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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-8220
Voya Variable Products Trust
(formerly ING Variable Products Trust)
(Exact name of registrant as specified in charter)
7337 E. Doubletree Ranch Rd. Suite 100, Scottsdale, AZ | 85258 |
(Address of principal executive offices) | (Zip code) |
CT Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: | December 31 |
Date of reporting period: | January 1, 2014 to June 30, 2014 |
ITEM 1. REPORTS TO STOCKHOLDERS.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
n | Voya International Value Portfolio (formerly, ING International Value Portfolio) |
n | Voya MidCap Opportunities Portfolio (formerly, ING MidCap Opportunities Portfolio) |
n | Voya SmallCap Opportunities Portfolio (formerly, ING SmallCap Opportunities 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. |
INVESTMENT MANAGEMENT voyainvestments.com | VoyaTM Investment Management was formerly ING U.S. Investment Management |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Shareholder Expense Examples | 4 | |||||
Statements of Assets and Liabilities | 5 | |||||
Statements of Operations | 7 | |||||
Statements of Changes in Net Assets | 8 | |||||
Financial Highlights | 10 | |||||
Notes to Financial Statements | 12 | |||||
Summary Portfolios of Investments | 24 |
Executive Vice President
Voya Family of Funds
July 28, 2014
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
1 | “Soccer, a Beautiful Game of Chance,” by John Tierney, New York Times, July 7, 2014. |
1 |
2 |
Index | Description | |||||
---|---|---|---|---|---|---|
Barclays High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | |||||
Barclays Long Term U.S. Treasury Index | The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. | |||||
Barclays U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
Barclays U.S. Corporate Investment Grade Bond Index | The corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations. | |||||
Barclays U.S. Treasury Bond Index | A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more. | |||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | |||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | |||||
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | |||||
S&P 500® Index | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
3 |
Actual Portfolio Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value January 1, 2014 | Ending Account Value June 30, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended June 30, 2014* | Beginning Account Value January 1, 2014 | Ending Account Value June 30, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Ended June 30, 2014* | ||||||||||||||||||||||||||||
Voya International Value Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,053.10 | 1.45 | % | $7.38 | $ | 1,000.00 | $ | 1,017.60 | 1.45 | % | $7.25 | |||||||||||||||||||||
Class I | 1,000.00 | 1,056.00 | 0.95 | 4.84 | 1,000.00 | 1,020.08 | 0.95 | 4.76 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,054.40 | 1.15 | 5.86 | 1,000.00 | 1,019.09 | 1.15 | 5.76 | |||||||||||||||||||||||||||
Voya MidCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,018.90 | 1.30 | % | $6.51 | $ | 1,000.00 | $ | 1,018.35 | 1.30 | % | $6.51 | |||||||||||||||||||||
Class I | 1,000.00 | 1,021.90 | 0.80 | 4.01 | 1,000.00 | 1,020.83 | 0.80 | 4.01 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,020.60 | 1.05 | 5.26 | 1,000.00 | 1,019.59 | 1.05 | 5.26 | |||||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,019.60 | 1.20 | 6.01 | 1,000.00 | 1,018.84 | 1.20 | 6.01 | |||||||||||||||||||||||||||
Voya SmallCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,022.00 | 1.38 | % | $6.92 | $ | 1,000.00 | $ | 1,017.95 | 1.38 | % | $6.90 | |||||||||||||||||||||
Class I | 1,000.00 | 1,024.70 | 0.88 | 4.42 | 1,000.00 | 1,020.43 | 0.88 | 4.41 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,023.50 | 1.13 | 5.67 | 1,000.00 | 1,019.19 | 1.13 | 5.66 | |||||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,022.60 | 1.28 | 6.42 | 1,000.00 | 1,018.45 | 1.28 | 6.41 |
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
4 |
Voya International Value Portfolio | Voya MidCap Opportunities Portfolio | Voya SmallCap Opportunities Portfolio | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||
Investments in securities at fair value+* | $ | 131,606,655 | $ | 1,512,327,964 | $ | 325,272,293 | ||||||||
Short-term investments at fair value** | 4,330,560 | 13,124,299 | 9,078,411 | |||||||||||
Total investments at fair value | $ | 135,937,215 | $ | 1,525,452,263 | $ | 334,350,704 | ||||||||
Cash | 33 | 294 | 134,428 | |||||||||||
Foreign currencies at value*** | 87,601 | — | — | |||||||||||
Receivables: | ||||||||||||||
Investment securities sold | 69,680 | 39,441,182 | 733,055 | |||||||||||
Fund shares sold | 35,990 | 1,882,955 | 394,901 | |||||||||||
Dividends | 232,441 | 1,128,442 | 179,120 | |||||||||||
Foreign tax reclaims | 226,687 | 29,472 | — | |||||||||||
Prepaid expenses | 567 | 6,744 | 1,320 | |||||||||||
Reimbursement due from manager | 6,689 | — | — | |||||||||||
Other assets | 163 | 16,742 | 3,922 | |||||||||||
Total assets | 136,597,066 | 1,567,958,094 | 335,797,450 | |||||||||||
LIABILITIES: | ||||||||||||||
Payable for investment securities purchased | 10,814 | 28,523,049 | 1,083,088 | |||||||||||
Payable for fund shares redeemed | 138 | 3,547,487 | 102,332 | |||||||||||
Payable upon receipt of securities loaned | 3,801,560 | 415,299 | 5,755,280 | |||||||||||
Payable for investment management fees | 87,827 | 841,002 | 196,248 | |||||||||||
Payable for administrative fees | 10,979 | 126,056 | 26,567 | |||||||||||
Payable for distribution and shareholder service fees | 1,884 | 194,085 | 36,732 | |||||||||||
Payable for directors fees | 658 | 7,750 | 1,627 | |||||||||||
Payable to directors under the deferred compensation plan (Note 6) | 163 | 16,742 | 3,922 | |||||||||||
Other accrued expenses and liabilities | 37,093 | 142,051 | 47,455 | |||||||||||
Total liabilities | 3,951,116 | 33,813,521 | 7,253,251 | |||||||||||
NET ASSETS | $ | 132,645,950 | $ | 1,534,144,573 | $ | 328,544,199 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||
Paid-in capital | $ | 289,478,652 | $ | 984,139,825 | $ | 213,269,150 | ||||||||
Undistributed net investment income/accumulated net investment loss | 1,830,629 | 399,732 | (203,511 | ) | ||||||||||
Accumulated net realized gain (loss) | (178,626,234 | ) | 363,433,364 | 44,743,109 | ||||||||||
Net unrealized appreciation | 19,962,903 | 186,171,652 | 70,735,451 | |||||||||||
NET ASSETS | $ | 132,645,950 | $ | 1,534,144,573 | $ | 328,544,199 | ||||||||
____________ | ||||||||||||||
+ Including securities loaned at value | $ | 3,635,737 | $ | 406,750 | $ | 5,616,011 | ||||||||
* Cost of investments in securities | $ | 111,651,709 | $ | 1,326,157,669 | $ | 254,536,842 | ||||||||
** Cost of short-term investments | $ | 4,330,560 | $ | 13,124,299 | $ | 9,078,411 | ||||||||
*** Cost of foreign currencies | $ | 87,158 | $ | — | $ | — |
5 |
Voya International Value Portfolio | Voya MidCap Opportunities Portfolio | Voya SmallCap Opportunities Portfolio | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class ADV | ||||||||||||||
Net assets | $ | 1,442,317 | $ | 140,654,909 | $ | 45,462,204 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||
Shares outstanding | 144,929 | 8,638,910 | 1,606,768 | |||||||||||
Net asset value and redemption price per share | $ | 9.95 | $ | 16.28 | $ | 28.29 | ||||||||
Class I | ||||||||||||||
Net assets | $ | 123,413,878 | $ | 737,736,478 | $ | 194,258,427 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||
Shares outstanding | 12,282,646 | 43,714,733 | 6,505,750 | |||||||||||
Net asset value and redemption price per share | $ | 10.05 | $ | 16.88 | $ | 29.86 | ||||||||
Class S | ||||||||||||||
Net assets | $ | 7,789,755 | $ | 641,023,345 | $ | 84,330,455 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||
Shares outstanding | 759,788 | 39,050,782 | 2,930,303 | |||||||||||
Net asset value and redemption price per share | $ | 10.25 | $ | 16.42 | $ | 28.78 | ||||||||
Class S2 | ||||||||||||||
Net assets | n/a | $ | 14,729,841 | $ | 4,493,113 | |||||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||||
Par value | n/a | $ | 0.010 | $ | 0.010 | |||||||||
Shares outstanding | n/a | 898,382 | 157,818 | |||||||||||
Net asset value and redemption price per share | n/a | $ | 16.40 | $ | 28.47 |
6 |
Voya International Value Portfolio | Voya MidCap Opportunities Portfolio | Voya SmallCap Opportunities Portfolio | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 4,118,266 | $ | 13,043,615 | $ | 1,314,314 | ||||||||
Securities lending income, net | 81,121 | 22,485 | 119,991 | |||||||||||
Total investment income | 4,199,387 | 13,066,100 | 1,434,305 | |||||||||||
EXPENSES: | ||||||||||||||
Investment management fees | 522,093 | 5,107,664 | 1,191,708 | |||||||||||
Distribution and shareholder service fees: | ||||||||||||||
Class ADV | 3,372 | 347,382 | 106,032 | |||||||||||
Class S | 9,577 | 811,205 | 105,060 | |||||||||||
Class S2 | — | 35,757 | 10,972 | |||||||||||
Transfer agent fees | 167 | 2,140 | 243 | |||||||||||
Administrative service fees | 65,261 | 768,621 | 161,387 | |||||||||||
Shareholder reporting expense | 4,943 | 85,535 | 12,670 | |||||||||||
Professional fees | 8,359 | 65,772 | 15,385 | |||||||||||
Custody and accounting expense | 26,257 | 81,165 | 20,815 | |||||||||||
Directors fees | 1,974 | 23,250 | 4,882 | |||||||||||
Miscellaneous expense | 2,850 | 14,718 | 6,925 | |||||||||||
Interest expense | 535 | 14 | 43 | |||||||||||
Total expenses | 645,388 | 7,343,223 | 1,636,122 | |||||||||||
Net waived and reimbursed fees | (13,135 | ) | (7,151 | ) | (2,195 | ) | ||||||||
Net expenses | 632,253 | 7,336,072 | 1,633,927 | |||||||||||
Net investment income (loss) | 3,567,134 | 5,730,028 | (199,622 | ) | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||
Net realized gain (loss) on: | ||||||||||||||
Investments | 5,307,809 | 143,315,300 | 18,560,578 | |||||||||||
Foreign currency related transactions | (31,280 | ) | 1,506 | — | ||||||||||
Net realized gain | 5,276,529 | 143,316,806 | 18,560,578 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||
Investments | (1,777,485 | ) | (121,478,531 | ) | (10,899,910 | ) | ||||||||
Foreign currency related transactions | 13 | 173 | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (1,777,472 | ) | (121,478,358 | ) | (10,899,910 | ) | ||||||||
Net realized and unrealized gain | 3,499,057 | 21,838,448 | 7,660,668 | |||||||||||
Increase in net assets resulting from operations | $ | 7,066,191 | $ | 27,568,476 | $ | 7,461,046 | ||||||||
______________ | ||||||||||||||
* Foreign taxes withheld | $ | 301,043 | $ | — | $ | 377 |
7 |
Voya International Value Portfolio | Voya MidCap Opportunities Portfolio | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 3,567,134 | $ | 2,860,612 | $ | 5,730,028 | $ | 162,017 | |||||||||||
Net realized gain | 5,276,529 | 11,593,490 | 143,316,806 | 224,720,220 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (1,777,472 | ) | 10,982,566 | (121,478,358 | ) | 172,203,045 | |||||||||||||
Increase in net assets resulting from operations | 7,066,191 | 25,436,668 | 27,568,476 | 397,085,282 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | — | — | — | — | |||||||||||||||
Net investment income: | |||||||||||||||||||
Class ADV | (17,574 | ) | (24,731 | ) | (372,599 | ) | — | ||||||||||||
Class I | (1,713,236 | ) | (3,244,667 | ) | (2,784,963 | ) | (240,392 | ) | |||||||||||
Class S | (101,556 | ) | (181,650 | ) | (2,115,878 | ) | — | ||||||||||||
Class S2(1) | — | (36 | ) | (41,187 | ) | — | |||||||||||||
Net realized gains: | |||||||||||||||||||
Class ADV | — | — | — | (3,104,778 | ) | ||||||||||||||
Class I | — | — | — | (18,427,132 | ) | ||||||||||||||
Class S | — | — | — | (16,070,181 | ) | ||||||||||||||
Class S2 | — | — | — | (268,315 | ) | ||||||||||||||
Total distributions | (1,832,366 | ) | (3,451,084 | ) | (5,314,627 | ) | (38,110,798 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 1,995,668 | 3,398,016 | 94,236,000 | 151,192,057 | |||||||||||||||
Proceeds from shares issued in merger (Note 11) | — | — | — | 303,156,146 | |||||||||||||||
Reinvestment of distributions | 1,832,366 | 3,451,047 | 5,314,627 | 38,110,798 | |||||||||||||||
3,828,034 | 6,849,063 | 99,550,627 | 492,459,001 | ||||||||||||||||
Cost of shares redeemed | (11,074,416 | ) | (27,654,639 | ) | (230,590,491 | ) | (346,945,568 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (7,246,382 | ) | (20,805,576 | ) | (131,039,864 | ) | 145,513,433 | ||||||||||||
Net increase (decrease) in net assets | (2,012,557 | ) | 1,180,008 | (108,786,015 | ) | 504,487,917 | |||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 134,658,507 | 133,478,499 | 1,642,930,588 | 1,138,442,671 | |||||||||||||||
End of year or period | $ | 132,645,950 | $ | 134,658,507 | $ | 1,534,144,573 | $ | 1,642,930,588 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | 1,830,629 | $ | 95,861 | $ | 399,732 | $ | (15,669 | ) |
(1) | Class S2 of Voya International Value Portfolio liquidated on April 30, 2013. |
8 |
Voya SmallCap Opportunities Portfolio | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment (loss) | $ | (199,622 | ) | $ | (802,356 | ) | |||||
Net realized gain | 18,560,578 | 29,411,052 | |||||||||
Net change in unrealized appreciation (depreciation) | (10,899,910 | ) | 61,229,826 | ||||||||
Increase in net assets resulting from operations | 7,461,046 | 89,838,522 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | — | — | |||||||||
Net realized gains: | |||||||||||
