBC AG — Class DI | | | 50,813 | | | | 0.0 | |
| 2,709 | | | Colgate-Palmolive Co. | | | 262,881 | | | | 0.1 | |
| 2,184 | | | Constellation Brands, Inc. — Class A | | | 561,899 | | | | 0.3 | |
| 1,418 | | | Danone SA | | | 86,852 | | | | 0.1 | |
| 1,661 | | | General Mills, Inc. | | | 105,075 | | | | 0.1 | |
| 2,751 | | | Imperial Brands PLC | | | 70,395 | | | | 0.0 | |
| 1,918 | | | Ingredion, Inc. | | | 219,995 | | | | 0.1 | |
| 2,900 (4) | | | Japan Tobacco, Inc. | | | 78,530 | | | | 0.0 | |
| 600 | | | Kao Corp. | | | 24,292 | | | | 0.0 | |
| 4,300 (4) | | | Kirin Holdings Co. Ltd. | | | 55,546 | | | | 0.0 | |
| 2,634 | | | Koninklijke Ahold Delhaize NV | | | 77,511 | | | | 0.0 | |
| 7,341 | | | Kraft Heinz Co. | | | 236,527 | | | | 0.1 | |
| 2,100 | | | MatsukiyoCocokara & Co. | | | 30,157 | | | | 0.0 | |
| 7,482 | | | McCormick & Co., Inc. | | | 530,773 | | | | 0.3 | |
| 2,400 | | | MEIJI Holdings Co. Ltd. | | | 51,907 | | | | 0.0 | |
| 987 | | | Molson Coors Beverage Co. — Class B | | | 50,169 | | | | 0.0 | |
| 9,052 | | | Mondelez International, Inc. — Class A | | | 592,363 | | | | 0.3 | |
| 4,843 | | | Orkla ASA | | | 39,273 | | | | 0.0 | |
| 1,718 | | | PepsiCo, Inc. | | | 283,350 | | | | 0.1 | |
| 4,582 | | | Philip Morris International, Inc. | | | 464,294 | | | | 0.2 | |
| 3,153 | | | Procter & Gamble Co. | | | 519,993 | | | | 0.2 | |
| 401 | | | Reckitt Benckiser Group PLC | | | 21,694 | | | | 0.0 | |
| 691 | | | Sysco Corp. | | | 49,330 | | | | 0.0 | |
| 5,379 | | | Tesco PLC | | | 20,778 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | Consumer Staples: (continued) | | | | | | | | |
| 1,332 | | | Tyson Foods, Inc. — Class A | | $ | 76,110 | | | | 0.0 | |
| | | | | | | 5,428,151 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | Energy: 1.8% | | | | | | | | |
| 2,340 | | | Aker BP ASA | | | 59,793 | | | | 0.0 | |
| 2,384 | | | Ampol Ltd. | | | 51,276 | | | | 0.0 | |
| 6,814 | | | Baker Hughes Co. | | | 239,648 | | | | 0.1 | |
| 25,671 | | | BP PLC | | | 154,559 | | | | 0.1 | |
| 2,185 | | | Chesapeake Energy Corp. | | | 179,585 | | | | 0.1 | |
| 1,455 | | | Chevron Corp. | | | 227,591 | | | | 0.1 | |
| 1,189 | | | Civitas Resources, Inc. | | | 82,041 | | | | 0.1 | |
| 3,512 | | | ConocoPhillips | | | 401,703 | | | | 0.2 | |
| 8,750 | | | Coterra Energy, Inc. | | | 233,362 | | | | 0.1 | |
| 1,343 | | | Diamondback Energy, Inc. | | | 268,855 | | | | 0.1 | |
| 13,900 | | | ENEOS Holdings, Inc. | | | 71,633 | | | | 0.0 | |
| 5,292 | | | Eni SpA | | | 81,257 | | | | 0.0 | |
| 2,662 | | | EOG Resources, Inc. | | | 335,066 | | | | 0.2 | |
| 1,152 | | | Halliburton Co. | | | 38,915 | | | | 0.0 | |
| 1,538 | | | Marathon Petroleum Corp. | | | 266,812 | | | | 0.1 | |
| 1,048 | | | Matador Resources Co. | | | 62,461 | | | | 0.0 | |
| 1,232 | | | OMV AG | | | 53,552 | | | | 0.0 | |
| 3,525 | | | ONEOK, Inc. | | | 287,464 | | | | 0.1 | |
| 2,178 | | | Phillips 66 | | | 307,468 | | | | 0.2 | |
| 2,986 | | | Repsol SA | | | 47,354 | | | | 0.0 | |
| 1,666 | | | Santos Ltd. | | | 8,452 | | | | 0.0 | |
| 5,115 | | | Shell PLC | | | 183,464 | | | | 0.1 | |
| 1,850 | | | Valero Energy Corp. | | | 290,006 | | | | 0.1 | |
| 4,026 | | | Viper Energy, Inc. | | | 151,096 | | | | 0.1 | |
| | | | | | | 4,083,413 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | Financials: 5.0% | | | | | | | | |
| 2 (2) | | | ABN AMRO Bank NV | | | 33 | | | | 0.0 | |
| 1,350 | | | Aflac, Inc. | | | 120,569 | | | | 0.1 | |
| 4,574 | | | AIB Group PLC | | | 24,156 | | | | 0.0 | |
| 593 | | | Allianz SE | | | 164,694 | | | | 0.1 | |
| 1,750 | | | Allstate Corp. | | | 279,405 | | | | 0.1 | |
| 1,323 | | | American Express Co. | | | 306,341 | | | | 0.2 | |
| 842 | | | American Financial Group, Inc. | | | 103,583 | | | | 0.1 | |
| 548 | | | Ameriprise Financial, Inc. | | | 234,100 | | | | 0.1 | |
| 6,055 | | | ANZ Group Holdings Ltd. | | | 113,759 | | | | 0.1 | |
| 3,050 | | | Apollo Global Management, Inc. | | | 360,114 | | | | 0.2 | |
| 356 | | | Ares Management Corp. — Class A | | | 47,448 | | | | 0.0 | |
| 1,129 | | | Arthur J Gallagher & Co. | | | 292,761 | | | | 0.1 | |
| 1,290 (4) | | | ASR Nederland NV | | | 61,415 | | | | 0.0 | |
| 1,798 | | | Assicurazioni Generali SpA | | | 44,759 | | | | 0.0 | |
| 1,336 | | | Assurant, Inc. | | | 222,110 | | | | 0.1 | |
| 11,130 | | | Aviva PLC | | | 67,039 | | | | 0.0 | |
| 1,534 | | | AXA SA | | | 50,271 | | | | 0.0 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 3,485 | | | Axis Capital Holdings Ltd. | | $ | 246,215 | | | | 0.1 | |
| 302 (4) | | | Baloise Holding AG, Reg | | | 53,244 | | | | 0.0 | |
| 8,738 | | | Banco BPM SpA | | | 56,236 | | | | 0.0 | |
| 2,469 | | | Bank Hapoalim BM | | | 21,805 | | | | 0.0 | |
| 1,135 | | | Bank Leumi Le-Israel BM | | | 9,252 | | | | 0.0 | |
| 5,740 | | | Bank of Ireland Group PLC | | | 59,963 | | | | 0.0 | |
| 218 (4) | | | Banque Cantonale Vaudoise | | | 23,130 | | | | 0.0 | |
| 21,000 | | | BOC Hong Kong Holdings Ltd. | | | 64,800 | | | | 0.0 | |
| 2,505 | | | Brown & Brown, Inc. | | | 223,972 | | | | 0.1 | |
| 12,920 | | | CaixaBank SA | | | 68,612 | | | | 0.0 | |
| 524 | | | Capital One Financial Corp. | | | 72,548 | | | | 0.0 | |
| 1,403 | | | Cboe Global Markets, Inc. | | | 238,594 | | | | 0.1 | |
| 2,588 | | | Citigroup, Inc. | | | 164,234 | | | | 0.1 | |
| 1,708 | | | CME Group, Inc. | | | 335,793 | | | | 0.2 | |
| 5,610 | | | CNO Financial Group, Inc. | | | 155,509 | | | | 0.1 | |
| 572 | | | Commerzbank AG | | | 8,676 | | | | 0.0 | |
| 2,940 | | | Credit Agricole SA | | | 40,145 | | | | 0.0 | |
| 2,064 | | | Danske Bank A/S | | | 61,561 | | | | 0.0 | |
| 1,990 | | | DBS Group Holdings Ltd. | | | 52,414 | | | | 0.0 | |
| 215 | | | Deutsche Boerse AG | | | 43,945 | | | | 0.0 | |
| 3,318 | | | DNB Bank ASA | | | 65,102 | | | | 0.0 | |
| 3,471 | | | Equitable Holdings, Inc. | | | 141,825 | | | | 0.1 | |
| 1,568 | | | Erste Group Bank AG | | | 74,222 | | | | 0.0 | |
| 3,837 | | | Essent Group Ltd. | | | 215,601 | | | | 0.1 | |
| 171 | | | Goldman Sachs Group, Inc. | | | 77,347 | | | | 0.1 | |
| 136 | | | Hannover Rueck SE | | | 34,427 | | | | 0.0 | |
| 2,498 | | | Hartford Financial Services Group, Inc. | | | 251,149 | | | | 0.1 | |
| 157 (4) | | | Helvetia Holding AG | | | 21,220 | | | | 0.0 | |
| 25,385 | | | HSBC Holdings PLC | | | 219,123 | | | | 0.1 | |
| 2,969 | | | ING Groep NV | | | 51,015 | | | | 0.0 | |
| 13,480 | | | Insurance Australia Group Ltd. | | | 63,902 | | | | 0.0 | |
| 1,172 | | | Interactive Brokers Group, Inc. — Class A | | | 143,687 | | | | 0.1 | |
| 2,393 | | | International Bancshares Corp. | | | 136,904 | | | | 0.1 | |
| 22,632 | | | Intesa Sanpaolo SpA | | | 84,110 | | | | 0.1 | |
| 6,500 | | | Japan Post Bank Co. Ltd. | | | 61,717 | | | | 0.0 | |
| 3,278 | | | Loews Corp. | | | 244,998 | | | | 0.1 | |
| 902 | | | LPL Financial Holdings, Inc. | | | 251,929 | | | | 0.1 | |
| 6,258 | | | M&G PLC | | | 16,088 | | | | 0.0 | |
| 1,678 | | | Marsh & McLennan Cos., Inc. | | | 353,588 | | | | 0.2 | |
| 19,454 | | | Medibank Pvt Ltd. | | | 48,213 | | | | 0.0 | |
| 1 | | | Mediobanca Banca di Credito Finanziario SpA | | | 15 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) | | | | | | | | |
| 4,307 | | | MetLife, Inc. | | $ | 302,308 | | | | 0.2 | |
| 11,733 | | | MGIC Investment Corp. | | | 252,846 | | | | 0.1 | |
| 110 | | | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | | | 54,995 | | | | 0.0 | |
| 1,359 | | | NN Group NV | | | 63,164 | | | | 0.0 | |
| 3,939 | | | Old Republic International Corp. | | | 121,715 | | | | 0.1 | |
| 2,981 | | | OneMain Holdings, Inc. | | | 144,549 | | | | 0.1 | |
| 8,400 | | | Oversea-Chinese Banking Corp. Ltd. | | | 89,203 | | | | 0.1 | |
| 4,270 (2) | | | Poste Italiane SpA | | | 54,334 | | | | 0.0 | |
| 266 | | | Progressive Corp. | | | 55,251 | | | | 0.0 | |
| 2,479 | | | Prudential Financial, Inc. | | | 290,514 | | | | 0.1 | |
| 4,720 | | | QBE Insurance Group Ltd. | | | 54,486 | | | | 0.0 | |
| 1,250 | | | Reinsurance Group of America, Inc. | | | 256,588 | | | | 0.1 | |
| 21,343 | | | Rithm Capital Corp. | | | 232,852 | | | | 0.1 | |
| 1,837 | | | SLM Corp. | | | 38,191 | | | | 0.0 | |
| 3,200 | | | Sompo Holdings, Inc. | | | 68,556 | | | | 0.0 | |
| 4,331 | | | Suncorp Group Ltd. | | | 50,084 | | | | 0.0 | |
| 699 (4) | | | Swiss Re AG | | | 86,660 | | | | 0.1 | |
| 3,679 | | | Synchrony Financial | | | 173,612 | | | | 0.1 | |
| 5,827 | | | Tradeweb Markets, Inc. — Class A | | | 617,662 | | | | 0.3 | |
| 1,339 | | | Travelers Cos., Inc. | | | 272,272 | | | | 0.1 | |
| 2,260 | | | Tryg A/S | | | 49,378 | | | | 0.0 | |
| 2,493 | | | UniCredit SpA | | | 92,256 | | | | 0.1 | |
| 4,785 | | | Unum Group | | | 244,561 | | | | 0.1 | |
| 4,919 | | | Wells Fargo & Co. | | | 292,139 | | | | 0.1 | |
| 252 | | | Zurich Insurance Group AG | | | 134,239 | | | | 0.1 | |
| | | | | | | 11,141,802 | | | | 5.0 | |
| | | | | | | | | | | | |
| | | | Health Care: 4.9% | | | | | | | | |
| 2,864 | | | AbbVie, Inc. | | | 491,233 | | | | 0.2 | |
| 981 | | | AmerisourceBergen Corp. | | | 221,019 | | | | 0.1 | |
| 1,100 | | | Astellas Pharma, Inc. | | | 10,852 | | | | 0.0 | |
| 5,688 (9) | | | Boston Scientific Corp. | | | 438,033 | | | | 0.2 | |
| 8,253 | | | Bristol-Myers Squibb Co. | | | 342,747 | | | | 0.2 | |
| 2,279 | | | Cardinal Health, Inc. | | | 224,071 | | | | 0.1 | |
| 1,108 | | | Cigna Group | | | 366,272 | | | | 0.2 | |
| 5,509 | | | CVS Health Corp. | | | 325,362 | | | | 0.1 | |
| 1,382 | | | Elevance Health, Inc. | | | 748,851 | | | | 0.3 | |
| 1,982 | | | Eli Lilly & Co. | | | 1,794,463 | | | | 0.8 | |
| 5,068 | | | Gilead Sciences, Inc. | | | 347,715 | | | | 0.2 | |
| 2,313 | | | GSK PLC | | | 44,489 | | | | 0.0 | |
| 1,370 | | | Hikma Pharmaceuticals PLC | | | 32,642 | | | | 0.0 | |
| 328 | | | Humana, Inc. | | | 122,557 | | | | 0.1 | |
| 1,410 (9) | | | Intuitive Surgical, Inc. | | | 627,238 | | | | 0.3 | |
| 5,355 | | | Johnson & Johnson | | | 782,687 | | | | 0.3 | |
| 467 | | | McKesson Corp. | | | 272,747 | | | | 0.1 | |
| 4,762 | | | Medtronic PLC | | | 374,817 | | | | 0.2 | |
| 1,568 | | | Merck & Co., Inc. | | | 194,118 | | | | 0.1 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 2,521 | | | Novartis AG, Reg | | $ | 268,415 | | | | 0.1 | |
| 333 | | | Novo Nordisk A/S — Class B | | | 47,647 | | | | 0.0 | |
| 3,300 | | | Ono Pharmaceutical Co. Ltd. | | | 45,089 | | | | 0.0 | |
| 835 | | | Orion Oyj — Class B | | | 35,612 | | | | 0.0 | |
| 1,200 | | | Otsuka Holdings Co. Ltd. | | | 50,696 | | | | 0.0 | |
| 1,854 (9) | | | Repligen Corp. | | | 233,715 | | | | 0.1 | |
| 62 | | | Roche Holding AG | | | 17,178 | | | | 0.0 | |
| 1,705 | | | Sanofi | | | 164,436 | | | | 0.1 | |
| 2,400 | | | Takeda Pharmaceutical Co. Ltd. | | | 62,252 | | | | 0.0 | |
| 793 | | | Thermo Fisher Scientific, Inc. | | | 438,529 | | | | 0.2 | |
| 1,621 | | | UnitedHealth Group, Inc. | | | 825,510 | | | | 0.4 | |
| 1,236 (9) | | | Vertex Pharmaceuticals, Inc. | | | 579,338 | | | | 0.3 | |
| 22,157 | | | Viatris, Inc. | | | 235,529 | | | | 0.1 | |
| 1,205 | | | Zoetis, Inc. | | | 208,899 | | | | 0.1 | |
| | | | | | | 10,974,758 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | | Industrials: 3.8% | |
| 1,356 | | | ACS Actividades de Construccion y Servicios SA | | | 58,568 | | | | 0.0 | |
| 648 | | | Acuity Brands, Inc. | | | 156,453 | | | | 0.1 | |
| 54 (2) | | | Aena SME SA | | | 10,935 | | | | 0.0 | |
| 1,679 | | | AMETEK, Inc. | | | 279,906 | | | | 0.1 | |
| 1,421 | | | Armstrong World Industries, Inc. | | | 160,914 | | | | 0.1 | |
| 20,342 | | | Aurizon Holdings Ltd. | | | 49,415 | | | | 0.0 | |
| 983 | | | Automatic Data Processing, Inc. | | | 234,632 | | | | 0.1 | |
| 2,682 | | | BAE Systems PLC | | | 44,673 | | | | 0.0 | |
| 2,141 | | | Booz Allen Hamilton Holding Corp. | | | 329,500 | | | | 0.2 | |
| 5,296 (9) | | | Brambles Ltd. | | | 51,106 | | | | 0.0 | |
| 536 | | | Bureau Veritas SA | | | 14,895 | | | | 0.0 | |
| 3,000 | | | Central Japan Railway Co. | | | 65,031 | | | | 0.0 | |
| 299 | | | Cintas Corp. | | | 209,378 | | | | 0.1 | |
| 2,826 | | | Computershare Ltd. | | | 49,426 | | | | 0.0 | |
| 6,629 (9) | | | Copart, Inc. | | | 359,027 | | | | 0.2 | |
| 9,563 | | | CSX Corp. | | | 319,882 | | | | 0.2 | |
| 859 | | | Cummins, Inc. | | | 237,883 | | | | 0.1 | |
| 632 | | | Curtiss-Wright Corp. | | | 171,259 | | | | 0.1 | |
| 138 | | | DCC PLC | | | 9,631 | | | | 0.0 | |
| 1,485 | | | Delta Air Lines, Inc. | | | 70,448 | | | | 0.1 | |
| 3,126 | | | Donaldson Co., Inc. | | | 223,697 | | | | 0.1 | |
| 1,687 | | | Dover Corp. | | | 304,419 | | | | 0.2 | |
| 7,169 | | | Dun & Bradstreet Holdings, Inc. | | | 66,385 | | | | 0.0 | |
| 1,500 | | | East Japan Railway Co. | | | 24,975 | | | | 0.0 | |
| 348 | | | Eiffage SA | | | 31,983 | | | | 0.0 | |
| 186 | | | Elbit Systems Ltd. | | | 32,366 | | | | 0.0 | |
| 10 | | | Ferrovial SE | | | 389 | | | | 0.0 | |
| 3,216 | | | Fortive Corp. | | | 238,306 | | | | 0.1 | |
| 3,452 | | | Genpact Ltd. | | | 111,120 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | Industrials: (continued) | | | | | | | | |
| 2,230 | | | Getlink SE | | $ | 36,923 | | | | 0.0 | |
| 1,084 | | | Graco, Inc. | | | 85,940 | | | | 0.1 | |
| 5,305 | | | Ingersoll Rand, Inc. | | | 481,906 | | | | 0.2 | |
| 1,777 | | | Jacobs Solutions, Inc. | | | 248,265 | | | | 0.1 | |
| 600 | | | Japan Airlines Co. Ltd. | | | 9,480 | | | | 0.0 | |
| 600 | | | Jardine Matheson Holdings Ltd. | | | 21,300 | | | | 0.0 | |
| 3,804 | | | Johnson Controls International PLC | | | 252,852 | | | | 0.1 | |
| 555 | | | Kongsberg Gruppen ASA | | | 45,195 | | | | 0.0 | |
| 1,626 | | | Leidos Holdings, Inc. | | | 237,201 | | | | 0.1 | |
| 2,703 | | | Leonardo SpA | | | 62,625 | | | | 0.0 | |
| 528 | | | ManpowerGroup, Inc. | | | 36,854 | | | | 0.0 | |
| 991 | | | Masco Corp. | | | 66,070 | | | | 0.0 | |
| 2,236 | | | MSC Industrial Direct Co., Inc. — Class A | | | 177,337 | | | | 0.1 | |
| 1,000 (4) | | | Nippon Express Holdings, Inc. | | | 46,281 | | | | 0.0 | |
| 2,000 | | | Nippon Yusen KK | | | 58,354 | | | | 0.0 | |
| 340 | | | Nordson Corp. | | | 78,860 | | | | 0.1 | |
| 961 | | | Owens Corning | | | 166,945 | | | | 0.1 | |
| 377 | | | Parker-Hannifin Corp. | | | 190,690 | | | | 0.1 | |
| 729 | | | Pentair PLC | | | 55,892 | | | | 0.0 | |
| 1,151 | | | RELX PLC - GBP | | | 52,737 | | | | 0.0 | |
| 1,025 | | | Republic Services, Inc. | | | 199,199 | | | | 0.1 | |
| 4,433 | | | Rollins, Inc. | | | 216,286 | | | | 0.1 | |
| 900 | | | Secom Co. Ltd. | | | 53,302 | | | | 0.0 | |
| 15,400 | | | Singapore Technologies Engineering Ltd. | | | 49,039 | | | | 0.0 | |
| 1,945 | | | Smiths Group PLC | | | 41,850 | | | | 0.0 | |
| 877 | | | Snap-on, Inc. | | | 229,239 | | | | 0.1 | |
| 3,642 | | | SS&C Technologies Holdings, Inc. | | | 228,244 | | | | 0.1 | |
| 1,900 | | | Sumitomo Corp. | | | 47,732 | | | | 0.0 | |
| 130 | | | Thales SA | | | 20,796 | | | | 0.0 | |
| 1,300 | | | TOPPAN Holdings, Inc. | | | 36,063 | | | | 0.0 | |
| 330 | | | TransDigm Group, Inc. | | | 421,611 | | | | 0.2 | |
| 374 | | | Vinci SA | | | 39,421 | | | | 0.0 | |
| 1,212 | | | Waste Connections, Inc. | | | 212,536 | | | | 0.1 | |
| 639 | | | Watts Water Technologies, Inc. — Class A | | | 117,173 | | | | 0.1 | |
| 2,900 | | | West Japan Railway Co. | | | 54,113 | | | | 0.0 | |
| 1,585 | | | Westinghouse Air Brake Technologies Corp. | | | 250,509 | | | | 0.1 | |
| 300 | | | Wolters Kluwer NV | | | 49,542 | | | | 0.0 | |
| | | | | | | 8,594,964 | | | | 3.8 | |
| | | | | | | | | | | | |
| | | Information Technology: 10.9% | | | | | | | | |
| 693 | | | Accenture PLC — Class A | | | 210,263 | | | | 0.1 | |
| 2,414 | | | Amdocs Ltd. | | | 190,513 | | | | 0.1 | |
| 19,270 | | | Apple, Inc. | | | 4,058,647 | | | | 1.8 | |
| 763 | | | Applied Materials, Inc. | | | 180,060 | | | | 0.1 | |
| 507 | | | ASML Holding N.V. | | | 518,524 | | | | 0.2 | |
| 847 | | | Broadcom, Inc. | | | 1,359,884 | | | | 0.6 | |
| 1,057 | | | Broadridge Financial Solutions, Inc. | | | 208,229 | | | | 0.1 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | Information Technology: (continued) |
| 1,200 | | | Brother Industries Ltd. | | $ | 21,197 | | | | 0.0 | |
| 11,470 | | | Cisco Systems, Inc. | | | 544,940 | | | | 0.3 | |
| 1,420 (9) | | | Crowdstrike Holdings, Inc. — Class A | | | 544,130 | | | | 0.3 | |
| 3,285 (9) | | | Datadog, Inc. — Class A | | | 426,032 | | | | 0.2 | |
| 9,226 | | | Hewlett Packard Enterprise Co. | | | 195,314 | | | | 0.1 | |
| 1,726 | | | International Business Machines Corp. | | | 298,512 | | | | 0.1 | |
| 137 | | | Intuit, Inc. | | | 90,038 | | | | 0.0 | |
| 205 | | | KLA Corp. | | | 169,024 | | | | 0.1 | |
| 2,303 | | | Marvell Technology, Inc. | | | 160,980 | | | | 0.1 | |
| 5,614 | | | Micron Technology, Inc. | | | 738,409 | | | | 0.3 | |
| 12,902 | | | Microsoft Corp. | | | 5,766,549 | | | | 2.6 | |
| 1,817 | | | NetApp, Inc. | | | 234,030 | | | | 0.1 | |
| 40,246 | | | NVIDIA Corp. | | | 4,971,991 | | | | 2.2 | |
| 200 | | | Oracle Corp. Japan | | | 13,801 | | | | 0.0 | |
| 1,462 (9) | | | Palo Alto Networks, Inc. | | | 495,633 | | | | 0.2 | |
| 1,703 | | | Paychex, Inc. | | | 201,908 | | | | 0.1 | |
| 1,144 | | | Qualcomm, Inc. | | | 227,862 | | | | 0.1 | |
| 3,608 | | | Sage Group PLC | | | 49,430 | | | | 0.0 | |
| 1,381 | | | Salesforce, Inc. | | | 355,055 | | | | 0.2 | |
| 564 (9) | | | ServiceNow, Inc. | | | 443,682 | | | | 0.2 | |
| 400 | | | Trend Micro, Inc./Japan | | | 16,304 | | | | 0.0 | |
| 5,338 | | | Visa, Inc. — Class A | | | 1,401,065 | | | | 0.6 | |
| 1,400 (9) | | | Workday, Inc. — Class A | | | 312,984 | | | | 0.1 | |
| | | | | | | 24,404,990 | | | | 10.9 | |
| | | | | | | | | | | | |
| | | | Materials: 1.0% | | | | | | | | |
| 69 | | | Air Liquide SA | | | 11,909 | | | | 0.0 | |
| 240 | | | Akzo Nobel NV | | | 14,628 | | | | 0.0 | |
| 8,300 | | | Asahi Kasei Corp. | | | 53,295 | | | | 0.0 | |
| 173 | | | BASF SE | | | 8,363 | | | | 0.0 | |
| 691 | | | Berry Global Group, Inc. | | | 40,665 | | | | 0.0 | |
| 424 | | | Cabot Corp. | | | 38,962 | | | | 0.0 | |
| 5,385 | | | Dow, Inc. | | | 285,674 | | | | 0.1 | |
| 2,902 | | | Evonik Industries AG | | | 59,215 | | | | 0.0 | |
| 3 | | | Givaudan SA, Reg | | | 14,210 | | | | 0.0 | |
| 1,147 | | | Holcim AG | | | 101,386 | | | | 0.1 | |
| 3,700 | | | JFE Holdings, Inc. | | | 53,401 | | | | 0.0 | |
| 2,608 | | | LyondellBasell Industries NV — Class A | | | 249,481 | | | | 0.1 | |
| 8,400 | | | Mitsubishi Chemical Group Corp. | | | 46,803 | | | | 0.0 | |
| 900 | | | Mitsui Chemicals, Inc. | | | 24,922 | | | | 0.0 | |
| 2,627 | | | Mondi PLC QX | | | 50,426 | | | | 0.0 | |
| 3,100 | | | Nippon Steel Corp. | | | 65,715 | | | | 0.1 | |
| 500 | | | Nitto Denko Corp. | | | 39,659 | | | | 0.0 | |
| 1,018 (4) | | | OCI NV | | | 24,863 | | | | 0.0 | |
| 1,635 | | | PPG Industries, Inc. | | | 205,830 | | | | 0.1 | |
| 1,211 | | | Rio Tinto Ltd. | | | 95,925 | | | | 0.1 | |
| 1,428 | | | RPM International, Inc. | | | 153,767 | | | | 0.1 | |
| 1,945 | | | Sherwin-Williams Co. | | | 580,446 | | | | 0.3 | |
| 3,200 | | | Toray Industries, Inc. | | | 15,177 | | | | 0.0 | |
| | | | | | | 2,234,722 | | | | 1.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Real Estate: 0.9% |
| 9,102 | | | Brixmor Property Group, Inc. | | $ | 210,165 | | | | 0.1 | |
| 1,530 | | | COPT Defense Properties | | | 38,296 | | | | 0.0 | |
| 400 | | | Daito Trust Construction Co. Ltd. | | | 41,405 | | | | 0.0 | |
| 2,300 | | | Daiwa House Industry Co. Ltd. | | | 58,558 | | | | 0.0 | |
| 3,851 | | | Equity Residential | | | 267,028 | | | | 0.1 | |
| 5,177 | | | Gaming and Leisure Properties, Inc. | | | 234,052 | | | | 0.1 | |
| 7,267 | | | Host Hotels & Resorts, Inc. | | | 130,661 | | | | 0.1 | |
| 3,377 | | | Invitation Homes, Inc. | | | 121,200 | | | | 0.1 | |
| 2,105 (4) | | | Klepierre SA | | | 56,199 | | | | 0.0 | |
| 500 | | | Nomura Real Estate Holdings, Inc. | | | 12,587 | | | | 0.0 | |
| 7,088 | | | Park Hotels & Resorts, Inc. | | | 106,178 | | | | 0.1 | |
| 3,469 | | | Regency Centers Corp. | | | 215,772 | | | | 0.1 | |
| 10,932 | | | Sabra Health Care REIT, Inc. | | | 168,353 | | | | 0.1 | |
| 439 (4) | | | Swiss Prime Site AG | | | 41,571 | | | | 0.0 | |
| 9,160 | | | VICI Properties, Inc. | | | 262,342 | | | | 0.1 | |
| | | | | | 1,964,367 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | Utilities: 1.1% |
| 1,511 | | | American Electric Power Co., Inc. | | | 132,575 | | | | 0.1 | |
| 156 | | | BKW AG | | | 24,900 | | | | 0.0 | |
| 1,514 | | | Black Hills Corp. | | | 82,331 | | | | 0.1 | |
| 8,420 | | | Centrica PLC | | | 14,352 | | | | 0.0 | |
| 4,000 | | | Chubu Electric Power Co., Inc. | | | 47,253 | | | | 0.0 | |
| 2,112 | | | DTE Energy Co. | | | 234,453 | | | | 0.1 | |
| 3,716 | | | Edison International | | | 266,846 | | | | 0.1 | |
| 14 (4) | | | Enagas SA | | | 208 | | | | 0.0 | |
| 1,859 | | | Entergy Corp. | | | 198,913 | | | | 0.1 | |
| 3,599 | | | Evergy, Inc. | | | 190,639 | | | | 0.1 | |
| 4,080 | | | Iberdrola SA | | | 52,938 | | | | 0.0 | |
| 3,142 | | | National Fuel Gas Co. | | | 170,265 | | | | 0.1 | |
| 5,948 | | | National Grid PLC | | | 66,416 | | | | 0.0 | |
| 7,779 | | | NiSource, Inc. | | | 224,113 | | | | 0.1 | |
| 2,367 | | | NorthWestern Corp. | | | 118,540 | | | | 0.1 | |
| 1,458 | | | ONE Gas, Inc. | | | 93,093 | | | | 0.1 | |
| 6,845 | | | Origin Energy Ltd. | | | 49,523 | | | | 0.0 | |
| 2,500 | | | Osaka Gas Co. Ltd. | | | 55,251 | | | | 0.0 | |
| 3,495 | | | PG&E Corp. | | | 61,023 | | | | 0.0 | |
| 9,000 | | | Power Assets Holdings Ltd. | | | 48,640 | | | | 0.0 | |
| 3,263 (4) | | | Red Electrica Corp. SA | | | 57,058 | | | | 0.0 | |
| 3,750 | | | Sempra Energy | | | 285,225 | | | | 0.1 | |
| 66 | | | Terna - Rete Elettrica Nazionale | | | 509 | | | | 0.0 | |
| 705 | | | Xcel Energy, Inc. | | | 37,654 | | | | 0.0 | |
| | | | | | | 2,512,718 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | Total Common Stock
(Cost $66,839,787) | | | 87,778,932 | | | | 39.2 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| EXCHANGE-TRADED FUNDS: 2.1% |
| 77,063 | | | iShares Core S&P Mid- Cap ETF | | $ | 4,509,727 | | | | 2.0 | |
| 3,977 | | | iShares MSCI EAFE Value ETF | | | 210,940 | | | | 0.1 | |
| | | | | | | 4,720,667 | | | | 2.1 | |
| | | Total Exchange-Traded Funds
(Cost $4,805,158) | | | 4,720,667 | | | | 2.1 | |
| MUTUAL FUNDS: 2.3% |
| | | | Affiliated Investment Companies: 2.3% |
| 186,065 | | | Voya VACS Series EMHCD Fund | | | 1,936,940 | | | | 0.9 | |
| 319,977 | | | Voya VACS Series HYB Fund | | | 3,257,367 | | | | 1.4 | |
| | | | | | | 5,194,307 | | | | 2.3 | |
| | | Total Mutual Funds
(Cost $5,065,770) | | | 5,194,307 | | | | 2.3 | |
| PREFERRED STOCK: 0.4% |
| | | | Consumer Staples: 0.1% |
| 876 | | | Henkel AG & Co. KGaA | | | 77,996 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | U.S. Government Agency Obligations: 0.3% |
| 50 (10) | | | Federal National Mortgage Association | | | 720,000 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | Total Preferred Stock
(Cost $4,160,839) | | | 797,996 | | | | 0.4 | |
| PURCHASED OPTIONS(11): 0.1% |
| | | Total Purchased Options
(Cost $209,129) | | | 214,225 | | | | 0.1 | |
| | | Total Long-Term Investments
(Cost $208,016,361) | | | 218,774,573 | | | | 97.7 | |
| | | | | | | | | | | | |
Principal
Amount† | | | | | Value | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 4.2% |
| | | | Repurchase Agreements: 2.3% |
| 336,106 (12) | | | Bethesda Securities, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $336,257, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%- 6.070%, Market Value plus accrued interest $342,828, due 10/01/27-01/01/57) | | | 336,106 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 1,212,824 (12) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,213,365, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,237,081, due 08/08/24-04/20/74) | | $ | 1,212,824 | | | | 0.5 | |
| 1,212,824 (12) | | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,213,365, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $1,237,081, due 04/30/27-04/20/72) | | | 1,212,824 | | | | 0.6 | |
| 1,212,824 (12) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $1,213,366, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,237,081, due 01/15/25-11/01/53) | | | 1,212,824 | | | | 0.5 | |
Principal
Amount† | | | | | Value | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 1,100,000 (12) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $1,100,493, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $1,119,855, due 10/15/25-02/15/53) | | $ | 1,100,000 | | | | 0.5 | |
| | | Total Repurchase Agreements
(Cost $5,074,578) | | | 5,074,578 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | Commercial Paper: 1.9% |
| 250,000 | | | Autozone, Inc., 16.540%, 07/01/2024 | | | 249,887 | | | | 0.1 | |
| 550,000 | | | Sumitomo Mitsui, 5.430%, 07/05/2024 | | | 550,007 | | | | 0.2 | |
| 3,500,000 | | | SYSCO Corp., 16.420%, 07/01/2024 | | | 3,498,431 | | | | 1.6 | |
| | | Total Commercial Paper
(Cost $4,300,003) | | | 4,298,325 | | | | 1.9 | |
| Shares | | | | | Value | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Mutual Funds: 0.0% |
| 78,000 (13) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%
(Cost $78,000) | | $ | 78,000 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | Total Short-Term Investments
(Cost $9,452,581) | | | 9,450,903 | | | | 4.2 | |
| | | Total Investments in Securities
(Cost $217,468,942) | | $ | 228,225,476 | | | | 101.9 | |
| | | Liabilities in Excess of Other Assets | | | (4,179,367) | | | | (1.9) | |
| | | Net Assets | | $ | 224,046,109 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Variable rate security. Rate shown is the rate in effect as of June 30, 2024. |
| (2) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (3) | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| (4) | Security, or a portion of the security, is on loan. |
| (5) | 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. |
| (6) | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| (7) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (8) | Defaulted security. |
| (9) | Non-income producing security. |
| (10) | Preferred Stock may be called prior to convertible date. |
| (11) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (12) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (13) | Rate shown is the 7-day yield as of June 30, 2024. |
| Currency Abbreviations: |
| |
| BRL | Brazilian Real |
| EUR | EU Euro |
| MXN | Mexican Peso |
| Reference Rate Abbreviations: |
| |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 7,776,436 | | | $ | 507,245 | | | $ | — | | | $ | 8,283,681 | |
| Consumer Discretionary | | | 7,667,724 | | | | 487,642 | | | | — | | | | 8,155,366 | |
| Consumer Staples | | | 4,704,375 | | | | 723,776 | | | | — | | | | 5,428,151 | |
| Energy | | | 3,372,073 | | | | 711,340 | | | | — | | | | 4,083,413 | |
| Financials | | | 8,515,384 | | | | 2,626,418 | | | | — | | | | 11,141,802 | |
| Health Care | | | 10,195,450 | | | | 779,308 | | | | — | | | | 10,974,758 | |
| Industrials | | | 7,448,118 | | | | 1,146,846 | | | | — | | | | 8,594,964 | |
| Information Technology | | | 24,304,258 | | | | 100,732 | | | | — | | | | 24,404,990 | |
| Materials | | | 1,605,251 | | | | 629,471 | | | | — | | | | 2,234,722 | |
| Real Estate | | | 1,754,047 | | | | 210,320 | | | | — | | | | 1,964,367 | |
| Utilities | | | 2,095,670 | | | | 417,048 | | | | — | | | | 2,512,718 | |
| Total Common Stock | | | 79,438,786 | | | | 8,340,146 | | | | — | | | | 87,778,932 | |
| Collateralized Mortgage Obligations | | | — | | | | 34,841,449 | | | | — | | | | 34,841,449 | |
| Corporate Bonds/Notes | | | — | | | | 29,379,661 | | | | — | | | | 29,379,661 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 27,367,481 | | | | — | | | | 27,367,481 | |
| Asset-Backed Securities | | | — | | | | 18,722,151 | | | | — | | | | 18,722,151 | |
| U.S. Treasury Obligations | | | — | | | | 7,123,899 | | | | — | | | | 7,123,899 | |
| Mutual Funds | | | 5,194,307 | | | | — | | | | — | | | | 5,194,307 | |
| Exchange-Traded Funds | | | 4,720,667 | | | | — | | | | — | | | | 4,720,667 | |
| Sovereign Bonds | | | — | | | | 2,234,685 | | | | 399,120 | | | | 2,633,805 | |
| Preferred Stock | | | 720,000 | | | | 77,996 | | | | — | | | | 797,996 | |
| Purchased Options | | | 5,140 | | | | 209,085 | | | | — | | | | 214,225 | |
| Short-Term Investments | | | 78,000 | | | | 9,372,903 | | | | — | | | | 9,450,903 | |
| Total Investments, at fair value | | $ | 90,156,900 | | | $ | 137,669,456 | | | $ | 399,120 | | | $ | 228,225,476 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 19,311 | | | | — | | | | 19,311 | |
| Forward Foreign Currency Contracts | | | — | | | | 30,106 | | | | — | | | | 30,106 | |
| Forward Premium Swaptions | | | — | | | | 150,439 | | | | — | | | | 150,439 | |
| Futures | | | 492,044 | | | | — | | | | — | | | | 492,044 | |
| Total Assets | | $ | 90,648,944 | | | $ | 137,869,312 | | | $ | 399,120 | | | $ | 228,917,376 | |
| Liabilities Table | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Centrally Cleared Interest Rate Swaps | | $ | — | | | $ | (231,359 | ) | | $ | — | | | $ | (231,359 | ) |
| Forward Foreign Currency Contracts | | | — | | | | (10,249 | ) | | | — | | | | (10,249 | ) |
| Forward Premium Swaptions | | | — | | | | (18,577 | ) | | | — | | | | (18,577 | ) |
| Futures | | | (136,692 | ) | | | — | | | | — | | | | (136,692 | ) |
| OTC interest rate swaps | | | — | | | | (43,918 | ) | | | — | | | | (43,918 | ) |
| OTC volatility swaps | | | — | | | | (25,714 | ) | | | — | | | | (25,714 | ) |
| Written Options | | | (11,352 | ) | | | (253,924 | ) | | | — | | | | (265,276 | ) |
| Total Liabilities | | $ | (148,044 | ) | | $ | (583,741 | ) | | $ | — | | | $ | (731,785 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended June 30, 2024, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 12/31/2023 | | Purchases
at Cost | | Sales
at Cost | | Change In
Unrealized
Appreciation/
(Depreciation) | | Ending
Fair
Value at
6/30/2024 | | Investment
Income | | Realized
Gains/
(Losses) | | Net
Capital
Gain
Distributions |
| Voya VACS Series EMHCD Fund | | $ | 1,879,184 | | | $ | 61,085 | | | $ | — | | | $ | (3,329 | ) | | $ | 1,936,940 | | | $ | 61,089 | | | $ | — | | | $ | — | |
| Voya VACS Series HYB Fund | | | 3,169,636 | | | | 124,653 | | | | — | | | | (36,922 | ) | | | 3,257,367 | | | | 124,663 | | | | — | | | | — | |
| | | $ | 5,048,820 | | | $ | 185,738 | | | $ | — | | | $ | (40,251 | ) | | $ | 5,194,307 | | | $ | 185,752 | | | $ | — | | | $ | — | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At June 30, 2024, the following forward foreign currency contracts were outstanding for Voya Balanced Income Portfolio:
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) |
| USD | 103,412 | | | TRY | 4,788,000 | | | Bank of America N.A. | | 04/03/25 | | $ | (8,324 | ) |
| USD | 3,732 | | | GBP | 2,903 | | | Barclays Bank PLC | | 08/02/24 | | | 61 | |
| USD | 2,586 | | | NOK | 27,150 | | | Barclays Bank PLC | | 08/02/24 | | | 41 | |
| SEK | 10,241 | | | USD | 996 | | | BNP Paribas | | 08/02/24 | | | (28 | ) |
| USD | 288,750 | | | BRL | 1,580,064 | | | Citibank N.A. | | 08/30/24 | | | 8,009 | |
| TRY | 4,788,000 | | | USD | 103,301 | | | Goldman Sachs International | | 04/03/25 | | | 8,436 | |
| USD | 3,604 | | | CAD | 4,930 | | | Mizuho Capital Markets LLC | | 08/02/24 | | | (2 | ) |
| ZAR | 22,445,238 | | | USD | 1,228,886 | | | Mizuho Capital Markets LLC | | 08/23/24 | | | (232 | ) |
| EUR | 34,679 | | | USD | 37,617 | | | Morgan Stanley Capital Services LLC | | 08/02/24 | | | (421 | ) |
| USD | 1,227,570 | | | ZAR | 22,445,238 | | | Morgan Stanley Capital Services LLC | | 08/23/24 | | | (1,085 | ) |
| USD | 16,001 | | | EUR | 14,972 | | | Standard Chartered Bank | | 08/02/24 | | | (57 | ) |
| USD | 1,197,170 | | | MXN | 21,862,680 | | | Standard Chartered Bank | | 08/30/24 | | | 13,471 | |
| USD | 4,028 | | | CHF | 3,569 | | | State Street Bank and Trust Co. | | 08/02/24 | | | 40 | |
| USD | 805 | | | JPY | 124,592 | | | State Street Bank and Trust Co. | | 08/02/24 | | | 27 | |
| USD | 7,457 | | | AUD | 11,138 | | | State Street Bank and Trust Co. | | 08/02/24 | | | 21 | |
| USD | 61,439 | | | EUR | 57,306 | | | State Street Bank and Trust Co. | | 08/02/24 | | | (26 | ) |
| NZD | 5,651 | | | USD | 3,507 | | | State Street Bank and Trust Co. | | 08/02/24 | | | (64 | ) |
| EUR | 4,558 | | | USD | 4,898 | | | UBS AG | | 08/02/24 | | | (10 | ) |
| | | | | | | | | | | | | $ | 19,857 | |
At June 30, 2024, the following futures contracts were outstanding for Voya Balanced Income Portfolio:
| Description | | Number
of Contracts | | Expiration
Date | | Notional
Amount | | Unrealized
Appreciation/
(Depreciation) |
| Long Contracts: | | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note | | | 464 | | | 09/30/24 | | $ | 94,757,500 | | | $ | 235,173 | |
| U.S. Treasury 5-Year Note | | | 307 | | | 09/30/24 | | | 32,719,485 | | | | 229,701 | |
| U.S. Treasury 10-Year Note | | | 11 | | | 09/19/24 | | | 1,209,828 | | | | (7,110 | ) |
| | | | | | | | | $ | 128,686,813 | | | $ | 457,764 | |
| Short Contracts: | | | | | | | | | | | | | | |
| U.S. Treasury Long Bond | | | (59 | ) | | 09/19/24 | | | (6,980,438 | ) | | | (81,712 | ) |
| U.S. Treasury Ultra 10-Year Note | | | (59 | ) | | 09/19/24 | | | (6,698,344 | ) | | | (47,870 | ) |
| U.S. Treasury Ultra Long Bond | | | (22 | ) | | 09/19/24 | | | (2,757,562 | ) | | | 27,170 | |
| | | | | | | | | $ | (16,436,344 | ) | | $ | (102,412 | ) |
At June 30, 2024, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Income Portfolio:
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | | | Notional
Amount | | Fair
Value | | Unrealized
Appreciation/
(Depreciation) |
| Pay | | 1-day BRL-CDI-CETIP | | Annual | | | 9.692% | | Annual | | 01/02/26 | | | BRL | | | | 15,610,315 | | | $ | (78,491 | ) | | $ | (78,491 | ) |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | | | Notional
Amount | | Fair
Value | | Unrealized
Appreciation/
(Depreciation) |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | | 9.990 | % | | Monthly | | 06/25/27 | | | MXN | | | | 10,979,000 | | | $ | 1,433 | | | $ | 1,433 | |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | | 8.440 | | | Monthly | | 07/20/28 | | | MXN | | | | 30,918,000 | | | | (69,739 | ) | | | (69,739 | ) |
| Pay | | 28-day MXN TIIE-BANXICO | | Monthly | | | 9.310 | | | Monthly | | 02/03/27 | | | MXN | | | | 31,657,000 | | | | (28,490 | ) | | | (28,490 | ) |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | | 3.393 | | | Annual | | 08/25/24 | | | USD | | | | 16,000,000 | | | | (54,639 | ) | | | (54,639 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | | 4.526 | | | Annual | | 06/18/26 | | | USD | | | | 14,103,800 | | | | 17,878 | | | | 17,878 | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (212,048 | ) | | $ | (212,048 | ) |
At June 30, 2024, the following OTC interest rate swaps were outstanding for Voya Balanced Income Portfolio:
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Counterparty | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | | | Notional
Amount | | Fair
Value | | Upfront
Payments
Paid/
(Received) | | Unrealized
Appreciation/
(Depreciation) |
| Pay | | 1-day BRL-CDI-CETIP | | Annual | | JPMorgan Chase Bank & Co. | | | 10.710 | | | Annual | | 01/04/27 | | | BRL | | | | 4,479,550 | | | $ | (20,659 | ) | | $ | — | | | $ | (20,659 | ) |
| Pay | | 1-day BRL-CDI-CETIP | | Annual | | BNP Paribas | | | 10.060 | | | Annual | | 01/02/25 | | | BRL | | | | 33,684,685 | | | | (23,259 | ) | | | — | | | | (23,259 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (43,918 | ) | | $ | — | | | $ | (43,918 | ) |
At June 30, 2024, the following OTC volatility swaps were outstanding for Voya Balanced Income Portfolio:
Pay/
Receive
Volatility(1) | | Reference Entity | | Volatility
Strike
Rate | | Counterparty | | Maturity
Date | | Currency | | Notional
Amount | | Fair Value | | Unrealized
Appreciation
(Depreciation) |
| Receive | | USD vs. CAD Spot Exchange Rate | | | 5.187 | % | | BNP Paribas | | 09/13/24 | | | USD | | | | 11,000 | | | $ | (4,814 | ) | | $ | (4,814 | ) |
| Receive | | USD vs. CAD Spot Exchange Rate | | | 5.555 | % | | BNP Paribas | | 10/10/24 | | | USD | | | | 8,000 | | | | (5,709 | ) | | | (5,709 | ) |
| Receive | | GBP vs. USD Spot Exchange Rate | | | 6.625 | % | | BNP Paribas | | 09/17/24 | | | USD | | | | 6,000 | | | | (3,024 | ) | | | (3,024 | ) |
| Receive | | USD vs. CAD Spot Exchange Rate | | | 5.200 | % | | Deutsche Bank AG | | 09/13/24 | | | USD | | | | 11,000 | | | | (4,955 | ) | | | (4,955 | ) |
| Receive | | GBP vs. USD Spot Exchange Rate | | | 6.600 | % | | Deutsche Bank AG | | 09/17/24 | | | USD | | | | 6,000 | | | | (2,876 | ) | | | (2,876 | ) |
| Receive | | GBP vs. USD Spot Exchange Rate | | | 6.525 | % | | Goldman Sachs International | | 09/17/24 | | | USD | | | | 6,000 | | | | (2,432 | ) | | | (2,432 | ) |
| Receive | | USD vs. CAD Spot Exchange Rate | | | 5.200 | % | | UBS AG | | 10/03/24 | | | USD | | | | 7,000 | | | | (1,904 | ) | | | (1,904 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | (25,714 | ) | | $ | (25,714 | ) |
| (1) | Payments made at maturity date. |
At June 30, 2024, the following purchased exchange-traded options were outstanding for Voya Balanced Income Portfolio:
| Description | | Put/Call | | Expiration
Date | | Exercise
Price | | Number of
Contracts | | Notional Amount | | Cost | | Fair Value |
| 3-Month Euribor | | | | Put | | | 12/16/24 | | | 96.38 EUR | | | | 32 | | | EUR | | | 7,734,800 | | | $ | 4,376 | | | $ | 2,570 | |
| 3-Month Euribor | | | | Call | | | 12/16/24 | | | 97.38 EUR | | | | 32 | | | EUR | | | 7,734,800 | | | | 8,709 | | | | 2,570 | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 13,085 | | | $ | 5,140 | |
At June 30, 2024, the following exchange-traded written options were outstanding for Voya Balanced Income Portfolio:
| Description | | Put/Call | | Expiration
Date | | Exercise
Price | | Number of
Contracts | | Notional
Amount | | Premiums
Received | | Fair Value |
| 3-Month Euribor | | | | Put | | | 12/16/24 | | | 96.63 EUR | | | | 32 | | | EUR | | | 7,734,800 | | | $ | 8,624 | | | $ | (9,639 | ) |
| 3-Month Euribor | | | | Call | | | 12/16/24 | | | 97.63 EUR | | | | 32 | | | EUR | | | 7,734,800 | | | | 5,158 | | | | (1,713 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 13,782 | | | $ | (11,352 | ) |
At June 30, 2024, the following OTC purchased foreign currency options were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | Notional Amount | | Cost | | Fair Value |
| Call JPY vs. Put USD | | BNP Paribas | | 02/27/25 | | | 107.500 | | | USD | | | 855,000 | | | $ | 42,408 | | | $ | 114 | |
| Call MXN vs. Put EUR | | Deutsche Bank AG | | 07/19/24 | | | 17.500 | | | EUR | | | 112,000 | | | | 12,451 | | | | 129 | |
| Call TRY vs. Put USD | | Bank of America N.A. | | 04/02/25 | | | 36.000 | | | USD | | | 135,000 | | | | 9,653 | | | | 20,457 | |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | Notional Amount | | Cost | | Fair Value |
| Call USD vs. Put CNH | | Standard Chartered Bank | | 06/20/25 | | | 7.500 | | | USD | | | 2,525,000 | | | $ | 18,715 | | | $ | 18,222 | |
| Call USD vs. Put JPY | | Bank of America N.A. | | 09/09/32 | | | 140.000 | | | USD | | | 1,118,300 | | | | 19,906 | | | | 35,738 | |
| Call USD vs. Put JPY | | BNP Paribas | | 09/09/32 | | | 140.000 | | | USD | | | 1,118,300 | | | | 21,337 | | | | 35,738 | |
| Call USD vs. Put JPY | | Goldman Sachs International | | 11/26/25 | | | 165.000 | | | USD | | | 228,000 | | | | 14,364 | | | | 43,090 | |
| | | | | | | | | | | | | | | | | $ | 138,834 | | | $ | 153,488 | |
At June 30, 2024, the following OTC written foreign currency options were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | Notional Amount | | Premiums
Received | | Fair Value |
| Call CNH vs. Put USD | | Standard Chartered Bank | | 06/20/25 | | | 6.835 | | | USD | | | 2,525,000 | | | $ | 18,715 | | | $ | (19,186 | ) |
| Call USD vs. Put JPY | | Bank of America N.A. | | 09/09/27 | | | 140.000 | | | USD | | | 1,118,300 | | | | 31,670 | | | | (66,618 | ) |
| Call USD vs. Put JPY | | BNP Paribas | | 09/09/27 | | | 140.000 | | | USD | | | 1,118,300 | | | | 30,642 | | | | (66,618 | ) |
| | | | | | | | | | | | | | | | | $ | 81,027 | | | $ | (152,422 | ) |
At June 30, 2024, the following OTC purchased interest rate swaptions were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Pay/
Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Cost | | Fair Value |
| Call on 10-Year Interest Rate Swap(1) | | Mizuho Capital Markets LLC | | Receive | | | 3.630% | | | 1-day Secured Overnight Financing Rate | | 08/26/24 | | USD | | | 2,895,000 | | | $ | 16,907 | | | $ | 14,872 | |
| Put on 10-Year Interest Rate Swap(2) | | Mizuho Capital Markets LLC | | Pay | | | 4.130% | | | 1-day Secured Overnight Financing Rate | | 08/26/24 | | USD | | | 2,895,000 | | | | 17,370 | | | | 16,869 | |
| Put on 2-Year Interest Rate Swap(2) | | Goldman Sachs International | | Pay | | | 3.100% | | | 6-month EUR-EURIBOR | | 12/20/24 | | EUR | | | 7,237,000 | | | | 22,933 | | | | 23,856 | |
| | | | | | | | | | | | | | | | | | | | | $ | 57,210 | | | $ | 55,597 | |
At June 30, 2024, the following OTC written interest rate swaptions were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Pay/Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premiums
Received | | Fair Value |
| Call on 10-Year Interest Rate Swap(2) | | Mizuho Capital Markets LLC | | Pay | | | 3.880% | | | 1-day Secured Overnight Financing Rate | | 08/26/24 | | USD | | | 2,895,000 | | | $ | 39,083 | | | $ | (35,948 | ) |
| Call on 2-Year Interest Rate Swap(2) | | UBS AG | | Pay | | | 4.350% | | | 1-day Secured Overnight Financing Rate | | 07/03/24 | | USD | | | 37,893,000 | | | | 20,462 | | | | (1,875 | ) |
| Put on 10-Year Interest Rate Swap(1) | | Mizuho Capital Markets LLC | | Receive | | | 3.880% | | | 1-day Secured Overnight Financing Rate | | 08/26/24 | | USD | | | 2,895,000 | | | | 39,082 | | | | (39,634 | ) |
| Put on 2-Year Interest Rate Swap(1) | | Goldman Sachs International | | Receive | | | 3.280% | | | 6-month EUR-EURIBOR | | 12/20/24 | | EUR | | | 7,237,000 | | | | 14,256 | | | | (14,876 | ) |
| Put on 2-Year Interest Rate Swap(1) | | Goldman Sachs International | | Receive | | | 3.453% | | | 6-month EUR-EURIBOR | | 12/20/24 | | EUR | | | 7,237,000 | | | | 8,677 | | | | (9,169 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | 121,560 | | | $ | (101,502 | ) |
At June 30, 2024, the following OTC purchased forward premium swaptions were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Exercise
Rate(3) | | Pay/
Receive
Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premium
receivable/
(payable)
at expiration(4) | | Unrealized
Appreciation/
(Depreciation) |
| Call on 30-Year Interest Rate Swap | | Barclays Bank PLC | | | 17.500% | | | Receive | | 1-day Secured Overnight Financing Rate | | 06/14/27 | | USD | | | 1,676,000 | | | $ | (293,300 | ) | | $ | 42,617 | |
| Put on 30-Year Interest Rate Swap | | Barclays Bank PLC | | | 18.000% | | | Pay | | 1-day Secured Overnight Financing Rate | | 05/25/27 | | USD | | | 4,989,400 | | | | (898,092 | ) | | | 107,822 | |
| | | | | | | | | | | | | | | | | | | | | $ | (1,191,392 | ) | | $ | 150,439 | |
At June 30, 2024, the following OTC written forward premium swaptions were outstanding for Voya Balanced Income Portfolio:
| Description | | Counterparty | | Exercise
Rate(3) | | Pay/
Receive
Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | Premium
receivable/
(payable)
at expiration(4) | | Unrealized
Appreciation/
(Depreciation) |
| Put on 5-Year Interest Rate Swap | | UBS AG | | | 3.000% | | | Receive | | 6-month EUR-EURIBOR | | 04/09/29 | | EUR | | | 4,496,000 | | | $ | 122,782 | | | $ | (18,577 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | 122,782 | | | $ | (18,577 | ) |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| (1) | Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly. |
| (2) | Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. |
| (3) | Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract. |
| (4) | Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract. |
| Currency Abbreviations: | Currency Abbreviations: |
| | |
| AUD | — | Australian Dollar | JPY | — | Japanese Yen |
| BRL | — | Brazilian Real | MXN | — | Mexican Peso |
| CAD | — | Canadian Dollar | NOK | — | Norwegian Krone |
| CHF | — | Swiss Franc | NZD | — | New Zealand Dollar |
| EUR | — | EU Euro | SEK | — | Swedish Krona |
| GBP | — | British Pound | TRY | — | Turkish Lira |
| | | | USD | — | United States Dollar |
| | | | ZAR | — | South African Rand |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value |
| Asset Derivatives | | | | | | |
| Foreign exchange contracts | | Investments in securities at value* | | $ | 153,488 | |
| Interest rate contracts | | Investments in securities at value* | | | 60,737 | |
| Foreign exchange contracts | | Unrealized appreciation on forward foreign currency contracts | | | 30,106 | |
| Interest rate contracts | | Unrealized appreciation on forward premium swaptions | | | 150,439 | |
| Interest rate contracts | | Variation margin receivable on futures contracts** | | | 492,044 | |
| Interest rate contracts | | Variation margin receivable on centrally cleared swaps** | | | 19,311 | |
| Total Asset Derivatives | | | | $ | 906,125 | |
| Liability Derivatives | | | | | | |
| Foreign exchange contracts | | Unrealized depreciation on forward foreign currency contracts | | $ | 10,249 | |
| Interest rate contracts | | Unrealized depreciation on forward premium swaptions | | | 18,577 | |
| Interest rate contracts | | Variation margin payable on futures contracts** | | | 136,692 | |
| Interest rate contracts | | Variation margin payable on centrally cleared swaps** | | | 231,359 | |
| Foreign exchange contracts | | Unrealized depreciation on OTC swap agreements | | | 25,714 | |
| Interest rate contracts | | Unrealized depreciation on OTC swap agreements | | | 43,918 | |
| Foreign exchange contracts | | Written options, at fair value | | | 152,422 | |
| Interest rate contracts | | Written options, at fair value | | | 112,854 | |
| Total Liability Derivatives | | | | $ | 731,785 | |
| * | Includes purchased options. |
| ** | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | Forward foreign currency contracts | | Futures | | Swaps | | Written options | | Total |
| Equity contracts | | $ | — | | | $ | — | | | $ | (13,815 | ) | | $ | — | | | $ | — | | | $ | (13,815 | ) |
| Foreign exchange contracts | | | (40,787 | ) | | | (680,208 | ) | | | — | | | | — | | | | 18,490 | | | | (702,505 | ) |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Derivatives not accounted for as hedging instruments | | Investments* | | Forward foreign currency contracts | | Futures | | Swaps | | Written options | | Total |
| Interest rate contracts | | | (187,399 | ) | | | — | | | | (758,166 | ) | | | (723,833 | ) | | | 339,734 | | | | (1,329,664 | ) |
| Total | | $ | (228,186 | ) | | $ | (680,208 | ) | | $ | (771,981 | ) | | $ | (723,833 | ) | | $ | 358,224 | | | $ | (2,045,984 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | Forward foreign currency contracts | | Futures | | Swaps | | Written options | | Total |
| Foreign exchange contracts | | $ | 74,483 | | | $ | 117,884 | | | $ | — | | | $ | (25,714 | ) | | $ | (92,222 | ) | | $ | 74,430 | |
| Interest rate contracts | | | 288,894 | | | | — | | | | (447,280 | ) | | | 524,370 | | | | (46,761 | ) | | | 319,223 | |
| Total | | $ | 363,377 | | | $ | 117,884 | | | $ | (447,280 | ) | | $ | 498,656 | | | $ | (138,983 | ) | | $ | 393,653 | |
| * | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2024:
| | | Bank of America N.A. | | Barclays Bank PLC | | BNP Paribas | | Citibank N.A. | | Deutsche Bank AG | | Goldman Sachs International | | JPMorgan Chase Bank & Co. | | Mizuho Capital Markets LLC | | Morgan Stanley Capital Services LLC | | Standard Chartered Bank | | State Street Bank and Trust Co. |
| Assets: | | | | | | | | | | | | | | | | | | | | | | |
| Purchased options | | $ | 56,195 | | | $ | — | | | $ | 35,852 | | | $ | — | | | $ | 129 | | | $ | 66,946 | | | $ | — | | | $ | 31,741 | | | $ | — | | | $ | 18,222 | | | $ | — | |
| Forward foreign currency | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| contracts | | | — | | | | 102 | | | | — | | | | 8,009 | | | | — | | | | 8,436 | | | | — | | | | — | | | | — | | | | 13,471 | | | | 88 | |
| Forward premium swaptions | | | — | | | | 150,439 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total Assets | | $ | 56,195 | | | $ | 150,541 | | | $ | 35,852 | | | $ | 8,009 | | | $ | 129 | | | $ | 75,382 | | | $ | — | | | $ | 31,741 | | | $ | — | | | $ | 31,693 | | | $ | 88 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| contracts | | $ | 8,324 | | | $ | — | | | $ | 28 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 234 | | | $ | 1,506 | | | $ | 57 | | | $ | 90 | |
| OTC interest rate swaps | | | — | | | | — | | | | 23,259 | | | | — | | | | — | | | | — | | | | 20,659 | | | | — | | | | — | | | | — | | | | — | |
| Volatility Swaps | | | — | | | | — | | | | 13,547 | | | | — | | | | 7,831 | | | | 2,432 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Written options | | | 66,618 | | | | — | | | | 66,618 | | | | — | | | | — | | | | 24,045 | | | | — | | | | 75,582 | | | | — | | | | 19,186 | | | | — | |
| Total Liabilities | | $ | 74,942 | | | $ | — | | | $ | 103,452 | | | $ | — | | | $ | 7,831 | | | $ | 26,477 | | | $ | 20,659 | | | $ | 75,816 | | | $ | 1,506 | | | $ | 19,243 | | | $ | 90 | |
| Net OTC derivative | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| instruments by | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| counterparty, at fair value | | $ | (18,747 | ) | | $ | 150,541 | | | $ | (67,600 | ) | | $ | 8,009 | | | $ | (7,702 | ) | | $ | 48,905 | | | $ | (20,659 | ) | | $ | (44,075 | ) | | $ | (1,506 | ) | | $ | 12,450 | | | $ | (2 | ) |
| Total collateral pledged | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| by the | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio/(Received from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| counterparty) | | $ | 18,747 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,506 | | | $ | — | | | $ | — | |
| Net Exposure(1)(2) | | $ | — | | | $ | 150,541 | | | $ | (67,600 | ) | | $ | 8,009 | | | $ | (7,702 | ) | | $ | 48,905 | | | $ | (20,659 | ) | | $ | (44,075 | ) | | $ | — | | | $ | 12,450 | | | $ | (2 | ) |
See Accompanying Notes to Financial Statements
| Voya Balanced Income Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| | | UBS AG | | Total |
| Assets: | | | | | | | | |
| Purchased options | | $ | — | | | $ | 209,085 | |
| Forward foreign currency contracts | | | — | | | | 30,106 | |
| Forward premium swaptions | | | — | | | | 150,439 | |
| Total Assets | | $ | — | | | $ | 389,630 | |
| Liabilities: | | | | | | | | |
| Forward foreign currency contracts | | $ | 10 | | | $ | 10,249 | |
| Forward premium swaptions | | | 18,577 | | | | 18,577 | |
| OTC interest rate swaps | | | — | | | | 43,918 | |
| Volatility Swaps | | | 1,904 | | | | 25,714 | |
| Written options | | | 1,875 | | | | 253,924 | |
| Total Liabilities | | $ | 22,366 | | | $ | 352,382 | |
| Net OTC derivative instruments by counterparty, at fair value | | $ | (22,366 | ) | | $ | 37,248 | |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | $ | — | | | $ | 20,253 | |
| Net Exposure(1)(2) | | $ | (22,366 | ) | | $ | 57,501 | |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
| (2) | At June 30, 2024, the Portfolio had pledged $410,000, $170,000 and $6,400, respectively, in cash collateral to Bank of America N.A., Morgan Stanley Capital Services LLC and Standard Chartered Bank, respectively. Excess cash collateral is not shown for financial reporting purposes. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $220,633,897. | | |
| Net unrealized appreciation consisted of: | | |
| Gross Unrealized Appreciation | | $ | 22,107,638 | |
| Gross Unrealized Depreciation | | | (14,546,940 | ) |
| Net Unrealized Appreciation | | $ | 7,560,698 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: 93.2% | | | | | | | | |
| | | Basic Materials: 7.1% | | | | | | | | |
| 1,650,000 (1) | | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | | $ | 1,733,566 | | | | 0.4 | |
| 1,050,000 (1) | | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | | | 1,091,679 | | | | 0.2 | |
| 300,000 (1) | | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | | | 268,889 | | | | 0.1 | |
| 1,350,000 (1) | | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | | | 1,279,373 | | | | 0.3 | |
| 700,000 (1)(2) | | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | | | 620,534 | | | | 0.1 | |
| 1,300,000 (1) | | Coeur Mining, Inc., 5.125%, 02/15/2029 | | | 1,219,853 | | | | 0.3 | |
| 1,625,000 (1) | | Consolidated Energy Finance SA, 5.625%, 10/15/2028 | | | 1,383,040 | | | | 0.3 | |
| 1,650,000 (1) | | Constellium SE, 5.625%, 06/15/2028 | | | 1,616,455 | | | | 0.4 | |
| 250,000 (1) | | Constellium SE, 5.875%, 02/15/2026 | | | 249,144 | | | | 0.1 | |
| 1,450,000 (1) | | First Quantum Minerals Ltd., 6.875%, 10/15/2027 | | | 1,419,641 | | | | 0.3 | |
| 2,025,000 (1) | | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | | | 1,982,760 | | | | 0.4 | |
| 1,350,000 (1) | | Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028 | | | 1,362,176 | | | | 0.3 | |
| 1,500,000 (1) | | INEOS Quattro Finance 2 PLC, 3.375%, 01/15/2026 | | | 1,436,437 | | | | 0.3 | |
| 1,500,000(1)(3) | | Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026 | | | 1,234,775 | | | | 0.3 | |
| 1,115,000 (1) | | LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 | | | 1,056,568 | | | | 0.2 | |
| 1,725,000 (1) | | Mativ Holdings, Inc., 6.875%, 10/01/2026 | | | 1,715,836 | | | | 0.4 | |
| 1,050,000 (1) | | NOVA Chemicals Corp., 8.500%, 11/15/2028 | | | 1,115,497 | | | | 0.2 | |
| 425,000 (1) | | Novelis Corp., 3.250%, 11/15/2026 | | | 400,345 | | | | 0.1 | |
| 1,050,000 (1) | | Novelis Corp., 3.875%, 08/15/2031 | | | 910,049 | | | | 0.2 | |
| 400,000 (1) | | Novelis Corp., 4.750%, 01/30/2030 | | | 371,470 | | | | 0.1 | |
| 1,275,000 (1)(2) | | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | | | 1,169,370 | | | | 0.3 | |
| 600,000 (1)(2) | | Olympus Water US Holding Corp., 4.250%, 10/01/2028 | | | 546,552 | | | | 0.1 | |
| 850,000 (1) | | Olympus Water US Holding Corp., 6.250%, 10/01/2029 | | | 776,859 | | | | 0.2 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | Basic Materials: (continued) | | | | | | | | |
