PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
1
Voya
Large
Cap
Value
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
99.4%
Communication
Services
:
7.0%
76,505
Activision
Blizzard,
Inc.
$
7,163,163
1.4
1,313,149
AT&T,
Inc.
19,723,498
4.0
284,506
(1)
Pinterest,
Inc.
- Class
A
7,690,197
1.6
34,576,858
7.0
Consumer
Discretionary
:
3.3%
90,609
Las
Vegas
Sands
Corp.
4,153,516
0.8
28,765
McDonald's
Corp.
7,577,852
1.5
12,296
(1)
Ulta
Beauty,
Inc.
4,911,637
1.0
16,643,005
3.3
Consumer
Staples
:
9.7%
300,826
Kenvue,
Inc.
6,040,586
1.2
292,534
Kraft
Heinz
Co.
9,840,844
2.0
185,315
Mondelez
International,
Inc.
- Class
A
12,860,861
2.6
209,640
Philip
Morris
International,
Inc.
19,408,471
3.9
48,150,762
9.7
Energy
:
8.8%
243,059
BP
PLC,
ADR
9,411,245
1.9
63,484
(2)
Chesapeake
Energy
Corp.
5,474,225
1.1
83,659
ConocoPhillips
10,022,348
2.0
64,013
EOG
Resources,
Inc.
8,114,288
1.6
76,151
Valero
Energy
Corp.
10,791,358
2.2
43,813,464
8.8
Financials
:
19.6%
126,786
Apollo
Global
Management,
Inc.
11,380,311
2.3
56,480
Arthur
J
Gallagher
&
Co.
12,873,486
2.6
588,025
Bank
of
America
Corp.
16,100,125
3.2
331,064
Bank
of
New
York
Mellon
Corp.
14,119,880
2.8
376,505
Equitable
Holdings,
Inc.
10,688,977
2.2
167,917
Hartford
Financial
Services
Group,
Inc.
11,906,994
2.4
136,207
Intercontinental
Exchange,
Inc.
14,985,494
3.0
181,419
Truist
Financial
Corp.
5,190,398
1.1
97,245,665
19.6
Foreign
Stock
:
—%
440,822
(3)
Prime
AET&D
Holdings
No
1
—
—
Health
Care
:
17.7%
99,668
Abbott
Laboratories
9,652,846
2.0
60,609
Alcon,
Inc.
4,670,529
1.0
105,247
(1)
Boston
Scientific
Corp.
5,557,042
1.1
130,983
Bristol-Myers
Squibb
Co.
7,602,253
1.5
45,012
Cigna
Group
12,876,583
2.6
22,590
HCA
Healthcare,
Inc.
5,556,688
1.1
87,972
Johnson
&
Johnson
13,701,639
2.8
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Health
Care:
(continued)
13,867
McKesson
Corp.
$
6,030,065
1.2
40,635
Quest
Diagnostics,
Inc.
4,951,781
1.0
13,104
Thermo
Fisher
Scientific,
Inc.
6,632,852
1.3
26,182
Universal
Health
Services,
Inc.
- Class
B
3,291,863
0.7
20,490
(1)
Vertex
Pharmaceuticals,
Inc.
7,125,193
1.4
87,649,334
17.7
Industrials
:
9.9%
47,121
Booz
Allen
Hamilton
Holding
Corp.
5,148,912
1.0
148,878
(1)
Copart,
Inc.
6,415,153
1.3
93,290
Emerson
Electric
Co.
9,009,015
1.8
206,258
Howmet
Aerospace,
Inc.
9,539,432
1.9
96,685
Ingersoll
Rand,
Inc.
6,160,768
1.3
18,138
Parker-Hannifin
Corp.
7,065,114
1.4
14,824
(1)
Saia,
Inc.
5,909,588
1.2
49,247,982
9.9
Information
Technology
:
9.3%
52,295
(1)
Advanced
Micro
Devices,
Inc.
5,376,972
1.1
1,806
Constellation
Software,
Inc./Canada
3,728,438
0.8
66,821
Dolby
Laboratories,
Inc.
- Class
A
5,296,232
1.1
127,059
Micron
Technology,
Inc.
8,643,824
1.7
13,106
Paycom
Software,
Inc.
3,397,993
0.7
19,504
Roper
Technologies,
Inc.
9,445,397
1.9
30,253
(1)
Salesforce,
Inc.
6,134,703
1.2
48,539
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
4,218,039
0.8
46,241,598
9.3
Materials
:
5.1%
23,974
Air
Products
and
Chemicals,
Inc.
6,794,232
1.4
108,581
Alcoa
Corp.
3,155,364
0.6
69,230
CF
Industries
Holdings,
Inc.
5,935,780
1.2
59,859
Crown
Holdings,
Inc.
5,296,324
1.1
14,926
Reliance
Steel
&
Aluminum
Co.
3,914,045
0.8
25,095,745
5.1
Real
Estate
:
4.0%
55,579
Prologis,
Inc.
6,236,520
1.3
41,845
Ryman
Hospitality
Properties,
Inc.