Class ADV | — | (1,712,645 | ) | ||||||||
Class I | — | (9,938,817 | ) | ||||||||
Class S | — | (4,998,362 | ) | ||||||||
Class S2 | — | (225,946 | ) | ||||||||
Total distributions | — | (16,875,770 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 17,324,502 | 60,766,106 | |||||||||
Reinvestment of distributions | — | 16,875,770 | |||||||||
17,324,502 | 77,641,876 | ||||||||||
Cost of shares redeemed | (28,891,739 | ) | (40,377,023 | ) | |||||||
Net increase (decrease) in net assets resulting from capital share transactions | (11,567,237 | ) | 37,264,853 | ||||||||
Net increase (decrease) in net assets | (4,106,191 | ) | 110,227,605 | ||||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 332,650,390 | 222,422,785 | |||||||||
End of year or period | $ | 328,544,199 | $ | 332,650,390 | |||||||
Accumulated net investment loss at end of year or period | $ | (203,511 | ) | $ | (3,889 | ) | |||||
9 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 International Value Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 9.57 | 0.24 | • | 0.26 | 0.50 | 0.12 | — | — | 0.12 | — | 9.95 | 5.31 | 1.47 | 1.45 | 1.45 | 5.02 | 1,442 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.12 | 0.14 | 1.50 | 1.64 | 0.19 | — | — | 0.19 | — | 9.57 | 20.54 | 1.46 | 1.50 | 1.50 | 1.61 | 1,315 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 6.99 | 0.15 | 1.14 | 1.29 | 0.16 | — | — | 0.16 | — | 8.12 | 18.64 | 1.46 | 1.50 | 1.50 | 1.99 | 1,123 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.44 | (0.01 | )• | (1.26 | ) | (1.27 | ) | 0.17 | — | 0.01 | 0.18 | — | 6.99 | (15.40 | ) | 1.57 | 1.52 | 1.52 | (0.09 | ) | 1,145 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.41 | 0.11 | 0.05 | 0.16 | 0.13 | — | — | 0.13 | — | 8.44 | 2.02 | 1.56 | 1.50 | † | 1.50 | † | 1.28 | † | 31 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.74 | 0.09 | 1.70 | 1.79 | 0.12 | — | — | 0.12 | — | 8.41 | 26.88 | 1.55 | 1.51 | † | 1.51 | † | 1.10 | † | 21 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 9.65 | 0.26 | • | 0.28 | 0.54 | 0.14 | — | — | 0.14 | — | 10.05 | 5.60 | 0.97 | 0.95 | 0.95 | 5.48 | 123,414 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.18 | 0.19 | 1.51 | 1.70 | 0.23 | — | — | 0.23 | — | 9.65 | 21.21 | 0.96 | 1.00 | 1.00 | 2.18 | 125,423 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.04 | 0.19 | 1.14 | 1.33 | 0.19 | — | — | 0.19 | — | 8.18 | 19.23 | 0.96 | 1.00 | 1.00 | 2.52 | 124,728 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.49 | 0.21 | (1.45 | ) | (1.24 | ) | 0.20 | — | 0.01 | 0.21 | — | 7.04 | (14.96 | ) | 1.07 | 1.02 | 1.02 | 2.56 | 135,682 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.46 | 0.16 | • | 0.04 | 0.20 | 0.17 | — | — | 0.17 | — | 8.49 | 2.50 | 1.06 | 1.00 | † | 1.00 | † | 1.96 | † | 230,836 | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.77 | 0.13 | 1.68 | 1.81 | 0.12 | — | — | 0.12 | — | 8.46 | 27.18 | 1.05 | 1.01 | † | 1.01 | † | 1.70 | † | 399,689 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 9.85 | 0.26 | • | 0.27 | 0.53 | 0.13 | — | — | 0.13 | — | 10.25 | 5.44 | 1.22 | 1.15 | 1.15 | 5.29 | 7,790 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.34 | 0.18 | 1.54 | 1.72 | 0.21 | — | — | 0.21 | — | 9.85 | 21.05 | 1.21 | 1.20 | 1.20 | 1.95 | 7,920 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.18 | 0.18 | 1.16 | 1.34 | 0.18 | — | — | 0.18 | — | 8.34 | 18.90 | 1.21 | 1.20 | 1.20 | 2.33 | 7,623 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.64 | 0.19 | (1.46 | ) | (1.27 | ) | 0.18 | — | 0.01 | 0.19 | — | 7.18 | (14.99 | ) | 1.32 | 1.22 | 1.22 | 2.27 | 8,156 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.60 | 0.13 | 0.06 | 0.19 | 0.15 | — | — | 0.15 | — | 8.64 | 2.36 | 1.31 | 1.20 | † | 1.20 | † | 1.61 | † | 11,068 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.93 | 0.11 | 1.68 | 1.79 | 0.12 | — | — | 0.12 | — | 8.60 | 26.13 | 1.30 | 1.21 | † | 1.21 | † | 1.44 | † | 12,076 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Voya MidCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 16.02 | 0.03 | • | 0.27 | 0.30 | 0.04 | — | — | 0.04 | — | 16.28 | 1.89 | 1.30 | 1.30 | 1.30 | 0.38 | 140,655 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.51 | (0.05 | ) | 3.92 | 3.87 | — | 0.36 | — | 0.36 | — | 16.02 | 31.34 | 1.30 | 1.30 | 1.30 | (0.34 | ) | 143,300 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.34 | 0.01 | 1.52 | 1.53 | 0.04 | 0.32 | — | 0.36 | — | 12.51 | 13.61 | 1.34 | 1.34 | 1.34 | 0.09 | 81,463 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.46 | (0.02 | ) | (0.10 | ) | (0.12 | ) | — | — | — | — | — | 11.34 | (1.05 | ) | 1.34 | 1.34 | 1.34 | (0.23 | ) | 40,497 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.88 | 0.08 | • | 2.54 | 2.62 | 0.04 | — | — | 0.04 | — | 11.46 | 29.57 | 1.36 | 1.29 | † | 1.29 | † | 0.75 | † | 15,119 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.32 | 0.03 | • | 2.54 | 2.57 | 0.01 | — | — | 0.01 | — | 8.88 | 40.65 | 1.40 | 1.14 | † | 1.14 | † | 0.36 | † | 957 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 16.58 | 0.07 | • | 0.29 | 0.36 | 0.06 | — | — | 0.06 | — | 16.88 | 2.19 | 0.80 | 0.80 | 0.80 | 0.90 | 737,736 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.88 | 0.02 | 4.05 | 4.07 | 0.01 | 0.36 | — | 0.37 | — | 16.58 | 31.97 | 0.80 | 0.80 | 0.80 | 0.16 | 796,010 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.63 | 0.07 | 1.57 | 1.64 | 0.07 | 0.32 | — | 0.39 | — | 12.88 | 14.20 | 0.84 | 0.84 | 0.84 | 0.56 | 614,151 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.69 | 0.03 | (0.09 | ) | (0.06 | ) | — | — | — | — | — | 11.63 | (0.51 | ) | 0.84 | 0.84 | 0.84 | 0.24 | 435,027 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.03 | 0.06 | 2.67 | 2.73 | 0.07 | — | — | 0.07 | — | 11.69 | 30.36 | 0.86 | 0.79 | † | 0.79 | † | 0.62 | † | 350,626 | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.40 | 0.04 | 2.61 | 2.65 | 0.02 | — | — | 0.02 | — | 9.03 | 41.44 | 0.90 | 0.64 | † | 0.64 | † | 0.46 | † | 238,426 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 16.14 | 0.05 | • | 0.28 | 0.33 | 0.05 | — | — | 0.05 | — | 16.42 | 2.06 | 1.05 | 1.05 | 1.05 | 0.65 | 641,023 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.57 | (0.01 | ) | 3.94 | 3.93 | — | 0.36 | — | 0.36 | — | 16.14 | 31.68 | 1.05 | 1.05 | 1.05 | (0.09 | ) | 689,091 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.37 | 0.04 | 1.53 | 1.57 | 0.05 | 0.32 | — | 0.37 | — | 12.57 | 13.92 | 1.09 | 1.09 | 1.09 | 0.29 | 435,586 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.46 | (0.00 | )* | (0.09 | ) | (0.09 | ) | — | — | — | — | — | 11.37 | (0.79 | ) | 1.09 | 1.09 | 1.09 | (0.04 | ) | 414,381 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.86 | 0.03 | • | 2.62 | 2.65 | 0.05 | — | — | 0.05 | — | 11.46 | 29.96 | 1.11 | 1.04 | † | 1.04 | † | 0.35 | † | 450,115 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.29 | 0.02 | 2.56 | 2.58 | 0.01 | — | — | 0.01 | — | 8.86 | 41.04 | 1.15 | 0.89 | † | 0.89 | † | 0.25 | † | 333,376 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 16.13 | 0.04 | • | 0.28 | 0.32 | 0.05 | — | — | 0.05 | — | 16.40 | 1.96 | 1.30 | 1.20 | 1.20 | 0.46 | 14,730 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.58 | (0.03 | ) | 3.94 | 3.91 | — | 0.36 | — | 0.36 | — | 16.13 | 31.49 | 1.30 | 1.20 | 1.20 | (0.24 | ) | 14,530 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.38 | 0.02 | 1.54 | 1.56 | 0.04 | 0.32 | — | 0.36 | — | 12.58 | 13.79 | 1.34 | 1.24 | 1.24 | 0.18 | 7,243 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.49 | (0.01 | ) | (0.10 | ) | (0.11 | ) | — | — | — | — | — | 11.38 | (0.96 | ) | 1.34 | 1.24 | 1.24 | (0.13 | ) | 3,314 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.89 | 0.08 | • | 2.56 | 2.64 | 0.04 | — | — | 0.04 | — | 11.49 | 29.67 | 1.36 | 1.19 | † | 1.19 | † | 0.71 | † | 900 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||
02-27-09(5)–12-31-09 | 5.55 | 0.01 | 3.34 | 3.35 | 0.01 | — | — | 0.01 | — | 8.89 | 60.41 | 1.40 | 1.04 | † | 1.04 | † | 0.14 | † | 5 | 169 |
10 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 SmallCap Opportunities Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 27.68 | (0.07 | )• | 0.68 | 0.61 | — | — | — | — | — | 28.29 | 2.20 | 1.38 | 1.38 | 1.38 | (0.48 | ) | 45,462 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.37 | (0.16 | )• | 8.07 | 7.91 | — | 1.60 | — | 1.60 | — | 27.68 | 38.39 | 1.38 | 1.38 | 1.38 | (0.63 | ) | 42,105 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.73 | (0.07 | )• | 3.00 | 2.93 | — | 2.29 | — | 2.29 | — | 21.37 | 14.63 | 1.41 | 1.41 | 1.41 | (0.34 | ) | 14,236 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.67 | (0.14 | )• | 0.20 | 0.06 | — | — | — | — | — | 20.73 | 0.29 | 1.40 | 1.40 | 1.40 | (0.67 | ) | 4,819 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.69 | (0.10 | )• | 5.08 | 4.98 | — | — | — | — | — | 20.67 | 31.74 | 1.40 | 1.40 | † | 1.40 | † | (0.57 | )† | 2,120 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.04 | (0.08 | ) | 3.73 | 3.65 | — | — | — | — | — | 15.69 | 30.32 | 1.46 | 1.43 | † | 1.43 | † | (0.61 | )† | 88 | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 29.14 | 0.00 | * | 0.72 | 0.72 | — | — | — | — | — | 29.86 | 2.47 | 0.88 | 0.88 | 0.88 | 0.01 | 194,258 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 22.32 | (0.04 | ) | 8.46 | 8.42 | — | 1.60 | — | 1.60 | — | 29.14 | 39.06 | 0.88 | 0.88 | 0.88 | (0.16 | ) | 196,665 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.46 | 0.01 | 3.14 | 3.15 | — | 2.29 | — | 2.29 | — | 22.32 | 15.18 | 0.91 | 0.91 | 0.91 | 0.03 | 136,300 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.28 | (0.04 | ) | 0.22 | 0.18 | — | — | — | — | — | 21.46 | 0.85 | 0.90 | 0.90 | 0.90 | (0.17 | ) | 117,965 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 16.08 | (0.02 | ) | 5.22 | 5.20 | — | — | — | — | — | 21.28 | 32.34 | 0.90 | 0.90 | † | 0.90 | † | (0.14 | )† | 113,938 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.27 | (0.02 | ) | 3.83 | 3.81 | — | — | — | — | — | 16.08 | 31.05 | 0.96 | 0.93 | † | 0.93 | † | (0.12 | )† | 79,291 | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 28.12 | (0.03 | )• | 0.69 | 0.66 | — | — | — | — | — | 28.78 | 2.35 | 1.13 | 1.13 | 1.13 | (0.24 | ) | 84,330 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.64 | (0.11 | )• | 8.19 | 8.08 | — | 1.60 | — | 1.60 | — | 28.12 | 38.71 | 1.13 | 1.13 | 1.13 | (0.42 | ) | 89,527 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.91 | (0.05 | ) | 3.07 | 3.02 | — | 2.29 | — | 2.29 | — | 21.64 | 14.95 | 1.16 | 1.16 | 1.16 | (0.22 | ) | 68,682 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.80 | (0.10 | ) | 0.21 | 0.11 | — | — | — | — | — | 20.91 | 0.53 | 1.15 | 1.15 | 1.15 | (0.47 | ) | 63,588 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.75 | (0.07 | ) | 5.12 | 5.05 | — | — | — | — | — | 20.80 | 32.06 | 1.15 | 1.15 | † | 1.15 | † | (0.39 | )† | 71,992 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.05 | (0.05 | ) | 3.75 | 3.70 | — | — | — | — | — | 15.75 | 30.71 | 1.21 | 1.17 | † | 1.17 | † | (0.36 | )† | 62,253 | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-14 | 27.84 | (0.05 | )• | 0.68 | 0.63 | — | — | — | — | — | 28.47 | 2.26 | 1.38 | 1.28 | 1.28 | (0.38 | ) | 4,493 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.47 | (0.13 | ) | 8.10 | 7.97 | — | 1.60 | — | 1.60 | — | 27.84 | 38.50 | 1.38 | 1.28 | 1.28 | (0.57 | ) | 4,354 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.79 | (0.06 | )• | 3.03 | 2.97 | — | 2.29 | — | 2.29 | — | 21.47 | 14.79 | 1.41 | 1.31 | 1.31 | (0.27 | ) | 3,205 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.71 | (0.11 | )• | 0.19 | 0.08 | — | — | — | — | — | 20.79 | 0.39 | 1.40 | 1.30 | 1.30 | (0.56 | ) | 1,472 | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.71 | (0.09 | )• | 5.09 | 5.00 | — | — | — | — | — | 20.71 | 31.83 | 1.40 | 1.30 | † | 1.30 | † | (0.50 | )† | 344 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
02-27-09(5)–12-31-09 | 9.88 | (0.06 | ) | 5.89 | 5.83 | — | — | — | — | — | 15.71 | 59.01 | 1.46 | 1.33 | † | 1.33 | † | (0.54 | )† | 5 | 139 |
(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 by an 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 an Investment Adviser and/or Distributor 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 period. |
* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. |
11 |
12 |
the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to the Portfolios related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Portfolio determines its NAV or if the foreign exchange closes prior to the time a Portfolio determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Portfolio in foreign securities markets. Further, the value of a Portfolio’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of a Portfolio. In calculating a Portfolio’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by a Portfolio closes but before the time that a Portfolio’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Portfolio determines its NAV. In such a case, a Portfolio will use the fair value of such securities as determined under a Portfolio’s Valuation Procedures. Events after the close of trading on a foreign market that could require a Portfolio to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Portfolio calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Portfolio could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Portfolio is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Portfolio to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Portfolio determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in a Portfolio’s NAV.