| 900,000 (1) | | Olympus Water US Holding Corp., 7.125%, 10/01/2027 | | $ | 904,467 | | | | 0.2 | |
| 1,725,000 (1) | | SPCM SA, 3.125%, 03/15/2027 | | | 1,588,591 | | | | 0.4 | |
| 1,500,000 (1) | | Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029 | | | 587,804 | | | | 0.1 | |
| 1,900,000 (1)(2) | | Tronox, Inc., 4.625%, 03/15/2029 | | | 1,717,151 | | | | 0.4 | |
| 1,850,000 (1) | | WR Grace Holdings LLC, 5.625%, 08/15/2029 | | | 1,707,088 | | | | 0.4 | |
| | | | | | 31,465,969 | | | | 7.1 | |
| | | Communications: 11.6% | | | | | | | | |
| 1,020,000 (1) | | Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026 | | | 604,350 | | | | 0.1 | |
| 3,325,000 (1) | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | | | 2,817,394 | | | | 0.6 | |
| 2,500,000 | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | | | 2,015,241 | | | | 0.5 | |
| 1,850,000 (1) | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | | | 1,731,094 | | | | 0.4 | |
| 1,925,000 (1) | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | | | 1,849,840 | | | | 0.4 | |
| 725,000 (1) | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | | | 718,479 | | | | 0.2 | |
| 1,800,000 (1) | | Connect Finco Sarl / Connect US Finco LLC, 6.750%, 10/01/2026 | | | 1,738,820 | | | | 0.4 | |
| 3,900,000 (1) | | CSC Holdings LLC, 11.250%, 05/15/2028 | | | 3,401,251 | | | | 0.8 | |
| 2,575,000 (1) | | Directv Financing LLC / Directv Financing Co- Obligor, Inc., 5.875%, 08/15/2027 | | | 2,424,160 | | | | 0.5 | |
| 2,500,000 (1) | | DISH Network Corp., 11.750%, 11/15/2027 | | | 2,453,611 | | | | 0.5 | |
| 1,325,000 (1) | | GCI LLC, 4.750%, 10/15/2028 | | | 1,210,637 | | | | 0.3 | |
| 1,950,000 (1) | | Gray Escrow II, Inc., 5.375%, 11/15/2031 | | | 1,107,007 | | | | 0.2 | |
| 1,350,000 (1)(2) | | Gray Television, Inc., 7.000%, 05/15/2027 | | | 1,244,171 | | | | 0.3 | |
| 2,175,000 (1) | | Level 3 Financing, Inc., 4.000%, 04/15/2031 | | | 1,147,313 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | |
| | | Communications: (continued) | | | | | | | | |
| 2,150,000 (1) | | Level 3 Financing, Inc., 10.500%, 05/15/2030 | | $ | 2,140,141 | | | | 0.5 | |
| 2,250,000 (1)(2) | | Match Group Holdings II LLC, 4.625%, 06/01/2028 | | | 2,107,860 | | | | 0.5 | |
| 1,450,000 (1) | | McGraw-Hill Education, Inc., 8.000%, 08/01/2029 | | | 1,411,223 | | | | 0.3 | |
| 1,100,000 | | Northwestern Bell Telephone, 7.750%, 05/01/2030 | | | 473,621 | | | | 0.1 | |
| 1,250,000 (1)(2) | | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | | | 1,127,416 | | | | 0.3 | |
| 950,000 (4) | | Paramount Global, 6.250%, 02/28/2057 | | | 775,372 | | | | 0.2 | |
| 2,800,000 (1)(2) | | Scripps Escrow, Inc., 5.875%, 07/15/2027 | | | 1,694,687 | | | | 0.4 | |
| 725,000 (1) | | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | | | 682,760 | | | | 0.1 | |
| 3,525,000 (1) | | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | | | 3,377,659 | | | | 0.8 | |
| 1,550,000 (1) | | Stagwell Global LLC, 5.625%, 08/15/2029 | | | 1,432,879 | | | | 0.3 | |
| 728,000 (1) | | Telecom Italia Capital SA, 6.000%, 09/30/2034 | | | 689,853 | | | | 0.2 | |
| 791,000 (1) | | Telecom Italia Capital SA, 6.375%, 11/15/2033 | | | 774,777 | | | | 0.2 | |
| 1,100,000 (1) | | Uber Technologies, Inc., 8.000%, 11/01/2026 | | | 1,110,756 | | | | 0.2 | |
| 475,000 (1) | | Univision Communications, Inc., 4.500%, 05/01/2029 | | | 399,705 | | | | 0.1 | |
| 2,300,000 (1) | | Univision Communications, Inc., 6.625%, 06/01/2027 | | | 2,204,128 | | | | 0.5 | |
| 575,000 (1) | | Univision Communications, Inc., 8.000%, 08/15/2028 | | | 561,276 | | | | 0.1 | |
| 975,000 (1)(2) | | Viasat, Inc., 6.500%, 07/15/2028 | | | 739,085 | | | | 0.2 | |
| 775,000 (1)(2) | | Viasat, Inc., 7.500%, 05/30/2031 | | | 515,792 | | | | 0.1 | |
| 1,150,000 (1) | | Viavi Solutions, Inc., 3.750%, 10/01/2029 | | | 972,924 | | | | 0.2 | |
| 2,700,000 (1) | | Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028 | | | 2,404,864 | | | | 0.5 | |
| 1,700,000 (1) | | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 | | | 1,436,059 | | | | 0.3 | |
| | | | | | 51,496,205 | | | | 11.6 | |
| | | Consumer, Cyclical: 19.4% | | | | | | | | |
| 1,525,000 (1) | | Adient Global Holdings Ltd., 4.875%, 08/15/2026 | | | 1,484,410 | | | | 0.3 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | |
| | | | Consumer, Cyclical: (continued) | | | | | | | | |
| 600,000 (1)(2) | | | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | | $ | 626,796 | | | | 0.1 | |
| 1,450,000 (1) | | | Allison Transmission, Inc., 5.875%, 06/01/2029 | | | 1,431,228 | | | | 0.3 | |
| 1,375,000 (1)(2) | | | Amer Sports Co., 6.750%, 02/16/2031 | | | 1,370,497 | | | | 0.3 | |
| 1,250,000 (1)(2) | | | American Airlines, Inc., 7.250%, 02/15/2028 | | | 1,252,126 | | | | 0.3 | |
| 550,000 (1) | | | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | | | 545,620 | | | | 0.1 | |
| 1,075,000 (1)(2) | | | Arko Corp., 5.125%, 11/15/2029 | | | 936,704 | | | | 0.2 | |
| 975,000 (2) | | | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 | | | 925,029 | | | | 0.2 | |
| 850,000 | | | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | | | 788,709 | | | | 0.2 | |
| 1,325,000 (1) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 08/01/2029 | | | 1,195,203 | | | | 0.3 | |
| 1,250,000 | | | Bath & Body Works, Inc., 6.750%, 07/01/2036 | | | 1,245,722 | | | | 0.3 | |
| 250,000 (1) | | | Bath & Body Works, Inc., 9.375%, 07/01/2025 | | | 258,801 | | | | 0.1 | |
| 1,300,000 (1)(3) | | | BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027 | | | 1,268,647 | | | | 0.3 | |
| 1,025,000 (1) | | | Brinker International, Inc., 5.000%, 10/01/2024 | | | 1,022,672 | | | | 0.2 | |
| 1,600,000 (1)(2) | | | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | | | 1,467,985 | | | | 0.3 | |
| 1,700,000 (1) | | | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | | | 1,737,920 | | | | 0.4 | |
| 1,275,000 (1) | | | Carnival Corp., 4.000%, 08/01/2028 | | | 1,198,898 | | | | 0.3 | |
| 2,650,000 (1)(2) | | | Carnival Corp., 6.000%, 05/01/2029 | | | 2,619,379 | | | | 0.6 | |
| 2,625,000 (1)(3) | | | Carvana Co., 12.000% (PIK Rate 12.000%, Cash Rate 0.000%), 12/01/2028 | | | 2,825,015 | | | | 0.6 | |
| 1,675,000 (1) | | | CCM Merger, Inc., 6.375%, 05/01/2026 | | | 1,663,591 | | | | 0.4 | |
| 1,395,000 (1) | | | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | | | 1,429,890 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Consumer, Cyclical: (continued) | | | | | | | | |
| 1,450,000 | | | Ford Motor Credit Co. LLC, 2.700%, 08/10/2026 | | $ | 1,362,357 | | | | 0.3 | |
| 1,400,000 (1) | | | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | | | 1,243,978 | | | | 0.3 | |
| 400,000 (1)(2) | | | Gap, Inc., 3.625%, 10/01/2029 | | | 346,651 | | | | 0.1 | |
| 1,000,000 (1) | | | Gap, Inc., 3.875%, 10/01/2031 | | | 835,831 | | | | 0.2 | |
| 1,325,000 (1)(2) | | | Gates Corp., 6.875%, 07/01/2029 | | | 1,349,764 | | | | 0.3 | |
| 1,250,000 (1) | | | Installed Building Products, Inc., 5.750%, 02/01/2028 | | | 1,223,826 | | | | 0.3 | |
| 1,425,000 (1) | | | Interface, Inc., 5.500%, 12/01/2028 | | | 1,343,527 | | | | 0.3 | |
| 400,000 (1) | | | International Game Technology PLC, 4.125%, 04/15/2026 | | | 389,682 | | | | 0.1 | |
| 1,850,000 (1) | | | International Game Technology PLC, 5.250%, 01/15/2029 | | | 1,791,217 | | | | 0.4 | |
| 1,900,000 (1) | | | LCM Investments Holdings II LLC, 4.875%, 05/01/2029 | | | 1,778,753 | | | | 0.4 | |
| 1,425,000 (1)(2) | | | Lithia Motors, Inc., 4.375%, 01/15/2031 | | | 1,270,224 | | | | 0.3 | |
| 300,000 | | | M/I Homes, Inc., 3.950%, 02/15/2030 | | | 267,776 | | | | 0.1 | |
| 900,000 | | | M/I Homes, Inc., 4.950%, 02/01/2028 | | | 868,699 | | | | 0.2 | |
| 625,000 | | | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | | | 540,692 | | | | 0.1 | |
| 875,000 (1) | | | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | | | 836,524 | | | | 0.2 | |
| 1,000,000 (1)(2) | | | Melco Resorts Finance Ltd., 5.250%, 04/26/2026 | | | 968,125 | | | | 0.2 | |
| 1,450,000 (1) | | | Melco Resorts Finance Ltd., 5.375%, 12/04/2029 | | | 1,304,812 | | | | 0.3 | |
| 900,000 | | | MGM Resorts International, 4.625%, 09/01/2026 | | | 879,128 | | | | 0.2 | |
| 725,000 (2) | | | MGM Resorts International, 4.750%, 10/15/2028 | | | 690,697 | | | | 0.2 | |
| 350,000 | | | MGM Resorts International, 6.500%, 04/15/2032 | | | 348,612 | | | | 0.1 | |
| 2,325,000 (1)(2) | | | Michaels Cos., Inc., 5.250%, 05/01/2028 | | | 1,862,643 | | | | 0.4 | |
| 1,025,000 | | | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | | | 972,457 | | | | 0.2 | |
| 500,000 | | | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | | | 496,526 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) | | | | | | | | |
| 550,000 (1) | | | NCL Corp. Ltd., 5.875%, 03/15/2026 | | $ | 544,133 | | | | 0.1 | |
| 750,000 (1)(2) | | | NCL Corp. Ltd., 7.750%, 02/15/2029 | | | 780,282 | | | | 0.2 | |
| 225,000 (1) | | | NCL Corp. Ltd., 8.375%, 02/01/2028 | | | 235,294 | | | | 0.0 | |
| 800,000 (1)(2) | | | NCL Finance Ltd., 6.125%, 03/15/2028 | | | 790,651 | | | | 0.2 | |
| 1,375,000 | | | PETCO ANIMAL S 2/25/2028, 01/26/2023 | | | 1,272,563 | | | | 0.3 | |
| 1,370,000 (1) | | | Raising Cane's Restaurants LLC, 9.375%, 05/01/2029 | | | 1,481,363 | | | | 0.3 | |
| 1,075,000 (1) | | | Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031 | | | 1,124,026 | | | | 0.3 | |
| 4,350,000 (1) | | | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | | | 4,286,150 | | | | 1.0 | |
| 1,485,000 | | | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | | | 1,468,415 | | | | 0.3 | |
| 1,700,000 | | | Sands China Ltd., 5.125%, 08/08/2025 | | | 1,688,024 | | | | 0.4 | |
| 1,425,000 (1)(2) | | | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | | | 1,390,068 | | | | 0.3 | |
| 1,525,000 (1) | | | Scientific Games International, Inc., 7.000%, 05/15/2028 | | | 1,533,840 | | | | 0.3 | |
| 834,705 (1) | | | Staples, Inc., 12.750%, 01/15/2030 | | | 650,240 | | | | 0.1 | |
| 1,825,000 (1)(2) | | | Station Casinos LLC, 4.500%, 02/15/2028 | | | 1,718,941 | | | | 0.4 | |
| 1,175,000 (1) | | | STL Holding Co. LLC, 8.750%, 02/15/2029 | | | 1,227,601 | | | | 0.3 | |
| 1,050,000 (1) | | | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | | | 881,055 | | | | 0.2 | |
| 300,000 (1) | | | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | | | 270,911 | | | | 0.1 | |
| 1,575,000 | | | United Airlines Holdings, Inc., 4.875%, 01/15/2025 | | | 1,566,241 | | | | 0.3 | |
| 875,000 (1) | | | United Airlines, Inc., 4.375%, 04/15/2026 | | | 846,271 | | | | 0.2 | |
| 2,900,000 (1) | | | Viking Cruises Ltd., 5.875%, 09/15/2027 | | | 2,871,810 | | | | 0.6 | |
| 400,000 (1) | | | Viking Cruises Ltd., 7.000%, 02/15/2029 | | | 402,433 | | | | 0.1 | |
| 1,350,000 (1)(2) | | | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 | | | 1,062,271 | | | | 0.2 | |
| 1,300,000 (2) | | | Walgreens Boots Alliance, Inc., 4.800%, 11/18/2044 | | | 1,022,413 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | Consumer, Cyclical: (continued) | | | | | | | | |
| 1,625,000 (1) | | White Cap Buyer LLC, 6.875%, 10/15/2028 | | $ | 1,569,492 | | | | 0.4 | |
| 1,650,000 (1) | | William Carter Co., 5.625%, 03/15/2027 | | | 1,628,684 | | | | 0.4 | |
| 1,800,000 (1) | | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 | | | 1,756,936 | | | | 0.4 | |
| 1,050,000 (1) | | ZF North America Capital, Inc., 4.750%, 04/29/2025 | | | 1,037,534 | | | | 0.2 | |
| 725,000 (1) | | ZF North America Capital, Inc., 6.875%, 04/14/2028 | | | 739,649 | | | | 0.2 | |
| | | | | | 86,114,634 | | | | 19.4 | |
| | | Consumer, Non-cyclical: 19.6% | | | | | | | | |
| 1,450,000 (1)(2) | | 1375209 BC Ltd., 9.000%, 01/30/2028 | | | 1,396,106 | | | | 0.3 | |
| 1,600,000 (1) | | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | | | 1,566,717 | | | | 0.4 | |
| 1,375,000 (1) | | AdaptHealth LLC, 4.625%, 08/01/2029 | | | 1,192,924 | | | | 0.3 | |
| 1,475,000 (1)(2) | | ADT Security Corp., 4.125%, 08/01/2029 | | | 1,361,401 | | | | 0.3 | |
| 1,075,000 (1) | | AHP Health Partners, Inc., 5.750%, 07/15/2029 | | | 1,021,596 | | | | 0.2 | |
| 625,000 (1) | | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | | | 562,714 | | | | 0.1 | |
| 1,275,000 (1) | | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | | | 1,261,197 | | | | 0.3 | |
| 1,100,000 (1)(2) | | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | | | 1,003,370 | | | | 0.2 | |
| 1,900,000 (1) | | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | | | 1,735,221 | | | | 0.4 | |
| 1,350,000 (1) | | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | | | 1,253,972 | | | | 0.3 | |
| 650,000 (1) | | APi Group DE, Inc., 4.125%, 07/15/2029 | | | 592,313 | | | | 0.1 | |
| 700,000 (1) | | APi Group DE, Inc., 4.750%, 10/15/2029 | | | 653,942 | | | | 0.1 | |
| 2,200,000 (1)(2) | | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | | | 2,180,889 | | | | 0.5 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Consumer, Non-cyclical: (continued) |
| 1,525,000 (1) | | | Bausch Health Cos., Inc., 4.875%, 06/01/2028 | | $ | 1,143,056 | | | | 0.3 | |
| 1,225,000 (1) | | | Bausch Health Cos., Inc., 6.125%, 02/01/2027 | | | 1,021,191 | | | | 0.2 | |
| 1,592,891 | | | Bausch Lomb, 8.563%, 05/05/2027 | | | 1,578,289 | | | | 0.4 | |
| 1,450,000 (1) | | | BellRing Brands, Inc., 7.000%, 03/15/2030 | | | 1,487,393 | | | | 0.3 | |
| 645,000 (1) | | | Brink's Co., 6.500%, 06/15/2029 | | | 652,304 | | | | 0.1 | |
| 645,000 (1) | | | Brink's Co., 6.750%, 06/15/2032 | | | 650,321 | | | | 0.1 | |
| 2,050,000 (1) | | | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | | | 1,900,333 | | | | 0.4 | |
| 1,450,000 (1) | | | Chobani LLC / Chobani Finance Corp., Inc., 7.625%, 07/01/2029 | | | 1,495,176 | | | | 0.3 | |
| 2,925,000 (1) | | | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | | | 2,414,330 | | | | 0.5 | |
| 2,075,000 (1) | | | CHS/Community Health Systems, Inc., 5.625%, 03/15/2027 | | | 1,934,132 | | | | 0.4 | |
| 1,825,000 | | | Cimpress PLC, 7.000%, 06/15/2026 | | | 1,825,447 | | | | 0.4 | |
| 530,000 (1) | | | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | | | 537,637 | | | | 0.1 | |
| 1,575,000 (1) | | | CPI CG, Inc., 8.625%, 03/15/2026 | | | 1,610,141 | | | | 0.4 | |
| 1,375,000 (1) | | | CPI CG, Inc., 10.000%, 07/15/2029 | | | 1,428,103 | | | | 0.3 | |
| 500,000 (1) | | | DaVita, Inc., 3.750%, 02/15/2031 | | | 426,987 | | | | 0.1 | |
| 2,050,000 (1) | | | DaVita, Inc., 4.625%, 06/01/2030 | | | 1,854,162 | | | | 0.4 | |
| 1,725,000 | | | Encompass Health Corp., 4.750%, 02/01/2030 | | | 1,615,250 | | | | 0.4 | |
| 1,450,000 (1)(2) | | | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | | | 1,499,557 | | | | 0.3 | |
| 475,000 (1) | | | Garda World Security Corp., 4.625%, 02/15/2027 | | | 454,480 | | | | 0.1 | |
| 1,450,000 (1) | | | Garda World Security Corp., 6.000%, 06/01/2029 | | | 1,324,317 | | | | 0.3 | |
| 1,500,000 (1) | | | Graham Holdings Co., 5.750%, 06/01/2026 | | | 1,489,765 | | | | 0.3 | |
| 1,450,000 (1)(2) | | | Jazz Securities DAC, 4.375%, 01/15/2029 | | | 1,347,389 | | | | 0.3 | |
| 1,625,000 (1) | | | LifePoint Health, Inc., 10.000%, 06/01/2032 | | | 1,663,452 | | | | 0.4 | |
| 1,300,000 (1) | | | Medline Borrower L.P., 3.875%, 04/01/2029 | | | 1,198,164 | | | | 0.3 | |
| 1,150,000 (1) | | | Medline Borrower L.P., 5.250%, 10/01/2029 | | | 1,098,367 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Consumer, Non-cyclical: (continued) | | | | | | | | |
| 445,000 (1) | | | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | | $ | 450,593 | | | | 0.1 | |
| 1,125,000 (1) | | | ModivCare, Inc., 5.875%, 11/15/2025 | | | 1,141,526 | | | | 0.3 | |
| 1,675,000 (1) | | | MPH Acquisition Holdings LLC, 5.500%, 09/01/2028 | | | 1,266,490 | | | | 0.3 | |
| 1,450,000 (1) | | | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | | | 1,344,646 | | | | 0.3 | |
| 675,000 | | | New Albertsons L.P., 7.450%, 08/01/2029 | | | 711,962 | | | | 0.2 | |
| 2,175,000 (1)(2) | | | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | | | 1,955,634 | | | | 0.4 | |
| 700,000 (1)(2) | | | Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.875%, 05/15/2034 | | | 720,128 | | | | 0.2 | |
| 1,725,000 (1) | | | Owens & Minor, Inc., 6.625%, 04/01/2030 | | | 1,569,980 | | | | 0.4 | |
| 1,200,000 | | | Perrigo Finance Unlimited Co., 4.375%, 03/15/2026 | | | 1,161,708 | | | | 0.3 | |
| 1,300,000 (1) | | | Post Holdings, Inc., 4.625%, 04/15/2030 | | | 1,195,405 | | | | 0.3 | |
| 1,925,000 (1) | | | Post Holdings, Inc., 5.625%, 01/15/2028 | | | 1,896,810 | | | | 0.4 | |
| 2,100,000 (1) | | | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028 | | | 2,071,477 | | | | 0.5 | |
| 1,450,000 (1) | | | Primo Water Holdings, Inc., 4.375%, 04/30/2029 | | | 1,336,994 | | | | 0.3 | |
| 1,275,000 (1) | | | Select Medical Corp., 6.250%, 08/15/2026 | | | 1,282,326 | | | | 0.3 | |
| 1,325,000 (1)(2) | | | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | | | 1,166,331 | | | | 0.3 | |
| 1,180,000 (1) | | | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | | | 1,183,227 | | | | 0.3 | |
| 1,325,000 (1)(2) | | | Star Parent, Inc., 9.000%, 10/01/2030 | | | 1,392,769 | | | | 0.3 | |
| 1,200,000 (1) | | | Teleflex, Inc., 4.250%, 06/01/2028 | | | 1,132,427 | | | | 0.3 | |
| 1,525,000 | | | Tenet Healthcare Corp., 5.125%, 11/01/2027 | | | 1,493,743 | | | | 0.3 | |
| 2,025,000 (2) | | | Tenet Healthcare Corp., 6.125%, 10/01/2028 | | | 2,016,403 | | | | 0.5 | |
| 1,950,000 | | | Tenet Healthcare Corp., 6.125%, 06/15/2030 | | | 1,939,270 | | | | 0.4 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Consumer, Non-cyclical: (continued) | | | | | | | | |
| 1,450,000 (1) | | | Triton Water Holdings, Inc., 6.250%, 04/01/2029 | | $ | 1,399,759 | | | | 0.3 | |
| 1,250,000 (1) | | | United Natural Foods, Inc., 6.750%, 10/15/2028 | | | 1,129,682 | | | | 0.3 | |
| 1,250,000 | | | United Rentals North America, Inc., 4.875%, 01/15/2028 | | | 1,212,597 | | | | 0.3 | |
| 325,000 | | | United Rentals North America, Inc., 5.500%, 05/15/2027 | | | 322,775 | | | | 0.1 | |
| 1,650,000 (1) | | | Varex Imaging Corp., 7.875%, 10/15/2027 | | | 1,680,906 | | | | 0.4 | |
| 1,500,000 (1)(2) | | | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | | | 1,550,456 | | | | 0.3 | |
| 625,000 (1) | | | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | | | 591,546 | | | | 0.1 | |
| 1,325,000 (1) | | | Williams Scotsman International, Inc., 6.125%, 06/15/2025 | | | 1,324,324 | | | | 0.3 | |
| | | | | | | 87,073,999 | | | | 19.6 | |
| | | | Energy: 10.7% | | | | | | | | |
| 950,000 (1) | | | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | | | 921,545 | | | | 0.2 | |
| 1,350,000 (1) | | | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 | | | 1,339,939 | | | | 0.3 | |
| 1,100,000 (1) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | | | 1,090,450 | | | | 0.2 | |
| 650,000 (1) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | | | 653,133 | | | | 0.1 | |
| 1,600,000 (1) | | | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | | | 1,564,821 | | | | 0.4 | |
| 400,000 (1) | | | Baytex Energy Corp., 7.375%, 03/15/2032 | | | 406,783 | | | | 0.1 | |
| 1,550,000 (1) | | | Baytex Energy Corp., 8.500%, 04/30/2030 | | | 1,622,300 | | | | 0.4 | |
| 1,875,000 (1) | | | Chord Energy Corp., 6.375%, 06/01/2026 | | | 1,876,061 | | | | 0.4 | |
| 1,500,000 (1) | | | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | | | 1,529,829 | | | | 0.3 | |
| 950,000 (1) | | | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | | | 938,934 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | Energy: (continued) | | | | | | | | |
| 1,100,000 (1) | | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | | $ | 1,132,883 | | | | 0.3 | |
| 475,000 (1) | | DT Midstream, Inc., 4.125%, 06/15/2029 | | | 439,209 | | | | 0.1 | |
| 900,000 (1) | | DT Midstream, Inc., 4.375%, 06/15/2031 | | | 820,340 | | | | 0.2 | |
| 1,875,000 (1) | | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | | | 1,918,866 | | | | 0.4 | |
| 1,675,000 (1) | | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | | | 1,708,332 | | | | 0.4 | |
| 375,000 (1)(2) | | Encino Acquisition Partners Holdings LLC, 8.750%, 05/01/2031 | | | 391,317 | | | | 0.1 | |
| 1,550,000 (1) | | Enerflex Ltd., 9.000%, 10/15/2027 | | | 1,574,910 | | | | 0.4 | |
| 625,000 (1) | | EQM Midstream Partners L.P., 6.000%, 07/01/2025 | | | 625,539 | | | | 0.1 | |
| 1,300,000 (1) | | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | | | 1,337,170 | | | | 0.3 | |
| 800,000 (1) | | Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029 | | | 774,730 | | | | 0.2 | |
| 850,000 (1) | | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | | | 821,630 | | | | 0.2 | |
| 850,000 (1) | | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | | | 814,457 | | | | 0.2 | |
| 1,475,000 (1)(2) | | Kinetik Holdings L.P., 5.875%, 06/15/2030 | | | 1,454,403 | | | | 0.3 | |
| 1,475,000 (1)(2) | | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | | | 1,513,160 | | | | 0.3 | |
| 375,000 (1) | | Matador Resources Co., 6.500%, 04/15/2032 | | | 375,307 | | | | 0.1 | |
| 1,725,000 (1) | | Matador Resources Co., 6.875%, 04/15/2028 | | | 1,753,026 | | | | 0.4 | |
| 1,450,000 (1) | | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 | | | 1,453,943 | | | | 0.3 | |
| 1,550,000 | | Murphy Oil Corp., 6.375%, 07/15/2028 | | | 1,563,181 | | | | 0.4 | |
| 1,150,000 (1) | | NGL Energy Operating LLC / NGL Energy Finance Corp., 8.125%, 02/15/2029 | | | 1,172,627 | | | | 0.3 | |
| 725,000 (1) | | NGL Energy Operating LLC / NGL Energy Finance Corp., 8.375%, 02/15/2032 | | | 736,738 | | | | 0.2 | |
| 1,025,000 (1)(2) | | Permian Resources Operating LLC, 5.875%, 07/01/2029 | | | 1,009,946 | | | | 0.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Energy: (continued) | | | | | | | | |
| 1,925,000 | | | Southwestern Energy Co., 5.375%, 02/01/2029 | | $ | 1,872,367 | | | | 0.4 | |
| 300,000 | | | Southwestern Energy Co., 5.700%, 01/23/2025 | | | 299,752 | | | | 0.1 | |
| 425,000 (1) | | | Sunoco L.P., 7.000%, 05/01/2029 | | | 435,877 | | | | 0.1 | |
| 600,000 | | | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | | | 561,582 | | | | 0.1 | |
| 1,275,000 | | | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 | | | 1,180,210 | | | | 0.3 | |
| 700,000 (1) | | | Talos Production, Inc., 9.000%, 02/01/2029 | | | 735,237 | | | | 0.2 | |
| 950,000 (1) | | | Talos Production, Inc., 9.375%, 02/01/2031 | | | 1,003,656 | | | | 0.2 | |
| 961,875 (1) | | | Transocean Poseidon Ltd., 6.875%, 02/01/2027 | | | 961,415 | | | | 0.2 | |
| 225,000 (1) | | | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | | | 232,445 | | | | 0.0 | |
| 1,475,000 (1) | | | Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031 | | | 1,324,580 | | | | 0.3 | |
| 1,675,000 (1) | | | Venture Global LNG, Inc., 8.125%, 06/01/2028 | | | 1,726,937 | | | | 0.4 | |
| 1,525,000 (1) | | | Venture Global LNG, Inc., 8.375%, 06/01/2031 | | | 1,582,913 | | | | 0.4 | |
| | | | | | | 47,252,480 | | | | 10.7 | |
| | | | Financial: 8.0% | | | | | | | | |
| 725,000 (1) | | | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | | | 726,060 | | | | 0.2 | |
| 720,000 (1) | | | Acrisure LLC / Acrisure Finance, Inc., 8.500%, 06/15/2029 | | | 728,046 | | | | 0.2 | |
| 975,000 (2) | | | Ally Financial, Inc., 5.750%, 11/20/2025 | | | 969,309 | | | | 0.2 | |
| 650,000 (2) | | | Ally Financial, Inc., 6.700%, 02/14/2033 | | | 646,614 | | | | 0.1 | |
| 850,000 (1) | | | Ardonagh Finco Ltd., 7.750%, 02/15/2031 | | | 840,981 | | | | 0.2 | |
| 700,000 (1) | | | Ardonagh Group Finance Ltd., 8.875%, 02/15/2032 | | | 684,324 | | | | 0.2 | |
| 1,500,000 (1) | | | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | | | 1,447,241 | | | | 0.3 | |
| 1,550,000 (1) | | | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | | | 1,447,659 | | | | 0.3 | |
| 1,250,000 (1) | | | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | | | 1,228,633 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Financial: (continued) | | | | | | | | |
| 1,275,000 (1) | | | CI Financial Corp., 7.500%, 05/30/2029 | | $ | 1,263,575 | | | | 0.3 | |
| 1,425,000 (1) | | | Freedom Mortgage Corp., 6.625%, 01/15/2027 | | | 1,377,609 | | | | 0.3 | |
| 725,000 (1) | | | Freedom Mortgage Corp., 12.250%, 10/01/2030 | | | 780,668 | | | | 0.2 | |
| 350,000 (1)(2) | | | Freedom Mortgage Holdings LLC, 9.125%, 05/15/2031 | | | 341,023 | | | | 0.1 | |
| 400,000 (1) | | | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | | | 379,255 | | | | 0.1 | |
| 1,275,000 (1) | | | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | | | 1,178,777 | | | | 0.3 | |
| 450,000 (1) | | | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | | | 390,166 | | | | 0.1 | |
| 1,300,000 (1) | | | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | | | 1,230,815 | | | | 0.3 | |
| 1,300,000 (2) | | | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029 | | | 944,883 | | | | 0.2 | |
| 1,575,000 (2) | | | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | | | 1,302,254 | | | | 0.3 | |
| 1,100,000 (1) | | | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | | | 1,077,772 | | | | 0.2 | |
| 1,600,000 (1) | | | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | | | 1,468,585 | | | | 0.3 | |
| 700,000 (2) | | | Navient Corp., 4.875%, 03/15/2028 | | | 643,160 | | | | 0.1 | |
| 725,000 | | | Navient Corp., 5.000%, 03/15/2027 | | | 692,832 | | | | 0.2 | |
| 575,000 | | | Navient Corp., 6.750%, 06/25/2025 | | | 575,217 | | | | 0.1 | |
| 625,000 | | | OneMain Finance Corp., 4.000%, 09/15/2030 | | | 536,989 | | | | 0.1 | |
| 1,500,000 | | | OneMain Finance Corp., 5.375%, 11/15/2029 | | | 1,407,938 | | | | 0.3 | |
| 625,000 | | | OneMain Finance Corp., 7.125%, 03/15/2026 | | | 635,589 | | | | 0.1 | |
| 1,575,000 (1) | | | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | | | 1,594,221 | | | | 0.4 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Financial: (continued) | | | | | | | | |
| 1,600,000 (1) | | | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | | $ | 1,620,408 | | | | 0.4 | |
| 1,200,000 (1) | | | PRA Group, Inc., 5.000%, 10/01/2029 | | | 1,028,823 | | | | 0.2 | |
| 375,000 (1) | | | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 04/01/2032 | | | 375,335 | | | | 0.1 | |
| 1,675,000 (1) | | | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | | | 1,733,375 | | | | 0.4 | |
| 725,000 (1) | | | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | | | 690,014 | | | | 0.2 | |
| 225,000 (1) | | | United Wholesale Mortgage LLC, 5.500%, 11/15/2025 | | | 223,542 | | | | 0.0 | |
| 1,950,000 (1) | | | United Wholesale Mortgage LLC, 5.750%, 06/15/2027 | | | 1,905,423 | | | | 0.4 | |
| 1,410,000 (1) | | | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | | | 1,417,938 | | | | 0.3 | |
| | | | | | | 35,535,053 | | | | 8.0 | |
| | | | | | | | | | | | |
| | | | Industrial: 12.1% | | | | | | | | |
| 1,250,000 (1) | | | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | | | 1,275,361 | | | | 0.3 | |
| 1,275,000 (1)(2) | | | AmeriTex HoldCo Intermediate LLC, 10.250%, 10/15/2028 | | | 1,344,275 | | | | 0.3 | |
| 1,450,000 (1) | | | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029 | | | 1,228,687 | | | | 0.3 | |
| 850,000 (1)(2) | | | Bombardier, Inc., 7.000%, 06/01/2032 | | | 862,870 | | | | 0.2 | |
| 825,000 (1)(2) | | | Bombardier, Inc., 7.500%, 02/01/2029 | | | 855,792 | | | | 0.2 | |
| 755,000 (1) | | | Bombardier, Inc., 7.875%, 04/15/2027 | | | 757,393 | | | | 0.2 | |
| 425,000 (1) | | | Bombardier, Inc., 8.750%, 11/15/2030 | | | 459,864 | | | | 0.1 | |
| 1,675,000 (1) | | | Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026 | | | 1,658,069 | | | | 0.4 | |
| 325,000 (1) | | | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | | | 321,452 | | | | 0.1 | |
| 1,350,000 (1) | | | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | | | 1,301,260 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Industrial: (continued) | | | | | | | | |
| 1,425,000 (1) | | | Chart Industries, Inc., 7.500%, 01/01/2030 | | $ | 1,474,328 | | | | 0.3 | |
| 1,425,000 (1) | | | Clean Harbors, Inc., 6.375%, 02/01/2031 | | | 1,429,973 | | | | 0.3 | |
| 1,845,000 (1) | | | Clydesdale Acquisition Holdings, Inc., 8.750%, 04/15/2030 | | | 1,808,100 | | | | 0.4 | |
| 1,700,000 (1) | | | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | | | 1,715,388 | | | | 0.4 | |
| 1,950,000 (1) | | | Energizer Holdings, Inc., 4.750%, 06/15/2028 | | | 1,827,354 | | | | 0.4 | |
| 1,625,000 (1) | | | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | | | 1,577,121 | | | | 0.3 | |
| 870,000 (1)(2) | | | Fortress Transportation and Infrastructure Investors LLC, 7.000%, 05/01/2031 | | | 889,747 | | | | 0.2 | |
| 1,400,000 (1) | | | GFL Environmental, Inc., 4.000%, 08/01/2028 | | | 1,302,265 | | | | 0.3 | |
| 850,000 (1) | | | GFL Environmental, Inc., 4.375%, 08/15/2029 | | | 784,104 | | | | 0.2 | |
| 625,000 (1) | | | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | | | 590,966 | | | | 0.1 | |
| 625,000 (1) | | | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | | | 613,733 | | | | 0.1 | |
| 1,600,000 (1) | | | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | | | 1,513,155 | | | | 0.3 | |
| 1,850,000 (1) | | | Imola Merger Corp., 4.750%, 05/15/2029 | | | 1,730,983 | | | | 0.4 | |
| 625,000 (1)(3) | | | Intelligent Packaging Holdco Issuer L.P., 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026 | | | 598,750 | | | | 0.1 | |
| 1,325,000 (1) | | | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | | | 1,284,413 | | | | 0.3 | |
| 1,575,000 (1) | | | Madison IAQ LLC, 5.875%, 06/30/2029 | | | 1,466,875 | | | | 0.3 | |
| 1,125,000 (1) | | | Masterbrand, Inc., 7.000%, 07/15/2032 | | | 1,138,473 | | | | 0.3 | |
| 1,550,000 (1) | | | New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028 | | | 1,578,666 | | | | 0.4 | |
| 2,150,000 (1)(2) | | | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | | | 2,148,956 | | | | 0.5 | |
| 800,000 (1) | | | Rolls-Royce PLC, 3.625%, 10/14/2025 | | | 778,397 | | | | 0.2 | |
Principal Amount† | | | | | Value | | | Percentage of Net Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Industrial: (continued) | | | | | | | | |
| 1,550,000 (1) | | | Sealed Air Corp., 4.000%, 12/01/2027 | | $ | 1,458,887 | | | | 0.3 | |
| 200,000 (1) | | | Sealed Air Corp., 5.125%, 12/01/2024 | | | 199,335 | | | | 0.0 | |
| 700,000 (1)(2) | | | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | | | 698,991 | | | | 0.2 | |
| 550,000 (1) | | | Sensata Technologies BV, 5.000%, 10/01/2025 | | | 554,920 | | | | 0.1 | |
| 1,650,000 (1) | | | Sensata Technologies, Inc., 3.750%, 02/15/2031 | | | 1,439,342 | | | | 0.3 | |
| 1,690,000 (1) | | | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | | | 1,794,756 | | | | 0.4 | |
| 1,300,000 (1) | | | Standard Industries, Inc., 3.375%, 01/15/2031 | | | 1,096,706 | | | | 0.2 | |
| 775,000 (1) | | | Standard Industries, Inc., 4.375%, 07/15/2030 | | | 700,873 | | | | 0.2 | |
| 1,200,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029 | | | 1,158,128 | | | | 0.3 | |
| 1,225,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027 | | | 1,228,582 | | | | 0.3 | |
| 2,200,000 (1) | | | TK Elevator Holdco GmbH, 7.625%, 07/15/2028 | | | 2,185,518 | | | | 0.5 | |
| 1,400,000 (2) | | | TransDigm, Inc., 4.625%, 01/15/2029 | | | 1,307,459 | | | | 0.3 | |
| 1,350,000 | | | TransDigm, Inc., 5.500%, 11/15/2027 | | | 1,326,805 | | | | 0.3 | |
| 1,025,000 (1) | | | TransDigm, Inc., 6.625%, 03/01/2032 | | | 1,036,592 | | | | 0.2 | |
| 1,275,000 (1) | | | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | | | 1,182,232 | | | | 0.3 | |
| | | | | | | 53,685,896 | | | | 12.1 | |
| | | | | | | | | | | | |
| | | | Technology: 2.8% | | | | | | | | |
| 3,150,000 (1) | | | Cloud Software Group, Inc., 6.500%, 03/31/2029 | | | 3,027,338 | | | | 0.7 | |
| 349,125 | | | COTIVITI HLD 8.5735, 04/30/2031 | | | 349,289 | | | | 0.1 | |
| 950,000 (1) | | | Entegris Escrow Corp., 5.950%, 06/15/2030 | | | 941,183 | | | | 0.2 | |
| 625,000 (1) | | | Entegris, Inc., 3.625%, 05/01/2029 | | | 561,601 | | | | 0.1 | |
| 1,350,000 (1)(2) | | | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | | | 1,384,830 | | | | 0.3 | |
| 1,500,000 (1) | | | NCR Atleos Escrow Corp., 9.500%, 04/01/2029 | | | 1,622,484 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | | | | | |
| | | | Technology: (continued) | | | | | | | | |
| 750,000 (1) | | | Open Text Corp., 3.875%, 12/01/2029 | | $ | 673,017 | | | | 0.1 | |
| 1,385,000 (1) | | | Open Text Holdings, Inc., 4.125%, 02/15/2030 | | | 1,250,080 | | | | 0.3 | |
| 1,575,000 (1) | | | UKG, Inc., 6.875%, 02/01/2031 | | | 1,595,853 | | | | 0.4 | |
| 1,225,000 (1) | | | Virtusa Corp., 7.125%, 12/15/2028 | | | 1,128,513 | | | | 0.2 | |
| | | | | | | 12,534,188 | | | | 2.8 | |
| | | | Utilities: 1.9% | | | | | | | | |
| 975,000 (1) | | | Calpine Corp., 4.500%, 02/15/2028 | | | 927,144 | | | | 0.2 | |
| 750,000 (1) | | | Calpine Corp., 5.000%, 02/01/2031 | | | 700,445 | | | | 0.2 | |
| 1,225,000 (1) | | | Calpine Corp., 5.125%, 03/15/2028 | | | 1,179,061 | | | | 0.3 | |
| 275,000 (1) | | | Calpine Corp., 5.250%, 06/01/2026 | | | 272,190 | | | | 0.1 | |
| 1,325,000 | | | TransAlta Corp., 7.750%, 11/15/2029 | | | 1,383,635 | | | | 0.3 | |
| 800,000 (1) | | | Vistra Operations Co. LLC, 4.375%, 05/01/2029 | | | 745,442 | | | | 0.2 | |
| 1,425,000 (1) | | | Vistra Operations Co. LLC, 5.500%, 09/01/2026 | | | 1,406,263 | | | | 0.3 | |
| 650,000 (1) | | | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | | | 639,571 | | | | 0.1 | |
| 875,000 (1) | | | Vistra Operations Co. LLC, 7.750%, 10/15/2031 | | | 911,904 | | | | 0.2 | |
| | | | | | | 8,165,655 | | | | 1.9 | |
| | | | Total Corporate Bonds/Notes
(Cost $419,624,934) | | | 413,324,079 | | | | 93.2 | |
| BANK LOANS: 3.4% | | | | | | | | |
| | | | Consumer, Cyclical: 0.4% | | | | | | | | |
| 1,575,000 (5) | | | American Greetings Corp., 10/23/2029 | | | 1,586,250 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical: 0.3% | | | | | | | | |
| 1,569,063 | | | Kuehg Corp., Term Loan B, 9.823%, (TSFR3M+4.500%), 06/12/2030 | | | 1,577,030 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Energy: 0.7% | | | | | | | | |
| 1,600,000 (5) | | | Epic Ygrade, 06/29/2029 | | | 1,601,501 | | | | 0.4 | |
| 1,375,000 | | | Goodnight Water Solutions Holdings, LLC, 10.572%, 05/31/2029 | | | 1,371,562 | | | | 0.3 | |
| | | | | | | 2,973,063 | | | | 0.7 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| BANK LOANS: (continued) | | | | | | | | |
| | | | Financial: 1.0% | | | | | | | | |
| 1,200,000 | | | Advisor Group, Inc., 2023 Term Loan B, 8.840%, (TSFR1M+3.500%), 08/16/2028 | | $ | 1,205,143 | | | | 0.3 | |
| 2,623,425 | | | HUB International Ltd, 2024 Term Loan B, 8.840%, (TSFR1M+3.500%), 06/20/2030 | | | 2,632,001 | | | | 0.6 | |
| 600,000 | | | Truist Financial, 2nd Lien Term Loan, 10.060%, (TSFR1M+3.500%), 03/31/2032 | | | 613,250 | | | | 0.1 | |
| | | | | | | 4,450,394 | | | | 1.0 | |
| | | | Industrial: 0.3% | | | | | | | | |
| 1,350,000 (5) | | | Northstar Group Services, Inc., 05/08/2030 | | | 1,352,954 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | Technology: 0.7% | | | | | | | | |
| 1,575,000 | | | Cotiviti Corporation, 2024 Term Loan, 8.571%, (TSFR1M+3.500%), 02/22/2031 | | | 1,575,739 | | | | 0.4 | |
| 1,375,000 | | | Nielsen Consumer Inc., 2023 USD Fifth Amendment Incremental Term Loan, 11.549%, (TSFR3M+6.250%), 03/06/2028 | | | 1,381,875 | | | | 0.3 | |
| | | | | | | 2,957,614 | | | | 0.7 | |
| | | | Total Bank Loans
(Cost $14,756,218) | | | 14,897,305 | | | | 3.4 | |
| CONVERTIBLE BONDS/NOTES: 0.0% | | | | | | | | |
| | | | Financial: 0.0% | | | | | | | | |
| 499,200 (1) | | | Lehman Brothers Holdings, Inc. SD, 8.160%, 05/30/2009 | | | 1,275 | | | | 0.0 | |
| | | | Total Convertible Bonds/Notes
(Cost $451,666) | | | 1,275 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 0.0% | | | | | | | | |
| | | | Consumer Discretionary: —% | | | | | | | | |
| 1,476 (1)(6) | | | Perseus Holding Corp. | | | — | | | | — | |
| | | | | | | | | | | | |
| | | | Energy: 0.0% | | | | | | | | |
| 2 (7) | | | Amplify Energy Corp. | | | 14 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Energy: (continued) | | | | | | | | |
| 424,441 (6) | | | Ascent Resources - Utica LLC - Class A | | $ | 5,093 | | | | 0.0 | |
| | | | | | | 5,107 | | | | 0.0 | |
| | | | Health Care: 0.0% | | | | | | | | |
| 26 (7) | | | Option Care Health, Inc. | | | 720 | | | | 0.0 | |
| | | | Total Common Stock
(Cost $10,390) | | | 5,827 | | | | 0.0 | |
| OTHER(8): —% | | | | | | | | |
| | | | Energy: —% | | | | | | | | |
| 2,000 (6)(9) | | | Green Field Energy Services, Inc. | | | — | | | | — | |
| | | | Total Other
(Cost $–) | | | — | | | | — | |
| PREFERRED STOCK: —% | | | | | | | | |
| | | | Consumer Discretionary: —% | | | | | | | | |
| 775 (1)(6) | | | Perseus Holding Corp. | | | — | | | | — | |
| | | | Total Preferred Stock
(Cost $–) | | | — | | | | — | |
| WARRANTS: 0.0% | | | | | | | | |
| | | | Health Care: 0.0% | | | | | | | | |
| 126 | | | Option Care Health, Inc. - Class A | | | 1,182 | | | | 0.0 | |
| 126 | | | Option Care Health, Inc. - Class B | | | 852 | | | | 0.0 | |
| | | | | | | 2,034 | | | | 0.0 | |
| | | | Total Warrants
(Cost $–) | | | 2,034 | | | | 0.0 | |
| | | | Total Long-Term Investments
(Cost $434,843,208) | | | 428,230,520 | | | | 96.6 | |
| | | | | | | | | | | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 14.8% | | | | | | | | |
| | | | U.S. Treasury Obligations: 0.1% | | | | | | | | |
| 415,000 (10) | | | United States Treasury Bill, 4.290%, 07/05/2024
(Cost $414,762) | | | 414,757 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | | Repurchase Agreements: 10.6% | | | | | | | | |
| 14,722,450 (11) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $14,729,021, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $15,016,899, due 08/08/24-04/20/74) | | $ | 14,722,450 | | | | 3.3 | |
| 3,697,570 (11) | | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $3,699,220, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 8.500%, Market Value plus accrued interest $3,771,522, due 04/30/27-04/20/72) | | | 3,697,570 | | | | 0.8 | |
| 14,722,450 (11) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $14,729,033, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 7.000%, Market Value plus accrued interest $15,016,903, due 01/15/25-11/01/53) | | | 14,722,450 | | | | 3.3 | |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | | Repurchase Agreements (continued) | | | | | | |
| 14,000,000 (11) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $14,006,271, collateralized by various U.S. Government Securities, 0.125%- 3.625%, Market Value plus accrued interest $14,252,697, due 10/15/25-02/15/53) | | $ | 14,000,000 | | | | 3.2 | |
| | | | Total Repurchase Agreements
(Cost $47,142,470) | | | 47,142,470 | | | | 10.6 | |
| | | | Time Deposits: 3.3% | | | | | | | | |
| 1,510,000 (11) | | | BNP Paribas SA, 5.290%, 07/01/2024 | | | 1,510,000 | | | | 0.4 | |
| 1,510,000 (11) | | | Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024 | | | 1,510,000 | | | | 0.4 | |
| 1,500,000 (11) | | | Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024 | | | 1,500,000 | | | | 0.4 | |
| 1,410,000 (11) | | | DZ Bank AG, 5.300%, 07/01/2024 | | | 1,410,000 | | | | 0.3 | |
| 1,460,000 (11) | | | HSBC Bank PLC, 5.380%, 07/01/2024 | | | 1,460,000 | | | | 0.3 | |
| 1,280,000 (11) | | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024 | | | 1,280,000 | | | | 0.3 | |
| 1,450,000 (11) | | | Mizuho Bank Ltd., 5.320%, 07/01/2024 | | | 1,450,000 | | | | 0.3 | |
| 1,500,000 (11) | | | Royal Bank of Canada, 5.320%, 07/01/2024 | | | 1,500,000 | | | | 0.3 | |
| 1,470,000 (11) | | | Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024 | | | 1,470,000 | | | | 0.3 | |
| 1,370,000 (11) | | | Svenska Handelsbanken AB, 5.310%, 07/01/2024 | | | 1,370,000 | | | | 0.3 | |
| | | | Total Time Deposits
(Cost $14,460,000) | | | 14,460,000 | | | | 3.3 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | | Commercial Paper: 0.8% | | | | | | | | |
| 625,000 | | | Intel Corp., 5.960%, 07/29/2024 | | $ | 622,062 | | | | 0.1 | |
| 1,000,000 | | | Kellanova, 4.980%, 07/10/2024 | | | 998,640 | | | | 0.2 | |
| 800,000 | | | Parker-Hannifin Corp., 5.980%, 08/05/2024 | | | 795,326 | | | | 0.2 | |
| 1,300,000 | | | Parker-Hannifin Corp., 6.010%, 08/01/2024 | | | 1,293,207 | | | | 0.3 | |
| | | | Total Commercial Paper
(Cost $3,710,652) | | | 3,709,235 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $65,727,884) | | | 65,726,462 | | | | 14.8 | |
| | | | Total Investments in Securities
(Cost $500,571,092) | | $ | 493,956,982 | | | | 111.4 | |
| | | | Liabilities in Excess of Other Assets | | | (50,524,313 | ) | | | (11.4) | |
| | | | Net Assets | | $ | 443,432,669 | | | | 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 June 30, 2024. |
| (5) | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| (6) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (7) | Non-income producing security. |
| (8) | 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. |
| (9) | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2024, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (10) | Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2024. |
| (11) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
Reference Rate Abbreviations:
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
| Voya High Yield Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Consumer Discretionary | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Energy | | | 14 | | | | — | | | | 5,093 | | | | 5,107 | |
| Health Care | | | 720 | | | | — | | | | — | | | | 720 | |
| Total Common Stock | | | 734 | | | | — | | | | 5,093 | | | | 5,827 | |
| Corporate Bonds/Notes | | | — | | | | 413,324,079 | | | | — | | | | 413,324,079 | |
| Bank Loans | | | — | | | | 14,897,305 | | | | — | | | | 14,897,305 | |
| Warrants | | | — | | | | 2,034 | | | | — | | | | 2,034 | |
| Convertible Bonds/Notes | | | — | | | | 1,275 | | | | — | | | | 1,275 | |
| Preferred Stock | | | — | | | | — | | | | — | | | | — | |
| Other | | | — | | | | — | | | | — | | | | — | |
| Short-Term Investments | | | — | | | | 65,726,462 | | | | — | | | | 65,726,462 | |
| Total Investments, at fair value | | $ | 734 | | | $ | 493,951,155 | | | $ | 5,093 | | | $ | 493,956,982 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
At June 30, 2024, Voya High Yield Portfolio held the following restricted securities:
| Security | | Acquisition Date | | | Acquisition Cost | | | | Fair Value | |
| Green Field Energy Services, Inc. | | 8/25/2019 | | $ | — | | | $ | — | |
| | | | | $ | — | | | $ | — | |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $500,967,058. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 4,874,570 | |
| Gross Unrealized Depreciation | | | (11,884,646 | ) |
| Net Unrealized Depreciation | | $ | (7,010,076 | ) |
See Accompanying Notes to Financial Statements
Voya Large Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: 99.3% | | | | |
| | | | Communication Services: 13.4% | | | | | | | | |
| 929,263 | | | Alphabet, Inc. - Class A | | $ | 169,265,256 | | | | 3.7 | |
| 481,590 | | | Meta Platforms, Inc. - Class A | | | 242,827,310 | | | | 5.3 | |
| 130,101 (1) | | | Netflix, Inc. | | | 87,802,563 | | | | 1.9 | |
| 870,114 (1) | | | ROBLOX Corp. - Class A | | | 32,376,942 | | | | 0.7 | |
| 94,456 (1) | | | Spotify Technology SA | | | 29,639,348 | | | | 0.7 | |
| 526,587 (1) | | | Trade Desk, Inc. - Class A | | | 51,431,752 | | | | 1.1 | |
| | | | | | | 613,343,171 | | | | 13.4 | |
| | | | Consumer Discretionary: 13.5% | | | | | | | | |
| 1,892,997 (1) | | | Amazon.com, Inc. | | | 365,821,670 | | | | 8.0 | |
| 17,685 | | | Booking Holdings, Inc. | | | 70,059,127 | | | | 1.5 | |
| 558,783 (1) | | | Chipotle Mexican Grill, Inc. | | | 35,007,755 | | | | 0.8 | |
| 237,347 | | | Dollar General Corp. | | | 31,384,394 | | | | 0.7 | |
| 111,611 (1) | | | Lululemon Athletica, Inc. | | | 33,338,206 | | | | 0.7 | |
| 316,751 | | | Ross Stores, Inc. | | | 46,030,255 | | | | 1.0 | |
| 176,761 (1) | | | Tesla, Inc. | | | 34,977,467 | | | | 0.8 | |
| | | | | | | 616,618,874 | | | | 13.5 | |
| | | | Consumer Staples: 3.2% | | | | | | | | |
| 238,329 | | | Constellation Brands, Inc. - Class A | | | 61,317,285 | | | | 1.4 | |
| 771,746 | | | McCormick & Co., Inc. | | | 54,747,661 | | | | 1.2 | |
| 433,996 | | | Mondelez International, Inc. - Class A | | | 28,400,699 | | | | 0.6 | |
| | | | | | | 144,465,645 | | | | 3.2 | |
| | | | Energy: 0.4% | | | | | | | | |
| 238,242 (2) | | | Chesapeake Energy Corp. | | | 19,581,110 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | Financials: 2.3% | | | | | | | | |
| 331,662 | | | Apollo Global Management, Inc. | | | 39,159,332 | | | | 0.9 | |
| 98,709 | | | LPL Financial Holdings, Inc. | | | 27,569,424 | | | | 0.6 | |
| 365,651 | | | Tradeweb Markets, Inc. - Class A | | | 38,759,006 | | | | 0.8 | |
| | | | | | | 105,487,762 | | | | 2.3 | |
| | | | Health Care: 10.2% | | | | | | | | |
| 621,822 (1) | | | Boston Scientific Corp. | | | 47,886,512 | | | | 1.0 | |
| 72,946 | | | Elevance Health, Inc. | | | 39,526,520 | | | | 0.9 | |
| 190,182 | | | Eli Lilly & Co. | | | 172,186,979 | | | | 3.8 | |
| 153,118 (1) | | | Intuitive Surgical, Inc. | | | 68,114,542 | | | | 1.5 | |
| 201,698 (1) | | | Repligen Corp. | | | 25,426,050 | | | | 0.6 | |
| 86,155 | | | Thermo Fisher Scientific, Inc. | | | 47,643,715 | | | | 1.0 | |
| 134,493 (1) | | | Vertex Pharmaceuticals, Inc. | | | 63,039,559 | | | | 1.4 | |
| | | | | | | 463,823,877 | | | | 10.2 | |
| | | | Industrials: 4.4% | | | | | | | | |
| 232,827 | | | Booz Allen Hamilton Holding Corp. | | | 35,832,075 | | | | 0.8 | |
| 722,464 (1) | | | Copart, Inc. | | | 39,128,650 | | | | 0.9 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Industrials: (continued) | | | | | | | | |
| 183,782 | | | Dover Corp. | | $ | 33,163,462 | | | | 0.7 | |
| 516,208 | | | Ingersoll Rand, Inc. | | | 46,892,335 | | | | 1.0 | |
| 36,024 | | | TransDigm Group, Inc. | | | 46,024,623 | | | | 1.0 | |
| | | | | | | 201,041,145 | | | | 4.4 | |
| | | | Information Technology: 51.0% | | | | | | | | |
| 76,079 | | | Accenture PLC - Class A | | | 23,083,129 | | | | 0.5 | |
| 2,100,232 | | | Apple, Inc. | | | 442,350,864 | | | | 9.7 | |
| 55,019 | | | ASML Holding N.V. | | | 56,269,582 | | | | 1.2 | |
| 92,402 | | | Broadcom, Inc. | | | 148,354,183 | | | | 3.3 | |
| 154,623 (1) | | | Crowdstrike Holdings, Inc. - Class A | | | 59,249,987 | | | | 1.3 | |
| 359,313 (1) | | | Datadog, Inc. - Class A | | | 46,599,303 | | | | 1.0 | |
| 251,054 | | | Marvell Technology, Inc. | | | 17,548,675 | | | | 0.4 | |
| 611,607 | | | Micron Technology, Inc. | | | 80,444,669 | | | | 1.8 | |
| 1,362,808 | | | Microsoft Corp. | | | 609,107,035 | | | | 13.3 | |
| 4,237,092 | | | NVIDIA Corp. | | | 523,450,346 | | | | 11.5 | |
| 158,933 (1) | | | Palo Alto Networks, Inc. | | | 53,879,876 | | | | 1.2 | |
| 150,129 | | | Salesforce, Inc. | | | 38,598,166 | | | | 0.8 | |
| 80,042 (1) | | | ServiceNow, Inc. | | | 62,966,640 | | | | 1.4 | |
| 499,846 | | | Visa, Inc. - Class A | | | 131,194,580 | | | | 2.9 | |
| 152,786 (1) | | | Workday, Inc. - Class A | | | 34,156,838 | | | | 0.7 | |
| | | | | | | 2,327,253,873 | | | | 51.0 | |
| | | | Materials: 0.9% | | | | | | | | |
| 137,392 | | | Sherwin-Williams Co. | | | 41,001,894 | | | | 0.9 | |
| | | | Total Common Stock (Cost $3,087,133,659) | | | 4,532,617,351 | | | | 99.3 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 1.3% | | | | | | | | |
| | | Repurchase Agreements: 0.3% | | | | | | | | |
| 4,190,959 (3) | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $4,192,829, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $4,274,778, due 08/08/24-04/20/74) | | | 4,190,959 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Large Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | Repurchase Agreements (continued) |
| 1,004,123 (3) | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,004,571, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,024,206, due 04/30/27-04/20/72) | | $ | 1,004,123 | | | | 0.0 | |
| 4,190,959 (3) | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $4,192,833, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $4,274,779, due 01/15/25-11/01/53) | | | 4,190,959 | | | | 0.1 | |
| 4,100,000 (3) | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $4,101,837, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $4,174,004, due 10/15/25-02/15/53) | | | 4,100,000 | | | | 0.1 | |
| | | Total Repurchase Agreements (Cost $13,486,041) | | | 13,486,041 | | | | 0.3 | |
| | | Time Deposits: 0.1% | | | | | | | | |
| 420,000 (3) | | BNP Paribas SA, 5.290%, 07/01/2024 (Cost $420,000) | | | 420,000 | | | | 0.1 | |
| 420,000 (3) | | Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024 (Cost $420,000) | | | 420,000 | | | | 0.0 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | |
| | | Time Deposits (continued) | | | | | | | | |
| 420,000 (3) | | Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024 (Cost $420,000) | | $ | 420,000 | | | | 0.0 | |
| 400,000 (3) | | DZ Bank AG, 5.300%, 07/01/2024 (Cost $400,000) | | | 400,000 | | | | 0.0 | |
| 410,000 (3) | | HSBC Bank PLC, 5.380%, 07/01/2024 (Cost $410,000) | | | 410,000 | | | | 0.0 | |
| 360,000 (3) | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024 (Cost $360,000) | | | 360,000 | | | | 0.0 | |
| 410,000 (3) | | Mizuho Bank Ltd., 5.320%, 07/01/2024 (Cost $410,000) | | | 410,000 | | | | 0.0 | |
| 420,000 (3) | | Royal Bank of Canada, 5.320%, 07/01/2024 (Cost $420,000) | | | 420,000 | | | | 0.0 | |
| 410,000 (3) | | Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024 (Cost $410,000) | | | 410,000 | | | | 0.0 | |
| 380,000 (3) | | Svenska Handelsbanken AB, 5.310%, 07/01/2024 (Cost $380,000) | | | 380,000 | | | | 0.0 | |
| | | Total Time Deposits (Cost $4,050,000) | | | 4,050,000 | | | | 0.1 | |
| | | | | | | | | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets |
| | | | Mutual Funds: 0.9% | | | | | | | | |
| 42,420,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220% (Cost $42,420,000) | | $ | 42,420,000 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | Total Short-Term Investments (Cost $59,956,041) | | | 59,956,041 | | | | 1.3 | |
| | | | Total Investments in Securities (Cost $3,147,089,700) | | $ | 4,592,573,392 | | | | 100.6 | |
| | | | Liabilities in Excess of Other Assets | | | (27,366,436) | | | | (0.6) | |
| | | | Net Assets | | $ | 4,565,206,956 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
Voya Large Cap Growth Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of June 30, 2024. |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 4,532,617,351 | | | $ | — | | | $ | — | | | $ | 4,532,617,351 | |
| Short-Term Investments | | | 42,420,000 | | | | 17,536,041 | | | | — | | | | 59,956,041 | |
| Total Investments, at fair value | | $ | 4,575,037,351 | | | $ | 17,536,041 | | | $ | — | | | $ | 4,592,573,392 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $3,181,299,042. |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 1,473,103,583 | |
| Gross Unrealized Depreciation | | | (61,829,233 | ) |
| Net Unrealized Appreciation | | $ | 1,411,274,350 | |
See Accompanying Notes to Financial Statements
Voya Large Cap Value Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: 99.8% | | | | | | | | |
| | | | Communication Services: 4.6% | | | | | | | | |
| 1,165,182 | | | AT&T, Inc. | | $ | 22,266,628 | | | | 3.8 | |
| 103,895 (1) | | | Pinterest, Inc. - Class A | | | 4,578,653 | | | | 0.8 | |
| | | | | | | 26,845,281 | | | | 4.6 | |
| | | | Consumer Discretionary: 4.8% | | | | | | | | |
| 42,049 | | | Dollar General Corp. | | | 5,560,139 | | | | 0.9 | |
| 207,611 | | | Las Vegas Sands Corp. | | | 9,186,787 | | | | 1.6 | |
| 66,748 | | | PVH Corp. | | | 7,066,611 | | | | 1.2 | |
| 151,023 | | | Tapestry, Inc. | | | 6,462,274 | | | | 1.1 | |
| | | | | | | 28,275,811 | | | | 4.8 | |
| | | | Consumer Staples: 10.5% | | | | | | | | |
| 653,268 | | | Kenvue, Inc. | | | 11,876,412 | | | | 2.0 | |
| 311,400 | | | Kraft Heinz Co. | | | 10,033,308 | | | | 1.7 | |
| 197,377 | | | McCormick & Co., Inc. | | | 14,001,924 | | | | 2.4 | |
| 77,783 | | | Mondelez International, Inc. - Class A | | | 5,090,120 | | | | 0.9 | |
| 201,683 | | | Philip Morris International, Inc. | | | 20,436,539 | | | | 3.5 | |
| | | | | | | 61,438,303 | | | | 10.5 | |
| | | | Energy: 7.7% | | | | | | | | |
| 394,417 | | | BP PLC, ADR | | | 14,238,454 | | | | 2.5 | |
| 134,267 (2) | | | Chesapeake Energy Corp. | | | 11,035,405 | | | | 1.9 | |
| 103,567 | | | ConocoPhillips | | | 11,845,993 | | | | 2.0 | |
| 61,584 | | | EOG Resources, Inc. | | | 7,751,578 | | | | 1.3 | |
| | | | | | | 44,871,430 | | | | 7.7 | |
| | | | Financials: 19.9% | | | | | | | | |
| 56,574 | | | American Financial Group, Inc. | | | 6,959,733 | | | | 1.2 | |
| 75,961 | | | Apollo Global Management, Inc. | | | 8,968,715 | | | | 1.5 | |
| 46,338 | | | Arthur J Gallagher & Co. | | | 12,015,907 | | | | 2.1 | |
| 647,304 | | | Bank of America Corp. | | | 25,743,280 | | | | 4.4 | |
| 217,830 | | | Bank of New York Mellon Corp. | | | 13,045,839 | | | | 2.2 | |
| 66,438 | | | Hartford Financial Services Group, Inc. | | | 6,679,677 | | | | 1.1 | |
| 113,678 | | | Intercontinental Exchange, Inc. | | | 15,561,381 | | | | 2.7 | |
| 196,366 | | | Lazard, Inc. | | | 7,497,254 | | | | 1.3 | |
| 115,293 | | | Raymond James Financial, Inc. | | | 14,251,368 | | | | 2.4 | |
| 294,413 | | | SLM Corp. | | | 6,120,846 | | | | 1.0 | |
| | | | | | | 116,844,000 | | | | 19.9 | |
| | | | Health Care: 17.4% | | | | | | | | |
| 100,991 | | | Abbott Laboratories | | | 10,493,975 | | | | 1.8 | |
| 50,336 | | | AbbVie, Inc. | | | 8,633,631 | | | | 1.5 | |
| 52,785 | | | Alcon, Inc. | | | 4,702,088 | | | | 0.8 | |
| 27,487 | | | Amgen, Inc. | | | 8,588,313 | | | | 1.4 | |
| 75,479 (1) | | | Boston Scientific Corp. | | | 5,812,638 | | | | 1.0 | |
| 31,432 | | | Cigna Group | | | 10,390,476 | | | | 1.8 | |
| 17,468 | | | Elevance Health, Inc. | | | 9,465,210 | | | | 1.6 | |
| 17,632 | | | HCA Healthcare, Inc. | | | 5,664,809 | | | | 1.0 | |
| 6,874 | | | McKesson Corp. | | | 4,014,691 | | | | 0.7 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | |
| | | | Health Care: (continued) | | | | | | | | |
| 24,640 | | | Stryker Corp. | | $ | 8,383,760 | | | | 1.4 | |
| 27,818 | | | Thermo Fisher Scientific, Inc. | | | 15,383,354 | | | | 2.6 | |
| 26,515 | | | Universal Health Services, Inc. - Class B | | | 4,903,419 | | | | 0.8 | |
| 12,584 (1) | | | Vertex Pharmaceuticals, Inc. | | | 5,898,372 | | | | 1.0 | |
| | | | | | | 102,334,736 | | | | 17.4 | |