3,484,852
0.7
122,296
Welltower,
Inc.
10,018,488
2.0
19,739,860
4.0
Utilities
:
5.0%
53,664
DTE
Energy
Co.
5,327,762
1.1
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
2
Voya
Large
Cap
Value
Portfolio
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Utilities:
(continued)
193,865
NextEra
Energy,
Inc.
$
11,106,526
2.2
148,527
Public
Service
Enterprise
Group,
Inc.
8,452,671
1.7
24,886,959
5.0
Total
Common
Stock
(Cost
$484,875,219)
493,291,232
99.4
CORPORATE
BONDS/NOTES
:
—%
Financial
:
—%
1,216,000
(3)
Tropicana
Entertainment
LLC
/
Tropicana
Finance
Corp.,
9.625%,
12/15/2014
—
—
Total
Corporate
Bonds/
Notes
(Cost
$787,908)
—
—
OTHER
(4)
:
0.0%
Corporate
Bond
:
0.0%
1,685,000
(1)(3)(5)
Samson
Investment
Co.
—
0.0
Total
Other
(Cost
$30,842)
—
0.0
RIGHT
:
0.0%
Information
Technology:
0.0%
1,823
(1)
Constellation
Software,
Inc./Canada
7
0.0
Total
Right
(Cost
$—)
7
0.0
WARRANTS
:
—%
Information
Technology
:
—%
1,823
(3)
Constellation
Software,
Inc./Canada
—
—
Total
Warrants
(Cost
$—)
—
—
Total
Long-Term
Investments
(Cost
$485,693,969)
493,291,239
99.4
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
1.5%
Repurchase
Agreements
:
1.1%
1,304,638
(6)
Bethesda
Securities
LLC,
Repurchase
Agreement
dated
09/29/2023,
5.390%,
due
10/02/2023
(Repurchase
Amount
$1,305,216,
collateralized
by
various
U.S.
Government
Agency
Obligations,
3.062%-
6.000%,
Market
Value
plus
accrued
interest
$1,330,731,
due
08/01/28-07/01/53)
$
1,304,638
0.2
1,331,263
(6)
Citigroup
Global
Markets
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.300%,
due
10/02/2023
(Repurchase
Amount
$1,331,843,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
7.087%,
Market
Value
plus
accrued
interest
$1,357,888,
due
08/05/25-05/20/72)
1,331,263
0.3
285,218
(6)
Daiwa
Capital
Markets,
Repurchase
Agreement
dated
09/29/2023,
5.320%,
due
10/02/2023
(Repurchase
Amount
$285,343,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
7.000%,
Market
Value
plus
accrued
interest
$290,940,
due
01/31/24-10/01/53)
285,218
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
3
Voya
Large
Cap
Value
Portfolio
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
1,317,950
(6)
Industrial
&
Comm.
Bank
of
China,
Repurchase
Agreement
dated
09/29/2023,
5.330%,
due
10/02/2023
(Repurchase
Amount
$1,318,527,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
7.500%,
Market
Value
plus
accrued
interest
$1,344,309,
due
10/31/23-02/15/53)
$
1,317,950
0.3
1,331,263
(6)
National
Bank
Financial,
Repurchase
Agreement
dated
09/29/2023,
5.340%,
due
10/02/2023
(Repurchase
Amount
$1,331,847,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
4.750%,
Market
Value
plus
accrued
interest
$1,357,888,
due
10/02/23)
1,331,263
0.3
Total
Repurchase
Agreements
(Cost
$5,570,332)
5,570,332
1.1
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
0.4%
1,998,000
(7)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
5.270%
(Cost
$1,998,000)
$
1,998,000
0.4
Total
Short-Term
Investments
(Cost
$7,568,332)
7,568,332
1.5
Total
Investments
in
Securities
(Cost
$493,262,301)
$
500,859,571
100.9
Liabilities
in
Excess
of
Other
Assets
(4,704,047)
(0.9)
Net
Assets
$
496,155,524
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)
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.
(5)
Restricted
security
as
to
resale,
excluding
Rule
144A
securities.
As
of
September
30,
2023,
the
Fund
held
restricted
securities
with
a
fair
value
of
$–
or
—%
of
net
assets.
Please
refer
to
the
table
below
for
additional
details.
(6)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(7)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
September
30,
2023
(unaudited)
(continued)
4
Voya
Large
Cap
Value
Portfolio
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
September
30,
2023
in
valuing
the
assets
and
liabilities:
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Fair
Value
at
September
30,
2023
Asset
Table
Investments,
at
fair
value
Common
Stock*
$
493,291,232
$
—
$
—
$
493,291,232
Right
7
—
—
7
Short-Term
Investments
1,998,000
5,570,332
—
7,568,332
Total
Investments,
at
fair
value
$
495,289,239
$
5,570,332
$
—
$
500,859,571
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
At
September
30,
2023,
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
$
—
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
41,359,720
Gross
Unrealized
Depreciation
(33,762,450)
Net
Unrealized
Appreciation
$
7,597,270