13 |
hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities valued in good faith at fair value nor can it be assured a Portfolio can obtain the fair value assigned to a security if they were to sell the security.
1. | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. |
2. | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
14 |
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 or expire.
15 |
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.
16 |
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
International Value | $ | 41,357,176 | $ | 47,194,151 | ||||||
MidCap Opportunities | 885,895,624 | 1,019,130,592 | ||||||||
SmallCap Opportunities | 53,708,983 | 60,296,576 |
International Value | 0.80% on the first $250 million; 0.75% on the next $500 million; and 0.70% in excess of $750 million | |||||
MidCap Opportunities | 0.75% on the first $250 million; 0.70% on the next $400 million; 0.65% on the next $450 million; and 0.60% in excess of $1.1 billion | |||||
SmallCap Opportunities | 0.75% on the first $250 million; 0.70% on the next $250 million, 0.65% on the next $250 million; 0.60% on the next $250 million; and 0.55% in excess of $1 billion |
Subsidiaries | Portfolios | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING Life Insurance and | International Value | 81.45 | % | |||||||
Annuity Company | MidCap Opportunities | 28.97 | ||||||||
SmallCap Opportunities | 39.27 | |||||||||
ING National Trust | MidCap Opportunities | 10.79 | ||||||||
SmallCap Opportunities | 25.82 |
17 |
Subsidiaries | Portfolios | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING USA Annuity and | International Value | 5.08 | % | |||||||
Life Insurance | MidCap Opportunities | 35.72 | ||||||||
Company | SmallCap Opportunities | 19.27 | ||||||||
ReliaStar Life Insurance | International Value | 13.00 | ||||||||
Company | SmallCap Opportunities | 12.87 |
Portfolio | Class ADV | Class I | Class S | Class S2 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value(1) | 1.50 | % | 1.00 | % | 1.20 | % | N/A | |||||||||||
MidCap Opportunities(2) | 1.40 | % | 0.90 | % | 1.10 | % | 1.30 | % | ||||||||||
SmallCap Opportunities | 1.42 | % | 0.92 | % | 1.17 | % | 1.32 | % |
(1) | Effective January 1, 2014, pursuant to a side letter agreement, the Investment Adviser has further lowered the expense limits for International Value to 1.45%, 0.95%, and 1.15% for Class ADV, Class I, and Class S, respectively. The side letter agreement will continue through May 1, 2015 unless: (i) the Board approves a modification or termination of the side letter agreement; or (ii) the Investment Management Agreement or the Expense Limitation Agreement has been terminated. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. |
(2) | Pursuant to a side letter agreement, the Investment Adviser has further lowered the expense limits for MidCap Opportunities to 1.35%, 0.85%, 1.10%, and 1.25% for Class ADV, Class I, Class S and Class S2, respectively. The side letter agreement will continue through May 1, 2015 unless: (i) the Board approves a modification or termination of the side letter agreement; or (ii) the Investment Management Agreement or the Expense Limitation Agreement has been terminated. |
June 30, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2015 | 2016 | 2017 | Total | ||||||||||||||||
International Value | $ | 62,893 | $ | — | $ | — | $ | 62,893 |
18 |
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | 7 | $727,286 | 1.08% |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
International Value | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 8,512 | — | 1,819 | (2,774 | ) | 7,557 | 81,651 | — | 17,574 | (26,683 | ) | 72,542 | ||||||||||||||||||||||||||||||
12/31/2013 | 16,035 | — | 3,005 | (19,999 | ) | (959 | ) | 139,704 | — | 24,731 | (170,222 | ) | (5,787 | ) | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 170,087 | — | 175,897 | (1,058,096 | ) | (712,112 | ) | 1,667,432 | — | 1,713,236 | (10,262,314 | ) | (6,881,646 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 349,096 | — | 387,712 | (2,991,408 | ) | (2,254,600 | ) | 3,117,626 | — | 3,244,666 | (26,160,759 | ) | (19,798,467 | ) | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 24,885 | — | 10,217 | (79,306 | ) | (44,204 | ) | 246,585 | — | 101,556 | (785,419 | ) | (437,278 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 15,511 | — | 21,328 | (146,497 | ) | (109,658 | ) | 140,686 | — | 181,650 | (1,318,884 | ) | (996,548 | ) | ||||||||||||||||||||||||||||
Class S2(1) | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (552 | ) | (552 | ) | — | — | — | (4,774 | ) | (4,774 | ) | ||||||||||||||||||||||||||||
MidCap Opportunities | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 306,740 | — | 23,129 | (636,456 | ) | (306,587 | ) | 4,887,856 | — | 372,599 | (10,105,571 | ) | (4,845,116 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 2,042,352 | 1,118,918 | 223,187 | (951,367 | ) | 2,433,090 | 28,755,203 | 15,307,383 | 3,104,778 | (13,992,671 | ) | 33,174,693 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 5,043,308 | — | 166,964 | (9,505,038 | ) | (4,294,766 | ) | 82,977,469 | — | 2,784,963 | (153,761,729 ) | (67,999,297 | ) | |||||||||||||||||||||||||||||
12/31/2013 | 6,292,943 | 6,446,546 | 1,297,736 | (13,724,218 | ) | 313,007 | 92,314,013 | 90,885,188 | 18,667,524 | (200,124,880 ) | 1,741,845 | |||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 274,280 | — | 130,368 | (4,048,996 | ) | (3,644,348 | ) | 4,375,028 | — | 2,115,878 | (64,682,397 | ) | (58,191,491 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 1,793,643 | 14,215,244 | 1,147,782 | (9,115,021 | ) | 8,041,648 | 25,214,661 | 195,532,971 | 16,070,181 | (130,827,647 ) | 105,990,166 | |||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 123,895 | — | 2,539 | (128,977 | ) | (2,543 | ) | 1,995,647 | — | 41,187 | (2,040,794 | ) | (3,960 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 340,396 | 103,967 | 19,163 | (138,384 | ) | 325,142 | 4,908,180 | 1,430,604 | 268,315 | (2,000,371 | ) | 4,606,728 | ||||||||||||||||||||||||||||||
SmallCap Opportunities | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 196,225 | — | — | (110,784 | ) | 85,441 | 5,372,552 | — | — | (3,019,383 | ) | 2,353,169 | ||||||||||||||||||||||||||||||
12/31/2013 | 895,070 | — | 73,065 | (112,951 | ) | 855,184 | 22,200,746 | — | 1,712,645 | (2,866,905 | ) | 21,046,486 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 307,247 | — | — | (551,559 | ) | (244,312 | ) | 8,902,050 | — | — | (15,840,017 | ) | (6,937,967 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 1,032,830 | — | 403,853 | (793,770 | ) | 642,913 | 26,843,417 | — | 9,938,817 | (20,518,480 | ) | 16,263,754 | ||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 87,702 | — | — | (341,626 | ) | (253,924 | ) | 2,437,122 | — | — | (9,454,866 | ) | (7,017,744 | ) | ||||||||||||||||||||||||||||
12/31/2013 | 432,457 | — | 210,192 | (632,802 | ) | 9,847 | 10,734,452 | — | 4,998,362 | (15,961,632 | ) | (228,818 | ) | |||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||
6/30/2014 | 22,148 | — | — | (20,747 | ) | 1,401 | 612,778 | — | — | (577,473 | ) | 35,305 | ||||||||||||||||||||||||||||||
12/31/2013 | 39,689 | — | 9,590 | (42,163 | ) | 7,116 | 987,491 | — | 225,946 | (1,030,006 | ) | 183,431 |
(1) | Class S2 liquidated on April 30, 2013. |
19 |
International Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Citigroup Global Markets | $ | 2,375,004 | $ | (2,375,004 | ) | $ | — | |||||||
Goldman Sachs & Company | 1,197,003 | (1,197,003 | ) | — | ||||||||||
JPMorgan Securities PLC | 51,364 | (51,364 | ) | — | ||||||||||
UBS Securities, LLC | 12,366 | (12,366 | ) | — | ||||||||||
Total | $ | 3,635,737 | $ | (3,635,737 | ) | $ | — |
(1) | Collateral with a fair value of $3,801,560 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
MidCap Opportunities | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Goldman Sachs & Company | $ | 211,510 | $ | (211,510 | ) | $ | — | |||||||
JPMorgan Clearing Corp. | 195,240 | (195,240 | ) | — | ||||||||||
Total | $ | 406,750 | $ | (406,750 | ) | $ | — |
(1) | Collateral with a fair value of $415,299 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
SmallCap Opportunities | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Deutsche Bank Securities | $ | 1,044 | $ | (1,044 | ) | $ | — | |||||||
Goldman Sachs & Company | 141,504 | (141,504 | ) | — | ||||||||||
HSBC Bank PLC | 162,695 | (162,695 | ) | — | ||||||||||
JPMorgan Clearing Corp. | 648,730 | (648,730 | ) | — | ||||||||||
Morgan Stanley & Co. LLC | 3,307,385 | (3,307,385 | ) | — | ||||||||||
National Financial Services LLC | 622,393 | (622,393 | ) | — | ||||||||||
Nomura Securities International , Inc. | 5,582 | (5,582 | ) | — | ||||||||||
SG Americas Security LLC | 1,044 | (1,044 | ) | — | ||||||||||
UBS Securities, LLC | 725,634 | (725,634 | ) | — | ||||||||||
Total | $ | 5,616,011 | $ | (5,616,011 | ) | $ | — |
(1) | Collateral with a fair value of $5,755,280 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
20 |
Net investment income | $ | (192,772 | ) | |||
Net realized and unrealized loss on investments | $ | 411,278,505 | ||||
Net increase in net assets resulting from operations | $ | 411,085,733 |
Acquiring Portfolio | Acquired Portfolio | Total Net Assets of Acquired Portfolio (000s) | Total Net Assets of Acquiring Portfolio (000s) | Acquired Capital Loss Carryforwards | Acquired Unrealized Appreciation (000s) | Portfolio Conversion Ratio | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MidCap Opportunities | ING Blackrock Science and Technology Opportunities Portfolio | $303,156 | $1,245,557 | $— | $658 | 0.3462 |
21 |
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Ordinary Income | Long-term Capital Gain | |||||||||||||
International Value | $ | 1,832,366 | $ | 3,451,084 | $ | — | |||||||||
MidCap Opportunities | 5,314,627 | 240,392 | 37,870,406 | ||||||||||||
SmallCap Opportunities | — | 4,941,867 | 11,933,903 |
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Unrealized Appreciation/ (Depreciation) | Short-term Capital Loss Carryforwards | Expiration | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | $ | 99,330 | $ | — | $ | 21,439,831 | $ | (76,969,718 | ) | 2016 | ||||||||||||
(104,716,147 | ) | 2017 | ||||||||||||||||||||
(1,913,497 | ) | None | ||||||||||||||||||||
$ | (183,599,362 | ) | ||||||||||||||||||||
MidCap Opportunities | 68,656,815 | 157,130,944 | 302,598,500 | (524,221 | ) | 2016 | ||||||||||||||||
(95,470 | ) | 2017 | ||||||||||||||||||||
$ | (619,691 | )* | ||||||||||||||||||||
SmallCap Opportunities | 9,025,541 | 19,308,277 | 79,484,075 | — | — |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
22 |
PER SHARE AMOUNTS | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Investment Income | Payable Date | Record Date | |||||||||||||
International Value | |||||||||||||||
Class ADV | $ | 0.1251 | July 2, 2014 | June 30, 2014 | |||||||||||
Class I | $ | 0.1372 | July 2, 2014 | June 30, 2014 | |||||||||||
Class S | $ | 0.1321 | July 2, 2014 | June 30, 2014 |
23 |
AS OF JUNE 30, 2014 (UNAUDITED)
PORTFOLIO
as of June 30, 2014
(as a percentage of net assets)
Japan | 20.2 | % | |||||
France | 14.7 | % | |||||
United Kingdom | 13.5 | % | |||||
Switzerland | 10.2 | % | |||||
Netherlands | 9.1 | % | |||||
Germany | 5.5 | % | |||||
Australia | 4.2 | % | |||||
Italy | 4.0 | % | |||||
Hong Kong | 3.1 | % | |||||
Spain | 2.9 | % | |||||
Countries between 0.7%–2.8%ˆ | 11.8 | % | |||||
Assets in Excess of Other Liabilities* | 0.8 | % | |||||
Net Assets | 100.0 | % | |||||
*Includes short-term investments. | |||||||
ˆIncludes 7 countries, which each represents 0.7%-2.8% of net assets. |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.4% | |||||||||||||||||||
Australia: 4.2% | |||||||||||||||||||
82,632 | BHP Billiton Ltd. | $ | 2,818,141 | 2.1 | |||||||||||||||
31,707 | Macquarie Group Ltd. | 1,783,641 | 1.3 | ||||||||||||||||
87,145 | Other Securities | 1,001,485 | 0.8 | ||||||||||||||||
5,603,267 | 4.2 | ||||||||||||||||||
Brazil: 0.9% | |||||||||||||||||||
97,000 | Other Securities | 1,152,849 | 0.9 | ||||||||||||||||
China: 0.7% | |||||||||||||||||||
1,118,000 | Other Securities | 984,299 | 0.7 | ||||||||||||||||
Denmark: 2.8% | |||||||||||||||||||
590 | AP Moller — Maersk A/S — Class B | 1,466,908 | 1.1 | ||||||||||||||||
78,958 | Danske Bank A/S | 2,232,025 | 1.7 | ||||||||||||||||
3,698,933 | 2.8 | ||||||||||||||||||
Finland: 0.9% | |||||||||||||||||||
44,663 | Other Securities | 1,199,290 | 0.9 | ||||||||||||||||
France: 14.7% | |||||||||||||||||||
15,304 | Casino Guichard Perrachon S.A. | 2,029,008 | 1.5 | ||||||||||||||||
93,112 | Orange SA | 1,473,248 | 1.1 | ||||||||||||||||
217,156 | Natixis | 1,393,686 | 1.1 | ||||||||||||||||
7,233 | Kering | 1,586,711 | 1.2 | ||||||||||||||||
19,731 | Renault S.A. | 1,783,578 | 1.4 | ||||||||||||||||
20,356 | Sanofi | 2,163,631 | 1.6 | ||||||||||||||||
76,733 | Suez Environnement S.A. | 1,467,916 | 1.1 | ||||||||||||||||
55,647 | Total S.A. | 4,026,044 | 3.0 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
France: (continued) | |||||||||||||||||||
127,580 | Other Securities | $ | 3,537,503 | 2.7 | |||||||||||||||
19,461,325 | 14.7 | ||||||||||||||||||
Germany: 5.5% | |||||||||||||||||||