| | | | Industrials: 11.5% | | | | | | | | |
| 53,803 | | | Booz Allen Hamilton Holding Corp. | | | 8,280,282 | | | | 1.4 | |
| 187,950 (1) | | | Copart, Inc. | | | 10,179,372 | | | | 1.7 | |
| 56,216 | | | Dover Corp. | | | 10,144,177 | | | | 1.7 | |
| 69,716 | | | Emerson Electric Co. | | | 7,679,914 | | | | 1.3 | |
| 94,300 | | | Ingersoll Rand, Inc. | | | 8,566,212 | | | | 1.5 | |
| 20,063 | | | Parker-Hannifin Corp. | | | 10,148,066 | | | | 1.7 | |
| 17,053 (1) | | | Saia, Inc. | | | 8,088,067 | | | | 1.4 | |
| 26,820 | | | Woodward, Inc. | | | 4,676,872 | | | | 0.8 | |
| | | | | | | 67,762,962 | | | | 11.5 | |
| | | | Information Technology: 9.3% | | | | | | | | |
| 35,518 | | | Accenture PLC - Class A | | | 10,776,516 | | | | 1.8 | |
| 46,981 (1) | | | Advanced Micro Devices, Inc. | | | 7,620,788 | | | | 1.3 | |
| 3,071 | | | Constellation Software, Inc. | | | 8,848,736 | | | | 1.5 | |
| 332,326 (1) | | | Dropbox, Inc. - Class A | | | 7,467,365 | | | | 1.3 | |
| 52,593 | | | Micron Technology, Inc. | | | 6,917,557 | | | | 1.2 | |
| 35,094 | | | Salesforce, Inc. | | | 9,022,668 | | | | 1.5 | |
| 23,500 | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 4,084,535 | | | | 0.7 | |
| | | | | | | 54,738,165 | | | | 9.3 | |
| | | | Materials: 3.6% | | | | | | | | |
| 214,001 | | | Alcoa Corp. | | | 8,512,960 | | | | 1.4 | |
| 44,118 | | | CF Industries Holdings, Inc. | | | 3,270,026 | | | | 0.6 | |
| 71,999 | | | Crown Holdings, Inc. | | | 5,356,006 | | | | 0.9 | |
| 14,600 | | | Reliance Steel & Aluminum Co. | | | 4,169,760 | | | | 0.7 | |
| | | | | | | 21,308,752 | | | | 3.6 | |
| | | | Real Estate: 3.2% | | | | | | | | |
| 40,256 | | | Ryman Hospitality Properties, Inc. | | | 4,019,964 | | | | 0.7 | |
| 139,712 | | | Welltower, Inc. | | | 14,564,976 | | | | 2.5 | |
| | | | | | | 18,584,940 | | | | 3.2 | |
| | | | Utilities: 7.3% | | | | | | | | |
| 69,010 | | | DTE Energy Co. | | | 7,660,800 | | | | 1.3 | |
| 134,520 | | | Duke Energy Corp. | | | 13,482,940 | | | | 2.3 | |
| 133,076 | | | NextEra Energy, Inc. | | | 9,423,111 | | | | 1.6 | |
| 440,822 (3) | | | Prime AET&D Holdings No 1 | | | — | | | | — | |
See Accompanying Notes to Financial Statements
Voya Large Cap Value Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | | | | | | | | |
| | | Utilities: (continued) | | | | | | | | |
| 165,388 | | Public Service Enterprise Group, Inc. | | $ | 12,189,096 | | | | 2.1 | |
| | | | | | 42,755,947 | | | | 7.3 | |
| | | Total Common Stock (Cost $528,833,363) | | | 585,760,327 | | | | 99.8 | |
| CORPORATE BONDS/NOTES: —% | | | | | | | | |
| | | Financial: —% | | | | | | | | |
| 1,216,000 (3)(4) | | Tropicana Entertainment LLC / Tropicana Finance Corp., 9.625%, 12/15/2014 | | | — | | | | — | |
| | Total Corporate Bonds/Notes (Cost $787,907) | | | — | | | | — | |
| OTHER(5): 0.0% | | | |
| | | Energy: 0.0% | | | | | | | | |
| 1,685,000 (3)(6) | | Samson Investment Co. | | | — | | | | 0.0 | |
| | | Total Other (Cost $30,842) | | | — | | | | 0.0 | |
| WARRANTS: —% | | | |
| | | Information Technology: —% | | | | | | | | |
| 1,823 (3) | | Constellation Software, Inc. | | | — | | | | — | |
| | | Total Warrants (Cost $—) | | | — | | | | — | |
| | Total Long-Term Investments (Cost $529,652,112) | | | 585,760,327 | | | | 99.8 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 2.7% | | | | | | |
| | | Repurchase Agreements: 1.3% | | | | | | | | |
| 2,362,146 (7) | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $2,363,200, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,409,389, due 08/08/24-04/20/74) | | | 2,362,146 | | | | 0.4 | |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | Repurchase Agreements (continued) | | | | | | | | |
| 849,167 (7) | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $849,546, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $866,150, due 04/30/27-04/20/72) | | $ | 849,167 | | | | 0.1 | |
| 2,362,146 (7) | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $2,363,202, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $2,409,390, due 01/15/25-11/01/53) | | | 2,362,146 | | | | 0.4 | |
| 2,300,000 (7) | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $2,301,030, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $2,341,514, due 10/15/25-02/15/53) | | | 2,300,000 | | | | 0.4 | |
| | | Total Repurchase Agreements (Cost $7,873,459) | | | 7,873,459 | | | | 1.3 | |
| | | Time Deposits: 0.4% | | | | | | | | |
| 230,000 (7) | | BNP Paribas SA, 5.290%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.1 | |
| 230,000 (7) | | Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
Voya Large Cap Value Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: (continued) | | | | | | | | |
| | | Time Deposits (continued) | | | | | | | | |
| 220,000 (7) | | DZ Bank AG, 5.300%, 07/01/2024 (Cost $220,000) | | $ | 220,000 | | | | 0.0 | |
| 230,000 (7) | | HSBC Bank PLC, 5.380%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.0 | |
| 200,000 (7) | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024 (Cost $200,000) | | | 200,000 | | | | 0.0 | |
| 230,000 (7) | | Mizuho Bank Ltd., 5.320%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.1 | |
| 230,000 (7) | | Royal Bank of Canada, 5.320%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.0 | |
| 230,000 (7) | | Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024 (Cost $230,000) | | | 230,000 | | | | 0.1 | |
| 210,000 (7) | | Svenska Handelsbanken AB, 5.310%, 07/01/2024 (Cost $210,000) | | | 210,000 | | | | 0.0 | |
| | | Total Time Deposits (Cost $2,010,000) | | | 2,010,000 | | | | 0.4 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| | | | Mutual Funds: 1.0% | | | | | | | | |
| 6,003,000 (8) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220% (Cost $6,003,000) | | $ | 6,003,000 | | | | 1.0 | |
| | | | Total Short-Term Investments (Cost $15,886,459) | | | 15,886,459 | | | | 2.7 | |
| | | | Total Investments in Securities (Cost $545,538,571) | | $ | 601,646,786 | | | | 102.5 | |
| | | | Liabilities in Excess of Other Assets | | | (14,521,158) | | | | (2.5) | |
| | | | Net Assets | | $ | 587,125,628 | | | | 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) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (4) | Defaulted security. |
| (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) | Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2024, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (7) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (8) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
Voya Large Cap Value Portfolio | PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 26,845,281 | | | $ | — | | | $ | — | | | $ | 26,845,281 | |
| Consumer Discretionary | | | 28,275,811 | | | | — | | | | — | | | | 28,275,811 | |
| Consumer Staples | | | 61,438,303 | | | | — | | | | — | | | | 61,438,303 | |
| Energy | | | 44,871,430 | | | | — | | | | — | | | | 44,871,430 | |
| Financials | | | 116,844,000 | | | | — | | | | — | | | | 116,844,000 | |
| Health Care | | | 102,334,736 | | | | — | | | | — | | | | 102,334,736 | |
| Industrials | | | 67,762,962 | | | | — | | | | — | | | | 67,762,962 | |
| Information Technology | | | 54,738,165 | | | | — | | | | — | | | | 54,738,165 | |
| Materials | | | 21,308,752 | | | | — | | | | — | | | | 21,308,752 | |
| Real Estate | | | 18,584,940 | | | | — | | | | — | | | | 18,584,940 | |
| Utilities | | | 42,755,947 | | | | — | | | | — | | | | 42,755,947 | |
| Total Common Stock | | | 585,760,327 | | | | — | | | | — | | | | 585,760,327 | |
| Warrants | | | — | | | | — | | | | — | | | | — | |
| Short-Term Investments | | | 6,003,000 | | | | 9,883,459 | | | | — | | | | 15,886,459 | |
| Total Investments, at fair value | | $ | 591,763,327 | | | $ | 9,883,459 | | | $ | — | | | $ | 601,646,786 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
At June 30, 2024, Voya Large Cap Value Portfolio held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Samson Investment Co. | | 6/28/2017 | | $ | 30,842 | | | $ | — | |
| | | | | $ | 30,842 | | | $ | — | |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $547,986,692. |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 68,163,004 | |
| Gross Unrealized Depreciation | | | (14,508,561 | ) |
| Net Unrealized Appreciation | | $ | 53,654,443 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: 37.4% | |
| | | | Basic Materials: 1.6% |
| 288,000 | | | Albemarle Corp., 4.650%, 06/01/2027 | | $ | 283,483 | | | | 0.1 | |
| 424,000 | | | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026 | | | 424,801 | | | | 0.1 | |
| 475,000 | | | Ecolab, Inc., 1.650%, 02/01/2027 | | | 437,019 | | | | 0.1 | |
| 300,000 | | | EIDP, Inc., 4.500%, 05/15/2026 | | | 295,873 | | | | 0.1 | |
| 500,000 (1) | | | Georgia-Pacific LLC, 1.750%, 09/30/2025 | | | 478,584 | | | | 0.2 | |
| 280,000 | | | Nucor Corp., 2.000%, 06/01/2025 | | | 271,043 | | | | 0.1 | |
| 54,000 | | | Nutrien Ltd., 4.900%, 03/27/2028 | | | 53,388 | | | | 0.0 | |
| 2,777,000 | | | Nutrien Ltd., 5.200%, 06/21/2027 | | | 2,774,681 | | | | 0.9 | |
| | | | | | | 5,018,872 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | Communications: 1.0% |
| 370,000 | | | AT&T, Inc., 1.700%, 03/25/2026 | | | 347,465 | | | | 0.1 | |
| 308,000 | | | Comcast Corp., 4.550%, 01/15/2029 | | | 303,239 | | | | 0.1 | |
| 36,000 (2) | | | Motorola Solutions, Inc., 4.000%, 09/01/2024 | | | 35,852 | | | | 0.0 | |
| 216,000 (1) | | | NBN Co. Ltd., 5.750%, 10/06/2028 | | | 222,312 | | | | 0.1 | |
| 420,000 | | | Rogers Communications, Inc., 5.000%, 02/15/2029 | | | 414,908 | | | | 0.1 | |
| 835,000 | | | Sprint Capital Corp., 6.875%, 11/15/2028 | | | 885,786 | | | | 0.3 | |
| 194,000 | | | T-Mobile USA, Inc., 2.250%, 02/15/2026 | | | 184,383 | | | | 0.1 | |
| 444,000 | | | T-Mobile USA, Inc., 3.750%, 04/15/2027 | | | 426,844 | | | | 0.1 | |
| 181,000 | | | T-Mobile USA, Inc., 4.950%, 03/15/2028 | | | 179,843 | | | | 0.0 | |
| 271,000 | | | Verizon Communications, Inc., 0.850%, 11/20/2025 | | | 254,842 | | | | 0.1 | |
| | | | | | | 3,255,474 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | Consumer, Cyclical: 3.3% |
| 358,000 (1) | | | 7-Eleven, Inc., 0.950%, 02/10/2026 | | | 333,477 | | | | 0.1 | |
| 270,000 | | | American Honda Finance Corp., GMTN, 5.800%, 10/03/2025 | | | 271,437 | | | | 0.1 | |
| 140,000 | | | American Honda Finance Corp., MTN, 1.300%, 09/09/2026 | | | 129,057 | | | | 0.0 | |
| 428,000 (1) | | | BMW US Capital LLC, 1.250%, 08/12/2026 | | | 394,372 | | | | 0.1 | |
| 710,000 (1) | | | Daimler Truck Finance North America LLC, 3.500%, 04/07/2025 | | | 698,359 | | | | 0.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 254,000 (1) | | | Daimler Truck Finance North America LLC, 5.000%, 01/15/2027 | | $ | 252,236 | | | | 0.1 | |
| 124,520 | | | Delta Air Lines Pass Through Trust 20-1, A, 2.500%, 12/10/2029 | | | 113,201 | | | | 0.0 | |
| 225,000 | | | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | | | 213,889 | | | | 0.1 | |
| 200,000 | | | Ford Motor Credit Co. LLC, 5.800%, 03/08/2029 | | | 199,392 | | | | 0.1 | |
| 305,000 | | | General Motors Financial Co., Inc., 3.800%, 04/07/2025 | | | 300,455 | | | | 0.1 | |
| 408,000 | | | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | | | 405,956 | | | | 0.1 | |
| 140,000 | | | General Motors Financial Co., Inc., 5.350%, 07/15/2027 | | | 139,656 | | | | 0.0 | |
| 268,000 | | | General Motors Financial Co., Inc., 5.400%, 04/06/2026 | | | 267,533 | | | | 0.1 | |
| 183,000 | | | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | | | 183,051 | | | | 0.1 | |
| 507,000 | | | General Motors Financial Co., Inc., 5.800%, 01/07/2029 | | | 511,700 | | | | 0.2 | |
| 340,000 (2) | | | Home Depot, Inc., 4.875%, 06/25/2027 | | | 339,403 | | | | 0.1 | |
| 532,000 | | | Honda Motor Co. Ltd., 2.534%, 03/10/2027 | | | 498,946 | | | | 0.2 | |
| 462,000 (1) | | | Hyundai Capital America, 1.300%, 01/08/2026 | | | 433,711 | | | | 0.1 | |
| 160,000 (1) | | | Hyundai Capital America, 5.650%, 06/26/2026 | | | 160,447 | | | | 0.0 | |
| 159,000 (1) | | | Hyundai Capital America, 5.950%, 09/21/2026 | | | 160,321 | | | | 0.0 | |
| 507,000 (1) | | | Hyundai Capital America, 6.100%, 09/21/2028 | | | 520,832 | | | | 0.2 | |
| 299,000 (1) | | | Hyundai Capital America, 6.250%, 11/03/2025 | | | 301,373 | | | | 0.1 | |
| 187,000 | | | Lowe’s Cos., Inc., 3.350%, 04/01/2027 | | | 178,472 | | | | 0.1 | |
| 61,000 | | | Marriott International, Inc., 4.875%, 05/15/2029 | | | 60,244 | | | | 0.0 | |
| 290,000 (1) | | | Mercedes-Benz Finance North America LLC, 5.100%, 08/03/2028 | | | 290,787 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Cyclical: (continued) |
| 195,000 (1) | | | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | | $ | 195,544 | | | | 0.1 | |
| 423,000 | | | Ross Stores, Inc., 4.600%, 04/15/2025 | | | 420,754 | | | | 0.1 | |
| 505,000 (2) | | | Toll Brothers Finance Corp., 4.350%, 02/15/2028 | | | 488,180 | | | | 0.2 | |
| 436,000 | | | Toyota Motor Credit Corp., 5.400%, 11/20/2026 | | | 439,181 | | | | 0.1 | |
| 424,000 | | | Toyota Motor Credit Corp. B, 5.000%, 03/19/2027 | | | 424,106 | | | | 0.1 | |
| 60,054 | | | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | | | 60,290 | | | | 0.0 | |
| 66,072 | | | US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026 | | | 66,031 | | | | 0.0 | |
| 325,000 (1) | | | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 | | | 325,195 | | | | 0.1 | |
| 300,000 (1) | | | Volkswagen Group of America Finance LLC, 5.650%, 09/12/2028 | | | 303,808 | | | | 0.1 | |
| 225,000 (1) | | | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 | | | 236,069 | | | | 0.1 | |
| 421,000 | | | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | | | 399,806 | | | | 0.1 | |
| | | | | | | 10,717,271 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | Consumer, Non-cyclical: 3.9% |
| 274,000 | | | AbbVie, Inc., 4.800%, 03/15/2027 | | | 272,839 | | | | 0.1 | |
| 392,000 | | | AbbVie, Inc., 4.800%, 03/15/2029 | | | 390,566 | | | | 0.1 | |
| 403,000 | | | Amgen, Inc., 5.150%, 03/02/2028 | | | 403,014 | | | | 0.1 | |
| 629,000 | | | Amgen, Inc., 5.250%, 03/02/2025 | | | 627,826 | | | | 0.2 | |
| 558,000 | | | Astrazeneca Finance LLC, 4.800%, 02/26/2027 | | | 554,902 | | | | 0.2 | |
| 444,000 | | | Becton Dickinson & Co., 4.693%, 02/13/2028 | | | 437,803 | | | | 0.1 | |
| 386,000 | | | Boston Scientific Corp., 1.900%, 06/01/2025 | | | 373,484 | | | | 0.1 | |
| 188,000 | | | Bristol-Myers Squibb Co., 4.900%, 02/22/2029 | | | 187,675 | | | | 0.1 | |
| 587,000 | | | Bunge Ltd. Finance Corp., 1.630%, 08/17/2025 | | | 561,604 | | | | 0.2 | |
| 160,000 | | | Cardinal Health, Inc., 5.125%, 02/15/2029 | | | 159,656 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 195,000 (1) | | | Cargill, Inc., 3.625%, 04/22/2027 | | $ | 188,444 | | | | 0.1 | |
| 114,000 | | | Cigna Group, 1.250%, 03/15/2026 | | | 106,487 | | | | 0.0 | |
| 315,000 | | | Cigna Group, 5.000%, 05/15/2029 | | | 313,779 | | | | 0.1 | |
| 233,000 (1) | | | CSL Finance PLC, 3.850%, 04/27/2027 | | | 224,916 | | | | 0.1 | |
| 595,000 | | | CVS Health Corp., 5.400%, 06/01/2029 | | | 595,920 | | | | 0.2 | |
| 587,000 (1) | | | Element Fleet Management Corp., 3.850%, 06/15/2025 | | | 575,749 | | | | 0.2 | |
| 242,000 (1) | | | Element Fleet Management Corp., 5.643%, 03/13/2027 | | | 242,669 | | | | 0.1 | |
| 595,000 (1) | | | Element Fleet Management Corp., 6.319%, 12/04/2028 | | | 615,348 | | | | 0.2 | |
| 385,000 | | | Elevance Health, Inc., 3.500%, 08/15/2024 | | | 383,831 | | | | 0.1 | |
| 296,000 (1) | | | ERAC USA Finance LLC, 5.000%, 02/15/2029 | | | 295,331 | | | | 0.1 | |
| 316,000 | | | GE HealthCare Technologies, Inc., 5.600%, 11/15/2025 | | | 316,237 | | | | 0.1 | |
| 258,000 | | | Global Payments, Inc., 1.200%, 03/01/2026 | | | 240,257 | | | | 0.1 | |
| 420,000 | | | Humana, Inc., 5.750%, 03/01/2028 | | | 427,378 | | | | 0.1 | |
| 71,000 | | | Keurig Dr Pepper, Inc., 5.050%, 03/15/2029 | | | 70,917 | | | | 0.0 | |
| 113,000 | | | Mondelez International, Inc., 4.750%, 02/20/2029 | | | 111,685 | | | | 0.0 | |
| 334,000 (1) | | | Nestle Holdings, Inc., 1.150%, 01/14/2027 | | | 303,661 | | | | 0.1 | |
| 162,000 | | | Philip Morris International, Inc., 4.875%, 02/13/2029 | | | 160,256 | | | | 0.1 | |
| 448,000 (1) | | | Roche Holdings, Inc., 5.338%, 11/13/2028 | | | 455,432 | | | | 0.1 | |
| 461,000 | | | S&P Global, Inc., 2.450%, 03/01/2027 | | | 431,147 | | | | 0.1 | |
| 352,000 | | | S&P Global, Inc., 2.700%, 03/01/2029 | | | 319,200 | | | | 0.1 | |
| 424,000 | | | Smith & Nephew PLC, 5.150%, 03/20/2027 | | | 422,682 | | | | 0.1 | |
| 425,000 (1) | | | Solventum Corp., 5.450%, 02/25/2027 | | | 424,674 | | | | 0.1 | |
| 158,000 | | | Stryker Corp., 3.650%, 03/07/2028 | | | 150,690 | | | | 0.0 | |
| 122,000 | | | Tyson Foods, Inc., 5.400%, 03/15/2029 | | | 122,201 | | | | 0.0 | |
| 314,000 | | | UnitedHealth Group, Inc., 2.950%, 10/15/2027 | | | 295,299 | | | | 0.1 | |
| 550,000 | | | Viatris, Inc., 1.650%, 06/22/2025 | | | 528,730 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Consumer, Non-cyclical: (continued) |
| 316,000 | | | Zoetis, Inc., 5.400%, 11/14/2025 | | $ | 315,872 | | | | 0.1 | |
| | | | | | | 12,608,161 | | | | 3.9 | |
| | | | | | | | | | | | |
| | | | Energy: 1.1% |
| 331,000 | | | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026 | | | 307,305 | | | | 0.1 | |
| 580,000 | | | Canadian Natural Resources Ltd., 2.050%, 07/15/2025 | | | 558,734 | | | | 0.2 | |
| 295,000 | | | Diamondback Energy, Inc., 5.150%, 01/30/2030 | | | 293,833 | | | | 0.1 | |
| 295,000 | | | Diamondback Energy, Inc., 5.200%, 04/18/2027 | | | 295,150 | | | | 0.1 | |
| 469,000 | | | Equinor ASA, 2.875%, 04/06/2025 | | | 460,054 | | | | 0.1 | |
| 395,000 | | | Kinder Morgan, Inc., 1.750%, 11/15/2026 | | | 364,360 | | | | 0.1 | |
| 306,000 | | | Ovintiv Exploration, Inc., 5.375%, 01/01/2026 | | | 304,613 | | | | 0.1 | |
| 326,000 | | | Phillips 66, 3.850%, 04/09/2025 | | | 321,767 | | | | 0.1 | |
| 495,000 | | | Pioneer Natural Resources Co., 1.125%, 01/15/2026 | | | 464,445 | | | | 0.1 | |
| 270,000 | | | TransCanada PipeLines Ltd., 1.000%, 10/12/2024 | | | 266,334 | | | | 0.1 | |
| | | | | | | 3,636,595 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | Financial: 18.8% |
| 410,000 | | | Aflac, Inc., 1.125%, 03/15/2026 | | | 382,948 | | | | 0.1 | |
| 217,000 (3) | | | American Express Co., 4.990%, 05/01/2026 | | | 215,786 | | | | 0.1 | |
| 136,000 (3) | | | American Express Co., 5.098%, 02/16/2028 | | | 135,418 | | | | 0.0 | |
| 507,000 (3) | | | American Express Co., 5.282%, 07/27/2029 | | | 508,109 | | | | 0.2 | |
| 325,000 (3) | | | American Express Co., 5.389%, 07/28/2027 | | | 325,470 | | | | 0.1 | |
| 305,000 (3) | | | American Express Co., 5.645%, 04/23/2027 | | | 306,288 | | | | 0.1 | |
| 326,000 | | | American Tower Corp., 3.650%, 03/15/2027 | | | 312,305 | | | | 0.1 | |
| 80,000 | | | American Tower Corp., 5.250%, 07/15/2028 | | | 79,865 | | | | 0.0 | |
| 234,000 | | | Ameriprise Financial, Inc., 3.000%, 04/02/2025 | | | 229,499 | | | | 0.1 | |
| 133,000 | | | Aon North America, Inc., 5.125%, 03/01/2027 | | | 132,826 | | | | 0.0 | |
| 306,000 | | | Aon North America, Inc., 5.150%, 03/01/2029 | | | 305,264 | | | | 0.1 | |
| 420,000 (1) | | | Athene Global Funding, 5.684%, 02/23/2026 | | | 421,170 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 738,000 (1) | | | Aviation Capital Group LLC, 5.500%, 12/15/2024 | | $ | 736,162 | | | | 0.2 | |
| 347,000 (1) | | | Aviation Capital Group LLC, 6.375%, 07/15/2030 | | | 358,900 | | | | 0.1 | |
| 352,000 (1) | | | Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 | | | 316,682 | | | | 0.1 | |
| 200,000 (3) | | | Banco Santander SA, 5.538%, 03/14/2030 | | | 198,570 | | | | 0.1 | |
| 200,000 | | | Banco Santander SA, 5.588%, 08/08/2028 | | | 201,921 | | | | 0.1 | |
| 898,000 (3) | | | Bank of America Corp., 1.734%, 07/22/2027 | | | 832,540 | | | | 0.3 | |
| 50,000 (3) | | | Bank of America Corp., 3.419%, 12/20/2028 | | | 47,031 | | | | 0.0 | |
| 81,000 (3) | | | Bank of America Corp., 3.705%, 04/24/2028 | | | 77,606 | | | | 0.0 | |
| 301,000 (3) | | | Bank of America Corp., 4.376%, 04/27/2028 | | | 293,865 | | | | 0.1 | |
| 352,000 (3) | | | Bank of America Corp., 5.202%, 04/25/2029 | | | 351,529 | | | | 0.1 | |
| 907,000 (3) | | | Bank of America Corp., MTN, 1.319%, 06/19/2026 | | | 869,228 | | | | 0.3 | |
| 496,000 (3) | | | Bank of America Corp., MTN, 2.015%, 02/13/2026 | | | 484,736 | | | | 0.2 | |
| 186,000 (3) | | | Bank of America Corp. N, 1.658%, 03/11/2027 | | | 174,455 | | | | 0.1 | |
| 250,000 | | | Bank of America NA, 5.526%, 08/18/2026 | | | 251,823 | | | | 0.1 | |
| 642,000 | | | Bank of Montreal, 5.300%, 06/05/2026 | | | 641,692 | | | | 0.2 | |
| 179,000 (3) | | | Bank of New York Mellon Corp., 4.414%, 07/24/2026 | | | 177,029 | | | | 0.1 | |
| 279,000 (3) | | | Bank of New York Mellon Corp., 4.947%, 04/26/2027 | | | 277,386 | | | | 0.1 | |
| 196,000 (3) | | | Bank of New York Mellon Corp., MTN, 4.975%, 03/14/2030 | | | 194,871 | | | | 0.1 | |
| 468,000 | | | Bank of Nova Scotia, 1.450%, 01/10/2025 | | | 457,951 | | | | 0.1 | |
| 257,000 | | | Bank of Nova Scotia, MTN, 3.450%, 04/11/2025 | | | 252,809 | | | | 0.1 | |
| 248,000 (1) | | | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | | | 216,874 | | | | 0.1 | |
| 104,000 (1) | | | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | | | 90,923 | | | | 0.0 | |
| 326,000 (1)(2) | | | Blackstone Holdings Finance Co. LLC, 5.900%, 11/03/2027 | | | 332,705 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 169,000 | | | Blue Owl Credit Income Corp., 7.750%, 09/16/2027 | | $ | 173,724 | | | | 0.1 | |
| 420,000 (1) | | | BPCE SA, 1.000%, 01/20/2026 | | | 392,359 | | | | 0.1 | |
| 201,000 (1)(3) | | | CaixaBank SA, 6.684%, 09/13/2027 | | | 204,915 | | | | 0.1 | |
| 261,000 (3) | | | Capital One Financial Corp., 1.878%, 11/02/2027 | | | 239,384 | | | | 0.1 | |
| 335,000 (3) | | | Capital One Financial Corp., 5.468%, 02/01/2029 | | | 333,573 | | | | 0.1 | |
| 335,000 (3) | | | Capital One Financial Corp., 5.700%, 02/01/2030 | | | 336,675 | | | | 0.1 | |
| 332,000 | | | Charles Schwab Corp., 5.875%, 08/24/2026 | | | 335,913 | | | | 0.1 | |
| 242,000 (3) | | | Charles Schwab Corp., 6.196%, 11/17/2029 | | | 251,770 | | | | 0.1 | |
| 435,000 (2) | | | Cooperatieve Rabobank UA, 4.800%, 01/09/2029 | | | 431,922 | | | | 0.1 | |
| 374,000 | | | Corebridge Financial, Inc., 3.650%, 04/05/2027 | | | 358,048 | | | | 0.1 | |
| 525,000 (1) | | | Corebridge Global Funding, 0.900%, 09/22/2025 | | | 496,242 | | | | 0.2 | |
| 438,000 (1)(2)(3) | | | Credit Agricole SA, 5.335%, 01/10/2030 | | | 433,448 | | | | 0.1 | |
| 233,000 | | | Credit Suisse AG/New York NY, 2.950%, 04/09/2025 | | | 228,400 | | | | 0.1 | |
| 1,246,000 | | | Credit Suisse AG/New York NY, MTN, 3.625%, 09/09/2024 | | | 1,240,108 | | | | 0.4 | |
| 507,000 | | | Crown Castle, Inc., 5.600%, 06/01/2029 | | | 511,485 | | | | 0.2 | |
| 467,000 (1)(3) | | | Danske Bank A/S, 0.976%, 09/10/2025 | | | 462,388 | | | | 0.1 | |
| 257,000 (1)(3) | | | Danske Bank A/S, 4.298%, 04/01/2028 | | | 248,879 | | | | 0.1 | |
| 442,000 (3) | | | Deutsche Bank AG/New York NY, 2.311%, 11/16/2027 | | | 408,198 | | | | 0.1 | |
| 259,000 | | | Discover Financial Services, 3.950%, 11/06/2024 | | | 257,366 | | | | 0.1 | |
| 611,000 (1)(3) | | | DNB Bank ASA, 5.896%, 10/09/2026 | | | 613,004 | | | | 0.2 | |
| 475,000 | | | Equinix, Inc., 1.250%, 07/15/2025 | | | 454,007 | | | | 0.1 | |
| 305,000 (1) | | | Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025 | | | 298,355 | | | | 0.1 | |
| 300,000 (1) | | | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | | | 299,374 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 389,000 | | | Fifth Third Bank NA, 3.850%, 03/15/2026 | | $ | 377,649 | | | | 0.1 | |
| 490,000 (1) | | | GA Global Funding Trust, 3.850%, 04/11/2025 | | | 482,277 | | | | 0.1 | |
| 126,000 (3) | | | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | | | 125,631 | | | | 0.0 | |
| 64,000 (3) | | | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | | | 63,916 | | | | 0.0 | |
| 278,000 (3) | | | Goldman Sachs Group, Inc., 2.640%, 02/24/2028 | | | 259,348 | | | | 0.1 | |
| 1,095,000 (3) | | | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | | | 1,114,689 | | | | 0.3 | |
| 236,000 (3) | | | Goldman Sachs Group, Inc., 5.842%, (SOFRRATE + 0.486%), 10/21/2024 | | | 236,035 | | | | 0.1 | |
| 80,000 (3) | | | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | | | 83,539 | | | | 0.0 | |
| 257,000 | | | Hanover Insurance Group, Inc., 4.500%, 04/15/2026 | | | 252,634 | | | | 0.1 | |
| 531,000 (3) | | | HSBC Holdings PLC, 2.099%, 06/04/2026 | | | 513,456 | | | | 0.2 | |
| 335,000 (3) | | | HSBC Holdings PLC, 2.633%, 11/07/2025 | | | 331,136 | | | | 0.1 | |
| 519,000 (2)(3) | | | HSBC Holdings PLC, 2.999%, 03/10/2026 | | | 509,259 | | | | 0.2 | |
| 441,000 (3) | | | ING Groep NV, 4.017%, 03/28/2028 | | | 425,477 | | | | 0.1 | |
| 200,000 (3) | | | ING Groep NV, 6.083%, 09/11/2027 | | | 202,309 | | | | 0.1 | |
| 162,000 (1) | | | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | | | 152,804 | | | | 0.0 | |
| 388,000 (3) | | | JPMorgan Chase & Co., 1.470%, 09/22/2027 | | | 356,449 | | | | 0.1 | |
| 518,000 (3) | | | JPMorgan Chase & Co., 1.578%, 04/22/2027 | | | 483,586 | | | | 0.2 | |
| 378,000 (3) | | | JPMorgan Chase & Co., 2.069%, 06/01/2029 | | | 336,353 | | | | 0.1 | |
| 830,000 (3) | | | JPMorgan Chase & Co., 2.083%, 04/22/2026 | | | 806,162 | | | | 0.3 | |
| 48,000 (3) | | | JPMorgan Chase & Co., 2.301%, 10/15/2025 | | | 47,522 | | | | 0.0 | |
| 140,000 (3) | | | JPMorgan Chase & Co., 2.595%, 02/24/2026 | | | 137,236 | | | | 0.0 | |
| 444,000 (3) | | | JPMorgan Chase & Co., 2.947%, 02/24/2028 | | | 418,295 | | | | 0.1 | |
| 538,000 (3) | | | JPMorgan Chase & Co., 3.509%, 01/23/2029 | | | 508,978 | | | | 0.2 | |
| 27,000 (3) | | | JPMorgan Chase & Co., 3.960%, 01/29/2027 | | | 26,383 | | | | 0.0 | |
| 587,000 (3) | | | JPMorgan Chase & Co., 5.012%, 01/23/2030 | | | 582,615 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 435,000 (3) | | | JPMorgan Chase & Co., 5.040%, 01/23/2028 | | $ | 432,729 | | | | 0.1 | |
| 181,000 (3) | | | JPMorgan Chase & Co., 5.299%, 07/24/2029 | | | 181,647 | | | | 0.1 | |
| 389,000 (3) | | | JPMorgan Chase & Co., 5.546%, 12/15/2025 | | | 388,651 | | | | 0.1 | |
| 1,625,000 (3) | | | JPMorgan Chase & Co., 5.571%, 04/22/2028 | | | 1,638,508 | | | | 0.5 | |
| 447,000 (3) | | | JPMorgan Chase & Co., 6.070%, 10/22/2027 | | | 454,919 | | | | 0.1 | |
| 252,000 | | | KeyBank NA/Cleveland OH, 4.390%, 12/14/2027 | | | 238,901 | | | | 0.1 | |
| 176,000 (3) | | | Lloyds Banking Group PLC, 3.870%, 07/09/2025 | | | 175,921 | | | | 0.1 | |
| 303,000 (3) | | | Lloyds Banking Group PLC, 5.462%, 01/05/2028 | | | 302,464 | | | | 0.1 | |
| 416,000 (3) | | | Lloyds Banking Group PLC, 5.985%, 08/07/2027 | | | 418,592 | | | | 0.1 | |
| 200,000 (1) | | | Lseg US Fin Corp., 4.875%, 03/28/2027 | | | 198,038 | | | | 0.1 | |
| 488,000 (1) | | | LSEGA Financing PLC, 1.375%, 04/06/2026 | | | 455,384 | | | | 0.1 | |
| 333,000 | | | Main Street Capital Corp., 6.950%, 03/01/2029 | | | 336,856 | | | | 0.1 | |
| 443,000 (1) | | | Met Tower Global Funding, 4.850%, 01/16/2027 | | | 440,630 | | | | 0.1 | |
| 507,000 (1) | | | Met Tower Global Funding, 5.250%, 04/12/2029 | | | 509,775 | | | | 0.2 | |
| 323,000 | | | Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025 | | | 309,598 | | | | 0.1 | |
| 454,000 (3) | | | Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027 | | | 420,236 | | | | 0.1 | |
| 276,000 (3) | | | Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025 | | | 275,842 | | | | 0.1 | |
| 1,010,000 (3) | | | Mitsubishi UFJ Financial Group, Inc., 5.258%, 04/17/2030 | | | 1,007,909 | | | | 0.3 | |
| 304,000 (3) | | | Mizuho Financial Group, Inc., 2.555%, 09/13/2025 | | | 301,971 | | | | 0.1 | |
| 256,000 (3) | | | Mizuho Financial Group, Inc., 5.376%, 05/26/2030 | | | 255,931 | | | | 0.1 | |
| 440,000 (3) | | | Mizuho Financial Group, Inc., 5.382%, 07/10/2030 | | | 439,520 | | | | 0.1 | |
| 245,000 (3) | | | Morgan Stanley, 0.985%, 12/10/2026 | | | 229,187 | | | | 0.1 | |
| 444,000 (3) | | | Morgan Stanley, 1.593%, 05/04/2027 | | | 414,105 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 371,000 (3) | | | Morgan Stanley, 2.475%, 01/21/2028 | | $ | 346,014 | | | | 0.1 | |
| 256,000 (3) | | | Morgan Stanley, 5.123%, 02/01/2029 | | | 255,060 | | | | 0.1 | |
| 266,000 (3) | | | Morgan Stanley, 6.296%, 10/18/2028 | | | 274,541 | | | | 0.1 | |
| 391,000 (3) | | | Morgan Stanley, 6.407%, 11/01/2029 | | | 408,058 | | | | 0.1 | |
| 361,000 (3) | | | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | | | 333,805 | | | | 0.1 | |
| 126,000 (3) | | | Morgan Stanley, MTN, 2.720%, 07/22/2025 | | | 125,766 | | | | 0.0 | |
| 244,000 | | | Morgan Stanley, MTN, 3.125%, 07/27/2026 | | | 233,326 | | | | 0.1 | |
| 352,000 (3) | | | Morgan Stanley, MTN, 5.164%, 04/20/2029 | | | 350,937 | | | | 0.1 | |
| 1,016,000 (3) | | | Morgan Stanley, MTN, 5.652%, 04/13/2028 | | | 1,026,295 | | | | 0.3 | |
| 448,000 | | | Morgan Stanley Bank NA, 4.754%, 04/21/2026 | | | 444,148 | | | | 0.1 | |
| 349,000 | | | National Bank of Canada FXD, 0.750%, 08/06/2024 | | | 347,268 | | | | 0.1 | |
| 250,000 (1) | | | National Securities Clearing Corp., 5.000%, 05/30/2028 | | | 249,526 | | | | 0.1 | |
| 213,000 (1) | | | Nationwide Building Society, 1.500%, 10/13/2026 | | | 195,870 | | | | 0.1 | |
| 255,000 (3) | | | NatWest Group PLC, 5.583%, 03/01/2028 | | | 255,302 | | | | 0.1 | |
| 240,000 (1) | | | NatWest Markets PLC, 5.410%, 05/17/2029 | | | 240,832 | | | | 0.1 | |
| 293,000 (1) | | | Nordea Bank Abp, 0.750%, 08/28/2025 | | | 277,974 | | | | 0.1 | |
| 324,000 (1) | | | Nordea Bank Abp, 3.600%, 06/06/2025 | | | 318,559 | | | | 0.1 | |
| 587,000 | | | Old Republic International Corp., 4.875%, 10/01/2024 | | | 585,254 | | | | 0.2 | |
| 207,000 (1) | | | Pacific Life Global Funding II, 1.200%, 06/24/2025 | | | 198,644 | | | | 0.1 | |
| 265,000 (1) | | | Pacific Life Global Funding II, 1.375%, 04/14/2026 | | | 247,628 | | | | 0.1 | |
| 248,000 (3) | | | PNC Financial Services Group, Inc., 5.492%, 05/14/2030 | | | 249,437 | | | | 0.1 | |
| 296,000 (1) | | | Principal Life Global Funding II, 5.100%, 01/25/2029 | | | 294,411 | | | | 0.1 | |
| 214,000 | | | Prologis L.P., 4.875%, 06/15/2028 | | | 213,036 | | | | 0.1 | |
| 90,000 (1) | | | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | | | 90,094 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 284,000 | | | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | | $ | 261,834 | | | | 0.1 | |
| 466,000 (2) | | | Royal Bank of Canada, GMTN, 1.600%, 01/21/2025 | | | 455,766 | | | | 0.1 | |
| 202,000 (2) | | | Royal Bank of Canada, GMTN, 4.950%, 02/01/2029 | | | 201,122 | | | | 0.1 | |
| 434,000 | | | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | | | 433,556 | | | | 0.1 | |
| 439,000 (3) | | | Santander UK Group Holdings PLC, 6.833%, 11/21/2026 | | | 445,005 | | | | 0.1 | |
| 440,000 | | | Sixth Street Specialty Lending, Inc., 3.875%, 11/01/2024 | | | 436,788 | | | | 0.1 | |
| 464,000 (1) | | | Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025 | | | 456,585 | | | | 0.1 | |
| 440,000 (1) | | | Skandinaviska Enskilda Banken AB, 5.125%, 03/05/2027 | | | 440,030 | | | | 0.1 | |
| 477,000 (1)(3) | | | Societe Generale SA, 2.226%, 01/21/2026 | | | 466,631 | | | | 0.1 | |
| 391,000 (3) | | | State Street Corp., 5.684%, 11/21/2029 | | | 400,196 | | | | 0.1 | |
| 286,000 | | | Sumitomo Mitsui Financial Group, Inc., 1.474%, 07/08/2025 | | | 274,641 | | | | 0.1 | |
| 201,000 | | | Sumitomo Mitsui Financial Group, Inc., 5.716%, 09/14/2028 | | | 204,949 | | | | 0.1 | |
| 465,000 (1) | | | Sumitomo Mitsui Trust Bank Ltd., 0.800%, 09/16/2024 | | | 460,137 | | | | 0.1 | |
| 620,000 (1) | | | Sumitomo Mitsui Trust Bank Ltd., 5.200%, 03/07/2027 | | | 620,224 | | | | 0.2 | |
| 212,000 (1) | | | Sumitomo Mitsui Trust Bank Ltd., 5.650%, 09/14/2026 | | | 213,340 | | | | 0.1 | |
| 468,000 (1) | | | Svenska Handelsbanken AB, 3.650%, 06/10/2025 | | | 460,128 | | | | 0.1 | |
| 371,000 (1) | | | Swedbank AB, 3.356%, 04/04/2025 | | | 365,290 | | | | 0.1 | |
| 454,000 | | | Toronto-Dominion Bank, 3.766%, 06/06/2025 | | | 446,764 | | | | 0.1 | |
| 468,000 (2) | | | Toronto-Dominion Bank, FXD, 1.450%, 01/10/2025 | | | 457,970 | | | | 0.1 | |
| 355,000 (2) | | | Toronto-Dominion Bank, GMTN, 4.980%, 04/05/2027 | | | 353,214 | | | | 0.1 | |
| 621,000 (2) | | | Toronto-Dominion Bank, MTN, 1.150%, 06/12/2025 | | | 596,629 | | | | 0.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Financial: (continued) |
| 515,000 | | | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | | $ | 516,928 | | | | 0.2 | |
| 260,000 (3) | | | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | | | 241,895 | | | | 0.1 | |
| 316,000 (2)(3) | | | Truist Financial Corp., MTN, 1.887%, 06/07/2029 | | | 276,722 | | | | 0.1 | |
| 256,000 (3) | | | Truist Financial Corp., MTN, 4.260%, 07/28/2026 | | | 251,857 | | | | 0.1 | |
| 402,000 (3) | | | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | | | 401,033 | | | | 0.1 | |
| 200,000 | | | UBS AG/London, 5.800%, 09/11/2025 | | | 200,789 | | | | 0.1 | |
| 372,000 (1)(3) | | | UBS Group AG, 4.488%, 05/12/2026 | | | 367,681 | | | | 0.1 | |
| 464,000 (1)(3) | | | UBS Group AG, 4.490%, 08/05/2025 | | | 463,281 | | | | 0.1 | |
| 427,000 (1)(3) | | | UBS Group AG, 5.428%, 02/08/2030 | | | 426,241 | | | | 0.1 | |
| 268,000 (3) | | | US Bancorp, 5.384%, 01/23/2030 | | | 268,772 | | | | 0.1 | |
| 241,000 (3) | | | US Bancorp, 5.775%, 06/12/2029 | | | 244,714 | | | | 0.1 | |
| 67,000 (3) | | | Wells Fargo & Co., 2.188%, 04/30/2026 | | | 65,072 | | | | 0.0 | |
| 115,000 (3) | | | Wells Fargo & Co., MTN, 2.164%, 02/11/2026 | | | 112,524 | | | | 0.0 | |
| 365,000 (3) | | | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | | | 323,875 | | | | 0.1 | |
| 330,000 (3) | | | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | | | 314,827 | | | | 0.1 | |
| 68,000 (3) | | | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | | | 67,175 | | | | 0.0 | |
| 169,000 (3) | | | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | | | 170,564 | | | | 0.1 | |
| 329,000 | | | Wells Fargo Bank NA, 5.450%, 08/07/2026 | | | 330,051 | | | | 0.1 | |
| 211,000 (1) | | | Westpac New Zealand Ltd., 5.132%, 02/26/2027 | | | 210,433 | | | | 0.1 | |
| | | | | | | 60,129,843 | | | | 18.8 | |
| | | | | | | | | | | | |
| | | | Industrial: 2.1% |
| 110,000 | | | AGCO Corp., 5.450%, 03/21/2027 | | | 110,294 | | | | 0.0 | |
| 444,000 | | | Avnet, Inc., 6.250%, 03/15/2028 | | | 455,986 | | | | 0.2 | |
| 725,000 (1) | | | BAE Systems PLC, 5.125%, 03/26/2029 | | | 721,949 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Industrial: (continued) |
| 190,000 | | | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | | $ | 189,298 | | | | 0.1 | |
| 405,000 | | | FedEx Corp., 3.250%, 04/01/2026 | | | 391,226 | | | | 0.1 | |
| 340,000 | | | GATX Corp., 5.400%, 03/15/2027 | | | 340,427 | | | | 0.1 | |
| 221,000 | | | HEICO Corp., 5.250%, 08/01/2028 | | | 221,419 | | | | 0.1 | |
| 280,000 | | | Ingersoll Rand, Inc., 5.197%, 06/15/2027 | | | 280,641 | | | | 0.1 | |
| 138,000 (2) | | | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 | | | 129,085 | | | | 0.0 | |
| 111,000 | | | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | | | 107,842 | | | | 0.0 | |
| 429,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 01/12/2027 | | | 428,350 | | | | 0.1 | |
| 507,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | | | 506,926 | | | | 0.2 | |
| 447,000 (1) | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.050%, 08/01/2028 | | | 457,976 | | | | 0.2 | |
| 400,000 | | | Republic Services, Inc., 2.500%, 08/15/2024 | | | 398,314 | | | | 0.1 | |
| 308,000 | | | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | | | 308,737 | | | | 0.1 | |
| 296,000 | | | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | | | 297,260 | | | | 0.1 | |
| 101,000 | | | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | | | 101,988 | | | | 0.0 | |
| 504,000 (2) | | | Stanley Black & Decker, Inc., 6.000%, 03/06/2028 | | | 519,886 | | | | 0.2 | |
| 455,000 (1) | | | Veralto Corp., 5.500%, 09/18/2026 | | | 455,197 | | | | 0.1 | |
| 215,000 | | | Waste Management, Inc., 4.950%, 07/03/2027 | | | 214,743 | | | | 0.1 | |
| | | | | | | 6,637,544 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Technology: 1.5% |
| 233,000 | | | Analog Devices, Inc., 2.950%, 04/01/2025 | | | 228,840 | | | | 0.1 | |
| 105,000 (1) | | | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | | | 98,960 | | | | 0.0 | |
| 88,000 (1) | | | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | | | 82,485 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Technology: (continued) |
| 444,000 | | | Broadcom, Inc., 3.459%, 09/15/2026 | | $ | 427,492 | | | | 0.1 | |
| 61,000 (2) | | | Concentrix Corp., 6.600%, 08/02/2028 | | | 61,765 | | | | 0.0 | |
| 145,000 | | | Fiserv, Inc., 5.150%, 03/15/2027 | | | 145,121 | | | | 0.1 | |
| 444,000 | | | Fiserv, Inc., 5.450%, 03/02/2028 | | | 448,187 | | | | 0.2 | |
| 198,000 | | | HP, Inc., 2.200%, 06/17/2025 | | | 191,500 | | | | 0.1 | |
| 445,000 | | | IBM International Capital Pte Ltd., 4.600%, 02/05/2029 | | | 437,527 | | | | 0.1 | |
| 473,000 | | | Oracle Corp., 1.650%, 03/25/2026 | | | 443,595 | | | | 0.1 | |
| 288,000 | | | Oracle Corp., 2.500%, 04/01/2025 | | | 281,415 | | | | 0.1 | |
| 470,000 | | | Oracle Corp., 2.650%, 07/15/2026 | | | 445,540 | | | | 0.1 | |
| 500,000 | | | Take-Two Interactive Software, Inc., 3.550%, 04/14/2025 | | | 491,909 | | | | 0.2 | |
| 307,000 | | | VMware, Inc., 1.000%, 08/15/2024 | | | 305,130 | | | | 0.1 | |
| 408,000 | | | VMware, Inc., 1.400%, 08/15/2026 | | | 375,772 | | | | 0.1 | |
| 215,000 | | | Workday, Inc., 3.500%, 04/01/2027 | | | 205,734 | | | | 0.1 | |
| | | | | | | 4,670,972 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | Utilities: 4.1% |
| 475,000 (1) | | | AEP Texas, Inc., 3.850%, 10/01/2025 | | | 463,788 | | | | 0.1 | |
| 352,000 | | | AES Corp., 5.450%, 06/01/2028 | | | 351,335 | | | | 0.1 | |
| 475,000 | | | Alabama Power Co., 3.750%, 09/01/2027 | | | 458,040 | | | | 0.1 | |
| 305,000 | | | Ameren Corp., 5.700%, 12/01/2026 | | | 307,521 | | | | 0.1 | |
| 176,000 | | | Ameren Illinois Co., 3.800%, 05/15/2028 | | | 168,856 | | | | 0.1 | |
| 393,000 | | | American Electric Power Co., Inc., 5.200%, 01/15/2029 | | | 390,996 | | | | 0.1 | |
| 213,000 (1) | | | Aquarion Co., 4.000%, 08/15/2024 | | | 212,285 | | | | 0.1 | |
| 425,000 | | | Avangrid, Inc., 3.200%, 04/15/2025 | | | 416,219 | | | | 0.1 | |
| 279,000 | | | Black Hills Corp., 1.037%, 08/23/2024 | | | 276,991 | | | | 0.1 | |
| 218,000 | | | Connecticut Light and Power Co., 4.650%, 01/01/2029 | | | 215,537 | | | | 0.1 | |
| 188,000 | | | Consumers Energy Co., 4.900%, 02/15/2029 | | | 187,214 | | | | 0.1 | |
| 448,000 (3) | | | DTE Energy Co., 4.220%, 11/01/2024 | | | 445,448 | | | | 0.1 | |
| 323,000 | | | DTE Energy Co., 5.100%, 03/01/2029 | | | 320,471 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 479,000 (1) | | | Enel Finance International NV, 6.800%, 10/14/2025 | | $ | 486,690 | | | | 0.2 | |
| 329,000 | | | Entergy Corp., 0.900%, 09/15/2025 | | | 311,402 | | | | 0.1 | |
| 277,000 | | | Eversource Energy, 2.900%, 03/01/2027 | | | 260,347 | | | | 0.1 | |
| 448,000 | | | Eversource Energy, 4.750%, 05/15/2026 | | | 442,316 | | | | 0.1 | |
| 161,000 | | | Exelon Corp., 5.150%, 03/15/2029 | | | 160,440 | | | | 0.0 | |
| 423,000 | | | Georgia Power Co., 5.004%, 02/23/2027 | | | 421,820 | | | | 0.1 | |
| 338,000 | | | Interstate Power and Light Co., 3.250%, 12/01/2024 | | | 334,716 | | | | 0.1 | |
| 195,000 (1)(2) | | | Liberty Utilities Co., 5.577%, 01/31/2029 | | | 195,887 | | | | 0.1 | |
| 428,000 | | | National Rural Utilities Cooperative Finance Corp., D, 1.000%, 10/18/2024 | | | 422,160 | | | | 0.1 | |
| 187,000 | | | National Rural Utilities Cooperative Finance Corp., GMTN, 4.850%, 02/07/2029 | | | 185,944 | | | | 0.1 | |
| 325,000 | | | National Rural Utilities Cooperative Finance Corp., MTN, 1.875%, 02/07/2025 | | | 317,891 | | | | 0.1 | |
| 217,000 | | | National Rural Utilities Cooperative Finance Corp., MTN, 5.600%, 11/13/2026 | | | 218,998 | | | | 0.1 | |
| 231,000 (1) | | | New York State Electric & Gas Corp., 5.650%, 08/15/2028 | | | 234,768 | | | | 0.1 | |
| 318,000 | | | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | | | 293,058 | | | | 0.1 | |
| 287,000 | | | NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028 | | | 253,854 | | | | 0.1 | |
| 271,000 | | | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | | | 266,661 | | | | 0.1 | |
| 165,000 | | | NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028 | | | 163,472 | | | | 0.1 | |
| 324,000 (1) | | | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | | | 269,591 | | | | 0.1 | |
| 462,000 | | | NiSource, Inc., 0.950%, 08/15/2025 | | | 438,949 | | | | 0.1 | |
| 389,000 | | | ONE Gas, Inc., 5.100%, 04/01/2029 | | | 390,169 | | | | 0.1 | |
| 649,497 | | | PG&E Wildfire Recovery Funding LLC A-1, 3.594%, 06/01/2032 | | | 620,993 | | | | 0.2 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| CORPORATE BONDS/NOTES: (continued) | |
| | | | Utilities: (continued) |
| 335,000 | | | Public Service Enterprise Group, Inc., 0.800%, 08/15/2025 | | $ | 318,178 | | | | 0.1 | |
| 134,000 | | | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | | | 136,357 | | | | 0.0 | |
| 155,000 | | | Sempra Energy, 5.400%, 08/01/2026 | | | 154,904 | | | | 0.0 | |
| 144,000 | | | Southern Co., 5.500%, 03/15/2029 | | | 145,939 | | | | 0.0 | |
| 384,000 | | | Southern Co. Gas Capital Corp., 3.250%, 06/15/2026 | | | 368,916 | | | | 0.1 | |
| 251,000 | | | Tampa Electric Co., 4.900%, 03/01/2029 | | | 249,133 | | | | 0.1 | |
| 272,000 (1) | | | Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025 | | | 267,030 | | | | 0.1 | |
| 8,000 | | | WEC Energy Group, Inc., 2.200%, 12/15/2028 | | | 7,060 | | | | 0.0 | |
| 535,000 | | | WEC Energy Group, Inc., 4.750%, 01/09/2026 | | | 529,448 | | | | 0.2 | |
| 43,000 | | | WEC Energy Group, Inc., 5.000%, 09/27/2025 | | | 42,736 | | | | 0.0 | |
| 61,000 | | | WEC Energy Group, Inc., 5.150%, 10/01/2027 | | | 60,850 | | | | 0.0 | |
| | | | | | | 13,185,378 | | | | 4.1 | |
| | | | | | | | | | | | |
| | | | Total Corporate Bonds/Notes
(Cost $121,034,335) | | | 119,860,110 | | | | 37.4 | | |
| | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS: 26.4% |
| | | | United States Treasury Notes: 26.4% |
| 189,400 | | | 1.250%, 11/30/2026 | | | 174,947 | | | | 0.1 | |
| 107,900 | | | 1.500%, 01/31/2027 | | | 99,873 | | | | 0.0 | |
| 128,900 | | | 1.500%, 11/30/2028 | | | 114,092 | | | | 0.0 | |
| 20,000,000 | | | 2.875%, 04/30/2025 | | | 19,625,207 | | | | 6.1 | |
| 1,149,000 | | | 4.250%, 06/30/2029 | | | 1,144,287 | | | | 0.4 | |
| 69,000 | | | 4.375%, 12/15/2026 | | | 68,613 | | | | 0.0 | |
| 675,000 (2) | | | 4.500%, 05/31/2029 | | | 679,693 | | | | 0.2 | |
| 256,000 | | | 4.500%, 05/31/2031 | | | 260,200 | | | | 0.1 | |
| 802,000 | | | 4.625%, 03/15/2026 | | | 799,306 | | | | 0.2 | |
| 10,871,000 | | | 4.625%, 06/30/2026 | | | 10,851,679 | | | | 3.4 | |
| 49,766,000 | | | 4.625%, 06/15/2027 | | | 49,911,799 | | | | 15.6 | |
| 1,009,000 (2) | | | 4.875%, 05/31/2026 | | | 1,011,128 | | | | 0.3 | |
| | | | | | | 84,740,824 | | | | 26.4 | |
| | | | | | | | | | | | |
| | | | Total U.S. Treasury Obligations
(Cost $84,679,392) | | | 84,740,824 | | | | 26.4 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: 18.1% | |
| | | | Automobile Asset-Backed Securities: 4.0% |
| 550,000 | | | AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027 | | $ | 530,358 | | | | 0.2 | |
| 1,700,000 | | | BMW Vehicle Lease Trust 2024-1 A4, 5.000%, 06/25/2027 | | | 1,693,712 | | | | 0.5 | |
| 300,000 | | | CarMax Auto Owner Trust 2021-2 B, 1.030%, 12/15/2026 | | | 287,950 | | | | 0.1 | |
| 750,000 | | | CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027 | | | 707,366 | | | | 0.2 | |
| 1,050,000 (1) | | | Chase Auto Owner Trust 2023-AA A3, 5.680%, 01/25/2029 | | | 1,059,424 | | | | 0.3 | |
| 650,000 (1) | | | Citizens Auto Receivables Trust 2024-1 A3, 5.110%, 04/17/2028 | | | 648,333 | | | | 0.2 | |
| 500,000 | | | GM Financial Automobile Leasing Trust 2022-3 A4, 4.110%, 08/20/2026 | | | 497,143 | | | | 0.2 | |
| 450,000 | | | GM Financial Automobile Leasing Trust 2023-1 A4, 5.160%, 01/20/2027 | | | 448,734 | | | | 0.1 | |
| 600,000 | | | GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028 | | | 601,576 | | | | 0.2 | |
| 850,000 | | | Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027 | | | 802,192 | | | | 0.3 | |
| 81,820 (1) | | | JPMorgan Chase Bank NA - CACLN 2021-3 B, 0.760%, 02/26/2029 | | | 79,939 | | | | 0.0 | |
| 39,000 (1) | | | Oscar US Funding XIII LLC 2021-2A A3, 0.860%, 09/10/2025 | | | 38,805 | | | | 0.0 | |
| 950,000 (1) | | | Porsche Financial Auto Securitization Trust 2023-1A A4, 4.720%, 06/23/2031 | | | 940,011 | | | | 0.3 | |
| 800,000 | | | Toyota Auto Receivables Owner Trust 2023-A A4, 4.420%, 08/15/2028 | | | 786,846 | | | | 0.3 | |
| 1,650,000 | | | Toyota Auto Receivables Owner Trust 2024-A A3, 4.830%, 10/16/2028 | | | 1,640,393 | | | | 0.5 | |
| 900,000 (1) | | | Westlake Automobile Receivables Trust 2023-2A A3, 5.800%, 02/16/2027 | | | 900,967 | | | | 0.3 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Automobile Asset-Backed Securities: (continued) |
| 1,000,000 (1) | | | Westlake Automobile Receivables Trust 2023-3A B, 5.920%, 09/15/2028 | | $ | 1,002,867 | | | | 0.3 | |
| | | | | | | 12,666,616 | | | | 4.0 | |
| | | | | | | | | | | | |
| | | | Credit Card Asset-Backed Securities: 0.8% |
| 1,200,000 | | | American Express Credit Account Master Trust 2024-1 A, 5.230%, 04/16/2029 | | | 1,212,250 | | | | 0.4 | |
| 1,450,000 | | | Chase Issuance Trust 2024-A2 A, 4.630%, 01/15/2031 | | | 1,441,674 | | | | 0.4 | |
| | | | | | | 2,653,924 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Other Asset-Backed Securities: 12.2% |
| 800,000 (1)(3) | | | AGL CLO 13 Ltd. 2021-13A A1, 6.746%, (TSFR3M + 1.422%), 10/20/2034 | | | 800,200 | | | | 0.2 | |
| 361,523 (1)(3) | | | AMMC CLO 22 Ltd. 2018-22A A, 6.615%, (TSFR3M + 1.292%), 04/25/2031 | | | 361,849 | | | | 0.1 | |
| 100,000 (1)(3) | | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 C, 7.293%, (TSFR1M + 1.964%), 08/15/2034 | | | 99,403 | | | | 0.0 | |
| 750,000 (1)(3) | | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 8.343%, (TSFR1M + 3.014%), 11/15/2036 | | | 727,179 | | | | 0.2 | |
| 250,000 (1)(3) | | | Barings CLO Ltd. 2017-1A A2, 6.939%, (TSFR3M + 1.612%), 07/18/2029 | | | 250,426 | | | | 0.1 | |
| 1,321,990 (1)(3) | | | Benefit Street Partners CLO IX Ltd. 2016-9A AR, 6.696%, (TSFR3M + 1.372%), 07/20/2031 | | | 1,322,976 | | | | 0.4 | |
| 1,000,000 (1)(3) | | | Benefit Street Partners CLO XIX Ltd. 2019-19A AR, 6.505%, (TSFR3M + 1.180%), 01/15/2033 | | | 999,871 | | | | 0.3 | |
| 500,000 (1)(3) | | | BlueMountain CLO XXXI Ltd. 2021-31A A2, 6.988%, (TSFR3M + 1.662%), 04/19/2034 | | | 500,774 | | | | 0.2 | |
| 178,747 (1)(3) | | | Carbone Clo Ltd. 2017-1A A1, 6.726%, (TSFR3M + 1.402%), 01/20/2031 | | | 178,941 | | | | 0.1 | |
| 850,000 (1)(3) | | | Carlyle US CLO Ltd. 2020-2A A1R, 6.725%, (TSFR3M + 1.402%), 01/25/2035 | | | 851,136 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 1,550,000 (1)(3) | | | CARLYLE US CLO Ltd. 2021-4A A2, 6.986%, (TSFR3M + 1.662%), 04/20/2034 | | $ | 1,553,573 | | | | 0.5 | |
| 1,000,000 (1)(3) | | | Cedar Funding IV CLO Ltd. 2014-4A ARR, 6.748%, (TSFR3M + 1.422%), 07/23/2034 | | | 1,001,222 | | | | 0.3 | |
| 574,702 (1)(3) | | | CIFC Funding Ltd. 2018-4A A1, 6.729%, (TSFR3M + 1.412%), 10/17/2031 | | | 575,604 | | | | 0.2 | |
| 223,763 (1)(3) | | | Clear Creek CLO 2015-1A AR, 6.786%, (TSFR3M + 1.462%), 10/20/2030 | | | 224,087 | | | | 0.1 | |
| 294,539 | | | CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026 | | | 286,902 | | | | 0.1 | |
| 820,000 (1)(3) | | | Crestline Denali CLO XVII Ltd. 2018-1A ARR, 6.462%, (TSFR3M + 1.130%), 10/15/2031 | | | 820,207 | | | | 0.2 | |
| 94,079 (1)(3) | | | Deer Creek Clo Ltd. 2017-1A A, 6.766%, (TSFR3M + 1.442%), 10/20/2030 | | | 94,184 | | | | 0.0 | |
| 980,000 (1)(3) | | | Dryden 72 CLO Ltd. 2019-72A AR, 6.664%, (TSFR3M + 1.342%), 05/15/2032 | | | 980,609 | | | | 0.3 | |
| 300,000 (1)(3) | | | Eaton Vance Clo Ltd. 2015-1A A2R, 6.836%, (TSFR3M + 1.512%), 01/20/2030 | | | 300,144 | | | | 0.1 | |
| 13,671 (1)(3) | | | Elevation CLO Ltd. 2014-2A A1R, 6.820%, (TSFR3M + 1.492%), 10/15/2029 | | | 13,677 | | | | 0.0 | |
| 720,000 (1)(3) | | | Goldentree Loan Management US Clo 4 Ltd. 2019-4A ARR, 6.473%, (TSFR3M + 1.150%), 04/24/2031 | | | 720,323 | | | | 0.2 | |
| 1,360,000 (1)(3) | | | HGI CRE CLO Ltd. 2021-FL1 B, 7.043%, (TSFR1M + 1.714%), 06/16/2036 | | | 1,339,337 | | | | 0.4 | |
| 2,100,000 (1)(3) | | | HGI CRE CLO Ltd. 2021-FL1 D, 7.793%, (TSFR1M + 2.464%), 06/16/2036 | | | 2,062,188 | | | | 0.6 | |
| 246,745 (1)(3) | | | HGI CRE CLO Ltd. 2022-FL3 A, 7.033%, (SOFR30A + 1.700%), 04/20/2037 | | | 247,033 | | | | 0.1 | |
| 297,605 (1) | | | JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077 | | | 262,650 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) | |
| | | | Other Asset-Backed Securities: (continued) |
| 950,000 | | | John Deere Owner Trust 2022-B A4, 3.800%, 05/15/2029 | | $ | 927,673 | | | | 0.3 | |
| 1,150,000 | | | John Deere Owner Trust 2022-C A4, 5.200%, 09/17/2029 | | | 1,149,509 | | | | 0.4 | |
| 400,000 | | | John Deere Owner Trust 2022 2022-A A4, 2.490%, 01/16/2029 | | | 386,251 | | | | 0.1 | |
| 1,050,000 (1) | | | Kubota Credit Owner Trust 2023-1A A3, 5.020%, 06/15/2027 | | | 1,045,017 | | | | 0.3 | |
| 600,000 (1)(3) | | | LCM 26 Ltd. 26A A2, 6.836%, (TSFR3M + 1.512%), 01/20/2031 | | | 600,307 | | | | 0.2 | |
| 500,000 (1)(3) | | | Magnetite XXVI Ltd. 2020-26A A2R, 6.985%, (TSFR3M + 1.662%), 07/25/2034 | | | 500,218 | | | | 0.2 | |
| 947,040 (1)(3) | | | Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A AR, 6.509%, (TSFR3M + 1.182%), 10/18/2030 | | | 948,224 | | | | 0.3 | |
| 1,100,000 (1)(3) | | | Octagon Investment Partners 32 Ltd. 2017-1A A2R, 6.790%, (TSFR3M + 1.462%), 07/15/2029 | | | 1,100,559 | | | | 0.3 | |
| 1,000,000 (1)(3) | | | Octagon Investment Partners 48 Ltd. 2020-3A AR, 6.736%, (TSFR3M + 1.412%), 10/20/2034 | | | 1,001,018 | | | | 0.3 | |
| 400,000 (1)(3) | | | Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.938%, (TSFR3M + 1.612%), 07/19/2030 | | | 400,216 | | | | 0.1 | |
| 2,000,000 (1)(3) | | | OHA Credit Partners XVI 2021-16A A, 6.739%, (TSFR3M + 1.412%), 10/18/2034 | | | 2,002,128 | | | | 0.6 | |
| 1,600,000 (1)(3) | | | OHA Loan Funding Ltd. 2015-1A AR3, 6.738%, (TSFR3M + 1.412%), 01/19/2037 | | | 1,602,709 | | | | 0.5 | |
| 418,781 (1)(3) | | | Palmer Square CLO Ltd. 2015-2A A1R2, 6.686%, (TSFR3M + 1.362%), 07/20/2030 | | | 419,218 | | | | 0.1 | |
| 600,000 (1) | | | PFS Financing Corp. 2021-B A, 0.770%, 08/15/2026 | | | 596,093 | | | | 0.2 | |
| 650,000 (1) | | | PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027 | | | 641,118 | | | | 0.2 | |
| 600,000 (1) | | | PFS Financing Corp. 2023-C A, 5.520%, 10/15/2028 | | | 603,485 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Other Asset-Backed Securities: (continued) |
| 1,300,000 (1)(3) | | | Rad CLO 6 Ltd. 2019-6A A1, 6.966%, (TSFR3M + 1.642%), 01/20/2033 | | $ | 1,300,328 | | | | 0.4 | |
| 1,217,351 (1)(3) | | | Sound Point CLO XVIII Ltd. 2017-4A A1, 6.706%, (TSFR3M + 1.382%), 01/21/2031 | | | 1,218,112 | | | | 0.4 | |
| 800,000 (1)(3) | | | Sound Point CLO XXIII 2019-2A AR, 6.760%, (TSFR3M + 1.432%), 07/15/2034 | | | 800,520 | | | | 0.2 | |
| 320,429 (1)(3) | | | TCI-Symphony CLO Ltd. 2017-1A AR, 6.520%, (TSFR3M + 1.192%), 07/15/2030 | | | 320,629 | | | | 0.1 | |
| 850,000 (1)(3) | | | THL Credit Wind River Clo Ltd. 2018-2A A2, 7.040%, (TSFR3M + 1.712%), 07/15/2030 | | | 850,414 | | | | 0.3 | |
| 1,850,000 (1)(3) | | | THL Credit Wind River CLO Ltd. 2019-1A AR, 6.746%, (TSFR3M + 1.422%), 07/20/2034 | | | 1,852,873 | | | | 0.6 | |
| 650,000 (1) | | | Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025 | | | 649,143 | | | | 0.2 | |
| 244,968 (1)(3) | | | Venture 34 CLO Ltd. 2018-34A A, 6.820%, (TSFR3M + 1.492%), 10/15/2031 | | | 245,130 | | | | 0.1 | |
| 580,000 (1)(3) | | | Venture 37 CLO Ltd. 2019-37A A1RR, 6.590%, (TSFR3M + 1.250%), 07/15/2032 | | | 580,191 | | | | 0.2 | |
| 500,000 (1)(3) | | | Wellman Park CLO Ltd. 2021-1A A, 6.690%, (TSFR3M + 1.362%), 07/15/2034 | | | 500,523 | | | | 0.2 | |
| 400,000 (1)(3) | | | Wind River CLO Ltd. 2024-1A A, 6.923%, (TSFR3M + 1.600%), 04/20/2037 | | | 399,898 | | | | 0.1 | |
| | | | | | | 39,215,999 | | | | 12.2 | |
| | | | | | | | | | | | |
| | | | Student Loan Asset-Backed Securities: 1.1% |
| 242,930 (1) | | | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | | | 227,907 | | | | 0.1 | |
| 273,254 (1) | | | Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069 | | | 247,300 | | | | 0.1 | |
| 134,252 (1) | | | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 | | | 118,727 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| ASSET-BACKED SECURITIES: (continued) |
| | | | Student Loan Asset-Backed Securities: (continued) |
| 218,541 (1) | | | Navient Private Education Refi Loan Trust 2021-FA A, 1.110%, 02/18/2070 | | $ | 187,068 | | | | 0.0 | |
| 961,023 (1) | | | Navient Private Education Refi Loan Trust 2022-BA A, 4.160%, 10/15/2070 | | | 917,890 | | | | 0.3 | |
| 1,367,862 (1) | | | Navient Private Education Refi Loan Trust 2023-A A, 5.510%, 10/15/2071 | | | 1,373,424 | | | | 0.4 | |
| 191,318 (1) | | | Sofi Professional Loan Program LLC 2018-A A2B, 2.950%, 02/25/2042 | | | 187,728 | | | | 0.1 | |
| 296,837 (1) | | | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 | | | 253,116 | | | | 0.1 | |
| | | | | | | 3,513,160 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | Total Asset-Backed Securities
(Cost $58,456,430) | | | 58,049,699 | | | | 18.1 | | |
| | | | | | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.2% |
| 1,000,000 (1) | | | ARZ Trust 2024-BILT A, 5.772%, 06/11/2029 | | | 1,005,917 | | | | 0.3 | |
| 550,000 | | | BANK5 Trust 2024-5YR6 A3, 6.225%, 05/15/2057 | | | 568,833 | | | | 0.2 | |
| 755,000 | | | Barclays Commercial Mortgage Trust 2019-C5 A4, 3.063%, 11/15/2052 | | | 679,024 | | | | 0.2 | |
| 900,000 (1)(3) | | | BFLD Mortgage Trust 2024-WRHS A, 6.792%, (TSFR1M + 1.492%), 08/15/2026 | | | 897,744 | | | | 0.3 | |
| 2,000,000 (1)(3) | | | BHMS 2018-ATLS D, 7.876%, (TSFR1M + 2.547%), 07/15/2035 | | | 1,967,654 | | | | 0.6 | |