17,455 | Bayer AG | 2,462,433 | 1.9 | ||||||||||||||||
10,996 | Bayerische Motoren Werke AG | 1,392,421 | 1.0 | ||||||||||||||||
16,919 | Siemens AG | 2,233,886 | 1.7 | ||||||||||||||||
34,878 | Other Securities | 1,258,918 | 0.9 | ||||||||||||||||
7,347,658 | 5.5 | ||||||||||||||||||
Hong Kong: 3.1% | |||||||||||||||||||
2,728,000 | PCCW Ltd. | 1,626,156 | 1.3 | ||||||||||||||||
243,000 | Wharf Holdings Ltd. | 1,749,799 | 1.3 | ||||||||||||||||
205,500 | Other Securities | 687,591 | 0.5 | ||||||||||||||||
4,063,546 | 3.1 | ||||||||||||||||||
Italy: 4.0% | |||||||||||||||||||
258,851 | L | Enel S.p.A. | 1,505,643 | 1.1 | |||||||||||||||
670,047 | Intesa Sanpaolo S.p.A. | 2,067,316 | 1.6 | ||||||||||||||||
204,373 | UniCredit SpA | 1,708,839 | 1.3 | ||||||||||||||||
5,281,798 | 4.0 | ||||||||||||||||||
Japan: 20.2% | |||||||||||||||||||
129,000 | Ajinomoto Co., Inc. | 2,021,859 | 1.5 | ||||||||||||||||
279,112 | Hitachi Ltd. | 2,045,631 | 1.5 | ||||||||||||||||
66,300 | Japan Tobacco, Inc. | 2,417,438 | 1.8 | ||||||||||||||||
84,800 | JSR Corp. | 1,455,849 | 1.1 | ||||||||||||||||
65,000 | Komatsu Ltd. | 1,508,864 | 1.1 | ||||||||||||||||
83,700 | Mitsubishi Corp. | 1,742,167 | 1.3 | ||||||||||||||||
52,000 | Mitsui Fudosan Co., Ltd. | 1,754,962 | 1.3 | ||||||||||||||||
782,200 | Mizuho Financial Group, Inc. | 1,607,816 | 1.2 | ||||||||||||||||
81,400 | NTT DoCoMo, Inc. | 1,389,564 | 1.1 | ||||||||||||||||
33,500 | Omron Corp. | 1,412,681 | 1.1 | ||||||||||||||||
41,100 | Toyota Motor Corp. | 2,460,765 | 1.9 | ||||||||||||||||
484,800 | Other Securities | 7,043,559 | 5.3 | ||||||||||||||||
26,861,155 | 20.2 | ||||||||||||||||||
Netherlands: 9.1% | |||||||||||||||||||
25,988 | Koninklijke DSM NV | 1,891,209 | 1.4 | ||||||||||||||||
51,325 | L | Koninklijke Philips NV | 1,628,969 | 1.2 | |||||||||||||||
65,426 | Reed Elsevier NV | 1,502,393 | 1.1 | ||||||||||||||||
121,052 | Royal Dutch Shell PLC — Class A | 5,002,175 | 3.8 | ||||||||||||||||
79,691 | Other Securities(a) | 2,070,112 | 1.6 | ||||||||||||||||
12,094,858 | 9.1 | ||||||||||||||||||
New Zealand: 1.2% | |||||||||||||||||||
674,741 | Telecom Corp. of New Zealand Ltd. | 1,583,261 | 1.2 | ||||||||||||||||
Norway: 2.3% | |||||||||||||||||||
53,259 | Statoil ASA | 1,637,121 | 1.3 | ||||||||||||||||
59,970 | Telenor ASA | 1,365,424 | 1.0 | ||||||||||||||||
3,002,545 | 2.3 |
24 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
PORTFOLIO
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Spain: 2.9% | |||||||||||||||||||
270,670 | CaixaBank SA | $ | 1,669,776 | 1.3 | |||||||||||||||
186,879 | Other Securities(a) | 2,193,178 | 1.6 | ||||||||||||||||
3,862,954 | 2.9 | ||||||||||||||||||
Sweden: 2.2% | |||||||||||||||||||
124,573 | Telefonaktiebolaget LM Ericsson | 1,504,936 | 1.1 | ||||||||||||||||
100,630 | Nordea Bank AB | 1,418,677 | 1.1 | ||||||||||||||||
2,923,613 | 2.2 | ||||||||||||||||||
Switzerland: 10.2% | |||||||||||||||||||
13,556 | Cie Financiere Richemont SA | 1,420,523 | 1.1 | ||||||||||||||||
23,323 | Nestle S.A. | 1,807,228 | 1.4 | ||||||||||||||||
43,076 | Novartis AG | 3,900,893 | 2.9 | ||||||||||||||||
12,137 | Roche Holding AG — Genusschein | 3,616,303 | 2.7 | ||||||||||||||||
6,723 | Swiss Life Holding | 1,593,632 | 1.2 | ||||||||||||||||
3,810 | Other Securities | 1,147,520 | 0.9 | ||||||||||||||||
13,486,099 | 10.2 | ||||||||||||||||||
United Kingdom: 13.5% | |||||||||||||||||||
68,966 | Admiral Group PLC | 1,827,361 | 1.4 | ||||||||||||||||
553,593 | Barclays PLC | 2,016,605 | 1.5 | ||||||||||||||||
50,776 | British American Tobacco PLC | 3,021,272 | 2.3 | ||||||||||||||||
123,330 | CNH Industrial NV | 1,265,477 | 1.0 | ||||||||||||||||
223,840 | Kingfisher PLC | 1,374,124 | 1.0 | ||||||||||||||||
429,284 | Legal & General Group PLC | 1,653,807 | 1.2 | ||||||||||||||||
56,284 | Prudential PLC | 1,289,542 | 1.0 | ||||||||||||||||
172,174 | Rexam PLC | 1,575,880 | 1.2 | ||||||||||||||||
30,302 | SABMiller PLC | 1,756,144 | 1.3 | ||||||||||||||||
161,306 | Other Securities | 2,152,311 | 1.6 | ||||||||||||||||
17,932,523 | 13.5 | ||||||||||||||||||
Total Common Stock (Cost $110,744,149) | 130,539,973 | 98.4 | |||||||||||||||||
PREFERRED STOCK: 0.8% | |||||||||||||||||||
Brazil: 0.8% | |||||||||||||||||||
145,934 | Other Securities | 1,066,682 | 0.8 | ||||||||||||||||
Total Preferred Stock (Cost $907,560) | 1,066,682 | 0.8 | |||||||||||||||||
Total Long-Term Investments (Cost $111,651,709) | 131,606,655 | 99.2 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 3.3% | |||||||||||||||||||
Securities Lending Collateralcc(1): 2.9% | |||||||||||||||||||
801,560 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $801,563, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%–10.500%, Market Value plus accrued interest $817,591, due 07/15/14–04/20/64) | $ | 801,560 | 0.6 | |||||||||||||||
1,000,000 | Daiwa Capital Markets, Repurchase Agreement dated 06/30/14, 0.14%, due 07/01/14 (Repurchase Amount $1,000,004, collateralized by various U.S. Government Agency Obligations, 0.000%–6.500%, Market Value plus accrued interest $1,020,000, due 01/01/17–03/01/48) | 1,000,000 | 0.8 | ||||||||||||||||
1,000,000 | HSBC Securities USA, Repurchase Agreement dated 06/30/14, 0.07%, due 07/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Securities, 0.000%–6.375%, Market Value plus accrued interest $1,020,003, due 07/10/14–08/15/42) | 1,000,000 | 0.7 | ||||||||||||||||
1,000,000 | Nomura Securities, Repurchase Agreement dated 06/30/14, 0.11%, due 07/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $1,020,000, due 07/01/14–07/15/56) | 1,000,000 | 0.8 | ||||||||||||||||
3,801,560 | 2.9 |
25 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
PORTFOLIO
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Mutual Funds: 0.4% | |||||||||||||||||||
529,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $529,000) | $ | 529,000 | 0.4 | |||||||||||||||
Total Short-Term Investments (Cost $4,330,560) | 4,330,560 | 3.3 | |||||||||||||||||
Total Investments in Securities (Cost $115,982,269) | $ | 135,937,215 | 102.5 | ||||||||||||||||
Liabilities in Excess of Other Assets | (3,291,265 | ) | (2.5 | ) | |||||||||||||||
Net Assets | $ | 132,645,950 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
cc | Securities purchased with cash collateral for securities loaned. |
L | Loaned security, a portion or all of the security is on loan at June 30, 2014. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $116,147,663. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 21,518,593 | ||||
Gross Unrealized Depreciation | (1,729,041 | ) | ||||
Net Unrealized Appreciation | $ | 19,789,552 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Financials | 25.0 | % | ||||
Consumer Discretionary | 11.6 | |||||
Industrials | 11.6 | |||||
Health Care | 10.6 | |||||
Consumer Staples | 9.8 | |||||
Materials | 8.3 | |||||
Energy | 8.1 | |||||
Telecommunication Services | 5.7 | |||||
Utilities | 4.8 | |||||
Information Technology | 3.7 | |||||
Short-Term Investments | 3.3 | |||||
Liabilities in Excess of Other Assets | (2.5 | ) | ||||
Net Assets | 100.0 | % |
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, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | — | $ | 5,603,267 | $ | — | $ | 5,603,267 | ||||||||||
Brazil | 1,152,849 | — | — | 1,152,849 | ||||||||||||||
China | — | 984,299 | — | 984,299 | ||||||||||||||
Denmark | — | 3,698,933 | — | 3,698,933 | ||||||||||||||
Finland | 1,199,290 | — | — | 1,199,290 | ||||||||||||||
France | — | 19,461,325 | — | 19,461,325 | ||||||||||||||
Germany | — | 7,347,658 | — | 7,347,658 | ||||||||||||||
Hong Kong | 1,626,156 | 2,437,390 | — | 4,063,546 | ||||||||||||||
Italy | — | 5,281,798 | — | 5,281,798 | ||||||||||||||
Japan | — | 26,861,155 | — | 26,861,155 | ||||||||||||||
Netherlands | 937,604 | 11,157,254 | — | 12,094,858 | ||||||||||||||
New Zealand | 1,583,261 | — | — | 1,583,261 | ||||||||||||||
Norway | — | 3,002,545 | — | 3,002,545 | ||||||||||||||
Spain | — | 3,862,954 | — | 3,862,954 | ||||||||||||||
Sweden | — | 2,923,613 | — | 2,923,613 | ||||||||||||||
Switzerland | — | 13,486,099 | — | 13,486,099 | ||||||||||||||
United Kingdom | — | 17,932,523 | — | 17,932,523 | ||||||||||||||
Total Common Stock | 6,499,160 | 124,040,813 | — | 130,539,973 | ||||||||||||||
Preferred Stock | 1,066,682 | — | — | 1,066,682 | ||||||||||||||
Short-Term Investments | 529,000 | 3,801,560 | — | 4,330,560 | ||||||||||||||
Total Investments, at fair value | $ | 8,094,842 | $ | 127,842,373 | $ | — | $ | 135,937,215 |
(1) | For the period ended June 30, 2014, as a result of the fair value pricing procedures for international equities utilized by the Portfolio, certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Portfolio’s policy is to recognize transfers between levels |
26 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
PORTFOLIO
at the end of the reporting period. At June 30, 2014, securities valued at $1,405,680 and $1,170,571 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. |
ˆ | 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. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | |||||
Foreign exchange contracts | $ | (2,036 | ) | |||
Total | $ | (2,036 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | |||||
Foreign exchange contracts | $ | (2,979 | ) | |||
Total | $ | (2,979 | ) |
* | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
27 |
AS OF JUNE 30, 2014 (UNAUDITED)
OPPORTUNITIES PORTFOLIO
as of June 30, 2014
(as a percentage of net assets)
Consumer Discretionary | 22.5 | % | |||||
Information Technology | 17.2 | % | |||||
Industrials | 16.8 | % | |||||
Health Care | 11.7 | % | |||||
Financials | 9.3 | % | |||||
Consumer Staples | 7.9 | % | |||||
Energy | 7.1 | % | |||||
Materials | 4.6 | % | |||||
Telecommunication Services | 1.4 | % | |||||
Assets in Excess of Other Liabilities* | 1.5 | % | |||||
Net Assets | 100.0 | % | |||||
*Includes short-term investments. |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.5% | |||||||||||||||||||
Consumer Discretionary: 22.5% | |||||||||||||||||||
541,201 | Brinker International, Inc. | $ | 26,329,429 | 1.7 | |||||||||||||||
60,114 | Chipotle Mexican Grill, Inc. | 35,618,146 | 2.3 | ||||||||||||||||
224,491 | @ | Delphi Automotive PLC | 15,431,511 | 1.0 | |||||||||||||||
294,758 | Discovery Communications, Inc. — Class A | 21,894,624 | 1.4 | ||||||||||||||||
80,788 | Discovery Communications, Inc. — Class C | 5,864,401 | 0.4 | ||||||||||||||||
305,589 | Foot Locker, Inc. | 15,499,474 | 1.0 | ||||||||||||||||
588,071 | Gap, Inc. | 24,446,111 | 1.6 | ||||||||||||||||
679,666 | Hilton Worldwide Holdings, Inc. | 15,836,218 | 1.0 | ||||||||||||||||
456,289 | @ | Jarden Corp. | 27,080,752 | 1.8 | |||||||||||||||
395,093 | Macy’s, Inc. | 22,923,296 | 1.5 | ||||||||||||||||
324,130 | Marriott International, Inc. | 20,776,733 | 1.4 | ||||||||||||||||
351,188 | Michael Kors Holdings Ltd. | 31,132,816 | 2.0 | ||||||||||||||||
688,502 | Newell Rubbermaid, Inc. | 21,336,677 | 1.4 | ||||||||||||||||
258,106 | Ross Stores, Inc. | 17,068,550 | 1.1 | ||||||||||||||||
665,554 | @ | Starz | 19,826,854 | 1.3 | |||||||||||||||
266,721 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 24,380,967 | 1.6 | |||||||||||||||
345,446,559 | 22.5 | ||||||||||||||||||
Consumer Staples: 7.9% | |||||||||||||||||||
340,129 | Coca-Cola Enterprises, Inc. | 16,251,364 | 1.1 | ||||||||||||||||
190,585 | Hershey Co. | 18,557,261 | 1.2 | ||||||||||||||||
272,334 | Mead Johnson Nutrition Co. | 25,373,359 | 1.7 | ||||||||||||||||
276,382 | Molson Coors Brewing Co. | 20,496,489 | 1.3 | ||||||||||||||||
262,434 | @ | Monster Beverage Corp. | 18,640,687 | 1.2 | |||||||||||||||
1,394,593 | Other Securities(a) | 21,601,747 | 1.4 | ||||||||||||||||
120,920,907 | 7.9 | ||||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Energy: 7.1% | |||||||||||||||||||
643,348 | Cabot Oil & Gas Corp. | $ | 21,963,901 | 1.4 | |||||||||||||||
302,459 | @ | Cameron International Corp. | 20,479,499 | 1.3 | |||||||||||||||
148,017 | EQT Corp. | 15,823,017 | 1.0 | ||||||||||||||||
136,991 | Helmerich & Payne, Inc. | 15,906,025 | 1.1 | ||||||||||||||||
338,253 | Oasis Petroleum, Inc. | 18,904,960 | 1.2 | ||||||||||||||||
194,717 | SM Energy Co. | 16,375,700 | 1.1 | ||||||||||||||||
109,453,102 | 7.1 | ||||||||||||||||||
Financials: 9.3% | |||||||||||||||||||
130,938 | @ | Affiliated Managers Group, Inc. | 26,894,665 | 1.7 | |||||||||||||||
192,849 | Ameriprise Financial, Inc. | 23,141,880 | 1.5 | ||||||||||||||||
168,953 | @ | Aon PLC | 15,220,976 | 1.0 | |||||||||||||||
489,626 | Arthur J. Gallagher & Co. | 22,816,572 | 1.5 | ||||||||||||||||
113,799 | Intercontinental Exchange, Inc. | 21,496,631 | 1.4 | ||||||||||||||||
743,172 | Other Securities | 33,647,756 | 2.2 | ||||||||||||||||
143,218,480 | 9.3 | ||||||||||||||||||
Health Care: 11.7% | |||||||||||||||||||
270,768 | Agilent Technologies, Inc. | 15,552,914 | 1.0 | ||||||||||||||||
196,995 | Covance, Inc. | 16,858,832 | 1.1 | ||||||||||||||||
167,779 | @ | Henry Schein, Inc. | 19,910,334 | 1.3 | |||||||||||||||
480,796 | @ | Mylan Laboratories | 24,789,842 | 1.6 | |||||||||||||||
411,107 | St. Jude Medical, Inc. | 28,469,160 | 1.8 | ||||||||||||||||
189,900 | Universal Health Services, Inc. | 18,184,824 | 1.2 | ||||||||||||||||
861,814 | Other Securities | 55,880,146 | 3.7 | ||||||||||||||||
179,646,052 | 11.7 | ||||||||||||||||||
Industrials: 16.8% | |||||||||||||||||||
592,307 | Ametek, Inc. | 30,965,810 | 2.0 | ||||||||||||||||
260,728 | Equifax, Inc. | 18,913,209 | 1.2 | ||||||||||||||||
337,390 | @ | Ingersoll-Rand PLC — Class A | 21,090,249 | 1.4 | |||||||||||||||
507,885 | KAR Auction Services, Inc. | 16,186,295 | 1.1 | ||||||||||||||||
315,604 | Oshkosh Truck Corp. | 17,525,490 | 1.2 | ||||||||||||||||
642,832 | @ | Quanta Services, Inc. | 22,229,131 | 1.5 | |||||||||||||||
161,738 | Roper Industries, Inc. | 23,615,365 | 1.5 | ||||||||||||||||
1,160,441 | Southwest Airlines Co. | 31,169,445 | 2.0 | ||||||||||||||||
505,066 | Waste Connections, Inc. | 24,520,954 | 1.6 | ||||||||||||||||
173,292 | Wesco International, Inc. | 14,968,963 | 1.0 | ||||||||||||||||
654,339 | Other Securities | 36,479,885 | 2.3 | ||||||||||||||||
257,664,796 | 16.8 | ||||||||||||||||||
Information Technology: 17.2% | |||||||||||||||||||
277,872 | Analog Devices, Inc. | 15,024,539 | 1.0 | ||||||||||||||||
484,212 | Broadridge Financial Solutions, Inc. ADR | 20,162,588 | 1.3 | ||||||||||||||||
316,806 | Cavium, Inc. | 15,732,586 | 1.0 | ||||||||||||||||
227,350 | @ | F5 Networks, Inc. | 25,335,884 | 1.7 | |||||||||||||||
276,323 | @ | Gartner, Inc. | 19,486,298 | 1.3 | |||||||||||||||
684,103 | @ | Informatica Corp. | 24,388,272 | 1.6 |
28 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
OPPORTUNITIES PORTFOLIO
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Information Technology: (continued) | |||||||||||||||||||
440,884 | Intuit, Inc. | $ | 35,504,388 | 2.3 | |||||||||||||||
412,564 | Microchip Technology, Inc. | 20,137,249 | 1.3 | ||||||||||||||||
253,905 | Palo Alto Networks, Inc. | 21,289,934 | 1.4 | ||||||||||||||||
278,141 | @ | Red Hat, Inc. | 15,372,853 | 1.0 | |||||||||||||||
527,810 | Xilinx, Inc. | 24,970,691 | 1.6 | ||||||||||||||||
530,656 | Other Securities | 26,752,079 | 1.7 | ||||||||||||||||
264,157,361 | 17.2 | ||||||||||||||||||
Materials: 4.6% | |||||||||||||||||||
291,797 | Eastman Chemical Co. | 25,488,468 | 1.6 | ||||||||||||||||
378,283 | Packaging Corp. of America | 27,043,451 | 1.8 | ||||||||||||||||
193,032 | @ | WR Grace & Co. | 18,247,315 | 1.2 | |||||||||||||||
70,779,234 | 4.6 | ||||||||||||||||||
Telecommunication Services: 1.4% | |||||||||||||||||||
205,684 | SBA Communications Corp. | 21,041,473 | 1.4 | ||||||||||||||||
Total Common Stock (Cost $1,326,157,669) | 1,512,327,964 | 98.5 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 0.9% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.0% | |||||||||||||||||||
415,299 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $415,300, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%–10.500%, Market Value plus accrued interest $423,605, due 07/15/14–04/20/64) (Cost $415,299) | 415,299 | 0.0 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Mutual Funds: 0.9% | |||||||||||||||||||
12,709,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $12,709,000) | $ | 12,709,000 | 0.9 | |||||||||||||||
Total Short-Term Investments (Cost $13,124,299) | 13,124,299 | 0.9 | |||||||||||||||||
Total Investments in Securities (Cost $1,339,281,968) | $ | 1,525,452,263 | 99.4 | ||||||||||||||||
Assets in Excess of Other Liabilities | 8,692,310 | 0.6 | |||||||||||||||||
Net Assets | $ | 1,534,144,573 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
@ | Non-income producing security |
ADR | American Depositary Receipt |
cc | Securities purchased with cash collateral for securities loaned. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $1,340,932,700. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 199,220,376 | ||||
Gross Unrealized Depreciation | (14,700,813 | ) | ||||
Net Unrealized Appreciation | $ | 184,519,563 |
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, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 1,512,327,964 | $ | — | $ | — | $ | 1,512,327,964 | ||||||||||
Short-Term Investments | 12,709,000 | 415,299 | — | 13,124,299 | ||||||||||||||
Total Investments, at fair value | $ | 1,525,036,964 | $ | 415,299 | $ | — | $ | 1,525,452,263 |
ˆ | 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 Summary Portfolio of Investments. |
29 |
AS OF JUNE 30, 2014 (UNAUDITED)
OPPORTUNITIES PORTFOLIO
as of June 30, 2014
(as a percentage of net assets)
Information Technology | 23.7 | % | |||||
Consumer Discretionary | 17.6 | % | |||||
Health Care | 17.3 | % | |||||
Industrials | 15.0 | % | |||||
Financials | 11.3 | % | |||||
Energy | 5.5 | % | |||||
Materials | 5.0 | % | |||||
Consumer Staples | 2.0 | % | |||||
Exchange-Traded Funds | 1.6 | % | |||||
Assets in Excess of Other Liabilities* | 1.0 | % | |||||
Net Assets | 100.0 | % | |||||
*Includes short-term investments. |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 97.4% | |||||||||||||||||||
Consumer Discretionary: 17.6% | |||||||||||||||||||
39,700 | @ | Bally Technologies, Inc. | $ | 2,609,084 | 0.8 | ||||||||||||||
67,600 | Cheesecake Factory | 3,137,992 | 0.9 | ||||||||||||||||
73,666 | Cinemark Holdings, Inc. | 2,604,829 | 0.8 | ||||||||||||||||
142,100 | Dana Holding Corp. | 3,470,082 | 1.0 | ||||||||||||||||
96,800 | Finish Line | 2,878,832 | 0.9 | ||||||||||||||||
54,499 | @ | Hibbett Sporting Goods, Inc. | 2,952,211 | 0.9 | |||||||||||||||
55,304 | Monro Muffler, Inc. | 2,941,620 | 0.9 | ||||||||||||||||
50,218 | Pool Corp. | 2,840,330 | 0.9 | ||||||||||||||||
51,194 | Vail Resorts, Inc. | 3,951,153 | 1.2 | ||||||||||||||||
1,116,889 | Other Securities(a) | 30,559,203 | 9.3 | ||||||||||||||||
57,945,336 | 17.6 | ||||||||||||||||||
Consumer Staples: 2.0% | |||||||||||||||||||
48,000 | Casey’s General Stores, Inc. | 3,373,920 | 1.0 | ||||||||||||||||
149,025 | Other Securities | 3,154,129 | 1.0 | ||||||||||||||||
6,528,049 | 2.0 | ||||||||||||||||||
Energy: 5.5% | |||||||||||||||||||
100,400 | C&J Energy Services, Inc. | 3,391,512 | 1.0 | ||||||||||||||||
43,500 | Carrizo Oil & Gas, Inc. | 3,012,810 | 0.9 | ||||||||||||||||
50,100 | Rosetta Resources, Inc. | 2,747,985 | 0.8 | ||||||||||||||||
46,100 | @ | Unit Corp. | 3,173,063 | 1.0 | |||||||||||||||
326,450 | Other Securities(a) | 5,740,161 | 1.8 | ||||||||||||||||
18,065,531 | 5.5 | ||||||||||||||||||
Financials: 11.3% | |||||||||||||||||||
63,933 | Financial Engines, Inc. | 2,894,886 | 0.9 | ||||||||||||||||
75,086 | @ | Portfolio Recovery Associates, Inc. | 4,469,869 | 1.4 | |||||||||||||||
21,376 | Signature Bank | 2,697,224 | 0.8 | ||||||||||||||||
26,458 | @ | SVB Financial Group | 3,085,532 | 0.9 | |||||||||||||||
73,514 | The Geo Group, Inc. | 2,626,655 | 0.8 | ||||||||||||||||
16,400 | Virtus Investment Partners | 3,472,700 | 1.1 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Financials: (continued) | |||||||||||||||||||
646,908 | Other Securities | $ | 17,914,747 | 5.4 | |||||||||||||||
37,161,613 | 11.3 | ||||||||||||||||||
Health Care: 17.3% | |||||||||||||||||||
110,187 | Healthsouth Corp. | 3,952,408 | 1.2 | ||||||||||||||||
74,100 | Team Health Holdings, Inc. | 3,700,554 | 1.1 | ||||||||||||||||
1,486,391 | Other Securities(a) | 49,060,171 | 15.0 | ||||||||||||||||
56,713,133 | 17.3 | ||||||||||||||||||
Industrials: 15.0% | |||||||||||||||||||
87,600 | Actuant Corp. | 3,028,332 | 0.9 | ||||||||||||||||
60,200 | Clarcor, Inc. | 3,723,370 | 1.1 | ||||||||||||||||
47,600 | EnPro Industries, Inc. | 3,482,416 | 1.1 | ||||||||||||||||
105,106 | Healthcare Services Group | 3,094,321 | 0.9 | ||||||||||||||||
65,750 | @ | HUB Group, Inc. | 3,313,800 | 1.0 | |||||||||||||||
93,100 | KAR Auction Services, Inc. | 2,967,097 | 0.9 | ||||||||||||||||
132,500 | Knight Transportation, Inc. | 3,149,525 | 1.0 | ||||||||||||||||
78,800 | Simpson Manufacturing Co., Inc. | 2,865,168 | 0.9 | ||||||||||||||||
28,275 | Teledyne Technologies, Inc. | 2,747,482 | 0.8 | ||||||||||||||||
48,600 | Toro Co. | 3,090,960 | 0.9 | ||||||||||||||||
53,663 | Waste Connections, Inc. | 2,605,339 | 0.8 | ||||||||||||||||
47,000 | Watts Water Technologies, Inc. | 2,901,310 | 0.9 | ||||||||||||||||
58,000 | Woodward Governor Co. | 2,910,440 | 0.9 | ||||||||||||||||
172,330 | Other Securities | 9,404,874 | 2.9 | ||||||||||||||||
49,284,434 | 15.0 | ||||||||||||||||||
Information Technology: 23.7% | |||||||||||||||||||
119,900 | Adtran, Inc. | 2,704,944 | 0.8 | ||||||||||||||||
82,876 | @ | Aspen Technology, Inc. | 3,845,446 | 1.2 | |||||||||||||||
75,745 | Blackbaud, Inc. | 2,707,126 | 0.8 | ||||||||||||||||
95,338 | Cardtronics, Inc. | 3,249,119 | 1.0 | ||||||||||||||||
54,800 | Commvault Systems, Inc. | 2,694,516 | 0.8 | ||||||||||||||||
59,100 | DealerTrack Holdings, Inc. | 2,679,594 | 0.8 | ||||||||||||||||
64,916 | Guidewire Software, Inc. | 2,639,485 | 0.8 | ||||||||||||||||
69,000 | j2 Global, Inc. | 3,509,340 | 1.1 | ||||||||||||||||
80,228 | National Instruments Corp. | 2,598,585 | 0.8 | ||||||||||||||||
138,200 | QLIK Technologies, Inc. | 3,126,084 | 0.9 | ||||||||||||||||
74,600 | Synchronoss Technologies, Inc. | 2,608,016 | 0.8 | ||||||||||||||||
40,173 | WEX, Inc. | 4,216,960 | 1.3 | ||||||||||||||||
1,778,141 | Other Securities | 41,411,340 | 12.6 | ||||||||||||||||
77,990,555 | 23.7 | ||||||||||||||||||
Materials: 5.0% | |||||||||||||||||||
65,900 | HB Fuller Co. | 3,169,790 | 1.0 | ||||||||||||||||
45,324 | Minerals Technologies, Inc. | 2,972,348 | 0.9 | ||||||||||||||||
688,903 | Other Securities | 10,166,733 | 3.1 | ||||||||||||||||
16,308,871 | 5.0 | ||||||||||||||||||
Total Common Stock (Cost $251,029,942) | 319,997,522 | 97.4 |
30 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
OPPORTUNITIES PORTFOLIO
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXCHANGE-TRADED FUNDS: 1.6% | |||||||||||||||||||
38,107 | iShares Russell 2000 Growth Index Fund | $ | 5,274,771 | 1.6 | |||||||||||||||
Total Exchange-Traded Funds (Cost $3,506,900) | 5,274,771 | 1.6 | |||||||||||||||||
Total Long-Term Investments (Cost $254,536,842) | 325,272,293 | 99.0 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 2.8% | |||||||||||||||||||
Securities Lending Collateralcc(1): 1.8% | |||||||||||||||||||
287,704 | Barclays Bank PLC, Repurchase Agreement dated 06/30/14, 0.03%, due 07/01/14 (Repurchase Amount $287,704, collateralized by various U.S. Government Securities, 1.625%–2.125%, Market Value plus accrued interest $293,458, due 06/30/19–06/30/21) | 287,704 | 0.1 | ||||||||||||||||
1,366,894 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $1,366,899, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–10.500%, Market Value plus accrued interest $1,394,232, due 07/15/14–04/20/64) | 1,366,894 | 0.4 | ||||||||||||||||
1,366,894 | Daiwa Capital Markets, Repurchase Agreement dated 06/30/14, 0.14%, due 07/01/14 (Repurchase Amount $1,366,899, collateralized by various U.S. Government Agency Obligations, 0.000%–6.500%, Market Value plus accrued interest $1,394,232, due 01/01/17–03/01/48) | 1,366,894 | 0.4 | ||||||||||||||||
1,366,894 | HSBC Securities USA, Repurchase Agreement dated 06/30/14, 0.07%, due 07/01/14 (Repurchase Amount $1,366,897, collateralized by various U.S. Government Securities, 0.000%–6.375%, Market Value plus accrued interest $1,394,236, due 07/10/14–08/15/42) | 1,366,894 | 0.5 | ||||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc(1): (continued) | |||||||||||||||||||
1,366,894 | Nomura Securities, Repurchase Agreement dated 06/30/14, 0.11%, due 07/01/14 (Repurchase Amount $1,366,898, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $1,394,232, due 07/01/14–07/15/56) | $ | 1,366,894 | 0.4 | |||||||||||||||
5,755,280 | 1.8 |
Shares | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 1.0% | ||||||||||||||||||
3,323,131 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $3,323,131) | 3,323,131 | 1.0 | |||||||||||||||
Total Short-Term Investments (Cost $9,078,411) | 9,078,411 | 2.8 | ||||||||||||||||
Total Investments in Securities (Cost $263,615,253) | $ | 334,350,704 | 101.8 | |||||||||||||||
Liabilities in Excess of Other Assets | (5,806,505 | ) | (1.8 | ) | ||||||||||||||
Net Assets | $ | 328,544,199 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
@ | Non-income producing security |
cc | Securities purchased with cash collateral for securities loaned. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
(a) | This grouping contains securities on loan. |
Cost for federal income tax purposes is $264,854,898. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 78,034,474 | ||||
Gross Unrealized Depreciation | (8,538,668 | ) | ||||
Net Unrealized Appreciation | $ | 69,495,806 |
31 |
AS OF JUNE 30, 2014 (UNAUDITED) (CONTINUED)
OPPORTUNITIES PORTFOLIO
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, 2014 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 319,997,522 | $ | — | $ | — | $ | 319,997,522 | ||||||||||
Exchange-Traded Funds | 5,274,771 | — | — | 5,274,771 | ||||||||||||||
Short-Term Investments | 3,323,131 | 5,755,280 | — | 9,078,411 | ||||||||||||||
Total Investments, at fair value | $ | 328,595,424 | $ | 5,755,280 | $ | — | $ | 334,350,704 |
ˆ | 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 Summary Portfolio of Investments. |
32 |
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
RETIREMENT | INVESTMENTS | INSURANCE voyainvestments.com | VPSAR-VPTADVISS2 (0614-081514) |
ITEM 2. CODE OF ETHICS.