| 2,000,000 (1)(3) | | | BLP Commercial Mortgage Trust 2024-IND2 B, 7.020%, (TSFR1M + 1.692%), 03/15/2041 | | | 1,986,316 | | | | 0.6 | |
| 1,000,000 (1)(3) | | | BX 2024-PALM A, 6.841%, (TSFR1M + 1.541%), 06/15/2037 | | | 997,072 | | | | 0.3 | |
| 800,000 (1)(3) | | | BX Trust 2021-ARIA C, 7.089%, (TSFR1M + 1.760%), 10/15/2036 | | | 787,047 | | | | 0.2 | |
| 343,136 (1)(3) | | | BX Trust 2022-PSB A, 7.780%, (TSFR1M + 2.451%), 08/15/2039 | | | 343,028 | | | | 0.1 | |
| 1,500,000 (1)(3) | | | BXMT Ltd. 2021-FL4 D, 7.693%, (TSFR1M + 2.364%), 05/15/2038 | | | 1,037,137 | | | | 0.3 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 1,800,000 (1)(3) | | | BXSC Commercial Mortgage Trust 2022-WSS B, 7.421%, (TSFR1M + 2.092%), 03/15/2035 | | $ | 1,788,527 | | | | 0.6 | |
| 340,000 (1)(3) | | | BXSC Commercial Mortgage Trust 2022-WSS C, 7.720%, (TSFR1M + 2.391%), 03/15/2035 | | | 335,496 | | | | 0.1 | |
| 1,500,000 | | | Csail Commercial Mortgage Trust 2015-C2 A4, 3.504%, 06/15/2057 | | | 1,470,073 | | | | 0.5 | |
| 1,500,000 (1) | | | ELM Trust 2024-ELM B15, 5.995%, 06/10/2039 | | | 1,503,172 | | | | 0.5 | |
| 1,180,133 (1)(3) | | | Extended Stay America Trust 2021-ESH C, 7.143%, (TSFR1M + 1.814%), 07/15/2038 | | | 1,178,272 | | | | 0.4 | |
| 17,083 | | | Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057 | | | 16,850 | | | | 0.0 | |
| 183 | | | Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053 | | | 183 | | | | 0.0 | |
| 7,956 | | | Ginnie Mae 2017-70 A, 2.500%, 10/16/2057 | | | 7,853 | | | | 0.0 | |
| 45,855 | | | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 | | | 44,642 | | | | 0.0 | |
| 40,682 | | | Ginnie Mae 2017-89 A, 2.500%, 08/16/2057 | | | 39,843 | | | | 0.0 | |
| 750,000 (3) | | | GS Mortgage Securities Trust 2015-GC30 AS, 3.777%, 05/10/2050 | | | 726,038 | | | | 0.2 | |
| 2,225,000 (1)(3) | | | ILPT Commercial Mortgage Trust 2022-LPF2 A, 7.574%, (TSFR1M + 2.245%), 10/15/2039 | | | 2,214,996 | | | | 0.7 | |
| 1,300,000 (1)(3) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH B, 6.783%, (TSFR1M + 1.204%), 06/15/2038 | | | 1,237,339 | | | | 0.4 | |
| 1,251,584 | | | JPMBB Commercial Mortgage Securities Trust 2015-C31 A3, 3.801%, 08/15/2048 | | | 1,222,156 | | | | 0.4 | |
| 1,000,000 (1)(3) | | | LBA Trust 2024-BOLT A, 6.920%, (TSFR1M + 1.591%), 06/15/2026 | | | 997,113 | | | | 0.3 | |
| 1,823,228 (1)(3) | | | MHP 2022-MHIL B, 6.443%, (TSFR1M + 1.114%), 01/15/2027 | | | 1,795,497 | | | | 0.6 | |
| 500,000 (1)(3) | | | MTN Commercial Mortgage Trust 2022-LPFL A, 6.727%, (TSFR1M + 1.397%), 03/15/2039 | | | 494,479 | | | | 0.1 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| 700,000 (1) | | | THPT Mortgage Trust 2023-THL A, 7.227%, 12/10/2034 | | $ | 710,630 | | | | 0.2 | |
| 250,000 (1)(3) | | | WMRK Commercial Mortgage Trust 2022-WMRK A, 8.118%, (TSFR1M + 2.789%), 11/15/2027 | | | 250,899 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | Total Commercial Mortgage-Backed Securities
(Cost $26,699,125) | | | 26,303,830 | | | | 8.2 | | |
| | | | | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 7.9% |
| 717,666 (3) | | | Fannie Mae REMIC Trust 2006-43 FJ, 5.860%, (SOFR30A + 0.524%), 06/25/2036 | | | 712,692 | | | | 0.2 | |
| 304,280 (3) | | | Fannie Mae REMIC Trust 2007-14 PF, 5.640%, (SOFR30A + 0.304%), 03/25/2037 | | | 298,606 | | | | 0.1 | |
| 926,396 (3) | | | Fannie Mae REMIC Trust 2007-75 AF, 5.720%, (SOFR30A + 0.384%), 08/25/2037 | | | 913,624 | | | | 0.3 | |
| 170,794 (3) | | | Fannie Mae REMIC Trust 2010-123 FL, 5.880%, (SOFR30A + 0.544%), 11/25/2040 | | | 169,082 | | | | 0.1 | |
| 439,929 (3) | | | Fannie Mae REMIC Trust 2010-136 FG, 5.950%, (SOFR30A + 0.614%), 12/25/2030 | | | 441,060 | | | | 0.1 | |
| 835,540 (3) | | | Fannie Mae REMIC Trust 2011-51 FM, 6.100%, (SOFR30A + 0.764%), 06/25/2041 | | | 830,251 | | | | 0.3 | |
| 181,520 (3) | | | Fannie Mae REMIC Trust 2011-68 F, 5.720%, (SOFR30A + 0.384%), 07/25/2031 | | | 181,409 | | | | 0.1 | |
| 63,370 (3) | | | Fannie Mae REMIC Trust 2011-96 FN, 5.950%, (SOFR30A + 0.614%), 10/25/2041 | | | 62,819 | | | | 0.0 | |
| 283,475 (3) | | | Fannie Mae REMIC Trust 2013-34 PF, 5.800%, (SOFR30A + 0.464%), 08/25/2042 | | | 281,680 | | | | 0.1 | |
| 13,939 (1)(3) | | | Flagstar Mortgage Trust 2017-2 A3, 3.500%, 10/25/2047 | | | 12,277 | | | | 0.0 | |
| 235,826 (1)(3) | | | Flagstar Mortgage Trust 2020-2 A2, 3.000%, 08/25/2050 | | | 197,901 | | | | 0.1 | |
| 1,675,482 (3) | | | Freddie Mac REMIC Trust 3119 PF, 5.748%, (SOFR30A + 0.414%), 02/15/2036 | | | 1,667,081 | | | | 0.5 | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 1,057,998 (3) | | | Freddie Mac REMIC Trust 3153 UF, 5.878%, (SOFR30A + 0.544%), 05/15/2036 | | $ | 1,054,654 | | | | 0.3 | |
| 385,473 (3) | | | Freddie Mac REMIC Trust 3626 FA, 6.098%, (SOFR30A + 0.764%), 05/15/2036 | | | 385,160 | | | | 0.1 | |
| 230,672 (3) | | | Freddie Mac REMIC Trust 4508 CF, 5.848%, (SOFR30A + 0.514%), 09/15/2045 | | | 227,513 | | | | 0.1 | |
| 277,675 (3) | | | Freddie Mac REMIC Trust 4879 DF, 5.848%, (SOFR30A + 0.514%), 08/15/2034 | | | 274,817 | | | | 0.1 | |
| 2,644,112 (3) | | | Freddie Mac Strips 406 F43, 6.135%, (SOFR30A + 0.800%), 10/25/2053 | | | 2,638,187 | | | | 0.8 | |
| 2,224,714 (3) | | | Freddie Mac Strips 406 F44, 6.335%, (SOFR30A + 1.000%), 10/25/2053 | | | 2,239,925 | | | | 0.7 | |
| 569,899 (3) | | | Ginnie Mae 2012-H11 FA, 6.137%, (TSFR1M + 0.814%), 02/20/2062 | | | 570,954 | | | | 0.2 | |
| 116,813 (3) | | | Ginnie Mae 2014-H05 FB, 6.037%, (TSFR1M + 0.714%), 12/20/2063 | | | 116,848 | | | | 0.0 | |
| 1,439,306 (3) | | | Ginnie Mae 2015-H30 FE, 6.037%, (TSFR1M + 0.714%), 11/20/2065 | | | 1,439,957 | | | | 0.5 | |
| 1,395,314 (3) | | | Ginnie Mae 2016-H06 FD, 6.357%, (TSFR1M + 1.034%), 07/20/2065 | | | 1,396,783 | | | | 0.4 | |
| 626,163 (3) | | | Ginnie Mae 2016-H07 FK, 6.437%, (TSFR1M + 1.114%), 03/20/2066 | | | 627,697 | | | | 0.2 | |
| 1,258,044 (3) | | | Ginnie Mae 2016-H16 FE, 6.105%, (TSFR12M + 1.095%), 06/20/2066 | | | 1,258,317 | | | | 0.4 | |
| 282,974 (3) | | | Ginnie Mae 2017-H09 FG, 5.907%, (TSFR1M + 0.584%), 03/20/2067 | | | 282,596 | | | | 0.1 | |
| 1,792,150 (3) | | | Ginnie Mae 2019-H02 FA, 5.887%, (TSFR1M + 0.564%), 01/20/2069 | | | 1,788,172 | | | | 0.6 | |
| 722,894 (3) | | | Ginnie Mae 2020-H09 NF, 6.687%, (TSFR1M + 1.364%), 04/20/2070 | | | 732,300 | | | | 0.2 | |
| 1,140,716 | | | Ginnie Mae 2023-86 DA, 5.500%, 08/20/2050 | | | 1,142,158 | | | | 0.4 | |
| 11,257 (1)(3) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | | | 10,183 | | | | 0.0 | |
| 166,129 (1)(3) | | | JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050 | | | 147,640 | | | | 0.0 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 283,382 (1)(3) | | | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | | $ | 222,900 | | | | 0.1 | |
| 1,740,800 (1)(3) | | | OBX Trust 2023-J1 A3, 4.500%, 01/25/2053 | | | 1,639,114 | | | | 0.5 | |
| 526,298 (1)(3) | | | RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | | | 412,999 | | | | 0.1 | |
| 690,939 | | | Seasoned Credit Risk Transfer Trust Series 2018-2 MA, 3.500%, 11/25/2057 | | | 650,289 | | | | 0.2 | |
| 148,904 (1)(3) | | | Sequoia Mortgage Trust 2014-4 B3, 3.907%, 11/25/2044 | | | 139,612 | | | | 0.0 | |
| 38,637 (1)(3) | | | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | | | 35,291 | | | | 0.0 | |
| 76,074 (3) | | | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 6.265%, 06/25/2034 | | | 71,542 | | | | 0.0 | |
| 171,550 (1)(3) | | | Wells Fargo Mortgage Backed Securities Trust 2020-1 A17, 3.000%, 12/25/2049 | | | 143,667 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Total Collateralized Mortgage Obligations
(Cost $25,674,343) | | | 25,417,757 | | | | 7.9 | |
| | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0% |
| | | | Uniform Mortgage-Backed Securities: 0.0% |
| 3,576 | | | 6.500%, 10/01/2032 | | | 3,666 | | | | 0.0 | |
| 5,203 | | | 7.000%, 10/01/2032 | | | 5,351 | | | | 0.0 | |
| | | | | | | 9,017 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | Total U.S. Government Agency Obligations
(Cost $8,945) | | | 9,017 | | | | 0.0 | | |
| | | | | | | | | | | | |
| | | | Total Long-Term Investments
(Cost $316,552,570) | | | 314,381,237 | | | | 98.0 | | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 9.8% |
| | | | Repurchase Agreements: 2.1% |
| 1,591,350 (4) | | | BNP Paribas SA, Repurchase Agreement dated 06/28/2024, 5.320%, due 07/01/2024 (Repurchase Amount $1,592,046, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,623,177, due 11/15/31-06/01/54) | | $ | 1,591,350 | | | | 0.5 | |
| 384,319 (4) | | | Deutsche Bank Securities Inc., Repurchase Agreement dated 06/28/2024, 5.310%, due 07/01/2024 (Repurchase Amount $384,487, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $392,005, due 08/15/24-03/01/54) | | | 384,319 | | | | 0.1 | |
| 1,591,350 (4) | | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $1,592,048, collateralized by various U.S. Government Securities, 0.750%-4.375%, Market Value plus accrued interest $1,623,182, due 07/01/24-09/09/49) | | | 1,591,350 | | | | 0.5 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 1,591,350 (4) | | | Nomura Securities International, Inc., Repurchase Agreement dated 06/28/2024, 5.320%, due 07/01/2024 (Repurchase Amount $1,592,046, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,623,178, due 04/30/26-08/01/58) | | $ | 1,591,350 | | | | 0.5 | |
| 1,500,000 (4) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $1,500,672, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $1,527,075, due 10/15/25-02/15/53) | | | 1,500,000 | | | | 0.5 | |
| | | | Total Repurchase Agreements
(Cost $6,658,369) | | | 6,658,369 | | | | 2.1 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Mutual Funds: 7.7% |
| 24,693,000 (5) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%
(Cost $24,693,000) | | $ | 24,693,000 | | | | 7.7 | |
| | | | Total Short-Term Investments
(Cost $31,351,369) | | | 31,351,369 | | | | 9.8 | | |
| | | | Total Investments in Securities
(Cost $347,903,939) | | $ | 345,732,606 | | | | 107.8 | | |
| | | | Liabilities in Excess of Other Assets | | | (24,874,874) | | | | (7.8 | ) | |
| | | | Net Assets | | $ | 320,857,732 | | | | 100.0 | | |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of June 30, 2024. |
| (4) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (5) | Rate shown is the 7-day yield as of June 30, 2024. |
Reference Rate Abbreviations:
| SOFR30A | 30-day Secured Overnight Financing Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Corporate Bonds/Notes | | $ | — | | | $ | 119,860,110 | | | $ | — | | | $ | 119,860,110 | |
| U.S. Treasury Obligations | | | — | | | | 84,740,824 | | | | — | | | | 84,740,824 | |
| Asset-Backed Securities | | | — | | | | 58,049,699 | | | | — | | | | 58,049,699 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 26,303,830 | | | | — | | | | 26,303,830 | |
| Collateralized Mortgage Obligations | | | — | | | | 25,417,757 | | | | — | | | | 25,417,757 | |
| U.S. Government Agency Obligations | | | — | | | | 9,017 | | | | — | | | | 9,017 | |
| Short-Term Investments | | | 24,693,000 | | | | 6,658,369 | | | | — | | | | 31,351,369 | |
| Total Investments, at fair value | | $ | 24,693,000 | | | $ | 321,039,606 | | | $ | — | | | $ | 345,732,606 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 380,030 | | | | — | | | | — | | | | 380,030 | |
| Total Assets | | $ | 25,073,030 | | | $ | 321,039,606 | | | $ | — | | | $ | 346,112,636 | |
| Liabilities Table |
| Other Financial Instruments+ |
| Futures | | $ | (328,053 | ) | | $ | — | | | $ | — | | | $ | (328,053 | ) |
| Total Liabilities | | $ | (328,053 | ) | | $ | — | | | $ | — | | | $ | (328,053 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At June 30, 2024, the following futures contracts were outstanding for Voya Limited Maturity Bond Portfolio:
| | | | | | | | | | | | Unrealized | |
| | | Number | | Expiration | | | Notional | | | Appreciation/ | |
| Description | | of Contracts | | Date | | | Amount | | | (Depreciation) | |
| Long Contracts: | | | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note | | | 595 | | | 09/30/24 | | | $ | 121,510,156 | | | $ | 380,030 | |
| | | | | | | | | | $ | 121,510,156 | | | $ | 380,030 | |
| Short Contracts: | | | | | | | | | | | | | | | |
| U.S. Treasury 5-Year Note | | | (374 | ) | | 09/30/24 | | | | (39,860,219 | ) | | | (283,917 | ) |
| U.S. Treasury 10-Year Note | | | (21 | ) | | 09/19/24 | | | | (2,309,672 | ) | | | (20,551 | ) |
| U.S. Treasury Long Bond | | | (7 | ) | | 09/19/24 | | | | (828,188 | ) | | | (9,695 | ) |
| U.S. Treasury Ultra 10-Year Note | | | (10 | ) | | 09/19/24 | | | | (1,135,312 | ) | | | (11,105 | ) |
| U.S. Treasury Ultra Long Bond | | | (2 | ) | | 09/19/24 | | | | (250,687 | ) | | | (2,785 | ) |
| | | | | | | | | | $ | (44,384,078 | ) | | $ | (328,053 | ) |
See Accompanying Notes to Financial Statements
| Voya Limited Maturity Bond Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Interest rate contracts | | Variation margin receivable on futures contracts* | | $ | 380,030 | |
| Total Asset Derivatives | | | | $ | 380,030 | |
| | | | | | | |
| Liability Derivatives | | | | | | |
| Interest rate contracts | | Variation margin payable on futures contracts* | | $ | 328,053 | |
| Total Liability Derivatives | | | | $ | 328,053 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| | | | | | Written | | | | |
| Derivatives not accounted for as hedging instruments | | Futures | | | options | | | Total | |
| Interest rate contracts | | $ | (327,722 | ) | | $ | 22,461 | | | $ | (305,261 | ) |
| Total | | $ | (327,722 | ) | | $ | 22,461 | | | $ | (305,261 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Interest rate contracts | | $ | (1,010,562 | ) |
| Total | | $ | (1,010,562 | ) |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $348,444,047. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 897,916 | |
| Gross Unrealized Depreciation | | | (3,557,380 | ) |
| Net Unrealized Depreciation | | $ | (2,659,464 | ) |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.3% | | | | | | | |
| | | | Communication Services: 9.3% | |
| 575,280 | | | Alphabet, Inc. - Class A | | $ | 104,787,252 | | | | 2.3 | | |
| 478,596 | | | Alphabet, Inc. - Class C | | | 87,784,078 | | | | 2.0 | | |
| 702,222 | | | AT&T, Inc. | | | 13,419,462 | | | | 0.3 | | |
| 9,592 (1) | | | Charter Communications, Inc. - Class A | | | 2,867,624 | | | | 0.1 | | |
| 383,342 | | | Comcast Corp. - Class A | | | 15,011,673 | | | | 0.3 | | |
| 23,833 | | | Electronic Arts, Inc. | | | 3,320,652 | | | | 0.1 | | |
| 22,638 | | | Fox Corp. - Class A | | | 778,068 | | | | 0.0 | | |
| 12,923 | | | Fox Corp. - Class B | | | 413,795 | | | | 0.0 | | |
| 36,964 | | | Interpublic Group of Cos., Inc. | | | 1,075,283 | | | | 0.0 | | |
| 13,899 (1) | | | Live Nation Entertainment, Inc. | | | 1,302,892 | | | | 0.0 | | |
| 26,019 (1) | | | Match Group, Inc. | | | 790,457 | | | | 0.0 | | |
| 214,623 | | | Meta Platforms, Inc. - Class A | | | 108,217,209 | | | | 2.4 | | |
| 42,201 (1) | | | Netflix, Inc. | | | 28,480,611 | | | | 0.6 | | |
| 37,227 | | | News Corp. - Class A | | | 1,026,348 | | | | 0.0 | | |
| 11,232 | | | News Corp. - Class B | | | 318,877 | | | | 0.0 | | |
| 19,179 | | | Omnicom Group, Inc. | | | 1,720,356 | | | | 0.1 | | |
| 48,416 | | | Paramount Global - Class B | | | 503,042 | | | | 0.0 | | |
| 15,533 (1) | | | Take-Two Interactive Software, Inc. | | | 2,415,226 | | | | 0.1 | | |
| 50,498 | | | T-Mobile US, Inc. | | | 8,896,738 | | | | 0.2 | | |
| 412,240 | | | Verizon Communications, Inc. | | | 17,000,778 | | | | 0.4 | | |
| 178,543 | | | Walt Disney Co. | | | 17,727,535 | | | | 0.4 | | |
| 217,384 (1) | | | Warner Bros Discovery, Inc. | | | 1,617,337 | | | | 0.0 | | |
| | | | | | | 419,475,293 | | | | 9.3 | | |
| | | | | | | | | | | | | |
| | | | Consumer Discretionary: 10.2% | |
| 43,239 (1) | | | Airbnb, Inc. - Class A | | | 6,556,330 | | | | 0.2 | | |
| 896,887 (1) | | | Amazon.com, Inc. | | | 173,323,413 | | | | 3.8 | | |
| 26,645 (1) | | | Aptiv PLC | | | 1,876,341 | | | | 0.1 | | |
| 1,694 (1) | | | AutoZone, Inc. | | | 5,021,185 | | | | 0.1 | | |
| 22,133 | | | Bath & Body Works, Inc. | | | 864,294 | | | | 0.0 | | |
| 18,858 | | | Best Buy Co., Inc. | | | 1,589,541 | | | | 0.0 | | |
| 3,323 | | | Booking Holdings, Inc. | | | 13,164,065 | | | | 0.3 | | |
| 22,509 | | | BorgWarner, Inc. | | | 725,690 | | | | 0.0 | | |
| 21,131 (1) | | | Caesars Entertainment, Inc. | | | 839,746 | | | | 0.0 | | |
| 15,470 (1) | | | CarMax, Inc. | | | 1,134,570 | | | | 0.0 | | |
| 98,695 (1) | | | Carnival Corp. | | | 1,847,570 | | | | 0.0 | | |
| 134,500 (1) | | | Chipotle Mexican Grill, Inc. | | | 8,426,425 | | | | 0.2 | | |
| 29,027 | | | D.R. Horton, Inc. | | | 4,090,775 | | | | 0.1 | | |
| 11,698 | | | Darden Restaurants, Inc. | | | 1,770,141 | | | | 0.0 | | |
| 2,514 (1) | | | Deckers Outdoor Corp. | | | 2,433,426 | | | | 0.1 | | |
| 21,502 | | | Dollar General Corp. | | | 2,843,209 | | | | 0.1 | | |
| 20,276 (1) | | | Dollar Tree, Inc. | | | 2,164,869 | | | | 0.1 | | |
| 3,417 | | | Domino’s Pizza, Inc. | | | 1,764,300 | | | | 0.0 | | |
| 49,556 | | | eBay, Inc. | | | 2,662,148 | | | | 0.1 | | |
| 11,452 (1) | | | Etsy, Inc. | | | 675,439 | | | | 0.0 | | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | |
| | | | Consumer Discretionary: (continued) | | | | | | |
| 12,433 (1) | | | Expedia Group, Inc. | | $ | 1,566,434 | | | | 0.0 | | |
| 384,057 | | | Ford Motor Co. | | | 4,816,075 | | | | 0.1 | | |
| 15,049 | | | Garmin Ltd. | | | 2,451,783 | | | | 0.1 | | |
| 111,742 | | | General Motors Co. | | | 5,191,533 | | | | 0.1 | | |
| 13,642 | | | Genuine Parts Co. | | | 1,886,961 | | | | 0.1 | | |
| 12,778 | | | Hasbro, Inc. | | | 747,513 | | | | 0.0 | | |
| 24,489 | | | Hilton Worldwide Holdings, Inc. | | | 5,343,500 | | | | 0.1 | | |
| 97,058 | | | Home Depot, Inc. | | | 33,411,246 | | | | 0.7 | | |
| 35,753 | | | Las Vegas Sands Corp. | | | 1,582,070 | | | | 0.0 | | |
| 23,981 | | | Lennar Corp. - Class A | | | 3,594,032 | | | | 0.1 | | |
| 26,214 | | | LKQ Corp. | | | 1,090,240 | | | | 0.0 | | |
| 56,039 | | | Lowe’s Cos., Inc. | | | 12,354,358 | | | | 0.3 | | |
| 11,249 (1) | | | Lululemon Athletica, Inc. | | | 3,360,076 | | | | 0.1 | | |
| 23,497 | | | Marriott International, Inc. - Class A | | | 5,680,870 | | | | 0.1 | | |
| 70,581 | | | McDonald’s Corp. | | | 17,986,862 | | | | 0.4 | | |
| 24,577 (1) | | | MGM Resorts International | | | 1,092,202 | | | | 0.0 | | |
| 5,178 (1) | | | Mohawk Industries, Inc. | | | 588,169 | | | | 0.0 | | |
| 118,646 | | | NIKE, Inc. - Class B | | | 8,942,349 | | | | 0.2 | | |
| 41,675 (1) | | | Norwegian Cruise Line Holdings Ltd. | | | 783,073 | | | | 0.0 | | |
| 307 (1) | | | NVR, Inc. | | | 2,329,688 | | | | 0.1 | | |
| 5,768 (1) | | | O’Reilly Automotive, Inc. | | | 6,091,354 | | | | 0.1 | | |
| 3,754 | | | Pool Corp. | | | 1,153,717 | | | | 0.0 | | |
| 20,600 | | | PulteGroup, Inc. | | | 2,268,060 | | | | 0.1 | | |
| 3,825 | | | Ralph Lauren Corp. | | | 669,605 | | | | 0.0 | | |
| 32,839 | | | Ross Stores, Inc. | | | 4,772,163 | | | | 0.1 | | |
| 23,188 (1) | | | Royal Caribbean Cruises Ltd. | | | 3,696,863 | | | | 0.1 | | |
| 110,911 | | | Starbucks Corp. | | | 8,634,421 | | | | 0.2 | | |
| 22,469 | | | Tapestry, Inc. | | | 961,449 | | | | 0.0 | | |
| 45,309 | | | Target Corp. | | | 6,707,544 | | | | 0.2 | | |
| 271,735 (1) | | | Tesla, Inc. | | | 53,770,922 | | | | 1.2 | | |
| 110,914 | | | TJX Cos., Inc. | | | 12,211,631 | | | | 0.3 | | |
| 10,591 | | | Tractor Supply Co. | | | 2,859,570 | | | | 0.1 | | |
| 4,695 (1) | | | Ulta Beauty, Inc. | | | 1,811,660 | | | | 0.0 | | |
| 9,335 | | | Wynn Resorts Ltd. | | | 835,482 | | | | 0.0 | | |
| 27,582 | | | Yum! Brands, Inc. | | | 3,653,512 | | | | 0.1 | | |
| | | | | | | 458,670,464 | | | | 10.2 | | |
| | | | | | | | | | | | | |
| | | | Consumer Staples: 5.5% | | | | | | | | | |
| 168,218 | | | Altria Group, Inc. | | | 7,662,330 | | | | 0.2 | | |
| 48,424 | | | Archer-Daniels-Midland Co. | | | 2,927,231 | | | | 0.1 | | |
| 17,713 | | | Brown-Forman Corp. - Class B | | | 765,024 | | | | 0.0 | | |
| 13,867 | | | Bunge Global SA | | | 1,480,580 | | | | 0.0 | | |
| 19,273 | | | Campbell Soup Co. | | | 870,947 | | | | 0.0 | | |
| 23,948 | | | Church & Dwight Co., Inc. | | | 2,482,929 | | | | 0.1 | | |
| 12,157 | | | Clorox Co. | | | 1,659,066 | | | | 0.0 | | |
| 379,716 | | | Coca-Cola Co. | | | 24,168,923 | | | | 0.5 | | |
| 80,351 | | | Colgate-Palmolive Co. | | | 7,797,261 | | | | 0.2 | | |
| 46,826 | | | Conagra Brands, Inc. | | | 1,330,795 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Consumer Staples: (continued) | | | | | | | | |
| 15,758 | | | Constellation Brands, Inc. - Class A | | $ | 4,054,218 | | | | 0.1 | |
| 43,435 | | | Costco Wholesale Corp. | | | 36,919,316 | | | | 0.8 | |
| 22,818 | | | Estee Lauder Cos., Inc. - Class A | | | 2,427,835 | | | | 0.1 | |
| 55,290 | | | General Mills, Inc. | | | 3,497,645 | | | | 0.1 | |
| 14,457 | | | Hershey Co. | | | 2,657,630 | | | | 0.1 | |
| 28,391 | | | Hormel Foods Corp. | | | 865,642 | | | | 0.0 | |
| 10,398 | | | JM Smucker Co. | | | 1,133,798 | | | | 0.0 | |
| 25,836 | | | Kellogg Co. | | | 1,490,221 | | | | 0.0 | |
| 187,567 | | | Kenvue, Inc. | | | 3,409,968 | | | | 0.1 | |
| 102,025 | | | Keurig Dr Pepper, Inc. | | | 3,407,635 | | | | 0.1 | |
| 33,001 | | | Kimberly-Clark Corp. | | | 4,560,738 | | | | 0.1 | |
| 77,301 | | | Kraft Heinz Co. | | | 2,490,638 | | | | 0.1 | |
| 65,558 | | | Kroger Co. | | | 3,273,311 | | | | 0.1 | |
| 14,143 | | | Lamb Weston Holdings, Inc. | | | 1,189,143 | | | | 0.0 | |
| 24,631 | | | McCormick & Co., Inc. | | | 1,747,323 | | | | 0.0 | |
| 17,808 | | | Molson Coors Beverage Co. - Class B | | | 905,181 | | | | 0.0 | |
| 131,368 | | | Mondelez International, Inc. - Class A | | | 8,596,722 | | | | 0.2 | |
| 69,486 (1) | | | Monster Beverage Corp. | | | 3,470,826 | | | | 0.1 | |
| 134,640 | | | PepsiCo, Inc. | | | 22,206,175 | | | | 0.5 | |
| 152,248 | | | Philip Morris International, Inc. | | | 15,427,290 | | | | 0.3 | |
| 231,144 | | | Procter & Gamble Co. | | | 38,120,268 | | | | 0.9 | |
| 48,768 | | | Sysco Corp. | | | 3,481,548 | | | | 0.1 | |
| 28,050 | | | Tyson Foods, Inc. - Class A | | | 1,602,777 | | | | 0.0 | |
| 70,117 | | | Walgreens Boots Alliance, Inc. | | | 848,065 | | | | 0.0 | |
| 418,355 | | | Walmart, Inc. | | | 28,326,817 | | | | 0.6 | |
| | | | | | | 247,255,816 | | | | 5.5 | |
| | | | | | | | | | | | |
| | | | Energy: 3.6% | | | | | | | | |
| 35,382 | | | APA Corp. | | | 1,041,646 | | | | 0.0 | |
| 98,047 | | | Baker Hughes Co. | | | 3,448,313 | | | | 0.1 | |
| 167,859 | | | Chevron Corp. | | | 26,256,505 | | | | 0.6 | |
| 114,540 | | | ConocoPhillips | | | 13,101,085 | | | | 0.3 | |
| 72,888 | | | Coterra Energy, Inc. | | | 1,943,923 | | | | 0.0 | |
| 61,896 | | | Devon Energy Corp. | | | 2,933,870 | | | | 0.1 | |
| 17,466 | | | Diamondback Energy, Inc. | | | 3,496,519 | | | | 0.1 | |
| 56,285 | | | EOG Resources, Inc. | | | 7,084,593 | | | | 0.2 | |
| 43,248 | | | EQT Corp. | | | 1,599,311 | | | | 0.0 | |
| 439,337 | | | Exxon Mobil Corp. | | | 50,576,476 | | | | 1.1 | |
| 86,703 | | | Halliburton Co. | | | 2,928,827 | | | | 0.1 | |
| 27,068 | | | Hess Corp. | | | 3,993,071 | | | | 0.1 | |
| 189,437 | | | Kinder Morgan, Inc. | | | 3,764,113 | | | | 0.1 | |
| 55,240 | | | Marathon Oil Corp. | | | 1,583,731 | | | | 0.0 | |
| 34,506 | | | Marathon Petroleum Corp. | | | 5,986,101 | | | | 0.1 | |
| 65,126 | | | Occidental Petroleum Corp. | | | 4,104,892 | | | | 0.1 | |
| 57,160 | | | ONEOK, Inc. | | | 4,661,398 | | | | 0.1 | |
| 41,520 | | | Phillips 66 | | | 5,861,378 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Energy: (continued) | | | | | | | | |
| 139,985 | | | Schlumberger NV | | $ | 6,604,492 | | | | 0.1 | |
| 21,714 | | | Targa Resources Corp. | | | 2,796,329 | | | | 0.1 | |
| 32,025 | | | Valero Energy Corp. | | | 5,020,239 | | | | 0.1 | |
| 119,361 | | | Williams Cos., Inc. | | | 5,072,843 | | | | 0.1 | |
| | | | | | | 163,859,655 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | Financials: 10.5% | | | | | | | | |
| 50,641 | | | Aflac, Inc. | | | 4,522,748 | | | | 0.1 | |
| 25,847 | | | Allstate Corp. | | | 4,126,732 | | | | 0.1 | |
| 55,652 | | | American Express Co. | | | 12,886,221 | | | | 0.3 | |
| 64,997 | | | American International Group, Inc. | | | 4,825,377 | | | | 0.1 | |
| 9,728 | | | Ameriprise Financial, Inc. | | | 4,155,704 | | | | 0.1 | |
| 21,294 | | | Aon PLC - Class A | | | 6,251,492 | | | | 0.1 | |
| 36,625 (1) | | | Arch Capital Group Ltd. | | | 3,695,096 | | | | 0.1 | |
| 21,399 | | | Arthur J Gallagher & Co. | | | 5,548,975 | | | | 0.1 | |
| 5,088 | | | Assurant, Inc. | | | 845,880 | | | | 0.0 | |
| 666,334 | | | Bank of America Corp. | | | 26,500,103 | | | | 0.6 | |
| 73,239 | | | Bank of New York Mellon Corp. | | | 4,386,284 | | | | 0.1 | |
| 177,301 (1) | | | Berkshire Hathaway, Inc. - Class B | | | 72,126,047 | | | | 1.6 | |
| 13,680 | | | BlackRock, Inc. | | | 10,770,538 | | | | 0.2 | |
| 69,990 | | | Blackstone, Inc. | | | 8,664,762 | | | | 0.2 | |
| 23,140 | | | Brown & Brown, Inc. | | | 2,068,947 | | | | 0.1 | |
| 37,422 | | | Capital One Financial Corp. | | | 5,181,076 | | | | 0.1 | |
| 10,340 | | | Cboe Global Markets, Inc. | | | 1,758,420 | | | | 0.0 | |
| 146,211 | | | Charles Schwab Corp. | | | 10,774,289 | | | | 0.2 | |
| 39,768 | | | Chubb Ltd. | | | 10,144,021 | | | | 0.2 | |
| 15,380 | | | Cincinnati Financial Corp. | | | 1,816,378 | | | | 0.0 | |
| 186,808 | | | Citigroup, Inc. | | | 11,854,836 | | | | 0.3 | |
| 44,563 | | | Citizens Financial Group, Inc. | | | 1,605,605 | | | | 0.0 | |
| 35,265 | | | CME Group, Inc. | | | 6,933,099 | | | | 0.2 | |
| 6,882 (1) | | | Corpay, Inc. | | | 1,833,434 | | | | 0.0 | |
| 24,496 | | | Discover Financial Services | | | 3,204,322 | | | | 0.1 | |
| 4,251 | | | Everest Re Group Ltd. | | | 1,619,716 | | | | 0.0 | |
| 3,731 | | | FactSet Research Systems, Inc. | | | 1,523,255 | | | | 0.0 | |
| 54,477 | | | Fidelity National Information Services, Inc. | | | 4,105,387 | | | | 0.1 | |
| 66,993 | | | Fifth Third Bancorp | | | 2,444,575 | | | | 0.1 | |
| 57,303 (1) | | | Fiserv, Inc. | | | 8,540,439 | | | | 0.2 | |
| 29,402 | | | Franklin Resources, Inc. | | | 657,135 | | | | 0.0 | |
| 24,998 | | | Global Payments, Inc. | | | 2,417,307 | | | | 0.1 | |
| 8,223 | | | Globe Life, Inc. | | | 676,588 | | | | 0.0 | |
| 31,581 | | | Goldman Sachs Group, Inc. | | | 14,284,718 | | | | 0.3 | |
| 28,965 | | | Hartford Financial Services Group, Inc. | | | 2,912,141 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Financials: (continued) | | | | | | | | |
| 141,878 | | | Huntington Bancshares, Inc. | | $ | 1,869,952 | | | | 0.0 | |
| 56,175 | | | Intercontinental Exchange, Inc. | | | 7,689,796 | | | | 0.2 | |
| 44,033 | | | Invesco Ltd. | | | 658,734 | | | | 0.0 | |
| 281,241 | | | JPMorgan Chase & Co. | | | 56,883,805 | | | | 1.3 | |
| 92,341 | | | KeyCorp | | | 1,312,166 | | | | 0.0 | |
| 65,182 | | | KKR & Co., Inc. | | | 6,859,754 | | | | 0.2 | |
| 17,849 | | | Loews Corp. | | | 1,334,034 | | | | 0.0 | |
| 16,341 | | | M&T Bank Corp. | | | 2,473,374 | | | | 0.1 | |
| 3,713 | | | MarketAxess Holdings, Inc. | | | 744,568 | | | | 0.0 | |
| 48,256 | | | Marsh & McLennan Cos., Inc. | | | 10,168,504 | | | | 0.2 | |
| 58,502 | | | MetLife, Inc. | | | 4,106,255 | | | | 0.1 | |
| 15,380 | | | Moody’s Corp. | | | 6,473,903 | | | | 0.1 | |
| 122,555 | | | Morgan Stanley | | | 11,911,120 | | | | 0.3 | |
| 7,748 | | | MSCI, Inc. | | | 3,732,599 | | | | 0.1 | |
| 37,225 | | | Nasdaq, Inc. | | | 2,243,178 | | | | 0.1 | |
| 20,094 | | | Northern Trust Corp. | | | 1,687,494 | | | | 0.0 | |
| 38,991 | | | PNC Financial Services Group, Inc. | | | 6,062,321 | | | | 0.1 | |
| 21,118 | | | Principal Financial Group, Inc. | | | 1,656,707 | | | | 0.0 | |
| 57,336 | | | Progressive Corp. | | | 11,909,260 | | | | 0.3 | |
| 35,159 | | | Prudential Financial, Inc. | | | 4,120,283 | | | | 0.1 | |
| 18,270 | | | Raymond James Financial, Inc. | | | 2,258,355 | | | | 0.1 | |
| 89,693 | | | Regions Financial Corp. | | | 1,797,448 | | | | 0.0 | |
| 31,350 | | | S&P Global, Inc. | | | 13,982,100 | | | | 0.3 | |
| 29,579 | | | State Street Corp. | | | 2,188,846 | | | | 0.1 | |
| 39,326 | | | Synchrony Financial | | | 1,855,794 | | | | 0.0 | |
| 21,933 | | | T. Rowe Price Group, Inc. | | | 2,529,094 | | | | 0.1 | |
| 22,427 | | | Travelers Cos., Inc. | | | 4,560,306 | | | | 0.1 | |
| 131,049 | | | Truist Financial Corp. | | | 5,091,254 | | | | 0.1 | |
| 152,826 | | | US Bancorp | | | 6,067,192 | | | | 0.1 | |
| 19,854 | | | W.R. Berkley Corp. | | | 1,560,127 | | | | 0.0 | |
| 341,438 | | | Wells Fargo & Co. | | | 20,278,003 | | | | 0.5 | |
| 10,045 | | | Willis Towers Watson PLC | | | 2,633,196 | | | | 0.1 | |
| | | | | | | 474,361,169 | | | | 10.5 | |
| | | | | | | | | | | | |
| | | | Health Care: 11.6% | | | | | | | | |
| 170,374 | | | Abbott Laboratories | | | 17,703,562 | | | | 0.4 | |
| 172,953 | | | AbbVie, Inc. | | | 29,664,899 | | | | 0.7 | |
| 28,706 | | | Agilent Technologies, Inc. | | | 3,721,159 | | | | 0.1 | |
| 6,857 (1) | | | Align Technology, Inc. | | | 1,655,486 | | | | 0.0 | |
| 16,219 | | | AmerisourceBergen Corp. | | | 3,654,141 | | | | 0.1 | |
| 52,537 | | | Amgen, Inc. | | | 16,415,186 | | | | 0.4 | |
| 49,747 | | | Baxter International, Inc. | | | 1,664,037 | | | | 0.0 | |
| 28,301 | | | Becton Dickinson and Co. | | | 6,614,227 | | | | 0.1 | |
| 14,259 (1) | | | Biogen, Inc. | | | 3,305,521 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Health Care: (continued) | | | | | | | | |
| 1,998 (1) | | | Bio-Rad Laboratories, Inc. - Class A | | $ | 545,674 | | | | 0.0 | |
| 15,399 | | | Bio-Techne Corp. | | | 1,103,338 | | | | 0.0 | |
| 143,984 (1) | | | Boston Scientific Corp. | | | 11,088,208 | | | | 0.2 | |
| 198,527 | | | Bristol-Myers Squibb Co. | | | 8,244,826 | | | | 0.2 | |
| 23,827 | | | Cardinal Health, Inc. | | | 2,342,671 | | | | 0.1 | |
| 17,705 (1) | | | Catalent, Inc. | | | 995,552 | | | | 0.0 | |
| 52,358 (1) | | | Centene Corp. | | | 3,471,335 | | | | 0.1 | |
| 5,025 (1) | | | Charles River Laboratories International, Inc. | | | 1,038,064 | | | | 0.0 | |
| 27,821 | | | Cigna Group | | | 9,196,788 | | | | 0.2 | |
| 19,469 | | | Cooper Cos., Inc. | | | 1,699,644 | | | | 0.0 | |
| 122,947 | | | CVS Health Corp. | | | 7,261,250 | | | | 0.2 | |
| 64,561 | | | Danaher Corp. | | | 16,130,566 | | | | 0.4 | |
| 5,068 (1) | | | DaVita, Inc. | | | 702,273 | | | | 0.0 | |
| 38,948 (1) | | | Dexcom, Inc. | | | 4,415,924 | | | | 0.1 | |
| 59,017 (1) | | | Edwards Lifesciences Corp. | | | 5,451,400 | | | | 0.1 | |
| 22,762 | | | Elevance Health, Inc. | | | 12,333,817 | | | | 0.3 | |
| 78,187 | | | Eli Lilly & Co. | | | 70,788,946 | | | | 1.6 | |
| 41,575 | | | GE HealthCare Technologies, Inc. | | | 3,239,524 | | | | 0.1 | |
| 122,059 | | | Gilead Sciences, Inc. | | | 8,374,468 | | | | 0.2 | |
| 18,982 | | | HCA Healthcare, Inc. | | | 6,098,537 | | | | 0.1 | |
| 12,541 (1) | | | Henry Schein, Inc. | | | 803,878 | | | | 0.0 | |
| 22,994 (1) | | | Hologic, Inc. | | | 1,707,304 | | | | 0.0 | |
| 11,801 | | | Humana, Inc. | | | 4,409,444 | | | | 0.1 | |
| 8,088 (1) | | | IDEXX Laboratories, Inc. | | | 3,940,474 | | | | 0.1 | |
| 15,571 (1) | | | Incyte Corp. | | | 943,914 | | | | 0.0 | |
| 6,840 (1) | | | Insulet Corp. | | | 1,380,312 | | | | 0.0 | |
| 34,739 (1) | | | Intuitive Surgical, Inc. | | | 15,453,644 | | | | 0.3 | |
| 17,878 (1) | | | IQVIA Holdings, Inc. | | | 3,780,124 | | | | 0.1 | |
| 235,702 | | | Johnson & Johnson | | | 34,450,204 | | | | 0.8 | |
| 8,255 (1) | | | Labcorp Holdings, Inc. | | | 1,679,975 | | | | 0.0 | |
| 12,730 | | | McKesson Corp. | | | 7,434,829 | | | | 0.2 | |
| 130,042 | | | Medtronic PLC | | | 10,235,606 | | | | 0.2 | |
| 248,054 | | | Merck & Co., Inc. | | | 30,709,085 | | | | 0.7 | |
| 2,092 (1) | | | Mettler-Toledo International, Inc. | | | 2,923,758 | | | | 0.1 | |
| 32,654 (1) | | | Moderna, Inc. | | | 3,877,662 | | | | 0.1 | |
| 5,739 (1) | | | Molina Healthcare, Inc. | | | 1,706,205 | | | | 0.0 | |
| 554,967 | | | Pfizer, Inc. | | | 15,527,977 | | | | 0.3 | |
| 10,874 | | | Quest Diagnostics, Inc. | | | 1,488,433 | | | | 0.0 | |
| 10,388 (1) | | | Regeneron Pharmaceuticals, Inc. | | | 10,918,100 | | | | 0.2 | |
| 14,409 | | | ResMed, Inc. | | | 2,758,171 | | | | 0.1 | |
| 12,089 | | | Revvity, Inc. | | | 1,267,653 | | | | 0.0 | |
| 13,532 (1) | | | Solventum Corp. | | | 715,572 | | | | 0.0 | |
| 9,680 | | | STERIS PLC | | | 2,125,147 | | | | 0.0 | |
| 33,205 | | | Stryker Corp. | | | 11,298,001 | | | | 0.3 | |
| 4,603 | | | Teleflex, Inc. | | | 968,149 | | | | 0.0 | |
| 37,384 | | | Thermo Fisher Scientific, Inc. | | | 20,673,352 | | | | 0.5 | |
| 90,139 | | | UnitedHealth Group, Inc. | | | 45,904,187 | | | | 1.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Health Care: (continued) | | | | | | | | |
| 5,845 | | | Universal Health Services, Inc. - Class B | | $ | 1,080,916 | | | | 0.0 | |
| 25,273 (1) | | | Vertex Pharmaceuticals, Inc. | | | 11,845,961 | | | | 0.3 | |
| 117,520 | | | Viatris, Inc. | | | 1,249,238 | | | | 0.0 | |
| 5,792 (1) | | | Waters Corp. | | | 1,680,375 | | | | 0.0 | |
| 7,134 | | | West Pharmaceutical Services, Inc. | | | 2,349,868 | | | | 0.1 | |
| 20,148 | | | Zimmer Biomet Holdings, Inc. | | | 2,186,662 | | | | 0.1 | |
| 44,688 | | | Zoetis, Inc. | | | 7,747,112 | | | | 0.2 | |
| | | | | | | 526,142,315 | | | | 11.6 | |
| | | | | | | | | | | | |
| | | | Industrials: 8.0% | | | | | | | | |
| 54,143 | | | 3M Co. | | | 5,532,873 | | | | 0.1 | |
| 11,829 | | | A.O. Smith Corp. | | | 967,376 | | | | 0.0 | |
| 8,600 | | | Allegion PLC | | | 1,016,090 | | | | 0.0 | |
| 64,093 (1) | | | American Airlines Group, Inc. | | | 726,174 | | | | 0.0 | |
| 22,669 | | | AMETEK, Inc. | | | 3,779,149 | | | | 0.1 | |
| 40,085 | | | Automatic Data Processing, Inc. | | | 9,567,889 | | | | 0.2 | |
| 6,948 (1) | | | Axon Enterprise, Inc. | | | 2,044,380 | | | | 0.1 | |
| 56,514 (1) | | | Boeing Co. | | | 10,286,113 | | | | 0.2 | |
| 11,954 (1) | | | Builders FirstSource, Inc. | | | 1,654,553 | | | | 0.0 | |
| 82,065 | | | Carrier Global Corp. | | | 5,176,660 | | | | 0.1 | |
| 47,896 | | | Caterpillar, Inc. | | | 15,954,158 | | | | 0.4 | |
| 15,464 (1) | | | Ceridian HCM Holding, Inc. | | | 767,014 | | | | 0.0 | |
| 11,427 | | | CH Robinson Worldwide, Inc. | | | 1,006,947 | | | | 0.0 | |
| 8,441 | | | Cintas Corp. | | | 5,910,895 | | | | 0.1 | |
| 85,599 (1) | | | Copart, Inc. | | | 4,636,042 | | | | 0.1 | |
| 40,003 (1) | | | CoStar Group, Inc. | | | 2,965,822 | | | | 0.1 | |
| 191,459 | | | CSX Corp. | | | 6,404,304 | | | | 0.1 | |
| 13,396 | | | Cummins, Inc. | | | 3,709,754 | | | | 0.1 | |
| 25,353 | | | Deere & Co. | | | 9,472,641 | | | | 0.2 | |
| 63,200 | | | Delta Air Lines, Inc. | | | 2,998,208 | | | | 0.1 | |
| 13,459 | | | Dover Corp. | | | 2,428,677 | | | | 0.1 | |
| 39,155 | | | Eaton Corp. PLC | | | 12,277,050 | | | | 0.3 | |
| 56,004 | | | Emerson Electric Co. | | | 6,169,401 | | | | 0.1 | |
| 12,079 | | | Equifax, Inc. | | | 2,928,674 | | | | 0.1 | |
| 13,834 | | | Expeditors International of Washington, Inc. | | | 1,726,345 | | | | 0.0 | |
| 56,056 | | | Fastenal Co. | | | 3,522,559 | | | | 0.1 | |
| 22,172 | | | FedEx Corp. | | | 6,648,052 | | | | 0.2 | |
| 34,477 | | | Fortive Corp. | | | 2,554,746 | | | | 0.1 | |
| 26,843 (1) | | | GE Vernova, Inc. | | | 4,603,843 | | | | 0.1 | |
| 5,936 (1) | | | Generac Holdings, Inc. | | | 784,858 | | | | 0.0 | |
| 22,266 | | | General Dynamics Corp. | | | 6,460,257 | | | | 0.2 | |
| 107,202 | | | General Electric Co. | | | 17,041,902 | | | | 0.4 | |
| 63,775 | | | Honeywell International, Inc. | | | 13,618,513 | | | | 0.3 | |
| 37,977 | | | Howmet Aerospace, Inc. | | | 2,948,154 | | | | 0.1 | |
| 5,253 | | | Hubbell, Inc. | | | 1,919,866 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Industrials: (continued) | | | | | | | | |
| 3,878 | | | Huntington Ingalls Industries, Inc. | | $ | 955,268 | | | | 0.0 | |
| 7,408 | | | IDEX Corp. | | | 1,490,490 | | | | 0.0 | |
| 26,636 | | | Illinois Tool Works, Inc. | | | 6,311,667 | | | | 0.1 | |
| 39,511 | | | Ingersoll Rand, Inc. | | | 3,589,179 | | | | 0.1 | |
| 12,309 | | | Jacobs Solutions, Inc. | | | 1,719,690 | | | | 0.0 | |
| 7,988 | | | JB Hunt Transport Services, Inc. | | | 1,278,080 | | | | 0.0 | |
| 65,978 | | | Johnson Controls International PLC | | | 4,385,558 | | | | 0.1 | |
| 18,567 | | | L3Harris Technologies, Inc. | | | 4,169,777 | | | | 0.1 | |
| 13,242 | | | Leidos Holdings, Inc. | | | 1,931,743 | | | | 0.1 | |
| 20,914 | | | Lockheed Martin Corp. | | | 9,768,929 | | | | 0.2 | |
| 21,528 | | | Masco Corp. | | | 1,435,272 | | | | 0.0 | |
| 5,315 | | | Nordson Corp. | | | 1,232,761 | | | | 0.0 | |
| 22,128 | | | Norfolk Southern Corp. | | | 4,750,660 | | | | 0.1 | |
| 13,624 | | | Northrop Grumman Corp. | | | 5,939,383 | | | | 0.1 | |
| 17,450 | | | Old Dominion Freight Line, Inc. | | | 3,081,670 | | | | 0.1 | |
| 39,598 | | | Otis Worldwide Corp. | | | 3,811,703 | | | | 0.1 | |
| 51,333 | | | PACCAR, Inc. | | | 5,284,219 | | | | 0.1 | |
| 12,579 | | | Parker-Hannifin Corp. | | | 6,362,584 | | | | 0.1 | |
| 16,193 | | | Pentair PLC | | | 1,241,517 | | | | 0.0 | |
| 14,337 | | | Quanta Services, Inc. | | | 3,642,888 | | | | 0.1 | |
| 130,207 | | | Raytheon Technologies Corp. | | | 13,071,481 | | | | 0.3 | |
| 20,034 | | | Republic Services, Inc. | | | 3,893,408 | | | | 0.1 | |
| 11,165 | | | Rockwell Automation, Inc. | | | 3,073,501 | | | | 0.1 | |
| 27,502 | | | Rollins, Inc. | | | 1,341,823 | | | | 0.0 | |
| 5,170 | | | Snap-on, Inc. | | | 1,351,386 | | | | 0.0 | |
| 58,450 | | | Southwest Airlines Co. | | | 1,672,254 | | | | 0.0 | |
| 15,018 | | | Stanley Black & Decker, Inc. | | | 1,199,788 | | | | 0.0 | |
| 18,676 | | | Textron, Inc. | | | 1,603,521 | | | | 0.0 | |
| 22,168 | | | Trane Technologies PLC | | | 7,291,720 | | | | 0.2 | |
| 5,480 | | | TransDigm Group, Inc. | | | 7,001,303 | | | | 0.2 | |
| 204,641 (1) | | | Uber Technologies, Inc. | | | 14,873,308 | | | | 0.3 | |
| 59,734 | | | Union Pacific Corp. | | | 13,515,415 | | | | 0.3 | |
| 32,133 (1) | | | United Airlines Holdings, Inc. | | | 1,563,592 | | | | 0.0 | |
| 71,435 | | | United Parcel Service, Inc. - Class B | | | 9,775,880 | | | | 0.2 | |
| 6,522 | | | United Rentals, Inc. | | | 4,217,973 | | | | 0.1 | |
| 21,482 | | | Veralto Corp. | | | 2,050,887 | | | | 0.1 | |
| 13,973 | | | Verisk Analytics, Inc. | | | 3,766,422 | | | | 0.1 | |
| 35,745 | | | Waste Management, Inc. | | | 7,625,838 | | | | 0.2 | |
| 17,275 | | | Westinghouse Air Brake Technologies Corp. | | | 2,730,314 | | | | 0.1 | |
| 4,283 | | | WW Grainger, Inc. | | | 3,864,294 | | | | 0.1 | |
| 23,744 | | | Xylem, Inc. | | | 3,220,399 | | | | 0.1 | |
| | | | | | | 361,297,484 | | | | 8.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | |
| | | | Information Technology: 34.2% | | | | | | | | |
| 61,576 | | | Accenture PLC - Class A | | $ | 18,682,774 | | | | 0.4 | |
| 43,876 (1) | | | Adobe, Inc. | | | 24,374,873 | | | | 0.5 | |
| 158,283 (1) | | | Advanced Micro Devices, Inc. | | | 25,675,085 | | | | 0.6 | |
| 14,917 (1) | | | Akamai Technologies, Inc. | | | 1,343,723 | | | | 0.0 | |
| 117,642 | | | Amphenol Corp. - Class A | | | 7,925,542 | | | | 0.2 | |
| 48,573 | | | Analog Devices, Inc. | | | 11,087,273 | | | | 0.2 | |
| 8,550 (1) | | | ANSYS, Inc. | | | 2,748,825 | | | | 0.1 | |
| 1,411,662 | | | Apple, Inc. | | | 297,324,250 | | | | 6.6 | |
| 81,375 | | | Applied Materials, Inc. | | | 19,203,686 | | | | 0.4 | |
| 24,859 (1) | | | Arista Networks, Inc. | | | 8,712,582 | | | | 0.2 | |
| 20,955 (1) | | | Autodesk, Inc. | | | 5,185,315 | | | | 0.1 | |
| 42,663 | | | Broadcom, Inc. | | | 68,496,726 | | | | 1.5 | |
| 11,574 | | | Broadridge Financial Solutions, Inc. | | | 2,280,078 | | | | 0.1 | |
| 26,651 (1) | | | Cadence Design Systems, Inc. | | | 8,201,845 | | | | 0.2 | |
| 13,162 | | | CDW Corp. | | | 2,946,182 | | | | 0.1 | |
| 396,564 | | | Cisco Systems, Inc. | | | 18,840,756 | | | | 0.4 | |
| 48,784 | | | Cognizant Technology Solutions Corp. - Class A | | | 3,317,312 | | | | 0.1 | |
| 75,505 | | | Corning, Inc. | | | 2,933,369 | | | | 0.1 | |
| 22,591 (1) | | | Crowdstrike Holdings, Inc. - Class A | | | 8,656,645 | | | | 0.2 | |
| 13,299 (1) | | | Enphase Energy, Inc. | | | 1,326,043 | | | | 0.0 | |
| 5,652 (1) | | | EPAM Systems, Inc. | | | 1,063,198 | | | | 0.0 | |
| 5,761 (1) | | | F5, Inc. | | | 992,217 | | | | 0.0 | |
| 2,420 (1) | | | Fair Isaac Corp. | | | 3,602,557 | | | | 0.1 | |
| 10,466 (1) | | | First Solar, Inc. | | | 2,359,664 | | | | 0.1 | |
| 62,099 (1) | | | Fortinet, Inc. | | | 3,742,707 | | | | 0.1 | |
| 7,603 (1) | | | Gartner, Inc. | | | 3,414,203 | | | | 0.1 | |
| 53,964 | | | Gen Digital, Inc. | | | 1,348,021 | | | | 0.0 | |
| 13,803 (1) | | | GoDaddy, Inc. - Class A | | | 1,928,417 | | | | 0.0 | |
| 127,349 | | | Hewlett Packard Enterprise Co. | | | 2,695,978 | | | | 0.1 | |
| 84,524 | | | HP, Inc. | | | 2,960,031 | | | | 0.1 | |
| 416,916 | | | Intel Corp. | | | 12,911,889 | | | | 0.3 | |
| 89,965 | | | International Business Machines Corp. | | | 15,559,447 | | | | 0.3 | |
| 27,423 | | | Intuit, Inc. | | | 18,022,670 | | | | 0.4 | |
| 11,811 | | | Jabil, Inc. | | | 1,284,919 | | | | 0.0 | |
| 7,138 | | | Jack Henry & Associates, Inc. | | | 1,185,051 | | | | 0.0 | |
| 31,828 | | | Juniper Networks, Inc. | | | 1,160,449 | | | | 0.0 | |
| 17,111 (1) | | | Keysight Technologies, Inc. | | | 2,339,929 | | | | 0.1 | |
| 13,186 | | | KLA Corp. | | | 10,871,989 | | | | 0.2 | |
| 12,804 | | | Lam Research Corp. | | | 13,634,339 | | | | 0.3 | |
| 80,406 | | | Mastercard, Inc. - Class A | | | 35,471,911 | | | | 0.8 | |
| 52,937 | | | Microchip Technology, Inc. | | | 4,843,736 | | | | 0.1 | |
| 108,452 | | | Micron Technology, Inc. | | | 14,264,692 | | | | 0.3 | |
| 727,890 | | | Microsoft Corp. | | | 325,330,436 | | | | 7.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | | | | | | | | |
| | | | Information Technology: (continued) |
| 4,767 | | | Monolithic Power Systems, Inc. | | $ | 3,916,949 | | | | 0.1 | |
| 16,335 | | | Motorola Solutions, Inc. | | | 6,306,127 | | | | 0.1 | |
| 20,183 | | | NetApp, Inc. | | | 2,599,570 | | | | 0.1 | |
| 2,409,078 | | | NVIDIA Corp. | | | 297,617,496 | | | | 6.6 | |
| 25,041 | | | NXP Semiconductors NV | | | 6,738,283 | | | | 0.2 | |
| 42,135 (1) | | | ON Semiconductor Corp. | | | 2,888,354 | | | | 0.1 | |
| 156,186 | | | Oracle Corp. | | | 22,053,463 | | | | 0.5 | |
| 31,643 (1) | | | Palo Alto Networks, Inc. | | | 10,727,293 | | | | 0.2 | |
| 31,371 | | | Paychex, Inc. | | | 3,719,346 | | | | 0.1 | |
| 4,707 | | | Paycom Software, Inc. | | | 673,289 | | | | 0.0 | |
| 102,446 (1) | | | PayPal Holdings, Inc. | | | 5,944,941 | | | | 0.1 | |
| 11,711 (1) | | | PTC, Inc. | | | 2,127,537 | | | | 0.1 | |
| 9,458 (1) | | | Qorvo, Inc. | | | 1,097,506 | | | | 0.0 | |
| 109,493 | | | Qualcomm, Inc. | | | 21,808,816 | | | | 0.5 | |
| 10,484 | | | Roper Technologies, Inc. | | | 5,909,411 | | | | 0.1 | |
| 95,121 | | | Salesforce, Inc. | | | 24,455,609 | | | | 0.5 | |
| 19,087 | | | Seagate Technology Holdings PLC | | | 1,971,115 | | | | 0.0 | |
| 20,082 (1) | | | ServiceNow, Inc. | | | 15,797,907 | | | | 0.4 | |
| 15,696 | | | Skyworks Solutions, Inc. | | | 1,672,880 | | | | 0.0 | |
| 4,933 (1) | | | Super Micro Computer, Inc. | | | 4,041,854 | | | | 0.1 | |
| 14,941 (1) | | | Synopsys, Inc. | | | 8,890,791 | | | | 0.2 | |
| 29,991 | | | TE Connectivity Ltd. | | | 4,511,546 | | | | 0.1 | |
| 4,644 (1) | | | Teledyne Technologies, Inc. | | | 1,801,779 | | | | 0.0 | |
| 15,289 | | | Teradyne, Inc. | | | 2,267,206 | | | | 0.1 | |
| 89,170 | | | Texas Instruments, Inc. | | | 17,346,240 | | | | 0.4 | |
| 23,917 (1) | | | Trimble, Inc. | | | 1,337,439 | | | | 0.0 | |
| 4,158 (1) | | | Tyler Technologies, Inc. | | | 2,090,559 | | | | 0.0 | |
| 8,486 (1) | | | VeriSign, Inc. | | | 1,508,811 | | | | 0.0 | |
| 154,167 | | | Visa, Inc. - Class A | | | 40,464,213 | | | | 0.9 | |
| 31,979 (1) | | | Western Digital Corp. | | | 2,423,049 | | | | 0.1 | |
| 5,031 (1) | | | Zebra Technologies Corp. - Class A | | | 1,554,227 | | | | 0.0 | |
| | | | | | | 1,546,514,940 | | | | 34.2 | |
| | | | | | | | | | | | |
| | | | Materials: 2.1% | | | | | | | | |
| 21,777 | | | Air Products and Chemicals, Inc. | | | 5,619,555 | | | | 0.1 | |
| 11,496 (2) | | | Albemarle Corp. | | | 1,098,098 | | | | 0.0 | |
| 141,587 | | | Amcor PLC | | | 1,384,721 | | | | 0.0 | |
| 7,889 | | | Avery Dennison Corp. | | | 1,724,930 | | | | 0.0 | |
| 30,397 | | | Ball Corp. | | | 1,824,428 | | | | 0.0 | |
| 9,810 | | | Celanese Corp. | | | 1,323,271 | | | | 0.0 | |
| 17,901 | | | CF Industries Holdings, Inc. | | | 1,326,822 | | | | 0.0 | |
| 68,259 | | | Corteva, Inc. | | | 3,681,890 | | | | 0.1 | |
| 68,797 | | | Dow, Inc. | | | 3,649,681 | | | | 0.1 | |
| 40,948 | | | DuPont de Nemours, Inc. | | | 3,295,905 | | | | 0.1 | |
| 11,491 | | | Eastman Chemical Co. | | | 1,125,773 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Materials: (continued) |
| 24,891 | | | Ecolab, Inc. | | $ | 5,924,058 | | | | 0.1 | |
| 12,221 | | | FMC Corp. | | | 703,319 | | | | 0.0 | |
| 140,685 | | | Freeport-McMoRan, Inc. | | | 6,837,291 | | | | 0.2 | |
| 25,007 | | | International Flavors & Fragrances, Inc. | | | 2,380,917 | | | | 0.1 | |
| 33,896 (2) | | | International Paper Co. | | | 1,462,612 | | | | 0.0 | |
| 47,080 | | | Linde PLC US | | | 20,659,175 | | | | 0.5 | |
| 25,193 | | | LyondellBasell Industries NV - Class A | | | 2,409,962 | | | | 0.1 | |
| 6,055 | | | Martin Marietta Materials, Inc. | | | 3,280,599 | | | | 0.1 | |
| 31,476 | | | Mosaic Co. | | | 909,656 | | | | 0.0 | |
| 112,899 | | | Newmont Corp. | | | 4,727,081 | | | | 0.1 | |
| 23,481 | | | Nucor Corp. | | | 3,711,877 | | | | 0.1 | |
| 8,714 | | | Packaging Corp. of America | | | 1,590,828 | | | | 0.0 | |
| 23,099 | | | PPG Industries, Inc. | | | 2,907,933 | | | | 0.1 | |
| 22,845 | | | Sherwin-Williams Co. | | | 6,817,633 | | | | 0.2 | |
| 14,466 | | | Steel Dynamics, Inc. | | | 1,873,347 | | | | 0.0 | |
| 12,952 | | | Vulcan Materials Co. | | | 3,220,903 | | | | 0.1 | |
| 25,173 | | | Westrock Co. | | | 1,265,195 | | | | 0.0 | |
| | | | | | 96,737,460 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Real Estate: 2.1% |
| 15,426 | | | Alexandria Real Estate Equities, Inc. | | | 1,804,379 | | | | 0.0 | |
| 45,734 | | | American Tower Corp. | | | 8,889,775 | | | | 0.2 | |
| 13,896 | | | AvalonBay Communities, Inc. | | | 2,874,943 | | | | 0.1 | |
| 14,144 | | | Boston Properties, Inc. | | | 870,705 | | | | 0.0 | |
| 10,459 | | | Camden Property Trust | | | 1,141,181 | | | | 0.0 | |
| 29,538 (1) | | | CBRE Group, Inc. - Class A | | | 2,632,131 | | | | 0.1 | |
| 42,484 | | | Crown Castle, Inc. | | | 4,150,687 | | | | 0.1 | |
| 31,781 | | | Digital Realty Trust, Inc. | | | 4,832,301 | | | | 0.1 | |
| 9,295 | | | Equinix, Inc. | | | 7,032,597 | | | | 0.2 | |
| 33,812 | | | Equity Residential | | | 2,344,524 | | | | 0.1 | |
| 6,289 | | | Essex Property Trust, Inc. | | | 1,711,866 | | | | 0.0 | |
| 20,697 | | | Extra Space Storage, Inc. | | | 3,216,521 | | | | 0.1 | |
| 7,312 | | | Federal Realty Investment Trust | | | 738,293 | | | | 0.0 | |
| 69,348 | | | Healthpeak Properties, Inc. | | | 1,359,221 | | | | 0.0 | |
| 69,105 | | | Host Hotels & Resorts, Inc. | | | 1,242,508 | | | | 0.0 | |
| 56,351 | | | Invitation Homes, Inc. | | | 2,022,437 | | | | 0.0 | |
| 28,708 | | | Iron Mountain, Inc. | | | 2,572,811 | | | | 0.1 | |
| 65,256 | | | Kimco Realty Corp. | | | 1,269,882 | | | | 0.0 | |
| 11,434 | | | Mid-America Apartment Communities, Inc. | | | 1,630,603 | | | | 0.0 | |
| 90,674 | | | Prologis, Inc. | | | 10,183,597 | | | | 0.2 | |
| 15,502 | | | Public Storage | | | 4,459,150 | | | | 0.1 | |
| 85,281 | | | Realty Income Corp. | | | 4,504,542 | | | | 0.1 | |
| 16,093 | | | Regency Centers Corp. | | | 1,000,984 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 10,569 | | | SBA Communications Corp. | | $ | 2,074,695 | | | | 0.1 | |
| 31,927 | | | Simon Property Group, Inc. | | | 4,846,519 | | | | 0.1 | |
| 29,644 | | | UDR, Inc. | | | 1,219,851 | | | | 0.0 | |
| 39,642 | | | Ventas, Inc. | | | 2,032,049 | | | | 0.1 | |
| 102,166 | | | VICI Properties, Inc. | | | 2,926,034 | | | | 0.1 | |
| 58,558 | | | Welltower, Inc. | | | 6,104,671 | | | | 0.1 | |
| 71,487 | | | Weyerhaeuser Co. | | | 2,029,516 | | | | 0.1 | |
| | | | | | 93,718,973 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Utilities: 2.2% |
| 69,600 | | | AES Corp. | | | 1,222,872 | | | | 0.0 | |
| 24,997 | | | Alliant Energy Corp. | | | 1,272,347 | | | | 0.0 | |
| 26,117 | | | Ameren Corp. | | | 1,857,180 | | | | 0.0 | |
| 51,625 | | | American Electric Power Co., Inc. | | | 4,529,578 | | | | 0.1 | |
| 19,073 | | | American Water Works Co., Inc. | | | 2,463,469 | | | | 0.1 | |
| 14,776 | | | Atmos Energy Corp. | | | 1,723,620 | | | | 0.0 | |
| 62,652 | | | CenterPoint Energy, Inc. | | | 1,940,959 | | | | 0.0 | |
| 29,247 | | | CMS Energy Corp. | | | 1,741,074 | | | | 0.0 | |
| 33,818 | | | Consolidated Edison, Inc. | | | 3,024,006 | | | | 0.1 | |
| 30,873 | | | Constellation Energy Corp. | | | 6,182,936 | | | | 0.1 | |
| 81,973 | | | Dominion Energy, Inc. | | | 4,016,677 | | | | 0.1 | |
| 20,224 | | | DTE Energy Co. | | | 2,245,066 | | | | 0.1 | |
| 75,528 | | | Duke Energy Corp. | | | 7,570,171 | | | | 0.2 | |
| 37,681 | | | Edison International | | | 2,705,873 | | | | 0.1 | |
| 20,913 | | | Entergy Corp. | | | 2,237,691 | | | | 0.1 | |
| 22,504 | | | Evergy, Inc. | | | 1,192,037 | | | | 0.0 | |
| 34,499 | | | Eversource Energy | | | 1,956,438 | | | | 0.0 | |
| 97,939 | | | Exelon Corp. | | | 3,389,669 | | | | 0.1 | |
| 50,590 | | | FirstEnergy Corp. | | | 1,936,079 | | | | 0.0 | |
| 201,214 | | | NextEra Energy, Inc. | | | 14,247,963 | | | | 0.3 | |
| 43,905 | | | NiSource, Inc. | | | 1,264,903 | | | | 0.0 | |
| 20,417 | | | NRG Energy, Inc. | | | 1,589,668 | | | | 0.0 | |
| 209,000 | | | PG&E Corp. | | | 3,649,140 | | | | 0.1 | |
| 11,109 | | | Pinnacle West Capital Corp. | | | 848,505 | | | | 0.0 | |
| 72,209 | | | PPL Corp. | | | 1,996,579 | | | | 0.0 | |
| 48,815 | | | Public Service Enterprise Group, Inc. | | | 3,597,665 | | | | 0.1 | |
| 61,979 | | | Sempra Energy | | | 4,714,123 | | | | 0.1 | |
| 107,086 | | | Southern Co. | | | 8,306,661 | | | | 0.2 | |
| 31,987 | | | Vistra Corp. | | | 2,750,242 | | | | 0.1 | |
| 30,900 | | | WEC Energy Group, Inc. | | | 2,424,414 | | | | 0.1 | |
| 54,417 | | | Xcel Energy, Inc. | | | 2,906,412 | | | | 0.1 | |
| | | | | | | 101,504,017 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | Total Common Stock
(Cost $2,645,891,460) | | | 4,489,537,586 | | | | 99.3 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.7% |
| | | Repurchase Agreements: 0.0% | | | |
| 585,261 (3) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $585,522, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $596,966, due 08/08/24-04/20/74) | | $ | 585,261 | | | | 0.0 | |
| 1,000,000 (3) | | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $1,000,439, collateralized by various U.S. Government Securities, 0.750%- 4.375%, Market Value plus accrued interest $1,020,003, due 07/01/24-09/09/49) | | | 1,000,000 | | | | 0.0 | |
| | | Total Repurchase Agreements
(Cost $1,585,261) | | | 1,585,261 | | | | 0.0 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| | | Mutual Funds: 0.7% | | | |
| 28,970,000 (4) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%
(Cost $28,970,000) | | $ | 28,970,000 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Total Short-Term Investments
(Cost $30,555,261) | | $ | 30,555,261 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | Total Investments in Securities
(Cost $2,676,446,721) | | $ | 4,520,092,847 | | | | 100.0 | |
| | | | | | | | | | | | |
| | | | Assets in Excess of Other Liabilities | | | 296,292 | | | | 0.0 | |
| | | | Net Assets | | $ | 4,520,389,139 | | | | 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) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of June 30, 2024. |
| Fair Value Measurements^ |
| |
| The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table |
| Investments, at fair value |
| Common Stock* | | $ | 4,489,537,586 | | | $ | — | | | $ | — | | | $ | 4,489,537,586 | |
| Short-Term Investments | | | 28,970,000 | | | | 1,585,261 | | | | — | | | | 30,555,261 | |
| Total Investments, at fair value | | $ | 4,518,507,586 | | | $ | 1,585,261 | | | $ | — | | | $ | 4,520,092,847 | |
| Other Financial Instruments+ |
| Futures | | | 22,475 | | | | — | | | | — | | | | 22,475 | |
| Total Assets | | $ | 4,518,530,061 | | | $ | 1,585,261 | | | $ | — | | | $ | 4,520,115,322 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
See Accompanying Notes to Financial Statements
| Voya U.S. Stock Index Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| + | 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 June 30, 2024, the following futures contracts were outstanding for Voya U.S. Stock Index Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized Appreciation | |
| Long Contracts: |
| S&P 500 E-Mini | | 118 | | | 09/20/24 | | $ | 32,576,850 | | | $ | 22,475 | |
| | | | | | | | $ | 32,576,850 | | | $ | 22,475 | |
| | | | | | | | | | | | | | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 22,475 | |
| Total Asset Derivatives | | | | $ | 22,475 | |
| | | | | | | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 11,272,553 | |
| Total | | $ | 11,272,553 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | (2,651,975 | ) |
| Total | | $ | (2,651,975 | ) |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $2,689,597,619. |
| Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 1,966,101,344 | |
| Gross Unrealized Depreciation | | | (135,583,641 | ) |
| Net Unrealized Appreciation | | $ | 1,830,517,703 | |
See Accompanying Notes to Financial Statements
| VY® CBRE Real Estate Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| COMMON STOCK: 99.3% |
| | | | Consumer Discretionary: 1.1% |
| 4,696 | | | Hilton Worldwide Holdings, Inc. | | $ | 1,024,667 | | | | 0.6 | |
| 3,457 | | | Marriott International, Inc. - Class A | | | 835,799 | | | | 0.5 | |
| | | | | | | 1,860,466 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | Diversified REITs: 0.8% |
| 86,026 | | | Broadstone Net Lease, Inc. | | | 1,365,233 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | Health Care REITs: 8.1% |
| 208,202 | | | Healthpeak Properties, Inc. | | | 4,080,759 | | | | 2.4 | |
| 28,623 | | | Ventas, Inc. | | | 1,467,215 | | | | 0.9 | |
| 78,380 | | | Welltower, Inc. | | | 8,171,115 | | | | 4.8 | |