Not required for semi-annual filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not required for semi-annual filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required for semi-annual filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not required for semi-annual filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
Voya International Value Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.4% | ||||||||||||||
Australia: 4.2% | ||||||||||||||
87,145 | Bank of Queensland Ltd. | 1,001,485 | 0.8 | |||||||||||
82,632 | BHP Billiton Ltd. | 2,818,141 | 2.1 | |||||||||||
31,707 | Macquarie Group Ltd. | 1,783,641 | 1.3 | |||||||||||
5,603,267 | 4.2 | |||||||||||||
Brazil: 0.9% | ||||||||||||||
97,000 | Vale SA | 1,152,849 | 0.9 | |||||||||||
China: 0.7% | ||||||||||||||
1,118,000 | China Railway Construction Corp. Ltd | 984,299 | 0.7 | |||||||||||
Denmark: 2.8% | ||||||||||||||
590 | AP Moller - Maersk A/S - Class B | 1,466,908 | 1.1 | |||||||||||
78,958 | Danske Bank A/S | 2,232,025 | 1.7 | |||||||||||
3,698,933 | 2.8 | |||||||||||||
Finland: 0.9% | ||||||||||||||
44,663 | Fortum OYJ | 1,199,290 | 0.9 | |||||||||||
France: 14.7% | ||||||||||||||
33,720 | Alstom | 1,224,622 | 0.9 | |||||||||||
11,893 | Arkema | 1,155,600 | 0.9 | |||||||||||
15,304 | Casino Guichard Perrachon S.A. | 2,029,008 | 1.5 | |||||||||||
81,967 | Credit Agricole S.A. | 1,157,281 | 0.9 | |||||||||||
93,112 | Orange SA | 1,473,248 | 1.1 | |||||||||||
217,156 | Natixis | 1,393,686 | 1.1 | |||||||||||
7,233 | Kering | 1,586,711 | 1.2 | |||||||||||
19,731 | Renault S.A. | 1,783,578 | 1.4 | |||||||||||
20,356 | Sanofi | 2,163,631 | 1.6 | |||||||||||
76,733 | Suez Environnement S.A. | 1,467,916 | 1.1 | |||||||||||
55,647 | Total S.A. | 4,026,044 | 3.0 | |||||||||||
19,461,325 | 14.7 | |||||||||||||
Germany: 5.5% | ||||||||||||||
17,455 | Bayer AG | 2,462,433 | 1.9 | |||||||||||
10,996 | Bayerische Motoren Werke AG | 1,392,421 | 1.0 | |||||||||||
34,878 | Deutsche Post AG | 1,258,918 | 0.9 | |||||||||||
16,919 | Siemens AG | 2,233,886 | 1.7 | |||||||||||
7,347,658 | 5.5 | |||||||||||||
hong Kong: 3.1% | ||||||||||||||
2,728,000 | PCCW Ltd. | 1,626,156 | 1.2 | |||||||||||
243,000 | Wharf Holdings Ltd. | 1,749,799 | 1.4 | |||||||||||
205,500 | Yue Yuen Industrial Holdings | 687,591 | 0.5 | |||||||||||
4,063,546 | 3.1 | |||||||||||||
Italy: 4.0% | ||||||||||||||
258,851 | L | Enel S.p.A. | 1,505,643 | 1.1 | ||||||||||
670,047 | Intesa Sanpaolo S.p.A. | 2,067,316 | 1.6 | |||||||||||
204,373 | UniCredit SpA | 1,708,839 | 1.3 | |||||||||||
5,281,798 | 4.0 |
Japan: 20.2% | ||||||||||||||
129,000 | Ajinomoto Co., Inc. | 2,021,859 | 1.5 | |||||||||||
83,500 | Astellas Pharma, Inc. | 1,098,072 | 0.8 | |||||||||||
44,000 | Fuji Heavy Industries Ltd. | 1,220,066 | 0.9 | |||||||||||
279,112 | Hitachi Ltd. | 2,045,631 | 1.5 | |||||||||||
66,300 | Japan Tobacco, Inc. | 2,417,438 | 1.8 | |||||||||||
38,100 | LIXIL Group Corp. | 1,031,212 | 0.8 | |||||||||||
84,800 | JSR Corp. | 1,455,849 | 1.1 | |||||||||||
65,000 | Komatsu Ltd. | 1,508,864 | 1.1 | |||||||||||
83,700 | Mitsubishi Corp. | 1,742,167 | 1.3 | |||||||||||
52,000 | Mitsui Fudosan Co., Ltd. | 1,754,962 | 1.3 | |||||||||||
782,200 | Mizuho Financial Group, Inc. | 1,607,816 | 1.2 | |||||||||||
146,200 | Nomura Holdings, Inc. | 1,035,580 | 0.8 | |||||||||||
81,400 | NTT DoCoMo, Inc. | 1,389,564 | 1.1 | |||||||||||
33,500 | Omron Corp. | 1,412,681 | 1.1 | |||||||||||
42,000 | ORIX Corp. | 696,394 | 0.5 | |||||||||||
88,300 | Panasonic Corp. | 1,070,377 | 0.8 | |||||||||||
42,700 | Shionogi & Co., Ltd. | 891,858 | 0.7 | |||||||||||
41,100 | Toyota Motor Corp. | 2,460,765 | 1.9 | |||||||||||
26,861,155 | 20.2 | |||||||||||||
Netherlands: 9.1% | ||||||||||||||
62,800 | L | ArcelorMittal | 937,604 | 0.7 | ||||||||||
16,891 | Airbus Group NV | 1,132,508 | 0.9 | |||||||||||
25,988 | Koninklijke DSM NV | 1,891,209 | 1.4 | |||||||||||
51,325 | L | Koninklijke Philips NV | 1,628,969 | 1.2 | ||||||||||
65,426 | Reed Elsevier NV | 1,502,393 | 1.1 | |||||||||||
121,052 | Royal Dutch Shell PLC - Class A | 5,002,175 | 3.8 | |||||||||||
12,094,858 | 9.1 | |||||||||||||
New Zealand: 1.2% | ||||||||||||||
674,741 | Telecom Corp. of New Zealand Ltd. | 1,583,261 | 1.2 | |||||||||||
Norway: 2.3% | ||||||||||||||
53,259 | Statoil ASA | 1,637,121 | 1.3 | |||||||||||
59,970 | Telenor ASA | 1,365,424 | 1.0 | |||||||||||
3,002,545 | 2.3 | |||||||||||||
Spain: 2.9% | ||||||||||||||
145,782 | Banco Popular Espanol SA | 973,878 | 0.7 | |||||||||||
3,111 | @ | CaixaBank SA | 19,199 | 0.0 | ||||||||||
270,670 | CaixaBank SA | 1,669,776 | 1.3 | |||||||||||
37,986 | L | Gas Natural SDG S.A. | 1,200,101 | 0.9 | ||||||||||
3,862,954 | 2.9 | |||||||||||||
Sweden: 2.2% | ||||||||||||||
124,573 | Telefonaktiebolaget LM Ericsson | 1,504,936 | 1.1 | |||||||||||
100,630 | Nordea Bank AB | 1,418,677 | 1.1 | |||||||||||
2,923,613 | 2.2 | |||||||||||||
Switzerland: 10.2% | ||||||||||||||
13,556 | Cie Financiere Richemont SA | 1,420,523 | 1.1 | |||||||||||
23,323 | Nestle S.A. | 1,807,228 | 1.4 | |||||||||||
43,076 | Novartis AG | 3,900,893 | 2.9 | |||||||||||
12,137 | Roche Holding AG - Genusschein | 3,616,303 | 2.7 | |||||||||||
6,723 | Swiss Life Holding | 1,593,632 | 1.2 |
See Accompanying Notes to Financial Statements
1 |
Voya International Value Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) (continued) |
3,810 | Zurich Insurance Group AG | 1,147,520 | 0.9 | |||||||||||
13,486,099 | 10.2 | |||||||||||||
United Kingdom: 13.5% | ||||||||||||||
68,966 | Admiral Group PLC | 1,827,361 | 1.4 | |||||||||||
553,593 | Barclays PLC | 2,016,605 | 1.5 | |||||||||||
50,776 | British American Tobacco PLC | 3,021,272 | 2.3 | |||||||||||
123,330 | CNH Industrial NV | 1,265,477 | 1.0 | |||||||||||
117,014 | HSBC Holdings PLC | 1,187,110 | 0.9 | |||||||||||
223,840 | Kingfisher PLC | 1,374,124 | 1.0 | |||||||||||
429,284 | Legal & General Group PLC | 1,653,807 | 1.2 | |||||||||||
56,284 | Prudential PLC | 1,289,542 | 1.0 | |||||||||||
172,174 | Rexam PLC | 1,575,880 | 1.2 | |||||||||||
30,302 | SABMiller PLC | 1,756,144 | 1.3 | |||||||||||
44,292 | WPP PLC | 965,201 | 0.7 | |||||||||||
17,932,523 | 13.5 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $110,744,149) | 130,539,973 | 98.4 | ||||||||||||
PREFERRED STOCK: 0.8% | ||||||||||||||
Brazil: 0.8% | ||||||||||||||
145,934 | Cia Energetica de Minas Gerais | 1,066,682 | 0.8 | |||||||||||
Total Preferred Stock | ||||||||||||||
(Cost $907,560) | 1,066,682 | 0.8 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $111,651,709) | 131,606,655 | 99.2 | ||||||||||||
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 3.3% | ||||||||||||||
Securities Lending Collateralcc(1): 2.9% | ||||||||||||||
801,560 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $801,563, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $817,591, due 07/15/14-04/20/64) | 801,560 | 0.6 | |||||||||||
1,000,000 | Daiwa Capital Markets, Repurchase Agreement dated 06/30/14, 0.14%, due 07/01/14 (Repurchase Amount $1,000,004, collateralized by various U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 01/01/17-03/01/48) | 1,000,000 | 0.8 |
1,000,000 | HSBC Securities USA, Repurchase Agreement dated 06/30/14, 0.07%, due 07/01/14 (Repurchase Amount $1,000,002, collateralized by various U.S. Government Securities, 0.000%-6.375%, Market Value plus accrued interest $1,020,003, due 07/10/14-08/15/42) | 1,000,000 | 0.7 | |||||||||||
1,000,000 | Nomura Securities, Repurchase Agreement dated 06/30/14, 0.11%, due 07/01/14 (Repurchase Amount $1,000,003, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,020,000, due 07/01/14-07/15/56) | 1,000,000 | 0.8 | |||||||||||
3,801,560 | 2.9 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.4% | ||||||||||||||
529,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† | |||||||||||||
(Cost $529,000) | 529,000 | 0.4 | ||||||||||||
Total Short-Term Investments (Cost $4,330,560) | 4,330,560 | 3.3 | ||||||||||||
Total Investments in Securities (Cost $115,982,269) | $ | 135,937,215 | 102.5 | |||||||||||
Liabilities in Excess of Other Assets | (3,291,265 | ) | (2.5 | ) | ||||||||||
Net Assets | $ | 132,645,950 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
@ | Non-income producing security |
cc | Securities purchased with cash collateral for securities loaned. |
L | Loaned security, a portion or all of the security is on loan at June 30, 2014. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
See Accompanying Notes to Financial Statements
2 |
Voya International Value Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) (continued) |
Cost for federal income tax purposes is $116,147,663.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation | $ | 21,518,593 | ||
Gross Unrealized Depreciation | (1,729,041 | ) | ||
Net Unrealized Appreciation | $ | 19,789,552 |
Sector Diversification | Percentage of Net Assets | |||
Financials | 25.1 | % | ||
Consumer Discretionary | 11.6 | |||
Industrials | 11.6 | |||
Health Care | 10.6 | |||
Consumer Staples | 9.8 | |||
Materials | 8.3 | |||
Energy | 8.1 | |||
Telecommunication Services | 5.6 | |||
Utilities | 4.8 | |||
Information Technology | 3.7 | |||
Short-Term Investments | 3.3 | |||
Liabilities in Excess of Other Assets | (2.5 | ) | ||
Net Assets | 100.0 | % |
See Accompanying Notes to Financial Statements
3 |
Voya MidCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 98.5% | ||||||||||||||
Consumer Discretionary: 22.5% | ||||||||||||||
541,201 | Brinker International, Inc. | 26,329,429 | 1.7 | |||||||||||
60,114 | Chipotle Mexican Grill, Inc. | 35,618,146 | 2.3 | |||||||||||
224,491 | @ | Delphi Automotive PLC | 15,431,511 | 1.0 | ||||||||||
294,758 | Discovery Communications, Inc. - Class A | 21,894,624 | 1.4 | |||||||||||
80,788 | Discovery Communications, Inc. - Class C | 5,864,401 | 0.4 | |||||||||||
305,589 | Foot Locker, Inc. | 15,499,474 | 1.0 | |||||||||||
588,071 | Gap, Inc. | 24,446,111 | 1.6 | |||||||||||
679,666 | Hilton Worldwide Holdings, Inc. | 15,836,218 | 1.0 | |||||||||||
456,289 | @ | Jarden Corp. | 27,080,752 | 1.8 | ||||||||||
395,093 | Macy's, Inc. | 22,923,296 | 1.5 | |||||||||||
324,130 | Marriott International, Inc. | 20,776,733 | 1.4 | |||||||||||
351,188 | Michael Kors Holdings Ltd. | 31,132,816 | 2.0 | |||||||||||
688,502 | Newell Rubbermaid, Inc. | 21,336,677 | 1.4 | |||||||||||
258,106 | Ross Stores, Inc. | 17,068,550 | 1.1 | |||||||||||
665,554 | @ | Starz | 19,826,854 | 1.3 | ||||||||||
266,721 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 24,380,967 | 1.6 | ||||||||||
345,446,559 | 22.5 | |||||||||||||
Consumer Staples: 7.9% | ||||||||||||||
340,129 | Coca-Cola Enterprises, Inc. | 16,251,364 | 1.1 | |||||||||||
190,585 | Hershey Co. | 18,557,261 | 1.2 | |||||||||||
127,022 | Hillshire Brands Co. | 7,913,471 | 0.5 | |||||||||||
272,334 | Mead Johnson Nutrition Co. | 25,373,359 | 1.7 | |||||||||||
276,382 | Molson Coors Brewing Co. | 20,496,489 | 1.3 | |||||||||||
262,434 | @ | Monster Beverage Corp. | 18,640,687 | 1.2 | ||||||||||
1,087,540 | @ | Rite Aid Corp. | 7,797,662 | 0.5 | ||||||||||
180,031 | L | Sprouts Farmers Market, Inc. | 5,890,614 | 0.4 | ||||||||||
120,920,907 | 7.9 | |||||||||||||
Energy: 7.1% | ||||||||||||||
643,348 | Cabot Oil & Gas Corp. | 21,963,901 | 1.4 | |||||||||||
302,459 | @ | Cameron International Corp. | 20,479,499 | 1.3 | ||||||||||
148,017 | EQT Corp. | 15,823,017 | 1.0 | |||||||||||
136,991 | Helmerich & Payne, Inc. | 15,906,025 | 1.1 | |||||||||||
338,253 | Oasis Petroleum, Inc. | 18,904,960 | 1.2 | |||||||||||
194,717 | SM Energy Co. | 16,375,700 | 1.1 | |||||||||||
109,453,102 | 7.1 | |||||||||||||
Financials: 9.3% | ||||||||||||||
130,938 | @ | Affiliated Managers Group, Inc. | 26,894,665 | 1.7 | ||||||||||
192,849 | Ameriprise Financial, Inc. | 23,141,880 | 1.5 |
168,953 | @ | Aon PLC | 15,220,976 | 1.0 | ||||||||||
489,626 | Arthur J. Gallagher & Co. | 22,816,572 | 1.5 | |||||||||||
273,109 | Corrections Corp. of America | 8,971,631 | 0.6 | |||||||||||
274,080 | Extra Space Storage, Inc. | 14,594,760 | 0.9 | |||||||||||
113,799 | Intercontinental Exchange, Inc. | 21,496,631 | 1.4 | |||||||||||
195,983 | Lincoln National Corp. | 10,081,365 | 0.7 | |||||||||||
143,218,480 | 9.3 | |||||||||||||
Health Care: 11.7% | ||||||||||||||
61,831 | @ | Actavis PLC | 13,791,405 | 0.9 | ||||||||||
270,768 | Agilent Technologies, Inc. | 15,552,914 | 1.0 | |||||||||||
196,995 | Covance, Inc. | 16,858,832 | 1.1 | |||||||||||
232,090 | DexCom, Inc. | 9,204,689 | 0.6 | |||||||||||
167,779 | @ | Henry Schein, Inc. | 19,910,334 | 1.3 | ||||||||||
480,796 | @ | Mylan Laboratories | 24,789,842 | 1.6 | ||||||||||
75,198 | @ | Perrigo Co. PLC | 10,960,860 | 0.7 | ||||||||||
376,449 | Premier, Inc. | 10,917,021 | 0.7 | |||||||||||
411,107 | St. Jude Medical, Inc. | 28,469,160 | 1.9 | |||||||||||
189,900 | Universal Health Services, Inc. | 18,184,824 | 1.2 | |||||||||||
116,246 | @ | Vertex Pharmaceuticals, Inc. | 11,006,171 | 0.7 | ||||||||||
179,646,052 | 11.7 | |||||||||||||
Industrials: 16.8% | ||||||||||||||
592,307 | Ametek, Inc. | 30,965,810 | 2.0 | |||||||||||
260,728 | Equifax, Inc. | 18,913,209 | 1.2 | |||||||||||
294,710 | @ | Generac Holdings, Inc. | 14,364,166 | 0.9 | ||||||||||
337,390 | @ | Ingersoll-Rand PLC - Class A | 21,090,249 | 1.4 | ||||||||||
507,885 | KAR Auction Services, Inc. | 16,186,295 | 1.1 | |||||||||||
161,144 | Nielsen Holdings NV | 7,800,981 | 0.5 | |||||||||||
315,604 | Oshkosh Truck Corp. | 17,525,490 | 1.2 | |||||||||||
198,485 | @ | Pentair PLC | 14,314,738 | 0.9 | ||||||||||
642,832 | @ | Quanta Services, Inc. | 22,229,131 | 1.5 | ||||||||||
161,738 | Roper Industries, Inc. | 23,615,365 | 1.5 | |||||||||||
1,160,441 | Southwest Airlines Co. | 31,169,445 | 2.0 | |||||||||||
505,066 | Waste Connections, Inc. | 24,520,954 | 1.6 | |||||||||||
173,292 | Wesco International, Inc. | 14,968,963 | 1.0 | |||||||||||
257,664,796 | 16.8 | |||||||||||||
Information Technology: 17.2% | ||||||||||||||
277,872 | Analog Devices, Inc. | 15,024,539 | 1.0 | |||||||||||
484,212 | Broadridge Financial Solutions, Inc. ADR | 20,162,588 | 1.3 | |||||||||||
316,806 | Cavium, Inc. | 15,732,586 | 1.0 | |||||||||||
219,842 | @ | Check Point Software Technologies | 14,736,009 | 1.0 | ||||||||||
227,350 | @ | F5 Networks, Inc. | 25,335,884 | 1.6 | ||||||||||
276,323 | @ | Gartner, Inc. | 19,486,298 | 1.3 | ||||||||||
684,103 | @ | Informatica Corp. | 24,388,272 | 1.6 | ||||||||||
440,884 | Intuit, Inc. | 35,504,389 | 2.3 | |||||||||||
412,564 | Microchip Technology, Inc. | 20,137,249 | 1.3 | |||||||||||
253,905 | Palo Alto Networks, Inc. | 21,289,934 | 1.4 | |||||||||||
278,141 | @ | Red Hat, Inc. | 15,372,853 | 1.0 | ||||||||||
310,814 | SolarWinds, Inc. | 12,016,069 | 0.8 |
See Accompanying Notes to Financial Statements
4 |
Voya MidCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) (continued) |
527,810 | Xilinx, Inc. | 24,970,691 | 1.6 | |||||||||||
264,157,361 | 17.2 | |||||||||||||
Materials: 4.6% | ||||||||||||||
291,797 | Eastman Chemical Co. | 25,488,468 | 1.6 | |||||||||||
378,283 | Packaging Corp. of America | 27,043,451 | 1.8 | |||||||||||
193,032 | @ | WR Grace & Co. | 18,247,315 | 1.2 | ||||||||||
70,779,234 | 4.6 | |||||||||||||
Telecommunication Services: 1.4% | ||||||||||||||
205,684 | SBA Communications Corp. | 21,041,473 | 1.4 | |||||||||||
Total Common Stock (Cost $1,326,157,669) | 1,512,327,964 | 98.5 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | ||||||||||||||
Securities Lending Collateralcc(1): 0.0% | ||||||||||||||
415,299 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $415,300, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $423,605, due 07/15/14-04/20/64) | |||||||||||||
(Cost $415,299) | 415,299 | 0.0 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 0.9% | ||||||||||||||
12,709,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $12,709,000) | 12,709,000 | 0.9 | |||||||||||
Total Short-Term Investments (Cost $13,124,299) | 13,124,299 | 0.9 | ||||||||||||
Total Investments in Securities (Cost $1,339,281,968) | $ | 1,525,452,263 | 99.4 | |||||||||||
Assets in Excess of Other Liabilities | 8,692,310 | 0.6 | ||||||||||||
Net Assets | $ | 1,534,144,573 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
@ | Non-income producing security |
ADR | American Depositary Receipt |
cc | Securities purchased with cash collateral for securities loaned. |
L | Loaned security, a portion or all of the security is on loan at June 30, 2014. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $1,340,932,700. | ||||
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 199,220,376 | ||
Gross Unrealized Depreciation | (14,700,813 | ) | ||
Net Unrealized Appreciation | $ | 184,519,563 |
See Accompanying Notes to Financial Statements
5 |
Voya SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||
Consumer Discretionary: 17.6% | ||||||||||||||
59,101 | Arctic Cat, Inc. | 2,329,761 | 0.7 | |||||||||||
39,700 | @ | Bally Technologies, Inc. | 2,609,084 | 0.8 | ||||||||||
55,037 | Bright Horizons Family Solutions, Inc. | 2,363,289 | 0.7 | |||||||||||
192,873 | Callaway Golf Co. | 1,604,703 | 0.5 | |||||||||||
67,600 | Cheesecake Factory | 3,137,992 | 1.0 | |||||||||||
46,500 | Childrens Place Retail Stores, Inc. | 2,307,795 | 0.7 | |||||||||||
73,666 | Cinemark Holdings, Inc. | 2,604,830 | 0.8 | |||||||||||
142,100 | Dana Holding Corp. | 3,470,082 | 1.1 | |||||||||||
48,285 | @ | Express, Inc. | 822,293 | 0.2 | ||||||||||
96,800 | Finish Line | 2,878,832 | 0.9 | |||||||||||
6,900 | Gildan Activewear, Inc. | 406,272 | 0.1 | |||||||||||
54,499 | @ | Hibbett Sporting Goods, Inc. | 2,952,211 | 0.9 | ||||||||||
86,732 | @,L | Imax Corp. | 2,470,127 | 0.7 | ||||||||||
42,900 | Jack in the Box, Inc. | 2,567,136 | 0.8 | |||||||||||
55,600 | La Quinta Holdings, Inc. | 1,064,184 | 0.3 | |||||||||||
48,551 | Life Time Fitness, Inc. | 2,366,376 | 0.7 | |||||||||||
95,256 | @ | LKQ Corp. | 2,542,382 | 0.8 | ||||||||||
21,002 | Lumber Liquidators | 1,595,102 | 0.5 | |||||||||||
55,304 | Monro Muffler, Inc. | 2,941,620 | 0.9 | |||||||||||
113,000 | Pier 1 Imports, Inc. | 1,741,330 | 0.5 | |||||||||||
50,218 | Pool Corp. | 2,840,330 | 0.9 | |||||||||||
69,800 | @ | Sally Beauty Holdings, Inc. | 1,750,584 | 0.5 | ||||||||||
121,368 | L | Smith & Wesson Holding Corp. | 1,764,691 | 0.5 | ||||||||||
37,758 | @ | Steiner Leisure Ltd. | 1,634,544 | 0.5 | ||||||||||
51,194 | Vail Resorts, Inc. | 3,951,153 | 1.2 | |||||||||||
16,226 | Wyndham Worldwide Corp. | 1,228,633 | 0.4 | |||||||||||
57,945,336 | 17.6 | |||||||||||||
Consumer Staples: 2.0% | ||||||||||||||
48,000 | Casey's General Stores, Inc. | 3,373,920 | 1.0 | |||||||||||
37,300 | Elizabeth Arden, Inc. | 798,966 | 0.3 | |||||||||||
111,725 | Flowers Foods, Inc. | 2,355,163 | 0.7 | |||||||||||
6,528,049 | 2.0 | |||||||||||||
Energy: 5.5% | ||||||||||||||
96,500 | Bill Barrett Corp. | 2,584,270 | 0.8 | |||||||||||
100,400 | C&J Energy Services, Inc. | 3,391,512 | 1.0 | |||||||||||
43,500 | Carrizo Oil & Gas, Inc. | 3,012,810 | 0.9 | |||||||||||
72,750 | @,L | Energy XXI Bermuda Ltd. | 1,719,083 | 0.5 | ||||||||||
157,200 | @ | Key Energy Services, Inc. | 1,436,808 | 0.5 | ||||||||||
50,100 | Rosetta Resources, Inc. | 2,747,985 | 0.8 | |||||||||||
46,100 | @ | Unit Corp. | 3,173,063 | 1.0 | ||||||||||
18,065,531 | 5.5 | |||||||||||||
Financials: 11.3% | ||||||||||||||
79,000 | Colony Financial, Inc. | 1,834,380 | 0.6 | |||||||||||
78,524 | Coresite Realty Corp. | 2,596,789 | 0.8 | |||||||||||
38,200 | eHealth, Inc. | 1,450,454 | 0.4 | |||||||||||
63,933 | Financial Engines, Inc. | 2,894,886 | 0.9 |
73,100 | First American Financial Corp. | 2,031,449 | 0.6 | |||||||||||
46,884 | MarketAxess Holdings, Inc. | 2,534,549 | 0.8 | |||||||||||
206,900 | @ | MGIC Investment Corp. | 1,911,756 | 0.6 | ||||||||||
75,086 | @ | Portfolio Recovery Associates, Inc. | 4,469,869 | 1.4 | ||||||||||
37,300 | ProAssurance Corp. | 1,656,120 | 0.5 | |||||||||||
21,376 | Signature Bank | 2,697,224 | 0.8 | |||||||||||
32,000 | Sovran Self Storage, Inc. | 2,472,000 | 0.7 | |||||||||||
55,000 | Springleaf Holdings, Inc. | 1,427,250 | 0.4 | |||||||||||
26,458 | @ | SVB Financial Group | 3,085,532 | 0.9 | ||||||||||
73,514 | The Geo Group, Inc. | 2,626,655 | 0.8 | |||||||||||
16,400 | Virtus Investment Partners | 3,472,700 | 1.1 | |||||||||||
37,161,613 | 11.3 | |||||||||||||
Health Care: 17.3% | ||||||||||||||