| | | | | | | 13,719,089 | | | | 8.1 | |
| | | | | | | | | | | | |
| | | | Hotel & Resort REITs: 4.2% |
| 220,967 | | | Host Hotels & Resorts, Inc. | | | 3,972,987 | | | | 2.3 | |
| 90,400 | | | Park Hotels & Resorts, Inc. | | | 1,354,192 | | | | 0.8 | |
| 180,374 | | | Sunstone Hotel Investors, Inc. | | | 1,886,712 | | | | 1.1 | |
| | | | | | | 7,213,891 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | Industrial REITs: 10.1% |
| 89,151 | | | Prologis, Inc. | | | 10,012,549 | | | | 5.9 | |
| 160,006 | | | Rexford Industrial Realty, Inc. | | | 7,134,667 | | | | 4.2 | |
| | | | | | | 17,147,216 | | | | 10.1 | |
| | | | | | | | | | | | |
| | | | Multi-Family Residential REITs: 11.2% |
| 39,355 | | | AvalonBay Communities, Inc. | | | 8,142,156 | | | | 4.8 | |
| 25,327 | | | Camden Property Trust | | | 2,763,429 | | | | 1.6 | |
| 196,348 | | | Invitation Homes, Inc. | | | 7,046,930 | | | | 4.1 | |
| 76,550 | | | Veris Residential, Inc. | | | 1,148,250 | | | | 0.7 | |
| | | | | | | 19,100,765 | | | | 11.2 | |
| | | | | | | | | | | | |
| | | | Office REITs: 3.0% |
| 34,047 | | | Alexandria Real Estate Equities, Inc. | | | 3,982,478 | | | | 2.3 | |
| 44,082 | | | Highwoods Properties, Inc. | | | 1,158,034 | | | | 0.7 | |
| | | | | | | 5,140,512 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | | Other Specialized REITs: 1.7% |
| 119,454 | | | Four Corners Property Trust, Inc. | | | 2,946,930 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | Real Estate: 12.2% |
| 5,656 | | | American Tower Corp. | | | 1,099,413 | | | | 0.7 | |
| 143,782 | | | Americold Realty Trust, Inc. | | | 3,672,192 | | | | 2.2 | |
| 5,609 | | | Digital Realty Trust, Inc. | | | 852,848 | | | | 0.5 | |
| 74,733 | | | Elme Communities | | | 1,190,497 | | | | 0.7 | |
| 28,953 | | | Extra Space Storage, Inc. | | | 4,499,586 | | | | 2.6 | |
| | | | | | | | | | | | |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 28,922 | | | Federal Realty Investment Trust | | $ | 2,920,254 | | | | 1.7 | |
| 82,809 (1) | | | Independence Realty Trust, Inc. | | | 1,551,841 | | | | 0.9 | |
| 55,072 | | | Kite Realty Group Trust | | | 1,232,511 | | | | 0.7 | |
| 112,717 (1) | | | NetSTREIT Corp. | | | 1,814,744 | | | | 1.1 | |
| 53,299 | | | STAG Industrial, Inc. | | | 1,921,962 | | | | 1.1 | |
| | | | | | 20,755,848 | | | | 12.2 | |
| | | | | | | | | | | | |
| | | | Residential REITs: 3.7% |
| 51,772 | | | Sun Communities, Inc. | | | 6,230,243 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | Retail REITs: 21.1% |
| 57,409 | | | Agree Realty Corp. | | | 3,555,914 | | | | 2.1 | |
| 235,049 | | | Brixmor Property Group, Inc. | | | 5,427,281 | | | | 3.2 | |
| 81,192 | | | Macerich Co. | | | 1,253,605 | | | | 0.7 | |
| 243,300 | | | Realty Income Corp. | | | 12,851,106 | | | | 7.6 | |
| 42,381 | | | Regency Centers Corp. | | | 2,636,098 | | | | 1.6 | |
| 156,377 | | | Retail Opportunity Investments Corp. | | | 1,943,766 | | | | 1.1 | |
| 53,519 | | | Simon Property Group, Inc. | | | 8,124,184 | | | | 4.8 | |
| | | | | | 35,791,954 | | | | 21.1 | |
| | | | | | | | | | | | |
| | | | Self-Storage REITs: 7.4% |
| 92,251 | | | CubeSmart | | | 4,166,978 | | | | 2.5 | |
| 28,933 | | | Public Storage | | | 8,322,577 | | | | 4.9 | |
| | | | | | 12,489,555 | | | | 7.4 | |
| | | | | | | | | | | | |
| | | | Specialized REITs: 14.7% |
| 20,749 | | | Equinix, Inc. | | | 15,698,693 | | | | 9.2 | |
| 5,556 | | | SBA Communications Corp. | | | 1,090,643 | | | | 0.6 | |
| 287,517 | | | VICI Properties, Inc. | | | 8,234,487 | | | | 4.9 | |
| | | | | | 25,023,823 | | | | 14.7 | |
| | | | | | | | | | | | |
| | | Total Common Stock
(Cost $168,841,958) | | | 168,785,525 | | | | 99.3 | |
| | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
| VY® CBRE Real Estate Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.4% | |
| | | | Repurchase Agreements: 1.2% | |
| 148,758 (2) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $148,824, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $151,733, due 08/08/24-04/20/74) | | $ | 148,758 | | | | 0.0 | | |
| 1,000,000 (2) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $1,000,447, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,020,000, due 01/15/25-11/01/53) | | | 1,000,000 | | | | 0.6 | | |
| 1,000,000 (2) | | | National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $1,000,439, collateralized by various U.S. Government Securities, 0.750%- 4.375%, Market Value plus accrued interest $1,020,003, due 07/01/24-09/09/49) | | | 1,000,000 | | | | 0.6 | | |
| | | Total Repurchase Agreements
(Cost $2,148,758) | | | 2,148,758 | | | | 1.2 | | |
| | | | | | | | | | | | | |
| Shares | | | | | Value | | Percentage
of Net
Assets | |
| | | | Mutual Funds: 0.2% | |
| 306,524 (3) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $306,524) | | $ | 306,524 | | | | 0.2 | | |
| | | Total Short-Term Investments
(Cost $2,455,282) | | $ | 2,455,282 | | | | 1.4 | | |
| | | Total Investments in Securities
(Cost $171,297,240) | | $ | 171,240,807 | | | | 100.7 | | |
| | | Liabilities in Excess of Other Assets | | | (1,156,271) | | | | (0.7) | | |
| | | Net Assets | | $ | 170,084,536 | | | | 100.0 | | |
| | | | | | | | | | | | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Security, or a portion of the security, is on loan. |
| (2) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (3) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
| VY® CBRE Real Estate Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Fair Value Measurements^ |
| |
| The following is a summary of the fair valuations according to the inputs used as of June 30, 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 June 30, 2024 | |
| Asset Table |
| Investments, at fair value |
| Common Stock* | | $ | 168,785,525 | | | $ | — | | | $ | — | | | $ | 168,785,525 | |
| Short-Term Investments | | | 306,524 | | | | 2,148,758 | | | | — | | | | 2,455,282 | |
| Total Investments, at fair value | | $ | 169,092,049 | | | $ | 2,148,758 | | | $ | — | | | $ | 171,240,807 | |
| | | | | | | | | | | | | | | | | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $174,256,601. |
| Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | | $ | 8,024,272 | |
| Gross Unrealized Depreciation | | | (11,040,089 | ) |
| Net Unrealized Depreciation | | $ | (3,015,817 | ) |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: 97.4% | |
| | | | Communication Services: 1.1% |
| 21,220 (1) | | | Cargurus, Inc. | | $ | 555,964 | | | | 0.1 | |
| 11,078 (1) | | | Gogo, Inc. | | | 106,570 | | | | 0.0 | |
| 26,725 | | | Gray Television, Inc. | | | 138,970 | | | | 0.0 | |
| 5,249 (1) | | | Integral Ad Science Holding Corp. | | | 51,020 | | | | 0.0 | |
| 3,570 | | | Iridium Communications, Inc. | | | 95,033 | | | | 0.0 | |
| 6,260 | | | John Wiley & Sons, Inc. - Class A | | | 254,782 | | | | 0.1 | |
| 78,472 (1) | | | Liberty Latin America Ltd. - Class C | | | 754,901 | | | | 0.2 | |
| 24,126 (1) | | | Lions Gate Entertainment Corp. - Class A | | | 227,267 | | | | 0.1 | |
| 34,747 (1) | | | Magnite, Inc. | | | 461,788 | | | | 0.1 | |
| 31,685 (1) | | | Ooma, Inc. | | | 314,632 | | | | 0.1 | |
| 14,320 (1) | | | QuinStreet, Inc. | | | 237,569 | | | | 0.1 | |
| 7,005 | | | Shutterstock, Inc. | | | 271,094 | | | | 0.1 | |
| 3,622 | | | Telephone and Data Systems, Inc. | | | 75,084 | | | | 0.0 | |
| 14,914 (1) | | | Thryv Holdings, Inc. | | | 265,768 | | | | 0.1 | |
| 27,407 (1)(2) | | | Vivid Seats, Inc. - Class A | | | 157,590 | | | | 0.0 | |
| 16,475 (1) | | | Yelp, Inc. | | | 608,751 | | | | 0.1 | |
| | | | | | | 4,576,783 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | Consumer Discretionary: 9.6% |
| 6,591 (1) | | | Abercrombie & Fitch Co. - Class A | | | 1,172,143 | | | | 0.3 | |
| 6,555 | | | Academy Sports & Outdoors, Inc. | | | 349,054 | | | | 0.1 | |
| 23,004 (1) | | | Accel Entertainment, Inc. | | | 236,021 | | | | 0.1 | |
| 38,517 | | | Acushnet Holdings Corp. | | | 2,445,059 | | | | 0.6 | |
| 8,828 (1) | | | Adtalem Global Education, Inc. | | | 602,158 | | | | 0.1 | |
| 3,084 (1) | | | Asbury Automotive Group, Inc. | | | 702,751 | | | | 0.2 | |
| 4,077 (1) | | | Boot Barn Holdings, Inc. | | | 525,648 | | | | 0.1 | |
| 5,861 | | | Boyd Gaming Corp. | | | 322,941 | | | | 0.1 | |
| 23,491 (1) | | | Bright Horizons Family Solutions, Inc. | | | 2,585,889 | | | | 0.6 | |
| 28,107 | | | Brunswick Corp. | | | 2,045,346 | | | | 0.5 | |
| 7,304 | | | Buckle, Inc. | | | 269,810 | | | | 0.1 | |
| 3,128 | | | Caleres, Inc. | | | 105,101 | | | | 0.0 | |
| 5,471 (1) | | | Cava Group, Inc. | | | 507,435 | | | | 0.1 | |
| 838 (1) | | | Cavco Industries, Inc. | | | 290,090 | | | | 0.1 | |
| 3,561 | | | Century Communities, Inc. | | | 290,791 | | | | 0.1 | |
| 5,010 (1) | | | Crocs, Inc. | | | 731,159 | | | | 0.2 | |
| 7,918 (1) | | | Dave & Buster’s Entertainment, Inc. | | | 315,216 | | | | 0.1 | |
| 2,685 (1) | | | Duolingo, Inc. | | | 560,279 | | | | 0.1 | |
| 9,966 (1) | | | El Pollo Loco Holdings, Inc. | | | 112,715 | | | | 0.0 | |
| 27,373 (1) | | | Everi Holdings, Inc. | | | 229,933 | | | | 0.1 | |
| 22,120 (1)(2) | | | EVgo, Inc. | | | 54,194 | | | | 0.0 | |
| 9,457 (1) | | | Five Below, Inc. | | | 1,030,529 | | | | 0.2 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 52,493 (1) | | | Goodyear Tire & Rubber Co. | | $ | 595,796 | | | | 0.1 | |
| 5,585 (1) | | | Green Brick Partners, Inc. | | | 319,685 | | | | 0.1 | |
| 2,120 | | | Group 1 Automotive, Inc. | | | 630,234 | | | | 0.1 | |
| 2,411 | | | Haverty Furniture Cos., Inc. | | | 60,974 | | | | 0.0 | |
| 24,865 (1) | | | Hilton Grand Vacations, Inc. | | | 1,005,292 | | | | 0.2 | |
| 2,707 | | | Installed Building Products, Inc. | | | 556,776 | | | | 0.1 | |
| 2,913 (1) | | | JAKKS Pacific, Inc. | | | 52,172 | | | | 0.0 | |
| 7,053 | | | KB Home | | | 494,980 | | | | 0.1 | |
| 1,773 (1) | | | Kura Sushi USA, Inc. - Class A | | | 111,859 | | | | 0.0 | |
| 3,534 (1) | | | Lands’ End, Inc. | | | 48,027 | | | | 0.0 | |
| 17,085 (1) | | | Landsea Homes Corp. | | | 157,011 | | | | 0.0 | |
| 22,267 | | | Laureate Education, Inc. | | | 332,669 | | | | 0.1 | |
| 16,707 | | | LCI Industries | | | 1,727,170 | | | | 0.4 | |
| 3,247 (1) | | | Light & Wonder, Inc. | | | 340,545 | | | | 0.1 | |
| 2,677 (1) | | | M/I Homes, Inc. | | | 326,969 | | | | 0.1 | |
| 3,990 | | | Meritage Homes Corp. | | | 645,782 | | | | 0.2 | |
| 13,905 (1) | | | Modine Manufacturing Co. | | | 1,393,142 | | | | 0.3 | |
| 23,236 | | | Monarch Casino & Resort, Inc. | | | 1,583,069 | | | | 0.4 | |
| 34,804 (1) | | | OneSpaWorld Holdings Ltd. | | | 534,937 | | | | 0.1 | |
| 9,125 (1) | | | Overstock.com, Inc. | | | 119,355 | | | | 0.0 | |
| 3,065 | | | Patrick Industries, Inc. | | | 332,706 | | | | 0.1 | |
| 15,549 | | | Perdoceo Education Corp. | | | 333,060 | | | | 0.1 | |
| 13,354 (1) | | | Petco Health & Wellness Co., Inc. | | | 50,478 | | | | 0.0 | |
| 19,578 | | | Phinia, Inc. | | | 770,590 | | | | 0.2 | |
| 34,803 (1) | | | Planet Fitness, Inc. - Class A | | | 2,561,153 | | | | 0.6 | |
| 107,296 (1)(2) | | | Savers Value Village, Inc. | | | 1,313,303 | | | | 0.3 | |
| 3,800 (1) | | | SeaWorld Entertainment, Inc. | | | 206,378 | | | | 0.0 | |
| 5,678 (1) | | | Shake Shack, Inc. - Class A | | | 511,020 | | | | 0.1 | |
| 6,982 | | | Signet Jewelers Ltd. | | | 625,448 | | | | 0.1 | |
| 31,579 (1) | | | Solo Brands, Inc. - Class A | | | 72,000 | | | | 0.0 | |
| 44,762 (1) | | | Sonos, Inc. | | | 660,687 | | | | 0.2 | |
| 11,648 | | | Steven Madden Ltd. | | | 492,710 | | | | 0.1 | |
| 7,217 (1) | | | Stride, Inc. | | | 508,799 | | | | 0.1 | |
| 15,481 (1) | | | Sweetgreen, Inc. - Class A | | | 466,597 | | | | 0.1 | |
| 13,669 (1) | | | Taylor Morrison Home Corp. | | | 757,809 | | | | 0.2 | |
| 13,952 (1) | | | Tri Pointe Homes, Inc. | | | 519,712 | | | | 0.1 | |
| 12,500 (1) | | | Urban Outfitters, Inc. | | | 513,125 | | | | 0.1 | |
| 8,884 | | | Vail Resorts, Inc. | | | 1,600,275 | | | | 0.4 | |
| 124,909 | | | Wendy’s Co. | | | 2,118,457 | | | | 0.5 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Consumer Discretionary: (continued) |
| 944 | | | Wingstop, Inc. | | $ | 398,991 | | | | 0.1 | |
| | | | | | | 41,334,004 | | | | 9.6 | |
| | | | | | | | | | | | |
| | | | Consumer Staples: 5.2% |
| 7,179 | | | Andersons, Inc. | | | 356,078 | | | | 0.1 | |
| 5,625 (1) | | | BellRing Brands, Inc. | | | 321,412 | | | | 0.1 | |
| 28,559 (1) | | | BJ’s Wholesale Club Holdings, Inc. | | | 2,508,623 | | | | 0.6 | |
| 5,219 | | | Cal-Maine Foods, Inc. | | | 318,933 | | | | 0.1 | |
| 6,411 | | | Casey’s General Stores, Inc. | | | 2,446,181 | | | | 0.6 | |
| 16,694 (1) | | | Chefs’ Warehouse, Inc. | | | 652,902 | | | | 0.2 | |
| 31,382 | | | Dole PLC | | | 384,116 | | | | 0.1 | |
| 4,859 (1) | | | e.l.f. Beauty, Inc. | | | 1,023,888 | | | | 0.2 | |
| 4,755 | | | Edgewell Personal Care Co. | | | 191,103 | | | | 0.0 | |
| 3,443 | | | Fresh Del Monte Produce, Inc. | | | 75,230 | | | | 0.0 | |
| 21,010 (1) | | | Freshpet, Inc. | | | 2,718,484 | | | | 0.6 | |
| 2,945 | | | John B Sanfilippo & Son, Inc. | | | 286,166 | | | | 0.1 | |
| 23,424 (1) | | | Oddity Tech Ltd. - Class A | | | 919,626 | | | | 0.2 | |
| 48,498 (1) | | | Performance Food Group Co. | | | 3,206,203 | | | | 0.8 | |
| 98,390 | | | Primo Water Corp. | | | 2,150,805 | | | | 0.5 | |
| 11,231 (1) | | | Simply Good Foods Co. | | | 405,776 | | | | 0.1 | |
| 10,901 (1) | | | Sprouts Farmers Market, Inc. | | | 911,978 | | | | 0.2 | |
| 36,294 (1) | | | SunOpta, Inc. | | | 195,988 | | | | 0.0 | |
| 2,011 (1) | | | USANA Health Sciences, Inc. | | | 90,978 | | | | 0.0 | |
| 111,733 (2) | | | Utz Brands, Inc. | | | 1,859,237 | | | | 0.4 | |
| 28,152 (1) | | | Vita Coco Co., Inc. | | | 784,033 | | | | 0.2 | |
| 8,823 (1) | | | Vital Farms, Inc. | | | 412,652 | | | | 0.1 | |
| | | | | | | 22,220,392 | | | | 5.2 | |
| | | | | | | | | | | | |
| | | | Energy: 4.4% |
| 30,330 (2) | | | Cactus, Inc. - Class A | | | 1,599,604 | | | | 0.4 | |
| 7,350 | | | ChampionX Corp. | | | 244,094 | | | | 0.1 | |
| 1,566 | | | Chord Energy Corp. | | | 262,587 | | | | 0.1 | |
| 3,098 | | | Civitas Resources, Inc. | | | 213,762 | | | | 0.0 | |
| 7,963 (1) | | | CNX Resources Corp. | | | 193,501 | | | | 0.0 | |
| 1,026 (1) | | | CONSOL Energy, Inc. | | | 104,683 | | | | 0.0 | |
| 6,633 | | | CVR Energy, Inc. | | | 177,565 | | | | 0.0 | |
| 11,140 | | | Delek US Holdings, Inc. | | | 275,826 | | | | 0.1 | |
| 6,966 | | | Dorian LPG Ltd. | | | 292,293 | | | | 0.1 | |
| 35,213 | | | DT Midstream, Inc. | | | 2,501,179 | | | | 0.6 | |
| 12,425 | | | Equitrans Midstream Corp. | | | 161,277 | | | | 0.0 | |
| 4,649 (1) | | | Green Plains, Inc. | | | 73,733 | | | | 0.0 | |
| 803 (1) | | | Gulfport Energy Corp. | | | 121,253 | | | | 0.0 | |
| 1,936 | | | Helmerich & Payne, Inc. | | | 69,967 | | | | 0.0 | |
| 11,802 | | | International Seaways, Inc. | | | 697,852 | | | | 0.2 | |
| 52,581 | | | Liberty Energy, Inc. | | | 1,098,417 | | | | 0.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Energy: (continued) |
| 7,156 | | | Magnolia Oil & Gas Corp. - Class A | | $ | 181,333 | | | | 0.0 | |
| 8,182 | | | Matador Resources Co. | | | 487,647 | | | | 0.1 | |
| 19,511 | | | Murphy Oil Corp. | | | 804,634 | | | | 0.2 | |
| 14,793 | | | Noble Corp. PLC | | | 660,507 | | | | 0.2 | |
| 21,349 (1) | | | Oceaneering International, Inc. | | | 505,117 | | | | 0.1 | |
| 22,208 (1) | | | Oil States International, Inc. | | | 98,604 | | | | 0.0 | |
| 8,668 | | | Ovintiv, Inc. | | | 406,269 | | | | 0.1 | |
| 69,714 | | | Patterson-UTI Energy, Inc. | | | 722,237 | | | | 0.2 | |
| 7,680 | | | PBF Energy, Inc. - Class A | | | 353,434 | | | | 0.1 | |
| 2,938 | | | Peabody Energy Corp. | | | 64,989 | | | | 0.0 | |
| 27,193 | | | Permian Resources Corp. | | | 439,167 | | | | 0.1 | |
| 1,435 (1) | | | REX American Resources Corp. | | | 65,422 | | | | 0.0 | |
| 791 | | | Scorpio Tankers, Inc. | | | 64,300 | | | | 0.0 | |
| 28,483 | | | Select Water Solutions, Inc. | | | 304,768 | | | | 0.1 | |
| 84,463 | | | SM Energy Co. | | | 3,651,336 | | | | 0.8 | |
| 6,689 | | | Teekay Tankers Ltd. - Class A | | | 460,270 | | | | 0.1 | |
| 57,620 (1) | | | Uranium Energy Corp. | | | 346,296 | | | | 0.1 | |
| 10,023 (1) | | | Valaris Ltd. | | | 746,714 | | | | 0.2 | |
| 4,583 (1) | | | Weatherford International PLC | | | 561,188 | | | | 0.1 | |
| | | | | | | 19,011,825 | | | | 4.4 | |
|
| | | | Financials: 16.4% |
| 15,575 | | | Amalgamated Financial Corp. | | | 426,755 | | | | 0.1 | |
| 16,505 | | | Ameris Bancorp | | | 831,027 | | | | 0.2 | |
| 1,935 (1) | | | AssetMark Financial Holdings, Inc. | | | 66,854 | | | | 0.0 | |
| 6,481 | | | Associated Banc-Corp. | | | 137,073 | | | | 0.0 | |
| 4,412 (1) | | | Axos Financial, Inc. | | | 252,146 | | | | 0.1 | |
| 46,728 | | | Banc of California, Inc. | | | 597,184 | | | | 0.1 | |
| 7,174 (1) | | | Bancorp, Inc. | | | 270,890 | | | | 0.1 | |
| 36,219 | | | Bank of NT Butterfield & Son Ltd. | | | 1,272,011 | | | | 0.3 | |
| 81,141 | | | BankUnited, Inc. | | | 2,374,997 | | | | 0.6 | |
| 7,597 | | | Banner Corp. | | | 377,115 | | | | 0.1 | |
| 7,701 | | | Brightsphere Investment Group, Inc. | | | 170,731 | | | | 0.0 | |
| 53,202 | | | BrightSpire Capital, Inc. | | | 303,251 | | | | 0.1 | |
| 12,345 | | | Business First Bancshares, Inc. | | | 268,627 | | | | 0.1 | |
| 2,794 | | | Byline Bancorp, Inc. | | | 66,330 | | | | 0.0 | |
| 10,542 | | | Cannae Holdings, Inc. | | | 191,232 | | | | 0.0 | |
| 9,166 | | | Capitol Federal Financial, Inc. | | | 50,321 | | | | 0.0 | |
| 3,958 | | | Central Pacific Financial Corp. | | | 83,910 | | | | 0.0 | |
| 4,871 | | | CNB Financial Corp. | | | 99,417 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 9,842 | | | CNO Financial Group, Inc. | | $ | 272,820 | | | | 0.1 | |
| 6,777 (1) | | | Coastal Financial Corp. | | | 312,691 | | | | 0.1 | |
| 32,288 | | | Commerce Bancshares, Inc. | | | 1,801,025 | | | | 0.4 | |
| 31,499 | | | ConnectOne Bancorp, Inc. | | | 595,016 | | | | 0.1 | |
| 21,769 | | | Cullen/Frost Bankers, Inc. | | | 2,212,383 | | | | 0.5 | |
| 9,394 (1) | | | Customers Bancorp, Inc. | | | 450,724 | | | | 0.1 | |
| 18,556 (1) | | | Donnelley Financial Solutions, Inc. | | | 1,106,309 | | | | 0.3 | |
| 45,753 | | | Eastern Bankshares, Inc. | | | 639,627 | | | | 0.2 | |
| 23,870 | | | Enact Holdings, Inc. | | | 731,854 | | | | 0.2 | |
| 11,228 (1) | | | Enova International, Inc. | | | 698,943 | | | | 0.2 | |
| 14,338 | | | Enterprise Financial Services Corp. | | | 586,568 | | | | 0.1 | |
| 10,140 | | | Equity Bancshares, Inc. - Class A | | | 356,928 | | | | 0.1 | |
| 13,146 | | | Essent Group Ltd. | | | 738,674 | | | | 0.2 | |
| 13,829 | | | Evercore, Inc. - Class A | | | 2,882,378 | | | | 0.7 | |
| 713 | | | Federal Agricultural Mortgage Corp. - Class C | | | 128,925 | | | | 0.0 | |
| 44,377 | | | First BanCorp/Puerto Rico | | | 811,655 | | | | 0.2 | |
| 11,043 | | | First Bancshares, Inc. | | | 286,897 | | | | 0.1 | |
| 104,178 | | | First Financial Bancorp | | | 2,314,835 | | | | 0.5 | |
| 4,877 | | | First Financial Corp. | | | 179,864 | | | | 0.0 | |
| 118,544 | | | First Hawaiian, Inc. | | | 2,460,973 | | | | 0.6 | |
| 87,949 | | | First Interstate BancSystem, Inc. - Class A | | | 2,442,344 | | | | 0.6 | |
| 13,463 | | | First Merchants Corp. | | | 448,183 | | | | 0.1 | |
| 4,469 | | | First Mid Bancshares, Inc. | | | 146,941 | | | | 0.0 | |
| 2,183 | | | FirstCash Holdings, Inc. | | | 228,953 | | | | 0.1 | |
| 26,938 (1) | | | Flywire Corp. | | | 441,514 | | | | 0.1 | |
| 20,922 (1) | | | Genworth Financial, Inc. - Class A | | | 126,369 | | | | 0.0 | |
| 6,286 | | | Glacier Bancorp, Inc. | | | 234,594 | | | | 0.1 | |
| 2,515 | | | Hancock Whitney Corp. | | | 120,292 | | | | 0.0 | |
| 6,274 | | | Hanmi Financial Corp. | | | 104,901 | | | | 0.0 | |
| 3,138 | | | Heartland Financial USA, Inc. | | | 139,484 | | | | 0.0 | |
| 43,157 | | | Heritage Commerce Corp. | | | 375,466 | | | | 0.1 | |
| 11,179 | | | Hilltop Holdings, Inc. | | | 349,679 | | | | 0.1 | |
| 10,937 | | | Home BancShares, Inc. | | | 262,051 | | | | 0.1 | |
| 16,763 | | | Hope Bancorp, Inc. | | | 180,035 | | | | 0.0 | |
| 12,558 (1) | | | International Money Express, Inc. | | | 261,709 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 9,603 | | | Jackson Financial, Inc. - Class A | | $ | 713,119 | | | | 0.2 | |
| 4,628 | | | Kinsale Capital Group, Inc. | | | 1,783,076 | | | | 0.4 | |
| 4,353 | | | KKR Real Estate Finance Trust, Inc. | | | 39,395 | | | | 0.0 | |
| 57,604 | | | Ladder Capital Corp. | | | 650,349 | | | | 0.2 | |
| 21,788 (1) | | | LendingClub Corp. | | | 184,327 | | | | 0.0 | |
| 8,145 | | | MarketAxess Holdings, Inc. | | | 1,633,317 | | | | 0.4 | |
| 976 | | | Mercantile Bank Corp. | | | 39,596 | | | | 0.0 | |
| 11,806 | | | Merchants Bancorp | | | 478,615 | | | | 0.1 | |
| 17,507 | | | MFA Financial, Inc. | | | 186,274 | | | | 0.0 | |
| 992 | | | Mid Penn Bancorp, Inc. | | | 21,774 | | | | 0.0 | |
| 1,562 | | | MidWestOne Financial Group, Inc. | | | 35,129 | | | | 0.0 | |
| 24,868 | | | Moelis & Co. - Class A | | | 1,413,994 | | | | 0.3 | |
| 5,232 | | | Morningstar, Inc. | | | 1,547,887 | | | | 0.4 | |
| 11,576 (1) | | | Mr Cooper Group, Inc. | | | 940,318 | | | | 0.2 | |
| 448 | | | MVB Financial Corp. | | | 8,351 | | | | 0.0 | |
| 2,504 | | | National Bank Holdings Corp. - Class A | | | 97,781 | | | | 0.0 | |
| 19,757 (1) | | | NMI Holdings, Inc. - Class A | | | 672,528 | | | | 0.2 | |
| 38,146 | | | OceanFirst Financial Corp. | | | 606,140 | | | | 0.1 | |
| 18,377 | | | OFG Bancorp | | | 688,219 | | | | 0.2 | |
| 43,608 | | | Old National Bancorp | | | 749,622 | | | | 0.2 | |
| 27,135 | | | Old Second Bancorp, Inc. | | | 401,869 | | | | 0.1 | |
| 61,250 (1) | | | Open Lending Corp. | | | 341,775 | | | | 0.1 | |
| 60,095 (1) | | | Oscar Health, Inc. - Class A | | | 950,703 | | | | 0.2 | |
| 3,216 (1) | | | Palomar Holdings, Inc. | | | 260,978 | | | | 0.1 | |
| 8,104 | | | Pathward Financial, Inc. | | | 458,443 | | | | 0.1 | |
| 1,843 | | | Peapack-Gladstone Financial Corp. | | | 41,744 | | | | 0.0 | |
| 7,398 | | | PennyMac Financial Services, Inc. | | | 699,851 | | | | 0.2 | |
| 18,181 | | | Perella Weinberg Partners | | | 295,441 | | | | 0.1 | |
| 3,422 | | | Pinnacle Financial Partners, Inc. | | | 273,897 | | | | 0.1 | |
| 2,470 | | | Piper Sandler Cos. | | | 568,520 | | | | 0.1 | |
| 11,520 | | | Popular, Inc. | | | 1,018,714 | | | | 0.2 | |
| 2,441 | | | Preferred Bank/Los Angeles CA | | | 184,271 | | | | 0.0 | |
| 3,312 | | | Premier Financial Corp. | | | 67,764 | | | | 0.0 | |
| 8,181 | | | QCR Holdings, Inc. | | | 490,860 | | | | 0.1 | |
| 22,169 | | | Radian Group, Inc. | | | 689,456 | | | | 0.2 | |
| 10,118 | | | Redwood Trust, Inc. | | | 65,666 | | | | 0.0 | |
| 14,638 (1) | | | Remitly Global, Inc. | | | 177,413 | | | | 0.0 | |
| 17,993 | | | RLI Corp. | | | 2,531,435 | | | | 0.6 | |
| 2,472 | | | Seacoast Banking Corp. of Florida | | | 58,438 | | | | 0.0 | |
| 3,015 | | | Selective Insurance Group, Inc. | | | 282,897 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Financials: (continued) |
| 37,600 | | | ServisFirst Bancshares, Inc. | | $ | 2,375,944 | | | | 0.6 | |
| 1,988 (1) | | | Skyward Specialty Insurance Group, Inc. | | | 71,926 | | | | 0.0 | |
| 551 | | | South Plains Financial, Inc. | | | 14,877 | | | | 0.0 | |
| 2,372 | | | Southside Bancshares, Inc. | | | 65,491 | | | | 0.0 | |
| 2,459 | | | SouthState Corp. | | | 187,917 | | | | 0.0 | |
| 56,882 | | | StepStone Group, Inc. - Class A | | | 2,610,315 | | | | 0.6 | |
| 3,432 (1) | | | StoneX Group, Inc. | | | 258,464 | | | | 0.1 | |
| 2,028 (1) | | | Texas Capital Bancshares, Inc. | | | 123,992 | | | | 0.0 | |
| 5,292 | | | Towne Bank/Portsmouth VA | | | 144,313 | | | | 0.0 | |
| 19,856 | | | TPG RE Finance Trust, Inc. | | | 171,556 | | | | 0.0 | |
| 7,139 | | | TriCo Bancshares | | | 282,490 | | | | 0.1 | |
| 2,240 (1) | | | UMB Financial Corp. | | | 186,861 | | | | 0.0 | |
| 4,365 | | | United Bankshares, Inc. | | | 141,601 | | | | 0.0 | |
| 646 | | | Unity Bancorp, Inc. | | | 19,102 | | | | 0.0 | |
| 9,610 | | | Veritex Holdings, Inc. | | | 202,675 | | | | 0.1 | |
| 18,063 | | | Victory Capital Holdings, Inc. - Class A | | | 862,147 | | | | 0.2 | |
| 3,978 | | | Virtus Investment Partners, Inc. | | | 898,431 | | | | 0.2 | |
| 4,331 | | | WesBanco, Inc. | | | 120,878 | | | | 0.0 | |
| 15,789 (1) | | | WEX, Inc. | | | 2,796,863 | | | | 0.7 | |
| 32,430 | | | Wintrust Financial Corp. | | | 3,196,301 | | | | 0.7 | |
| 2,601 | | | WSFS Financial Corp. | | | 122,247 | | | | 0.0 | |
| | | | | | | 70,475,812 | | | | 16.4 | |
| | | | | | | | | | | | |
| | | | Health Care: 12.7% |
| 22,941 (1) | | | ACADIA Pharmaceuticals, Inc. | | | 372,791 | | | | 0.1 | |
| 2,846 (1) | | | Adaptive Biotechnologies Corp. | | | 10,302 | | | | 0.0 | |
| 22,217 (1) | | | Akero Therapeutics, Inc. | | | 521,211 | | | | 0.1 | |
| 9,484 (1) | | | Alkermes PLC | | | 228,564 | | | | 0.1 | |
| 38,737 (1)(2) | | | Allogene Therapeutics, Inc. | | | 90,257 | | | | 0.0 | |
| 25,582 (1)(2) | | | Allscripts Healthcare Solutions, Inc. | | | 243,029 | | | | 0.1 | |
| 19,242 (1) | | | Alphatec Holdings, Inc. | | | 201,079 | | | | 0.1 | |
| 70,311 (1) | | | Amicus Therapeutics, Inc. | | | 697,485 | | | | 0.2 | |
| 2,866 (1) | | | AMN Healthcare Services, Inc. | | | 146,825 | | | | 0.0 | |
| 28,774 (1) | | | AngioDynamics, Inc. | | | 174,083 | | | | 0.1 | |
| 2,495 (1) | | | ANI Pharmaceuticals, Inc. | | | 158,882 | | | | 0.0 | |
| 146,685 (1) | | | Annexon, Inc. | | | 718,756 | | | | 0.2 | |
| 109,029 (1) | | | Arcutis Biotherapeutics, Inc. | | | 1,013,970 | | | | 0.2 | |
| 7,396 (1) | | | Arrowhead Pharmaceuticals, Inc. | | | 192,222 | | | | 0.1 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 18,855 (1) | | | AtriCure, Inc. | | $ | 429,328 | | | | 0.1 | |
| 1,671 | | | Atrion Corp. | | | 756,011 | | | | 0.2 | |
| 12,645 (1) | | | Axsome Therapeutics, Inc. | | | 1,017,922 | | | | 0.2 | |
| 24,527 (1) | | | Azenta, Inc. | | | 1,290,611 | | | | 0.3 | |
| 1,052 (1) | | | Biohaven Ltd. | | | 36,515 | | | | 0.0 | |
| 3,936 (1) | | | Blueprint Medicines Corp. | | | 424,222 | | | | 0.1 | |
| 4,130 (1) | | | Bridgebio Pharma, Inc. | | | 104,613 | | | | 0.0 | |
| 26,963 (1) | | | Cartesian Therapeutics, Inc. | | | 728,271 | | | | 0.2 | |
| 17,745 (1) | | | Catalyst Pharmaceuticals, Inc. | | | 274,870 | | | | 0.1 | |
| 96,487 (1) | | | Certara, Inc. | | | 1,336,345 | | | | 0.3 | |
| 4,103 | | | Chemed Corp. | | | 2,226,206 | | | | 0.5 | |
| 19,135 (1) | | | Crinetics Pharmaceuticals, Inc. | | | 857,057 | | | | 0.2 | |
| 8,272 (1) | | | Enanta Pharmaceuticals, Inc. | | | 107,288 | | | | 0.0 | |
| 39,291 | | | Encompass Health Corp. | | | 3,370,775 | | | | 0.8 | |
| 99,675 (1) | | | Envista Holdings Corp. | | | 1,657,595 | | | | 0.4 | |
| 130,871 (1)(2) | | | Esperion Therapeutics, Inc. | | | 290,534 | | | | 0.1 | |
| 6,088 (1) | | | Fulgent Genetics, Inc. | | | 119,447 | | | | 0.0 | |
| 69,606 (1) | | | Health Catalyst, Inc. | | | 444,782 | | | | 0.1 | |
| 40,566 (1) | | | HealthEquity, Inc. | | | 3,496,789 | | | | 0.8 | |
| 49,589 (1) | | | Hims & Hers Health, Inc. | | | 1,001,202 | | | | 0.2 | |
| 20,002 (1) | | | ICU Medical, Inc. | | | 2,375,237 | | | | 0.6 | |
| 13,455 (1) | | | Immunovant, Inc. | | | 355,212 | | | | 0.1 | |
| 9,964 (1) | | | Inmode Ltd. | | | 181,743 | | | | 0.1 | |
| 73,219 (1) | | | Inogen, Inc. | | | 595,270 | | | | 0.1 | |
| 12,787 (1) | | | Insmed, Inc. | | | 856,729 | | | | 0.2 | |
| 7,492 (1) | | | Intellia Therapeutics, Inc. | | | 167,671 | | | | 0.0 | |
| 39,657 (1) | | | iTeos Therapeutics, Inc. | | | 588,510 | | | | 0.1 | |
| 30,716 (1) | | | Kura Oncology, Inc. | | | 632,442 | | | | 0.2 | |
| 18,219 (1)(2) | | | Kyverna Therapeutics, Inc. | | | 136,642 | | | | 0.0 | |
| 14,424 (1) | | | Lantheus Holdings, Inc. | | | 1,158,103 | | | | 0.3 | |
| 41,746 (1) | | | Longboard Pharmaceuticals, Inc. | | | 1,128,394 | | | | 0.3 | |
| 2,807 (1) | | | Madrigal Pharmaceuticals, Inc. | | | 786,409 | | | | 0.2 | |
| 3,768 (1) | | | Medpace Holdings, Inc. | | | 1,551,851 | | | | 0.4 | |
| 27,911 (1) | | | MeiraGTx Holdings PLC | | | 117,505 | | | | 0.0 | |
| 103,173 (1) | | | Mersana Therapeutics, Inc. | | | 207,378 | | | | 0.1 | |
| 2,148 | | | National HealthCare Corp. | | | 232,843 | | | | 0.1 | |
| 90,704 (1) | | | Neogen Corp. | | | 1,417,704 | | | | 0.3 | |
| 52,551 (1) | | | NeoGenomics, Inc. | | | 728,882 | | | | 0.2 | |
| 4,522 (1) | | | Omnicell, Inc. | | | 122,411 | | | | 0.0 | |
| 92,687 (1)(2) | | | OPKO Health, Inc. | | | 115,859 | | | | 0.0 | |
| 9,282 (1) | | | OptimizeRx Corp. | | | 92,820 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Health Care: (continued) |
| 24,111 (1) | | | Option Care Health, Inc. | | $ | 667,875 | | | | 0.2 | |
| 127,375 (1) | | | Ovid therapeutics, Inc. | | | 97,977 | | | | 0.0 | |
| 14,981 (1) | | | PROCEPT BioRobotics Corp. | | | 915,189 | | | | 0.2 | |
| 49,698 (1) | | | Progyny, Inc. | | | 1,421,860 | | | | 0.3 | |
| 28,757 (1) | | | Protagonist Therapeutics, Inc. | | | 996,430 | | | | 0.2 | |
| 7,197 (1) | | | PTC Therapeutics, Inc. | | | 220,084 | | | | 0.1 | |
| 81,873 (1) | | | Pulmonx Corp. | | | 519,075 | | | | 0.1 | |
| 5,346 (1) | | | Quanterix Corp. | | | 70,621 | | | | 0.0 | |
| 26,445 (1) | | | QuidelOrtho Corp. | | | 878,503 | | | | 0.2 | |
| 68,984 (1)(2) | | | Recursion Pharmaceuticals, Inc. - Class A | | | 517,380 | | | | 0.1 | |
| 18,901 (1) | | | Replimune Group, Inc. | | | 170,109 | | | | 0.0 | |
| 25,755 (1) | | | Revolution Medicines, Inc. | | | 999,552 | | | | 0.2 | |
| 14,075 (1) | | | RxSight, Inc. | | | 846,893 | | | | 0.2 | |
| 9,125 (1) | | | Sage Therapeutics, Inc. | | | 99,097 | | | | 0.0 | |
| 12,203 (1) | | | SI-BONE, Inc. | | | 157,785 | | | | 0.0 | |
| 17,183 (1) | | | SpringWorks Therapeutics, Inc. | | | 647,284 | | | | 0.2 | |
| 4,584 (1) | | | Surgery Partners, Inc. | | | 109,053 | | | | 0.0 | |
| 2,045 (1) | | | Sutro Biopharma, Inc. | | | 5,992 | | | | 0.0 | |
| 22,156 (1) | | | Syndax Pharmaceuticals, Inc. | | | 454,863 | | | | 0.1 | |
| 256,124 (1) | | | Taysha Gene Therapies, Inc. | | | 573,718 | | | | 0.1 | |
| 4,171 (1) | | | Tenet Healthcare Corp. | | | 554,868 | | | | 0.1 | |
| 7,817 (1) | | | TransMedics Group, Inc. | | | 1,177,397 | | | | 0.3 | |
| 26,755 (1) | | | Travere Therapeutics, Inc. | | | 219,926 | | | | 0.1 | |
| 9,751 (1) | | | Treace Medical Concepts, Inc. | | | 64,844 | | | | 0.0 | |
| 23,278 (1) | | | Twist Bioscience Corp. | | | 1,147,140 | | | | 0.3 | |
| 31,610 (1) | | | Tyra Biosciences, Inc. | | | 505,444 | | | | 0.1 | |
| 73,608 (1) | | | Ventyx Biosciences, Inc. | | | 170,034 | | | | 0.0 | |
| 34,153 (1) | | | Viking Therapeutics, Inc. | | | 1,810,451 | | | | 0.4 | |
| 6,067 (1) | | | Xencor, Inc. | | | 114,848 | | | | 0.0 | |
| 567 (1) | | | Y-mAbs Therapeutics, Inc. | | | 6,849 | | | | 0.0 | |
| | | | | | | 54,430,595 | | | | 12.7 | |
| | | | | | | | | | | | |
| | | | Industrials: 21.4% |
| 3,701 | | | AAON, Inc. | | | 322,875 | | | | 0.1 | |
| 31,085 | | | ABM Industries, Inc. | | | 1,571,968 | | | | 0.4 | |
| 35,618 (1) | | | API Group Corp. | | | 1,340,305 | | | | 0.3 | |
| 3,497 | | | Apogee Enterprises, Inc. | | | 219,734 | | | | 0.1 | |
| 19,330 | | | Applied Industrial Technologies, Inc. | | | 3,750,020 | | | | 0.9 | |
| 3,909 | | | ArcBest Corp. | | | 418,576 | | | | 0.1 | |
| 10,763 | | | Arcosa, Inc. | | | 897,742 | | | | 0.2 | |
| 5,784 (1) | | | ASGN, Inc. | | | 509,975 | | | | 0.1 | |
| 9,389 | | | Atkore, Inc. | | | 1,266,858 | | | | 0.3 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 48,694 (1) | | | AZEK Co., Inc. | | $ | 2,051,478 | | | | 0.5 | |
| 12,468 | | | Barrett Business Services, Inc. | | | 408,576 | | | | 0.1 | |
| 7,886 (1) | | | Beacon Roofing Supply, Inc. | | | 713,683 | | | | 0.2 | |
| 46,188 (1)(2) | | | Blade Air Mobility, Inc. | | | 160,734 | | | | 0.0 | |
| 7,814 (1)(2) | | | Bloom Energy Corp. - Class A | | | 95,643 | | | | 0.0 | |
| 8,336 (1) | | | Blue Bird Corp. | | | 448,894 | | | | 0.1 | |
| 1,893 (1) | | | BlueLinx Holdings, Inc. | | | 176,219 | | | | 0.0 | |
| 4,063 | | | Boise Cascade Co. | | | 484,391 | | | | 0.1 | |
| 5,617 | | | Brink’s Co. | | | 575,181 | | | | 0.1 | |
| 2,324 (1) | | | CACI International, Inc. - Class A | | | 999,622 | | | | 0.2 | |
| 31,195 (1) | | | Casella Waste Systems, Inc. - Class A | | | 3,095,168 | | | | 0.7 | |
| 9,388 (1) | | | CBIZ, Inc. | | | 695,651 | | | | 0.2 | |
| 5,129 | | | Comfort Systems USA, Inc. | | | 1,559,832 | | | | 0.4 | |
| 7,025 (1) | | | Construction Partners, Inc. - Class A | | | 387,850 | | | | 0.1 | |
| 52,090 (1) | | | Core & Main, Inc. - Class A | | | 2,549,285 | | | | 0.6 | |
| 40,243 | | | Douglas Dynamics, Inc. | | | 941,686 | | | | 0.2 | |
| 126,621 (1) | | | Driven Brands Holdings, Inc. | | | 1,611,885 | | | | 0.4 | |
| 37,475 (1)(2) | | | Enovix Corp. | | | 579,364 | | | | 0.1 | |
| 158,583 (2) | | | First Advantage Corp. | | | 2,548,429 | | | | 0.6 | |
| 2,940 (1) | | | Gibraltar Industries, Inc. | | | 201,537 | | | | 0.1 | |
| 6,275 (1) | | | GMS, Inc. | | | 505,828 | | | | 0.1 | |
| 22,129 | | | Griffon Corp. | | | 1,413,158 | | | | 0.3 | |
| 202,445 (1) | | | Hayward Holdings, Inc. | | | 2,490,074 | | | | 0.6 | |
| 3,642 | | | Herc Holdings, Inc. | | | 485,442 | | | | 0.1 | |
| 252,117 (1) | | | Hillman Solutions Corp. | | | 2,231,235 | | | | 0.5 | |
| 21,182 | | | Hub Group, Inc. - Class A | | | 911,885 | | | | 0.2 | |
| 2,713 (1) | | | Hudson Technologies, Inc. | | | 23,847 | | | | 0.0 | |
| 6,504 (1) | | | Huron Consulting Group, Inc. | | | 640,644 | | | | 0.2 | |
| 2,970 (1) | | | IES Holdings, Inc. | | | 413,810 | | | | 0.1 | |
| 173,017 (1) | | | Janus International Group, Inc. | | | 2,185,205 | | | | 0.5 | |
| 14,204 (1)(2) | | | Joby Aviation, Inc. | | | 72,440 | | | | 0.0 | |
| 9,578 | | | KBR, Inc. | | | 614,333 | | | | 0.1 | |
| 37,927 | | | Knight-Swift Transportation Holdings, Inc. | | | 1,893,316 | | | | 0.4 | |
| 13,556 | | | Landstar System, Inc. | | | 2,500,811 | | | | 0.6 | |
| 10,885 | | | Lincoln Electric Holdings, Inc. | | | 2,053,346 | | | | 0.5 | |
| 6,612 (1) | | | Loar Holdings, Inc. | | | 353,147 | | | | 0.1 | |
| 5,425 | | | Matson, Inc. | | | 710,512 | | | | 0.2 | |
| 31,477 | | | MillerKnoll, Inc. | | | 833,826 | | | | 0.2 | |
| 2,482 | | | Moog, Inc. - Class A | | | 415,239 | | | | 0.1 | |
| 18,084 | | | MSA Safety, Inc. | | | 3,394,186 | | | | 0.8 | |
| 26,950 | | | Mueller Industries, Inc. | | | 1,534,533 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Industrials: (continued) |
| 36,408 | | | Mueller Water Products, Inc. - Class A | | $ | 652,431 | | | | 0.2 | |
| 9,427 (1) | | | MYR Group, Inc. | | | 1,279,338 | | | | 0.3 | |
| 2,503 (1) | | | Northwest Pipe Co. | | | 85,027 | | | | 0.0 | |
| 58,145 (1) | | | NOW, Inc. | | | 798,331 | | | | 0.2 | |
| 43,756 (1) | | | Paycor HCM, Inc. | | | 555,701 | | | | 0.1 | |
| 12,280 | | | Primoris Services Corp. | | | 612,649 | | | | 0.1 | |
| 8,654 | | | Quanex Building Products Corp. | | | 239,283 | | | | 0.1 | |
| 26,069 (1) | | | Radiant Logistics, Inc. | | | 148,333 | | | | 0.0 | |
| 18,418 | | | RB Global, Inc. | | | 1,406,398 | | | | 0.3 | |
| 11,021 (1) | | | RBC Bearings, Inc. | | | 2,973,245 | | | | 0.7 | |
| 13,200 (1) | | | Resideo Technologies, Inc. | | | 258,192 | | | | 0.1 | |
| 19,411 | | | Rush Enterprises, Inc. - Class A | | | 812,739 | | | | 0.2 | |
| 21,523 | | | Safe Bulkers, Inc. | | | 125,264 | | | | 0.0 | |
| 154,610 (1) | | | Shoals Technologies Group, Inc. - Class A | | | 964,766 | | | | 0.2 | |
| 17,610 | | | Simpson Manufacturing Co., Inc. | | | 2,967,813 | | | | 0.7 | |
| 12,763 (1) | | | SkyWest, Inc. | | | 1,047,459 | | | | 0.2 | |
| 6,561 (1) | | | Sterling Infrastructure, Inc. | | | 776,429 | | | | 0.2 | |
| 15,175 | | | Terex Corp. | | | 832,197 | | | | 0.2 | |
| 5,616 | | | Tetra Tech, Inc. | | | 1,148,360 | | | | 0.3 | |
| 12,898 (1) | | | Thermon Group Holdings, Inc. | | | 396,742 | | | | 0.1 | |
| 30,861 (1) | | | Titan International, Inc. | | | 228,680 | | | | 0.1 | |
| 23,862 | | | Toro Co. | | | 2,231,336 | | | | 0.5 | |
| 10,461 | | | TriNet Group, Inc. | | | 1,046,100 | | | | 0.2 | |
| 5,204 (1) | | | TrueBlue, Inc. | | | 53,601 | | | | 0.0 | |
| 11,454 | | | UFP Industries, Inc. | | | 1,282,848 | | | | 0.3 | |
| 11,011 | | | UniFirst Corp. | | | 1,888,717 | | | | 0.4 | |
| 10,369 (1) | | | Upwork, Inc. | | | 111,467 | | | | 0.0 | |
| 17,615 (1) | | | V2X, Inc. | | | 844,815 | | | | 0.2 | |
| 98,068 (1) | | | Verra Mobility Corp. | | | 2,667,450 | | | | 0.6 | |
| 2,861 (1) | | | Viad Corp. | | | 97,274 | | | | 0.0 | |
| 6,126 | | | Watts Water Technologies, Inc. - Class A | | | 1,123,325 | | | | 0.3 | |
| 3,417 | | | WESCO International, Inc. | | | 541,663 | | | | 0.1 | |
| 103,003 (1) | | | WillScot Mobile Mini Holdings Corp. | | | 3,877,033 | | | | 0.9 | |
| 9,249 | | | Woodward, Inc. | | | 1,612,841 | | | | 0.4 | |
| | | | | | | 91,947,825 | | | | 21.4 | |
| | | | | | | | | | | | |
| | | | Information Technology: 13.6% |
| 26,117 (1) | | | ACM Research, Inc. - Class A | | | 602,258 | | | | 0.1 | |
| 72,504 (1) | | | Allegro MicroSystems, Inc. | | | 2,047,513 | | | | 0.5 | |
| 21,799 (1) | | | Asana, Inc. - Class A | | | 304,968 | | | | 0.1 | |
| 105,512 (1) | | | AvePoint, Inc. | | | 1,099,435 | | | | 0.3 | |
| 7,340 (1) | | | Aviat Networks, Inc. | | | 210,585 | | | | 0.1 | |
| 1,477 (1) | | | Axcelis Technologies, Inc. | | | 210,015 | | | | 0.0 | |
| 11,604 | | | Badger Meter, Inc. | | | 2,162,405 | | | | 0.5 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 19,438 | | | Benchmark Electronics, Inc. | | $ | 767,023 | | | | 0.2 | |
| 7,814 (1) | | | Blackline, Inc. | | | 378,588 | | | | 0.1 | |
| 33,987 (1) | | | Box, Inc. - Class A | | | 898,616 | | | | 0.2 | |
| 8,495 (1) | | | Braze, Inc. - Class A | | | 329,946 | | | | 0.1 | |
| 2,226 (1) | | | Cirrus Logic, Inc. | | | 284,171 | | | | 0.1 | |
| 2,609 (1) | | | Cleanspark, Inc. | | | 41,614 | | | | 0.0 | |
| 105,704 (1) | | | Clearwater Analytics Holdings, Inc. - Class A | | | 1,957,638 | | | | 0.5 | |
| 31,359 | | | Cognex Corp. | | | 1,466,347 | | | | 0.3 | |
| 10,846 (1) | | | CommVault Systems, Inc. | | | 1,318,548 | | | | 0.3 | |
| 40,327 (1) | | | Domo, Inc. - Class B | | | 311,324 | | | | 0.1 | |
| 23,449 (1) | | | Envestnet, Inc. | | | 1,467,673 | | | | 0.3 | |
| 15,256 | | | EVERTEC, Inc. | | | 507,262 | | | | 0.1 | |
| 8,311 (1) | | | Extreme Networks, Inc. | | | 111,783 | | | | 0.0 | |
| 14,685 (1) | | | Fannie Mae | | | 3,594,741 | | | | 0.8 | |
| 17,000 (1) | | | FormFactor, Inc. | | | 1,029,010 | | | | 0.2 | |
| 15,435 (1) | | | Guidewire Software, Inc. | | | 2,128,332 | | | | 0.5 | |
| 59,833 (1)(2) | | | Hut 8 Corp. | | | 896,897 | | | | 0.2 | |
| 8,722 (1) | | | Impinj, Inc. | | | 1,367,348 | | | | 0.3 | |
| 32,397 | | | Information Services Group, Inc. | | | 95,247 | | | | 0.0 | |
| 6,056 (1) | | | Insight Enterprises, Inc. | | | 1,201,268 | | | | 0.3 | |
| 21,890 (1) | | | LiveRamp Holdings, Inc. | | | 677,277 | | | | 0.2 | |
| 30,932 (1) | | | MACOM Technology Solutions Holdings, Inc. | | | 3,447,990 | | | | 0.8 | |
| 58,769 (1)(2) | | | Marathon Digital Holdings, Inc. | | | 1,166,565 | | | | 0.3 | |
| 37,533 (1) | | | MaxLinear, Inc. | | | 755,915 | | | | 0.2 | |
| 54,241 (1) | | | nCino, Inc. | | | 1,705,879 | | | | 0.4 | |
| 80,156 (1) | | | nLight, Inc. | | | 876,105 | | | | 0.2 | |
| 18,915 (1) | | | Novanta, Inc. | | | 3,085,226 | | | | 0.7 | |
| 2,310 (1) | | | Onto Innovation, Inc. | | | 507,184 | | | | 0.1 | |
| 2,055 (1) | | | OSI Systems, Inc. | | | 282,604 | | | | 0.1 | |
| 7,027 (1) | | | Paylocity Holding Corp. | | | 926,510 | | | | 0.2 | |
| 41,683 | | | Power Integrations, Inc. | | | 2,925,730 | | | | 0.7 | |
| 5,922 (1) | | | Q2 Holdings, Inc. | | | 357,274 | | | | 0.1 | |
| 16,724 (1) | | | Qualys, Inc. | | | 2,384,842 | | | | 0.6 | |
| 17,961 (1) | | | Rambus, Inc. | | | 1,055,388 | | | | 0.2 | |
| 12,381 (1) | | | Rapid7, Inc. | | | 535,231 | | | | 0.1 | |
| 7,481 (1) | | | Repay Holdings Corp. | | | 78,999 | | | | 0.0 | |
| 93,538 (1)(2) | | | Riot Platforms, Inc. | | | 854,937 | | | | 0.2 | |
| 5,734 (1) | | | ScanSource, Inc. | | | 254,074 | | | | 0.1 | |
| 20,451 (1) | | | Semtech Corp. | | | 611,076 | | | | 0.1 | |
| 18,250 (1) | | | SMART Global Holdings, Inc. | | | 417,378 | | | | 0.1 | |
| 4,937 (1) | | | Sprout Social, Inc. - Class A | | | 176,152 | | | | 0.0 | |
| 3,371 (1) | | | SPS Commerce, Inc. | | | 634,287 | | | | 0.1 | |
| 2,195 (1) | | | Super Micro Computer, Inc. | | | 1,798,473 | | | | 0.4 | |
| 2,585 (1) | | | Turtle Beach Corp. | | | 37,069 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Information Technology: (continued) |
| 8,828 (1) | | | Ultra Clean Holdings, Inc. | | $ | 432,572 | | | | 0.1 | |
| 96,623 (1) | | | Unisys Corp. | | | 399,053 | | | | 0.1 | |
| 25,370 (1) | | | Veeco Instruments, Inc. | | | 1,185,033 | | | | 0.3 | |
| 32,868 (1) | | | Workiva, Inc. | | | 2,399,035 | | | | 0.6 | |
| 29,736 (1) | | | Xperi, Inc. | | | 244,133 | | | | 0.1 | |
| 62,202 (1) | | | Zeta Global Holdings Corp. - Class A | | | 1,097,865 | | | | 0.3 | |
| 13,482 (1) | | | Zuora, Inc. - Class A | | | 133,876 | | | | 0.0 | |
| | | | | | | 58,234,287 | | | | 13.6 | |
| | | | | | | | | | | | |
| | | | Materials: 4.9% |
| 2,349 | | | Alpha Metallurgical Resources, Inc. | | | 658,965 | | | | 0.2 | |
| 16,252 | | | AptarGroup, Inc. | | | 2,288,444 | | | | 0.5 | |
| 12,911 (1)(2) | | | Arcadium Lithium PLC | | | 43,381 | | | | 0.0 | |
| 2,548 | | | Arch Resources, Inc. | | | 387,882 | | | | 0.1 | |
| 2,683 (1) | | | ATI, Inc. | | | 148,772 | | | | 0.0 | |
| 8,483 | | | Avient Corp. | | | 370,283 | | | | 0.1 | |
| 74,094 (1) | | | Axalta Coating Systems Ltd. | | | 2,531,792 | | | | 0.6 | |
| 10,442 | | | Balchem Corp. | | | 1,607,546 | | | | 0.4 | |
| 8,092 | | | Cabot Corp. | | | 743,574 | | | | 0.2 | |
| 12,607 (1) | | | Coeur Mining, Inc. | | | 70,851 | | | | 0.0 | |
| 23,412 | | | Commercial Metals Co. | | | 1,287,426 | | | | 0.3 | |
| 18,978 (1) | | | Constellium SE | | | 357,735 | | | | 0.1 | |
| 9,403 | | | Eagle Materials, Inc. | | | 2,044,776 | | | | 0.5 | |
| 4,885 (1) | | | Ecovyst, Inc. | | | 43,819 | | | | 0.0 | |
| 2,199 | | | Greif, Inc. - Class A | | | 126,377 | | | | 0.0 | |
| 5,619 | | | HB Fuller Co. | | | 432,438 | | | | 0.1 | |
| 60,343 | | | Hecla Mining Co. | | | 292,664 | | | | 0.1 | |
| 2,913 (1) | | | Ingevity Corp. | | | 127,327 | | | | 0.0 | |
| 2,184 | | | Innospec, Inc. | | | 269,921 | | | | 0.1 | |
| 4,523 (1) | | | Knife River Corp. | | | 317,243 | | | | 0.1 | |
| 16,274 (1) | | | O-I Glass, Inc. | | | 181,130 | | | | 0.0 | |
| 2,393 | | | Olympic Steel, Inc. | | | 107,278 | | | | 0.0 | |
| 33,401 | | | Orion SA | | | 732,818 | | | | 0.2 | |
| 217,500 (1) | | | Perimeter Solutions SA | | | 1,703,025 | | | | 0.4 | |
| 13,621 | | | Quaker Chemical Corp. | | | 2,311,484 | | | | 0.5 | |
| 11,944 (1) | | | Summit Materials, Inc. - Class A | | | 437,270 | | | | 0.1 | |
| 6,774 | | | SunCoke Energy, Inc. | | | 66,385 | | | | 0.0 | |
| 17,568 | | | Tronox Holdings PLC | | | 275,642 | | | | 0.1 | |
| 10,407 (1) | | | Valvoline, Inc. | | | 449,582 | | | | 0.1 | |
| 5,894 | | | Warrior Met Coal, Inc. | | | 369,966 | | | | 0.1 | |
| | | | | | | 20,785,796 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | | Real Estate: 6.0% |
| 5,224 | | | Agree Realty Corp. | | | 323,575 | | | | 0.1 | |
| 7,493 | | | American Assets Trust, Inc. | | | 167,693 | | | | 0.0 | |
| 16,925 (1) | | | Anywhere Real Estate, Inc. | | | 56,022 | | | | 0.0 | |
| 28,144 | | | Apple Hospitality REIT, Inc. | | | 409,214 | | | | 0.1 | |
| 3,970 | | | Armada Hoffler Properties, Inc. | | | 44,027 | | | | 0.0 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) |
| | | | Real Estate: (continued) |
| 14,604 | | | Brandywine Realty Trust | | $ | 65,426 | | | | 0.0 | |
| 15,546 | | | Broadstone Net Lease, Inc. | | | 246,715 | | | | 0.1 | |
| 12,042 | | | CareTrust REIT, Inc. | | | 302,254 | | | | 0.1 | |
| 4,760 | | | Chatham Lodging Trust | | | 40,555 | | | | 0.0 | |
| 9,077 | | | City Office REIT, Inc. | | | 45,203 | | | | 0.0 | |
| 9,061 | | | Community Healthcare Trust, Inc. | | | 211,937 | | | | 0.1 | |
| 32,868 | | | COPT Defense Properties | | | 822,686 | | | | 0.2 | |
| 56,858 | | | CubeSmart | | | 2,568,276 | | | | 0.6 | |
| 298,580 (1) | | | Cushman & Wakefield PLC | | | 3,105,232 | | | | 0.7 | |
| 29,098 | | | DiamondRock Hospitality Co. | | | 245,878 | | | | 0.1 | |
| 13,340 | | | DigitalBridge Group, Inc. | | | 182,758 | | | | 0.0 | |
| 6,884 | | | Easterly Government Properties, Inc. | | | 85,155 | | | | 0.0 | |
| 13,413 | | | EastGroup Properties, Inc. | | | 2,281,551 | | | | 0.5 | |
| 19,823 | | | Empire State Realty Trust, Inc. - Class A | | | 185,940 | | | | 0.0 | |
| 8,819 (1) | | | Equity Commonwealth | | | 171,089 | | | | 0.0 | |
| 23,337 | | | Essential Properties Realty Trust, Inc. | | | 646,668 | | | | 0.2 | |
| 3,076 | | | First Industrial Realty Trust, Inc. | | | 146,141 | | | | 0.0 | |
| 8,669 (1) | | | Forestar Group, Inc. | | | 277,321 | | | | 0.1 | |
| 24,393 | | | Independence Realty Trust, Inc. | | | 457,125 | | | | 0.1 | |
| 3,373 | | | Innovative Industrial Properties, Inc. | | | 368,399 | | | | 0.1 | |
| 11,971 | | | InvenTrust Properties Corp. | | | 296,402 | | | | 0.1 | |
| 3,638 | | | Kimco Realty Corp. | | | 70,796 | | | | 0.0 | |
| 19,292 | | | Kite Realty Group Trust | | | 431,755 | | | | 0.1 | |
| 60,954 | | | L.P. Industrial Trust | | | 555,901 | | | | 0.1 | |
| 24,339 | | | Macerich Co. | | | 375,794 | | | | 0.1 | |
| 60,162 | | | National Retail Properties, Inc. | | | 2,562,901 | | | | 0.6 | |
| 11,579 | | | Newmark Group, Inc. - Class A | | | 118,453 | | | | 0.0 | |
| 72,287 (1) | | | Opendoor Technologies, Inc. | | | 133,008 | | | | 0.0 | |
| 2,727 | | | Pebblebrook Hotel Trust | | | 37,496 | | | | 0.0 | |
| 23,654 | | | Phillips Edison & Co., Inc. | | | 773,722 | | | | 0.2 | |
| 9,605 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 69,636 | | | | 0.0 | |
| 18,300 | | | Plymouth Industrial REIT, Inc. | | | 391,254 | | | | 0.1 | |
| 12,630 | | | PotlatchDeltic Corp. | | | 497,496 | | | | 0.1 | |
| 53,343 | | | Retail Opportunity Investments Corp. | | | 663,054 | | | | 0.2 | |
| 31,510 | | | RLJ Lodging Trust | | | 303,441 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) | |
| | | | Real Estate: (continued) |
| 33,000 | | | Ryman Hospitality Properties, Inc. | | $ | 3,295,380 | | | | 0.8 | |
| 37,705 | | | Sabra Health Care REIT, Inc. | | | 580,657 | | | | 0.1 | |
| 14,240 | | | SITE Centers Corp. | | | 206,480 | | | | 0.1 | |
| 9,328 | | | SL Green Realty Corp. | | | 528,338 | | | | 0.1 | |
| 4,970 | | | UMH Properties, Inc. | | | 79,470 | | | | 0.0 | |
| 19,343 | | | Uniti Group, Inc. | | | 56,482 | | | | 0.0 | |
| 6,012 | | | Veris Residential, Inc. | | | 90,180 | | | | 0.0 | |
| 24,167 | | | Xenia Hotels & Resorts, Inc. | | | 346,313 | | | | 0.1 | |
| | | | | | | 25,921,249 | | | | 6.0 | |
| | | | | | | | | | | | |
| | | | Utilities: 2.1% |
| 2,716 | | | American States Water Co. | | | 197,100 | | | | 0.1 | |
| 5,034 | | | Chesapeake Utilities Corp. | | | 534,611 | | | | 0.1 | |
| 4,492 | | | Clearway Energy, Inc. - Class A | | | 101,789 | | | | 0.0 | |
| 16,907 | | | Clearway Energy, Inc. - Class C | | | 417,434 | | | | 0.1 | |
| 4,164 | | | Consolidated Water Co. Ltd. | | | 110,513 | | | | 0.0 | |
| 5,680 | | | IDACORP, Inc. | | | 529,092 | | | | 0.1 | |
| 7,102 | | | New Jersey Resources Corp. | | | 303,539 | | | | 0.1 | |
| 5,422 | | | Northwest Natural Holding Co. | | | 195,788 | | | | 0.1 | |
| 20,813 | | | NorthWestern Corp. | | | 1,042,315 | | | | 0.3 | |
| 14,047 | | | ONE Gas, Inc. | | | 896,901 | | | | 0.2 | |
| 83,609 | | | Portland General Electric Co. | | | 3,615,253 | | | | 0.8 | |
| 8,126 (1)(2) | | | Sunnova Energy International, Inc. | | | 45,343 | | | | 0.0 | |
| 15,876 | | | Unitil Corp. | | | 822,218 | | | | 0.2 | |
| | | | | | | 8,811,896 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | Total Common Stock
(Cost $375,193,230) | | | 417,750,464 | | | | 97.4 | |
| | | | | | | | | | | | |
| RIGHTS: —% |
| | | | Health Care: —% |
| 28,260 (3)(4) | | | Aduro Biotech - CVR | | | — | | | | — | |
| | | | Total Rights
(Cost $—) | | | — | | | | — | |
| | | | | | | | | | | | |
| | | | Total Long-Term Investments (Cost $375,193,230) | | | 417,750,464 | | | | 97.4 | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 4.2% |
| | | | Repurchase Agreements: 2.0% |
| 2,682,550 (5) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $2,683,747, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,736,201, due 08/08/24-04/20/74) | | $ | 2,682,550 | | | | 0.6 | |
| 828,962 (5) | | | CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $829,332, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $845,541, due 04/30/27-04/20/72) | | | 828,962 | | | | 0.2 | |
| 2,682,550 (5) | | | Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $2,683,749, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $2,736,202, due 01/15/25-11/01/53) | | | 2,682,550 | | | | 0.6 | |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Repurchase Agreements (continued) |
| 2,600,000 (5) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $2,601,165, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $2,646,929, due 10/15/25-02/15/53) | | $ | 2,600,000 | | | | 0.6 | |
| | | | Total Repurchase Agreements
(Cost $8,794,062) | | | 8,794,062 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | Time Deposits: 0.6% |
| 260,000 (5) | | | BNP Paribas SA, 5.290%, 07/01/2024 (Cost $260,000) | | | 260,000 | | | | 0.1 | |
| 260,000 (5) | | | Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024 (Cost $260,000) | | | 260,000 | | | | 0.1 | |
| 180,000 (5) | | | Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024 (Cost $180,000) | | | 180,000 | | | | 0.0 | |
| 250,000 (5) | | | DZ Bank AG, 5.300%, 07/01/2024 (Cost $250,000) | | | 250,000 | | | | 0.0 | |
| 250,000 (5) | | | HSBC Bank PLC, 5.380%, 07/01/2024 (Cost $250,000) | | | 250,000 | | | | 0.1 | |
| 220,000 (5) | | | Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024 (Cost $220,000) | | | 220,000 | | | | 0.0 | |
| 250,000 (5) | | | Mizuho Bank Ltd., 5.320%, 07/01/2024 (Cost $250,000) | | | 250,000 | | | | 0.1 | |
| 260,000 (5) | | | Royal Bank of Canada, 5.320%, 07/01/2024 (Cost $260,000) | | | 260,000 | | | | 0.1 | |
| 260,000 (5) | | | Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024 (Cost $260,000) | | | 260,000 | | | | 0.1 | |
| 240,000 (5) | | | Svenska Handelsbanken AB, 5.310%, 07/01/2024 (Cost $240,000) | | | 240,000 | | | | 0.0 | |
| | | | Total Time Deposits
(Cost $2,430,000) | | | 2,430,000 | | | | 0.6 | |
| Shares | | | | | Value | | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: (continued) |
| | | | Mutual Funds: 1.6% |
| 6,727,138 (6) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $6,727,138) | | $ | 6,727,138 | | | | 1.6 | |
| | | | Total Short-Term Investments
(Cost $17,951,200) | | $ | 17,951,200 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | Total Investments in Securities
(Cost $393,144,430) | | $ | 435,701,664 | | | | 101.6 | |
| | | | Liabilities in Excess of Other Assets | | | (6,866,430 | ) | | | (1.6 | ) |
| | | | Net Assets | | $ | 428,835,234 | | | | 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 June 30, 2024, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value | |
| | | Investments | | | Inputs | | | Inputs | | | at | |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock* | | $ | 417,750,464 | | | $ | — | | | $ | — | | | $ | 417,750,464 | |
| Short-Term Investments | | | 6,727,138 | | | | 11,224,062 | | | | — | | | | 17,951,200 | |
| Total Investments, at fair value | | $ | 424,477,602 | | | $ | 11,224,062 | | | $ | — | | | $ | 435,701,664 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 8,626 | | | | — | | | | — | | | | 8,626 | |
| Total Assets | | $ | 424,486,228 | | | $ | 11,224,062 | | | $ | — | | | $ | 435,710,290 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| * | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At June 30, 2024, VY® JPMorgan Small Cap Core Equity Portfolio held the following restricted securities:
| Security | | Acquisition Date | | | Acquisition Cost | | | | Fair Value |
| Aduro Biotech - CVR | | 10/6/2020 | | $ | — | | | $ | — | | |
| | | | | $ | — | | | $ | — | | |
At June 30, 2024, the following futures contracts were outstanding for VY® JPMorgan Small Cap Core Equity Portfolio:
| | | Number | | | Expiration | | | Notional | | | Unrealized | |
| Description | | of Contracts | | | Date | | | Amount | | | Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | | | |
| E-mini Russell 2000 Index | | | 56 | | | | 09/20/24 | | | $ | 5,782,000 | | | $ | 8,626 | |
| | | | | | | | | | | $ | 5,782,000 | | | $ | 8,626 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| | | Location on Statement | | | |
| Derivatives not accounted for as hedging instruments | | of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Equity contracts | | Variation margin receivable on futures contracts* | | $ | 8,626 | |
| Total Asset Derivatives | | | | $ | 8,626 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
See Accompanying Notes to Financial Statements
VY® JPMorgan Small Cap
Core Equity Portfolio | PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued) |
The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | 167,027 | |
| Total | | $ | 167,027 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Equity contracts | | $ | (159,772 | ) |
| Total | | $ | (159,772 | ) |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $397,168,837. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 75,953,647 | |
| Gross Unrealized Depreciation | | | (37,412,194 | ) |
| Net Unrealized Appreciation | | $ | 38,541,453 | |
See Accompanying Notes to Financial Statements
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| Investment Adviser | Custodian |
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | The Bank of New York Mellon
225 Liberty Street
New York, New York 10286 |
| | |
| Distributor | Legal Counsel |
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258 | Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199 |
| | |
| Transfer Agent |
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809 |
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
VPSAR-VIT2AISS2 (0624)
Semi-Annual Financial Statements and Other Information
June 30, 2024
Voya Investors Trust
| ■ | VY® BlackRock Inflation Protected Bond Portfolio
Classes ADV, I and S |
Voya Variable Insurance Trust
| ■ | VY® BrandywineGLOBAL – Bond Portfolio |
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.