42,200 | Acorda Therapeutics, Inc. | 1,422,562 | 0.4 | |||||||||||
38,500 | @ | Air Methods Corp. | 1,988,525 | 0.6 | ||||||||||
6,400 | Align Technology, Inc. | 358,656 | 0.1 | |||||||||||
22,700 | @ | Alkermes PLC | 1,142,491 | 0.4 | ||||||||||
11,285 | @ | Bio-Rad Laboratories, Inc. | 1,350,927 | 0.4 | ||||||||||
22,754 | @ | Centene Corp. | 1,720,430 | 0.5 | ||||||||||
39,600 | Charles River Laboratories International, Inc. | 2,119,392 | 0.6 | |||||||||||
7,800 | L | Chemed Corp. | 731,016 | 0.2 | ||||||||||
25,600 | Clovis Oncology, Inc. | 1,060,096 | 0.3 | |||||||||||
16,600 | Cubist Pharmaceuticals, Inc. | 1,159,012 | 0.4 | |||||||||||
75,800 | Cynosure, Inc. | 1,610,750 | 0.5 | |||||||||||
55,384 | @ | Haemonetics Corp. | 1,953,948 | 0.6 | ||||||||||
80,700 | @ | Halozyme Therapeutics, Inc. | 797,316 | 0.2 | ||||||||||
110,187 | Healthsouth Corp. | 3,952,408 | 1.2 | |||||||||||
34,705 | Impax Laboratories, Inc. | 1,040,803 | 0.3 | |||||||||||
44,400 | InterMune, Inc. | 1,960,260 | 0.6 | |||||||||||
30,570 | IPC The Hospitalist Co., Inc. | 1,351,805 | 0.4 | |||||||||||
30,000 | Isis Pharmaceuticals, Inc. | 1,033,500 | 0.3 | |||||||||||
60,354 | Luminex Corp. | 1,035,071 | 0.3 | |||||||||||
78,500 | @ | Masimo Corp. | 1,852,600 | 0.6 | ||||||||||
57,566 | Medicines Co. | 1,672,868 | 0.5 | |||||||||||
33,934 | Mednax, Inc. | 1,973,262 | 0.6 | |||||||||||
80,800 | @ | Merit Medical Systems, Inc. | 1,220,080 | 0.4 | ||||||||||
41,408 | Momenta Pharmaceuticals, Inc. | 500,209 | 0.2 | |||||||||||
77,020 | @ | Nektar Therapeutics | 987,396 | 0.3 | ||||||||||
11,327 | Neogen Corp. | 458,404 | 0.1 | |||||||||||
40,500 | Omnicell, Inc. | 1,162,755 | 0.4 | |||||||||||
61,850 | Owens & Minor, Inc. | 2,101,663 | 0.6 | |||||||||||
12,500 | Pacira Pharmaceuticals, Inc./DE | 1,148,250 | 0.4 | |||||||||||
24,392 | Receptos, Inc. | 1,039,099 | 0.3 | |||||||||||
9,400 | @ | Salix Pharmaceuticals Ltd. | 1,159,490 | 0.4 | ||||||||||
22,200 | Seattle Genetics, Inc. | 849,150 | 0.3 |
See Accompanying Notes to Financial Statements
6 |
Voya SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) (continued) |
43,773 | Steris Corp. | 2,340,980 | 0.7 | |||||||||||
35,200 | Surgical Care Affiliates, Inc. | 1,023,616 | 0.3 | |||||||||||
74,100 | Team Health Holdings, Inc. | 3,700,554 | 1.1 | |||||||||||
19,069 | L | Theravance, Inc. | 567,875 | 0.2 | ||||||||||
72,300 | @ | Thoratec Corp. | 2,520,378 | 0.8 | ||||||||||
90,300 | @,L | Vivus, Inc. | 480,396 | 0.1 | ||||||||||
29,000 | WellCare Health Plans, Inc. | 2,165,140 | 0.7 | |||||||||||
56,713,133 | 17.3 | |||||||||||||
Industrials: 15.0% | ||||||||||||||
87,600 | Actuant Corp. | 3,028,332 | 0.9 | |||||||||||
31,600 | @ | Advisory Board Co. | 1,636,880 | 0.5 | ||||||||||
60,200 | Clarcor, Inc. | 3,723,370 | 1.1 | |||||||||||
10,330 | @ | Clean Harbors, Inc. | 663,702 | 0.2 | ||||||||||
33,000 | Corporate Executive Board Co. | 2,251,260 | 0.7 | |||||||||||
47,600 | EnPro Industries, Inc. | 3,482,416 | 1.1 | |||||||||||
64,800 | Gorman-Rupp Co. | 2,291,976 | 0.7 | |||||||||||
105,106 | Healthcare Services Group | 3,094,321 | 0.9 | |||||||||||
65,750 | @ | HUB Group, Inc. | 3,313,800 | 1.0 | ||||||||||
93,100 | KAR Auction Services, Inc. | 2,967,097 | 0.9 | |||||||||||
132,500 | Knight Transportation, Inc. | 3,149,525 | 1.0 | |||||||||||
32,600 | Regal-Beloit Corp. | 2,561,056 | 0.8 | |||||||||||
78,800 | Simpson Manufacturing Co., Inc. | 2,865,168 | 0.9 | |||||||||||
28,275 | Teledyne Technologies, Inc. | 2,747,482 | 0.8 | |||||||||||
48,600 | Toro Co. | 3,090,960 | 0.9 | |||||||||||
53,663 | Waste Connections, Inc. | 2,605,339 | 0.8 | |||||||||||
47,000 | Watts Water Technologies, Inc. | 2,901,310 | 0.9 | |||||||||||
58,000 | Woodward Governor Co. | 2,910,440 | 0.9 | |||||||||||
49,284,434 | 15.0 | |||||||||||||
Information Technology: 23.7% | ||||||||||||||
56,534 | A10 Networks, Inc. | 751,902 | 0.2 | |||||||||||
119,900 | Adtran, Inc. | 2,704,944 | 0.8 | |||||||||||
17,707 | @ | Ansys, Inc. | 1,342,545 | 0.4 | ||||||||||
22,300 | Aruba Networks, Inc. | 390,696 | 0.1 | |||||||||||
82,876 | @ | Aspen Technology, Inc. | 3,845,446 | 1.2 | ||||||||||
122,382 | Bankrate, Inc. | 2,146,580 | 0.7 | |||||||||||
75,745 | Blackbaud, Inc. | 2,707,126 | 0.8 | |||||||||||
95,900 | BroadSoft, Inc. | 2,530,801 | 0.8 | |||||||||||
95,338 | Cardtronics, Inc. | 3,249,119 | 1.0 | |||||||||||
36,690 | @ | Coherent, Inc. | 2,427,777 | 0.7 | ||||||||||
100,483 | CommScope Holding Co., Inc. | 2,324,172 | 0.7 | |||||||||||
54,800 | Commvault Systems, Inc. | 2,694,516 | 0.8 | |||||||||||
59,100 | DealerTrack Holdings, Inc. | 2,679,594 | 0.8 | |||||||||||
22,363 | Faro Technologies, Inc. | 1,098,471 | 0.3 | |||||||||||
36,600 | Flir Systems, Inc. | 1,271,118 | 0.4 | |||||||||||
132,150 | Formfactor, Inc. | 1,099,488 | 0.3 | |||||||||||
64,916 | Guidewire Software, Inc. | 2,639,485 | 0.8 | |||||||||||
66,958 | Imperva, Inc. | 1,752,961 | 0.5 | |||||||||||
96,400 | @ | Integrated Device Technology, Inc. | 1,490,344 | 0.5 |
69,000 | j2 Global, Inc. | 3,509,340 | 1.1 | |||||||||||
6,935 | Littelfuse, Inc. | 644,608 | 0.2 | |||||||||||
121,900 | LivePerson, Inc. | 1,237,285 | 0.4 | |||||||||||
44,664 | LogMeIn, Inc. | 2,082,236 | 0.6 | |||||||||||
36,789 | @ | Micros Systems, Inc. | 2,497,973 | 0.8 | ||||||||||
67,200 | MKS Instruments, Inc. | 2,099,328 | 0.6 | |||||||||||
51,646 | Monolithic Power Systems, Inc. | 2,187,208 | 0.7 | |||||||||||
80,228 | National Instruments Corp. | 2,598,585 | 0.8 | |||||||||||
14,508 | @ | Plexus Corp. | 628,051 | 0.2 | ||||||||||
257,900 | @ | PMC - Sierra, Inc. | 1,962,619 | 0.6 | ||||||||||
162,500 | @ | Polycom, Inc. | 2,036,125 | 0.6 | ||||||||||
47,400 | PROS Holdings, Inc. | 1,253,256 | 0.4 | |||||||||||
19,029 | @ | PTC, Inc. | 738,325 | 0.2 | ||||||||||
138,200 | QLIK Technologies, Inc. | 3,126,084 | 1.0 | |||||||||||
88,900 | @ | Semtech Corp. | 2,324,735 | 0.7 | ||||||||||
35,503 | @ | SYKES Enterprises, Inc. | 771,480 | 0.2 | ||||||||||
74,600 | Synchronoss Technologies, Inc. | 2,608,016 | 0.8 | |||||||||||
16,800 | Ultimate Software Group, Inc. | 2,321,256 | 0.7 | |||||||||||
40,173 | WEX, Inc. | 4,216,960 | 1.3 | |||||||||||
77,990,555 | 23.7 | |||||||||||||
Materials: 5.0% | ||||||||||||||
84,800 | Boise Cascade Co. | 2,428,672 | 0.7 | |||||||||||
131,793 | Commercial Metals Co. | 2,281,337 | 0.7 | |||||||||||
30,800 | Greif, Inc. - Class A | 1,680,448 | 0.5 | |||||||||||
65,900 | HB Fuller Co. | 3,169,790 | 1.0 | |||||||||||
384,600 | Hecla Mining Co. | 1,326,870 | 0.4 | |||||||||||
45,324 | Minerals Technologies, Inc. | 2,972,348 | 0.9 | |||||||||||
56,910 | Worthington Industries | 2,449,406 | 0.8 | |||||||||||
16,308,871 | 5.0 | |||||||||||||
Total Common Stock (Cost $251,029,942) | 319,997,522 | 97.4 | ||||||||||||
EXCHANGE-TRADED FUNDS: 1.6% | ||||||||||||||
38,107 | iShares Russell 2000 Growth Index Fund | 5,274,771 | 1.6 | |||||||||||
Total Exchange-Traded Funds (Cost $3,506,900) | 5,274,771 | 1.6 | ||||||||||||
Total Long-Term Investments (Cost $254,536,842) | 325,272,293 | 99.0 |
See Accompanying Notes to Financial Statements
7 |
Voya SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS |
as of June 30, 2014 (Unaudited) (continued) |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||||
SHORT-TERM INVESTMENTS: 2.8% | ||||||||||||||
Securities Lending Collateralcc(1): 1.8% | ||||||||||||||
287,704 | Barclays Bank PLC, Repurchase Agreement dated 06/30/14, 0.03%, due 07/01/14 (Repurchase Amount $287,704, collateralized by various U.S. Government Securities, 1.625%-2.125%, Market Value plus accrued interest $293,458, due 06/30/19-06/30/21) | 287,704 | 0.1 | |||||||||||
1,366,894 | Cantor Fitzgerald, Repurchase Agreement dated 06/30/14, 0.13%, due 07/01/14 (Repurchase Amount $1,366,899, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $1,394,232, due 07/15/14-04/20/64) | 1,366,894 | 0.4 | |||||||||||
1,366,894 | Daiwa Capital Markets, Repurchase Agreement dated 06/30/14, 0.14%, due 07/01/14 (Repurchase Amount $1,366,899, collateralized by various U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,394,232, due 01/01/17-03/01/48) | 1,366,894 | 0.4 | |||||||||||
1,366,894 | HSBC Securities USA, Repurchase Agreement dated 06/30/14, 0.07%, due 07/01/14 (Repurchase Amount $1,366,897, collateralized by various U.S. Government Securities, 0.000%-6.375%, Market Value plus accrued interest $1,394,236, due 07/10/14-08/15/42) | 1,366,894 | 0.5 |
1,366,894 | Nomura Securities, Repurchase Agreement dated 06/30/14, 0.11%, due 07/01/14 (Repurchase Amount $1,366,898, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $1,394,232, due 07/01/14-07/15/56) | 1,366,894 | 0.4 | |||||||||||
5,755,280 | 1.8 |
Shares | Value | Percentage of Net Assets | ||||||||||||
Mutual Funds: 1.0% | ||||||||||||||
3,323,131 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $3,323,131) | 3,323,131 | 1.0 | |||||||||||
Total Short-Term Investments (Cost $9,078,411) | 9,078,411 | 2.8 | ||||||||||||
Total Investments in Securities (Cost $263,615,253) | $ | 334,350,704 | 101.8 | |||||||||||
Liabilities in Excess of Other Assets | (5,806,505 | ) | (1.8 | ) | ||||||||||
Net Assets | $ | 328,544,199 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of June 30, 2014. |
@ | Non-income producing security |
cc | Securities purchased with cash collateral for securities loaned. |
L | Loaned security, a portion or all of the security is on loan at June 30, 2014. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $264,854,898. | ||||
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 78,034,474 | ||
Gross Unrealized Depreciation | (8,538,668 | ) | ||
Net Unrealized Appreciation | $ | 69,495,806 |
See Accompanying Notes to Financial Statements
8 |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. EXHIBITS.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. |
(a)(3) | Not required for semi-annual filing. |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): Voya Variable Products Trust
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer |
Date: September 3, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer |
Date: September 3, 2014
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer |
Date: September 3, 2014