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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www. voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)
| | | VY®
BlackRock
Inflation
Protected Bond
Portfolio | | | VY®
Brandywine
GLOBAL —
Bond
Portfolio | |
| ASSETS: | | | | | | |
| Investments in securities at fair value* | | $ | 212,729,593 | | | $ | 200,147,309 | |
| Short-term investments at fair value† | | | 539,337 | | | | 3,773,901 | |
| Cash collateral for futures contracts | | | 226,821 | | | | 3,265,303 | |
| Cash pledged for centrally cleared swaps (Note 2) | | | 3,364,000 | | | | – | |
| Foreign currencies at value‡ | | | 376,956 | | | | – | |
| Receivables: | | | | | | | | |
| Investment securities sold | | | 2,962,775 | | | | – | |
| Investment securities sold on a delayed-delivery or when-issued basis | | | 2,107,453 | | | | – | |
| Fund shares sold | | | 726,084 | | | | 50,886 | |
| Dividends | | | 1,303 | | | | 11,411 | |
| Interest | | | 1,306,529 | | | | 2,050,927 | |
| Variation margin on centrally cleared swaps | | | 19,335 | | | | – | |
| Unrealized appreciation on forward foreign currency contracts | | | 105,729 | | | | – | |
| Unrealized appreciation on OTC swap agreements | | | 13 | | | | – | |
| Prepaid expenses | | | 1,064 | | | | 1,101 | |
| Other assets | | | 19,587 | | | | 7,366 | |
| Total assets | | | 224,486,579 | | | | 209,308,204 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Income distribution payable | | | 711,245 | | | | – | |
| Payable for investment securities purchased | | | 5,238,332 | | | | – | |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | 6,660,107 | | | | – | |
| Payable for fund shares redeemed | | | 98,632 | | | | 52,579 | |
| Sales commitments^^^ | | | 2,150,965 | | | | – | |
| Unrealized depreciation on forward foreign currency contracts | | | 10,337 | | | | – | |
| Upfront payments received on OTC swap agreements | | | 24,980 | | | | – | |
| Unrealized depreciation on OTC swap agreements | | | 996 | | | | – | |
| Variation margin payable on futures contracts | | | 38,025 | | | | – | |
| Cash received as collateral for OTC derivatives (Note 2) | | | 80,000 | | | | – | |
| Payable for investment management fees | | | 85,219 | | | | 84,423 | |
| Payable for distribution and shareholder service fees | | | 39,152 | | | | – | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | 19,587 | | | | 7,366 | |
| Payable for trustee fees | | | 1,719 | | | | 167 | |
| Other accrued expenses and liabilities | | | 112,077 | | | | 54,734 | |
| Written options, at fair value^ | | | 188,907 | | | | – | |
| Total liabilities | | | 15,460,280 | | | | 199,269 | |
| NET ASSETS | | $ | 209,026,299 | | | $ | 209,108,935 | |
| | | | | | | | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | |
| Paid-in capital | | $ | 299,231,257 | | | $ | 239,325,598 | |
| Total distributable loss | | | (90,204,958 | ) | | | (30,216,663 | ) |
| NET ASSETS | | $ | 209,026,299 | | | $ | 209,108,935 | |
| | | | | | | | | |
| * | Cost of investments in securities | | $ | 226,666,505 | | | $ | 203,613,448 | |
| † | Cost of short-term investments | | $ | 539,337 | | | $ | 3,773,901 | |
| ‡ | Cost of foreign currencies | | $ | 376,798 | | | $ | — | |
| ^ | Premiums received on written options | | $ | 265,489 | | | $ | — | |
| ^^^ | Proceeds receivable from sales commitments | | $ | 2,150,430 | | | $ | — | |
| | | | | | | | | | |
See Accompanying Notes to Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)
| | | VY®
BlackRock
Inflation
Protected Bond
Portfolio | | | VY®
Brandywine
GLOBAL —
Bond
Portfolio | |
| Class ADV | | | | | | |
| Net assets | | $ | 35,737,132 | | | | n/a | |
| Shares authorized | | | unlimited | | | | n/a | |
| Par value | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | 4,111,103 | | | | n/a | |
| Net asset value and redemption price per share | | $ | 8.69 | | | | n/a | |
| | | | | | | | | |
| Class I | | | | | | | | |
| Net assets | | $ | 69,717,591 | | | | n/a | |
| Shares authorized | | | unlimited | | | | n/a | |
| Par value | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | 7,685,320 | | | | n/a | |
| Net asset value and redemption price per share | | $ | 9.07 | | | | n/a | |
| | | | | | | | | |
| Class S | | | | | | | | |
| Net assets | | $ | 103,571,576 | | | | n/a | |
| Shares authorized | | | unlimited | | | | n/a | |
| Par value | | $ | 0.001 | | | | n/a | |
| Shares outstanding | | | 11,512,801 | | | | n/a | |
| Net asset value and redemption price per share | | $ | 9.00 | | | | n/a | |
| | | | | | | | | |
| Portfolio(1) | | | | | | | | |
| Net assets | | | n/a | | | $ | 209,108,935 | |
| Shares authorized | | | n/a | | | | unlimited | |
| Par value | | | n/a | | | $ | 0.001 | |
| Shares outstanding | | | n/a | | | | 22,320,216 | |
| Net asset value and redemption price per share | | | n/a | | | $ | 9.37 | |
| (1) Portfolio does not have a share class designation. |
See Accompanying Notes to Financial Statements
STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)
| | | VY®
BlackRock
Inflation
Protected Bond
Portfolio | | | VY®
Brandywine
GLOBAL —
Bond
Portfolio | |
| INVESTMENT INCOME: | | | | | | |
| Dividends | | $ | 27,892 | | | $ | 118,954 | |
| Interest, net of foreign taxes withheld* | | | 5,461,644 | (1) | | | 5,183,608 | |
| Other | | | 680 | | | | 703 | |
| Total investment income | | | 5,490,216 | | | | 5,303,265 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment management fees | | | 580,029 | | | | 548,293 | |
| Distribution and shareholder service fees | | | | | | | | |
| Class ADV | | | 110,823 | | | | — | |
| Class S | | | 133,020 | | | | — | |
| Transfer agent fees | | | | | | | 221 | |
| Class ADV | | | 5,579 | | | | — | |
| Class I | | | 10,384 | | | | — | |
| Class S | | | 16,070 | | | | — | |
| Shareholder reporting expense | | | 3,167 | | | | 2,751 | |
| Professional fees | | | 23,652 | | | | 40,277 | |
| Custody and accounting expense | | | 73,906 | | | | 8,329 | |
| Trustee fees | | | 4,131 | | | | 3,645 | |
| Miscellaneous expense | | | 7,948 | | | | 6,786 | |
| Interest expense | | | 1,790 | | | | — | |
| Total expenses | | | 970,499 | | | | 610,302 | |
| Waived and reimbursed fees | | | (53,369 | ) | | | — | |
| Net expenses | | | 917,130 | | | | 610,302 | |
| Net investment income | | | 4,573,086 | | | | 4,692,963 | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments | | | (4,086,694 | ) | | | (1,684,968 | ) |
| Forward foreign currency contracts | | | 129,654 | | | | — | |
| Foreign currency related transactions | | | 10,930 | | | | — | |
| Futures | | | (292,551 | ) | | | (2,574,834 | ) |
| Swaps | | | 469,536 | | | | — | |
| Written options | | | 288,530 | | | | — | |
| Net realized loss | | | (3,480,595 | ) | | | (4,259,802 | ) |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments | | | (2,632,346 | ) | | | (4,387,097 | ) |
| Forward foreign currency contracts | | | 94,107 | | | | — | |
| Foreign currency related transactions | | | (3,076 | ) | | | — | |
| Futures | | | 2,097,538 | | | | (2,159,120 | ) |
| Swaps | | | 706,365 | | | | — | |
| Written options | | | 145,879 | | | | — | |
| Sales commitments | | | 42,030 | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | 450,497 | | | | (6,546,217 | ) |
| Net realized and unrealized loss | | | (3,030,098 | ) | | | (10,806,019 | ) |
| Increase (decrease) in net assets resulting from operations | | $ | 1,542,988 | | | $ | (6,113,056 | ) |
| | | | | | | | | |
| * Foreign taxes withheld | | $ | 1,090 | | | $ | — | |
| (1) | Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements. |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | VY®
BlackRock Inflation
Protected Bond Portfolio | | | VY®
BrandywineGLOBAL —
Bond Portfolio | |
| | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | | | Six Months
Ended
June 30, 2024
(Unaudited) | | | Year Ended
December 31,
2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 4,573,086 | | | $ | 8,204,919 | | | $ | 4,692,963 | | | $ | 9,400,149 | |
| Net realized loss | | | (3,480,595 | ) | | | (12,757,946 | ) | | | (4,259,802 | ) | | | (21,227,486 | ) |
| Net change in unrealized appreciation (depreciation) | | | 450,497 | | | | 14,068,815 | | | | (6,546,217 | ) | | | 25,940,584 | |
| Increase (decrease) in net assets resulting from operations | | | 1,542,988 | | | | 9,515,788 | | | | (6,113,056 | ) | | | 14,113,247 | |
| | | | | | | | | | | | | | | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | — | | | | — | | | | — | | | | (5,046,842 | ) |
| Class ADV | | | (727,614 | ) | | | (1,253,985 | ) | | | — | | | | — | |
| Class I | | | (1,516,449 | ) | | | (2,616,072 | ) | | | — | | | | — | |
| Class S | | | (2,202,627 | ) | | | (4,021,674 | ) | | | — | | | | — | |
| Total distributions | | | (4,446,690 | ) | | | (7,891,731 | ) | | | — | | | | (5,046,842 | ) |
| | | | | | | | | | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 7,277,541 | | | | 21,083,454 | | | | 30,863,930 | | | | 52,927,045 | |
| Reinvestment of distributions | | | 4,446,629 | | | | 7,891,731 | | | | — | | | | 5,046,842 | |
| | | | 11,724,170 | | | | 28,975,185 | | | | 30,863,930 | | | | 57,973,887 | |
| Cost of shares redeemed | | | (19,256,973 | ) | | | (65,352,589 | ) | | | (44,113,192 | ) | | | (104,883,514 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (7,532,803 | ) | | | (36,377,404 | ) | | | (13,249,262 | ) | | | (46,909,627 | ) |
| Net decrease in net assets | | | (10,436,505 | ) | | | (34,753,347 | ) | | | (19,362,318 | ) | | | (37,843,222 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 219,462,804 | | | | 254,216,151 | | | | 228,471,253 | | | | 266,314,475 | |
| End of year or period | | $ | 209,026,299 | | | $ | 219,462,804 | | | $ | 209,108,935 | | | $ | 228,471,253 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | | Income (loss)
from investment operations | | | | Less Distributions | | | | | | | | | | | | | Ratios to average net assets | Supplemental Data |
| | | | Net asset value, beginning of year or period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) | | | Total
from investment operations | | | From
net investment income | | | From net realized gains | | | From return of capital | | | Total distributions | | | Payment by affiliate | | | Net asset value, end of year or period | | | Total Return(1) | | | Expenses before reductions/
additions
(2)(3)(4) | | | Expenses net of fee waivers and/or recoupments if any
(2)(3)(4) | | | Expenses net of all reductions/
additions
(2)(3)(4) | | | Net investment income (loss)(2)(3) | | | Net assets, end of year or period | | | Portfolio turnover rate | |
Year or
period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000’s) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| VY® BlackRock Inflation Protected Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 8.82 | | | 0.17 | • | | (0.13 | ) | | 0.04 | | | 0.17 | | | — | | | — | | | 0.17 | | | — | | | 8.69 | | | 0.52 | | | 1.29 | | | 1.23 | | | 1.23 | | | 3.92 | | | 35,737 | | | 153 | |
| 12-31-23 | | | 8.76 | | | 0.27 | • | | 0.06 | | | 0.33 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 8.82 | | | 3.83 | | | 1.27 | | | 1.22 | | | 1.22 | | | 3.09 | | | 38,745 | | | 297 | |
| 12-31-22 | | | 10.51 | | | 0.35 | • | | (1.73 | ) | | (1.38 | ) | | 0.32 | | | — | | | 0.05 | | | 0.37 | | | — | | | 8.76 | | | (13.34 | ) | | 1.23 | | | 1.18 | | | 1.18 | | | 3.70 | | | 43,212 | | | 231 | |
| 12-31-21 | | | 10.28 | | | 0.22 | • | | 0.24 | | | 0.46 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 10.51 | | | 4.54 | | | 1.22 | | | 1.18 | | | 1.18 | | | 2.14 | | | 56,857 | | | 156 | |
| 12-31-20 | | | 9.42 | | | 0.05 | | | 0.95 | | | 1.00 | | | 0.08 | | | — | | | 0.06 | | | 0.14 | | | — | | | 10.28 | | | 10.65 | | | 1.26 | | | 1.22 | | | 1.22 | | | 0.52 | | | 47,352 | | | 87 | |
| 12-31-19 | | | 8.93 | | | 0.11 | | | 0.56 | | | 0.67 | | | 0.18 | | | — | | | — | | | 0.18 | | | — | | | 9.42 | | | 7.53 | | | 1.20 | | | 1.16 | | | 1.16 | | | 1.23 | | | 44,885 | | | 72 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.19 | | | 0.21 | • | | (0.13 | ) | | 0.08 | | | 0.20 | | | — | | | — | | | 0.20 | | | — | | | 9.07 | | | 0.89 | | | 0.69 | | | 0.63 | | | 0.63 | | | 4.58 | | | 69,718 | | | 153 | |
| 12-31-23 | | | 9.13 | | | 0.34 | • | | 0.05 | | | 0.39 | | | 0.33 | | | — | | | — | | | 0.33 | | | — | | | 9.19 | | | 4.30 | | | 0.67 | | | 0.62 | | | 0.62 | | | 3.70 | | | 69,071 | | | 297 | |
| 12-31-22 | | | 10.94 | | | 0.42 | • | | (1.79 | ) | | (1.37 | ) | | 0.39 | | | — | | | 0.05 | | | 0.44 | | | — | | | 9.13 | | | (12.74 | ) | | 0.63 | | | 0.58 | | | 0.58 | | | 4.27 | | | 77,275 | | | 231 | |
| 12-31-21 | | | 10.68 | | | 0.30 | • | | 0.25 | | | 0.55 | | | 0.29 | | | — | | | — | | | 0.29 | | | — | | | 10.94 | | | 5.25 | | | 0.62 | | | 0.58 | | | 0.58 | | | 2.75 | | | 94,962 | | | 156 | |
| 12-31-20 | | | 9.78 | | | 0.12 | | | 0.97 | | | 1.09 | | | 0.13 | | | — | | | 0.06 | | | 0.19 | | | — | | | 10.68 | | | 11.15 | | | 0.66 | | | 0.62 | | | 0.62 | | | 1.11 | | | 92,767 | | | 87 | |
| 12-31-19 | | | 9.26 | | | 0.18 | | | 0.57 | | | 0.75 | | | 0.23 | | | — | | | — | | | 0.23 | | | — | | | 9.78 | | | 8.21 | | | 0.60 | | | 0.56 | | | 0.56 | | | 1.98 | | | 88,759 | | | 72 | |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.12 | | | 0.19 | • | | (0.12 | ) | | 0.07 | | | 0.19 | | | — | | | — | | | 0.19 | | | — | | | 9.00 | | | 0.77 | | | 0.94 | | | 0.88 | | | 0.88 | | | 4.27 | | | 103,572 | | | 153 | |
| 12-31-23 | | | 9.05 | | | 0.31 | • | | 0.06 | | | 0.37 | | | 0.30 | | | — | | | — | | | 0.30 | | | — | | | 9.12 | | | 4.17 | | | 0.92 | | | 0.87 | | | 0.87 | | | 3.43 | | | 111,647 | | | 297 | |
| 12-31-22 | | | 10.85 | | | 0.40 | • | | (1.79 | ) | | (1.39 | ) | | 0.36 | | | — | | | 0.05 | | | 0.41 | | | — | | | 9.05 | | | (13.03 | ) | | 0.88 | | | 0.83 | | | 0.83 | | | 4.06 | | | 133,729 | | | 231 | |
| 12-31-21 | | | 10.60 | | | 0.26 | • | | 0.26 | | | 0.52 | | | 0.27 | | | — | | | — | | | 0.27 | | | — | | | 10.85 | | | 4.94 | | | 0.87 | | | 0.83 | | | 0.83 | | | 2.48 | | | 172,822 | | | 156 | |
| 12-31-20 | | | 9.70 | | | 0.09 | | | 0.97 | | | 1.06 | | | 0.10 | | | — | | | 0.06 | | | 0.16 | | | — | | | 10.60 | | | 10.95 | | | 0.91 | | | 0.87 | | | 0.87 | | | 0.86 | | | 159,383 | | | 87 | |
| 12-31-19 | | | 9.18 | | | 0.15 | | | 0.58 | | | 0.73 | | | 0.21 | | | — | | | — | | | 0.21 | | | — | | | 9.70 | | | 8.01 | | | 0.85 | | | 0.81 | | | 0.81 | | | 1.57 | | | 144,313 | | | 72 | |
| VY® BrandywineGLOBAL- Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 06-30-24+ | | | 9.59 | | | 0.20 | • | | (0.42 | ) | | (0.22 | ) | | — | | | — | | | — | | | — | | | — | | | 9.37 | | | (2.29 | ) | | 0.56 | | | 0.56 | | | 0.56 | | | 4.28 | | | 209,109 | | | 48 | |
| 12-31-23 | | | 9.29 | | | 0.38 | • | | 0.13 | | | 0.51 | | | 0.21 | | | — | | | — | | | 0.21 | | | — | | | 9.59 | | | 5.53 | | | 0.55 | | | 0.55 | | | 0.55 | | | 4.01 | | | 228,471 | | | 126 | |
| 12-31-22 | | | 11.22 | | | 0.16 | • | | (1.45 | ) | | (1.29 | ) | | 0.11 | | | 0.53 | | | — | | | 0.64 | | | — | | | 9.29 | | | (11.89 | ) | | 0.55 | | | 0.56 | | | 0.56 | | | 1.60 | | | 266,314 | | | 184 | |
| 12-31-21 | | | 12.03 | | | 0.10 | • | | 0.04 | | | 0.14 | | | 0.19 | | | 0.76 | | | — | | | 0.95 | | | — | | | 11.22 | | | 1.15 | | | 0.54 | | | 0.58 | | | 0.58 | | | 0.84 | | | 343,329 | | | 57 | |
| 12-31-20 | | | 10.51 | | | 0.22 | • | | 1.59 | | | 1.81 | | | 0.21 | | | 0.08 | | | — | | | 0.29 | | | — | | | 12.03 | | | 17.47 | | | 0.56 | | | 0.58 | | | 0.58 | | | 1.92 | | | 318,665 | | | 134 | |
| 12-31-19 | | | 9.73 | | | 0.25 | • | | 0.73 | | | 0.98 | | | 0.20 | | | — | | | — | | | 0.20 | | | — | | | 10.51 | | | 10.12 | | | 0.61 | | | 0.58 | | | 0.58 | | | 2.48 | | | 182,892 | | | 449 | |
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Investors Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and was organized as a Massachusetts business trust on August 3, 1988. Voya Investors Trust currently consists of twenty-two active separate investment series. The one series included in this report is: VY® BlackRock Inflation Protected Bond Portfolio (“BlackRock Inflation Protected Bond”), a diversified series of Voya Investors Trust.
Voya Variable Insurance Trust is registered under the 1940 Act as an open-end management investment company and was organized as a Delaware statutory trust on July 15, 1999. Voya Variable Insurance Trust consists of one active investment series which is included in this report: VY® BrandywineGLOBAL — Bond Portfolio (“Bond Portfolio”), a diversified series of Voya Variable Insurance Trust.
Voya Investors Trust and Voya Variable Insurance Trust are collectively referred to as the “Trusts.” BlackRock Inflation Protected Bond and Bond Portfolio are each, a “Portfolio” and together, the “Portfolios.” The investment objective of the Portfolios is described in each Portfolio’s Prospectus.
The classes of shares included in this report for BlackRock Inflation Protected Bond are: Adviser (“Class ADV”), Institutional (“Class I”), and Service (“Class S”). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any. Bond Portfolio does not have a share class designation.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio’s assets attributable to that class, subtracting the Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of their results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Portfolios’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. Net investment income dividends and net capital gain distributions, if any, for Bond Portfolio are declared and paid annually. For BlackRock Inflation Protected Bond, dividends from net investment income, if any, are declared and paid
monthly and distributions of net capital gains, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. The Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolios’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and
increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.
Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
At June 30, 2024, the maximum amount of loss that BlackRock Inflation Protected Bond would incur if the counterparties to its derivative transactions failed to perform would be $288,451 which represents the gross payments
to be received by the Portfolio on OTC purchased options and forward foreign currency contracts were they to be unwound as of June 30, 2024. At June 30, 2024, BlackRock Inflation Protected Bond had received $80,000 in cash collateral from certain counterparties.
Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between a Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
At June 30, 2024, BlackRock Inflation Protected Bond had a liability position of $225,207 on forward foreign currency contracts, OTC credit default swaps, and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2024, the Portfolio could have been required to pay this amount in cash to its counterparties. At June 30, 2024, BlackRock Inflation Protected Bond had not pledged any cash collateral for its open OTC derivative transactions.
H. Forward Foreign Currency Contracts. A Portfolio may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented within the Portfolio of Investments.
For the period ended June 30, 2024, BlackRock Inflation Protected Bond had entered into forward foreign currency contracts with the obligation to buy and sell specified foreign
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolio uses forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return.
During the period ended June 30, 2024, BlackRock Inflation Protected Bond had average contract amounts of $2,995,814 and $6,508,264 on forward foreign currency contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2024.
I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when a Portfolio’s assets are valued.
Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within the Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that
the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the period ended June 30, 2024, BlackRock Inflation Protected Bond and Bond Portfolio had purchased and sold futures contracts on various bonds and notes as part of their duration strategy. During the period ended June 30, 2024, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:
| | | Purchased | | | Sold | |
| BlackRock Inflation Protected Bond | | $ | 36,169,998 | | | $ | 51,784,356 | |
| Bond Portfolio | | | 148,638,852 | | | | — | |
Please refer to the tables within Portfolio of Investments for open futures contracts for BlackRock Inflation Protected Bond and Bond Portfolio at June 30, 2024.
At June 30, 2024, BlackRock Inflation Protected Bond had pledged U.S. Treasuries with an original par value of $980,000 as collateral for open futures contracts.
J. Options Contracts. The Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that a Portfolio gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that a Portfolio may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that a Portfolio pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
During the period ended June 30, 2024, BlackRock Inflation Protected Bond had purchased and written options on exchange-traded futures contracts to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $53,232,888 and $26,735,800, respectively, on purchased and written exchange-traded futures contracts. There were no open purchased and written options on exchange-traded futures contracts at June 30, 2024.
During the period ended June 30, 2024, BlackRock Inflation Protected Bond had purchased and written interest rate swap options (“swaptions”) to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $30,835,644 and $53,078,676, respectively, on purchased and written interest rate swaptions. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at June 30, 2024.
During the period ended June 30, 2024, BlackRock Inflation Protected Bond had purchased foreign currency options to manage its foreign exchange exposure. BlackRock Inflation Protected Bond had an average notional value of $5,978,000 on purchased foreign currency options. Please refer to the tables within the Portfolio of investments for open purchased foreign currency options at June 30, 2024.
K. Swap Agreements. The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).
The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term
of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and a Portfolio’s counterparty on the swap agreement becomes the CCP. A Portfolio is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of
default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.
During the period ended June 30, 2024, BlackRock Inflation Protected Bond bought credit protection on certain single-name issuers (corporate or sovereign) with an average notional amount of $964,000 to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which the Portfolio is not otherwise exposed.
During the period ended June 30, 2024, BlackRock Inflation Protected Bond sold credit protection on credit default swap indices (“CDX”) with an average notional amount of $4,573,950 to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.
Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy and sell protection at June 30, 2024.
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.
For the period ended June 30, 2024, BlackRock Inflation Protected Bond had entered into interest rate swaps in
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amount on long interest rate swaps for BlackRock Inflation Protected Bond was $154,798,036.
For the period ended June 30, 2024, BlackRock Inflation Protected Bond had entered into interest rate swaps in which they pay a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amount on short interest rate swaps for BlackRock Inflation Protected Bond was $16,366,803.
The Portfolios enter into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open interest rate swaps at June 30, 2024.
Inflation-linked Swap Contracts. In an inflation-linked swap, one party pays a fixed interest rate on a notional amount while the other party pays a floating rate linked to an inflation index on that same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional amount.
For the period ended June 30, 2024, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which they pay a floating rate linked to an inflation index and receive a fixed interest rate (“long inflation-linked swap”). Average notional amount on long inflation-linked swaps for BlackRock Inflation Protected Bond was $3,100,213.
For the period ended June 30, 2024, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which it pays a fixed interest rate and receives a floating rate linked to an inflation index (“short inflation-linked swap”). Average notional amount on short inflation linked-bonds was $109,044,386.
BlackRock Inflation Protected Bond used inflation-linked swaps as part of their inflation strategy. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open inflation-linked swaps at June 30, 2024.
At June 30, 2024, BlackRock Inflation Protected Bond pledged $3,364,000 in cash collateral for open centrally cleared swaps.
L. Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal
value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of US Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
M. Securities Lending. Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
N. Sales Commitments. Sales commitments involve commitments to sell fixed income securities where the unit price and the estimated principal amount are established upon entering into the contract, with the actual principal amount being within a specified range of the estimate. A Portfolio will enter into sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of sale commitments are not received until the contractual settlement date. During the time a sale commitment is outstanding, except for delayed delivery transactions, the Portfolio will maintain, in a segregated account, cash or marketable securities in an amount sufficient to meet the purchase price. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or loss from the sale of the securities, based upon
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
the unit price established at the date the commitment was entered into. Please refer to the table following the Portfolio of Investments for open sales commitments held by BlackRock Inflation Protected Bond at June 30, 2024.
O. Indemnifications. In the normal course of business, the Portfolios may enter into contracts that provide certain indemnifications. The Trusts’ maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended June 30, 2024, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:
| | | Purchases | | | Sales | |
| BlackRock Inflation Protected Bond | | $ | 192,651,449 | | | $ | 189,871,752 | |
| Bond Portfolio | | | — | | | | 6,746,985 | |
U.S. government securities not included above were as follows:
| | | Purchases | | | Sales | |
| BlackRock Inflation Protected Bond | | $ | 143,824,089 | | | $ | 164,824,526 | |
| Bond Portfolio | | | 100,600,742 | | | | 106,183,208 | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into investment management agreements (“Management Agreements”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Each Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:
| Portfolio | | Fee |
| BlackRock Inflation Protected | | 0.55% on the first $200 million; |
| Bond(1) | | 0.50% on the next $800 million; and |
| | | 0.40% thereafter |
| Bond Portfolio | | 0.50% on the first $750 million; and |
| | | 0.48% thereafter |
| (1) | The Investment Adviser has contractually agreed to waive 0.05% of the management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser has entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the Portfolios and are paid by the Investment Adviser based on the average daily net assets of each Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each Portfolio’s assets in accordance with that Portfolio’s investment objectives, policies, and limitations.
| Portfolio | | Sub-Adviser |
| BlackRock Inflation Protected Bond | | BlackRock Financial Management, Inc. |
| Bond Portfolio | | Brandywine Global Investment Management, LLC |
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Voya Investors Trust has entered into a shareholder service plan (the “Plan”) for the Class S shares of BlackRock Inflation Protected Bond. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S shares. Under the Plan, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S shares.
Class ADV shares of BlackRock Inflation Protected Bond have a shareholder service and distribution plan. The Portfolio pays the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio’s average daily net assets attributable to Class ADV shares.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At June 30, 2024, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:
| Subsidiary/Affiliated Investment | | | | |
| Company | | Portfolio | | Percentage |
| Voya Institutional Trust Company | | BlackRock | | |
| | | Inflation Protected | | |
| | | Bond | 18.53% |
| Voya Solution 2025 Portfolio | | Bond Portfolio | 12.53 |
| Voya Solution 2035 Portfolio | | Bond Portfolio | 11.30 |
| Voya Solution Income Portfolio | | Bond Portfolio | 8.19 |
| Voya Solution Moderately Aggressive | | | | |
| Portfolio | | Bond Portfolio | 8.99 |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect a Portfolio’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2024, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio | | Amount |
| BlackRock Inflation Protected Bond | $31,819 |
NOTE 7 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into written expense limitation agreements (“Expense Limitation Agreements”) with the below Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:
| Portfolio | | Maximum Operating Expense Limit
(as a percentage of net assets) |
| BlackRock Inflation Protected | | Class ADV: 1.23% |
| Bond | | Class I: 0.63% |
| | | Class S: 0.88% |
| Bond Portfolio | | 0.58% |
With the exception of the non-recoupable management fee waiver for BlackRock Inflation Protected Bond, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are
reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
The amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2024, are as follows:
| | | June 30, | | | |
| | | 2025 | | | 2026 | | | 2027 | | | Total | |
| BlackRock Inflation Protected Bond | | | | | | | | | | | |
| Class ADV | | $ | — | | | $ | — | | | $ | 91 | | | $ | 91 | |
| Class I | | | — | | | | — | | | | 27 | | | | 27 | |
| Class S | | | — | | | | — | | | | 221 | | | | 221 | |
The Expense Limitation Agreements are contractual through May 1, 2025 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 8 — LINE OF CREDIT
Effective June 10, 2024, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Portfolio utilized the line of credit during the period ended June 30, 2024:
| Portfolio | | Days
Utilized | | | Approximate
Average
Daily Balance
For Days
Utilized | | | Approximate
Weighted
Average
Interest Rate
For Days
Utilized | |
| BlackRock Inflation Protected Bond | | | 1 | | | $ | 10,179,000 | | | | 6.33% | |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | Shares
sold | | | Shares
issued in
merger | | | Reinvestment
of
distributions | | | Shares
redeemed | | | Shares
converted | | | Net
increase
(decrease)
in
shares
outstanding | | | Shares
sold | | | Proceeds
from
shares
issued in
merger | | | Reinvestment
of
distributions | | | Shares
redeemed | | | Shares
converted | | | Net increase
(decrease) | |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | | # | | | # | | | # | | | # | | | # | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BlackRock Inflation Protected Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | | 72,522 | | | | — | | | | 83,804 | | | | (439,277 | ) | | | — | | | | (282,951 | ) | | | 636,510 | | | | — | | | | 727,614 | | | | (3,839,547 | ) | | | — | | | | (2,475,423 | ) |
| 12/31/2023 | | | 300,597 | | | | — | | | | 142,664 | | | | (980,003 | ) | | | — | | | | (536,742 | ) | | | 2,682,282 | | | | — | | | | 1,253,985 | | | | (8,599,596 | ) | | | — | | | | (4,663,329 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | | 571,113 | | | | — | | | | 167,354 | | | | (567,026 | ) | | | — | | | | 171,441 | | | | 5,227,632 | | | | — | | | | 1,516,388 | | | | (5,171,123 | ) | | | — | | | | 1,572,897 | |
| 12/31/2023 | | | 1,705,465 | | | | — | | | | 285,505 | | | | (2,945,229 | ) | | | — | | | | (954,259 | ) | | | 15,616,749 | | | | — | | | | 2,616,072 | | | | (26,971,145 | ) | | | — | | | | (8,738,324 | ) |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | | 156,101 | | | | — | | | | 245,027 | | | | (1,132,934 | ) | | | — | | | | (731,806 | ) | | | 1,413,399 | | | | — | | | | 2,202,627 | | | | (10,246,303 | ) | | | — | | | | (6,630,277 | ) |
| 12/31/2023 | | | 304,172 | | | | — | | | | 442,310 | | | | (3,274,121 | ) | | | — | | | | (2,527,639 | ) | | | 2,784,423 | | | | — | | | | 4,021,674 | | | | (29,781,848 | ) | | | — | | | | (22,975,751 | ) |
| Bond Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | | 3,280,491 | | | | — | | | | — | | | | (4,771,936 | ) | | | — | | | | (1,491,445 | ) | | | 30,863,930 | | | | — | | | | — | | | | (44,113,192 | ) | | | — | | | | (13,249,262 | ) |
| 12/31/2023 | | | 5,634,277 | | | | — | | | | 535,758 | | | | (11,014,776 | ) | | | — | | | | (4,844,741 | ) | | | 52,927,045 | | | | — | | | | 5,046,842 | | | | (104,883,514 | ) | | | — | | | | (46,909,627 | ) |
NOTE 10 — SECURITIES LENDING
Under an agreement with BNY, the Portfolios can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of a Portfolio at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to a Portfolio on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to
certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, a Portfolio has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.
At June 30, 2024, the Portfolios did not have any outstanding securities on loan.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, paydowns, straddle loss deferrals, swaps and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | Year Ended
December 31,
2023 | | | Year Ended
December 31, 2022 | |
| | | Ordinary
Income | | | Ordinary
Income | | | Long-term
Capital Gains | | | Return of
Capital | |
| BlackRock Inflation Protected Bond | | $ | 7,891,731 | | | $ | 10,633,925 | | | $ | — | | | $ | 1,431,581 | |
| Bond Portfolio | | | 5,046,842 | | | | 11,934,135 | | | | 5,177,646 | | | | — | |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
| | | Undistributed
Ordinary | | | Unrealized
Appreciation/ | | | Capital Loss Carryforwards | | | Total
Distributable | |
| | | Income | | | (Depreciation) | | | Amount | | | Character | | | Earnings/(Loss) | |
| BlackRock Inflation Protected Bond | | $ | 79,598 | | | $ | (15,331,247 | ) | | $ | (10,849,324 | ) | | Short-term | | | $ | (87,301,256 | ) |
| | | | | | | | | | | | (61,200,283 | ) | | Long-term | | | | | |
| | | | | | | | | | | $ | (72,049,607 | ) | | | | | | | |
| Bond Portfolio | | | 9,402,332 | | | | 176,932 | | | | (26,875,666 | ) | | Short-term | | | | (24,103,607 | ) |
| | | | | | | | | | | | (6,807,205 | ) | | Long-term | | | | | |
| | | | | | | | | | | $ | (33,682,871 | ) | | | | | | | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (BlackRock Inflation Protected Bond).
As of June 30, 2024, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates
to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)
contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by
Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.
NOTE 14 — SUBSEQUENT EVENTS
Dividends: Subsequent to June 30, 2024, the Portfolios paid dividends from net investment income of:
| | | Per Share | | | | | Record | |
| | | Amount | | | Payable Date | | Date | |
| | | | | | | | | | | |
| BlackRock Inflation Protected Bond |
| Class ADV | | | $0.0290 | | | August 1, 2024 | | | July 30, 2024 | |
| Class I | | | $0.0338 | | | August 1, 2024 | | | July 30, 2024 | |
| Class S | | | $0.0317 | | | August 1, 2024 | | | July 30, 2024 | |
| | | | | | | | | | | |
| Bond Portfolio | | | | | | | | | | |
| | | | $0.4216 | | | July 16, 2024 | | | July 12, 2024 | |
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. TREASURY OBLIGATIONS: 49.2% | | | | |
| | | | United States Treasury Bonds: 0.2% | |
| 455,000 | | | 3.000%, 02/15/2049 | | $ | 344,734 | | | | 0.2 | | |
| | | | | | | | | | | | | |
| | | | United States Treasury Inflation Indexed Bonds: 19.4% | |
| 1,506,934 | | | 0.125%, 01/15/2030 | | | 1,466,751 | | | | 0.7 | | |
| 2,697,699 | | | 0.125%, 02/15/2051 | | | 1,562,119 | | | | 0.7 | | |
| 3,086,199 | | | 0.125%, 02/15/2052 | | | 1,754,925 | | | | 0.8 | | |
| 2,615,999 | | | 0.250%, 02/15/2050 | | | 1,599,232 | | | | 0.8 | | |
| 2,693,466 | | | 0.625%, 02/15/2043 | | | 2,024,699 | | | | 1.0 | | |
| 3,364,562 | | | 0.750%, 02/15/2042 | | | 2,631,244 | | | | 1.3 | | |
| 4,054,478 (1) | | | 0.750%, 02/15/2045 | | | 3,040,434 | | | | 1.5 | | |
| 2,714,722 | | | 0.875%, 02/15/2047 | | | 2,040,714 | | | | 1.0 | | |
| 2,090,814 | | | 1.000%, 02/15/2046 | | | 1,633,270 | | | | 0.8 | | |
| 1,767,385 | | | 1.000%, 02/15/2048 | | | 1,354,679 | | | | 0.6 | | |
| 1,227,349 | | | 1.000%, 02/15/2049 | | | 933,306 | | | | 0.4 | | |
| 3,565,204 | | | 1.375%, 02/15/2044 | | | 3,058,603 | | | | 1.5 | | |
| 2,797,910 | | | 1.500%, 02/15/2053 | | | 2,353,079 | | | | 1.1 | | |
| 724,388 (1) | | | 1.750%, 01/15/2028 | | | 713,048 | | | | 0.3 | | |
| 1,155,169 | | | 2.125%, 02/15/2040 | | | 1,144,405 | | | | 0.5 | | |
| 2,226,418 | | | 2.125%, 02/15/2041 | | | 2,209,526 | | | | 1.1 | | |
| 1,678,835 | | | 2.375%, 10/15/2028 | | | 1,701,236 | | | | 0.8 | | |
| 1,752,480 | | | 2.500%, 01/15/2029 | | | 1,783,690 | | | | 0.9 | | |
| 1,157,038 | | | 3.375%, 04/15/2032 | | | 1,263,714 | | | | 0.6 | | |
| 2,593,833 | | | 3.625%, 04/15/2028 | | | 2,726,728 | | | | 1.3 | | |
| 3,219,522 | | | 3.875%, 04/15/2029 | | | 3,478,615 | | | | 1.7 | | |
| | | | | | | 40,474,017 | | | | 19.4 | | |
| | | | United States Treasury Inflation Indexed Notes: 29.6% | |
| 138,814 | | | 0.125%, 04/15/2027 | | | 130,636 | | | | 0.1 | | |
| 591,065 | | | 0.125%, 01/15/2030 | | | 532,156 | | | | 0.2 | | |
| 3,149,045 | | | 0.125%, 07/15/2030 | | | 2,818,790 | | | | 1.3 | | |
| 4,167,535 | | | 0.125%, 01/15/2031 | | | 3,680,148 | | | | 1.8 | | |
| 6,627,257 | | | 0.125%, 07/15/2031 | | | 5,822,015 | | | | 2.8 | | |
| 7,623,681 (1) | | | 0.125%, 01/15/2032 | | | 6,603,303 | | | | 3.1 | | |
| 1,287,069 | | | 0.250%, 07/15/2029 | | | 1,182,231 | | | | 0.6 | | |
| 1,993,168 | | | 0.375%, 07/15/2027 | | | 1,891,859 | | | | 0.9 | | |
| 8,347,303 | | | 0.625%, 07/15/2032 | | | 7,488,377 | | | | 3.6 | | |
| 587,082 | | | 0.750%, 07/15/2028 | | | 558,026 | | | | 0.3 | | |
| 7,810,366 | | | 1.125%, 01/15/2033 | | | 7,229,611 | | | | 3.4 | | |
| 8,019,167 | | | 1.375%, 07/15/2033 | | | 7,575,826 | | | | 3.6 | | |
| 2,525,298 | | | 1.625%, 10/15/2027 | | | 2,484,680 | | | | 1.2 | | |
| 7,905,233 | | | 1.750%, 01/15/2034 | | | 7,674,664 | | | | 3.7 | | |
| 6,249,522 | | | 2.125%, 04/15/2029 | | | 6,258,716 | | | | 3.0 | | |
| | | | | | | 61,931,038 | | | | 29.6 | | |
| | | | | | | | | | | | | |
| | | | Total U.S. Treasury Obligations | | | | | | | | | |
| | | | (Cost $112,161,555) | | | 102,749,789 | | | | 49.2 | | |
| | | | | | | | | | | | | |
| CORPORATE BONDS/NOTES: 25.1% | | | | |
| | | | Basic Materials: 0.7% | | | | | | | | | |
| 400,000 (2) | | | Anglo American Capital PLC, 2.625%, 09/10/2030 | | | 342,875 | | | | 0.2 | | |
| 467,000 (2) | | | Anglo American Capital PLC, 4.500%, 03/15/2028 | | | 454,155 | | | | 0.2 | | |
| 200,000 (2) | | | Anglo American Capital PLC, 5.625%, 04/01/2030 | | | 201,878 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Basic Materials: (continued) | |
| 65,000 (2) | | | Glencore Funding LLC, 3.875%, 10/27/2027 | | $ | 62,044 | | | | 0.0 | | |
| 314,000 (2) | | | Glencore Funding LLC, 5.371%, 04/04/2029 | | | 312,644 | | | | 0.2 | | |
| 43,000 (2) | | | Glencore Funding LLC, 6.125%, 10/06/2028 | | | 44,034 | | | | 0.0 | | |
| 63,000 (2) | | | Glencore Funding LLC, 6.375%, 10/06/2030 | | | 65,699 | | | | 0.0 | | |
| 66,000 | | | Newmont Corp., 2.600%, 07/15/2032 | | | 55,037 | | | | 0.0 | | |
| | | | | | | 1,538,366 | | | | 0.7 | | |
| | | | | | | | | | | | | |
| | | | Communications: 1.7% | |
| 345,000 | | | AT&T, Inc., 3.650%, 09/15/2059 | | | 231,553 | | | | 0.1 | | |
| 102,000 | | | AT&T, Inc., 3.850%, 06/01/2060 | | | 71,201 | | | | 0.0 | | |
| 175,000 | | | AT&T, Inc., 4.500%, 03/09/2048 | | | 144,429 | | | | 0.1 | | |
| 198,000 | | | AT&T, Inc., 5.700%, 03/01/2057 | | | 192,055 | | | | 0.1 | | |
| 43,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061 | | | 25,135 | | | | 0.0 | | |
| 129,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | | | 80,970 | | | | 0.0 | | |
| 88,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | | | 52,185 | | | | 0.0 | | |
| 137,000 | | | Comcast Corp., 2.937%, 11/01/2056 | | | 82,711 | | | | 0.0 | | |
| 164,000 | | | Comcast Corp., 2.987%, 11/01/2063 | | | 96,339 | | | | 0.1 | | |
| 231,000 | | | Meta Platforms, Inc., 5.750%, 05/15/2063 | | | 237,529 | | | | 0.1 | | |
| 21,000 | | | Motorola Solutions, Inc., 5.600%, 06/01/2032 | | | 21,245 | | | | 0.0 | | |
| 16,000 | | | Paramount Global, 4.950%, 05/19/2050 | | | 11,154 | | | | 0.0 | | |
| 21,000 | | | Paramount Global, 5.250%, 04/01/2044 | | | 15,347 | | | | 0.0 | | |
| 110,000 | | | Rogers Communications, Inc., 5.300%, 02/15/2034 | | | 107,978 | | | | 0.1 | | |
| 750,000 | | | Sprint LLC, 7.625%, 03/01/2026 | | | 771,330 | | | | 0.4 | | |
| 258,000 | | | T-Mobile USA, Inc., 3.750%, 04/15/2027 | | | 248,031 | | | | 0.1 | | |
| 206,000 | | | T-Mobile USA, Inc., 4.800%, 07/15/2028 | | | 203,261 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Communications: (continued) | |
| 279,000 | | | T-Mobile USA, Inc., 5.050%, 07/15/2033 | | $ | 273,061 | | | | 0.1 | | |
| 75,000 | | | Verizon Communications, Inc., 1.750%, 01/20/2031 | | | 60,717 | | | | 0.0 | | |
| 145,000 | | | Verizon Communications, Inc., 2.100%, 03/22/2028 | | | 130,434 | | | | 0.1 | | |
| 29,000 | | | Verizon Communications, Inc., 4.016%, 12/03/2029 | | | 27,417 | | | | 0.0 | | |
| 98,000 | | | Verizon Communications, Inc., 4.272%, 01/15/2036 | | | 88,835 | | | | 0.1 | | |
| 17,000 | | | Verizon Communications, Inc., 4.329%, 09/21/2028 | | | 16,533 | | | | 0.0 | | |
| 421,000 | | | Verizon Communications, Inc., 5.050%, 05/09/2033 | | | 415,212 | | | | 0.2 | | |
| | | | | | | 3,604,662 | | | | 1.7 | | |
| | | | | | | | | | | | | |
| | | | Consumer, Cyclical: 0.5% | |
| 200,000 | | | Ford Motor Credit Co. LLC, 6.125%, 03/08/2034 | | | 197,961 | | | | 0.1 | | |
| 60,000 | | | General Motors Financial Co., Inc., 5.600%, 06/18/2031 | | | 59,572 | | | | 0.0 | | |
| 24,000 | | | General Motors Financial Co., Inc., 5.750%, 02/08/2031 | | | 24,072 | | | | 0.0 | | |
| 137,000 | | | General Motors Financial Co., Inc., 5.950%, 04/04/2034 | | | 137,171 | | | | 0.1 | | |
| 26,000 | | | Las Vegas Sands Corp., 5.900%, 06/01/2027 | | | 26,147 | | | | 0.0 | | |
| 525,000 | | | Lowe’s Cos., Inc., 1.700%, 09/15/2028 | | | 458,918 | | | | 0.2 | | |
| 91,000 | | | Lowe’s Cos., Inc., 1.700%, 10/15/2030 | | | 74,328 | | | | 0.1 | | |
| 39,000 | | | Marriott International, Inc., 5.300%, 05/15/2034 | | | 38,306 | | | | 0.0 | | |
| | | | | | | 1,016,475 | | | | 0.5 | | |
| | | | | | | | | | | | | |
| | | | Consumer, Non-cyclical: 3.5% | |
| 398,000 | | | AbbVie, Inc., 4.500%, 05/14/2035 | | | 375,585 | | | | 0.2 | | |
| 109,000 | | | AbbVie, Inc., 5.050%, 03/15/2034 | | | 108,722 | | | | 0.1 | | |
| 209,000 | | | Altria Group, Inc., 3.700%, 02/04/2051 | | | 141,382 | | | | 0.1 | | |
| 110,000 | | | Altria Group, Inc., 4.800%, 02/14/2029 | | | 108,238 | | | | 0.1 | | |
| 160,000 | | | Altria Group, Inc., 6.200%, 11/01/2028 | | | 166,011 | | | | 0.1 | | |
| 140,000 | | | Altria Group, Inc., 6.875%, 11/01/2033 | | | 151,411 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Consumer, Non-cyclical: (continued) | |
| 97,000 | | | Amgen, Inc., 2.770%, 09/01/2053 | | $ | 58,127 | | | | 0.0 | | |
| 100,000 | | | Amgen, Inc., 4.200%, 02/22/2052 | | | 79,134 | | | | 0.0 | | |
| 453,000 | | | Amgen, Inc., 5.150%, 03/02/2028 | | | 453,016 | | | | 0.2 | | |
| 154,000 | | | Amgen, Inc., 5.750%, 03/02/2063 | | | 150,947 | | | | 0.1 | | |
| 101,000 | | | BAT Capital Corp., 2.259%, 03/25/2028 | | | 90,522 | | | | 0.0 | | |
| 206,000 | | | BAT Capital Corp., 4.540%, 08/15/2047 | | | 158,774 | | | | 0.1 | | |
| 33,000 | | | BAT Capital Corp., 4.758%, 09/06/2049 | | | 26,013 | | | | 0.0 | | |
| 14,000 | | | BAT Capital Corp., 5.650%, 03/16/2052 | | | 12,517 | | | | 0.0 | | |
| 297,000 | | | BAT Capital Corp., 7.081%, 08/02/2053 | | | 316,047 | | | | 0.2 | | |
| 463,000 | | | BAT International Finance PLC, 4.448%, 03/16/2028 | | | 448,387 | | | | 0.2 | | |
| 120,000 | | | Becton Dickinson & Co., 4.693%, 02/13/2028 | | | 118,325 | | | | 0.1 | | |
| 150,000 | | | BHSH System Obligated Group 19A, 3.487%, 07/15/2049 | | | 112,750 | | | | 0.1 | | |
| 80,000 | | | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | | | 80,329 | | | | 0.0 | | |
| 225,000 | | | CommonSpirit Health, 2.782%, 10/01/2030 | | | 195,078 | | | | 0.1 | | |
| 150,000 | | | CommonSpirit Health, 3.817%, 10/01/2049 | | | 114,217 | | | | 0.1 | | |
| 212,000 | | | CVS Health Corp., 5.000%, 01/30/2029 | | | 209,895 | | | | 0.1 | | |
| 83,000 | | | CVS Health Corp., 5.125%, 02/21/2030 | | | 82,125 | | | | 0.0 | | |
| 64,000 | | | CVS Health Corp., 5.400%, 06/01/2029 | | | 64,099 | | | | 0.0 | | |
| 1,000 | | | Elevance Health, Inc., 5.650%, 06/15/2054 | | | 990 | | | | 0.0 | | |
| 71,000 | | | Elevance Health, Inc., 6.100%, 10/15/2052 | | | 74,483 | | | | 0.0 | | |
| 300,000 | | | Franciscan Missionaries of Our Lady Health System, Inc. B, 3.914%, 07/01/2049 | | | 230,712 | | | | 0.1 | | |
| 576,000 (2) | | | Gartner, Inc., 4.500%, 07/01/2028 | | | 555,642 | | | | 0.3 | | |
| 387,000 | | | Gilead Sciences, Inc., 1.650%, 10/01/2030 | | | 318,998 | | | | 0.2 | | |
| 23,000 | | | Global Payments, Inc., 3.200%, 08/15/2029 | | | 20,673 | | | | 0.0 | | |
| 59,000 | | | Global Payments, Inc., 4.950%, 08/15/2027 | | | 58,435 | | | | 0.0 | | |
| 104,000 | | | HCA, Inc., 3.500%, 09/01/2030 | | | 93,840 | | | | 0.0 | | |
| 675,000 | | | HCA, Inc., 5.200%, 06/01/2028 | | | 672,502 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Consumer, Non-cyclical: (continued) | |
| 112,000 | | | HCA, Inc., 5.450%, 04/01/2031 | | $ | 111,951 | | | | 0.1 | | |
| 199,000 | | | Humana, Inc., 1.350%, 02/03/2027 | | | 180,360 | | | | 0.1 | | |
| 19,000 | | | Humana, Inc., 3.950%, 03/15/2027 | | | 18,375 | | | | 0.0 | | |
| 150,000 | | | Kaiser Foundation Hospitals 2021, 3.002%, 06/01/2051 | | | 100,073 | | | | 0.1 | | |
| 70,000 | | | Moody’s Corp., 4.250%, 02/01/2029 | | | 68,123 | | | | 0.0 | | |
| 175,000 | | | Mount Nittany Medical Center Obligated Group 2022, 3.799%, 11/15/2052 | | | 135,658 | | | | 0.1 | | |
| 26,000 | | | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | | | 25,344 | | | | 0.0 | | |
| 131,000 | | | Pfizer, Inc., 2.700%, 05/28/2050 | | | 84,226 | | | | 0.0 | | |
| 48,000 | | | Philip Morris International, Inc., 4.875%, 02/13/2029 | | | 47,483 | | | | 0.0 | | |
| 12,000 | | | RELX Capital, Inc., 4.000%, 03/18/2029 | | | 11,540 | | | | 0.0 | | |
| 206,000 | | | Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026 | | | 197,598 | | | | 0.1 | | |
| 157,000 (2) | | | Solventum Corp., 5.450%, 02/25/2027 | | | 156,880 | | | | 0.1 | | |
| 64,000 (2) | | | Solventum Corp., 6.000%, 05/15/2064 | | | 60,792 | | | | 0.0 | | |
| 63,000 | | | Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033 | | | 62,862 | | | | 0.0 | | |
| 65,000 | | | UnitedHealth Group, Inc., 5.050%, 04/15/2053 | | | 60,250 | | | | 0.0 | | |
| 84,000 | | | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | | | 81,398 | | | | 0.0 | | |
| | | | | | | 7,250,839 | | | | 3.5 | | |
| | | | | | | | | | | | | |
| | | | Energy: 5.7% | |
| 274,000 | | | Apache Corp., 4.250%, 01/15/2030 | | | 255,840 | | | | 0.1 | | |
| 19,000 | | | BP Capital Markets America, Inc., 2.772%, 11/10/2050 | | | 11,687 | | | | 0.0 | | |
| 37,000 | | | BP Capital Markets America, Inc., 3.379%, 02/08/2061 | | | 24,314 | | | | 0.0 | | |
| 102,000 | | | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | | | 99,825 | | | | 0.1 | | |
| 85,000 (2) | | | Cameron LNG LLC, 3.302%, 01/15/2035 | | | 70,024 | | | | 0.0 | | |
| 288,000 (2) | | | Cameron LNG LLC, 3.402%, 01/15/2038 | | | 233,028 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | |
| 46,000 | | | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | | $ | 42,523 | | | | 0.0 | | |
| 893,000 | | | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 | | | 891,819 | | | | 0.4 | | |
| 163,000 | | | Cheniere Energy Partners L.P., 4.000%, 03/01/2031 | | | 148,334 | | | | 0.1 | | |
| 108,000 | | | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | | | 102,953 | | | | 0.1 | | |
| 218,000 | | | Cheniere Energy Partners L.P., 5.950%, 06/30/2033 | | | 221,176 | | | | 0.1 | | |
| 302,000 (2) | | | Cheniere Energy, Inc., 5.650%, 04/15/2034 | | | 302,427 | | | | 0.2 | | |
| 27,000 | | | Chevron Corp., 3.078%, 05/11/2050 | | | 18,444 | | | | 0.0 | | |
| 64,000 | | | Devon Energy Corp., 4.500%, 01/15/2030 | | | 61,614 | | | | 0.0 | | |
| 24,000 | | | Devon Energy Corp., 5.250%, 10/15/2027 | | | 23,940 | | | | 0.0 | | |
| 1,143,000 | | | Diamondback Energy, Inc., 3.125%, 03/24/2031 | | | 1,005,148 | | | | 0.5 | | |
| 615,000 | | | Diamondback Energy, Inc., 3.250%, 12/01/2026 | | | 587,878 | | | | 0.3 | | |
| 1,397,000 | | | Diamondback Energy, Inc., 3.500%, 12/01/2029 | | | 1,288,887 | | | | 0.6 | | |
| 142,000 | | | Diamondback Energy, Inc., 5.150%, 01/30/2030 | | | 141,438 | | | | 0.1 | | |
| 152,000 | | | Diamondback Energy, Inc., 5.900%, 04/18/2064 | | | 146,834 | | | | 0.1 | | |
| 37,000 | | | Energy Transfer L.P., 4.950%, 05/15/2028 | | | 36,452 | | | | 0.0 | | |
| 101,000 | | | Energy Transfer L.P., 5.000%, 05/15/2050 | | | 85,805 | | | | 0.0 | | |
| 265,000 | | | Energy Transfer L.P., 5.500%, 06/01/2027 | | | 265,832 | | | | 0.1 | | |
| 162,000 | | | Energy Transfer L.P., 6.050%, 09/01/2054 | | | 159,850 | | | | 0.1 | | |
| 106,000 | | | Energy Transfer L.P., 6.250%, 04/15/2049 | | | 105,541 | | | | 0.1 | | |
| 96,000 | | | Energy Transfer L.P., 6.400%, 12/01/2030 | | | 101,006 | | | | 0.1 | | |
| 30,000 | | | Energy Transfer L.P., 6.550%, 12/01/2033 | | | 31,812 | | | | 0.0 | | |
| 105,000 | | | EnLink Midstream Partners L.P., 5.450%, 06/01/2047 | | | 91,175 | | | | 0.1 | | |
| 194,000 (2) | | | EQT Corp., 3.625%, 05/15/2031 | | | 171,267 | | | | 0.1 | | |
| 935,000 | | | EQT Corp., 3.900%, 10/01/2027 | | | 894,366 | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | |
| 235,000 | | | EQT Corp., 5.700%, 04/01/2028 | | $ | 237,463 | | | | 0.1 | | |
| 8,000 | | | EQT Corp., 7.000%, 02/01/2030 | | | 8,495 | | | | 0.0 | | |
| 45,000 | | | Exxon Mobil Corp., 3.452%, 04/15/2051 | | | 32,501 | | | | 0.0 | | |
| 43,000 | | | Kinder Morgan, Inc., 3.250%, 08/01/2050 | | | 27,456 | | | | 0.0 | | |
| 201,000 | | | Kinder Morgan, Inc., 5.000%, 02/01/2029 | | | 198,813 | | | | 0.1 | | |
| 19,000 | | | Kinder Morgan, Inc., 5.300%, 12/01/2034 | | | 18,424 | | | | 0.0 | | |
| 106,000 (2) | | | NGPL PipeCo LLC, 3.250%, 07/15/2031 | | | 90,643 | | | | 0.1 | | |
| 497,000 (2) | | | NGPL PipeCo LLC, 4.875%, 08/15/2027 | | | 486,385 | | | | 0.2 | | |
| 478,000 | | | Northwest Pipeline LLC, 4.000%, 04/01/2027 | | | 463,329 | | | | 0.2 | | |
| 52,000 | | | Ovintiv, Inc., 6.250%, 07/15/2033 | | | 53,636 | | | | 0.0 | | |
| 52,000 | | | Ovintiv, Inc., 7.100%, 07/15/2053 | | | 57,098 | | | | 0.0 | | |
| 200,000 | | | Project Grange, 6.500%, 03/20/2045 | | | 200,000 | | | | 0.1 | | |
| 908,000 | | | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | | | 876,326 | | | | 0.4 | | |
| 390,000 | | | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | | | 386,833 | | | | 0.2 | | |
| 24,000 | | | Targa Resources Corp., 4.950%, 04/15/2052 | | | 20,467 | | | | 0.0 | | |
| 209,000 | | | Targa Resources Corp., 5.200%, 07/01/2027 | | | 208,666 | | | | 0.1 | | |
| 30,000 | | | Targa Resources Corp., 6.500%, 02/15/2053 | | | 31,545 | | | | 0.0 | | |
| 29,000 | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.000%, 01/15/2032 | | | 26,145 | | | | 0.0 | | |
| 153,000 | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | | | 146,096 | | | | 0.1 | | |
| 222,000 | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028 | | | 217,592 | | | | 0.1 | | |
| 34,000 (2) | | | Texas Eastern Transmission L.P., 3.500%, 01/15/2028 | | | 32,100 | | | | 0.0 | | |
| 103,000 | | | Transcontinental Gas Pipe Line Co. LLC, 3.950%, 05/15/2050 | | | 78,096 | | | | 0.0 | | |
| 277,000 | | | Transcontinental Gas Pipe Line Co. LLC, 4.000%, 03/15/2028 | | | 265,632 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Energy: (continued) | |
| 230,000 | | | Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/2026 | | $ | 236,742 | | | | 0.1 | | |
| | | | | | | 12,021,722 | | | | 5.7 | | |
| | | | | | | | | | | | | |
| | | | Financial: 7.2% | |
| 17,000 | | | American International Group, Inc., 4.375%, 06/30/2050 | | | 14,094 | | | | 0.0 | | |
| 92,000 | | | American Tower Corp., 2.300%, 09/15/2031 | | | 75,098 | | | | 0.0 | | |
| 268,000 | | | American Tower Corp., 3.550%, 07/15/2027 | | | 254,385 | | | | 0.1 | | |
| 219,000 | | | American Tower Corp., 3.800%, 08/15/2029 | | | 203,636 | | | | 0.1 | | |
| 23,000 | | | American Tower Corp., 4.050%, 03/15/2032 | | | 21,038 | | | | 0.0 | | |
| 110,000 | | | American Tower Corp., 5.200%, 02/15/2029 | | | 109,660 | | | | 0.1 | | |
| 18,000 | | | American Tower Corp., 5.800%, 11/15/2028 | | | 18,356 | | | | 0.0 | | |
| 501,000 (3) | | | Bank of America Corp., 5.468%, 01/23/2035 | | | 500,678 | | | | 0.2 | | |
| 570,000 (3) | | | Bank of America Corp., 5.819%, 09/15/2029 | | | 582,040 | | | | 0.3 | | |
| 59,000 (3) | | | Bank of America Corp., MTN, 2.676%, 06/19/2041 | | | 41,247 | | | | 0.0 | | |
| 109,000 (3) | | | Bank of America Corp., MTN, 2.831%, 10/24/2051 | | | 69,000 | | | | 0.0 | | |
| 378,000 (3) | | | Bank of America Corp., MTN, 2.972%, 02/04/2033 | | | 320,014 | | | | 0.2 | | |
| 36,000 (3) | | | Citigroup, Inc., 2.520%, 11/03/2032 | | | 29,591 | | | | 0.0 | | |
| 104,000 (3) | | | Citigroup, Inc., 2.666%, 01/29/2031 | | | 90,600 | | | | 0.0 | | |
| 120,000 (3) | | | Citigroup, Inc., 3.980%, 03/20/2030 | | | 113,308 | | | | 0.1 | | |
| 56,000 (3) | | | Citigroup, Inc., 4.910%, 05/24/2033 | | | 53,794 | | | | 0.0 | | |
| 145,000 (3) | | | Citigroup, Inc., 5.449%, 06/11/2035 | | | 143,919 | | | | 0.1 | | |
| 181,000 (3) | | | Citigroup, Inc. VAR, 3.070%, 02/24/2028 | | | 170,850 | | | | 0.1 | | |
| 500,000 | | | Credit Suisse AG/ New York NY, 5.000%, 07/09/2027 | | | 496,038 | | | | 0.2 | | |
| 29,000 | | | Crown Castle, Inc., 2.100%, 04/01/2031 | | | 23,495 | | | | 0.0 | | |
| 183,000 | | | Crown Castle, Inc., 2.250%, 01/15/2031 | | | 150,571 | | | | 0.1 | | |
| 37,000 | | | Crown Castle, Inc., 2.500%, 07/15/2031 | | | 30,585 | | | | 0.0 | | |
| 80,000 | | | Crown Castle, Inc., 2.900%, 03/15/2027 | | | 75,114 | | | | 0.0 | | |
| 91,000 | | | Crown Castle, Inc., 3.650%, 09/01/2027 | | | 86,523 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial: (continued) | |
| 221,000 | | | Equinix, Inc., 2.000%, 05/15/2028 | | $ | 195,818 | | | | 0.1 | | |
| 127,000 | | | Equinix, Inc., 2.150%, 07/15/2030 | | | 106,531 | | | | 0.1 | | |
| 36,000 | | | Equinix, Inc., 2.500%, 05/15/2031 | | | 30,174 | | | | 0.0 | | |
| 218,000 | | | Equinix, Inc., 3.200%, 11/18/2029 | | | 196,498 | | | | 0.1 | | |
| 132,000 | | | Equinix, Inc., 3.900%, 04/15/2032 | | | 120,077 | | | | 0.1 | | |
| 394,000 | | | GLP Capital L.P. / GLP Financing II, Inc., 3.250%, 01/15/2032 | | | 331,497 | | | | 0.2 | | |
| 588,000 | | | GLP Capital L.P. / GLP Financing II, Inc., 5.300%, 01/15/2029 | | | 579,776 | | | | 0.3 | | |
| 338,000 (3) | | | Goldman Sachs Group, Inc., 1.948%, 10/21/2027 | | | 312,189 | | | | 0.2 | | |
| 390,000 (3) | | | Goldman Sachs Group, Inc., 2.650%, 10/21/2032 | | | 324,380 | | | | 0.2 | | |
| 477,000 (3) | | | Goldman Sachs Group, Inc., 3.102%, 02/24/2033 | | | 407,537 | | | | 0.2 | | |
| 750,000 (3) | | | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | | | 763,486 | | | | 0.4 | | |
| 415,000 (3) | | | Goldman Sachs Group, Inc., 5.851%, 04/25/2035 | | | 425,263 | | | | 0.2 | | |
| 91,000 (3) | | | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | | | 95,026 | | | | 0.1 | | |
| 335,000 (3) | | | JPMorgan Chase & Co., 1.953%, 02/04/2032 | | | 272,605 | | | | 0.1 | | |
| 51,000 (3) | | | JPMorgan Chase & Co., 2.522%, 04/22/2031 | | | 44,097 | | | | 0.0 | | |
| 230,000 (3) | | | JPMorgan Chase & Co., 5.012%, 01/23/2030 | | | 228,282 | | | | 0.1 | | |
| 105,000 (3) | | | JPMorgan Chase & Co., 5.336%, 01/23/2035 | | | 104,417 | | | | 0.1 | | |
| 164,000 (3) | | | JPMorgan Chase & Co., 5.571%, 04/22/2028 | | | 165,363 | | | | 0.1 | | |
| 198,000 (3) | | | JPMorgan Chase & Co., 5.766%, 04/22/2035 | | | 203,225 | | | | 0.1 | | |
| 294,000 (3) | | | JPMorgan Chase & Co., 6.087%, 10/23/2029 | | | 303,848 | | | | 0.2 | | |
| 93,000 | | | Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | | | 79,274 | | | | 0.0 | | |
| 548,000 (3) | | | Morgan Stanley, 2.943%, 01/21/2033 | | | 465,958 | | | | 0.2 | | |
| 70,000 (3) | | | Morgan Stanley, 5.173%, 01/16/2030 | | | 69,840 | | | | 0.0 | | |
| 266,000 (3) | | | Morgan Stanley, 5.449%, 07/20/2029 | | | 267,689 | | | | 0.1 | | |
| 160,000 (3) | | | Morgan Stanley, 5.656%, 04/18/2030 | | | 162,748 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Financial: (continued) | |
| 655,000 (3) | | | Morgan Stanley, 5.831%, 04/19/2035 | | $ | 671,674 | | | | 0.3 | | |
| 622,000 (3) | | | Morgan Stanley, 6.407%, 11/01/2029 | | | 649,135 | | | | 0.3 | | |
| 60,000 (3) | | | Morgan Stanley, GMTN, 2.239%, 07/21/2032 | | | 49,035 | | | | 0.0 | | |
| 26,000 (3) | | | Morgan Stanley, MTN, 1.794%, 02/13/2032 | | | 20,876 | | | | 0.0 | | |
| 52,000 (3) | | | Morgan Stanley, MTN, 2.511%, 10/20/2032 | | | 42,998 | | | | 0.0 | | |
| 245,000 (3) | | | Morgan Stanley, MTN, 3.622%, 04/01/2031 | | | 224,900 | | | | 0.1 | | |
| 693,000 (3) | | | Morgan Stanley, MTN, 5.164%, 04/20/2029 | | | 690,907 | | | | 0.3 | | |
| 83,000 | | | National Retail Properties, Inc., 3.000%, 04/15/2052 | | | 51,765 | | | | 0.0 | | |
| 200,000 (2)(3) | | | UBS Group AG, 5.699%, 02/08/2035 | | | 199,877 | | | | 0.1 | | |
| 689,000 | | | VICI Properties L.P., 4.750%, 02/15/2028 | | | 673,557 | | | | 0.3 | | |
| 206,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | | | 195,832 | | | | 0.1 | | |
| 194,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 3.875%, 02/15/2029 | | | 179,528 | | | | 0.1 | | |
| 180,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 4.125%, 08/15/2030 | | | 163,846 | | | | 0.1 | | |
| 190,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026 | | | 183,391 | | | | 0.1 | | |
| 442,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 4.500%, 09/01/2026 | | | 430,754 | | | | 0.2 | | |
| 28,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 12/01/2029 | | | 26,520 | | | | 0.0 | | |
| 160,000 (2) | | | VICI Properties L.P. / VICI Note Co., Inc., 5.750%, 02/01/2027 | | | 160,124 | | | | 0.1 | | |
| 247,000 (3) | | | Wells Fargo & Co., 5.499%, 01/23/2035 | | | 246,234 | | | | 0.1 | | |
| 24,000 (3) | | | Wells Fargo & Co., 6.491%, 10/23/2034 | | | 25,595 | | | | 0.0 | | |
| 55,000 (3) | | | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 | | | 47,040 | | | | 0.0 | | |
| 197,000 (3) | | | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | | | 198,823 | | | | 0.1 | | |
| | | | | | | 15,061,643 | | | | 7.2 | | |
| | | | | | | | | | | | | |
| | | | Industrial: 1.6% | |
| 652,000 (2) | | | BAE Systems Holdings, Inc., 3.850%, 12/15/2025 | | | 636,114 | | | | 0.3 | | |
| 13,000 | | | Berry Global, Inc., 5.500%, 04/15/2028 | | | 12,979 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Industrial: (continued) | |
| 9,000 | | | Boeing Co., 5.930%, 05/01/2060 | | $ | 8,052 | | | | 0.0 | | |
| 42,000 (2) | | | Boeing Co., 6.858%, 05/01/2054 | | | 43,134 | | | | 0.0 | | |
| 27,000 (2) | | | Boeing Co., 7.008%, 05/01/2064 | | | 27,665 | | | | 0.0 | | |
| 176,000 | | | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 | | | 122,542 | | | | 0.1 | | |
| 25,000 | | | Burlington Northern Santa Fe LLC, 5.500%, 03/15/2055 | | | 25,064 | | | | 0.0 | | |
| 20,000 | | | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | | | 19,926 | | | | 0.0 | | |
| 41,000 | | | Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027 | | | 38,645 | | | | 0.0 | | |
| 244,000 | | | L3Harris Technologies, Inc., 3.850%, 12/15/2026 | | | 235,871 | | | | 0.1 | | |
| 309,000 | | | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | | | 306,934 | | | | 0.2 | | |
| 180,000 | | | L3Harris Technologies, Inc., 5.250%, 06/01/2031 | | | 179,480 | | | | 0.1 | | |
| 302,000 | | | L3Harris Technologies, Inc., 5.400%, 01/15/2027 | | | 303,309 | | | | 0.2 | | |
| 26,000 | | | L3Harris Technologies, Inc., 5.600%, 07/31/2053 | | | 25,809 | | | | 0.0 | | |
| 70,000 | | | Lockheed Martin Corp., 4.450%, 05/15/2028 | | | 68,966 | | | | 0.0 | | |
| 36,000 | | | Norfolk Southern Corp., 3.050%, 05/15/2050 | | | 23,431 | | | | 0.0 | | |
| 156,000 | | | Norfolk Southern Corp., 3.155%, 05/15/2055 | | | 99,046 | | | | 0.1 | | |
| 134,000 | | | Northrop Grumman Corp., 4.700%, 03/15/2033 | | | 129,347 | | | | 0.1 | | |
| 44,000 | | | Northrop Grumman Corp., 5.200%, 06/01/2054 | | | 41,233 | | | | 0.0 | | |
| 21,000 | | | Raytheon Technologies Corp., 2.820%, 09/01/2051 | | | 12,802 | | | | 0.0 | | |
| 37,000 | | | Raytheon Technologies Corp., 3.125%, 07/01/2050 | | | 24,324 | | | | 0.0 | | |
| 32,000 | | | RTX Corp., 5.400%, 05/01/2035 | | | 32,156 | | | | 0.0 | | |
| 212,000 | | | RTX Corp., 5.750%, 01/15/2029 | | | 217,738 | | | | 0.1 | | |
| 424,000 | | | RTX Corp., 6.100%, 03/15/2034 | | | 446,532 | | | | 0.2 | | |
| 34,000 | | | Textron, Inc., 3.900%, 09/17/2029 | | | 31,911 | | | | 0.0 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Industrial: (continued) | |
| 28,000 | | | Union Pacific Corp., 2.950%, 03/10/2052 | | $ | 18,038 | | | | 0.0 | | |
| 168,000 | | | Union Pacific Corp., 4.500%, 01/20/2033 | | | 161,915 | | | | 0.1 | | |
| | | | | | | 3,292,963 | | | | 1.6 | | |
| | | | | | | | | | | | | |
| | | | Technology: 0.9% | |
| 164,000 | | | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 | | | 155,233 | | | | 0.1 | | |
| 13,000 (2) | | | Broadcom, Inc., 2.600%, 02/15/2033 | | | 10,540 | | | | 0.0 | | |
| 173,000 (2) | | | Broadcom, Inc., 3.137%, 11/15/2035 | | | 138,600 | | | | 0.1 | | |
| 28,000 (2) | | | Broadcom, Inc., 3.187%, 11/15/2036 | | | 22,169 | | | | 0.0 | | |
| 62,000 | | | Broadcom, Inc., 4.150%, 11/15/2030 | | | 58,582 | | | | 0.1 | | |
| 38,000 | | | Dell International LLC / EMC Corp., 3.450%, 12/15/2051 | | | 25,772 | | | | 0.0 | | |
| 200,000 (2) | | | Foundry JV Holdco LLC, 6.150%, 01/25/2032 | | | 204,054 | | | | 0.1 | | |
| 50,000 | | | Hewlett Packard Enterprise Co., 5.250%, 07/01/2028 | | | 50,310 | | | | 0.0 | | |
| 32,000 | | | Intel Corp., 3.200%, 08/12/2061 | | | 19,754 | | | | 0.0 | | |
| 163,000 | | | KLA Corp., 4.100%, 03/15/2029 | | | 158,373 | | | | 0.1 | | |
| 43,000 | | | KLA Corp., 5.250%, 07/15/2062 | | | 41,098 | | | | 0.0 | | |
| 269,000 (2) | | | MSCI, Inc., 3.625%, 09/01/2030 | | | 241,723 | | | | 0.1 | | |
| 20,000 (2) | | | MSCI, Inc., 3.625%, 11/01/2031 | | | 17,568 | | | | 0.0 | | |
| 23,000 (2) | | | MSCI, Inc., 3.875%, 02/15/2031 | | | 20,735 | | | | 0.0 | | |
| 55,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 | | | 46,143 | | | | 0.0 | | |
| 138,000 | | | Oracle Corp., 3.850%, 07/15/2036 | | | 116,414 | | | | 0.1 | | |
| 36,000 | | | Oracle Corp., 3.850%, 04/01/2060 | | | 24,772 | | | | 0.0 | | |
| 27,000 | | | Oracle Corp., 4.100%, 03/25/2061 | | | 19,366 | | | | 0.0 | | |
| 304,000 | | | Oracle Corp., 4.375%, 05/15/2055 | | | 237,556 | | | | 0.1 | | |
| 13,000 | | | Texas Instruments, Inc., 4.100%, 08/16/2052 | | | 10,664 | | | | 0.0 | | |
| 28,000 | | | Texas Instruments, Inc., 5.050%, 05/18/2063 | | | 26,042 | | | | 0.0 | | |
| 200,000 | | | TSMC Arizona Corp., 4.250%, 04/22/2032 | | | 193,625 | | | | 0.1 | | |
| | | | | | | 1,839,093 | | | | 0.9 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: 3.3% | |
| 17,000 | | | AEP Texas, Inc., 3.450%, 05/15/2051 | | $ | 11,198 | | | | 0.0 | | |
| 82,000 | | | AEP Texas, Inc., 5.250%, 05/15/2052 | | | 73,345 | | | | 0.0 | | |
| 274,000 | | | AEP Texas, Inc., 5.400%, 06/01/2033 | | | 266,965 | | | | 0.1 | | |
| 157,000 | | | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | | | 153,559 | | | | 0.1 | | |
| 318,000 | | | AEP Transmission Co. LLC N, 2.750%, 08/15/2051 | | | 190,766 | | | | 0.1 | | |
| 48,000 | | | Alabama Power Co., 3.000%, 03/15/2052 | | | 31,134 | | | | 0.0 | | |
| 146,000 | | | Alabama Power Co., 3.125%, 07/15/2051 | | | 96,788 | | | | 0.1 | | |
| 136,000 | | | Baltimore Gas and Electric Co., 4.550%, 06/01/2052 | | | 113,511 | | | | 0.1 | | |
| 70,000 | | | CenterPoint Energy Houston Electric LLC AH, 3.600%, 03/01/2052 | | | 50,761 | | | | 0.0 | | |
| 13,000 | | | CenterPoint Energy Resources Corp., 1.750%, 10/01/2030 | | | 10,611 | | | | 0.0 | | |
| 10,000 | | | CenterPoint Energy Resources Corp., 5.250%, 03/01/2028 | | | 10,041 | | | | 0.0 | | |
| 30,000 | | | CenterPoint Energy Resources Corp., 5.400%, 07/01/2034 | | | 29,717 | | | | 0.0 | | |
| 34,000 | | | Consolidated Edison Co. of New York, Inc., 5.700%, 05/15/2054 | | | 33,944 | | | | 0.0 | | |
| 172,000 | | | Consumers Energy Co., 2.650%, 08/15/2052 | | | 105,971 | | | | 0.1 | | |
| 20,000 | | | Dominion Energy South Carolina, Inc., 6.250%, 10/15/2053 | | | 21,570 | | | | 0.0 | | |
| 64,000 | | | Duke Energy Carolinas LLC, 2.450%, 02/01/2030 | | | 56,079 | | | | 0.0 | | |
| 45,000 | | | Duke Energy Carolinas LLC, 3.200%, 08/15/2049 | | | 30,218 | | | | 0.0 | | |
| 71,000 | | | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | | | 49,740 | | | | 0.0 | | |
| 202,000 | | | Duke Energy Carolinas LLC, 4.950%, 01/15/2033 | | | 198,662 | | | | 0.1 | | |
| 90,000 | | | Duke Energy Carolinas LLC, 5.350%, 01/15/2053 | | | 85,576 | | | | 0.0 | | |
| 173,000 | | | Duke Energy Florida LLC, 1.750%, 06/15/2030 | | | 143,632 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | |
| 316,000 | | | Duke Energy Florida LLC, 2.500%, 12/01/2029 | | $ | 278,910 | | | | 0.1 | | |
| 14,000 | | | Duke Energy Florida LLC, 3.400%, 10/01/2046 | | | 9,870 | | | | 0.0 | | |
| 188,000 | | | Duke Energy Florida LLC, 3.800%, 07/15/2028 | | | 179,688 | | | | 0.1 | | |
| 60,000 | | | Duke Energy Florida LLC, 5.950%, 11/15/2052 | | | 61,171 | | | | 0.0 | | |
| 74,000 | | | Duke Energy Ohio, Inc., 3.650%, 02/01/2029 | | | 69,887 | | | | 0.0 | | |
| 191,000 | | | Duke Energy Progress LLC, 2.900%, 08/15/2051 | | | 118,573 | | | | 0.1 | | |
| 105,000 | | | Duke Energy Progress LLC, 5.100%, 03/15/2034 | | | 104,215 | | | | 0.1 | | |
| 90,000 | | | Duke Energy Progress LLC, 5.250%, 03/15/2033 | | | 89,833 | | | | 0.1 | | |
| 19,000 | | | Edison International, 5.250%, 11/15/2028 | | | 18,842 | | | | 0.0 | | |
| 170,000 | | | Edison International, 5.750%, 06/15/2027 | | | 171,564 | | | | 0.1 | | |
| 222,000 | | | Edison International, 6.950%, 11/15/2029 | | | 236,142 | | | | 0.1 | | |
| 154,000 | | | Eversource Energy, 5.450%, 03/01/2028 | | | 154,520 | | | | 0.1 | | |
| 12,000 | | | Exelon Corp., 5.150%, 03/15/2028 | | | 11,977 | | | | 0.0 | | |
| 378,000 | | | FirstEnergy Corp. B, 4.150%, 07/15/2027 | | | 362,978 | | | | 0.2 | | |
| 67,000 | | | FirstEnergy Corp. C, 3.400%, 03/01/2050 | | | 44,889 | | | | 0.0 | | |
| 231,000 (2) | | | FirstEnergy Transmission LLC, 4.550%, 04/01/2049 | | | 191,230 | | | | 0.1 | | |
| 224,000 | | | Florida Power & Light Co., 2.875%, 12/04/2051 | | | 142,391 | | | | 0.1 | | |
| 35,000 | | | Florida Power & Light Co., 3.150%, 10/01/2049 | | | 23,848 | | | | 0.0 | | |
| 30,000 | | | Florida Power & Light Co., 3.950%, 03/01/2048 | | | 23,600 | | | | 0.0 | | |
| 100,000 | | | Florida Power & Light Co., 5.600%, 06/15/2054 | | | 101,089 | | | | 0.1 | | |
| 88,000 | | | Georgia Power Co., 4.950%, 05/17/2033 | | | 85,853 | | | | 0.0 | | |
| 2,000 | | | Georgia Power Co., 5.250%, 03/15/2034 | | | 1,994 | | | | 0.0 | | |
| 138,000 | | | MidAmerican Energy Co., 5.300%, 02/01/2055 | | | 131,523 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | |
| 110,000 | | | MidAmerican Energy Co., 5.850%, 09/15/2054 | | $ | 112,779 | | | | 0.1 | | |
| 75,000 | | | NiSource, Inc., 1.700%, 02/15/2031 | | | 59,675 | | | | 0.0 | | |
| 86,000 | | | NiSource, Inc., 5.250%, 03/30/2028 | | | 85,935 | | | | 0.1 | | |
| 48,000 | | | Northern States Power Co., 5.400%, 03/15/2054 | | | 46,320 | | | | 0.0 | | |
| 263,000 | | | Ohio Power Co., 5.000%, 06/01/2033 | | | 253,468 | | | | 0.1 | | |
| 63,000 | | | Ohio Power Co. R, 2.900%, 10/01/2051 | | | 38,564 | | | | 0.0 | | |
| 32,000 | | | ONE Gas, Inc., 2.000%, 05/15/2030 | | | 27,122 | | | | 0.0 | | |
| 100,000 | | | Pacific Gas and Electric Co., 3.950%, 12/01/2047 | | | 71,701 | | | | 0.0 | | |
| 36,000 | | | Pacific Gas and Electric Co., 5.800%, 05/15/2034 | | | 35,789 | | | | 0.0 | | |
| 334,000 | | | Pacific Gas and Electric Co., 6.400%, 06/15/2033 | | | 345,204 | | | | 0.2 | | |
| 53,000 | | | Pacific Gas and Electric Co., 6.750%, 01/15/2053 | | | 55,061 | | | | 0.0 | | |
| 192,000 | | | PECO Energy Co., 2.850%, 09/15/2051 | | | 118,814 | | | | 0.1 | | |
| 37,000 | | | PECO Energy Co., 4.375%, 08/15/2052 | | | 30,476 | | | | 0.0 | | |
| 67,000 | | | Piedmont Natural Gas Co., Inc., 3.500%, 06/01/2029 | | | 61,920 | | | | 0.0 | | |
| 63,000 | | | Public Service Electric and Gas Co., MTN, 2.050%, 08/01/2050 | | | 34,122 | | | | 0.0 | | |
| 34,000 | | | Public Service Electric and Gas Co., MTN, 4.900%, 12/15/2032 | | | 33,484 | | | | 0.0 | | |
| 76,000 | | | San Diego Gas & Electric Co. UUU, 3.320%, 04/15/2050 | | | 51,781 | | | | 0.0 | | |
| 20,000 | | | Southern California Edison Co., 3.650%, 02/01/2050 | | | 14,232 | | | | 0.0 | | |
| 32,000 | | | Southern California Edison Co., 5.150%, 06/01/2029 | | | 31,982 | | | | 0.0 | | |
| 26,000 | | | Southern California Edison Co., 5.300%, 03/01/2028 | | | 26,059 | | | | 0.0 | | |
| 305,000 | | | Southern California Edison Co., 5.650%, 10/01/2028 | | | 310,385 | | | | 0.2 | | |
| 87,000 | | | Southern California Edison Co., 5.875%, 12/01/2053 | | | 86,927 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| CORPORATE BONDS/NOTES: (continued) | | | | |
| | | | Utilities: (continued) | |
| 139,000 | | | Southern California Edison Co., 5.950%, 11/01/2032 | | $ | 143,730 | | | | 0.1 | | |
| 73,000 | | | Southwest Gas Corp., 5.450%, 03/23/2028 | | | 73,585 | | | | 0.0 | | |
| 20,000 | | | Spire Missouri, Inc., 4.800%, 02/15/2033 | | | 19,457 | | | | 0.0 | | |
| 4,000 | | | Union Electric Co., 3.900%, 04/01/2052 | | | 3,065 | | | | 0.0 | | |
| 7,000 | | | Union Electric Co., 5.250%, 01/15/2054 | | | 6,540 | | | | 0.0 | | |
| 5,000 | | | Virginia Electric and Power Co., 5.350%, 01/15/2054 | | | 4,724 | | | | 0.0 | | |
| 76,000 | | | Virginia Electric and Power Co., 5.700%, 08/15/2053 | | | 75,759 | | | | 0.0 | | |
| 191,000 (2) | | | Vistra Operations Co. LLC, 6.000%, 04/15/2034 | | | 191,585 | | | | 0.1 | | |
| 12,000 | | | Wisconsin Power and Light Co., 4.950%, 04/01/2033 | | | 11,621 | | | | 0.0 | | |
| | | | | | | 6,840,241 | | | | 3.3 | | |
| | | | | | | | | | | | | |
| | | | Total Corporate Bonds/Notes | | | | | | | | | |
| | | | (Cost $53,294,501) | | | 52,466,004 | | | | 25.1 | | |
| | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 14.1% | | | | |
| | | | Government National Mortgage Association: 2.3% | |
| 88,195 | | | 2.000%, 11/20/2050 | | | 71,524 | | | | 0.0 | | |
| 659,972 | | | 2.000%, 12/20/2050 | | | 535,096 | | | | 0.2 | | |
| 180,765 | | | 2.000%, 01/20/2051 | | | 146,520 | | | | 0.1 | | |
| 132,912 | | | 2.000%, 02/20/2051 | | | 107,681 | | | | 0.0 | | |
| 590,561 | | | 2.500%, 06/20/2052 | | | 496,672 | | | | 0.2 | | |
| 329,561 | | | 2.500%, 07/20/2052 | | | 277,469 | | | | 0.1 | | |
| 146,400 (4) | | | 2.500%, 07/15/2054 | | | 123,085 | | | | 0.1 | | |
| 405,586 | | | 3.000%, 08/20/2051 | | | 354,111 | | | | 0.2 | | |
| 107,568 | | | 3.000%, 12/20/2051 | | | 93,839 | | | | 0.0 | | |
| 271,000 (4) | | | 3.000%, 07/15/2054 | | | 236,151 | | | | 0.1 | | |
| 484,967 | | | 3.500%, 05/20/2047 | | | 440,956 | | | | 0.2 | | |
| 131,000 (4) | | | 3.500%, 07/15/2054 | | | 117,634 | | | | 0.1 | | |
| 201,164 | | | 4.000%, 09/20/2048 | | | 188,140 | | | | 0.1 | | |
| 199,000 (4) | | | 4.000%, 07/15/2054 | | | 183,912 | | | | 0.1 | | |
| 149,878 | | | 4.500%, 08/20/2048 | | | 144,261 | | | | 0.1 | | |
| 203,000 (4) | | | 4.500%, 07/15/2054 | | | 193,007 | | | | 0.1 | | |
| 345,000 (4) | | | 5.000%, 07/15/2054 | | | 335,965 | | | | 0.2 | | |
| 340,000 (4) | | | 5.500%, 07/15/2054 | | | 337,367 | | | | 0.2 | | |
| 250,000 (4) | | | 6.000%, 07/15/2054 | | | 251,077 | | | | 0.1 | | |
| 200,000 (4) | | | 6.500%, 07/15/2054 | | | 202,881 | | | | 0.1 | | |
| | | | | | | 4,837,348 | | | | 2.3 | | |
| | | | Uniform Mortgage-Backed Securities: 11.8% | |
| 150,807 | | | 1.500%, 04/01/2036 | | | 130,591 | | | | 0.1 | | |
| 51,816 | | | 1.500%, 05/01/2036 | | | 44,710 | | | | 0.0 | | |
| 110,349 | | | 1.500%, 06/01/2036 | | | 95,014 | | | | 0.1 | | |
| 500,990 | | | 1.500%, 11/01/2041 | | | 404,079 | | | | 0.2 | | |
| 296,142 | | | 1.500%, 12/01/2041 | | | 238,856 | | | | 0.1 | | |
| 51,278 | | | 1.500%, 10/01/2050 | | | 38,518 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | | | |
| | | | Uniform Mortgage-Backed Securities (continued) | |
| 59,529 | | | 1.500%, 10/01/2050 | | $ | 44,675 | | | | 0.0 | | |
| 46,548 | | | 1.500%, 11/01/2050 | | | 34,937 | | | | 0.0 | | |
| 61,296 | | | 1.500%, 03/01/2051 | | | 45,856 | | | | 0.0 | | |
| 77,351 | | | 1.500%, 03/01/2051 | | | 58,115 | | | | 0.0 | | |
| 9,958 | | | 1.500%, 05/01/2051 | | | 7,479 | | | | 0.0 | | |
| 7,552 | | | 1.500%, 06/01/2051 | | | 5,640 | | | | 0.0 | | |
| 40,837 | | | 1.500%, 10/01/2051 | | | 30,612 | | | | 0.0 | | |
| 9,504 | | | 1.500%, 11/01/2051 | | | 7,125 | | | | 0.0 | | |
| 33,850 | | | 2.000%, 09/01/2035 | | | 29,996 | | | | 0.0 | | |
| 71,455 | | | 2.000%, 01/01/2036 | | | 63,370 | | | | 0.0 | | |
| 21,242 | | | 2.000%, 02/01/2036 | | | 18,818 | | | | 0.0 | | |
| 56,833 | | | 2.000%, 02/01/2036 | | | 50,349 | | | | 0.0 | | |
| 34,698 | | | 2.000%, 03/01/2036 | | | 30,738 | | | | 0.0 | | |
| 27,572 | | | 2.000%, 04/01/2036 | | | 24,506 | | | | 0.0 | | |
| 84,160 | | | 2.000%, 05/01/2036 | | | 74,802 | | | | 0.0 | | |
| 175,116 | | | 2.000%, 05/01/2036 | | | 155,643 | | | | 0.1 | | |
| 31,448 | | | 2.000%, 07/01/2036 | | | 27,859 | | | | 0.0 | | |
| 43,703 | | | 2.000%, 11/01/2036 | | | 38,811 | | | | 0.0 | | |
| 86,327 | | | 2.000%, 02/01/2037 | | | 76,309 | | | | 0.0 | | |
| 74,430 | | | 2.000%, 03/01/2037 | | | 65,839 | | | | 0.0 | | |
| 91,774 | | | 2.000%, 03/01/2037 | | | 81,518 | | | | 0.0 | | |
| 109,902 | | | 2.000%, 03/01/2037 | | | 97,333 | | | | 0.1 | | |
| 61,720 | | | 2.000%, 04/01/2037 | | | 54,594 | | | | 0.0 | | |
| 484,981 | | | 2.000%, 02/01/2042 | | | 405,722 | | | | 0.2 | | |
| 128,858 | | | 2.000%, 09/01/2050 | | | 101,842 | | | | 0.1 | | |
| 232,426 | | | 2.000%, 10/01/2050 | | | 183,600 | | | | 0.1 | | |
| 1,398,588 | | | 2.000%, 01/01/2051 | | | 1,107,376 | | | | 0.5 | | |
| 286,626 | | | 2.000%, 02/01/2051 | | | 226,234 | | | | 0.1 | | |
| 257,843 | | | 2.000%, 03/01/2051 | | | 202,650 | | | | 0.1 | | |
| 88,084 | | | 2.000%, 04/01/2051 | | | 70,197 | | | | 0.0 | | |
| 128,460 | | | 2.000%, 04/01/2051 | | | 102,370 | | | | 0.1 | | |
| 207,289 | | | 2.000%, 04/01/2051 | | | 165,365 | | | | 0.1 | | |
| 36,928 | | | 2.000%, 10/01/2051 | | | 28,978 | | | | 0.0 | | |
| 48,862 | | | 2.000%, 11/01/2051 | | | 39,011 | | | | 0.0 | | |
| 126,119 | | | 2.000%, 11/01/2051 | | | 100,779 | | | | 0.1 | | |
| 146,453 | | | 2.000%, 11/01/2051 | | | 115,314 | | | | 0.1 | | |
| 228,179 | | | 2.000%, 11/01/2051 | | | 182,140 | | | | 0.1 | | |
| 259,448 | | | 2.000%, 11/01/2051 | | | 206,722 | | | | 0.1 | | |
| 55,615 | | | 2.000%, 12/01/2051 | | | 43,639 | | | | 0.0 | | |
| 421,992 | | | 2.000%, 01/01/2052 | | | 336,239 | | | | 0.2 | | |
| 165,513 | | | 2.000%, 03/01/2052 | | | 131,874 | | | | 0.1 | | |
| 237,567 | | | 2.000%, 03/01/2052 | | | 189,085 | | | | 0.1 | | |
| 435,022 | | | 2.000%, 03/01/2052 | | | 344,748 | | | | 0.2 | | |
| 525,672 | | | 2.500%, 10/01/2036 | | | 477,122 | | | | 0.2 | | |
| 18,799 | | | 2.500%, 07/01/2050 | | | 15,639 | | | | 0.0 | | |
| 63,096 | | | 2.500%, 07/01/2050 | | | 52,827 | | | | 0.0 | | |
| 121,590 | | | 2.500%, 07/01/2050 | | | 101,245 | | | | 0.1 | | |
| 123,390 | | | 2.500%, 07/01/2050 | | | 102,743 | | | | 0.1 | | |
| 124,569 | | | 2.500%, 07/01/2050 | | | 103,725 | | | | 0.1 | | |
| 31,321 | | | 2.500%, 08/01/2050 | | | 26,080 | | | | 0.0 | | |
| 102,154 | | | 2.500%, 08/01/2050 | | | 85,061 | | | | 0.1 | | |
| 123,613 | | | 2.500%, 08/01/2050 | | | 102,929 | | | | 0.1 | | |
| 71,439 | | | 2.500%, 11/01/2050 | | | 60,004 | | | | 0.0 | | |
| 19,892 | | | 2.500%, 01/01/2051 | | | 16,559 | | | | 0.0 | | |
| 63,902 | | | 2.500%, 02/01/2051 | | | 53,129 | | | | 0.0 | | |
| 106,121 | | | 2.500%, 02/01/2051 | | | 88,787 | | | | 0.1 | | |
| 10,139 | | | 2.500%, 03/01/2051 | | | 8,423 | | | | 0.0 | | |
| 5,578 | | | 2.500%, 04/01/2051 | | | 4,637 | | | | 0.0 | | |
| 11,142 | | | 2.500%, 04/01/2051 | | | 9,258 | | | | 0.0 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | | | |
| | | | Uniform Mortgage-Backed Securities (continued) | |
| 2,931 | | | 2.500%, 05/01/2051 | | $ | 2,438 | | | | 0.0 | | |
| 5,978 | | | 2.500%, 05/01/2051 | | | 4,968 | | | | 0.0 | | |
| 86,417 | | | 2.500%, 05/01/2051 | | | 72,841 | | | | 0.0 | | |
| 100,533 | | | 2.500%, 05/01/2051 | | | 83,607 | | | | 0.1 | | |
| 9,382 | | | 2.500%, 07/01/2051 | | | 7,798 | | | | 0.0 | | |
| 3,354 | | | 2.500%, 10/01/2051 | | | 2,786 | | | | 0.0 | | |
| 34,320 | | | 2.500%, 10/01/2051 | | | 28,414 | | | | 0.0 | | |
| 84,579 | | | 2.500%, 11/01/2051 | | | 70,800 | | | | 0.0 | | |
| 1,002,441 | | | 2.500%, 11/01/2051 | | | 835,634 | | | | 0.4 | | |
| 26,345 | | | 2.500%, 12/01/2051 | | | 21,843 | | | | 0.0 | | |
| 260,987 | | | 2.500%, 01/01/2052 | | | 216,127 | | | | 0.1 | | |
| 1,038,541 | | | 2.500%, 01/01/2052 | | | 863,239 | | | | 0.4 | | |
| 283,821 | | | 3.000%, 01/01/2036 | | | 263,427 | | | | 0.1 | | |
| 229,814 | | | 3.000%, 09/01/2050 | | | 200,219 | | | | 0.1 | | |
| 52,267 | | | 3.000%, 07/01/2051 | | | 45,270 | | | | 0.0 | | |
| 220,624 | | | 3.000%, 09/01/2051 | | | 190,152 | | | | 0.1 | | |
| 66,773 | | | 3.000%, 10/01/2051 | | | 57,544 | | | | 0.0 | | |
| 119,871 | | | 3.000%, 11/01/2051 | | | 102,844 | | | | 0.1 | | |
| 53,096 | | | 3.000%, 12/01/2051 | | | 45,774 | | | | 0.0 | | |
| 6,966 | | | 3.000%, 01/01/2052 | | | 5,978 | | | | 0.0 | | |
| 25,699 | | | 3.000%, 01/01/2052 | | | 22,055 | | | | 0.0 | | |
| 38,397 | | | 3.000%, 02/01/2052 | | | 33,403 | | | | 0.0 | | |
| 894,067 | | | 3.000%, 03/01/2052 | | | 774,075 | | | | 0.4 | | |
| 34,567 | | | 3.000%, 04/01/2052 | | | 29,917 | | | | 0.0 | | |
| 55,835 | | | 3.000%, 05/01/2052 | | | 48,090 | | | | 0.0 | | |
| 223,298 | | | 3.000%, 08/01/2052 | | | 192,416 | | | | 0.1 | | |
| 118,655 | | | 3.500%, 05/01/2036 | | | 112,792 | | | | 0.1 | | |
| 991,138 | | | 3.500%, 09/01/2051 | | | 890,781 | | | | 0.4 | | |
| 27,643 | | | 3.500%, 05/01/2052 | | | 24,816 | | | | 0.0 | | |
| 19,503 | | | 3.500%, 06/01/2052 | | | 17,356 | | | | 0.0 | | |
| 51,428 | | | 3.500%, 06/01/2052 | | | 46,045 | | | | 0.0 | | |
| 53,144 | | | 3.500%, 06/01/2052 | | | 47,293 | | | | 0.0 | | |
| 30,954 | | | 3.500%, 07/01/2052 | | | 27,717 | | | | 0.0 | | |
| 22,238 | | | 3.500%, 08/01/2052 | | | 19,963 | | | | 0.0 | | |
| 5,256 | | | 3.500%, 09/01/2052 | | | 4,706 | | | | 0.0 | | |
| 14,591 | | | 3.500%, 09/01/2052 | | | 13,049 | | | | 0.0 | | |
| 19,285 | | | 3.500%, 09/01/2052 | | | 17,167 | | | | 0.0 | | |
| 22,742 | | | 3.500%, 09/01/2052 | | | 20,240 | | | | 0.0 | | |
| 35,000 (4) | | | 4.000%, 07/01/2039 | | | 33,655 | | | | 0.0 | | |
| 13,452 | | | 4.000%, 01/01/2048 | | | 12,549 | | | | 0.0 | | |
| 8,159 | | | 4.000%, 04/01/2048 | | | 7,599 | | | | 0.0 | | |
| 8,496 | | | 4.000%, 08/01/2048 | | | 7,900 | | | | 0.0 | | |
| 12,352 | | | 4.000%, 09/01/2048 | | | 11,512 | | | | 0.0 | | |
| 106,588 | | | 4.000%, 03/01/2050 | | | 98,974 | | | | 0.1 | | |
| 608,045 | | | 4.000%, 04/01/2050 | | | 563,822 | | | | 0.3 | | |
| 26,278 | | | 4.000%, 07/01/2050 | | | 24,447 | | | | 0.0 | | |
| 62,063 | | | 4.000%, 07/01/2050 | | | 57,692 | | | | 0.0 | | |
| 204,222 | | | 4.000%, 05/01/2051 | | | 189,920 | | | | 0.1 | | |
| 36,706 | | | 4.000%, 04/01/2052 | | | 34,084 | | | | 0.0 | | |
| 223,182 | | | 4.000%, 05/01/2052 | | | 207,471 | | | | 0.1 | | |
| 26,252 | | | 4.000%, 06/01/2052 | | | 24,413 | | | | 0.0 | | |
| 74,000 (4) | | | 4.500%, 07/15/2039 | | | 72,393 | | | | 0.0 | | |
| 435,836 | | | 4.500%, 03/01/2048 | | | 419,235 | | | | 0.2 | | |
| 56,412 | | | 4.500%, 03/01/2050 | | | 53,982 | | | | 0.0 | | |
| 17,768 | | | 4.500%, 07/01/2052 | | | 16,781 | | | | 0.0 | | |
| 18,772 | | | 4.500%, 07/01/2052 | | | 17,730 | | | | 0.0 | | |
| 106,217 | | | 4.500%, 07/01/2052 | | | 100,318 | | | | 0.1 | | |
| 34,863 | | | 4.500%, 08/01/2052 | | | 32,913 | | | | 0.0 | | |
| 80,417 | | | 4.500%, 08/01/2052 | | | 76,516 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | | | |
| | | | Uniform Mortgage-Backed Securities (continued) | |
| 67,942 | | | 4.500%, 11/01/2052 | | $ | 64,155 | | | | 0.0 | | |
| 4,720 | | | 5.000%, 07/01/2052 | | | 4,596 | | | | 0.0 | | |
| 185,451 | | | 5.000%, 07/01/2052 | | | 181,885 | | | | 0.1 | | |
| 13,564 | | | 5.000%, 08/01/2052 | | | 13,206 | | | | 0.0 | | |
| 900 | | | 5.000%, 09/01/2052 | | | 876 | | | | 0.0 | | |
| 1,609 | | | 5.000%, 10/01/2052 | | | 1,564 | | | | 0.0 | | |
| 39,901 | | | 5.000%, 11/01/2052 | | | 38,662 | | | | 0.0 | | |
| 43,531 | | | 5.000%, 12/01/2052 | | | 42,179 | | | | 0.0 | | |
| 47,750 | | | 5.000%, 12/01/2052 | | | 46,288 | | | | 0.0 | | |
| 50,444 | | | 5.000%, 12/01/2052 | | | 48,908 | | | | 0.0 | | |
| 82,160 | | | 5.000%, 12/01/2052 | | | 79,609 | | | | 0.0 | | |
| 23,664 | | | 5.000%, 01/01/2053 | | | 22,929 | | | | 0.0 | | |
| 52,715 | | | 5.000%, 01/01/2053 | | | 51,076 | | | | 0.0 | | |
| 143,827 | | | 5.000%, 01/01/2053 | | | 139,264 | | | | 0.1 | | |
| 25,546 | | | 5.000%, 02/01/2053 | | | 24,746 | | | | 0.0 | | |
| 79,500 | | | 5.000%, 04/01/2053 | | | 77,273 | | | | 0.0 | | |
| 4,487,242 (4) | | | 5.000%, 07/01/2054 | | | 4,337,200 | | | | 2.1 | | |
| 63,228 | | | 5.500%, 01/01/2053 | | | 62,585 | | | | 0.0 | | |
| 85,460 | | | 5.500%, 01/01/2053 | | | 84,602 | | | | 0.1 | | |
| 96,650 | | | 5.500%, 01/01/2053 | | | 95,625 | | | | 0.1 | | |
| 87,331 | | | 5.500%, 03/01/2053 | | | 86,396 | | | | 0.1 | | |
| 34,599 | | | 5.500%, 05/01/2053 | | | 34,234 | | | | 0.0 | | |
| 82,443 | | | 5.500%, 05/01/2053 | | | 81,585 | | | | 0.1 | | |
| 87,228 | | | 5.500%, 05/01/2053 | | | 86,276 | | | | 0.1 | | |
| 99,366 | | | 5.500%, 05/01/2053 | | | 98,332 | | | | 0.1 | | |
| 99,898 | | | 5.500%, 05/01/2053 | | | 98,858 | | | | 0.1 | | |
| 74,105 | | | 5.500%, 06/01/2053 | | | 73,334 | | | | 0.0 | | |
| 2,211,672 (4) | | | 5.500%, 07/01/2054 | | | 2,181,521 | | | | 1.1 | | |
| 44,314 | | | 6.000%, 10/01/2052 | | | 44,664 | | | | 0.0 | | |
| 54,739 | | | 6.000%, 01/01/2053 | | | 55,060 | | | | 0.0 | | |
| 76,011 | | | 6.000%, 01/01/2053 | | | 76,482 | | | | 0.0 | | |
| 47,058 | | | 6.000%, 02/01/2053 | | | 47,323 | | | | 0.0 | | |
| 40,741 | | | 6.000%, 04/01/2053 | | | 41,008 | | | | 0.0 | | |
| 64,839 | | | 6.000%, 04/01/2053 | | | 65,317 | | | | 0.0 | | |
| 46,489 | | | 6.000%, 05/01/2053 | | | 46,831 | | | | 0.0 | | |
| 54,441 | | | 6.000%, 05/01/2053 | | | 54,815 | | | | 0.0 | | |
| 84,228 | | | 6.000%, 05/01/2053 | | | 84,850 | | | | 0.1 | | |
| 85,454 | | | 6.000%, 05/01/2053 | | | 85,985 | | | | 0.1 | | |
| 65,293 | | | 6.000%, 06/01/2053 | | | 65,775 | | | | 0.0 | | |
| 104,031 | | | 6.000%, 07/01/2053 | | | 104,798 | | | | 0.1 | | |
| 109,830 | | | 6.500%, 08/01/2053 | | | 112,368 | | | | 0.1 | | |
| 21,005 | | | 6.500%, 09/01/2053 | | | 21,526 | | | | 0.0 | | |
| 59,751 | | | 6.500%, 10/01/2053 | | | 61,132 | | | | 0.0 | | |
| 34,101 | | | 6.500%, 11/01/2053 | | | 34,889 | | | | 0.0 | | |
| 137,399 | | | 6.500%, 02/01/2054 | | | 140,579 | | | | 0.1 | | |
| 191,700 (4) | | | 6.500%, 07/15/2054 | | | 195,130 | | | | 0.1 | | |
| | | | | | | 24,692,531 | | | | 11.8 | | |
| | | | | | | | | | | | | |
| | | | Total U.S. Government Agency Obligations | | | | | | | | | |
| | | | (Cost $31,565,890) | | | 29,529,879 | | | | 14.1 | | |
| | | | | | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.5% | | | | |
| 270,000 (2)(3) | | | AREIT Ltd. 2024-CRE9 A, 7.015%, (TSFR1M + 1.686%), 05/17/2041 | | | 270,574 | | | | 0.1 | | |
| 366,000 | | | BANK 2019-BN23 A3, 2.920%, 12/15/2052 | | | 324,074 | | | | 0.2 | | |
| 280,000 (3) | | | BANK 2022-BNK42 A5, 4.493%, 06/15/2055 | | | 264,548 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) | |
| 300,000 | | | Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052 | | $ | 270,916 | | | | 0.1 | | |
| 280,000 | | | Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052 | | | 235,868 | | | | 0.1 | | |
| 240,000 (3) | | | BBCMS Mortgage Trust 2022-C16 A5, 4.600%, 06/15/2055 | | | 229,731 | | | | 0.1 | | |
| 65,000 | | | BFLD Mortgage Trust 2024-VICT, 7.190%, 07/15/2041 | | | 64,835 | | | | 0.0 | | |
| 210,000 (2)(3) | | | BX Commercial Mortgage Trust 2024-KING A, 6.870%, (TSFR1M + 1.541%), 05/15/2034 | | | 210,466 | | | | 0.1 | | |
| 230,000 (2)(3) | | | BX Commercial Mortgage Trust 2024-MDHS A, 6.970%, (TSFR1M + 1.641%), 05/15/2041 | | | 229,834 | | | | 0.1 | | |
| 118,195 (2)(3) | | | BX Commercial Mortgage Trust 2024-XL4 D, 8.468%, (TSFR1M + 3.140%), 02/15/2039 | | | 118,255 | | | | 0.1 | | |
| 800,000 (2)(3) | | | BX Trust 2021-ARIA A, 6.343%, (TSFR1M + 1.014%), 10/15/2036 | | | 790,668 | | | | 0.4 | | |
| 210,000 (2)(3) | | | BX Trust 2024-VLT4 A, 6.811%, (TSFR1M + 1.491%), 07/15/2029 | | | 210,077 | | | | 0.1 | | |
| 410,000 | | | CD Mortgage Trust 2017-CD3 A4, 3.631%, 02/10/2050 | | | 380,792 | | | | 0.2 | | |
| 500,000 | | | CD Mortgage Trust 2017-CD6 A5, 3.456%, 11/13/2050 | | | 468,884 | | | | 0.2 | | |
| 90,000 (2)(3) | | | COMM MORTGAGE TRUST 2024-WCL1 A, 7.141%, (TSFR1M + 1.841%), 06/15/2041 | | | 89,859 | | | | 0.0 | | |
| 205,000 | | | CSAIL Commercial Mortgage Trust 2015-C3 A4, 3.718%, 08/15/2048 | | | 199,609 | | | | 0.1 | | |
| 80,000 (2) | | | ELM Trust 2024-ELM A10, 5.801%, 06/10/2039 | | | 80,139 | | | | 0.0 | | |
| 80,000 (2) | | | ELM Trust 2024-ELM A15, 5.801%, 06/10/2039 | | | 80,139 | | | | 0.0 | | |
| 549,361 (2)(3) | | | ELP Commercial Mortgage Trust 2021- ELP A, 6.144%, (TSFR1M + 0.815%), 11/15/2038 | | | 543,243 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) | |
| 354,040 (2)(3) | | | Extended Stay America Trust 2021-ESH A, 6.523%, (TSFR1M + 1.194%), 07/15/2038 | | $ | 352,945 | | | | 0.2 | | |
| 980,000 (3) | | | Fannie Mae-Aces 2022-M10 A2, 2.002%, 01/25/2032 | | | 802,748 | | | | 0.4 | | |
| 1,760,000 | | | Freddie Mac Multifamily WI Certificates Series WI-K146 K146 A2, 2.920%, 07/25/2032 | | | 1,546,099 | | | | 0.7 | | |
| 1,000,000 | | | GS Mortgage Securities Trust 2016-GS2 A4, 3.050%, 05/10/2049 | | | 954,432 | | | | 0.5 | | |
| 100,000 (2)(3) | | | GWT 2024-WLF2 A, 7.020%, (TSFR1M + 1.691%), 05/15/2041 | | | 100,116 | | | | 0.1 | | |
| 600,000 (2)(3) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2021- NYAH A, 6.453%, (TSFR1M + 0.874%), 06/15/2038 | | | 591,540 | | | | 0.3 | | |
| 140,000 (2)(3) | | | LBA Trust 2024-BOLT A, 6.920%, (TSFR1M + 1.591%), 06/15/2026 | | | 139,596 | | | | 0.1 | | |
| 378,185 (2)(3) | | | Med Trust 2021-MDLN A, 6.393%, (TSFR1M + 1.064%), 11/15/2038 | | | 377,600 | | | | 0.2 | | |
| 100,000 (2)(3) | | | MF1 2021-W10 A, 6.399%, (TSFR1M + 1.070%), 12/15/2034 | | | 99,216 | | | | 0.0 | | |
| 215,000 (2)(3) | | | MTN Commercial Mortgage Trust 2022-LPFL A, 6.727%, (TSFR1M + 1.397%), 03/15/2039 | | | 212,626 | | | | 0.1 | | |
| 250,000 (2)(3) | | | Taubman Centers Commercial Mortgage Trust 2022-DPM A, 7.515%, (TSFR1M + 2.186%), 05/15/2037 | | | 251,574 | | | | 0.1 | | |
| 422,500 | | | Wells Fargo Commercial Mortgage Trust 2015-C26 B, 3.783%, 02/15/2048 | | | 411,540 | | | | 0.2 | | |
| 700,000 | | | Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050 | | | 656,128 | | | | 0.3 | | |
| | | | | | | | | | | | | |
| | | | Total Commercial Mortgage-Backed Securities | | | | | | | | | |
| | | | (Cost $12,239,296) | | | 11,558,671 | | | | 5.5 | | |
| | | | | | | | | | | | | |
| SOVEREIGN BONDS: 4.4% | | | | |
| BRL1,500,000 | | | Brazil Notas do Tesouro Nacional Serie F NTNF, 10.000%, 01/01/2029 | | | 249,045 | | | | 0.1 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SOVEREIGN BONDS: (continued) | | | | |
| BRL8,800,000 | | | Brazil Notas do Tesouro Nacional Serie F NTNF, 10.000%, 01/01/2035 | | $ | 1,375,172 | | | | 0.7 | | |
| 550,000 | | | Brazilian Government International Bond, 6.125%, 03/15/2034 | | | 529,650 | | | | 0.3 | | |
| 250,000 | | | Chile Government International Bond, 2.550%, 07/27/2033 | | | 203,563 | | | | 0.1 | | |
| EUR170,000 | | | European Union NGEU, 2.500%, 10/04/2052 | | | 149,723 | | | | 0.1 | | |
| EUR826,074 | | | European Union NGEU, 3.000%, 03/04/2053 | | | 804,415 | | | | 0.4 | | |
| EUR477,980 (2) | | | French Republic Government Bond OAT OAT, 3.000%, 05/25/2054 | | | 445,783 | | | | 0.2 | | |
| 200,000 | | | Indonesia Government International Bond, 5.650%, 01/11/2053 | | | 203,312 | | | | 0.1 | | |
| 204,000 | | | Israel Government International Bond, 5.750%, 03/12/2054 | | | 185,003 | | | | 0.1 | | |
| JPY91,600,000 | | | Japan Government Thirty Year Bond 82, 1.800%, 03/20/2054 | | | 525,130 | | | | 0.2 | | |
| EUR932,980 (2) | | | Kingdom of Belgium Government Bond 98, 3.300%, 06/22/2054 | | | 940,444 | | | | 0.4 | | |
| MXN6,600,000 | | | Mexican Bonos M, 7.750%, 11/23/2034 | | | 310,925 | | | | 0.1 | | |
| MXN4,500,000 | | | Mexican Bonos M, 8.500%, 03/01/2029 | | | 231,595 | | | | 0.1 | | |
| MXN9,000,000 | | | Mexican Bonos M, 8.500%, 05/31/2029 | | | 463,959 | | | | 0.2 | | |
| 660,000 | | | Mexico Government International Bond, 3.500%, 02/12/2034 | | | 538,560 | | | | 0.3 | | |
| 300,000 | | | Mexico Government International Bond, 4.600%, 02/10/2048 | | | 230,250 | | | | 0.1 | | |
| 250,000 | | | Mexico Government International Bond, 4.875%, 05/19/2033 | | | 231,125 | | | | 0.1 | | |
| 440,000 | | | Mexico Government International Bond, 6.350%, 02/09/2035 | | | 443,520 | | | | 0.2 | | |
| 200,000 | | | Panama Government International Bond, 3.298%, 01/19/2033 | | | 156,250 | | | | 0.1 | | |
| 200,000 | | | Panama Government International Bond, 4.500%, 04/01/2056 | | | 130,450 | | | | 0.1 | | |
| 200,000 | | | Peruvian Government International Bond, 2.783%, 01/23/2031 | | | 171,800 | | | | 0.1 | | |
| 53,000 | | | Peruvian Government International Bond, 3.300%, 03/11/2041 | | | 39,502 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| SOVEREIGN BONDS: (continued) | | | | |
| 200,000 | | | Philippine Government International Bond, 3.700%, 02/02/2042 | | $ | 162,187 | | | | 0.1 | | |
| GBP414,000 | | | United Kingdom Gilt, 4.375%, 07/31/2054 | | | 499,105 | | | | 0.2 | | |
| 45,049 | | | Uruguay Government International Bond, 5.100%, 06/18/2050 | | | 42,656 | | | | 0.0 | | |
| | | | | | | | | | | | | |
| | | | Total Sovereign Bonds | | | | | | | | | |
| | | | (Cost $9,888,551) | | | 9,263,124 | | | | 4.4 | | |
| | | | | | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8% | | | | |
| 257,799 (2)(3) | | | BRAVO Residential Funding Trust 2023-NQM3 A1, 4.850%, 09/25/2062 | | | 251,406 | | | | 0.1 | | |
| 256,599 (2)(3) | | | CSMC Trust 2022-NQM4 A1A, 4.819%, 06/25/2067 | | | 251,904 | | | | 0.1 | | |
| 480,300 (2)(3) | | | CSMC Trust 2022-NQM5 A1, 5.169%, 05/25/2067 | | | 475,536 | | | | 0.2 | | |
| 326,607 (2)(3) | | | Ellington Financial Mortgage Trust 2021-3 A1, 1.241%, 09/25/2066 | | | 260,693 | | | | 0.1 | | |
| 809,392 (2)(3) | | | J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052 | | | 670,134 | | | | 0.3 | | |
| 139,931 (2)(3) | | | J.P. Morgan Mortgage Trust 2023-DSC1 A1, 4.625%, 07/25/2063 | | | 133,656 | | | | 0.1 | | |
| 968,630 (2)(3) | | | Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052 | | | 801,395 | | | | 0.4 | | |
| 85,353 (2)(3) | | | PRKCM Trust 2022-AFC2 A1, 5.335%, 08/25/2057 | | | 84,016 | | | | 0.0 | | |
| 370,928 (2)(3) | | | SG Residential Mortgage Trust 2021-1 A1, 1.160%, 07/25/2061 | | | 297,515 | | | | 0.1 | | |
| 120,378 (2)(3) | | | SG Residential Mortgage Trust 2022-2 A1, 5.353%, 08/25/2062 | | | 118,789 | | | | 0.1 | | |
| 343,232 (2)(3) | | | Verus Securitization Trust 2022-7 A1, 5.152%, 07/25/2067 | | | 339,373 | | | | 0.2 | | |
| 92,279 (2)(3) | | | Verus Securitization Trust 2022-INV2 A1, 6.790%, 10/25/2067 | | | 92,674 | | | | 0.1 | | |
| | | | | | | | | | | | | |
| | | | Total Collateralized Mortgage Obligations | | | | | | | | | |
| | | | (Cost $3,992,575) | | | 3,777,091 | | | | 1.8 | | |
| | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES: 1.5% | | | | |
| | | | Other Asset-Backed Securities: 0.8% | |
| 401,000 (2) | | | AMSR Trust 2022-SFR3 D, 4.000%, 10/17/2039 | | | 375,035 | | | | 0.2 | | |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| ASSET-BACKED SECURITIES: (continued) | | | | |
| | | | Other Asset-Backed Securities: (continued) | |
| 97,190 (2) | | | GoodLeap Sustainable Home Solutions Trust 2022-1GS A, 2.700%, 01/20/2049 | | $ | 80,242 | | | | 0.0 | | |
| 400,000 (2) | | | New Residential Mortgage Loan Trust 2022-SFR2 D, 4.000%, 09/04/2039 | | | 370,126 | | | | 0.2 | | |
| 395,000 (2) | | | Progress Residential Trust 2022-SFR6 D, 6.035%, 07/20/2039 | | | 391,217 | | | | 0.2 | | |
| 525,000 (2) | | | Progress Residential Trust 2022-SFR7 D, 5.500%, 10/27/2039 | | | 511,803 | | | | 0.2 | | |
| | | | | | | 1,728,423 | | | | 0.8 | | |
| | | | | | | | | | | | | |
| | | | Student Loan Asset-Backed Securities: 0.7% | |
| 114,686 (2) | | | College Ave Student Loans LLC 2021-B A2, 1.760%, 06/25/2052 | | | 101,862 | | | | 0.1 | | |
| 100,380 (2) | | | Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059 | | | 96,441 | | | | 0.0 | | |
| 463,185 (2)(3) | | | Nelnet Student Loan Trust 2021-BA AFL, 6.233%, (TSFR1M + 0.894%), 04/20/2062 | | | 459,990 | | | | 0.2 | | |
| 400,107 (3) | | | SLM Private Credit Student Loan Trust 2005-A A4, 5.911%, (TSFR3M + 0.572%), 12/15/2038 | | | 394,139 | | | | 0.2 | | |
| 305,218 (2) | | | SMB Private Education Loan Trust 2021- D A1A, 1.340%, 03/17/2053 | | | 276,316 | | | | 0.1 | | |
| 149,130 (2) | | | Sofi Professional Loan Program Trust 2018-C A2FX, 3.590%, 01/25/2048 | | | 145,142 | | | | 0.1 | | |
| | | | | | | 1,473,890 | | | | 0.7 | | |
| | | | | | | | | | | | | |
| | | | Total Asset-Backed Securities | | | | | | | | | |
| | | | (Cost $3,254,544) | | | 3,202,313 | | | | 1.5 | | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS(5): 0.1% | | | | |
| | | | Total Purchased Options | | | | | | | | | |
| | | | (Cost $269,593) | | | 182,722 | | | | 0.1 | | |
| | | | Total Long-Term Investments | | | | | | | | | |
| | | | (Cost $226,666,505) | | | 212,729,593 | | | | 101.7 | | |
See Accompanying Notes to Financial Statements
| VY® BlackRock Inflation | PORTFOLIO OF INVESTMENTS |
| Protected Bond Portfolio | as of June 30, 2024 (Unaudited) (continued) |
| Shares | | | | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 0.3% | | | | |
| | | | Mutual Funds: 0.3% | | | | | | | | | |
| 539,337 (6) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.124%
(Cost $539,337) | | $ | 539,337 | | | | 0.3 | | |
| | | | | | | | | | | | | |
| | | | Total Short-Term Investments | | | | | | | | | |
| | | | (Cost $539,337) | | $ | 539,337 | | | | 0.3 | | |
| | | | Total Investments in Securities | | | | | | | | | |
| | | | (Cost $227,205,842) | | $ | 213,268,930 | | | | 102.0 | | |
| | | | Liabilities in Excess of Other Assets | | | (4,242,631) | | | | (2.0 | ) | |
| | | | Net Assets | | $ | 209,026,299 | | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details. |
| (2) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (3) | Variable rate security. Rate shown is the rate in effect as of June 30, 2024. |
| (4) | Represents or includes a TBA transaction. |
| (5) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (6) | Rate shown is the 7-day yield as of June 30, 2024. |
Currency Abbreviations:
| BRL | Brazilian Real |
| EUR | EU Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
Reference Rate Abbreviations:
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| U.S. Treasury Obligations | | $ | — | | | $ | 102,749,789 | | | $ | — | | | $ | 102,749,789 | |
| Corporate Bonds/Notes | | | — | | | | 52,466,004 | | | | — | | | | 52,466,004 | |
| U.S. Government Agency Obligations | | | — | | | | 29,529,879 | | | | — | | | | 29,529,879 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 11,558,671 | | | | — | | | | 11,558,671 | |
| Sovereign Bonds | | | — | | | | 9,263,124 | | | | — | | | | 9,263,124 | |
| Collateralized Mortgage Obligations | | | — | | | | 3,777,091 | | | | — | | | | 3,777,091 | |
| Asset-Backed Securities | | | — | | | | 3,202,313 | | | | — | | | | 3,202,313 | |
| Purchased Options | | | — | | | | 182,722 | | | | — | | | | 182,722 | |
| Short-Term Investments | | | 539,337 | | | | — | | | | — | | | | 539,337 | |
| Total Investments, at fair value | | $ | 539,337 | | | $ | 212,729,593 | | | $ | — | | | $ | 213,268,930 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Centrally Cleared Inflation-Linked Swaps | | | — | | | | 825,301 | | | | — | | | | 825,301 | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 71,175 | | | | — | | | | 71,175 | |
| Forward Foreign Currency Contracts | | | — | | | | 105,729 | | | | — | | | | 105,729 | |
| Futures | | | 62,015 | | | | — | | | | — | | | | 62,015 | |
| Total Assets | | $ | 601,352 | | | $ | 213,731,798 | | | $ | — | | | $ | 214,333,150 | |
| Liabilities Table | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Centrally Cleared Credit Default Swaps | | $ | — | | | $ | (18,978 | ) | | $ | — | | | $ | (18,978 | ) |
| Centrally Cleared Inflation-Linked Swaps | | | — | | | | (70,927 | ) | | | — | | | | (70,927 | ) |
| Centrally Cleared Interest Rate Swaps | | | — | | | | (126,145 | ) | | | — | | | | (126,145 | ) |
| Forward Foreign Currency Contracts | | | — | | | | (10,337 | ) | | | — | | | | (10,337 | ) |
| Futures | | | (149,944 | ) | | | — | | | | — | | | | (149,944 | ) |
| OTC Credit Default Swaps | | | — | | | | (25,962 | ) | | | — | | | | (25,962 | ) |
| Sales Commitments | | | — | | | | (2,150,965 | ) | | | — | | | | (2,150,965 | ) |
| Written Options | | | — | | | | (188,907 | ) | | | — | | | | (188,907 | ) |
| Total Liabilities | | $ | (149,944 | ) | | $ | (2,592,221 | ) | | $ | — | | | $ | (2,742,165 | ) |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At June 30, 2024, the following forward foreign currency contracts were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) | |
| USD | 94,387 | | JPY | 14,878,000 | | Bank of America N.A. | | 07/02/24 | | $ | 1,914 | |
| USD | 75,149 | | EUR | 70,000 | | Bank of America N.A. | | 07/02/24 | | | 182 | |
| GBP | 409,000 | | USD | 517,768 | | Bank of America N.A. | | 07/02/24 | | | (754 | ) |
| JPY | 83,047,000 | | USD | 517,569 | | Bank of America N.A. | | 07/02/24 | | | (1,396 | ) |
| USD | 520,003 | | JPY | 83,047,000 | | Bank of America N.A. | | 08/02/24 | | | 1,309 | |
| USD | 517,857 | | GBP | 409,000 | | Bank of America N.A. | | 08/02/24 | | | 740 | |
| USD | 186,262 | | BRL | 1,018,308 | | Bank of America N.A. | | 09/18/24 | | | 5,720 | |
| USD | 39,996 | | EUR | 37,000 | | Barclays Bank PLC | | 07/02/24 | | | 370 | |
| USD | 51,447 | | EUR | 48,000 | | Barclays Bank PLC | | 07/02/24 | | | 42 | |
| USD | 1,600,839 | | BRL | 8,736,802 | | Barclays Bank PLC | | 09/18/24 | | | 51,836 | |
| USD | 432,464 | | JPY | 68,169,000 | | BNP Paribas | | 07/02/24 | | | 8,765 | |
| USD | 152,738 | | MXN | 2,914,168 | | Citibank N.A. | | 09/18/24 | | | (4,589 | ) |
| USD | 521,718 | | GBP | 410,000 | | Deutsche Bank AG | | 07/02/24 | | | 3,439 | |
| USD | 87,098 | | EUR | 80,000 | | Deutsche Bank AG | | 07/02/24 | | | 1,421 | |
| USD | 14,127 | | EUR | 13,000 | | Deutsche Bank AG | | 07/02/24 | | | 205 | |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized
Appreciation
(Depreciation) | |
| USD | 43,633 | | EUR | 40,000 | | JPMorgan Chase Bank N.A. | | 07/02/24 | | $ | 795 | |
| EUR | 2,153,000 | | USD | 2,308,960 | | Nomura Securities International, Inc. | | 07/02/24 | | | (3,203 | ) |
| USD | 2,312,342 | | EUR | 2,153,000 | | Nomura Securities International, Inc. | | 08/02/24 | | | 3,104 | |
| USD | 2,079,715 | | EUR | 1,918,000 | | Standard Chartered Bank | | 07/02/24 | | | 25,632 | |
| USD | 99,853 | | EUR | 93,000 | | Standard Chartered Bank | | 07/02/24 | | | 255 | |
| EUR | 63,000 | | USD | 67,865 | | Westpac Banking Corp. | | 07/02/24 | | | (395 | ) |
| | | | | | | | | | | $ | 95,392 | |
At June 30, 2024, the following futures contracts were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
| Description | | Number
of Contracts | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| Long Contracts: | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note | | 121 | | | 09/30/24 | | $ | 24,710,469 | | | $ | (22,930 | ) |
| U.S. Treasury 5-Year Note | | 156 | | | 09/30/24 | | | 16,626,187 | | | | 45,302 | |
| | | | | | | | $ | 41,336,656 | | | $ | 22,372 | |
| Short Contracts: | | | | | | | | | | | | | |
| 3-month SOFR | | (1 | ) | | 12/17/24 | | | (237,125 | ) | | | 2,161 | |
| Canada 10-Year Bond | | (23 | ) | | 09/18/24 | | | (2,018,647 | ) | | | 13,620 | |
| Euro-Buxl 30-year German Government Bond | | (3 | ) | | 09/06/24 | | | (418,442 | ) | | | (9,484 | ) |
| U.S. Treasury 10-Year Note | | (38 | ) | | 09/19/24 | | | (4,179,406 | ) | | | (8,012 | ) |
| U.S. Treasury Long Bond | | (50 | ) | | 09/19/24 | | | (5,915,625 | ) | | | (45,478 | ) |
| U.S. Treasury Ultra 10-Year Note | | (140 | ) | | 09/19/24 | | | (15,894,375 | ) | | | 932 | |
| U.S. Treasury Ultra Long Bond | | (70 | ) | | 09/19/24 | | | (8,774,062 | ) | | | (64,040 | ) |
| | | | | | | | $ | (37,437,682 | ) | | $ | (110,301 | ) |
At June 30, 2024, the following over-the-counter credit default swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
OTC Credit Default Swaps on Securities - Buy Protection(1)
| Counterparty | | Reference Entity/
Obligation(2) | | Buy/Sell
Protection | | (Pay)/
Receive
Financing
Rate (%) | | | Termination
Date | | | Notional
Amount(3) | | | Fair
Value(4) | | | Upfront
Payments
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| Goldman Sachs International | | American Electric Power Company Inc. | | Buy | | (1.000) | | | 06/20/29 | | USD | 102,522 | | | $ | (2,803 | ) | | $ | (2,806 | ) | | $ | 3 | |
| Goldman Sachs International | | American Electric Power Company Inc. | | Buy | | (1.000) | | | 06/20/29 | | USD | 128,478 | | | | (3,512 | ) | | | (3,516 | ) | | | 3 | |
| Goldman Sachs International | | American Electric Power Company Inc. | | Buy | | (1.000) | | | 06/20/29 | | USD | 250,000 | | | | (6,835 | ) | | | (6,842 | ) | | | 7 | |
| Goldman Sachs International | | American Express Co. | | Buy | | (1.000) | | | 06/20/29 | | USD | 250,000 | | | | (7,454 | ) | | | (7,297 | ) | | | (157 | ) |
| Goldman Sachs International | | Dominion Energy, Co. | | Buy | | (1.000) | | | 06/20/29 | | USD | 233,000 | | | | (5,358 | ) | | | (4,519 | ) | | | (839 | ) |
| | | | | | | | | | | | | | | | $ | (25,962 | ) | | $ | (24,980 | ) | | $ | (983 | ) |
| (1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Payments made quarterly. |
| (3) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
| (4) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
At June 30, 2024, the following centrally cleared credit default swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection(1)
| Reference Entity/Obligation | | Buy/Sell
Protection | | (Pay)/
Receive
Financing
Rate (%)(2) | | | Termination
Date | | Notional
Amount(3) | | | Fair
Value(4) | | | Unrealized
Appreciation/
(Depreciation) | |
| CDX North American High Yield Series 42, Version 1 | Sell | | 5.000 | | | 06/20/29 | | USD | 5,316,300 | | | $ | 331,899 | | | $ | (18,978 | ) |
| | | | | | | | | | | | | | $ | 331,899 | | | $ | (18,978 | ) |
| (1) | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising the referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Payments received quarterly. |
| (3) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
| (4) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
At June 30, 2024, the following centrally cleared interest rate swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Pay/Receive
Floating Rate | | Floating Rate Index | | Floating
Rate Index
Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional
Amount | | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.441 | % | | Annual | | 06/24/54 | | EUR | 62,000 | | | $ | (1,431 | ) | | $ | (1,431 | ) |
| Pay | | 1-day Overnight Tokyo Average Rate | | Annual | | 0.853 | | | Annual | | 03/11/34 | | JPY | 34,090,000 | | | | (3,527 | ) | | | (3,527 | ) |
| Pay | | 1-day Overnight Tokyo Average Rate | | Annual | | 0.990 | | | Annual | | 05/21/34 | | JPY | 34,330,000 | | | | (1,112 | ) | | | (1,112 | ) |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 3.782 | | | Annual | | 06/18/34 | | USD | 472,963 | | | | (5,637 | ) | | | (5,637 | ) |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.839 | | | Annual | | 10/19/26 | | USD | 3,810,000 | | | | 28,345 | | | | 28,345 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 4.562 | | | Annual | | 10/12/26 | | USD | 3,850,000 | | | | 5,114 | | | | 5,115 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 3.917 | | | Annual | | 01/08/27 | | USD | 8,300,000 | | | | (101,280 | ) | | | (101,280 | ) |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 5.324 | | | Annual | | 09/18/24 | | USD | 81,000,000 | | | | 1,938 | | | | 1,938 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 5.309 | | | Annual | | 09/18/24 | | USD | 82,530,000 | | | | 310 | | | | 310 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 5.319 | | | Annual | | 09/18/24 | | USD | 82,530,000 | | | | 1,475 | | | | 1,475 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 5.321 | | | Annual | | 09/18/24 | | USD | 82,530,000 | | | | 1,725 | | | | 1,725 | |
| Pay | | 1-day Secured Overnight Financing Rate | | Annual | | 5.321 | | | Annual | | 09/18/24 | | USD | 82,530,000 | | | | 1,697 | | | | 1,697 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.439 | | | Annual | | 06/19/54 | | EUR | 80,000 | | | | 1,895 | | | | 1,895 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.406 | | | Annual | | 06/20/54 | | EUR | 83,000 | | | | 2,554 | | | | 2,554 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.456 | | | Annual | | 03/22/54 | | EUR | 99,000 | | | | 2,110 | | | | 2,110 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.511 | | | Annual | | 03/01/54 | | EUR | 235,000 | | | | 2,255 | | | | 2,255 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.513 | | | Annual | | 02/20/54 | | EUR | 251,000 | | | | 2,328 | | | | 2,328 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.543 | | | Annual | | 04/22/54 | | EUR | 382,000 | | | | 756 | | | | 1,549 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.490 | | | Annual | | 02/19/54 | | EUR | 460,350 | | | | 6,588 | | | | 6,588 | |
| Receive | | 6-month EUR-EURIBOR | | Semi-Annual | | 2.506 | | | Annual | | 02/20/54 | | EUR | 460,350 | | | | 5,018 | | | | 5,018 | |
| Receive | | 1-day Overnight Tokyo Average Rate | | Annual | | 0.270 | | | Annual | | 03/11/26 | | JPY | 162,320,000 | | | | 1,977 | | | | 1,977 | |
| Receive | | 1-day Overnight Tokyo Average Rate | | Annual | | 0.408 | | | Annual | | 05/21/26 | | JPY | 163,110,000 | | | | 142 | | | | 142 | |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 5.092 | | | Annual | | 10/19/25 | | USD | 5,570,000 | | | | (13,158 | ) | | | (13,158 | ) |
| Receive | | 1-day Secured Overnight Financing Rate | | Annual | | 4.852 | | | Annual | | 10/12/25 | | USD | 5,625,000 | | | | 4,155 | | | | 4,154 | |
| | | | | | | | | | | | | | | | | | $ | (55,763 | ) | | $ | (54,970 | ) |
At June 30, 2024, the following centrally cleared inflation-linked swaps were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
Pay/Receive
Floating
Rate | | Floating Rate
Index | | Floating Rate
Index Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | | At Termination Date | | 2.133 | % | | At Termination Date | | 06/15/29 | | EUR | 1,030,000 | | | $ | (59 | ) | | $ | (59 | ) |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Pay/Receive
Floating
Rate | | Floating Rate
Index | | Floating Rate
Index Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Pay | | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | | At Termination Date | | 2.780 | % | | At Termination Date | | 08/15/53 | | EUR | 35,000 | | | $ | 3,530 | | | $ | 3,508 | |
| Pay | | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | | At Termination Date | | 2.529 | | | At Termination Date | | 11/15/53 | | EUR | 70,000 | | | | 1,445 | | | | 1,445 | |
| Pay | | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | | At Termination Date | | 2.640 | | | At Termination Date | | 11/15/53 | | EUR | 35,000 | | | | 1,982 | | | | 1,800 | |
| Receive | | U.K. Retail Price Index | | At Termination Date | | 3.884 | | | At Termination Date | | 06/15/29 | | GBP | 420,000 | | | | 837 | | | | 837 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.563 | | | At Termination Date | | 06/24/25 | | USD | 4,900,000 | | | | (395 | ) | | | (395 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.100 | | | At Termination Date | | 08/08/25 | | USD | 2,200,000 | | | | 4,581 | | | | 4,581 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.315 | | | At Termination Date | | 11/14/25 | | USD | 1,000,000 | | | | 5,954 | | | | 5,954 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.197 | | | At Termination Date | | 12/19/25 | | USD | 1,000,000 | | | | 8,227 | | | | 8,227 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.129 | | | At Termination Date | | 01/09/26 | | USD | 810,000 | | | | 8,260 | | | | 8,260 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.089 | | | At Termination Date | | 01/10/26 | | USD | 1,615,000 | | | | 17,526 | | | | 17,526 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.526 | | | At Termination Date | | 04/08/26 | | USD | 13,500,000 | | | | 76,672 | | | | 76,672 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.590 | | | At Termination Date | | 05/02/26 | | USD | 2,105,000 | | | | (1,059 | ) | | | (1,059 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.270 | | | At Termination Date | | 06/24/26 | | USD | 6,500,000 | | | | 9,704 | | | | 9,704 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.453 | | | At Termination Date | | 08/11/26 | | USD | 360,000 | | | | 3,063 | | | | 3,063 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.925 | | | At Termination Date | | 02/02/27 | | USD | 3,400,000 | | | | 121,551 | | | | 121,551 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.000 | | | At Termination Date | | 02/25/27 | | USD | 5,540,000 | | | | 160,228 | | | | 160,228 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.213 | | | At Termination Date | | 03/02/27 | | USD | 1,350,000 | | | | 23,638 | | | | 23,638 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.290 | | | At Termination Date | | 03/07/27 | | USD | 2,200,000 | | | | 28,238 | | | | 28,238 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.646 | | | At Termination Date | | 05/04/27 | | USD | 2,500,000 | | | | (38,850 | ) | | | (38,850 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.903 | | | At Termination Date | | 07/05/27 | | USD | 2,025,000 | | | | 21,834 | | | | 21,834 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.030 | | | At Termination Date | | 08/02/27 | | USD | 1,100,000 | | | | (3,524 | ) | | | (5,921 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.765 | | | At Termination Date | | 09/23/27 | | USD | 485,000 | | | | (238 | ) | | | (238 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.607 | | | At Termination Date | | 12/12/27 | | USD | 8,245,000 | | | | 63,861 | | | | 63,861 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.613 | | | At Termination Date | | 12/12/27 | | USD | 1,295,000 | | | | 9,657 | | | | 9,657 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.304 | | | At Termination Date | | 01/30/28 | | USD | 1,560,000 | | | | 18,319 | | | | 18,319 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.440 | | | At Termination Date | | 01/30/28 | | USD | 2,300,000 | | | | 31,300 | | | | 41,531 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.396 | | | At Termination Date | | 02/20/28 | | USD | 1,700,000 | | | | 14,999 | | | | 14,999 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.432 | | | At Termination Date | | 02/21/28 | | USD | 910,000 | | | | 6,905 | | | | 6,905 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.443 | | | At Termination Date | | 03/08/28 | | USD | 1,150,000 | | | | 8,003 | | | | 8,003 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.401 | | | At Termination Date | | 03/12/28 | | USD | 1,150,000 | | | | 9,570 | | | | 9,570 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.496 | | | At Termination Date | | 05/08/28 | | USD | 1,150,000 | | | | 1,564 | | | | 1,564 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.348 | | | At Termination Date | | 05/15/28 | | USD | 1,000,000 | | | | 15,524 | | | | 15,524 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.374 | | | At Termination Date | | 06/20/28 | | USD | 1,150,000 | | | | 4,896 | | | | 4,896 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.624 | | | At Termination Date | | 08/02/28 | | USD | 1,670,000 | | | | 3,470 | | | | 3,470 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.650 | | | At Termination Date | | 10/20/28 | | USD | 2,250,000 | | | | (5,246 | ) | | | (298 | ) |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Pay/Receive
Floating
Rate | | Floating Rate
Index | | Floating Rate
Index Payment
Frequency | | Fixed
Rate | | Fixed Rate
Payment
Frequency | | Maturity
Date | | Notional Amount | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.583 | % | | At Termination Date | | 11/02/28 | | USD | 4,000,000 | | | $ | (623 | ) | | $ | (623 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.329 | | | At Termination Date | | 01/15/29 | | USD | 2,115,000 | | | | 25,643 | | | | 25,643 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.386 | | | At Termination Date | | 02/02/29 | | USD | 1,850,000 | | | | 18,962 | | | | 21,745 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.506 | | | At Termination Date | | 03/25/29 | | USD | 370,000 | | | | 1,520 | | | | 1,573 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.563 | | | At Termination Date | | 05/07/29 | | USD | 1,135,000 | | | | (1,283 | ) | | | (1,445 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.502 | | | At Termination Date | | 05/20/29 | | USD | 1,400,000 | | | | 1,384 | | | | 1,384 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.458 | | | At Termination Date | | 07/01/29 | | USD | 568,000 | | | | 1,211 | | | | 1,211 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.890 | | | At Termination Date | | 08/02/29 | | USD | 2,100,000 | | | | (6,558 | ) | | | (11,950 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.583 | | | At Termination Date | | 11/03/29 | | USD | 935,000 | | | | (439 | ) | | | (439 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.480 | | | At Termination Date | | 01/30/30 | | USD | 1,200,000 | | | | 15,220 | | | | 22,735 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.524 | | | At Termination Date | | 03/30/30 | | USD | 2,500,000 | | | | 21,501 | | | | 21,501 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 3.087 | | | At Termination Date | | 04/08/30 | | USD | 550,000 | | | | 615 | | | | 615 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.535 | | | At Termination Date | | 10/11/30 | | USD | 2,240,000 | | | | 8,721 | | | | 8,721 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.633 | | | At Termination Date | | 11/02/30 | | USD | 1,200,000 | | | | (4,835 | ) | | | (4,835 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.593 | | | At Termination Date | | 11/06/30 | | USD | 1,200,000 | | | | (1,833 | ) | | | (1,833 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.482 | | | At Termination Date | | 11/17/30 | | USD | 1,150,000 | | | | 5,927 | | | | 5,927 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.430 | | | At Termination Date | | 02/02/31 | | USD | 1,800,000 | | | | 17,985 | | | | 17,539 | |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.550 | | | At Termination Date | | 05/07/49 | | USD | 280,000 | | | | (2,982 | ) | | | (2,982 | ) |
| Receive | | U.S. CPI Urban Consumers NSA (CPURNSA) | | At Termination Date | | 2.475 | | | At Termination Date | | 12/18/53 | | USD | 225,000 | | | | 1,342 | | | | 1,342 | |
| | | | | | | | | | | | | | | | | | $ | 737,445 | | | $ | 754,374 | |
At June 30, 2024, the following OTC purchased foreign currency options were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
| Description | | Counterparty | | Expiration
Date | | Exercise
Price | | | Notional Amount | | Cost | | | Fair Value | |
| Call USD vs. Put CNH | | Bank of America N.A. | | 03/06/26 | | | 7.750 | | | USD | 5,978,000 | | | $ | 43,639 | | | $ | 44,442 | |
| | | | | | | | | | | | | | | $ | 43,639 | | | $ | 44,442 | |
At June 30, 2024, the following OTC purchased interest rate swaptions were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
| Description | | Counterparty | | Pay/
Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | | Cost | | | Fair Value | |
| Call on 1-Year Interest Rate Swap(1) | | Barclays Bank PLC | | Receive | | 4.542 | % | | 1-day Secured Overnight Financing Rate | | 10/16/24 | | USD | 46,330,000 | | | $ | 94,667 | | | $ | 59,913 | |
| Call on 1-Year Interest Rate Swap(1) | | Goldman Sachs International | | Receive | | 4.542 | % | | 1-day Secured Overnight Financing Rate | | 10/16/24 | | USD | 23,229,000 | | | | 47,416 | | | | 30,039 | |
| Put on 10-Year Interest Rate Swap(2) | | Goldman Sachs International | | Pay | | 4.430 | % | | 1-day Secured Overnight Financing Rate | | 10/17/24 | | USD | 1,286,000 | | | | 19,017 | | | | 5,817 | |
| Put on 10-Year Interest Rate Swap(2) | | Goldman Sachs International | | Pay | | 4.430 | % | | 1-day Secured Overnight Financing Rate | | 10/17/24 | | USD | 2,572,000 | | | | 41,581 | | | | 12,604 | |
| Put on 30-Year Interest Rate Swap(2) | | Citibank N.A. | | Pay | | 3.393 | % | | 1-day Secured Overnight Financing Rate | | 12/18/24 | | USD | 1,134,000 | | | | 23,273 | | | | 29,907 | |
| | | | | | | | | | | | | | | | | | $ | 225,954 | | | $ | 138,280 | |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
At June 30, 2024, the following OTC written interest rate swaptions were outstanding for VY® BlackRock Inflation Protected Bond Portfolio:
| Description | | Counterparty | | Pay/Receive
Exercise
Rate | | Exercise
Rate | | Floating Rate
Index | | Expiration
Date | | Notional
Amount | | | Premiums Received | | | Fair Value | |
| Call on 10-Year Interest Rate Swap(2) | | Bank of America N.A. | | Pay | | 3.825 | % | | 1-day Secured Overnight Financing Rate | | 09/17/24 | | USD | 639,000 | | | $ | 10,448 | | | $ | (8,382 | ) |
| Call on 10-Year Interest Rate Swap(2) | | Citibank N.A. | | Pay | | 3.885 | % | | 1-day Secured Overnight Financing Rate | | 09/13/24 | | USD | 1,277,000 | | | | 19,410 | | | | (19,141 | ) |
| Call on 10-Year Interest Rate Swap(2) | | Deutsche Bank AG | | Pay | | 3.858 | % | | 1-day Secured Overnight Financing Rate | | 09/12/24 | | USD | 2,554,000 | | | | 39,076 | | | | (35,231 | ) |
| Call on 1-Year Interest Rate Swap(2) | | Barclays Bank PLC | | Pay | | 3.842 | % | | 1-day Secured Overnight Financing Rate | | 10/16/24 | | USD | 46,330,000 | | | | 38,410 | | | | (12,853 | ) |
| Call on 1-Year Interest Rate Swap(2) | | Goldman Sachs International | | Pay | | 3.842 | % | | 1-day Secured Overnight Financing Rate | | 10/16/24 | | USD | 23,229,000 | | | | 19,280 | | | | (6,444 | ) |
| Put on 10-Year Interest Rate Swap(1) | | Bank of America N.A. | | Receive | | 3.825 | % | | 1-day Secured Overnight Financing Rate | | 09/17/24 | | USD | 639,000 | | | | 10,448 | | | | (11,483 | ) |
| Put on 10-Year Interest Rate Swap(1) | | Citibank N.A. | | Receive | | 3.885 | % | | 1-day Secured Overnight Financing Rate | | 09/13/24 | | USD | 1,277,000 | | | | 19,410 | | | | (19,218 | ) |
| Put on 10-Year Interest Rate Swap(1) | | Deutsche Bank AG | | Receive | | 3.858 | % | | 1-day Secured Overnight Financing Rate | | 09/12/24 | | USD | 2,554,000 | | | | 39,076 | | | | (41,097 | ) |
| Put on 1-Year Interest Rate Swap(1) | | Goldman Sachs International | | Receive | | 5.100 | % | | 1-day Secured Overnight Financing Rate | | 10/17/24 | | USD | 21,608,000 | | | | 37,985 | | | | (10,058 | ) |
| Put on 1-Year Interest Rate Swap(1) | | Goldman Sachs International | | Receive | | 5.100 | % | | 1-day Secured Overnight Financing Rate | | 10/17/24 | | USD | 10,804,000 | | | | 17,744 | | | | (5,029 | ) |
| Put on 30-Year Interest Rate Swap(1) | | Citibank N.A. | | Receive | | 3.860 | % | | 1-day Secured Overnight Financing Rate | | 09/18/24 | | USD | 1,134,000 | | | | 14,202 | | | | (19,971 | ) |
| | | | | | | | | | | | | | | | | | $ | 265,489 | | | $ | (188,907 | ) |
| (1) | Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly. |
| (2) | Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. |
The following sales commitments were held by the VY® BlackRock Inflation Protected Bond Portfolio at June 30, 2024:
| | | | | Contractual | | | |
| Principal Amount | | Description | | Settlement Date | | Fair Value |
| $ | (152,000 | ) | | Uniform Mortgage-Backed Securities, 1.500%, due 07/15/39 | | 07/18/24 | | $ | (129,984 | ) |
| | (157,200 | ) | | Uniform Mortgage-Backed Securities, 1.500%, due 07/15/54 | | 07/15/24 | | | (117,249 | ) |
| | (335,000 | ) | | Uniform Mortgage-Backed Securities, 2.000%, due 07/15/39 | | 07/18/24 | | | (294,433 | ) |
| | (617,290 | ) | | Uniform Mortgage-Backed Securities, 2.000%, due 07/15/54 | | 07/15/24 | | | (482,885 | ) |
| | (180,000 | ) | | Uniform Mortgage-Backed Securities, 2.500%, due 07/15/39 | | 07/18/24 | | | (162,562 | ) |
| | (350,600 | ) | | Uniform Mortgage-Backed Securities, 2.500%, due 07/15/54 | | 07/15/24 | | | (286,328 | ) |
| | (73,000 | ) | | Uniform Mortgage-Backed Securities, 3.000%, due 07/15/39 | | 07/18/24 | | | (67,537 | ) |
| | (212,000 | ) | | Uniform Mortgage-Backed Securities, 3.000%, due 07/01/54 | | 07/15/24 | | | (180,366 | ) |
| | (47,000 | ) | | Uniform Mortgage-Backed Securities, 3.500%, due 07/15/39 | | 07/18/24 | | | (44,443 | ) |
| | (11,000 | ) | | Uniform Mortgage-Backed Securities, 3.500%, due 07/01/54 | | 07/15/24 | | | (9,737 | ) |
| | (229,700 | ) | | Uniform Mortgage-Backed Securities, 4.000%, due 07/01/54 | | 07/15/24 | | | (210,202 | ) |
| | (84,200 | ) | | Uniform Mortgage-Backed Securities, 4.500%, due 07/01/54 | | 07/15/24 | | | (79,388 | ) |
| | (85,600 | ) | | Uniform Mortgage-Backed Securities, 6.000%, due 07/01/54 | | 07/15/24 | | | (85,851 | ) |
| | | | | Total Sales Commitments | | | | | | |
| | | | | Proceeds receivable $(2,150,430) | | | | $ | (2,150,965 | ) |
| Currency Abbreviations: |
| | | |
| BRL | — | Brazilian Real |
| EUR | — | EU Euro |
| GBP | — | British Pound |
| Currency Abbreviations: |
| | | |
| JPY | — | Japanese Yen |
| MXN | — | Mexican Peso |
| USD | — | United States Dollar |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Foreign exchange contracts | | Investments in securities at value* | | $ | 44,442 | |
| Interest rate contracts | | Investments in securities at value* | | | 138,280 | |
| Foreign exchange contracts | | Unrealized appreciation on forward foreign currency contracts | | | 105,729 | |
| Interest rate contracts | | Variation margin receivable on futures contracts** | | | 62,015 | |
| Interest rate contracts | | Variation margin receivable on centrally cleared swaps** | | | 896,476 | |
| Credit contracts | | Unrealized appreciation on OTC swap agreements | | | 13 | |
| Total Asset Derivatives | | | | $ | 1,246,955 | |
| | | | | | | |
| Liability Derivatives | | | | | | |
| Foreign exchange contracts | | Unrealized depreciation on forward foreign currency contracts | | $ | 10,337 | |
| Interest rate contracts | | Variation margin payable on futures contracts** | | | 149,944 | |
| Credit contracts | | Variation margin payable on centrally cleared swaps** | | | 18,978 | |
| Interest rate contracts | | Variation margin payable on centrally cleared swaps** | | | 197,072 | |
| Credit contracts | | Upfront payments received on OTC swap agreements | | | 24,980 | |
| Credit contracts | | Unrealized depreciation on OTC swap agreements | | | 996 | |
| Interest rate contracts | | Written options, at fair value | | | 188,907 | |
| Total Liability Derivatives | | | | $ | 591,214 | |
| * | Includes purchased options. |
| ** | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 110,474 | | | $ | — | | | $ | 110,474 | |
| Foreign exchange contracts | | | (13,315 | ) | | | 129,654 | | | | — | | | | — | | | | 7,926 | | | | 124,265 | |
| Interest rate contracts | | | (436,473 | ) | | | — | | | | (292,551 | ) | | | 359,062 | | | | 280,604 | | | | (89,358 | ) |
| Total | | $ | (449,788 | ) | | $ | 129,654 | | | $ | (292,551 | ) | | $ | 469,536 | | | $ | 288,530 | | | $ | 145,381 | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Investments* | | | Forward
foreign
currency
contracts | | | Futures | | | Swaps | | | Written
options | | | Total | |
| Credit contracts | | $ | — | | | $ | — | | | $ | — | | | $ | (15,319 | ) | | $ | — | | | $ | (15,319 | ) |
| Foreign exchange contracts | | | 803 | | | | 94,107 | | | | — | | | | — | | | | — | | | | 94,910 | |
| Interest rate contracts | | | (144,890 | ) | | | — | | | | 2,097,538 | | | | 721,684 | | | | 145,879 | | | | 2,820,212 | |
| Total | | $ | (144,087 | ) | | $ | 94,107 | | | $ | 2,097,538 | | | $ | 706,365 | | | $ | 145,879 | | | $ | 2,899,803 | |
| * | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
See Accompanying Notes to Financial Statements
VY® BlackRock Inflation
Protected Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2024:
| | | Bank of
America N.A. | | | Barclays Bank
PLC | | | BNP Paribas | | | Citibank N.A. | | | Deutsche
Bank AG | | | Goldman
Sachs
International | | | JPMorgan
Chase Bank
N.A. | | | Nomura
Securities
International,
Inc. | | | Standard
Chartered
Bank | | | Westpac
Banking Corp. | | | Total | |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Purchased options | | $ | 44,442 | | | $ | 59,913 | | | $ | — | | | $ | 29,907 | | | $ | — | | | $ | 48,460 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 182,722 | |
| Forward foreign currency contracts | | | 9,865 | | | | 52,248 | | | | 8,765 | | | | — | | | | 5,065 | | | | — | | | | 795 | | | | 3,104 | | | | 25,887 | | | | — | | | | 105,729 | |
| Total Assets | | $ | 54,307 | | | $ | 112,161 | | | $ | 8,765 | | | $ | 29,907 | | | $ | 5,065 | | | $ | 48,460 | | | $ | 795 | | | $ | 3,104 | | | $ | 25,887 | | | $ | — | | | $ | 288,451 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency contracts | | $ | 2,150 | | | $ | — | | | $ | — | | | $ | 4,589 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,203 | | | $ | — | | | $ | 395 | | | $ | 10,337 | |
| OTC credit default swaps | | | — | | | | — | | | | — | | | | — | | | | — | | | | 25,963 | | | | — | | | | — | | | | — | | | | — | | | | 25,963 | |
| Written options | | | 19,865 | | | | 12,853 | | | | — | | | | 58,330 | | | | 76,328 | | | | 21,531 | | | | — | | | | — | | | | — | | | | — | | | | 188,907 | |
| Total Liabilities | | $ | 22,015 | | | $ | 12,853 | | | $ | — | | | $ | 62,919 | | | $ | 76,328 | | | $ | 47,494 | | | $ | — | | | $ | 3,203 | | | $ | — | | | $ | 395 | | | $ | 225,207 | |
| Net OTC derivative instruments by counterparty, at fair value | | $ | 32,292 | | | $ | 99,308 | | | $ | 8,765 | | | $ | (33,012 | ) | | $ | (71,263 | ) | | $ | 966 | | | $ | 795 | | | $ | (99 | ) | | $ | 25,887 | | | $ | (395 | ) | | $ | 63,244 | |
| Total collateral pledged by the Portfolio/(Received from counterparty) | | $ | (20,000 | ) | | $ | (50,000 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (966 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (70,966 | ) |
| Net Exposure(1)(2) | | $ | 12,292 | | | $ | 49,308 | | | $ | 8,765 | | | $ | (33,012 | ) | | $ | (71,263 | ) | | $ | — | | | $ | 795 | | | $ | (99 | ) | | $ | 25,887 | | | $ | (395 | ) | | $ | (7,722 | ) |
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
| (2) | At June 30, 2024, the Portfolio had received $10,000 in cash collateral from Goldman Sachs International. Excess cash collateral is not shown for financial reporting purposes. |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $228,915,032. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 1,627,356 | |
| Gross Unrealized Depreciation | | | (16,508,107 | ) |
| Net Unrealized Depreciation | | $ | (14,880,751 | ) |
See Accompanying Notes to Financial Statements
VY® BrandywineGLOBAL -
Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) |
Principal
Amount† | | | | | Value | | | Percentage
of Net
Assets | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 47.9% | | | | | |
| | | | Federal Home Loan Banks: 7.2% | |
| 15,100,000 | | | 4.875%, 09/13/2024 | | $ | 15,080,143 | | | 7.2 | | |
| | | | Government National Mortgage Association: 19.7% | |
| 5,437,987 | | | 5.000%, 02/20/2053 | | | 5,301,453 | | | 2.5 | | |
| 3,421,093 | | | 5.000%, 06/20/2053 | | | 3,332,590 | | | 1.6 | | |
| 3,105,715 | | | 5.500%, 02/20/2053 | | | 3,083,887 | | | 1.5 | | |
| 5,053,598 | | | 5.500%, 04/20/2053 | | | 5,018,081 | | | 2.4 | | |
| 6,407,529 | | | 5.500%, 05/20/2053 | | | 6,363,856 | | | 3.0 | | |
| 2,804,439 | | | 5.500%, 06/20/2053 | | | 2,784,748 | | | 1.3 | | |
| 5,692,869 | | | 5.500%, 09/20/2053 | | | 5,651,969 | | | 2.7 | | |
| 6,200,850 | | | 5.500%, 10/20/2053 | | | 6,156,300 | | | 3.0 | | |
| 3,513,416 | | | 5.500%, 02/20/2054 | | | 3,488,174 | | | 1.7 | | |
| | | | | | | 41,181,058 | | | 19.7 | | |
| | | | Uniform Mortgage-Backed Securities: 21.0% | |
| 14,370,956 | | | 4.000%, 06/01/2052 | | | 13,165,960 | | | 6.3 | | |
| 4,283,410 | | | 4.500%, 09/01/2052 | | | 4,042,664 | | | 1.9 | | |
| 5,799,067 | | | 4.500%, 09/01/2052 | | | 5,473,797 | | | 2.6 | | |
| 3,116,206 | | | 4.500%, 10/01/2052 | | | 2,941,358 | | | 1.4 | | |
| 7,843,343 | | | 5.000%, 11/01/2052 | | | 7,603,392 | | | 3.6 | | |
| 5,747,991 | | | 5.000%, 02/01/2053 | | | 5,563,025 | | | 2.7 | | |
| 5,201,054 | | | 5.500%, 11/01/2052 | | | 5,150,301 | | | 2.5 | | |
| | | | | | | 43,940,497 | | | 21.0 | | |
| | | | | | | | | | | | |
| | | | Total U.S. Government Agency Obligations
(Cost $102,073,489) | | | 100,201,698 | | | 47.9 | | |
| | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS: 45.1% | | | | | | | | |
| | | | United States Treasury Bonds: 14.9% | | |
| 41,260,000 | | | 3.000%, 08/15/2052 | | | 31,048,150 | | | 14.9 | | |
| | | | | | | | | | | | |
| | | | United States Treasury Notes: 30.2% | | |
| 65,650,000 | | | 3.875%, 08/15/2033 | | | 63,172,738 | | | 30.2 | | |
| | | | Total U.S. Treasury Obligations
(Cost $95,668,370) | | | 94,220,888 | | | 45.1 | | |
| | | | | | | | | | | | |
| CORPORATE BONDS/NOTES: 2.7% | | | | | | | | |
| | | | Consumer, Cyclical: 1.7% | | | | | | | | |
| 3,740,000 | | | Toyota Motor Credit Corp., 4.450%, 05/18/2026 | | | 3,693,661 | | | 1.7 | | |
| | | | | | | | | | | | |
| | | | Energy: 0.2% | | | | | | | | |
| 360,000 | | | Devon Energy Corp., 7.875%, 09/30/2031 | | | 407,060 | | | 0.2 | | |
| | | | | | | | | | | | |
| | | | Financial: 0.8% | | | | | | | | |
| 1,765,000 | | | Golub Capital BDC, Inc., 2.500%, 08/24/2026 | | | 1,624,002 | | | 0.8 | | |
| | | | Total Corporate Bonds/ Notes
(Cost $5,871,589) | | | 5,724,723 | | | 2.7 | | |
| | | | Total Long-Term Investments
(Cost $203,613,448) | | | 200,147,309 | | | 95.7 | | |
| Shares | | | RA | | Value | | | Percentage
of Net
Assets | |
| SHORT-TERM INVESTMENTS: 1.8% | | | | | | | | |
| | | | Mutual Funds: 1.8% | | | | | | | | |
| 3,773,901 (1) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.210%
(Cost $3,773,901) | | $ | 3,773,901 | | | 1.8 | | |
| | | | Total Short-Term Investments
(Cost $3,773,901) | | $ | 3,773,901 | | | 1.8 | | |
| | | | Total Investments in Securities
(Cost $207,387,349) | | $ | 203,921,210 | | | 97.5 | | |
| | | | Assets in Excess of Other Liabilities | | | 5,187,725 | | | 2.5 | | |
| | | | Net Assets | | $ | 209,108,935 | | | 100.0 | | |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Rate shown is the 7-day yield as of June 30, 2024. |
See Accompanying Notes to Financial Statements
VY® BrandywineGLOBAL -
Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 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
June 30, 2024 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| U.S. Government Agency Obligations | | $ | — | | | $ | 100,201,698 | | | $ | — | | | $ | 100,201,698 | |
| U.S. Treasury Obligations | | | — | | | | 94,220,888 | | | | — | | | | 94,220,888 | |
| Corporate Bonds/Notes | | | — | | | | 5,724,723 | | | | — | | | | 5,724,723 | |
| Short-Term Investments | | | 3,773,901 | | | | — | | | | — | | | | 3,773,901 | |
| Total Investments, at fair value | | $ | 3,773,901 | | | $ | 200,147,309 | | | $ | — | | | $ | 203,921,210 | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | |
| Futures | | | 1,349,004 | | | | — | | | | — | | | | 1,349,004 | |
| Total Assets | | $ | 5,122,905 | | | $ | 200,147,309 | | | $ | — | | | $ | 205,270,214 | |
| ^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
At June 30, 2024, the following futures contracts were outstanding for VY® BrandywineGLOBAL- Bond Portfolio:
| Description | | Number
of Contracts | | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation | |
| Long Contracts: | | | | | | | | | | | | | | |
| U.S. Treasury 5-Year Note | | | 1,044 | | | 09/30/24 | | $ | 111,267,563 | | | $ | 1,129,189 | |
| U.S. Treasury Ultra 10-Year Note | | | 360 | | | 09/19/24 | | | 40,871,250 | | | | 219,815 | |
| | | | | | | | | $ | 152,138,813 | | | $ | 1,349,004 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of June 30, 2024 was as follows:
| Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
| Asset Derivatives | | | | | | |
| Interest rate contracts | | Variation margin receivable on futures contracts* | | $ | 1,349,004 | |
| Total Asset Derivatives | | | | $ | 1,349,004 | |
| * | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2024 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Interest rate contracts | | $ | (2,574,834 | ) |
| Total | | $ | (2,574,834 | ) |
See Accompanying Notes to Financial Statements
VY® BrandywineGLOBAL -
Bond Portfolio | PORTFOLIO OF INVESTMENTS |
| as of June 30, 2024 (Unaudited) (continued) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments | | Futures | |
| Interest rate contracts | | $ | (2,159,120 | ) |
| Total | | $ | (2,159,120 | ) |
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $209,480,380. | | | |
| Net unrealized depreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 361,199 | |
| Gross Unrealized Depreciation | | | (4,571,366 | ) |
| Net Unrealized Depreciation | | $ | (4,210,167 | ) |
See Accompanying Notes to Financial Statements
[This Page Intentionally Left Blank]
| Investment Adviser | Custodian |
Voya Investments, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258 | The Bank of New York Mellon 225 Liberty Street New York, New York 10286 |
| | |
| Distributor | Legal Counsel |
Voya Investments Distributor, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258 | Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199 |
| | |
| Transfer Agent |
BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 |
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
VPSAR-VIT3AIS (0624)
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
C. Foreign Currency Translation. The books and records of the Portfolio are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
| (2) | Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolio does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Portfolio records distributions to its shareholders on the ex-dividend date. The Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolio may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of the Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Portfolio’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.
The Portfolio may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS
For the period ended June 30, 2024, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:
| Purchases | | Sales |
| $ | 22,387,757 | | $ | 27,151,671 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolio has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolio. The Investment Adviser oversees all investment management and portfolio management services for the Portfolio and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolio, including custodial, transfer agency, dividend disbursing,
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on 0.20% of average daily net assets invested in affiliated Underlying Funds and 0.40% of the average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Portfolio and is paid by the Investment Adviser based on the average daily net assets of the Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolio’s assets in accordance with the Portfolio’s investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
The Trust has entered into a shareholder service plan (the “Agreement”) for the Class S shares of the Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S. Under the Agreement, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S shares.
Class ADV shares have a shareholder service and distribution plan. Class ADV shares pay a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio’s average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.30% of the distribution fee for Class ADV shares of the Portfolio, so the actual fee paid by Class ADV shares is an annual rate of 0.05%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At June 30, 2024, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Portfolio:
| Subsidiary | | Percentage | |
| Voya Retirement Insurance and Annuity Company | | | 8.23% | |
The Portfolio has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to
receive from the Portfolio. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolio purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolio’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Portfolio may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2024, the per account fees for affiliated recordkeeping services paid by the Portfolio were $5,991.
NOTE 7 — EXPENSE LIMITATION AGREEMENT
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed below(1)(2):
Class
ADV | | Class I | | Class S |
| 1.55% | | 0.95% | | 1.20% |
| (1) | These operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Portfolio will vary based on the Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund. |
| (2) | Pursuant to a side letter through May 1, 2025, the total expense limits including the operating expenses incurred at the Underlying Fund level are 1.09%, 0.83% and 1.08% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board. |
The Investment Adviser may at a later date recoup from the Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.
As of June 30, 2024, the amounts of waived and/or reimbursed fees that are subject to possible recoupment
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)
by the Investment Adviser and the related expiration dates, are as follows:
| June 30, | | |
| 2025 | | 2026 | | 2027 | | Total |
| $ | 51,190 | | $ | 51,900 | | $ | 36,267 | | $ | 139,357 |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of June 30, 2024, are as follows:
| | June 30, | | |
| | 2025 | | 2026 | | 2027 | | Total |
| Class ADV | $ | — | | $ | 4,452 | | $ | 11,485 | | $ | 15,937 |
| Class I | | — | | | 530 | | | 1,400 | | | 1,930 |
| Class S | | — | | | 4 | | | 12 | | | 16 |
The Expense Limitation Agreement is contractual through May 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 8 — LINE OF CREDIT
Effective June 10, 2024, the Portfolio, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The Portfolio did not utilize the line of credit during the period ended June 30, 2024.
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | | | | | | | | | | | Net | | | | | | | | | | | | |
| | | | | | | | | | | | | increase | | | | Proceeds | | | | | | | | |
| | | | | | | | | | | | | (decrease) | | | | from | | | | | | | | |
| | | | | Shares | | Reinvestment | | | | | | in | | | | shares | | Reinvestment | | | | | | |
| | | Shares | | issued in | | of | | Shares | | Shares | | shares | | Shares | | issued in | | of | | Shares | | Shares | | Net increase |
| | | sold | | merger | | distributions | | redeemed | | converted | | outstanding | | sold | | merger | | distributions | | redeemed | | converted | | (decrease) |
| Year or | | | | | | | | | | | | | | | | | | | | | | | | |
| period ended | | # | | # | | # | | # | | # | | # | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) |
| Class ADV | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 40,832 | | — | | — | | (606,937) | | — | | (566,105) | | 350,109 | | — | | — | | (5,162,518) | | — | | (4,812,409) |
| 12/31/2023 | | 48,179 | | — | | 950,105 | | (1,140,881) | | — | | (142,597) | | 408,111 | | — | | 7,800,361 | | (9,886,508) | | — | | (1,678,036) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 53,640 | | — | | — | | (122,268) | | — | | (68,628) | | 458,847 | | — | | — | | (1,044,273) | | — | | (585,426) |
| 12/31/2023 | | 85,164 | | — | | 112,478 | | (148,808) | | — | | 48,834 | | 741,830 | | — | | 930,196 | | (1,340,134) | | — | | 331,892 |
| Class S | | | | | | | | | | | | | | | | | | | | | | | | |
| 6/30/2024 | | 115 | | — | | — | | (13) | | — | | 102 | | 989 | | — | | — | | (108) | | — | | 881 |
| 12/31/2023 | | 121 | | — | | 950 | | (1,375) | | — | | (304) | | 988 | | — | | 7,778 | | (12,550) | | — | | (3,784) |
NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains and wash sale deferrals.
Dividends paid by the Portfolio from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 10 — FEDERAL INCOME TAXES (continued)
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended
December 31, 2023 | | Year Ended
December 31, 2022 |
Ordinary
Income | | Long-term
Capital Gains | | Ordinary
Income | | Long-term
Capital Gains |
| $ | 4,194,986 | | $ | 4,543,349 | | $ | 4,015,019 | | $ | 4,731,374 |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2023 were:
| Undistributed | | Unrealized | | | | | | | Total |
| Ordinary | | Appreciation/ | | Capital Loss Carryforwards | | | Distributable |
| Income | | (Depreciation) | | Amount | | Character | | Earnings/(Loss) |
| $ | 1,870,278 | | $ | 659,104 | | $ | (12,465,676) | | Long-term | | $ | (9,936,294) |
The Portfolio's major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.
As of June 30, 2024, no provision for income tax is required in the Portfolio's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolio's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by
the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK
The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)
pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio's investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio's service providers.
NOTE 13 — SUBSEQUENT EVENTS
Dividends: Subsequent to June 30, 2024, the Portfolio paid dividends from net investment income of:
| | | Per Share | | Payable | | Record |
| | | Amount | | Date | | Date |
| Class ADV | | $0.2587 | | July 16, 2024 | | July 12, 2024 |
| Class I | | $0.2867 | | July 16, 2024 | | July 12, 2024 |
| Class S | | $0.2656 | | July 16, 2024 | | July 12, 2024 |
The Portfolio has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than above, no such subsequent events were identified.
| VOYA GLOBAL PERSPECTIVES® PORTFOLIO | PORTFOLIO OF INVESTMENTS | |
| AS OF JUNE 30, 2024 (UNAUDITED) | |
| | | | | | | | | Percentage |
| | | | | | | | | of Net |
| Shares | | | | | Value | | Assets |
| MUTUAL FUNDS: 100.1% |
| | | | Affiliated Investment Companies: 100.1% |
| 647,078 | | | Voya Emerging Markets Index Portfolio - Class I | | $ | 6,464,305 | | | 10.4 |
| 868,195 | | | Voya Global Bond Fund - Class R6 | | | 6,181,547 | | | 9.9 |
| 861,972 | | | Voya GNMA Income Fund - Class R6 | | | 6,266,537 | | | 10.1 |
| 733,833 | | | Voya High Yield Portfolio - Class I | | | 6,303,625 | | | 10.1 |
| 232,125 | | | Voya Index Plus LargeCap Portfolio - Class I | | | 6,439,151 | | | 10.4 |
| 547,236 | | | Voya International Index Portfolio - Class I | | | 6,211,127 | | | 10.0 |
| 1,111,986 (1) | | | Voya MidCap Opportunities Portfolio - Class R6 | | | 5,982,482 | | | 9.6 |
| 426,947 | | | Voya Small Company Portfolio - Class R6 | | | 6,122,417 | | | 9.8 |
| 696,403 | | | Voya U.S. Bond Index Portfolio - Class I | | | 6,246,738 | | | 10.0 |
| 615,634 | | | VY® CBRE Global Real Estate Portfolio - Class I | | | 6,088,625 | | | 9.8 |
| | | | Total Mutual Funds
(Cost $59,774,384) | | | 62,306,554 | | | 100.1 |
| | | | | | | | | | |
| | | | Total Investments in Securities
(Cost $59,774,384) | | $ | 62,306,554 | | | 100.1 |
| | | | Liabilities in Excess of Other Assets | | | (33,355) | | | (0.1) |
| | | | Net Assets | | $ | 62,273,199 | | | 100.0 |
(1) Non-income producing security.
See Accompanying Notes to Financial Statements
| VOYA GLOBAL PERSPECTIVES® PORTFOLIO | PORTFOLIO OF INVESTMENTS | |
| AS OF JUNE 30, 2024 (UNAUDITED) (CONTINUED) | |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the assets and liabilities:
| | | Quoted Prices | | | | | | | | | |
| | | in Active Markets | | | Significant Other | | | Significant | | | |
| | | for Identical | | | Observable | | | Unobservable | | | Fair Value |
| | | Investments | | | Inputs | | | Inputs | | | at |
| | | (Level 1) | | | (Level 2) | | | (Level 3) | | | June 30, 2024 |
| Asset Table | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | |
| Mutual Funds | $ | 62,306,554 | | $ | — | | $ | — | | $ | 62,306,554 |
Total Investments, at fair value | $ | 62,306,554 | | $ | — | | $ | — | | $ | 62,306,554 |
^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended June 30, 2024, where the following issuers were considered an affiliate:
| Issuer | | Beginning
Fair Value
at 12/31/2023 | | | Purchases
at Cost | | | Sales
at Cost | | | Change In
Unrealized
Appreciation/
(Depreciation) | | | Ending
Fair
Value at
6/30/2024 | | | Investment
Income | | | Realized
Gains/
(Losses) | | | Net
Capital
Gain
Distributions | |
| Voya Emerging Markets Index Portfolio - Class I | | $ | 3,318,336 | | | $ | 3,663,154 | | | $ | (654,041 | ) | | $ | 136,856 | | | $ | 6,464,305 | | | $ | 362,495 | | | $ | 33,043 | | | $ | — | |
| Voya Global Bond Fund - Class R6 | | | 11,406,208 | | | | 684,570 | | | | (5,657,567 | ) | | | (251,664 | ) | | | 6,181,547 | | | | 142,446 | | | | (98,244 | ) | | | — | |
| Voya GNMA Income Fund - Class R6 | | | 11,235,555 | | | | 665,198 | | | | (5,555,795 | ) | | | (78,421 | ) | | | 6,266,537 | | | | 122,865 | | | | (105,064 | ) | | | — | |
| Voya High Yield Portfolio - Class I | | | 11,202,648 | | | | 559,110 | | | | (5,272,846 | ) | | | (185,287 | ) | | | 6,303,625 | | | | 216,754 | | | | 95,583 | | | | — | |
| Voya Index Plus LargeCap Portfolio - Class I | | | 3,437,489 | | | | 3,468,066 | | | | (889,989 | ) | | | 423,585 | | | | 6,439,151 | | | | 55,002 | | | | 153,087 | | | | 292,518 | |
| Voya International Index Portfolio - Class I | | | 3,421,707 | | | | 3,332,160 | | | | (673,614 | ) | | | 130,874 | | | | 6,211,127 | | | | 176,974 | | | | 68,483 | | | | — | |
| Voya MidCap Opportunities Portfolio - Class R6 | | | 3,494,853 | | | | 3,094,523 | | | | (903,165 | ) | | | 296,271 | | | | 5,982,482 | | | | — | | | | 140,966 | | | | — | |
| Voya Small Company Portfolio - Class R6 | | | 3,653,228 | | | | 3,222,686 | | | | (478,881 | ) | | | (274,616 | ) | | | 6,122,417 | | | | 60,937 | | | | 36,799 | | | | 189,521 | |
| Voya U.S. Bond Index Portfolio - Class I | | | 11,160,705 | | | | 659,997 | | | | (5,472,741 | ) | | | (101,223 | ) | | | 6,246,738 | | | | 130,036 | | | | (118,383 | ) | | | — | |
| VY® CBRE Global Real Estate Portfolio - Class I | | | 3,685,348 | | | | 3,037,902 | | | | (414,815 | ) | | | (219,810 | ) | | | 6,088,625 | | | | — | | | | 7,863 | | | | — | |
| | | $ | 66,016,077 | | | $ | 22,387,366 | | | $ | (25,973,454 | ) | | $ | (123,435 | ) | | $ | 62,306,554 | | | $ | 1,267,509 | | | $ | 214,133 | | | $ | 482,039 | |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At June 30, 2024, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $61,770,885. | | | |
| Net unrealized appreciation consisted of: | | | |
| Gross Unrealized Appreciation | | $ | 548,865 | |
| Gross Unrealized Depreciation | | | (13,196 | ) |
| Net Unrealized Appreciation | | $ | 535,669 | |
See Accompanying Notes to Financial Statements
| Investment Adviser | Custodian |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| Distributor | Legal Counsel |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
| | Boston, Massachusetts 02199 |
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
VPSAR-VITFOFAIS (0624)
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya VACS Index | | | Voya VACS Index | |
| | | Series MC Portfolio | | | Series S Portfolio | |
| | | | Six Months | | | | January 27, | | | | Six Months | | | | January 27, | |
| | | | Ended | | | | 2023(1) | | | | Ended | | | | 2023(1) | |
| | | | June 30, 2024 | | | | to December 31, | | | | June 30, 2024 | | | | to December 31, | |
| | | | (Unaudited) | | | | 2023 | | | | (Unaudited) | | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 3,324,568 | | | $ | 4,967,881 | | | $ | 24,343,430 | | | $ | 48,572,861 | |
| Net realized gain | | | 14,538,355 | | | | 743,402 | | | | 29,676,578 | | | | 16,222,288 | |
| Net change in unrealized appreciation (depreciation) | | | (2,832,011 | ) | | | 25,838,113 | | | | 469,793,941 | | | | 511,288,927 | |
| Increase in net assets resulting from | | | | | | | | | | | | | | | | |
| operations | | | 15,030,912 | | | | 31,549,396 | | | | 523,813,949 | | | | 576,084,076 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital) | | | (6,315,232 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (6,315,232 | ) | | | — | | | | — | | | | — | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | 192,827,371 | | | | 387,514,709 | | | | 330,220,765 | | | | 3,479,332,818 | |
| Reinvestment of distributions | | | 6,315,232 | | | | — | | | | — | | | | — | |
| | | | 199,142,603 | | | | 387,514,709 | | | | 330,220,765 | | | | 3,479,332,818 | |
| Cost of shares redeemed | | | (34,448,290 | ) | | | (42,130,067 | ) | | | (511,344,496 | ) | | | (566,813,371 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 164,694,313 | | | | 345,384,642 | | | | (181,123,731 | ) | | | 2,912,519,447 | |
| Net increase in net assets | | | 173,409,993 | | | | 376,934,038 | | | | 342,690,218 | | | | 3,488,603,523 | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | 376,934,038 | | | | — | | | | 3,488,603,523 | | | | — | |
| End of year or period | | $ | 550,344,031 | | | $ | 376,934,038 | | | $ | 3,831,293,741 | | | $ | 3,488,603,523 | |
(1) Commencement of operations.
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | | Voya VACS Index | |
| | | Series SC Portfolio | |
| | | Six Months | | | January 20, | |
| | | Ended | | | 2023(1) | |
| | | June 30, 2024 | | | to December 31, | |
| | | (Unaudited) | | | 2023 | |
| FROM OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 2,042,681 | | | $ | 5,121,203 | |
| Net realized gain | | | 11,955,161 | | | | 1,653,462 | |
| Net change in unrealized appreciation (depreciation) | | | (15,452,281 | ) | | | 34,151,249 | |
| Increase (decrease) in net assets resulting from operations | | | (1,454,439 | ) | | | 40,925,914 | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions (excluding return of capital) | | | (8,073,821 | ) | | | — | |
| Total distributions | | | (8,073,821 | ) | | | — | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sale of shares | | | 17,897,528 | | | | 415,681,393 | |
| Reinvestment of distributions | | | 8,073,821 | | | | — | |
| | | | 25,971,349 | | | | 415,681,393 | |
| Cost of shares redeemed | | | (169,723,686 | ) | | | (39,979,745 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (143,752,337 | ) | | | 375,701,648 | |
| Net increase (decrease) in net assets | | | (153,280,597 | ) | | | 416,627,562 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year or period | | | 416,627,562 | | | | — | |
| End of year or period | | $ | 263,346,965 | | | $ | 416,627,562 | |
(1) Commencement of operations.
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations | | | | | | Less Distributions | | | | | | | | | | | | | | | Ratios to average net assets | | | Supplemental
Data | |
| | | | Net
asset
value,
beginning
of year
or period | | | Net
investment
income
(loss) | | | Net
realized
and
unrealized
gain
(loss) | | | Total
from
investment
operations | | | From
net
investment
income | | | From
net realized gains | | | From
return
of
capital | | | Total
distributions | | | Payment
by
affiliate | | | Net
asset
value,
end
of
year
or
period | | | Total
Return
(1) | | | Expenses
before
reductions/
additions
(2)(3)(4) | | | Expenses
net of
fee
waivers and/or
recoupments
if any
(2)(3)(4) | | | Expenses
net of all
reductions/
additions
(2)(3)(4) | | | Net
investment
income
(loss)
(2)(3) | | | Net
assets,
end of
year or
period | | | Portfolio
turnover
rate | |
| Year or period ended | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | ($) | | | (%) | | | (%) | | | (%) | | | (%) | | | (%) | | | ($000's) | | | (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voya VACS Index Series EM Portfolio |
| 06-30-24+ | | | 11.00 | | | 0.13• | | | 0.67 | | | 0.80 | | | 0.42 | | | — | | | — | | | 0.42 | | | — | | | 11.38 | | | 6.90 | | | 0.19 | | | 0.19 | | | 0.19 | | | 2.44 | | | 325,746 | | | 4 | |
| 03-15-23(5)- 12-31-23 | | | 10.00 | | | 0.27• | | | 0.73 | | | 1.00 | | | — | | | — | | | — | | | — | | | — | | | 11.00 | | | 10.00 | | | 0.16 | | | 0.16 | | | 0.16 | | | 3.15 | | | 402,805 | | | 56 | |
| Voya VACS Index Series I Portfolio |
| 06-30-24+ | | | 10.90 | | | 0.21• | | | 0.37 | | | 0.58 | | | 0.28 | | | — | | | — | | | 0.28 | | | — | | | 11.20 | | | 5.32 | | | 0.16 | | | 0.16 | | | 0.16 | | | 3.82 | | | 1,631,851 | | | 2 | |
| 02-03-23(5)- 12-31-23 | | | 10.00 | | | 0.28• | | | 0.62 | | | 0.90 | | | — | | | — | | | — | | | — | | | — | | | 10.90 | | | 9.00 | | | 0.15 | | | 0.15 | | | 0.15 | | | 3.09 | | | 1,565,187 | | | 3 | |
| Voya VACS Index Series MC Portfolio |
| 06-30-24+ | | | 10.88 | | | 0.08• | | | 0.45 | | | 0.53 | | | 0.10 | | | 0.03 | | | — | | | 0.13 | | | — | | | 11.28 | | | 4.86 | | | 0.16 | | | 0.16 | | | 0.16 | | | 1.44 | | | 550,344 | | | 20 | |
| 01-27-23(5)- 12-31-23 | | | 10.00 | | | 0.15• | | | 0.73 | | | 0.88 | | | — | | | — | | | — | | | — | | | — | | | 10.88 | | | 8.80 | | | 0.16 | | | 0.16 | | | 0.16 | | | 1.63 | | | 376,934 | | | 22 | |
| Voya VACS Index Series S Portfolio |
| 06-30-24+ | | | 11.88 | | | 0.08• | | | 1.73 | | | 1.81 | | | — | | | — | | | — | | | — | | | — | | | 13.69 | | | 15.24 | | | 0.16 | | | 0.16 | | | 0.16 | | | 1.32 | | | 3,831,294 | | | 5 | |
| 01-27-23(5)- 12-31-23 | | | 10.00 | | | 0.16• | | | 1.72 | | | 1.88 | | | — | | | — | | | — | | | — | | | — | | | 11.88 | | | 18.80 | | | 0.15 | | | 0.15 | | | 0.15 | | | 1.62 | | | 3,488,604 | | | 9 | |
| Voya VACS Index Series SC Portfolio |
| 06-30-24+ | | | 11.01 | | | 0.08• | | | 0.09 | | | 0.17 | | | 0.22 | | | 0.12 | | | — | | | 0.34 | | | — | | | 10.84 | | | 1.53 | | | 0.17 | | | 0.17 | | | 0.17 | | | 1.40 | | | 263,347 | | | 10 | |
| 01-20-23(5)- 12-31-23 | | | 10.00 | | | 0.14• | | | 0.87 | | | 1.01 | | | — | | | — | | | — | | | — | | | — | | | 11.01 | | | 10.10 | | | 0.16 | | | 0.16 | | | 0.16 | | | 1.54 | | | 416,628 | | | 20 | |
| (1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized for periods less than one year. |
| (3) | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| (4) | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| (5) | Commencement of operations. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The four series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya VACS Index Series EM Portfolio (“Series EM”), Voya VACS Index Series I Portfolio (“Series I”), Voya VACS Index Series MC Portfolio (“Series MC”), and Voya VACS Index Series SC Portfolio (“Series SC”), each a diversified series of the Company.
Voya Investors Trust (the “Trust”) is registered under the 1940 Act, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. This report is for Voya VACS Index Series S Portfolio (“Series S”), a diversified series of the Trust.
Each of the series is referred to as a “Portfolio” and collectively, the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The Portfolios’ shares are not registered under the Securities Act of 1933 (the “1933 Act”) because the shares are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Investments in a Fund may only be made by “accredited investors,” within the meaning of Regulation D under the 1933 Act.
The Portfolios do not have a share class designation. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio. Expenses that are specific to a portfolio are charged directly to that portfolio. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to the Portfolios. Voya Investments Distributor, LLC (“VID”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The Portfolios are investment companies and accordingly follow the investment company accounting and reporting
guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of each Portfolio’s assets attributable to that class, subtracting each Portfolio’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 – unobservable inputs (including the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the
fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgement used in determining those values.
A table summarizing each Portfolio’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at |
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Market Close.
| (2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of a Portfolio’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. The Portfolios’ investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolios’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further,
recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.
Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”) with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated
NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of June 30, 2024, the maximum amount of loss that Series EM would incur if the counterparties to its derivative transactions failed to perform would be $50, which represent the gross payments to be received by the Portfolio on open forward foreign currency contracts were they to be unwound as of June 30, 2024. At June 30, 2024, there was no cash collateral received by Series EM.
Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent
features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.
As of June 30, 2024, Series EM had a liability position of $47 on open forward foreign currency contracts. If a contingent feature would have been triggered as of June 30, 2024, the Portfolio could have been required to pay this amount in cash to its counterparties. At June 30, 2024, Series EM did not pledge any cash collateral to certain counterparties for its open OTC derivatives.
H. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
During the period ended June 30, 2024, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:
| | | Buy | | Sell |
| Series EM | | $ | 13,794 | | $ | 8,985 |
| Series I | | — | | 13,552 |
The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for Series EM for open forward foreign currency contracts at June 30, 2024. There were no open forward foreign currency contracts for Series I at June 30, 2024.
Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security
